[PPT] - BTS GROUP HOLDINGS PCL INVESTOR PRE RESENTATIO ION JU JULY 20 PowerPoint Presentation

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BTS GROUP HOLDINGS PCL

INVESTOR PRE RESENTATIO ION

JU JULY 20 2019

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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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MASS TR TRANSIT 86% 86%

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). FY 2018/19 OPE OPERATING REVE REVENUE CONTRIBUTION

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

MEDIA 11% PROPE PERTY TY 1% 1% SERVI VICES 2% 2%

Tota tal of THB 47,

47,923mn

mn 4

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As a mass transit led conglomerate, the company’s key focus is on securing ng ne new w ma mass tr transi nsit t line nes which are authorised or set by the government at both municipal and national levels. We captu ture re furthe ther 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

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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 MetropTransport and olitan 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

13% 79% Rail Mass Transit

* Van, Ferry and Commuter train

Bus Others*

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OPE OPERATING LINES: : 121.6 .6KM, , 85 STATIONS BY 3 OPE OPERATORS

48.9km

WEEKD KDAY RI RIDERSHIP MARKET SHARE IN N 2018 (JAN-DEC)

*BEM ridership excludes Purple line. BTS and BEM based on company’s ridership reported on website as of 2018 and ARL is based on information as of DEC 18.

Bangkok Rail il Mass Transit Network Immature network, 176

176km under constructio ion 44.2km 28.5 .5km

1.2 1.2mn trip

rips

TOTAL AVERAGE WEEKDAY RIDERSHIP

BTS

62 62%

741, 741,056 trip rips BEM

31% 31%

371 371,447 7 trip rips* ARL

7% 7%

80 80,000 trip rips*

BTS Gro roup Investor r Pres Presentation Section 1: BTS Group in Brief & Strategy & Outlook 121.6km in 2018

Blue line : 21km Pur Purple le line : 23km

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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 (South) 12.6 9 Bearing – Kheha Extension Zone 2 (North) 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 Lad Prao – 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 Lad Prao – 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 2021 1 (2 (2.7 tim times fr from 48.9 .9km in 2018 18)

OPE OPERATING 48.9 .9 KM KM UNDER CON ONSTRUCTION 84.5 .5 KM KM

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2021E: Pink and Yellow

10 10

Ro Routes Au Authori rity Contra ract Typ Type Contra ract Te Term

*Remarks

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 Kot O&M Contract 25 Years (2017 - 2042) Pi Pink: Khae Rai – Min Buri Yellow: Lad Prao - 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 64.5km / 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 64.5 .5km

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

BTS Lin ines

Evolu lutio ion si since 19 1999

2018 18 2020E 2021E 1999

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

Expected 1st Station of Northern Green Ext. 2

Commencement Ti Time meline

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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 22.6km Taling Chan - Thailand Cultural Center 17.0km

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

81.2 .2KM TARGETED LINES IN N THE THE NEX NEXT 4 4 YEARS

BTS BTS TA TARGET ROUT OUTE AUTH UTHORITY TY DISTA TANCE (KM) ) NO.

O. OF

OF STA TATION EXPECTE TED OP OPERATING

GREEN EXT. (WESTERN) BANG WA

TALING CHAN

BMA 7.0 6 2022-2023 LRT BANG NA - SUVARNABHUMI BMA 18.3 14 2022 GREY PH 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

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

O. OF

OF STA TATION EXPECTE TED OP OPERATING

BLU LUE HUA LAMPHONG

BANG KHAE

MRTA 14.0 11 2019 BLU LUE BANG SUE - THA PRA MRTA 13.0 9 2020 BLU LUE BANG KHAE – BHUDHAMONTHON 4 MRTA 8.0 4 2021 DA DARK RED BANG SUE - RANGSIT SRT 26.3 8 2021 DA DARK RED BANG SUE – HUA LUM HONG SRT 6.5 5 2020 LIGHT RED RED BANG SUE – PHAYATHAI – MAKKASAN – HUAMAK SRT 19.0 9 2020 LIGHT RED RED BANG SUE – TALING CHAN SRT 15.0 4 2021 PU PURPLE LE (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 aboveground stations

BTS Targeted Lin ines

Interested in an addit itional l 81. 1.2km of f rai rail mass tra transit lines

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9.8

CAPEX INCL. SOUTHERN AND NORTHERN PARTS

BTS Gro roup Ear arnings Pres Presentation Section 2.1: Mass Transit Business

84.5 .5KM AWARDED LINES 81.2 .2KM 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: 39.6KM

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 140mn/km p.a.

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

33.3

TRAINS + E&M

2.53 (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

EASTERN SIDE

BY 2019 OCT 2021 JUL 18 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 134.8 4.8bn

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

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In Infrastructure Project

U-Tapao internatio ional l airport - project at t a glance

3 Co Consortiums sub ubmitt tted bid of U-Tapao

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 91bn per market sounding Sources of f Fu Fund Debt 70 : Equity 30 14 14

Project ct De Details

45% 35% 20%

3 Years 47 Years 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 and Overhaul

Facilities

6. Aviation Training Center
7. Passenger Terminal Building 1 and 2

Ti Timeline

Source: Company Data and Market Sounding

21 1 Mar March 2019 Bidding Submission 2019 Expected Best Bid Announcement October 2018 RFP selling period

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

Grande Asset: 80% Thai Air Asia: 10% Christiani & Neilson: 10%

Grand Con Consortium

Thana Holding Ch Karnchang Italian Thai Development

B. Grimm Joint

Venture Holding

(42 companies bought U-Tapao RFP) CP CP Con Consortium BTS Gro roup Investor r Pres Presentation Section 2.1: Mass Transit Business

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

Rail il Mass Transit Project

Ora range Lin Line – project at t a glance

15 15 2023 2023 Targeted Commercial Operation Date MAY 2017 Civil work construction of Eastern Orange began 2019 Expect request for proposal (RFP) for Civil work construction of Western Orange & E&M, available for sale

Underground Stations Elevated Stations

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

OR ORANGE LINE (39.6 .6KM, , 29 STATIONS) CA CAPE PEX Civil ~THB 90bn* E&M ~THB 30bn Rout ute Length No No. . of Stat ations Taling Chan – Thailand Cultural Center 17km 12 (underground) Rout ute Length No No. . of Stat ations Thailand Cultural Center - Min Buri 22.6km 17 (10 aboveground and 7 underground)

* Western Orange civil works CAPEX

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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 2023

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

38 38.1 35 35 48. 48.9 43 43 50 50.7 44 44 68 68.5 62 62 175 175.0 15 150 21 214.6 179 179

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

f North ext.

(1.8km) North ext. (17.8km) Gold line (1.8km) 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 22/2 /23 FY 19/2 /20 FY 20/2 /21 FY 18/1 /19 FY 21/2 /22

BTS Lines BTS Targeted Lines 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

BTS Targeted Li Lines

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Media Evolution

From traditional advertising to “Offline-to to-Online 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% stake) Kerry rry Expre ress ss (Thaila iland nd) Logistics (23% stake) OOH H Partners rs Plan n B (18.6% 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 (52.1% stake) Established and was granted 30yrs BTS ad. concession

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

* Entered into JV agreement

2015

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Well ll-Divers rsified Media Portfo folios

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

ADV DVERTISING PAYM YMENT

33.2% 30.0% 40.0% 90.0% 90.0% 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

LOG LOGISTI TICS

KER ERRY EX 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

18.6%

OU OUTDO DOOR OR

PLA LAN B Nationwide, Thailand

BTS Gro roup Investor r Pres Presentation Section 2.2: Media Business 19 19 THB 4.7bn THB 483mn

AU AUDIENCE RE REACH ACH

2018 18/19 19 REVE EVENUE1

1 Excluding revenue from Aero Media, Demo Power and Kerry Express Thailand of which are recognised as equity method

18mn po pote tenti tial reach

2019 19/20 REVE EVENUE TAR TARGET

THB 6.0-6.2 .2bn

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Advertising: Soli lid Growth Opportunities

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

20 20

2018/19 2019/20 2020/21 2021/22 2022/23

Secured by BTS Targeted Lines Carriages Stations

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

FY 22/2 /23 FY 19/2 /20 FY 20/2 /21 FY 18/1 /19 FY 21/2 /22

208 208 43 43 296 296 44 44 380 380 62 62 836 836 15 150 179 179

5-6x

Increase in Train & Station Capacity

Orange Line Core Line Extension Green South Extension Green North Extension Pink Line Yellow Line Western Green Extension LRT Grey Line (Phase I)

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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 1.3bn 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 11.0mn > 15.0mn Active Cards 3.5mn > 8.0mn Retailer Points > 7,400 >10,000 Curre rent 2020 Line Users 45.0mn >55.0mn Rabbit Line Pay Users 5.5mn >10.0mn Online Merchants > 1,000 >1,500

Payment: Synergy betw tween VGI I and Rabbit

Upsid ide fr from monetis isation of Rabbit’s data

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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 1,200,000 parcels per day and has more than 4,000 retail service points nationwide.

Deliver more than 1,000,000 parcels per day
975 distribution centers
695 parcel shops in Bangkok, Central and East
5,079 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%

2012 2013 2015 2017 2018

C2C B2C B2B

C2C 67% C2C 50% C2C 50% B2C 31% 1% B2C 40% 40,000 75,000 500,000 1, 1,200,000 8,000

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

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VGI’s acquisition and partnership

23 23 BTS Gro roup Ear arnings Pres Presentation Section 2: Business Upd pdates Collaboration of the Top Players in OOH Media Segment

% of investment 18.6% of total shares 1. 9.5% from existing shareholders 2. 9.1% from newly issued ordinary shares To Total share res acquisition 1. 368.8mn shares from existing shareholders 2. 353.0mn shares from PLANB’s newly shares Ac Acquisition price THB 6.40 per share To Total investment THB 4,619.6mn Sourc rce of fund: Cash of THB 2,900mn and Loan THB 1,700mn

Mr. Palin

Lajanagosin Group

Dr. Pinijsorn

Luechaikajohn pan Group Public 43.6% 6.4% 31.4% 18.6%

Consolidate OOH media market (> 12bn of media inventory)
Apply “unique Offline-to-Online marketing solutions” from a completed

OOH journey to data optimisation with engaging entertainment content, to convert on payment & loyalty platforms

Centralise for cost savings including leverage proprietary system or
technology. Hence, more overall cost efficient.
Improve competitive positioning in THB 100bn media industry

To incorporate AI solutions in Offline and Online advertising

Leveraging AnyMind platform product including online advertising and

influencer marketing into VGI O2O Solutions offering to provide better performance for our clients

Developing out-of-home programmatic media platform by using Anymind’s

technology and VGI’s digital out-of-home media assets to increase effectiveness of out-of-home media platforms

Leveraging AnyMind Technology platform to better organise, analyse and

mobilise Rabbit data network

To capture advertising opportunity in Chinese consumer market

Capturing advertising opportunity in China market
Appointing VGI as a sales agent of the JVCo to become the regional

cross-border advertising solution distributor

Generating cross-border marketing opportunities through mobile and

new media products, including: O2 O2O O Solutions: launching 10,000 new mobile charging stations with LED display, which will be placed throughout VGI’s network across Thailand such as BTS SkyTrain stations and Kerry Express’s distribution centers.

Chinese search engine Game Online Operator Travel service provider Instant messaging service

ACQUISITION OF OF 18.6% IN N PLANB PARTNERSHIP P WITH ANY NYMIND GROUP PAR ARTNERSHIP WITH I-CLICK INT INTERACTIVE ASI ASIA GR GROUP

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Sec Sectio ion

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3,492 554 1,411 7,700 1,000 379 368 (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

Re Residential THB 0.5bn

PROPERTY TY BO BOOK VAL ALUE BR 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 PL PLC 489.4 782,966.0 U City y PL PLC 906.6 1,450,635.6 To Total 1,396.0 .0 2,233,601.6 .6

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

ATTRACTIVE VE LAND BA BANK LAND: OVER 969,000M² OF OPPORTUNITY IN BANGKOK ALONE

Data as of 30 Jun 18

U Ci City ty* THB 69.0bn Tota Total Boo

ok Val

Value as s of

f 31 Mar

Mar 19: : TH THB 82.5bn

*Adjusted for equity stake (37.56%) **Subsequently on 17 May 19, Bayswater JV (value of THB 7.7bn) was sold to CPN

Lan and d Ban ank THB 9.6bn**

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 Pro 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

Comm Commercial

Thana City Golf and Sports Club

THB 3.4bn

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

25 25

SLIDE 26

Prepared by BTS TS Group IR

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

26 26 BTS Gro roup Investor r Pres Presentation Section 2.3: Property Business

33 Gracechurc rch Stre reet

Pres esence in 10 European Countries

Thailand
Vietnam
Indonesia
India
Oman

Pres esence in 5 As Asian & Mi Middle Eas aste tern Countr tries

6-14 14 Underwood Stre reet TS TST T To Tower wer

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

95 95 hotels and more than 26 26,000* keys owned, leased or managed 3 office buildings and business interests spanning 15 15 countries globally

39 39 hotels, 3 3 buildings 56 56 hotels, 1 1 building, 14 condominiums launched

* As of 15 May, 9915 keys are under operation

SLIDE 27

Prepared by BTS TS Group IR

2

Sec Sectio ion

SLIDE 28

Prepared by BTS TS Group IR

28 28 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 2018/19, the programme had 4.2million 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 29

Prepared by BTS TS Group IR

1 2 4 5 3

Se Sectio ion

SLIDE 30

Prepared by BTS TS Group IR

30 30

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 Global

Media Co., Ltd. (VGI)

2009 2009

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

f 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 – Samut Prakarn)

MAR 2017 SEP 2018

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

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, 1.7km and 3 stations)

SLIDE 31

Prepared by BTS TS Group IR

18.09% BTS Inf nfrastructur ure Services Co., Ltd

1 Information based on book closure date on 21 Jan 19 with total issued shares = 11,940.4mn shares 2 BTSG holds 69.69% of VGI indirectly and directly as of 31 January 2019 3 Revenue from the Company recorded under Services BU

33.33% 45.04%

31 31

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) 25.79%

ME MEDIA A BUSINESS

41% Kanjanapas Family1 36% Institutional Investors1 22% Individual Investors1

PR PROPERTY TY BUSINESS

VG VGI Advertis ising Me Media ia Co., Ltd. 100% 888 Me Media Co., Ltd. 100% 100% Ma Master Ad PC PCL 31.65% Aero Me Media ia Group Co., Ltd. 30% VG VGI Global l Me Media PC PCL L (VG VGI) 2 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% KMJ MJ 2016 16 Co., Ltd. BSS Hold ldin ings Co., Ltd. 90% 51% ATS Rabbit Specia ial l Purpose Ve Vehic icle le Co., Ltd. Little le Corner Co., Ltd. 69% Ma Man Fo Food Hold ldings Co., Ltd. 41.18% HHT Construction Co., Ltd.3 51% 90% Bangkok Smartcard System Co., Ltd. Ma Man Kitchen Co., Ltd. Ma Man Fo Food Pr Products Co., Ltd. Bangkok Pa Payment Solut lutions Co., Ltd. 60% Listed entit ntitie ies Sub ubsid idia iarie ies Associa iates LEGEND JVs Vs 40% De Demo Po Power (Tha haila land) Co., Ltd. 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% Pr Prim imary Kitchen Co., Ltd. 51% 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% Bayswater Co., Ltd. 50% 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% 38.99% The he Commun unit ity Two wo Co., Ltd. 100% U City PC PCL 100% 100% 100% 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% 75% VG VGI MA MACO (Sin ingapore) Pr Priv ivate Lim imit ited 75% VG VGI Global l Me Media (Mala laysia ia) Sdn Sdn Bhd 25% 25%

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

VG VGI Any nyMin ind Technolo logy Co., Ltd 49%

Busi siness Organisation and Shareholdin ing Str tructure

as s of f 31 1 March 2019 19

Employees (as

as of f 31 1 Mar ar 2019)

Ma Mass Tr Transit it 2,862 Me Medi dia 727 Prope

perty
Servic

ices 497 BTS BTS Grou

up

122 Tot Total 4,208

SLIDE 32

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

32 32

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/ Stable BTSC TSC A/ Stable TH THB 22 22bn n BTSC De Debentur ure Senior Unsecured Debenture A/ Stable 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/ Stable 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/ Stable 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/ Stable

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 16/17 FY FY 17/18 FY FY 18/19 Actu tual Dividend Pa Paid (THB mn mn) 4,026 4,145 5,153 Dividend per per Share (THB) 0.34 0.35 0.42 Dividend Yield (1) (%) 4.0% 3.9% 4.0% Dividend Pay Payout (%) 180% 87% 139%

SLIDE 33

Prepared by BTS TS Group IR

200.0

400.0 600.0 800.0 1,000.0 1,200.0 6 7 8 9 10 11 12

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

Foreign Limit Free Float (as of Jun 18) 10.9% NVDR 18.9% Thai Funds 9.2% Foreign Funds Name %* %* 1

Mr. Keeree Kanjanapas 's Group

41% 2 Thai NVDR Co., Ltd. 11% 3 Bangkok Bank Public Company Limited 5% 4 Social Security Office 3% 5 SOUTH EAST ASIA UK (TYPE C) NOMINEES LIMITED 2% 6 STATE STREET EUROPE LIMITED 1% 7 Bualuang Long-Term Equity Fund 1% 8 Bualuang Top-Ten Fund 1% 9 UOB KAY HIAN PRIVATE LIMITED 1% 10

Mr. Min Tieanworn

1% TOTA TOTAL TOP TOP 10 SHAREHOLDERS 67% 7%

Stock code BTS Outstanding shares (mn shares) 11,8 ,845 Market capitalisation (THB mn) 130,2 ,299.1 Market capitalisation (USD mn) 4,1 ,105.6 .6 Average daily traded value (THB mn) 407.9 Average daily traded value (USD mn) 12.9 .9 Credit Rating (by TRIS) A/Stable

SH SHARE IN INFORMATION (as of 29 29 Ma Mar 20 2019) SH SHARE PRIC ICE MO MOVEMENT (as of 29 29 Ma Mar 201 2019) SH SHAREHOLDING ST STRUCTURE (as of 29 29 Ma Mar 201 2019) TOP 10 10 SH SHAREHOLDERS (as of 29 29 Ma Mar 20 2019)

33 33

THB THB mn 12M ADTV ADTV = TH THB 44bn

*Total of 11,845,369,480 shares

Kanjanapas’s Group 41.3% Retails 19.7% 58% 49% 11, 1,845mn share res

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

BTS Group Share In Info formatio ion

SLIDE 34

Prepared by BTS TS Group IR

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 729mn

FY 18/1 /19 OPE OPERATING REVE REVENUE & & EBI BITDA CONTRIBUTION

BTS TS Group Fin inancial Perfo formance

CONSOLIDATED P&L (THB MN MN) FY FY 18/1 /19 FY FY 17/1 /18 FY FY 16/1 /17 Operating revenues 47,923 14,102 8,606 Accounting revenues 48,947 15,107 9,618 Operating expenses 40,054 8,325 4,143 EBITDA 6,876 7,571 4,114 Operating EBITDA(1) 6,106 4,089 2,928 Recurring Net Profit 3,248 2,508 1,417 Net income(2) 2,873 4,416 2,003 DEBT INFORMATION (THB MN MN) 31 31-Mar-19 19 31 31-Mar-18 18 31 31-Mar-17 17 Interest bearing debt 72,474 47,169 38,310

Adj. net debt (5)

53,784 17,129 6,051 KEY FI FINANCIAL RAT RATIOS FY FY 18/1 /19 FY FY 17/1 /18 FY FY 16/1 /17 Profitability ratios (%) Gross operating profit margin 16.4% 41.0% 51.9% SG&A to operating sales ratio 5.3% 17.3% 24.6% Accounting EBITDA margin 13.9% 42.3% 41.2% Operating EBITDA margin(1) 12.7% 29.0% 34.0% Recurring net profit margin (%) 9.8% 23.4% 25.0% Liquidity ratio Current ratio (times) 0.51x 0.95x 1.38x Leverage (Times) Total liability to total asset 0.64x 0.56x 0.52x Total liability to total equity 1.77x 1.29x 1.07x Interest bearing debt to equity 1.39x 1.02x 0.85x

Adj. net debt(5) to equity

1.03x 0.37x 0.13x

Adj. net debt(5) to recurring EBITDA

7.43x 3.02x 1.72x Interest coverage(3) 3.70x 3.31x 4.55x Per share ratios Book value per share (THB) 4.40 3.91 3.82 Dividend yield (4) 3.98% 3.95% 4.00%

14,102 47,923 4,875 1,221 (279) 663 FY17/18 Mass Transit Media Property Services FY18/19 (44)% )% 148% 31% 354% (THB mn)

Business Units Rev Revenue Contribution (%) EBITDA Contribution* * (%) Mass Transit 86% 65% Media 11% 34% Property 1% (0.3)% Services 2% 0.4% Total (THB mn) 47,923 6,106**

SLIDE 36

Prepared by BTS TS Group IR

2,574 4,237 9,112 41, 1,328 FY 15/16 FY 16/17 FY 17/18 FY 18/19 36 36 492 743 449 1,11 112 FY 15/16 FY 16/17 FY 17/18 FY 18/19 897 617 639 360 FY 15/16 FY 16/17 FY 17/18 FY 18/19 2,318 3,010 3,902 5,12 123 FY 15/16 FY 16/17 FY 17/18 FY 18/19

MEDIA PROPE PERTY TY SERVI VICES MASS TR TRANSIT

FY 2018/19:-

Construction revenue for Pink & Yellow Lines: THB 30.7bn
Services revenue from provision of E&M works & train: THB 6.1bn
O&M Revenue: THB 2,277mn
Share of net profit from investment in BTSGIF: THB 898mn
Mass Transit related Interest Income: THB 1,078mn

FY 2018/19:-

OOH Media revenue: THB 3,841mn
Digital Services business: THB 1,282mn

FY 2018/19:-

Commercial Property revenue : THB 332mn
Residential Property revenue: THB 28mn

FY 2018/19:-

HHT revenue : THB 911mn
BPS and Rabbit Rewards: THB 201mn

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 46,364 52,150 36,971 50,370 22,923 41,794

31 Mar 18 31 Mar 19 Total shareholders' equity Total non-current liabilities Total current liabilities

144,315 106,258 84,591 123,186 21,667 21,129

31 Mar 18 31 Mar 19 Total non-current assets Total current assets

144,315 106,258 Cash 31 Mar 18: THB 9.5bn 31 Ma Mar r 19: TH THB 4.0bn bn Cash & liquid investment 31 Mar 18: THB 30.1bn 31 Ma Mar r 19: TH THB 18.7b .7bn Curre rent Investments 31 Mar 18: THB 5.7bn 31 Ma Mar r 19: TH THB 7. 7.7b 7bn Long-Te Term rm Investments 31 Mar 18: THB 15.9bn 31 Ma Mar r 19: TH THB 14.6 .6bn 80% 20% 15% 85% 29% 36% 35% 44% 21% 35%

FY FY 2018/19: 1.

1.39x

FY 2017/18: 1.02x

Gross Deb Debt to Equity

FY FY 2018/19: 1.

1.03x

FY 2017/18: 0.37x

Adjusted Ne Net Deb Debt* * to Equity

FY FY 2018/19: 7.

7.43x

FY 2017/18: 3.02x

Adjusted Ne Net Deb Debt* * to Recurr rring EBI BITDA

FY FY 2018/19: 3.7

3.70x

FY 2017/18: 3.31x

Int nterest Co Covera rage

FY FY 2018/19: 0.

0.51x

FY 2017/18: 0.95x

Curr Current Ra Ratio

ASS SSETS S BREA BREAKDOWN LIAB LIABIL ILITIES S AND ND EQ EQUITY BR BREA EAKDOWN KEY KEY RA RATI TIOS

37 37

Fin inancial Posit sition as as of f 31 31 Mar arch 20 2019

1 Comprised of 34% floating-rate debt and 66% fixed-rate debt, with an average cost of debt of 3.5% as of 31 Mar 19 2Adjusted Net Debt = Interest Bearing Debt – Cash and Cash Equivalent and Liquid Investment

(THB mn) (THB mn) BTS Gro roup Investor r Pres Presentation Section 4: Financial Summary

Gross Deb Debt 31 Mar 18: THB 47.2bn 31 Ma Mar r 19: TH THB 72 72.5 .5bn1 Ad Adjusted Net Deb Debt2 31 Mar 18: THB 17.1bn 31 Ma Mar r 19: TH THB 53.8 .8bn **** **** Issued Or Ordinary ry Share res 31 Mar 18: 11,940.4mn 31 Ma Mar r 19: 11, 1,845.4 .4mn

SLIDE 38

Prepared by BTS TS Group IR

38 38

THB THB 1.

1.5 - 1.9 1.9bn

bn

Mass transit-related interest income

THB THB 27

7 - 33 33bn

bn THB THB 0.7

.7bn

bn THB THB 23

23 - 27 27bn

bn

Pink and Yellow Lines Construction revenue

THB THB 4

4 - 6bn

bn

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

4 4 - 5% 5%

Core Network ridership growth

THB THB 3.4

.4bn

Train O&M revenue

THB THB 6.0

.0-6.2bn

bn

VGI Revenue

40 40 - 45%

VGI EBITDA margin

20 20 - 25%

VGI NPAT margin

≥ 20%

U City EBITDA margin

THB THB 350

350mn

mn

BTS Group Property Revenue

THB THB 7.

7.2 - 7.5 7.5bn

bn

U City Revenue

BTS GR GROUP TARGETS CAPEX: THB 28 28-34BN MA MASS TRANSIT PROPERTY ME MEDIA

THB THB 0.2

.2bn

bn

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

2019/20 BTS Group Targets and CAPEX EX

SLIDE 39

Prepared by BTS TS Group IR

1 2 3 4 5

Sec Sectio ion

SLIDE 40

Prepared by BTS TS Group IR

40 40 BTS Gro roup Investor r Pres Presentation Appendices

Appendix 1: 1: Media Market Overview

OOH and Onli line outperformed industry sp spending

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

OOH Traditional Online/ Digital Total

TRADITIONAL L CAGR1

1 =

= 0. 0.6% OOH CAGR1 = = 8. 8.8% ONL NLINE CAGR1 = = 58 58.7% IND INDUSTRY CAGR1 = = 3. 3.3%

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 – 2018 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 121bn Tra raditional Spending = THB HB 84bn OOH Spending = THB 14bn Online Spending = THB HB 17bn

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 994 1,040 1,088 1,134 1,184 1,235 1,322 1,401 2011 2012 2013 2014 2015 2016 2017 2018 19.2 22.4 26.5 24.8 29.9 32.6 35.4 38.3 2011 2012 2013 2014 2015 2016 2017 2018 56% 61% 60% 57% 58% 0% 10% 20% 30% 40% 50% 60% 70%

5,000 10,000 15,000 20,000 25,000

2014 2015 2016 2017 2018

1Q 2Q 3Q 4Q Average Take-up Rates (%) Total 58,42 424 Total 50,10 105 Total 34,666 Total 39,046 46 Total 66,021 7% 46% 42% 5% 2% 55% 35% 8% 2% 46% 37% 15%

5,000 10,000 15,000 20,000 25,000 30,000 35,000 Below THB 50,000 / sq.m THB 50,000 - 100,000 / sq.m THB 100,001 - 200,000 / sq.m THB over 200,000 sq.m Units 2016 2017 2018

BA BANGKOK CONDO LAUNCHES AVG. . PRICES AND ND TAKE KE-UP RA RATES BY DI DISTANCE TO O BTS TS

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

INT NTERNATIONAL TOURIST ARRIVALS IN N THA THAILAND GLOBAL INT NTERNATIONAL TOURIST ARRIVALS

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

CAGR

+4. 4.9%

CAGR

+10.3 .3%

Millions of Visitors

Appendix 1: 1: Property Market Overview

BTS Gro roup Investor r Pres Presentation Appendices 42 42

SLIDE 43

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 59 79 96 105 118 132 139 133 136 144 145 176 197 215 219 233 238 241 241 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 18/19 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

43 43

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)

18Y Farebox Revenue CAGR: 9.3% 18Y Ridership CAGR: 8.2%

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 44

Prepared by BTS TS Group IR STE TEC 15%

44 44

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 – Saphan Mai – 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 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 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 LAD PRAO – 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 45

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

Lad Prao - 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)

45 45

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 46

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

46 46

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 extension

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 (10 YRS RIDERSHIP CAGR 6%)

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

Farebox revenue CAGR: 9.

9.3% 3%

Ridership CAGR: 8.

8.2% GR GROWTH (18 8 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 (0.1)% YoY Fare +2.4% YoY

Apr pr 17 : Opening

f Samrong

Station Oc Oct 17 : Fare Increased Aug g 17 : 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 extension 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 Southern extension

SLIDE 47

Prepared by BTS TS Group IR

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 33% AVG FARE THB 32.6 30 30-DAY PAS PASS (ADULT)* 29% AVG FARE THB 27.4 PU PURSE (STV)* 32% AVG FARE THB 27.6 30 30-DAY PA PASS (STUDENT)* 5% AVG FARE THB 22.2 ON ONE-DAY PAS PASS 1% AVG FARE THB 36.8

47 47

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 2018/19)

THB / Trip * Counted as Rabbit (66%)

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 (2013/14 to 2018/19) = 1.9%
CAGR 13 yr (2005/06 to 2018/19)= 2.4%

Appendix 4: : Core Network Fare Adjustment

Flexibili lity y to increase fa fares

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 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

SLIDE 48

Prepared by BTS TS Group IR

48 48

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 DELIVERED BY FY 18/19 22 88 SIEMENS DELIVERED BY FY 19/20 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

64 tra train ins are currently ly in se servic ice fo for green line network

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 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 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

BTS Gro roup Investor r Pres Presentation Appendices 51 51

TR TRAIN MERCHANDISING STATION OF OFFICE BU BUILDING INS NSIDE-TRAIN

Appendix 8: 8: VGI I Products

BTS TS-Rela lated Media ia an and Bu Buil ildin ing Media ia Products

SLIDE 52

Prepared by BTS TS Group IR

52 52

BI BILLBOARD STREET FURNITURE AI AIRPORT T LED SCREEN AVIATION: : JET BR BRIDGE CR CREATIVE PRODUCTION

BTS Gro roup Investor r Pres Presentation Appendices

Appendix 8: : VGI I Products

Outdoor Media ia and Aviation Media ia Products

SLIDE 53

Prepared by BTS TS Group IR

53 53

TR TRANSIT MEDIA IN N MALAYSIA AVIATION MEDIA IN N MALAYSIA

BTS Gro roup Investor r Pres Presentation Appendices

Appendix 9: : MACO Products

Exp xpandin ing OOH Media ia internatio ionall lly

SLIDE 54

Prepared by BTS TS Group IR

Ho

Hote tels: Vienna House & Vienna House Easy and Eastin Grand Sathorn

Off

Office bui buildings: 33 Gracechurch and 6-14 Underwood St. UK

Service: Vienna International

Hotel Management

Under

r dev developing: The Unicorn and Mo Chit Complex

Roi

Roi Chak Chak Sam am

Lan

and d Ban ank: Sukhumvit, Suksawad, Khukot and Bang Krachao

REM REMAINING KEY ASSETS AT T BTSG TSG U CITY’S PROPERTY PORTFOLIO CONSIDERATION

Ho

Hote tels: U Sathorn, U Chiang Mai and U Kanchanaburi

Off

ffice Building: TST Tower

Services: Absolute Hotel

Services, Thana City and Tanayong Property Management

Inte

ternational School

Lan

and d Ban ank: Khao Yai and Ratburana

BTS-Sansiri JVs

AS ASSETS TRA TRANSFERRED FRO ROM UE

NE NET GAIN OF OF TH THB 1.9BN FROM EBT

Preferred Shares from: PP: 63,882mn shares (@THB 0.034/share) with U-W3 31,941mn units 54 54 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 Gro roup Investor r Pres Presentation Appendices

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

PRE EBT BT Tota tal Assets Val alue: : THB 12.2 .2bn

Appendix 10 10: Overview of f Property Restructuring

The Enti tire Bu Business Transfer (E (EBT) of f UE to U Cit ity

SLIDE 55

Prepared by BTS TS Group IR

55 55

TH THB 51.4 .4bn

FY FY 2018 RE REVENUE CO CONTRIBUTION 30 SEP 2018 BOOK VALUE BREAKDOWN Office THB 4.1bn 8.1% Hospitality THB 19.7bn 38.3% Land bank THB 8.0bn 15.5% 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 1 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.

64% 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 15.6bn 30.4%

TH THB 6,976mn

Office THB 282mn 4.0% Others* THB 685mn 9.8% Hospitality THB 6,009mn 86.1% * Includes property management revenue Alternative* THB 4.0bn 7.7% *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

SLIDE 56

Prepared by BTS TS Group IR

56 56

Appendix 12: U City’s Residential Property Overview

14 14 Proje jects SIRI-JV condominium launched with upcoming 3 projects in 2019 19

PARTN TNERS RSHIP ROADM DMAP 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

The LINE Jat atujak – Mo Ch Chit t Project value: THB 5,815mn

No. of units: 841

The LINE Sukh khumvit 71 71 Project value: THB 1,967mn

No. of units: 291

The LINE Rat Ratchathewi Project value: THB 2,851mn

No. of units: 231

The LINE Asoke ke-Ratchada Project value: THB 3,022mn

No. of units: 473

The BASE Gar arden Ram Rama 9 Project value: THB 2,336mn

No. of units: 640

The LINE Ph Phah ahon-Pradipat Project value: THB 5,890mn

No. of units: 981

2017

The BASE Ph Phetk tkasem 29 29 Project value: THB 2,012mn

No. of units: 640

The MONUMENT Thong Lo Project value: THB 6,258mn

No. of units: 127

The LINE Sat athorn rn Project value: THB 3,910mn

No. of units: 327

The LINE Sukh khumvit 101 Project value: THB 4,653mn

No. of units: 778

KH KHUN BY Y YOO Project value: THB 4,069mn

No. of units: 148

The LINE Won Wongsawang Project value: THB 4,776mn

No. of units: 1,288

The LINE NE Won

ngsawang

The LINE NE Sukhumvit 101 The LINE NE Jatu tuja jak-Mo

Ch

Chit

Fully transferred

The BASE Sap aphanmai Project value: THB 2,921mn

No. of units: 820

The LINE Ph Phah ahonyothin Park Park Project value: THB 4,961mn

No. of units: 880

2019

The LINE NE Sath thorn

The BASE Rat Ratchada-Thapra Project value: THB 3,050mn

No. of units: 1,037

VIA Sukh khumvit 34 34 Project value: THB 1,345mn

No. of units: 82

Yak ak Ph Phan ang Muan ang Project value: THB 1,842mn

No. of units: 315

Ready to move in New project To be transferred

BTS Gro roup Investor r Pres Presentation Appendices

SLIDE 57

Prepared by BTS TS Group IR

Appendix 13 13: BTS TS-W4 and BTS TS-W5 Term Sheets

Ticke ker BTS-W4 Term rm 1 year from the issuance date Issuance date date 30 November 2018 Expiry date date 29 November 2019 War Warrants pr price nil No.

No. of war

arrants 1,315,710,907 units Allocation To existing shareholders at the ratio of 9 existing BTS shares : 1 bts-W4 Exercise rat atio1 1 BTS-W4 to 1.1 new common share of BTS Exercise pr price THB 10.50 per share Expected max aximum pr proceeds THB 13.8bn Exercise per period Quarterly Pr Progress (as as of June 2019) 704.2mn units exercised, generating proceeds of THB 7.4bn, equivalent to 54% of maximum proceeds

BTS TS-W4 4 TER TERMS AND D CONDITIONS

57 57 Ticke ker BTS-W5 Term rm 1 year from the issuance date War Warrants pr price nil No.

No. of war

arrants Up to 1,319.61mn 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 18.5bn Exercise per period Quarterly

1Subject to shareholders’ approval, issuance of new warrants (BTS-W5) up to

1,319.6mn units, calculated based on the assumption that BTS-W4 Warrants (including the case of rights adjustment of BTS-W4 Warrants) and BTS-WC Warrants which are entitled to exercise are fully exercised. The number of shares with the right to receive BTS-W5 Warrants will be equivalent to 13,195.7mn shares.

BTS TS-W5 5 TER TERMS AND D CONDITIONS

BTS Gro roup Investor r Pres Presentation Appendices

SLIDE 58

Prepared by BTS TS Group IR

OPERA RATING RE REVE VENUE COMPARISON (YoY

Y)

INCOME STATEMENT (THB mn mn) FY FY 2018/19 FY FY 2017/18 % YoY 4Q 2018/19 4Q 2017/18 % YoY 3Q 2018/19 %QoQ Operating Revenue1 47,923 14,102 240% 10,033 3,574 181% 19,035 (47)% Gross operating profit 7,869 5,778 36% 2,270 1,652 37% 2,305 (2)% Operating EBITDA2 6,106 4,089 49% 1,719 1,154 49% 1,858 (7)% Recurring net profit – after MI 3,248 2,508 29% 967 810 19% 980 (1)% Accounting EBITDA 6,876 7,571 (9)% 1,736 3,367 (35)% 2,345 (6)% Net income (loss)3 2,873 4,416 (35)% 628 2,472 (75)% 1,189 (47)% Gross operating profit margin (%) 16.4% 41.0% 22.6% 46.2% 12.1% Accounting EBITDA margin (%) 13.9% 42.3% 16.9% 56.0% 12.0% Recurring net profit margin – after MI(%) 6.6% 16.0% 9.3% 19.6% 5.1% Operating EBITDA margin (%) 12.7% 29.0% 17.1% 32.3% 9.8%

P&L L SNAPSHOT FY Y 201 2018/19 OPERA RATI TING RE REVE VENUE BRE REAKDOWN

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

58 58

Appendix 14 14: 4Q an and FY 20 2018/19 Overview

86% 86% Mas ass Tra ransit 11% Media 1% 1% Pr Property 2% 2% Services

14,102 47,923 32,216 1,221 (279) 663

FY17/18 Mass Transit Media Property Services FY18/19 (44)% 4)% 148% 31% 354% 4%

(THB mn)

BTS Gro roup Investor r Pres Presentation Appendices

SLIDE 59

Prepared by BTS TS Group IR 9,458 (15,503)1 (17,596)2 27,757 (95) 4,0213

Begin inning cash (3 (31/ 1/3/18 18) CFO CFI CFF Others Ending ca cash (3 (31/ 1/3/19 19) (THB mn)

1 CFO included

Corporate income tax of THB 1.2bn
Net interest expenses of THB 1.1bn
Net investment for construction of the Pink and Yellow Lines of THB 10.6bn
Net investment for E&M works and trains procurement for the Southern and Northern Green Line extensions of THB 4.1bn

2 CFI included net investment for construction of the Pink and Yellow Lines of THB 14bn 3 Excluding liquid investments of THB 14.7bn

CFI CFI

Net

t investm tment for

r con
nstructio

ion of

f the Pink and

d Ye Yell llow lines of

f THB

THB 14.0bn

Net

t cash pa paid id for

r pu

purch chases of

f investm

tments in associa ciates of

f THB

THB 4.6bn, ma mainl inly y for

r an investment in

Kerry Expr press Th Thail iland d of

f THB

THB 5.0bn

Divi

vidend rece ceiv ived d of

f THB

THB 1.7bn 7bn and d Inte terest inco come of

f

THB THB 0.9bn

Net

t cash rece ceiv ived of

f THB

THB 0.4bn bn from

m sale

les of

f treasury

y investment

Appendix 14 14: FY 2018/19 Cash Flo low Snapshot

59 59 CFF CFF

An incr

crease in loa

ans from
m financia

ial l instit itutio ions and d B/ B/E of

f

THB THB 15.9bn ma main inly ly for

r the Pink & Ye

Yello low lines

Net

t cash rece ceiv ived of

f THB

THB 9.5bn bn from

m BTS

BTS debenture

Cash rece

ceiv ived of

f THB

THB 4.5bn bn from

m (i) STE

TEC and d RATC TCH (re. Pink and d Ye Yell llow line pr proje

ject

cts) ) of

f THB

THB 3.7bn 7bn and d (ii) ) non

n-

controlling interests for issuances of MACO’s ordinary shares vi via RO O of

f THB

THB 0.7bn 7bn

Net cash received from VGI’s group of THB 3.2bn from
m (i)

non

n-con
ntroll

lling g inte terests from

m the exe

xercis ise of

f VG

VGI warrants and d (ii) i) the issuance of addional VGI’s ordinary shares to

Kerry

y Expr press Th Thail iland

Divi

vidend pa paym yment of

f THB

THB 4.2bn

CFO CFO

Profit
fit be

before tax of

f THB

THB 4.4bn bn, dedu ducted by by

Non
n-cash reco

conci cili ling g ite tems of

f THB

THB 0.8bn bn

Changes in net

t wor

rking

g capit pital l of

f THB

THB 16.8bn (this this incl clude des net t investment in ma mass transit it pr proj

jects of
f THB

THB 14.7b 7bn)

BTS Gro roup Investor r Pres Presentation Appendices

SLIDE 60

Prepared by BTS TS Group IR Share in BTS TSGIF 2% 2% O&M O&M Co Constr structi ction re reve venue for r Pink k and Yellow Lines 74 74% Mass ss Tra Transi sit t re relate ted Inte terest t incom come 3% 3%

HIS HISTORICAL L OPERATING REV REVENUE (THB mn mn) ) KEY KEY FACTORS

The YoY rev

revenue growth of f 32.2bn or r 354% was mainly from

Construction rev

revenue for the Pink and Ye Yellow lines of THB 30.7bn

Interest

t income rel related to Mass ass Tran ransit rose by 114% or THB 576mn to THB 1,078mn

O&M rev

revenue increased by 29% or THB 515mn to THB 2,277mn, chiefly as a result of the full opening of Southern Green Line ext. in Dec 18 and the contractually agreed increase in the operating fee of the existing ext.

Cost rose by THB 30.6bn to THB 36.9bn largely from the recognition of

construction cost for the Pink and Yellow Lines

Operating EBI

BITDA mar argin was 10.9% (31.5% in FY 2017/18)

OPE PERATING PER PERFORMANCE

MA MASS TRA TRANSIT (THB THB mn mn) FY FY 20 2018 18/19 19 FY FY 20 2017 17/18 18 %YoY 4Q 4Q 20 2018 18/19 19 4Q 4Q 20 2017 17/18 18 %YoY 3Q 3Q 20 2018 18/19 19 %Qo QoQ

Rev Revenue 41,328 9,112 354% 8,140 2,159 277% 17,120 (53)% Costs of revenue 36,868 6,274 488% 6,821 1,389 391% 15,750 (57)% Gross profit 4,460 2,837 57% 1,319 770 71% 1,370 (4)% Operating EBI BITDA 4,498 2,872 57% 1,332 779 71% 1% 1,378 (3)% Gross margin (%) 10.8% 31.1% 16.2% 35.7% 8.0% Operating EBITDA margin (%) 10.9% 31.5% 16.4% 36.1% 8.1%

OPE PERATING REV REVENUE BREA REAKDOWN

FY 2018/19

60 60

Appendix 14 14: Mass Transit

Servi rvices revenue from provision

f E&M

&M wo works ks & train pr procure rement for Green Line ext. 15% 5% 5%

468 452 452 565 807 252 228 244 239 187 234 193 242 289 354 1,205 926 1,524 2,183 1,451 11,777 13,616 5,325 14 16 228 15 4Q 17/18 1Q 18/19 2Q 18/19 3Q 18/19 4Q 18/19 Others Construction revenue for Pink and Yellow Lines Services revenue from provision of E&M works & train procurement for Green Line ext. Mass Transit related interest income Share of net profit in BTSGIF * Comprised of (i) Services revenue from provision of E&M works for Gold Line and (ii) Farebox from BRT

Ot Others rs* 1% 1%

*

BTS Gro roup Investor r Pres Presentation Appendices

SLIDE 61

Prepared by BTS TS Group IR

HI HISTORICAL L OPERATING REV REVENUE (THB mn mn) ) KEY KEY FACTORS

Al

All-time high rev revenue of THB 5,123mn, an increase of 31% YoY driven by

rganic growth in the OOH media segment and higher revenue from

Digital Services segment

OOH Me

Media rev revenue* * rose by 8% YoY to THB 3,841mn largely from encouraging growth in all business units

Digital Ser

ervices Business rose sharply by 273% YoY to THB 1,282mn mainly due to the eight-month consolidation of Trans.Ad Group, higher revenue from Rabbit Group and the increase in average number of policies sold

Costs

ts increased by 56% YoY to THB 1,234mn primarily due to the eight- month consolidation of Trans.Ad Group

Operating EBI

BITDA mar argin declined YoY to 45.5% (50.6% in FY 2017/18) 46% BTS – Re Related Media 21% Outd tdoor Media ME MEDIA (THB mn mn) FY FY 2018/19 FY FY 2017/18 %Yo YoY 4Q 4Q 2018/19 4Q 4Q 2017/18 %Yo YoY 3Q 3Q 2018/19 %QoQ Operating revenue 5,123 3,902 31% 1,382 1,107 25% 1,460 (5)% Costs of revenue 1,919 1,234 56% 558 321 74% 596 (6)% Gross profit 3,204 2,668 20% 824 786 5% 864 (5)% Operating EBI BITDA 2,332 1,976 18% 575 529 9% 9% 632 (9)% Gross margin (%) 62.5% 68.4% 59.6% 71.0% 59.2% Operating EBITDA margin (%) 45.5% 50.6% 41.6% 47.8% 43.3%

FY 2018/19

OPE PERATING PER PERFORMANCE OPE PERATING REV REVENUE BREA REAKDOWN

61 61

Appendix 14 14: Media

8% 8% Off ffice Buildings and Oth thers 25% 25% Digital

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

1,020 990 909 965 1,047 87 87 296 495 335

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

Digital Services Media OOH

BTS Gro roup Investor r Pres Presentation Appendices

SLIDE 62

Prepared by BTS TS Group IR

Re Residential 8% 8%

HI HISTORICAL L OPERATING REV REVENUE (THB mn mn) ) KEY KEY FACTORS

Operating revenue was THB 360mn, mainly from commercial property

which decreased by 46% YoY, primarily attributable to the deconsolidation

f the majority of BTS property business as a result of the EBT of UE to U

City in 4Q 17/18

Shar

are of net t loss fro rom investment in U Ci City ty, our associate, of THB 80mn (THB 505mn loss in FY 2017/18) as U City recognised lower loss on impairment of assets, improved operating performance of hotel business in Europe and the transfer progress of Sansiri-JVs

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

reducing by 37% YoY or THB 153mn to THB 261mn.

OPE PERATING PER PERFORMANCE

PR PROPERTY TY (TH THB mn mn) FY FY 2018 18/19 19 FY FY 2017 17/18 18 %YoY 4Q 4Q 2018 18/19 19 4Q 4Q 2017 17/18 18 %YoY 3Q 3Q 2018 18/19 19 %Qo QoQ

Operating Revenue 360 639 (44)% 107 160 (33)% 85 27% Costs of revenue 261 413 (37)% 41 105 (61)% 79 (48)% Gross profit 99 226 (56)% 66 54 22% 6 977% Operating EBI BITDA (22) (4) 460% 23 (5) (17)% (24) (4)% Gross margin (%) 27.6% 35.3% 61.9% 34.1% 7.3% Operating EBITDA margin (%) (6.1)% (0.6)% (21.0)% (3.3)% (27.8)%

OPE PERATING REV REVENUE BREA REAKDOWN

FY 2018/19

NOT OTE: : Property operating performances exclude share of profit/(loss) from investment in BTS-SIRI JVs, U City and Bayswater.

62 62

Appendix 14 14: Property

92% 92% Comm Commercial & Oth thers

160 80 87 85 107

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

Operating revenue

BTS Gro roup Investor r Pres Presentation Appendices

SLIDE 63

Prepared by BTS TS Group IR

Appendix 14 14: Mass Transit Update

FY Y 2018 18/19 Core Netw twork rid iders rship

63 63

Hi Historic ical l Ridership ip & & % Gr Growth th (YoY) Hi Historic ical l Average Fare & & % Gr Growth (YoY)

*Excluding the impact of free-trip allowance to passengers from train services disruption

218.7 232.5 238.0 241.2 241.0 1.9% 6.3% 2.4% 1.3%

0.1

.1%

150.0%
140.0%
130.0%
120.0%
110.0%
100.0%
90.0%
80.0%
70.0%
60.0%
50.0%
40.0%
30.0%
20.0%
10.0%

0.0% 10.0% 20.0% 30.0%

50.0

100.0 150.0 200.0 250.0 300.0 350.0

2014/15 2015/16 2016/17 2017/18 2018/19 Total Ridership (mn trips) Ridership Growth (% YoY)

26.9 27.5 27.9 28.3 29.0* 1.6% 2.4% 1.3% 1.4% 2.4%

150.0%
140.0%
130.0%
120.0%
110.0%
100.0%
90.0%
80.0%
70.0%
60.0%
50.0%
40.0%
30.0%
20.0%
10.0%

0.0% 10.0% 20.0% 30.0% 15.0 17.0 19.0 21.0 23.0 25.0 27.0 29.0 31.0 33.0 35.0

2014/15 2015/16 2016/17 2017/18 2018/19 Average fare price (THB) % Change YoY

Ann

nnua ual riders rship slightly declined 0.1% YoY to 241.0mn trips

Ann

nnua ual average we weekday riders rship of 744,513 trips, +0.1% YoY

Far

arebox rev revenue ue grew 2.3% YoY to THB 7.0bn

Ann

nnua ual far are increased 2.4% YoY to THB 29.0 per trip

Ke

Key fact ctor: : Promotional adjustment of stored-value card in April 2018

BTS Gro roup Investor r Pres Presentation Appendices

SLIDE 64

Prepared by BTS TS Group IR

Appendix 14 14: Mass Transit Update

Progress of f BTS se secured lines

64 64 Included in Masterplan 17 Oct 18 Included in Masterplan 17 Oct 18 NTP issued 29 Jun 18 NTP issued 29 Jun 18

*Sources: Information was from MRTA and the Company’s report as of 30 April 2019, except for E&M for Northern Green Line ext. and Gold Line which were as of 30 May 2019

NOR ORTHERN GRE REEN LINE EXT. XT. (Mochit - Khukot) 18.2km/ 16 stations PI PINK LINE (Khae Rai – Min Buri) 34.5km/ 30 stations YELLOW LINE (Ladprao - Samrong) 30.4km/ 23 stations

FY 17/18 FY 18/1 /19 FY 19/2 /20 FY 20/2 /21

Targeted 1st station: (Aug 2019) Targeted full Operation (2020)

Contract Signed

FY 21/2 /22

Targeted

peration

(Oct 2021) Targeted

peration

(Oct 2021)

Contract Signed

Construction Period Construction Period Construction Period

10 100%

PI PINK LINE (EXTENSION) (Sirat – Muengthong Thani) 3.0km/ 2 stations

YELLOW LINE (EXTE TENSION) (Ratchada - Ratchayothin) 2.6km/ 2 stations GOLD LINE PH PHASE 1 (Krung Thon Buri – Klong San) 1.8km/ 3 stations

Targeted

peration

(by Sep 2020) O&M contract Signed (31 Jul 18) Construction Period

34% 34% 20 20% 19 19% 33% 33% 34% 34% 20% 20%

Ci Civil E&M Progress (%)* %)*

27% 27%

BTS Gro roup Investor r Pres Presentation Appendices

SLIDE 65

Prepared by BTS TS Group IR

Sources: MRTA, the Company

FY 17/18 FY 18/1 /19 FY 19/2 /20 FY 20/2 /21 FY 21/2 /22 WESTERN GREEN LINE EXT.

(Bang Wa – Taling Chan) 7.0km/ 6 stations Targeted Full operation Targeted Full operation Expected open bid/ award Expected open bid/ award

LRT

(Bangna - Suvarnabhumi) 18.3km/ 14 stations

GREY LINE PHASE 1

(Watcharaphon - Thonglo) 16.3km/ 15 stations

OR ORANGE LINE

(Min Buri – Taling Chan) 39.6km/ 29 stations Expected open bid/ award Expected open bid/ award Targeted Full operation Targeted Full operation

FY 22/2 /23

Construction Period Construction Period Construction Period Construction Period 65 65

Appendix 14 14: Mass Transit Update

Progress of f BTS ta targeted lines

BTS Gro roup Investor r Pres Presentation Appendices

SLIDE 66

Prepared by BTS TS Group IR

Appendix 14 14: Mass Tra

ransit Update

Progress of f new new tra rain ins deli livery

66 66

 14 trains arrived  Another 8 trains will be completely delivered by 2019  First batch arrived in 1H 2019  The remaining will be completely delivered by 2020

BTS Gro roup Investor r Pres Presentation Appendices

SLIDE 67

Prepared by BTS TS Group IR

Appendix 14 14: Media Update

VGI’s acquis isitio ion of f 18 18.6 .6% in PlanB

67 67

Th The Busin siness Col Colla labo boration ion of f the Top

p Play

ayers in Out-of

f-home Medi

dia Segm gment

TRA TRANSACTION SUMMARY % of investment 18.6% of total shares 1. 9.5% from existing shareholders 2. 9.1% from newly issued ordinary shares To Total share res acquisition Total of 721.8mn shares 1. 368.8mn shares from existing shareholders 2. 353.0mn shares from PLANB’s newly issued ordinary shares Ac Acqu quisition pr price THB 6.40 per share To Total investment THB 4,619.6mn Sourc rce of fund: Cash of THB 2,900mn and Loan THB 1,700mn PR PRE SHAREHOLDING G STRUC TRUCTURE

RE

1Includes 1) PlanB Investment Holding Limited, 2) Outdoor Media Investment

Limited and 3) PT Elang Mahkota Teknologi TBK

Mr. Palin

Lajanagosin Group1

Dr. Pinijsorn

Luechaikajohnp an Group Public 49.6% 10.3% 40.1%

PO POST T SHAREHOLDING STR TRUCTURE

Total shares of 3,882,568,101 shares

Mr. Palin

Lajanagosin Group

Dr. Pinijsorn

Luechaikajohn pan Group Public 43.6% 6.4% 31.4% 18.6% Total shares of 3,529,607,365 shares

RA RATI TIONALE

Consolidate OOH media market with more than 12bn of media

inventory

Apply “unique Offline-to-Online marketing solutions” from a completed

OOH journey to data optimisation with engaging entertainment content, driving down to conversion on payment and loyalty platforms

Centralise for cost savings including leverage proprietary system or
technology. Hence, more overall cost efficient.
Improve competitive positioning in THB 100bn media industry

MA MANAGE GEMENT T AN AND CON ONTR TROL

No change in Management to avoid conflict of interest
1 of 9 board representative from VGI

BTS Gro roup Investor r Pres Presentation Appendices

SLIDE 68

Prepared by BTS TS Group IR

Appendix 14 14: Media Update

VGI’s partnersh rship ip with Anymin ind Group

68 68

Opportunity to leverage ‘Ai Technology’ and Online Platform to deliver Highly Targeted Offline and Online Advertising

TRA TRANSACTION SUMMARY RA RATI TIONALE AN AND D SYNERGI GIES OF OF TH THE JOI OINT VE VENTURE Step 1: Investment in An AnyM yMind Group (“An AnyM yMind”) % of investment Invested 2.26% in Series B-1 fund raising To Total investment USD 5mn (or around THB 165mn) Step 2: Establish JVC VCo namely “VGI An AnyM yMind Technology Co., Ltd.” % of holding 49% by VGI and 51% by AdAsia (Thailand) Re Registere red capital: USD 0.03mn (or THB 1mn) Sourc rce of fund: Working Capital

Leveraging AnyMind platform product including online advertising and

influencer marketing into VGI O2O Solutions offering to provide better performance for our clients

Developing out-of-home programmatic media platform by using

Anymind’s technology and VGI’s digital out-of-home media assets to increase effectiveness of out-of-home media platforms in terms of reaching the targeted customers at the right time

Leveraging AnyMind Technology platform to better organise, analyse

and mobilise Rabbit data network in Offline to Online campaign SHAREHOLDING STRUC TRUCTURE 99.9% 100% 49% 51% 2.26% AnyMind Group Founders Series A & B investors AdAsia Holdings (Singapore) AdAsia (Thailand) Others entities VGI AnyMind Technology CastingAsia (Singapore) TalentMind (Singapore)

BTS Gro roup Investor r Pres Presentation Appendices

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Prepared by BTS TS Group IR

Appendix 14 14: Media Update

VGI’s partnersh rship ip with I-Cli lick Interactive Asia sia Group

69 69

Enhan ance Li Limit itle less Cr Cros

ss Bor
rde

der Mark arketin ing Oppor pportunit itie ies Th Throu

ugh

gh a a Suit ite Of f Mobi

bile

le an and d New Media dia Produ

ducts

TRA TRANSACTION SUMMARY

Esta tablish JVCo namely “V-Click Technology Company Limited” % of f holding 49% by iClick, 30% by VGI and 21% by other investors Reg Registe tered cap capital: THB 90mn Source of f fund: Working Capital 30% V-Click Technology 49%

SHAREHOLDING STRUC TRUCTURE

RAT RATIONALE AN AND SYN YNERGIES OF THE JO JOINT VENTURE

Capturing advertising opportunity in China market
Appointing VGI as a sales agent of the JVCo to become the regional cross

border advertising solution distributor

Generating cross border marketing opportunities through mobile and new

media products, including:-

China Solutions: helping clients to gain insights of more than

780mn Chinese consumer profiles and providing the efficient way to acquire the right consumers, especially Chinese travelers.

O2O Solutions: launching 10,000 new mobile charging stations with

LED display, which will be placed throughout VGI’s network across Thailand such as BTS SkyTrain stations and Kerry Express’s distribution centers.

Mo

Mobile Ap Application: developing AI-powered mobile application that generates personalised digital content based on users’ interests and preferences, allowing brands to target consumers more effectively. PO POTENT NTIAL PA PARTNE RTNERS RS

Chinese search engine Game Online Operator Travel service provider Instant messaging service

Other Investors 21% BTS Gro roup Investor r Pres Presentation Appendices

SLIDE 70

Prepared by BTS TS Group IR

Appendix 14 14: Media Update

VGI’s broaden use ser-based fr from Ra Rabbit and Kerry netw twork exp xpansion

70 70

RABBIT LIN LINEPAY

Rabbit LinePay serves more than 5.5mn users, an increase of 83.0% YTD

Partnership with AIS

2.9 3.1 3.2 3.4 3.8 4.2 4.5 4.7 4.9 5.1 5.2 5.3 5.5

Single e-wallet with BTS and Rabbit Card & Rabbit LinePay

+83.0% YTD

RABBIT CARD

Rabbit Card circulation reached 11.0mn, increased by 23.2% YTD

9.0 9.1 9.2 9.3 9.4 9.6 9.8 9.9 10.1 10.3 10.6 10.8 11.0

+23.2% YTD

KE KERRY PARCEL SH SHOP KE KERRY TRUCK

BTS Gro roup Investor r Pres Presentation Appendices

SLIDE 71

Prepared by BTS TS Group IR

Appendix 14 14: Property Update

Disposal l of f th the investment in Ba Bays yswater JV JV to CPN, worth THB 7. 7.7bn

71 71

Tran ansact ction Disposal of the investment in Bayswater Co., Ltd. Rat Rationale To generate profit and to use proceeds for other businesses, projects or working capital of the Company Seller The Company Bu Buyer Central Pattana Public Company Limited (CPN) Val alue of Disposed Inv nvestment nt THB 7,699mn Amount t of Shar ares to be Di Disposed 50,000 ordinary shares (50% of total shares) at par value of THB 100 per share Asset De Details Land 48 – 3 – 12.8 Rai (78,051.2sqm) Ownership: Freehold BTS TS Proximity 200m from Phahon Yothin 24 Station (N10 of Northern Green Line extension)

BTS Gro roup Investor r Pres Presentation Appendices

SLIDE 72

Prepared by BTS TS Group IR

Appendix 14 14: Property Update

U’s disposal l of f th the investment in Mochit Land to STEC, worth THB 4.3 .3bn

Tran ansact ction Ordinary Shares Disposal of Mo Chit Land Company Limited Seller U City PLC (BTS Associates) Bu Buyer Sino-Thai Engineering and Construction PLC (STEC) Total Price THB 4,320mn Am Amount t of Shar ares to be Di Disposed 29,550,000 ordinary shares (100% of total shares) at par value of THB 27.25 per share Asset De Details Land and commercial buildings (Shop house) in amount of 63 plots 11-0-40.7 Rai (4,440.7 Sq.Wah) Pay ayment Terms 1st installment: 1 November 2019 THB 1,300mn (transfer date) 2nd installment: 1 November 2020 THB 1,000mn 3rd installment: 1 November 2021 THB 1,000mn 4th installment: 1 November 2022 THB 1,020mn Shar ares Tran ransfer r Da Date 1 November 2019

72 72 BTS Gro roup Investor r Pres Presentation Appendices

SLIDE 73

Prepared by BTS TS Group IR

Appendix 14 14: Property Update

U’s acquisition of hotels portfolio in Germany and Switzerland

73 73

17 17 Ex Exis isti ting ope

peratin

ing leased ho hotels ls and 2 2 ne new ho hotels ls ope

pened in

n 20 2020 - 20 2022

Tran ansaction Acquisition of 12 companies’ ordinary shares in Germany and Switzerland

Signing date: 30 April 2019
Completion date: 31 May 2019

Pur urch chaser Vienna House Germany II GmbH

Subsidiary in Germany in which the Company

indirectly holds 100 percent of shares Seller Arcona Management GmbH Asset De Details Operating lease rights of: 17 existing hotels (1,792 keys)

Currently operate under arcona, arcona Living and

Steigenberger brands

The number of rooms are ranging from

47 rooms to 180 rooms 2 new projects (251 keys)

Expected to be completed in 2020 and 2022

As Asset Cu Curr rrent Loca cation

16 destinations in Germany
1 destination in Switzerland

Total Pur urch chase Pric rice EUR 24.7mn (approx. THB 890.5mn1)

1Reference is made to the foreign exchange rate of EUR and Baht currency according to the Notification

f the Bank of Thailand as of April 30, 2019, of which EUR 1 is equivalent to Baht 36.0522.

A

Hotels under Vienna House portfolio Hotels under Arcona portfolio

Berlin in Leip ipzig Mun Munic ich Dre Dresden Amberg Bad Oeynhausen Braunsc nschweig ig Castrop-Rauxel Coburg Günzburg Landsberg Lim imberg Ne Neckarsulm lm Trie ier Wup uppertal Rostock Wismar

A A

Strals lsund Greif ifswald

A A A A

Po Potsdam

A

Bremen

A

Osna nabruck

A A

Wetzlar

A

Eisenach

A Bremen

Schaffhausen

A

Baden Baden

A Stuttgart A

Ma Mannheim im

A A A A

Tot

tal

l acqu acquir ired d keys

2,0 ,043

BTS Gro roup Investor r Pres Presentation Appendices

BTS GROUP HOLDINGS PCL

IR IR Contact ct

Dis isclaimer

Contents

2 3 4 5

1

BTS Group Overview

Strategy an and 5-Year Growth Tar argets

31%

29%

Ban angkok Rai ail Mas ass Transit Market Overview

Bangkok Rail il Mass Transit Network Immature network, 176

Contents

1 3 4 5

2

BTS TS Lin ines

BTS Lin ines

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

BTS Targeted Lin ines

Tim imeline of f Upco coming Lin ines and CAPEX EX

In Infrastructure Project

Rail il Mass Transit Project

BTS 5-year Target of f Netw twork Exp xpansion

400km

215km

176km

Contents

1 2 3 4 5

Media Evolution

Well ll-Divers rsified Media Portfo folios

Advertising: Soli lid Growth Opportunities

5-6x

Payment: Synergy betw tween VGI I and Rabbit

Logistics: Last Mile iles Deli livery Services

125X

VGI’s acquisition and partnership

Contents

1 3 4 5 2

Property Portfo folio

U City’s Property Overview

Contents

2

Services Busi siness

Contents

1 2 4 5 3

BTS Group His istory

Busi siness Organisation and Shareholdin ing Str tructure

BTS Group Share In Info formatio ion

BTS Group Share In Info formatio ion

Contents

1 2 3 5 4

BTS TS Group Fin inancial Perfo formance

Operating Revenue by Busi siness Unit its

Fin inancial Posit sition as as of f 31 31 Mar arch 20 2019

2019/20 BTS Group Targets and CAPEX EX

Contents

1 2 3 4 5

Appendix 1: 1: Media Market Overview

Appendix 1: 1: Media Market Overview

4X 4X

Appendix 1: 1: Property Market Overview

Appendix 2: : BTS Network

Appendix 2: : BTS Network

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

Appendix 3: : Core Netw twork Rid iders rship

Appendix 4: : Core Network Fare Adjustment

Appendix 5: : Rolli lling Stocks

Appendix 6: : Mass Transit Eco conomic profi file

Appendix 7: : Gold ld Lin ine Phase 1 1

Appendix 8: 8: VGI I Products

Appendix 8: : VGI I Products

Appendix 9: : MACO Products

Appendix 10 10: Overview of f Property Restructuring

Appendix 11: U City’s Overview

Appendix 12: U City’s Residential Property Overview

Appendix 13 13: BTS TS-W4 and BTS TS-W5 Term Sheets

Appendix 14 14: 4Q an and FY 20 2018/19 Overview

Appendix 14 14: FY 2018/19 Cash Flo low Snapshot

Appendix 14 14: Mass Transit

Appendix 14 14: Media