BTS GROUP HOLDINGS PCL Investor Presentation JUNE 2020 IR IR - - PowerPoint PPT Presentation

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Investor Presentation

JUNE 2020

BTS GROUP HOLDINGS PCL

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Prepared by BTS TS Group IR

IR IR Contact ct

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 otherwise 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

• bligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Dis isclaimer

Add ddress: 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 Fax: +66(0) 2273 8610 Email: ir@btsgroup.co.th We Website: www.btsgroup.co.th BTS Gro roup Investor r Pres Presentation 2

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Prepared by BTS TS Group IR

Contents

BTS Gro roup Investor r Pres Presentation 3

BTS TS Gr Grou

• up in

in Br Brief ief & & Stra rateg egy & & Out utlook Business Segment Profiles

• Mass Transit Business
• Media Business
• Property Business
• Services Business

Corporate Information Financial Summary Appendices

2 3 4 5

Se Sectio ion

1

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MASS TR TRANSIT 80% 80%

BTS Group Overview

4 Bu Busin iness Unit its with Mass ss Transit t as s our core

MASS TR TRANSIT MEDIA PROPE PERTY TY SERVI VICES

BTS Gr Group Hol Holdin ings PCL (BTSG) )

A privately-owned conglomerate that engages in 4 business units; Mass Transit, Media, Property and Services. Listed on the Stock Exchange of Thailand (SET), BTSG is a constituent member of the SET50 “Bluechip” Index, MSCI Asia Pacific Index, FTSE4Good Emerging Markets Index and Dow Jones Sustainability Indices (DJSI) and among one of the largest companies in Thailand. FY 201 2019/20 OPE OPERATING REV REVENUE CONTRIBUTION

BTS Gro roup Investor r Pres Presentation Section 1: BTS Group in Brief & Strategy & Outlook

MEDIA 15% PROPE PERTY TY 1% 1% SERVI VICES 4%

Tota tal of THB 39,

39,937mn

mn 4

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As a mass transit led conglomerate, the company’s key focus is on securing ne new ma mass tr tran ansit t lines and nd tran transportati tion n pro rojects ts which are authorised or set by the government at both municipal and national levels. We cap apture further value fro rom m opportu tuni niti ties whi which h cascade down wn to our othe ther ind ndepend ndentl ntly y operati ting ng busine ness uni nits ts in Media, Property and Services. STRATEGY 5-YEAR OU OUTLOOK

BTS Gro roup Investor r Pres Presentation Section 1: BTS Group in Brief & Strategy & Outlook

Strategy an and 5-Year Growth Tar argets

Mas ass tra transit led str strategy : : fu full ll growth phase

5Y CAGR

31%

Ope Operatin ting Revenue

29%

5Y CAGR Ne Net Recu curring Profit t (after r MI) TH THB 131bn bn 5-Year Targeted CA CAPE PEX

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

THB 8.2bn THB 31.8bn

FY 16/17 FY 21/22E

THB 1.4bn THB 5.1bn

FY 16/17 FY 21/22E

93% or THB 123bn spent on all existing and newly-secured mass transit lines

5

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6

• 1. Source: OTP (http://www.otp.go.th/uploads/tiny_uploads/

DataStatistics/2562/25611012-SumData01.pdf), Singapore’s Land Transport Authority, Hong Kong’s Transport Department, MTR Corporation Limited, SMRT Corporation Limited, Japan Statistic Bureau

MASTER PLAN: : 515.2 .2KM IN N 2029, , 33% MARKE KET SHARE IN N 2037

Ban angkok Rai ail Mas ass Transit Market Overview

Aggressiv ive rail rail mar arket t sha share growth in Ba Bangkok

RA RAIL MASS TR TRANSIT MARKE KET SHARE1

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

Bangkok 13% Hong Kong 49 49% Tokyo 48 48% Singapore 46 46%

BTS Gro roup Investor r Pres Presentation Section 1: BTS Group in Brief & Strategy & Outlook

BANGKOK MASS TRANSIT MARKET SHARE

515 15.2km in 2029

* Van, Ferry and Commuter train

Bus 79% Rail Mass Transit 13% Others* 8%

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7

OPE OPERATING LINES: : 156.6 .6KM, , 113 STATIONS BY 3 OPE OPERATORS

58.1k .1km

Bangkok Rail il Mass Transit Network Immature network, 143km under construction

70 70km 28.5 .5km

BTS Gro roup Investor r Pres Presentation Section 1: BTS Group in Brief & Strategy & Outlook 156.6km in 2020

Blue line : 47km km Purp Purple le line : 23km

52 52 statio ions 53 statio ions 8 8 sta tati tions

*SRT: State Railway of Thailand

*

WEEKD KDAY RI RIDERSHIP MARKET SHARE IN N 2019 (JAN-DEC)

*BEM ridership excludes Purple line. BTS and BEM based on company’s ridership reported on website as of 2019 and ARL is based on information as of DEC 18.

1.2 1.2mn trip

rips

TOTAL AVERAGE WEEKDAY RIDERSHIP

BTS

59 59%

787, 787,315 trip rips BEM

35 35%

43 433,000 trip rips* ARL

6%

80 80,000 trip rips*

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Contents

BTS Gro roup Investor r Pres Presentation 8

BTS Group in Brief & Strategy & Outlook Bu Busi sines ess Se Segm gmen ent t Profi files es Mass ass Tran ransit t Bu Busi siness Corporate Information Financial Summary Appendices

1 3 4 5

Sec Sectio ion

2

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Line km km Sta tation Rou Route te Core Network 23.5 23 Mo Chit – On Nut (17.0km) National Stadium – Saphan Taksin (6.5km) Extension Zone 1 7.5 6 Saphan Taksin – Bang Wa Extension Zone 1 5.3 5 On Nut – Bearing Extension Zone 2 (Southern) 12.6 9 Bearing – Kheha Extension Zone 2 (Northern)* 17.8 16 Mo Chit - Khu Khot Gold 1.8 3 Krung Thonburi BTS Station – Khlong San Pink 34.5 30 Khae Rai – Min Buri Yellow 30.4 23 Lat Phrao – Sam Rong Tota tal 133.4 .4 115 115 9 BTS Gro roup Investor r Pres Presentation Section 2.1: Mass Transit Business

BTS NET NETWORK: 13 133.4KM (115 ST STATIONS)

Saphan Taksin – Bang Wa 7.5km On Nut – Bearing 5.3km Southern Green Line Bearing – Kheha 12.6km Lat Phrao – Sam Rong 30.4km Mo Chit – On Nut 17.0km National Stadium – Saphan Taksin 6.5km Khae Rai – Min Buri 34.5km Northern Green Line Mo Chit - Khu Khot 17.8km

COR ORE NETW TWORK EXT.

• XT. ZON

ONE 1 EXT.

• XT. ZON

ONE 1 EXT.

• XT. ZON

ONE 2 EXT.

• XT. ZON

ONE 2 PI PINK YELLOW

Krung Thonburi BTS Station – Khlong San 1.8km

GOLD PH PHASE 1

BTS TS Lin ines

4 Lines - coverin ing a total l of f 13 133.4km by y 202 2021 (2.5 .5 tim times fr from 53.9 .9km in 2019 19)

OPE OPERATING 58.1 .1KM UNDER CON ONSTRUCTION 75 75.3 KM KM

*9 stations (9.2km) were partially opened in Aug 2019, Dec 2019 and Jun 2020

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2021E: Pink and Yellow

10 10

Ro Routes Au Authori rity Contra ract Typ Type Contra ract Te Term Da Dark k Green: Mo Chit – On Nut Light Green: National Stadium – Saphan Taksin PPP Net Cost & O&M Contract

• 30 Years (Dec 1999 - Dec 2029)

for PPP Net Cost

• 13 Years (2029-2042)

for O&M Contract

• In Apr 2013, the rights to net farebox revenue of Core Network until 2029 was sold to BTSGIF
• BTS Group used the proceeds to invest in 1/3 units in BTSGIF

Da Dark k Green: On Nut - Bearing Light Green: Saphan Taksin – Bang Wa O&M Contract 30 Years (2012 - 2042) Southern rn Green: : Samrong – Kheha Nort rthern rn Green : Mo Chit - Khu Khot O&M Contract 25 Years (2017 - 2042) Pi Pink: Khae Rai – Min Buri Yellow: Lat Phrao - Samrong PPP Net Cost with Subsidy 30 Years (2021 - 2051) BMA BMA BMA MRTA Length/ Stations 23.5km / 23 stations 12.8km / 11 stations 30.4km / 25 stations 64.9km / 53 stations

1999:Core Network 2012: Green Line Ext.1 2018, 2020E: Green Line Ext.2

BTS Gro roup Investor r Pres Presentation Section 2.1: Mass Transit Business 23.5km 12.8 .8km km 30.4 .4km 64. 64.9km km

Status Operating Operating Southern: Operating / Northern: 2020E Oct 2021E

BTS Lin ines

Evolu lutio ion si since 19 1999

2018 18 2020 2021E 1999

• Opening additional 4 stations of

Northern Green Ext. 2

• Targeted Gold Line and Northern

Green Ext.2 full commencement Targeted Pink and Yellow full commencement Core Network Extension Zone 1

2012 12

Southern Green Ext 2

2019 19

Opening of the first 5 Stations

• f Northern Green Ext. 2

Commencement Ti Time meline

*Remarks

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TH THB 13BN BN GREEN BO BOND

11 11

Rat Rationale: Issuance ce Da Date: Purchase new rolling stocks and E&M for the Northern and Southern Green Line extensions 10 November 2016 Average Co Coup upon Rat Rate: 3.31% TH THB 63.4BN SYNDICATED LOAN Cr Credit Faci cilities: Total of THB 63.36bn THB 31.68bn for Pink Line THB 31.68bn for Yellow Line Syn yndica cate Ba Banks: BBL, KTB, SCB Loan an Term rm: 17 years and 3 months, repayments starting from first operation date Rat Rationale: Financing of the Pink and Yellow lines Tran ansact ction Da Date: 10 October 2017

Green Line Extensions Pi Pink k and Yellow Lines

TH THB 22 22BN BN BTS TSC DE DEBENTURE

BTS Gro roup Investor r Pres Presentation Section 2.1: Mass Transit Business

CAPEX fo for New Green Lin ine Ext xtensions and Pin ink & Yell llow

Secured by y debt fin financin ing

Rat Rationale: Issuance ce Da Date: For debt repayment of Eligible Green Projects (Pink & Yellow Line) 24 May 2019 Average Co Coup upon Rat Rate: 3.41%

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BTS Gro roup Investor r Pres Presentation Section 2.1: Mass Transit Business

Bang Wa - Taling Chan 7.0km Bang Na – Suvarnabhumi 18.3km Watcharaphon – Thong Lo 16.3km Thailand Cultural Center - Min Buri 22.5km Bang Khun Non - Thailand Cultural Center 13.4km

12 12

WESTERN OR ORANGE LI LINE EASTERN OR ORANGE LI LINE WESTERN GREEN LI LINE EXT. T. GREY Y LI LINE (PHA HASE 1) LR LRT T

77.5KM TARGETED LINES IN N THE THE NEX NEXT 4 4 YEARS

BTS BTS TAR TARGET ET ROUT OUTE AUTH AUTHORITY TY DISTA TANCE (KM) ) NO

• NO. OF

OF STA TATION EX EXPECTE TED OP OPERATING

GREEN EXT. (WESTERN) BANG WA

• TALING CHAN

BMA 7.0 6 2025 LRT BANG NA - SUVARNABHUMI BMA 18.3 14 2024 GREY PH PHASE 1 WATCHARAPHON – THONG LO BMA 16.3 15 2024 ORANGE (E) THAILAND CULTURAL CENTER - MIN BURI MRTA 22.5 17 2023 OR ORANGE (W) BANG KHUN NON - THAILAND CULTURAL CENTER MRTA 13.4 11 2026

OT OTHE HER ROUT OUTE AUTH UTHORITY TY DISTA TANCE (KM) ) NO.

• O. OF

OF STA TATION EXPECTE TED OP OPERATING

BLU LUE BANG KHAE – BHUDHAMONTHON 4 MRTA 8.0 4 n.a. DA DARK RED BANG SUE - RANGSIT SRT 26.3 8 2021 DA DARK RED BANG SUE – HUA LUM HONG SRT 6.5 5 2024 LIGHT RED RED BANG SUE – MAKKASAN – HUAMAK SRT 19.0 9 2024 LIGHT RED RED BANG SUE – TALING CHAN SRT 15.0 4 2021 PU PURPLE LE (SOUTHERN) TAO POON – RAT BURANA MRTA 23.6 17 2026 TOTAL 175 75.9

Under construction (including Northern Green Line Extension Zone 2 ,Gold Line, Pink and Yellow lines, totaling 143.3km under construction) 7 above-ground stations

BTS Targeted Lin ines

Interested in an addit itional l 77 77.5km of f rai rail mass tra transit lin ines

Note: MRTA: Mass Rapid Transit Authority of Thailand BMA: Bangkok Metropolitan Administration SRT: State Railway of Thailand

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9.8

CAPEX INCL. SOUTHERN AND NORTHERN PARTS

84.5KM AWARDED LINES 77 77.5KM BTS TARGETED LINES GREEN LINE EXTENSION ZONE 2: NORTHERN 17.8KM1 PINK LINE: 34.5KM YELLOW LINE: 30.4KM WESTERN GREEN LINE EXTENSION: 7.0KM GOLD LINE PHASE 1: 1.8KM LRT: 18.3KM GREY LINE PHASE 1: 16.3KM ORANGE LINE: 35.9KM

1 In total of 30.4km, divided into Southern Green 12.6km (fully commenced on 6 Dec 18) and Northern Green (17.8km). 2 Project cost (excluding interest expenses) for the Pink and Yellow based on MRTA submission and BTS owns 75% equity stake

in JV Cos. 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.

3Assume O&M revenue of THB 150mn/km p.a. in 2018

34.52

CIVIL + TRAINS + E&M

32.62

CIVIL + TRAINS + E&M

2.1 0.4 0.6 3.6 12.9

TRAINS + E&M

32.1

TRAINS + E&M

2.53 (Y1)

BY 2025 4Q 2020 BY 2023 OCT 2021 JUL 2018 BY 2022 MAR 2018 BY 2021 BY 2021 MID 2017

EASTERN SIDE

BY MID 2020 OCT 2021 JUL 2018 2051/52 2020 2042/43 2051/52

EXPECTE TED TI TIME MELINE FY Y 17/ 7/18 18 FY Y 18/19 19 FY Y 19/20 FY Y 20/21 1 FY Y 21/22 FY Y 22/23 EXPECTE TED CAPEX X (THB THB BN BN) EXPECTE TED REVE VENUE (THB THB BN BN P.A.)

FA FAREBOX REVENUE O&M &M REVENUE

FY Y 23/24 TR TRAINS E&M M WORKS 5.0

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

TOTAL CA CAPEX/FINANCING

TH THB 133.6 .6bn

13 13

FY Y 24/25

2049/50

NO NOTE:

Tim imeline of f Upco coming Lin ines and CAPEX EX

Signif ificant upcomin ing revenue exp xpected in th the next xt 3-5 years rs

BY 2024 BY 2024

BTS Gro roup Investor r Pres Presentation Section 2.1: Mass Transit Business

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Transportation Project ct

U-Tapao internatio ional l airport – BB BBS JV JV as s th the best st bidder

14 14 BTS Gro roup Investor r Pres Presentation Section 2.1: Mass Transit Business

Consortium’s Members

Loc Location Plub Pla ,Ban Chang District, Rayong Province Lan Land Ar Area ea

• Approx. 1,600 Rai

Contract Type PPP Net Cost Contract t Term 50 Years Au Authority Royal Thai Navy Tota tal Project Cost THB 27bn (phase 1) Sources of f Fu Fund Debt 70 : Equity 30

Project ct De Details

45% 35% 20%

3 Years 47 Years Design & Build Operation and Maintenance

BBS

JV JV 2 3 4 1 5 6 7

PPP PP Project ct Sco cope

• 1. Passenger Terminal Building 3
• 2. Commercial Gateway
• 3. Cargo Village as a Free Zone
• 4. Cargo Complex
• 5. Maintenance, Repair & Overhaul

Facilities

• 6. Aviation Training Center
• 7. Passenger Terminal Building 1 & 2

Ti Timeline

21 1 Mar March 2019 Bidding submission 30 Jan January y 2020 BBS JV was announced as the best bid winner October 2018 RFP selling period

Pac ackage Inc nclusion: n: Pac ackage Exclus usion:

(42 companies bought U-Tapao RFP) Jun 2020 Expected contract signing

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Transportation Project ct

Intercit ity Motorway y – BG BGSR JV JV as s th the best st bidder

M6: : Ban ang Pa Pa In – Nak Nakhon Rat Ratchasima

Contra ract Typ Type PPP Gross Cost Dis Distance 196km Contra ract Te Term 2 phases

3Y 30Y

Design & Construction Operating & Maintenance (O&M)

M81: : Ban ang Yai ai – Ka Kanchanaburi

PPP Gross Cost 96km Au Authori rity Department of Highways Department of Highways

15 15 BTS Gro roup Investor r Pres Presentation Section 2.1: Mass Transit Business

Bang ng Pa Pa In In Nakhon n Ratchasima

196km 96km km

Bang ng Yai Kanc nchan anaburi

M 6 M 81 81

Budget Ap Appro roved by y the Cabinet THB 33.2bn THB 27.8bn

BG BGSR JV JV 40% 40% 10% 10%

Pr Price Pr Proposed by y BGSR THB 21.3bn THB 17.8bn

Scope of Wo Work rks

Ph Phase I: Des Design and Constru ruction (3 ye years rs)

• Toll Collection System
• Traffic Management and Control System
• Other infrastructure

Ph Phase 2: Op Opera ration and Ma Maintenance (30 ye years rs) Expected COD OD 2023 2023

Sta tatus

PPP Contract signing expected in July 2020

Consortium’s Members

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BTS 5-year Target of f Netw twork Exp xpansion

Quadruple le growth fr from 48.9 .9km in 2018 18 to 215 15km in 202 2024

BTS Gro roup Investor r Pres Presentation Section 2.1: Mass Transit Business 16 16

48. 48.9 43 43 53 53.9 48 48 68 68.5 62 62 13 133.4 115 115 16 168.0 144 144 21 214.6 179 179

South ext. (12.6km) 5 stations

• f North ext.

(5.0km) North ext. (17.8km) Gold line (1.8km) Pink line (34.5km) Yellow line (30.4km)

FY 18/19 FY FY 23/24 FY 20/21 FY 21/22 FY 19/20 FY 22/23

BTS Lines BTS Targeted Lines Distance (km)

• No. of stations

400km

Total network in 2026 from 148.4km currently

215km

Targeted BTS network in 2024 from 48.9km in 2018

143km

Lines under construction

BTS Targeted Li Lines LRT (18.3km) Grey line phase1 (16.3km)

FY FY 24/25

Western Green ext. (7km) Orange line (39.6km)

13 133.4 115 115

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Contents

BTS Gro roup Investor r Pres Presentation 17 17

BTS Group in Brief & Strategy & Outlook Bu Busi sines ess Se Segm gmen ent t Profi files es Med edia ia Bu Busi sines ess Corporate Information Financial Summary Appendices

1 2 3 4 5

Sec Sectio ion

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Prepared by BTS TS Group IR

Media Evolution

From traditional advertising to “Off ffli line-to to-Onli line Solutions”

18 18 1999 2009 2012 2015 2017 2018 2019 2015 BANGKOK CE CENTRIC NA NATI TIONWIDE NETW NETWORK O2 O2O SO SOLU LUTIONS 2019

De Demo Power r Direct to consumer (40% stake) Ra Rabbit it Gr Group up Payment (90% stake2) Kerry rry Expre ress ss (Thaila iland nd) Logistics (23% stake) OOH H Partners rs Plan n B (19.9% stake), Ad Ch Chaopra raya (25% stake) Tech ch Partne ners rs Anymin ind (JV 49%), iCl Clic ick (JV 30%) Aero ro Media ia Airport (30% stake) POV Building (100% stake) IPO MACO CO Billboard (41.1% stake1) Established and was granted 30yrs BTS ad. concession

BTS Gro roup Investor r Pres Presentation Section 2.2: Media Business 2015

1 includes BTS shareholdings of 14.6% 2 comprises of 90.0% in Bangkok Smartcard System Co., Ltd. And 90.0% in BSS Holdings Co., Ltd.

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Prepared by BTS TS Group IR

Well ll-Divers rsified Media Portfo folios

Advertis ising, Paym yment and Lo Logis istics Platforms across industries

BTS Gro roup Investor r Pres Presentation Section 2.2: Media Business 19 19

ADV DVERTISING PAYM YMENT

41.1%1 30.0% 40.0% 90.0%2 90.0%2 100.0%

COM OMPANY SEGM GMENT PL PLATF TFORM

• No. 1

Transit Media

• No. 1

Building Media No.1 Outdoor Media

• No. 2

Aviation Media

• No. 1

Activation Services The largest micro payment platform

LOGI GISTICS

23.0%

TRANS ANSIT BUILD LDING OU OUTDO DOOR OR AI AIRPOR PORT ACT ACTIVATI TION ON PAY PAYME MENT SERVICES

MA MACO AERO ME MEDIA

DE DEMO PO POWER

RABBIT GROU OUP VG VGI

LO LOGISTI TICS

KERRY EXPRESS

• No. 1

Parcel Delivery Services

HOLDING PE PERCENTA TAGE

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

GEOGRAPHICAL AC ACTI TIVITY TY

BKK and nationwide, Thailand

20.0%

OU OUTDO DOOR OR

PLA LAN B Nationwide, Thailand

AU AUDIENCE RE REACH ACH

18mn po pote tenti tial reach

1 includes BTS shareholdings of 14.6% 2 comprises of 90.0% in Bangkok Smartcard System Co., Ltd. And 90.0% in BSS Holdings Co., Ltd

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Prepared by BTS TS Group IR

2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 - 2024/25

Advertising: Soli lid Growth Opportunities

Upsid ide fr from BTS rai rail mass tra transit exp xpansio ion

20 20

Secured by BTS Targeted Lines Carriages Stations

ADVERTISING BTS Gro roup Investor r Pres Presentation Section 2.2: Media Business

208 208 34* 34* 264 264 43 43 336 336 47 47 392 392 62 62

5-6x

Increase in Train & Station Capacity

Core Line Extension Green South Extension 4 stations of Green North Extension Pink Line Yellow Line Western Green Extension LRT Grey Line (Phase I)

*VGI manages media on 30 stations of BTS.

Orange Line 12 stations of Green North Extension Gold Line Core Line Extension

680 680 115 115 84 848 179 179

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21 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.

OF OFFLINE PAYMENT: : RA RABBIT CA CARD

BTS Gro roup Investor r Pres Presentation Section 2.2: Media Business

LARGE PARTNERS NE NETW TWORK BUI BUILT ON ONLINE PAYMENT: : RA RABBIT LINE PAY

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

SERVI VICES BU BUSINESS UND NDER RA RABBIT JV wi with th AEON: : TH THB 1.8bn outstan anding loan ans

Micro loan through the joint venture with AEON

Rab Rabbit Dail Daily: : 3mn mn mo month thly visits

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

Rab Rabbit Ins nsur urance ce Bro Broker: : More tha than TH THB 16mn gross wr written premium ums per mo month

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

Co Co-bra randed Car Card: : BBL BBL co-bra randed car ard & & AIS-Rabbit car ard

Issued by financial institutions or corporations that wish to add Rabbit functionality to credit card, debit card, or other card types or devices Curre rent 2020 Rabbit Cards 13.0mn > 15.0mn Retailer Points > 12,000 >20,000 Curre rent 2020 Line Users 45.0mn >55.0mn Rabbit Line Pay Users 7.3mn >8.0mn Online Merchants > 1,000 >1,500

Payment: Synergy betw tween VGI I and Rabbit

Upsid ide fr from monetis isation of Rabbit’s data

SLIDE 22

Prepared by BTS TS Group IR 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

22 22 BTS Gro roup Investor r Pres Presentation Section 2.2: Media Business

DEL DELIVE VERY SERVICES PORTFOLIO SERVI VICES PRODUCTS

INV NVESTMENT & ACC CCOUNTING METHOD

Investment: 23% in Kerry Express Thailand Ac Accounting Me Method: Equity Sharing

SERVICES CHA CHANNEL Kerry is the No. 1 parcel delivery services in Thailand, delivering more than 2,000,000 parcels per day and has more than 10,000 retail service points nationwide.

• Deliver more than 2,000,000 parcels per day
• 1,289 distribution centers
• 1,900 parcel shops in Bangkok, Central and East
• 22,376 fleets
• 14,625 retail service points at alliance shops

NE NETWORK

Logistics: Last Mile iles Deli livery Services

Network exp xpansio ion to accommodate th the ris rise of f E-commerce

125X

KE KERRY PA PARCEL DELIVERED PE PER DAY C2C 70% C2C 65% C2C 50% B2C 26% B2C 30% B2C 40%

Digital Thai

ailand – Jan an.2018 Population 69.11 M Internet users 57.00 M Social media users 51.00 .M Unique mobile users 55.56 M Mobile social users 46.00 M

200000 400000 600000 800000 1000000 1200000 1400000 1600000 1800000 2000000

2012 2013 2015 2017 2018 2019

C2C B2C B2B

C2C C2C 67% 7% B2 B2C 31%

40,000 75,000 500,000 1, 1,000,000 8,000

C2 C2C 50% 50% B2C 40%

2,000,000

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Contents

BTS Gro roup Investor r Pres Presentation 23 23

BTS Group in Brief & Strategy & Outlook Bu Busi sines ess Se Segm gmen ent t Profi files es Prop

• per

erty ty Bu Busi siness ss Corporate Information Financial Summary Appendices

1 3 4 5 2

Sec Sectio ion

SLIDE 24

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3,492 554 1,411 7,700 1,000 379 368 2,985 (200) 300 800 1,300 1,800 2,300 2,800 3,300

• 1,000

2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 F/Y 12/13 F/Y 13/14 F/Y 14/15 F/Y 19/20E Proceeds from land sales Net gain

BTS GROUP’S PROPERTY BOOK VALUE BREAKDOWN

BTS Gro roup Investor r Pres Presentation Section 2.3: Property Business

Own Owners rs To Total Ar Area (Ra Rai) To Total Ar Area (sq.m .m) BTS TS Group PC PCL 541.0 882,644.0 U City y PC PCL 881.0 1,418,763.6 To Total 1,422.0 .0 2,301,4 ,407.6 7.6

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

ATTRACTIVE VE LAND BA BANK LAND BA BANK K UND NDER BTS TS GROUP AND ND SUBSIDIARIES

Data as of 31 Mar 20 BTS Commercial BTS Residential U City Recurring Income U City Residential BTS Group Land Bank U City Land Bank Pr Proje jects and nd Pr Properties Land Bank Pr Proje jects and nd Pr 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 c q r g h s m n i

Kukot 51.7 rai (8.3 ha) Thana City 308.6 rai (49.4 ha)

j k

Ratburana & Suksawad 44.1 rai (7.6 ha)

p

• b

t

Mochit 11.1 rai (1.8 ha)

HISTORICAL LAND TR TRADING UND NDER BTS GROUP

(THB mn)

Kamla la Beach Resort and nd Hotel THB 1.6bn (Net Gain THB 0.3bn) Kampoo Pr Property: THB 1.8bn (Net Gain THB 0.7bn) Bang Pa Pakong and nd Bangna km 18 5-rai land at Mo Mo Chi hit

Property Portfo folio

48 48-rai i land sale le (Bayswater JV) V)

24 24

F/Y 19/20

Total Book Value as of 31 Mar 20 THB THB 26.5bn bn U City* THB 17.4bn 66% Residential THB 0.5bn 2% Land Bank THB 5.3bn 20% Commercial THB 3.3bn 12%

*Adjusted for equity stake

SLIDE 25

Prepared by BTS TS Group IR

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

25 25 BTS Gro roup Investor r Pres Presentation Section 2.3: Property Business Pres esence in 10 European Countries

• Thailand
• Vietnam
• Indonesia
• India
• Oman
• Hong Kong

Pres esence in 6 As Asian & Mi Middle Eas aste tern Countr tries OFFICE

Th The Unicorn rn

MIXED USE EDUCATION

Ve Verso Intern rnational School

HO HOSPITALITY

U Chi hiang Ma Mai Hotel U U Sathorn rn Hotel Vi Vienna House Hotels Eastin Grand Sathorn rn Hotel

U City’s Property Overview

Globall lly develo loping and investin ing in diversif ified property

RE RESIDENTIAL

SANSIRI JV

119 119 hotels and more than 30 30,000* * keys owned, leased or managed 4 office buildings and business interests spanning 17 17 countries globally

60 60 hotels, 2 office buildings 57 57 hotels, 2 office buildings, 16 condominiums projects

33 Grace cechurch Str treet, Lo London don 6-14 14 Un Unde derwoo

• od

d Str treet, Lo London don TS TST T Tow Tower, Ba Bangkok Noble

• ble Comm
• mm. Bu

Buil ildi ding, g, Ba Bangkok

SLIDE 26

Prepared by BTS TS Group IR

Contents

BTS Gro roup Investor r Pres Presentation 26 26

BTS Group in Brief & Strategy & Outlook Bu Busi sines ess Se Segm gmen ent t Profi files es Se Services vices Bu Busi siness ss Corporate Information Financial Summary Appendices

1 3 4 5

2

Sec Sectio ion

SLIDE 27

Prepared by BTS TS Group IR

27 27 BTS Gro roup Investor r Pres Presentation Section 2.4: Services Business

BA BANGKOK PAYMENT SOLUTIONS (BPS BPS)

• 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 in Thailand

RA RABBIT RE REWARDS PROGRAMME

• A loyalty 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.
• Rabbit Rewards registration will enable us to enhance and provide marketing solutions to targeted consumers which will

synergise with our media business. In FY 2019/20, the programme had 4.8million registered members.

HHT CONSTRUCTION

Joint venture between BTSG and Li Kay Engineering, a Hong Kong based civil and foundation company.

SE SERVICES BUSINESS

CH CHEFMAN RES RESTAURANTS

• Premium Chinese restaurant chain managed by Man Food Holdings.
• In June 2017, Chef Man added a new strategic JV partner Bangkok Ranch (BR). With

BR’s extensive food processing expertise will enable Chef Man to scale-up its business domestically and internationally.

CH CHEFMAN RES RESTAURANTS

Services Busi siness

Str trategic ic su support and business incubator

SLIDE 28

Prepared by BTS TS Group IR

Contents

BTS Gro roup Investor r Pres Presentation 28 28

BTS Group in Brief & Strategy & Outlook Business Segment Profiles

• Mass Transit Business
• Media Business
• Property Business
• Services Business

Corp

• rporate

e Inf Information Financial Summary Appendices

1 2 4 5 3

Se Sectio ion

SLIDE 29

Prepared by BTS TS Group IR

29 29

BTS Group His istory

BTS Gro roup Investor r Pres Presentation Section 3: Corporate Information

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

1968

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

1992

BTSC exit court supervised rehabilitation procedure

2008 2008

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 PR 2013

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

MAR 2018

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

1991

Commercial

• peration of the BTS

SkyTrain commenced

1999

BTSC expanded into Media business through the acquisition

• f 100% of VGI Co.,
• Ltd. (VGI)

2009 2009

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

OC OCT 2012

BTSC signed a 30-year

• perating & 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

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; covers 30.8km of Green Line Northern and Southern extensions (Mo Chit – Khu Khot and Bearing – Kheha)

MAR 2017 SEP 2018

The company has been officially selected by the Dow Jones Sustainability Indices (DJSI) Emerging Markets 2018 in the first time

JUL 2018

BTSC&KT entered into a 30-year O&M Services Agreement of the Gold Line Project Phase 1 (Krung Thonburi BTS Station – Khlong San District Office, 1.8km and 3 stations)

SLIDE 30

Prepared by BTS TS Group IR

14.58% BTS Inf nfrastructur ure Services Co., Ltd

1 Information based on book closure date on 31 Mar 20 with total issued shares = 13,154.3mn shares 2 BTSG holds 65.93% of VGI indirectly and directly as of 31 Mar 2020 3 Revenue from the Company recorded under Services BU

33.33% 45.04%

30 30

BTS BTS Grou

• up Hol

Holding dings PCL

BTS Rail il Ma Mass Transit nsit Growth Inf nfrastructur ure Fun Fund (BTSGIF) 97.48% Bangkok Ma Mass Transi nsit System PC PCL L (BTSC) 22.03%

ME MEDIA A BUSINESS

40% Kanjanapas Family1 32% Institutional Investors1 18% Individual Investors1

PR PROPERTY TY BUSINESS

VG VGI Advertis ising Me Media ia Co., Ltd. 100% 888 Me Media Co., Ltd. 100% Ma Master Ad PC PCL 26.55% Aero Me Media ia Group Co., Ltd. 30% VG VGI PC PCL L (VG VGI) 2 100% Po Point of Vie View (PO POV) Me Media ia Group Co., Lt Ltd. 33.33%

MA MASS TRA TRANSIT BUSINESS SERVICES BUSINESS

RabbitPay System Co., Ltd. 80% Rabbit-Lin ine Pa Pay Co., Ltd. Rabbit Int nternet Co., Ltd. 60% Rabbit Rewards Co., Ltd. 75% BSS Hold ldin ings Co., Ltd. 90% 51% ATS Rabbit Specia ial l Purpose Ve Vehic icle le Co., Ltd. Ma Man Fo Food Hold ldings Co., Ltd. 41.18% HHT T Construction Co., Ltd.3 51% 90% Bangkok Smartcard System Co., Ltd. Bangkok Pa Payment Solut lutions Co., Ltd. 60% Listed entit ntitie ies Sub ubsid idia iarie ies Associa iates LEGEND JVs Vs Demo Power (Thail iland) d) Co Co., Ltd td. 40% The he ICON VG VGI Co., Ltd. 25% 100% RB Servic ices Co., Ltd. No Northern Bangkok Mo Monorail l Co., Ltd. Eastern Bangkok Mo Monorail l Co., Ltd. 75% 75% 100% BTS Inf nfrastructur ure De Development Co., Ltd 100% Sup upremo Me Media ia Co., Ltd 25% Kerry Express (Tha haila land) Ltd 23% Yongsu Co., Ltd. 100% DNA DNAL L Co., Ltd. 100% The he Commun unit ity One ne Co., Ltd. 100% Kingkaew Assets Co., Ltd. 100% 37.87% The he Commun unit ity Two wo Co., Ltd. 100% U City PC PCL Group Work Co., Ltd. 20% 100% Tur urtle le 23 Co., Ltd. 50% BV V Me Media Ads Lim imit ited Rabbit Ins nsur urance BrokerCo., Ltd. ASK K Di Direct Group Co., Lt Ltd. 100% 100%

BTS Gro roup Investor r Pres Presentation Section 3: Corporate Information

Busi siness Organisation and Shareholdin ing Str tructure

as s of f 31 1 March 2020

U-Tapao Int nternatio ional l Avia iation Co., Ltd. 35% Cha hao Phr Phraya Express Boat Co., Ltd. 27.5% 30% V-Cli lick Techn hnology Co., Ltd. SLV LV Retail l Co., Ltd. 30% 49% VG VGI Any nyMin ind Technolo logy Co., Ltd Ads Cha haophr hraya Co., Ltd. 25.01% 25.01% VG VGI (Mala laysia ia) Sdn Sdn Bhd 25.01% VGI MACO ACO (Sin ingapo pore) Priv ivate te Lim imite ited

SLIDE 31

Prepared by BTS TS Group IR

(1) Calculated based on the share price of one day before the Board of Directors’ approval date for relevant dividend payment (2) Subject to shareholders’ approval at the shareholders meeting on 20 July 2020.

31 31

No less than 50% % of ne net t profit

DIV IVIDEND POLICY CREDIT RATING AND OUTLOOK HIS HISTORICAL DIV IVIDEND PAYMENTS/ / DIV IVIDEND YIE YIELD AND ND PAYOUT

Issue Rat Rating/ / Outl tlook fro rom TRI RIS

BTS TS Group A/ Negative BTSC TSC A/ Negative TH THB 22 22bn n BTSC De Debentur ure Senior Unsecured Debenture A TH THB 9.5bn BTSG Deb Debentur ure Senior Unsecured Debenture Issuance ce Da Date: : 7 Sep 18 Average Co Coup upon Rat Rate: 3.38% A TH THB 7bn BTSG Deb Debentur ure Senior Unsecured Debenture Issuance ce Da Date: : 26 Dec 17 Average Co Coup upon Rat Rate: 3.17% A TH THB 13bn BTSG TSG Deb Debenture Unsubordinated and Unsecured Green Bond Issuance ce Da Date: : 24 May 19 Average Co Coup upon Rat Rate: 3.41% A

BTS Gro roup Investor r Pres Presentation Section 3: Corporate Information

BTS Group Share In Info formatio ion

Dividend and credit it rat ratin ing profil ile

FY FY 17/18 FY FY 18/19 FY FY 19/20 Actu tual Dividend Pa Paid (THB mn mn) 4,145 5,152 6,513(2) Dividend per per Share (THB) 0.35 0.42 0.48 Dividend Yield (1) (%) 3.9% 4.0% 4.0% Dividend Pay Payout (%) 87% 143% 126%

SLIDE 32

Prepared by BTS TS Group IR 2,000 4,000 6,000 8,000 10,000 12,000 5 7 9 11 13 15

BTS Turnover (RHS) BTS TB SET Index (rebased)

Foreign Limit Free Float (as of Jun 18) 10.0% NVDR 21.7% Thai Funds 10.2% Foreign Funds Name %* %* 1

• Mr. Keeree Kanjanapas 's Group

40% 2 Thai NVDR Co., Ltd. 10% 3 Social Security Office 2% 4 SOUTH EAST ASIA UK (TYPE C) NOMINEES LIMITED 2% 5 Bualuang Securities Public Company Limited 2% 6 STATE STREET EUROPE LIMITED 1% 7 Bualuang Long-Term Equity Fund 1% 8

• Mr. Min Tieanworn

1% 9 GIC Private Limited 1% 10 Bualuang Top-Ten Fund 1% TOTA TOTAL TOP TOP 10 SHAREHOLDERS 61%

Stock code BTS Outstanding shares (mn shares) 13,1 ,154.3 .3 Market capitalisation (THB mn) 119,704.1 .1 Market capitalisation (USD mn) 3,656.5 .5 Average daily traded value (THB mn) 626.7 .7 Average daily traded value (USD mn) 20.3 Credit Rating (by TRIS) A/N /Negative

SH SHARE IN INFORMATION (as of 31 31 Ma Mar 202 2020) SH SHARE PRIC ICE MO MOVEMENT (as of 31 31 Ma Mar 202 2020) SH SHAREHOLDING ST STRUCTURE (as of 31 31 Ma Mar 202 2020) TOP 10 10 SH SHAREHOLDERS (as of 31 31 Ma Mar 202 2020)

32 32

THB

*Total of 13,154,296,081 shares

Kanjanapas’s Group 40.1% Retails 18.0% 58% 49% 13,1 ,154mn share res

BTS Gro roup Investor r Pres Presentation Section 3: Corporate Information

BTS Group Share In Info formatio ion

THB mn

SLIDE 33

Prepared by BTS TS Group IR

BTS Group Overview

Our path towards su sustain inabili lity

BTS TS SD SDGs Gs FOCUS Awar wards and and Rec ecog

• gnitio

ion

E S G

BTS TS VALUE

Delivering Customer satisfaction Creating shareholder value Supporting sustainable gr growth Developing communities 33 33 BTS Gro roup Investor r Pres Presentation Section 3: Corporate Information

SLIDE 34

Prepared by BTS TS Group IR

Contents

BTS Gro roup Investor r Pres Presentation 34 34

BTS Group in Brief & Strategy & Outlook Business Segment Profiles

• Mass Transit Business
• Media Business
• Property Business
• Services Business

Corporate Information Fina inancial Su Summary Appendices

1 2 3 5 4

Sec Sectio ion

SLIDE 35

Prepared by BTS TS Group IR

OPE OPERATING REVE REVENUE COMPARISON (YoY)

(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

35 35 BTS Gro roup Investor r Pres Presentation Section 4: Financial Summary

Note: Revenue and EBITDA excludes the equity income from Sansiri JV, U City, Bayswater JV, Keystone JV * Calculated base on EBITDA of THB 6,835mn which excludes selling and Administrative expenses at Head- Office of THB 729mn ** After selling and Administrative expenses at Head-Office of THB 972mn

FY 19/2 /20 OPE OPERATING REV REVENUE & & EBI BITDA CONTRIBUTION

BTS TS Group Fin inancial Perfo formance

CONSOLIDATED P&L (THB MN MN) FY FY 19/2 /20 FY FY 18/1 /19 FY FY 17/1 /18 Operating revenues 39,937 48,004 14,102 Accounting revenues 47,299 48,997 15,107 Operating expenses 30,343 40,120 8,325 Operating EBITDA(1) 7,460 6,137 4,089 Recurring Net Profit 4,776 3,248 2,508 Net income(2) 8,162 2,873 4,416 DEBT INFORMATION (THB MN MN) 31 31-Mar-20 20 31 31-Mar-19 19 31 31-Mar-18 18 Interest bearing debt 88,559 72,474 47,169

• Adj. net debt (5)

70,892 53,784 17,129 KEY FI FINANCIAL RAT RATIOS FY FY 19/2 /20 FY FY 18/1 /19 FY FY 17/1 /18 Profitability ratios (%) Gross operating profit margin 24.0% 16.4% 41.0% SG&A to operating sales ratio 7.7% 5.3% 17.3% Operating EBITDA margin(1) 18.7% 12.8% 29.0% Recurring net profit margin (%) 11.4% 6.6% 23.4% Liquidity ratio Current ratio (times) 0.68x 0.47x 0.95x Leverage (Times) Total liability to total asset 0.61x 0.64x 0.56x Total liability to total equity 1.57x 1.76x 1.29x Interest bearing debt to equity 1.32x 1.39x 1.02x

• Adj. net debt(5) to equity

1.05x 1.03x 0.37x

• Adj. net debt(5) to recurring EBITDA

7.35x 7.43x 3.02x Interest coverage(3) 3.32x 3.74x 3.31x Per share ratios Book value per share (THB) 5.32 4.42 3.91 Dividend yield (4) 4.00% 3.98% 3.95% Business Units Rev Revenue Contribution (%) EBITDA Contribution* * (%) Mass Transit 80% 76% Media 15% 25% Property 1% (0.2)% Services 4% (0.6)% Total (THB mn) 39,937 7,461** 48,004 39,937 (9,252) 530 21 634 FY18/19 Mass Transit Media Property Services FY19/20

(22)% )% 57% 7% 10% 6% (THB mn)

SLIDE 36

Prepared by BTS TS Group IR

4,237 9,112 41,328 32,076 FY 16/17 FY 17/18 FY 18/19 FY 19/20 36 36 743 449 1,112 1,746 FY 16/17 FY 17/18 FY 18/19 FY 19/20 617 639 360 381 FY 16/17 FY 17/18 FY 18/19 FY 19/20 3,010 3,902 5,204 5,735 FY 16/17 FY 17/18 FY 18/19 FY 19/20

MEDIA PROPE PERTY TY SERVI VICES MASS TR TRANSIT

FY 2019/20:-

• Construction revenue for Pink & Yellow Lines: THB 16.9bn
• Services revenue from provision of E&M works & train: THB 8.3bn
• O&M Revenue: THB 3.8bn
• Mass Transit related Interest Income: THB 1.9bn
• Share of net profit from investment in BTSGIF: THB 0.8bn

FY 2019/20:-

• OOH Media revenue: THB 3,709mn
• Digital Services business: THB 2,026mn

FY 2019/20:-

• Commercial Property revenue : THB 341mn
• Residential Property revenue: THB 40mn

FY 2019/20:-

• HHT revenue : THB 1,604mn
• BPS, Rabbit Rewards and Turtle 23: THB 142mn

BTS Gro roup Investor r Pres Presentation Section 4: Financial Summary

Operating Revenue by Busi siness Unit its

SLIDE 37

Prepared by BTS TS Group IR 52,310 67,245 50,477 72,940 41,611 32,915 31 Mar 19 31 Mar 20

Total shareholders' equity Total non-current liabilities Total current liabilities

173,100 144,398 124,745 150,702 19,653 22,398 31 Mar 19 31 Mar 20

Total non-current assets Total current assets

173,100 144,398

Cash 31 Mar 19: THB 4.0bn 31 Ma Mar 20: THB THB 3. 3.2bn bn Cash & liqu quid id investment 31 Mar 19: THB 18.7bn 31 Ma Mar 20: THB THB 17. 7.7bn 7bn Current Investm tments 31 Mar 19: THB 7.7bn 31 Ma Mar 20: THB THB 2.7bn 7bn Lo Long-Term Investments 31 Mar 19: THB 14.6bn 31 Ma Mar 20: THB THB 17. 7.9bn

86% 14% 13% 87% 19% 39% 42% 36% 29% 35% FY 20 2019 19/20:

1. 1.32x

FY 2018/19: 1.39x

Gro ross Debt to Equ quity

FY 2019 19/20: 1.

1.05x

FY 2018/19: 1.03x

Adj djusted Ne Net Debt2 to Equ quity

FY 2019 19/20:

7. 7.35x

FY 2018/19: 7.43x

Adj djusted Ne Net Debt2 to Re Recurring EBITDA

FY 2019 19/20: :

3. 3.32x

FY 2018/19: 3.74x

Inte terest Cov Coverage

FY 2019 19/20: 0.

0.68x

FY 2018/19: 0.47x

Curr Current t Rat Ratio

ASS SSETS BREA EAKDOWN LIA LIABILITIES AND ND EQ EQUITY BREA EAKDOWN KE KEY RATIOS

37 37

Fin Financial Pos

• sition as

as of f 31 March 20 2020

1 Comprised of 19% floating-rate debt and 81% fixed-rate debt 2Adjusted Net Debt = Interest Bearing Debt – Cash and Cash Equivalent and Liquid Investment

(THB mn) (THB mn) Gros

• ss Debt

31 Mar 19: THB 72.5bn 31 Ma Mar 20: THB THB 88.6bn bn1 Adjus justed d Net t Debt2 31 Mar 19: THB 53.8bn 31 Ma Mar 20: THB THB 70 70.9bn bn ***** ***** Issued d Or Ordina dinary y Shares 31 Mar 19: 11,845.4mn 31 Ma Mar 20: 13,15 154. 4.3mn

BTS Gro roup Investor r Pres Presentation Section 4: Financial Summary

SLIDE 38

Prepared by BTS TS Group IR

FY FY 20 2020/21 Mas ass Tra ransit Gui uidance

THB bn

20 20

Pink & Yellow Lines Construction

THB bn

6

Mass-transit related interest income

THB bn

2.6 .6

E&M provision and train procurement for Green Line extensions Train O&M revenue

THB bn

5.2 .2

Mass Transit CAPEX

THB bn

26

40% YoY BTS Gro roup Investor r Pres Presentation Section 4: Financial Summary 38 38

SLIDE 39

Prepared by BTS TS Group IR

Contents

BTS Gro roup Investor r Pres Presentation 39 39

BTS Group in Brief & Strategy & Outlook Business Segment Profiles

• Mass Transit Business
• Media Business
• Property Business
• Services Business

Corporate Information Financial Summary Appendices

1 2 3 4 5

Sec Sectio ion

SLIDE 40

Prepared by BTS TS Group IR

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 OOH Traditional Online/ Digital Total

40 40 BTS Gro roup Investor r Pres Presentation Appendices

Appendix 1: 1: Media Market Overview

OOH and Onli line outperformed industry sp spending

TRADITIONAL L CAGR1

1 =

= 0. 0.3% OOH CAGR1 = = 9.3% ONL NLINE CAGR1 = = 63.2% IND INDUSTRY CAGR1 = = 3. 3.7%

• Incl. TV, Radio, Newspaper and Magazine

Increasing mobility Increasing urbanisation Fragmentation of other broadcasting channels Improving of OOH Media (Digitalisation, data, planning tools, mobile connection etc.)

Source: The Nielsen Company (Thailand) Co.Ltd. & Digital Agency Association (Thailand) 12009 – 2019 CAGR

Economic Down Turn

• Bangkok shutdown
• Coup d’etat

Indu dustr try Spending = THB 90bn bn Tra raditional Spending = THB HB 79bn bn OOH Spending = THB 6.5bn Online Spending = THB HB 0.3bn Indu dustr try Spending = THB 12 123bn bn Tra raditional Spending = THB HB 10bn bn OOH Spending = THB 14bn Online Spending = THB HB 21bn bn

SLIDE 41

Prepared by BTS TS Group IR

41 41 BTS Gro roup Investor r Pres Presentation Appendices

Appendix 1: 1: Media Market Overview

The Ris Rise of f E-Commerce Fueli ling Growth in E-Payment & Lo Logis istic ics

744 768 2,033 2,245 2,560 2,763 3,150

2012 2013 2014 2015 2016 2017 2018

4X 4X

E-COMMERCE MA MARKET

Increasing Players in E-commerce Market Increasing Transaction Through Online Growth Opportunity For E-Payment & Logistics Increasing Demand On Goods Delivery And Other Services

Source: Electronic Transaction Development Agency (ETDA)

THB bn

SLIDE 42

Prepared by BTS TS Group IR

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 6.96 6.81 59 79 96 105 118 132 139 133 136 144 145 176 197 215 219 233 238 241 241 237

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 18/19 19/20

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

42 42

COR ORE NETW TWORK: 23.5 .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)

19Y Farebox Revenue CAGR: 9.1% 1% 19Y Ridership CAGR: 8.0%

RE RESILIENCE RI RIDERSHIP SINCE INCEPTION (CAGR GR: : 9.3%)

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

• NO. OF

F STATIONS

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

DI DISTANCE-BASED FAR ARE (AV AVG G = TH THB 29.0 .0/TR TRIP)

PP PPP P NE NET CO COST CO CONTRACT O&M CO CONTRACT

ZON ONE 1: 12.8 .8KM EXTE XTENSIONS

(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%

COR ORE NETW TWORK

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

EXT.

• XT. ZON

ONE 1

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

Appendix 2: : BTS Network

23.5 .5km Core Network and 12 12.8km Green Lin Line Ext xtensio ion

BTS Gro roup Investor r Pres Presentation Appendices

SLIDE 43

Prepared by BTS TS Group IR STE TEC 15%

43 43

• 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 – Kheha

(12.6km/ 9 stations)

• NORTHERN: Mo Chit – Khu Khot

(17.8km/ 16 stations) PP PPP P NE NET CO COST CO CONTRACT WIT WITH SUBSIDY O&M CO CONTRACT

PI PINK NK YELL LLOW

Route Kae Rai – Min Buri Lat Phrao – 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 of

• peration

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

• peration

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

OWN OWNERSHIP STR TRUCTURE

PROJ OJECT DETA TAILS EXPECTE TED RIDERSHIP AND REVE VENUE PROJ OJECT CAPEX X & FINANCING

EASTERN BANGKOK MONORAIL COMPANY LIMITED NORTHERN BANGKOK MONORAIL COMPANY LIMITED

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

BTS TS 75 75% RA RATC TCH 10%

ZONE 2: 2: 30. 30.4KM NEW EXTEN TENSIONS 64.9 64.9KM PINK AND D YEL YELLOW LIN LINE (MONORA RAIL)

NORTHERN GREEN LINE MO CHIT - KHU KHOT 17.8KM SOUTHERN GREEN LINE BEARING – KHEHA 12.6KM YELLOW LAT PHRAO – SAM RONG 30.4KM

EXT.

• XT. ZON

ONE 2 EXT.

• XT. ZON

ONE 2

KHAE RAI – MIN BURI 34.5KM

PI PINK YELLOW

Appendix 2: : BTS Network

23.5 .5km Core Network and 12 12.8km Green Lin Line Ext xtensio ion

BTS Gro roup Investor r Pres Presentation Appendices

SLIDE 44

Prepared by BTS TS Group IR COR ORE NETW TWORK EXTE XTENSION ZON ONE 1 EXTE XTENSION ZON ONE 2 PI PINK & YELLOW GOLD LINE PH PHASE 1 RO ROUTE TE

• Da

Dark k Green Mo Chit – Onnut

• Light Green

National Stadium - Saphan Taksin

• Da

Dark k Green Onnut - Bearing

• Light Green

Saphan Taksin - BangWa

• Southern

rn Green Bearing - Kheha

• Nort

rthern rn Green Mo Chit - Khu Kot

• Pi

Pink k Khae Rai - Min Buri

• Yellow

Lat Phrao - Sam Rong Krung Thonburi BTS Station

• Khlong San District Office

DI DISTANCE & NO.

• O. OF

OF STATI TATIONS 23.5km, 23 stations 12.8km, 11 stations 30.4km, 25 stations 64.9km, 53 stations 1.8km, 3 stations AU AUTHORITY TY BMA BMA BMA MRTA BMA CON ONTRACT ACT TY TYPE PE & CON ONTR TRACT LENGT GTH 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) INVESTM TMENT T SCHEME PPP Net Cost (1999-2029) O&M Contract (2029-2042) O&M Contract O&M Contract PPP Net Cost O&M Contract CAP APEX AN AND D FINANCING  = BTS TS INVESTM TMENT Civil:  E&M:  Rolling Stock: 

• Pr

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 Rolling Stock:  (≈THB 9.8bn) Civil:  (subsidised by gov’t) E&M:  Rolling Stock: 

• Pr

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)

44 44

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

Appendix 2: : Summary of f BTS TS Mass Tra ransit Contracts

BTS Gro roup Investor r Pres Presentation Appendices

SLIDE 45

Prepared by BTS TS Group IR

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 6.96 6.81 59 79 96 105 118 132 139 133 136 144 145 176 197 215 219 233 238 241 241 237 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 18/19 19/20 Farebox revenue (THB bn) Ridership (mn)

45 45

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

• pening

Oc Oct – Nov

• v 11 :

Floods

INITIAL GROWTH (3 YRS RIDERSHIP CAGR: 21

21%)

STA TABLE GROWTH (5 YRS RIDERSHIP CAGR: 5%

5%)

FA FASTER GR GROWTH (11 YRS RIDERSHIP CAGR 6%)

De Dec 99 9 : BTS SkyTrain service opening Mar 07 : First fare rate increase May 09 : Opening of Silom Line ext.

• Farebox revenue CAGR: 9.

9.1%

• Ridership CAGR: 8.

8.0% GR GROWTH (19 9 YRS)

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

Ridership (1.7)% YoY Fare (0.4)% YoY

Apr pr 17 : Opening

• f

Samrong Station Oc Oct 17 : Fare Increased Au Aug g 17 7 : Opening of Tao Poon Station (Blue line ext.)

BTS Gro roup Investor r Pres Presentation Appendices

Apr pr 13 : Sale of net farebox revenue to BTSGIF Jun 13 : Fare increase De Dec 13 : Wongwian Yai – Bang Wa ext. opening Nov

• v 13 : Thai political

protests

Appendix 3: : Core Netw twork Rid iders rship

Unin interrupted revenue growth and resili lient under pressure

De Dec 18 : Opening of the entire Southern ext. Jul-Sep 19 : Opening Of Blue line ext. De Dec 19 : : Ha Yaek Lat Prao – Kasetsart University opening Aug g 19 : : Opening of Ha Yaek Lat Prao station

SLIDE 46

Prepared by BTS TS Group IR 21.4 22.1 24.3 24.22 24.1 24.4 24.4 24.8 26.4 26.9 27.5 27.9 28.3 29.0 29.0

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 2018/19 2019/20

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 36% AVG FARE THB 31.7 30 30-DAY PAS PASS (ADULT)* 28% AVG FARE THB 27.7 PU PURSE (STV)* 31% AVG FARE THB 27.6 30 30-DAY PA PASS (STUDENT)* 4% 4% AVG FARE THB 22.5 ON ONE-DAY PAS PASS 1% AVG FARE THB 35.4

46 46

FARE ADJUS JUSTMENT 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

EFFECTI TIVE FAR ARE

• Norm

rmal 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) AU AUTHORISED FAR ARE

HI HISTORICAL AVE VERA RAGE FARE RE RIDE RIDERSHIP BY Y TI TICKET TYP YPES (FY Y 201 2019/2 /20)

THB / Trip * Counted as Rabbit (63%)

BTS Gro roup Investor r Pres Presentation Appendices

DIS DISTANCE-BASED FARE RE (BY Y NO. OF STATIONS)

• NO. OF

OF STAT TATIONS

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

• CAGR 5 yr (2014/15 to 2019/20) = 1.5%
• CAGR 14 yr (2005/06 to 2019/20)= 2.2%

Appendix 4: : Core Network Fare Adjustment

Flexibili lity y to increase fa fares

SLIDE 47

Prepared by BTS TS Group IR

47 47

50,0 ,000 PP PPHPD: SYSTEM DESIGN CAPACITY (6-CAR TRAINS & 2MIN FREQUENCY) 25,0 ,000 PP PPHPD: CURRENT CAPACITY (4-CAR TRAINS & 2.4MIN FREQUENCY)

BTS Gro roup Investor r Pres Presentation Appendices 98 4-CAR TRA RAINS (392 CA CARR RRIAGES) FOR GREEN LINE CORE NETWORK AND EXTENSION ZONE 1 & 2 72 4-CAR MONORAIL TRA RAINS (288 CA CARRIAGES) FOR PINK AND YELLOW LINES

CURRENT T FLEET NO.

• O. OF

OF TRA TRAINS TOTA TOTAL CAR ARRIAGES FRO ROM 1ST BATCH 35 105 SIEMENS 2ND BATCH 12 48 CRRC 3RD BATCH 35 SIEMENS 4TH BATCH 5 20 CRRC TOTA TOTAL 52 52 208 208 FLEET T EXP XPANSION NO.

• O. OF

OF TRA TRAINS TOTA TOTAL CAR ARRIAGES FRO ROM COMPLETELY DELIVERED 22 88 SIEMENS COMPLETELY DELIVERED 24 96 CRRC TOTA TOTAL 46 46 184 PR PROJE JECT RE REQUIRED D TRA TRAINS TOTA TOTAL CAR ARRIAGES FRO ROM PINK 42 168 BOMBARDIER YELLOW 30 120 BOMBARDIER TOTA TOTAL 72 72 288 288 10,0 ,000 – 44,0 ,000 PP PPHPD: SERVICE CAPACITY

NOTE: PPHPD = Passengers per Hour per Direction

Appendix 5: : Rolli lling Stocks

79 79 tra train ins in se servic ice and 98 tra train ins are exp xpected to be fu full lly in se servic ice by y 2020

SLIDE 48

Prepared by BTS TS Group IR

Appendix 4: : Debentures

Tenor Amount t up p to Cou Coupon Rat Rate Mat aturity Dat ate 3-ye year THB 5.5bn 2.46% 10 Nov 19 5-ye year THB 2.2bn 2.85% 10 Nov 21 7-ye year THB 4.1bn 3.30% 10 Nov 23 10 10-year THB 10.2bn 3.87% 10 Nov 26 Tota tal THB 22.0bn 3.31% (av average) Rat Rationale Purchase new rolling stocks and E&M for the Northern and Southern Green Line extensions Issuance Dat ate 10 November 2016

TH THB 22BN BN BTSC TSC DEB DEBENTURE:N :NEW GREEN EXTENSIONS

Tenor Amount t up p to Cou Coupon Rat Rate Mat aturity Dat ate 3-ye year THB 1.5bn 2.24% 26 Dec 20 5-ye year THB 1.5bn 2.64% 26 Dec 22 10 10-year THB 2.0bn 3.65% 26 Dec 27 12 12-year THB 2.0bn 3.78% 26 Dec 29 Tota tal THB 7.0bn 3.17% (av average) Rat Rationale Repay existing debts and/or investment and/or financing the working capital of the Company Issuance Dat ate 26 December 2017

TH THB 7BN BN BTSG TSG DEB DEBENTURE

BTS Gro roup Investor r Pres Presentation Appendices 48 48 Tenor Amount t up p to Cou Coupon Rat Rate Mat aturity Dat ate 2-ye year THB 3.55bn 2.58% 7 Sep 20 5-ye year THB 1.29bn 3.25% 7 Sep 23 10 10-year THB 4.66bn 4.03% 7 Sep 28 Tota tal THB 9.5bn 3.11% (av average) Rat Rationale Repay existing debts and/or investment and/or financing the working capital of the Company Issuance Dat ate 7 September 2018

TH THB 9.5BN BTSG TSG DEB DEBENTURE

Tenor Amount t up p to Cou Coupon Rat Rate Mat aturity Dat ate 2-ye year THB 1.0bn 2.51% 24 May 21 3-ye year THB 1.3bn 2.63% 24 May 22 5-ye year THB 3.0bn 3.15% 24 May 24 7-ye year THB 2.7bn 3.57% 24 May 26 10 10-year THB 5.0bn 3.86% 24 May 29 Tota tal THB 13.0 .0bn 3.41% (av average) Rat Rationale For debt repayment of Eligible Green Projects (Pink & Yellow Line) Issuance Dat ate 24 May 2019

TH THB 13BN BN BTSG GREEN BO BOND

SLIDE 49

Prepared by BTS TS Group IR

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

ECONOMIC PROFILE (O& O&M CONTRACT) ECONOMIC PROFILE (PP PPP NE 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 Gro roup Investor r Pres Presentation Appendices

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

49 49

Appendix 6: : Mass Transit Eco conomic profi file

PPP Net t Cost & O&M contract (P (PPP Gross Cost)

SLIDE 50

Prepared by BTS TS Group IR

E&M AND O&M SERVICES PRO PROVIDED BY Y BTSC 50 50

Source: http://www.raillynews.com

31 JUL 2018 O&M Services Agreement signed 4Q 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 FEB 2018 Sale and installation of E&M works Agreement signed 15 DEC C 2017 KT awarded civil contract to ITD TIMELINE

KRUNG THONBURI BTS STATION – KHLONG SAN 1.8KM

GOLD PH 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.

BTS Gro roup Investor r Pres Presentation Appendices

Appendix 7: : Gold ld Lin ine Phase 1 1

Proje ject at t a glance

Rou Route te Kr Krung Thon Buri ri – Kl Klong San an (Ph Phase I) I): : 1.8km 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) Sal ale and installation of E&M work rks agre reement

• E&M value (incl.VAT) of THB 765.59mn

O&M serv rvices agre reement

• 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

SLIDE 51

Prepared by BTS TS Group IR

Appendix 8: : Targeted Rail il Mass Transit Lin ine

Ora range Lin Line – project at t a glance

51 51 BTS Gro roup Investor r Pres Presentation Appendices

Western n Or Orange Eas astern Or Oran ange Eas astern Or Oran ange Western n Or Orange EXPE PECTED TI TIMELINE

Underground Stations Elevated Stations

OR ORANGE LINE (35.9 .9KM, , 28 28 STATIONS) CA CAPE PEX Civil ~THB 111bn* E&M ~THB 32bn Rout ute Length No No. . of Stat ations Taling Chan – Thailand Cultural Center 13.4km 11 (underground) Rout ute Length No No. . of Stat ations Thailand Cultural Center - Min Buri 22.5km 17 (10 underground and 7 aboveground)

2023 Targeted Commercial Operation Date for Eastern Orange MA MAY 2017 Civil work construction of Eastern Orange began Jun 2020 Expected request for proposal (RFP) for Civil work construction of Western Orange & E&M, available for sale 28 JAN 2020 Cabinet approved the project 2026 Targeted Commercial Operation Date for Western Orange Se Sep 2020 Expected bid submission

SLIDE 52

Prepared by BTS TS Group IR

52 52

TH THB 59.2bn

FY FY 2019 RE REVENUE CO CONTRIBUTION 31 MAR 2020 BOOK VALUE BREAKDOWN Office THB 5.0bn 8% Hospitality THB 16.4bn 28% Land bank THB 5.2bn 9% RE RECURRING INC NCOME PRO PROPERTY RE RESIDENTIAL PRO PROPERTY LANDBANK Ho Hospitality segment includes a geographically diversified portfolio of

• wned, leased and managed hotels in

Europe and Asia. Off ffice segment has lettable space comprising of 2 office buildings in London, UK and 2 office building in Bangkok, Thailand. Through a 50% stake in the BTS- Sansiri JV, which develops condominiums near mass transit lines . We recognise equity income

• r a share of profit from the JV.

59% 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’

1,027 3,868 6,009 2017 2018 2019 63 162 282 2017 2018 2019

Operating Re Revenue (THB mn mn) Residential THB 24.8bn 42% Office THB 324mn 3% Others* THB 2,557mn 25% Hospitality THB 7,264mn 72%

* Includes property management revenue

Alternative* THB 7.8bn 13%

*Includes the Unicorn and Verso International School

Appendix 11: U City’s Overview

The desig ignated vehic icle le fo for property develo lopment

BTS Gro roup Investor r Pres Presentation Appendices

TH THB 10,1 ,145mn

SLIDE 53

Prepared by BTS TS Group IR

53 53

Appendix 12: U City’s Residential Property Overview

14 14 Proje jects SIRI-JV condominium launched

BTS Gro roup Investor r Pres Presentation Appendices PART ARTNE NERS RSHI HIP RO ROAD ADMAP MAP

2015 2016

50:50 JV to develop a targeted THB 100bn worth of condominiums along current and future mass transit lines through the JV with Sansiri PCL with an expected NPAT margin 12%

2018 2017

The LINE NE Won Wongsawang The LINE NE Sukhumvit 101 The LINE NE Jatu tuja jak- Mo Ch Chit it

Fully transferred

• Th

The LINE Jatujak – Mo Mo Chit

Project value: THB 5,815mn

• No. of units: 841
• Th

The LINE Sukh khumvit 71 71

Project value: THB 1,967mn

• No. of units: 291
• Th

The LINE Ra Ratchathewi wi

Project value: THB 2,809mn

• No. of units: 231
• Th

The BAS ASE Ph Phetka kasem 29 29

Project value: THB 1,947mn

• No. of units: 640
• Th

The MO MONUMENT Th Thong Lo

Project value: THB 6,232mn

• No. of units: 127
• Th

The LINE Sathorn rn

Project value: THB 3,816mn

• No. of units: 327
• Th

The LINE As Asoke ke-Ratchada

Project value: THB 3,022mn

• No. of units: 473
• Th

The BAS ASE Gard rden Ra Rama 9

Project value: THB 2,336mn

• No. of units: 640
• Th

The LINE Ph Phahon-Pra radipat

Project value: THB 5,714mn

• No. of units: 981
• Th

The LINE Sukh khumvit 101

Project value: THB 4,552mn

• No. of units: 778
• KH

KHUN BY YOO OO

Project value: THB 4,039mn

• No. of units: 148
• Th

The LINE Wo Wongsawang

Project value: THB 4,871mn

• No. of units: 1,287
• Th

The BAS ASE Saphanmai

Project value: THB 2,916mn

• No. of units: 820
• Th

The LINE Ph Phahonyothin Pa Park rk

Project value: THB 4,751mn

• No. of units: 880
• Th

The BAS ASE Ra Ratchada-Th Thapra ra

Project value: THB 3,050mn

• No. of units: 1,037

2022 2022

• Th

The Line Ra Rama9 Pu Pung Mu Muang

Project value: THB 1,842mn

• No. of units: 315

2024 2024

The LINE NE Sath thorn

SLIDE 54

Prepared by BTS TS Group IR

Appendix 13 13: BTS TS-W5 Term Sheets

54 54 BTS Gro roup Investor r Pres Presentation Appendices

BTS TS-W5 5 TE TERMS AND CONDITIONS

Ticke ker BTS-W5 Ter Term 1 year from the issuance date Issuance date date 17 February 2020 Expiry date date 16 February 2021 War Warrants pr price nil No.

• No. of war

arrants 1,315,385,979 units Allocation To existing shareholders at the ratio of 10 existing BTS shares : 1 BTS-W5 Exercise rat atio 1 BTS-W5 to 1 new common share of BTS Exercise pr price THB 14 per share Expected max aximum pr proceeds THB 18.4bn Exercise per period Quarterly

SLIDE 55

Prepared by BTS TS Group IR

OPE OPERATING REVE REVENUE COMPARISON (YoY)

INCOME STATEMENT (THB mn mn) FY FY 2019/20 FY FY 2018/19 % YoY Operating Revenue1 39,937 48,004 (17)% Gross operating profit 9,595 7,884 22% Operating EBITDA2 7,460 6,137 22% Recurring net profit – after MI 4,776 3,248 47% Net income (loss)3 8,162 2,873 184% Gross operating profit margin (%) 24.0% 16.4% Recurring net profit margin – after MI(%) 11.4% 6.6% Operating EBITDA margin (%) 18.7% 12.8%

P&L &L SNAPSHOT FY 2019/20 OPE OPERATING REV REVENUE BR BREAKD KDOWN

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

FY FY 20 2019/20 Overview

80% Mas Mass Tran ransit 15% Me Media 1% Property 4% Se Services 48,004 39,937 (9,252) 530 21 634 FY18/19 Mass Transit Media Property Services FY19/20

(22)% )% 57% 57% 10% 6% (THB mn)

BTS Gro roup Ear arnings Pres Presentation Section 1: FY 2019/20 Financial Performance

SLIDE 56

Prepared by BTS TS Group IR

Share of

• f net

t pr prof

• fit

it in BTS BTSGIF 2% Con

• nstructio

ion revenue for

• r Pink and

d Ye Yell llow Li Lines 53% 53% Ma Mass Tr Transit it rela lated inte terest inco come 6%

HISTORICAL OPE OPERATING REV REVENUE (THB THB bn) ) KEY FACTORS

• Tot

Total Ma Mass Tr Transit it reve venue of THB 32,076mn, a decline of 22.4% YoY from a lower recognition of construction revenue for the Pink and Yellow lines to THB 16.9mn (THB 30.7bn in FY 2018/19), partially offset by

• Hi

High gher servic ices revenue from

• m pr

provi

• visio

ion of

• f E&M

M wor

• rks & train pr

procu

• curement for
• r Green

Li Line ext.

• xt. of THB 2.2bn YoY to THB 8.3bn
• Hi

High gher O& O&M M revenue of THB 1,476mn YoY to THB 3,753mn, chiefly as a result of the full opening of Southern Green Line ext. and the opening of the first 5 stations of Northern Green Line ext.

• Hi

High gher Ma Mass Tr Transit it rela lated inte terest inco come of THB 842mn YoY to THB 1,920mn

• Cos
• st dropped by THB 11,178mn to THB 25,691mn largely from the reduced recognition of

construction cost for the Pink and Yellow Lines

• Ope

Operating g EBI BITD TDA ma margin in rose YoY to 20.0% (10.9% in FY 2018/19)

OPE OPERATING PERFORMANCE

MA MASS TRA TRANSIT (THB THB mn mn) FY FY 20 2019 19/20 FY FY 20 2018 18/19 19 %YoY Re Revenue 32,076 41,328 (22)% Costs of revenue 25,691 36,868 (30)% Gross profit 6,385 4,460 43% Op Opera rating EB EBITD TDA 6, 6,421 4,497 7 43% 3% Gross margin (%) 19.9% 10.8% Operating EBITDA margin (%) 20.0% 10.9%

OPE OPERATING REVE REVENUE BR BREAKDOWN

FY FY 2019/20

Mas ass Tra ransit

Servic ices revenue from

• m pr

provi

• visio

ion

• f
• f E&M

M wor

• rks & train pr

procu

• curement

for

• r Green Li

Line ext xt. 26% 26% O& O&M 12%

4Q 18/19 19 1Q 19/20 2Q Q 19/20 3Q Q 19/20 4Q Q 19/20 Construction revenue for Pink and Yellow Lines 5.3 4.3 4.4 4.5 3.7 Services revenue from provision of E&M works & train procurement for Green Line ext. 1.4 1.4 3.1 2.1 1.6 Mass Transit related interest income 0.4 0.4 0.3 0.6 0.5 O&M 0.8 0.8 0.9 0.9 1.1 Share of net profit in BTSGIF 0.2 0.2 0.3 0.2 0.2 Others* 0.0 0.0 0.1 0.2 0.0

*Comprises of (i) Services revenue from provision of E&M works for Gold Line and (ii) Farebox revenue from BRT

Ot Others* 1%

56 56 BTS Gro roup Investor r Pres Presentation Appendices

SLIDE 57

Prepared by BTS TS Group IR

22% Outdoor r Med edia 6% Off ffice Bu Buildings and Oth thers 35% Digital*

HISTORICAL OPE OPERATING REV REVENUE (THB THB mn mn) ) KEY FACTORS

• Me

Medi dia revenue of THB 5,735mn, an increase of 10.2% YoY mainly driven by the growth in Digital services segment

• Digit

gital l Servic ices revenue* rose by 54.3% YoY to THB 2,026mn largely due to the revenue recognition of VGI Digital Lab

• OOH

OOH Me Media dia revenue** decreased by 4.7% YoY to THB 3,709mn, chiefly due to a digital transformation impact on BTS stations and lower utilisation rate of Office Media

• Cos
• sts

ts increased by 36.9% YoY to THB 2,627mn primarily due to higher cost of project management and online advertising under Digital Services segment

• Ope

Operating g EBI BITD TDA ma margin in declined YoY to 36.2% (45.4% in FY 2018/19)

• Share of
• f net

t pr prof

• fit

it from

• m Kerry Expr

press (Th Thaila land) d) of THB 268mn (THB 169mn in FY 2018/19)

37% BTS – Re Related Me Media

ME MEDIA A (TH THB mn mn) FY FY 2019 19/201 FY FY 2018 18/19 19 %YoY Operating revenue 5,735 5,204 10% Costs of revenue 2,627 1,919 37% Gross profit 3,108 3,285 (5)% Op Opera rating EBITD TDA 2,077 77 2,363 (12)% )% Gross margin (%) 54.2% 63.1% Operating EBITDA margin (%) 36.2% 45.4%

FY FY 2019/20

OPE OPERATING PERFORMANCE OPE OPERATING REVE REVENUE BR BREAKDOWN

Media

* Digital services revenue includes revenue generating from (i) Rabbit Group, (ii) VGI Digital Lab ** OOH Media includes Transit, Outdoor and Office Building and Other Media

986 928 1,010 1,204 568 411 435 597 632 361 4Q 18/19 1Q 19/20 2Q 19/20 3Q 19/20 4Q 19/20 Digital Services Business OOH Media *

1 Note that FY 2019/20 operating performances from Media business included contribution of MACO and its

subsidiaries for the period from April 2019 to January 2020

OOH Media (6 (65%) 57 57 BTS Gro roup Investor r Pres Presentation Appendices

SLIDE 58

Prepared by BTS TS Group IR

Re Residenti tial 10%

HISTORICAL OPE OPERATING REV REVENUE (THB THB mn mn) ) KEY FACTORS

• Operating rev

revenue was THB 381mn, an increase of 5.8% YoY, chiefly from commercial property revenue which now primarily comprises of revenue from Thana City Golf & Sports Club

• Significant ri

rise e in shar are of f net et profit from investment in U City ty, our associate,

• f THB 1,152mn (THB 80mn loss in FY 2018/19) largely due to the

recognition of gain of THB 1,118mn from the sale of Mochit Land by U City.

• Operating co

costs ts dropped by 5.6% YoY to THB 345mn.

OPE OPERATING PERFORMANCE

PR PROPERTY TY (TH THB mn mn) FY FY 2019 19/20 FY FY 2018 18/19 19 %YoY Operating Revenue 381 360 6% Costs of revenue 345 326 6% Gross profit 36 34 7% Op Opera rating EBITD TDA (16) (22) (26)% )% Gross margin (%) 9.5% 9.3% Operating EBITDA margin (%) (4.3)% (6.1)%

OPE OPERATING REVE REVENUE BR BREAKDOWN

FY FY 2019/20

NOT OTE: Property operating performances exclude share of profit/(loss) from investment in U City

Pr Property

90% Commercial & Oth thers

89 80 100 113 88 4Q 18/19 1Q 19/20 2Q 19/20 3Q 19/20 4Q19/20

58 58 BTS Gro roup Investor r Pres Presentation Appendices

SLIDE 59

Prepared by BTS TS Group IR

Mas ass Tra ransit Up Update

9 ou

• ut of 16 No

Northern Gree een sta stations be began ope

• perational

Nor Northern Gr Green Li Line ex extensio ion

(16 stations, 17.8km)

N 8 M O C H I T N 9 H A Y A E K L A T P R A O K A S E T S A R T U N I V E R S I T Y N 1 3 R O Y A L F O R E S T D E P A R T M E N T N 1 4 B A N G B U A N 1 5 1 1 T H I N F A N T R Y R E G I M E N T N 1 6 W A T P H R A S R I M A H A T H A T N 1 7 K H U K H O T

N 2 4

N 24

Aug 2019

Current Green Line network operation

52 52 stations 58 58.1

km

Green Line, to be operational in 2020

59 59 stations 66 66.7

km Targeted in Dec 2020 5 Jun 2020 Dec 2019 BTS Gro roup Investor r Pres Presentation Appendices 59 59

SLIDE 60

Prepared by BTS TS Group IR

Transporta tation Up Update

EXTE XTENSION GRE REEN ZON ONE 2 PI PINK AN AND YELLOW LINE Consort rtium N.A. (100% BTS TS) 75 75% BTS TS 15% STEC 10% RATCH Au Authori rity BMA MRTA Investment Typ Type O&M Contract PPP Net Cost Op Opera ration 25 years 30 years Scope

• Train procurement
• 25 years: O&M
• 39 months: Construction
• 30 years: Farebox

revenue collection and O&M Pr Project Cost Train procurement ≈THB 9.8bn ≈THB 96.1bn

(gov’t subsidy, THB 47.55bn)

Status

• Southern: full operation in

Dec 18

• Northern: Expected full
• peration by 2020
• PPP Contract signed
• Expected COD: Oct 21

M6 M6 MO MOTO TORWAY M8 M81 1 MO MOTORWAY U-TA TAPAO AI AIRP RPORT 40% BTS TS 40% GULF 10% STEC 10% RATCH 40% BTS TS 40% GULF 10% STEC 10% RATCH 45% BA 35% BTS TS 20% STEC DOH DOH RTN PPP Gross Cost PPP Gross Cost PPP Net Cost 30 years 30 years 47 years

• 3 years: Design &

Construction (Toll Plaza, Toll Collection System, Traffic Mgt Control System, Other infrastructure

• 30 years: O&M
• 3 years: Design &

Construction (Toll Plaza, Toll Collection System, Traffic Mgt Control System, Other infrastructure

• 30 years: O&M
• 3 years: Design & Build

Passenger Terminal Building 3, Commercial Gateway, Cargo Village, Cargo Complex

• 47 years: O&M

[to be disclosed] [to be disclosed] THB 27bn (phase 1) PPP Contract signing expected by Jul 20 PPP Contract signing expected by Jul 20 PPP Contract signing expected by Jun 20

Remarks: This summary excludes “30-year O&M Contract” for Gold Line Phase 1 (Krung Thon Buri – Klong San, 1.7km, 3 stations) which the contract was signed in Jul 18, expected COD in 4Q 20.

BTS Gro roup Investor r Pres Presentation Appendices 60 60

SLIDE 61

Prepared by BTS TS Group IR

Media Up Update

VGI’s key developments in FY 2019/20

ADVE DVERTISING PAYMENT LOGISTICS

Established VGI Digital Lab, an

• nline media agency, focusing on

creating online/digital marketing campaign based on the Group’s DMP Partnered with iClick Interactive Asia Group, the largest online marketing and data technology platform in China Changed in classification of an investment in MACO from subsidiary to associate company Realised considerable synergies with PlanB by launching new media packages such as Bangkok Takeover, Street Combo and Bangkok Combo Partnered with SAHA Group, Thailand’s consumer product leader

• Opened 12 Lawson

shops on BTS Continued to experience strong user growth

• 13.0mn Rabbit cards
• 7.3mn Rabbit LinePay

users Delivered the better experience for consumers through synergies with Kerry

• > 600,000 Smart

Sampling

• > 500,000 Parcel Wrap
• > 400 Trucks Wrap

BTS Gro roup Investor r Pres Presentation Appendices 61 61

SLIDE 62

Prepared by BTS TS Group IR

U City’s Project Update

VE VERSO INTERNATI TIONAL SCHOOL TH THE CUSTO TOMS HOUSE (RO ROI CHAK SAM AM) TH THE UNICORN PH PHAYATHAI Concept Providing unique learning experience by paring modern technology and contemporary teaching techniques A luxurious 5-star hotel project in a rare, historic, colonial-era heritage building located along magnificent Chao Praya Riverside 51 levels of mixed-use building comprising of retail, office, hotel and residence Pr Project Va Value Approximately THB 4.8bn Approximately THB 4.6bn Approximately THB 9.3bn Location Thana City On the Chao Praya Riverside, Soi Charoenkrung 36, Bangrak, Bangkok Adjacent to 2 mass transit stations: BTS Phayathai Station and Airport Rail Link Land Ar Area 79.4 Rai or 12.7 Ha (127,065 sqm) 5.15 Rai or 0.82 Ha (8,240 sqm) 7.3 Rai or 1.2 Ha (11,749.6 sqm) Constru ruction Ti Time meline Pr Project Pe Peri riod Approximately 39 months 6 years Approximately 48 months Status (as of 31 1 Ma Mar 20) 90% On the Fine Arts Department submission process for approval 14% 4Q 2019 20 2024 Start Comp mpletion 3Q 2017 1Q Q 20 2022 Start Comp mpletion 2017 2Q 2Q 20 2020 Start Comp mpletion

BTS Gro roup Investor r Pres Presentation Appendices 62 62