BTS GROUP HOLDINGS PCL

Transcription

1 BTS GROUP HOLDINGS PCL INVESTOR PRESENTATION OCTOBER 2018

2 IR Contact Address: IR Department 15 th Floor, TST Tower, 21 Soi Choei Phuang, Viphavadi-Rangsit Rd. Chomphon, Chatuchak, Bangkok, Thailand Telephone: +66(0) Fax: +66(0) Website: Disclaimer This document has been prepared and distributed by the Investor Relations Department of ( 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 forwardlooking statements, whether as a result of new information, future events or otherwise. 2

3 Contents Section 1 Section 2 Section 2.1 Section 2.2 Section 2.3 Section 2.4 Section 3 BTS Group in Brief Business Segment Profiles Mass Transit Business Media Business Property Business Services Business Financial Summary Appendices 3

4 BTS Group History APR 2013 MAR 2018 Company established as Tanayong Co., Ltd. (TYONG) to operate in property development field TYONG established a wholly-owned subsidiary, Bangkok Transit System Corporation Ltd. (BTSC), which won the SkyTrain concession bid BTSC exit court supervised rehabilitation procedure 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) BTSC sold the future Net Fare-box Revenue under its Concession Agreement to BTS Rail Mass Transit Infrastructure Fund (BTSGIF) BTSG completed the entire business transfer of Unicorn Enterprise Company Limited, our former subsidiary, to U City Public Company Limited, our associate TYONG listed on the Stock Exchange of Thailand under Property Development sector 1991 Commercial operation of the BTS SkyTrain commenced 1999 BTSC expanded into Media business through the acquisition of 100% of VGI Global Media Co., Ltd. (VGI) 2009 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 VGI Global Media PCL, the Group s Media subsidiary, listed on the Stock Exchange of Thailand OCT 2012 BTSC signed 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 Section 1: BTS Group in Brief 4

5 Business Organisation and Shareholding Structure as of 30 September Information based on book closure date on 14 Jun 18 with total issued shares = 11,845.5mn shares 2 BTSG holds 69.69% of VGI indirectly and directly as of 30 September Revenue from the Company recorded under Services BU 41% Kanjanapas Family 1 34% Institutional Investors 1 25% Individual Investors 1 LEGEND Listed entities Subsidiaries Associates JVs MASS TRANSIT BUSINESS 97.48% Bangkok Mass Transit System PCL (BTSC) BTS Infrastructure Services Co., Ltd 33.33% 100% 100% BTS Infrastructure Development Co., Ltd 75% Northern Bangkok Monorail Co., Ltd. 75% Eastern Bangkok Monorail Co., Ltd. BTS Rail Mass Transit Growth Infrastructure Fund (BTSGIF) 45.04% MEDIA BUSINESS VGI Advertising Media Co., Ltd. 888 Media Co., Ltd. Master Ad PCL Aero Media Group Co., Ltd % VGI Global Media PCL (VGI) 2 Point of View (POV) Media Group Co., Ltd. VGI Global Media (Malaysia) Sdn Bhd BV Media Ads Limited Demo Power (Thailand) Co., Ltd. The ICON VGI Co., Ltd. Supremo Media Co., Ltd Kerry Express (Thailand) Ltd Group Work Co., Ltd. 100% 100% 100% 100% 50% 40% 31.65% 18.09% 30% 25% 25% 23% 20% PROPERTY BUSINESS U City PCL Kingkaew Assets Co., Ltd. The Community One Co., Ltd. The Community Two Co., Ltd. Yongsu Co., Ltd. DNAL Co., Ltd. Bayswater Co., Ltd % 100% 100% 100% 100% 100% 50% 51% 90% 41.18% 80% SERVICES BUSINESS 100% Turtle 23 Co., Ltd. 100% RB Services Co., Ltd. 100% 60% BSS Holdings Co., Ltd. Rabbit Rewards Co., Ltd. Bangkok Payment Solutions Co., Ltd. Man Food Holdings Co., Ltd. 100% 100% 51% Man Food Products Co., Ltd. Primary Kitchen Co., Ltd. 100% Man Kitchen Co., Ltd. 69% Little Corner Co., Ltd. KMJ 2016 Co., Ltd. HHT Construction Co., Ltd. 3 RabbitPay System Co., Ltd % Rabbit-Line Pay Co., Ltd. 51% ATS Rabbit Special Purpose Vehicle Co., Ltd. 51% ASK Direct Group Co., Ltd. 51% Rabbit Insurance Broker Co., Ltd. 30% Rabbit Internet Co., Ltd. 90% Bangkok Smartcard System Co., Ltd. 49% 49% Section 1: BTS Group in Brief 5

6 BTS Group Overview 4 Business Units with Mass Transit as our Core MASS TRANSIT 2,274 2,574 2,926 2,318 4,237 3,010 9,112 FY 14/15 FY 15/16 FY 16/17 FY 17/18 *FY 2017/18:- Services revenue from provision of E&M works & train: THB 5,795mn, O&M Revenue: THB 1,865mn, net profit from investment in BTSGIF: THB 949mn, interest income from E&M and train procurement: THB 503mn MEDIA Historical operating revenues (1) Mass Transit Revenue (THB mn) Media Revenue (THB mn) 3,902 FY 17/18 Operating revenue contribution THB 65% 14,102mn 28% *FY 2017/18:- OOH Media revenue: THB 3,558mn, Digital Services business: THB 344mn PROPERTY FY 14/15 FY 15/16 FY 16/17 FY 17/18 Property Revenue (THB mn) 1, FY 14/15 FY 15/16 FY 16/17 FY 17/18 * FY 2017/18:- Commercial Property revenue : THB 616mn, Residential Property revenue: THB 23mn SERVICES Services Revenue (THB mn) % 3% Mass Transit Property Media Services Section 1: BTS Group in Brief FY 14/15 FY 15/16 FY 16/17 FY 17/18 * FY 2017/18:- ChefMan revenue:- THB 128mn, HHT revenue : THB 180mn, BPS and Rabbit Rewards: THB 141mn (1) FY ended 31 March 6

7 Strategy and 5-Year Growth Targets Target Average Operating Revenue & Recurring Net Profit Growth of ~30% p.a. from FY 16/17 to FY 21/22 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 Mass transit Media Property STRATEGY 5-YEAR GROWTH DRIVERS 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: 97.4km (Pink, Yellow, Dark Green North & South extensions and Gold Line phase 1) already secured taking total to 133.7km Target contracts for an additional 81.2km (Green West, Orange, LRT, Grey and HSR) Out-of-Home (Organic growth) Transit: mass transit line expansion Office: increased building supply Outdoor: billboard and street portfolio expansion through new licensing agreements Airport: increasing popularity of low cost airlines Payment & Data: expansion of our payment network through our subsidiary, Rabbit Group, and partnerships with its strategic alliances New products and synergies: new stream of revenue resulting from the full integration of 3 platforms this can create new synergies such as optimal O2O solutions for our clients Commercial: 4-5% revenue CAGR growth U City: Targets revenue and net profit of THB 9,400mn and 1,360mn, respectively by YEAR OPERATING REVENUE* OUTLOOK THB 8.2BN FY 16/17 FY 21/22 * Operating revenue includes share of net profit (loss) from associated companies and JVs FY 16/17 FY 21/22 5Y CAGR 31% Services Property Media Mass Transit 5-YEAR RECURRING NET PROFIT (AFTER MI) OUTLOOK THB 1.4BN THB 31.8BN 5Y CAGR 29% THB 5.1BN Others Services Property Media Mass Transit Section 1: BTS Group in Brief 7

8 Business Synergy and Investment Features Benefit from Rail Mass Transit Network Expansion MASS TRANSIT 62% ridership market share in Bangkok 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 5 additional lines totaling 97.4km since 1H 2017, increasing length by 3.5x compared to 2016/17 5 times expected increase in BTS rail length from current 38.1km to 215km in 2022/23 MEDIA 50% 1 market share by media revenue 66% ridership market share in bangkok 1 The largest Out-of-Home media company in Thailand. A multi-faceted media services company that is pioneering data-driven, targeted advertising in Thailand. Uniquely exclusive long-term contracts to manage advertising space on the BTS SkyTrain Network as well as future lines secured by BTSG. The number one provider of a fully integrated Offline-to-Online (O2O) Solutions. 1 Based on listed OOH Media Company By 2020, VGI targets +40% of digital screens (advertising) >10mn from 1mn DAUs (payment) >2mn from 1mn daily interactions (logistic) PROPERTY 2 nd largest Hotel Company in Thailand operating globally U City is developing or investing in residential and recurring income properties predominantly in close proximity to mass transit lines to benefit from the mass transit premium U City is Thailand s 2nd largest listed hotel group that directly and indirectly owns, operates or manages over 19,100 keys globally * *as measured by keys owned, leased and managed (both operating and under contract) U City targets 20% revenue CAGR over 5 years Section 1: BTS Group in Brief 8

9 BTSG at a Glance PROGRESSIVE DIVIDEND POLICY Completed Minimum THB 21bn committed dividends over 3 years: No less than THB 6bn in FY 13/14 No less than THB 7bn in FY 14/15 No less than THB 8bn in FY 15/16 Current Policy: Not less than 50% of net profit (stand alone basis) HISTORICAL DIVIDEND PAYMENTS / DIVIDEND YIELD 7.3% Committed dividend period 6.2% 7,073 7,094 8,048 4,026 4,145 (2) FY 13/14 FY 14/15 FY 15/16 FY 16/17 FY 17/18 Section 1: BTS Group in Brief 7.8% 4.0% Actual dividend paid (THB mn) Dividend yield (1) (%) 3.9% (1) Calculated based on share price one day before the Board of Directors approval date for relevant dividend payment (2) Final dividend of THB per share or equivalent to the dividend payment in the amount of not exceeding THB 2,922.1mn is subject to shareholders approval. KEY FIGURES (as of 31 Mar 2018) EMPLOYEES (as of 31 Mar 2018) THB (mn) Mass Transit 2,372 53% Media % Property % Services % BTS Group Holdings 148 3% Total 4, % USD (mn)** Accounting revenue 16, Operating revenue 14, Operating EBITDA 4, Net income*** 4, Total assets 106,058 3,324 Excess cash and liquid investments 31, Cash 9, Current investments 5, Long-term investments 15, Restricted deposits 18 1 **Source: Bank of Thailand; based on Interbank Exchange Rate of USD 1 = THB as of 7 June 2018 ***to equity holders of the parent 9

10 BTS Group Share Information SHARE INFORMATION (as of 31 Mar 2018) Stock code BTS Outstanding shares (mn shares) 11,940.4 Treasury shares (mn shares) 95.8 Market capitalisation (THB mn) 99,702.3 Market capitalisation (USD mn) 3,197.5 Average daily traded value (THB mn) Average daily traded value (USD mn) 5.0 Credit Rating (by TRIS) A/Stable SHARE PRICE MOVEMENT (as of 31 Mar 2018) SHARE STRUCTURE (as of 14 Jun 2018) Kanjanapas family* Free float (as of Jun 18) 58.6% Foreign limit 49.0% Foreign holdings (incl. NVDR) 9.2% 41% 34% 25% Institutional investors* TOP 10 SHAREHOLDERS (as of 14 Jun 2018) Others* THB BTS Daily Traded Value (RHS) BTS TB Equity SET Index Name %* THB mn 1 MR. KEEREE KANJANAPAS S GROUP 41.1% 2,000 2 THAI NVDR CO., LTD. 9.2% 1,600 3 BANGKOK BANK PUBLIC COMPANY LIMITED 4.6% 4 SOCIAL SECURITY OFFICE 2.5% 1,200 5 STATE STREET EUROPE LIMITED 2.1% 6 SOUTH EAST ASIA UK (TYPE C) NOMINEES LIMITED 2.0% CREDIT SUISSE FIRST BOSTON (SINGAPORE) LIMITED 1.7% 12M ADTV = THB 183mn 8 UOB KAY HIAN PRIVATE LIMITED 0.9% GIC PRIVATE LIMITED 0.6% 0 10 Mr. Min Tieanworn 0.6% TOTAL TOP 10 SHAREHOLDERS 65.3% *Total of 11,845,222,893 shares Section 1: BTS Group in Brief 10

11 Contents Section 1 Section 2 Section 2.1 Section 2.2 Section 2.3 Section 2.4 Section 3 BTS Group in Brief Business Segment Profiles Mass Transit Business Media Business Property Business Services Business Financial Summary Appendices 11

12 Bangkok Rail Mass Transit Network At 110.8km Bangkok s Network is Immature MASTER PLAN: 515.2KM IN 2029, 24% MARKET SHARE IN 2037 *Includes MRTA and BMA projects Sources: Office of Transport and Traffic Policy and Planning, Bangkok Metropolitan Administration OPERATING LINES: 110.8KM 110.8km 78 stations by 3 operators BTS: 38.1km (SkyTrain Green Line) BEM: 44.2km (Blue Subway & Purple) RAIL MASS TRANSIT MARKET SHARE Seoul 51% Hong Kong 49% Tokyo 48% Singapore 46% Guangzhou 17% Bangkok 6% Source: OTP, Singapore s Land Transport Authority, Hong Kong s Transport Department, MTR Corporation Limited, SMRT Corporation Limited, Japan Statistic Bureau RAIL TRACK LENGTH PERVASION (per million population) Tokyo 42.0 Singapore 39.4 Hong Kong 34.9 Bangkok 10.2 Source: United Nations Statistics Division, BTSC, BMCL, MTR Corporation Limited, SMRT Corporation Limited, official websites of rail mass transit system in major cities WEEKDAY RIDERSHIP MARKET SHARE IN 2017 (JAN-DEC) BTS 743,223 62% BEM* 378,167 32% ARL 70,000 6% *BEM ridership excludes purple line, BTS and BEM based on company s ridership report website as of 2017, whilst ARL is based on information as of DEC 17. SRT: 28.5km (Airport Rail Link) Total Average Weekday Ridership of 1,191,390 trips Section 2.1: Mass Transit Business 12

13 BTS Lines Expanding 3.5x from 38.1km in 2017/18 to 133.7km in 2021/22 BTS NETWORK: 133.7KM (115 STATIONS) NORTHERN GREEN LINE MO CHIT - KHU KHOT 18.2KM EXT. ZONE 1 SAPHAN TAKSIN BANG WA 7.5KM EXT. ZONE 2 CORE NETWORK MO CHIT ON NUT 17.0KM NATIONAL STADIUM SAPHAN TAKSIN 6.3KM *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 Section 2.1: Mass Transit Business GOLD PHASE 1 KRUNG THONBURI BTS STATION KHLONG SAN 1.7KM PINK KHAE RAI MIN BURI 34.5KM YELLOW LAD PRAO SAM RONG 30.4KM EXT. ZONE 1 ONNUT BEARING 5.3KM EXT. ZONE 2 SOUTHERN GREEN LINE BEARING SAMUT PRAKARN 12.6KM CORE NETWORK MOCHIT - ONNUT & NATIONAL STADIUM - SAPHAN TAKSIN (23.5KM & 23 STATIONS) CONCESSION CONTRACT ( ) 13YR O&M CONTRACT ( ) ZONE 1: GREEN LINE EXTENSIONS ONNUT - BEARING & SAPHAN TAKSIN - BANG WA (12.8KM & 11 STATIONS) 30YR O&M CONTRACT ( ) ZONE 2: GREEN LINE EXTENSIONS BEARING - SAMUTPRAKARN* & MOCHIT - KHU KHOT (30.8KM & 25 STATIONS) 26YR O&M CONTRACT ( ) PINK AND YELLOW LINES KHAE RAI - MIN BURI & LAD PRAO SAM RONG (64.9KM & 53 STATIONS) 30YR PPP NET COST CONTRACT GOLD LINE PHASE 1 KRUNG THONBURI BTS STATION KHLONG SAN DISTRICT OFFICE (1.7KM & 3 STATIONS) 30YR O&M CONTRACT 13

14 16/17 17/18 18/19 19/20 20/21 21/22 22/23 23/24 24/25 25/26 26/27 27/28 28/29 29/30 30/31 31/32 32/33 33/34 34/35 35/36 36/37 37/38 38/39 39/40 40/41 41/42 42/ BTS Network 23.5km Core Network and 12.8km Green Line Extension CORE NETWORK: 23.5KM ZONE 1: 12.8KM EXTENSIONS 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 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) 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 RESILIENCE RIDERSHIP SINCE INCEPTION (CAGR: 9.1%) Y Farebox Revenue CAGR: 9.7% 16Y Ridership CAGR: 8.6% Farebox revenue (THB bn) Ridership (mn) DISTANCE-BASED FARE (AVG = THB 28.3/TRIP) AUTHORISED FARE (APR 13) NEW EFFECTIVE FARE (OCT 17) PREVIOUS EFFECTIVE FARE (JUN 13) POTENTIAL FARE UPSIDE NO. OF STATIONS 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) Core Line Zone 1 Zone 1: CAGR (FY16/17-FY41/42) = 3.9% Core Line: CAGR (FY30/31-FY41/42) = 3.1% (unit: THB bn) PPP NET COST CONTRACT O&M CONTRACT Section 2.1: Mass Transit Business 14

15 PROJECT CAPEX & FINANCING EXPECTED RIDERSHIP AND REVENUE PROJECT DETAILS BTS Network 30.8km New Extension and 64.9km Pink & Yellow Monorail Lines ZONE 2: 30.8KM NEW EXTENSIONS 64.9KM PINK AND YELLOW LINE (MONORAIL) EXT. ZONE 2 NORTHERN GREEN LINE MO CHIT - KHU KHOT 18.2KM YELLOW PINK KHAE RAI MIN BURI 34.5KM Route PINK Kae Rai Min Buri YELLOW Lad Prao Sam Rong Distance / no. of stations 34.5km / km / 23 Required trains 42; 4-car train (168 cars ) 30; 4-car train (120 cars ) SOUTHERN GREEN LINE BEARING SAMUT PRAKARN 12.6KM YELLOW LAD PRAO SAM RONG 30.4KM Contract length 30yr operation 30yr operation Daily ridership in Y1 199k trips 195k trips Ridership CAGR (30Y) 5.2% 4.5% EXT. ZONE 2 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) OWNERSHIP STRUCTURE BTS STEC 15% 75% RATCH NORTHERN BANGKOK MONORAIL COMPANY LIMITED PINK LINE PROJECT (INCLUDE EXTENSIONS) 10% EASTERN BANGKOK MONORAIL COMPANY LIMITED YELLOW LINE PROJECT (INCLUDE EXTENSIONS) Average fare in Y1 THB 34.7/ trip THB 30.0/ trip EBITDA margin (%) Commercial revenue 26% at early stages rising to 69% at Y30 10% of farebox revenue 34% at early stages rising to 64% at Y30 15% of farebox revenue Total Project Cost THB 49.4bn THB 46.7bn Civil Subsidy Amount THB 22.5bn THB 25.05bn Civil Subsidy Term Equal payment at 2.25bn p.a. for 10 years from beginning of operation Equal payment at 2.505bn p.a. for 10 years from beginning of operation Sharing to MRTA THB 250mn THB 250mn Funding (D/E) 2.5x 2.5x O&M CONTRACT Section 2.1: Mass Transit Business PPP NET COST CONTRACT WITH SUBSIDY 15

16 BTS Targeted Lines Interested in an additional 301.2km WESTERN ORANGE LINE TALING CHAN - THAILAND CULTURAL CENTER 17.0km EASTERN ORANGE LINE THAILAND CULTURAL CENTER - MIN BURI 22.6km 301.2KM FUTURE LINES IN THE NEXT 5 YEARS BTS TARGET ROUTE AUTHORITY DISTANCE (KM) GREEN EXT. (WESTERN) BANG WA - TALING CHAN NO. OF STATION EXPECTED OPERATING BMA LRT BANG NA - SUVARNABHUMI BMA GREY PHASE 1 WATCHARAPHON THONG LO BMA ORANGE (E) ORANGE (W) HIGH SPEED RAIL THAILAND CULTURAL CENTER - MIN BURI TALING CHAN - THAILAND CULTURAL CENTER DON MUEANG SUVARNABHUMI U-TAPAO MRTA MRTA SRT * 2024 OTHER ROUTE AUTHORITY DISTANCE (KM) BLUE HUA LAMPHONG - BANG KHAE NO. OF STATION EXPECTED OPERATING MRTA BLUE BANG SUE - THA PRA MRTA LRT BLUE BANG KHAE BHUDHAMONTHON 4 MRTA WESTERN GREEN LINE EXT. BANG WA - TALING CHAN 7.0km GREY LINE (PHASE 1) WATCHARAPHON THONG LO 16.3km BANG NA SUVARNABHUMI 18.3Km DARK RED BANG SUE - RANGSIT SRT DARK RED BANG SUE HUA LUM HONG SRT LIGHT RED BANG SUE PHAYATHAI MAKKASAN HUAMAK SRT LIGHT RED BANG SUE TALING CHAN SRT PURPLE (SOUTHERN) TAO POON RAT BURANA MRTA NOTE: * Excluding 6 stations in ARL TOTAL Under construction (including Extension Zone 2 and Gold Line, total of 121.6km under construction) Section 2.1: Mass Transit Business 16

17 301.2KM BTS TARGETED LINES 97.4KM AWARDED LINES Timeline of Upcoming Lines and CAPEX Significant Upcoming Revenue Expected in the Next 5 years SOUTHERN GREEN LINE EXTENSION: 12.6KM NORTHERN GREEN LINE EXTENSION: 18.2KM PINK LINE: 34.5KM YELLOW LINE: 30.4KM EXPECTED CAPEX (THB BN) TRAINS 9.8 E&M WORKS CIVIL + TRAINS + E&M CIVIL + TRAINS + E&M JUL 18 EXPECTED TIMELINE FY 17/18 FY 18/19 FY 19/20 FY 20/21 FY 21/22 FY 22/23 OCT 2021 FY 23/24 FY ended 31 March FY 24/25 DEC /42 MID /42 JUL 18 OCT / /52 EXPECTED REVENUE (THB BN P.A.) FAREBOX REVENUE (Y1) O&M REVENUE (Y1) GOLD LINE PHASE 1: 1.7KM MAR 2018 SEP /50 WESTERN GREEN LINE EXTENSION: 7.0KM 2.1 BY 2019 BY 2022 LRT: 18.3KM BY 2018 BY 2022 GREY LINE PHASE 1: 16.3KM ORANGE LINE: 39.6KM HIGH SPEED RAIL: 220.0KM TOTAL CAPEX/FINANCING BTS Group Earnings Presentation Section 2.1: Mass Transit Business 12.9 TRAINS + E&M 33.3 TRAINS + E&M HSR + EXISTING ARL + LAND DEVELOPMENT THB 316.6bn BY 2019 MID 2017 BY 2019 BY 2018 START CIVIL WORKS CONSTRUCTION CONSTRUCTION PERIOD START FULL OPERATION OPERATION YEAR, UP UNTIL EXPECTED OPEN BID/ AWARD BIDDING & CONSTRUCTION PERIOD BY 2022 BY 2023 BY 2024 NOTE: 1 Under 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. 2 Project 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. 3 Assume O&M revenue of THB 140mn/km p.a.. 17

18 BTS s 5-year Target of Network Expansion Quintuple Growth from 38.1km in 2018 to 215km in km Total network in 2023 from 110km currently 215km Targeted BTS network in 2023 from 38.1km currently Distance (km) No. of stations Full operation Partial operation FY 17/18 FY 18/19 FY 19/20 FY 20/21 FY 21/22 FY 22/ km Lines under construction Samrong (1.8km) began operation South ext. (12.6km) 1 st station of North ext. (1.8km) North ext. (18.2km) Gold line (1.7km) Pink line (34.5km) Yellow line (30.4km) Western Green ext. (7km) LRT (18.3km) Grey line phase1 (16.3km) Orange line (39.6km) Section 2.1: Mass Transit Business 18

19 Contents Section 1 Section 2 Section 2.1 Section 2.2 Section 2.3 Section 2.4 Section 3 BTS Group in Brief Business Segment Profiles Mass Transit Business Media Business Property Business Services Business Financial Summary Appendices 19

20 Focusing on the Highest Growth Media Segments OOH and Online 5 YRS HISTORICAL ADVERTISING SPENDING (THB bn) Rising in infrastructure, urbanisation and increasing number of people who spend time outdoor were driven the growth of Thailand OOH Media. 121bn 120bn 113bn 0.8% 1.0% 107bn 0.8% 3.7% 4.4% 100bn 4.7% 8.1% 8.0% 1.6% 1.5% ON LINE* 9.0% 5.5% 19.4% 18.0% 11.3% 7.0% 23.3% 13.3% OOH MEDIA 16.0% 13.4% 62.3% 4bn 12bn 64.8% 2013/ / / / /18 TV Traditional media OOH media Cinema Online* Digital adspend (DAAT)** Shutdown BKK Coup d etat Mourning effect * Online adspend includes banner ad on 50 websites and 10 mobile sites ** Digital adspend includes ad on Facebook, YouTube, Display, Search, Social, Creative, Online Video, LINE and others (based on Dec year-end) Sources: The Nielsen (Thailand) Co., Ltd. and Digital Advertising Association Thailand (DAAT) 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. 7,231 7,834 6,189 6,393 6,244 3, % 68.0% 6bn 4, % 2, % Section 2.2: Media Business 68.5% 8bn 65.7% 9bn 3, % 4,297 2,838 3,149 3, % 43.6% 57.5% 3, % 3, % 2012/ / / / /17 VGI Group Revenue Peers 1 terminated Modern Trade business Note: VGI s market share is based on 35% nominal market discount rate Source: The Nielsen (Thailand) Co., Ltd % ADVERTISING MARKET 5 YRS CAGR (2011/ /17) The accelerated growth of online, digital and OOH media fueled by migration to mobile devices and increased consumer media exposure as people spend more time out of home. VGI s Focus Digital* Online OOH Cinema Total industry Analogue TV Traditional media** Media In-store VGI GROUP S FOCUS -13.1% -19.7% -10.8% -0.7% -2.7% 9.9% 18.3% 34.8% REMARKS: Digital adspend includes ad on Facebook, YouTube, Display, Search, Social, Creative, Online Video, LINE and others (based on Dec year-end) reported by DAAT Traditional media includes Radio, Newspapers, Magazines 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 20

21 A Well-Diversified Out-of-Home Media Business VGI GROUP COMPANY SEGMENT 100.0% 30.4% 30.0% 40.0% 90.0% 90.0% VGI MACO AERO MEDIA DEMO POWER BSS & BSSH TRANSIT OFFICE OUTDOOR AVIATION ACTIVATION PAYMENT SERVICES GEOGRAPHICAL ACTIVITY BKK, Thailand KL, Malaysia BKK, Thailand Nationwide, Thailand KL, Malaysia Nationwide, Thailand Yangon, Myanmar Nationwide, Thailand Nationwide, Thailand Nationwide, Thailand LEADING POSITION & NETWORK No. 1 in Transit media 31.0km, BKK 51.0km, Malaysia No. 1 in Office media 174 office building 281 condominium No. 2 in Outdoor media >2,000 billboards No. 2 in Aviation media 15 airports The largest Activation services >1,000 stores The largest micro payment platform 9.3mn Rabbit cards 3.5mn Active cards 3.4mn LINE pay users >1,300mn outstanding loan AUDIENCE REACH 40mn potential reach 16mn users KEY GROWTH AREA 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 in South East Asia Potential expansion in BTS stations and office buildings Expand Rabbit card & Rabbit Line Pay network Expand insurance and micro loan network Rabbit s data 2017/18 REVENUE 1 THB 3,559mn THB 378mn SEGMENT OOH Media Platform Digital Services 1 Excluding revenue from Titanium Compass, Aero Media and Demo Power of which are recognised as equity method Section 2.2: Media Business 21

22 Digital Services: Synergy between VGI and Rabbit Rabbit Platform s Database OFFLINE PAYMENT: RABBIT CARD 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. Use on BTS SkyTrain & BRT Current 2020 Rabbit Cards 9.3mn > 15.0mn ONLINE PAYMENT: RABBIT LINE PAY A mobile e-wallet solution embedded in the leading chat messenger application Current 2020 Line Users 45.0mn >55.0mn Use in retail stores Active Cards 3.5mn > 8.0mn Retailer Points > 6,400 >10,000 Rabbit Line Pay Users Online Merchants 3.4mn >10.0mn > 1,000 >1,500 LARGE PARTNERS NETWORK BUILT SERVICES BUSINESS JV with AEON: THB 1.3bn outstanding loans Micro loan through the joint venture with AEON Rabbit Insurance Broker: More than THB 16mn gross written premiums per month Insurance aggregator services on Rabbit Finance website and also a licensed broker for insurance products. Rabbit Daily: 3mn monthly visits Online lifestyle publisher, providing social news and entertainment content and advertorials 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 Section 2.2: Media Business 22

23 One-Stop Shop Solutions Combining offline out-of-home (OOH) media with online and data ONE-STOP SHOP SOLUTIONS OFFLINE/ OOH O2O SOLUTIONS ONLINE/ DATA Full service OOH media platform No. 1 Transit media in Bangkok No. 1 Office media in CBD Bangkok No. 2 Outdoor media nationwide No. 2 Aviation media No. 1 Activation media Integrating Offline and Online world Creating awareness through offline OOH platform Bridging with our database, creating engagement opportunity for targeted audience Activating conversion at last mile touch point Completing the customer journey Over 40mn data points Partnership with No. 1 market leaders >1mn BTS daily commuters >45mn LINE users >40mn AIS users >5mn Kerry customers Transit Office Outdoor Aviation Activation Section 2.2: Media Business 23

24 Solid Growth Opportunities Upside from BTS Rail Mass Transit Expansion and Monetisation of Rabbit s Data 3.8X EXPECTED INCREASE IN BTS TRAIN CAPACITY 4.9X EXPECTED INCREASE IN BTS STATION CAPACITY 2017/ /22 E CORE + EXTENSION GREEN (SOUTHERN) NONE 60 GREEN (NORTHERN) NONE 84 PINK NONE 168 YELLOW NONE 120 GREEN EXT. (WESTERN) NONE 32 LRT NONE 64 GREY (PHASE I) NONE / /22 E CORE + EXTENSION GREEN (SOUTHERN) NONE 9 GREEN (NORTHERN) NONE 16 PINK NONE 30 YELLOW NONE 23 GREEN EXT. (WESTERN) NONE 6 LRT NONE 14 GREY (PHASE I) NONE 15 TOTAL X 836 TOTAL SECURED X 668 TOTAL X 147 TOTAL SECURED X 108 2MN TARGETED ADVERTISING VIEWERS 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. 2.6X increased 1,997,000 1,065, , , / /22 Ridership from New extensions Ridership from VGI s existing network FIRST PHASE OF MONETISING RABBIT S DATA AND PLATFORM 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 Unoccupied inventory Occupied inventory 2020/21 GOALS Revenue of THB 10,000mn (37% 2-Year CAGR) NPAT 42% 2-Year CAGR 20% 80% 5% 95% 3YRS AVG. 2017/ /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 Section 2.2: Media Business 24

25 Contents Section 1 Section 2 Section 2.1 Section 2.2 Section 2.3 Section 2.4 Section 3 BTS Group in Brief Business Segment Profiles Mass Transit Business Media Business Property Business Services Business Financial Summary Appendices 25

26 Property Business Industry Overview BANGKOK CONDO LAUNCHES AVG. PRICES AND TAKE-UP RATES BY DISTANCE TO BTS Units 50,105 34,666 39,046 58,424 25,000 56% 61% 60% 57% 20,000 15,000 10,000 5, Q 2Q 3Q 4Q Average Take-up Rate (RHS) Source: Colliers International (Thailand) INTERNATIONAL TOURIST ARRIVALS IN THAILAND Baht/sqm 300, , , , ,000 50,000 75% 76% 70% 65% 64% 46% 58% 75% 47% 63% 60% 60% m m 501-1,000m (CAGR +22.4%) (CAGR +10.7%) (CAGR +19.7%) Source: Colliers International Thailand GLOBAL INTERNATIONAL TOURIST ARRIVALS 78% 65% 48% 48% Over 1,000m (CAGR +6.0%) Millions of Persons ,040 1,088 1,134 1,184 1,235 1, Source: Department of Tourism, Ministry of Sports and Tourism Section 2.3: Property Business Source: UNWTO 26

27 Property Portfolio and Business Strategy U City is the Dedicated Vehicle for Property Development PROPERTY BOOK VALUE BREAKDOWN * Adjusted for equity stake U City THB 20.2bn 70% Section 2.3: Property Business 15% Total Book Value as of 30 Jun 18: THB 29.0bn 2% 11% 3% OUR HOTEL PORTFOLIO UNDER U CITY Under No. of Hotels No. of Keys U City s Stake Directly-held 8 1, % Owned* 6 1, % Operating Leased % Vienna House 39 7, % Owned 19 3, % Operating Leased 9 2, % Managed 11 2, % AHS 49 17,153 50% Managed 49 17,153 50% Grand Total 96 26,305 *Includes financial lease hotels and hotels currently under construction Bayswater JV THB 4.3bn Residential THB 0.5bn Commercial THB 3.3bn Land Bank THB 0.8bn LAND: OVER 670,000M² OF OPPORTUNITY IN BANGKOK ALONE 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 LINE Sathorn k. The LINE Wongsawang l. TST Tower Office Building m. U Sathorn Hotel n. Eastin Grand Sathorn Hotel o. Eastin Thana City p. The Unicorn q. The Grand r. The Royal Place II i s. Thana City Golf & Sports Club t. Verso International School Land Bank Projects and Properties BTS Group Land Bank U City Residential Bayswater JV Land Bank U City Recurring Income U City Land Bank ATTRACTIVE LAND BANK BTS Residential BTS Commercial Bayswater JV 48.8 rai (7.8 ha) Owners Total Area (Rai) Total Area (sq.m) BTS Group Plc ,966.0 Bayswater JV ,051.2 U City Plc ,450,635.6 Total 1, ,311,652.8 Includes Upcountry, BKK & Vicinities land bank, not equity stake adjusted k Kukot 51.7 rai (8.3 ha) l Mochit 11.1 rai (1.8 ha) a f d p e c h q r b j m g n Ratburana & Suksawad 44.1 rai (7.6 ha) o s t Thana City rai (49.4 ha) Data as of 30 Jun 18 27

28 U City s Business Overview Recurring Income Segment Overview RECURRING INCOME PROPERTY (as of June 2018) Currently Over 26,300 Hotel Keys and 27,000 sqm of Office Space U Chiang Mai Hotel HOSPITALITY Vienna House Hotels Interests in 10 European Countries Austria Belarus Czech Republic France Germany Poland Romania Russia Slovakia United Kingdom Interests in 5 Asian & Middle Eastern Countries Thailand Vietnam Indonesia India Oman U Sathorn Hotel Eastin Grand Sathorn Hotel OFFICE MIXED USE EDUCATION 33 Gracechurch Street 6-14 Underwood Street TST Tower The Unicorn Verso International School Section 2.3: Property Business 28

29 U City s Business Overview Residential Segment Overview - BTS-Sansiri JV PARTNERSHIP ROADMAP 50:50 JV to develop a targeted THB 100bn worth of condominiums along current and future mass transit lines through the JV with Sansiri with an expected NPAT margin 12% and equity IRR 17% 2015 (3 projects) The LINE Jatulak Mo Chit Project value: THB 5,817mn Transfer Complete The LINE Sukhumvit 71 Project value: THB 1,967mn Transfer Complete The LINE Ratchathewi Project value: THB 3,014mn Transfer: May 2018 The LINE Jatujak-Mo Chit The LINE Sukhumvit (3 projects) The BASE Phetkasem 29 Project value: THB 2,010mn Est. Transfer: Jan 2020 The MONUMENT Thonglor Project value: THB 6,242mn Est. Transfer: Jul 2019 The LINE Sathorn Project value: THB 3,910mn Est. Transfer: Apr 2021 The LINE Wongsawang The LINE Sukhumvit 101 KHUN BY YOO 2016 (5 projects) The LINE Asoke-Ratchada Project value: THB 3,026mn Est. Transfer: Oct 2018 The BASE Garden Rama 9 Project value: THB 2,339mn Est. Transfer: Oct 2018 The LINE Pradipat Project value: THB 5,893mn Est. Transfer: Jan 2020 The LINE Sukhumvit 101 Project value: THB 4,652mn Est. Transfer: Nov 2019 KHUN BY YOO Thonglor 12 Project value: THB 4,065mn Est. Transfer: Jul At least 3 JV projects to be launched The LINE Wongsawang Project value: THB 4,687mn Transfer: Mar 2018 Section 2.3: Property Business 29

30 Contents Section 1 Section 2 Section 2.1 Section 2.2 Section 2.3 Section 2.4 Section 3 BTS Group in Brief Business Segment Profiles Mass Transit Business Media Business Property Business Services Business Financial Summary Appendices 30

31 Services Business Strategic Support and Business Incubator CHEFMAN RESTAURANTS Premium Chinese restaurant chain managed by Man Kitchen As of 31 Mar 2018, 8 existing branches: 3 dine-in branches, 1 take-away branch, 2 Chairman by Chef Man (Hong Kong Café concept), 1 private dining concept under M Krub restaurant and 1 Man Kitchen buffet Eastin Grand Sathorn Branch Thana City Branch BANGKOK PAYMENT SOLUTIONS (BPS) Joint venture between BTSG and VIX Group, a leading technology development for Central Clearing House (CCH) and Automatic Fare Collection (AFC) services Served as a vehicle for developing software and providing technology services for an integrated mass transit and payment systems for Thailand In FY 2017/18, BPS recognised revenue from sales of fully-equipped EDC machines and revenue from software development services. RABBIT REWARDS PROGRAMME Managed a loyalty and benefits programme for consumers who transact with the 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. Rabbit Card and/or Rabbit Line Pay The Rabbit Points can be redeemed for vouchers across our retail partner network and additional Rabbit Rewards partners. In FY 2017/18, the programme had 3.2million registered members. BTS Group Bangkok Ranch Chef Man 41% 41% 18% HHT CONSTRUCTION Section 2.4: Services Business Man Food Holdings 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 Joint venture between BTSG and Li Kay Engineering, a Hong Kong based civil and foundation company 31

32 Contents Section 1 Section 2 Section 2.1 Section 2.2 Section 2.3 Section 2.4 Section 3 BTS Group in Brief Business Segment Profiles Mass Transit Business Media Business Property Business Services Business Financial Summary Appendices 32

33 BTS Group Financial Performance FY 17/18 OPERATING REVENUE & EBITDA CONTRIBUTION Revenue Contribution EBITDA Contribution* Note: Revenue and EBITDA excludes equity income from Sansiri JV, U City, Bayswater JV, Keystone JV * Calculated base on EBITDA of THB 4,768mn which excludes selling and Administrative expenses at Head-Office of THB 679mn ** After selling and Administrative expenses at Head-Office of THB 679mn OPERATING REVENUE COMPARISON (YoY) (THB mn) 8, % 3% -0.1% 4% (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 Section 3: Financial Summary 65% 28% 60% 42% Mass Transit Media Property Services 115% 30% 4% 4, (294) (40%) THB 14,102mn THB 4,089mn** 14,102 FY16/17 Mass Transit Media Property Services FY17/18 CONSOLIDATED P&L (THB MN) FY 17/18 FY 16/17 FY 15/16 FY 14/15 Operating revenues 14,102 8,606 6,280 7,102 Accounting revenues 16,987 9,618 10,069 8,126 Operating expenses 8,325 4,143 2,489 3,163 EBITDA 7,571 4,114 6,254 4,937 Operating EBITDA (1) 4,089 2,928 2,693 2,836 Net Recurring Profit 2,889 1,649 2,213 2,820 Net income (2) 4,416 2,003 4,134 2,944 DEBT INFORMATION (THB MN) 31 MAR MAR MAR MAR 15 Interest bearing debt 47,124 38,310 9,283 4,556 Adj. net debt (5) 17,129 6,051 (6,012) (20,755) KEY FINANCIAL RATIOS FY 17/18 FY 16/17 FY 15/16 FY 14/15 Profitability ratios (%) Gross operating profit margin 41.0% 51.9% 60.4% 55.5% SG&A to operating sales ratio 17.3% 24.6% 24.6% 22.0% Accounting EBITDA margin 42.3% 41.2% 59.7% 52.0% Operating EBITDA margin (1) 29.0% 34.0% 42.9% 39.9% Recurring net profit margin (%) 16.0% 15.4% 29.2% 28.2% Liquidity ratio Current ratio (times) 0.93x 1.38x 0.81x 3.96x Leverage (Times) Total liability to total asset 0.56x 0.52x 0.28x 0.22x Total liability to total equity 1.29x 1.07x 0.39x 0.28x Interest bearing debt to equity 1.02x 0.85x 0.20x 0.09x Adj. net debt (5) to equity 0.37x 0.13x (0.13)x (0.40)x Adj. net debt (5) to recurring EBITDA 3.02x 1.72x (1.93)x (7.32)x Interest coverage (3) 3.31x 4.55x 9.30x 7.03x Per share ratios Book value per share (THB) Dividend yield (4) 3.95% 4.00% 7.75% 6.38% 33

34 Financial Position ASSET BREAKDOWN (THB MN) LIABILITIES AND EQUITY BREAKDOWN (THB MN) 93,631 25,722 27% 106,058 21,311 20% Cash 31 Mar 17: THB 15.09bn 31 Mar 18: THB 9.46bn 93, ,058 18,616 20% 22,923 22% Gross Debt 31 Mar 17: THB 38.31bn 31 Mar 18: THB 47.17bn 67,909 73% 84, Mar Mar 18 80% Current Investments 31 Mar 17: THB 6.24bn 31 Mar 18: THB 5.67bn Long-Term Investments 31 Mar 17: THB 13.52bn 31 Mar 18: THB 15.95bn 29,833 32% 36,779 45,182 48% 46, Mar Mar 18 34% 44% Adjusted Net Debt* 31 Mar 17: THB 6.06bn 31 Mar 18: THB 17.13bn ***** Issued Ordinary Shares 31 Mar 17: 11,935.0mn 31 Mar 18: 11,940.4mn Total non-current assets Total current assets Total shareholders' equity Total non-current liabilities Total current liabilities KEY RATIOS Gross Debt to Equity Adjusted Net Debt* to Equity Adjusted Net Debt* to Recurring EBITDA Interest Coverage Current Ratio FY 2017/18: 1.02x FY 2016/17: 0.85x FY 2017/18: 0.37x FY 2016/17: 0.13x FY 2017/18: 3.02x FY 2016/17: 1.72x FY 2017/18: 3.31x FY 2016/17: 4.55x FY 2017/18: 0.93x FY 2016/17: 1.38x *Adjusted Net Debt = Interest Bearing Debt Cash and Cash Equivalent and Liquid Investment Section 3: Financial Summary 34

35 PROPERTY MEDIA MASS TRANSIT 2018/19 BTS Group Targets and CAPEX FY 2018/19 BTS GROUP TARGETS FY 2018/19 CAPEX: THB 27-34BN 4-5% Core Network ridership growth 1.5-2% Core Network average fare increase 30% Train O&M revenue growth THB 20-25bn Construction revenue for Pink and Yellow Lines THB 7-9bn Revenue from E&M provision for Green Line South and North extensions and train procurement for Green Line extension THB bn Interest income from train procurement for Green Line extensions and construction revenue for Pink and Yellow lines THB 26-32bn (Excludes: BTSGIF CAPEX ) THB 6-7bn E&M and rolling stocks for Green Line South and North extensions THB 20-25bn for Pink and Yellow construction THB bn Targeted Media Revenue 40-45% EBITDA margin 20-25% NPAT margin THB 1.1bn THB 350mn Targeted BTS Group Property Revenue THB 6-6.7bn Targeted U City Property Revenue THB 0.4bn (Excludes: Real estate development cost) 25% EBITDA margin (at U City level) (more details in U City presentation) Section 3: Financial Summary 35

36 Contents Section 1 Section 2 Section 2.1 Section 2.2 Section 2.3 Section 2.4 Section 3ction 3 BTS Group in Brief Business Segment Profiles Mass Transit Business Media Business Property Business Services Business Financial Summary Appendices 36

37 Appendix 1: Bangkok Rail Mass Transit Master Plan Network Length Expands to 515.2km in 2029 Appendix 1: Bangkok Rail Mass Transit Master Plan 37

38 Appendix 2: Summary of BTS Mass Transit Contracts CORE NETWORK EXTENSION ZONE 1 EXTENSION ZONE 2 PINK & YELLOW GOLD LINE PHASE 1 ROUTE DISTANCE & NO. OF STATIONS Dark Green Mo Chit Onnut Light Green National Stadium - Saphan Taksin Dark Green Onnut - Bearing Light Green Saphan Taksin - Bang Wa Southern Green Bearing - Samut Prakarn Northern Green Mo Chit - Khu Kot Pink Khae Rai - Min Buri Yellow Lad Prao - Sam Rong Krung Thonburi BTS Station - Khlong San District Office 23.5km, 23 stations 12.8km, 11 stations 30.8km, 25 stations 64.9km, 53 stations 1.7km, 3 stations AUTHORITY BMA BMA BMA MRTA BMA CONTRACT TYPE & CONTRACT LENGTH 30Y Concession Agreement ( ) 13Y O&M Contract ( ) 30Y O&M Contract ( ) 26Y O&M Contract ( ) 30Y Concession Agreement (from 1st operation date) 30Y O&M Contract (from 1st operation date) INVESTMENT SCHEME PPP Net Cost ( ) O&M Contract ( ) O&M Contract O&M Contract PPP Net Cost O&M Contract CAPEX AND FINANCING = BTS INVESTMENT Civil: E&M: Rolling Stock: Project Cost ( THB 49.5bn) Civil: x E&M: x Rolling Stock: ( THB 5.8bn) Civil: x E&M: x Rolling Stock: ( THB 4.9bn) Civil: x E&M: x (hire BTS, pre-financed by BTS THB 17.3bn) Rolling Stock: ( THB 9.8bn) Civil: (subsidised by gov t) E&M: Rolling Stock: Project Cost THB 96bn (gov t subsidy of THB 47bn) Civil: x E&M: x (hire BTS, THB 0.6bn) Rolling Stock: ( THB 0.4bn) REMARKS: Public-Private Partnership (PPP) Net Cost = Private obtains farebox revenue and commercial development O&M Contract = Private receives operation and maintenance fee, while the public benefits from farebox revenues and commercial development of station areas BTS Group General Presentation Appendix 2: Summary of BTS Mass Transit Contracts 38

39 Appendix 3: Core Network Ridership Uninterrupted Revenue Growth and Resilient Under Pressure GROWTH (17 YRS) Farebox revenue CAGR: 9.7% Ridership CAGR: 8.7% Farebox revenue (THB bn) Ridership (mn) Ridership +1.3% YoY Fare +1.4% YoY 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 17/18 Dec 99: BTS SkyTrain service opening Jul 04: Opening of Bangkok MRT System (Blue line) Mar 07: First fare rate increase May 09: Opening of Silom Line extension 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 Jan-Mar 14: Bangkok Shutdown May 14: Martial law Apr 13: Sale of net farebox revenue to BTSGIF Jun 13: Fare increase Nov 13: Thai political protests Dec 13: Wongwian Yai Bang Wa extension opening Aug 16: Opening of Bangkok MRT System (Purple line) Oct 16: The passing of His Majesty King Bhumibol Apr 17: Opening of Samrong Station Aug 17: Opening of Tao Poon Station (Blue line ext.) Oct 17: Fare Increased INITIAL GROWTH (3 YRS RIDERSHIP CAGR: 21%) STABLE GROWTH (5 YRS RIDERSHIP CAGR: 5%) FASTER GROWTH (9 YRS RIDERSHIP CAGR 7%) Appendix 3: Core Network Ridership 39

40 2005/ / / / / / / / / / / / / Appendix 4: Core Network Fare Adjustment Flexibility to Increase Fares FARE ADJUSTMENT MECHANISM EFFECTIVE FARE 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 AUTHORISED 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) HISTORICAL AVERAGE FARE CAGR 5 yr (2012/13 to 2017/18) = 2.7% CAGR 12 yr (2005/06 to 2017/18)= 2.4% THB / Trip DISTANCE-BASED FARE (BY NO. OF STATIONS) NO. OF STATIONS 30-DAY PASS (STUDENT)* 6% AVG FARE THB FARE PRICE (THB) 33.0 AUTHORISED FARE (APR 2013) NEW EFFECTIVE FARE (OCT 2017) RIDERSHIP BY TICKET TYPES (FY 2017/18) PREVIOUS EFFECTIVE FARE (JUN 2013) POTENTIAL FARE UPSIDE ONE-DAY PASS 1% AVG FARE THB DAY PASS (ADULT)* 28% AVG FARE THB 27.0 SJT 34% AVG FARE THB 31.5 PURSE (STV)* 31% AVG FARE THB 27.0 * Counted as Rabbit (65%) Appendix 4: Core Network Fare Adjustment 40

41 Appendix 4: Core Network Fare Adjustment Latest Increased from 1 October 2017 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 promotional prices for the effective fare were in the range of THB starting from 1 April 2018 Expected FY 18/19 average fare increased by 1.5-2% to THB per trip SINGLE JOURNEY TICKET (SJT): 34% OF TICKET TYPES Number of Station Previous Oct RABBIT SENIOR Number of Station Previous Oct RABBIT MONTLY PASS ADULT: 28% OF TICKET TYPES Present THB/Trip 1 Oct 15 Trips Trips Appendix 4: Core Network Fare Adjustment FARE PRICE (THB) AUTHORISED FARE (APR 2013) NEW EFFECTIVE FARE (OCT 2017) PREVIOUS EFFECTIVE FARE (JUN 2013) POTENTIAL FARE UPSIDE NO. OF STATIONS 40 Trips 1, , Trips 1, , RABBIT MONTLY PASS STUDENT: 6% OF TICKET TYPES Present THB/Trip 1 Oct 15 Trips Trips Trips Trips

42 Appendix 5: Rolling Stocks Enlarging Our Fleet for Future Growth 98 4-CAR TRAINS (392 CARRIAGES) FOR GREEN LINE CORE NETWORK AND EXTENSION ZONE 1 & 2 CURRENT FLEET NO. OF TRAINS TOTAL CARRIAGES FROM 1 ST BATCH SIEMENS 2 ND BATCH CRRC 3 RD BATCH 35 SIEMENS 4 TH BATCH 5 20 CRRC TOTAL CAR MONORAIL TRAINS (288 CARRIAGES) FOR PINK AND YELLOW LINES PROJECT REQUIRED TRAINS TOTAL CARRIAGES FROM PINK BOMBARDIER YELLOW BOMBARDIER TOTAL ,000 44,000 PPHPD: SERVICE CAPACITY FLEET EXPANSION NO. OF TRAINS TOTAL CARRIAGES FROM DELIVERED BY FY 18/19 DELIVERED BY FY 19/ SIEMENS CRRC TOTAL ,000 PPHPD: SYSTEM DESIGN CAPACITY (6-CAR TRAINS & 2MIN FREQUENCY) 25,000 PPHPD: CURRENT CAPACITY (4-CAR TRAINS & 2.4MIN FREQUENCY IN SKY LINE) NOTE: PPHPD = Passengers per Hour per Direction Appendix 5: Rolling Stocks 42

43 Appendix 6: Debentures & Syndicated Loan Agreement CAPEX for newly-awarded lines - secured by debt financing THB 22BN BTSC DEBENTURE:NEW GREEN EXTENSIONS Rationale Issuance Date 10 November 2016 Tenor Amount up to Coupon Rate 3-year THB 5.5bn 2.46% 5-year THB 2.2bn 2.85% 7-year THB 4.1bn 3.30% 10-year (NC5) THB 10.2bn 3.87% Total THB 22bn 3.31% (average) THB 7BN BTSG DEBENTURE Rationale Issuance Date 26 December 2017 Purchase new rolling stocks and E&M for the Northern and Southern Green Line extensions Repay existing debts and/or investment and/or financing the working capital of the Company Tenor Amount up to Coupon Rate 3-year THB 1.5bn 2.24% 5-year THB 1.5bn 2.64% 10-year THB 2.0bn 3.65% 12-year (NC5) THB 2.0bn 3.78% Total THB 7.0bn 3.17% (average) THB 63.4BN SYNDICATED LOAN: PINK AND YELLOW LINES 10 October 2017: BSR JV signed the syndicated loan agreement with three banks, at a total value of up to THB 63.36bn. Credit Facilities Syndicate Banks Loan Term Rationale Total of THB 63.36bn THB 31.68bn for Pink Line THB 31.68bn for Yellow Line BBL, KTB, SCB THB 9.5BN BTSG DEBENTURE Rationale 17 years and 3 months, repayments starting from first operation date Financing of both Pink and Yellow lines Issuance Date 7 September 2018 Repay existing debts and/or investment and/or financing the working capital of the Company Tenor Amount up to Coupon Rate 2-year THB 3.55bn 2.58% 5-year THB 1.29bn 3.25% 10-year THB 4.66bn 4.03% Total THB 9.50bn 3.38% (average) Appendix 6: Debentures and Syndicated Loan for the Pink and Yellow Lines 43

44 Appendix 7: Mass Transit Economic profile PPP Net Cost & O&M Contract (PPP Gross Cost) ECONOMIC PROFILE (O&M CONTRACT) Rolling stocks Investment O&M revenue YEAR KEY ASSUMPTIONS 1) 30-year contract from operating date 2) O&M revenue* of approx. THB 140mn/km in FY 16/17 with growth rate of 3.5% p.a. 3) EBITDA margin of 40-50% *O&M revenue includes revenue from provision of operating services and interest income under concession agreement ECONOMIC PROFILE (PPP NET COST WITH SUBSIDY) YEAR E&M works Civil works Repayment of gov't subsidy (civil) Farebox revenue KEY ASSUMPTIONS 1) 3-4 year investment in civil and E&M works (includes rolling stocks) 2) 10-year repayment from gov t for civil works 3) Receive farebox revenue and commercial revenue (30-year contract from operating date) Appendix 7: Mass Transit Economic profile 44

45 Appendix 8: Gold Line Phase 1 Project at a Glance ROUTE KRUNG THON BURI KLONG SAN (PHASE I): 1.7KM 3 STATIONS TIMELINE NO. OF STATIONS 3 OVERGROUND STATIONS (G1 TO G3) G1: KRUNG THON BURI G2: CHAROEN NAKORN G3: KLONG SAN 15 DEC 2017 KT awarded civil contract to ITD GOLD PHASE 1 KRUNG THONBURI BTS STATION KHLONG SAN 1.7KM TYPE TRAINS SYSTEM CAPACITY MONORAIL FEEDER LINE THREE 2-CAR AUTOMATIC PEOPLE MOVER (APM) TRAINS 4,000-12,000 PPHPD (5-6 MIN HEADWAY) 27 FEB 2018 Sale and installation of E&M works Agreement signed 9 MAR 2018 Civil work construction began E&M AND O&M SERVICES PROVIDED BY BTSC SALE AND INSTALLATION OF E&M WORKS AGREEMENT E&M VALUE (INCL.VAT) OF THB MN O&M SERVICES AGREEMENT 30 YEARS FROM 1ST COMMERCIAL OPERATION DATE O&M SERVICES INCLUDE THE OPERATION OF TRAINS, MANAGEMENT, MAINTENANCE OF THE MASS TRANSIT SYSTEM, FARE COLLECTION AND THE PROCUREMENT OF ROLLING STOCK O&M VALUE (INCL.VAT) OF THB 13,520MN 31 JUL 2018 O&M Services Agreement signed 1 AUG 2018 NTP issued for E&M kick-off 1 SEP 2020 Targeted Commercial Operation Date (30 years operation*) Source: *Such term can be terminated earlier if the operation and maintenance services agreement of the Bangkok Mass Transit System, in which BTSC has been engaged by Krungthep Thanakom until 2 May 2042, has not been extended. Appendix 8: Gold Line Phase 1 45

46 Appendix 9: Our Media Capacity Reached 6.8bn from our Diversified Media Segments Media capacity of THB 6.8bn (as of December 2017) TRANSIT THB 3.0bn 30 BTS stations 208 carriages >4,000 static displays 2,029 digital screens 8,800 sq.m. merchandising space OFFICE THB 0.6bn 177 office buildings 281 residential buildings 1,990 digital screens OUTDOOR THB 1.4bn 996 static billboards 240 PTT posters 35 LED screens and 250 LCD screens 494 street furniture panels AVIATION ACTIVATION DIGITAL SERVICES THB 0.5bn THB 1.0bn THB 0.3bn 14 airports in Thailand and 1 airport in Myanmar 343 LED screens 2,500 trolleys 57 jet bridges Sale agent for 80 aircrafts 3,000 salespeople 360 exclusive stores 275 brand clients 77 provinces nationwide Banner Advertising Direct Targeted Marketing Note: Media capacity of VGI s standalone basis was THB 3.3bn comprising of Transit media of THB 3.0bn and Office media of THB 0.3bn. Appendix 9: Our Media Capacity reach 6.8bn from our Diversified Media Segments 46

47 Appendix 10: VGI Products BTS-Related Media and Office Building & Residential Media Products TRAIN INSIDE-TRAIN OFFICE BUILDING MERCHANDISING STATION Appendix 10: VGI Products 47

48 Appendix 10: VGI Products Outdoor Media and Aviation Media Products BILLBOARD AIRPORT LED SCREEN STREET FURNITURE CREATIVE PRODUCTION AVIATION: JET BRIDGE Appendix 10: VGI Products 48

49 Appendix 11: VGI & MACO Top20 Customer Profile VGI: CUSTOMER TYPE VGI: TOP BRAND Agency 77.4% Direct customer 22.6% MACO: CUSTOMER TYPE MACO: TOP BRAND Agency 70.0% Direct customer 30.0% Appendix 11: VGI and MACO Top20 Customer Profile 49

50 Appendix 12: Overview of Property Restructuring EBT of UE to U City U CITY S PROPERTY PORTFOLIO CONSIDERATION PRE EBT ASSETS TRANSFERRED FROM UE Loan Novation: THB 5.0bn Loan Repayment: THB 5.1bn THB 10.1bn Hotels: Vienna House & Vienna House Easy and Eastin Grand Sathorn Office buildings: 33 Gracechurch and 6-14 Underwood St. UK Service: Vienna International Hotel Management Under developing: The Unicorn and Mo Chit Complex Roi Chak Sam Land Bank: Sukhumvit, Suksawad, Khukot and Bang Krachao Hotels: U Sathorn, U Chiang Mai and U Kanchanaburi Office Building: TST Tower Services: Absolute Hotel Services, Thana City and Tanayong Property Management International School Land Bank: Khao Yai and Ratburana BTS-Sansiri JVs Total Assets Value: THB 12.2bn Preferred Shares from: PP: 63,882mn shares (@THB 0.034/share) with U-W3 31,941mn units Total Settlement Value NET GAIN OF THB 1.9BN FROM EBT Fair value of U City s preferred shares and warrants and loans to and interest receivable from U City THB 2.2bn THB 12.2bn THB 12.2bn Book value Net assets of the Unicorn Group (THB 9.1bn) REMAINING KEY ASSETS AT BTSG Thana City Golf Course and Sports Club Par 1 (Housing Estate) Land (e.g. Bayswater JV) Deducted deferred gain on the entire business transfer of subsidiary and Transaction costs Net gain on the entire business transfer of subsidiary (THB 1.2bn) THB 1.9bn Appendix 12: Overview of the Entire Business Transfer Transaction 50

51 Appendix 13: U City s Overview & Strategy Globally Developing and Investing in Diversified Property RECURRING INCOME PROPERTY Hospitality 92 Hotels totaling over 19,200 keys includes a portfolio of owned, leased and managed hotels in Europe and Asia. Office 28,500 sqm of lettable space comprising of 2 office buildings in London, UK and 1 office building in Bangkok, Thailand. Operating Revenue (THB mn) 3, , FY 2017 REVENUE CONTRIBUTION Others THB 423mn 9.5% Office THB 162mn 3.6% THB 4,453mn Hospitality THB 3,868mn 86.9% RESIDENTIAL PROPERTY DECEMBER 2017 BOOK VALUE BREAKDOWN Through a 50% stake in the BTS-Sansiri JV, which develops condominiums near mass transit lines and has currently a presold condominium backlog of THB 26.1bn Land bank THB 10.0bn 30.9% THB 32.3bn Hospitality THB 18.4bn 57.0% LANDBANK U City s land bank totals THB 7.4bn or Rai or 1.23mn sqm of land, which is sufficient for over 5 years of development. 67% of land bank value is located adjacent to future or current mass transit lines and is therefore well-positioned to benefit from the mass transit premium Residential THB 0.5bn 1.6% Office THB 3.4bn 10.5% Appendix 13: U City s Overview & Strategy 51

52 Appendix 13: U City s Overview & Strategy Poised for Substantial Growth Ahead 5 PILLARS OF SUSTAINABLE VALUE ACCRETION 1. INVESTMENT 2. EFFICIENT USE OF 3. SUSTAINABILITY 4. PARTNERSHIPS 5. MASS TRANSIT LINK Diversified portfolio CAPITAL Respond to changes in Access to expertise and To benefit from the Grow through project development and acquisition Enhance value through prudent management and value engineering Recycle capital for future investment. Potential for fee-based income. consumer lifestyles, including digital disruption Environmental awareness Benefit to communities Enterprise Value/Return new business opportunities Reduce development and investment risk Increase long-term firm mass transit premium Maximize synergy To Shareholders value and synergies 5-YEAR TARGET Operating Revenue of THB 9,400mn, Recurring Net Profit of 1,360mn Operating Revenue 20% CAGR Recurring Net Profit 15% Margin* 4,030 (127) FY 2017 FY 2022 Operating Revenue Recurring Net Profit (THB mn) 9,400 1,360 Appendix 13: U City s Overview & Strategy Operating Revenue Development (Growth ) ( THB mn) 59% Overseas 41% Thailand 9,410 72% Overseas 28% Thailand 4,030 2, ,204 1,380 FY 2017 Hospitality Office Alternatives Residential FY 2022 * Note: revenue includes share of profit in BTS-Siri JV, Keystone JV and Property management services revenue Key Growth Drivers Hospitality Office Alternatives Residential CAPEX / Investment From 8,648 Keys Operating to 19,244 Owned hotels revenue 5% CAGR Full-year effect of acquisitions and rent reversion Share of profit from international school, The Unicorn mixed-use building Future gross development value of THB 72bn of 12 condominium projects 5-year aggregate of THB 14.6bn 52

53 Appendix 14: BTS-W3 Term Sheet WARRANTS TERMS AND CONDITIONS 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 NO. OF WARRANTS EXERCISE RATIO EXERCISE PRICE EXPECTED MAXIMUM PROCEEDS TO EXISTING SHAREHOLDERS AT THE RATIO OF 3 EXISTING BTS SHARES : 1 BTS-W3 3,944,626,464 UNITS 1 BTS-W3 TO 1 NEW COMMON SHARE OF BTS THB PER SHARE THB 47,336MN Appendix 14: BTS-W3 Term Sheet 53

54 Appendix 15: BTS-W4 Term Sheet WARRANTS TERMS AND CONDITIONS TICKER TERMS WARRANTS PRICE NO. OF WARRANTS No. OF SHARE ALLOCATION EXERCISE RATIO EXERCISE PRICE EXPECTED MAXIMUM PROCEEDS EXERCISE PERIOD SET LISTING BTS-W4 1 YEAR NIL SCENARIO 1: UP TO 1,755,034,187 UNITS* SCENARIO 2: UP TO 1,316,158,099 UNITS** SCENARIO 1: UP TO 1,755,034,187 UNITS* SCENARIO 2: UP TO 1,316,158,099 UNITS** TO EXISTING SHAREHOLDERS AT THE RATIO OF 9 EXISTING BTS SHARES : 1 BTS-W4 1 BTS-W4 TO 1 NEW COMMON SHARE OF BTS THB PER SHARE SCENARIO 1: THB 18,427,858,963.50* SCENARIO 2: THB 13,819,660,039.50** QUARTERLY BOTH BTS-W4 AND THE NEW SHARES TO BE LISTED *Assuming all BTS-W3, BTS-WB and BTS-WC are exercised **If only BTS-WB are exercised Appendix 15: BTS-W4 Term Sheet 54

55 Appendix 16: 1Q 2018/19 Overview P&L SNAPSHOT INCOME STATEMENT (THB mn) 1Q 2018/19 1Q 2017/18 % YoY 4Q 2017/18 % QoQ Operating Revenues 1 3,049 3,110 (2)% 3,574 (15)% Gross operating profits 1,470 1,278 15% 1,652 (11)% Operating EBITDA 2 1, % 1,154 (2)% Recurring net profit after MI % 810 (42)% Accounting EBITDA 1,114 1,087 (2)% 3,367 (64)% Net income (loss) (4)% 2,470 (84)% Gross operating profit margin (%) 48.2% 41.1% 46.2% Accounting EBITDA margin (%) 33.5% 32.7% 56.0% Recurring net profit margin (%) 15.2% 12.0% 19.6% Operating EBITDA margin (%) 37.0% 29.5% 32.3% 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 1Q 2018/19 OPERATING REVENUE BREAKDOWN OPERATING REVENUE COMPARISON (YoY) Mass Transit 59% Media 35% Property 3% Services 3% (THB mn) 3,110 (9%) (180) 27% 228 (45)% (35)% (66) (43) 3,049 Q1 FY17/18 Mass Transit Media Property Services Q1 FY18/19 Appendix 16: 1Q 2018/19 Performances 55

56 Appendix 16: 1Q 2018/19 Mass Transit OPERATING PERFORMANCE OPERATING REVENUE BREAKDOWN MASS TRANSIT (THB mn) 1Q 2018/19 1Q 2017/18 %YoY 4Q 2017/18 %QoQ Revenue 1,813 1,993 (9)% 2,159 (16)% Costs of revenue 1,120 1,338 (16)% 1,389 (19)% Int income from train procurement & E&M 11% Share in BTSGIF 12% Gross profit % 770 (10)% Operating EBITDA % 779 (10)% Gross margin (%) 38.3% 32.9% 35.7% Operating EBITDA margin (%) 38.7% 33.3% 36.1% O&M 25% Farebox BRT 1% 1Q 2018/19 Services revenue from provision of E&M works & train procurement 51% HISTORICAL OPERATING REVENUE (THB mn) Farebox BRT Services revenue from provision of E&M works & train procurement Share of NP in BTSGIF Int income from train procurement & E&M O&M 1,444 1, Appendix 16: 1Q 2018/19 Performances 2,848 1,205 1Q 16/17 2Q 16/17 3Q 16/17 4Q 16/17 1Q 17/18 2Q 17/18 3Q 17/18 4Q 17/18 1Q 18/ KEY FACTORS Services revenue from the provision of E&M works and the train procurement service for the Southern and Northern Green Line extensions of THB 0.9bn was recorded O&M revenue rose by 4% YoY to THB 452mn mainly from the existing extensions and one new additional station (Samrong: E15) Despite the impact of free-trip allowance to passengers from train services disruption, Farebox revenue up 1% YoY to THB 1,640mn on the back of 2.7% YoY average fare increase Share of net profit in BTSGIF of THB 227mn (increased 4% YoY) Costs declined by THB 218mn YoY to THB 1.1bn largely from lower recognition in cost of services related to the provision of E&M works and the train procurement service for Green Line extensions Operating EBITDA margin was 38.7% (33.3% in 1Q 2017/18) 56

57 Appendix 16: 1Q 2018/19 Media OPERATING PERFORMANCE OPERATING REVENUE BREAKDOWN MEDIA (THB mn) 1Q 2018/19 1Q 2017/18 %YoY 4Q 2017/18 %QoQ Operating revenue 1, % 1,107 (3)% Costs of revenue % 321 (4)% Gross profit % 786 (2)% Operating EBITDA % % BTS Related Media 58% 1Q 2018/19 Outdoor Media 26% Office Buildings and Others Gross margin (%) 71.3% 65.4% 71.0% Operating EBITDA margin (%) 54.5% 49.6% 47.8% 9% Digital 7% HISTORICAL OPERATING REVENUE (THB mn) Digital Services Media OOH , Q 16/17 2Q 16/17 3Q 16/17 4Q 16/17 1Q 17/18 2Q 17/18 3Q 17/18 4Q 17/18 1Q 18/19 KEY FACTORS Overall Media revenue surged 27% YoY to THB 1,077mn mainly from improved performance in OOH Media OOH Media revenue* rose by 37% YoY to THB 996mn chiefly attributable to from synergies of O2O Solutions services, a higher utilisation rate, digital billboards products as well as the full quarter consolidation of Co- Mass in the Outdoor media segment Costs increased by 5% YoY to THB 309mn primarily from costs related to the launch of 35 digital billboards and full year consolidation of Co-Mass by MACO Operating EBITDA margin improved YoY to 54.5% (49.6% in 1Q 2017/18) Appendix 16: 1Q 2018/19 Performances *OOH Media includes Transit, Outdoor and Office Building and Other Media 57

58 Appendix 16: 1Q 2018/19 Property OPERATING PERFORMANCE OPERATING REVENUE BREAKDOWN PROPERTY (THB mn) 1Q 2018/19 1Q 2017/18 %YoY 4Q 2017/18 %QoQ Operating Revenue (45)% 160 (50)% Costs of revenue (28)% 105 (36)% Gross profit (76)% 54 (77)% Operating EBITDA 19 (6) N.A. (5) N.A. Commercial & Others 89% 1Q 2018/19 Residential 11% Gross margin (%) 15.6% 35.3% 34.1% Operating EBITDA margin (%) 23.0% N.A. N.A. HISTORICAL OPERATING REVENUE (THB mn) Q 16/17 2Q 16/17 3Q 16/17 4Q 16/17 1Q 17/18 2Q 17/18 3Q 17/18 4Q 17/18 1Q 18/19 NOTE: Property operating performances exclude share of profit/(loss) from investment in BTS- SIRI JVs, U City and Bayswater. Appendix 16: 1Q 2018/19 Performances KEY FACTORS Operating revenue was THB 80mn, decreasing 45% YoY, which was primarily attributable to the deconsolidation of the majority of BTS property business as a result of the EBT of UE to U City in prior quarter Commercial Property revenue was THB 71mn or 89% of Property revenue, which now mainly comprises of revenue from Thana City Golf & Sports Club. The decrease of THB 70mn or 50% YoY was chiefly due to the deconsolidation of the 3 former BTS hotels following the EBT of UE to U City Narrower share of net loss from investment in U City, our associate, of THB 8mn (THB 59mn loss in 1Q 2017/18) mainly from the release of deferred gain according to transfer progress of Sansiri-JVs. Operating costs dropped in tandem with the decline in operating revenue, reducing by 28% YoY or THB 27mn to THB 68mn. 58

59 Appendix 16: 1Q 2018/19 Cash Flow Snapshot (THB mn) CFO Profit before tax of THB 606mn, deducted by Non-cash reconciling items of THB 187mn Changes in net working capital of THB 2bn (this includes THB 1.5bn Green Line extensions E&M works and train procurement an advance payment for civil works and E&M works of the Pink and Yellow lines of THB 0.2bn) CFI Cash paid to exercise VGI-W1 of THB 5.4bn Cash paid for acquisitions of current and other longterm investments of THB 748mn Cash paid for purchases of property, plant and equipment of THB 138mn Dividend Income of THB 437mn and Interest income of THB 209mn CFF Net cash received from bank loans of THB 2.2bn Net cash received mainly from sale of VGI of THB 665mn (2,110)* (5,703) 9,458 2, ,574** Beginning cash (31/3/18) CFO CFI CFF Others Ending cash (30/6/18) * After corporate income tax of THB 56mn, interest expenses of THB 448mn and investment in E&M works and train procurement for the Southern and Northern Green Line extensions of THB 1.5bn and an advance payment for civil works and E&M works of the Pink and Yellow lines of THB 0.2bn ** Excluding liquid investments and cash to be received from clearing house (share subscription of subsidiary) of THB 26.1bn Appendix 16: 1Q 2018/19 Performances 59

60 Appendix 16: 1Q 2018/19 Financial Position ASSETS BREAKDOWN (THB MN) 106, ,467 21,278 20% 23,674 21% 84,980 80% 86,793 79% 31 Mar Jun 18 Total current assets Total non-current assets Cash 31 Mar 18: THB 9.46bn 30 Jun 18: THB 4.57bn Current Investments 31 Mar 18: THB 5.67bn 30 Jun 18: THB 5.46bn Long-Term Investments 31 Mar 18: THB 15.95bn 30 Jun 18: THB 16.58bn LIABILITIES AND EQUITY BREAKDOWN (THB MN) 106, ,467 22,923 21% 24,918 35% 36,971 37,038 44% 46,364 48, Mar Jun 18 23% 33% 44% Gross Debt 31 Mar 18: THB 47.17bn 30 Jun 18: THB 49.48bn Adjusted Net Debt* 31 Mar 18: THB 17.13bn 30 Jun 18: THB 18.69bn ***** Issued Ordinary Shares 31 Mar 18: 11,940.4mn 30 Jun 18: 11,845.2mn Total current liabilities Total non-current liabilities Total shareholders' equity KEY RATIOS Gross Debt to Equity Adjusted Net Debt* to Equity Adjusted Net Debt* to Recurring EBITDA Interest Coverage Current Ratio 1Q 2018/19: 1.02x 1Q 2017/18: 0.92x 1Q 2018/19: 0.39x 1Q 2017/18: 0.10x 1Q 2018/19: 4.35x 1Q 2017/18: 1.43x 1Q 2018/19: 3.58x 1Q 2017/18: 3.12x 1Q 2018/19: 0.95x 1Q 2017/18: 1.39x *Adjusted Net Debt = Interest Bearing Debt Cash and Cash Equivalent and Liquid Investment - Cash to be received from clearing house (share subscription of subsidiary) Appendix 16: 1Q 2018/19 Performances 60

61 Appendix 16: 1Q 18/19 Key Mass Transit Update High Speed Rail Project at a Glance Don Mueang Bang Sue Phayathai PROJECT 1 Existing ARL Suvarnabhumi-Phayathai 2 ARL Extension Phayathai-Don Mueang 3 High Speed Rail Bangkok-U-Tapao 4 Makkasan Area Land Development Makkasan Area Land Development Makkasan Transit Oriented Development (TOD) High Speed Rail Station New Maintenance Depot Source: High Speed Rail s Market Sounding 4 Suvarnabhumi Existing Maintenance Depot 5 3 Transit Oriented Development Chachoengsao Chon Buri Si Racha Pattaya U-Tapao Route Don Mueang Suvarnabhumi U- Tapao Distance No. of Stations 220km 15 Stations Maximum Design Speed Suvarnabhumi - U-Tapao: 280 km/hr Don Mueang - Suvarnabhumi: same as current system Maximum Operation Speed Suvarnabhumi - U-Tapao: 250 km/hr Don Mueang - Suvarnabhumi:160 km/hr Contract Type Expected Project Cost Expected Operation Year 2024 Contract Length Design & Construction PPP Net Cost with subsidy THB 221bn 50 Years Operation 5 years 45 years Appendix 16: 1Q 2018/19 Performances 61

62 Appendix 16: 1Q 18/19 Key Mass Transit Update HSR s Bid Winner is Targeted to be Announced by End of Jun-9 Jul Nov Nov 2018 End 2018 Terms of Reference (TOR) selling period Bid Submission Open bidding documents Announce the bid winner 31 companies bought High Speed Rail TOR 2 companies 1 company 2 companies 7 companies 4 companies 1 company 14 companies List of 14 Thai companies Sino-Thai Engineering and Construction PCL. 3. Ratchaburi Electricity Generating Holding PCL. 4. Charoen Pokphand Holding Co., Ltd. 5. Italian-Thai Development PCL. 6. Unique Engineering and Construction PCL. 7. Energy Complex Co., Ltd. 8. Bangkok Expressway and Metro PCL. 9. Ch. Karnchang PCL. 10. TPI Polene PCL. 11. Terd Dumri Co., Ltd. 12. Powerline Engineering PCL. 13. Central Pattana PCL. 14. LMT Stone Co., Ltd. Appendix 16: 1Q 2018/19 Performances 62

63 Appendix 16: 1Q 18/19 Key Media Update An acquisition of Kerry Express (Thailand) TRANSACTION DETAILS % of investment 23% of total shares Total investment Source of funds VGI SHAREHOLDING STRUCTURE (AS OF 14 AUG 2018) BTS THB 5,901mn Cash from proceed from PP-1 and VGI-W1 Public KERRY Express (Thailand) 70.9% % 1.4% 2 SERVICE CHANNEL B2B B2C KERRY BUSINESS Kerry is the No. 1 private express delivery services in Thailand, with a network of more than 2,500 services points nationwide and more than 6,000 delivery vehicles. delivering parcels from company to various places such as financial institutions, law firm, retail shops and etc. delivering parcels from e-market place to the individual shoppers Remark: VGI total shares = 8,556,680,098 shares, which based on shares after exercise of VGI-W1 and subscription of PP by Kerry. 1 BTS includes 45.0% of BTSC, 25.3% of BTSG and 0.6% from Kanjanapas Family 2 Kerry Express includes 1.3% of KLN Logistics, 0.1% of Siam Chao Phraya Express and Gather Excellence VGI C2C delivering letters and parcels from online retailers to individual consumers NETWORK AND CHANNEL Deliver more than 800,000 parcels per day 6,000 delivery vehicles 700 distribution centers >2,500 services points at alliance shops such as Appendix 16: 1Q 2018/19 Performances 63