BTS GROUP HOLDINGS PCL INVESTOR PRESENTATION FEBRUARY 201 9 IR - - PowerPoint PPT Presentation

FEBRUARY 2019

BTS GROUP HOLDINGS PCL

INVESTOR PRESENTATION

prepared by Investor Relations department BTS Group Holdings PCL

IR Contact

2

This document has been prepared and distributed by the Investor Relations Department of BTS Group Holdings PCL (“BTSG”) solely for information purposes. It does not represent or constitute an offer, invitation, recommendation or solicitation to trade shares in BTSG and should not be relied on as such. Some of the information in this document has not been independently verified, and also includes information made available from public sources and other third party opinion or analyst. BTSG does not monitor or control the content of third party opinion or statements and does not endorse or accept any responsibility for the content or the use of any such opinion or statements. Thus, BTSG assumes no responsibility and makes no representations with respect to the accuracy and/or completeness of the information described herein. None of BTSG or any of its agents, or all of their respective affiliates, or representatives shall have any liability (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or

• therwise arising in connection with this document.

All information contained in this document is presented as of the date indicated within, and BTSG assumes no duty to confirm, revise or update the information. Certain statements in this document may be deemed to contain forward-looking statements, including the statements included or incorporated with the words "believe", "anticipate", "estimate", "target", or "hope", or that otherwise relate to objectives, strategies, plans, intentions, beliefs or expectations or that have been constructed as statements as to future performance or events. These forward-looking statements are not guarantees of future performance and involve risks and uncertainties that could cause actual results to differ materially from historical results or those anticipated at the time the forward-looking statements are made. Thus, BTSG assumes no responsibility and makes no representations with respect to the accuracy and/or completeness of the forward-looking statements. BTSG undertakes no obligation to publicly update or revise any forward- looking statements, whether as a result of new information, future events or otherwise.

Disclaimer

Address: BTS Group Holdings PCL IR Department 15th Floor, TST Tower, 21 Soi Choei Phuang, Viphavadi-Rangsit Rd. Chomphon, Chatuchak, Bangkok, Thailand 10900 Telephone: +66(0) 2273 8611-15 Fax: +66(0) 2273 8610 Email: ir@btsgroup.co.th Website: www.btsgroup.co.th BTS Group Investor Presentation

prepared by Investor Relations department BTS Group Holdings PCL

Section 1 BTS Group in Brief Section 2 Business Segment Profiles Section 2.1 Mass Transit Business Section 2.2 Media Business Section 2.3 Property Business Section 2.4 Services Business Section 3 Financial Summary Appendices

Contents

BTS Group Investor Presentation 3

prepared by Investor Relations department BTS Group Holdings PCL

4

BTS Group History

BTS Group Investor Presentation Section 1: BTS Group in Brief

TYONG listed on the Stock Exchange of Thailand under Property Development sector

1991

TYONG established a wholly-owned subsidiary, Bangkok Transit System Corporation Ltd. (BTSC), which won the SkyTrain concession bid

1992

Commercial operation

• f the BTS SkyTrain

commenced

1999

BTSC exit court supervised rehabilitation procedure

2008

BTSC expanded into Media business through the acquisition of 100%

• f VGI Global Media Co.,
• Ltd. (VGI)

2009

TYONG acquired 94.6%

• f BTSC, returning Mass

Transit operations to be the primary business of the Company. The Company also changed its name to BTS Group Holdings PCL (BTSG)

2010

BTSC sold the future Net Fare-box Revenue under its Concession Agreement to BTS Rail Mass Transit Infrastructure Fund (BTSGIF)

APR 2013

VGI Global Media PCL, the Group’s Media subsidiary, listed on the Stock Exchange of Thailand

OCT 2012

BTSC signed a 30-year operating & maintenance (O&M) contract covering Green Line extensions (Saphan Taksin - Wongwian Yai - Bang Wa and Onnut - Bearing) under the purview of the Bangkok Metropolitan Administration (BMA)

MAY 2012

Company established as Tanayong Co., Ltd. (TYONG) to operate in property development field

1968

BTSG completed the entire business transfer of Unicorn Enterprise Company Limited, our former subsidiary, to U City Public Company Limited,

• ur associate

MAR 2018

Concession Contracts of the Pink (Khae Rai to Min Buri) and the Yellow Line (Lad Prao to Sam Rong), a total length of 64.9km were awarded

JUN 2017

BTSC signed the operating & maintenance (O&M) contract with KT; a wholly owned subsidiary of the BMA. The contract covers 30.8km of Green Line Northern and Southern extensions (Mo Chit – Saphan Mai – Khu Khot and Bearing – Samut Prakarn)

MAR 2017

prepared by Investor Relations department BTS Group Holdings PCL

18.09% BTS Infrastructure Services Co., Ltd

33.33% 45.04% Bayswater Co., Ltd. 50%

5

BTS Group Holdings PCL

BTS Group Investor Presentation Section 1: BTS Group in Brief

Business Organisation and Shareholding Structure

as of 30 September 2018

BTS Rail Mass Transit Growth Infrastructure Fund (BTSGIF) 97.48% Yongsu Co., Ltd. 100% DNAL Co., Ltd. 100% The Community One Co., Ltd. 100% Kingkaew Assets Co., Ltd. 100% Bangkok Mass Transit System PCL (BTSC) 25.79%

MEDIA BUSINESS

41% Kanjanapas Family1 34% Institutional Investors1 25% Individual Investors1 38.99%

PROPERTY BUSINESS

VGI Advertising Media Co., Ltd. 100% 888 Media Co., Ltd. 100% 100% Master Ad PCL 31.65% Aero Media Group Co., Ltd. 30% VGI Global Media PCL (VGI) 2 Point of View (POV) Media Group Co., Ltd. 33.33%

MASS TRANSIT BUSINESS SERVICES BUSINESS

RabbitPay System Co., Ltd. 80% Rabbit-Line Pay Co., Ltd. ASK Direct Group Co., Ltd. 51% Rabbit Insurance Broker Co., Ltd. 51% Rabbit Internet Co., Ltd. 30% Rabbit Rewards Co., Ltd. 100% KMJ 2016 Co., Ltd. BSS Holdings Co., Ltd. 90% 51% ATS Rabbit Special Purpose Vehicle Co., Ltd. Little Corner Co., Ltd. 69% Man Food Holdings Co., Ltd. 41.18% HHT Construction Co., Ltd.3 51% 90% Bangkok Smartcard System Co., Ltd. The Community Two Co., Ltd. 100% Man Kitchen Co., Ltd. Man Food Products Co., Ltd. Bangkok Payment Solutions Co., Ltd. 60% Listed entities Subsidiaries Associates LEGEND JVs 40% Demo Power (Thailand) Co., Ltd. 49% 49% 100% VGI Global Media (Malaysia) Sdn Bhd The ICON VGI Co., Ltd. 25% 100% RB Services Co., Ltd. U City PCL Northern Bangkok Monorail Co., Ltd. Eastern Bangkok Monorail Co., Ltd. 75% 75% Primary Kitchen Co., Ltd. 51% 100% BTS Infrastructure Development Co., Ltd 100% Supremo Media Co., Ltd 25% Kerry Express (Thailand) Ltd 23% 100% 100% 100% Group Work Co., Ltd. 20% 100% Turtle 23 Co., Ltd. 50% BV Media Ads Limited

prepared by Investor Relations department BTS Group Holdings PCL

65% 28% 4% 3% 548 492 743 449 FY 14/15 FY 15/16 FY 16/17 FY 17/18 1,355 897 617 639 FY 14/15 FY 15/16 FY 16/17 FY 17/18 2,926 2,318 3,010 3,902 FY 14/15 FY 15/16 FY 16/17 FY 17/18 2,274 2,574 4,237 9,112 FY 14/15 FY 15/16 FY 16/17 FY 17/18

(1) FY ended 31 March

BTS Group Overview

4 Business Units with Mass Transit as our Core MASS TRANSIT PROPERTY MEDIA SERVICES

Historical operating revenues(1)

Media Revenue (THB mn) Property Revenue (THB mn) Services Revenue (THB mn) Mass Transit Revenue (THB mn)

FY 17/18 Operating revenue contribution

*FY 2017/18:- Services revenue from provision of E&M works & train: THB 5,795mn, O&M Revenue: THB 1,865mn, net profit from investment in BTSGIF: THB 949mn, interest income from E&M and train procurement: THB 503mn

BTS Group Investor Presentation Section 1: BTS Group in Brief 6

*FY 2017/18:- OOH Media revenue: THB 3,558mn, Digital Services business: THB 344mn * FY 2017/18:- Commercial Property revenue : THB 616mn, Residential Property revenue: THB 23mn * FY 2017/18:- ChefMan revenue:- THB 128mn, HHT revenue : THB 180mn, BPS and Rabbit Rewards: THB 141mn

THB 14,102mn

Mass Transit Media Property Services

EMPLOYEES (as of 31 Mar 2018)

Mass Transit Media Property Services 2,372 495 548 955 BTS Group 148 Total 4,518

prepared by Investor Relations department BTS Group Holdings PCL

FY16/17 FY17/18 FY21/22 FY16/17 FY17/18 FY21/22

7 BTS Group Investor Presentation Section 1: BTS Group in Brief

Strategy and 5-Year Growth Targets

Target Average Operating Revenue & Recurring Net Profit Growth of ~30% p.a. from FY 16/17 to FY 21/22

As a mass transit led conglomerate, the company’s key focus is on securing new mass transit lines which are authorised or set by the government at both municipal and national levels. After securing additional lines, we capture further value from opportunities which cascade down to our other independently operating business units in Media, Property and Services. We actively pursue capital market opportunities that allow us to unlock further uplift from our assets or to allow us to recycle capital to finance future expansion sustainably. BU 5-YEAR GROWTH DRIVERS

Mass transit Organic growth: 4-5% CAGR ridership growth, inflationary fare increase on Core Network (23.5km): pre-agreed O&M fee increase to Green Line extensions (12.8km) New contracts: 97.4km (Pink, Yellow, Dark Green North & South extensions and Gold Line phase 1) already secured taking total to 133.7km Target contracts for an additional 81.2km (Green West, Orange, LRT, Grey and HSR) Media Out-of-Home (Organic growth)

• Transit: mass transit line expansion
• Office: increased building supply
• Outdoor: billboard and street portfolio expansion through new licensing agreements
• Airport: increasing popularity of low cost airlines

Payment & Data: expansion of our payment network through our subsidiary, Rabbit Group, and partnerships with its strategic alliances New products and synergies: new stream of revenue resulting from the full integration

• f 3 platforms – this can create new synergies such as optimal O2O solutions for our

clients Property Commercial: 4-5% revenue CAGR growth U City: Targets revenue and net profit of THB 9,400mn and 1,360mn, respectively by 2022

5Y CAGR ≈ 31%

STRATEGY

5-YEAR OPERATING REVENUE* OUTLOOK 5-YEAR RECURRING NET PROFIT (AFTER MI) OUTLOOK

THB 1.4BN THB 5.1BN THB 8.2BN THB 31.8BN

5Y CAGR ≈ 29%

* Operating revenue includes share of net profit (loss) from associated companies and JVs

THB 13.9BN

Mass Transit Media Property Services Mass Transit Media Property Services Others

THB 2.5BN

70% 25% 65% 28% 52% 37% 73% 27% 84% 38% 107% 49%

prepared by Investor Relations department BTS Group Holdings PCL

Contents

BTS Group Investor Presentation 8 Section 1 BTS Group in Brief Section 2 Business Segment Profiles Section 2.1 Mass Transit Business Section 2.2 Media Business Section 2.3 Property Business Section 2.4 Services Business Section 3 Financial Summary Appendices

prepared by Investor Relations department BTS Group Holdings PCL

Bangkok Rail Mass Transit Network

At 121.6km Bangkok’s Network is Immature

9 BTS Group Investor Presentation Section 2.1: Mass Transit Business

MASTER PLAN: 515.2KM IN 2029, 24% MARKET SHARE IN 2037

• Seoul

51%

• Hong Kong

49%

• Tokyo

48%

• Singapore

46%

• Guangzhou

17%

• Bangkok

6% RAIL MASS TRANSIT MARKET SHARE

• Tokyo

42.0

• Singapore

39.4

• Hong Kong

34.9

• Bangkok

10.2 RAIL TRACK LENGTH PERVASION (per million population)

OPERATING LINES: 121.6KM

BTS: 48.9km

(SkyTrain Green Line)

BEM: 44.2km

(Blue Subway & Purple)

SRT: 28.5km

(Airport Rail Link)

WEEKDAY RIDERSHIP MARKET SHARE IN 2017 (JAN-DEC)

Total Average Weekday Ridership of 1,191,390 trips

BTS 743,223 62% BEM* 378,167 32% ARL 70,000 6%

Source: OTP, Singapore’s Land Transport Authority, Hong Kong’s Transport Department, MTR Corporation Limited, SMRT Corporation Limited, Japan Statistic Bureau Source: United Nations Statistics Division, BTSC, BMCL, MTR Corporation Limited, SMRT Corporation Limited, official websites of rail mass transit system in major cities

Sources: Office of Transport and Traffic Policy and Planning, Bangkok Metropolitan Administration *Includes MRTA and BMA projects

*BEM ridership excludes purple line, BTS and BEM based on company’s ridership report website as of 2017, whilst ARL is based on information as of DEC 17.

121.6km 85 stations by 3 operators

prepared by Investor Relations department BTS Group Holdings PCL

BTS Lines

4 Lines, covering a total of 133.7km are under BTS Contracts

10 BTS Group Investor Presentation Section 2.1: Mass Transit Business

*Northern Green Line Extension is currently under construction. It s first station is expected to be opened in mid 2019 and its full operation in 2020.

BTS NETWORK: 133.7KM (115 STATIONS)

SAPHAN TAKSIN – BANG WA 7.5KM ONNUT – BEARING 5.3KM SOUTHERN GREEN LINE BEARING – SAMUT PRAKARN 12.6KM LAD PRAO – SAM RONG 30.4KM MO CHIT – ON NUT 17.0KM NATIONAL STADIUM – SAPHAN TAKSIN 6.3KM KHAE RAI – MIN BURI 34.5KM NORTHERN GREEN LINE MO CHIT - KHU KHOT 18.2KM*

CORE NETWORK

• EXT. ZONE 1
• EXT. ZONE 1
• EXT. ZONE 2
• EXT. ZONE 2

PINK YELLOW

KRUNG THONBURI BTS STATION – KHLONG SAN 1.7KM

GOLD PHASE 1

67.1 1.7 30.4 34.5

OPERATING DISTANCE SECURED DISTANCE

TOTAL 133.7

UNIT: KM

48.9 48.9

GREEN PINK YELLOW GOLD

• 23.5KM: CORE NETWORK
• 12.8KM: EXT. ZONE 1
• 12.6KM: EXT. ZONE 2

prepared by Investor Relations department BTS Group Holdings PCL

1.42 1.78 2.12 2.29 2.57 2.82 3.07 3.22 3.29 3.48 3.54 4.30 4.90 5.68 5.87 6.40 6.64 6.82 59 79 96 105 118 132 139 133 136 144 145 176 197 215 219 233 238 241 Farebox revenue (THB bn) Ridership (mn) 1.7 3.4 6.0

16/17 17/18 18/19 19/20 20/21 21/22 22/23 23/24 24/25 25/26 26/27 27/28 28/29 29/30 30/31 31/32 32/33 33/34 34/35 35/36 36/37 37/38 38/39 39/40 40/41 41/42 42/43 Core Line Zone 1

BTS Network

23.5km Core Network and 12.8km Green Line Extension

11 BTS Group Investor Presentation Section 2.1: Mass Transit Business

CORE NETWORK: 23.5KM

• 23 stations, 23.5km located at CBD of Bangkok
• Inaugural Mass Transit route, operated since Dec 1999
• No revenue sharing to BMA
• Under 30 years concession contract (net cost model) from

1999 - 2029

• In Apr 2013, BTSC sold the rights to net farebox revenue

under its concession agreement for the BTS Skytrain Core Network until Dec 2029 to BTSGIF

• BTS Group used the proceeds to invest 1/3 units in BTSGIF

(10 years lock-up)

17Y Farebox Revenue CAGR: 9.7% 16Y Ridership CAGR: 8.6%

RESILIENCE RIDERSHIP SINCE INCEPTION (CAGR: 9.1%)

20.1 26.8 33.5 40.2 46.9 53.6 60.3 16.0 23.0 26.0 30.0 33.0 37.0 40.0 44.0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17

• NO. OF STATIONS

AUTHORISED FARE (APR 13) NEW EFFECTIVE FARE (OCT 17) PREVIOUS EFFECTIVE FARE (JUN 13) POTENTIAL FARE UPSIDE

DISTANCE-BASED FARE (AVG = THB 28.3/TRIP)

PPP NET COST CONTRACT O&M CONTRACT

ZONE 1: 12.8KM EXTENSIONS

(unit: THB bn)

• BTSC has operated & maintained the extensions

since 2009

• Pre agreed fee income with no ridership risk
• 30-Year O&M Contract signed in May 2012:
• 1. Current extensions (zone 1) of 11 stations, 12.8km
• 2. Core Network of 23 stations, 23.5km

post concession expiry (Dec 2029 – May 2042)

Zone 1: CAGR (FY16/17-FY41/42) = 3.9% Core Line: CAGR (FY30/31-FY41/42) = 3.1%

CORE NETWORK

MO CHIT – ON NUT 17.0KM NATIONAL STADIUM – SAPHAN TAKSIN 6.3KM

• EXT. ZONE 1

ONNUT – BEARING 5.3KM SAPHAN TAKSIN – BANG WA 7.5KM

prepared by Investor Relations department BTS Group Holdings PCL

STEC 15%

BTS Network

30.8km New Extension and 64.9km Pink & Yellow Monorail Lines

12 BTS Group Investor Presentation Section 2.1: Mass Transit Business

• BTSC has the operated & maintained of the

additional 30.8km of Green Line extensions

• n 31 Mar 17
• Pre agreed fee income with no ridership risk
• 25-year O&M contract covers 30.8km of

Northern and Southern Green Line Extensions (Apr 17 – May 42)

• SOUTHERN: Bearing – Samut Prakarn

(12.6km/ 9 stations)

• NORTHERN: Mo Chit – Saphan Mai – Khu Khot

(18.2km/ 16 stations) PPP NET COST CONTRACT WITH SUBSIDY O&M CONTRACT

PINK YELLOW

Route Kae Rai – Min Buri Lad Prao – Sam Rong Distance / no. of stations 34.5km / 30 30.4km / 23 Required trains 42; 4-car train (168 cars ) 30; 4-car train (120 cars ) Contract length 30yr operation 30yr operation Daily ridership in Y1 199k trips 195k trips Ridership CAGR (30Y) 5.2% 4.5% Average fare in Y1 THB 34.7/ trip THB 30.0/ trip EBITDA margin (%) 26% at early stages rising to 69% at Y30 34% at early stages rising to 64% at Y30 Commercial revenue 10% of farebox revenue 15% of farebox revenue Total Project Cost THB 49.4bn THB 46.7bn Civil Subsidy Amount THB 22.5bn THB 25.05bn Civil Subsidy Term Equal payment at 2.25bn p.a. for 10 years from beginning

• f operation

Equal payment at 2.505bn p.a. for 10 years from beginning

• f operation

Sharing to MRTA THB 250mn THB 250mn Funding (D/E) 2.5x 2.5x

OWNERSHIP STRUCTURE

PROJECT DETAILS EXPECTED RIDERSHIP AND REVENUE PROJECT CAPEX & FINANCING

EASTERN BANGKOK MONORAIL COMPANY LIMITED NORTHERN BANGKOK MONORAIL COMPANY LIMITED

PINK LINE PROJECT (INCLUDE EXTENSIONS) YELLOW LINE PROJECT (INCLUDE EXTENSIONS)

BTS 75% RATCH 10%

ZONE 2: 30.8KM NEW EXTENSIONS 64.9KM PINK AND YELLOW LINE (MONORAIL)

NORTHERN GREEN LINE MO CHIT - KHU KHOT 18.2KM SOUTHERN GREEN LINE BEARING – SAMUT PRAKARN 12.6KM YELLOW LAD PRAO – SAM RONG 30.4KM

• EXT. ZONE 2
• EXT. ZONE 2

KHAE RAI – MIN BURI 34.5KM

PINK YELLOW

prepared by Investor Relations department BTS Group Holdings PCL

BTS Group Investor Presentation Section 2.1: Mass Transit Business

BTS Targeted Lines

Interested in an additional 81.2km

BANG WA - TALING CHAN 7.0km BANG NA – SUVARNABHUMI 18.3Km WATCHARAPHON – THONG LO 16.3km THAILAND CULTURAL CENTER - MIN BURI 22.6km TALING CHAN - THAILAND CULTURAL CENTER 17.0km

13

WESTERN ORANGE LINE EASTERN ORANGE LINE WESTERN GREEN LINE EXT. GREY LINE (PHASE 1) LRT

81.2KM FUTURE LINES IN THE NEXT 5 YEARS

BTS TARGET ROUTE AUTHORITY DISTANCE (KM)

• NO. OF

STATION EXPECTED OPERATING

GREEN EXT. (WESTERN) BANG WA

• TALING CHAN

BMA 7.0 6 2022-2023 LRT BANG NA - SUVARNABHUMI BMA 18.3 14 2022 GREY PHASE 1 WATCHARAPHON – THONG LO BMA 16.3 15 2022 ORANGE (E) THAILAND CULTURAL CENTER - MIN BURI MRTA 22.6 17 2023 ORANGE (W) TALING CHAN - THAILAND CULTURAL CENTER MRTA 17.0 12 2023

OTHER ROUTE AUTHORITY DISTANCE (KM)

• NO. OF

STATION EXPECTED OPERATING

BLUE HUA LAMPHONG

• BANG KHAE

MRTA 14.0 11 2020 BLUE BANG SUE - THA PRA MRTA 13.0 9 2020 BLUE BANG KHAE – BHUDHAMONTHON 4 MRTA 8.0 4 2021 DARK RED BANG SUE - RANGSIT SRT 26.3 8 2021 DARK RED BANG SUE – HUA LUM HONG SRT 6.5 5 2020 LIGHT RED BANG SUE – PHAYATHAI – MAKKASAN – HUAMAK SRT 19.0 9 2020 LIGHT RED BANG SUE – TALING CHAN SRT 15.0 4 2021 PURPLE (SOUTHERN) TAO POON – RAT BURANA MRTA 23.6 17 2022 TOTAL 206.6

Under construction (including Northern Green Line Extension Zone 2 ,Gold Line, Pink and Yellow lines, totaling 175.7km under construction) 7 overground stations

prepared by Investor Relations department BTS Group Holdings PCL 9.8

CAPEX INCL. SOUTHERN AND NORTHERN PARTS

Timeline of Upcoming Lines and CAPEX

Significant Upcoming Revenue Expected in the Next 5 years

BTS Group Earnings Presentation Section 2.1: Mass Transit Business

84.8KM AWARDED LINES 81.2KM BTS TARGETED LINES

GREEN LINE EXTENSION ZONE 2: NORTHERN 18.2KM1 PINK LINE: 34.5KM YELLOW LINE: 30.4KM WESTERN GREEN LINE EXTENSION: 7.0KM GOLD LINE PHASE 1: 1.7KM LRT: 18.3KM GREY LINE PHASE 1: 16.3KM ORANGE LINE: 39.6KM

(Bangkok Metropolitan Administration). BTSC is pre-financing E&M provision and installation. KT will repay the costs of E&M works in a lump sum amount after four years after contract signing date.

Calculation based on D/E ratio at 2.2x (equity required of THB 21bn). The JV Cos will receive civil work subsidy from the MRTA of THB 22.5bn (for the Pink Line) and THB 25.05bn (for the Yellow Line) for 10 years from beginning of operation.

17.32 34.53

CIVIL + TRAINS + E&M

32.63

CIVIL + TRAINS + E&M

2.1 0.4 0.6 3.6 12.9

TRAINS + E&M

33.3

TRAINS + E&M

2.5 4 (Y1)

BY 2022 SEP 2020 BY 2022 BY 2023 BY 2022 OCT 2021 JUL 18 BY 2019 MAR 2018 BY 2019 BY 2019 MID 2017 BY 2019 OCT 2021 JUL 18 2051/52 2020 2041/42 2051/52

EXPECTED TIMELINE FY 17/18 FY 18/19 FY 19/20 FY 20/21 FY 21/22 FY 22/23 EXPECTED CAPEX (THB BN) EXPECTED REVENUE (THB BN P.A.)

FAREBOX REVENUE O&M REVENUE

FY 23/24

FY ended 31 March

TRAINS E&M WORKS 5.0

4.5 – 5.0 (Y1) START CIVIL WORKS CONSTRUCTION START FULL OPERATION CONSTRUCTION PERIOD OPERATION YEAR, UP UNTIL EXPECTED OPEN BID/ AWARD BIDDING & CONSTRUCTION PERIOD

TOTAL CAPEX/FINANCING

THB 152.1bn

14

FY 24/25

2049/50

NOTE:

prepared by Investor Relations department BTS Group Holdings PCL

BTS’s 5-year Target of Network Expansion

Quadruple Growth from 48.9km in 2018 to 215km in 2023

BTS Group Investor Presentation Section 2.1: Mass Transit Business 15

38.1 35 48.9 43 50.7 44 68.8 62 175.3 150 215 179

Samrong (1.8km) began operation South ext. (12.6km) 1st station

• f North ext.

(1.8km) North ext. (18.2km) Gold line (1.7km) Pink line (34.5km) Yellow line (30.4km) Western Green

• ext. (7km)

LRT (18.3km) Grey line phase1 (16.3km) Orange line (39.6km)

FY 17/18 FY 22/23 FY 19/20 FY 20/21 FY 18/19 FY 21/22

Full operation Partial operation Distance (km)

• No. of stations

400km

Total network in 2023 from 121.6km currently

215km

Targeted BTS network in 2023 from 48.9km currently

176km

Lines under construction

prepared by Investor Relations department BTS Group Holdings PCL

Contents

BTS Group Investor Presentation 16 Section 1 BTS Group in Brief Section 2 Business Segment Profiles Section 2.1 Mass Transit Business Section 2.2 Media Business Section 2.3 Property Business Section 2.4 Services Business Section 3 Financial Summary Appendices

prepared by Investor Relations department BTS Group Holdings PCL

• 19.7%
• 13.1%
• 10.8%
• 2.7%
• 0.7%

9.9% 32.3%* In-store Traditional media** Analogue TV Total industry Cinema OOH Online 32.3%

2013/14 2014/15 2015/16 2016/17 2017/18

TV Traditional media OOH media Cinema Online*

112bn 57.7% 11.9% 11.8% 6.2% 12.4%

Focusing on the Highest Growth Media Segments

OOH and Online

17 BTS Group Investor Presentation Section 2.2: Media Business

Rising in infrastructure, urbanisation and increasing number of people who spend time outdoor were driven the growth of Thailand OOH Media.

VGI GROUP’S FOCUS

• Our focus has proven to be the fastest growth media sector OOH

(Out-of-Home)

• Thailand’s no. 1 transit media with 60% of market share
• The sole player in office building media with 162 Grade A&B buildings

under management

• Strong nationwide footprint in outdoor media with >2,200 billboards
• Thailand’s no. 2 aviation media with 20% market share Online
• Thailand’s no. 1 activation operator with 70% market share
• The first mover in Thailand who established the integrated online and
• ffline media platform

ADVERTISING MARKET 5 YRS CAGR (2011/12 – 2016/17) 5 YRS HISTORICAL ADVERTISING SPENDING (THB bn)

Coup d’etat Shutdown BKK Mourning effect

ON LINE* OOH MEDIA

The accelerated growth of online and OOH media fueled by migration to mobile devices and increased consumer media exposure as people spend more time out of home.

VGI’s Focus

* Online includes 2 sources (i) online adspend which consists of banner ad on 50 websites and 10 mobile sites and (ii) digital adspend which is from ad on Facebook, YouTube, Display, Search, Social, Creative, Online Video, LINE and others (based on Dec year-end) Sources: The Nielsen (Thailand) Co., Ltd. and Digital Advertising Association Thailand (DAAT)

118bn 60.0% 22.4% 8.7% 4.6% 4.3% 116bn 60.3% 14.7% 10.4% 5.0% 9.6% 128bn 5.6% 64.2% 18.5% 7.7% 3.5% 127bn 5.6% 64.7% 18.5% 3.5% 7.7%

REMARKS: *Online sources include; (i) ) online adspend which consists of banner ad on 50 websites and 10 mobile sites from Nielson and (ii) Digital adspend includes ad

• n Facebook, YouTube, Display, Search, Social,

Creative, Online Video, LINE and others (based on Dec year-end) reported by DAAT ** Traditional media includes Radio, Newspapers, Magazines

56.0% 44.0% 43.6% 28.4% 24.7% 22.9% 15.4%

Focus Media VGI Lamar Outfront media APG Stroeer JCDecaux

ONE OF THE MOST HIGHEST EBITDA MARGIN MEDIA COMPANY

The top 3 profitable OOH media company globally.

Note:

• EBITDA margin as of 2017
• VGI EBITDA margin as of 2017/18

prepared by Investor Relations department BTS Group Holdings PCL United Kingdom 314 Singapore 716 Malaysia 82 South Korea 413

Thailand

49

Sweden 420

Expanding Our Business Around Data-driven Segment

18

TECHNOLOGY AMPLIFIES E-PAYMENT LANDSCAPE 70% OF THAI E-COMMERCE PAYMENTS MADE IN CASH

Rapid growth in the number of smartphones, internet and innovative payment products, has driven the e-money market to evolve and experience high growth.

THAILAND HAS A LOW E-PAYMENT USAGE PER CAPITA 150 E-PAYMENT TRANSACTIONS PER CAPITA IN 2020

70% = CASH 30% = ALL OTHER PAYMENT TYPES Opportunity to convert cash on deliver to e-payment method. 17 21 26 31 35 39 49 150

2010 2011 2012 2013 2014 2015 2016 2020E

9x increased 18 24 36 48 56 68 91 126 221 348 512 669 788 883 1,076 1,272

2010 2011 2012 2013 2014 2015 2016 2017

Value of e-money transaction (bn) Volume of e-money transaction (mn txn)

Source: Payment Systems Report (2016), Bank of Thailand Source: Payment systems statistics, Bank of Thailand Source: Payment Systems Report (2016), Bank of Thailand Source: Ecommerce IQ

VALUE & VOLUME CAGR (6 YRS): 30%

prepared by Investor Relations department BTS Group Holdings PCL

Well-Diversified Media Portfolios

Advertising, Payment and Logistics Platforms

BTS Group Investor Presentation Section 2.2: Media Business 19

VGI GROUP

BKK, Thailand KL, Malaysia BKK, Thailand Nationwide, Thailand KL, Malaysia Nationwide, Thailand Yangon, Myanmar Nationwide, Thailand Nationwide, Thailand Nationwide, Thailand

Advertising Payment THB 3,559mn THB 378mn 30.4% 30.0% 40.0% 90.0% 90.0% 100.0%

TRANSIT OFFICE OUTDOOR AVIATION ACTIVATION PAYMENT SERVICES

MACO

AERO MEDIA DEMO POWER

BSS & BSSH VGI

COMPANY SEGMENT GEOGRAPHICAL ACTIVITY LEADING POSITION & NETWORK AUDIENCE REACH KEY GROWTH AREA SEGMENT 2017/18 REVENUE1

• No. 1 in

Transit media 31.0km, BKK 51.0km, Malaysia

• No. 1 in

Office media 174 office building 281 condominium

• No. 2 in

Outdoor media >2,000 billboards

• No. 2 in

Aviation media 15 airports The largest Activation services >1,000 stores Additional inventory from BTS’s new line extensions Grade B&C and upcountry market To convert 10% of static billboards to digital screens Expand to airports in South East Asia Potential expansion in BTS stations and

• ffice buildings

Expand Rabbit card & Rabbit Line Pay network Rabbit’s data Expand insurance and micro loan network

40mn potential reach 16mn users 9.3mn Rabbit cards 3.5mn Active cards 3.4mn LINE pay users >1,300mn

• utstanding

loan The largest micro payment platform

Logistics

BKK and nationwide, Thailand

23.0%

LOGISTICS

KERRY EXPRESS

• No. 1 in

Parcel Delivery Services > 1mn parcels per day Delivering letters and parcels from

• nline retailers

to individual consumers 1mn interaction

prepared by Investor Relations department BTS Group Holdings PCL

Solid Growth Opportunities

Upside from BTS Rail Mass Transit Expansion and Monetisation of Rabbit’s Data

20 BTS Group Investor Presentation Section 2.2: Media Business

Revenue of THB 10,000mn (37% 2-Year CAGR) NPAT 42% 2-Year CAGR TOTAL OF 836 TRAINS CAPACITY TOTAL OF 147 STATIONS CAPACITY

2017/18 2022/23E CORE + EXTENSION 208 236 GREEN (SOUTHERN) NONE 60 GREEN (NORTHERN) NONE 84 PINK NONE 168 YELLOW NONE 120 GREEN (WESTERN) NONE 32 LRT NONE 64 GREY (PHASE I) NONE 72 TOTAL 208 836 2017/18 2022/23E CORE + EXTENSION 30 34 GREEN (SOUTHERN) NONE 9 GREEN (NORTHERN) NONE 16 PINK NONE 30 YELLOW NONE 23 GREEN (WESTERN) NONE 6 LRT NONE 14 GREY (PHASE I) NONE 15 TOTAL 30 147

4.0X EXPECTED INCREASE IN BTS TRAIN CAPACITY 4.9X EXPECTED INCREASE IN BTS STATION CAPACITY

208 236 296 380 668 836

200 400 600 800

17/18 (A) 18/19 (E) 19/20 (E) 20/21 (E) 21/22 (E) 22/23 (E)

Secured 668 carriages Under Negotiation 168 carriages

+4.0x

30 30 43 59 112 147

50 100 150

17/18 (A) 18/19 (E) 19/20 (E) 20/21 (E) 21/22 (E) 22/23 (E)

Secured 108 stations Under Negotiation 39 stations

+4.9x

Current Green South Green North Pink Yellow LRT Grey (Phase I) Green West

2020/21 GOALS

prepared by Investor Relations department BTS Group Holdings PCL

Payment: Synergy between VGI and Rabbit

Rabbit Platform’s Database

21

The E-money service provider with a common ticketing system supporting BTS and BRT. BSS system also encompass other forms of public transportation as well as retail, service and tourism sectors.

OFFLINE PAYMENT: RABBIT CARD

BTS Group Investor Presentation Section 2.2: Media Business

LARGE PARTNERS NETWORK BUILT

Use on BTS SkyTrain & BRT Use in retail stores

ONLINE PAYMENT: RABBIT LINE PAY

A mobile e-wallet solution embedded in the leading chat messenger application

SERVICES BUSINESS JV with AEON: THB 1.3bn outstanding loans

Micro loan through the joint venture with AEON

Rabbit Daily: 3mn monthly visits

Online lifestyle publisher, providing social news and entertainment content and advertorials

Rabbit Insurance Broker: More than THB 16mn gross written premiums per month

Insurance aggregator services on Rabbit Finance website and also a licensed broker for insurance products.

Co-branded Card: BBL co-branded card & AIS-Rabbit card

Issued by financial institutions or corporations that wish to add Rabbit functionality to credit card, debit card, or other card types or devices Current 2020 Rabbit Cards 9.8mn > 15.0mn Active Cards 3.5mn > 8.0mn Retailer Points > 6,400 >10,000 Current 2020 Line Users 45.0mn >55.0mn Rabbit Line Pay Users 4.5mn >10.0mn Online Merchants > 1,000 >1,500

prepared by Investor Relations department BTS Group Holdings PCL

Logistics: Parcel Delivery Services

22 BTS Group Investor Presentation Section 2.2: Media Business

DELIVERY SERVICES PORTFOLIO SERVICES PRODUCTS

INVESTMENT & ACCOUNTING METHOD Investment: 23% in Kerry Express Accounting Method: Equity Sharing SERVICES CHANNEL Kerry is the No. 1 parcel delivery services in Thailand, delivering more than 1,000,000 parcels per day and has more than 4,000 retail service points nationwide. B2B delivering parcels from company to various places such as financial institutions, law firm, retail shops and etc. B2C delivering parcels from e-market place to the individual shoppers C2C delivering letters and parcels from online retailers to individual consumers

• Deliver more than 1,000,000 parcels per day
• 900 distribution centers
• 700 parcel shops in Bangkok, Central and East
• 4,000 retail service points at alliance shops such as

NETWORK

prepared by Investor Relations department BTS Group Holdings PCL

One-Stop Shop Solutions

Combining offline out-of-home (OOH) media with online and data

BTS Group Investor Presentation Section 2.2: Media Business 23

ONE-STOP SHOP SOLUTIONS OFFLINE/ OOH

• No. 1 Transit media in Bangkok
• No. 1 Office media in CBD Bangkok
• No. 2 Outdoor media nationwide
• No. 2 Aviation media
• No. 1 Activation media

Transit Office Outdoor Aviation Activation

Full service OOH media platform O2O SOLUTIONS

• Creating awareness through offline

OOH platform

• Bridging with our database, creating

engagement opportunity for targeted audience

• Activating conversion at last mile

touch point

• Completing the customer journey

Integrating Offline and Online world ONLINE/ DATA

• Partnership with No. 1 market leaders

 >1mn BTS daily commuters  >45mn LINE users  >40mn AIS users  >5mn Kerry customers

Over 40mn data points

prepared by Investor Relations department BTS Group Holdings PCL

Contents

BTS Group Investor Presentation 24 Section 1 BTS Group in Brief Section 2 Business Segment Profiles Section 2.1 Mass Transit Business Section 2.2 Media Business Section 2.3 Property Business Section 2.4 Services Business Section 3 Financial Summary Appendices

prepared by Investor Relations department BTS Group Holdings PCL 47% 63% 60% 48% 70% 65% 46% 48% 76% 64% 58% 78% 75% 60% 75% 65% 50,000 100,000 150,000 200,000 250,000 300,000 0 - 200m (CAGR +22.4%) 201 - 500m (CAGR +10.7%) 501 - 1,000m (CAGR +19.7%) Over 1,000m (CAGR +6.0%) Baht/sq sqm 2014 2015 2016 2017 56% 61% 60% 57% 5,000 10,000 15,000 20,000 25,000 2014 2015 2016 2017

Units

1Q 2Q 3Q 4Q Average Take-up Rate (RHS) 34,666 50,105 39,046 58,424

BANGKOK CONDO LAUNCHES

• AVG. PRICES AND TAKE-UP RATES BY DISTANCE TO BTS

Property Business Industry Overview

Source: Colliers International (Thailand) Source: Colliers International Thailand

BTS Group Investor Presentation Section 2.3: Property Business

INTERNATIONAL TOURIST ARRIVALS IN THAILAND GLOBAL INTERNATIONAL TOURIST ARRIVALS

Source: Department of Tourism, Ministry of Sports and Tourism Source: UNWTO

19.2 22.4 26.5 24.8 29.9 32.6 35.4 2011 2012 2013 2014 2015 2016 2017 Millions of Persons 994 1,040 1,088 1,134 1,184 1,235 1,322 2011 2012 2013 2014 2015 2016 2017

25

prepared by Investor Relations department BTS Group Holdings PCL

U City THB 20.2bn

2% 11% 3% 70% 15%

BTS Commercial BTS Residential U City Recurring Income U City Residential

Property Portfolio and Business Strategy

U City is the Dedicated Vehicle for Property Development

26

PROPERTY BOOK VALUE BREAKDOWN

BTS Group Investor Presentation Section 2.3: Property Business

OUR HOTEL PORTFOLIO UNDER U CITY

Owners Total Area (Rai) Total Area (sq.m) BTS Group Plc 489.4 782,966.0 Bayswater JV 48.8 78,051.2 U City Plc 906.6 1,450,635.6 Total 1,444.8 2,311,652.8

Includes Upcountry, BKK & Vicinities land bank, not equity stake adjusted

ATTRACTIVE LAND BANK

Under

• No. of Hotels
• No. of Keys

U City’s Stake Directly-held 8 1,461 100% Owned* 6 1,334 100% Operating Leased 2 127 100% Vienna House 39 7,691 100% Owned 19 3,048 100% Operating Leased 9 2,235 100% Managed 11 2,408 100% AHS 49 17,153 50% Managed 49 17,153 50% Grand Total 96 26,305

BTS Group Land Bank U City Land Bank Bayswater JV Land Bank Projects and Properties Land Bank Projects and Properties a. The LINE Jatujak – Mochit b. The LINE Sukhumvit 71 c. The LINE Ratchathewi d. The LINE Asoke-Ratchada e. The BASE Garden Rama 9 f. The LINE Pradipat g. The LINE Sukhumvit 101 h. KHUN BY YOO i. The BASE Petkasem 29 j. The LINE Sathorn k. The LINE Wongsawang l. TST Tower Office Building m. U Sathorn Hotel n. Eastin Grand Sathorn Hotel

• .

Eastin Thana City p. The Unicorn q. The Grand r. The Royal Place II s. Thana City Golf & Sports Club t. Verso International School

a f l d e

LAND: OVER 670,000M² OF OPPORTUNITY IN BANGKOK ALONE

c q r g h s m n i

Kukot 51.7 rai (8.3 ha) Thana City 308.6 rai (49.4 ha) Bayswater JV 48.8 rai (7.8 ha) Data as of 30 Jun 18

Residential THB 0.5bn Total Book Value as of 30 Jun 18:

THB 29.0bn Bayswater JV

THB 4.3bn

* Adjusted for equity stake

Commercial THB 3.3bn Land Bank THB 0.8bn

j k

Ratburana & Suksawad 44.1 rai (7.6 ha)

p

*Includes financial lease hotels and hotels currently under construction

• b

t

Mochit 11.1 rai (1.8 ha)

prepared by Investor Relations department BTS Group Holdings PCL

• Austria
• Belarus
• Czech Republic
• France
• Germany
• Poland
• Romania
• Russia
• Slovakia
• United Kingdom

U City’s Business Overview

Recurring Income Segment Overview

27 BTS Group Investor Presentation Section 2.3: Property Business

RECURRING INCOME PROPERTY (as of June 2018)

33 Gracechurch Street

Interests in 10 European Countries

• Thailand
• Vietnam
• Indonesia
• India
• Oman

Interests in 5 Asian & Middle Eastern Countries

6-14 Underwood Street TST Tower

OFFICE

The Unicorn

MIXED USE EDUCATION

Verso International School

HOSPITALITY

U Chiang Mai Hotel U Sathorn Hotel Vienna House Hotels Eastin Grand Sathorn Hotel

Currently Over 26,300 Hotel Keys and 27,000 sqm of Office Space

prepared by Investor Relations department BTS Group Holdings PCL

28 BTS Group Investor Presentation Section 2.3: Property Business

U City’s Business Overview

Residential Segment Overview - BTS-Sansiri JV

PARTNERSHIP ROADMAP

2015 (3 projects, THB 10.8bn) 2016 (5 projects, THB 20.0bn)

50:50 JV to develop a targeted THB 100bn worth of condominiums along current and future mass transit lines through the JV with Sansiri with an expected NPAT margin 10% and equity IRR 14% on a blended basis

2018 (3 projects, THB 12.3bn)

• The LINE Jatulak – Mo Chit

Project value: THB 5,815mn

• No. of units: 841
• The LINE Sukhumvit 71

Project value: THB 1,967mn

• No. of units: 291
• The LINE Ratchathewi

Project value: THB 3,014mn

• No. of units: 231
• The LINE Asoke-Ratchada

Project value: THB 3,026mn

• No. of units: 473
• The BASE Garden Rama 9

Project value: THB 2,339mn

• No. of units: 639
• The LINE Pradipat

Project value: THB 5,893mn

• No. of units: 981

2017 (3 projects, THB 12.2bn)

• The BASE Phetkasem 29

Project value: THB 2,010mn

• No. of units: 640
• The MONUMENT Thonglor

Project value: THB 6,242mn

• No. of units: 127
• The LINE Sathorn

Project value: THB 3,910mn

• No. of units: 327
• The LINE Sukhumvit 101

Project value: THB 4,652mn

• No. of units: 778
• KHUN BY YOO Thonglor 12

Project value: THB 4,065mn

• No. of units: 148
• The LINE Wongsawang

Project value: THB 4,687mn

• No. of units: 1,288
• The BASE Sapanmai

Project value: THB 2,697mn

• No. of units: 820
• The LINE Pahonyothin Park

Project value: THB 4,913mn

• No. of units: 880

The LINE Wongsawang The LINE Sukhumvit 101 KHUN BY YOO The LINE Jatujak-Mo Chit The LINE Sukhumvit 71

Fully transferred

14 Residential Projects with total project costs of THB 55mn have been launched since inception

prepared by Investor Relations department BTS Group Holdings PCL

Contents

BTS Group Investor Presentation 29 Section 1 BTS Group in Brief Section 2 Business Segment Profiles Section 2.1 Mass Transit Business Section 2.2 Media Business Section 2.3 Property Business Section 2.4 Services Business Section 3 Financial Summary Appendices

prepared by Investor Relations department BTS Group Holdings PCL

Services Business

Strategic Support and Business Incubator

30

• Premium Chinese restaurant chain managed by Man Kitchen
• As of 31 Mar 2018, 8 existing branches:

3 dine-in branches, 1 take-away branch, 2 Chairman by Chef Man (Hong Kong Café concept), 1 private dining concept under M Krub restaurant and 1 Man Kitchen buffet

• Managed a loyalty and benefits programme for consumers who transact with the

Rabbit Card and/or Rabbit Line Pay

• The Rabbit Points can be redeemed for vouchers across our retail partner network

and additional Rabbit Rewards partners.

• In FY 2017/18, the programme had 3.2million registered members.

CHEFMAN RESTAURANTS BANGKOK PAYMENT SOLUTIONS (BPS)

Eastin Grand Sathorn Branch

BTS Group Investor Presentation Section 2.4: Services Business

Thana City Branch

• In June 2017, Chef Man added a new strategic JV partner Bangkok Ranch (BR), a

listed and leading purveyor of duck meat through a capital increase. BR’s extensive food processing expertise will enable Chef Man to scale-up its business domestically and internationally.

41% Man Food Holdings 41% 18% Bangkok Ranch BTS Group Chef Man

BTSG and BR have an option to increase stake up to 42.5% in Man Food Holdings. Expected final shareholding in Man Food Holdings of 42.5% : 42.5% : 15% between BTS Group : BR : Chef Man

• Joint venture between BTSG and VIX Group, a leading technology development for

Central Clearing House (CCH) and Automatic Fare Collection (AFC) services

• Served as a vehicle for developing software and providing technology services for

an integrated mass transit and payment systems for Thailand

• In FY 2017/18, BPS recognised revenue from sales of fully-equipped EDC machines

and revenue from software development services.

RABBIT REWARDS PROGRAMME

• Joint venture between BTSG and Li Kay Engineering, a Hong Kong based

civil and foundation company

HHT CONSTRUCTION

prepared by Investor Relations department BTS Group Holdings PCL

Contents

BTS Group Investor Presentation 31 Section 1 BTS Group in Brief Section 2 Business Segment Profiles Section 2.1 Mass Transit Business Section 2.2 Media Business Section 2.3 Property Business Section 2.4 Services Business Section 3 Financial Summary Appendices

prepared by Investor Relations department BTS Group Holdings PCL

KEY FINANCIAL RATIOS FY 17/18 FY 16/17 FY 15/16 FY 14/15 Profitability ratios (%) Gross operating profit margin 41.0% 51.9% 60.4% 55.5% SG&A to operating sales ratio 17.3% 24.6% 24.6% 22.0% Accounting EBITDA margin 42.3% 41.2% 59.7% 52.0% Operating EBITDA margin(1) 29.0% 34.0% 42.9% 39.9% Recurring net profit margin (%) 16.0% 15.4% 29.2% 28.2% Liquidity ratio Current ratio (times) 0.93x 1.38x 0.81x 3.96x Leverage (Times) Total liability to total asset 0.56x 0.52x 0.28x 0.22x Total liability to total equity 1.29x 1.07x 0.39x 0.28x Interest bearing debt to equity 1.02x 0.85x 0.20x 0.09x

• Adj. net debt(5) to equity

0.37x 0.13x (0.13)x (0.40)x

• Adj. net debt(5) to recurring EBITDA

3.02x 1.72x (1.93)x (7.32)x Interest coverage(3) 3.31x 4.55x 9.30x 7.03x Per share ratios Book value per share (THB) 3.92 3.82 3.96 4.38 Dividend yield (4) 3.95% 4.00% 7.75% 6.38%

FY 17/18 OPERATING REVENUE & EBITDA CONTRIBUTION

(1) Operating EBITDA excludes non-recurring items but includes share of profit (loss) from BTSGIF (2) Net income attributable to equity holders of the parent (3) Operating EBITDA/finance cost (4) Interim and Final dividends, calculated on annual basis using BTS TB closing share price on the date

• f the Board of Directors’ meeting approving the relevant dividend

(5) Interest bearing debt - cash and cash equivalent and liquid investment

OPERATING REVENUE COMPARISON (YoY)

32

CONSOLIDATED P&L (THB MN)

FY 17/18 FY 16/17 FY 15/16 FY 14/15 Operating revenues 14,102 8,606 6,280 7,102 Accounting revenues 16,987 9,618 10,069 8,126 Operating expenses 8,325 4,143 2,489 3,163 EBITDA 7,571 4,114 6,254 4,937 Operating EBITDA(1) 4,089 2,928 2,693 2,836 Recurring Net Profit 2,889 1,649 2,213 2,820 Net income(2) 4,416 2,003 4,134 2,944 DEBT INFORMATION (THB MN) 31 MAR 18 31 MAR 17 31 MAR 16 31 MAR 15 Interest bearing debt 47,124 38,310 9,283 4,556

• Adj. net debt (5)

17,129 6,051 (6,012) (20,755) BTS Group Investor Presentation Section 3: Financial Summary

BTS Group Financial Performance

Note: Revenue and EBITDA excludes equity income from Sansiri JV, U City, Bayswater JV, Keystone JV * Calculated base on EBITDA of THB 4,768mn which excludes selling and Administrative expenses at Head-Office of THB 679mn ** After selling and Administrative expenses at Head-Office of THB 679mn

THB 14,102mn THB 4,089mn**

Mass Transit Media Property Services

Revenue Contribution EBITDA Contribution* 8,606 14,102 4,875 893 (294) FY16/17 Mass Transit Media Property Services FY17/18 4% (40%) 30% 115% (THB mn) 22 60% 42%

• 0.1%
• 1.6%

65% 28% 4% 3%

prepared by Investor Relations department BTS Group Holdings PCL

Financial Position

33 BTS Group Investor Presentation Section 3: Financial Summary

45,182 46,355 29,833 36,779 18,616 22,923

31 Mar 17 31 Mar 18 Total shareholders' equity Total non-current liabilities Total current liabilities

106,058 93,631 67,909 84,747 25,722 21,311

31 Mar 17 31 Mar 18 Total non-current assets Total current assets

106,058 93,631 Cash 31 Mar 17: THB 15.09bn 31 Mar 18: THB 9.46bn Current Investments 31 Mar 17: THB 6.24bn 31 Mar 18: THB 5.67bn Long-Term Investments 31 Mar 17: THB 13.52bn 31 Mar 18: THB 15.95bn Gross Debt 31 Mar 17: THB 38.31bn 31 Mar 18: THB 47.17bn Adjusted Net Debt* 31 Mar 17: THB 6.06bn 31 Mar 18: THB 17.13bn ***** Issued Ordinary Shares 31 Mar 17: 11,935.0mn 31 Mar 18: 11,940.4mn

73% 27% 20% 80% 22% 44% 34% 48% 20% 32% FY 2017/18: 1.02x FY 2016/17: 0.85x

Gross Debt to Equity

FY 2017/18: 0.37x FY 2016/17: 0.13x

Adjusted Net Debt* to Equity

FY 2017/18: 3.02x FY 2016/17: 1.72x

Adjusted Net Debt* to Recurring EBITDA

FY 2017/18: 3.31x FY 2016/17: 4.55x

Interest Coverage

FY 2017/18: 0.93x FY 2016/17: 1.38x

Current Ratio

ASSET BREAKDOWN (THB MN) LIABILITIES AND EQUITY BREAKDOWN (THB MN) KEY RATIOS

*Adjusted Net Debt = Interest Bearing Debt – Cash and Cash Equivalent and Liquid Investment

prepared by Investor Relations department BTS Group Holdings PCL

Dividend Policy and Historical Dividend Payment

BTS Group Investor Presentation Section 1: BTS Group in Brief

HISTORICAL DIVIDEND PAYMENTS /DIVIDEND YIELD AND PAYOUT

(1) Calculated based on share price one day before the Board of Directors’ approval date for relevant dividend payment

34

No less than 50% of net profit

DIVIDEND POLICY

FY 13/14 FY 14/15 FY 15/16 FY 16/17 FY 17/18 Actual Dividend Paid (THB mn) 7,073 7,094 8,048 4,026 4,145 Dividend per Share 0.60 0.60 0.68 0.34 0.35 Dividend Yield (1) (%) 7.3% 6.2% 7.8% 4.0% 3.9% Dividend Payout (%) 56% 241% 183% 180% 87% Remarks

Committed to pay no less than THB 6bn Committed to pay no less than THB 7bn Committed to pay no less than THB 8bn Following BTSGIF establishment, the Company had committed dividend payment over 3 years, totaling THB 21bn

prepared by Investor Relations department BTS Group Holdings PCL

400 800 1,200 1,600 2,000 6.0 6.5 7.0 7.5 8.0 8.5 9.0 9.5 10.0

BTS Daily Traded Value (RHS) BTS TB Equity SET Index

Name %* 1

• MR. KEEREE KANJANAPAS’S GROUP

41%

2

THAI NVDR CO., LTD. 10%

3

BANGKOK BANK PUBLIC COMPANY LIMITED 5%

4

SOCIAL SECURITY OFFICE 3%

5

SOUTH EAST ASIA UK (TYPE C) NOMINEES LIMITED 2%

6

CREDIT SUISSE FIRST BOSTON (SINGAPORE) LIMITED 2%

7

STATE STREET EUROPE LIMITED 2%

8

UOB KAY HIAN PRIVATE LIMITED 1%

9

• Mr. Min Tieanworn

1%

10

GIC PRIVATE LIMITED 1% TOTAL TOP 10 SHAREHOLDERS 68%

Stock code BTS Outstanding shares (mn shares) 11,940.4 Treasury shares (mn shares) 95.8 Market capitalisation (THB mn) 99,702.3 Market capitalisation (USD mn) 3,197.5 Average daily traded value (THB mn) 157.7 Average daily traded value (USD mn) 5.0 Credit Rating (by TRIS) A/Stable

BTS Group Share Information

SHARE INFORMATION (as of 31 Mar 2018) SHARE PRICE MOVEMENT (as of 31 Mar 2018) SHAREHOLDING STRUCTURE (as of 21 Jan 2019) TOP 10 SHAREHOLDERS (as of 21 Jan 2019)

35

THB THB mn 12M ADTV = THB 183mn

*Total of 11,845,369,480 shares

BTS Group Investor Presentation Section 1: BTS Group in Brief

KK’s Group 41% Thai Institutions Foreign Institutions 15% 11% NVDR Individuals 22% 10% Free Float (as of Jun 18) 58% Foreign Limit 49% 11,845mn shares

prepared by Investor Relations department BTS Group Holdings PCL

36

MEDIA

2018/19 BTS Group Targets and CAPEX

FY 2018/19 BTS GROUP TARGETS

4-5%

Core Network ridership growth

1.5-2%

Core Network average fare increase

30%

Train O&M revenue growth

THB 7-9bn

Revenue from E&M provision for Green Line South and North extensions and train procurement for Green Line extension

THB 350mn

Targeted BTS Group Property Revenue (more details in U City presentation)

THB 20-25bn

Construction revenue for Pink and Yellow Lines

THB 6-6.7bn

Targeted U City Property Revenue

≥ 25% EBITDA margin

(at U City level)

40-45%

EBITDA margin

20-25%

NPAT margin

THB 0.6-0.7bn

Interest income from train procurement for Green Line extensions and construction revenue for Pink and Yellow lines

MASS TRANSIT

FY 2018/19 CAPEX: THB 27-34BN

THB 26-32bn

(Excludes: BTSGIF CAPEX )

• THB 6-7bn E&M and rolling stocks for Green

Line South and North extensions

• THB 20-25bn for Pink and Yellow

construction

THB 1.1bn THB 0.4bn

(Excludes: Real estate development cost)

PROPERTY

BTS Group Investor Presentation Section 3: Financial Summary

THB 5bn

Targeted Media Revenue (revised from THB 4.4-4.6bn)

prepared by Investor Relations department BTS Group Holdings PCL

Contents

BTS Group Investor Presentation 37 Section 1 BTS Group in Brief Section 2 Business Segment Profiles Section 2.1 Mass Transit Business Section 2.2 Media Business Section 2.3 Property Business Section 2.4 Services Business Section 3ction 3 Financial Summary Appendices

prepared by Investor Relations department BTS Group Holdings PCL

Appendix 1: Bangkok Rail Mass Transit Master Plan

Network Length Expands to 515.2km in 2029

38 BTS Group Investor Presentation Appendix 1: Bangkok Rail Mass Transit Master Plan

prepared by Investor Relations department BTS Group Holdings PCL

CORE NETWORK EXTENSION ZONE 1 EXTENSION ZONE 2 PINK & YELLOW GOLD LINE PHASE 1 ROUTE

• Dark Green

Mo Chit – Onnut

• Light Green

National Stadium - Saphan Taksin

• Dark Green

Onnut - Bearing

• Light Green

Saphan Taksin - Bang Wa

• Southern Green

Bearing - Samut Prakarn

• Northern Green

Mo Chit - Khu Kot

• Pink

Khae Rai - Min Buri

• Yellow

Lad Prao - Sam Rong Krung Thonburi BTS Station - Khlong San District Office DISTANCE & NO. OF STATIONS 23.5km, 23 stations 12.8km, 11 stations 30.8km, 25 stations 64.9km, 53 stations 1.7km, 3 stations AUTHORITY BMA BMA BMA MRTA BMA CONTRACT TYPE & CONTRACT LENGTH 30Y Concession Agreement (1999-2042) 13Y O&M Contract (2029-2042) 30Y O&M Contract (2012 - 2042) 25Y O&M Contract (2017 - 2042) 30Y Concession Agreement (from 1st operation date) 30Y O&M Contract (from 1st operation date) INVESTMENT SCHEME PPP Net Cost (1999-2029) O&M Contract (2029-2042) O&M Contract O&M Contract PPP Net Cost O&M Contract CAPEX AND FINANCING  = BTS INVESTMENT Civil:  E&M:  Rolling Stock: 

• Project Cost

(≈THB 49.5bn) Civil: x E&M: x Rolling Stock:  (≈THB 5.8bn) Civil: x E&M: x Rolling Stock:  (≈THB 4.9bn) Civil: x E&M: x (hire BTS, pre-financed by BTS ≈THB 17.3bn) Rolling Stock:  (≈THB 9.8bn) Civil:  (subsidised by gov’t) E&M:  Rolling Stock: 

• Project Cost

≈THB 96bn (gov’t subsidy of THB 47bn) Civil: x E&M: x (hire BTS, ≈THB 0.6bn) Rolling Stock:  (≈THB 0.4bn)

Appendix 2: Summary of BTS Mass Transit Contracts

BTS Group General Presentation Appendix 2: Summary of BTS Mass Transit Contracts 39

REMARKS: Public-Private Partnership (PPP) Net Cost = Private obtains farebox revenue and commercial development O&M Contract = Private receives operation and maintenance fee, while the public benefits from farebox revenues and commercial development of station areas

prepared by Investor Relations department BTS Group Holdings PCL

Apr 17: Opening of Samrong Station

1.42 1.78 2.12 2.29 2.57 2.82 3.07 3.22 3.29 3.48 3.54 4.30 4.90 5.68 5.87 6.40 6.64 6.82 59 79 96 105 118 132 139 133 136 144 145 176 197 215 219 233 238 241 00/01 01/02 02/03 03/04 04/05 05/06 06/07 07/08 08/09 09/10 10/11 11/12 12/13 13/14 14/15 15/16 16/17 17/18 Farebox revenue (THB bn) Ridership (mn)

Appendix 3: Core Network Ridership

Uninterrupted Revenue Growth and Resilient Under Pressure

40

Jul 04: Opening of Bangkok MRT System (Blue line) May 10: Opening of Bangkok BRT; Thai political protests Aug 10: Opening of Airport Rail Link Aug 11: On Nut – Bearing extension

• pening

Oct – Nov 11: Floods

INITIAL GROWTH (3 YRS RIDERSHIP CAGR: 21%) STABLE GROWTH (5 YRS RIDERSHIP CAGR: 5%) FASTER GROWTH (9 YRS RIDERSHIP CAGR 7%)

Dec 99: BTS SkyTrain service opening Mar 07: First fare rate increase May 09: Opening of Silom Line extension

• Farebox revenue CAGR: 9.7%
• Ridership CAGR: 8.7%

GROWTH (17 YRS)

Jan-Mar 14: Bangkok Shutdown May 14: Martial law Oct 16: The passing of His Majesty King Bhumibol Aug 16: Opening of Bangkok MRT System (Purple line) Oct 17: Fare Increased

Ridership +1.3% YoY Fare +1.4% YoY

Aug 17: Opening of Tao Poon Station (Blue line ext.)

BTS Group Investor Presentation Appendix 3: Core Network Ridership

Apr 13: Sale of net farebox revenue to BTSGIF Jun 13: Fare increase Dec 13: Wongwian Yai – Bang Wa extension opening Nov 13: Thai political protests

prepared by Investor Relations department BTS Group Holdings PCL

15.0 22.0 25.0 28.0 31.0 34.0 37.0 42.0

20.1 26.8 33.5 40.2 46.9 53.6 60.3 16.0 23.0 26.0 30.0 33.0 37.0 40.0 44.0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17

SJT 34% AVG FARE THB 31.5 30-DAY PASS (ADULT)* 28% AVG FARE THB 27.0 PURSE (STV)* 31% AVG FARE THB 27.0 30-DAY PASS (STUDENT)* 6% AVG FARE THB 21.6 ONE-DAY PASS 1% AVG FARE THB 35.8

41

FARE ADJUSTMENT MECHANISM

• Can be adjusted no more than once every 18 months by making

announcement to BMA and public 30 days in advance

• Must not exceed the Authorised fare

EFFECTIVE FARE

• Normal situation: upon change of Bangkok’s CPI >=5%, may adjust up to 7%

(No approval required)

• Special situation: upon change of CPI (>= 9%), USD/THB foreign

exchange rate, interest rate or electricity costs (BMA approval required) AUTHORISED FARE

HISTORICAL AVERAGE FARE RIDERSHIP BY TICKET TYPES (FY 2017/18)

THB / Trip * Counted as Rabbit (65%)

BTS Group Investor Presentation Appendix 4: Core Network Fare Adjustment

Appendix 4: Core Network Fare Adjustment

Flexibility to Increase Fares

DISTANCE-BASED FARE (BY NO. OF STATIONS)

• NO. OF STATIONS

AUTHORISED FARE (APR 2013) NEW EFFECTIVE FARE (OCT 2017) PREVIOUS EFFECTIVE FARE (JUN 2013) FARE PRICE (THB) POTENTIAL FARE UPSIDE

• CAGR 5 yr (2012/13 to 2017/18) = 2.7%
• CAGR 12 yr (2005/06 to 2017/18)= 2.4%

21.4 22.1 24.2 24.2 24.1 24.4 24.4 24.8 26.4 26.9 27.5 27.9 28.3

2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18

prepared by Investor Relations department BTS Group Holdings PCL

Appendix 4: Core Network Fare Adjustment

Latest Increased from 1 October 2017

BTS Group Investor Presentation Appendix 4: Core Network Fare Adjustment 42

15.0 22.0 25.0 28.0 31.0 34.0 37.0 42.0 20.1 26.8 33.5 40.2 46.9 53.6 60.3 16.0 23.0 26.0 30.0 33.0 37.0 40.0 44.0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17

SINGLE JOURNEY TICKET (SJT): 34% OF TICKET TYPES

Number

• f Station

0-1 2 3 4 5 6 7 ≥ 8 Previous 15 22 25 28 31 34 37 42 1 Oct 17 16 23 26 30 33 37 40 44

RABBIT SENIOR

Number

• f Station 0-1

2 3 4 5 6 7 ≥ 8 Previous 7 11 13 14 16 17 19 21 1 Oct 17 8 12 13 15 17 19 20 22

• Fare of SJT, Rabbit monthly pass and Rabbit senior tickets in the Core Network will be increased from 1 October 2017 onwards
• For Rabbit Purse Card (Stored Value Card: STV), the promotional prices for the effective fare were in the range of THB 15 - 43 starting from 1 April 2018
• Expected FY 18/19 average fare increased by 1.5-2% to THB 28.7-28.9 per trip

RABBIT MONTLY PASS ADULT: 28% OF TICKET TYPES

Present THB/Trip 1 Oct 17 @THB/Trip 15 Trips 450 30 465 31 25 Trips 700 28 725 29 40 Trips 1,040 26 1,080 27 50 Trips 1,250 25 1,300 26

RABBIT MONTLY PASS STUDENT: 6% OF TICKET TYPES

Present THB/Trip 1 Oct 17 @THB/Trip 15 Trips 345 23 360 24 25 Trips 525 21 550 22 40 Trips 760 19 800 20 50 Trips 900 18 950 19

AUTHORISED FARE (APR 2013) NEW EFFECTIVE FARE (OCT 2017) PREVIOUS EFFECTIVE FARE (JUN 2013) FARE PRICE (THB) POTENTIAL FARE UPSIDE

• NO. OF STATIONS

prepared by Investor Relations department BTS Group Holdings PCL

Appendix 5: Rolling Stocks

Enlarging Our Fleet for Future Growth

43 50,000 PPHPD: SYSTEM DESIGN CAPACITY (6-CAR TRAINS & 2MIN FREQUENCY) 25,000 PPHPD: CURRENT CAPACITY (4-CAR TRAINS & 2.4MIN FREQUENCY IN SKY LINE) BTS Group Investor Presentation Appendix 5: Rolling Stocks 98 4-CAR TRAINS (392 CARRIAGES) FOR GREEN LINE CORE NETWORK AND EXTENSION ZONE 1 & 2 72 4-CAR MONORAIL TRAINS (288 CARRIAGES) FOR PINK AND YELLOW LINES CURRENT FLEET

• NO. OF TRAINS

TOTAL CARRIAGES FROM 1ST BATCH 35 105 SIEMENS 2ND BATCH 12 48 CRRC 3RD BATCH 35 SIEMENS 4TH BATCH 5 20 CRRC TOTAL 52 208 FLEET EXPANSION

• NO. OF TRAINS

TOTAL CARRIAGES FROM DELIVERED BY FY 18/19 22 88 SIEMENS DELIVERED BY FY 19/20 24 96 CRRC TOTAL 46 184 PROJECT REQUIRED TRAINS TOTAL CARRIAGES FROM PINK 42 168 BOMBARDIER YELLOW 30 120 BOMBARDIER TOTAL 72 288 10,000 – 44,000 PPHPD: SERVICE CAPACITY

NOTE: PPHPD = Passengers per Hour per Direction

prepared by Investor Relations department BTS Group Holdings PCL

44

Appendix 6: Debentures & Syndicated Loan Agreement

CAPEX for newly-awarded lines - secured by debt financing

BTS Group Investor Presentation Appendix 6: Debentures and Syndicated Loan for the Pink and Yellow Lines

Tenor Amount up to Coupon Rate 3-year THB 5.5bn 2.46% 5-year THB 2.2bn 2.85% 7-year THB 4.1bn 3.30% 10-year (NC5) THB 10.2bn 3.87% Total THB 22bn 3.31% (average) Rationale Purchase new rolling stocks and E&M for the Northern and Southern Green Line extensions Issuance Date 10 November 2016

THB 22BN BTSC DEBENTURE:NEW GREEN EXTENSIONS THB 63.4BN SYNDICATED LOAN: PINK AND YELLOW LINES

10 October 2017: BSR JV signed the syndicated loan agreement with three banks, at a total value of up to THB 63.36bn. Credit Facilities Total of THB 63.36bn

• THB 31.68bn for Pink Line
• THB 31.68bn for Yellow Line

Syndicate Banks BBL, KTB, SCB Loan Term 17 years and 3 months, repayments starting from first operation date Rationale Financing of both Pink and Yellow lines Tenor Amount up to Coupon Rate 3-year THB 1.5bn 2.24% 5-year THB 1.5bn 2.64% 10-year THB 2.0bn 3.65% 12-year (NC5) THB 2.0bn 3.78% Total THB 7.0bn 3.17% (average) Rationale Repay existing debts and/or investment and/or financing the working capital of the Company Issuance Date 26 December 2017

THB 7BN BTSG DEBENTURE

Tenor Amount up to Coupon Rate 2-year THB 3.55bn 2.58% 5-year THB 1.29bn 3.25% 10-year THB 4.66bn 4.03% Total THB 9.50bn 3.38% (average) Rationale Repay existing debts and/or investment and/or financing the working capital of the Company Issuance Date 7 September 2018

THB 9.5BN BTSG DEBENTURE

prepared by Investor Relations department BTS Group Holdings PCL

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33

E&M works Civil works Repayment of gov't subsidy (civil) Farebox revenue

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 Rolling stocks Investment O&M revenue

Appendix 7: Mass Transit Economic profile

PPP Net Cost & O&M Contract (PPP Gross Cost)

ECONOMIC PROFILE (O&M CONTRACT) ECONOMIC PROFILE (PPP NET COST WITH SUBSIDY)

KEY ASSUMPTIONS KEY ASSUMPTIONS 1) 30-year contract from operating date 2) O&M revenue* of approx. THB 140mn/km in FY 16/17 with growth rate of 3.5% p.a. 3) EBITDA margin of 40-50%

YEAR YEAR

1) 3-4 year investment in civil and E&M works (includes rolling stocks) 2) 10-year repayment from gov’t for civil works 3) Receive farebox revenue and commercial revenue (30-year contract from operating date)

BTS Group Investor Presentation Appendix 7: Mass Transit Economic profile

*O&M revenue includes revenue from provision of operating services and interest income under concession agreement

45

prepared by Investor Relations department BTS Group Holdings PCL

Appendix 8: Gold Line Phase 1

Project at a Glance

ROUTE KRUNG THON BURI – KLONG SAN (PHASE I): 1.7KM 3 STATIONS

• NO. OF

STATIONS 3 OVERGROUND STATIONS (G1 TO G3)

• G1: KRUNG THON BURI
• G2: CHAROEN NAKORN
• G3: KLONG SAN

TYPE MONORAIL FEEDER LINE TRAINS THREE 2-CAR AUTOMATIC PEOPLE MOVER (APM) TRAINS SYSTEM CAPACITY 4,000-12,000 PPHPD (5-6 MIN HEADWAY)

E&M AND O&M SERVICES PROVIDED BY BTSC

46

Source: http://www.raillynews.com

31 JUL 2018 O&M Services Agreement signed 1 SEP 2020 Targeted Commercial Operation Date (30 years operation*) 1 AUG 2018 NTP issued for E&M kick-off 9 MAR 2018 Civil work construction began 27 FEB 2018 Sale and installation of E&M works Agreement signed 15 DEC 2017 KT awarded civil contract to ITD

TIMELINE

KRUNG THONBURI BTS STATION – KHLONG SAN 1.7KM

GOLD PHASE 1

*Such term can be terminated earlier if the operation and maintenance services agreement of the Bangkok Mass Transit System, in which BTSC has been engaged by Krungthep Thanakom until 2 May 2042, has not been extended.

SALE AND INSTALLATION OF E&M WORKS AGREEMENT

• E&M VALUE (INCL.VAT) OF THB 765.59MN

O&M SERVICES AGREEMENT

• 30 YEARS FROM 1ST COMMERCIAL OPERATION DATE
• O&M SERVICES INCLUDE THE OPERATION OF TRAINS,

MANAGEMENT, MAINTENANCE OF THE MASS TRANSIT SYSTEM, FARE COLLECTION AND THE PROCUREMENT OF ROLLING STOCK

• O&M VALUE (INCL.VAT) OF THB 13,520MN

BTS Group Investor Presentation Appendix 8: Gold Line Phase 1

prepared by Investor Relations department BTS Group Holdings PCL

Appendix 9: VGI Products

BTS-Related Media and Office Building & Residential Media Products

BTS Group Investor Presentation Appendix 10: VGI Products 47

TRAIN MERCHANDISING STATION OFFICE BUILDING INSIDE-TRAIN

prepared by Investor Relations department BTS Group Holdings PCL

Appendix 9: VGI Products

Outdoor Media and Aviation Media Products

48

BILLBOARD STREET FURNITURE AIRPORT LED SCREEN AVIATION: JET BRIDGE CREATIVE PRODUCTION

BTS Group Investor Presentation Appendix 10: VGI Products

prepared by Investor Relations department BTS Group Holdings PCL

Appendix 9: MACO Products

Expanding OOH Media Internationally

49

TRANSIT MEDIA IN MALAYSIA AVIATION MEDIA IN MALAYSIA

prepared by Investor Relations department BTS Group Holdings PCL

Appendix 10: VGI & MACO Top20 Customer Profile

YTD Customer Type Breakdown

BTS Group Investor Presentation Appendix 11: VGI and MACO Top20 Customer Profile 50

VGI: CUSTOMER TYPE MACO: CUSTOMER TYPE

70% 30%

Agency

Direct customer 51% 49%

VGI: TOP BRAND MACO: TOP BRAND Agency

Direct customer

(YTD Apr – Sep 2018) (YTD Jan – Nov 2018)

prepared by Investor Relations department BTS Group Holdings PCL

• Hotels: Vienna House &

Vienna House Easy and Eastin Grand Sathorn

• Office buildings:

33 Gracechurch and 6-14 Underwood St. UK

• Service: Vienna International

Hotel Management

• Under developing:

The Unicorn and Mo Chit Complex

• Roi Chak Sam
• Land Bank: Sukhumvit,

Suksawad, Khukot and Bang Krachao

REMAINING KEY ASSETS AT BTSG U CITY’S PROPERTY PORTFOLIO CONSIDERATION

• Hotels: U Sathorn, U Chiang

Mai and U Kanchanaburi

• Office Building: TST Tower
• Services: Absolute Hotel

Services, Thana City and Tanayong Property Management

• International School
• Land Bank:

Khao Yai and Ratburana

• BTS-Sansiri JVs

ASSETS TRANSFERRED FROM UE

NET GAIN OF THB 1.9BN FROM EBT

Preferred Shares from: PP: 63,882mn shares (@THB 0.034/share) with U-W3 31,941mn units 51

Appendix 11: Overview of Property Restructuring

The Entire Business Transfer (EBT) of UE to U City

Loan Novation: THB 5.0bn Loan Repayment: THB 5.1bn THB 2.2bn Fair value of U City’s preferred shares and warrants and loans to and interest receivable from U City THB 12.2bn Book value Net assets of the Unicorn Group (THB 9.1bn) Deducted deferred gain on the entire business transfer of subsidiary and Transaction costs (THB 1.2bn) Net gain on the entire business transfer of subsidiary THB 1.9bn THB 10.1bn THB 12.2bn Total Settlement Value BTS Group Investor Presentation Appendix 12: Overview of the Entire Business Transfer Transaction

• Thana City Golf Course and Sports Club
• Par 1 (Housing Estate)
• Land (e.g. Bayswater JV)

PRE EBT Total Assets Value: THB 12.2bn

prepared by Investor Relations department BTS Group Holdings PCL

Appendix 12: U City’s Overview & Strategy

Globally Developing and Investing in Diversified Property

52

THB 32.3bn THB 4,453mn

FY 2017 REVENUE CONTRIBUTION Office THB 162mn 3.6% Others THB 423mn 9.5% Hospitality THB 3,868mn 86.9% DECEMBER 2017 BOOK VALUE BREAKDOWN Office THB 3.4bn 10.5% Hospitality THB 18.4bn 57.0% Land bank THB 10.0bn 30.9% RECURRING INCOME PROPERTY RESIDENTIAL PROPERTY LANDBANK Hospitality 92 Hotels totaling over 19,200 keys includes a portfolio of

• wned, leased and managed hotels in

Europe and Asia. Office 28,500 sqm of lettable space comprising of 2 office buildings in London, UK and 1 office building in Bangkok, Thailand. Through a 50% stake in the BTS-Sansiri JV, which develops condominiums near mass transit lines and has currently a presold condominium backlog of THB 26.1bn U City’s land bank totals THB 7.4bn or 766.1 Rai or 1.23mn sqm of land, which is sufficient for

• ver 5 years of development. 67% of land bank value is located adjacent to future or current

mass transit lines and is therefore well-positioned to benefit from the ‘mass transit premium’

806 1,027 3,868 2015 2016 2017 63 162 2015 2016 2017 159 2015 2016 2017

Operating Revenue (THB mn) Residential THB 0.5bn 1.6% BTS Group Investor Presentation Appendix 13: U City’s Overview & Strategy

prepared by Investor Relations department BTS Group Holdings PCL

Appendix 12: U City’s Overview & Strategy

Poised for Substantial Growth Ahead

53

2,620 176 1,204 1,380 FY 2017 Hospitality Office Alternatives Residential FY 2022

5 PILLARS OF SUSTAINABLE VALUE ACCRETION

FY 2017 FY 2022 Operating Revenue Recurring Net Profit

Operating Revenue 20% CAGR Recurring Net Profit 15% Margin*

Key Growth Drivers Hospitality From 8,648 Keys Operating to 19,244 Owned hotels revenue 5% CAGR Office Full-year effect of acquisitions and rent reversion Alternatives Share of profit from international school, The Unicorn mixed-use building Residential Future gross development value of THB 72bn of 12 condominium projects CAPEX / Investment 5-year aggregate of THB 14.6bn

5-YEAR TARGET – Operating Revenue of THB 9,400mn, Recurring Net Profit of 1,360mn

Operating Revenue Development (Growth 2017 - 2022)

* Note: revenue includes share of profit in BTS-Siri JV, Keystone JV and Property management services revenue

9,400

4,030

• 2. EFFICIENT USE OF

CAPITAL

• Recycle capital for future

investment.

• Potential for fee-based

income.

• 3. SUSTAINABILITY
• Respond to changes in

consumer lifestyles, including digital disruption

• Environmental awareness
• Benefit to communities
• Enterprise Value/Return

To Shareholders

• 4. PARTNERSHIPS
• Access to expertise and

new business

• pportunities
• Reduce development

and investment risk

• Increase long-term firm

value and synergies

• 1. INVESTMENT
• Diversified portfolio
• Grow through project

development and acquisition

• Enhance value through

prudent management and value engineering

• Maximize synergy
• 5. MASS TRANSIT LINK
• To benefit from the

‘mass transit premium’

4,030 9,410 72% Overseas 28% Thailand 59% Overseas 41% Thailand

1,360

(127)

BTS Group Investor Presentation Appendix 13: U City’s Overview & Strategy

(THB mn) ( THB mn)

prepared by Investor Relations department BTS Group Holdings PCL

Appendix 13: BTS-W4 Term Sheet

54 BTS Group Investor Presentation Appendix 14: BTS-W4 Term Sheet

TICKER BTS-W4 TERM 1 YEAR FROM THE ISSUANCE DATE ISSUANCE DATE 30 NOVEMBER 2018 EXPIRY DATE 29 NOVEMBER 2019 WARRANTS PRICE NIL

• NO. OF WARRANTS

UP TO 1,755,034,187 UNITS ALLOCATION TO EXISTING SHAREHOLDERS AT THE RATIO OF 9 EXISTING BTS SHARES : 1 BTS-W4 EXERCISE RATIO 1 BTS-W4 TO 1 NEW COMMON SHARE OF BTS EXERCISE PRICE THB 10.50 PER SHARE EXPECTED MAXIMUM PROCEEDS THB 18.4BN EXERCISE PERIOD QUARTERLY

WARRANTS TERMS AND CONDITIONS

prepared by Investor Relations department BTS Group Holdings PCL

OPERATING REVENUE COMPARISON (YoY)

INCOME STATEMENT (THB mn) 2Q 2018/19 2Q 2017/18 % YoY 1Q 2018/19 % QoQ Operating Revenue1 15,806 2,543 522% 3,049 418% Gross operating profit 1,824 1,295 41% 1,470 24% Operating EBITDA2 1,401 875 60% 1,128 24% Recurring net profit – after MI 830 370 124% 472 76% Accounting EBITDA 1,681 1,420 18% 1,114 51% Net income (loss)3 670 653 3% 387 73% Gross operating profit margin (%) 11.5% 50.9% 48.2% Accounting EBITDA margin (%) 10.3% 48.6% 33.5% Recurring net profit margin – after MI(%) 5.1% 13.2% 15.2% Operating EBITDA margin (%) 8.9% 34.4% 37.0%

P&L SNAPSHOT

2Q 2018/19 OPERATING REVENUE BREAKDOWN

1 operating revenue of 4 BUs & share of net profit from BTSGIF 2 excluding non-mass transit interest income 3 to equity holders of the parent

55

Appendix 14: 2Q 2018/19 Overview

2,543 15,806 12,937 235 163

Q2 FY17/18 Mass Transit Media Property Services Q2 FY18/19

(45)% 172% 24% 981% (THB mn)

(72) 90% Mass Transit 8% Media 1% Property 1% Services BTS Group Investor Presentation Appendix 15: 2Q 2018/19 Performances

prepared by Investor Relations department BTS Group Holdings PCL

HISTORICAL OPERATING REVENUE (THB mn)

KEY FACTORS

• Construction revenue for the Pink and Yellow Lines of THB 11.8bn was

recognised, start in this quarter

• Services revenue from the provision of E&M works and the train procurement

service for the Southern and Northern Green Line extensions of THB 1.5bn was recorded

• O&M revenue rose by 3% YoY to THB 452mn mainly from the contractually

agreed increase in the operating fee of existing extensions

• Farebox revenue up 2% YoY to THB 1,762mn from an increase in average fare of

3.7% YoY

• Share of net profit in BTSGIF of THB 244mn (decreased 1% YoY)
• Costs rose by THB 12.4bn YoY to THB 13.2bn largely from the recognition of

construction cost for the Pink and Yellow Lines and cost related to the provision

• f services for new Green Line extensions
• Operating EBITDA margin was 7.6% (44.5% in 2Q 2017/18)

OPERATING PERFORMANCE

MASS TRANSIT (THB mn) 2Q 2018/19 2Q 2017/18 %YoY 1Q 2018/19 %QoQ Revenue 14,255 1,318 981% 1,813 686% Costs of revenue 13,177 740 1680% 1,120 1077% Gross profit 1,078 578 86% 694 55% Operating EBITDA 1,085 586 85% 702 54% Gross margin (%) 7.6% 43.8% 38.3% Operating EBITDA margin (%) 7.6% 44.5% 38.7%

OPERATING REVENUE BREAKDOWN

3% O&M Construction revenue for the Pink and Yellow Lines 82%

2Q 2018/19

Interest income related to Green Line extensions, Pink and Yellow Lines 2%

56

Appendix 14: 2Q 2018/19 Mass Transit

11% Services revenue from provision of E&M works & train procurement for Green Line extensions 0% Farebox BRT Share in BTSGIF 2%

411 411 422 474 471 452 468 452 452 32 32 90 78 81 109 234 193 242 199 284 241 218 247 233 252 228 244 1,444 1,224 519 2,848 1,205 926 1,524 14 16

11,777

2Q 16/17 3Q 16/17 4Q 16/17 1Q 17/18 2Q 17/18 3Q 17/18 4Q 17/18 1Q 18/19 2Q 18/19

Construction revenue for the Pink and Yellow Lines Farebox BRT Services revenue from provision of E&M works & train procurement Share of net profit in BTSGIF Interest income related to Green Line extensions, Pink and Yellow Lines O&M

BTS Group Investor Presentation Appendix 15: 2Q 2018/19 Performances

prepared by Investor Relations department BTS Group Holdings PCL

HISTORICAL OPERATING REVENUE (THB mn) KEY FACTORS

• Overall Media revenue surged 24% YoY to THB 1,205mn mainly from

improved performance in OOH Media and the consolidation of Trans.Ad Group (System Integrator Companies) by MACO

• OOH Media revenue* rose by 3% YoY to THB 909mn largely from revenue

growth of Outdoor and Office & Other media businesses

• Digital Services Business rose sharply by 226% YoY to THB 296mn mainly

due to the consolidation of Trans.Ad Group

• Costs increased by 47% YoY to THB 457mn primarily due to the

consolidation of Trans.Ad Group

• Operating EBITDA margin declined YoY to 44.6% (53.5% in 2Q 2017/18)

44% BTS – Related Media 22% Outdoor Media MEDIA (THB mn) 2Q 2018/19 2Q 2017/18 %YoY 1Q 2018/19 %QoQ Operating revenue 1,205 970 24% 1,077 12% Costs of revenue 457 310 47% 309 48% Gross profit 748 660 13% 768 (3)% Operating EBITDA 537 519 4% 587 (8)% Gross margin (%) 62.1% 68.1% 71.3% Operating EBITDA margin (%) 44.6% 53.5% 54.5%

2Q 2018/19

OPERATING PERFORMANCE OPERATING REVENUE BREAKDOWN

57

Appendix 14: 2Q 2018/19 Media

9% Office Buildings and Others 25% Digital

*OOH Media includes Transit, Outdoor and Office Building and Other Media

790 755 741 753 891 894 1,020 990 909 104 96 79 82 87 87 296

2Q 16/17 3Q 16/17 4Q 16/17 1Q 17/18 2Q 17/18 3Q 17/18 4Q 17/18 1Q 18/19 2Q 18/19

Digital Services Media OOH

BTS Group Investor Presentation Appendix 15: 2Q 2018/19 Performances

prepared by Investor Relations department BTS Group Holdings PCL

Residential 16%

HISTORICAL OPERATING REVENUE (THB mn) KEY FACTORS

• Operating revenue was THB 87mn, decreasing 45% YoY, which was primarily

attributable to the deconsolidation of the majority of BTS property business as a result of the EBT of UE to U City in 4Q 17/18

• Commercial Property revenue was THB 73mn or 84% of Property revenue, which

now mainly comprises of revenue from Thana City Golf & Sports Club. The decrease of THB 72mn or 50% YoY was chiefly due to the deconsolidation of the 3 former BTS’ hotels and TST Tower office following the EBT of UE to U City

• Narrower share of net loss from investment in U City, our associate, of THB 99mn

(THB 336mn loss in 2Q 2017/18) mainly from lower loss on impairment of assets, the transfer progress of Sansiri-JVs and improved operating performance of its hospitality business

• Operating costs dropped in tandem with the decline in operating revenue,

reducing by 32% YoY or THB 35mn to THB 73mn.

OPERATING PERFORMANCE

PROPERTY (THB mn) 2Q 2018/19 2Q 2017/18 %YoY 1Q 2018/19 %QoQ Operating Revenue 87 159 (45)% 80 9% Costs of revenue 73 108 (32)% 68 8% Gross profit 14 51 (72)% 13 14% Operating EBITDA 6 (4) N.A. 19 N.A. Gross margin (%) 16.3% 32.2% 15.6% Operating EBITDA margin (%) 6.4% N.A. 23.0%

OPERATING REVENUE BREAKDOWN

2Q 2018/19

NOTE: Property operating performances exclude share of profit/(loss) from investment in BTS- SIRI JVs, U City and Bayswater.

58

Appendix 14: 2Q 2018/19 Property

84% Commercial & Others

142 147 186 146 159 174 160 80 87

2Q 16/17 3Q 16/17 4Q 16/17 1Q 17/18 2Q 17/18 3Q 17/18 4Q 17/18 1Q 18/19 2Q 18/19

BTS Group Investor Presentation Appendix 15: 2Q 2018/19 Performances

prepared by Investor Relations department BTS Group Holdings PCL

46,364 50,352 36,971 46,839 22,923 28,517

31 Mar 18 30 Sep 18 Total shareholders' equity Total non-current liabilities Total current liabilities

125,708 106,258 84,968 100,566 21,290 25,143

31 Mar 18 30 Sep 18 Total non-current assets Total current assets

125,708 106,258 Cash 31 Mar 18: THB 9.46bn 30 Sep 18: THB 10.08bn Current Investments 31 Mar 18: THB 5.67bn 30 Sep 18: THB 9.04bn Long-Term Investments 31 Mar 18: THB 15.95bn 30 Sep 18: THB 12.62bn Gross Debt 31 Mar 18: THB 47.17bn 30 Sep 18: THB 58.07bn Adjusted Net Debt* 31 Mar 18: THB 17.13bn 30 Sep 18: THB 28.43bn ***** Issued Ordinary Shares 31 Mar 18: 11,940.4mn 30 Sep 18: 11,845.2mn 80% 20% 20% 80% 23% 40% 37% 44% 21% 35%

2Q 2018/19: 1.15x 2Q 2017/18: 0.97x

Gross Debt to Equity

2Q 2018/19: 0.56x 2Q 2017/18: 0.30x

Adjusted Net Debt* to Equity

2Q 2018/19: 4.38x 2Q 2017/18: 3.36x

Adjusted Net Debt* to Recurring EBITDA

2Q 2018/19: 3.52x 2Q 2017/18: 2.75x

Interest Coverage

2Q 2018/19: 0.88x 2Q 2017/18: 0.91x

Current Ratio

ASSET BREAKDOWN (THB MN) LIABILITIES AND EQUITY BREAKDOWN (THB MN) KEY RATIOS

59

Appendix 14: Financial Position as of 30 September 2018

*Adjusted Net Debt = Interest Bearing Debt – Cash and Cash Equivalent and Liquid Investment

BTS Group Investor Presentation Appendix 15: 2Q 2018/19 Performances

prepared by Investor Relations department BTS Group Holdings PCL 9,458 (5,340)* (7,125)** 13,124 10,080*** (37) Beginning cash (31/3/18) CFO CFI CFF Others Ending cash (30/9/18) (THB mn)

CFO

• Profit before tax of THB 1.7bn, deducted by
• Non-cash reconciling items of THB 0.5bn
• Changes in net working capital of THB 5.5bn

(this includes net investment for construction

• f the Pink and Yellow Lines of THB 2.6bn and

net investment for E&M works and trains procurement for the Southern and Northern Green Line extensions of THB 2.3bn)

* CFO: After

• 1. Corporate income tax of THB 526mn
• 2. Interest expenses of THB 452mn
• 3. Net investment for construction of the Pink and Yellow Lines of THB 2.6bn
• 4. Net investment for E&M works and trains procurement for the Southern and Northern Green Line extensions of THB 2.3bn

** CFI: After net investment for construction of the Pink and Yellow Lines of THB 3.7bn *** Excluding liquid investments of THB 19.6bn

CFI

• Investment in Kerry Express of THB 5.0bn
• Net investment for construction of the Pink and Yellow

Lines of THB 3.7bn

• Net cash received of THB 1.0bn from sales of treasury

investments

• Dividend received of THB 0.8bn
• Interest income of THB 0.5bn

CFF

• Net cash received of THB 9.5bn from BTS debenture
• Cash received of THB 1.65bn from STEC and RATCH (re.

pink and yellow line projects)

• Cash received of THB 0.7bn from non-controlling interests

for issuances of MACO’ordinary shares via RO

Appendix 14: 1H 2018/19 Cash Flow Snapshot

(THB mn)

60 BTS Group Investor Presentation Appendix 15: 2Q 2018/19 Performances

prepared by Investor Relations department BTS Group Holdings PCL

2Q 2018/19

• Ridership = 61.2mn trips, -1.5% YoY, +7.1% QoQ
• Average fare = THB 28.8 per trip, +3.7% YoY, -0.8% QoQ
• Average weekday ridership = 747,472 trip, -1.2% YoY

Historical average fare & % growth (YoY) Historical ridership & % growth (YoY)

Appendix 14: 2Q 2018/19 Mass Transit Update

Quarterly Ridership in BTS Core Network

Explanation

• Ridership: YoY : slightly dropped partly as a result of passengers’ sensitivity to the

fare increases in the core skytrain network. QoQ: increased from (i) more weekdays in this quarter (several holidays in last quarter such as the Song Kran Festival and National Labor Day) and (ii) low-base effect from train services disruption in prior quarter.

• Average fare: YoY rose from fare increase since Oct 2017 and the adjustments

to promotional price for stored-valued card since Apr 2018. * Excluding the impact of free-trip allowance to passengers from train services disruption

62.2 60.8 60.2 57.1 61.2 0.8%

1.7% 0.2%

• 1.5%
• 1.5%

7.1%

• 2.2%
• 1.0%
• 5.0%

7.1%

• 50.0%

2Q 2017/18 3Q 2017/18 4Q 2017/18 1Q 2018/19 2Q 2018/19 Ridership (mn trips) Passenger Growth (YoY) Passenger Growth (QoQ)

27.8 28.7 28.8 29.0* 28.8

• 0.2%

3.2% 3.3% 3.9% 3.7%

• 0.6%

3.2% 0.4% 0.9%

• 0.8%

2Q 2017/18 3Q 2017/18 4Q 2017/18 1Q 2018/19 2Q 2018/19 Average Fare (THB/trip) Average Fare Growth (YoY) Average Fare Growth (QoQ)

BTS Group Investor Presentation Appendix 15: 2Q 2018/19 Performances 61

prepared by Investor Relations department BTS Group Holdings PCL

Appendix 14: 2Q 2018/19 Mass Transit Update

October 2018 and YTD Core Network Ridership

OCT 18 SUMMARY

• Ridership = 138.5mn trips, -0.8% YoY
• Average fare* = THB 28.9 / trip, +3.7% YoY
• Farebox revenue* = THB 4,003.5mn, +2.9% YoY
• Ridership = 20.1mn trips, 3.8% YoY, 0.7% MoM
• Average fare* = THB 28.9 / trip, +3.4% YoY
• Farebox revenue* = THB 581.2mn, +7.4% YoY
• Average weekday ridership = 739,858 trips, 1.5% YoY

FY 2018/19 Ridership Growth Target

+4-5%

YTD Ridership: Actual

• 0.8%

FY 2018/19 Avg Fare Increase Target

+1.5-2%

YTD

• Avg. Fare: Actual

+3.7%

FY 2018/19 Fare-box Increase Target

+5.5-7%

YTD Farebox: Actual

+2.9%

YTD SUMMARY (APR-OCT, 7 MONTHS)

*Before discount

Ridership Fare

19.3 20.0 19.7 21.5 19.9 20.1

• 0.1%
• 2.7%
• 2.2%

0.7%

• 3.2%

3.8%

• 6.0%
• 3.0%

18.0 18.5 19.0 19.5 20.0 20.5 21.0 21.5 22.0

May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18

Ridership (mn trips) % YoY ridership growth 29.0 28.8 28.8 28.9 28.7 28.9 3.7% 4.6% 3.3% 4.0% 3.7% 3.4%

• 2.0%
• 1.5%
• 1.0%
• 0.5%

28.5 28.6 28.6 28.7 28.7 28.8 28.8 28.9 28.9 29.0 29.0 29.1

May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18

Average fare price (THB) % Change YoY BTS Group Investor Presentation Appendix 15: 2Q 2018/19 Performances 62

prepared by Investor Relations department BTS Group Holdings PCL

Appendix 14: 2Q 2018/19 Media Update

Empowering Digital Strategy through Strategic Partnership

TRANS.AD GROUP’S BUSINESS OVERVIEW and STRUCTURE

81.65% 89%

100%

MACO Eye on Ads Trans.Ad Roctec

Multimedia display systems provider Provider of multimedia & communications systems, system integrations and total network infrastructure

Trans.Ad Group

LCD in Stations and Buildings Platform Screen Door Control System & Media Management Passenger Information

LED outdoor

BTS Group Investor Presentation Appendix 15: 2Q 2018/19 Performances 63

prepared by Investor Relations department BTS Group Holdings PCL

Appendix 14: 2Q 2018/19 Media Update

Digital Transformation Project

BTS Group Investor Presentation Appendix 15: 2Q 2018/19 Performances 64

• No. of screen: 5 screens

Where: Chong Non Si When: 3Q 2018/19

• No. of screen: 35 screens

Where: Chong Nonsi, Phrom Phong, Sala Dang and Asok When: 2Q 2019/20 PHASE 1 PHASE 2

prepared by Investor Relations department BTS Group Holdings PCL

Appendix 14: 2Q 2018/19 Media Update

Revamping ‘More-tap’ to the ‘Wallet’ page in LINE Application

• One click to ‘Wallet’ feature in LINE app.
• Add BTS function to provide a smarter and easier journey on

BTS. USER INTERFACE – NEW VERSION RABBIT CARD circulation reached 9.8mn cards. Nearly achieving its full-year target of 10.5mn cards. 9.0 9.1 9.2 9.3 9.4 9.6 9.8 10.5

Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Mar-19

FY Target

+9.3%

RABBIT LINEPAY serves more than 4.5mn users, an increase of 55.2% in less than 6 months. So easy! 2.9 3.1 3.2 3.4 3.8 4.2 4.5 5.3

Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Mar-19

FY Target

+55.2%

partnership with AIS

Single e- wallet with Rabbit Card

BTS Group Investor Presentation Appendix 15: 2Q 2018/19 Performances 65

prepared by Investor Relations department BTS Group Holdings PCL

Appendix 14: 2Q 2018/19 Media Update

Delivering Marketing Solutions Synergy through Logistics Platform

BTS Group Investor Presentation Appendix 15: 2Q 2018/19 Performances 66

Retarget high prospect customers online Locate the right target audience and drive product awareness with 100% viewability Encourage perfect trial at home Obtain product user feedback for actionable marketing insights SMART SAMPLING THROUGH KERRY EXPRESS

prepared by Investor Relations department BTS Group Holdings PCL

(355) (388) (151) 52 (99) 1,700 (621) (825) (133) (175) 9 13

• Op. Revenue
• Op. Cost

SG&A Impairments Finance Cost D&A Share of Profit Tax & Others 2Q 2018 Net Loss 2Q 2018/19 Share of Loss to BTS Deferred Gain Adjustments 2Q 2018/19 Share of Loss to BTS

Appendix 14: 2Q 2018/19 Property Update

3Q 2018 U City Performance and 2Q 2018/19 Share of net Loss from U City Breakdown

Release of Net Deferred Gain THB 52mn (2Q 2018/19)

FX Gain Vienna House Loans THB 106mn (excluding gain, finance cost was THB (238)mn)

Vienna House Operating Expenses THB 435mn (70% of operating cost)

• 1. Vienna House SG&A THB 464mn (56% of SG&A cost)
• 2. One-off expenses THB 122mn

One-off Impairment of NMG shares THB 355mn

(38.99% Stake) (38.99% Stake)

*U City’s Share of Profit from Associates & JVs comprised of 1. JV Sansiri: THB 9mn 2. AHS: THB 2mn and 3. Keystone JVS: THB (2)mn

(THB mn) * BTS Group Investor Presentation Appendix 15: 2Q 2018/19 Performances 67