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FY 2019/20 BTS GROUP EARNINGS PRESENTATION

SET OPPORTUNITY DAY

11 JUNE 2020

In this challenging time, we commend our brave heroes for their sacrifices in helping

fight the COVID-19 pandemic and we extend our support and encouragement to everyone

“ “

prepared by Investor Relations department

BTS Group Holdings PCL

Disclaimer

BTS Group Earnings Presentation 3

Investment involves risk. Prospective should understand the characteristics of Securities and study information about BTS Group Holdings

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achievements expressed or implied by such forward-looking statements. Nothing in this Presentation is, or should be relied on as promise

or representation of the Company as to the future.


BTS Group Holdings PCL 4

BTS Group Update 2019/20 Sustainable Development Recognition

DJSI in the Emerging Markets 2019 (2nd Rank in the Transportation Sector)

Thailand Sustainability Investment The Stock Exchange of Thailand, 2019

BTS Group Earnings Presentation

Platinum Award The Asset ESG Corporate Award 2019

Silver Class Distinction The Sustainability Yearbook 2020

Sustainability Disclosure Recognition Thaipat Institute, 2019

Best Green Bond The Asset Triple A Sustainable

Capital Markets Regional Awards 2019

At BTS Group, we embrace sustainability as a core value and are

committed to practicing good corporate governance as we believe

this strengthens the long-term growth prospects of our business. GROWING TOGETHER

GROWING

SUSTAINABILITY



Agenda


FY 2019/20 FINANCIAL PERFORMANCE SECTION 1

BUSINESS UPDATES SECTION 2

APPENDICES SECTION 3



FY 2019/20 Highlights

6

Solid growth in profitability

Operating Revenue of THB 39.9bn

+47% YoY

Record Recurring Net Profit

of THB 4.8bn

Balance sheet remains strong

Cash & Liquid Investments

THB 17.7bn

Adjusted Net D/E

1.05x

Low leverage

Financing cash earmarked for investments in Mass Transit projects

(17)% YoY

+22% YoY

Operating EBITDA of THB 7.5bn

Cash received

from the exercise of BTS-W4

THB 13.7bn

Net investments in

Pink & Yellow Lines &

Green Extensions

THB 21.7bn

Net increase in long-term loans

from financial institutions of

THB 15.6bn

P&L HIGHLIGHTS FINANCIAL POSITION 12M CASH FLOW


Section 1: FY 2019/20 Financial Performance



OPERATING REVENUE COMPARISON (YoY)

INCOME STATEMENT (THB mn) FY 2019/20 FY 2018/19 % YoY

Operating Revenue1 39,937 48,004 (17)%

Gross operating profit 9,595 7,884 22%

Operating EBITDA2 7,460 6,137 22%

Recurring net profit – after MI 4,776 3,248 47%

Net income (loss)3 8,162 2,873 184%

Gross operating profit margin (%) 24.0% 16.4%

Recurring net profit margin – after MI(%) 11.4% 6.6%

Operating EBITDA margin (%) 18.7% 12.8%

P&L SNAPSHOT

FY 2019/20 OPERATING REVENUE BREAKDOWN

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

7

FY 2019/20 Overview

80%

Mass Transit 15%

Media

1%

Property

4%

Services

48,004 39,937 (9,252) 530 21 634

FY18/19 Mass Transit Media Property Services FY19/20

(22)% 57% 10% 6%

(THB mn)





Share of net

profit in

BTSGIF

2%

Construction

revenue for Pink

and Yellow Lines

53%

Mass Transit

related

interest income

6%

HISTORICAL OPERATING REVENUE (THB bn) KEY FACTORS

Total Mass Transit revenue of THB 32,076mn, a decline of 22.4% YoY from a lower

recognition of construction revenue for the Pink and Yellow lines to THB 16.9mn

(THB 30.7bn in FY 2018/19), partially offset by

• Higher services revenue from provision of E&M works & train procurement for

Green Line ext. of THB 2.2bn YoY to THB 8.3bn

• Higher O&M revenue of THB 1,476mn YoY to THB 3,753mn, chiefly as a result

of the full opening of Southern Green Line ext. and the opening of the first 5

stations of Northern Green Line ext.

• Higher Mass Transit related interest income of THB 842mn YoY to THB 1,920mn

Cost dropped by THB 11,178mn to THB 25,691mn largely from the reduced

recognition of construction cost for the Pink and Yellow Lines

Operating EBITDA margin rose YoY to 20.0% (10.9% in FY 2018/19)

OPERATING PERFORMANCE

MASS TRANSIT

(THB mn)

FY

2019/20

FY

2018/19 %YoY

Revenue 32,076 41,328 (22)%

Costs of revenue 25,691 36,868 (30)%

Gross profit 6,385 4,460 43%

Operating EBITDA 6,421 4,497 43%

Gross margin (%) 19.9% 10.8%

Operating EBITDA

margin (%) 20.0% 10.9%

OPERATING REVENUE BREAKDOWN

FY 2019/20

8

Mass Transit

Services revenue from provision

of E&M works & train

procurement for Green Line ext.

26%

O&M

12%

4Q

18/19

1Q

19/20

2Q

19/20

3Q

19/20

4Q

19/20

Construction revenue for Pink

and Yellow Lines

5.3 4.3 4.4 4.5 3.7

Services revenue from provision of

E&M works & train procurement

for Green Line ext.

1.4 1.4 3.1 2.1 1.6

Mass Transit related interest

income

0.4 0.4 0.3 0.6 0.5

O&M 0.8 0.8 0.9 0.9 1.1

Share of net profit in BTSGIF 0.2 0.2 0.3 0.2 0.2

Others* 0.0 0.0 0.1 0.2 0.0 *Comprises of (i) Services revenue from provision of E&M works for Gold Line and (ii) Farebox revenue from BRT

Others*

1%



IR Quarterly Presentation 4Q 1213_Draft1.xlsx



22%

Outdoor Media

6%

Office

Buildings

and Others

35%

Digital*

HISTORICAL OPERATING REVENUE (THB mn) KEY FACTORS

Media revenue of THB 5,735mn, an increase of 10.2% YoY mainly driven by the

growth in Digital services segment

• Digital Services revenue* rose by 54.3% YoY to THB 2,026mn largely due

to the revenue recognition of VGI Digital Lab

• OOH Media revenue** decreased by 4.7% YoY to THB 3,709mn, chiefly

due to a digital transformation impact on BTS stations and lower

utilisation rate of Office Media

Costs increased by 36.9% YoY to THB 2,627mn primarily due to higher cost of

project management and online advertising under Digital Services segment

Operating EBITDA margin declined YoY to 36.2% (45.4% in FY 2018/19)

Share of net profit from Kerry Express (Thailand) of THB 268mn (THB 169mn in

FY 2018/19)

37%

BTS – Related

Media

MEDIA

(THB mn)

FY

2019/201

FY

2018/19 %YoY

Operating revenue 5,735 5,204 10%

Costs of revenue 2,627 1,919 37%

Gross profit 3,108 3,285 (5)%

Operating EBITDA 2,077 2,363 (12)%

Gross margin (%) 54.2% 63.1%

Operating EBITDA margin (%) 36.2% 45.4%

FY 2019/20

OPERATING PERFORMANCE OPERATING REVENUE BREAKDOWN

9

Media

* Digital services revenue includes revenue generating from (i) Rabbit Group, (ii) VGI Digital Lab

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

986 928 1,010 1,204

568

411 435 597

632

361

4Q 18/19 1Q 19/20 2Q 19/20 3Q 19/20 4Q 19/20

Digital Services Business

OOH Media

*

1 Note that FY 2019/20 operating performances from Media business included contribution of MACO

and its subsidiaries for the period from April 2019 to January 2020

OOH Media (65%)






Residential

10%

HISTORICAL OPERATING REVENUE (THB mn) KEY FACTORS

Operating revenue was THB 381mn, an increase of 5.8% YoY, chiefly

from commercial property revenue which now primarily comprises of

revenue from Thana City Golf & Sports Club

Significant rise in share of net profit from investment in U City, our

associate, of THB 1,152mn (THB 80mn loss in FY 2018/19) largely due

to the recognition of gain of THB 1,118mn from the sale of Mochit

Land by U City.

Operating costs dropped by 5.6% YoY to THB 345mn.

OPERATING PERFORMANCE

PROPERTY

(THB mn)

FY

2019/20

FY

2018/19 %YoY

Operating Revenue 381 360 6%

Costs of revenue 345 326 6%

Gross profit 36 34 7%

Operating EBITDA (16) (22) (26)%

Gross margin (%) 9.5% 9.3%

Operating EBITDA

margin (%) (4.3)% (6.1)%

OPERATING REVENUE BREAKDOWN

FY 2019/20

NOTE: Property operating performances exclude share of profit/(loss) from investment

in U City

10

Property

90%

Commercial

& Others

89

80

100

113

88

4Q 18/19 1Q 19/20 2Q 19/20 3Q 19/20 4Q19/20






52,310 67,245

50,477

72,940

41,611

32,915

31 Mar 19 31 Mar 20

Total shareholders' equity Total non-current liabilities

Total current liabilities

173,100

144,398

124,745 150,702

19,653

22,398

31 Mar 19 31 Mar 20

Total non-current assets Total current assets

173,100

144,398

Cash

31 Mar 19: THB 4.0bn


Cash & liquid investment

31 Mar 19: THB 18.7bn

31 Mar 20: THB 17.7bn

Current Investments



Long-Term Investments

31 Mar 19: THB 14.6bn

31 Mar 20: THB 17.9bn

86%

14%

13%

87%

19%

39%

42%

36%

29%

35%

FY 2019/20: 1.32x FY 2018/19: 1.39x

Gross Debt

to Equity

FY 2019/20: 1.05x FY 2018/19: 1.03x

Adjusted Net

Debt2 to Equity

FY 2019/20: 7.35x FY 2018/19: 7.43x

Adjusted Net Debt2

to Recurring EBITDA

FY 2019/20: 3.32x FY 2018/19: 3.74x

Interest Coverage

FY 2019/20: 0.68x FY 2018/19: 0.47x

Current Ratio

ASSETS BREAKDOWN LIABILITIES AND EQUITY BREAKDOWN

KEY RATIOS

11

Financial Position as of 31 March 2020

1 Comprised of 19% floating-rate debt and 81% fixed-rate debt 2Adjusted Net Debt = Interest Bearing Debt – Cash and Cash Equivalent and Liquid Investment

(THB mn) (THB mn) Gross Debt

31 Mar 19: THB 72.5bn

31 Mar 20: THB 88.6bn1

Adjusted Net Debt2

31 Mar 19: THB 53.8bn

31 Mar 20: THB 70.9bn

*****

Issued Ordinary Shares

31 Mar 19: 11,845.4mn

31 Mar 20: 13,154.3mn





Agenda





12



Mass Transit Update 9 out of 16 Northern Green stations began operational

Northern Green Line extension

(16 stations, 17.8km)

N 8

M O C H I T

N 9

H A Y A E K

L A T P R A O

K A S E T S A R T

U N I V E R S I T Y

N 1 3

R O Y A L

F O R E S T

D E P A R T M E N T

N 1 4

B A N G B U A

N 1 5

1 1 T H

I N F A N T R Y

R E G I M E N T

N 1 6

W A T P H R A S R I

M A H A T H A T

N 1 7

K H U K H O T

N

2

4

N 24

Aug 2019

Current Green Line

network operation

52 stations

58.1 km

Green Line, to be

operational in 2020

59 stations

66.7 km

13 BTS Group Earnings Presentation

Section 2: Business Updates

Targeted in

Dec 2020

5 Jun 2020

Dec 2019



Transportation Update



EXTENSION GREEN ZONE 2 PINK AND YELLOW LINE

Consortium N.A.

(100% BTS)

75% BTS

15% STEC

10% RATCH

Authority BMA MRTA

Investment

Type

O&M Contract PPP Net Cost

Operation 25 years 30 years

Scope Train procurement

25 years: O&M

39 months:

Construction

30 years: Farebox

revenue collection and

O&M

Project Cost Train procurement

≈THB 9.8bn

≈THB 96.1bn (gov’t subsidy, THB 47.55bn)

Status Southern: full operation

in Dec 18

Northern: Expected full

operation by 2020

PPP Contract signed

Expected COD: Oct 21

M6 MOTORWAY M81 MOTORWAY U-TAPAO AIRPORT

40% BTS

40% GULF

10% STEC

10% RATCH

40% BTS

40% GULF

10% STEC

10% RATCH

45% BA

35% BTS

20% STEC

DOH DOH RTN

PPP Gross Cost PPP Gross Cost PPP Net Cost

30 years 30 years 47 years

3 years: Design &

Construction (Toll

Plaza, Toll Collection

System, Traffic Mgt

Control System,

Other infrastructure

30 years: O&M

3 years: Design &

Construction (Toll

Plaza, Toll Collection

System, Traffic Mgt

Control System,

Other infrastructure

30 years: O&M

3 years: Design &

Build Passenger

Terminal Building 3,

Commercial Gateway,

Cargo Village, Cargo

Complex

47 years: O&M

[to be disclosed] [to be disclosed]

THB 27bn

(phase 1)

PPP Contract signing

expected by Jul 20


expected by Jul 20


expected by Jun 20

Remarks: This summary excludes “30-year O&M Contract” for Gold Line Phase 1 (Krung Thon Buri – Klong San, 1.7km, 3 stations) which the contract was signed in Jul 18, expected COD in 4Q 20.



Media Update VGI’s key developments in FY 2019/20



ADVERTISING PAYMENT LOGISTICS

Established VGI Digital Lab, an

online media agency, focusing

on creating online/digital

marketing campaign based on

the Group’s DMP

Partnered with iClick

Interactive Asia Group, the

largest online marketing and

data technology platform in

China

Changed in classification of

an investment in MACO from

subsidiary to associate

company

Realised considerable

synergies with PlanB by

launching new media

packages such as Bangkok

Takeover, Street Combo and

Bangkok Combo

Partnered with SAHA

Group, Thailand’s

consumer product

leader

• Opened 12 Lawson

shops on BTS

Continued to experience

strong user growth

• 13.0mn Rabbit cards

• 7.3mn Rabbit LinePay

users

Delivered the better

experience for consumers

through synergies with

Kerry

• > 600,000 Smart

Sampling

• > 500,000 Parcel Wrap

• > 400 Trucks Wrap



U City’s Project Update

VERSO INTERNATIONAL SCHOOL THE CUSTOMS HOUSE (ROI CHAK SAM) THE UNICORN PHAYATHAI

Concept Providing unique learning experience by

paring modern technology and

contemporary teaching techniques

A luxurious 5-star hotel project in a rare,

historic, colonial-era heritage building

located along magnificent Chao Praya

Riverside

51 levels of mixed-use building

comprising of retail, office, hotel and

residence

Project Value Approximately THB 4.8bn Approximately THB 4.6bn Approximately THB 9.3bn

Location Thana City On the Chao Praya Riverside, Soi

Charoenkrung 36, Bangrak, Bangkok

Adjacent to 2 mass transit stations: BTS

Phayathai Station and Airport Rail Link

Land Area 79.4 Rai or 12.7 Ha (127,065 sqm) 5.15 Rai or 0.82 Ha (8,240 sqm) 7.3 Rai or 1.2 Ha (11,749.6 sqm)

Construction

Timeline

Project Period Approximately 39 months 6 years Approximately 48 months

Status

(as of 31 Mar 20)

90% On the Fine Arts Department submission

process for approval

14%

4Q 2019 2024

Start Completion

3Q 2017 1Q 2022

Start Completion

2017 2Q 2020

Start Completion





Agenda







Mass Transit Update Progress of 46 New Trains Delivery

18

79 trains currently in service (vs 52 trains in 2015)

98 trains are expected to be fully in service by 2020

24 trains all arrived 22 trains all arrived all trains in service


Section 3: Appendices

5 trains in service



Transportation Update Intercity Motorway – BGSR JV as the best bidder

19

Status

M6: Bang Pa In –

Nakhon Ratchasima

Investment Type PPP Gross Cost

Distance 196km

Contract Term 2 phases

3Y 30Y

Design & Construction Operating & Maintenance (O&M)

Budget Approved by the Cabinet THB 33.2bn

M81: Bang Yai –

Kanchanaburi

PPP Gross Cost

96km

THB 27.8bn

Authority Department of Highways

Department of Highways

Price Proposed by BGSR THB 21.3bn THB 17.8bn

BGSR

JV 40% 40%

10% 10%

Expected COD 2023 2023

Bang Pa In

Nakhon

Ratchasima

196km

96km

Bang Yai

Kanchanaburi

M

6

M

81



Scope of Works

Phase I: Design and Construction (3 years)

• Toll Collection System

• Traffic Management and Control System

• Other infrastructure

Phase 2: Operation and Maintenance (30 years)

PPP Contract signing expected by Jul 2020

Consortium’s Members



Transportation Update U-Tapao International Airport - BBS JV as the best bidder

Consortium’s Members

Location Plub Pla ,Ban Chang District,

Rayong Province

Land Area Approx. 1,600 Rai

Contract Type PPP Net Cost

Contract Term 50 Years

Authority Royal Thai Navy

Total Project

Cost THB 27bn (phase 1)

Sources of Fund Debt 70 : Equity 30

20

Project Details

45%

35%

20%

3 Years 47 Years

Design &

Build

Operation and

Maintenance

BBS JV

2

3

4

1

5

6

7

PPP Project Scope

1. Passenger Terminal Building 3

2. Commercial Gateway

3. Cargo Village as a Free Zone

4. Cargo Complex

5. Maintenance, Repair & Overhaul

Facilities

6. Aviation Training Center

7. Passenger Terminal Building 1 & 2

Timeline

Source: Company Data and Market Sounding

21 March 2019

Bidding

submission

30 January 2020

BBS JV was announced

as the best bid winner

October 2018

RFP selling period

Package Inclusion:

Package Exclusion:

(42 companies bought U-Tapao RFP)



June 2020

Expected contract

signing



Western Orange

Eastern Orange

Eastern Orange

Western Orange

Mass Transit Update Orange Line – project at a glance

21

Underground Stations

Elevated Stations

ORANGE LINE (35.9KM, 28 STATIONS)

CAPEX Civil ~THB 111bn*

E&M ~THB 32bn

Route

Length

No. of

Stations

Taling Chan –

Thailand Cultural

Center

13.4km

11 (underground)

Route

Length

No. of

Stations

Thailand Cultural

Center - Min Buri

22.5km

17 (10 underground and

7 aboveground)

* Western Orange civil works and land

exploration CAPEX



EXPECTED TIMELINE

2023

Targeted Commercial

Operation Date for

Eastern Orange

MAY 2017

Civil work construction of

Eastern Orange began

Jun 2020

Expected request for

proposal (RFP) for Civil

work construction of

Western Orange & E&M,

available for sale

28 JAN 2020

Cabinet approved the

project

2026

Targeted Commercial

Operation Date for

Western Orange

Sep 2020

Expected bid submission



BTS Group Update Share of Income / (Loss) from Investments in JV & Associates

(THB mn)

(THB mn) FY 2019/20 FY 2018/19

Share of income/ (loss) from investments in

joint ventures (140) (406)

Bayswater (34) (267)

Rabbit Line Pay (111) (143)

Chefman (22) (35)

SPV AEON-Rabbit 41 37

Media’s JV (15) 3

Share of income/ (loss) from investments in

associates 2,212 957

BTSGIF 848 898

CPX (1) 0

Media’s associates

Kerry 268 169

Aero (46) (27)

DEMO 27 (2)

Others and VGIM’s Associates (114) (57)

Ads Chaopraya (10) 0

MACO (Discontinued Operation) 87 58

U City 1,152 (80)

Total 2,072 552

FY 2019/20 SHARE OF NET PROFIT/ (LOSS) BREAKDOWN BY BU

(THB mn)

22

847

127

1,118

(22)

2,072

Mass Transit Media Property Services Total





BTS Group Update BTS-W5 Term Sheets



23

BTS-W5 TERMS AND CONDITIONS

Ticker BTS-W5

Term 1 year from the issuance date

Issuance date 17 February 2020

Expiry date 16 February 2021

Warrants price nil

No. of warrants 1,315,385,979 units

Allocation To existing shareholders at the ratio of 10 existing BTS shares : 1 BTS-W5

Exercise ratio 1 BTS-W5 to 1 new common share of BTS

Exercise price THB 14 per share

Expected maximum proceeds THB 18.4bn

Exercise period Quarterly



FY 2020/21 Mass Transit Guidance

THB bn 20

Pink & Yellow Lines

Construction

THB bn 6

Mass-transit related

interest income

THB bn 2.6

E&M provision and

train procurement for

Green Line extensions

Train O&M

revenue

THB bn 5.2

Mass Transit CAPEX

THB bn 26


40% YoY



BTSGIF Earnings Presentation 4Q 19/20 and FY 19/20 ended 31 Mar 2020

11 Jun 2020

SET Opportunity Day

Disclaimer

This is not prospectus of BTS Rail Mass Transit Growth Infrastructure Fund (“BTSGIF” or “the Fund”). Investment in the Funds contains certain risk. Before investing, please carefully study the prospectus of the Funds. An investment in investment units shall not be deemed as deposit of money. The unitholders may receive an amount of any return that is more or less than the initial amount invested. Furthermore, the Fund has intention to invest in infrastructure projects which is a long-term investment; as a consequence, the investors ought to be aware of its risks from and returns on investment in investment units. This Fund invests in the future net farebox revenue from the Core BTS SkyTrain System. Its value may decrease along with elapse of the concession term, thus decreasing the value of the investment units accordingly. The unitholders will receive return of initial investment in the form of dividend and capital reduction. Once the term expires according to the Net Revenue Purchase and Transfer Agreement that the Fund has invested in, the value of the investment units may decrease to Baht zero. This document has been prepared solely for the information purpose. The information contained herein is general and does not constitute advice or opinion, and should not be regarded as a substitute for detailed advice in individual cases. None of this information in this document constitutes an offer to treat, buy or sell any security or to participate in any trading strategy. Third parties cannot derive any rights from this document. While particular attention has been paid to the contents of this document, no guarantee, warranty or representation, express or implied, is given to the accuracy, correctness or completeness thereof. Any information given in this document may be subject to change or update without notice. No liability (such as, but not limited to, direct, consequential, special, punitive or indirect damages) will be accepted for any loss sustained by readers as a result of using this document or basing decisions on it. Please note that the investment is not a deposit of money and may be subject to certain risks. The value of your investment may rise or fall and also past performance is not insisting of future performance and shall in no event be deemed as such. For more information relating to the Fund, please visit www.btsgif.com or www.bblam.co.th

2 BTSGIF 4Q 19/20 and FY 19/20 Ended 31 Mar 2020 Earnings Presentation

http://www.btsgif.com/





http://www.bblam.co.th/







Page

I. Financial Highlights 4

II. Core Network Performance 10

III. Distribution Summary 13

IV. Business Update 16

Appendix 22

Contents


4

4Q 19/20 Income Statement

BTSGIF 4Q 19/20 and FY 19/20 Ended 31 Mar 2020 Earnings Presentation

Financial Highlights

Unit (THB mn) 4Q 19/20 4Q 18/19 % YoY 3Q 19/20 % QoQ

Income from investment in NRTA (see details in slide 6) 978.4 987.1 (0.9)% 1,270.0 (23.0)%

Interest income 3.9 5.0 (21.8)% 5.0 (22.0)%

Total Income 982.3 992.1 (1.0)% 1,275.0 (23.0)%

Fund management fee and expenses 17.0 21.6 (21.6)% 17.8 (4.4)%

Other expenses 2.8 (9.4) 129.9% 0.5 416.4%

Total Expenses 19.8 12.2 61.3% 18.3 8.1%

Net Investment Income 962.5 979.9 (1.8)% 1,256.7 (23.4)%

Total net losses on valuation of investments (5,907.4) (5,300.1) 11.5% (208.0) 2,739.6%

Changes in Net Assets resulting from Operations (4,944.9) (4,320.2) (14.5)% 1,048.7 (571.5)%

Net Investment Income Margin (%) 98.0% 98.8% 98.6%

THB/Unit THB/Unit THB/Unit

Net income available to the unitholders (to be paid as dividend if the fund has sufficient retained

earnings) (4,945.0) (0.854) (4,320.2) (0.746) (14.5)% 1,048.7 0.181 (571.5)%

Add back excess liquidity from loss on valuation of investments *

5,890.0 1.017 5,300.0 0.915 11.1% 200.0 0.034 2,845.0%

Total distribution available to unitholders 945.0 0.163 979.8 0.169 (3.6)% 1,248.7 0.215 (24.3)%

* Net from investment cost for Suksa Wittaya station of THB 17.6mn in 4Q 19/20 and 7.9mn in 3Q 19/20.

In 4Q 19/20, BTSGIF recognised a loss from valuation of investment of THB 5,907.4mn primarily from the devaluation in the fair value of its investment in NRTA of THB 5,890.0mn (non-cash expense), following the Fund’s reappraisal (significant impact of COVID-19). The new fair value of investment in NRTA, hence, decreased to THB 52,410mn from THB 58,300mn in the previous quarter.

The appraisal value decreased from the previous report due to COVID-19 impact and updated various factors, the key changes were i) COVID-19 impact on net farebox revenue in FY 20/21 ii) lower economic growth rate and inflation rate iii) a delay in the implementation of the dual track station iv) delay of the opening of various train lines.

5

FY 19/20 Income Statement



Unit (THB mn) FY 19/20 FY 18/19 % YoY

Income from investment in NRTA (see details in slide 7) 4,798.4 4,603.0 4.2%

Interest income 20.3 17.7 15.3%

Total Income 4,818.7 4,620.7 4.3%

Fund management fee and expenses 74.0 84.8 (12.7)%

Other expenses 14.7 10.5 40.2%

Total Expenses 88.7 95.3 (6.9)%

Net Investment Income 4,730.0 4,525.4 4.5%

Total net losses on valuation of investments (6,729.8) (6,300.0) 6.8%

Changes in Net Assets resulting from Operations (1,999.8) (1,774.6) (12.7)%

Net Investment Income Margin (%) 98.2% 97.9%

THB/Unit THB/Unit

Net income available to the unitholders (to be paid as dividend if the fund has sufficient retained earnings)

(1,999.8) (0.345) (1,774.6) (0.306) (12.7)%

Add back excess liquidity from loss on valuation of investments * 6,690.0 1.155 6,300.0 1.088 6.2%

Total distribution available to unitholders 4,690.2 0.810 4,525.4 0.781 3.6%

* Net from investment cost for Suksa Wittaya station of THB 40.0mn in FY 19/20



4Q 19/20 income from investment in NRTA

Unit (THB mn) 4Q 19/20 4Q 18/19 Change

(YoY) % YoY 3Q 19/20

Change

(QoQ) % QoQ

Farebox revenues 1,457.5 1,768.8 (311.3) (17.6)% 1,815.8 (358.3) (19.7)%

Total operating and maintenance costs 479.1 781.7 (302.6) (38.7)% 545.8 (66.7) (12.2)%

Employees expenses 147.9 152.3 (4.4) (2.9)% 211.8 (63.9) (30.2)%

Maintenance costs 141.2 130.8 10.4 7.9% 110.7 30.5 27.6%

Utilities expenses 90.8 94.2 (3.4) (3.6)% 92.4 (1.6) (1.7)%

Property insurance premium 17.2 21.4 (4.2) (19.6)% 0.0 17.2 100.0%

Selling expenses 17.3 11.6 5.7 49.8% 18.0 (0.7) (3.7)%

Administrative and other expenses 25.4 32.2 (6.8) (21.2)% 20.1 5.3 26.1%

Capital expenditures 39.3 339.2 (299.9) (88.4)% 92.8 (53.5) (57.6)%

Total income from investment in NRTA 978.4 987.1 (8.7) (0.9)% 1,270.0 (291.6) (23.0)%

Income from investment in NRTA margin (%) 67.1% 55.8% 69.9%

FAREBOX REVENUE

Farebox revenue was THB 1,457.5mn, down 17.6% YoY and 19.7% QoQ. Due to the significant impact of Coronavirus Disease 2019 (COVID-19) outbreak since late January 2020, ridership this quarter dropped by 17.5% YoY and 19.9% QoQ to 50.4 mn trips. And average fare decreased 0.2% YoY from the higher proportion of monthly pass tickets in this quarter (note that monthly pass tickets generate cheaper average fare compared to other types of tickets) but increasing 0.2% QoQ from free trips for the Royal Coronation Ceremony of King Rama X in last quarter.

O&M COSTS

O&M costs were THB 479.1mn, down 38.7% YoY and 12.2% QoQ.

YoY decrease was from (i) lower CAPEX (mainly from radio upgrade of THB 22.4mn and rolling stocks of THB 1.9mn compared to AFC upgrade of THB 225.4mn, rolling stocks of THB 69.0mn and radio upgrade of THB 29.4mn last year), (ii) lower administrative and other expenses (mainly the decrease in environmental testing fee and lower ticket expenses) being partially offset by (iii) higher maintenance costs from maintenance contracts for new rolling stocks and costs of additional mileage exceeding service km specified in the contract.

QoQ decrease was led by (i) bonus paid to employees last quarter, (ii) lower CAPEX (AFC upgrade of THB 31.5mn, rolling stocks of THB 22.2mn and radio upgrade of THB 19.8mn last quarter), but partially offset by (iii) higher maintenance costs from additional mileage paid in the 4th quarter, space renovation to set up the TVM and higher lift and escalator maintenance costs and (iv) higher property insurance premium being paid in every 4th quarter.



FY 19/20 income from investment in NRTA

Unit (THB mn) FY 19/20 FY 18/19 Change

(YoY) % YoY

Farebox revenues 6,814.2 6,962.5 (148.3) (2.1)%

Total operating and maintenance costs 2,015.8 2,359.5 (343.7) (14.6)%

Employees expenses 693.0 785.5 (92.5) (11.8)%

Maintenance costs 466.0 467.6 (1.6) (0.3)%

Utilities expenses 372.9 384.2 (11.3) (3.0)%

Property insurance premium 17.3 21.5 (4.2) (19.5)%

Selling expenses 71.5 77.8 (6.3) (8.2)%

Administrative and other expenses 90.8 114.8 (24.0) (20.9)%

Capital expenditures 304.3 508.1 (203.8) (40.1)%

Total income from investment in NRTA 4,798.4 4,603.0 195.4 4.2%

Income from investment in NRTA margin (%) 70.4% 66.1%

FAREBOX REVENUE

Farebox revenue was THB 6,814.2mn, down 2.1% YoY from

i) ridership drop by 1.7% YoY to 236.9 mn trips due to the significant impact of Coronavirus Disease 2019 (COVID-19) outbreak since late January 2020 and

ii) average fare drop by 0.4% YoY due to free trips during the Royal Coronation Ceremony of King Rama X on 5-6 May and 12 Dec 2019, a total of 2.1mn trips (but this is partially offset by free-trip allowance to passengers from train services disruption last year)

O&M COSTS

O&M costs were THB 2,015.8mn, decreasing 14.6% YoY primarily from

i) lower CAPEX (rolling stocks of THB 161.4mn, radio upgrade of THB 42.2mn and AFC upgrade of THB 31.5mn compared to AFC upgrade of THB 269.9mn, radio upgrade of THB 100.5mn and rolling stocks of THB 84.5mn last year) and

ii) lower employee expenses from lower allocation costs from the opening of new green line extensions

1 In FY 18/19, farebox revenue was after deducting net free-trip allowance to passengers from train services disruption of THB 18.5mn.

1



Balance Sheet

(Unit: THB mn) 31 Mar 2020 31 Dec 2019 31 Mar 2019

Investment in NRTA

at cost 52,410.0

61,472.2

58,300.0

61,454.6

59,100.0

61,432.1

Investment in Securities at fair value

and Cash at bank 997.5 1,156.5 1,173.5

Other Assets 54.1 169.8 4.9

Total Assets 53,461.6 59,626.3 60,278.4

Total Liabilities 53.6 28.9 159.1

Net Asset Value 53,408.0 59,597.4 60,119.3

Capital Received from Unitholders 58,348.8 55,545.6 61,416.5

Retained Earnings (Deficits) (4,940.8) 1,051.8 (1,297.2)

NAV per Unit (THB) 9.2273 10.2967 10.3868

As of 31 Mar 2020, total assets stood at THB 53,461.6mn.

The main components were

- Investment in the NRTA of THB 52,410.0mn, decreased by THB 5,890.0mn from 31 Dec 2019

- Investment in securities at fair value and cash at bank of THB 997.5mn

- Other assets of THB 54.1mn (primarily account receivable from NRTA of THB 50.0mn)

Total liabilities stood at THB 53.6mn (no interest bearing debt), primarily accrued withholding tax of THB 25.2mn and other payables and accrued expenses, not yet due, of THB 24.8mn. Net Asset Value (NAV) as of 31 Mar 2020 was THB 53,408.0mn, equivalent to THB 9.2273 per unit.

Page





Appendix 22

Contents



Core Network Performance

4Q 19/20 Core Network Performance

Quarterly ridership : 50.4mn trips in 4Q 19/20

Due to the impact of COVID-19 since late January 2020, ridership

declined by 17.5% YoY and 19.9% QoQ.

The government has issued notifications forcing temporary closure of

various businesses. Additionally, the government requested for

people’s cooperation to stay at home and work from home in order

to control the spread of infection, causing the decrease in BTS

SkyTrain ridership in this quarter.

4Q 19/20

Ridership 50.4mn trips, -17.5% YoY, -19.9% QoQ

Average fare (excluding extra events)

THB 28.9/trip, -0.2% YoY, -1.3% QoQ

Average fare (including extra events)

THB 28.9/trip, -0.2% YoY, +0.2% QoQ

Average weekday ridership 630,658 trips, -16.8% YoY, -18.6% QoQ

QUARTERLY HISTORICAL AVERAGE FARE & GROWTH QUARTERLY HISTORICAL RIDERSHIP & GROWTH

61.1 59.6 63.9 63.0

50.4

-0.8% -2.4%

7.2%

-1.5%

-19.9%

1.5% 4.4%

4.4%

2.2%

-17.5%

4Q 18/19 1Q 19/20 2Q 19/20 3Q 19/20 4Q 19/20

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

29.0 29.1* 28.8 29.3* 28.9

-0.4%

0.4%

-0.9%

1.7%

-1.3%

0.6%

0.1%

0.0%

0.7%

-0.2%

4Q 18/19 1Q 19/20 2Q 19/20 3Q 19/20 4Q 19/20

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

EXPLANATION SUMMARY

* Average fares above were calculated before extraordinary events for comparison purpose.


Core Network Performance

FY 19/20 Core Network Performance

Note: Average fares above were calculated before extraordinary events for comparison purpose.

FY 19/20 Ridership: decreased from the COVID-19 impact since late January 2020

although during the first 9 months, ridership continued to grow from

the opening of the new green line extensions: Southern line from

Samrong station to Khe Ha station in Dec 2018 and Northern line

from Mo Chit station to Ha Yaek Lat Phrao station in Aug 2019 and

to Kasetsart university station in Dec 2019.

Average fare: THB 29.0 / trip, increasing by 0.2% YoY

FY 19/20

Ridership 236.9mn trips, -1.7% YoY

Average fare (excluding impact of free-trip this year and allowance last year)

THB 29.0/trip, +0.2% YoY

Average fare (including all impacts) THB 28.8/trip, -0.4% YoY

Average weekday ridership 735,385 trips, -1.2% YoY

YEARLY HISTORICAL AVERAGE FARE & GROWTH YEARLY HISTORICAL RIDERSHIP & GROWTH

EXPLANATION SUMMARY

27.5 28.0

28.3 29.0 29.0

2.4% 1.6% 1.4% 2.2% 0.2%

FY 15/16 FY 16/17 FY 17/18 FY 18/19 FY 19/20

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

232.5

238.0 241.2 241.0

236.9

6.3%

2.4% 1.3%

-0.1% -1.7%

FY 15/16 FY 16/17 FY 17/18 FY 18/19 FY 19/20

Ridership (mn trips) Ridership Growth (%YoY)

Page





Appendix 22

Contents



Distribution Summary

Historical Distribution

FY Period No. Dividend Payment (THB per unit)

No.

Capital Return (THB per unit)

Total (THB per unit)

13/14 17 Apr 2013 – 31 Mar 2014 1-4 0.579 - - 0.579

14/15 1 Apr 2014 – 31 Mar 2015 5-8 0.606 1-2* 0.125 0.731

15/16 1 Apr 2015 – 31 Mar 2016 9-12 0.692 3 0.064 0.756

16/17 1 Apr 2016 – 31 Mar 2017 13-16 0.772 - - 0.772

17/18 1 Apr 2017 – 31 Mar 2018 17-20 0.798 - - 0.798

18/19 1 Apr 2018 – 31 Mar 2019 21-23 0.611 4 0.169 0.780

1Q 19/20 1 Apr 2019 – 30 Jun 2019 - - 5 0.204 0.204

2Q 19/20 1 Jul 2019 – 30 Sep 2019 24 0.103 6 0.123 0.226

3Q 19/20 1 Oct 2019 – 31 Dec 2019 25 0.181 7 0.034 0.215

4Q 19/20 1 Jan 2020 – 31 Mar 2020 - - 8 0.130 0.130

Total 17 Apr 2013 – 31 Mar 2020 1-25 4.342 1-8 0.849 5.191

* Payout from FY13/14 – 14/15 performances

Timetable of the 8th capital return

XN Date Book Closure Date Payment Date

11 Jun 20 15 Jun 20 29 Jun 20




1 Adjusted net profit = BTSGIF net profit less unrealised gain from the appraisal of assets and other adjustment items to be in line with the cash-basis of BTSGIF

Dividend Payment: Payout of not less than 90% of adjusted net profit1 p.a. and retained earnings (quarterly payment) , and prohibit to pay dividend if the fund had retained deficit. Capital Return: The Fund has excess liquidity (cash from amortisation of fund issuance costs and loss on valuation of investment (non-cash expense)) and reduce its registered capital

DISTRIBUTION

Distribution to unitholders (THB 0.775/unit in FY19/20, and THB 0.780/unit in FY18/19)

Unit : THB/unit

* Payout from FY13/14 – 14/15 performances

*

0.000 0.125 0.064 0.000 0.000 0.169

0.491

0.579

0.606 0.692 0.772 0.798 0.611 0.284 0.579

0.731 0.756 0.772 0.798 0.780 0.775

FY 13/14 FY 14/15 FY 15/16 FY 16/17 FY 17/18 FY 18/19 FY 19/20

Capital Return Dividend

Page





Appendix 22

Contents



Business update

Loss on Valuation of Investments and Impact

16

Reappraisal (as significant change)

Loss on valuation of investment in NRTA

Retained Deficit (as of Mar 20)

The Fund has excess cash, yet, unable to pay a dividend from 4Q 19/20 performances

But being paid as CAPITAL RETURN

IMPACT FROM THE COVID-19 OUTBREAK

Dividend 2Q-3Q THB 0.284

Capital return 1Q – 4Q THB 0.491

Total FY 19/20 Distribution THB 0.775

• As per SEC, reappraisal of the Fund’s investment1 must be done every 3 years or when having any significant change. • During 4Q 19/20, “Coronavirus (COVID-19) outbreak” impacted significantly to the “Net Farebox Revenue”, causing

the Fund’s reappraisal. • In 4Q 19/20, there was a loss on valuation of investment of THB 5.9bn (non-cash expense)

1 Under normal circumstances, the Fund intends to reappraise its assets every 2 years.


Business update

Changes of Key Factors in Valuation Reports

17

KEY FACTOR PREVIOUS REPORT (as of MAR 16)

PREVIOUS REPORT (as of MAR 19)

CURRENT REPORT (as of MAR 20)

1. COVID-19 • No COVID-19 • No COVID-19 • Impact from COVID-19

2. Lower economic growth rate • 4.0% in 2019 - 2026 • 4.0% in 2027 onwards

• 4.0% for 2019-2021 • 3.5% for 2022-2026 • 3.0% from 2027 onwards

• 2.4% for 2019 (2.0)% for 2020 4.5% for 2021

• 3.5% for 2022-2026 • 3.0% from 2027 onwards

3. Lower inflation rate 3% 2.5% 2.25%

4. Integrated fare structure of MRTA lines (one-time boarding fee)

No fare integration (boarding fee in each MRT line)

Fare integration; Blue, Purple, Orange (one-time boarding fee)

Fare integration; Blue, Purple, Orange (one-time boarding fee) (unchanged from Mar 19)

5. Delay in the implementation of dual track & the impact of closure of Saphan Taksin station

Expected dual track implementation in 2021

Closure 2 years and expected dual track implementation in 2022


6. Moving the van terminal at Victory Monument

Having van terminal at Victory Monument

Moving van terminal at Victory Monument

Moving van terminal at Victory Monument (unchanged from Mar 19)

7. Delay of the opening of Green Line Extension

• Bang Wa - Taling Chan in 2019 • National Stadium - Yodsay

in 2021

• Bang Wa - Taling Chan in 2022

• No National Stadium - Yodsay

• Bang Wa - Taling Chan in 2024

• No National Stadium - Yodsay

8. Delay of Suksa Wittaya station 2017 2020 2021

Valuation decrease - 4Q 18/19 = THB 5.3bn 4Q 19/20 = THB 5.9bn


Business update

Key Factors to a Decrease in Valuation

18

KEY FACTOR PREVIOUS REPORT MAR 19 (as of DEC 19)

CURRENT REPORT (MAR 20)

CHANGE

1. COVID-19 Impact for FY20/21

• No COVID-19 • Impact from COVID-19 THB (3.1)bn (or 50% of total decrease)

2. Shortened concession period per quarter

THB (200)mn THB (300)mn THB (100)mn

3. Lower economic growth rate GDP Impact on ridership growth (CAGR from FY18/19A – FY29/30)

• 4.0% for 2019-2021 • 3.5% for 2022-2026 • 3.0% from 2027 onwards Ridership CAGR = 3.9%

• 2.4% for 2019 • (2.0)% for 2020 • 4.5% for 2021 • 3.5% for 2022-2026 • 3.0% from 2027 onwards Ridership CAGR = 3.5%

• (1.6)% for 2019 • (6.0)% for 2020 • +0.5% for 2021 Decrease 0.4% p.a.

4. Lower inflation rate p.a. (CPI) Impact on average fare (CAGR from FY18/19A – FY29/30)

2.5% Fare CAGR = 3.1%

2.25% Fare CAGR = 2.5%

(0.25)% Decrease 0.6% p.a.

5. Delay in the implementation of dual track and the impact of closure of Saphan Taksin station



Delay 1 year (ridership drop ~2% in one year)

6. Delay of the opening of Green Line Bang Wa - Taling Chan

2022 2024 Delay 2 years

Valuation decrease 3Q 19/20 = THB (0.2)bn 4Q 19/20 = THB (5.9)bn THB (5.7)bn

Fact

ors

#3

to

#6

, to

tal d

ecre

ase

of

THB

2.5

bn

(

reve

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ow

n b

y TH

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.7b

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nd

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Fact

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Business update

Key Factors to a Decrease in Valuation

19

Expenses, 15% THB 0.8bn

Shortened concession,

5% or THB 0.3bn

Revenue, 50% THB 3.1bn

Revenue, 30% THB 1.7bn

From the impact of the COVID-19 outbreak Valuation decrease of THB 3.1bn or 50% of THB 5.9bn Note: Impacted to FY20/21 farebox revenue)

From the impact of changes in forecasted GDP and Inflation in FY 21/22 to FY 29/30 • GDP impact on ridership: A decrease of 0.4% p.a. • Inflation impact on fare: A decrease of 0.6% p.a. Resulting to a decrease in net farebox revenue of 1.0% p.a.

Valuation as of 31 Mar 2020 was THB 52.4bn, decreasing from THB 58.3bn as of 31 Dec 2019. A decrease of THB 5.9bn was from

1. A decrease in revenue : THB 4.8bn (80%)

2. An increase in expense: THB 0.8bn (15%)

3. Shortened concession period impact: THB 0.3bn (5%)

Components of a change in valuation of THB 5.9bn

From shortened concession period Valuation decrease of THB 0.3bn or 5% of THB 5.9bn


Business update

Suksa Wittaya Station (S4)

Winner announcement with final price

• 570m from Surasak station (S5) and 610m from Chong Nonsi station (S3)

• Side platform station similar to S3 and S5 with

typical stairs and escalator • Total investment cost ~THB 650mn

• The Fund will provide 50% of the investment cost, using existing cash

Project details Tentative timeline

15 Oct 2015 BMA Approval

Submission of bidding document Jan 2016

Trustee Approval Jun 2016

Signed construction contract Aug 2016

Construction finish

S4 Operation

3 months

2 months

18 months

2.5 months

Additional FY 2021/22E (first operating year)

Ridership ~10,600 trips / weekday

Gross farebox revenue ~THB 119mn p.a.

Net farebox revenue ~THB 90mn p.a.

Apr 2016

2 months

BMA Approval and started construction

Sep 2019

36 months

1Q 2021

20

Progress of the construction work as of Mar 2020

Plan Actual Early/Delay

41.0% 36.4% -4.6%


Page





Appendix 22

Contents

22

BTSGIF Appendix: Invest in 23.5km of BTS Core Network, 9 years concession remaining

Fund Name BTS Rail Mass Transit Growth Infrastructure Fund (“BTSGIF”)

Sponsors BTS Group Holdings PCL (“BTSG”) and Bangkok Mass Transit System PCL (“BTSC”)

Fund Management Company

BBL Asset Management Co., Ltd. (“BBLAM”)

Fund Supervisor Standard Chartered Bank (Thai) Pcl. (“SCBT”)

Initial Asset • Future net farebox revenue (Farebox revenue less related operating cost and CAPEX) from the Core BTS SkyTrain system (23.5km)

• Concession period ending 4 December 2029 (approximately 9 years remaining)

• Investment cost : THB 61,399mn • American Appraisal appraisal value: THB 61,000mn (Discount rate 9.0%) • fnAsia appraisal value: THB 59,400mn (Discount

rate 8.8%)(1)

Total Investment Units 5,788mn investment units

Par Value THB 10.8 per investment unit (THB 10.081 per investment unit as of Mar 2020)

Registered Capital THB 62,510.4mn; THB 58,348.8mn as of Mar 2020

Lock-up Arrangement Lock-up of BTSG’s 33.3% holding of BTSGIF units for 10 years from FY 13/14 to FY 22/23

(1) Discount cash flow without adjusting Mid-Year Convention

DARK GREEN MO CHIT – ON NUT 17.0km

LIGHT GREEN NATIONAL STADIUM - SAPHAN TAKSIN 6.5km

• 30-year concession (ending 4 Dec 2029) to exclusively collect ridership fare (and bear related expenses and capital expenditure)

• 23 stations over 23.5km located at CBD area of Bangkok • All investments made by BTSC: Including civil works, E&M and trains

(except land acquisition) • No revenue sharing or concession fees to BMA

Fund summary Initial asset: Core BTS SkyTrain system (until 2029)


BTSGIF at a Glance

23

THB

62.5bn

Raised from IPO

Concession expiry in 2029

≈9 years

remaining

Annual ridership in core network

(FY 19/20)

≈ 237mn trips

(735,385 trips / Weekday )

8.6%

CAGR

of Farebox revenue (19 yrs since inception)

of Core BTS SkyTrain (FY 19/20)

70.4%

EBITDA margin

Annual payout (FY 19/20)

BTSGIF is the first Infrastructure Fund in Thailand Invest in the 23.5km of BTS Core Network with 9 years concession remaining Position to benefit from passenger growth, fare increase and operating

leverage on Core Network Seek for new opportunities from mass transit infrastructure projects with

strong cash flow potential

Stock code BTSGIF

Outstanding shares (mn) 5,788

Market capitalisation (THB mn)* 42,542

Market capitalisation (USD mn)* 1,336

Closing price* 7.35

BTSGIF Stock information

*as of 29 May 2020


BTSGIF at a Glance

BTSGIF Appendix: BTSGIF at a glance

THB 0.775

Per unit

24

BTSGIF Core Ridership and Fare Appendix: FY 19/20 Ridership was 237mn trips and average fare was THB 29.0 per trip*

CAGR Ridership

(FY 18/19 – FY 29/30)

3.5%

CAGR Fare

(FY 18/19 – FY 29/30)

2.5%

CAGR FB Revenue

(FY 18/19 – FY 29/30)

6.0%

CAGR Net FB Revenue

(FY 18/19 – FY 29/30)

7.7%

CAGR since IPO (2013/14)

ds

Ridership +1.7%

Farebox Revenue +3.1%

CAGR since Inception (2000/01)

Ridership

+7.6%

Farebox Revenue +8.6%


Core Ridership and Fare

* Average fare were calculated before extraordinary events for comparison purpose.

215 219

233 238

241 241 237

26.4 26.9

27.5 28.0

28.3 29.0 29.0

22.5

23.5

24.5

25.5

26.5

27.5

28.5

29.5

190192194196198200202204206208210212214216218220222224226228230232234236238240242244246248250252254256258260

FY 13/14 FY 14/15 FY 15/16 FY 16/17 FY 17/18 FY 18/19 FY 19/20

Core BTS SkyTrain Ridership (mn trips) Fare (THB per trip)*

3,353 3,520 4,021

4,483 4,622 4,525 4,730

5.0%

14.2% 11.5%

3.1%

-2.1%

4.5%

FY 13/14 FY 14/15 FY 15/16 FY 16/17 FY 17/18 FY 18/19 FY 19/20

Net investment income Net investment income Growth (%YoY)

25

BTSGIF Performance Summary Appendix: Key financial highlights

THB mn THB mn

THB mn THB mn

FY 13/14 started from 17 April 2013 to 31 March 2014 **Total distribution available to unitholders comprises dividend and capital return (paid from excess cash of fund)

Revenue (gross farebox revenue) Income from investment in NRTA

Net investment income* Total distribution available to unitholders**

FY 13/14 started from 17 April 2013 to 31 March 2014 FY 13/14 started from 17 April 2013 to 31 March 2014

FY 13/14 started from 17 April 2013 to 31 March 2014

*Income from investment in NRTA less fund expenses


Performance Summary

5,470 5,874 6,397 6,636 6,821 6,962 6,814

7.4% 8.9% 3.7% 2.8% 2.1%

-2.1%

FY 13/14 FY 14/15 FY 15/16 FY 16/17 FY 17/18 FY 18/19 FY 19/20

Farebox revenue Farebox revenue Growth (%YoY)

3,774 3,957 4,475 4,576 4,696 4,603 4,798

4.9%

13.1%

2.2% 2.6%

-2.0%

4.2%

FY 13/14 FY 14/15 FY 15/16 FY 16/17 FY 17/18 FY 18/19 FY 19/20

Income from investment in NRTA (EBITDA)Income from investment in NRTA (EBITDA) Growth (%YoY)

3,707 3,890 4,392 4,499 4,622 4,525 4,690

4.9%

12.9%

2.4% 2.7% -2.1%

3.6%

FY 13/14 FY 14/15 FY 15/16 FY 16/17 FY 17/18 FY 18/19 FY 19/20

Total distribution available to unitholdersTotal distribution available to unitholders Growth (%YoY)

11

2.2

26

BTSGIF Appendix: Forecasted Ridership until FY 29/30

Projected ridership

CAGR Ridership

(FY 18/19A – FY 29/30)

3.5%

CAGR Fare

(FY 18/19A – FY 29/30)

2.5%

CAGR FB Revenue

(FY 18/19A – FY 29/30)

6.0%

CAGR Net FB Revenue

(FY 18/19A – FY 29/30)

7.7%

Note: These projections were derived from valuation report by C.I.T. Appraisal Co., Ltd. (CIT) which the forecast and assumptions were based on Systra MVA (Thailand), except for FY 20/21F was based on BTSC. FY 13/14A, ridership was for the full year of FY 13/14. FY29/30F (1 Apr 29 – 4 Dec 29), ridership growth was prorated to the full year.

Actual ridership

BTSGIF 4Q 19/20 and FY 19/20 ended 31 Mar 2020 Earnings Presentation

Forecast of Ridership until FY 29/30

21

4.7

21

8.7

23

2.5

23

8.0

24

1.2

24

1.0

23

6.9

16

9.9

26

4.4

27

2.9

29

2.0

29

9.9

31

2.8

31

4.2

33

1.0

34

1.3

23

7.9

1.9% 6.3% 2.4% 1.3% -0.1% -1.7%

-28.3%

55.6%

3.2% 7.0% 2.7% 4.3% 0.4% 5.3% 3.1% 2.6%

Forecasted ridership Ridership growth (%YoY)

4,2

50

Actual farebox revenue

27

BTSGIF Appendix: Forecast of Farebox Revenue until FY 29/30

Projected farebox revenue derived from valuation report

Note: These projections were derived from valuation report by C.I.T. Appraisal Co., Ltd. (CIT) which the forecast and assumptions were based on Systra MVA (Thailand), except for FY 20/21F was based on BTSC. FY 13/14A, farebox revenue was for the full year of FY 13/14. FY29/30F (1 Apr 29 – 4 Dec 29), farebox revenue growth was prorated to the full year.


Forecast of Farebox Revenue until FY 29/30

5,6

77

5,8

74

6,3

97

6,6

36

6,8

21

6,9

62

6,8

14

4,9

45

8,1

31

8,7

61

9,4

52

10

,20

4

10

,77

9

11

,31

7

11

,87

9

12

,82

3

9,0

08

3.5% 8.9% 3.7% 2.8% 2.1%

-2.1% -27.4%

64.4%

7.8% 7.9% 7.9% 5.6% 5.0% 5.0% 7.9% 3.4%

Forecasted farebox revenue Farebox revenue growth (%YoY)

3,3

53

28

BTSGIF Appendix: Projected Net Cashflow until FY 29/30

Actual net cashflow

Note: Net cashflow has deducted additional investment costs for the construction and improvement of S4 and S6 stations. These projections were derived from valuation report by C.I.T. Appraisal Co., Ltd. (CIT) which the forecast and assumptions were based on Systra MVA (Thailand) and Infra Asia (Thailand) Ltd., except for FY 20/21F was based on BTSC. FY29/30F (1 Apr 29 – 4 Dec 29), net cashflow growth was prorated to the full year.


Forecast of Net Farebox Revenue until FY 29/30

Projected net cashflow derived from valuation report

3,7

74

3,9

57

4,4

75

4,5

43

4,6

96

4,6

03

4,7

58

2,7

19

5,5

77

6,0

57

6,8

77

7,5

81

8,0

79

8,6

20

9,2

01

10

,08

5

7,1

06

4.9% 13.1% 1.5% 3.4% -2.0% 3.4%

-42.9%

105.1%

8.6% 13.5% 10.2% 6.6% 6.7% 6.7% 9.6% 3.7%

Forecasted net cashflow Net cashflow growth (%YoY)

29

BTSGIF Appendix: Costs and additional investment projection

Key costs guidance

Costs and Additional Investment Projection

Sources: Estimated based on valuation report from C.I.T. Appraisal Co., Ltd. (CIT) which the forecast and assumptions were based on Infra Asia (Thailand) Ltd.’s report and updated CAPEX and additional investment from BTSC. Except for FY 20/21 was based on BTSC.

Unit: THB mn

*Maintenance expenses mainly composed of Siemens lump-sum contracts for current and new coming 3 trains, expected THB 443mn p.a. (avg on a smooth basis) and the non-Siemens lump-sum contract (in-house P&C maintenance).

Source: Estimated base on Infra Asia forecast and updated CAPEX and additional investment from BTSC. Except FY 20/21 total costs were based on BTSC.

Normalised guidance p.a. (THB mn) from FY 20/21 to FY 28/29 (9 years)

% of total

OPEX 2,360 90%

Maintenance expenses* 839 32% Staff cost 742 28% Utilities expense 514 20% Others 265 10%

CAPEX 178 7%

Others 177 7%

Rolling stocks 1 0%

Additional Investment 72 3%

Total costs and additional investment 2,610 100%


Costs and Additional Investment Projection

33 40 282 130 210 30 - - - - - - - - - 251 150 251 150 84

161

- 75 207 220 83 171 207 220

83 171 424 143 130 185 169 162

164 162 209 225 196 119

1,6

20

1,7

10

1,7

02

1,7

27

1,8

04

1,7

10

1,7

02

1,7

27

1,8

04

1,8

51

1,7

12

1,8

14

2,2

38

2,3

25

2,3

83

2,4

59

2,5

39

2,4

88

2,4

54

2,5

42

1,7

82

1,696 1,917 1,922 2,093 2,125

1,917 1,922 2,093 2,125

2,359 2,056

2,226 2,553 2,704 2,576 2,623 2,701 2,697 2,678 2,738

1,901

OPEX CAPEX (others) CAPEX (rolling stocks) Additional Investment


Thank you

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