[PPT] - BTS GROUP HOLDINGS PCL INVESTOR PRE RESENTATIO ION OCTOBER 201 PowerPoint Presentation

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BTS GROUP HOLDINGS PCL

INVESTOR PRE RESENTATIO ION

OCTOBER 201 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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2 3 4 5

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MASS TRANSIT 86% 86%

BTS Group Overview

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

MASS TR TRANSIT MED EDIA PROPE PERTY TY SERVI VICES

BTS Gr Group Hold Holdin ings PCL L (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 PERATING REVE EVENUE 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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BTS Group Overview

Our path towards su sustain inabili lity

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

gnitio

ion

E S G

BTS TS VALUE

Delivering Customer satisfaction Creating shareholder value Supporting sustainable growth Developing communities 5 BTS Gro roup Investor r Pres Presentation Section 1: BTS Group in Brief & Strategy & Outlook

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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 tr transit led stra 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) 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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7

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: : 51 515. 5.2KM IN N 20 2029 29, , 33 33% MARKE KET SHARE IN N 20 2037 37

Ban angkok Rail ail Mas ass Transit Market Overview

Aggressiv ive rai ail mar arket t sha share growth in Ba Bangkok

RA RAIL MASS TR TRANSIT MARKE KET SHARE1

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

Bangkok 13% 3% Hong Kong 49 49% Tokyo 48 48% Singapore 46 46%

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

BANGKOK MASS TRANSIT MARKET SHARE

515 15.2km in 2029

* Van, Ferry and Commuter train

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

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OPE OPERATING LINES: : 137.4KM KM, , 97 STATIONS BY 3 3 OPE OPERATORS

50.7 .7km

WEEKD KDAY RI RIDERSHIP MARKET SHARE IN N 20 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.

Ban angkok Rai ail Mas ass Transit Net etwork Immature network, 160km under construction

58.2km km 28.5 .5km

1.2 1.2mn trip

rips

TOTAL AVERAGE WEEKDAY RIDERSHIP

BTS

62 62%

741 741,056 trip ips 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 137.4km in 2019

Blue line : 34km km 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 (Southern) 12.6 9 Bearing – Kheha Extension Zone 2 (Northern) 17.8 16 Mo Chit - Khu Khot Gold 1.8 3 Krung Thonburi BTS Station – Khlong San Pink 34.5 30 Khae Rai – Min Buri Yellow 30.4 23 Lat Phrao – Sam Rong Tota tal 133.4 .4 115 115 10 10 BTS Gro roup Investor r Pres Presentation Section 2.1: Mass Transit Business

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

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

COR ORE NETW TWORK EXT.

XT. ZON

ONE 1 EXT.

XT. ZON

ONE 1 EXT.

XT. ZON

ONE 2 EXT.

XT. ZON

ONE 2 PI PINK YELLOW

Krung Thonburi BTS Station – Khlong San 1.8km

GOLD PH PHASE 1

BTS TS Lin ines

4 Lines - coverin ing a total l of f 13 133.4km by y 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 Khot O&M Contract 25 Years (2017 - 2042) Pi Pink: Khae Rai – Min Buri Yellow: Lat Phrao - Samrong PPP Net Cost with Subsidy 30 Years (2021 - 2051) BMA BMA BMA MRTA Length/ Stations 23.5km / 23 stations 12.8km / 11 stations 30.4km / 25 stations 64.9km / 53 stations

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

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

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

BTS Lin ines

Evolu lutio ion si since 19 1999

2018 18 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

Opening of the 1st Station

f Northern Green Ext. 2

Commencement Ti Time meline

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TH THB 13B 3BN GREEN BO BOND

12 12

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 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: Is Issuance 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 Bang Khun Non - Thailand Cultural Center 17.0km

13 13

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

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

NO. OF

OF STA TATION EX EXPECTE TED OP OPERATING

GREEN EXT. (WESTERN) BANG WA

TALING CHAN

BMA 7.0 6 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) BANG KHUN NON - THAILAND CULTURAL CENTER MRTA 17.0 12 2026

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

O. OF

OF STA TATION EXPECTE TED OP OPERATING

BLU LUE TAO POON - 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 2024 LIGHT RED RED BANG SUE – MAKKASAN – HUAMAK SRT 19.0 9 2024 LIGHT RED RED BANG SUE – TALING CHAN SRT 15.0 4 2021 PU PURPLE LE (SOUTHERN) TAO POON – RAT BURANA MRTA 23.6 17 2026 TOTAL 192.6

Under construction (including Northern Green Line Extension Zone 2 ,Gold Line, Pink and Yellow lines, totaling 159.6km under construction) 7 above-ground 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 FY 17/ 7/18 18 FY FY 18/19 19 FY FY 19/20 FY FY 20/21 1 FY FY 21/22 FY FY 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 FY 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 34.8 .8bn

14 14

FY FY 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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Mass Tra ransit Project

Intercit ity Motorway y - proje ject at t a glance

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

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

3Y 30Y

Design & Construction Operating & Maintenance (O&M)

Ma Max PV PV of Av Availability Pa Paym yment (AP AP)* )* per Cabinet: THB 33.2bn

M81: : Ban ang Yai ai – Ka Kanchanaburi

PPP Gross Cost 96km THB 27.8bn D/ D/E for CAP APEX Not exceed 3x during contract period Not exceed 3x during contract period Au Authori rity Department of Highways Department of Highways

BG BGSR JV JV

*comprises of (i) construction reimbursement and (ii) O&M revenue

40% 40% 10% 10%

Pr Proposed AP AP by y BGSR THB 21.3bn THB 17.8bn Equity y require rement

Before

re contra ract signing

Before

re opera ration THB 1.0bn THB 0.85bn THB 2.0bn THB 1.7bn

Scope of Wo Work rks

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

Toll Collection System
Traffic Management and Control System
Other infrastructure

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

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

Expected COD OD 2023 2023

Bang ng Pa Pa In In Nakhon n Ratchasima

196km 96 96km km

Bang ng Yai Kanc nchan anaburi

M 6 M 81 81

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In Infrastructure Project

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

3 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 16 16

Project ct De Details

45% 35% 20%

3 Years 47 Years Design & Build Operation and Maintenance

BBS

JV JV 2 3 4 1 5 6 7

PPP PP Project ct Sco cope

1. Passenger Terminal Building 3
2. Commercial Gateway
3. Cargo Village as a Free Zone
4. Cargo Complex
5. Maintenance, Repair 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 Best Bid Announcement October 2018 RFP selling period

Pack ackage ge 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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Prepared by BTS TS Group IR

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 17 17

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 FY 17/18 FY FY 22 22/2 /23 FY FY 19/ 9/20 FY FY 20 20/2 /21 FY FY 18/ 8/19 FY FY 21 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

160km

Lines under construction

BTS Targeted Li Lines

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1 2 3 4 5

Sec Sectio ion

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Media Evolution

From traditional advertising to “Offline-to to-Online Solutions”

19 19 199 999 2009 2012 2015 2017 2018 2019 2015 BANGKOK CE CENTRIC NA NATI TIONWIDE NETW NETWORK O2 O2O SO SOLU LUTIONS 2019

De Demo Power r Direct to consumer (40% stake) Ra Rabbit it Gr Group up Payment (90% stake2) Kerry rry Expre ress ss (Thaila iland nd) Logistics (23% stake) OOH H Partners rs Plan n B (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 (51.4% stake1) Established and was granted 30yrs BTS ad. concession

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

1 includes BTS shareholdings of 18.2% 2 comprises of 90.0% in Bangkok Smartcard System Co., Ltd. And 90.0% in BSS Holdings Co., Ltd.

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Prepared by BTS TS Group IR

Well ll-Divers rsified Media Portfo folios

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

ADV DVERTISING PAYM YMENT

51. 1.4%1 30.0% 40.0% 90.0%2 90.0%2 100.0%

COM OMPANY SEGM GMENT PL PLATF TFORM

No. 1

Transit Media

No. 1

Building Media No.1 Outdoor Media

No. 2

Aviation Media

No. 1

Activation Services The largest micro payment platform

LOGI GISTICS

23.0%

TRANS ANSIT BUILD LDING NG 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 ACTI TIVITY TY

BKK and nationwide, Thailand

18. 8.6%

OU OUTDO DOOR OR

PLA LAN B Nationwide, Thailand

BTS Gro roup Investor r Pres Presentation Section 2.2: Media Business 20 20 THB 4.7bn TH THB 483mn

AU AUDIENCE REAC REACH

2018 18/19 19 REVE VENUE3

18mn po pote tenti tial reach

2019 19/20 REVENUE TARGET

TH THB 6.0-6.2 .2bn

1 includes BTS shareholdings of 18.2% 2 comprises of 90.0% in Bangkok Smartcard System Co., Ltd. And 90.0% in BSS Holdings Co., Ltd 3 excluding revenue from Aero Media, Demo Power and Kerry Express Thailand of which are recognised as equity method

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Prepared by BTS TS Group IR

Advertising: Soli lid Growth Opportunities

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

21 21

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

Secured by BTS Targeted Lines Carriages Stations

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

FY FY 22 22/2 /23 FY FY 19/ 9/20 FY FY 20 20/2 /21 FY FY 18/ 8/19 FY FY 21 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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22 22

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 K BU 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 3mn 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 16m 6mn 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 11.5mn > 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 6.0mn >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

SLIDE 23

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

23 23 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 2C 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

SLIDE 24

Prepared by BTS TS Group IR

VGI’s acquisition and partnership

24 24 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 Tot Total sh share res s 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 So Source rce of fun und: 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. 8.6% IN N PLANB PARTNERSHIP P WITH ANY NYMIND GROUP PAR ARTNERSHIP WITH I-CLICK INT INTERACTIVE ASI ASIA GR GROUP

SLIDE 25

Prepared by BTS TS Group IR

1 3 4 5 2

Sec Sectio ion

SLIDE 26

Prepared by BTS TS Group IR

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

PROPERTY TY STRATEGY

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

Own Owners rs To Total Ar Area (Ra Rai) To Total Ar Area (sq.m .m) BTS TS Group PC PCL 484.0 782,966.0 U City y PC PCL 881.0 1,418,763.6 To Total 1,365.0 .0 2,201,7 ,729.6 .6

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

ATTRACTIVE LAN AND BAN BANK LAND: : OVE VER 670,0 ,000M² OF OPPO PPORTUNITY IN IN BA BANGKOK K ALONE

Data as of 30 Jun 19 BTS Commercial BTS Residential U City Recurring Income U City Residential BTS Group Land Bank U City Land Bank Pr Proje jects and nd Pr Properties Land Bank Pr Proje jects and nd Pr Properties a. The LINE Jatujak – Mochit b. The LINE Sukhumvit 71 c. The LINE Ratchathewi d. The LINE Asoke-Ratchada e. The BASE Garden Rama 9 f. The LINE Pradipat g. The LINE Sukhumvit 101 h. KHUN BY YOO i. The BASE Petkasem 29 j. The LINE Sathorn k. The LINE Wongsawang l. TST Tower Office Building m. U Sathorn Hotel n. Eastin Grand Sathorn Hotel

.

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

a f l d e c q r g h s m n i

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

j k

Ratburana & Suksawad 44.1 rai (7.6 ha)

p

b

t

Mochit 11.1 rai (1.8 ha)

HISTORICAL LAND TR TRADING UND NDER BTS GROUP

(THB mn)

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

Property Portfo folio

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

26 26

Land Bank: : Land Trading Opportunity with benefit from the ‘mass transit premium’ U City y PC PCL: : The Global Property Investment Vehicle for BTS Group

SLIDE 27

Prepared by BTS TS Group IR

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

27 27 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 Und nderwood 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 28,000* * 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 4 condominiums launched

* As of Jun 19, there were 11,707 keys are under operation

SLIDE 28

Prepared by BTS TS Group IR

2

Sec Sectio ion

SLIDE 29

Prepared by BTS TS Group IR

29 29 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

Se Services Busi siness

Str trategic ic su support and business incubator

SLIDE 30

Prepared by BTS TS Group IR

1 2 4 5 3

Se Sectio ion

SLIDE 31

Prepared by BTS TS Group IR

31 31

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

196 968

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

199 992

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)

20 2010

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

APR PR 20 2013

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

MAR 20 2018

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

199 991

Commercial

peration of the BTS

SkyTrain commenced

199 999

BTSC expanded into Media business through the acquisition

f 100% of VGI Co.,
Ltd. (VGI)

2009 2009

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

OC OCT 20 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 20 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 20 2017

BTSC signed the operating & maintenance (O&M) contract with KT; covers 30.8km of Green Line Northern and Southern extensions (Mo Chit – Khu Khot and Bearing – Kheha)

MAR 20 2017 SEP 20 2018

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

JUL 20 2018

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

SLIDE 32

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%

32 32

BTS BTS Grou

up Hol

Holding dings PCL

BTS Rail il Mass Transit nsit Growth Inf nfrastructur ure Fun Fund (BTSGI GIF) 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 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% 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 mo 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 (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 an and Sh 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 33

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

33 33

No less than 50% % of ne net t profit

DIV IVIDEND POLI LICY 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. 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 3bn 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 34

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)

34 34

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 35

Prepared by BTS TS Group IR

1 2 3 5 4

Sec Sectio ion

SLIDE 36

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

36 36 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 FY 18/ 8/19 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 KEY FIN FINANCIAL RAT RATIOS FY FY 18/19 FY FY 17/18 FY FY 16/17 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 Uni nits 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 37

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 37 37 492 743 449 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 SERVI VICES MASS 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 38

Prepared by BTS TS Group IR 52,200 65,394 50,405 67,630 41,794 38,713 31 Mar 19 30 Jun 19

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

171,737 144,400 123,271 130,973 21,129 40,764 31 Mar 19 30 Jun 19

Total current assets Total non-current assets

171,737 144,400

Cash 31 Mar 19: THB 4.0bn 30 Jun 19: THB HB 15.1bn bn Cash & liqu quid id investment 31 Mar 19: THB 18.7bn 30 Jun 19: THB HB 32.4bn bn Current Investm tments 31 Mar 19: THB 7.7bn 30 Jun 19: THB HB 8.7bn bn Lo Long-Term Investments 31 Mar 19: THB 14.6bn 30 Jun 19: THB HB 17.6bn bn

85% 15% 24% 76% 23% 38% 39% 36% 29% 35% 1Q 2019 19/20:

1. 1.32x

1Q 2018/19: 1.02x

Gro ross Debt to Equ quity

1Q Q 2019 19/20: 0.8

0.82x

1Q 2018/19: 0.39x

Adj djusted Ne Net Debt2 to Equ quity

1Q Q 2019 19/20: 6.5

6.52x

1Q 2018/19: 3.23x

Adj djusted Ne Net Debt2 to Re Recurring EBITDA

1Q Q 2019 19/20: 2.96x 1Q 2018/19: 3.67x

Inte terest Co Cover erage

1Q Q 2019 19/20: 1.05x 1Q 2018/19: 0.95x

Curr Current t Rat Ratio

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

38 38

Fin Financial Pos

sition as

as of f 30 Jun June 20 2019

1 Comprised of 23% floating-rate debt and 77% fixed-rate debt, with an average cost of debt of 3.6% as of 30 Jun 19 2Adjusted Net Debt = Interest Bearing Debt – Cash and Cash Equivalent and Liquid Investment

(THB mn) (THB mn)

Gros

ss Debt

31 Mar 19: THB 72.5bn 30 Jun 19: THB THB 86.1bn bn1 Adjus justed d Net t Debt2 31 Mar 19: THB 53.8bn 30 Jun 19: THB THB 53.7bn bn ***** ***** Issued d Or Ordina dinary y Shares 31 Mar 19: 11,845.4mn 30 Jun 19: 11,894. 4.3mn

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

SLIDE 39

Prepared by BTS TS Group IR

39 39

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 40

Prepared by BTS TS Group IR

1 2 3 4 5

Sec Sectio ion

SLIDE 41

Prepared by BTS TS Group IR

41 41 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 On Online Spending = TH THB 17bn

SLIDE 42

Prepared by BTS TS Group IR

42 42 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 43

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

+1 +10.3 .3%

Millions of Visitors

Appendix 1: 1: Property Market Overview

BTS Gro roup Investor r Pres Presentation Appendices 43 43

SLIDE 44

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

44 44

COR ORE NETW ETWORK: 23 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 45

Prepared by BTS TS Group IR STE TEC 15%

45 45

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

peration

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

peration

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

OWN OWNERSHIP STR STRUCTURE

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

EASTERN BANGKOK MONORAIL COMPANY LIMITED NORTHERN BANGKOK MONORAIL COMPANY LIMITED

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

BTS TS 75 75% RA RATC TCH 10%

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

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

EXT.

XT. ZON

ONE 2 EXT.

XT. ZON

ONE 2

KHAE RAI – MIN BURI 34.5KM

PI PINK YELLOW

Appendix 2: : BTS Network

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

BTS Gro roup Investor r Pres Presentation Appendices

SLIDE 46

Prepared by BTS TS Group IR COR ORE NETW ETWORK EXTE EXTENSION ZON ONE 1 EXTE EXTENSION ZON ONE 2 PI PINK & YEL ELLOW GOLD LINE PH PHASE 1 RO ROUTE TE

Da

Dark k Green Mo Chit – Onnut

Light Green

National Stadium - Saphan Taksin

Da

Dark k Green Onnut - Bearing

Light Green

Saphan Taksin - BangWa

Southern

rn Green Bearing - Kheha

Nort

rthern rn Green Mo Chit - Khu Kot

Pi

Pink k Khae Rai - Min Buri

Yellow

Lat Phrao - Sam Rong Krung Thonburi BTS Station

Khlong San District Office

DI DISTANCE & NO.

O. OF

OF STATI TATIONS 23.5km, 23 stations 12.8km, 11 stations 30.4km, 25 stations 64.9km, 53 stations 1.8km, 3 stations AU AUTHORITY TY BMA BMA BMA MRTA BMA CON ONTRACT ACT TY TYPE PE & CON ONTR TRACT LENGT GTH 30Y Concession Agreement (1999- 2042) 13Y O&M Contract (2029-2042) 30Y O&M Contract (2012 - 2042) 25Y O&M Contract (2017 - 2042) 30Y Concession Agreement (from 1st operation date) 30Y O&M Contract (from 1st operation date) INVESTM TMENT T SCHEME PPP Net Cost (1999-2029) O&M Contract (2029-2042) O&M Contract O&M Contract PPP Net Cost O&M Contract CAP APEX AN AND D FINANCING  = BTS TS INVESTM TMENT Civil:  E&M:  Rolling Stock: 

Pr

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

46 46

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 47

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)

47 47

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

INI NITIAL AL GRO GROWTH (3 YRS RIDERSHIP CAGR: 21

21%)

STABLE GROW GROWTH (5 YRS RIDERSHIP CAGR: 5%

5%)

FAS ASTER GROW ROWTH (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 48

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

48 48

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 49

Prepared by BTS TS Group IR

49 49

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 TRAINS (392 CARR CARRIAGES) 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 84 PR PROJE JECT RE REQUIRED D TRA TRAINS TOTA TOTAL CAR ARRIAGES FROM 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

67 7 tra train ins in se servic ice and 98 tra train ins are exp xpected to be fu full lly in se servic ice by y 2020

SLIDE 50

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

50 50

Appendix 6: : Mass Transit Eco conomic profi file

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

SLIDE 51

Prepared by BTS TS Group IR

E&M AND O&M SERVICES PRO PROVIDED BY Y BTSC 51 51

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 52

Prepared by BTS TS Group IR

Western n Or Orange Eas astern Or Oran ange Eas astern Or Oran ange Western n Or Orange EXPE PECTED TIMELI LINE

Appendix 8: : Targeted Rail il Mass Transit Lin ine

Ora range Lin Line – project at t a glance

52 52 2023 2023 Targeted Commercial Operation Date MAY 2017 Civil work construction of Eastern Orange began 2020 2020 Expect request for proposal (RFP) for Civil work construction of Western Orange & E&M, available for sale

Underground Stations Elevated Stations

ORANGE LINE E (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. . of Stat ations Thailand Cultural Center - Min Buri 22.6km 17 (10 aboveground and 7 underground)

* Western Orange civil works CAPEX

BTS Gro roup Investor r Pres Presentation Appendices

SLIDE 53

Prepared by BTS TS Group IR

BTS Gro roup Investor r Pres Presentation Appendices 53 53

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

Appendix 9: : VGI I Products

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

SLIDE 54

Prepared by BTS TS Group IR

54 54

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

BTS Gro roup Investor r Pres Presentation Appendices

Appendix 9: : VGI I Products

Outdoor Media ia and Aviation Media ia Products

SLIDE 55

Prepared by BTS TS Group IR

55 55

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 56

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 1.9B 9BN FR FROM EBT

Preferred Shares from: PP: 63,882mn shares (@THB 0.034/share) with U-W3 31,941mn units 56 56 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 57

Prepared by BTS TS Group IR

57 57

TH THB 51 51.4 .4bn

FY FY 2018 RE REVENUE CON 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, 6,976 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 58

Prepared by BTS TS Group IR

58 58

Appendix 12: U City’s Residential Property Overview

14 14 Proje jects SIRI-JV condominium launched

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

20 2015 20 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%

20 2018 20 2017

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

Fully transferred

Th

The LINE Jatujak – Mo Mo Chit

Project value: THB 5,815mn

No. of units: 841
Th

The LINE Sukh khumvit 71 71

Project value: THB 1,967mn

No. of units: 291
Th

The LINE Ra Ratchathewi wi

Project value: THB 2,809mn

No. of units: 231
Th

The BAS ASE Ph Phetka kasem 29 29

Project value: THB 2,011mn

No. of units: 640
Th

The MO MONUMENT Th Thong Lo

Project value: THB 6,381mn

No. of units: 127
Th

The LINE Sathorn rn

Project value: THB 3,910mn

No. of units: 327
The

The LINE As Asoke ke-Ratchada

Project value: THB 3,022mn

No. of units: 473
Th

The BAS ASE Gard rden Ra Rama 9

Project value: THB 2,336mn

No. of units: 640
Th

The LINE Ph Phahon-Pra radipat

Project value: THB 5,887mn

No. of units: 982
Th

The LINE Sukh khumvit 101

Project value: THB 4,653mn

No. of units: 778
KH

KHUN BY YOO OO

Project value: THB 4,066mn

No. of units: 148
Th

The LINE Wo Wongsawang

Project value: THB 4,763mn

No. of units: 1,288
Th

The BAS ASE Saphanmai

Project value: THB 2,919mn

No. of units: 820
Th

The LINE Ph Phahonyothin Pa Park rk

Project value: THB 4,969mn

No. of units: 880
Th

The BAS ASE Ra Ratchada-Th Thapra ra

Project value: THB 3,050mn

No. of units: 1,037

2022 2022

Th

The Line Ra Rama9 Pu Pung Mu Muang

Project value: THB 1,842mn

No. of units: 315

2024 2024

The LINE NE Sath thorn

SLIDE 59

Prepared by BTS TS Group IR

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

Ticke ker BTS-W4 Ter Term 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 1.0111 new common share of BTS Exercise pr price THB 10.3841 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

59 59 Ticke ker BTS-W5 Term rm 1 year from the issuance date War Warrants pr price nil No.

No. of war

arrants Up to 1,319.62mn 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

BTS TS-W5 5 TER TERMS AND D CONDITIONS

BTS Gro roup Investor r Pres Presentation Appendices

1The adjustment took effect from 30 Jul 2019 onwards, following the condition in the

event that the Company distributed dividends in cash in excess of 95% of the Company’s net profit after income tax under the standalone financial statements of the Company of any relevant fiscal year.

2The issuance of new warrants (BTS-W5) up to 1,319.6mn units, is 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.

SLIDE 60

Prepared by BTS TS Group IR

OPE PERATING REVE EVENUE COMPARISON (YoY

Y)

INCOME STATEMENT (THB mn mn) 1Q 2019/2 /20 1Q 2018/1 /19 % YoY 4Q 2018/19 % % QoQ Operating Revenue1 9,086 3,090 194% 10,033 (9)% Gross operating profit 2,178 1,511 44% 2,270 (4)% Operating EBITDA2 1,663 1,157 44% 1,719 (3)% Recurring net profit – after MI 1,006 472 113% 967 4% Accounting EBITDA 2,073 1,114 86% 1,736 19% Net income (loss)3 894 387 131% 628 42% Gross operating profit margin (%) 24.0% 48.9% 22.6% Accounting EBITDA margin (%) 21.5% 33.5% 16.9% Recurring net profit margin – after MI(%) 10.5% 15.1% 9.3% Operating EBITDA margin (%) 18.3% 37.4% 17.1%

P&L &L SNAPSHOT 1Q 20 2019/2 /20 OPE OPERATING REVE REVENUE BR BREAKDOWN

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

Appendix 14 14: 1Q 1Q 2019/20 Overview

79% 9% Mas Mass Tra ransit 15% Me Media 1% 1% Property 5% 5% Services

3,090 9,086 5,395 245 358

Q1 FY18/19 Mass Transit Media Property Services Q1 FY19/20 (2)% )% 454% 4% 22% 22% 298% (THB mn)

(1)

1Q 18/19 1Q 19/20

BTS Gro roup Investor r Pres Presentation Appendices 60 60

SLIDE 61

Prepared by BTS TS Group IR

1 CFO included

Corporate income tax of THB 72mn
Net interest expenses of THB 520mn
Net investment for construction of the Pink and Yellow Lines of THB 1.0bn
Net investment for E&M works and trains procurement for the Southern and Northern Green Line extensions of THB 1.4bn

2 CFI included net investment for construction of the Pink and Yellow Lines of THB 3.5bn 3 Excluding liquid investments of THB 17.4bn

CFI

Net investment for construction of the Pink and

Yellow lines of THB 3.5bn

Net cash paid for acquisitions of current and other

long-term investments of THB 3.0bn

Cash received in advance from sale of investment in

Bayswater of THB 2.3bn

Appendix 14 14: 3M 2019/20 Cash Flo low Snapshot

CFF

An increase in long-term debentures of THB 13.0bn from

BTSG issued ‘Green Bond’ debentures

Net increase in long-term loans from financial

institutions of THB 4.5bn mainly for the Pink and Yellow lines

Net cash received mainly from sale of VGI and VGI-W2
f THB 3.8bn
Cash received from the exercised BTS-W4 of THB 583mn
Net cash paid for short-term loans from financial

institutions and bills of exchange payables of THB 3.9bn

CFO

Profit before tax of THB 1.3bn, deducted by
Non-cash reconciling items of THB 29mn
Changes in net working capital of THB 3.8bn

(this includes net investment in mass transit projects of THB 2.4bn)

4,021 (3,168)1 (3,655)2 17,871 (3) 15,0663 Beginning cash (31/3/19) CFO CFI CFF Others Ending cash (30/6/19)

(THB mn)

BTS Gro roup Investor r Pres Presentation Appendices 61 61

SLIDE 62

Prepared by BTS TS Group IR

Share of

f

net t pr prof

fit

it in BTS BTSGIF 3% 3% O& O&M Con

nstructio

ion revenue for

r Pink and

d Ye Yell llow Li Lines 60% 60% Ma Mass Tr Transit it rela lated inte terest inco come 6% 6%

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

Th

The YoY revenue growt wth of 5,395mn or 298% was mainly from

Constru

ruction revenue for the Pi Pink k and Yellow lines of THB 4.3bn

Higher

r services revenue for the provision of E&M wo works ks and the train procure rement service of THB 444mn or 48% YoY to THB 1,370mn

O&

O&M revenue increased by 84% or THB 378mn to THB 830mn, chiefly as a result of the full opening of Southern Green Line ext. in Dec 18

Higher

r Ma Mass Tr Transit related intere rest income of THB 246mn or 127% YoY to THB 439mn

Cost rose by THB 4,782mn to THB 5,902mn largely from the recognition of

construction cost for the Pink and Yellow Lines

Op

Opera rating EBITD TDA ma margin was 18.3% (38.7% in 1Q 2018/19)

OPE PERATING PER ERFORMANCE

MA MASS TRA TRANSIT (THB THB mn mn) 1Q 1Q 20 2019 19/20 1Q 1Q 20 2018 18/19 19 %YoY 4Q 4Q 20 2018 18/19 19 %Qo QoQ Re Revenue 7,208 1,813 298% 8,139 (11)% Costs of revenue 5,902 1,120 427% 6,821 (14)% Gross profit 1,306 694 88% 1,318 (1)% Op Opera rating EB EBITD TDA 1,322 702 702 88% 88% 1,330 (1)% Gross margin (%) 18.1% 38.3% 16.2% Operating EBITDA margin (%) 18.3% 38.7% 16.3%

OPE OPERATING REVE REVENUE BR BREAKDOWN

1Q 2019/20

Appendix 14 14: 1Q 1Q 2019/20 Mass Transit

Servic ices revenue from

m pr

provi

visio

ion

f
f E&M

M wor

rks &

train in pr proc

curement

for

r Green Li

Line ext xt. 19% 12%

1Q 18/19 19 2Q 2Q 18/19 19 3Q 18/19 19 4Q 18/19 19 1Q 19/20 Construction revenue for Pink and Yellow Lines

11,777

13,616 5,325 4,335 Services revenue from provision of E&M works & train procurement for Green Line ext. 926 1,524 2,183 1,451 1,370 Mass Transit related interest income 193 242 289 354 439 O&M 452 452 565 807 830 Share of net profit in BTSGIF 228 244 239 187 225 Others* 14 16 228 15 9 *Comprises of (i) Services revenue from provision of E&M works for Gold Line and (ii) Farebox revenue from BRT

BTS Gro roup Investor r Pres Presentation Appendices 62 62

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Prepared by BTS TS Group IR

HIST STORICAL L OPE PERATING REV EVENUE (THB HB mn mn) ) KEY FACTORS

Me

Media revenue of THB 1,363mn, an increase of 22% YoY driven by higher revenue in the Digital Services segment

Di

Digital Servi rvices Business increased considerably by 298% YoY to THB 435mn mainly due to the full-quarter consolidation of Trans.Ad Group (a system integration and total solutions services provider) as well as higher revenue from Rabbit Group

OO

OOH Me Media revenue* decreased by 8% YoY to THB 928mn, chiefly due to the digital transformation project in Thailand and Outdoor media by converting static media assets to digital screens

Costs increased by 69% YoY to THB 521mn primarily due to the full-quarter

consolidation of Trans.Ad Group

Op

Opera rating EBITD TDA ma margin declined YoY to 46.2% (55.1% in 1Q 2018/19)

42% BTS – Re Related Me Media 19% Outdoor r Med edia

MEDIA (TH THB B mn mn) 1Q 1Q 2019 19/20 1Q 1Q 2018 18/19 19 %YoY 4Q 4Q 2018 18/19 19 %Qo QoQ Operating revenue 1,363 1,118 22% 1,382 (1)% Costs of revenue 521 309 69% 558 (7)% Gross profit 842 809 4% 824 2% Opera rating EBITD TDA 630 630 616 2% 2% 575 75 10% Gross margin (%) 61.8% 72.4% 59.6% Operating EBITDA margin (%) 46.2% 55.1% 41.6%

1Q 2019/20

OPE PERATING PER ERFORMANCE OPE OPERATING REVE REVENUE BR BREAKDOWN

Appendix 14 14: 1Q 1Q 2019/20 Media

7% 7% Off ffice Bu Buildings and Oth thers 32% Digital

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

1,009 909 965 1,047 928 109 296 495 335 435 1Q 18/19 2Q 18/19 3Q 18/19 4Q 18/19 1Q 19/20 Digital Services Business OOH Media

BTS Gro roup Investor r Pres Presentation Appendices 63 63

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Prepared by BTS TS Group IR

Re Residenti tial 0% 0%

HIST STORICAL L OPE PERATING REV EVENUE (THB HB mn mn) ) KEY FACTORS

Operating rev

revenue was THB 79mn, a decrease of 2% YoY, note that commercial property revenue now mainly comprises of revenue from Thana City Golf & Sports Club.

Share of

f net et profit from investment in U City ty, our associate, of THB 193mn (THB 8mn loss in 1Q 2018/19) chiefly from the transfer progress of Sansiri-JVs

Op

Operating co costs ts dropped in tandem with the decline in operating revenue, reducing by 19% YoY to THB 55mn.

OPE PERATING PER ERFORMANCE

PR PROPERTY TY (THB THB mn mn) 1Q 1Q 20 2019 19/20 1Q 1Q 20 2018 18/19 19 %YoY 4Q 4Q 20 2018 18/19 19 %Qo QoQ Operating Revenue 79 80 (2)% 107 (26)% Costs of revenue 55 68 (19)% 41 35% Gross profit 24 13 91% 66 (64)% Op Opera rating EBITD TDA (15) 19 (181)% (23) (34)% Gross margin (%) 30.2% 15.6% 61.9% Operating EBITDA margin (%) (18.9)% 23.0% (21.0)%

OPE OPERATING REVE REVENUE BR BREAKDOWN

1Q 2019/20

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

Appendix 14 14: 1Q 1Q 2019/20 Property

100% Commercial & & Oth Others

80 87 85 107 79 1Q 18/19 2Q 18/19 3Q 18/19 4Q 18/19 1Q 19/20

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Appendix 14 14: 1Q 1Q 2019/20 Mass Transit Update

1Q 1Q 2019 19/20 Core Network k Rid Ridersh rship ip

Historica cal Rid Riders rship & & % % Growth (YoY) Historica cal Avera rage Far are & & % % Growth (YoY)

*Excluding the impact of free-trip allowance to passengers from train services disruption **Excluding the impact of free-trips during Coronation Ceremony

Quart

rterly ridership rose 4.4% YoY to 59.6mn trips

Quart

rterly average weekday ridership of 759,238 trips, +5.5% YoY

Fare

Farebox revenue grew 2.6% YoY to THB 1.7bn

Quart

rterly average far fare increased slightly by 0.1% YoY to THB 29.1 per trip

57.1 61.2 61.6 61.1 59.6

1.5%
1.5%

1.3% 1.5% 4.4% 4%

5.0%

7.1% 0.6%

0.8%
2.4%

4%

50.0%

0.0% 53.0 58.0 63.0

1Q 2018/19 2Q 2018/19 3Q 2018/19 4Q 2018/19 1Q 2019/20 Ridership (mn trips) Passenger Growth (YoY) Passenger Growth (QoQ) 29.0* 28.8 29.1* 29.0 29.1* 1** 3.9% 3.7% 1.5% 0.6% 0.1% 0.9%

0.8%

1.0%

0.4%

0.4% 4% 1Q 2018/19 2Q 2018/19 3Q 2018/19 4Q 2018/19 1Q 2019/20 Average Fare (THB/trip) Average Fare Growth (YoY) Average Fare Growth (QoQ)

65 65 BTS Gro roup Investor r Pres Presentation Appendices

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Appendix 14 14: 1Q 1Q 2019/20 Mass Transit Update

Progress of f BTS se secured Lin Lines

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 June 2019, except for E&M for Northern Green Line ext. and Gold Line which were as of 9 August 2019

NO NORTHERN GREEN LI LINE EXT. (Mochit – Khu Khot) 17.8km/ 16 stations PINK LI LINE (Khae Rai – Min Buri) 34.5km/ 30 stations YELLOW LI LINE (Lad Prao - Samrong) 30.4km/ 23 stations FY FY 17/18 FY FY 18/19 FY FY 19/20 FY FY 20/21 /21 1st station

pened:

(9 Aug 2019) Targeted full Operation (2020)

Contract Signed

FY FY 21/22 Targeted

peration

(Oct 2021) Targeted

peration

(Oct 2021)

Contract Signed

Construction Period Construction Period Construction Period

100 00%

PINK LI LINE (EXTENSION) (Sirat – Muengthong Thani) 3.0km/ 2 stations YELLOW LI LINE (EXTENSION) (Ratchada - Ratchayothin) 2.6km/ 2 stations GOLD LI LINE PHASE 1 (Krung Thon Buri – Klong San) 1.8km/ 3 stations Targeted

peration

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

38 38% 27 27% 24% 4% 40% 0% 38 38% 28% 28%

Ci Civil E&M Pr Progress (%)*

43%

66 66 BTS Gro roup Investor r Pres Presentation Appendices

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Appendix 14 14: 1Q 1Q 2019/20 Mass Transit Update

Progress of f 46 New Tra rains Deli livery

 4 trains arrived  The remaining 20 trains will be delivered by 2020  20 trains arrived  15 trains in service  Another 2 trains will be delivered by 2019

67 67 train ins cu curr rrently ly in servic ice (vs 52 52 train ins in 20 2015) 98 98 train ins are ex expected to to be be fully ly in n servic ice by by 202 2020

67 67 BTS Gro roup Investor r Pres Presentation Appendices

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Prepared by BTS TS Group IR

Appendix 14 14: 1Q 1Q 2019/20 Media Update: Advertising

Unlo lockin ing th the Chin inese market th through onli line marketing sol solutions

ON ONLINE MARKETING SOLUTIONS ECOSYSTEM SYNERGY BA BANG NGKOK OK TAKEOV OVER

Tapping into considerable synergies by combining more than

80% of VGI and PlanB’s digital Out-of-Home screens throughout Bangkok

Painting exclusive advertisement for 1 hour prime time per

month that cover all transit media channels including BTS, Street, Metro as well as PlanB’s media assets

Creating impact advertising for brand with over 9.0mn eyeballs
The package is now fully booked end of this year
Successfully established the joint venture named V-Click

Technology Co., Ltd (V-Click)

V-Click will help provide its clients with comprehensive

insights and ability to deepen their engagement with the Chinese traveler through a suite of digital marketing technology, based on iClick’s 780 million consumer profiles

68 68 BTS Gro roup Investor r Pres Presentation Appendices

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Appendix 14 14: 1Q 1Q 2019/20 Media Update : : Payment

Enablin ing th the sm smarter marketing sol solutions th through paym yment exp xpansion

RA RABBIT CA CARD ENT NTER INT NTO JV V AGREEMENT WITH SAHA GROUP

Launching Lawson 108 stores along mass transit platform.

Currently, the stores has already open on 5 BTS stations: Thong Lo, Ploen Chit, Saphan Khwai, Victory Monument and Bearing

Offering Rabbit Card and Rabbit LinePay as an option for

cashless payments

In addition, Saha Group also tied over 3,000 staff ID cards to

Rabbit cards, allowing employees to enjoy loyalty rewards and promotion

9.3 9.8 10.3 11.0 11.5

1Q 18/19 2Q 18/19 3Q 18/19 4Q 18/19 1Q 19/20

+24% Yo YoY 3.4 4.5 5.1 5.5 6.0

1Q 18/19 2Q 18/19 3Q 18/19 4Q 18/19 1Q 19/20

RA RABBIT LINEPAY

+77% YoY 69 69 BTS Gro roup Investor r Pres Presentation Appendices

SLIDE 70

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Appendix 14 14: 1Q 1Q 2019/20 Property Update

U’s acquisition of hotels portfolio in Germany and Switzerland

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

Asset Curr Current Loca cation

16 destinations in Germany
1 destination in Switzerland

Total Pur urch chase Pri 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 Günz ünzbur urg 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

We 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

70 70 BTS Gro roup Investor r Pres Presentation Appendices

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Appendix 14 14: 1Q 1Q 2019/20 Property Update

U si signed th the amendment to th the agreement of f Roi Chak Sam proje ject

Project value Approximately THB 4.6bn Land Area 5.15 Rai or 0.82 Ha (8,240 sqm) Location On the Chao Praya Riverside, Soi Charoenkrung 36, Bangrak, Bangkok Concept Focus on the harmony between the heritage custom house and new building Management Company Luxury hotel brand Status New lease terms signed and during planning stage PRO ROJECT DETAI AILS LS

A luxurious 5-star hotel project in a rare, historic, colonial-era heritage building located along magnificent Chao Praya Riverside, on Charoen Krung road.

71 71 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

BTS Group Overview

Strategy an and 5-Year Growth Tar argets

31%

29%

Ban angkok Rail ail Mas ass Transit Market Overview

Ban angkok Rai ail Mas ass Transit Net etwork Immature network, 160km under construction

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

Mass Tra ransit Project

In Infrastructure Project

BTS 5-year Target of f Netw twork Exp xpansion

400km

215km

160km

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

Se Services Busi siness

Contents

1 2 4 5 3

BTS Group His istory

Busi siness Organisation an and Sh 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 Financial Pos

as of f 30 Jun June 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: : Targeted Rail il Mass Transit Lin ine

Appendix 9: : VGI I Products

Appendix 9: : 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: 1Q 1Q 2019/20 Overview