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prepared by Investor Relations departmentBTS Group Holdings PCL

4Q & FY 14/15 earnings presentation1 June 2016

BTS Group Holdings PCL

1Q 2016/17 earnings presentation


11 August 2016

THE LINE ASOKE - RATCHADA


Disclaimer

Investment involves risk. Prospective should understand the characteristics of Securities and study information about BTS Group Holdings Public Company Limited (the “Company”)before making a decision to invest in Securities. This presentation is for information purposes only and is intended only for the initial direct attendee of the presentation. It may not bereproduced or redistributed to any other person. It shall not and does not constitute either an offer to purchase or buy or a solicitation to purchase or buy or an offer to sell or exchangeor a solicitation to sell or exchange any securities of BTS Group Holdings PCL (the "Company") or any of its subsidiaries in the United States of America or in any other jurisdiction or aninducement to enter into investment activity. No part of this presentation, nor the fact of its existence, should form the basis of, or be relied on in connection with, any contract orcommitment or investment decision whatsoever. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness,accuracy, completeness or correctness of the information or the opinions contained herein.

This presentation is not to be relied upon in any manner as legal, tax or any other advice and shall not be used in substitution for the exercise of independent judgment and each personmade aware of the information set-forth hereof shall be responsible for conducting its own investigation and analysis of the information contained herein. Except where otherwiseindicated, the information provided in this presentation is based on matters as they exist as of the date stated or, if no date is stated, as of the date of preparation and not as of anyfuture date, and the information and opinions contained herein are subject to change without notice. None of the Company nor any of its subsidiaries accepts any obligation to updateor otherwise revise any such information to reflect information that subsequently becomes available or circumstances existing or changes occurring after the date hereof. None of theCompany or any of its subsidiaries or any of their respective directors, officers, employees or agents shall have any liability whatsoever (in negligence or otherwise) for any losshowsoever arising from any use of this presentation or its contents or otherwise arising in connection with the presentation and any and all such liability is expressly disclaimed.

The information contained herein must be kept strictly confidential and may not be reproduced or redistributed in any format without the express written approval of the Company.Some statements made in this presentation are forward-looking statements, which are subject to various risks and uncertainties. These include statements with respect to theCompany’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 inlight of the information currently available to the Company. These assumptions involve risks and uncertainties which may cause the actual results, performance or achievements to bematerially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Nothing in this Presentation is, or should be reliedon as promise or representation of the Company as to the future.



Agenda

Section

1 BTSG 1Q 2016/17 FINANCIAL PERFORMANCE

Section

2Section

3

BUSINESS UPDATES

BTSGIF 1Q 2016/17 FINANCIAL PERFORMANCE(separate presentation)

APPENDICES



PROFITABILITY

• Reported net profit (after MI) decreased by 82% to THB 548mn mainly from the recognition of net gain of THB 2,516mn on swap of investments with U City in 1Q 2015/16

• Net recurring profit (before MI) and margin declined YoY due to lower property operating revenue, acquisition-related costs of MACO ‘s consolidation and higher SG&A of services BU

1Q 2016/17 Financial Highlights

BTS DAILY TRADED VALUE (LTM)(as of 29 Jul 2016)

THB 240.0mn (USD 6.8mn)

RESILIENT MASS TRANSIT-RELATED REVENUE: • Net farebox revenue +5.7% YoY• O&M revenue +5.9% YoY

41Q 2016/17 earnings presentationSection 1: BTSG 1Q 2016/17 Financial Performance

• THB 16.4bn cash and liquid investments*

• Low leverage: Net debt / equity at 0.13x

• Credit rating: A/ Stable from FITCH& TRIS

BALANCE SHEET STRENGTH

* Cash and liquid investments exclude sinking fund and include cash bal. of THB 3.3bn, current investments of THB 2.9bn, long term investments of THB 10.1bn

• THB 750mn investment in Rabbit Line Pay

• THB 626mn in net loans to BTS-SIRI Joint Venture

• THB 295mn in net cash paid for purchase of MACO

CASH FLOW – INVESTMENT PHASE

EXPANSION OF SERVICES REVENUE: Total services revenue: +21% YoY to THB 199mn

ACCUMULATION OF FUTURE PROPERTY REVENUE: THB 3.0bn “The Line Asoke-Ratchada” fully sold out, backlog: +28.0% to THB 13.6bn


OPERATING REVENUE COMPARISON (YoY)

1Q 2016/17 Overview

Income Statement (THB mn) 1Q 2016/17 1Q 2015/16 %YoY 4Q 2015/16 % QoQ

Operating Revenues1 1,553.5 1,571.9 (1.2%) 1,494.7 3.9%

Gross operating profits 914.2 921.1 (0.7%) 844.5 8.3%

Operating EBITDA2 636.1 664.4 (4.3%) 629.2 1.1%

Recurring net profit – before MI 460.8 507.6 (9.2%) 581.0 (20.7%)

Accounting EBITDA3 990.7 4,313.6 (77.0%) 314.3 215.2%

Net income (loss)4 548.0 3,016.4 (81.8%) 44 N/A

Gross operating profit margin (%) 58.8% 58.6% 56.5%

Accounting EBITDA margin (%) 50.5% 82.9% 19.3%

Recurring net profit margin (%) 26.5% 29.5% 34.9%

Operating EBITDA margin (%) 40.9% 42.3% 42.1%

P&L SNAPSHOT

43%

Mass Transit

35%

Media

9%

Property

13%

Services

1Q 2016/17 OPERATING REVENUE BREAKDOWN

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


1,572 1,553

35 2 (91)

35

1Q 15/16 Mass transit Media Property Services 1Q 16/17

6% 0%

(THB mn)

(39)%

21%


2,365

3,318**

323* (423)

1,053

Beginning cash(31/3/16)

CFO CFI CFF Ending cash(30/6/16)

3 Months Cash Flow Snapshot

6

* After tax (THB 28.9mn) and interest expense (THB 40.9mn)** Excluding BTSC sinking fund and THB 13.0bn liquid investments


Net cash paid for other long-term investments

Cash paid for investments in JVs Increase in loans to related parties Release of collateral (restricted

deposits) in relation to offshore loan

Dividend income Decrease in current investments

Increase in Bills of Exchange payables

Cash received from sale of VGI stock

Cash paid for loans from financial institutions Lower profit from

operating activities Increase in trade and

other receivables

(THB mn)


Mass Transit

7

HISTORICAL OPERATING REVENUE (THB mn) KEY FACTORS

O&M revenue rose by 6% YoY to THB 417mn mainly from the contractually agreed increase in operating fee of the Sukhumvitextension and Silom extension

Share of net profit in BTSGIF increased 6% YoY to THB 221mn from the increase in core network performance

Costs rose 5% YoY to THB 220mn largely due to higher repair and maintenance expenses and staff costs

Operating EBITDA margin improved YoY to 68.3% (67.9% in 1Q 20 15/16) as operating cost increased at a lower rate than the increase in operating revenue


OPERATING REVENUE BREAKDOWNOPERATING PERFORMANCE

Mass Transit (THB mn)1Q

2016/171Q

2015/16YoY

4Q 2015/16

QoQ

Revenue 671.1 636.0 5.5% 639.6 4.9%

O&M revenue 417.3 394.0 5.9% 409.5 1.9%

Share in BTSGIF 221.2 208.4 6.2% 197.3 12.1%

Int income from train procurement

32.6 33.6 (3.0)% 32.8 (0.6)%

Costs of revenue 219.7 208.7 5.3% 213.0 3.1%

Gross profit 451.4 427.4 5.6% 426.6 5.8%

Operating EBITDA 458.4 431.8 6.2% 432.8 5.9%

Gross margin (%) 67.3% 67.2% 66.7%


62%

O&M

Share in BTSGIF

33%1Q 2016/17

Int income from train procurement

5%

28

3

28

8

30

8

37

9

37

9

39

2

38

6

39

2

39

4

39

5

395

40

9

41

7

32

33

33

35

34

34

33

34

34

33

33

33

33

20

8

-

-

12

4

17

4

15

7

157

16

6

21

7

19

4

14

7

20

8

22

3

219

19

7

22

1

1Q13/14

2Q13/14

3Q13/14

4Q13/14

1Q14/15

2Q14/15

3Q14/15

4Q14/15

1Q15/16

2Q15/16

3Q15/16

4Q15/16

1Q16/17

Share of NP in BTSGIF (THB mn) Farebox (THB mn)

Int income from train procurement (THB mn) O&M (THB mn)

IR Quarterly Presentation 4Q 1213_Draft1.xlsx


Media

8


Overall Media revenue up 0.5% YoY to THB 542mn from anincrease in Outdoor and Office Buildings & Other Media

Outdoor and Office Buildings & Other Media grew THB 68mn toTHB 120mn mainly from(i) the expansion in the Outdoor Media segment by acquiring an

additional 12.46% in MACO(ii) the increase in the number of office buildings, which grew to

142 buildings (103 buildings in 1Q 2015/16) Operating EBITDA margin improved to 60.4% (58.8% in 1Q

2015/16) from lower contribution of lower margin Modern Tradebusiness

22%

Office Buildings & Others

78%

BTS - Related

Media (THB mn)1Q

2016/171Q

2015/16YoY

4Q 2015/16

QoQ

Operating revenue 541.7 539.2 0.5% 491.0 10.3%

Costs of revenue 160.4 177.5 (9.6)% 135.9 18.0%

Gross profit 381.3 361.6 5.4% 355.1 7.4%

Operating EBITDA 327.1 317.2 3.1% 333.2 (1.8)%

Gross margin (%) 70.4% 67.1% 72.3%


1Q 2016/17



844

847 798

632

754

78

7

780

605 539

527

512

491

542

1Q13/14

2Q13/14

3Q13/14

4Q13/14

1Q14/15

2Q14/15

3Q14/15

4Q14/15

1Q15/16

2Q15/16

3Q15/16

4Q15/16

1Q16/17



95

0

86

3 68

6

43

6 31

9

33

1

341

36

4

233

33

1

16

1

17

1

14

2

55

4

1,411

9,4691Q

13/142Q

13/143Q

13/144Q

13/141Q

14/152Q

14/153Q

14/154Q

14/151Q

15/162Q

15/163Q

15/164Q

15/161Q

16/17

Operating revenue Proceeds from land sale

THB 9,469

Sale of assets to U City

Property

9


Operating revenue was THB 142mn, decreasing 39% YoY from the reduction in both commercial property and residentil property

Residential property revenue was THB 10mn, down 86% YoY mainly due to no remaining backlog of Abstracts Phahonyothin Park (Tower A) to be transferred

Commercial property revenue fell 18% YoY to THB 132mn following the disposal of EGS to U City on 20 Apr 2015

Recorded share of losses from U City of THB 32mn, BTS-SIRI JVs of THB 60mn and Bayswater of THB 33mn in 1Q 2015/16

Operating costs decreased by 35% YoY to THB 91mn. Operating EBITDA decreased to -2%.

THB 1,411

Mo Chit land

THB 554

Sale ofnon-core land

7%

Residential Commercial & Others

93%


Property (THB mn)1Q

2016/171Q

2015/16 YoY4Q

2015/16 QoQ

Operating Revenue 141.9 233.0 (39.1)% 171.4 (17.2)%

Costs of revenue 90.9 140.1 (35.1)% 101.0 (10.0)%

Gross profit 51.0 93.0 (45.2)% 70.4 (27.6)%

Operating EBITDA (2.9) 13.9 (120.9)% 17.4 (116.7)%

Gross margin (%) 35.9% 39.9% 41.1%

Operating EBITDA margin (%) (2.0)% 5.9% 10.2%

1Q 2016/17




Services

10


RevenueRevenue increased by 21% YoY to THB 199mn from i) increase inrevenue from BPS of THB 23mn YoY, ii) increase in revenue fromRabbit Internet Group of THB 12mn and iii) increase in ChefManrestaurant of THB 9mn YoY

Costs & SGACosts increased by 35% YoY or THB 44mn to THB 168mn. SG&Arose by 98% YoY to THB 85mn. Key costs and SG&A items weremainly from i) staff costs, ii) marketing expenses of Rabbit InternetGroup and BPS projects

46%

ChefMan

BSS36%


Services (THB mn)1Q

2016/171Q

2015/16 YoY4Q

2015/16 QoQ

Revenue 198.7 163.7 21.4% 192.7 3.1%

Costs of revenue 168.4 124.6 35.2% 200.3 (16.0)%

Gross profit 30.4 39.1 (22.3)% (7.7) N/A

Operating EBITDA (27.6) 18.7 N/A (60.1) N/A

Gross margin (%) 15.3% 23.9% 4.0%

Operating EBITDA margin (%) (13.9)% 11.4% (31.2)%

1Q 2016/17


BPS

12%

78

10

4

10

7

10

8

126

14

4

13

8

13

9

16

4

19

5

19

0

19

3

19

9

1Q13/14

2Q13/14

3Q13/14

4Q13/14

1Q14/15

2Q14/15

3Q14/15

4Q14/15

1Q15/16

2Q15/16

3Q15/16

4Q15/16

1Q16/17

Rabbit Internet Group

6%



46,917 48,569

5,796 5,877

12,455 13,300

31-Mar-16 30-Jun-16

Total current liabilities Total non-current liabilities

Total shareholders' equity

67,745

55,002 56,334

10,167 11,411

31-Mar-16 30-Jun-16

Total current assets Total non-current assets

65,169 67,745

Cash

31 Mar 16: THB 2.36bn

30 Jun 16: THB 3.32bn

Current Investments

31 Mar 16: THB 3.27bn

30 Jun 16: THB 2.94bn

Long-Term Investments

31 Mar 16: THB 9.56bn

30 Jun 16: THB 10.10bn

Restricted Deposits

31 Mar 16: THB 1.24bn

30 Jun 16: -

Gross Debt

31 Mar 16: THB 9.28bn

30 Jun 16: THB 9.69bn

Net Debt

31 Mar 16: THB 6.92bn

30 Jun 16: THB 6.37bn

*****

Issued Ordinary Shares

31 Mar 16: 11,929.3mn

30 Jun 16: 11,929.3mn

Balance Sheet

84%

16% 16%

84%

19%

72%

9%

72%

19%

9%

1Q 2016/17: 0.20x1Q 2015/16: 0.08x

Gross Debt to Equity

11

65,169

1Q 2016/17: 0.13x1Q 2015/16: (0.00)x

Net Debt to Equity

1Q 2016/17: 2.39x1Q 2015/16: (0.01)x

Net Debt to Operating EBITDA

1Q 2016/17: 7.22x1Q 2015/16: 8.29x

Interest Coverage

1Q 2016/17: 0.86x1Q 2015/16: 2.40x

Current Ratio

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

KEY RATIOS



Agenda

Section


Section

2Section

3

BUSINESS UPDATES


APPENDICES



MASS TRANSIT UPDATECore Network (Quarter)

13

HISTORICAL AVERAGE FARE & % GROWTH (YOY)HISTORICAL RIDERSHIP & % GROWTH (YOY)

Quarterly ridership = 56.5mn trips, +1.0% YoY, -4.4% QoQ

Quarterly average weekday ridership = 720,857 trips, +1.5% YoY

Net farebox revenue = THB 1,586.7mn, +5.7% YoY, -3.9 QoQ

Quarterly average fare = THB 28.1 per trip, +4.6% YoY, +0.6% QoQ

1Q 2016/17 earnings presentationSection 2: Business Updates

55.9

58.5 59.1 59.1

56.5

9.0% 7.1%4.7% 4.8%

1.0%

-0.9%

4.7%1.0% 0.0%

-4.4%

-50. 0%

0.0%

48.0

53.0

58.0

63.0

1Q 2015/16 2Q 2015/16 3Q 2015/16 4Q 2015/16 1Q 2016/17

Ridership (mn trips) Passenger Growth (YoY)

Passenger Growth (QoQ)

26.9

27.4

27.8 27.9 28.1

-0.7%2.8% 3.5% 4.0% 4.6%

0.0%2.0% 1.6% 0.4%

0.6%

24.0

29.0

1Q 2015/16 2Q 2015/16 3Q 2015/16 4Q 2015/16 1Q 2016/17

Average Fare (THB/trip) Average Fare Growth (YoY)

Average Fare Growth (QoQ)


JUL 16 SUMMARY

MASS TRANSIT UPDATEJul 2016 & YTD 2016/17

YTD SUMMARY (APRIL – JULY, 4MTH)

• YTD ridership = 76.7mn trips, +0.8% YoY

• YTD average fare = THB 28.1 / trip, 4.3% YoY

• YTD farebox revenue = THB 2,154.2mn, +5.1% YoY

• Ridership = 20.2mn trips, +0.1% YoY, +0.1% MoM

• Average fare = THB 28.1/trip, +3.5% YoY

• Fare-box revenue = THB 566.7mn, +3.6% YoY

• Average weekday ridership = 755,364 trips, +4.4% YoY

FY 2016/17Ridership Growth Target

5-6%

YTD Ridership Growth Actual

+0.8%

FY 2016/17 Fare Increase Target

1%

YTDFare Increase Actual

+4.3%

14

28.1

27.9 27.9

28.5

28.3

27.6

28.0

4.5% 4.4%

3.2% 4.8%

4.5% 4.5%

3.5%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

27.00

27.20

27.40

27.60

27.80

28.00

28.20

28.40

28.60

Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16

Average fare price (THB) % Change YoY

19.418.9

20.7

17.8

18.5

20.2 20.24.0%

6.1%

4.2%

-1.0% 0.0%

3.9%

0.1%

-2.0 %

-1.0 %

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

16.00

16.50

17.00

17.50

18.00

18.50

19.00

19.50

20.00

20.50

21.00

Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16

Ridership (mn trips) % YoY ridership growth



MASS TRANSIT UPDATETimeline and Civil Work Construction Progress


MAR 2012Civil works start

MAR 2016MOU between MRTA & BMA signed

2016Expected O&M contract signed

DEC 2018Targeted full operation

GREEN SOUTH (12.8km) GREEN NORTH (18.4km)

MAR 2017Expected 1st station operation

MID 2015Civil works start

MAR 2016MOU between MRTA & BMA signed

2016Expected O&M contract signed

MID 2019Targeted full operation

Civil Work Construction Progress (as of Jul 2016)

Green South

91%

Green North

10%

Source: MRTA, the Company

EARLY 2018Expected 1st station operation


MASS TRANSIT UPDATETimeline / Progress


PINK (36.0km) and YELLOW (30.4km)

6 JUL – 5 AUG 2016RFP is available for sale

17 NOV 2016Bid envelope opening

2020Targeted operation year

7 NOV 2016The tender submission

2017• Expected contract signed• Expected civil construction

start

ORANGE (23.0km) THAILAND CULTURAL CENTER – MIN BURI

15 JUL – 29 JUL 2016RFP for civil work/ E&M is available for sale

2016Expected construction start


31 OCT 2016The tender submission

26 JUL 2016The Cabinet approved civil work construction

FEB 2017Expected construction start


SEP 2016Expected bidding

RED (26.0km): BANG SUE - HUA LAMPONG ANDBANG SUE - PHAYA THAI – MAKKASAN - HUA MAK

Source: MRTA, the Company, http://www.thaigov.go.th

RFP BUYERS PINK YELLOW

1. BTS GROUP / /

2.RATCH / /

3. BEM / /

4. ITD / /

5. STEC / /

6. SK ENGINEERING* / /

7. CHINA COMMUCONSRUCTION*

- /

8. SINOHYDRO CORP* / /

9. CHINA RAILWAY* / /

10. TRC / /

11. BTSC / /

12. PLE / /

13. CNT / /

14. RATP DEV TRANSDEV ASIA*

/ /

15. SMRT INTER* / /

16. UNIQ / /

17. NWR / /

* Foreign buyers


MEDIA UPDATENationwide Integrated Media Platform


PROVEN WINNER GROWTH SPRINGBOARD GROWTH PROSPECTS

61%market share

LONG TERMcontracts end 2029 & 2042

67%GP margin

>720,000viewers reached daily

4Xexpected capacity

TRANSIT

Leader

66%market share(Grade A&B building)

142office buildings

70%GP margin

>700,000viewers reached daily

219condominiums

OFFICE

Leader

37.42%in MACO

389networking billboards

56%GP margin

178mega billboards

654street furniture

OUTDOOR

Leader

ONLINE & OFFLINE

5MNcard holders

90offline merchants

>30MNpotential e-wallet members

33MNpotential online impressions

DIGITAL

To be the leader

20% in Aero Media

342LCD screens

57aerobridges

115MNviewers reached annually

7,000trolleys

AVIATION

To be the leader

TARGETED

16MNmonthly emails targeted

2.6MNmonthly deliveries (Kerry)

2MNregistered loyalty members

ACTIVATION

To be the leader

*Transit, Office and Outdoor information as of 1Q 2016/17. Aviation, Digital and Activation information as of 2015.


MEDIA UPDATEMedia’s Projects in the Pipeline


MACO AGREED TO ACQUIRE 70% IN MULTI SIGN

• MACO announced an agreement to acquire 70% in Multi Sign

(THB 439mn)

• Multi Sign is one of the leading outdoor media company with

more than 13 years experience in outdoor media advertising.

• MACO will expand its nationwide footprint through Multi Sign.

• MACO & Multi Sign’ revenue capacity is expected to increase

from THB 900mn to THB 1,200mn.

• Potential from a conversion from existing static media to digital

media at strategic locations.

16%20%

25%

70%

84% 80%75%

30%

Population Number ofHouseholds

Householdincome

Out-of-HomeAdspend

Bangkok &Vicinities

Upcountry

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

• VGI is now in the process to increase our stake in Aero Media

• VGI invested 20% in Aero Media since 2014 with an option to increase our stake up to 30%.

• Dominant position by covering 13 leading airports, including Suvanabhumi and Don Mueng airport, in Thailand

• Potential expansion in new media projects with new capital injected by VGI

• Solid relationship in aviation industry

IN THE PROCESS TO INCREASE STAKE IN AERO MEDIA UP TO 30%

AERO MEDIA GROUP STRUCTURE

At Peak

• 57 jet bridges in 5 AOT airports

• Buggy service cart wrap in SuvarnabhumiAirport

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


Residential

THB 0.3bn3%

32%

29%

36%Bayswater JV

THB 3.9bn

PROPERTY UPDATE

PROPERTY BOOK VALUE BREAKDOWN

COMMERCIAL PROPERTY

COMMERCIAL PROPERTY REVENUE BREAKDOWN

HOTEL REVPAR AND OCCUPANCY

19

HISTORICAL HOTEL OCCUPANCY

Others

28%

U-Hotels

38%Thana City Golf

34%Commercial

THB 3.4bn


1Q 2016/17 Commercial

Property Revenue:

THB 132mn

68.8%78.7% 75.9% 78.3% 74.4%

80.5% 81.8% 82.9%76.3%

1Q14/15

2Q14/15

3Q14/15

4Q14/15

1Q15/16

2Q15/16

3Q15/16

4Q15/16

1Q16/17

2,54

4

1,20

4 1,94

0

1,9

76

83.6%

67.4%

75.5% 76.3%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

-

500

1,000

1,500

2,000

2,500

3,000

U Chiang Mai U Inchantree U Sathorn Blended

RevPar (THB per night) Occupancy Rate

Land bank

THB 3.1bn

Total Book Valueas of 30 Jun 16:

THB 10.7bn

* Excludes net investment of THB 444.0mn in BTS-SIRI JV and THB 7,367.0mn in U City


PROPERTY UPDATEBTS-Sansiri Projects Launched: The Line Asoke - Ratchada

Distance from mass transit station

300m from MRT Rama 9

Project value THB 3.0bn

No. of units 473 (38 floors)

Avg. selling price per sqm

THB 175k; fully furnished

Foreign participation 36%

Land Area (Rai) 2-0-200

20

Intl. Roadshow / Domestic Presales

Construction Starts

Construction Completion

Transfer Starts

Transfer Completion

Jun 2016

Nov 2016

Aug 2019

Sep 2019

Mar 2020


EXPECTED TIMELINE

THE LINE ASOKE - RATCHADA


PROPERTY UPDATEBTS-Sansiri Projects Launched

Project NameTHE LINE

Jatujak - MochitTHE LINE

Sukhumvit 71THE LINE

RatchathewiTHE LINE

Asoke - Ratchada

Distance from mass transit station

300m from BTS Mo Chit

400m from BTS Prakanong

220m from BTS Ratchathewi

300m fromMRT Rama 9

Project value THB 5.7bn THB 2.0bn THB 2.9bn THB 3.0bn

No. of units 841 (43 floors) 291 (28 floors) 231 (38 floors) 473 (38 floors)

Avg. selling price per sqm THB 179k THB 169k; fully furnished

THB 266k THB 175k; fully furnished

Land Area (Rai) 4-2-95.7 1-3-54.4 1-2-12 2-0-200

Intl. Roadshow / Domestic Presales

Construction Starts

Construction Completion

Aug 2015

May 2015

Nov 2016

Dec 2016

Mar 2017

Transfer Starts

Transfer Completion

Oct 2015

Jan 2016

Aug 2018

Sep 2018

Mar 2019

May 2015

Mar 2015

Dec 2017

Jan 2018

Sep 2018

21

Target project value of THB 100bn to be developed over 5 years under BTS-SIRI partnership Approximately THB 11bn in project value launched and fully presold in 2015 Expected equity IRR ≈ 17% and NPAT margin ≈ 12%

2016 Guidance: expected 6 projects launched with value of THB 23bn


Jun 2016

Nov 2016

Aug 2019

Sep 2019

Mar 2020


PROPERTY UPDATEU City Phayathai Project to be launched


HOTEL 14 FLOORSNFA. 14,111 SQ.M397 KEYS

SERVICED APARTMENTS 15 FLOORSNFA. 7,532 SQ.M118 UNITS

GRAND BALLROOM

PARKING 906 CARS

LOBBYRESTAURANT

CHEF MAN

FITNESSMEETING ROOM

ALL DAY DINNING

FUNCTION ROOM

HOTEL FACILITIESNFA. OTHER 852 SQ.M

NFA. OTHER 470 SQ.MLOUNGE

OUTDOOR WEDDING AREA

OFFICE 12 FLOORSNFA. 22,452 SQ.M

RETAIL NFA. 7,096 SQ.M

DETAILS AREA (SQ.M) REMARK

LAND AREA 10,526 6-2-31.45 Rai

TOTAL GFA 120,400

TOTAL NFA 52,513

EFFICIENCY (%) 43.6%

NFA. SERVICED APARTMENTS 7,532 14.3% of NFA

NFA. HOTEL 14,111 26.9% of NFA

NFA. OFFICES 22,452 42.8% of NFA

NFA. OTHER (MAINLY RETAIL) 8,418 16.0% of NFA

CAR PARK 906


Agenda

Section


Section

2Section

3

BUSINESS UPDATES


APPENDICES



Breakdown of Share of Income /(Loss) from Investmentsin JVs and Associates (1Q 2016/17)

241Q 2016/17 earnings presentationAppendix: Breakdown of Share of Income (Loss) from Investments and JVs

per Financial Statements THB mn

Share of loss from investments in JVs (94.3)

Share of loss from investments in associates 193.9

Total 99.6

Share on Investments in Associates

THB mn

Absolute Hotel Services (AHS) 0.8

BTSGIF 221.2

MACO and Aero Media 3.0

U CITY (31.8)

MACO’s associates 0.6

Total 193.9

Share on Investments in Joint Ventures

THB mn

ATS (AEON-Rabbit) 4.9

Bayswater (33.1)

BTS-SIRI JV projects (59.9)

Rabbit LINE Pay (6.3)

Total (94.3)


LINE ROUTEAUTHORISING

BODYTARGETED

OPERATE YEARCONSTRUCTION

PROGRESSDISTANCE

(KM)BLUE HUA LAMPHONG - BANG KHAE MRTA 2019 UNDER CONSTRUCTION 14.0

BLUE BANG SUE - THA PRA MRTA 2019 UNDER CONSTRUCTION 13.0

DARK RED BANG SUE - RANGSIT SRT 2019 UNDER CONSTRUCTION 26.3

DARK GREENSOUTH

BEARING - SAMUT PRAKARN MRTA 2018 UNDER CONSTRUCTION 12.8

DARK GREENNORTH

MO CHIT – SAPHAN MAI – KHU KHOT MRTA 2019 UNDER CONSTRUCTION 18.4

LIGHT GREEN BANG WA - BOROMMARATCHACHONNANI BMA 2019 7.0

LRT BANG NA - SUVARNABHUMI BMA 2019 18.3

GREY (PHASE I) WATCHARAPHON – THONG LO BMA 2019 16.3

PINK KHAE RAI – PAK GRED – MIN BURI MRTA 2020 – 2021 36.0

DARK GREEN SAMUT PRAKARN - BANGPU MRTA 2020 – 2021 7.0

YELLOW LAD PRAO – SAM RONG MRTA 2020 – 2021 30.4

ORANGE TALING CHAN – MIN BURI MRTA 2020 39.8

LIGHT RED BANG SUE - PHAYATHAI – MAKKASAN SRT 2021 9.0

LIGHT RED MAKKASAN – HUA MARK SRT 2021 10.0

DARK RED RANGSIT – THAMMASART UNIVERSITY SRT 2019 10.0

DARK RED BANG SUE - HUA LAMPHONG SRT 2021 6.5

TOTAL (KM) 274.8

274.8KM ONGOING PROJECTS PRIORITISED BY THE GOVERNMENT, 84.5KM UNDER CONSTRUCTION

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

108.8km

BTS Group: Potential DEVELOPER of Mass Transit ExtensionsFocused on 6 lines; total length of 108.8km

1Q 2016/17 earnings presentationAppendix: Target of New Mass Transit Lines

25

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


BTS Group: Potential DEVELOPER of Mass Transit extensionsBTSG well-positioned for new contracts

1Q 2016/17 earnings presentationAppendix: Target of New Mass Transit Lines

26

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 on progress• Expected O&M award: 2016• Target operation: Mid 2019

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

Phase I: Watcharaphol – Thong Lo (16.3km)

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

DARK GREEN SOUTH LINE• Bearing – Samut Prakarn (12.8km)• Civil works on progress• Expected O&M award: 2016• Target operation: Dec 2018

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

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


MASS TRANSIT UPDATEProcurement of 184 carriages - Thailand’s Largest Train Order

27

• On 23 May 2016, BTSC signed the contract with Siemens Consortium (“Siemens”) and CRRC Changchun Railway Vehicles Co., Ltd. (“CRRC”) to procure additional trains. Total of EURO 270mn (before VAT)

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

1Q 2016/17 earnings presentationAppendix: Procurement of 184 carriages

Rolling stocks From Delivery Schedule

22x4 trains• 7x4 trains for existing network • 15x4 trains for green line south extension

Siemens by 2018/19

24x4 trains• 21x4 trains for green line north extension• 3x4 trains – spare trains for extensions

CRRC by 2019/20


Bayswater TransactionTransaction Summary

Bayswater (50:50 affiliated company of BTS and GLAND), won the auction for a land plot at Phaholyothin Road.

This project is excluded from the strategic alliance framework with SIRI.

Land Price THB 7,350mn

Ownership Freehold

Area 48 – 2 – 96.8 Rai (77,987.2sqm)

BTS Proximity 200m from N10, future Green Line North station

Land Details

281Q 2016/17 earnings presentationAppendix: Bayswater Transaction


Rabbit LINE Pay TransactionTransaction Summary

29

Rabbit Pay subscribed 2mn new shares

for 50% shareholding in Line Biz Plus

number of shares 1,999,999 shares

price THB 375 per share

total investment THB 750mn (THB 600mn by BSSH &

THB150mn by Kerry Logistic)

TRANSACTION SUMMARY

TIMELINE OF RABBIT LINE PAY

STRUCTURE

BSS Holdings Kerry Logistic

80% 20%

LINE

Line Biz Plus

50% 50%

Rabbit Pay

RATIONALE

• Established Thailand 1st Integrated online & offline payment platform

• Revitalising the e-payment platform anticipation of cashless society

• Expand “Rabbit” brand and services to nationwide

• A critical part of supporting VGI’s strategy of “Nationwide Integrated Media Platform”

SYNERGIES WITH VGI

• Big data based services

• 2nd step to nationwide integrated media platform

• Targeted marketing and Digital Advertising

• Improve VGI’s occupancy by bundling online and data

• VGI & Rabbit, a leading offline and online media platform

25 APR 2016: Injected THB 750mn & signed BSS’s acquiring agreement

APR 2016: Complete Kerry Integration

AUG 2016: Rebranding Line Pay to be “Rabbit Line Pay”

1Q 2017: Full merchant upgrade to support QR payment

3Q 2016: Pilot QR payment at merchants

4Q 2016: Pilot Campaign

1Q 2016/17 earnings presentationAppendix: Rabbit LINE Pay Transaction


FY 2016/17 BTS Group Targets and CAPEX

30

Rolling stocks4,100

200

1,000

180

300

500

1,200

Mass Transit Media Property Services BTS Group

Thana City renovation

• 5-6% Ridership Growth

• 1% Average Fare Increase

• 3-4% O&M Revenue Growth

BTS GROUP CAPEX/ FINANCING (THB mn)

FY 2016/17 TOTAL CAPEX** THB 7.6BN

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

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

BTS GROUP TARGETS

MASS TRANSIT

MEDIA*

• 50% Revenue Growth

PROPERTY

• THB 620mn Commercial Property Revenue

• THB 60mn Residential Property Revenue

• THB (100)mn Share of Net Loss from BTS-SIRI JVs

SERVICES

• 6.5mn Rabbit Cards in circulation

• Reach to 2,000 retail shops with 4,500 readers

• 3mn Rabbit Rewards Membership

4,280

500

Outdoor

Invest in BTS-SIRI JVs

Land acquisition & others

10110

2,700

1Q 2016/17 earnings presentationAppendix: FY 2016/17 BTS Group Targets and CAPEX


BTS Group UpdateDividend

311Q 2016/17 earnings presentationAppendix: Dividend Summary

DIVIDEND PAYMENT HISTORY

DIVIDEND POLICY FY 2016/17 AND BEYONDS

• Dividend policy: reverts to “no less than 50% of the net income after tax in accordance with the Company's financial statements (on a standalone basis)”.

• Aim to pay a dividend that is competitive with the constituent companies of the SET50 Index

2,0

15.1

2,7

47.6

4,3

59.0

7,07

2.8

7,09

3.8

8,04

8.0

41.6%79.8% 79.7%

35.0%

200.7%122.8%

5.19% 6.55% 4.79% 7.34% 6.21% 7.75%

-950 .0%

-750 .0%

-550 .0%

-350 .0%

-150 .0%

50.0%

250.0%

-

1,000.0

2,000.0

3,000.0

4,000.0

5,000.0

6,000.0

7,000.0

8,000.0

9,000.0

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

Dividend (THB mn) Payout ratio (%) Dividend Yield (%)



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