BTS Group Holdings PCL

Transcription

1 GENERAL PRESENTATION APRIL 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 1968 Company established as Tanayong Co., Ltd. (TYONG) to operate in property development field 1992 TYONG established a wholly-owned subsidiary, Bangkok Transit System Corporation Ltd. (BTSC), which won the SkyTrain concession bid 2008 BTSC exit court supervised rehabilitation procedure 2010 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) APR 2013 BTSC sold the future Net Fare-box Revenue under its Concession Agreement to BTS Rail Mass Transit Infrastructure Fund (BTSGIF) MAR 2017 BTSC finalised the operating & maintenance (O&M) contract with KT; a wholly owned subsidiary of the BMA. The contract covers 30.8km of Green Line Northern and Southern extensions (Mo Chit Saphan Mai Khu Khot and Bearing Samut Prakarn) 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 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 31 March Information based on book closure date on 22 Jan 18 with total issued shares = 11,940.4mn shares 2 BTSG holds 73.61% of VGI indirectly and directly 3 Revenue from the Company recorded under Services BU 41% Kanjanapas Family 1 31% Institutional Investors 1 28% Individual Investors 1 MASS TRANSIT BUSINESS MEDIA BUSINESS PROPERTY BUSINESS SERVICES BUSINESS LEGEND Listed entities Subsidiaries Associates JVs 97.46% 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) 48.59% 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 Demo Power (Thailand) Co., Ltd. The ICON VGI Co., Ltd. Supremo Media Co., Ltd Group Work Co., Ltd 100% 100% 100% 100% 40% 30.38% 18.09% 30% 25% 25% 20% 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% 100% 41.18% 80% Tanayong International Ltd. 100% RB Services Co., Ltd. 100% 60% 69% BSS Holdings Co., Ltd. Rabbit Rewards Co., Ltd. Bangkok Payment Solutions Co., Ltd. Man Food Holdings Co., Ltd. 100% 100% 100% 51% Man Food Products Co., Ltd. Primary Kitchen Co., Ltd. Man Kitchen Co., Ltd. Little Corner Co., Ltd. KMJ 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 Historical operating revenues (1) Mass Transit Revenue (THB mn) 2,077 2,274 2,574 4,237 FY 16/17 Operating Revenue contribution FY 13/14 FY 14/15 FY 15/16 FY 16/17 *FY 2016/17:- Services revenue from provision of E&M works & train: THB 1,444mn, O&M Revenue: THB 1,661mn, Share in BTSGIF: THB 945mn, interest income from E&M and train procurement: THB 187mn MEDIA *FY 2016/17:- OOH Media revenue: THB 2,640mn, Digital Services business: THB 370mn PROPERTY Media Revenue (THB mn) 3,121 2,926 2,318 2, , ,010 FY 13/14 FY 14/15 FY 15/16 FY 16/ FY 13/14 FY 14/15 FY 15/16 FY 16/17 * FY 2016/17:- Residential Property revenue:- THB 39mn, Commercial Property revenue : THB 578mn SERVICES Property Revenue (THB mn) Services Revenue (2) (THB mn) 743 FY 13/14 FY 14/15 FY 15/16 FY 16/17 * FY 2016/17:- ChefMan revenue:- THB 406mn, HHT revenue : THB 213mn, BPS and Rabbit Rewards: THB 124mn Section 1: BTS Group in Brief 49% THB 35% 8,606mn 9% 7% FY 16/17 Operating EBITDA Contribution 62% Mass Transit Property THB 2,928mn Mass Transit Property Media Services 0% -3% 41% Media Services (1) FY ended 31 March (2) Services revenue excludes revenue of HHT Construction (Thailand) Co., Ltd. as it is consolidated as cost of project under Property business 6

7 Strategy and 5-Year Growth Targets Earnings Expected to Grow by 24% CAGR As a mass transit led conglomerate, the company s key focus is on securing new mass transit lines which are authorised or set by the government at both municipal and national levels. After securing additional lines, we capture further value from opportunities which cascade down to our other independently operating business units in Media, Property and Services. We actively pursue capital market opportunities that allow us to unlock further uplift from our assets or to allow us to recycle capital to finance future expansion sustainably. BU 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: 95.7km (Pink, Yellow, Dark Green North & South extensions) already secured taking total to 132km Target contracts for an additional 82.9km (Gold, Green West, Orange, LRT and Grey) Transit: 4-5X increase in mass transit inventory Office: new property projects under BTS, 50 new office buildings planned or under construction in Bangkok Outdoor: billboard digitalisation, M&A Aviation: 5.8% expected CAGR passenger growth in Thailand and expand to overseas Activation: cross-selling on VGI s existing network, increasing audience reach by 14X Digital Services: expand online and offline network and enriching our data depth Residential: THB 81bn in GDV of future condominium projects Commercial: additional 6,800 keys, THB 27.5bn in Gross Development Value (GDV) of future commercial property projects Land Bank: 2.3mn sqm (227 Hectares) with book value of THB 12.6bn to facilitate up to 10 years of future development MEDIA 29% MASS TRANSIT 68% 5-YEAR OPERATING REVENUE OUTLOOK CAGR 27% 5-YEAR OPERATING EBITDA OUTLOOK THB 2.5BN CAGR 39% FY 16/17 FY 21/22E CAGR 24% FY 16/17 FY 21/22E PROPERTY SERVICES 5-YEAR NET PROFIT (AFTER MI) OUTLOOK THB 2.0BN THB 26.3BN FY 21/22E THB 13.1BN THB 6.0BN 1% 2% Section 1: BTS Group in Brief 7

8 Business Synergy and Investment Features Benefit from Rail Mass Transit Network Expansion MASS TRANSIT 66% 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 4 additional lines totaling 95.7km since 1H 2017, increasing length by 3.6x compared to last year MEDIA 42% market share by media revenue 66% ridership market share in bangkok 1 VGI is the largest media company in Thailand. VGI is a multi-faceted media services company that is pioneering data-driven, targeted advertising in Thailand. VGI Enjoys uniquely exclusive long-term contracts to manage advertising space on the BTS SkyTrain Network as well as future lines secured by BTSG. PROPERTY 2 nd largest Hotel Company in Thailand operating globally Developing or acquiring residential and commercial properties predominantly in close proximity to - or directly connected with - future or existing mass transit lines to benefit from the mass transit premium through various partnerships BTSG is Thailand s 2nd largest hotel group that directly and indirectly owns, operates or manages over 15,000 keys globally * *as measured by keys under ownership, lease and management (both operating and under contract) RAIL LENGTH TARGET 4.6x 175.3KM MASS TRANSIT REV.* 9.0x THB 23.4BN 4-5 times expected increase in BTS media capacity by 2021/22 Real estate development along mass transit worth 36.3KM FY 16/17 FY 21/22E THB 2.6BN FY 16/17 FY 21/22E >15mn rabbit card holders and synergy with data from Rabbit Group THB 100bn in 5 years * excludes services revenue from provision of E&M and train and interest income from E&M and train procurement 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 Actual dividend paid (THB mn) Dividend yield* (%) 8, % 7,073 7, % 4, % 4,716 FY 12/13 FY 13/14 FY 14/15 FY 15/16 FY 16/17 Section 1: BTS Group in Brief Committed dividend period 6.2% 7.8% * Calculated based on share price one day before the Board of Directors approval date for relevant dividend payment KEY FIGURES (as of 31 Mar 2017) EMPLOYEES (as of 31 Mar 2017) THB (mn) Mass Transit 2,160 51% Media % Property % Services % BTS Group Holdings 139 3% Total 4, % USD (mn)** Accounting revenue 9, Operating revenue 8, Operating EBITDA 2, Net income*** 2, Total assets 93,651 2,754 Excess cash and liquid investments 35,107 1,032 Cash 15, Current investments 6, Long-term investments 13, Restricted deposits Free cash flow (5,715) (168) **Source: Bank of Thailand; based on Interbank Exchange Rate of USD 1 = THB as of 7 June 2017 ***to equity holders of the parent 9

10 BTS Group Share Information SHARE INFORMATION (as of 31 Mar 2017) Stock code Outstanding shares (mn shares) 11,935.0 Treasury shares (mn shares) 95.8 Market capitalisation (THB mn) 100,850.4 Market capitalisation (USD mn) 2,935.7 Average daily traded value (THB mn) Average daily traded value (USD mn) 4.4 * As of 31 March 2017 SHARE PRICE MOVEMENT (as of 31 Mar 2017) THB BTS Turnover (RHS) BTS TB SET Index (rebased) THB mn Name % 1,200 1 MR. KEEREE KANJANAPAS S GROUP 41.3% 12M ADTV = THB 245mn BTS 1, SHARE STRUCTURE (as of 22 Jan 2018) Free float (as of Jun 17) 57.4% Foreign limit 49.0% Foreign holdings (incl. NVDR) 18.3% 41.3% 0.8% 31.1% 26.8% BTS Group Kanjanapas Institutional treasury Others family investors shares TOP 10 SHAREHOLDERS (as of 22 Jan 2018) 2 THAI NVDR CO., LTD. 8.1% 3 BANGKOK BANK PUBLIC COMPANY LIMITED 4.6% 4 SOCIAL SECURITY OFFICE 2.3% 5 HSBC (SINGAPORE) NOMINEES PTE LTD 1.6% 6 STATE STREET BANK EUROPE LIMITED 1.2% 7 CHASE NOMINEES LIMITED 1.0% 8 UOB KAY HIAN PRIVATE LIMITED 0.9% 9 THE BANK OF NEW YORK MELLON 0.6% 10 GIC PRIVATE LIMITED 0.6% TOTAL TOP 10 SHAREHOLDERS 62.2% 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 110.6km 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: 110.6KM 110.6km 78 stations by 3 operators BTS: 38.1km (SkyTrain Green Line) BEM: 44.0km (Blue & Purple) RAIL MASS TRANSIT MARKET SHARE Seoul 51% Hong Kong 46% Singapore 40% Tokyo 36% 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) Hong Kong 35.0 Singapore 35.6 Tokyo 42.0 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 65% BEM* 273,637 30% ARL 61,500 5% *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 OCT 16. SRT: 28.5km (Airport Rail Link) Total Average Weekday Ridership of 1,145,390 trips Section 2.1: Mass Transit Business 12

13 RECENTLY SECURED LINES 95.7KM OPERATING LINES 36.3KM BTS Lines Expanding 3.5x from 36.3km in 2016 to 132km BTS NETWORK: 132KM (112 STATIONS) EXT. ZONE 2 MO CHIT - KHU KHOT 18.2KM PINK KHAE RAI MIN BURI 34.5KM YELLOW CORE NETWORK MOCHIT TO ONNUT AND NATIONAL STADIUM TO SAPHAN TAKSIN 23.5KM & 23 STATIONS CONCESSION CONTRACT ( ) 13YR O&M CONTRACT ( ) ZONE 1: GREEN LINE EXTENSIONS CORE NETWORK MO CHIT ON NUT 17.0KM NATIONAL STADIUM SAPHAN TAKSIN 6.3KM EXT. ZONE 1 SAPHAN TAKSIN BANG WA 7.5KM LAD PRAO SAM RONG 30.4KM EXT. ZONE 1 ONNUT BEARING 5.3KM EXT. ZONE 2 BEARING SAMUT PRAKARN 12.6KM ONNUT TO BEARING AND SAPHAN TAKSIN TO BANG WA 12.8KM & 11 STATIONS 30YR O&M CONTRACT ( ) ZONE 2: GREEN LINE EXTENSIONS BEARING TO SAMUTPRAKARN AND MOCHIT TO KHU KHOT 30.8KM & 25 STATIONS 26YR O&M CONTRACT ( ) PINK AND YELLOW LINES KHAE RAI TO MIN BURI AND LAD PRAO TO SAM RONG 64.9KM & 53 STATIONS 30YR PPP NET COST CONTRACT *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 13

14 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 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 Operating Lines 23.5km Core Network and 12.8km Green Line Existing 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%) 59 16yr Farebox Revenue CAGR: 10.1% 16yr Ridership CAGR: 9.1% 79 Farebox revenue (THB bn) Ridership (mn) DISTANCE-BASED FARE (AVG = THB 28/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 Recently-Secured Lines 30.8km New Extension and 64.9km Pink & Yellow Monorail Lines ZONE 2: 30.8KM NEW EXTENSIONS PINK AND YELLOW LINE MONORAIL: 64.9KM EXT. ZONE 2 EXT. ZONE 2 MO CHIT - KHU KHOT 18.2KM BEARING SAMUT PRAKARN* 12.6KM 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 NORTHERN BANGKOK MONORAIL COMPANY LIMITED PINK LINE PROJECT (INCLUDE EXTENSIONS) YELLOW YELLOW LAD PRAO SAM RONG 30.4KM PINK KHAE RAI MIN BURI 34.5KM STEC 15% 75% RATCH 10% EASTERN BANGKOK MONORAIL COMPANY LIMITED YELLOW LINE PROJECT (INCLUDE EXTENSIONS) 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 ) Contract length 30yr operation 30yr operation Daily ridership in Y1 199k trips 195k trips Ridership CAGR (30Y) 5.2% 4.5% 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) 2.2x 2.2x O&M CONTRACT Section 2.1: Mass Transit Business PPP NET COST CONTRACT WITH SUBSIDY 15

16 BTS Targeted Lines Interested in an additional 302.9km WESTERN ORANGE LINE TALING CHAN - THAILAND CULTURAL CENTER 17.0km EASTERN ORANGE LINE THAILAND CULTURAL CENTER - MIN BURI 22.6km 302.9KM FUTURE LINES IN THE NEXT 5 YEARS BTS TARGET ROUTE AUTHORITY DISTANCE (KM) NO. OF STATION EXPECTED OPERATING GOLD (1) KRUNG THON BURI KLONG SAN BMA GREEN EXT. (WESTERN) BANG WA - TALING CHAN BMA LRT BANG NA - SUVARNABHUMI BMA WESTERN GREEN LINE EXT. BANG WA - BOROMMARATCHACHONNANI 7.0km GOLD LINE GREY LINE KRUNG THON BURI KLONG SAN (PHASE 1) 1.7km WATCHARAPHON THONG LO (PHASE 1) 16.3km LRT BANG NA SUVARNABHUMI 18.3Km NOTE: * Excluding 7 stations in ARL GREY (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 OTHER ROUTE AUTHORITY DISTANCE (KM) BLUE HUA LAMPHONG - BANG KHAE MRTA MRTA SRT * 2024 NO. OF STATION EXPECTED OPERATING MRTA BLUE BANG SUE - THA PRA MRTA BLUE BANG KHAE BHUDHAMONTHON 4 MRTA DARK RED BANG SUE - RANGSIT SRT DARK RED BANG SUE HUA LUM HONG SRT LIGHT RED PURPLE (SOUTHERN) BANG SUE PHAYATHAI MAKKASAN HUAMAK SRT TAO POON RAT BURANA MRTA TOTAL Under construction (including Extension Zone 2, total of 104.9km under construction) BTS Group Earnings Presentation Section 2.1: Mass Transit Business 16

17 302.9KM BTS TARGETED LINES 95.7KM 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 MID 18 EXPECTED TIMELINE FY 17/18 FY 18/19 FY 19/20 FY 20/21 FY 21/22 FY 22/23 APR 2021 FY 23/24 FY ended 31 March FY 24/25 DEC /42 MID /42 MID 18 APR / /52 EXPECTED REVENUE (THB BN P.A.) FAREBOX REVENUE (Y1) O&M REVENUE (Y1) WESTERN GREEN LINE EXTENSION: 7.0KM 2.1 BY 2019 BY 2021 GOLD LINE PHASE 1: 1.7KM 0.4 BY 2018 BY 2020 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 CIVIL + TRAINS + E&M THB 316.5bn BY 2018 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 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. 4 Excluding land acquisition of THB 3.6bn. BY 2022 BY 2023 BY

18 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 18

19 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 114bn 113bn 1% 1% 107bn 1% 1% 4% 4% 6% 5% 8% 2% 9% 8% 9% 5% 19% 18% 11% 24% 23% 16% 60% 3bn 2012/ / / / /17 TV Traditional media OOH media Cinema Online* Digital adspend (DAAT)** Shutdown Coup Mourning BKK d etat effect * Online adspend includes banner ad on 50 websites and 10 mobile sites ** based on December year-end Source: 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. 7,834 7,231 6,189 6,393 6,244 3, % 62% 4bn 4, % 2, % 2, % 3, % 3, % Section 2.2: Media Business 68% 3, % 4,297 3, % 3, / / / / /17 VGI Group Revenue 6bn Peers 69% 8bn 66% 1 9bn 54.8% ON LINE OOH MEDIA 45.2% 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 Total industry Cinema Analogue TV Traditional media** In-store -14.8% VGI GROUP S FOCUS -4.2% -6.0% -8.3% 0.2% 10.1% 27.5% 36.4% * Digital adspend based on December 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 19

20 A Well-Diversified Out-of-Home Media Business VGI GROUP 100.0% 30.7% 30.0% 40.0% 90.0% 90.0% COMPANY SEGMENT 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 Nationwide, Thailand Nationwide, Thailand Nationwide, Thailand MARKET SHARE & NETWORK 60% market share 31.0km, BKK 51.0km, Malaysia 80% market share 172 office building 262 condominium 30% market share >2,000 billboards 20% market share 14 airports 70% market share >1,000 stores 8.5mn cardholders 3.2mn active holders 45mn LINE users 2.8mn LINE pay users THB 1,300mn outstanding loan AUDIENCE REACH PER DAY >770,000, BKK >150,000, KL >500,000 >1,200,000 >330,000 >500,000 >20mn >100,000 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 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 2016/17 REVENUE THB 2,681mn THB 371mn SEGMENT OOH Media Platform Digital Services Section 2.2: Media Business 20

21 Our Media Capacity will reach THB 7.3bn With Multi-Channel Audience Reach 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 172 office buildings 242 residential buildings 200,000 sq.m. in chamchuri square OUTDOOR THB 1.4bn 996 static billboards 240 PTT posters 35 LED screens and 255 LCD screens 494 street furniture panels AVIATION ACTIVATION DIGITAL SERVICES THB 0.5bn THB 1.0bn THB 0.3bn 14 airports (342 LCDs) 2,500 trolleys 57 jetbridges sale agent for 80 aircrafts 3,000 salespeople 360 exclusive stores 275 brand clients 77 provinces nationwide Banner Advertising Direct Targeted Marketing 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 Use in retail stores 8.5mn Rabbit cards in circulation (as of Dec 2017) 145 brand partners >5,200 card readers ONLINE PAYMENT: RABBIT LINE PAY A mobile e-wallet solution embedded in the leading chat messenger application. 2.8mn users >600 merchants 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: THB 22mn gross written premiums Insurance aggregator services on Rabbit Finance website and also a licensed broker for insurance products. Rabbit Daily: 7mn 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 COLLECT PROCESS DISTRIBUTE Evolving into a Data Centric Media Hypermarket Offering Targeted Advertising and Proactive Media Sales OFFLINE awareness TRANSIT OFFICE OUTDOOR AVIATION DIGITAL ACTIVATION MONETISING DATA THROUGH OUR MEDIA PLATFORMS AUDIENCE TARGETING AUTOMATED MEDIA PLANNING CROSS CHANNEL TARGETING AD. EFFECTIVENESS RESEARCH DATA ANALYTICS & SEGMENT CREATION Adaptive conversion Payment platform Data type: Demographic, spending, location, travel Data source: BTS station/ BRT Retail merchant Supermarket/ store Rabbit Line Pay Service platform Data type: Demographic, spending, financial Data source: Insurance aggregator website Micro loan offering through the partnership with AEON Online platform Data type: Lifestyle, interest Data source: Online brand partners Published content in ONLINE engagement 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 2016/ /22E GREEN CORE + EXTENSION GREEN (SOUTHERN) NONE 60 GREEN (NORTHERN) NONE 84 GREEN EXT (WESTERN) NONE 32 PINK NONE 168 YELLOW NONE 120 GREY (PHASE I) NONE 72 LRT NONE / /22E CORE + EXTENSION GREEN (SOUTHERN) NONE 9 GREEN (NORTHERN) NONE 16 GREEN EXT (WESTERN) NONE 6 PINK NONE 30 YELLOW NONE 23 GREY (PHASE I) NONE 15 LRT NONE 14 TOTAL X 836 TOTAL X 147 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. 1,065, , , / / /22 2.6X increased 1,997,000 Ridership from New extensions 668 (secured lines) 108 (secured lines) Ridership from VGI s existing network Unoccupied inventory Occupied inventory 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 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 2021/22 GOALS Revenue of THB 7,500 8,000mn (20% CAGR) NPAT growth of 15 20% CAGR 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 Market Overview Slowing Down, but Resilient Near Mass Transit Lines BANGKOK CONDO LAUNCHES Units 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 Millions of Visitors Total 51,150 61% Total 50,105 56% Q 2Q 3Q 4Q Average Take-up Rate (RHS) Source: Colliers International (Thailand) INTERNATIONAL TOURIST ARRIVALS % % Total Tourist Arrivals to Thailand Source: Department of Tourism, Ministry of Sports and Tourism Section 2.3: Property Business Total 34,666 Total 39,046 66% 64% 62% 60% 58% 56% 54% 52% 50% AVG. LAUNCH PRICES AND TAKE-UP RATES BY DISTANCE TO BTS Baht/sq.m 0-200m (CAGR +24.0%) m (CAGR +13.4%) 300, ,000m (CAGR +22.6%) Over 1,000m (CAGR +9.8%) 250, , , ,000 50,000 Source: Colliers International Thailand THB/Night 4,000 3,500 3,000 2,500 2,000 1,500 1, ,975 2,993 3,019 1, % 46% 64% 58% 65% 47% 63% 52% 63% 70% 60% 51% 48% 48% 78% 1, % 2,131 Occupancy 3,231 3,152 3,287 3, % 90% 2,404 2,475 2,635 80% 1, % 77.5% 70% 70.6% 74.4% 61.9% 70% 76% BANGKOK HOTEL PERFORMANCE METRICS Source: CBRE ADR RevPAR Occupancy (RHS) 60% 50% 40% 26

27 Property Portfolio and Business Strategy Substantial Development Potential of Assets for Long-Term Value PROPERTY BOOK VALUE BREAKDOWN LAND: OVER 800,000M² OF POTENTIAL NEAR MASS TRANSIT LINES * Adjusted for equity stake BTS-Sansiri JV THB 13.8bn Keystone JV THB 0.8bn Bayswater JV THB 4.3bn 2% HOTEL PORTFOLIO 11% 37% Under No. of Hotels No. of Keys Ownership BTS Group 55 8,490 Owned % 1% Total Book Value as of 31 Dec 17 THB 37.7bn 31% 13% 5% Residential THB 0.5bn Commercial THB 5.0bn Land Bank THB 1.8bn U City THB 11.5bn * Hotels under AHS Projects and Properties a. The LINE Jatujak Mochit b. The LINE Sukhumvit 71 c. The LINE Ratchathewi d. The LINE Asoke-Ratchada e. The BASE Garden Rama 9 f. The LINE Pradipat g. The LINE Sukhumvit 101 h. KHUN BY YOO i. The BASE Petkasem 29 j. The Grand k. The Royal Place II l. TST Tower Office Building m. U Sathorn Hotel n. Thana City Golf & Sports Club o. Park Ramindra Condo p. Eastin Grand Sathorn Hotel Land Bank BTS Group Land Bank Bayswater JV Land Bank U City Land Bank Charansanitwong 21.9 rai (3.5 ha) Projects and Properties Residential Projects & Properties (a - k) i Bayswater JV 48.8 rai (7.8 ha) Commercial Properties (l - n) U City Residential Projects (o) f l a c j k p m d Ku Kot 56.5 rai (9.4 ha) h o b g e n Thana City & Keystone JV rai (57.1 ha) Leased % Keystone JV Land Bank U City Commercial Properties (p) Managed 52 8,313 50%* U City 39 7,381 Owned 21 3,545 36% Leased 6 1,258 36% Managed 12 2,578 36% Grand Total 94 15,871 Section 2.3: Property Business ATTRACTIVE LAND BANK FOR LONG-TERM DEVELOPMENT Owners Total Area (Rai) Total Area (sq.m) BTS Group Plc 1, ,833,022.0 Bayswater JV ,051.2 U City Plc ,444.8 Total 1, ,348,518.0 Includes Upcountry, BKK & Vicinities land bank, not equity stake adjusted) * Data as of 30 Sep 17 27

28 Residential & Commercial Property Developments Accumulating a Portfolio for Future Growth PARTNERSHIP ROADMAP To develop 25 projects with THB 100bn worth of condominiums along the current and future mass transit lines through the JV with Sansiri with an expected NPAT margin 12% & equity IRR 17% Section 2.3: Property Business Project value (THB mn) Est. Transfer Start The LINE Jatujak Mo Chit 5,816 Sep 2017 The LINE Sukhumvit 71 1,967 Sep 2016 The LINE Ratchathewi 2,965 May 2018 Project value (THB mn) Est. Transfer Start The LINE Asoke-Ratchada 3,021 Oct 2018 The BASE Garden Rama 9 2,342 Oct 2018 The LINE Pradipat 5,891 Jan 2020 The LINE Sukhumvit 101 4,650 Nov 2019 KHUN BY YOO Thonglor 12 4,065 Nov Target to launch at least 4 projects with a total value of THB 12bn Project value (THB mn) Est. Transfer Start THE BASE Phetkasem 29 1,984 Jan 2020 THE MONUMENT Thonglor 6,242 Jul 2019 THE LINE Sathorn 3,918 Nov 2020 MULTI-FACETED COMMERCIAL PROPERTY BUSINESS Divested 3 assets to U City for total consideration of THB 9.4bn in exchange for a 35.64% stake. U City aims to develop or acquire a portfolio of recurring income-generating assets predominantly near mass transit lines 2016 Acquired 3 overseas assets GRACECHURCH STREET UNDERWOOD STREET Details Office building, on 33 Gracechurch Street in London, UK Net leaseable area: 9,701 sqm Office building on 6-14 Underwood Street in London, UK Net leaseable area: 2,388 sqm VIENNA HOUSE Pan-European hotel portfolio, hotel management company and associated brands Over 6,700 keys in 9 European countries Investment value 2017 & 2018 Target to launch 2 local projects with a total value of THB 19.5bn PHAYATHAI COMPLEX MOCHIT COMPLEX Details Project: 51 levels of mixed use complex building comprising retail, office, 4 stars hotel and premium serviced residence Gross Floor Area: 120,395 sqm Project: Twin 36 levels office complex building comprising retail, office and rooftop sports center Gross Floor Area: 170,649 sqm GBP 74.3mn, or THB 3,436mn GBP 7.3mn, or THB 328.6mn EUR 170mn, or THB 6,336mn Project value THB 9.5bn THB 10bn Timeline Estimated rental income GBP 4.0mn, or THB 175mn GBP 1.2mn, or THB 52mn EUR 115mn, or THB 4.4bn and estimated EBITDA of EUR 26mn or THB 1bn Groundbreaking in June 2017 Target completion: 2021 Target construction start in 2018 Expected completion in

29 Property Update Rationale - U City is the dedicated BTS Group property vehicle CURRENT SITUATION Unclear segregation of property business (and in some case conflict of interest) between BTS Group and U City and inefficient resource allocation U City has limited growth opportunities and limited residential opportunities OBJECTIVE: U City becomes the dedicated property vehicle for BTS Group KEY RESTRUCTURING TRANSACTION: 1 2 Entire Business Transfer (EBT) of Unicorn Enterprises (UE) U City Capital Increase 3 Disposal of U City Assets OUR ACTION 100% 35.64% UNICORN ENTERPRISE (UNICORN OR UE) To eliminate potential conflict between U City and BTSG property business Unicorn will discontinue its business, dissolve and liquidate after the EBT BTSG will grant ROFR, Call Option and Management Agreement and/or Sales Agency Agreement to U City on assets remaining at BTSG Property for sale (mostly sold out) Joint venture i.e. JV Sansiri, Property-related services Hospitality Projects and land banks under study Hospitality BENEFIT TO BTSG & U CITY U City becomes the dedicated property development and investment vehicle for BTSG As U City s current property business is limited to hotels and office rental, new assets to be acquired from Unicorn will allow U City to expand its revenue stream and serve larger base of customers International school, AHS Land banks Other assets More efficient resource allocation and better management of property business Consolidation of property opportunities in one vehicle allows for higher efficiency and economies of scale in each business Office buildings Office buildings Expected gain to BTS Group from restructuring transaction is approx. THB 2,000mn (after elim) upon transaction completion in 4Q 2017/18 Section 2.3: Property Business 29

30 Property Restructuring Restructuring transaction structure UE Entire Business Transfer (EBT) U City Capital Increase U City Asset Divestment 100% UE Subsidiary shares in companies Joint venture shares i.e. JV Sansiri, International school, AHS 1 EBT 35.64% Preferred shares issued to UE (PP) UE to transfer all selected assets and shareholder loans to U City in exchange for new shares (and warrants) in U City Assets value: THB 12,917mn (as of 30 Jun 2017) BTSG loan: THB 10,745mn (as of 30 Jun 2017) Value of preferred shares issued to UE (PP): THB 2,172mn RO Strategic Investor PP RO 35.64% Repayment of Shareholders Loan U City Shareholder U City plans to repay all shareholder loan from BTSG (from EBT) with proceeds from capital increase Private Placement (PP) Preferred shares and warrants PP to Bangkok Bank (Strategic investor) Right Offering (RO) Preferred shares and warrants RO to all shareholders including strategic investor 2 RO Projects and land banks under study Phaya Thai Project Mochit Project Land banks Assets from EBT Subsidiary shares Joint venture shares Hospitality Hotel and hotel management Office rental Property for sale* Hotel Condominium Some land bank *Assets to be divested (value of approx. THB 3bn) Anantara Chiang Mai Resort and Spa AVANI Khon Kaen Hotel & Convention Centre Anantara Chiang Mai Serviced Suites Park Aran Boulevard Commercial Building Project Park Ramindra Condominium Land banks in Charansanitwong & Chonburi Land in Nakhon Ratchasima 3 #1 and #2 will be conditional upon each other voluntarily propose to shareholder for approval Note: - Certain assets under UE that will not be transferred to U City but will be transferred to BTSG prior to the transaction - To ensure sufficient funding, U City is currently securing bank facility in case of proceeds from PP and RO are lower than shareholder loans Section 2.3: Property Business 30

31 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 31

32 Services Business Strategic Support and Business Incubator CHEFMAN RESTAURANTS Premium Chinese restaurant chain managed by Man Kitchen As of 31 Mar 2017, 11 existing branches: 3 dine-in branches, 1 take-away branch, 3 Chairman by Chef Man (Hong Kong Café concept), 1 private dining concept under M Krub restaurant, 1 Man Kitchen buffet, and 2 The Round Table restaurants Eastin Grand Sathorn Branch Thana City Branch In June 2017, Chef Man added a new strategic JV partner Bangkok Ranch (BR), a listed and leading purveyor of duck meat through a capital increase. BR s extensive food processing expertise will enable Chef Man to scale-up its business domestically and internationally. ABSOLUTE HOTEL SERVICES (AHS) Joint venture originally founded between BTS and HHT Construction, a major HK contractor AHS is within the top 4 management companies based in Thailand based on number of keys under management and number of rooms under management together with Minor, Centara and Onyx. Fastest growing YOY management company in Thailand (in terms of properties and keys under management) Provide a unique range of hospitality and consultancy services with tailor-made, client-, owner- and developer-centric solutions Currently manages 3 to 5 star hotels under U Hotels & Resorts, Eastin Grand Hotels, Eastin Easy, and Eastin Hotels & Residences and Travelodge brands in Thailand, Vietnam, Laos, Indonesia, India, Oman and Europe. BTS Group Bangkok Ranch Chef Man 41% Man Food Holdings 41% 18% Number of hotels Number of rooms >9,350 11,500 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 Section 2.4: Services Business Under AHS contracts 2016/ /18E 32

33 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 33

34 BTS Group Financial Performance FY 16/17 OPERATING REVENUE & EBITDA CONTRIBUTION Note: Revenue and EBITDA excludes equity income from Sansiri JV, U City, Bayswater JV, Keystone JV OPERATING REVENUE COMPARISON (YoY) (THB mn) 35.0% 6, % 7.2% THB 49.2% THB 8,606mn 61.9% 40.8% 2,928mn (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 (2.8)% 0.1% Mass Transit Media Property Services 1,663 65% 691 (279) % -31% 51% 8, /16 FY Mass Transit Media Property Services 2016/17 FY CONSOLIDATED P&L (THB MN) FY 16/17 FY 15/16 FY 14/15 FY 13/14 Operating revenues 8,606 6,280 7,102 8,532 Accounting revenues 9,618 10,069 8,126 23,468 Operating expenses 4,142 2,489 3,163 4,147 Non-recurring items 1,907 2, ,971 EBITDA 4,117 6,254 4,937 10,334 Operating EBITDA (1) 2,928 2,693 2,836 3,100 Net income (2) 2,004 4,134 2,944 12,598 DEBT INFORMATION (THB MN) 31 MAR MAR MAR MAR 14 Interest bearing debt 38,310 9,283 4,556 6,655 Adj. net debt (5) 6,051 (6,012) (20,755) (31,106) KEY FINANCIAL RATIOS FY 16/17 FY 15/16 FY 14/15 FY 13/14 Profitability ratios (%) Gross operating profit margin 51.9% 60.4% 55.5% 51.4% SG&A to operating sales ratio 24.6% 24.6% 22.0% 19.5% Accounting EBITDA margin 41.2% 59.7% 52.0% 73.% Operating EBITDA margin (1) 34.0% 42.9% 39.9% 36.3% Recurring net profit margin (%) 20.1% 33.7% 34.7% 25.4% Liquidity ratio Current ratio (times) 1.43x 0.81x 3.96x 4.36x Leverage (Times) Total liability to total asset 0.52x 0.28x 0.22x 0.22x Total liability to total equity 1.07x 0.39x 0.28x 0.29x Interest bearing debt to equity 0.85x 0.20x 0.09x 0.11x Adj. net debt (5) to equity 0.13x (0.13)x (0.40)x (0.52)x Adj. net debt (5) to operating EBITDA 2.07x (2.23)x (7.32)x (10.03)x Interest coverage (3) 4.53x 9.30x 7.03x 4.94x Per share ratios Book value per share (THB) Dividend yield (4) 4.00% 7.75% 6.38% 7.37% 34

35 Balance Sheet ASSET BREAKDOWN (THB MN) 65,259 93,651 Cash 31 Mar 16: THB 2.36bn 31 Mar 17: THB 15.09bn LIABILITIES AND EQUITY BREAKDOWN (THB MN) 65,259 93,651 Gross Debt 31 Mar 16: THB 9.28bn 31 Mar 17: THB 38.31bn 10,191 16% 26,705 29% Current Investments 31 Mar 16: THB 4.67bn 31 Mar 17: THB 6.38bn 12,560 19% 18,636 5,799 9% 29,833 20% 32% Adjusted Net Debt* 31 Mar 16: THB (6.0)bn 31 Mar 17: THB 6.05bn 55,069 84% 66,947 71% 31-Mar Mar-17 Total current assets Total non-current assets SHAREHOLDERS EQUITY Long-Term Investments 31 Mar 16: THB 9.75bn 31 Mar 17: THB 13.52bn Restricted Deposits 31 Mar 16: THB 1.27bn 31 Mar 17: THB 0.12bn DILUTION IMPACT 46,901 72% 31-Mar-16 Total current liabilities Total shareholders' equity 45,182 48% 31-Mar-17 Total non-current liabilities ***** Issued Ordinary Shares 31 Mar 16: 11,929.3mn 31 Mar 17: 11,935.0mn *Calculated based on interest bearing debt - cash and cash equivalent and liquid investment Registered Capital (15,928.9mn THB 4.0) Issued and paid-up (11,935.0mn THB 4.0) THB mn 63,716 47,740 ESOP Type Outstanding warrants (mn) Exercise ratio (warrant : share) Exercise price (THB) BTS-WA N.A. 1 : 0.17** 4.177** Outstanding shares reserved for warrants (mn) N.A. (expired) % Dilution BTS-WB : % N.A. Others 1,618 Retained earnings (Deficits) (6,198) Total Shareholders Equity 45,182 BTS-WC : % BTS-W3 3, : , % Total 3, % as of 31 Mar 2017 ** Adjusted under the conditions as stated in the terms and conditions of the warrants as of 31 Mar 2017 Section 3: Financial Summary 35

36 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 7-9bn Revenue from E&M provision and train procurement for Green Line South and North extensions THB 20-25bn Construction revenue for Pink and Yellow Lines 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) BTS Group Presentation BTSG Targets and CAPEX Guidance 36

37 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 37

38 Appendix 1: Core Network Ridership Uninterrupted Revenue Growth and Resilient Under Pressure GROWTH (16 YRS) Farebox revenue CAGR: 10.1% Ridership CAGR: 9.1% Farebox revenue (THB bn) Ridership (mn) Ridership +2.4% YoY Fare +1.3% 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 Dec 99: BTS SkyTrain service opening INITIAL GROWTH RIDERSHIP CAGR (3 YRS): 21% Appendix 1: Core Network Ridership May 09: Opening of Silom Line extension Jul 04: Opening of Bangkok MRT System (Blue line) May 10: Opening of Bangkok BRT; Thai political protests Mar 07: First fare rate increase STABLE GROWTH RIDERSHIP CAGR (5 YRS): 5% Aug 10: Opening of Airport Rail Link Aug 11: On Nut Bearing extension opening Oct Nov 11: Floods 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 FASTER GROWTH RIDERSHIP CAGR (8 YRS) 7% Jan-Mar 14: Bangkok Shutdown May 14: Martial law Oct 16: The passing of His Majesty King Bhumibol Aug 16: Opening of Bangkok MRT System (Purple line) 38

39 2005/ / / / / / / / / / / / Appendix 2: 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 2016/17) = 2.4% CAGR 12 yr (2005/06 to 2016/17)= 2.2% THB / Trip DISTANCE-BASED FARE (BY NO. OF STATIONS) NO. OF STATIONS 30-DAY PASS (STUDENT)* 6% AVG FARE THB FARE PRICE (THB) AUTHORISED FARE (APR 2013) NEW EFFECTIVE FARE (OCT 2017) RIDERSHIP BY TICKET TYPES (FY 2016/17) PREVIOUS EFFECTIVE FARE (JUN 2013) POTENTIAL FARE UPSIDE ONE-DAY PASS 1% AVG FARE THB DAY PASS (ADULT)* 28% AVG FARE THB 26.5 SJT 36% AVG FARE THB 30.6 PURSE (STV)* 29% AVG FARE THB 27.0 * Counted as Rabbit (63%) Appendix 2: Core Network Fare Adjustment 39

40 Appendix 2: Core Network Fare Adjustment 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 fare will remain as the previous effective fare of THB until 31 March 2018 Expected FY 17/18 average fare increased by 2% to THB 28.5 per trip SINGLE JOURNEY TICKET (SJT): 35% 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 2: 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

41 Appendix 3: 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 20/ 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 3: Rolling Stocks 41

42 Appendix 4: 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 Purchase new rolling stocks and E&M for the Northern and Southern Green Line extensions 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 63.4BN SYNDICATED LOAN: PINK AND YELLOW LINES 10 October 2017: BSR JV signed the syndicated loan agreement between Bangkok Bank, Krungthai Bank and Siam Commercial Bank at a total value of up to THB 63.36bn. Credit Facilities Syndicate Banks Loan Term Total of THB 63.36bn THB 31.68bn for Pink Line THB 31.68bn for Yellow Line Bangkok Bank, Krung Thai Bank, Siam Commercial Bank 17 years and 3 months, repayments starting from first operation date THB 7BN BTSG DEBENTURE Rationale Issuance Date 26 December 2017 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) Rationale Financing of both Pink and Yellow lines Appendix 4: Debentures and Syndicated Loan for the Pink and Yellow Lines 42

43 Appendix 5: Mass Transit Economic profile O&M Contract & PPP Net 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 5: Mass Transit Economic profile 43

44 Appendix 6: VGI Products BTS-related Media and Office Building & Residential Media Products TRAIN INSIDE-TRAIN OFFICE BUILDING MERCHANDISING STATION Appendix 6: VGI Products 44

45 Appendix 6: VGI Products Outdoor Media and Aviation Media Products BILLBOARD AIRPORT LED SCREEN STREET FURNITURE CREATIVE PRODUCTION AVIATION: JET BRIDGE Appendix 6: VGI Products 45

46 Appendix 7: 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 7: VGI and MACO Top20 Customer Profile 46

47 Appendix 8: Residential Property Business Launches of BTS-Sansiri JV Projects ACTIVE RESIDENTIAL PROJECTS UNDER SIRI JV Project Name Presale Launch Project Value Units Avg. Price per sqm (THB) Sold Construction Progress* Est. Transfer Start Foreign Participation THE LINE Jatujak Mochit May-15 5, k 97% 100% Sep-17 37% THE LINE Sukhumvit 71 Aug-15 1, k 100% 100% Sep-16 48% THE LINE Ratchathewi Oct-15 2, k 98% 92% May-18 25% THE LINE Asoke-Ratchada Jun-16 3, k 99% 49% Oct-18 41% THE BASE Garden Rama 9 Sep-16 2, k 91% 62% Oct-18 41% THE LINE Pradipat Nov-16 5, k 67% 4% Jan-20 12% THE LINE Sukhumvit 101 Nov-16 4, k 59% 10% Nov-19 42% KHUN BY YOO Thonglor 12 Nov-16 4, k 66% 11% Nov-19 4% THE BASE Phetkasem 29 Jun-17 1, k 69% 7% Jan-20 23% THE MONUMENT Thonglor Sep-17 (soft launch) 6, k 20% 34% Jul-19 3% THE LINE Sathorn Nov-17 3, k 100% 0% Nov-20 30% Total/Weighted Average 42,861 5, k 74% 25% Appendix 8: Residential Property Business 47

48 Appendix 9: Commercial Property Business U City Office Buildings 33 GRACECHURCH STREET OFFICE Situated within the heart of the City of London, fronting the western side of Gracechurch Street, one of the City s main thoroughfares, and benefits from close walking distances to underground stations Bank and Monument 6-14 UNDERWOOD COMMERCIAL STREET OFFICE PROPERTY Situated within the heart of the tech city area of London and is less than 650 meters from Old Street Roundabout, known as Silicon Roundabout due to the increasing number of technology, media and telecommunications companies choosing to relocate to the area. The property also benefits from excellent transport links (underground, rail and bus services) Ownership 145-year lease expiring on 18 Jan 2162 Building Specifications Comprehensively refurbished and extended in 2007 NFA: 9,701 sqm Lettable Area Office: 7,125 sqm Retail: 1,798 sqm Storage: 778 sqm Tenants 7 tenants Average unexpired lease term of 7.90 years Rental Price* Expected annually: GBP 4.0mn (THB 174.0mn) 1 Average of approx. GBP 400/sqm (THB 18,700/sqm) 1 Ownership 38-year lease expiring in 25 Dec 2055 Building Specifications Comprise with three attractive Victorian warehouse buildings NFA: 2,731 sqm over basement, ground and three upper floors. Lettable Area Tenants Office: 2,731 sqm 1 Single tenant Rental Price* Expected annually: GBP 1.2 mn (THB 52.0mn) 1 Average of approx. GBP 480/sqm (THB 20,880/sqm) 1 Capital Invested Purchase Price of GBP 74.3mn plus Acquisition Cost of GBP 1.8mn (Total THB 3,310.0 mn) 1 Capital Invested Purchase Price of GBP 7.3mn plus Acquisition Cost of GBP 0.8mn (Total THB 352.4mn) 1 1 Exchange rate at THB 43.5 per GBP as of 31 May 2017 Appendix 9: Commercial Property Business 48

49 Appendix 9: Commercial Property Business U City Future Projects PHATATHAI COMPLEX Service Apartment NFA: 7,532 sq.m. Hotel Facilities NFA: 852 sq.m. MOCHIT COMPLEX Office Tower I NFA: 35,135 sqm Hotel 397 keys NFA: 14,111 sq.m. Retail NFA: 7,096 sq.m. Office Tower II NFA: 35,135 sqm Office 12 floors NFA: 22,452 sq.m. Retail NFA: 5,040 sqm Project value Land Area Location GFA NFA THB 9.5bn 7.3 Rai or 1.2 Ha (11,749.6 sqm) Adjacent to 2 mass transit stations: BTS Phayathai Station and Airport Rail Link 120,395 sqm 52,043 sqm Equity IRR 9-10% Project value Land Area Location GFA NFA THB 10.0bn 11.1 Rai or 1.8 Ha (17,719 sqm) Adjacent to 2 mass transit stations: BTS Mo-chit Station and MRT Chatuchak Park Station 170,649 sqm 75,310 sqm Equity IRR 9-10% Status Constructing Status Preliminary design Project period months Project period 42 months Construction period 3Q Q 2021 Starts Completion Construction period 2018 Mid 2022 Starts Completion Appendix 9: Commercial Property Business 49

50 Appendix 10: Property Business Overview of Assets transferred to U City 100% 35.64% THAILAND U Sathorn U Chiang Mai U Inchantree Karnchanaburi TST Tower Hotel (7%) Office (6%) Selected Assets Approximate Transaction Value THB 12,917mn Services (2%) Under Development (13%) Hotel INTERNATIONAL 24 hotels under Vienna House & Vienna House Easy THAILAND Eastin Grand Sathorn Office Developing The Unicorn Mo Chit Complex Roi Chak Sam Land Bank Divestment HOTEL Anantara Chiang Mai Avani Khon Kaen RESIDENTIAL Park Ramindra Park Arun Boulevard Anantara Serviced Suite Absolute Hotel Services Thana City Golf & Sports Club Tanayong Property Management Residential (55%) 21 BTS-SANSIRI JV Companies Eastin Thana City Golf Resort Bangkok International School Land Bank (17%) Ratburana Khao Yai, Pakchong, Nakorn Ratchasima 33 Gracechurch St. UK 6-14 Underwood St. UK Service Vienna International Hotel Management Sukhumvit Suksawad Khukot Bang Krachao LAND BANK Nakorn Ratchasrima Charansanitwong Chonburi Agreed Divestment Value THB 4,140mn Appendix 10: Commercial Property Business 50

51 Appendix 11: 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 11: BTS-W3 Term Sheet 51

52 Appendix 12: 3Q 2017/18 Financial Highlights PROFITABILITY Operating EBITDA of THB 1,144mn, increasing by THB 464mn or 68% YoY as a result of the improvements in operating performance of Mass Transit and Media businesses Pre-tax recurring profit (before MI) of THB 1,234mn, up 91% YoY Reported net profit (before MI) rose by 99% YoY to THB 973mn mainly from robust performance, higher interest and investment income, an increase in share of net profit from associates/jvs, being partially offset by higher finance cost BALANCE SHEET Balance sheet strength: THB 34bn cash & liquid investments* Low leverage: adjusted net D/E** ratio at 0.34x *Cash and liquid investments include cash balance of THB 13.2bn, current investments of THB 8.5bn and L/T liquid investments of THB 12.3bn **Adjusted Net Debt = Interest Bearing Debt - Cash and Cash Equivalent and Liquid Investment CASH FLOW Fully enter investment Phase; including: - Pink & Yellow Lines civil works & E&M works (THB 6.5bn) in CFI - Green Line extension E&M works & train procurement (THB 3.7bn) in CFO Net cash received from debt financing of THB 4.0bn and BTS debenture of THB 7bn Cash received from JV partners (STEC, RATCH) of THB 1.75bn for 25% equity investment in pink and yellow lines BTS Group Earnings Presentation Appendix 12: BTSG 3Q 2017/18 Financial Performance 52

53 Appendix 12: 3Q 2017/18 Overview P&L SNAPSHOT INCOME STATEMENT (THB mn) 3Q 2017/18 3Q 2016/17 % YoY 2Q 2017/18 % QoQ 9M 2017/18 9M 2016/17 % YoY Operating Revenues 1 4,875 1, % 2,543 92% 10,528 5, % Gross operating profit 1,552 1,080 44% 1,295 20% 4,125 3,070 34% Operating EBITDA 2 1, % % 2,936 1,940 51% Net recurring profit before MI 1, % % 1,923 1,407 37% Accounting EBITDA 1, % 1,420 19% 4,204 2,947 42% Net income (loss) % % 1,946 1,564 24% Gross operating profit margin (%) 31.8% 55.8% 50.9% 39.2% 58.9% Accounting EBITDA margin (%) 31.0% 42.0% 45.6% 35.3% 46.0% Recurring net profit margin (%) 18.6% 22.1% 16.7% 16.6% 23.9% Operating EBITDA margin (%) 23.5% 35.2% 34.4% 27.9% 37.2% 1 operating revenue of 4 BUs & share of net profit from BTSGIF 2 excluding interest income 3 to equity holders of the parent 3Q 2017/18 OPERATING REVENUE BREAKDOWN OPERATING REVENUE COMPARISON (YoY) Media Mass Transit 20% 75% Property 4% Services 1% (THB mn) 401% 29% 18% 224 4, (73)% 1,935 2,915 3Q 16/17 Mass Transit Media Property Services 3Q 17/18 BTS Group Earnings Presentation Appendix 12: BTSG 3Q 2017/18 Financial Performance 53

54 Appendix 12: 9 Months Cash Flow Snapshot (THB mn) CFO Profit before tax of THB 2,710mn, deducted by non-cash reconciling items of THB 215mn changes in net working capital of THB 2.9bn (this includes THB 3.7bn Green Line extensions E&M works and train procurement) CFI Advance payment for civil works and E&M works of the Pink and Yellow lines of THB 6,474mn Net cash paid for acquisitions of derivative instruments, current and other long-term investments Net cash paid for purchases of equipment Dividend Income and Interest income CFF Net cash received from long-term debentures and BE of THB 12bn Cash received from STEC and RATCH (re. pink and yellow line projects) and proceeds from VGI newly issued ordinary shares (through PP) of THB 1,750mn Net cash paid from investment in subsidiaries (VGI and MACO) Interim dividend payment for FY 2017/18 15,095 (1,881)* ( 9,469) 9, ,222** Beginning cash (31/3/17) CFO CFI CFF - Others - Ending cash (31/12/17) * After corporate income tax of THB 789mn, interest expenses of THB 708mn and investment in E&M works and train procurement for the Southern and Northern Green Line extensions of THB 3.7bn ** Excluding liquid investments of THB 20.9bn BTS Group Earnings Presentation Appendix 12: BTSG 3Q 2017/18 Financial Performance 54

55 Appendix 12: Balance Sheet as of 31 December 2017 ASSET BREAKDOWN (THB MN) LIABILITIES AND EQUITY BREAKDOWN (THB MN) 93, ,914 Cash 26,301 28% 26,643 25% 31 Mar 17: THB 15.09bn 31 Dec 17: THB 13.22bn 93, ,914 18,636 20% 23,555 22% Gross Debt 31 Mar 17: THB 38.31bn 31 Dec 17: THB 49.70bn 67,351 72% 80, Mar-17 Total current assets 31-Dec-17 75% Total non-current assets Current Investments 31 Mar 17: THB 6.24bn 31 Dec 17: THB 6.60bn Long-Term Investments 31 Mar 17: THB 13.52bn 31 Dec 17: THB 15.58bn 29,833 45, Mar-17 32% 48% 36,884 46, Dec-17 35% 43% Adjusted Net Debt* 31 Mar 17: THB 6.19bn 31 Dec 17: THB 15.61bn ***** Issued Ordinary Shares 31 Mar 17: 11,935.0mn 31 Dec 17: 11,940.4mn Total current liabilities Total non-current liabilities Total shareholders' equity KEY RATIOS Gross Debt to Equity 3Q 2017/18: 1.07x 3Q 2016/17: 0.77x Adjusted Net Debt* to Equity 3Q 2017/18: 0.34x 3Q 2016/17: 0.07x Adjusted Net Debt* to Operating EBITDA 3Q 2017/18: 3.98x 3Q 2016/17: 1.15x Interest Coverage 3Q 2017/18: 3.66x 3Q 2016/17: 3.59x Current Ratio 3Q 2017/18: 1.13x 3Q 2016/17: 1.58x *Adjusted Net Debt = Interest Bearing Debt - Cash and Cash Equivalent and Liquid Investment BTS Group Earnings Presentation Appendix 12: BTSG 3Q 2017/18 Financial Performance 55

56 Appendix 12: 3Q 17/18 Mass Transit OPERATING PERFORMANCE MASS TRANSIT (THB mn) 3Q 2017/18 3Q 2016/17 % YoY 2Q 2017/18 % QoQ 9M 9M 2017/ /17 % YoY Operating revenue 3, % 1, % 6,953 2, % Costs of revenue 2, ,185% % 4, % Gross profit % % 2,067 1,374 50% Operating EBITDA % % 2,093 1,396 50% OPERATING REVENUE BREAKDOWN Services revenue from provision of E&M works & train procurement 78% 3Q 2017/18 O&M 12% Int income from train procurement & E&M 3% Gross margin (%) 22.9% 69.9% 43.8% 29.7% 67.4% Operating EBITDA margin (%) 23.1% 71.0% 44.5% 30.1% 68.4% HISTORICAL OPERATING REVENUE (THB mn) Services revenue from provision of E&M works & train procurement Share of NP in BTSGIF 2,848 Int income from train procurement and E&M works 1,444 1,224 O&M Q 15/16 4Q 15/16 1Q 16/17 2Q 16/17 3Q 16/17 4Q 16/17 1Q 17/18 2Q 17/18 3Q 17/18 KEY FACTORS Share in BTSGIF 7% O&M revenue rose by 10% YoY to THB 452mn mainly from the existing extension and one new additional station (Samrong: E15) Farebox revenue of 1,742mn (up 5.0% YoY) with 1.7% YoY ridership growth and 3.2% YoY average fare increase Share of net profit in BTSGIF of THB 233mn (decreased 17.9% YoY) Services revenue from the provision of E&M works and the train procurement service for the Southern and Northern Green Line extensions of THB 2.8bn Costs rose by THB 2,589mn to THB 2,808mn largely due to cost of services related to the provision of E&M works and the train procurement service for Green Line extensions Operating EBITDA margin was 23.1% (71.0 % in 3Q 2016/17) BTS Group Earnings Presentation Appendix 12: BTSG 3Q 2017/18 Financial Performance 56

57 Appendix 12: 3Q 17/18 Media OPERATING PERFORMANCE OPERATING REVENUE BREAKDOWN MEDIA (THB mn) Operating revenue 3Q 2017/18 3Q 2016/17 % YoY 2Q 2017/18 % QoQ 9M 2017/18 9M 2016/17 % YoY % 970 1% 2,795 2,165 29% Costs of revenue % 310 (0)% % Gross profit % 660 1% 1,882 1,411 33% Operating EBITDA % 519 1,447 1,003 44% BTS Related Media 56% 3Q 2017/18 Outdoor Media 27% Office Buildings and Others 9% Gross margin (%) 68.3% 62.4% 68.1% 67.3% 65.2% Operating EBITDA margin (%) 52.0% 40.1% 53.5% 51.8% 46.3% Digital 8% HISTORICAL OPERATING REVENUE (THB mn) Digital Services Media OOH Q 15/16 4Q 15/16 1Q 16/17 2Q 16/17 3Q 16/17 4Q 16/17 1Q 17/18 2Q 17/18 3Q 17/18 KEY FACTORS Overall Media revenue up 29% YoY to THB 976mn mainly from higher consolidated revenue from acquired businesses and healthy performance of all Media business segments. OOH Media* revenue or 92% of total Media revenue, increased by THB 240mn, or 36.7% YoY due to higher prices, synergies from the Digital Services segment as well as higher utilisation of digital screens of Outdoor media segment. Costs increased 9.3% YoY from THB 283mn to THB 310mn, due to higher sales and the consolidation of newly acquired businesses. Operating EBITDA margin improved YoY to 52.0% (40.1% in 3Q 2016/17). *OOH Media includes Transit, Outdoor and Office Building and Other Media BTS Group Earnings Presentation Appendix 12: BTSG 3Q 2017/18 Financial Performance 57

58 Appendix 12: 3Q 17/18 Property OPERATING PERFORMANCE OPERATING REVENUE BREAKDOWN PROPERTY (THB mn) 3Q 2017/18 3Q 2016/17 % YoY 2Q 2017/18 % QoQ 9M 2017/18 9M 2016/17 % YoY Operating Revenue % 159 9% % Costs of revenue % 108 (3)% % Gross profit % 51 33% % Operating EBITDA 12 (6) N.A. (4) N.A. 1 (14) N.A. Commercial & Others 97% 3Q 2017/18 Residential 3% Gross margin (%) 39.4% 37.0% 32.2% 35.8% 36.9% Operating EBITDA margin (%) 6.7% N.A. N.A. 0.3% N.A. HISTORICAL OPERATING REVENUE (THB mn) Q 15/16 4Q 15/16 1Q 16/17 2Q 16/17 3Q 16/17 4Q 16/17 1Q 17/18 2Q 17/18 3Q 17/18 Note: Property revenue excludes share of profit/(loss) from investment in BTS-SIRI JVs, U City and Bayswater. 186 BTS Group Earnings Presentation Appendix 12: BTSG 3Q 2017/18 Financial Performance KEY FACTORS Total operating revenue was THB 174mn, increasing 18.2% YoY Residential property revenue increased by THB 5mn to THB 6mn from higher housing unit sales at Thana City Commercial property revenue rose by 14.8% YoY or THB 22mn to THB 168mn mainly from improving overall hotel performance Blended hotel occupancy in 3Q 17/18 = 81.2% (76.6% in 3Q 16/17) Operating costs increased by THB 13mn or 13.8% YoY Share of net profit from BTS-SIRI (THB 103mn), mainly from 33% transferred units of The Line Jatujak Mochit in 3Q 2017/18. YoY narrowed share of loss from U City (THB 29mn) mainly from the consolidation of Vienna House, an improving performance of its hotels in Thailand and gain on a 50% divestment of Prime Area 38 Co., Ltd. To Sansiri 58

59 Appendix 12: 3Q 17/18 Mass Transit Update Quarterly Core Network Ridership % -50.0% HISTORICAL RIDERSHIP & % GROWTH HISTORICAL AVERAGE FARE & % GROWTH 1.2% 1.7% 2.8% 0.5% -3.1% -3.4% 7.1% 0.8% % -2.2% -0.2% 0.4% 0.3% -0.3% -0.3% -0.6% -0.2% 3.2% 3.2% -0.6% Q 2016/17 4Q 2016/17 1Q 2017/18 2Q 2017/18 3Q 2017/18 3Q 2016/17 4Q 2016/17 1Q 2017/18 2Q 2017/18 3Q 2017/18 Ridership (mn trips) Passenger Growth (QoQ) Passenger Growth (YoY) Average Fare (THB/trip) Average Fare Growth (QoQ) Average Fare Growth (YoY) 3Q 2017/18 Ridership = 60.8mn trips, +1.7% YoY, -2.2% QoQ Average fare = THB 28.7/trip, +3.2% YoY, +3.2% QoQ Average weekday ridership = 744,490 trips, +2.9% YoY 9M 2017/18 9M 17/18 ridership = 181mn trips, +1.7% YoY 9M 17/18 average fare = THB 28.1/trip, +1.7% YoY BTS Group Earnings Presentation Appendix 12: BTSG 3Q 2017/18 Financial Performance 59

60 Appendix 12: 3Q 17/18 Media Update 9 months VGI Group s key developments TRANSIT MEDIA Bangkok s Network OPPO brand at Mo Chit, Ploenchit and Saladang AEON brand at Asok COMICO brand at Victory Monument Aquarius at Chong Nonsi AIS at Siam McDonald s at National Stadium Netflix at Phaya Thai OFFLINE PAYMENT 8.5mn cardholders 5,200 retail points 145 brand partners ONLINE PAYMENT 2.6mn Rabbit LinePay members 600 merchants Malaysia s Network >200,000 ridership in SBK Line Media on 5 stations and 20 trains MICRO LOAN SERVICES >THB 1,300mn OFFICE MEDIA Office buildings portfolio has achieved this year s target Total 172 office buildings (additional 10 buildings) OUTDOOR MEDIA Fully operated 35 digital screens/ 51 screens AVIATION MEDIA 14 airports (additional 1 airport) 343 digital screens (additional 1 screen) 80 media on planes of Air Asia, Thai Lion Air and Nok Air (additional 4 planes) ACTIVATION MEDIA Demonstrate on 34 BTS stations BTS Group Earnings Presentation Appendix 12: BTSG 3Q 2017/18 Financial Performance 60