BTS Group Holdings PCL GENERAL PRESENTATION MAY 2016 BTS Group - - PowerPoint PPT Presentation

prepared by Investor Relations department BTS Group Holdings PCL

BTS Group General Presentation

BTS Group Holdings PCL

GENERAL PRESENTATION

MAY 2016

prepared by Investor Relations department BTS Group Holdings PCL

IR Contacts

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

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: BTSC’s Quality Management System 3

Contents

BTS Group General Presentation

prepared by Investor Relations department BTS Group Holdings PCL

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

prepared by Investor Relations department BTS Group Holdings PCL

Nine Square Property Co., Ltd. 100% Nuvo Line Agency Co., Ltd. 50% 75.47% 50% 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 31 March 2016

BTS Rail Mass Transit Growth Infrastructure Fund (BTSGIF) 97.46% Mak8 Co., Ltd. 100% BTS Sansiri Holding Eleven Limited 50% 100% BTS Sansiri Holding Nine Limited 50% Yongsu Co., Ltd. 100% BTS Sansiri Holding Eight Limited 50% 100% BTS Sansiri Holding Seven Limited 50% 100% 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% BTS Sansiri Holding Three Limited 50% The Community One Co., Ltd. 100% Siam Paging and Communication Co., Ltd. 100% BTS Sansiri Holding Two Limited 50% Kingkaew Assets Co., Ltd. 100% PrannaKiri Assets Co., Ltd. 100% BTS Sansiri Holding One Limited 50% Ratburana Property Co., Ltd. 100% Bangkok Mass Transit System PCL (BTSC) U City PCL 23.30%

MEDIA BUSINESS

41.0% Kanjanapas Family1 32.8% Institutional Investors1 26.2% Individual Investors1 35.64% 100%

PROPERTY BUSINESS

VGI Advertising Media Co., Ltd. 100% 888 Media Co., Ltd. 100% 100% Master Ad PCL 24.96% Aero Media Group Co., Ltd. 20% VGI Global Media PCL (VGI) 2 Point of View (POV) Media Group Co., Ltd. Unicorn Enterprise Co., Ltd. Tanayong Food and Beverage Co., Ltd. Thana City Golf & Sports Club Co., Ltd. Tanayong Property Management Co., Ltd. 33.33%

MASS TRANSIT BUSINESS

Tanayong International Ltd. 100%

SERVICES BUSINESS

RabbitPay System Co., Ltd. 80% Bangkok Payment Solutions Co., Ltd. 60% ASK Direct Group Co., Ltd. 51% ASK Broker Association 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. 51% Absolute Hotel Services Hong Kong Ltd. 90% 12.26% Bangkok Smartcard System Co., Ltd. Absolute Hotel Services Co., Ltd.

1 Information based on book closure date on 26 Jan 16 with total issued shares = 11,929.3mn shares 2 BTSG holds 74.3% of VGI indirectly and directly

Listed entities Subsidiaries Associates LEGEND The Community Two Co., Ltd. 100% BTS Sansiri Holding Fourteen Limited 50%

prepared by Investor Relations department BTS Group Holdings PCL

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

prepared by Investor Relations department BTS Group Holdings PCL

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

Investment Highlights

Prime beneficiary from mass transit network expansion across all our businesses

≈9.5x BKK mass transit

extension coverage

≈9.5x mass transit

O&M revenue

4x expected increase in

BTS train capacity

4x 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 >10mn users

MEDIA PROPERTY SERVICES MASS TRANSIT

MASS TRANSIT NETWORK EXPANSION

prepared by Investor Relations department BTS Group Holdings PCL

121 399 548 548 FY 12/13 FY 13/14 FY 14/15 9M 15/16 1,445 2,934 1,355 725 FY 12/13 FY 13/14 FY 14/15 9M 15/16 2,795 3,121 2,926 1,578 FY 12/13 FY 13/14 FY 14/15 9M 15/16 6,016 2,077 2,274 1,834* FY 12/13 FY 13/14 FY 14/15 9M 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

(9M 15/16)

65%

9M 15/16

63%

9M 15/16

10%

9M 15/16

7%

9M 15/16

*O&M Revenue: THB 1,184mn; Share in BTSGIF: THB 650mn

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

39% 34% 15% 12%

prepared by Investor Relations department BTS Group Holdings PCL

BTSG at a Glance

PROGRESSIVE DIVIDEND POLICY

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

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 2015) EMPLOYEES (as of 31 Mar 2015)

BTS Group Holdings 72 Mass Transit 2,039 Media 466 Property 918 Services 505 Total 4,000 THB (mn) USD (mn)** Operating revenue 7,102 218 Operating EBITDA 2,836 87 Net income*** 2,944 90 Total assets 66,811 2,053 Excess cash and liquid investments 24,088 740 Cash 10,180 313 Current investments 4,766 146 Long-term investments 7,989 245 Restricted deposits 1,154 35 Free cash flow (1,768) (54)

**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

2,015 2,748 4,359 7,073 7,094 2010/11 2011/12 2012/13 2013/14 2014/15 4.8% 7.3% 6.2% 6.5% 5.2%

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

prepared by Investor Relations department BTS Group Holdings PCL

Name % 1

• MR. KEEREE KANJANAPAS’S GROUP

41.0% 2 THAI NVDR CO., LTD. 7.6% 3 BANGKOK BANK PUBLIC COMPANY LIMITED 4.6% 4 UOB KAY HIAN PRIVATE LIMITED 1.4% 5 HSBC (SINGAPORE) NOMINEES PTE LTD 1.1% 6 K EQUITY 70:30 LTF 0.8% 7 CHASE NOMINEES LIMITED 0.8% 8 BTS GROUP HOLDINGS PCL 0.8% 9 STATE STREET BANK EUROPE LIMITED 0.8% 10 GOVERNMENT PENSION FUND 0.7% TOTAL TOP 10 SHAREHOLDERS 59.6% Stock code BTS Outstanding shares (mn shares) 11,919.3 Treasury shares (mn shares) 95.8 Market capitalisation (THB mn) 109,061.1 Market capitalisation (USD mn) 3,350.8 Average daily traded value (THB mn) 445.4 Average daily traded value (USD mn) 13.7

BTS Group Share Information

SHARE INFORMATION (as of 31 Mar 2015)

BTS Group General Presentation Section 1: BTS Group in Brief

SHARE PRICE MOVEMENT (as of 31 Mar 2015) SHARE STRUCTURE (as of 26 Jan 2016)

Kanjanapas family 41.0% BTS Group treasury shares 0.8% Institutional investors 32.0% Others 26.2% Free float 58.2% Foreign limit 49.0%

TOP 10 SHAREHOLDERS (as of 26 Jan 2016)

10

9.15 500 1,000 1,500 2,000 2,500 6.00 6.50 7.00 7.50 8.00 8.50 9.00 9.50 10.00 10.50 11.00

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

THB THB mn 12M ADTV = THB 444mn

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: BTSC’s Quality Management System

Contents

BTS Group General Presentation 11

prepared by Investor Relations department BTS Group Holdings PCL

THB 1.5bn > THB 14bn 2014 2020 TARGET 12.8 km 121.6 km 2014 2020 TARGET

≈9.5x ≈9.5x

BTS Group Vision 2020

“THAILAND’S LEADING MASS TRANSIT DEVELOPER AND OPERATOR” ≈9.5X BKK MASS TRANSIT EXTENSION COVERAGE ≈9.5X MASS TRANSIT O&M REVENUE

O&M = Operation and Maintenance

MASS TRANSIT RAIL LENGTH TARGETS (KM)

74.2 79.5 94.8 100.1 461.3 515.3 31.0 31.0 31.0 36.3 145.1 2010 2011 2012 2013 2019T 2020T 2029T Target Network Length in km BTS Target Distance in km T = Target

*

*Source: Office of Transport and Traffic Policy and Planning

BTS Group General Presentation Section 2.1: Mass Transit Business 12

prepared by Investor Relations department BTS Group Holdings PCL

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

prepared by Investor Relations department BTS Group Holdings PCL

Bangkok Rail Mass Transit Master Plan

515.3 km* by 2029, 42.4% share of Mass Transit commute by 2032

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

34.7

• Singapore

34.2

• Tokyo

24.2

• Bangkok

7.6 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

prepared by Investor Relations department BTS Group Holdings PCL

Existing Bangkok Mass Transit Network

Immature network, 84.8km as of 2015

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

EXISTING LINES - 84.8KM; 60 STATIONS

CORE NETWORK

3 RAIL MASS TRANSIT OPERATORS

• BTS: 36.3km

(SkyTrain)

• BEM: 20.0km

(Underground)

• SRT: 28.5km

(Airport Rail Link)

EXTENSIONS TO OUR CURRENT CORE NETWORK

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

15 BTS Group General Presentation Section 2.1: Mass Transit Business

prepared by Investor Relations department BTS Group Holdings PCL

BTS Group: INVESTOR in BTSGIF (Core Network)

Prime position to capture growth from Network Expansion

16

*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

prepared by Investor Relations department BTS Group Holdings PCL

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 59 79 96 105 118 132 139 133 136 144 145 176 197 215 219

• 10

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 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: 10.7%
• Ridership CAGR: 9.8%

GROWTH (14 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

prepared by Investor Relations department BTS Group Holdings PCL

SJT 36% AVG FARE THB 30.9 30-DAY PASS (ADULT)* 30% AVG FARE THB 23.9 PURSE (STV)* 25% AVG FARE THB 26.5 30-DAY PASS (STUDENT)* 8% AVG FARE THB 19.5 ONE-DAY PASS 1% AVG FARE THB 34.1

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 14/15) 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

21.4 22.1 24.2 24.2 24.1 24.4 24.4 24.8 26.4 26.9

2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15

BTS Group General Presentation Section 2.1: Mass Transit Business

BTS Group: INVESTOR in BTSGIF (Core Network)

Flexibility to increase fares

prepared by Investor Relations department BTS Group Holdings PCL

145 176 197 215 219 57.1% 67.5% 67.8% 68.8% 69.9%

2010/11 2011/12 2012/13 2013/14 2014/15

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

Core Network Performance

Efficient operation; further scope for cost efficiency

19

STRONG RIDERSHIP GROWTH ALONG WITH SUSTAINED MARGIN EXPANSION CORE COSTS AND SG&A BREAKDOWN – FY 14/15 EBITDA MARGIN COMPARISON (CORE ONLY) MAINTENANCE EXPENSES BREAKDOWN

MAINTENANCE, 14% STAFF COST, 19% UTILITIES, 8% DEPRECIATION, 50% ADMIN, 4% * FY ending 31 Mar 2014, 2015 ** FY ending 31 Dec 2013, 2014

68.8% 15.1% 44.3% 69.9% 17.4% 43.1% BTS SkyTrain* Singapore MRT* Hong Kong MTR** FY 13/14 FY 14/15 387 391 417 377 365 344 361 387 171 200 59 40 27 11 79 95

2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 Major overhaul expenses General maintenance expense (THB mn)

OTHERS, 7%

BTS Group General Presentation Section 2.1: Mass Transit Business

prepared by Investor Relations department BTS Group Holdings PCL

ESTIMATED FLEET***

X7 28 +13.5%

~THB 2.0bn

70 +47.1%

TOTAL FUTURE FLEET

X59 306 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

Ample capacity with limited Capex for concession period

20

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

* Based on 2 assumptions: i) 6-car trains in service and ii) 2 min headway ** Based on Sukhumvit Line morning peak time *** Based on existing contracts (core network and O&M contracts up to 2042) Already operated in May 2013 Already fully operated in Feb 2014 Expect to order in 2017, expect to be delivered in 2019 Expected required by 2032

BTS Group General Presentation Section 2.1: Mass Transit Business

prepared by Investor Relations department BTS Group Holdings PCL

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

prepared by Investor Relations department BTS Group Holdings PCL

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 contract

22

O&M COSTS AND SG&A BREAKDOWN - FY14/15

• 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, 21% STAFF COST, 39% OTHERS, 14% CLEANING & SECURITY GUARD, 9% DEPRECIATION, 2% UTILITIES, 14%

EXTENSION

Saphan Taksin – Bang Wa

EXTENSION

On Nut - Bearing

CORE NETWORK

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

prepared by Investor Relations department BTS Group Holdings PCL

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 LRT Light Green

(Bang Wa – Boromma ratchachonn ani)

Grey

1) The only operator who can provide seamless services

~15-minute interchange time saved*

  

2) Lower project CAPEX

  

3) Lower O&M OPEX

~10% operating costs and 15% maintenance costs saved*

  

4) Proven track records

• 16 years’ experience in running BTS core lines
• Completed BTS core line construction in 35 mths

     

5) Financial strength with THB 15bn excess liquidity

     

6) Financial flexibility from the BTS-W3 warrants

     

*compared between seamless model and shuttle service model

BTS Group General Presentation Section 2.1: Mass Transit Business

prepared by Investor Relations department BTS Group Holdings PCL

LINE ROUTE AUTHORISING BODY OPERATE YEAR CONSTRUCTION PROGRESS DISTANCE (KM)

PURPLE BANG YAI - BANG SUE MRTA 2015 UNDER CONSTRUCTION 23.0 BLUE HUA LAMPHONG - BANG KHAE MRTA 2016 UNDER CONSTRUCTION 14.0 BLUE BANG SUE - THA PRA MRTA 2016 UNDER CONSTRUCTION 13.0 DARK RED BANG SUE - RANGSIT SRT 2017 UNDER CONSTRUCTION 26.3 DARK GREEN SOUTH BEARING - SAMUT PRAKARN BMA 2018 UNDER CONSTRUCTION 12.8 DARK GREEN NORTH MO CHIT – SAPHAN MAI – KHU KHOT BMA 2019 UNDER CONSTRUCTION 18.4 LIGHT GREEN BANG WA - BOROMMARATCHACHONNANI BMA 2019 7.0 LRT BANG NA - SUVARNABHUMI BMA 2018 18.3 GREY (PHASE I) WATCHARAPHON – THONG LO BMA 2019 16.3 PINK KHAE RAI – PAK GRED – MIN BURI MRTA 2020 – 2021 36.0 DARK GREEN SAMUT PRAKARN - BANGPU MRTA 2018 7.0 YELLOW LAD PRAO – SAM RONG MRTA 2019 30.4 ORANGE TALING CHAN – MIN BURI MRTA 2019 39.8 LIGHT RED BANG SUE - PHAYATHAI – MAKKASAN SRT 2019 9.0 LIGHT RED MAKKASAN – HUA MARK SRT 2019 10.0 DARK RED RANGSIT – THAMMASART UNIVERSITY SRT 2018 10.0 DARK RED BANG SUE - HUA LAMPHONG SRT 2018 6.5

TOTAL (KM) 297.8

297.8KM ONGOING PROJECTS PRIORITISED BY THE GOVERNMENT, 107.5KM UNDER CONSTRUCTION

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

108.8km

BTS Group: Potential DEVELOPER of Mass Transit extensions

Focused on 6 lines; total length of 108.8km

24

Sources: Office of Transport and Traffic Policy and Planning, National Council for Peace and Order, Mass Rapid Transit Authority of Thailand, Bangkok Metropolitan Administration, Ministry of Transport

BTS Group General Presentation Section 2.1: Mass Transit Business

prepared by Investor Relations department BTS Group Holdings PCL

BTS Group: Potential DEVELOPER of Mass Transit extensions

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 (36.0km)
• Expected turnkey bidding: 2016
• Target operation: 2020 – 2021

DARK GREEN NORTH LINE

• Mo Chit – Saphan Mai – Khu Khot (18.4km)
• Civil works progress: 4.7% (as of Feb 2016)
• Expected O&M award: mid 2016
• Target operation: 2020

GREY LINE

• Watcharaphol – Rama 9 Bridge (26.0km)
• Awaiting EIA approval
• Expected bidding (Phase I): late 2016
• Target operation (Phase I): 2019

Phase I: Watcharaphol – Thong Lo (16.3km)

LIGHT RAIL TRANSIT (LRT)

• Bang Na – Suvarnabhumi (18.3km)
• Expected bidding: 2016
• Target operation: 2019

DARK GREEN SOUTH LINE

• Bearing – Samut Prakarn (12.8km)
• Civil works progress: 79.3% (as of Feb 2016)
• Expected O&M award: mid 2016
• Target operation: late 2019

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

LIGHT GREEN LINE

• Bang Wa – Borommaratchachonnani (7.0km)
• Expected O&M award: 2017
• Target operation: 2019

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: BTSC’s Quality Management System

Contents

26 BTS Group General Presentation

prepared by Investor Relations department BTS Group Holdings PCL

28% 30% 30% 30% 35% 40% 44% 39% 36% 30% 32% 34% 15% 15% 13% 12% 9% 6% 13% 16% 20% 27% 24% 19% FY 09/10 FY 10/11 FY 11/12 FY 12/13 FY 13/14 FY 14/15

Transit Billboards Street Furniture & Others In-Store

OOH MEDIA FY 14/15 1 FMCG 37.0% 2 REAL ESTATE 12.5% 3 COMMUNICATIONS 7.2% 4 MOTOR VEHICLES 5.8% 5 RETAIL SHOPS/STORES 3.0% 6 TRAVEL & TOURS 2.8% 7 BANKS 2.7% 8 LEISURE 2.5% 9 CREDIT/DEBIT CARDS 2.5% 10 FOOD OUTLETS & RESTAURANTS 2.2% TOTAL 78.1%

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

TOTAL ADSPEND AND THAI MEDIA MARKET SHARE (FY 09/10 – FY 14/15) 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.

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 59% 61% 60% 61% 62% 62% 28% 26% 25% 24% 24% 23% 7% 7% 8% 9% 9% 10% 5% 6% 7% 7 % 5% 4% 0% 0% 1% 1% 1% 1% FY 09/10 FY 10/11 FY 11/12 FY 12/13 FY 13/14 FY 14/15

Internet Cinema OOH Media Traditional Media TV AdSpend (THB bn)

93 104 105 114 111 102

(+28.5% CAGR) (-2.4%% CAGR) (+8.4% CAGR) (-2.2% CAGR) (+2.9% CAGR) (+1.9% Industry CAGR)

prepared by Investor Relations department BTS Group Holdings PCL

77% 85% 23% 15% FY 13/14 FY 14/15

Non-BTS Media BTS-related Media

REVENUE CONTRIBUTION FY 13/14 FY 14/15 Net profit margin (%) 36.4% 28.3% ROA (%) 43.1% 27.8% ROE (%) 60.7% 44.3% Net debt to equity (times) N.A. 0.3x

HISTORICAL OPERATING PERFORMANCE

BTS Group General Presentation Section 2.2: Media Business 28 GROSS PROFIT MARGINS

Media Business: Financial Performance

High margin business and low leverage

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

Operating Revenue Operating EBITDA

(THB mn) OPERATING REVENUE AND OPERATING EBITDA Revenue CAGR: 21% EBITDA CAGR: 19% FY 13/14 FY 14/15 Overall 61% 59% BTS-related Media 88% 83% Non-BTS Media 30% 23% GROSS PROFIT CONTRIBUTION

Note: Ratios calculated from VGI’s consolidated financial statements

FINANCIAL INFORMATION BY BUSINESS SEGMENTS

KEY FINANCIAL RATIOS 53% 61% 47% 39% FY 13/14 FY 14/15

Non-BTS Media BTS-related Media

prepared by Investor Relations department BTS Group Holdings PCL

Rights

• Exclusive rights for 23 stations on Core Network, 7 stations on the BTS

extension lines and all BTS trains

• 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 stations: 18 May 2012 – 4 December 2029
• 7 Extension stations: 6 May 2015 – 4 December 2029

Concession Fee (payable to BTSC & BMA)

• 5% - 20% of total BTS-related Media revenues/year

(an incremental increase of 5% every 5 years)

• fixed rate for 7 extension stations

BTS-related Media

Overview

KEY CONCESSION TERMS OUR PRODUCTS

Source: The Nielsen Company (Thailand) Limited

TRANSIT MARKET SHARE

• No. of Media

Locations: 30 stations/ 52 trains Static Media: >4,000 displays Digital Media: 2,029 screens Viewer Reach: >700,000 people/day Merchandising Space: >10,000 sq.m. VGI 66% Others 34% 14/15 Transit Media AdSpend of THB 3.9bn

BTS-RELATED MEDIA PROFILE

• I. Trains (46% of VGI’s FY 14/15 BTS-related Media revenue)
• II. Stations (32% of VGI’s FY 14/15 BTS-related Media revenue)
• III. Merchandising & Others

(22% of VGI’s FY 14/15 BTS-related Media revenue) BTS Group General Presentation Section 2.2: Media Business 29

prepared by Investor Relations department BTS Group Holdings PCL

543.0 636.5 756.9 580.6 654.9 647.7 FY 12/13 FY 13/14 FY 14/15

Static Digital

2015 2029E Total rail length (km) 84.8

515.3

• No. of stations

60

>320

Market share of rail mass transit commuters 6.4%

42.4%

(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 30

BTS-related Media

Growth drivers

4X EXPECTED INCREASE IN BTS TRAIN CAPACITY IN 5 YEARS (108.8KM) FY 14/15 FY 19/20E Green Lines (no. of carriages)* 208 412 Other Lines (no. of carriages)** none 418 Total (no. of carriages) 208

4X

830 4X EXPECTED INCREASE IN BTS STATIONS IN 5 YEARS (108.8KM) FY 14/15 FY 19/20E Green Lines (no. of stations)* 34 66 Other Lines (no. of stations)** None 57 Total (no. of stations) 34

4X

123 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

97.7% 96.4% 95.2% 2.3% 3.6% 4.8% 2012 2013 2014

Digital (online)*** Offline

*** 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. 48% 49% 54% 46% 51% 52% 1,123.6 1,291.5 1,404.6

(THB mn) (6% CAGR) (18% CAGR)

prepared by Investor Relations department BTS Group Holdings PCL

Office Building Media

Overview

KEY CONTRACT TERMS OUR PRODUCTS

31

OFFICE MARKET SHARE

• No. of Media

Locations: 123 grade A buildings in Bangkok Multimedia: 1,091 screens Viewer Reach: >660,000 people/day Average time spent in an elevator: 14 mins/day VGI 87% Others 13% 141 Grade A Buildings in Bangkok

OFFICE MEDIA PROFILE

Media inside elevators and office building areas Rights

• Exclusive rights to manage 123 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

prepared by Investor Relations department BTS Group Holdings PCL

19 76 79 145 149 163 146 41 41 47 51 75 103 123 FY 09/10 FY 10/11 FY 11/12 FY 12/13 FY 13/14 FY 14/15 9M 15/16

Office Building Media Revenue* (THB mn)

• No. of buildings

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

424,000 SQ.M. OF NEW OFFICE SUPPLY EXPECTED IN THE NEXT 3 YEARS BTS Group General Presentation Section 2.2: Media Business 32

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 (5 yrs): 59%

VGI’s office building network Bangkok CBD

47 6 112 22 86 62 30 139 23 23 20 197 130 116 2009 2010 2011 2012 2013 2014 2015F 2016F 2017F

CBD ('000 sq.m.) Non CBD ('000 sq.m.)

prepared by Investor Relations department BTS Group Holdings PCL

KEY INVESTMENT AND CONTRACT DETAILS OUR PRODUCTS

33

• I. Investments in MACO, AERO MEDIA & MIDAS

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

• 24.96% stake in Master Ad PCL (MACO; listed on SET)

AVIATION MEDIA

• 20% 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

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: BTSC’s Quality Management System

Contents

34 BTS Group General Presentation

prepared by Investor Relations department BTS Group Holdings PCL

35

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

prepared by Investor Relations department BTS Group Holdings PCL

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

36

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 0.15 0.16 0.17 0.18 0.19 0.20 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 THBUSD THBEUR THBCNY (RHS) 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

prepared by Investor Relations department BTS Group Holdings PCL

Property Portfolio and Business Strategy

Substantial Development Potential of Assets for Long-Term Value

37

PROPERTY BOOK VALUE BREAKDOWN RESIDENTIAL PROPERTY DEVELOPMENT: JV WITH SANSIRI

Owners Total Area (Rai) Total Area (sq.m) BTS Group Plc 506.8 810,933.2 Bayswater 24.4 38,999.6 U City Plc 418.8 670,140.8 Total 950.0 1,520,073.6

• Excludes upcountry land bank from BTS of 965.8 Rai (1,545,310.8 sq.m) and U City of 139.2

Rai (222,764.0 sq.m)

• Data as of 31 Dec 2015

TOTAL BOOK VALUE:

THB 15.2BN

ATTRACTIVE LAND BANK IN BANGKOK & VICINITIES

BTS Group General Presentation Section 2.3: Property Business

2.1% 23.1% 19.9% 6.3% 48.7% U City THB 7.4bn Commercial THB 3.5bn Residential THB 0.3bn Land Bank THB 3.0bn BTS-Sansiri JV THB 1.0bn

COMMERCIAL PROPERTY: STRATEGIC STAKE IN U CITY

• Establish 50:50 joint venture companies to accommodate the development of new

residential projects for sale along mass transit lines

• Target to launch THB 100bn in project value over 5 years with expected NPAT

margin ≈ 12% and equity IRR ≈ 17%

• Divested 3 assets to U CITY for total consideration of THB 9.4bn in exchange for

35.64% of total issued shares of U CITY

• U CITY is a separately listed vehicle for developing a portfolio of recurring

income-generating assets along mass transit routes

prepared by Investor Relations department BTS Group Holdings PCL

Property Business Strategy - Bangkok

Land: Over 1,100,000m² of Potential Near Mass Transit Lines

38 BTS Group General Presentation Section 2.3: Property Business

i a b c f d e g h j

Projects and Properties

• a. The Line Jatujak – Mochit

b. The Line Sukhumvit 71 c. The Line Ratchathewi d. The Grand e. The Royal Place II f. TST Tower Office Building g. U Sathorn Hotel h. Thana City Golf & Sports Club i. Park Ramindra Condo j. Eastin Grand Sathorn Hotel BTS Group Land Bank U City Land Bank New/Extension Lines Inner City Area Bayswater Land Bank Commercial Properties (f-h) Residential Projects & Properties(a-e) U City Commercial Properties (j)

U City Residential Projects (i)

• Residential Development: 3 JV

project condominiums, totaling THB 11bn, sold out within the first two days of sales

• Commercial Property

Development: Solid income generation and land value multiplier through city life solutions Projects and Properties Land Bank

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 BTS-SIRI JV THE LINE Jatujak – Mochit May 2015 5,727 841 179k 100% 16% Dec 2017 Feb 2018 14% THE LINE Sukhumvit 71 Aug 2015 1,990 291 169k; fully furnished 100% 72% Nov 2016 Apr 2017 48% THE LINE Ratchathewi Oct 2015 2,925 231 266k 100% 8% May 2018 Jul 2018 15% Total 10,642 1,363 100% 21%

Residential Property

Projects under Development & Development Pipeline

39 BTS Group General Presentation Section 2.3: Property Business

ACTIVE RESIDENTIAL PROJECTS TOTAL PRESALES BACKLOG

1,822 10,642 5,895 2,925 FY 16/17E FY 17/18E FY 18/19E BTS-SIRI JV Presales Backlog

(THB mn)

 Calculated based on 3 launched joint venture projects  Equity method is applied to joint venture transactions  Calculated based on BTS Group’s fiscal year

* As of March 2016

2016 RESIDENTIAL PROPERTY LAUNCH PLAN

Building on our launch momentum:

• Launch 6 Projects with total project value of THB 23bn

prepared by Investor Relations department BTS Group Holdings PCL

40

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

24 100%

• 4. Eastin Grand Sathorn

390 36%*

• 5. Centara Khon Kaen

195 36%*

• 6. Anantara Chiang Mai

84 36%* Blended Averages 11M 2014 11M 2015 Occupancy Rate 77.0% 80.2% ADR (THB) 2,479 2,660 RevPAR (THB) 1,930 2,159 Gross Margin (%) 49.0% 44.6%

HOTEL PERFORMANCE

* BTS Group’s stake in U City

Thana City 33% U Hotels 37% Others 22% Eastin Grand Sathorn* 9%

*Sold to U City on 20 April 2015

9M 15/16 Commercial Property Revenue:

THB 429mn

1 2 3 4 5 6

2016 COMMERCIAL PROPERTY LAUNCH PLAN

Commercial Property

A Diversified Portfolio of Recurring Income Generating Assets

Expanding our income base with high quality assets :

• Launch at least 2 projects, including mixed-use Phayathai project

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: BTSC’s Quality Management System

Contents

41 BTS Group General Presentation

prepared by Investor Relations department BTS Group Holdings PCL

Services Business

Current Rabbit: Offline Platform and mostly Focused in Bangkok

42

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 transportationas well as retail, service and tourism sectors.

RABBIT

Use on BTS SkyTrain & BRT Use in retail stores

5.3mn

Rabbit cards in circulation (as of Mar 2016) BTS Group General Presentation Section 2.4: Services Business

LARGE PARTNERS NETWORK BUILT

95

brand partners

>3,000

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

prepared by Investor Relations department BTS Group Holdings PCL

Services Business

Rabbit Outlook: Expand to Online Platform & Utilised Data

43 BTS Group General Presentation Section 2.4: Services Business

Micro Finance & Financial Comparison broker

THB 5bn

accumulated loan portfolio expected in FY2018/19

“Aim to be the Leading Digital Lifestyle & Payment Services Company in Thailand”

Common Ticketing and Offline Payment

5.3mn Rabbit cards 15mn rabbit cards

expected in 2020

TRANSIT & RETAILS GROWTH PROSPECTS Online Payment

2mn Rabbit Pay accounts

Targeted in FY2016/17

THB 70mn settlement

value / day expected in FY 2016/17

Online Content & Digital Media Platform

3mn unique visitors

per month

Rabbit Reward Big Data Customer

prepared by Investor Relations department BTS Group Holdings PCL

Thana City Branch

Overview of Services Business

44

• 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

• Over 50 years of experience in delivering large complex construction

projects on time and to the quality demanded by discerning clients

• 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

Number of hotels

60

80

Number of rooms

>8,900

10,000

Under AHS contracts 2014/15 2015/16E

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

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: BTSC’s Quality Management System

Contents

45 BTS Group General Presentation

prepared by Investor Relations department BTS Group Holdings PCL

Key financial ratios FY 14/15 FY 13/14 FY 12/13 FY 11/12 Profitability ratios (%) Gross operating profit margin 55.5% 51.4% 48.8% 47.2% SG&A to operating sales ratio 22.0% 19.5% 16.6% 15.8% Accounting EBITDA margin 51.8% 73.% 53.3% 57.8% Operating EBITDA margin(1) 39.9% 36.3% 49.0% 50.7% Recurring net profit margin (%) 32.8% 25.4% 9.7% 13.2% Liquidity ratio Current ratio (times) 3.83x 4.36x 5.79x 0.94x Leverage (Times) Total liability to total asset 0.22x 0.22x 0.25x 0.45x Total liability to total equity 0.28x 0.29x 0.33x 0.81x Interest bearing debt to equity 0.09x 0.11x 0.24x 0.71x Net debt to equity (0.11)x (0.03)x 0.17x 0.67x Net debt to operating EBITDA (1.96)x (0.65)x 1.66x 6.32x Interest coverage(3) 7.03x 4.94x 4.07x 2.73x Per share ratios Book value per share (THB) 4.38 5.09 5.05 4.05 Dividend yield (4) 6.38% 7.37% 4.71% 6.38%

FY 14/15 REVENUE & EBITDA CONTRIBUTION BY BU

32% 37% 41% 44% 19% 15% 8% 4% Revenue Contribution EBITDA Contribution

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

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

REVENUE COMPARISON BY BUSINESS UNIT

46

(THB mn) 2,077 3,121 2,934 399 8,532 2,274 2,926 1,355 548 7,102 Mass Transit Media Property Services Total FY 13/14 FY 14/15

Property Mass Transit Media Services Consolidated P&L (THB mn) FY 14/15 FY 13/14 FY 12/13 FY 11/12 Operating revenues 7,102 8,532 10,375 7,720 Operating expenses 3,163 4,147 5,317 4,077 Non-recurring items 520 10,971 897 1,189 EBITDA 4,937 10,334 6,186 5,344 Operating EBITDA(1) 2,836 3,100 5,081 3,913 Net income(2) 2,944 12,598 1,719 2,106 Debt Information (THB mn) 31 Mar 15 31 Mar 14 31 Mar 13 31 Mar 12 Interest bearing debt 4,556 6,655 11,961 26,047 Net debt (5,556) (2,013) 8,447 24,714 BTS Group General Presentation Section 3: Financial Summary

BTS Group Financial Performance

prepared by Investor Relations department BTS Group Holdings PCL

39,368 40,809 37,343 26,003 31-Mar-14 31-Mar-15 59,542 52,012 8,612 8,004 8,557 6,795 31-Mar-14 31-Mar-15 THB mn Registered Capital (15,913.1mn shares @ THB 4.0) 63,653 Issued and paid-up (11,919.3mn shares @ THB 4.0) 47,677 Others 3,860 Retained earnings (Deficits) 475 Total Shareholders’ Equity 52,012 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 To be determined 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 ASSSETS BREAKDOWN (THB MN) LIABILITIES AND EQUITY BREAKDOWN (THB MN)

76,757 66,812 Non-current assets Current assets

as of 13 Oct 2015

Balance Sheet

47

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

DILUTION IMPACT

as of 31 Mar 2015

ESOP Current liabilities Non-current liabilities 76,757 66,812 Equity 49% 51% 39% 61% 11% 78% 11% 10% 78% 12%

BTS Group General Presentation Section 3: Financial Summary

prepared by Investor Relations department BTS Group Holdings PCL

2016/17 BTS Group Targets and CAPEX/Financing

48 BTS Group General Presentation Section 3: Financial Summary

4,100 200 1,000 180 300 500 1,200

Mass Transit Media Property Services BTS Group

Thana City renovation

• 5-6% Ridership Growth
• 1% Average Fare Increase
• 3-4% O&M Revenue Growth

BTS GROUP CAPEX/ FINANCING (THB mn)

FY16/17 TOTAL CAPEX/FINANCING THB 7.6BN**

*assumes consolidates MACO from Jun 2016 onwards **excludes real estate development cost for Property business

2016/17 BTSGIF CAPEX is expected to be approx. THB 490mn (not included in BTS Group CAPEX)

BTS GROUP TARGETS

MASS TRANSIT MEDIA*

• 50% Revenue Growth

PROPERTY

• THB 620mn Commercial Property Revenue
• THB 60mn Residential Property Revenue
• THB (100)mn Share of Net Loss from BTS-SIRI JVs

SERVICES

• 6.5mn Rabbit Cards in circulation
• Reach to 2,000 retail shops with 4,500 readers
• 3mn Rabbit Rewards Membership

4,280 500

Rolling stocks

Outdoor Invest in BTS-SIRI JVs Land acquisition & others

10 110 2,700

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: BTSC’s Quality Management System

Contents

49 BTS Group General Presentation

prepared by Investor Relations department BTS Group Holdings PCL

Appendix 1: Core Network Concession Agreement

Key terms and background

50

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

prepared by Investor Relations department BTS Group Holdings PCL

20,135 15,000 12,250 47,385 26,508 10,500 12,000 49,008 3,691 5,400 2,096 11,187 6,847

Dark Green South (Bearing - Samut Prakarn) Dark Green North (Mo Chit - Saphan Mai - Khu Khot) Pink Line (Kae Rai - Min Buri) LRT (Bang Na - Suvarnabhumi) Light Green line (Bang Wa - Borommaratcha- chonnani) Grey Line (Watcharaphon - Thong Lo)

Gov't responsibility Rolling Stock E&M Civil works

Appendix 2: Funding Requirements (Mass Transit)

BTS Pipeline

51

PROJECTED CAPEX/FINANCING BREAKDOWN OF 6 EXPECTED FUTURE LINES (THB mn) KEY ASSUMPTIONS

Total CAPEX/financing for 6 lines = THB 107.6bn with D/E Ratio = 2.0 : 1 Total equity required by BTS Group = THB 35.9bn

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

107,580 24,250 25,500 53,490

12.8km 18.4km 36.0km 18.3km 7.0km 16.3km 108.8km BTS Group General Presentation Appendix 2: Future Funding Requirements (Mass Transit)

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: Funding Requirements (Mass Transit)

Economic profile of O&M Contract & PPP Net Cost

52

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: Future Funding Requirements (Mass Transit)

prepared by Investor Relations department BTS Group Holdings PCL

Appendix 3: BTS-W3 Term Sheet

53 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

prepared by Investor Relations department BTS Group Holdings PCL

Appendix 4: BTSC’s Quality Management System

54 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 4: BTSC’s Quality Management System