BTS Group Holdings PCL GENERAL PRESENTATION MARCH 2018 BTS Group - - PowerPoint PPT Presentation

prepared by Investor Relations department BTS Group Holdings PCL

BTS Group General Presentation

BTS Group Holdings PCL

GENERAL PRESENTATION

MARCH 2018

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

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

Contents

BTS Group General Presentation 3

prepared by Investor Relations department BTS Group Holdings PCL

4

BTS Group History

BTS Group General Presentation Section 1: BTS Group in Brief 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 Green Line extensions (Saphan Taksin - Wongwian Yai

• Bang Wa and Onnut - Bearing)

under the purview of the Bangkok Metropolitan Administration (BMA)

MAY 2012

BTSC finalised the operating & maintenance (O&M) contract with KT; a wholly

• wned subsidiary of the
• BMA. The contract covers

30.8km of Green Line Northern and Southern extensions (Mo Chit – Saphan Mai – Khu Khot and Bearing – Samut Prakarn)

MAR 2017

Concession Contracts of the Pink (Khae Rai to Min Buri) and the Yellow Line (Lad Prao to Sam Rong), a total length of 64.9km were awarded

JUN 2017

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

1968

prepared by Investor Relations department BTS Group Holdings PCL

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

5

BTS Group Holdings PCL

BTS Group General Presentation Section 1: BTS Group in Brief

Business Organisation and Shareholding Structure

as of 31 August 2017

BTS Rail Mass Transit Growth Infrastructure Fund (BTSGIF) 97.46% Mak8 Co., Ltd. 100% Yongsu Co., Ltd. 100% 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) 20.57%

MEDIA BUSINESS

41% Kanjanapas Family1 32% Institutional Investors1 27% Individual Investors1 35.64% 100%

PROPERTY BUSINESS

VGI Advertising Media Co., Ltd. 100% 888 Media Co., Ltd. 100% 100% Master Ad PCL 30.69% Aero Media Group Co., Ltd. 30% 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% KMJ Co., Ltd. 100% BSS Holdings Co., Ltd. 90% 51% ATS Rabbit Special Purpose Vehicle Co., Ltd. Little Corner Co., Ltd. 69% Man Food Holdings Co., Ltd. 41% 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 4 Aug 17 with total issued shares = 11,940.4mn shares 2 BTSG holds 71.6% of VGI indirectly and directly 3 Revenue from the Company recorded under Services BU

The Community Two Co., Ltd. 100% 50% BTS Sansiri Holding Nineteen Limited 100% Thana City Golf & Sports Club Co., Ltd. 50% Man Kitchen Co., Ltd. Man Food Products Co., Ltd. Absolute Hotel Services Co., Ltd.3 Bangkok Payment Solutions Co., Ltd. 60% Listed entities Subsidiaries Associates LEGEND JVs 50% BTS Sansiri Holding Eighteen Limited 75.47% 40% Demo Power (Thailand) Co., Ltd. 50% BTS Sansiri Holding Three Limited 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% 50% BTS Sansiri Holding Twenty One Limited 49% 49% 100% VGI Global Media (Malaysia) Sdn Bhd The ICON VGI Co., Ltd. 25% 50% BTS Sansiri Holding Twenty Two Limited BTS Sansiri Holding Sixteen Limited 50% 100% RB Services Co., Ltd. 50% Keystone Management Co., Ltd. BTS Sansiri Holding Seventeen Limited 50% Keystone Estate Co., Ltd. 50% BTS Sansiri Holding Twelve Limited 50% BTS Sansiri Holding Eleven Limited 50% BTS Sansiri Holding Nine Limited 50% BTS Sansiri Holding Eight Limited 50% BTS Sansiri Holding Seven Limited 50% BTS Sansiri Holding Six Limited 50% BTS Sansiri Holding Fourteen Limited 50% U City PCL Northern Bangkok Monorail Co., Ltd. Eastern Bangkok Monorail Co., Ltd. 75% 75% 4.73% Primary Kitchen Co., Ltd. 100% 100% 51%

prepared by Investor Relations department BTS Group Holdings PCL

49% 35% 7% 9%

399 548 492 743 FY 13/14 FY 14/15 FY 15/16 FY 16/17 2,934 1,355 897 617 FY 13/14 FY 14/15 FY 15/16 FY 16/17 3,121 2,926 2,318 3,010 FY 13/14 FY 14/15 FY 15/16 FY 16/17 2,077 2,274 2,574 4,237 FY 13/14 FY 14/15 FY 15/16 FY 16/17

(1) FY ended 31 March (2) 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 with Mass Transit as our Core MASS TRANSIT PROPERTY MEDIA SERVICES

Historical operating revenues(1)

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

FY 16/17 Operating Revenue contribution

*FY 2016/17:- Services revenue from provision of E&M works & train: THB 1,444mn, O&M Revenue: THB 1,661mn, Share in BTSGIF: THB 945mn, interest income from E&M and train procurement: THB 187mn

BTS Group General Presentation Section 1: BTS Group in Brief 6 FY 16/17 Operating EBITDA Contribution

*FY 2016/17:- OOH Media revenue: THB 2,640mn, Digital Services business: THB 370mn * FY 2016/17:- Residential Property revenue:- THB 39mn, Commercial Property revenue : THB 578mn * FY 2016/17:- ChefMan revenue:- THB 406mn, HHT revenue : THB 213mn, BPS and Rabbit Rewards: THB 124mn

THB 8,606mn 62% 41% 0%

• 3%

THB 2,928mn

Mass Transit Media Property Services Mass Transit Media Property Services

prepared by Investor Relations department BTS Group Holdings PCL

FY 16/17 FY 21/22E FY 16/17 FY 21/22E

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

Strategy and 5-Year Growth Targets

Earnings Expected to Grow by 24% CAGR

As a mass transit led conglomerate, the company’s key focus is on securing new mass transit lines which are authorised or set by the government at both municipal and national levels. After securing additional lines, we capture further value from opportunities which cascade down to our other independently operating business units in Media, Property and Services. We actively pursue capital market opportunities that allow us to unlock further uplift from our assets or to allow us to recycle capital to finance future expansion sustainably. BU 5-YEAR GROWTH DRIVERS

Mass transit Organic growth: 4-5% CAGR ridership growth, inflationary fare increase on Core Network (23.5km): pre-agreed O&M fee increase to Green Line extensions (12.8km) New contracts: 95.7km (Pink, Yellow, Dark Green North & South extensions) already secured taking total to 132km Target contracts for an additional 82.9km (Gold, Green West, Orange, LRT and Grey) Media Transit: 4-5X increase in mass transit inventory Office: new property projects under BTS, 50 new office buildings planned or under construction in Bangkok Outdoor: billboard digitalisation, M&A Aviation: 5.8% expected CAGR passenger growth in Thailand and expand to overseas Activation: cross-selling on VGI’s existing network, increasing audience reach by 14X Digital Services: expand online and offline network and enriching our data depth Property Residential: THB 81bn in GDV of future condominium projects Commercial: additional 6,800 keys, THB 27.5bn in Gross Development Value (GDV) of future commercial property projects Land Bank: 2.3mn sqm (227 Hectares) with book value of THB 12.6bn to facilitate up to 10 years of future development

CAGR ≈27% CAGR ≈39% CAGR ≈24%

MASS TRANSIT STRATEGY 68% MEDIA 29% SERVICES 2% PROPERTY 1%

5-YEAR OPERATING REVENUE OUTLOOK 5-YEAR OPERATING EBITDA OUTLOOK 5-YEAR NET PROFIT (AFTER MI) OUTLOOK

THB 2.5BN THB 2.0BN THB 13.1BN THB 6.0BN THB 26.3BN FY 21/22E

prepared by Investor Relations department BTS Group Holdings PCL

FY 16/17 FY 21/22E

≈4.6x

FY 16/17 FY 21/22E

4-5 times

expected increase in BTS media capacity by 2021/22

>15mn rabbit card holders and

synergy with data from Rabbit Group

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

Business Synergy and Investment Features

Benefit from Rail Mass Transit Network Expansion

Real estate development along mass transit worth

THB 100bn in 5 years

• The sole concessionaire and operator of

the BTS SkyTrain Core Network (Green lines), its extensions and the Bus Rapid Transit (BRT) system.

• BTSG is the controlling partner in the

consortium that was awarded the Pink and Yellow monorail line concessions.

• Currently operating 38.1km (35 stations),

by acquiring 4 additional lines totaling 95.7km since 1H 2017, increasing length by 3.6x compared to last year

MASS TRANSIT 66% ridership market share in Bangkok

66% ridership market share in bangkok1

• VGI is the largest media company in

Thailand.

• VGI is a multi-faceted media services

company that is pioneering data-driven, targeted advertising in Thailand.

• VGI Enjoys uniquely exclusive long-term

contracts to manage advertising space on the BTS SkyTrain Network as well as future lines secured by BTSG.

MEDIA 42% market share by media revenue PROPERTY 2nd largest Hotel Company in Thailand operating globally

• Developing or acquiring residential and

commercial properties predominantly in close proximity to - or directly connected with - future or existing mass transit lines to benefit from the “mass transit premium” through various partnerships

• BTSG is Thailand’s 2nd largest hotel group

that directly and indirectly owns, operates

• r manages over 15,000 keys globally*

*as measured by keys under ownership, lease and management (both operating and under contract)

RAIL LENGTH TARGET

36.3KM 175.3KM

≈9.0x

THB 2.6BN THB 23.4BN

MASS TRANSIT REV.*

* excludes services revenue from provision of E&M and train and interest income from E&M and train procurement

prepared by Investor Relations department BTS Group Holdings PCL

4,359 7,073 7,094 8,048 4,716

FY 12/13 FY 13/14 FY 14/15 FY 15/16 FY 16/17

BTSG at a Glance

PROGRESSIVE DIVIDEND POLICY

Completed Minimum THB 21bn committed dividends over 3 years:

• No less than THB 6bn in FY 13/14
• No less than THB 7bn in FY 14/15
• No less than THB 8bn in FY 15/16

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 2017) EMPLOYEES (as of 31 Mar 2017)

Mass Transit 2,160 51% Media 481 11% Property 464 11% Services 999 24% BTS Group Holdings 139 3% Total 4,243 100% THB (mn) USD (mn)** Accounting revenue 9,618 282 Operating revenue 8,606 253 Operating EBITDA 2,928 86 Net income*** 2,004 59 Total assets 93,651 2,754 Excess cash and liquid investments 35,107 1,032 Cash 15,094 444 Current investments 6,376 188 Long-term investments 13,520 398 Restricted deposits 117 3 Free cash flow (5,715) (168)

**Source: Bank of Thailand; based on Interbank Exchange Rate of USD 1 = THB 34.004 as of 7 June 2017 ***to equity holders of the parent

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

7.3% 6.2% 7.8% 4.8% 4.0%

Committed dividend period

9

prepared by Investor Relations department BTS Group Holdings PCL

8.45

• 200

400 600 800 1,000 1,200 6.0 6.5 7.0 7.5 8.0 8.5 9.0 9.5 10.0 10.5

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

Name % 1

• MR. KEEREE KANJANAPAS’S GROUP

41.3% 2 THAI NVDR CO., LTD. 8.1% 3 BANGKOK BANK PUBLIC COMPANY LIMITED 4.6% 4 SOCIAL SECURITY OFFICE 2.3% 5 HSBC (SINGAPORE) NOMINEES PTE LTD 1.6% 6 STATE STREET BANK EUROPE LIMITED 1.2% 7 CHASE NOMINEES LIMITED 1.0% 8 UOB KAY HIAN PRIVATE LIMITED 0.9% 9 THE BANK OF NEW YORK MELLON 0.6% 10 GIC PRIVATE LIMITED 0.6% TOTAL TOP 10 SHAREHOLDERS 62.2% Stock code BTS Outstanding shares (mn shares) 11,935.0 Treasury shares (mn shares) 95.8 Market capitalisation (THB mn) 100,850.4 Market capitalisation (USD mn) 2,935.7 Average daily traded value (THB mn) 153.7 Average daily traded value (USD mn) 4.4

BTS Group Share Information

SHARE INFORMATION (as of 31 Mar 2017)

BTS Group General Presentation Section 1: BTS Group in Brief

SHARE PRICE MOVEMENT (as of 31 Mar 2017) SHARE STRUCTURE (as of 22 Jan 2018) TOP 10 SHAREHOLDERS (as of 22 Jan 2018)

10

THB THB mn

* As of 31 March 2017

12M ADTV = THB 245mn Kanjanapas family BTS Group treasury shares Institutional investors Others 41.3% 0.8% 31.1% 26.8% Free float (as of Jun 17) 57.4% Foreign limit 49.0% Foreign holdings (incl. NVDR) 18.3%

prepared by Investor Relations department BTS Group Holdings PCL

Contents

BTS Group General Presentation 11 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

prepared by Investor Relations department BTS Group Holdings PCL

Bangkok Rail Mass Transit Network

At 109.6km Bangkok’s Network is Immature

12 BTS Group General Presentation Section 2.1: Mass Transit Business

MASTER PLAN: 515.2KM IN 2029, 24% MARKET SHARE IN 2037

• Seoul

51%

• Hong Kong

46%

• Singapore

40%

• Tokyo

36%

• Guangzhou

17%

• Bangkok

6% RAIL MASS TRANSIT MARKET SHARE

• Hong Kong

35.0

• Singapore

35.6

• Tokyo

42.0

• Bangkok

10.2 RAIL TRACK LENGTH PERVASION (per million population)

OPERATING LINES: 109.6KM

BTS: 38.1km

(SkyTrain Green Line)

BEM: 43.0km

(Blue & Purple)

SRT: 28.5km

(Airport Rail Link) WEEKDAY RIDERSHIP MARKET SHARE IN 2017 (JAN-DEC)

Total Average Weekday Ridership of 1,145,390 trips

BTS 743,223 65% BEM* 273,637 30% ARL 61,500 5%

Source: OTP, Singapore’s Land Transport Authority, Hong Kong’s Transport Department, MTR Corporation Limited, SMRT Corporation Limited, Japan Statistic Bureau Source: United Nations Statistics Division, BTSC, BMCL, MTR Corporation Limited, SMRT Corporation Limited, official websites of rail mass transit system in major cities

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

*BEM ridership excludes purple line, BTS and BEM based on company’s ridership report website as of 2017, whilst ARL is based on information as of OCT 16.

109.6km 77 stations by 3 operators

prepared by Investor Relations department BTS Group Holdings PCL

BTS Lines

Expanding 3.5x from 36.3km in 2016 to 132km

13 BTS Group General Presentation Section 2.1: Mass Transit Business

*The first station (E15, Samrong, 1.8km) of the Southern Green Line Extension from Bearing to Samutprakan began operation on 3 Apr 17. Full operation of the Southern part is targeted in 2018.

MOCHIT TO ONNUT AND NATIONAL STADIUM TO SAPHAN TAKSIN

• 23.5KM & 23 STATIONS
• CONCESSION CONTRACT (1999-2029)
• 13YR O&M CONTRACT (2029-2042)

ONNUT TO BEARING AND SAPHAN TAKSIN TO BANG WA

• 12.8KM & 11 STATIONS
• 30YR O&M CONTRACT (2012-2042)

BEARING TO SAMUTPRAKARN AND MOCHIT TO KHU KHOT

• 30.8KM & 25 STATIONS
• 26YR O&M CONTRACT (2017-2042)

KHAE RAI TO MIN BURI AND LAD PRAO TO SAM RONG

• 64.9KM & 53 STATIONS
• 30YR PPP NET COST CONTRACT

OPERATING LINES 36.3KM RECENTLY SECURED LINES 95.7KM

BTS NETWORK: 132KM (112 STATIONS)

SAPHAN TAKSIN – BANG WA 7.5KM ONNUT – BEARING 5.3KM BEARING – SAMUT PRAKARN 12.6KM LAD PRAO – SAM RONG 30.4KM MO CHIT – ON NUT 17.0KM NATIONAL STADIUM – SAPHAN TAKSIN 6.3KM KHAE RAI – MIN BURI 34.5KM MO CHIT - KHU KHOT 18.2KM

CORE NETWORK

• EXT. ZONE 1
• EXT. ZONE 1
• EXT. ZONE 2
• EXT. ZONE 2

PINK YELLOW

CORE NETWORK ZONE 1: GREEN LINE EXTENSIONS ZONE 2: GREEN LINE EXTENSIONS PINK AND YELLOW LINES

prepared by Investor Relations department BTS Group Holdings PCL

1.7 3.4 6.0

16/17 17/18 18/19 19/20 20/21 21/22 22/23 23/24 24/25 25/26 26/27 27/28 28/29 29/30 30/31 31/32 32/33 33/34 34/35 35/36 36/37 37/38 38/39 39/40 40/41 41/42 42/43 Core Line Zone 1

BTS Operating Lines

23.5km Core Network and 12.8km Green Line Existing Extension

14 BTS Group General Presentation Section 2.1: Mass Transit Business

CORE NETWORK: 23.5KM

• 23 stations, 23.5km located at CBD of Bangkok
• Inaugural Mass Transit route, operated since Dec 1999
• No revenue sharing to BMA
• Under 30 years concession contract (net cost model) from

1999 - 2029

• In Apr 2013, BTSC sold the rights to net farebox revenue

under its concession agreement for the BTS Skytrain Core Network until Dec 2029 to BTSGIF

• BTS Group used the proceeds to invest 1/3 units in BTSGIF

(10 years lock-up)

16yr Farebox Revenue CAGR: 10.1% 16yr Ridership CAGR: 9.1%

RESILIENCE RIDERSHIP SINCE INCEPTION (CAGR: 9.1%)

20.1 26.8 33.5 40.2 46.9 53.6 60.3 16.0 23.0 26.0 30.0 33.0 37.0 40.0 44.0 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17

• NO. OF STATIONS

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

DISTANCE-BASED FARE (AVG = THB 28/TRIP)

PPP NET COST CONTRACT O&M CONTRACT

ZONE 1: 12.8KM EXTENSIONS

(unit: THB bn)

1.42 1.78 2.12 2.29 2.57 2.82 3.07 3.22 3.29 3.48 3.54 4.30 4.90 5.68 5.87 6.40 6.64 59 79 96 105 118 132 139 133 136 144 145 176 197 215 219 233 238

00/01 01/02 02/03 03/04 04/05 05/06 06/07 07/08 08/09 09/10 10/11 11/12 12/13 13/14 14/15 15/16 16/17

Farebox revenue (THB bn) Ridership (mn)

• BTSC has operated & maintained the extensions

since 2009

• Pre agreed fee income with no ridership risk
• 30-Year O&M Contract signed in May 2012:
• 1. Current extensions (zone 1) of 11 stations, 12.8km
• 2. Core Network of 23 stations, 23.5km

post concession expiry (Dec 2029 – May 2042)

Zone 1: CAGR (FY16/17-FY41/42) = 3.9% Core Line: CAGR (FY30/31-FY41/42) = 3.1%

CORE NETWORK

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

• EXT. ZONE 1

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

prepared by Investor Relations department BTS Group Holdings PCL

STEC 15%

BTS Recently-Secured Lines

30.8km New Extension and 64.9km Pink & Yellow Monorail Lines

15 BTS Group General Presentation Section 2.1: Mass Transit Business

• BTSC has the operated & maintained of the

additional 30.8km of Green Line extensions

• n 31 Mar 17
• Pre agreed fee income with no ridership risk
• 26-year O&M contract covers 30.8km of

Northern and Southern Green Line Extensions (Apr 17 – May 42)

• SOUTHERN: Bearing – Samut Prakarn

(12.6km/ 9 stations)

• NORTHERN: Mo Chit – Saphan Mai – Khu Khot

(18.2km/ 16 stations) PPP NET COST CONTRACT WITH SUBSIDY O&M CONTRACT

PINK YELLOW

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

• f operation

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

• f operation

Sharing to MRTA THB 250mn THB 250mn Funding (D/E) 2.2x 2.2x

OWNERSHIP STRUCTURE

PROJECT DETAILS EXPECTED RIDERSHIP AND REVENUE PROJECT CAPEX & FINANCING

EASTERN BANGKOK MONORAIL COMPANY LIMITED NORTHERN BANGKOK MONORAIL COMPANY LIMITED

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

BTS 75% RATCH 10%

ZONE 2: 30.8KM NEW EXTENSIONS PINK AND YELLOW LINE MONORAIL: 64.9KM

MO CHIT - KHU KHOT 18.2KM BEARING – SAMUT PRAKARN* 12.6KM YELLOW LAD PRAO – SAM RONG 30.4KM

• EXT. ZONE 2
• EXT. ZONE 2

KHAE RAI – MIN BURI 34.5KM

PINK YELLOW

prepared by Investor Relations department BTS Group Holdings PCL

BTS Group Earnings Presentation Section 2.1: Mass Transit Business

BTS Targeted Lines

Interested in an additional 82.9km

82.9KM FUTURE LINES IN THE NEXT 5 YEARS

BTS TARGET ROUTE AUTHORITY DISTANCE (KM)

• NO. OF

STATION EXPECTED OPERATING

GOLD (1) KRUNG THON BURI – KLONG SAN BMA 1.7 3 2020 GREEN EXT. (WESTERN) BANG WA

• TALING CHAN

BMA 7.0 6 2021 LRT BANG NA - SUVARNABHUMI BMA 18.3 14 2022 GREY (1) WATCHARAPHON – THONG LO BMA 16.3 15 2022 ORANGE (E) THAILAND CULTURAL CENTER - MIN BURI MRTA 22.6 17 2023 ORANGE (W) TALING CHAN - THAILAND CULTURAL CENTER MRTA 17.0 12 2023

OTHER ROUTE AUTHORITY DISTANCE (KM)

• NO. OF

STATION EXPECTED OPERATING

BLUE HUA LAMPHONG

• BANG KHAE

MRTA 14.0 11 2020 BLUE BANG SUE - THA PRA MRTA 13.0 9 2020 BLUE BANG KHAE – BHUDHAMONTHON 4 MRTA 8.0 4 2021 DARK RED BANG SUE - RANGSIT SRT 26.3 8 2021 DARK RED BANG SUE – HUA LUM HONG SRT 6.5 5 2020 LIGHT RED BANG SUE – PHAYATHAI – MAKKASAN – HUAMAK SRT 19.0 9 2020 PURPLE (SOUTHERN) TAO POON – RAT BURANA MRTA 23.6 17 2022 BANG WA

• BOROMMARATCHACHONNANI

7.0km BANG NA – SUVARNABHUMI 18.3Km WATCHARAPHON – THONG LO (PHASE 1) 16.3km THAILAND CULTURAL CENTER - MIN BURI 22.6km TALING CHAN - THAILAND CULTURAL CENTER 17.0km KRUNG THON BURI – KLONG SAN (PHASE 1) 1.7km

16

WESTERN ORANGE LINE EASTERN ORANGE LINE WESTERN GREEN LINE EXT. GREY LINE LRT GOLD LINE TOTAL 193.3 Under construction (including Extension Zone 2, total of 104.9km under construction)

prepared by Investor Relations department BTS Group Holdings PCL

Timeline of BTS Upcoming Lines and CAPEX

Significant Upcoming Revenue Expected in the Next 5 years

BTS Group Earnings Presentation Section 2.1: Mass Transit Business

95.7KM AWARDED LINES 82.9KM BTS TARGETED LINES SOUTHERN GREEN LINE EXTENSION: 12.6KM NORTHERN GREEN LINE EXTENSION: 18.2KM PINK LINE: 34.5KM YELLOW LINE: 30.4KM WESTERN GREEN LINE EXTENSION: 7.0KM GOLD LINE PHASE 1: 1.7KM LRT: 18.3KM GREY LINE PHASE 1: 16.3KM ORANGE LINE: 39.6KM

NOTE:

1Under the terms of the contract signed on 28 June 2016 with Krungthep Thanakom (KT) - a wholly owned subsidiary of the BMA

(Bangkok Metropolitan Administration). BTSC is pre-financing E&M provision and installation. KT will repay the costs of E&M works in a lump sum amount after four years after contract signing date.

2Project cost (excluding interest expenses) for the Pink and Yellow based on MRTA submission and BTS owns 75% equity stake in JV Cos.

Calculation based on D/E ratio at 2.2x (equity required of THB 21bn). The JV Cos will receive civil work subsidy from the MRTA of THB 22.5bn (for the Pink Line) and THB 25.05bn (for the Yellow Line) for 10 years from beginning of operation.

3Assume O&M revenue of THB 140mn/km p.a.

17.31 34.52

CIVIL + TRAINS + E&M

32.62

CIVIL + TRAINS + E&M

2.1 0.4 3.6 12.9

TRAINS + E&M

33.3

TRAINS + E&M

4.5 – 5.03 (Y1) BY 2021 BY 2020 BY 2022 BY 2023 BY 2022 APR 2021 MID 18 BY 2019 BY 2018 BY 2018 BY 2018 MID 2017 BY 2018 DEC 2018 2041/42 APR 2021 MID 18 2051/52 MID 2020 2041/42 2051/52 EXPECTED TIMELINE FY 17/18 FY 18/19 FY 19/20 FY 20/21 FY 21/22 FY 22/23 EXPECTED CAPEX (THB BN) EXPECTED REVENUE (THB BN P.A.)

FAREBOX REVENUE O&M REVENUE

FY 23/24

FY ended 31 March

TRAINS E&M WORKS 9.8 5.0 4.5 – 5.0 (Y1)

START CIVIL WORKS CONSTRUCTION START FULL OPERATION CONSTRUCTION PERIOD OPERATION YEAR, UP UNTIL EXPECTED OPEN BID/ AWARD BIDDING & CONSTRUCTION PERIOD

TOTAL CAPEX/FINANCING

THB 151.4bn

with D/E up to 2.5x

17

prepared by Investor Relations department BTS Group Holdings PCL

Contents

BTS Group General Presentation 18 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

prepared by Investor Relations department BTS Group Holdings PCL

Focusing on the Highest Growth Media Segments

OOH and Online

19 BTS Group General Presentation Section 2.2: Media Business Rising in infrastructure, urbanisation and increasing number of people who spend time outdoor were driven the growth of Thailand OOH Media.

VGI GROUP’S FOCUS

• Our focus has proven to be the fastest growth media sector OOH

(Out-of-Home)

• Thailand’s no. 1 transit media with 60% of market share
• The sole player in office building media with 162 Grade A&B

buildings under management

• Strong nationwide footprint in outdoor media with >2,200

billboards

• Thailand’s no. 2 aviation media with 20% market share Online
• Thailand’s no. 1 activation operator with 70% market share
• The first mover in Thailand who established the integrated
• nline and offline media platform

OOH MARKET SHARE: VGI GROUP VS PEERS

VGI controls almost half of the OOH media market share. Thanks to our continuing organic growth and participating in M&A.

ADVERTISING MARKET 5 YRS CAGR (2011/12 – 2016/17) 5 YRS HISTORICAL ADVERTISING SPENDING (THB bn)

2,838 3,149 3,678 3,021 3,537 3,352 4,082 2,715 3,223 4,297 6,189 7,231 6,393 6,244 7,834

2012/13 2013/14 2014/15 2015/16 2016/17

VGI Group Revenue Peers

45.8% 43.6% 57.5% 48.4%

1

54.2% 56.4% 42.5% 51.6% 45.2% 54.8%

* Online adspend includes banner ad on 50 websites and 10 mobile sites ** based on December year-end Source: The Nielsen (Thailand) Co., Ltd. and Digital Advertising Association Thailand (DAAT) 2012/13 2013/14 2014/15 2015/16 2016/17

TV Traditional media OOH media Cinema Online* Digital adspend (DAAT)**

Coup d’etat Shutdown BKK

114bn 60.3% 23.7% 9.2% 6.3% 0.6% 113bn 62.3% 23.3% 9.0% 4.7% 0.8% 107bn 65.7% 16.0% 11.3% 5.5% 1.6% 120bn 1.0% 68.5% 18.0% 8.0% 4.4% 121bn 0.8% 68.0% 19.4% 3.7% 8.1%

Mourning effect

3bn 4bn 6bn 8bn 9bn

ON LINE OOH MEDIA

• 14.8%
• 8.3%
• 6.0%
• 4.2%

0.2% 10.1% 27.5% 36.4% In-store Traditional media** Analogue TV Cinema Total industry OOH Online Digital*

The accelerated growth of online, digital and OOH media fueled by migration to mobile devices and increased consumer media exposure as people spend more time out of home.

* Digital adspend based on December year-end reported by DAAT ** traditional media includes Radio, Newspapers, Magazines

VGI’s Focus

prepared by Investor Relations department BTS Group Holdings PCL

A Well-Diversified Out-of-Home Media Business

BTS Group General Presentation Section 2.2: Media Business 20

VGI GROUP

BKK, Thailand KL, Malaysia BKK, Thailand Nationwide, Thailand KL, Malaysia Nationwide, Thailand Nationwide, Thailand Nationwide, Thailand Nationwide, Thailand >770,000, BKK >150,000, KL >500,000 >1,200,000 >333,000 >500,000 >20mn >100,000

OOH Media Platform Digital Services THB 2,681mn THB 371mn 30.7% 30.0% 40.0% 90.0% 90.0% 100.0%

TRANSIT OFFICE OUTDOOR AVIATION ACTIVATION PAYMENT SERVICES

MACO

AERO MEDIA DEMO POWER

BSS & BSSH VGI

COMPANY SEGMENT GEOGRAPHICAL ACTIVITY MARKET SHARE & NETWORK AUDIENCE REACH PER DAY KEY GROWTH AREA SEGMENT 2016/17 REVENUE

 60% market share 31.0km, BKK 51.0km, Malaysia  75% market share 172 office building 262 condominium  30% market share >2,200 billboards  20% market share 13 airports  70% market share >1,000 stores 8.5mn cardholders 3.0mn active holders 43mn LINE users 2.8mn LINE pay users 22mn insurance premium/ month THB 1.3mn

• utstanding loan

Additional inventory from BTS’s new line extensions Grade B&C and upcountry market To convert 10% of static billboards to digital screens Expand to airports South East Asia Potential expansion in BTS stations and

• ffice buildings

Expand Rabbit card & Rabbit Line Pay network Rabbit’s data Expand insurance and micro loan network

prepared by Investor Relations department BTS Group Holdings PCL

Our Media Capacity will reach THB 7.3bn

With Multi-Channel Audience Reach

21 BTS Group General Presentation Section 2.2: Media Business

• 172 office buildings
• 242 residential buildings
• 200,000 sq.m. in chamchuri square
• 1,065 static billboards
• 256 PTT posters
• 21 LED screens and 255 LCD screens
• 636 street furniture panels

THB 0.5bn THB 3.0bn

• 30 BTS stations
• 208 carriages
• >4,000 static displays
• 2,029 digital screens
• 8,800 sq.m. merchandising space

THB 1.0bn

• 3,000 salespeople
• 360 exclusive stores
• 275 brand clients
• 77 provinces nationwide

THB 0.3bn TRANSIT THB 0.6bn THB 1.4bn

• 13 airports (342 LCDs)
• 2,500 trolleys
• 57 jetbridges
• sale agent for 76 aircrafts
• Banner Advertising
• Direct Targeted Marketing

OFFICE OUTDOOR AVIATION ACTIVATION DIGITAL SERVICES

Media capacity of THB 6.8bn (as of October 2017)

prepared by Investor Relations department BTS Group Holdings PCL

Digital Services: Synergy between VGI and Rabbit

Rabbit Platform’s Database

22

The E-money service provider with a common ticketing system supporting BTS and BRT. BSS system also encompass other forms of public transportation as well as retail, service and tourism sectors.

OFFLINE PAYMENT: RABBIT CARD

8.5mn

Rabbit cards in circulation (as of Dec 2017) BTS Group General Presentation Section 2.2: Media Business

LARGE PARTNERS NETWORK BUILT

145

brand partners

>5,200

card readers

Use on BTS SkyTrain & BRT Use in retail stores

ONLINE PAYMENT: RABBIT LINE PAY

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

SERVICES BUSINESS JV with AEON: THB 1.3bn outstanding loans

Micro loan through the joint venture with AEON

Rabbit Daily: 7mn monthly visits

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

Rabbit Insurance Broker: THB 22mn gross written premiums

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

Co-branded Card: BBL co-branded card & AIS-Rabbit card

Issued by financial institutions or corporations that wish to add Rabbit functionality to credit card, debit card, or other card types or devices

2.8mn

users

>600

merchants

prepared by Investor Relations department BTS Group Holdings PCL

Evolving into a Data Centric Media Hypermarket

Offering Targeted Advertising and Proactive Media Sales

BTS Group General Presentation Section 2.2: Media Business 23

PROCESS

DATA ANALYTICS & SEGMENT CREATION

Payment platform Data type:

• Demographic, spending,

location, travel Data source:

• BTS station/ BRT
• Retail merchant
• Supermarket/ store
• Rabbit Line Pay

Service platform Data type:

• Demographic, spending, financial

Data source:

• Insurance aggregator website
• Micro loan offering through the

partnership with AEON Online platform Data type:

• Lifestyle, interest

Data source:

• Online brand partners
• Published content in

www.rabbitdaily.co.th

OFFICE OUTDOOR AVIATION DIGITAL TRANSIT ACTIVATION

AUDIENCE TARGETING AUTOMATED MEDIA PLANNING CROSS CHANNEL TARGETING

• AD. EFFECTIVENESS RESEARCH

MONETISING DATA THROUGH OUR MEDIA PLATFORMS COLLECT ONLINE engagement DISTRIBUTE OFFLINE awareness

Adaptive conversion

prepared by Investor Relations department BTS Group Holdings PCL

Solid Growth Opportunities

Upside from BTS rail mass transit expansion and monetisation of Rabbit’s data

2MN TARGETED ADVERTISING VIEWERS 3.8X EXPECTED INCREASE IN BTS TRAIN CAPACITY 4.9X EXPECTED INCREASE IN BTS STATION CAPACITY FIRST PHASE OF MONETISING RABBIT’S DATA AND PLATFORM

2016/17 2021/22 E CORE + EXTENSION 208 236 GREEN (SOUTHERN) NONE 60 GREEN (NORTHERN) NONE 84 GREEN EXT (WESTERN) NONE 32 PINK NONE 132 YELLOW NONE 104 GREY (PHASE I) NONE 72 LRT NONE 64 TOTAL 208

3.8X

784 2016/17 2021/22 E CORE + EXTENSION 30 34 GREEN (SOUTHERN) NONE 9 GREEN (NORTHERN) NONE 16 GREEN EXT (WESTERN) NONE 6 PINK NONE 30 YELLOW NONE 23 GREY (PHASE I) NONE 15 LRT NONE 14 TOTAL 30

4.9X

147

New extensions are expected to add more than 1 million passengers

• daily. Together with our existing networks, the exposure to VGI

advertising is expected to increased by 2.9X.

772,132 932,000

1,065,000

2015/16 2021/22

2.6X increased

Ridership from VGI’s existing network Ridership from New extensions

To create targeted media through Rabbit’s data across BTS’s existing and future media platform Improved occupancy by monetising rabbit’s data and BTS platform

80% 95% 20% 5%

3YRS AVG. 2017/18 - 2020/21

Successful case: 11 STREET Station Sponsorship

(launched in February 2017)

• Innovative Rabbit Media has partnered with

11 STREET, which stimulates the 3 key senses – touch, sight and sound.

• Leveraging on the data analysis of travel

behavior coupled with strategically selected VGI’s media

Occupied inventory Unoccupied inventory

1,997,000 24 BTS Group General Presentation Section 2.2: Media Business

616 (secured lines) 113 (secured lines)

2016/17

2021/22 GOALS Revenue of THB 7,500 – 8,000mn (20% CAGR) NPAT growth of 15 – 20% CAGR

prepared by Investor Relations department BTS Group Holdings PCL

Contents

BTS Group General Presentation 25 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

prepared by Investor Relations department BTS Group Holdings PCL

2,975 2,993 3,019 3,231 3,152 3,287 3,400 1,583 1,901 2,131 2,404 1,951 2,475 2,635 53.2% 63.5% 70.6% 74.4% 61.9% 75.3% 77.5% 40% 50% 60% 70% 80% 90% 100%

• 500

1,000 1,500 2,000 2,500 3,000 3,500 4,000 2010 2011 2012 2013 2014 2015 2016 Occupancy THB/Night ADR RevPAR Occupancy (RHS) 15.9 19.2 22.4 26.5 24.8 29.9 32.6 0.00 5.00 10.00 15.00 20.00 25.00 30.00 35.00 2010 2011 2012 2013 2014 2015 2016 Millions of Visitors Total Tourist Arrivals to Thailand

61% 56% 61% 60%

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 2013 2014 2015 2016 Units 1Q 2Q 3Q 4Q Average Take-up Rate (RHS)

Total 51,150 Total 50,105 Total 34,666 Total 39,046

26

BANGKOK CONDO LAUNCHES

• AVG. LAUNCH PRICES AND TAKE-UP RATES BY DISTANCE TO BTS

Property Market Overview

Slowing Down, but Resilient Near Mass Transit Lines

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

BTS Group General Presentation Section 2.3: Property Business

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

• 50,000

100,000 150,000 200,000 250,000 300,000 2013 2014 2015 2016 Baht/sq.m

0 - 200m (CAGR +24.0%) 201 - 500m (CAGR +13.4%) 501 - 1,000m (CAGR +22.6%) Over 1,000m (CAGR +9.8%)

INTERNATIONAL TOURIST ARRIVALS BANGKOK HOTEL PERFORMANCE METRICS

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

prepared by Investor Relations department BTS Group Holdings PCL

Property Portfolio and Business Strategy

Substantial Development Potential of Assets for Long-Term Value

27

PROPERTY BOOK VALUE BREAKDOWN

BTS Group General Presentation Section 2.3: Property Business

HOTEL PORTFOLIO

Owners Total Area (Rai) Total Area (sq.m) BTS Group Plc 1,145.6 1,833,022.0 Bayswater JV 48.8 78,051.2 U City Plc 273.4 437,444.8 Total 1,467.8 2,348,518.0

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

ATTRACTIVE LAND BANK FOR LONG-TERM DEVELOPMENT

Under

• No. of Hotels
• No. of Keys

Ownership BTS Group 55 8,490 Owned 1 50 100% Leased 2 127 100% Managed 52 8,313 50%* U City 39 7,381 Owned 21 3,545 36% Leased 6 1,258 36% Managed 12 2,578 36% Grand Total 94 15,871

* Hotels under AHS BTS Group Land Bank U City Land Bank Bayswater JV Land Bank Projects and Properties Land Bank Keystone JV Land Bank 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 BASE Petkasem 29 j. The Grand k. The Royal Place II l. TST Tower Office Building m. U Sathorn Hotel n. Thana City Golf & Sports Club

• .

Park Ramindra Condo p. Eastin Grand Sathorn Hotel Commercial Properties (l - n) Residential Projects & Properties (a - k) U City Commercial Properties (p) U City Residential Projects (o)

• a

f l d e

LAND: OVER 800,000M² OF POTENTIAL NEAR MASS TRANSIT LINES

c j k b g h n m p i

Ku Kot 56.5 rai (9.4 ha) Thana City & Keystone JV 356.7 rai (57.1 ha) Charansanitwong 21.9 rai (3.5 ha) Bayswater JV 48.8 rai (7.8 ha) * Data as of 30 Sep 17

Keystone JV THB 0.8bn Commercial THB 5.0bn

1% 13% 5% 31% 11% 2% 37%

BTS-Sansiri JV THB 13.8bn Total Book Value as of 31 Dec 17 THB 37.7bn Bayswater JV THB 4.3bn Residential THB 0.5bn

* Adjusted for equity stake

Land Bank THB 1.8bn U City THB 11.5bn

prepared by Investor Relations department BTS Group Holdings PCL

28 BTS Group General Presentation Section 2.3: Property Business

MULTI-FACETED COMMERCIAL PROPERTY BUSINESS

2017 & 2018 2016 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 predominantly near mass transit lines” Acquired 3 overseas assets Target to launch 2 local projects with a total value of THB 19.5bn

Residential & Commercial Property Developments

Accumulating a Portfolio for Future Growth

Details Investment value Estimated rental income GRACECHURCH STREET

• Office building, on 33 Gracechurch

Street in London, UK

• Net leaseable area: 9,701 sqm

GBP 74.3mn, or THB 3,436mn GBP 4.0mn, or THB 175mn UNDERWOOD STREET

• Office building on 6-14 Underwood

Street in London, UK

• Net leaseable area: 2,388 sqm

GBP 7.3mn, or THB 328.6mn GBP 1.2mn, or THB 52mn VIENNA HOUSE

• Pan-European hotel portfolio, hotel

management company and associated brands

• Over 6,700 keys in 9 European countries

EUR 170mn, or THB 6,336mn EUR 115mn, or THB 4.4bn and estimated EBITDA

• f EUR 26mn or

THB 1bn Details Project value Timeline PHAYATHAI COMPLEX

• Project: 51 levels of mixed use complex

building comprising retail, office, 4 stars hotel and premium serviced residence

• Gross Floor Area: 120,395 sqm

THB 9.5bn

• Groundbreaking in June

2017

• Target completion: 2021

MOCHIT COMPLEX

• Project: Twin 36 levels office complex

building comprising retail, office and rooftop sports center

• Gross Floor Area: 170,649 sqm

THB 10bn

• Target construction start

in 2018

• Expected completion in

2022

PARTNERSHIP ROADMAP

2015 2017 2016 To develop 25 projects with THB 100bn worth of condominiums along the current and future mass transit lines through the JV with Sansiri with an expected NPAT margin 12% & equity IRR 17% Target to launch at least 4 projects with a total value of THB 12bn

Project value (THB mn)

• Est. Transfer

Start The LINE Jatujak – Mo Chit 5,816 Sep 2017 The LINE Sukhumvit 71 1,967 Sep 2016 The LINE Ratchathewi 2,965 May 2018 Project value (THB mn)

• Est. Transfer

Start The LINE Asoke-Ratchada 3,021 Oct 2018 The BASE Garden Rama 9 2,342 Oct 2018 The LINE Pradipat 5,891 Jan 2020 The LINE Sukhumvit 101 4,650 Nov 2019 KHUN BY YOO Thonglor 12 4,065 Nov 2019 Project value (THB mn)

• Est. Transfer

Start THE BASE Phetkasem 29 1,984 Jan 2020 THE MONUMENT Thonglor 6,242 Jul 2019 THE LINE Sathorn 3,918 Nov 2020

prepared by Investor Relations department BTS Group Holdings PCL

Property Update

Rationale - U City is the dedicated BTS Group property vehicle

• Unclear segregation of property business (and in some case conflict of interest)

between BTS Group and U City and inefficient resource allocation

• U City has limited growth opportunities and limited residential opportunities

CURRENT SITUATION U City Capital Increase Entire Business Transfer (EBT)

• f Unicorn Enterprises (UE)

Disposal of U City Assets

U City becomes the dedicated property development and investment vehicle for BTSG

• As U City’s current property business is limited to hotels and office rental, new

assets to be acquired from Unicorn will allow U City to expand its revenue stream and serve larger base of customers More efficient resource allocation and better management of property business

• Consolidation of property opportunities in one vehicle allows for higher efficiency

and economies of scale in each business

KEY RESTRUCTURING TRANSACTION: BENEFIT TO BTSG & U CITY

UNICORN ENTERPRISE (UNICORN OR UE) Property for sale (mostly sold out) Property-related services Hospitality Land banks Joint venture i.e. JV Sansiri, International school, AHS Projects and land banks under study Hospitality Other assets

100% 35.64%

1

29

2 3

“U City becomes the dedicated property vehicle for BTS Group” OBJECTIVE: OUR ACTION

To eliminate potential conflict between U City and BTSG property business

• Unicorn will discontinue its business, dissolve and liquidate after the EBT
• BTSG will grant ROFR, Call Option and Management Agreement and/or Sales

Agency Agreement to U City on assets remaining at BTSG Office buildings Office buildings

“Expected gain to BTS Group from restructuring transaction is approx. THB 2,000mn (after elim) upon transaction completion in 4Q 2017/18”

BTS Group General Presentation Section 2.3: Property Business

prepared by Investor Relations department BTS Group Holdings PCL

• Hotel
• Condominium
• Some land bank

UE Entire Business Transfer (EBT) U City Capital Increase U City Asset Divestment

*Assets to be divested (value of approx. THB 3bn)

• Anantara Chiang Mai Resort and Spa
• AVANI Khon Kaen Hotel & Convention Centre
• Anantara Chiang Mai Serviced Suites
• Park Aran Boulevard Commercial Building Project
• Park Ramindra Condominium
• Land banks in Charansanitwong & Chonburi
• Land in Nakhon Ratchasima
• Phaya Thai Project
• Mochit Project
• Land banks

Projects and land banks under study Hospitality

• Hotel and hotel

management

• Office rental

Property for sale* Assets from EBT

• Subsidiary shares
• Joint venture shares

UE to transfer all selected assets and shareholder loans to U City in exchange for new shares (and warrants) in U City

• Assets value: THB 12,917mn (as of 30 Jun 2017)
• BTSG loan: THB 10,745mn (as of 30 Jun 2017)
• Value of preferred shares issued to UE (PP): THB

2,172mn 35.64%

UE

100%

1 EBT

• Subsidiary shares in

companies

• Joint venture shares

i.e. JV Sansiri, International school, AHS

Preferred shares issued to UE (PP)

U City plans to repay all shareholder loan from BTSG (from EBT) with proceeds from capital increase

• Private Placement (PP) – Preferred shares and warrants PP to

Bangkok Bank (Strategic investor)

• Right Offering (RO) – Preferred shares and warrants RO to all

shareholders including strategic investor 35.64%

Strategic Investor U City Shareholder RO

• PP
• RO

#1 and #2 will be conditional upon each other

2

RO

3

Note: - Certain assets under UE that will not be transferred to U City but will be transferred to BTSG prior to the transaction

• To ensure sufficient funding, U City is currently securing bank facility in case of proceeds from PP and RO are lower than shareholder loans

30

Property Restructuring

Restructuring transaction structure

voluntarily propose to shareholder for approval

Repayment of Shareholders’ Loan BTS Group General Presentation Section 2.3: Property Business

prepared by Investor Relations department BTS Group Holdings PCL

Contents

BTS Group General Presentation 31 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

prepared by Investor Relations department BTS Group Holdings PCL

Services Business

Strategic Support and Business Incubator

32

• Premium Chinese restaurant chain managed by Man Kitchen
• As of 31 Mar 2017, 11 existing branches:

3 dine-in branches, 1 take-away branch, 3 Chairman by Chef Man (Hong Kong Café concept), 1 private dining concept under M Krub restaurant, 1 Man Kitchen buffet, and 2 The Round Table restaurants

• 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
• f keys under management and number of rooms under management together

with Minor, Centara and Onyx.

• Fastest growing YOY management company in Thailand (in terms of properties and

keys under management)

• Provide a unique range of hospitality and consultancy services with tailor-made,

client-, owner- and developer-centric solutions

• Currently manages 3 to 5 star hotels under “U Hotels & Resorts”, “Eastin Grand

Hotels”, “Eastin Easy”, and “Eastin Hotels & Residences” and Travelodge brands in Thailand, Vietnam, Laos, Indonesia, India, Oman and Europe.

Number of hotels

68

80

Number of rooms

>9,350

11,500

Under AHS contracts 2016/17 2017/18E

CHEFMAN RESTAURANTS ABSOLUTE HOTEL SERVICES (AHS)

Eastin Grand Sathorn Branch

BTS Group General Presentation Section 2.4: Services Business

Thana City Branch

• In June 2017, Chef Man added a new strategic JV partner Bangkok Ranch (BR), a

listed and leading purveyor of duck meat through a capital increase. BR’s extensive food processing expertise will enable Chef Man to scale-up its business domestically and internationally.

41% Man Food Holdings 41% 18% Bangkok Ranch BTS Group Chef Man

BTSG and BR have an option to increase stake up to 42.5% in Man Food Holdings. Expected final shareholding in Man Food Holdings of 42.5% : 42.5% : 15% between BTS Group : BR : Chef Man

prepared by Investor Relations department BTS Group Holdings PCL

Contents

BTS Group General Presentation 33 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

prepared by Investor Relations department BTS Group Holdings PCL

KEY FINANCIAL RATIOS FY 16/17 FY 15/16 FY 14/15 FY 13/14 Profitability ratios (%) Gross operating profit margin 51.9% 60.4% 55.5% 51.4% SG&A to operating sales ratio 24.6% 24.6% 22.0% 19.5% Accounting EBITDA margin 41.2% 59.7% 52.0% 73.% Operating EBITDA margin(1) 34.0% 42.9% 39.9% 36.3% Recurring net profit margin (%) 20.1% 33.7% 34.7% 25.4% Liquidity ratio Current ratio (times) 1.43x 0.81x 3.96x 4.36x Leverage (Times) Total liability to total asset 0.52x 0.28x 0.22x 0.22x Total liability to total equity 1.07x 0.39x 0.28x 0.29x Interest bearing debt to equity 0.85x 0.20x 0.09x 0.11x

• Adj. net debt(5) to equity

0.13x (0.13)x (0.40)x (0.52)x

• Adj. net debt(5) to operating EBITDA

2.07x (2.23)x (7.32)x (10.03)x Interest coverage(3) 4.53x 9.30x 7.03x 4.94x Per share ratios Book value per share (THB) 3.82 3.96 4.38 5.09 Dividend yield (4) 4.00% 7.75% 6.38% 7.37%

FY 16/17 OPERATING REVENUE & 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

(5) Interest bearing debt - cash and cash equivalent and liquid investment

OPERATING REVENUE COMPARISON (YoY)

34

CONSOLIDATED P&L (THB MN)

FY 16/17 FY 15/16 FY 14/15 FY 13/14 Operating revenues 8,606 6,280 7,102 8,532 Accounting revenues 9,618 10,069 8,126 23,468 Operating expenses 4,142 2,489 3,163 4,147 Non-recurring items 1,907 2,283 268 10,971 EBITDA 4,117 6,254 4,937 10,334 Operating EBITDA(1) 2,928 2,693 2,836 3,100 Net income(2) 2,004 4,134 2,944 12,598 DEBT INFORMATION (THB MN) 31 MAR 17 31 MAR 16 31 MAR 15 31 MAR 14 Interest bearing debt 38,310 9,283 4,556 6,655

• Adj. net debt (5)

6,051 (6,012) (20,755) (31,106) BTS Group General Presentation Section 3: Financial Summary

BTS Group Financial Performance

Note: Revenue and EBITDA excludes equity income from Sansiri JV, U City, Bayswater JV, Keystone JV

49.2% 35.0% 7.2% 8.6%

THB 8,606mn

61.9% 40.8% 0.1% (2.8)%

THB 2,928mn

Mass Transit Media Property Services

6,280 8,606 1,663 691 (279) 251

2015/16 Mass Transit Media Property Services 2016/17

65% 30% (THB mn)

• 31%

51%

FY 15/16 FY 16/17 FY 15/16 FY 16/17

prepared by Investor Relations department BTS Group Holdings PCL

46,901 45,182 5,799 29,833 12,560 18,636

31-Mar-16 31-Mar-17 Total current liabilities Total non-current liabilities Total shareholders' equity

65,259 93,651 55,069 66,947 10,191 26,705

31-Mar-16 31-Mar-17 Total current assets Total non-current assets

65,259 93,651 Cash 31 Mar 16: THB 2.36bn 31 Mar 17: THB 15.09bn Current Investments 31 Mar 16: THB 4.67bn 31 Mar 17: THB 6.38bn Long-Term Investments 31 Mar 16: THB 9.75bn 31 Mar 17: THB 13.52bn Restricted Deposits 31 Mar 16: THB 1.27bn 31 Mar 17: THB 0.12bn Gross Debt 31 Mar 16: THB 9.28bn 31 Mar 17: THB 38.31bn Adjusted Net Debt* 31 Mar 16: THB (6.0)bn 31 Mar 17: THB 6.05bn ***** Issued Ordinary Shares 31 Mar 16: 11,929.3mn 31 Mar 17: 11,935.0mn THB mn Registered Capital (15,928.9mn shares @ THB 4.0) 63,716 Issued and paid-up (11,935.0mn shares @ THB 4.0) 47,740 Others 1,618 Retained earnings (Deficits) (6,198) Total Shareholders’ Equity 45,182 Type Outstanding warrants (mn) Exercise ratio (warrant : share) Exercise price (THB) Outstanding shares reserved for warrants (mn) % Dilution BTS-WA N.A. 1 : 0.17** 4.177** N.A. (expired) N.A. BTS-WB 6.3 1 : 1 5.01 6.3 0.0% BTS-WC 16.0 1 : 1 10.19 16.0 0.0% BTS-W3 3,944.5 1 : 1 12.00 3,971.5 25.0% Total 3,993.8 25.0%

SHAREHOLDERS’ EQUITY

as of 31 Mar 2017

Balance Sheet

35

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

DILUTION IMPACT

as of 31 Mar 2017

ESOP

BTS Group General Presentation Section 3: Financial Summary

84% 16% 29% 71% 20% 48% 32% 72% 19% 9% ASSET BREAKDOWN (THB MN)

LIABILITIES AND EQUITY BREAKDOWN (THB MN)

*Calculated based on interest bearing debt - cash and cash equivalent and liquid investment

prepared by Investor Relations department BTS Group Holdings PCL

2017/18 BTS Group Targets & CAPEX Guidance

36 BTS Group General Presentation Section 3: Financial Summary

FY 2017/18 BTS GROUP TARGETS FY 2017/18 CAPEX of THB 7.6 - 10.3BN

5,460

• 8,160

1,450 25 700 THB 7.6 – 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 of THB 197mn
• ii. AFC upgrade of THB 157mn
• iii. Radio upgrade of THB 156mn)

excludes construction of new station: S4 (which is recorded as investment in NRTA)

• 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

Mass Transit

• THB 340mn VGI CAPEX
• THB 210mn MACO CAPEX
• THB 150mn Rabbit Group CAPEX

Media & Services

• THB 880mn Thana City & other

improvements

• THB 300mn Investment property in

Thana City

• THB 270mn Land acquisition

Property

• 2-4% Ridership Growth (revised)
• 2% Average Fare Increase (revised)
• 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

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

• 9.2mn Rabbit Cards in circulation

SERVICES

prepared by Investor Relations department BTS Group Holdings PCL

Contents

BTS Group General Presentation 37 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 3ction 3 Financial Summary Appendices

prepared by Investor Relations department BTS Group Holdings PCL

1.42 1.78 2.12 2.29 2.57 2.82 3.07 3.22 3.29 3.48 3.54 4.30 4.90 5.68 5.87 6.40 6.64 59 79 96 105 118 132 139 133 136 144 145 176 197 215 219 233 238 00/01 01/02 02/03 03/04 04/05 05/06 06/07 07/08 08/09 09/10 10/11 11/12 12/13 13/14 14/15 15/16 16/17 Farebox revenue (THB bn) Ridership (mn)

Appendix 1: Core Network Ridership

Uninterrupted Revenue Growth and Resilient Under Pressure

38

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 (8 YRS) 7%

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

• Farebox revenue CAGR: 10.1%
• Ridership CAGR: 9.1%

GROWTH (16 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 Appendix 1: Core Network Ridership

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

Ridership +2.4% YoY Fare +1.3% YoY

prepared by Investor Relations department BTS Group Holdings PCL

15.0 22.0 25.0 28.0 31.0 34.0 37.0 42.0

20.1 26.8 33.5 40.2 46.9 53.6 60.3 16.0 23.0 26.0 30.0 33.0 37.0 40.0 44.0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17

21.4 22.1 24.2 24.2 24.1 24.4 24.4 24.8 26.4 26.9 27.5 27.9

2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 SJT 36% AVG FARE THB 30.6 30-DAY PASS (ADULT)* 28% AVG FARE THB 26.5 PURSE (STV)* 29% AVG FARE THB 27.0 30-DAY PASS (STUDENT)* 6% AVG FARE THB 21.2 ONE-DAY PASS 1% AVG FARE THB 36.6

39

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 2016/17)

THB / Trip * Counted as Rabbit (63%)

BTS Group General Presentation Appendix 2: Core Network Fare Adjustment

Appendix 2: Core Network Fare Adjustment

Flexibility to Increase Fares

DISTANCE-BASED FARE (BY NO. OF STATIONS)

• NO. OF STATIONS

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

• CAGR 5 yr (2012/13 to 2016/17) = 2.4%
• CAGR 12 yr (2005/06 to 2016/17)= 2.2%

prepared by Investor Relations department BTS Group Holdings PCL

Appendix 2: Core Network Fare Adjustment

Increased from 1 October 2017

BTS Group General Presentation Appendix 2: Core Network Fare Adjustment 40

15.0 22.0 25.0 28.0 31.0 34.0 37.0 42.0 20.1 26.8 33.5 40.2 46.9 53.6 60.3 16.0 23.0 26.0 30.0 33.0 37.0 40.0 44.0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17

SINGLE JOURNEY TICKET (SJT): 35% OF TICKET TYPES

Number

• f Station

0-1 2 3 4 5 6 7 ≥ 8 Previous 15 22 25 28 31 34 37 42 1 Oct 17 16 23 26 30 33 37 40 44

RABBIT SENIOR

Number

• f Station 0-1

2 3 4 5 6 7 ≥ 8 Previous 7 11 13 14 16 17 19 21 1 Oct 17 8 12 13 15 17 19 20 22

• Fare of SJT, Rabbit monthly pass and Rabbit senior tickets in the Core Network will be increased from 1 October 2017 onwards
• For Rabbit Purse Card (Stored Value Card: STV), the fare will remain as the previous effective fare of THB 15 - 42 until 31 March 2018
• Expected FY 17/18 average fare increased by 2% to THB 28.5 per trip

RABBIT MONTLY PASS ADULT: 28% OF TICKET TYPES

Present THB/Trip 1 Oct 17 @THB/Trip 15 Trips 450 30 465 31 25 Trips 700 28 725 29 40 Trips 1,040 26 1,080 27 50 Trips 1,250 25 1,300 26

RABBIT MONTLY PASS STUDENT: 6% OF TICKET TYPES

Present THB/Trip 1 Oct 17 @THB/Trip 15 Trips 345 23 360 24 25 Trips 525 21 550 22 40 Trips 760 19 800 20 50 Trips 900 18 950 19

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

• NO. OF STATIONS

prepared by Investor Relations department BTS Group Holdings PCL

Appendix 3: Rolling Stocks

Enlarging Our Fleet for Future Growth

41 50,000 PPHPD: SYSTEM DESIGN CAPACITY (6-CAR TRAINS & 2MIN FREQUENCY) 25,000 PPHPD: CURRENT CAPACITY (4-CAR TRAINS & 2.4MIN FREQUENCY IN SKY LINE) BTS Group General Presentation Appendix 3: Rolling Stocks 98 4-CAR TRAINS (392 CARRIAGES) FOR GREEN LINE CORE NERWORK AND EXTENSION ZONE 1 & 2 72 4-CAR MONORAIL TRAINS (288 CARRIAGES) FOR PINK AND YELLOW LINES CURRENT FLEET

• NO. OF TRAINS

TOTAL CARRIGAGES FROM 1ST BATCH 35 105 SIEMENS 2ND BATCH 12 48 CRRC 3RD BATCH 35 SIEMENS 4TH BATCH 5 20 CRRC TOTAL 52 208 FLEET EXPANSION

• NO. OF TRAINS

TOTAL CARRIGAGES FROM DELIVERED BY FY 18/19 22 88 SIEMENS DELIVERED BY FY 20/21 24 96 CRRC TOTAL 46 184 PROJECT REQUIRED TRAINS TOTAL CARRIGAGES FROM PINK 42 168 BOMBARDIER YELLOW 30 120 BOMBARDIER TOTAL 72 288 10,000 – 44,000 PPHPD: SERVICE CAPACITY

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

E&M works Civil works Repayment of gov't subsidy (civil) Farebox revenue

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 Rolling stocks Investment O&M revenue

Appendix 4: Mass Transit Economic profile

O&M Contract & PPP Net Cost

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

KEY ASSUMPTIONS KEY ASSUMPTIONS 1) 30-year contract from operating date 2) O&M revenue* of approx. THB 140mn/km in FY 16/17 with growth rate of 3.5% p.a. 3) EBITDA margin of 40-50%

YEAR YEAR

1) 3-4 year investment in civil and E&M works (includes rolling stocks) 2) 10-year repayment from gov’t for civil works 3) Receive farebox revenue and commercial revenue (30-year contract from operating date)

BTS Group General Presentation Appendix 4: Mass Transit Economic profile

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

42

prepared by Investor Relations department BTS Group Holdings PCL

43

Appendix 5: Debentures & Syndicated Loan Agreement

CAPEX for newly-awarded lines - secured by debt financing

BTS Group General Presentation Appendix 5: Debentures and Syndicated Loan for the Pink and Yellow Lines

Tenor Amount up to Coupon Rate 3-year THB 5.5bn 2.46% 5-year THB 2.2bn 2.85% 7-year THB 4.1bn 3.30% 10-year (NC5) THB 10.2bn 3.87% Total THB 22bn 3.31% (average) Rationale Purchase new rolling stocks and E&M for the Northern and Southern Green Line extensions Issuance Date 10 November 2016

THB 22BN BTSC DEBENTURE:NEW GREEN EXTENSIONS THB 63.4BN SYNDICATED LOAN: PINK AND YELLOW LINES

10 October 2017: BSR JV signed the syndicated loan agreement between Bangkok Bank, Krungthai Bank and Siam Commercial Bank at a total value of up to THB 63.36bn.

Credit Facilities Total of THB 63.36bn

• THB 31.68bn for Pink Line
• THB 31.68bn for Yellow Line

Syndicate Banks Bangkok Bank, Krung Thai Bank, Siam Commercial Bank Loan Term 17 years and 3 months, repayments starting from first operation date Rationale Financing of both Pink and Yellow lines Tenor Amount up to Coupon Rate 3-year THB 1.5bn 2.24% 5-year THB 1.5bn 2.64% 10-year THB 2.0bn 3.65% 12-year (NC5) THB 2.0bn 3.78% Total THB 7.0bn 3.17% (average) Rationale Repay existing debts and/or investment and/or financing the working capital of the Company Issuance Date 26 December 2017

THB 7BN BTSG DEBENTURE

prepared by Investor Relations department BTS Group Holdings PCL

Appendix 6: VGI Products

BTS-related Media and Office Building & Residential Media Products

BTS Group General Presentation Appendix 6: VGI Products 44

TRAIN MERCHANDISING STATION OFFICE BUILDING INSIDE-TRAIN

prepared by Investor Relations department BTS Group Holdings PCL

Appendix 6: VGI Products

Outdoor Media and Aviation Media Products

BTS Group General Presentation Appendix 6: VGI Products 45

BILLBOARD STREET FURNITURE AIRPORT LED SCREEN AVIATION: JET BRIDGE CREATIVE PRODUCTION

prepared by Investor Relations department BTS Group Holdings PCL

Appendix 7: VGI & MACO Top20 Customer Profile

BTS Group General Presentation Appendix 7: VGI and MACO Top20 Customer Profile 46

VGI: CUSTOMER TYPE MACO: CUSTOMER TYPE

77.4% 22.6%

Agency

Direct customer 70.0% 30.0%

VGI: TOP BRAND MACO: TOP BRAND Agency

Direct customer

prepared by Investor Relations department BTS Group Holdings PCL

47 BTS Group General Presentation Appendix 8: Residential Property Business

Appendix 8: Residential Property Business

Launches of BTS-Sansiri JV Projects

ACTIVE RESIDENTIAL PROJECTS UNDER SIRI JV

Project Name Presale Launch Project Value Units

• Avg. Price per

sqm (THB) Sold Construction Progress*

• Est. Transfer

Start Foreign Participation THE LINE Jatujak – Mochit May-15 5,816 841 181k 97% 100% Sep-17 37% THE LINE Sukhumvit 71 Aug-15 1,967 291 167k 100% 100% Sep-16 48% THE LINE Ratchathewi Oct-15 2,965 231 270k 98% 92% May-18 25% THE LINE Asoke-Ratchada Jun-16 3,021 473 183k 99% 49% Oct-18 41% THE BASE Garden Rama 9 Sep-16 2,342 639 110k 91% 62% Oct-18 41% THE LINE Pradipat Nov-16 5,891 981 160k 67% 4% Jan-20 12% THE LINE Sukhumvit 101 Nov-16 4,650 778 177k 59% 10% Nov-19 42% KHUN BY YOO Thonglor 12 Nov-16 4,065 148 382k 66% 11% Nov-19 4% THE BASE Phetkasem 29 Jun-17 1,984 640 103k 69% 7% Jan-20 23% THE MONUMENT Thonglor Sep-17 (soft launch) 6,242 127 309k 20% 34% Jul-19 3% THE LINE Sathorn Nov-17 3,918 327 277k 100% 0% Nov-20 30% Total/Weighted Average 42,861 5,476 222k 74% 25%

prepared by Investor Relations department BTS Group Holdings PCL

48 BTS Group General Presentation Appendix 9: Commercial Property Business

Appendix 9: Commercial Property Business

U City Office Buildings

COMMERCIAL PROPERTY

6-14 UNDERWOOD STREET OFFICE 33 GRACECHURCH STREET OFFICE Ownership 145-year lease expiring on 18 Jan 2162 Building Specifications

• Comprehensively refurbished and extended in 2007
• NFA: 9,701 sqm

Lettable Area

• Office: 7,125 sqm
• Retail: 1,798 sqm
• Storage: 778 sqm

Tenants

• 7 tenants
• Average unexpired lease term of 7.90 years

Rental Price*

• Expected annually: GBP 4.0mn (THB 174.0mn)1
• Average of approx. GBP 400/sqm (THB 18,700/sqm)1

Capital Invested Purchase Price of GBP 74.3mn plus Acquisition Cost of GBP 1.8mn (Total THB 3,310.0 mn)1

Ownership 38-year lease expiring in 25 Dec 2055 Building Specifications

• Comprise with three attractive Victorian warehouse

buildings

• NFA: 2,731 sqm over basement, ground and three

upper floors. Lettable Area Office: 2,731 sqm Tenants 1 Single tenant Rental Price*

• Expected annually: GBP 1.2 mn (THB 52.0mn)1
• Average of approx. GBP 480/sqm (THB 20,880/sqm)1

Capital Invested Purchase Price of GBP 7.3mn plus Acquisition Cost of GBP 0.8mn (Total THB 352.4mn)1

1Exchange rate at THB 43.5 per GBP as of 31 May 2017

Situated within the heart of the City

• f London, fronting the western side
• f Gracechurch Street, one of the

City’s main thoroughfares, and benefits from close walking distances to underground stations Bank and Monument Situated within the heart of the tech city area of London and is less than 650 meters from Old Street Roundabout, known as ‘Silicon Roundabout’ due to the increasing number of technology, media and telecommunications companies choosing to relocate to the area. The property also benefits from excellent transport links (underground, rail and bus services)

prepared by Investor Relations department BTS Group Holdings PCL

Appendix 9: Commercial Property Business

U City Future Projects

49

PHATATHAI COMPLEX Project value THB 9.5bn Land Area 7.3 Rai or 1.2 Ha (11,749.6 sqm) Location Adjacent to 2 mass transit stations: BTS Phayathai Station and Airport Rail Link GFA 120,395 sqm NFA 52,043 sqm Equity IRR 9-10% Status Constructing Project period 44-48 months Construction period

3Q 2017 3Q 2021 Starts Completion

MOCHIT COMPLEX

Project value THB 10.0bn Land Area 11.1 Rai or 1.8 Ha (17,719 sqm) Location Adjacent to 2 mass transit stations: BTS Mo-chit Station and MRT Chatuchak Park Station GFA 170,649 sqm NFA 75,310 sqm Equity IRR 9-10% Status Preliminary design Project period 42 months Construction period 2018 Mid 2022 Starts Completion

Retail NFA: 7,096 sq.m. Office 12 floors NFA: 22,452 sq.m. Service Apartment NFA: 7,532 sq.m. Hotel 397 keys NFA: 14,111 sq.m. Hotel Facilities NFA: 852 sq.m.

Retail NFA: 5,040 sqm Office Tower II NFA: 35,135 sqm Office Tower I NFA: 35,135 sqm BTS Group General Presentation Appendix 9: Commercial Property Business

prepared by Investor Relations department BTS Group Holdings PCL

Appendix 10: Property Business

Overview of Assets to be transferred to U City

50 BTS Group General Presentation Appendix 10: Commercial Property Business

• TST Tower

THAILAND

• U Sathorn
• U Inchantree Karnchanaburi
• Eastin Thana City Golf

Resort Bangkok

• International School
• Absolute Hotel Services
• Thana City Golf & Sports Club
• Tanayong Property Management

Hotel (7%) Office (6%) Services (2%) Under Development (13%) Land Bank (17%)

• Ratburana
• Khao Yai, Pakchong,

Nakorn Ratchasima

• 21 BTS-SANSIRI JV Companies

Residential (55%) THAILAND

• Eastin Grand Sathorn
• 33 Gracechurch St. UK
• 6-14 Underwood St. UK

INTERNATIONAL

• 24 hotels under Vienna House

& Vienna House Easy

• Vienna International Hotel

Management Hotel Office Service

• The Unicorn
• Mo Chit

Complex

• Roi Chak Sam

Developing Land Bank

• Sukhumvit
• Suksawad
• Khukot –
• Bang Krachao

Divestment HOTEL

• Anantara Chiang Mai
• Avani Khon Kaen

RESIDENTIAL

• Park Ramindra
• Park Arun Boulevard
• Anantara Serviced Suite

LAND BANK

• Nakorn Ratchasrima
• Charansanitwong
• Chonburi

100% 35.64%

Selected Assets

Approximate Transaction Value THB 12,917mn Agreed Divestment Value THB 4,140mn

• U Chiang Mai

prepared by Investor Relations department BTS Group Holdings PCL

Appendix 11: BTS-W3 Term Sheet

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 11: BTS-W3 Term Sheet 51

prepared by Investor Relations department BTS Group Holdings PCL

Appendix 12: 3Q 2017/18 Financial Highlights

BTS Group Earnings Presentation Appendix 12: BTSG 3Q 2017/18 Financial Performance 52

PROFITABILITY

• Operating EBITDA of THB 1,144mn, increasing by THB 464mn or

68% YoY as a result of the improvements in operating performance

• f Mass Transit and Media businesses
• Pre-tax recurring profit (before MI) of THB 1,234mn, up 91% YoY
• Reported net profit (before MI) rose by 99% YoY to THB 973mn

mainly from robust performance, higher interest and investment income, an increase in share of net profit from associates/JVs, being partially offset by higher finance cost BALANCE SHEET

• Balance sheet strength: THB 34bn cash & liquid investments*
• Low leverage: adjusted net D/E** ratio at 0.34x

*Cash and liquid investments include cash balance of THB 13.2bn, current investments of THB 8.5bn and L/T liquid investments of THB 12.3bn **Adjusted Net Debt = Interest Bearing Debt - Cash and Cash Equivalent and Liquid Investment

CASH FLOW

• Fully enter investment Phase; including:
• Pink & Yellow Lines civil works & E&M works

(THB 6.5bn) in CFI

• Green Line extension E&M works & train procurement

(THB 3.7bn) in CFO

• Net cash received from debt financing of THB 4.0bn

and BTS debenture of THB 7bn

• Cash received from JV partners (STEC, RATCH) of THB 1.75bn for

25% equity investment in pink and yellow lines

prepared by Investor Relations department BTS Group Holdings PCL

Appendix 12: 3Q 2017/18 Overview

BTS Group Earnings Presentation Appendix 12: BTSG 3Q 2017/18 Financial Performance 53

OPERATING REVENUE COMPARISON (YoY)

INCOME STATEMENT (THB mn) 3Q 2017/18 3Q 2016/17 % YoY 2Q 2017/18 % QoQ 9M 2017/18 9M 2016/17 % YoY Operating Revenues1 4,875 1,935 152% 2,543 92% 10,528 5,211 102% Gross operating profit 1,552 1,080 44% 1,295 20% 4,125 3,070 34% Operating EBITDA2 1,144 681 68% 875 31% 2,936 1,940 51% Net recurring profit – before MI 1,016 500 103% 471 116% 1,923 1,407 37% Accounting EBITDA 1,696 973 74% 1,420 19% 4,204 2,947 42% Net income (loss)3 889 468 90% 653 36% 1,946 1,564 24% Gross operating profit margin (%) 31.8% 55.8% 50.9% 39.2% 58.9% Accounting EBITDA margin (%) 31.0% 42.0% 45.6% 35.3% 46.0% Recurring net profit margin (%) 18.6% 22.1% 16.7% 16.6% 23.9% Operating EBITDA margin (%) 23.5% 35.2% 34.4% 27.9% 37.2%

P&L SNAPSHOT

75% Mass Transit 20% Media 4% Property 1% Services

3Q 2017/18 OPERATING REVENUE BREAKDOWN

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

1,935 4,875 2,915 222 224 3Q 16/17 Mass Transit Media Property Services 3Q 17/18 18% (73)% 29% 401% (THB mn) 27

prepared by Investor Relations department BTS Group Holdings PCL

Appendix 12: 9 Months Cash Flow Snapshot

(THB mn)

BTS Group Earnings Presentation Appendix 12: BTSG 3Q 2017/18 Financial Performance 54

15,095

• 13,222**

(1,881)* ( 9,469) 9,429 48 Beginning cash (31/3/17) CFO CFI CFF Others Ending cash (31/12/17)

CFI

• Advance payment for civil works and

E&M works of the Pink and Yellow lines

• f THB 6,474mn
• Net cash paid for acquisitions of

derivative instruments, current and

• ther long-term investments
• Net cash paid for purchases of

equipment

• Dividend Income and Interest income

CFF

• Net cash received from long-term

debentures and BE of THB 12bn

• Cash received from STEC and RATCH (re.

pink and yellow line projects) and proceeds from VGI newly issued ordinary shares (through PP) of THB 1,750mn

• Net cash paid from investment in

subsidiaries (VGI and MACO)

• Interim dividend payment for FY 2017/18

CFO Profit before tax of THB 2,710mn, deducted by

• non-cash reconciling items of THB

215mn

• changes in net working capital of

THB 2.9bn (this includes THB 3.7bn Green Line extensions E&M works and train procurement)

* After corporate income tax of THB 789mn, interest expenses of THB 708mn and investment in E&M works and train procurement for the Southern and Northern Green Line extensions of THB 3.7bn ** Excluding liquid investments of THB 20.9bn

prepared by Investor Relations department BTS Group Holdings PCL

55 BTS Group Earnings Presentation Appendix 12: BTSG 3Q 2017/18 Financial Performance

Appendix 12: Balance Sheet as of 31 December 2017

45,182 46,475 29,833 36,884 18,636 23,555

31-Mar-17 31-Dec-17 Total current liabilities Total non-current liabilities Total shareholders' equity

106,914 93,651 67,351 80,271 26,301 26,643

31-Mar-17 31-Dec-17 Total current assets Total non-current assets

106,914 93,651 Cash 31 Mar 17: THB 15.09bn 31 Dec 17: THB 13.22bn Current Investments 31 Mar 17: THB 6.24bn 31 Dec 17: THB 6.60bn Long-Term Investments 31 Mar 17: THB 13.52bn 31 Dec 17: THB 15.58bn Gross Debt 31 Mar 17: THB 38.31bn 31 Dec 17: THB 49.70bn Adjusted Net Debt* 31 Mar 17: THB 6.19bn 31 Dec 17: THB 15.61bn ***** Issued Ordinary Shares 31 Mar 17: 11,935.0mn 31 Dec 17: 11,940.4mn 72% 28% 25% 75% 22% 43% 35% 48% 20% 32%

3Q 2017/18: 1.07x 3Q 2016/17: 0.77x

Gross Debt to Equity

3Q 2017/18: 0.34x 3Q 2016/17: 0.07x

Adjusted Net Debt* to Equity

3Q 2017/18: 3.98x 3Q 2016/17: 1.15x

Adjusted Net Debt* to Operating EBITDA

3Q 2017/18: 3.66x 3Q 2016/17: 3.59x

Interest Coverage

3Q 2017/18: 1.13x 3Q 2016/17: 1.58x

Current Ratio

ASSET BREAKDOWN (THB MN) LIABILITIES AND EQUITY BREAKDOWN (THB MN) KEY RATIOS

*Adjusted Net Debt = Interest Bearing Debt - Cash and Cash Equivalent and Liquid Investment

prepared by Investor Relations department BTS Group Holdings PCL

Appendix 12: 3Q 17/18 Mass Transit

BTS Group Earnings Presentation Appendix 12: BTSG 3Q 2017/18 Financial Performance 56

HISTORICAL OPERATING REVENUE (THB mn)

KEY FACTORS OPERATING PERFORMANCE

MASS TRANSIT (THB mn) 3Q 2017/18 3Q 2016/17 % YoY 2Q 2017/18 % QoQ 9M 2017/18 9M 2016/17 % YoY Operating revenue 3,642 727 401% 1,318 176% 6,953 2,040 241% Costs of revenue 2,808 219 1,185% 740 279% 4,886 665 634% Gross profit 834 508 64% 578 44% 2,067 1,374 50% Operating EBITDA 842 516 63% 587 44% 2,093 1,396 50% Gross margin (%) 22.9% 69.9% 43.8% 29.7% 67.4% Operating EBITDA margin (%) 23.1% 71.0% 44.5% 30.1% 68.4%

OPERATING REVENUE BREAKDOWN

12% O&M Services revenue from provision of E&M works & train procurement 78%

3Q 2017/18

Share in BTSGIF 7% Int income from train procurement & E&M 3%

• O&M revenue rose by 10% YoY to THB 452mn mainly from the

existing extension and one new additional station (Samrong: E15)

• Farebox revenue of 1,742mn (up 5.0% YoY) with 1.7% YoY ridership

growth and 3.2% YoY average fare increase

• Share of net profit in BTSGIF of THB 233mn (decreased 17.9% YoY)
• Services revenue from the provision of E&M works and the train

procurement service for the Southern and Northern Green Line extensions of THB 2.8bn

• Costs rose by THB 2,589mn to THB 2,808mn largely due to cost of

services related to the provision of E&M works and the train procurement service for Green Line extensions

• Operating EBITDA margin was 23.1% (71.0 % in 3Q 2016/17)

395 409 417 411 411 422 474 472 452 33 33 33 32 32 90 78 82 109 219 197 221 199 284 241 218 247 233 1,444 1,224 519 2,848

3Q 15/16 4Q 15/16 1Q 16/17 2Q 16/17 3Q 16/17 4Q 16/17 1Q 17/18 2Q 17/18 3Q 17/18

Services revenue from provision of E&M works & train procurement Share of NP in BTSGIF Int income from train procurement and E&M works O&M

prepared by Investor Relations department BTS Group Holdings PCL

512 570 542 790 755 741 753 891 895 79 104 96 79 81

3Q 15/16 4Q 15/16 1Q 16/17 2Q 16/17 3Q 16/17 4Q 16/17 1Q 17/18 2Q 17/18 3Q 17/18

Digital Services Media OOH

57

Appendix 12: 3Q 17/18 Media

BTS Group Earnings Presentation Appendix 12: BTSG 3Q 2017/18 Financial Performance

HISTORICAL OPERATING REVENUE (THB mn)

KEY FACTORS

56% BTS – Related Media 27% Outdoor Media

MEDIA (THB mn) 3Q 2017/18 3Q 2016/17 % YoY 2Q 2017/18 % QoQ 9M 2017/18 9M 2016/17 % YoY Operating revenue 976 755 29% 970 1% 2,795 2,165 29% Costs of revenue 310 283 9% 310 (0)% 913 754 21% Gross profit 667 471 41% 660 1% 1,882 1,411 33% Operating EBITDA 507 303 67% 519 1,447 1,003 44% Gross margin (%) 68.3% 62.4% 68.1% 67.3% 65.2% Operating EBITDA margin (%) 52.0% 40.1% 53.5% 51.8% 46.3%

3Q 2017/18

OPERATING PERFORMANCE OPERATING REVENUE BREAKDOWN

9% Office Buildings and Others 8% Digital

• Overall Media revenue up 29% YoY to THB 976mn mainly from

higher consolidated revenue from acquired businesses and healthy performance of all Media business segments.

• OOH Media* revenue or 92% of total Media revenue, increased by

THB 240mn, or 36.7% YoY due to higher prices, synergies from the Digital Services segment as well as higher utilisation of digital screens of Outdoor media segment.

• Costs increased 9.3% YoY from THB 283mn to THB 310mn, due to

higher sales and the consolidation of newly acquired businesses.

• Operating EBITDA margin improved YoY to 52.0% (40.1% in 3Q

2016/17).

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

prepared by Investor Relations department BTS Group Holdings PCL

58

Appendix 12: 3Q 17/18 Property

BTS Group Earnings Presentation Appendix 12: BTSG 3Q 2017/18 Financial Performance

HISTORICAL OPERATING REVENUE (THB mn)

KEY FACTORS

97% Commercial & Others Residential 3%

OPERATING PERFORMANCE

PROPERTY (THB mn) 3Q 2017/18 3Q 2016/17 % YoY 2Q 2017/18 % QoQ 9M 2017/18 9M 2016/17 % YoY Operating Revenue 174 147 18% 159 9% 479 431 11% Costs of revenue 105 92 14% 108 (3)% 308 272 13% Gross profit 68 54 26% 51 33% 171 159 8% Operating EBITDA 12 (6) N.A. (4) N.A. 1 (14) N.A. Gross margin (%) 39.4% 37.0% 32.2% 35.8% 36.9% Operating EBITDA margin (%) 6.7% N.A. N.A. 0.3% N.A.

OPERATING REVENUE BREAKDOWN

3Q 2017/18

Note: Property revenue excludes share of profit/(loss) from investment in BTS-SIRI JVs, U City and Bayswater.

• Total operating revenue was THB 174mn, increasing 18.2% YoY
• Residential property revenue increased by THB 5mn to THB 6mn

from higher housing unit sales at Thana City

• Commercial property revenue rose by 14.8% YoY or THB 22mn to

THB 168mn mainly from improving overall hotel performance

• Blended hotel occupancy in 3Q 17/18 = 81.2% (76.6% in 3Q 16/17)
• Operating costs increased by THB 13mn or 13.8% YoY
• Share of net profit from BTS-SIRI (THB 103mn), mainly from 33%

transferred units of The Line Jatujak – Mochit in 3Q 2017/18.

• YoY narrowed share of loss from U City (THB 29mn) mainly from the

consolidation of Vienna House, an improving performance of its hotels in Thailand and gain on a 50% divestment of Prime Area 38 Co., Ltd. To Sansiri

161 171 142 142 147 186 146 159 174

3Q 15/16 4Q 15/16 1Q 16/17 2Q 16/17 3Q 16/17 4Q 16/17 1Q 17/18 2Q 17/18 3Q 17/18

prepared by Investor Relations department BTS Group Holdings PCL

HISTORICAL AVERAGE FARE & % GROWTH HISTORICAL RIDERSHIP & % GROWTH

59

Appendix 12: 3Q 17/18 Mass Transit Update

Quarterly Core Network Ridership

3Q 2017/18

• Ridership = 60.8mn trips, +1.7% YoY, -2.2% QoQ
• Average fare = THB 28.7/trip, +3.2% YoY, +3.2% QoQ
• Average weekday ridership = 744,490 trips, +2.9% YoY

9M 2017/18

• 9M 17/18 ridership = 181mn trips, +1.7% YoY
• 9M 17/18 average fare = THB 28.1/trip, +1.7% YoY

59.8 60.1 58.0 62.2 60.8 1.2% 1.7% 2.8% 0.8% 1.7%

• 3.1%

0.5%

• 3.4%

7.1%

• 2.2%
• 50.0%

3Q 2016/17 4Q 2016/17 1Q 2017/18 2Q 2017/18 3Q 2017/18

Ridership (mn trips) Passenger Growth (YoY) Passenger Growth (QoQ)

27.8 27.9 27.9 27.8 28.7

• 0.3%
• 0.3%
• 0.6%
• 0.2%

3.2%

• 0.2%

0.4% 0.3%

• 0.6%

3.2%

3Q 2016/17 4Q 2016/17 1Q 2017/18 2Q 2017/18 3Q 2017/18

Average Fare (THB/trip) Average Fare Growth (YoY) Average Fare Growth (QoQ) BTS Group Earnings Presentation Appendix 12: BTSG 3Q 2017/18 Financial Performance

prepared by Investor Relations department BTS Group Holdings PCL

60

Appendix 12: 3Q 17/18 Media Update

9 months VGI Group’s key developments

TRANSIT MEDIA Bangkok’s Network

• OPPO brand at Mo Chit, Ploenchit and Saladang
• AEON brand at Asok
• COMICO brand at Victory Monument
• Aquarius at Chong Nonsi
• AIS at Siam
• McDonald’s at National Stadium
• Netflix at Phaya Thai

Malaysia’s Network

• >200,000 ridership in SBK Line
• Media on 5 stations and 20 trains

OFFICE MEDIA Office buildings portfolio has achieved this year’s target

• Total 172 office buildings (additional 10 buildings)

OUTDOOR MEDIA

• Fully operated 35 digital screens/ 51 screens

AVIATION MEDIA

• 14 airports (additional 1 airport)
• 343 digital screens (additional 1 screen)
• 80 media on planes of Air Asia, Thai Lion Air and Nok Air (additional 4

planes) ACTIVATION MEDIA

• Demonstrate on 34 BTS stations

BTS Group Earnings Presentation Appendix 12: BTSG 3Q 2017/18 Financial Performance

OFFLINE PAYMENT

• 8.5mn cardholders
• 5,200 retail points
• 145 brand partners

ONLINE PAYMENT

• 2.6mn Rabbit LinePay members
• 600 merchants

MICRO LOAN SERVICES

• >THB 1,300mn