VGI Global Media PCL VGI General Presentation & 2015/16 Earnings - - PowerPoint PPT Presentation

VGI Global Media PCL

VGI General Presentation & 2015/16 Earnings Update

June 2016

Investment involves risk. Prospective should understand the characteristics of Securities and study information about VGI Global Media Public Company Limited (“VGI” or the “Company”) before making a decision to invest in Securities. This Presentation is not intended to provide the basis for any investment decision, nor to substitute your own analysis and investigation, and should not be considered as a recommendation to any recipient of this Presentation. Some statements made in this presentation are forward-looking statements, which are subject to various risks and uncertainties. These include statements with respect to the Company’s corporate plans, strategies and beliefs and other statement that are not historical facts. These statement can be identified by the use of forward-looking terminology such as “may”, “will”, “expect” , “intend”, “estimate”, “continue”, “plan” or other similar words. The statements are based on the assumptions and beliefs of the Company’s management in light of the information currently available to the Company. These assumptions involve risks and uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Nothing in this Presentation is, or should be, relied

• n as promise or representation of the Company as to the future.

Disclaimer

2

Section 1 Company Overview 4 Section 2 Thai Media Market Overview 8 Section 3 Business Profile Section 3.1 BTS-related Media 10 Section 3.2 Office Building Media 17 Section 3.3 Other Media 20 Section 4 Financial Information & 2015/16 Performance 28 Section 5 Nationwide Integrated Media Platform 35 Section 6 Organisation and Company Structure 41 Appendices

Agenda

3

• Included as a constituent member of

SET100 Index in Jul 2013

• Included as a constituent member of

SET50 Index in Jan 2014

• Formed a JV named Midas Global Media

Co., Ltd. (MIDAS)

2013/14 4

Company Overview

Key Milestone

1999

Granted initial “License to Manage Marketing Services Agreement” from BTSC Exclusive license to manage the advertising spaces and merchandising areas of 23 stations and all trains for a period of 10 years

2003

Granted initial “Advertisement Display Concession Agreement” from Watsons

2004

Granted initial “Advertisement Display Concession Agreement” from Tesco Lotus (non-Sales floor)

2005

Granted initial “Advertisement Display Concession Agreement” from Big C (non-Sales floor)

2009/10

• Granted “Advertisement

Display Concession Agreement” from Carrefour

• BTSC becomes major

shareholder of VGI

• VGI acquired POV (Office

Building Media)

2011/12

Granted Advertisement Display Concession Agreement in “Sales floor” from Tesco Lotus and Big C

• Amended “License to

Manage Marketing Services Agreement” with BTSC

• Listed on SET in Oct 2012

2012/13 2014/15

• Invested in MACO - a

leader in billboard and street furniture business, by acquiring 24.96% of MACO’s total shares in May 2014.

• Terminated Modern

Trade media business

• Selected as “Best under

a billion” by Forbes Asia

Section 1: Company Overview

• Entered into aviation media

by investing in Aero Media 20% of its total shares.

• Reduced stake in MIDAS

from 30% to 11.11%

• Announced our intention to

evolve in “Nationwide Integrated Media Platform”

• Increased stake in MACO

from 24.96% to 37.42%

2015/16

1,053 1,033 755 2.5% 3.5% 2.4%

0.0% 1.0% 2.0% 3.0% 4.0%

• 500

1,000 1,500

2013/14 2014/15 2015/16 Dividend (THB mn) Dividend Yield (%) (THB) (THB mn)

5

% May 16 1 BTSC 51.0% 2 BTSG 23.3% 3

• MR. NARES NGAMAPICHON

2.7% 4 STATE STREET BANK EUROPE LIMITED 1.9% 5 THAI NVDR 1.7% 6 NORTRUST NOMINEES LIMITED 1.5% 7 UOB KAY HIAN PRIVATE LIMITED 0.9% 8 CHASE NOMINEES LIMITED 0.9% 9 KRUNGSRI LONG-TERM DIVIDEND FUND 0.7% 10 MR. KEEREE KARNJANAPAS 0.5% TOTAL TOP 10 SHAREHOLDERS 85.1% TOTAL ISSUED SHARES (mn shares) 6,864,321,852

SHAREHOLDING STRUCTURE (as of May 2016) DIVIDEND INFORMATION

Note:

• Dividend yield is calculated using VGI closing share price one day before the date of BOD meeting approving the relevant dividend.
• 2012/13 final dividend and 2013/14 and 2014/15 interim dividend included stock dividend (at par value) of 10:1, 25:1 and 1:1,

respectively.

• 2015/16 dividend yield per share is calculated from share price one day before AGM on 6 July 2015

Dividend Policy: Not less than 50% of net profit. Payout Ratio 13/14 14/15 93% 123%

SHARE PRICE MOVEMENT (as of 31 MAY 2016)

BTSC BTSG Kanjanapas Family BTSG’s Minorities BTSC’s Minorities 41.0% 59.0% 97.5% 2.5% 0.1% 51.0% Public Kanjanapas Family 25.2% 0.5% 23.3%

TOP 10 SHAREHOLDERS (based on latest close book) Section 1: Company Overview

Company Overview

At a glance

15/16 85%

4.78

• 500

1,000 1,500 2,000 2,500

• 1.00

2.00 3.00 4.00 5.00 6.00 7.00 8.00 12-Oct-12 12-Oct-13 12-Oct-14 12-Oct-15 VGI TURNOVER (RHS) SET Index (rebased) VGI TB

ADTV = THB 132mn

6

Company Overview

3 Active Business Units

BTS-related Media Office Building Media Other Media

391 754 1,250 1,295 969 50

2010/11 2011/12 2012/13 2013/14 2014/15 2015/16

This business unit proved to be the most resilient performer in our business portfolio. The Company possess exclusive rights to manage advertising space

• n BTS SkyTrain Network, which expires in 2029 and

has right of refusal for Core Network and new extension lines that BTS secures post 2029. Altogether, we manage advertising space across 30 stations & all BTS trains. BTS-related Media has one

• f the highest viewer exposure in OOH Media with an

average of 720,155 viewers per day in 2015/16. We initiated this business unit back in 2009 by acquiring POV with 41 grade A buildings in the

• portfolio. Today, we have expanded our media across

135 office buildings with approximately 660,000 viewers per day. Moreover, VGI has tapped into condominium network through ARTISTA covering more than 219 condominiums making us the largest media company to provide advertising across 354 buildings with over 1,640 digital screens. Through our connection with media agencies, the Company became the sales agent for several mega LED screens both domestically and internationally. Moreover, the Company expanded the footprint in OOH including

• utdoor

and aviation media throughout several acquisitions.

REVENUE CONTRIB.

2014/15 2015/16

61% 86%

GROSS PROFIT CONTRIB.

2014/15 2015/16

84% 95%

2014/15 2015/16

5% 10%

2014/15 2015/16

7% 9%

2014/15 2015/16

1% 2%

2014/15 2015/16

• 2%
• 3%

Modern Trade Media (discontinued)

Previously, the Company has exclusive rights to manage advertising space in Tesco Lotus and Big C. However, we decided to terminate this business unit in 4Q 14/15. Hence, this business unit will no longer generate revenue in 2Q15/16 and onwards.

2014/15 2015/16

33% 2%

2014/15 2015/16

11%

• 1%

76 79 143 146 163 201

2010/11 2011/12 2012/13 2013/14 2014/15 2015/16

45 YRS CAGR: +21.6%

1 22 29 26 42

2010/11 2011/12 2012/13 2013/14 2014/15 2015/16

4 YRS CAGR: +133.6%

Section 1: Company Overview

HISTORICAL OPERATING REVENUE (THB mn)

934 1,143 1,422 1,679 1,805 1,813

2010/11 2011/12 2012/13 2013/14 2014/15 2015/16

5 YRS CAGR: +14.2%

Section 1 Company Overview 4 Section 2 Thai Media Market Overview 8 Section 3 Business Profile Section 3.1 BTS-related Media 10 Section 3.2 Office Building Media 17 Section 3.3 Other Media 20 Section 4 Financial Information & 2015/16 Performance 28 Section 5 Nationwide Integrated Media Platform 35 Section 6 Organisation and Company Structure 41 Appendices

Agenda

7

2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 TV Traditional media OOH Media Cinema Internet

ADVERTISING EXPENDITURES BY SECTOR (rebased)

OOH Media proved to be the fastest growing media sector

* Traditional Media includes Magazines, Radio and Newspapers

8

Thai Media Market Overview

Media landscape in Thailand

TRANSIT MEDIA INCREASED ITS MARKET SHARE CONTINUOUSLY

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

TOP 10 ADSPEND BY BUSINESS SEGMENT

2014/15 2015/16

FMCG 40.4% 39.5% COMMUNICATIONS 7.7% 7.9% REAL ESTATE 6.7% 6.3% RETAIL SHOPS/STORES 5.5% 6.2% MEDIA & MARKETING 4.6% 4.8% TRAVEL & TOURS 3.5% 3.8% LEISURE 3.1% 3.1% FOOD OUTLETS & RESTAURANTS 2.3% 2.7% INSURANCE 2.7% 2.6% CREDIT/DEBIT CARDS 2.3% 2.3% Total 78.8% 79.2% Section 2: Thai Media Market Overview

Source: The Nielsen Company (Thailand) Limited. Excludes classified and house ads, Digital, Cable and Satellite TV.

THE TRANSITION FROM TRADITIONAL MEDIA TO OOH MEDIA

Rising in infrastructure, urbanisation and increasing number of people who spend time outdoor were driven the growth of Thailand OOH Media. 93bn 104bn 105bn 114bn 110bn 102bn 93bn

60 80 100 120 140 160 180

2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16

Total Industry TV Traditional media* OOH Media Cinema +0.3% CAGR +2.4% CAGR

• 3.3% CAGR

+0.7% CAGR +5.7% CAGR 59% 60% 59% 60% 61% 62% 60% 28% 26% 25% 24% 24% 23% 23% 7% 7% 8% 9% 9% 10% 10% 5% 6% 7% 6% 5% 4% 6% 1% 1% 1% 1% 28% 30% 30% 30% 35% 40% 49% 59% 53% 49% 43% 41% 40% 47% 13% 16% 20% 27% 24% 19% 4% 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 Transit Outdoor In-Store

Section 1 Company Overview 4 Section 2 Thai Media Market Overview 8 Section 3 Business Profile Section 3.1 BTS-related Media 11 Section 3.2 Office Building Media 18 Section 3.3 Other Media 21 Section 4 Financial Information & 2015/16 Performance 28 Section 5 Nationwide Integrated Media Platform 35 Section 6 Organisation and Company Structure 41 Appendices

Agenda

9

Exclusive rights for 23 stations on core network, 7 stations on BTS extension lines and all BTS trains

• In Trains & On-Stations
• Merchandising Area

First right to renew contract and extend space on additional mass transit projects that BTSC is granted the rights to operate media space

RIGHTS

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

EFFECTIVE PERIOD

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

15/16 Transit Media AdSpend

THB 4.6bn

VGI, 55%

Note: based on a market discount rate of 30%

CONCESSION FEE (PAYABLE TO BTSC & BMA) Other, 45% MARKET SHARE IN TRANSIT BTS-RELATED MEDIA PROFILE

• No. of location: 30 stations/52 trains

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

• Working people &

younger generation

• Age 15 – 35
• Middle Income
• I. TRAIN (42%)
• II. STATION (33%)
• III. MERCHANDISING & OTHER (25%)

10

BTS-related Media

Overview

Section 3.1: BTS-related Media KEY CONCESSION TERMS OUR PRODUCTS (% OUT OF 2015/16 BTS-RELATED MEDIA REVENUE)

11

BTS-related Media

BTS Products

Section 3.1: BTS-related Media

Advertising media on 52 trains across 30 BTS stations

12

BTS-related Media

BTS Products

Section 3.1: BTS-related Media

More than 4,000 static displays and 2,029 digital screens

13

BTS-related Media

BTS Products

Section 3.1: BTS-related Media

More than 750,000 viewers per day

14

BTS-related Media

BTS Products

Section 3.1: BTS-related Media

Merchandising spaces More than 8,800 sq.m.

297.8KM ONGOING PROJECTS PRIORITISED BY THE GOVERNMENT, 108.8KM FOCUSED BY BTS IN 5 YEARS 15

See full map: Appendix A See full map: Appendix A

Total rail length (km)

• No. of stations

Market share of commuters

Section 3.1: BTS-related Media MASTER RAIL MASS TRANSIT EXPANSION PLAN OF 515.3KM IN 14 YEARS 2014 2029E

EXISTING NETWORK (2014)

6% 84.8 60

42% 515.3 >320

FUTURE NETWORK (2029E)

LINE ROUTE OPERATE YEAR CONSTRUCTION PROGRESS DISTANCE (KM)

• NO. OF STATIONS

PURPLE BANG YAI - BANG SUE 2015 UNDER CONSTR. 23.0 16 BLUE HUA LAMPHONG - BANG KHAE 2016 UNDER CONSTR. 14.0 11 BLUE BANG SUE - THA PRA 2016 UNDER CONSTR. 13.0 10 DARK RED BANG SUE - RANGSIT 2017 UNDER CONSTR. 26.3 N.A. DARK GREEN SOUTH BEARING - SAMUT PRAKARN 2018 UNDER CONSTR. 12.8 9 DARK GREEN NORTH MO CHIT – SAPHAN MAI – KHU KHOT 2019 UNDER CONSTR. 18.4 16 LIGHT GREEN BANG WA - BOROMMARATCHACHONNANI 2019 7.0 6 LRT BANG NA - SUVARNABHUMI 2018 18.3 14 GREY (I) WATCHARAPHON – THONG LO 2019 16.3 15 PINK KHAE RAI – PAK GRED – MIN BURI 2020 – 2021 36.0 30 DARK GREEN SAMUT PRAKARN - BANGPU 2018 7.0 4 YELLOW LAD PRAO – SAM RONG 2019 30.4 23 ORANGE TALING CHAN – MIN BURI 2019 39.8 29 LIGHT RED BANG SUE - PHAYATHAI – MAKKASAN 2019 9.0 N.A. LIGHT RED MAKKASAN – HUA MARK 2019 10.0 N.A. DARK RED RANGSIT – THAMMASART UNIVERSITY 2018 10.0 N.A. DARK RED BANG SUE - HUA LAMPHONG 2018 6.5 N.A. TOTAL (KM) 297.8 >183

108.8km focusing by BTS which benefiting VGI

BTS-related Media

Upside from mass transit expansion

coup d’etat subprimeyellow shirt red shirt floods shutdown BKK coup d’etat

543 637 757 750 581 655 648 602

2012/13 2013/14 2014/15 2015/16 Digital Static 129 272 308 406 427 468 583 734 889 934 1,143 1,422 1,679 1,805 1,813 74 93 102 116 127 140 132 136 144 145 183 202 222 229 244

• 50

100 150 200 250

• 500

1,000 1,500 2,000 2,500 3,000

BTS-related Media (THB mn) Ridership: core and existing extensions (mn trips)

CONSISTENT AND RESILIENT REVENUE GROWTH

REVENUE CAGR (14 YRS): 21% RIDERSHIP CAGR (13 YRS): 9%

Despite frequent interruptions, ridership growth drives continuous revenue growth of BTS-related Media. DIGITAL MEDIA PENETRATION IS RELATIVELY LOW IN THAILAND BTS-RELATED MEDIA REVENUE CONTRIBUTION (DIGITAL VS STATIC MEDIA) 48% 49% 54% 46% 51% 52% 1,124 1,292 1,405 BTS Digital Media platform (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.

(THB mn)

16

4X

*BTS’ existing network , Dark Green South, Dark Green North and Light Green lines **LRT, Grey and Pink Lines *** Including Display, Search, Social Media, Creative, Mobile, Facebook Ad and Video

EXPANSION OPPORTUNITIES WITH RAIL MASS TRANSIT INCREASED DIGITALISATION OF OUR MEDIA PLATFORM

4X EXPECTED INCREASE IN BTS TRAIN CAPACITY IN 5 YRS (108.8KM) 4X EXPECTED INCREASE IN BTS EXTENSION STATIONS IN 5 YRS (108.8KM) Green Lines (carriages)* Other lines (carriages)** 208 none 2014/15 2019/20E 412 418 Total (carriages) 208 830

4X

Green Lines (no. of station) * Other lines (no. of station) ** 34 none 2014/15 2019/20E 66 57 Total (no. of station) 34 123 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

Source: Digital Media Advertising Association (Thailand)

Section 3.1: BTS-related Media

BTS-related Media

Upside from mass transit expansion and increased digitalisation

97.7% 96.4% 94.0% 93.0%

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

1,352 55% 45%

• Exclusive rights to manage 135 grade A buildings in CBD

RIGHTS

• 3-5 years on average

LENGTH OF CONTRACT

• Approximately 20 – 30% revenue sharing and fixed rates

CONCESSION FEE

VGI, 63%

Available grade A building, 37%

Grade A and B Building in Bangkok

215 Buildings

MARKET SHARE IN OFFICE OFFICE BUILDING MEDIA PROFILE

• No. of location: 135 Grade A buildings

in Bangkok Multimedia: 1,091 screens Viewer reach: > 660,000 people/day Target viewer:

• Age 24-25
• Middle – high

income Average time spend in an elevator 14 mins/day

• I. MEDIA INSIDE ELEVATORS AND OFFICE BUILDING AREAS

17

Office Building Media

Overview

Section 3.2: Office Building Media KEY CONCESSION TERMS OUR PRODUCTS

18

Office Building Media

LCD Screen in elevator

Section 3.2: Office Building Media

135 office buildings

with 1,091 screens

19 76 79 145 149 163 201 41 41 47 51 75 103 135

20 40 60 80 100 120 140 100 200 300 400 500 600 700

2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 Office Building Media Revenue (THB mn)

• No. of building
• I. OFFICE BUILDING NETWORK EXPANSION VS REVENUE

REVENUE CAGR (6 YRS) : 48%

• II. NEW OFFICE SUPPLY IN BANGKOK

Source: CB Richard Ellis (Thailand) Co., Ltd.

19

5% 13% 26% 12% 44% below THB 15K THB 15-25K THB 25-50K THB 50-60K THB 60K+

• I. HOUSEHOLD INCOME PROFILE IN OFFICE BUILDING (per month)
• II. VGI’S OFFICE BUILDING NETWORK IN BANGKOK BY DISTRICT

Source: Company’s research

VGI network is currently CBD concentrated

VGI’s office building network Bangkok CBD

KEY GROWTH DRIVERS

Office building set to recover post economic slump and additional of office buildings Expected of 318,000 sq.m. new office supply in the next 3 years

OFFICE BUILDING MEDIA PROFILE Section 3.2: Office Building Media

Office Building Media

Upside from our existing office asset base and new office supply

47 112 22 20 86 62 30 25 139 23 23 197 50 191 10 2009 2010 2011 2012 2013 2014 2015 2016F 2017F 2018F CBD ('000 sq.m.) Non CBD ('000 sq.m.)

6

Outdoor Media (billboard, street furniture & transit)

• 37.42% stake in Master Ad PCL (MACO; listed on SET)

Aviation Media

• 20% stake in Aero Media Co., Ltd. (Aero Media manages advertising

space across 13 airports under AOT and DCA) Roadside Media

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

INVESTMENT

Chamchuri Square (3 yrs + 3yrs contract)

• Exclusive rights to operate media space inside/outside Chamchuri

Square (~127 panels of static and digital) Empire Tower (5 yrs contract)

• Exclusive rights to operate mega LED at Empire Tower

Buses

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

CONTRACTS

Artista Media

• Manage 549 LCD Screens across 219 residential buildings
• Condominiums in portfolio: AP, LPN, U Delight and Grand Unity

Thai AirAsia (3 yrs)

• Manage media on 30 planes & future fleets
• Contract with renewable rights

Street Furniture (3 yrs)

• Street Furniture including BTS columns and bridge columns on major

junctions across Bangkok. Mega LEDs

• +200 sq.m. LED in Bangkok and Lao

EXCLUSIVE SELLING AGENT

• II. CONTRACTS AND EXCLUSIVE SELLING AGENT
• I. INVESTMENT IN MACO, MIDAS & LED

20

Other Media

Overview

Section 3.3: Other Media KEY CONCESSION TERMS OUR PRODUCTS

Billboard, 59% Transit, 1% Production & Event, 6% Street furniture, 35%

Product Locations/Areas Billboard Bangkok & vicinity / 667 billboards Street Furniture In 69 provinces / 554 billboards Transit City grip light express & Mo Chit station / 124 signs & 7 light boxes Made to order & Event n/a

ACQUIRED 37.42% IN MACO PLC. 21

• VGI invested 37.42% in MACO (1,126mn shares)
• Total investment value of THB 1,109mn
• MACO Plc. is one of the leading OOH Media company and listed
• n the SET.
• MACO has 28 years experience in OOH Media advertising with a

network of more than 1,200 billboards across Bangkok and vicinity.

• Strategic investment to expand VGI’s OOH Media network and to

achieve long-term synergy between two companies.

• Capable and proven management

Section 3.3: Other Media

636 732 725 622 694 98 140 174 133 171

2011 2012 2013 2014 2015

Operating revenue (THB mn) Net Profit (THB mn)

Other Media

Expand our market share in OOH media through acquisitions

FINANCIAL OVERVIEW 2015 TOTAL OPERATING REVENUE THB 694mn MACO PRODUCTS

Share information (as of 31 May 2016) Stock code: MACO Market capitalisation (THB mn): 3,280 Outstanding shares (mn shares): 3,009 Par value (THB) 0.1

Billboard Street furniture

FINANCIAL PERFORMANCE 2015 Dividend Yield of 4.3%

ACQUIRED 20% IN AERO MEDIA CO., LTD. 22

• VGI invested 20% in new shares of Aero Media with option up to 30%
• Another

big step for VGI in aviation media industry after collaboration with AirAsia

• Dominant position by covering 13 leading airports in Thailand
• Potential expansion in new media projects with new capital injected

by VGI

• Solid relationship in aviation industry

Product

• No. of

screens/products

• No. of airports

LEDs at AOT 335 6 LEDs at DCA 7 7 Aerobridges 57 5 Buggy service cart wrap 12 1 Trolleys 4,500 6 Media on Thai Lion Air 19 planes

• AOT airport websites management

All the websites 6

Section 3.3: Other Media

Other Media

Expand our market share in OOH media through acquisitions

AERO MEDIA GROUP STRUCTURE

At Peak

• 57 aerobridges

in 5 AOT airports

• Buggy service

cart wrap in Suvarnabhumi Airport Prime World Solution

• Official

AOT/airport websites management Media Genius

• Sale agent for

advertising media 100% 100% 100%

AERO MEDIA

• 342 LEDs in 13 Airports

AERO MEDIA PRODUCTS

10 YRS CAGR: 8.9% Strong expected growth driven by an increasing air traffic will directly facilitating Aero Media’s performance.

OUTLOOK/GROWTH DRIVERS

11.7 11.5 13.8 14.5 14.6 14.1 15.9 19.2 22.4 26.5 24.8 29.8 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

23 Section 3.3: Other Media

Other Media

MACO Products

More than 650 billboards

across Bangkok and vicinity.

24 Section 3.3: Other Media

Other Media

MACO Products Street furniture More than 550 billboards In Bangkok

25

Other Media

Aero Media Products

Section 3.3: Other Media

342 Screens

ALL gates in Suvanabhumi airport > 115 million Passengers/ month

*Source: Aero Media

26 Section 3.3: Other Media

*Source: Aero Media

19 Thai Lion Air airplanes.

215 Seats/ Plane 47 Flights/ Day

Other Media

Aero Media Products

Section 1 Company Overview 4 Section 2 Thai Media Market Overview 8 Section 3 Business Profile Section 3.1 BTS-related Media 10 Section 3.2 Office Building Media 17 Section 3.3 Other Media 20 Section 4 Financial Information & 2015/16 Performance 28 Section 5 Nationwide Integrated Media Platform 35 Section 6 Organisation and Company Structure 41 Appendices

Agenda

27

VGI Financial Performance

28

. VGI’s overall revenue growth fell mainly due to the impact of the Modern Trade business termination. BTS-related media faced challenges from overall media spending decline as price dumping from other media players made other mediums temporarily more attractive to agencies. Nevertheless, further enhancement in both top line and profitability is anticipated through new mass transit expansion. As Bangkok’s office supply is currently 91% utilized, it is expected that more than 318,000 sq.m. of new office supply to be launched in the next 3 years. Hence, this business unit will benefit from the anticipated new office supply. Following the business restructuring, we are left with more profitable business units. Our gross profit margin increased to 63.5% in 2015/16 from 55.3% in 2014/15. Net profit margins also improved markedly from 28.3% to 44.7%. The Company has almost zero debt.

1 2 3 4 5 1 2 3 4 5

61%84% 33% 6%

* The Company terminated the Modern Trade Media business in 4Q 14/15. Therefore, this business unit will no longer generate revenue from 2Q 15/16 onwards.

Section 4: Financial Information & 4Q 15/16 performance

2012/13 (restated) 2013/14 2014/15 2015/16 YoY (%) INCOME STATEMENT (THB mn) Operating Revenue 2,838 3,149 2,963 2,106

• 28.9%

BTS-related Media 1,422 1,679 1,805 1,813 0.4% Office Building & Other Media 166 175 189 243 28.6% Modern Trade Media 1,250 1,295 969 50

• 94.8%

Cost of sales 1,289 1,342 1,325 769

• 42.0%

Gross profit 1,548 1,807 1,638 1,337

• 18.4%

EBITDA 1,289 1,510 1,225 1,336 9.1% Net profit 902 1,146 838 941 12.3% BALANCE SHEET (THB mn) Total assets 2,579 2,741 3,286 3,099 Total liabilities 758 788 1,457 857 Total shareholders' equity 1,821 1,953 1,829 2,242 CASH FLOW (THB mn) Cash from operating activities 560 1,292 1,070 784 Capital expenditures (323) (510) (521) (158) PER SHARE DATA (THB/ share) Earnings per share 3.4 0.3 0.1 0.1 Dividend per share 2.0 0.3 0.2 0.1 Book value per share 0.6 0.6 0.3 0.3 KEY RATIOS Gross profit margin (%) 54.6% 57.4% 55.3% 63.5% EBITDA margin (%) 45.4% 47.9% 41.4% 63.5% Net profit margin (%) 31.8% 36.4% 28.3% 44.7% Net debt to equity (times) No leverage 0.3x 0.1x ROA (%) 46.3% 43.1% 27.8% 39.5% ROE (%) 85.3% 60.7% 44.3% 46.2%

Office Building & Other Media Modern Trade Media* BTS-related Media

86.1% 11.5% 2.4%

THB 2,106mn

TV, 46.4% Digital TV, 17.1% Newspapers, 10.0% Cable TV, 5.0% Radio, 4.8% Cinema, 4.4%

Transit, 3.9%

Internet, 1.0% In-Store, 0.4%

Outdoor, 3.7% FY 14/15 FY 15/16 % YoY TV 62.8 55.6

• 11.4%

Digital TV 13.5 20.5 51.2% Cable/Satellite TV 6.1 6.0

• 0.9%

Traditional Media* 23.5 21.6

• 8.2%

Cinema 4.5 5.3 19.3% Outdoor 4.0 4.4 11.6% Transit 3.9 4.7 18.5% Internet 1.0 1.2 25.5% In-Store 1.9 0.4

• 77.8%

Total Industry 121.2 119.8

• 1.2%

Media Industry Overview

2015/16 THAI ADSPEND VALUE (THB bn)

29

2014/15 2015/16 1 FMCG 40% 40% 2 MOTOR VEHICLES 8% 8% 3 COMMUNICATIONS 7% 6% 4 GOVERNMENT & COMMUNITY ANNOUNCEMENT 6% 6% 5 LEISURE 5% 5% TOP 5 65% 65% OTHERS 35% 35% 2014/15 2015/16 1 FMCG 39% 38% 2 COMUNICATIONS 8% 7% 3 REAL ESTATE 3% 6% 4 RETAIL SHOPS AND STORES 3% 6% 5 MEDIA & MARKETING 5% 5% TOP 5 58% 61% OTHERS 42% 39%

2015/16 MEDIA ADSPEND (THB bn)

Source: The Nielsen Company (Thailand) Limited.

THB 120bn

*Includes Newspaper, Magazines and Radio ** Excludes Modern Trade Media Revenue

OVERALL MEDIA INDUSTRY VGI MASS TRANSIT

Section 1: Media Industry Overview

Magazines, 3.3%

TOP 5 ADSPEND BY BUSINESS SEGMENT THAI ADSPEND VS VGI REVENUE (THB mn)

(THB mn) 2014/15 2015/16 % YoY Total Industry 121,213 119,810

• 1.2%

VGI 1,994 2,056 +3.1% 28,755 29,264 28,951 26,407 28,894 30,869 32,200 29,250 31,521 30,782 30,774 26,733 460 486 486 422 476 490 542 486 499 537 520 500

Q1 13/14 Q2 13/14 Q3 13/14 Q4 13/14 Q1 14/15 Q2 14/15 Q3 14/15 Q4 14/15 Q1 15/16 Q2 15/16 Q3 15/16 Q4 15/16 Total Industry AdSpend (THB mn) VGI Revenue* (THB mn)

*

30

STRATEGIC DEVELOPMENTS

2015/16 Key Milestone

Section 2.1: 2015/16 Key Milestone 1Q 15/16:

• Secured advertising contract on 7 green line

extension stations

• Expanded our footprint into aviation media by

investing 20% of AERO MEDIA 3Q 15/16:

• Expanded our network into residential buildings

by becoming an exclusive sale agent for ARTISTA 4Q 15/16:

• Announced our intention to evolve into

“Nationwide Integrated Media Platform”

• Announced an agreement to acquire additional

12.46% in which will trigger tender offer for all the remaining of MACO shares.

OUR NETWORK

 RAIL MASS TRANSIT: 52 BTS trains 30 BTS stations > 4,000 static displays 2,029 digital screens  OFFICE BUILDINGS: 135 grade A&B office buildings 1,091 digital screens  CONDOMINIUMS: 219 residential buildings 549 digital screens  AVIATION: 13 airports 342 LCD screens 4,500 trolleys 57 aerobridges  OUTDOOR: 658 billboard & networking billboard 678 street furniture

31

CONSOLIDATED P&L SNAPSHOT (FINANCIAL STATEMENT)

2015/16 Overview

Section 2.2: Financial Performance

(THB mn) 2015/16 2014/15 % YoY Operating revenue 2,106 2,963

• 28.9%

Cost of sales 769 1,325

• 41.9%

Gross profit 1,337 1,638

• 18.4%

EBITDA 1,336 1,225 9.0% NPAT from operation 838 1,010

• 17.0%

NPAT (inc. extra items) 941 838 12.3% Margin (%) Gross profit margin 63.5% 55.3% EBITDA margin 63.5% 41.4% NPAT margin (from

• peration)

39.8% 34.1% NPAT margin (inc. extra items) 44.7% 28.3% (THB mn) 2015/16 2014/15 % YoY Operating revenue 2,056 1,994 3.1% Cost of sales 710 532 33.7% Gross profit 1,346 1,462

• 8.0%

EBITDA* 1,245 1,356

• 8.2%

NPAT from operation 851 972

• 12.4%

NPAT (inc. extra items) 954 799 19.4% Margin (%) Gross profit margin 65.4% 73.3% EBITDA margin* 60.6% 68.0% NPAT margin (from

• peration)

41.4% 48.8% NPAT margin (inc. extra items) 46.4% 40.1%

CONSOLIDATED P&L SNAPSHOT (W/O MODERN TRADE MEDIA)

86.1% 13.9%

2015/16 REVENUE CONTRIBUTION 88.2% 11.8% 2015/16 REVENUE CONTRIBUTION

BTS-related media BTS-related media Office building &

• ther media

Office building &

• ther media

THB 2,106mn THB 2,056mn *excludes extra items

32

BTS-RELATED REVENUE (THB mn) BTS-RELATED REVENUE BREAKDOWN (THB mn) OFFICE BUILDING & OTHER REVENUE (THB mn)

Financial Performance by Sector

OFFICE BUILDING & OTHER REVENUE BREAKDOWN (THB mn)

1,805 1,813 2014/15 2015/16

+0.4% YoY

825 580 401 757 597 459

Train Station Merchandising and Others

2014/15 2015/16

45.7% 41.7% 32.1% 33.0% 22.2% 25.3%

163 26 201 42

Office Building Other Media

2014/15 2015/16

86.2% 32.8% 82.7% 25.3%

189 243 2014/15 2015/16

+28.6% YoY

13.8% 17.3%

Section 2.2: Financial Performance

+23.6% YoY +61.4% YoY

2,244 2,262 1,042 837 31-Mar-15 31-Mar-16 1,829 2,242 24 35 1,433 822 31-Mar-15 31-Mar-16

33

ASSETS BREAKDOWN (THB mn)

32% 68%

LIABILITY & EQUITY BREAKDOWN (THB mn) CASH FLOW (THB mn)

Balance Sheet & Cash Flow

Non-current assets Current assets 27% 73% 3,286 3,099 Equity Non-current liabilities Current liabilities 55% 1% 44% 72% 1% 27% 3,286 3,099 2015/16 BTS-related Media 93 Office building & Others 65 Total 158

529 355 785 65 158 69 515 290 Beginning cash (31/03/15) CFO Asso.com and JV (Invt.&Loan to &Sales) CapEx

• Int. Income

& oth. Dividend Payment CFF (S/T repay) Ending Cash (31/03/16)

CAPEX (THB mn)

Section 2.2: Financial Performance

CFI of THB 154mn CFF of THB 805mn

Section 1 Company Overview 4 Section 2 Thai Media Market Overview 8 Section 3 Business Profile Section 3.1 BTS-related Media 10 Section 3.2 Office Building Media 17 Section 3.3 Other Media 20 Section 4 Financial Information & 2015/16 Performance 28 Section 5 Nationwide Integrated Media Platform 35 Section 6 Organisation and Company Structure 41 Appendices

Agenda

34

35 > 37.42% in

MACO

178 mega

billboards

480 networking

billboards

678 street

furniture

56% GP margin 63% market share

(Grade A&B buildings)

> 650,000

viewers reached daily

135 office buildings 219 condominiums 60% GP margin 55% market share > 700,000

viewers reached daily

Long term

contracts end 2029 & 2042

4X expected

capacity

70% GP margin

Online & Offline

5mn card holders 90 offline

merchants

> 30mn potential

e-wallet members

33mn potential

• nline impressions

Targeted 2mn registered

loyalty members

16mn monthly

emails targeted for FY16

2.6mn monthly

deliveries (Kerry)

1st strategic step

proven winner growth prospects

20% in Aero Media > 115mn viewers

reached annually

342 LCD screens 4,500 trolleys 57 aerobridges

transit

• ffice
• utdoor

aviation digital activation

Nationwide Integrated Media Platform

“within 2 years”

Nationwide Integrated Media Platform

36

Strong prospect in outdoor advertising in upcountry

WHY UPCOUNTRY? GROSS REGIONAL PRODUCT PER CAPITA (10YRS CAGR)

6.0% 3.2% 5.4% 4.5% 5.6% 6.2% 8.3% 8.9%

Nationwide Bangkok & Vicinities Central South West East North Northeast

Provincial regions have seen a better GRP growth than Bangkok.

• 84% of Thailand’s population resides up-country
• 4x the number of households up-country than in Bangkok
• 75% of household annual income in Thailand is generated up-

country

• Provincial regions have seen better GRP growth than Bangkok
• Only 30% of Out-of-Home advertising expenditures were spent

in upcountry

Sources: Department of Provincial Administration National Statistical Office (Ministry of Information and Communication Technology) Bank of Thailand and Company Research

16% 20% 25% 70% 84% 80% 75% 30%

Population Number of Households Household income Out-of-Home Adspend

Bangkok & Vicinities Upcountry

UPCOUNTRY NEEDS MORE ADVERTISING (% of national total)

5.4 5.5 5.6 5.7 5.8 54.0 55.0 56.0 57.0 58.0 59.0 60.0 61.0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Non-Bangkok, (LHS) Bangkok

STRUCTURAL SHIFT TO UPCOUNTRY

Up-country advertising market is still underserved when comparing to the penetration relative to population, households and household income.

Solid growth of population resides up-country

founder group, 13.79% Acquire additional 12.46% from founder group

37

MACO Transaction

VGI’s BODs held on March 16, 2016 approved the acquisition of ordinary shares and making of tender offer for the total securities of

• MACO. Expected transaction cost of THB 2,044.5mn.

*SPA: Sell and Purchase Agreement

acquire 375mn shares from major shareholders number of shares 375mn shares (or 12.46% of total shares) price THB 1.10 per share total investment THB 412.5mn founder group DCORP group (150mn shares, or 4.99%) Maneerattanporn family (125mn shares, or 4.15%) Tansalarak family (100mn shares, or 3.32%)

BOD approval

16 MAR 17 MAR

Execute SPA*

30 MAY 3 JUN 8 JUL

Tender offer period

31 MAY

EGM 12.46% Acquisition done

tender offer number of shares up to 1,484mn shares (or 0 to 48.79%*

• f total shares)

price THB 1.10 per share total investment up to THB 1,632mn source of funds Cash flows from operation and/or credit facilities support from financial institutions

founder group, 26.26%

pre acquisition & tender offer post acquisition & tender offer

public, 48.79% VGI, 24.96% VGI, 37.42% public, 48.79% (tender offer)

After having 37.42% shareholding in MACO which triggers 25% threshold, VGI is required to do a tender offer for the rest of MACO’s shares

*Excluded the rest 13.79% of founder group.

TRANSACTION SUMMARY TIMELINE OF ACQUISITION & TENDER OFFER PRE VS POST STRUCTURE

12.46% of founder group are:- 4.99% DCROP Group 4.15% maneerattanporn 3.32% Tansalarak

MACO: Vehicle to expand our network to upcountry

2014 TRANSACTION

• Invested 751.0mn shares in MACO (or 24.96%)
• Total investment cost of THB 684.3mn
• Return on investment of 28%* since May 2014

*Included: 1. Received dividend of THB 42.7mn and dividend to be received of THB 22.5mn on 13 May 2016 2. Gain from sale of MACO – W1 of THB 127.8mn

636 732 725 622 694 98 140 174 133 171 15% 19% 24% 21% 25% 2011 2012 2013 2014 2015

Operating revenue (THB mn) Net Profit (THB mn) NPAT margin (%)

PROVEN RECORD REVENUE AND NET PROFIT ADVERTISING PORTFOLIO 2016 INVESTMENT HIGHLIGHTS

Number of Advertising Media (Units) 2013 2014 2015

• 1. Billboard & Networking Billboard

377 383 658 Billboard 170 170 178 Networking Billboard 207 213 480

• 2. Street Furniture

429 678 678 Column under BTS Stations 188 188 188 Column under Flyover Bridge in BKK 117 366 366 City Grip Light Express – Express Way 124 124 124

• 3. Others

87 87 7 Strategy

• Set strategic direction for MACO to be in line with VGI strategic policy
• Vehicle for billboard expansion
• Nationwide coverage

Control

• 100% BOD control
• 80% nominated EXCOM
• Nominated CEO

Expansion potential

• Organic and M&A
• Increase digitalization
• Double Net profit in 5 years

38

“Leading Nationwide Media Player”

VGI PRO FORMA Revenue

(THB mn)

NPAT growth

(YoY %) 2015/16 2016/17

3,000 25 – 30% 2,100

VGI Pro Forma (after MACO Transaction)

39

Section 1 Company Overview 4 Section 2 Thai Media Market Overview 8 Section 3 Business Profile Section 3.1 BTS-related Media 10 Section 3.2 Office Building Media 17 Section 3.3 Other Media 20 Section 4 Financial Information & 2015/16 Performance 28 Section 5 Nationwide Integrated Media Platform 35 Section 6 Organisation and Company Structure 41 Appendices

Agenda

40

41 Board of Directors Company Secretary Audit Committee Executive Committee Nomination and Remuneration Committee Internal Audit Division Chief Executive Officer Chief Operating Officer Chief Sales and Marketing Officer Chief

Technology

Officer Chief Financial Officer Chief Legal and Compliance Officer

Organisation and Company Structure

ORGANISATION STRUCTURE COMPANY STRUCTURE

Company / Address Type of Business Listed Shareholding VGI Advertising Media Co., Ltd. Media service No 100.00% 888 Media Co., Ltd. Media service No 100.00% Point of View (POV) Media Group Co., Ltd. Media service in office buildings No 100.00% Company / Address Type of Business Listed Shareholding Master Ad Plc. OHM media service Yes 24.96% Aero Media Co., Ltd. Aviation media service No 20.00%

• I. SUBSIDIARIES
• II. ASSOCIATED

Section 5: Organisation and Company Structure

Company / Address Type of Business Listed Shareholding Midas Global Media Co., Ltd. Media service No 11.11%

• III. JOINT VENTURE

Section 1 Company Overview 4 Section 2 Thai Media Market Overview 8 Section 3 Business Profile Section 3.1 BTS-related Media 10 Section 3.2 Office Building Media 17 Section 3.3 Other Media 20 Section 4 Financial Information & 2015/16 Performance 28 Section 5 Nationwide Integrated Media Platform 35 Section 6 Organisation and Company Structure 41 Appendices

Agenda

42

Kavin Kanjanapas VGI: Director & Chairman of Executive Committee Over 10 years of commitment as a role of director and management. He is one

• f the key persons who has steered the performance of VGI during the last

decade Marut Arthakaivalvatee VGI: Director & CEO More than 35 years in the advertising & media industry with experience in multinational and domestic companies. He has worked with leading multinational and domestic companies such as McCann-Erickson Thailand, Oglivy & Mather (Thailand) and Grammy Entertainment. Suparanan Tanviruch VGI: CFO

• Ms. Suparanan was appointed as Chief Financial Officer of VGI in 2008. Prior to

this, she served as CFO of ITV Plc since 2000. Altogether, an extensive experiences as a CFO in advertising companies for more than 15 years. Before joining ITV, Suparanan was AVP-Portfolio management at Shin Corporation Plc. for almost 10 years. Oranuch Rujirawona VGI: CMO

• Ms. Oranuch has more than 35 years in marketing & sales particularly in media
• industry. She has worked with Grammy Entertainment for 14 years and in other

leading media companies including VGI Plc. for more than 20 years.

Appendix 1: Management and Board of Directors

Strong management team with proven track record in advertising industry

43

Keeree Kanjanapas BTSG and VGI Chairman Kavin Kanjanapas BTSG: Executive Director & CEO VGI: Director & Chairman of Executive Committee Surapong Laoha-Unya BTSG: Executive Director VGI: Director

• Over 10 years of commitment as a role of director and
• management. He is one of the key persons who has steered the

performance of VGI during the last decade

• His experience as Chief Operating Officer of Bangkok Mass Transit

System Plc. since 2006 provides VGI with insights to BTS-related business

• The founder of BTS Group Holdings, operator of Bangkok’s SkyTrain. Mr. Keeree has been Executive Chairman &

CEO of Bangkok Mass Transit System Plc. since 2010 and 1996 to 2015, respectively. He brings along valuable business experiences while providing key strategic directions to VGI.

Kong Chi Keung BTSG: Executive Director & Deputy CEO VGI: Director Assoc.Prof.Jaruporn Viyanant VGI: Independent Director & Chairman of Audit Committee

• Held various well-respected directorship positions in various

government-related organizations such as the Bank of Thailand, Office of the Prime Minister, the Securities and Exchange Commission, and the Stock Exchange of Thailand, etc.

• More than 10 years of involvement with VGI as the Director

Marut Arthakaivalvatee VGI: Director & CEO Maneeporn Siriwatanawong VGI: Independent Director & Member of Audit Committee)

• More than 35 years in the advertising & media industry with

experience in multinational and domestic companies. He has worked with leading multinational and domestic companies such as McCann-Erickson Thailand, Oglivy & Mather (Thailand) and Grammy Entertainment

• Extensive experiences in the field of tax audit with the Revenue

Department and Internal Auditor with the Bank of Ayudhya Plc.

Chan Kin Tak VGI: Director & COO Mana Jantanayingyong VGI: Independent Director & Member of Audit Committee)

• Experiences in the retail business with Watsons in Thailand and

Hong Kong

• Held various management position in international media agencies

such as Executive Director of Group M, Managing Director of Mediaedge: CIA and management of McCann-Erickson Thailand

Our Board of Directors

44 Appendix 1: Management and Board of Directors

Bangkok Rail Mass Transit Master Plan

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

* Include MRTA and BMA projects Sources: Office of Transport and Traffic Policy and Planning and Bangkok Metro Politian Administration.

Appendix 2: Bangkok Rail Mass Transit Master Plan 45

Existing Bangkok Mass Transit Network

Immature Network, 84.8km as of 2014

Appendix 2: Existing Bangkok Mass Transit Network 46

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

• BTSG is WELL-POSITIONED FOR

NEW CONTRACTS

• Relevant expertise
• Financial strength
• Green line advantage
• New contracts are expected to be on a

‘PPP GROSS COST BASIS’

• Operator to invest in civil works

and E&M works with repayment from government

• Operator given operation

contract

• Variations will be considered

Light Green Line

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

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)
• Feasibility study underway
• Expected bidding (Phase I): early 2016
• Target operation (Phase I): 2019

Phase I: Watcharaphol – Thong Lo (16.3km)

LIGHT RAIL TRANSIT (LRT)

• Bang Na – Suvarnabhumi (18.3km)
• Awaiting EIA approval
• 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

Potential Developer of Mass Transit Extension

BTSG focused on 6 lines: total length of 108.8km

Appendix 2: Mass Transit Extensions (focused on 6 lines: 118.5km) 47

WARRANT ISSUANCE: KEY TERMS & CONDITIONS STOCK DIVIDEND TICKER VGI-W1 TERMS 4 Years EX-RIGHTS DATE 9 July 2014 EXERCISE PERIOD Quarterly basis WARRANT PRICE Free ALLOCATION To existing shareholders at the ratio of 4 VGI existing shares : 1 VGI-W1

• NO. OF WARRANTS

Up to 857,993,407 Units EXERCISE RATIO 1 VGI-W1 to 2 ordinary share of VGI EXERCISE PRICE THB 7.00

• Free warrants
• Preferential right to existing shareholders
• Funding to be used for potential acquisitions/ Capex

RATIONALE

Expected maximum proceeds THB 12,011,067,698

1:1 STOCK DIVIDEND (INCREASING CAPITAL)

• No. of allocated shares

3,431,975,575 shares Total shares after increasing capital 6,863,978,450 shares

STOCK AND CASH DIVIDEND

Ratio of stock dividend payment 1 VGI existing share: 1 stock dividend or at rate

• f THB 0.10 per share

Cash dividend payment THB 0.011111111111 per share XD Date 17 Mar 2015 Payment Date 31 Mar 2015

VGI Warrant Issuance and Stock Dividend

48 Appendix 3: VGI Warrant and Stock Dividend