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BTS Group Holdings PCL General Presentation April 2017 BTS Group - - PowerPoint PPT Presentation

BTS Group Holdings PCL General Presentation April 2017 BTS Group General Presentation prepared by Investor Relations department BTS Group Holdings PCL IR Contact Address: BTS Group Holdings PCL IR Department 15 th Floor, TST Tower, 21 Soi


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prepared by Investor Relations department BTS Group Holdings PCL

BTS Group General Presentation

BTS Group Holdings PCL

General Presentation

April 2017

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prepared by Investor Relations department BTS Group Holdings PCL

IR Contact

2

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

  • therwise arising in connection with this document.

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

Disclaimer

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

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Section 1 BTS Group in Brief Section 2 Business Segment Profiles Section 2.1 Mass Transit Business Section 2.2 Media Business Section 2.3 Property Business Section 2.4 Services Business Section 3 Financial Summary Appendices Appendix 1: Key Terms of the Core Network Concession Agreement Appendix 2: Future Funding Requirements (Mass Transit) Appendix 3: BTS-W3 Appendix 4: BTS Group CAPEX History Appendix 5: BTSC’s Quality Management System 3

Contents

BTS Group General Presentation

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4

BTS Group History

BTS Group General Presentation Section 1: BTS Group in Brief Company established as Tanayong Co., Ltd. (TYONG) to operate in property development field

1968

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

1991

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

1992

Commercial operation

  • f the BTS SkyTrain

commenced

1999

BTSC exit court supervised rehabilitation procedure

2008

BTSC expanded into Media business through the acquisition of 100% of VGI Global Media Co.,

  • Ltd. (VGI)

2009

TYONG acquired 94.6% of BTSC, returning Mass Transit

  • perations to be the

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

2010

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

APR 2013

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

  • f Thailand

OCT 2012

BTSC signed a 30-year operating & maintenance (O&M) contract covering all Green Line extensions under the purview of the Bangkok Metropolitan Administration (BMA)

MAY 2012

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50% Nine Square Property Co., Ltd. 100% BTS Sansiri Holding Fifteen Limited 50% 75.47% 51% Keystone Estate Co., Ltd. 100% BTS Sansiri Holding Twelve Limited 50% Bayswater Co., Ltd. 50%

5

BTS Group Holdings PCL

BTS Group General Presentation Section 1: BTS Group in Brief

Shareholding Structure

as of 30 December 2016

BTS Rail Mass Transit Growth Infrastructure Fund (BTSGIF) 97.46% Mak8 Co., Ltd. 100% BTS Sansiri Holding Eleven Limited 50% BTS Sansiri Holding Nine Limited 50% Yongsu Co., Ltd. 100% BTS Sansiri Holding Eight Limited 50% BTS Sansiri Holding Seven Limited 50% BTS Sansiri Holding Six Limited 50% BTS Land Co., Ltd. 100% BTS Sansiri Holding Five Limited 50% Muangthong Assets Co., Ltd. 100% BTS Sansiri Holding Four Limited 50% DNAL Co., Ltd. 100% The Community One Co., Ltd. 100% Siam Paging and Communication Co., Ltd. 100% Kingkaew Assets Co., Ltd. 100% PrannaKiri Assets Co., Ltd. 100% Ratburana Property Co., Ltd. 100% Bangkok Mass Transit System PCL (BTSC) U City PCL 19.90%

MEDIA BUSINESS

41% Kanjanapas Family1 32% Institutional Investors1 26% Individual Investors1 35.64% 100%

PROPERTY BUSINESS

VGI Advertising Media Co., Ltd. 100% 888 Media Co., Ltd. 100% 100% Master Ad PCL 33.77% Aero Media Group Co., Ltd. 28% VGI Global Media PCL (VGI) 2 Point of View (POV) Media Group Co., Ltd. Unicorn Enterprise Co., Ltd. 100% Tanayong Food and Beverage Co., Ltd. 100% Tanayong Property Management Co., Ltd. 33.33%

MASS TRANSIT BUSINESS

Tanayong International Ltd. 100%

SERVICES BUSINESS

RabbitPay System Co., Ltd. 80% Rabbit-Line Pay Co., Ltd. ASK Direct Group Co., Ltd. 51% Rabbit Insurance Broker Co., Ltd. 51% Rabbit Internet Co., Ltd. 25% Tanayong Hong Kong Ltd. 100% Rabbit Rewards Co., Ltd. 100% Primary Kitchen Co., Ltd. 100% BSS Holdings Co., Ltd. 100% 51% ATS Rabbit Special Purpose Vehicle Co., Ltd. Little Corner Co., Ltd. 69% Man Kitchen Co., Ltd. 70% HHT Construction Co., Ltd.3 51% Absolute Hotel Services Hong Kong Ltd.3 90% 12.26% Bangkok Smartcard System Co., Ltd.

1 Information based on book closure date on 31 Oct 16 with total issued shares = 11,934.9mn shares 2 BTSG holds 70% of VGI indirectly and directly 3 Revenue from the Company recorded under Services BU

Listed entities Subsidiaries Associates LEGEND The Community Two Co., Ltd. 100% BTS Sansiri Holding Fourteen Limited 50% 50% 50% BTS Sansiri Holding Nineteen Limited 50% BTS Sansiri Holding Three Limited 100% Thana City Golf & Sports Club Co., Ltd. 50% KMJ 2016 Co., Ltd.. 51% 100% Man Food Products Co., Ltd. Absolute Hotel Services Co., Ltd.3 Bangkok Payment Solutions Co., Ltd. 60% JVs BTS Sansiri Holding Eighteen Limited 40% Demo Power (Thailand) Co., Ltd. BTS Sansiri Holding Sixteen Limited 50% BTS Sansiri Holding Twenty Limited BTS Sansiri Holding Three Limited 50% BTS Sansiri Holding Two Limited 50% BTS Sansiri Holding One Limited 50% Nuvo Line Agency Co., Ltd. 50% BTS Sansiri Holding Seventeen Limited 50% 50% BTS Sansiri Holding Twenty One Limited 49% 49%

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

Synergistic Business Strategy

across all our businesses

MASS TRANSIT

Sole concessionaire and operator of the BTS SkyTrain Core Network, its extensions and Bus Rapid Transit system

MEDIA PROPERTY SERVICES

E-money service provider for common ticketing system that can be used across mass transit systems and retail stores Residential and commercial property projects along rail mass transit route with a portfolio of land bank for future real estate development Largest Out-of-Home Media company in Thailand with exclusive contracts to manage advertising space on the BTS SkyTrain Core Network, its extensions and all BTS trains

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

Investment Highlights (6 years)

Prime beneficiary from mass transit network expansion across all our businesses

3.8x expected increase in

BTS train capacity

4.9x expected increase in

BTS extension stations capacity Real estate development along mass transit worth

THB 100bn in 5 years

Leading digital lifestyle & payment service company with >15mn rabbit

card holders

MEDIA PROPERTY SERVICES MASS TRANSIT

MASS TRANSIT NETWORK EXPANSION

36.3km to 174.0km ≈9.3x mass transit

revenue

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prepared by Investor Relations department BTS Group Holdings PCL

121 399 548 741 FY 12/13 FY 13/14 FY 14/15 FY 15/16 1,445 2,934 1,355 896 FY 12/13 FY 13/14 FY 14/15 FY 15/16 6,016 2,077 2,274 2,441 FY 12/13 FY 13/14 FY 14/15 FY 15/16 2,795 3,121 2,926 2,069 FY 12/13 FY 13/14 FY 14/15 FY 15/16

(1) FY ended 31 March (2) VGI discontinued operations in Modern Trade Media effective 1Q 15/16 (3) Services revenue excludes revenue of HHT Construction (Thailand) Co., Ltd. as it is consolidated as cost of project under Property business

BTS Group Overview

4 Business Units MASS TRANSIT PROPERTY MEDIA SERVICES

Historical operating revenues(1)

Media Revenue(2) (THB mn) Property Revenue (THB mn) Services Revenue(3) (THB mn) Mass Transit Revenue (THB mn)

Revenue contribution

(FY 15/16)

65%

FY 15/16

64%

FY 15/16

10%

FY 15/16

  • 3%

FY 15/16

*O&M Revenue: THB 1,593mn; Share in BTSGIF: THB 847mn

BTS Group General Presentation Section 1: BTS Group in Brief 8 Operating EBITDA margin

40% 34% 15% 12%

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2,748 4,359 7,073 7,094 8,048 2011/12 2012/13 2013/14 2014/15 2015/16

BTSG at a Glance

PROGRESSIVE DIVIDEND POLICY

Completed Minimum THB 21bn committed dividends over 3 years:

  • No less than THB 6bn in 2013/14
  • No less than THB 7bn in 2014/15
  • No less than THB 8bn in 2015/16

Current Policy: Not less than 50% of net profit (stand alone basis) BTS Group General Presentation Section 1: BTS Group in Brief

HISTORICAL DIVIDEND PAYMENTS / DIVIDEND YIELD KEY FIGURES (as of 31 Mar 2016) EMPLOYEES (as of 31 Mar 2016)

BTS Group Holdings 129 Mass Transit 2,144 Media 236 Property 476 Services 767 Total 3,752 THB (mn) USD (mn)** Operating revenue 6,148 175 Operating EBITDA 2,560 73 Net income*** 4,141 118 Total assets 66,811 1,896 Excess cash and liquid investments 16,435 467 Cash 2,365 67 Current investments 3,272 93 Long-term investments 9,559 271 Restricted deposits 1,239 35 Free cash flow (7,815) (222)

**Source: Bank of Thailand; based on Interbank Exchange Rate of USD 1 = THB 32.548 as of 28 May 2015 ***to equity holders of the parent

7.3% 6.2% 7.8% 4.8% 6.5%

Actual dividend paid (THB mn) Dividend yield* (%)

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

Committed dividend period

9

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8.70 200 400 600 800 1,000 1,200 6.00 7.00 8.00 9.00 10.00 11.00 12.00

BTS Turnover (RHS) BTS TB SET Index (rebased) Name % 1

  • MR. KEEREE KANJANAPAS’S GROUP

40.9% 2 THAI NVDR CO., LTD. 8.9% 3 BANGKOK BANK PUBLIC COMPANY LIMITED 4.6% 4 UOB KAY HIAN PRIVATE LIMITED 1.4% 5 HSBC (SINGAPORE) NOMINEES PTE LTD 1.4% 6 CHASE NOMINEES LIMITED 1.0% 7 STATE STREET BANK EUROPE LIMITED 1.0% 8 K EQUITY 70:30 LTF 0.7% 9 GIC PRIVATE LIMITED 0.7% 10 K EQUITY DIVIDEND LTF 0.6% TOTAL TOP 10 SHAREHOLDERS 61.2% Stock code BTS Outstanding shares (mn shares) 11,934.9 Treasury shares (mn shares) 0.0 Market capitalisation (THB mn) 102,043.2 Market capitalisation (USD mn) 2,847.6 Average daily traded value (THB mn) 241.4 Average daily traded value (USD mn) 6.8

BTS Group Share Information

SHARE INFORMATION (as of 4 Jan 2017)

BTS Group General Presentation Section 1: BTS Group in Brief

SHARE PRICE MOVEMENT (as of 4 Jan 2017) SHARE STRUCTURE (as of 31 Oct 2016)

Kanjanapas family 40.9% BTS Group treasury shares 0.8% Institutional investors 32.9% Others 25.4% Free float 62.4% Foreign limit 49.0% Foreign hold (inc. NVDR) 19.1%

TOP 10 SHAREHOLDERS (as of 31 Oct 2016)

10

THB THB mn

* As of 14 June 2016

12M ADTV = THB 245mn

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Section 1 BTS Group in Brief Section 2 Business Segment Profiles Section 2.1 Mass Transit Business Section 2.2 Media Business Section 2.3 Property Business Section 2.4 Services Business Section 3 Financial Summary Appendices Appendix 1: Key Terms of the Core Network Concession Agreement Appendix 2: Future Funding Requirements (Mass Transit) Appendix 3: BTS-W3 Appendix 4: BTS Group CAPEX History Appendix 5: BTSC’s Quality Management System

Contents

BTS Group General Presentation 11

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THB 2.5bn > THB 23.4bn 2015/16 2021/22 TARGET 36.3km 174.0km 2015/16 2021/22 TARGET

≈9.3x ≈4.8x

BTS Group Vision 2021/22

“THAILAND’S LEADING MASS TRANSIT DEVELOPER AND OPERATOR” ≈4.8X BKK RAIL MASS TRANSIT LENGTH TARGET ≈9.3X MASS TRANSIT REVENUE* TARGET

MASS TRANSIT RAIL LENGTH TARGETS (KM)

Source: Office of Transport and Traffic Policy and Planning

12

*Revenue includes (i) O&M revenue from existing extension and shares of net profit from BTSGIF, (ii) O&M revenue from future green south & north extensions, LRT, grey – phase I and light green as well as pink and yellow and (iii) farebox revenue from pink and yellow line

74.2 79.5 94.8 100.1 100.1 100.1 461.3 508.4 31.0 31.0 31.0 36.3 36.3 36.3 143.6 2010 2011 2012 2013 2014 2015 2019T 2020T 2029T Target Network Length BTS Target Distance

BTS Group General Presentation Section 2.1: Mass Transit Business

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Role of BTS Group in Mass Transit

Investor, Operator, Developer, Concessionaire

13 OPERATOR OF CORE NETWORK EXTENSIONS

DEVELOPER OF RAIL MASS TRANSIT

BTS GROUP ROLE IN MASS TRANSIT

OPERATOR OF BTS SKYTRAIN CORE NETWORK

  • Underlying assets have 15-year track record
  • Growth & resilience characteristics
  • Stable and growing dividend yield
  • Full beneficiary of
  • Ridership growth
  • Fare increases
  • Operating leverage

until Dec 2029

  • Exclusive operator of BTS SkyTrain

Core Network (23.5km)

  • 15 year track record
  • Operate at cost, but potential benefit from

incentive fee

  • Limited CAPEX, large CAPACITY
  • Remain legal concessionaire
  • Appointed to operate & maintain Green line

by the Bangkok Metropolitan Administration (BMA)

  • Track record since 2009
  • 30-year contract covering Green line extensions

(12.8km) from 2012 - 2042

  • Also covers Core Network (23.5km)

from 2029 to May 2042

  • No ridership risk
  • Original developer of BTS Core SkyTrain

Network

  • Expertise as well as financial capability to

invest in future mass transit lines

33.3% INVESTMENT IN BTSGIF

O O D I

BTS Group General Presentation Section 2.1: Mass Transit Business

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Bangkok Rail Mass Transit Master Plan

508.4 km* by 2029, 23.8% share of Mass Transit commute by 2037

Sources: Office of Transport and Traffic Policy and Planning, Bangkok Metropolitan Administration Source: United Nations Statistics Division, BTSC, BMCL, MTR Corporation Limited, SMRT Corporation Limited, official websites of rail mass transit system in major cities

  • Seoul

51%

  • Hong Kong

46%

  • Singapore

40%

  • Tokyo

36%

  • Guangzhou

17%

  • Bangkok

6% RAIL MASS TRANSIT MARKET SHARE*

  • Hong Kong

34.1

  • Singapore

32.2

  • Tokyo

23.7

  • Bangkok

10.0 PERVASION

(per million population)

Source: OTP, Singapore’s Land Transport Authority, Hong Kong’s Transport Department, MTR Corporation Limited, SMRT Corporation Limited, Japan Statistic Bureau (rail track length per mn population)

* Percentage of people using rail mass transit over other forms of mass transit

*Includes MRTA and BMA projects

14 BTS Group General Presentation Section 2.1: Mass Transit Business

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Existing Bangkok Mass Transit Network

Immature network, 107.8km as of 2016

EXISTING LINES – 107.8KM; 76 STATIONS

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Average daily ridership

66%

685,176 286,000 61,500

1,032,676

in total

27% 7%

LINE ROUTE DISTANCE (KM) OPERATING SINCE DARK GREEN (CORE) MO CHIT – ON NUT 17.0 DEC 99 LIGHT GREEN (CORE) NATIONAL STADIUM – SAPHAN TAKSIN 6.5 DEC 99 BLUE BANG SUE – HUA LAMPHONG 20.0 JUL 04 LIGHT GREEN (EXTENSION) SAPHAN TAKSIN – WONGWIAN YAI 2.2 MAY 09 AIRPORT LINK (RED LINE) PHAYATHAI – SUVARNABHUMI 28.5 AUG 10 DARK GREEN (EXTENSION) ON NUT – BEARING 5.3 AUG 11 LIGHT GREEN (EXTENSION) WONGWIAN YAI – BANG WA 5.3 DEC 13 PURPLE BANG YAI – BANG SUE 23.0 AUG 16 CORE NETWORK EXTENSIONS TO OUR CURRENT CORE NETWORK

(2)

66%

MARKET SHARE OF RIDERSHIP (as of August 2016)(1)

BLUE BANG SUE – HUA LAMPHONG 20.0km PURPLE BANG YAI – BANG SUE 23.0km LIGHT GREEN NATIONAL STADIUM – BANG WA 14.0km DARK GREEN MO CHIT – BEARING 22.3km ARL PHAYATHAI – SUVARNABHUMI 28.5km

BTS: 36.3km

(SkyTrain)

BEM: 43.0km SRT: 28.5km

(Airport Rail Link)

(1) Based on companies’ disclosed information (2) Airport Rail Link ridership per day disclosed as of October 2016

BTS Group General Presentation Section 2.1: Mass Transit Business

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BTS Group: INVESTOR in BTSGIF (Core Network)

Prime position to capture growth from Network Expansion

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*See Appendix 1 for details of Concession Agreement

  • BTSGIF has the rights to receive the NET FAREBOX

REVENUE collected by BTSC on the SkyTrain Core Network until Dec 2029

  • Formerly, these revenues were retained by BTSC

in accordance with the terms and conditions of its Concession Agreement with the BMA on the Core Network*

  • In Apr 2013, BTSC SOLD THE RIGHTS TO NET FAREBOX

REVENUE under its concession agreement for the BTS SKYTRAIN CORE NETWORK to BTSGIF

  • NO REVENUE SHARING TO BMA
  • BTS Group used the proceeds to purchase 1/3 units in

BTSGIF which is the maximum permitted amount under SEC regulations

  • BTS Group is subject to a lock up of 10 years on these units

WHAT IS BTSGIF? WHAT IS THE CORE NETWORK?

  • 23 stations, 23.5km located at the heart of Bangkok
  • Inaugural Mass Transit route, operated since Dec 1999
  • NO REVENUE SHARING TO BMA

DARK GREEN MO CHIT – ON NUT 17.0km LIGHT GREEN NATIONAL STADIUM - SAPHAN TAKSIN 6.5km

BTS Group General Presentation Section 2.1: Mass Transit Business

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1,419 1,780 2,122 2,294 2,573 2,817 3,066 3,224 3,292 3,485 3,545 4,297 4,896 5,677 5,874 6,397 59 79 96 105 118 132 139 133 136 144 145 176 197 215 219 233

  • 10
20 30 40 50 60 70 80 90 100 110 120 130 140 150 160 170 180 190 200 210 220 230 240

2000/01 2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 Farebox revenue (THB mn) Ridership (mn)

BTS Group: INVESTOR in BTSGIF (Core Network)

Uninterrupted revenue growth and resilient under pressure

17

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

INITIAL GROWTH

RIDERSHIP CAGR (3 YRS): 21%

STABLE GROWTH

RIDERSHIP CAGR (5 YRS): 5%

FASTER GROWTH

RIDERSHIP CAGR (6 YRS) 8%

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

  • Farebox revenue CAGR: 10.6%
  • Ridership CAGR: 9.6%

GROWTH (15 YRS)

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

BTS Group General Presentation Section 2.1: Mass Transit Business

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22.1 24.2 24.2 24.1 24.4 24.4 24.8 26.4 26.9 27.5

2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 SJT 36% AVG FARE THB 30.8 30-DAY PASS (ADULT)* 29% AVG FARE THB 25.8 PURSE (STV)* 27% AVG FARE THB 26.4 30-DAY PASS (STUDENT)* 7% AVG FARE THB 20.8 ONE-DAY PASS 1% AVG FARE THB 35.7

18

FARE ADJUSTMENT MECHANISM

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

announcement to BMA and public 30 days in advance

  • Must not exceed the Authorised fare

EFFECTIVE FARE

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

(No approval required)

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

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

HISTORICAL AVERAGE FARE RIDERSHIP BY TICKET TYPES (FY 15/16) DISTANCE-BASED FARE (BY NO. OF STATIONS)

THB / Trip

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

AUTHORISED FARE EFFECTIVE FARE POTENTIAL FARE UPSIDE

  • NO. OF STATIONS

THB

* Counted as Rabbit

BTS Group General Presentation Section 2.1: Mass Transit Business

BTS Group: INVESTOR in BTSGIF (Core Network)

Flexibility to increase fares

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Core Network Performance

Efficient operation; further scope for cost efficiency

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STRONG RIDERSHIP GROWTH ALONG WITH SUSTAINED MARGIN EXPANSION CORE COSTS AND SG&A BREAKDOWN – FY 15/16 EBITDA MARGIN COMPARISON (CORE ONLY) MAINTENANCE EXPENSES BREAKDOWN

MAINTENANCE, 13% STAFF COST, 19% UTILITIES, 7% DEPRECIATION, 51% ADMIN, 4% * FY ending 31 Mar 2014, 2015 ** FY ending 31 Dec 2013, 2014 OTHERS, 6%

BTS Group General Presentation Section 2.1: Mass Transit Business

176 197 215 219 233 67.5% 67.8% 68.8% 69.9% 72.5%

60.0% 62.0% 64.0% 66.0% 68.0% 70.0% 72.0%

2011/12 2012/13 2013/14 2014/15 2015/16

100 120 140 160 180 200 220 240 260 280 300

Core BTS SkyTrain Ridership (mn) Operating EBITDA Margin (%)

69.9% 17.4% 43.1% 72.5% 16.6% 42.6% BTS SkyTrain* Singapore MRT* Hong Kong MTR** FY 14/15 FY 15/16 391 417 377 365 344 336 386 388 200 59 40 27 11 79 95 75

250 300 350 400 450 500 550 600 650

2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 Major overhaul expenses General maintenance expense (THB mn)

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FLEET EXPANSION

X22 88 +42.3%

~THB 10.9bn*

X24 96 +32.4%

TOTAL FUTURE FLEET

X46 184 CURRENT FLEET

  • NO. OF TRAINS

TOTAL CARRIAGES CAPACITY INCREASE (CUMULATIVE) INDICATIVE CAPEX (THB mn)

X35 105

FULLY PAID

X12 48 35

FULLY PAID FULLY PAID

X5 20

FULLY PAID

TOTAL CURRENT FLEET

X52 208

Rolling Stock

Enlarging our fleet for future growth

20

SYSTEM DESIGN CAPACITY OF 50,000 PPHPD* CURRENT CAPACITY OF 24,000** PPHPD

* Based on 40.3621 THB/EUR average bank selling rate on 23 May 2016 Already operated in May 2013 Already fully operated in Feb 2014 To be delivered in FY 18/19 To be delivered in FY 19/20

BTS Group General Presentation Section 2.1: Mass Transit Business

Already full operated in Oct 2011

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BTSC is the OPERATOR of the Core Network

Thailand’s most experienced operator

21

  • Reliable Operations Team with 16-year track record
  • Impeccable safety record
  • Strong management expertise

OPERATED & MAINTAINED THE CORE NETWORK SINCE 5 DEC 1999 REMAINS THE CORE NETWORK OPERATOR FOLLOWING ESTABLISHMENT OF BTSGIF

  • BTSC operates the Core Network on behalf of BTSGIF
  • It deducts OPEX and CAPEX at cost (no margin)
  • BTSC receives an incentive fee from BTSGIF

Net Farebox Revenue (transferred to BTSGIF daily) FAREBOX REVENUE OPERATING EXPENSES CAPITAL EXPENDITURE Incentive Fee

  • All farebox revenue from

passengers in the Core BTS SkyTrain system

  • Other revenue and

compensation from any person under, arising out of or relating to concession or the farebox revenue of the Core BTS SkyTrain system

  • Excludes revenue from O&M

business extension, media business and revenue from BTSC’s other business Cost relevant to the Core BTS SkyTrain system such as maintenance capital expenditure, labor, electricity, etc. New rolling stock for the Core BTS SkyTrain system to serve future ridership

net of

PAYABLE BY BTSGIF TO BTSC ONLY WHEN NET FAREBOX REVENUE EXCEEDS BUDGET 1. NO INCENTIVE FEE If actual Net Farebox Revenue ≤ 100% of Budget

  • 2. 10% INCENTIVE FEE

On actual amount exceeding 100% but not exceeding 125% of Budget 3. FEE FROM ITEM 2 PLUS 15% OF THE INCREMENTAL AMOUNT EXCEEDING 125% If actual amount > 125% of Budget

BTS Group General Presentation Section 2.1: Mass Transit Business

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THB 1.5bn THB 3.7bn THB 4.6bn

14/15 15/16 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

Interest income O&M - Core Network O&M - Extension

BTSC: OPERATOR of Green Line Extensions

12.8km of extensions already under our contract

22

O&M COSTS AND SG&A BREAKDOWN - FY15/16

  • BTSC has operated & maintained the extensions since 2009
  • Agreed fee income with no ridership risk
  • 30-year contract, covers:
  • 11 stations/12.8km extensions

(May 2012 – May 2042)

  • 23 stations/ 23.5km Core Network

(Dec 2029 – May 2042)

  • Existing extensions
  • LIGHT GREEN: Saphan Taksin - Wongwian Yai

(2.2km/2 stations)

  • DARK GREEN: On Nut – Bearing

(5.3km/5 stations)

  • LIGHT GREEN: Wongwian Yai - Bang Wa

(5.3km/4 stations)

MAINTENANCE, 23% STAFF COST, 41% OTHERS, 10% CLEANING & SECURITY GUARD, 9% DEPRECIATION, 3% UTILITIES, 13%

EXTENSION Saphan Taksin – Bang Wa (O&M CONTRACT) EXTENSION On Nut – Bearing O&M CONTRACT) CORE NETWORK (CONCESSION, PPP NET COST MODEL)

O&M PRE-AGREED REVENUE (Excl. VAT)

  • CAGR (extension) from FY 14/15 to FY 41/42 = 5.5%
  • CAGR (core network) from FY 30/31 to FY 41/42 = 1.5%

BTS Group General Presentation Section 2.1: Mass Transit Business

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With 6 distinctive advantages,

We are in very good position to achieve our vision

23

Dark Green North

(Mo Chit – Saphan Mai – Khu Khot)

Dark Green South

(Bearing – Samut Prakarn)

Pink Yellow LRT Light Green

(Bang Wa – Boromma ratchachon nani)

Grey

The only operator who can provide seamless services

  

Lower project CAPEX

  

Lower O&M OPEX

  

Proven track record

  • 16 years’ experience in running

BTS core lines

  • Completed BTS core line construction

in 35 mths

      

Financial strength with THB 16bn excess liquidity

      

Financial flexibility from the BTS-W3 warrants

      

BTS Group General Presentation Section 2.1: Mass Transit Business

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LINE ROUTE AUTHORISING BODY TARGETED OPERATE YEAR CONSTRUCTION PROGRESS

  • No. of

station DISTANCE (KM)

BLUE HUA LAMPHONG - BANG KHAE MRTA 2019 UNDER CONSTRUCTION 11 14.0 BLUE BANG SUE - THA PRA MRTA 2019 UNDER CONSTRUCTION 9 13.0 BLUE BANG KHAE - BHUDHAMONTHON 4 MRTA 2021 4 8.0 DARK RED BANG SUE - RANGSIT SRT 2021 UNDER CONSTRUCTION 8 26.3 DARK RED BANG SUE – HUA LUM PHONG SRT 2020 5 6.5 LIGHT RED BANG SUE – PHAYATHAI – MAKKASAN – HUAMAK SRT 2020 9 19.0 DARK GREEN SOUTH BEARING - SAMUT PRAKARN BMA 2018 UNDER CONSTRUCTION 9 12.8 DARK GREEN NORTH MO CHIT – SAPHAN MAI – KHU KHOT BMA 2020 UNDER CONSTRUCTION 16 18.4 LIGHT GREEN BANG WA - BOROMMARATCHACHONNANI BMA 2020 6 7.0 LRT BANG NA - SUVARNABHUMI BMA 2022 14 18.3 GREY (PHASE I) WATCHARAPHON – THONG LO BMA 2022 15 16.3 PINK KHAE RAI – PAK GRED – MIN BURI MRTA 2020 30 34.5 YELLOW LAD PRAO – SAM RONG MRTA 2020 23 30.4 DARK GREEN SAMUT PRAKARN - BANGPU MRTA 2021 4 7.0 DARK GREEN KHU KHOT - LUMLUKKA MRTA 2021 4 7.0 ORANGE EAST THAILAND CULTURAL CENTER - MIN BURI MRTA 2020 17 21.2

TOTAL (KM) 259.7

259.7KM ONGOING PROJECTS PRIORITISED BY THE GOVERNMENT IN 6 YRS, 84.5KM UNDER CONSTRUCTION

CORE AND EXTENSIONS TO OUR CURRENT LINES LINES CONNECTING TO OUR LINES

137.7km

BTS Group: A Key Participant in Mass Transit Development

Focused on 7 lines; total length of 137.7km

24

Sources: Office of Transport and Traffic Policy and Planning, Mass Rapid Transit Authority of Thailand, Bangkok Metropolitan Administration, State Railway of Thailand, Ministry of Transport, Bangkok Expressway and Metro Public Company Limited (BEM), BTS Group Holdings Public Company Limited (BTS)

BTS Group General Presentation Section 2.1: Mass Transit Business

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BTS Group: A Key Participant in Mass Transit Development

BTSG well-positioned for new contracts

25 BTS Group General Presentation Section 2.1: Mass Transit Business

*See Appendix 2

for details of CAPEX requirements

PINK LINE

  • Khae Rai – Min Buri (34.5km)
  • Targeted contract signed: Apr 2017
  • Target operation: 2020

DARK GREEN NORTH LINE

  • Mo Chit – Saphan Mai – Khu Khot (18.4km)
  • Status: under construction
  • Expected O&M award: early 2017
  • Target operation: 2020

GREY LINE

  • Watcharaphol – Rama 9 Bridge (26.0km)
  • Awaiting EIA approval
  • Expected bidding (phase I): 2018
  • Target operation (phase I): 2022

Phase I: Watcharaphol – Thong Lo (16.3km)

LIGHT RAIL TRANSIT (LRT)

  • Bang Na – Suvarnabhumi (18.3km)
  • Expected bidding: 2017
  • Target operation: 2022

DARK GREEN SOUTH LINE

  • Bearing – Samut Prakarn (12.8km)
  • Status: under construction
  • Expected O&M award: early 2017
  • Target operation: Late 2018

Sources: Office of Transport and Traffic Policy and Planning, Mass Rapid Transit Authority of Thailand, Bangkok Metropolitan Administration, Ministry of Transport, the Company

LIGHT GREEN LINE

  • Bang Wa –

Borommaratchachonnani (7.0km)

  • Expected O&M award: 2018
  • Target operation: 2020

YELLOW LINE

  • Lad Prao– Sam Rong (30.4km)
  • Targeted contract signed: Apr 2017
  • Target operation: 2020
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prepared by Investor Relations department BTS Group Holdings PCL

Section 1 BTS Group in Brief Section 2 Business Segment Profiles Section 2.1 Mass Transit Business Section 2.2 Media Business Section 2.3 Property Business Section 2.4 Services Business Section 3 Financial Summary Appendices Appendix 1: Key Terms of the Core Network Concession Agreement Appendix 2: Future Funding Requirements (Mass Transit) Appendix 3: BTS-W3 Appendix 4: BTS Group CAPEX History Appendix 5: BTSC’s Quality Management System

Contents

26 BTS Group General Presentation

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prepared by Investor Relations department BTS Group Holdings PCL

TOTAL ADSPEND AND THAI MEDIA MARKET SHARE (FY 09/10 – FY 15/16) The transition from Traditional Media to Out-of-Home (OOH) Media was driven by urbanisation, infrastructure development and increase in number

  • f people who spend time outdoors.

59% 60% 59% 60% 61% 62% 60% 28% 26% 25% 24% 24% 23% 23% 7% 7% 8% 9% 9% 10% 10% 5% 6% 7% 6% 5% 4% 6% 1% 1% 1% 1%

FY 09/10 FY 10/11 FY 11/12 FY 12/13 FY 13/14 FY 14/15 FY 15/16

Internet Cinema OOH Media Traditional Media TV

OOH MEDIA FY 15/16 1 FMCG 39.5% 2 COMMUNICATIONS 7.9% 3 REAL ESTATE 6.3% 4 RETAL SHOPS/STORES 6.2% 5 MEDIA & MARKETING 4.8% 6 TRAVEL & TOURS 3.8% 7 LEISURE 3.1% 8 FOOD OUTLETS & RESTAURANTS 2.7% 9 INSURANCE 2.6% 10 CREDIT/DEBIT CARDS 2.3% TOTAL 79.2%

OVERALL THAI MEDIA MARKET SHARE OOH MEDIA MARKET OVERVIEW

OOH MEDIA SECTOR PRIMARILY DRIVEN BY TRANSIT MEDIA Transit Media continued to dominate the OOH Media market and is expected to further increase with the rail mass transit network expansion. BTS Group General Presentation Section 2.2: Media Business 27

Thai Media Market Overview

Note: Out-of-Home Media = Outdoor, Transit and In-Store Traditional Media = Radio, Newspapers and Magazines Data excludes classified ads, house ads, digital TV, cable TV and satellite TV Source: The Nielsen Company (Thailand) Limited

TOP 10 ADSPEND FOR OOH MEDIA BY BUSINESS SEGMENTS Note: VGI discontinued operations in Modern Trade Media effective 1Q 15/16

AdSpend (THB bn)

93 104 105 114 110 102

(+27.6% CAGR) (0.9%% CAGR) (+6.5% CAGR) (-3.2% CAGR) (+0.3% CAGR) (+0.1% Industry CAGR)

93

28% 30% 30% 30% 35% 40% 49% 59% 53% 49% 43% 41% 40% 47% 13% 16% 20% 27% 24% 19% 4% FY 09/10 FY 10/11 FY 11/12 FY 12/13 FY 13/14 FY 14/15 FY 15/16 Transit Outdoor In-Store

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prepared by Investor Relations department BTS Group Holdings PCL

BTS Group General Presentation Section 2.2: Media Business 28

Thai Media Market Overview

Media Landscape in Thailand

60 80 100 120 140 160 180 200 2008 2009 2010 2011 2012 2013 2014 2015 Total Industry TV* Traditional media OOH Media Cinema

ADVERTISING EXPENDITURES BY SECTOR (rebased)

OOH Media proved to be the fastest growing media sector

* Traditional Media includes Magazines, Radio and Newspapers

TRANSIT MEDIA INCREASED ITS MARKET SHARE CONTINUOUSLY

Transit is continue to dominate the OOH Media market share and expected to increase on account of improving rail mass transit infrastructure.

THE TRANSITION FROM TRADITIONAL MEDIA TO OOH MEDIA

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

TOP 10 ADSPEND BY BUSINESS SEGMENT

+0.7% CAGR +2.6% CAGR

  • 2.9% CAGR

+1.5% CAGR +4.8% CAGR

21% 27% 31% 31% 29% 34% 39% 48% 66% 61% 54% 50% 44% 40% 41% 45% 13% 13% 16% 19% 27% 26% 20% 7%

2008 2009 2010 2011 2012 2013 2014 2015 Transit Outdoor In-Store 2008 2009 2010 2011 2012 2013 2014 2015 TV Traditional media OOH Media Cinema Internet

95bn 113bn 103bn 114bn 105bn 101bn 90bn 90bn

2014 2015 FMCG 40.7% 40.1% MOTOR VEHICLES 7.7% 7.6% COMMUNICATIONS 6.8% 6.1% GOVERNMENT & COMMUNITY ANNOUNCEMENT 5.7% 6.2% LEISURE 4.4% 4.8% MEDIA & MARKETING 3.3% 3.7% RETAIL SHOPS/STORES 3.0% 3.2% INSURANCE 2.7% 2.7% BANKS 2.4% 2.2% TRAVEL & TOURS 2.3% 2.6% TOTAL 79.0% 79.1%

57% 59% 60% 59% 60% 61% 62% 60% 31% 28% 27% 25% 24% 24% 23% 23% 7% 7% 7% 8% 9% 9% 10% 10% 5% 4% 5% 7% 7% 6% 5% 5%

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prepared by Investor Relations department BTS Group Holdings PCL

1,370 1,959 2,795 3,121 2,926 2,069 756 1,012 1,386 1,580 1,530 1,325 FY 10/11 FY 11/12 FY 12/13 FY 13/14 FY 14/15 FY 15/16

Operating Revenue Operating EBITDA

REVENUE CONTRIBUTION FY 14/15 FY 15/16 Net profit margin (%) 28.3% 44.7% ROA (%) 27.8% 39.5% ROE (%) 44.3% 46.2% Net debt to equity (times) 0.3x 0.1x

HISTORICAL OPERATING PERFORMANCE

BTS Group General Presentation Section 2.2: Media Business 29 GROSS PROFIT MARGINS

Media Business: Financial Performance

High margin business and low leverage

(THB mn) OPERATING REVENUE AND OPERATING EBITDA Revenue CAGR: 9% EBITDA CAGR: 12% FY 14/15 FY 15/16 Overall 59% 71% BTS-related Media 83% 79% Non-BTS Media 23% 26% GROSS PROFIT CONTRIBUTION

Note: Ratios calculated from VGI’s consolidated financial statements

FINANCIAL INFORMATION BY BUSINESS SEGMENTS

KEY FINANCIAL RATIOS 61% 86% 39% 14% FY 14/15 FY 15/16

Non-BTS Media BTS-related Media

85% 95% 15% 5% FY 14/15 FY 15/16

Non-BTS Media BTS-related Media

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prepared by Investor Relations department BTS Group Holdings PCL

BTS-related Media

Overview

KEY CONTRACT TERMS OUR PRODUCTS (% OUT OF 2015/16 BTS-RELATED MEDIA REVENUE)

30 BTS Group General Presentation Section 2.2: Media Business RIGHTS

  • Exclusive rights for 23 stations on core network, 7 stations on BTS

extension lines and all BTS trains, in-trains & On-Stations and Merchandising Area

  • First right to renew contract and extend space on additional mass

transit projects that BTSC is granted the rights to operate media space EFFECTIVE PERIOD

  • 23 Core Network: 18 May 2012 – 4 December 2029
  • 7 Extensions: 6 May 2015 – 4 December 2029

CONCESSION FEE (PAYABLE TO BTSC & BMA)

  • 5% - 20% of BTS revenues/year (an increase of 5% every 5 yrs)
  • Fixed rate for 7 extension stations

FY 15/16 Transit Media AdSpend

THB 4.6bn

VGI, 55%

Note: based on a market discount rate of 30%

Other, 45% MARKET SHARE IN TRANSIT

  • No. of location: 30 stations/52 trains

Static Media: > 4,000 displays Digital Media: 2,029 screens Viewer reach: 720,155 people/day Merchandising space: > 10,000 sqm. Target viewer:

  • Working people &

younger generation

  • Age 15 – 35
  • Middle Income
  • I. TRAIN (42%)
  • II. STATION (33%)
  • III. MERCHANDISING & OTHER (25%)
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prepared by Investor Relations department BTS Group Holdings PCL

2015 2029E Total rail length (km) 84.8

508.4

  • No. of stations

60

>320

Market share of rail mass transit commuters 6.4%

23.8%

(by 2032E)

UPSIDE FROM MASS TRANSIT NETWORK EXPANSION INCREASED DIGITALISATION

DIGITAL MEDIA PENETRATION STILL RELATIVELY LOW IN THAILAND Digital Media market share is expected to increase over time as its platforms provide more capacity and are cost effective. Moreover, it proves to be more adaptable and dynamic than Traditional Media. BTS Group General Presentation Section 2.2: Media Business 31

BTS-related Media

Growth drivers

4X EXPECTED INCREASE IN BTS TRAIN CAPACITY IN 5 YEARS (108.8KM) FY 15/16 FY 20/21E Green Lines (no. of carriages)* 208 412 Other Lines (no. of carriages)** none 372 Total (no. of carriages) 208

3.8X

784 4X EXPECTED INCREASE IN BTS STATIONS IN 5 YEARS (108.8KM) FY 15/16 FY 19/20E Green Lines (no. of stations)* 34 66 Other Lines (no. of stations)** None 80 Total (no. of stations) 34

4.9X

146 BANGKOK RAIL MASS TRANSIT MASTER PLAN

* BTS’s existing network, Dark Green South and North extensions and Light Green Line extension ** LRT, Grey Line and Pink Line *** Including Display, Search, social Media, Creative, Mobile, Facebook Ad and Video Source: Digital Media Advertising Association (Thailand)

BTS-RELATED MEDIA REVENUE AT VGI LEVEL (STATIC VS DIGITAL MEDIA) BTS Digital Media (Platform Truss LEDs and E-posters) launched in late 2014 and still has room to grow due to increased capacity and strong recovery post economic slump.

97.7% 96.4% 94.0% 93.0%

2.3% 3.6% 6.0% 7.0% 2012 2013 2014 2015 Digital (online)*** Offline

(THB mn) 543 637 757 750 581 655 648 602

2012/13 2013/14 2014/15 2015/16

Static Digital 48% 49% 54% 46% 51% 52% 1,124 1,292 1,405 1,352 55% 45%

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Office Building Media

Overview

KEY CONTRACT TERMS OUR PRODUCTS

32

OFFICE MARKET SHARE

  • No. of Media

Locations: 142 grade A buildings in Bangkok Multimedia: 1,144 screens Viewer Reach: >660,000 people/day Average time spent in an elevator: 14 mins/day VGI 63% Others 37%

Grade A and B Building in Bangkok 215 Buildings

OFFICE MEDIA PROFILE

Media inside elevators and office building areas Rights

  • Exclusive rights to manage 135 grade A buildings in Bangkok CBD

Contract Length

  • 3-5 years on average

Contract Fee (payable to building owners)

  • Approximately 20-30% revenue sharing and fixed rates

BTS Group General Presentation Section 2.2: Media Business

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OFFICE BUILDING NETWORK EXPANSION VS REVENUE* NEW OFFICE SUPPLY IN BANGKOK

318,000 SQ.M. OF NEW OFFICE SUPPLY EXPECTED IN THE NEXT 3 YEARS BTS Group General Presentation Section 2.2: Media Business 33

Office Building Media

Growth drivers from existing office asset base and new office supply

VGI’S EXISTING OFFICE BUILDING NETWORK IN BANGKOK (BY DISTRICT) CONTINUOUS REVENUE GROWTH FROM NETWORK EXPANSION Office Building Media is set to recover post economic slump and the addition of new office buildings will drive growth in this segment.

* At VGI level Source: CB Richard Ellis (Thailand) Co., Ltd.

Revenue CAGR (6 yrs): 48%

VGI’s office building network Bangkok CBD 19 76 79 145 149 163 201 41 41 47 51 75 103 135

50 100 150 200 400 600 800

FY 09/10 FY 10/11 FY 11/12 FY 12/13 FY 13/14 FY 14/15 FY 15/16 Office Building Media Revenue (THB mn)

  • No. of building

47 6 112 22 20

  • 86

62 30 25 139 23 23 197 50 191 10 2009 2010 2011 2012 2013 2014 2015 2016F 2017F 2018F CBD ('000 sq.m.) Non CBD ('000 sq.m.)

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KEY INVESTMENT AND CONTRACT DETAILS OUR PRODUCTS

34

  • I. Investments in MACO, AERO MEDIA & MIDAS

BTS Group General Presentation Section 2.2: Media Business Investments OUTDOOR MEDIA (Billboards, Street Furniture & Transit Media)

  • 33.88% stake in Master Ad PCL (MACO; listed on SET)

AVIATION MEDIA

  • 28% stake in Aero Media Co., Ltd. (342 screens across 13 airports)

ROADSIDE MEDIA

  • 11.11% stake in Midas Global Media Co., Ltd. (MIDAS; non-listed)

Contracts CHAMCHURI SQUARE (3-yr + 3-yr contract)

  • Exclusive rights to manage media (≈127 media panels)

EMPIRE TOWER (5-yr contract)

  • Exclusive rights to operate mega LED screens at Empire Tower

BUSES

  • Chulalongkorn University (CU Bus): 15 buses and 15 bus stops
  • BRT buses

Exclusive Selling Agent ARTISTA MEDIA

  • Manage 549 LCD screens in 219 residential buildings

THAI AIRASIA (3-yr contract with renewable rights)

  • Manage media on 30 planes & future fleets

STREET FURNITURE (3-yr contract)

  • Street Furniture including BTS columns and bridge columns at major

junctions across Bangkok MEGA LEDS

  • >200 sq.m. LEDs in Bangkok and Laos
  • II. Contracts and Exclusive Selling Agent

Other Media

Overview

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prepared by Investor Relations department BTS Group Holdings PCL

35

Now presently a

Nationwide Integrated Media Platform

PROVEN WINNER GROWTH SPRINGBOARD BTS Group General Presentation Section 2.2: Media Business

ACTIVATION

TRANSIT OFFICE OUTDOOR AVIATION

61%

market share

LONG TERM

contracts end 2029 & 2042

70%

GP margin

>720,000

viewers reached daily

4X

expected capacity

66%

market share

(Grade A&B bldg.)

146

  • ffice buildings

70%

GP margin

>700,000

viewers reached daily

219

condominiums

33.88%

in MACO

1,242

networking billboards

54%

GP margin

172

mega billboards

518

street furniture

28%

in Aero Media

342

LCD screens

57

jet bridges

>115MN

viewers reached annually

7,000

trolleys

 Achieved  Achieved  Achieved  Achieved

ONLINE & OFFLINE 5MN

card holders

90

  • ffline

merchants

>30MN

potential e-wallet members

33MN

  • nline

impressions

 Achieved

TARGETED 275

brand clients

77

provinces nationwide

>1,000

stores

 Achieved

RABBIT

Bangkok

 30 BTS station  52 BTS skytrains  146 office buildings  219 residential buildings

Nationwide

 >1,200 MACO billboards  >850 Multi Sign billboards  Media in 13 airports

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prepared by Investor Relations department BTS Group Holdings PCL

36

Evolving into

Data Centric Media Hypermarket

BTS Group General Presentation Section 2.2: Media Business Demographic Data

Travel data Financial data

DATA WAREHOUSE

DATA ANALYTICS

PAYMENT SERVICE ONLINE

PROGRAMMATIC HYBRID CAMPAIGN TARGETED MEDIA INNOVATIVE MEDIA

OFFICE OUTDOOR AVIATION ONLINE TRANSIT

MEDIA INVENTORY & AUDIENCE REACH ACTIVATION

ROI

Location data Spending data

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prepared by Investor Relations department BTS Group Holdings PCL

Section 1 BTS Group in Brief Section 2 Business Segment Profiles Section 2.1 Mass Transit Business Section 2.2 Media Business Section 2.3 Property Business Section 2.4 Services Business Section 3 Financial Summary Appendices Appendix 1: Key Terms of the Core Network Concession Agreement Appendix 2: Future Funding Requirements (Mass Transit) Appendix 3: BTS-W3 Appendix 4: BTS Group CAPEX History Appendix 5: BTSC’s Quality Management System

Contents

37 BTS Group General Presentation

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prepared by Investor Relations department BTS Group Holdings PCL

38

BANGKOK CONDO LAUNCHES

63% 61% 56% 61% 50% 52% 54% 56% 58% 60% 62% 64% 66% 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 2012 2013 2014 2015

Take-up Rate Units

1Q 2Q 3Q 4Q Average Take-up Rate (RHS) Total 47,339 Total 51,150 Total 50,105 Total 34,666

CONDO LAUNCH PRICES (THB/SQ.M) LAUNCH PRICES AND TAKE-UP RATES BY DISTANCE TO BTS

63% 47% 70% 76% 52% 63% 65% 64% 70% 60% 46% 58% 51% 48% 48% 78%

  • 50,000

100,000 150,000 200,000 250,000 2012 2013 2014 2015

THB/sq.m

0 - 200m (CAGR +24.0%) 201 - 500m (CAGR +13.4%) 501 - 1,000m (CAGR +22.6%) Over 1,000m (CAGR +9.8%) 28% 49% 22% 2% 13% 45% 29% 12% 5,000 10,000 15,000 20,000 25,000 30,000 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

2014 2015

BUYING SENTIMENT AND AVERAGE HOUSEHOLD SIZE

Thai Condo Market Overview

Buyers Willing to Pay Premium Prices for Proximity to BTS

2.29 2.24 2.19 2.14 2.09 1.95 2.00 2.05 2.10 2.15 2.20 2.25 2.30 2.35 40 50 60 70 80 90 Oct-11 Apr-12 Oct-12 Apr-13 Oct-13 Apr-14 Oct-14 Apr-15 Oct-15

Persons Index

Average Household Size Bangkok & Vicinities (RHS) New Residence Buyer's Confidence Index

Source: Colliers International (Thailand) Source: Colliers International Thailand Source: Colliers International (Thailand) Source: REIC, University of the Thai Chamber of Commerce

BTS Group General Presentation Section 2.3: Property Business

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2,975 2,993 3,019 3,231 3,152 3,287 1,611 1,907 2,134 2,404 1,961 2,475

53.2% 63.5% 70.6% 74.4% 61.9% 75.3% 0% 10% 20% 30% 40% 50% 60% 70% 80% 500 1,000 1,500 2,000 2,500 3,000 3,500 2010 2011 2012 2013 2014 2015

Occupancy THB/Night

ADR RevPAR Occupancy Rate

39

INTERNATIONAL TOURIST ARRIVALS FUTURE BANGKOK HOTEL SUPPLY BY SEGMENTS BANGKOK HOTEL PERFORMANCE METRICS THAI BAHT PERFORMANCE TO MAJOR CURRENCIES

Thai Hospitality Industry Overview

Positive Outlook

15.9 19.2 22.4 26.5 24.8 29.9 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 2010 2011 2012 2013 2014 2015

Mn of Visitors

Total Tourist Arrivals to Thailand China Malaysia Russia Others 29,235 31,806 35,028 38,139 40,355 41,961 44,872 47,015 48,255 40% 42% 44% 46% 48%

  • 10,000

20,000 30,000 40,000 50,000 2010 2011 2012 2013 2014 2015 2016 2017 2018

Market Share Keys

Economy Mid-Range First-Class Luxury Mid-Range Market Share (RHS)

Source: Department of Tourism, Ministry of Sports and Tourism Source: CBRE Source: Bloomberg Source: CBRE

BTS Group General Presentation Section 2.3: Property Business

0.15 0.16 0.17 0.18 0.19 0.2 0.21 0.22 0.23 0.020 0.022 0.024 0.026 0.028 0.030 0.032 0.034 0.036 Jan-10 May-10 Sep-10 Jan-11 May-11 Sep-11 Jan-12 May-12 Sep-12 Jan-13 May-13 Sep-13 Jan-14 May-14 Sep-14 Jan-15 May-15 Sep-15 Jan-16 May-16 THBUSD THBEUR THBCNY (RHS)

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prepared by Investor Relations department BTS Group Holdings PCL

2% 18% 19% 3% 38% 21%

Property Portfolio and Business Strategy

Substantial Development Potential of Assets for Long-Term Value

40

PROPERTY BOOK VALUE BREAKDOWN PROPERTY DEVELOPMENT APPROACH ALONG MASS TRANSIT

Owners Total Area (Rai) Total Area (sq.m) BTS Group Plc 581.1 899,790.8 Bayswater JV 48.8 77,987.2 U City Plc 416.9 667,056.0 Total 1,046.8 1,644,834.0

  • Excludes upcountry, non-BKK & Vicinities land bank.
  • Data as of 30 Sep 2016

TOTAL BOOK VALUE

THB 19.3BN

ATTRACTIVE LAND BANK IN BANGKOK & VICINITIES

BTS Group General Presentation Section 2.3: Property Business

U City THB 7.3bn Commercial THB 3.5bn Residential THB 0.3bn Land Bank THB 3.6bn BTS-Sansiri JV THB 0.6bn

A HISTORY OF UNLOCKING SOLID GAINS ON OUR ASSETS

  • Residential Property: Establish 50:50 joint venture companies with Sansiri. Target

to launch THB 100bn in project value of residential projects along mass transit routes over 5 years with expected NPAT margin ≈ 12% and equity IRR ≈ 17%

  • Commercial Property: Divested 3 assets to U CITY for total consideration of

THB 9.4bn in exchange for a 35.64% stake. U City aims to develop or acquire a portfolio of recurring income-generating assets

1,261 1,081 736 4,603 7,681 1,550 1,792 1,411 9,469 14,221

2Q 12/13: Kamala Beach Resort 3Q 12/13: Land at Nana 3Q 14/15: Land at Mochit to SIRI JV 1Q 15/16: BTSA & KKP to U City Total

Book Value Price Sold 1.2x 1.7x 1.9x 2.1x (THB mn) 1.9x as of 30 Sep 2016 Bayswater JV THB 4.0bn

  • JVs: paid-up capital and shareholder loans
  • U City: net equity value
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prepared by Investor Relations department BTS Group Holdings PCL

Property Business Strategy - Bangkok

Land: Over 1,500,000m² of Potential Near Mass Transit Lines

BTS Group General Presentation Section 2.3: Property Business

n a b c k i j l m

  • Projects and Properties
  • a. The LINE Jatujak – Mochit
  • b. The LINE Sukhumvit 71

c. The LINE Ratchathewi d. The LINE Asoke-Ratchada e. The BASE Garden Rama 9 f. The LINE Pradipat g. THE LINE Sukhumvit 101 h. KHUN BY YOO i. The Grand j. The Royal Place II

  • k. TST Tower Office Building

l. U Sathorn Hotel

  • m. Thana City Golf & Sports Club
  • n. Park Ramindra Condo
  • . Eastin Grand Sathorn Hotel

BTS Group Land Bank U City Land Bank Bayswater Land Bank Commercial Properties (k- m) Residential Projects & Properties (a – j) U City Commercial Properties (o) U City Residential Projects (n) Projects and Properties Land Bank

d

41

e f g h

Ku Kot 56.5 rai (9.4 ha) Bayswater 48.8 rai (7.8 ha) Thanacity 572.1 rai (91.5 ha) Charansanitwong 21.9 rai (3.5 ha)

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SLIDE 42

prepared by Investor Relations department BTS Group Holdings PCL

Residential Property

Launches of BTS-Sansiri Projects (Total of THB 29.8bn since Inception)

42

THE LINE SUKHUMVIT 71

100% Sold Project value of THB 2.0bn Transfer start in Sep 2016

THE LINE JATUJAK-MO CHIT

100% Sold Project value of THB 5.7bn

  • Est. Transfer start in Oct 2017

THE LINE RATCHATHEWI

100% Sold Project value of THB 2.9bn

  • Est. Transfer start in May 2018

53% Sold Project value of THB 4.0bn

  • Est. Transfer start in Mar 2021

KHUN BY YOO

48% Sold Project value of THB 5.7bn

  • Est. Transfer start in Nov 2019

THE LINE PRADIPAT

33% Sold Project value of THB 4.2bn

  • Est. Transfer start in Dec 2019

THE LINE SUKHUMVIT 101

THB 10.6BN VALUE OF PROJ. LAUNCHED IN 2015/16 THB 19.2BN VALUE OF YTD PROJ. LAUNCHED IN 2016/17

THE BASE GARDEN RAMA 9

80% Sold Project value of THB 2.2bn

  • Est. Transfer start in May 2019

THE LINE ASOKE - RATCHADA

100% Sold Project value of THB 3.0bn

  • Est. Transfer start in Apr 2019

TARGET TO LAUNCH THB 100BN IN PROJECT VALUE OF JV PROJECTS OVER 5 YEARS

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SLIDE 43

prepared by Investor Relations department BTS Group Holdings PCL

Project Name Presale Period Project Value (THB mn) Units

  • Avg. Price

per sqm (THB) Sold Construction Progress*

  • Est. Transfer

Start

  • Est. Transfer

Completion Foreign Participation THE LINE Jatujak – Mochit May 2015 5,727 841 179k 100% 68% Oct 2017 Mar 2018 14% THE LINE Sukhumvit 71 Aug 2015 1,990 291 169k; fully furnished 100% 99% Sep 2016 Jan 2017 48% THE LINE Ratchathewi Oct 2015 2,925 231 266k 100% 27% May 2018 Sep 2018 15% THE LINE Asoke-Ratchada Jun 2016 2,983 473 180k; fully furnished 100% 4% Apr 2019 Sep 2019 36% THE BASE Garden Rama 9 Sep 2016 2,228 639 105k 80% 5% May 2019 Sep 2019 32% THE LINE Pradipat Nov 2016 5,714 981 155k 48% 0% Nov 2019 Mar 2020 No Roadshow THE LINE Sukhumvit 101 Nov 2016 4,216 778 161k 35% 0% Dec 2019 Apr 2020 15% KHUN BY YOO Thonglor 12 Nov 2016 4,039 148 380k 53% 0% Mar 2021 Jul 2021 No Roadshow Total/Weighted Average 29,822 4,382 202k 73% 15%

Residential Property

Projects under Development & Development Pipeline

43 BTS Group General Presentation Section 2.3: Property Business

ACTIVE RESIDENTIAL PROJECTS UNDER SIRI JV

* As of Dec 2016

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SLIDE 44

prepared by Investor Relations department BTS Group Holdings PCL

  • Launch at least 2 projects, including mixed-use THB 10bn Phayathai project.
  • Phayathai mixed-use building will include a hotel, service apartments, office

and retail space with GFA of 120,000 sqm with a skybridge connection to Phayathai BTS interchange station with Airport Link 44

COMMERCIAL PROPERTY REVENUE BREAKDOWN HOTEL PORTFOLIO

BTS Group General Presentation Section 2.3: Property Business Hotel Name Number of keys Ownership

  • 1. U Sathorn Bangkok

86 100%

  • 2. U Chiang Mai

41 100%

  • 3. U Inchantree Kanchanaburi

26 100%

  • 4. Eastin Grand Sathorn

390 36%*

  • 5. Avani Khon Kaen

195 36%*

  • 6. Anantara Chiang Mai

84 36%* Blended Averages FY 2014 FY 2015 Occupancy Rate 72.1% 80.1% ADR (THB) 2,871 2,910 RevPAR (THB) 2,070 2,331 Gross Margin (%) 51.5% 53.7%

HOTEL PERFORMANCE

* BTS Group’s stake in U City *Sold to U City on 20 April 2015 1 2 3 4 5 6

2016 COMMERCIAL PROPERTY LAUNCH PLAN

Commercial Property

A Diversified Portfolio of Recurring Income Generating Assets

Others 23% U-Hotels 38% Thana City Golf 33%

FY 15/16 Commercial Property Revenue:

THB 594mn

Eastin Grand Sathorn* 6%

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SLIDE 45

prepared by Investor Relations department BTS Group Holdings PCL

Section 1 BTS Group in Brief Section 2 Business Segment Profiles Section 2.1 Mass Transit Business Section 2.2 Media Business Section 2.3 Property Business Section 2.4 Services Business Section 3 Financial Summary Appendices Appendix 1: Key Terms of the Core Network Concession Agreement Appendix 2: Future Funding Requirements (Mass Transit) Appendix 3: BTS-W3 Appendix 4: BTS Group CAPEX History Appendix 5: BTSC’s Quality Management System

Contents

45 BTS Group General Presentation

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SLIDE 46

prepared by Investor Relations department BTS Group Holdings PCL

Services Business

Current Rabbit: Offline Platform and mostly Focused in Bangkok

46

BANGKOK SMARTCARD SYSTEM (BSS)

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.

RABBIT

Use on BTS SkyTrain & BRT Use in retail stores

7.0mn

Rabbit cards in circulation (as of Jan 2017) BTS Group General Presentation Section 2.4: Services Business

LARGE PARTNERS NETWORK BUILT

103

brand partners

>3,600

Card readers

  • AIS RABBIT SIM: exclusive NFC contract signed with AIS in Dec 2012
  • BBL CO-BRANDED DEBIT/CREDIT CARD: officially launched BBL Rabbit Card

and Be 1st Smart Rabbit Card in Mar 2013

  • AEON RABBIT CARD: launch in Feb 2015. This can be used both the Rabbit

functions (travel on the BTS SkyTrain system and purchase of products and services at retail stores) and obtain personnel loans from AEONTS.

  • COMMON TICKETING SYSTEM: in Feb 2015, BTSC, as part of BVS consortium,

won the bid for design and implementation of Central Clearing House (CCH) system for common ticketing system

KEY MILESTONES FOR THE PAST 4 YEARS

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SLIDE 47

prepared by Investor Relations department BTS Group Holdings PCL

47

ONLINE PAYMENT MICRO FINANCE & FINANCIAL COMPARISON BROKER ONLINE CONTENT & DIGITAL MEDIA PLATFORM

RABBIT CARD RABBIT PAY RABBIT FINANCE RABBIT INTERNET

COMMON TICKETING & OFFLINE PAYMENT

  • >15 million

Rabbit Card holders

  • >6 million

Rabbit Line Pay accounts

  • >20,000

Acceptance points

  • >4 million

Transactions/day

  • >500 million

Settlement value/day

  • >200 THB mn

Gross written insurance premium/month

  • >4 THB bn

Outstanding Balance

  • n ATS Loan

“Lifestyle Publisher” “Digital Marketing”

  • >30 million

monthly visits

  • Biggest online marketer
  • Digital media trading desk

with more than 1 bn impression RABBIT REWARD BIG DATA CUSTOMER

Powered by

EC website Digital Content Shops

7.0mn

card holders

2.6mn

active card holders

33mn

Line users

1.5mn

active line pay users

EXISTING TARGET IN 2020

> 103

brand partners

>3,600

card readers

Rabbit is aim to become the leader of online & offline payment systems in Thailand

Services Business

BTS Group General Presentation Section 2.4: Services Business

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SLIDE 48

prepared by Investor Relations department BTS Group Holdings PCL

Thana City Branch

Services Business

48

  • Premium Chinese restaurant chain managed by Man Kitchen
  • As of 31 Mar 2016, 9 existing branches:

3 dine-in branches, 1 take-away branch, 4 Chairman by Chef Man (Hong Kong Café concept), 1 private dining concept under M Krub restaurant and 1 Man Kitchen buffet

  • Joint venture originally founded between BTS and HHT Construction, a

major HK contractor

  • AHS is within the top 4 management companies based in Thailand

based on number of keys under management and number of rooms under management together with Minor, Centara and Onyx.

  • Responsible for project management of all BTS Group property projects
  • Partnership between BTS and experienced management team,

whose track record include Four Seasons Samui & Chiang Rai & JW Marriott Phuket & Bangkok

  • Provide hospitality and consultancy services for hotel

development across Asia

  • Currently manages 3 to 4 star hotels under “U Hotels & Resorts” and

“Eastin Hotels & Residences” brands

  • As of Dec 16, 10,100 keys signed (3,100 keys in operation)

Number of hotels

68

80

Number of rooms

>9,200

10,500

Under AHS contracts 2015/16 2016/17E

CHEFMAN RESTAURANTS ABSOLUTE HOTEL SERVICES (AHS)

Eastin Grand Sathorn Branch Express Branch at Royal Place 2 Royal Place 2 Branch

BTS Group General Presentation Section 2.4: Services Business

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SLIDE 49

prepared by Investor Relations department BTS Group Holdings PCL

Section 1 BTS Group in Brief Section 2 Business Segment Profiles Section 2.1 Mass Transit Business Section 2.2 Media Business Section 2.3 Property Business Section 2.4 Services Business Section 3 Financial Summary Appendices Appendix 1: Key Terms of the Core Network Concession Agreement Appendix 2: Future Funding Requirements (Mass Transit) Appendix 3: BTS-W3 Appendix 4: BTS Group CAPEX History Appendix 5: BTSC’s Quality Management System

Contents

49 BTS Group General Presentation

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SLIDE 50

prepared by Investor Relations department BTS Group Holdings PCL

KEY FINANCIAL RATIOS FY 15/16 FY 14/15 FY 13/14 FY 12/13 Profitability ratios (%) Gross operating profit margin 57.3% 55.5% 51.4% 48.8% SG&A to operating sales ratio 22.9% 22.0% 19.5% 16.6% Accounting EBITDA margin 59.6% 52.0% 73.% 53.3% Operating EBITDA margin(1) 41.6% 39.9% 36.3% 49.0% Recurring net profit margin (%) 33.7% 34.7% 25.4% 9.7% Liquidity ratio Current ratio (times) 0.83x 3.96x 4.36x 5.79x Leverage (Times) Total liability to total asset 0.28x 0.22x 0.22x 0.25x Total liability to total equity 039x 0.28x 0.29x 0.33x Interest bearing debt to equity 0.20x 0.09x 0.11x 0.24x Net debt to equity 0.15x (0.11)x (0.03)x 0.17x Net debt to operating EBITDA 2.70x (1.96)x (0.65)x 1.66x Interest coverage(3) 8.84x 7.03x 4.94x 4.07x Per share ratios Book value per share (THB) 3.97 4.38 5.09 5.05 Dividend yield (4) 7.75 6.38% 7.37% 4.71%

FY 15/16 REVENUE & EBITDA CONTRIBUTION BY BU

(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

REVENUE COMPARISON BY BUSINESS UNIT

50

(THB mn) CONSOLIDATED P&L (THB MN)

FY 15/16 FY 14/15 FY 13/14 FY 12/13 Operating revenues 6,148 7,102 8,532 10,375 Operating expenses 2,625 3,163 4,147 5,317 Non-recurring items 2,124 268 10,971 897 EBITDA 6,268 4,937 10,334 6,186 Operating EBITDA(1) 2,560 2,836 3,100 5,081 Net income(2) 4,141 2,944 12,598 1,719 DEBT INFORMATION (THB MN) 31 MAR 16 31 MAR 15 31 MAR 14 31 MAR 13 Interest bearing debt 9,283 4,556 6,655 11,961 Net debt 6,918 (5,556) (2,013) 8,447 BTS Group General Presentation Section 3: Financial Summary

BTS Group Financial Performance

12% 15% 2.9% 34% 44% 40% 54%

Revenue Contribution EBITDA Contribution

Services Property Media Mass Transit

2,274 2,926 1,355 548 7,102 2,441 2,069 896 741 6,148

Mass Transit Media Property Services Total

FY 14/15 FY 15/16

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SLIDE 51

prepared by Investor Relations department BTS Group Holdings PCL

THB mn Registered Capital (15,928.9mn shares @ THB 4.0) 63,716 Issued and paid-up (11,929.3mn shares @ THB 4.0) 47,717 Others 1,618 Retained earnings (Deficits) (2,419) Total Shareholders’ Equity 46,916 Type Outstanding warrants (mn) Exercise ratio (warrant : share) Exercise price (THB) Outstanding shares reserved for warrants (mn) % Dilution BTS-WA 6.2 1 : 0.166* 4.220* 0.8 0.0% BTS-WB 11.1 1 : 1 5.01 11.1 0.1% BTS-WC 16.0 1 : 1 10.19 16.0 0.1% BTS-W3 3,971.6 1 : 1 12.00 3,971.6 25.0% Total 3,999.6 25.1%

SHAREHOLDERS’ EQUITY

as of 31 Mar 2016

Balance Sheet

51

* Adjusted under the conditions as stated in the terms and conditions of the warrants

DILUTION IMPACT

as of 31 Mar 2016

ESOP

BTS Group General Presentation Section 3: Financial Summary

40,808 54,883 26,002 10,285

31-Mar-15 31-Mar-16 Total current assets Total non-current assets

66,811 65,169 52,012 46,917 8,238 5,796 6,560 12,455

31-Mar-15 31-Mar-16 Total current liabilities Total non-current liabilities Total shareholders' equity

Cash 31 Mar 15: THB 10.18bn 31 Mar 16: THB 2.36bn Current Investments 31 Mar 15: THB 4.77bn 31 Mar 16: THB 3.27bn Long-Term Investments 31 Mar 15: THB 7.99bn 31 Mar 16: THB 9.56bn Restricted Deposits 31 Mar 15: THB 1.15bn 31 Mar 16: THB 1.24bn Gross Debt 31 Mar 15: THB 4.56bn 31 Mar 16: THB 9.28bn Net Debt 31 Mar 15: THB (5.56)bn 31 Mar 16: THB 6.92bn ***** Issued Ordinary Shares 31 Mar 15: 11,919.3mn 31 Mar 16: 11,929.3mn 61% 39% 16% 84% 19% 72% 9% 78% 10% 12% 66,811 65,169 ASSET BREAKDOWN (THB MN)

LIABILITIES AND EQUITY BREAKDOWN (THB MN)

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prepared by Investor Relations department BTS Group Holdings PCL

2017/18 BTS Group Targets & CAPEX Guidance

52 BTS Group General Presentation Section 3: Financial Summary

8,160 1,450 700 25 2017/18 CAPEX of THB 10.3BN

BTSG CAPEX excludes:

  • Real estate development cost for Property business
  • Investment in BTS-SIRI project (net) of THB 1,500mn
  • Investment in international school project of THB 200mn
  • BTSGIF CAPEX of THB 620mn (includes mainly i. rolling stocks
  • f THB 197mn, ii. AFC upgrade of THB 157mn, iii. Radio

upgrade of THB 156mn) – excludes construction of station S4

(which is recorded as investment in NRTA)

2017/18 BTS GROUP TARGETS

  • 3-5% Ridership Growth
  • 1% Average Fare Increase
  • 10-12% Train O&M Revenue* Growth
  • THB 6-9bn Services Revenue of E&M

Works & Rolling Stocks Procurement for Green Line South and North extensions

  • THB 4,000mn** Targeted Media

Revenue (see details in next slide)

MEDIA

  • THB 650mn Commercial Property

Revenue

  • THB 200mn Share of Net Profit from

BTS-SIRI JVs

PROPERTY

*Train O&M revenue includes 1st station of Green Line South: E15 which

was opened on 3 April 2017 **Based on VGI financial statements that included Rabbit Group performance (3-year restatement under common control basis)

MASS TRANSIT

  • THB 3,500-5,250mn E&M Green

Line South and North extensions

  • THB 1,900-2,850mn New rolling

stocks

  • THB 60mn Normal CAPEX
  • THB 880mn Thana City & other

improvements

  • THB 300mn Eastin Thana City

Hotel

  • THB 270mn Land acquisition
  • THB 340mn VGI CAPEX
  • THB 210mn MACO CAPEX
  • THB 150mn Rabbit Group CAPEX

Mass Transit Media Property Services

  • 9.2mn Rabbit Cards in Circulation

SERVICES 79% 14% 7%

THB 10.3bn

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SLIDE 53

prepared by Investor Relations department BTS Group Holdings PCL

Section 1 BTS Group in Brief Section 2 Business Segment Profiles Section 2.1 Mass Transit Business Section 2.2 Media Business Section 2.3 Property Business Section 2.4 Services Business Section 3 Financial Summary Appendices Appendix 1: Key Terms of the Core Network Concession Agreement Appendix 2: Future Funding Requirements (Mass Transit) Appendix 3: BTS-W3 Appendix 4: BTS Group CAPEX History Appendix 5: BTSC’s Quality Management System

Contents

53 BTS Group General Presentation

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SLIDE 54

prepared by Investor Relations department BTS Group Holdings PCL

Appendix 1: Core Network Concession Agreement

Key terms and background

54

BTS SKYTRAIN BTSC BMA EXCLUSIVE OPERATION RIGHT CONCESSION AGREEMENT MINISTRY OF INTERIOR AUTHORISATION BTS SKYTRAIN BTSC BMA EXCLUSIVE OPERATION RIGHT CONCESSION AGREEMENT MINISTRY OF INTERIOR AUTHORISATION BTSGIF NET REVENUE TRANSFER AGREEMENT

23 STATIONS, 23.5 KM IN CBD

Connecting Bangkok’s most important business and tourist destinations, serving as the backbone to all Bangkok’s mass transit systems ALL INVESTMENTS MADE BY BTSC Including civil works, E&M and trains (except land acquisition) from private sector sources. BTO for civil works, BOT for electrical and mechanical works, including trains 30 YEARS CONCESSION 30 years of concession period ending 4 Dec 2029, approximately 17 years remaining NO REVENUE SHARING OR CONCESSION FEES FOR BMA Exclusive right to operate and retain all farebox revenues from BTS SkyTrain System during the period of the concession

SCOPE

Procuring, operating and maintaining the mass transit system. BTS has the right to earn revenues from the business related to the BTS Sky Train's system including advertisement, sublicensing and fare collection for 30 years commencing from 5 Dec 1999

EXTENSIONS

BTS must inform the BMA of such intent at least 3 years (< 5 years) prior to the expiration of the Concession Agreement. The extension is subject to the prior approval of the Interior Minister. BTS is granted a ROFR for negotiations with BMA to construct and operate such network extensions

  • r new routes, provided that BTS matches the best price offered by other

potential investors. BTS Group General Presentation Appendix 1: Core Network Concession Agreement

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prepared by Investor Relations department BTS Group Holdings PCL

17,338 18,285 35,623 8,598 10,760 20,045 18,189 8,616 11,750 77,958 3,572 4,940 2,096 10,608

Dark Green South Dark Green North Pink Yellow LRT Light Green Grey Total

Rolling Stock E&M Civil work

Appendix 2: Mass Transit Funding Requirements

BTS Pipeline

55

PROJECTED CAPEX/FINANCING BREAKDOWN OF EXPECTED FUTURE LINES (THB mn) KEY ASSUMPTIONS

Total CAPEX/financing for expected lines = THB 124bn with D/E Ratio = 2.5 : 1 Total equity required by BTS Group = THB 35bn

Source: Office of Transport and Traffic Policy and Planning (OTP), Mass Rapid Transit Authority of Thailand (MRTA), Bangkok Metropolitan Administration (BMA) and Company estimates

124,189 36,474* 37,383*

12.8km 18.4km 34.5km 30.4km 7.0km 16.3km 137.7km BTS Group General Presentation Appendix 2: Mass Transit Future Funding Requirements 18.3km

*BTS hold 75% equity stake in BSR JV & excludes approximately THB 6bn in each line for land expropriation and other costs which are the costs borne by the government

12,170 15,700 8,616 2,096 11,750

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SLIDE 56

prepared by Investor Relations department BTS Group Holdings PCL

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 Reimburse from gov't (civil) E&M Civil works Farebox revenue 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 Rolling stocks Investment O&M revenue

Appendix 2: Mass Transit Economic profile

O&M Contract & PPP Net Cost

56

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

KEY ASSUMPTIONS KEY ASSUMPTIONS 1) 30-year contract from

  • perating date

2) O&M revenue* of THB 141mn/km in FY 16/17 with growth rate of 3.5% p.a. 3) EBITDA margin of 40%

YEAR YEAR

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

BTS Group General Presentation Appendix 2: Mass Transit Economic profile

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

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SLIDE 57

prepared by Investor Relations department BTS Group Holdings PCL

Appendix 2: Funding Requirements (Mass Transit)

Procurement of 184 carriages - Thailand’s Largest Train Order

57 BTS Group General Presentation Appendix 2: Future Funding Requirements (Mass Transit)

  • 23 May 2016, BTSC signed the contract with Siemens Consortium (“Siemens”) and CRRC Changchun Railway Vehicles Co., Ltd.

(“CRRC”) to procure additional trains. Total of EURO 270mn (before VAT)

  • 46 additional 4-car trains, totaling of 184 carriages to serve the increased patronage in existing network, together with green line

south and north extensions Rolling stocks From Delivery Schedule 22x4 trains

  • 7x4 trains for existing network
  • 15x4 trains for green line south extension

Siemens by 2018/19 24x4 trains

  • 21x4 trains for green line north extension
  • 3x4 trains – spare trains for extensions

CRRC by 2019/20

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SLIDE 58

prepared by Investor Relations department BTS Group Holdings PCL

Appendix 3: BTS-W3 Term Sheet

58 TICKER BTS-W3 TERMS 5 YEARS ISSUE DATE 1 NOV 2013 EXPIRY DATE 1 NOV 2018 EXERCISE PERIOD QUARTERLY STARTING FROM DEC 2016 TO SEP 2018 WITH THE LAST EXERCISE DATE ON 1 NOV 2018 (TOTAL 9 TIMES) WARRANT PRICE

  • ALLOCATION

TO EXISTING SHAREHOLDERS AT THE RATIO OF 3 EXISTING BTS SHARES : 1 BTS-W3

  • NO. OF WARRANTS

3,944,626,464 UNITS EXERCISE RATIO 1 BTS-W3 TO 1 NEW COMMON SHARE OF BTS EXERCISE PRICE THB 12.00 PER SHARE EXPECTED MAXIMUM PROCEEDS THB 47,336MN

WARRANTS TERMS AND CONDITIONS

BTS Group General Presentation Appendix 3: BTS-W3

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SLIDE 59

prepared by Investor Relations department BTS Group Holdings PCL

Appendix 4: BTS Group CAPEX History

59 BTS Group General Presentation Appendix 4: BTS Group CAPEX History

317 11 26 36 305 560 521 158 367 457 1,016 1,222 80 191 75 156 260 17 59 61

  • 200
400 600 800 1,000 1,200 1,400 1,600 1,800

FY 12/13 FY 13/14 FY 14/15 FY 15/16 Others Services Property Media Mass Transit

1,329 1,235 1,697 1,633

Remarks: excludes real estate development cost for Property business

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SLIDE 60

prepared by Investor Relations department BTS Group Holdings PCL

Appendix 5: BTSC’s Quality Management System

60 OCCUPATIONAL HEALTH AND SAFETY ZONE CERTIFICATE ACCREDITED BY BUREAU VERITAS CERTIFICATION (THAILAND) LTD. (BV). OHSAS 18001 : 2007 QUALITY MANAGEMENT SYSTEMS CERTIFICATE ACCREDITED BY BUREAU VERITAS CERTIFICATION (THAILAND)

  • LTD. (BV).

ISO 9001 : 2008 LLOYDS REGISTER RAIL’S BEST PRACTICE MODEL IMPLEMENTATION. LLOYDS REGISTER RAIL ISO 14001: 2004 ENVIRONMENTAL MANAGEMENT SYSTEMS CERTIFICATE ACCREDITED BY BUREAU VERITAS CERTIFICATION (THAILAND) LTD. (BV). BTS Group General Presentation Appendix 5: BTSC’s Quality Management System