BTS Group Holdings PCL -...

prepared by Investor Relations department BTS Group Holdings PCL

BTS Group General Presentation

BTS Group Holdings PCL

General Presentation NOVEMBER 2017


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 otherwise 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: [email protected] Website: www.btsgroup.co.th

BTS Group General Presentation


Section 1 BTS Group in Brief

Section 2 Business Segment Profiles

Section 2.1 Mass Transit Business

Section 2.2 Media Business

Section 2.3 Property Business

Section 2.4 Services Business

Section 3 Financial Summary

Appendices Appendix 1: Core Network Ridership

Appendix 2: Core Network Fare Adjustment

Appendix 3: Core Network Rolling Stocks

Appendix 4: Mass Transit Economic profile

Appendix 5: BTSC Debenture and Syndicated Loan for the Pink and Yellow Lines

Appendix 6: VGI Products

Appendix 7: Residential Property Business

Appendix 8: Commercial Property Business

Appendix 9: BTS-W3 Term Sheet

Appendix 10: 2Q 2017/18 Performance

Contents

BTS Group General Presentation 3


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 of 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 operations 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 of 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 owned 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


50%

Nine Square Property Co., Ltd.

100%

BTS Sansiri Holding Fifteen Limited

50%

51%

Bayswater Co., Ltd.

50%

5

BTS Group Holdings PCL


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%


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


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

50%

47%

1%

-13%

FY 16/17 Operating EBITDA margin

Mass Transit Media

Property Services


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

7 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 or 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


FY 16/17 FY 21/22E

FY 16/17 FY 21/22E

8 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 ≈26%

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


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



Current Policy: Not less than 50% of net profit (stand alone basis)


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


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

10.5BTS Turnover (RHS) BTS TB SET Index (rebased) Name %

1 MR. KEEREE KANJANAPAS’S GROUP 40.9%

2 THAI NVDR CO., LTD. 7.4%

3 BANGKOK BANK PUBLIC COMPANY LIMITED 4.6%

4 UOB KAY HIAN PRIVATE LIMITED 1.4%

5 HSBC (SINGAPORE) NOMINEES PTE LTD 1.3%

6 CHASE NOMINEES LIMITED 1.1%

7 STATE STREET BANK EUROPE LIMITED 0.9%

8 GIC PRIVATE LIMITED 0.7%

9 K EQUITY 70:30 LTF 0.6%

10 SOCIAL SECURITY OFFICE 0.5%

TOTAL TOP 10 SHAREHOLDERS 59.4%

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)


SHARE PRICE MOVEMENT (as of 31 Mar 2017)

SHARE STRUCTURE (as of 27 Feb 2017)

TOP 10 SHAREHOLDERS (as of 27 Feb 2017)

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% 28.3% 29.6%

Free float 57.4%

Foreign limit 49.0%

Foreign holdings (incl. NVDR) 23.0%


Contents




















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)

DAILY RIDERSHIP MARKET SHARE IN 2016

Total average Daily Ridership

of 987,293 BTS

652,156 66%

BEM 273,637

28%

ARL 61,500

6%

109.6km 77 stations by 3 operators

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


BTS Lines Expanding 3.5x from 36.3km in 2016 to 132km


*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

OP

ERA

TIN

G L

INES

3

6.3

KM

R

ECEN

TLY

SEC

UR

ED L

INES

9

5.7

KM

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: NEW GREEN LINE EXTENSIONS

PINK AND YELLOW LINES


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/

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28

28/

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30

30/

31

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37

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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


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 17NO. 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)

1.4

2

1.7

8

2.1

2

2.2

9

2.5

7

2.8

2

3.0

7

3.2

2

3.2

9

3.4

8

3.5

4

4.3

0

4.9

0

5.6

8

5.8

7

6.4

0

6.6

4

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


STEC

15%

BTS Recently-Secured Lines 30.8km New Extension and 64.9km Pink & Yellow Monorail Lines


64.9KM PINK AND YELLOW LINE

BTSC has the operated & maintained of the additional 30.8km of Green Line extensions on 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)

*The first station (E15, Samrong) of Southern Green Line extension began operation on 3 Apr 17

PPP NET COST CONTRACT WITH SUBSIDY O&M CONTRACT

64.9KM MONORAIL PINK AND YELLOW LINE

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 (trips) 199k 195k

Ridership CAGR (30Y) 5.2% 4.5%

Average fare in Y1 (THB / trip) 34.7 30.0

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 46.7bn

Civil Subsidy Amount (THB) 22.5bn 25.05bn

Civil Subsidy Term

Equal payment at 2.25bn per year for 10 years from beginning of operation

Equal payment at 2.505bn per year for 10 years from beginning of operation

Sharing to MRTA (THB) 250mn 250mn

Expected CAPEX (THB) 34.5bn 32.6bn

Funding (D/E) 2.2x 2.2x

OWNERSHIP STRUCTURE

PR

OJE

CT

DET

AIL

S EX

PEC

TED

RID

ERSH

IP

AN

D R

EVEN

UE

PR

OJE

CT

CA

PEX

AN

D F

INA

NC

ING

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


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 2019

GREEN EXT. (WESTERN)

BANG WA - TALING CHAN

BMA 7.0 6 2020

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)


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

.7K

M A

WA

RD

ED L

INES

8

2.9

KM

BTS

TA

RG

ETED

LIN

ES

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 2020

BY 2019

BY 2022

BY 2023

BY 2022

APR 2021 EARLY 18

BY 2018

BY 2017

BY 2017

BY 2018

MID 2017 BY 2018

DEC 2018 2041/42

APR 2021 EARLY 18 2051/52

DEC 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 BIDDING & CONSTRUCTION PERIOD

TOTAL CAPEX/FINANCING

THB 151.4bn with D/E up to 2.5x

17


Contents




















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 online 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.

-14.8%

-8.3%

-6.0%

-4.2%

0.2%

10.1%

27.5%

In-store

Traditional media

Analogue TV

Cinema

Total industry

OOH

Online

ADVERTISING MARKET 5 YRS CAGR (2011/12 – 2016/17)

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

1Traditional Media includes Radio, Newspapers, Magazines

1

VGI’s Focus

Source: The Nielsen (Thailand) Co., Ltd.

5 YRS HISTORICAL ADVERTISING SPENDING (THB bn)

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

TV Traditional media OOH media Cinema Online

Coup d’etat

Shutdown BKK

114bn

60%

24% 9% 6% 1%

113bn

62%

23% 9% 5% 1%

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%

107bn

66%

16% 11% 5% 2%

120bn 1%

69%

18% 8% 4%

121bn 1%

68%

19%

4% 8%

Mourning effect

45.2%

54.8%


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




>770,000, BKK >150,000, KL

>500,000 >1,212,000 >333,000 >500,000 >20mn >100,000

OOH Media Platform Digital Services

THB 2,681mn THB 371mn

33.7% 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

166 office building 242 condominium

30% market share

>2,200 billboards

20% market share

13 airports

70% market share

>1,000 stores

7.8mn cardholders 2.9mn active holders 33mn LINE users 2.2mn LINE pay users

22mn insurance premium/ month

900mn outstanding 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 office buildings

Expand Rabbit card & Rabbit Line Pay network

Rabbit’s data

Expand insurance and micro loan network


Our Media Capacity will reach THB 7.3bn With Multi-Channel Audience Reach


• 166 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 July 2017)


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

8.1mn Rabbit cards in circulation

(as of Sep 2017)


LARGE PARTNERS NETWORK BUILT

133 brand

partners

>4,400 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 900mn 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

2.4mn users

>425 online

merchants

http://www.google.co.th/url?sa=i&rct=j&q=tom+n+toms+coffee&source=images&cd=&cad=rja&docid=HKk-NMNg6DoIxM&tbnid=m7R1K7N_xciZKM:&ved=0CAUQjRw&url=http://www.whereonsale.com/2012/07/07/tom-n-toms-coffee-free-voucher/&ei=6_8RUen7EoGuiAeBmYGYCQ&bvm=bv.41934586,d.dGI&psig=AFQjCNFnTJ8aESdTGdo-yzdgUf-v3kWcyw&ust=1360220519339060


Evolving into a Data Centric Media Hypermarket Offering Targeted Advertising and Proactive Media Sales


23

PR

OC

ESS

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

CO

LLEC

T

ONLINE engagement

DIS

TRIB

UTE

OFFLINE awareness

Adaptive conversion


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

2.0MN 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


616 (secured lines)

113 (secured lines)

2016/17


Contents




















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%

0

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


Property Portfolio and Business Strategy Substantial Development Potential of Assets for Long-Term Value

27

PROPERTY BOOK VALUE BREAKDOWN


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 o. 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)

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

BTS-Sansiri JV THB 13.8bn

Total Book Value as of 30 Sep 17:

THB 37.7bn

Bayswater JV THB 4.3bn

Residential THB 0.5bn

* Adjusted for equity stake

Keystone JV THB 0.8bn

Commercial THB 4.5bn

Land Bank THB 1.8bn

U City THB 12.0bn

1%

12%

5%

32% 11%

2%

37%


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

GBP 170mn, or THB 6,336mn

EUR 115mn, or THB 4.4bn and estimated EBITDA of 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 5,813 Sep 2017

The LINE Sukhumvit 71 1,999 Sep 2016

The LINE Ratchathewi 2,945 Jun 2018


Est. Transfer Start

The LINE Asoke-Ratchada 3,016 Dec 2018

The BASE Garden Rama 9 2,340 Sep 2018

The LINE Pradipat 5,890 Dec 2019

The LINE Sukhumvit 101 4,651 Dec 2019

KHUN BY YOO Thonglor 12 4,068 Nov 2019


Est. Transfer Start

THE BASE Phetkasem 29 1,985 Dec 2019

THE LINE Sathorn 3,653 Aug 2020


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) of 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”



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 SH Loan



Contents




















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

of 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


Contents




















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

of 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


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-17Total 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


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


Contents








Section 3ction 3 Financial Summary












1.4

2

1.7

8

2.1

2

2.2

9

2.5

7

2.8

2

3.0

7

3.2

2

3.2

9

3.4

8

3.5

4

4.3

0

4.9

0

5.6

8

5.8

7

6.4

0

6.6

4

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


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

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




FARE PRICE (THB)


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


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

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 of Station

0-1 2 3 4 5 6 7 ≥ 8

Present 15 22 25 28 31 34 37 42

1 Oct 17 16 23 26 30 33 37 40 44

RABBIT SENIOR

Number of Station

0-1 2 3 4 5 6 7 ≥ 8

Present 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




FARE PRICE (THB)


NO. OF STATIONS


FLEET EXPANSION NO. OF

TRAINS TOTAL

CARRIAGES INDICATIVE CAPEX

(THB mn) FROM

X22 88 SIEMENS

X24 96 ~THB 9.8bn*

CRRC

TOTAL FUTURE FLEET X46 184

CURRENT FLEET NO. OF

TRAINS TOTAL

CARRIAGES FROM

X35 105 SIEMENS

X12 48

35

CRRC

SIEMENS

X5 20

CRRC

TOTAL CURRENT FLEET X52 208

Appendix 3: Core Network Rolling Stocks Enlarging Our Fleet for Future Growth

41

SYSTEM DESIGN

CAPACITY

OF 50,000 PPHPD**

CURRENT CAPACITY

OF 25,000*** PPHPD

*THB 22bn BTSC debenture was issued in Nov 2016 to accommodate the purchase of new fleet and fund electrical and mechanical systems (E&M) for the Northern (Mo Chit to Khu Khot; 18.2km, 16 stations) and Southern (Bearing to Samut Prakarn; 12.6km, 9 stations) Green Line extensions. **Passenger per hour per direction ***Based on 4-car trains and assume 2.4min headway (Sukhumvit Line)

Already operated in May 2013

Already fully operated in Feb 2014

To be delivered in FY 18/19

To be delivered in FY 19/20

BTS Group General Presentation Appendix 3: Core Network Rolling Stocks

Already full operated in Oct 2011


1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34

Reimburse from gov't (civil) E&M Civil works Farebox revenue

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

Rolling stocks Investment O&M revenue

Appendix 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% YEAR

YEAR

1) 3-4 year investment in civil and E&M works (includes rolling stock)

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


3 November 2016: BTSC was approved by the Securities and Exchange Commission, Thailand (SEC) to issue up to THB 22,000mn senior unsecured debentures. The bonds will be issued in four tranches due in 2019, 2021, 2023, and 2026.

Tenor Amount up to Coupon Rate

3-year THB 5.5bn 2.46%



10-year (NC5) THB 10.2bn 3.87%

Total THB 22bn 3.31% (average)

Amount up to THB 22bn

Tenor 3, 5, 7, 10 years (NC5)

Rating A / Stable by Fitch and TRIS

Rationale Purchase new rolling stocks and electrical and mechanical system (E&M) for the Northern and Southern Green Line extensions

Issuance Date 10 November 2016

43

Appendix 5: BTSC Debenture & Syndicated Loan Agreement CAPEX for newly-awarded lines - secured by debt financing

NEW GREEN LINE EXTENSIONS PINK AND YELLOW LINES

10 October 2017: BSR JV signed the syndicated loan agreement between Bangkok Bank, Siam Commercial Bank and Krungthai Bank at a total value of up to THB 63.4bn.

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 spread across 15 payments starting from first operation date

Rationale Financing of both Pink and Yellow lines

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


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


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


Project Name Presale Period

Project Value

(THB mn) Units

Avg. Price per sqm

(THB) Sold Construction

Progress* Est. Transfer

Start Est. Transfer Completion

Foreign Participation

THE LINE Jatujak – Mochit May 2015 5,813 841 181k 97% 100% Sep 2017 May 2018 14%

THE LINE Sukhumvit 71 Aug 2015 1,999 291 170k 94% 100% Sep 2016 Jan 2017 48%

THE LINE Ratchathewi Oct 2015 2,945 231 268k 98% 90% May 2018 Sep 2018 23%

THE LINE Asoke-Ratchada Jun 2016 3,016 473 183k 99% 44% Oct 2018 Jan 2019 41%

THE BASE Garden Rama 9 Sep 2016 2,340 639 110k 91% 53% Jun 2019 Sep 2019 37%

THE LINE Pradipat Nov 2016 5,890 981 160k 67% 4% Dec 2019 May 2020 11%

THE LINE Sukhumvit 101 Nov 2016 4,651 778 177k 57% 9% Dec 2019 Apr 2020 36%

KHUN BY YOO Thonglor 12 Nov 2016 4,068 148 383k 64% 10% May 2020 Aug 2020 No Roadshow

THE BASE Phetkasem 29 Jun 2017 1,985 640 103k 68% 6% Feb 2020 Jun 2020 14%

THE LINE Sathorn Nov 2018 3,653 327 273k 100% 0% Aug 2020 Feb 2021 30%

Total/Weighted Average 36,360 5,349 206k 82% 23%

46 BTS Group General Presentation Appendix 7: Residential Property Business

ACTIVE RESIDENTIAL PROJECTS UNDER SIRI JV

In FY 2017/18, Target to launch at least 4 projects with THB 12bn worth of projects.

Appendix 7: Residential Property Business Launches of BTS-Sansiri Projects


47 BTS Group General Presentation Appendix 8: Commercial Property Business

Appendix 8: 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 of London, fronting the western side of 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)


Appendix 8: Commercial Property Business U City Future Projects

48

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 8: Commercial Property Business



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 9: BTS-W3 Term Sheet

49


Appendix 10: 2Q 2017/18 Financial Highlights

• Operating EBITDA was THB 875mn, increasing by THB 252mn or 40% YoY as a result of the improvements in operating performance of Mass Transit and Media businesses

• Pre-tax recurring profit (before MI) of THB 640mn, a growth of 11% YoY

• Reported net profit (before MI) rose by 19% YoY to THB 741mn mainly from higher recurring profit, extra-gain from Chef Man restructuring, partially offset with higher finance cost and increase in share of net loss from associates/JVs

• Balance sheet strength: THB 30.5bn cash & liquid investments*

• Low leverage: adjusted net D/E** ratio at 0.30x

*Cash and liquid investments include cash bal. of THB 9.0bn, current investments of THB 8.8bn and L/T liquid investments of THB 12.7bn **Adjusted Net Debt = Interest Bearing Debt - Cash and Cash Equivalent and Liquid Investment

• Fully enter investment Phase; including: Pink & Yellow Lines civil works and E&M works (THB 6.2bn) and Green Line extension E&M works and train procurement (THB 1.2bn)

• Net cash received from debt financing of THB 6.0bn

• Cash received from JV partners (STEC, RATCH) of THB 1.75bn for 25% equity investment in pink and yellow line projects

PROFITABILITY

BALANCE SHEET

CASH FLOW

BTS Group Earnings Presentation Appendix 10: BTSG 2Q 2017/18 Financial Performance

50


OPERATING REVENUE COMPARISON (YoY)

INCOME STATEMENT (THB mn) 2Q 2017/18 2Q 2016/17 %YoY 1Q 2017/18 % QoQ 1H 2017/18 1H 2016/17 %YoY

Operating Revenues1 2,543 1,722 48% 3,110 (18)% 5,653 3,276 73%

Gross operating profit 1,295 1,030 26% 1,278 1% 2,574 1,991 29%

Operating EBITDA2 875 623 40% 917 (5)% 1,791 1,259 42%

Net recurring profit – before MI 471 445 6% 435 8% 907 906 0%

Accounting EBITDA 1,420 984 44% 1,088 31% 2,508 1,974 28%

Net income (loss)3 653 548 19% 405 61% 1,058 1,096 (3)%

Gross operating profit margin (%) 50.9% 59.8% 41.1% 45.5% 60.8%

Accounting EBITDA margin (%) 45.6% 45.6% 32.5% 39.7% 48.2%

Recurring net profit margin (%) 16.7% 23.6% 13.3% 14.9% 25.0%

Operating EBITDA margin (%) 34.4% 36.2% 29.5% 31.7% 38.4%

P&L SNAPSHOT

52%

Mass Transit 38%

Media

6%

Property

4%

Services

2Q 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

Appendix 10: 2Q 2017/18 Overview


1,722

2,543 676 180 17 (53)

2Q 16/17 Mass transit Media Property Services 2Q 17/18

105% 23%

(THB mn)

12%

(2)%

51


15,095

-

(327)* (10,825)

5,043 9,025** 40

Beginning cash(31/3/17)

CFO CFI CFF Others Ending cash(30/9/17)

* After tax of THB 451mn and interest expense of THB 354mn as well as investment in E&M works and trains procurement (Green Line North and South extensions) of THB 1.2bn ** Excluding liquid investments of THB 21.5bn

CFI • Advance payment for civil works and E&M

works of the Pink and Yellow lines • Net cash paid for acquisitions of current and

other long-term investments • Dividend Income and Interest income

CFF • Net cash received from BE and PN • Cash received from STEC and RATCH (re.

pink and yellow line projects) • Final dividend payment for FY 2016/17

CFO Profit before tax of THB 1,519mn, deducted by • non-cash reconciling items of THB

177mn • changes in net working capital of

THB 865mn (this includes THB 1.2bn Green Line extension E&M works and train procurement)

Appendix 10: 6 Months Cash Flow Snapshot

(THB mn)


52


HISTORICAL OPERATING REVENUE (THB mn) KEY FACTORS

OPERATING PERFORMANCE

MASS TRANSIT (THB mn)

2Q 2017/18 2Q

2016/17 %YoY

1Q 2017/18

% QoQ 1H

2017/18 1H

2016/17 %YoY

Operating revenue 1,318 642 105% 1,993 (34)% 3,311 1,313 152%

Costs of revenue 740 227 226% 1,338 (45)% 2,078 447 365%

Gross profit 578 415 39% 655 (12)% 1,233 866 42%

Operating EBITDA 587 422 39% 664 (12)% 1,251 881 42%

Gross margin (%) 43.8% 64.6% 32.9% 37.2% 66.0%

Operating EBITDA margin (%) 44.5% 65.8% 33.3% 37.8% 67.1%

OPERATING REVENUE BREAKDOWN

36%

O&M

Services revenue from provision of E&M works & train procurement

39%

2Q 2017/18

Appendix 10: 2Q 17/18 Mass Transit

Share in BTSGIF

19%


Int income from train procurement

& E&M

6%

395 395 409 417 411 411 422 474 472 33 33 33 33 32 32 90 78 82 223 219 197 221 199 284 241 218 247

1,444 1,224

519

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

Services revenue from provision of E&M works & train procurement

Share of NP in BTSGIF (THB mn)

Int income from train procurement (THB mn)

O&M (THB mn)

O&M revenue rose by 15% YoY to THB 472mn mainly from the existing extension and one new additional station (Samrong: E15)

Farebox revenue of 1,726mn (up 0.6% YoY) with 0.8% YoY ridership growth Share of net profit in BTSGIF of THB 247mn (rose 24% 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 0.5bn Costs rose 226% YoY to THB 740mn 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 44.5% (65.8 % in 2Q 2016/17)

53

IR Quarterly Presentation 4Q 1213_Draft1.xlsx



59%

BTS – Related Media

24%

Outdoor Media

MEDIA (THB mn)

2Q 2017/18

2Q 2016/17

%YoY 1Q

2017/18 % QoQ

1H 2017/18

1H 2016/17

%YoY

Operating revenue 970 789 23% 849 14% 1,819 1,410 29%

Costs of revenue 310 271 14% 293 6% 603 470 28%

Gross profit 660 519 27% 555 19% 1,216 940 29%

Operating EBITDA 519 361 44% 421 23% 940 690 36%

Gross margin (%) 68.1% 65.7% 65.4% 66.8% 66.6%

Operating EBITDA margin (%)

53.5% 45.7% 49.6% 51.7% 48.9%

2Q 2017/18



54

Appendix 10: 2Q 17/18 Media

9%

Office Buildings and Others

8%

Digital


527 512 570 542

789 755 741 753 891

79

104 96

79

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

Digital Services Media OOH Overall Media revenue up 23% YoY to THB 970mn 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 891mn, or 27% YoY higher prices, synergies from the Digital Services segment as well as positive order intake in the Outdoor media product group

Costs increased 14% YoY from THB 271mn to THB 310mn, primarily due to the consolidation of newly acquired businesses

Operating EBITDA margin improved YoY to 53.5% (45.7% in 2Q 2016/17)

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




90%

Commercial & Others Residential

10%


PROPERTY (THB mn)

2Q 2017/18

2Q 2016/17

%YoY 1Q

2017/18 % QoQ

1H 2017/18

1H 2016/17

%YoY

Operating Revenue 159 142 12% 146 9% 306 284 8%

Costs of revenue 108 88 22% 95 14% 203 179 13%

Gross profit 51 54 (4)% 52 (1)% 103 105 (2)%

Operating EBITDA (4) (5) (10)% (6) (26)% (10) (8) 32%

Gross margin (%) 32.2% 37.8% 35.3% 33.7% 36.9%

Operating EBITDA margin (%)

(2.7)% (3.4)% (4.0)% (3.3)% (2.7)%


2Q 2017/18

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

55

Appendix 10: 2Q 17/18 Property


331 161 171 142 142 147

186 146 159

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

Operating revenue Proceeds from land sale Operating revenue was THB 159mn, increasing 12% YoY due to the

overall improvement in the operating performance of our commercial properties

Residential property revenue increased by THB 9mn or 131% YoY to THB 15mn from higher housing unit sales

Commercial property revenue rose by 6% YoY or THB 9mn to THB 144mn mainly from improving overall hotel performance

Operating costs increased by THB 20mn or 22% YoY to THB 108mn and in-line with the increase in revenue

Share of net profit from BTS-SIRI (THB 190mn), mainly from 39% transferred units in The Line Jatujak - Mochit

Share of loss from U City (THB 336mn) mainly from the impairment of Avani Khon Kaen Hotel and Convention Center



Cash

31 Mar 17: THB 15.09bn

30 Sep 17: THB 9.03bn

Current Investments

31 Mar 17: THB 6.24bn

30 Sep 17: THB 7.22bn

Long-Term Investments

31 Mar 17: THB 13.52bn

30 Sep 17: THB 15.75bn

Gross Debt

31 Mar 17: THB 38.31bn

30 Sep 17: THB 44.49bn

Adjusted Net Debt*

31 Mar 17: THB 6.19bn

30 Sep 17: THB 14.01bn

*****

Issued Ordinary Shares

31 Mar 17: 11,935.0mn

30 Sep 17: 11,940.4mn

72%

28% 22%

78%

25%

46%

30%

48%

20%

32%

2Q 2017/18: 0.97x 2Q 2016/17: 0.31x

Gross Debt to Equity

2Q 2017/18: 0.30x 2Q 2016/17: 0.01x

Adjusted Net Debt* to Equity

2Q 2017/18: 4.05x 2Q 2016/17: 0.16x

Adjusted Net Debt* to

Operating EBITDA

2Q 2017/18: 2.75x 2Q 2016/17: 6.95x

Interest Coverage

2Q 2017/18: 0.91x 2Q 2016/17: 0.58x

Current Ratio

ASSET BREAKDOWN (THB MN)

LIABILITIES AND EQUITY BREAKDOWN (THB MN)

KEY RATIOS

56 BTS Group Earnings Presentation Appendix 10: BTSG 2Q 2017/18 Financial Performance

Appendix 10: Balance Sheet as of 30 September 2017

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

67,351 78,296

26,301 22,597

31-Mar-17 30-Sep-17

Total current assets Total non-current assets

93,651 100,893

45,182 46,000

29,833 29,936

18,636 24,957

31-Mar-17 30-Sep-17

Total current liabilities Total non-current liabilities Total shareholders' equity

100,893 93,651

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