BTS GROUP HOLDINGS PCL - Investor Presentation - BTS Group Holdings Public Company ...

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BTS GROUP HOLDINGS PCL - Investor Presentation - BTS Group Holdings Public Company ...
BTS GROUP HOLDINGS PCL
Investor Presentation
AUGUST 2020
BTS GROUP HOLDINGS PCL - Investor Presentation - BTS Group Holdings Public Company ...
IR Contact

Address:         BTS Group Holdings PCL
                 IR Department
                 15th Floor, TST Tower, 21 Soi Choei Phuang, Viphavadi-Rangsit Rd.
                 Chomphon, Chatuchak, Bangkok, Thailand 10900

Telephone:       +66(0) 2273 8611-15                                            Fax:           +66(0) 2273 8610

Email:           ir@btsgroup.co.th                                              Website:       www.btsgroup.co.th

Disclaimer
                 This document has been prepared and distributed by the Investor Relations Department of BTS Group Holdings PCL (“BTSG”) solely for information
purposes. It does not represent or constitute an offer, invitation, recommendation or solicitation to trade shares in BTSG and should not be relied on as such. Some of the
information in this document has not been independently verified, and also includes information made available from public sources and other third party opinion or
analyst. BTSG does not monitor or control the content of third party opinion or statements and does not endorse or accept any responsibility for the content or the use of
any such opinion or statements. Thus, BTSG assumes no responsibility and makes no representations with respect to the accuracy and/or completeness of the information
described herein. None of BTSG or any of its agents, or all of their respective affiliates, or representatives shall have any liability (in negligence or otherwise) for any loss
howsoever arising from any use of this document or its contents or otherwise arising in connection with this document.

                  All information contained in this document is presented as of the date indicated within, and BTSG assumes no duty to confirm, revise or update the
information. Certain statements in this document may be deemed to contain forward-looking statements, including the statements included or incorporated with the words
"believe", "anticipate", "estimate", "target", or "hope", or that otherwise relate to objectives, strategies, plans, intentions, beliefs or expectations or that have been
constructed as statements as to future performance or events. These forward-looking statements are not guarantees of future performance and involve risks and
uncertainties that could cause actual results to differ materially from historical results or those anticipated at the time the forward-looking statements are made. Thus, BTSG
assumes no responsibility and makes no representations with respect to the accuracy and/or completeness of the forward-looking statements. BTSG undertakes no
obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

BTS Group Investor Presentation                                                                                                            Prepared by BTS Group IR           2
BTS GROUP HOLDINGS PCL - Investor Presentation - BTS Group Holdings Public Company ...
Contents

                                  Section

                                      1     BTS Group in Brief & Strategy & Outlook

                                      2     Business Segment Profiles
                                              • Mass Transit Business
                                              • Media Business
                                              • Property Business
                                              • Services Business

                                      3     Corporate Information

                                      4     Financial Summary

                                      5     Appendices

BTS Group Investor Presentation                                                       Prepared by BTS Group IR   3
BTS GROUP HOLDINGS PCL - Investor Presentation - BTS Group Holdings Public Company ...
BTS Group Overview
                4 Business Units with Mass Transit as our core
    BTS Group Holdings PCL (BTSG)

    A privately-owned conglomerate that engages in 4 business units; Mass Transit, Media, Property and Services. Listed on the Stock
    Exchange of Thailand (SET), BTSG is a constituent member of the SET50 “Bluechip” Index, MSCI Asia Pacific Index, FTSE4Good Emerging
    Markets Index and Dow Jones Sustainability Indices (DJSI) and among one of the largest companies in Thailand.

  MASS TRANSIT                          MEDIA                          PROPERTY                          SERVICES

    FY 2019/20 OPERATING REVENUE CONTRIBUTION

                                                                                              MEDIA
                                                                                                15%
                                         MASS TRANSIT            Total of                  PROPERTY
                                         80%                 THB 39,937mn                         1%
                                                                                             SERVICES
                                                                                                  4%

BTS Group Investor Presentation                                                                               Prepared by BTS Group IR    4
Section 1: BTS Group in Brief & Strategy & Outlook
BTS GROUP HOLDINGS PCL - Investor Presentation - BTS Group Holdings Public Company ...
Strategy and 5-Year Growth Targets
                  Mass transit led strategy : full growth phase

    STRATEGY

     As a mass transit led conglomerate, the company’s key focus is on securing new mass transit lines and transportation projects which are
     authorised or set by the government at both municipal and national levels. We capture further value from opportunities which cascade
     down to our other independently operating business units in Media, Property and Services.

    5-YEAR OUTLOOK

                     Operating Revenue                              Net Recurring Profit (after MI)     5-Year Targeted CAPEX

                            31%                                                 29%                       THB   131     bn
                              5Y CAGR                                           5Y CAGR

                                                THB 31.8bn                                THB 5.1bn
                                                                                                          93% or THB 123bn
           THB 8.2bn                                                THB 1.4bn                            spent on all existing
              FY 16/17                            FY 21/22E          FY 16/17              FY 21/22E
                                                                                                         and newly-secured
                                                                                                           mass transit lines
          * Operating revenue includes share of net profit (loss)
          from associated companies and JVs

BTS Group Investor Presentation                                                                                  Prepared by BTS Group IR      5
Section 1: BTS Group in Brief & Strategy & Outlook
BTS GROUP HOLDINGS PCL - Investor Presentation - BTS Group Holdings Public Company ...
Bangkok Rail Mass Transit Market Overview
                      Aggressive rail market share growth in Bangkok

 MASTER PLAN: 515.2KM IN 2029, 33% MARKET SHARE IN 2042                 RAIL MASS TRANSIT MARKET SHARE1

          515.2km in 2029

                                                                                    Singapore                      Tokyo
                                                                                       46%                          48%

                                                                                  Hong Kong                      Bangkok
                                                                                    49%                            13%
                                                                       BANGKOK MASS TRANSIT MARKET SHARE

                                                                                                                      Rail Mass Transit
                                                                       Bus                                                          13%
                                                                       79%                                                       Others*
                                                                                                                                      8%

                                                                        * Van, Ferry and Commuter train
                                                                        1. Source: OTP (http://www.otp.go.th/uploads/tiny_uploads/
Includes MRTA and BMA projects                                          DataStatistics/2562/25611012-SumData01.pdf),
                                                                        Singapore’s Land Transport Authority, Hong Kong’s Transport
Sources: Office of Traffic Policy
                                                                        Department, MTR Corporation Limited, SMRT Corporation
and Planning, Bangkok Metropolitan Transport and Administration
                                                                        Limited, Japan Statistic Bureau

BTS Group Investor Presentation                                                            Prepared by BTS Group IR                    6
Section 1: BTS Group in Brief & Strategy & Outlook
BTS GROUP HOLDINGS PCL - Investor Presentation - BTS Group Holdings Public Company ...
Bangkok Rail Mass Transit Network
                  Immature network, 143km under construction
    OPERATING LINES: 157.6KM, 113 STATIONS BY 3 OPERATORS                                   WEEKDAY RIDERSHIP MARKET SHARE IN 2019 (JAN-DEC)

       157.6km in 2020

          Purple line : 23km

                                                                                          BTS                                                                      BEM
                                                                                                                                                                  33%
                                                                                          61%                                   1.3mn trips            433,000 trips*
                                                                                          787,315 trips
          Blue line : 47km                                                                                                     TOTAL AVERAGE
                                                                                                                              WEEKDAY RIDERSHIP
                                                                                                                                                                       ARL
                                                                                                                                                                       6%
                                                                                                                                                         79,000 trips*

                                                                    *                  *BEM ridership excludes Purple line.
                                                                                       (as of Dec 2019)

        58.1km                   71km                   28.5km
       52 stations             53 stations               8 stations
                                                     *SRT: State Railway of Thailand

BTS Group Investor Presentation                                                                                                             Prepared by BTS Group IR         7
Section 1: BTS Group in Brief & Strategy & Outlook
BTS GROUP HOLDINGS PCL - Investor Presentation - BTS Group Holdings Public Company ...
Contents

                                      1     BTS Group in Brief & Strategy & Outlook

                                  Section
                                            Business Segment Profiles
                                      2
                                            Mass Transit Business

                                      3     Corporate Information

                                      4     Financial Summary

                                      5     Appendices

BTS Group Investor Presentation                                                       Prepared by BTS Group IR   8
BTS GROUP HOLDINGS PCL - Investor Presentation - BTS Group Holdings Public Company ...
BTS Lines
                   4 Lines - covering a total of 133.4km by 2021 (2.5 times from 58.1km currently)

  BTS NETWORK: 133.4KM (115 STATIONS)

                                                                                                Line                   km       Station Route
                                                                                                Core Network          23.5         23     Mo Chit – On Nut (17.0km)
EXT. ZONE 2
Northern Green Line                                                                                                                       National Stadium – Saphan
Mo Chit - Khu Khot                                                                                                                        Taksin (6.5km)
17.8km
                                                                 PINK
                                                    Khae Rai – Min Buri                         Extension              7.5         6      Saphan Taksin – Bang Wa

                                                                          OPERATING
                                                                34.5km                          Zone 1

                                                                            58.1KM
    CORE NETWORK                                                                                Extension              5.3         5      On Nut – Bearing
    Mo Chit – On Nut                                                                            Zone 1
    17.0km
                                                YELLOW                                          Extension              12.6        9      Bearing – Kheha
    National Stadium –
                                                 Lat Phrao – Sam Rong
    Saphan Taksin                                                                               Zone 2
                                                 30.4km
    6.5km                                                                                       (Southern)
                                                                                                Extension              17.8        16     Mo Chit - Khu Khot
                                                                                                Zone 2

                                                                          UNDER CONSTRUCTION
                                                                                                (Northern)*
                                                     EXT. ZONE 1                                Gold                    1.8        3      Krung Thonburi BTS

                                                                                75.3 KM
                                                     On Nut – Bearing                                                                     Station – Khlong San
                                                     5.3km
   EXT. ZONE 1
   Saphan Taksin                                                                                Pink                  34.5         30     Khae Rai – Min Buri
   – Bang Wa
   7.5km
                          GOLD PHASE 1                                                          Yellow                30.4         23     Lat Phrao – Sam Rong
                          Krung Thonburi BTS
                          Station – Khlong                EXT. ZONE 2
                          San 1.8km                       Southern Green Line                   Total                 133.4       115
                                                          Bearing – Kheha
                                                          12.6km                               *9 stations (9.2km) were partially opened in Aug 2019, Dec 2019 and Jun 2020

BTS Group Investor Presentation                                                                                                   Prepared by BTS Group IR                9
Section 2.1: Mass Transit Business
BTS GROUP HOLDINGS PCL - Investor Presentation - BTS Group Holdings Public Company ...
BTS Lines
                    Evolution since 1999
                        1999:Core Network                         2012: Green Line Ext.1                           2018, 2020E: Green Line Ext.2                 2021E: Pink and Yellow

                    23.5km                                      12.8km                                           30.4km                                         64.9km

Routes              Dark Green: Mo Chit – On Nut                  Dark Green: On Nut - Bearing                    Southern Green: : Samrong – Kheha              Pink: Khae Rai – Min Buri
                    Light Green: National Stadium –               Light Green: Saphan Taksin –                    Northern Green : Mo Chit - Khu Khot            Yellow: Lat Phrao - Samrong
                    Saphan Taksin                                 Bang Wa

Length/ Stations    23.5km / 23 stations                          12.8km / 11 stations                            30.4km / 25 stations                           64.9km / 53 stations

Authority           BMA                                           BMA                                             BMA                                            MRTA

Contract Type       PPP Net Cost & O&M Contract                   O&M Contract                                    O&M Contract                                   PPP Net Cost with Subsidy

Contract Term       •    30 Years (Dec 1999 - Dec 2029)           30 Years (2012 - 2042)                          25 Years (2017 - 2042)                        30 Years (2021 - 2051)
                         for PPP Net Cost
                    •    13 Years (2029-2042)
                         for O&M Contract
                                                                                                                  Southern: Operating /
Status              Operating                                     Operating                                                                                      Oct 2021E
                                                                                                                  Northern: 2020E

Commencement
Timeline                 1999                                                                                                                                                     2021E
                                                                  2012                  2018                                   2019           2020
                          Core Network                            Extension             Southern        Opening of the first 5 Stations   •    Opening additional 4 stations of   Targeted Pink and Yellow
                                                                  Zone 1                Green Ext 2     of Northern Green Ext. 2               Northern Green Ext. 2              full commencement
                                                                                                                                          •    Targeted Gold Line and Northern
         *Remarks   •     In Apr 2013, the rights to net farebox revenue of Core Network until 2029 was sold to BTSGIF                         Green Ext.2 full commencement
                    •     BTS Group used the proceeds to invest in 1/3 units in BTSGIF

 BTS Group Investor Presentation                                                                                                                                Prepared by BTS Group IR           10
 Section 2.1: Mass Transit Business
CAPEX for New Green Line Extensions and Pink & Yellow
                Secured by debt financing

   THB 22BN BTSC DEBENTURE                        THB 63.4BN SYNDICATED LOAN                     THB 13BN GREEN BOND

     Rationale:          Purchase new rolling      Rationale:    Financing of the Pink            Rationale:        For debt repayment of
                         stocks and E&M for the                  and Yellow lines                                   Eligible Green Projects
                         Northern and Southern                                                                      (Pink & Yellow Line)
                         Green Line extensions
                                                   Transaction 10 October 2017                    Issuance Date:    24 May 2019
     Issuance Date:      10 November 2016          Date:

     Average             3.31%                     Credit        Total of THB 63.36bn             Average           3.41%
     Coupon Rate:                                  Facilities:   THB 31.68bn for Pink Line        Coupon Rate:
                                                                 THB 31.68bn for Yellow Line

                                                   Syndicate     BBL, KTB, SCB
                                                   Banks:

                                                   Loan Term: 17 years and 3 months,
                                                              repayments starting from
                                                              first operation date

                  Green Line Extensions                                             Pink and Yellow Lines

BTS Group Investor Presentation                                                                                  Prepared by BTS Group IR     11
Section 2.1: Mass Transit Business
BTS Targeted Lines
                 Interested in an additional 77.5km of rail mass transit lines

    WESTERN ORANGE LINE                           EASTERN ORANGE LINE                     77.5KM TARGETED LINES IN THE NEXT 4 YEARS
    Bang Khun Non - Thailand                      Thailand Cultural Center - Min Buri
    Cultural Center                               22.5km                                BTS TARGET ROUTE                                 AUTHORITY DISTANCE NO. OF  EXPECTED
    13.4km                                                                                                                                            (KM)  STATION OPERATING
                                                                                        GREEN EXT.      BANG WA
                                                                                                                                            BMA            7.0        6         2025
                                                                                        (WESTERN)       - TALING CHAN

                                                                                        LRT             BANG NA - SUVARNABHUMI              BMA           18.3       14         2024

                                                                                        GREY PHASE 1 WATCHARAPHON – THONG LO                BMA           16.3       15         2024

                                                                                                        THAILAND CULTURAL
                                                                                        ORANGE (E)                                          MRTA          22.5       17         2023
                                                                                                        CENTER - MIN BURI
                                                                                                        BANG KHUN NON - THAILAND
                                                                                        ORANGE (W)                                          MRTA          13.4       11         2026
                                                                                                        CULTURAL CENTER

                                                                                        OTHER           ROUTE                           AUTHORITY DISTANCE NO. OF  EXPECTED
                                                                                                                                                     (KM)  STATION OPERATING
                                                                                                        BANG KHAE –
                                                                                        BLUE                                                MRTA           8.0        4           n.a.
                                                                                                        BHUDHAMONTHON 4
                                                                                        DARK RED        BANG SUE - RANGSIT                   SRT           26.3       8          2021

                                                                                        DARK RED        BANG SUE – HUA LUM HONG              SRT           6.5        5          2024
                                                                                                        BANG SUE – MAKKASAN –
                                                                                        LIGHT RED                                            SRT           19.0       9          2024
                                                                                                        HUAMAK

                                                                                        LIGHT RED       BANG SUE – TALING CHAN               SRT           15.0       4          2021
                                                                  LRT
                                                                  Bang Na               PURPLE
                                                                                                        TAO POON – RAT BURANA               MRTA           23.6       17         2026
                                                                                        (SOUTHERN)
                                                                  – Suvarnabhumi
                                                                  18.3km                                TOTAL                                            175.9
  WESTERN GREEN LINE EXT.            GREY LINE (PHASE 1)
  Bang Wa - Taling Chan              Watcharaphon –
  7.0km                              Thong Lo                                                  Under construction (including Northern Green Line Extension Zone 2 ,Gold Line, Pink and
                                     16.3km                                                    Yellow lines, totaling 143.3km under construction)

   7 above-ground stations                                                              Note: MRTA: Mass Rapid Transit Authority of Thailand
                                                                                              BMA: Bangkok Metropolitan Administration
                                                                                              SRT: State Railway of Thailand

BTS Group Investor Presentation                                                                                                                    Prepared by BTS Group IR         12
Section 2.1: Mass Transit Business
Timeline of Upcoming Lines and CAPEX
                                          Significant upcoming revenue expected in the next 3-5 years
                                                     EXPECTED CAPEX                                                                                                                                                EXPECTED REVENUE
                                                                                                                EXPECTED TIMELINE
                                                        (THB BN)                                                                                                                                                      (THB BN P.A.)
                                                                             FY 17/18     FY 18/19   FY 19/20    FY 20/21      FY 21/22          FY 22/23          FY 23/24          FY 24/25                   FAREBOX                   O&M
                                                   TRAINS       E&M WORKS                                                                                                                                       REVENUE                 REVENUE

                            GREEN LINE EXTENSION    9.8                                                            2020                                                                        2042/43
                            ZONE 2:                 CAPEX INCL. SOUTHERN
84.5KM AWARDED LINES

                                                    AND NORTHERN PARTS                                                                                                                                                                  2.53 (Y1)
                            NORTHERN 17.8KM1
                                                                                        JUL 2018                                      OCT 2021                                                 2051/52
                                                   34.52
                            PINK LINE: 34.5KM      CIVIL + TRAINS + E&M

                                                                                        JUL 2018                                      OCT 2021                                                 2051/52                4.5 – 5.0 (Y1)
                                                   32.62
                            YELLOW LINE: 30.4KM    CIVIL + TRAINS + E&M

                                                                                   MAR 2018                                 4Q 2020                                                            2049/50
                            GOLD LINE PHASE 1:
                                                     0.4             0.6
                            1.8KM

                            WESTERN GREEN LINE                                                                                                           BY 2022                           BY 2025
                                                     2.1
77.5KM BTS TARGETED LINES

                            EXTENSION: 7.0KM

                                                                                                                                       BY 2021                                             BY 2024
                            LRT: 18.3KM              3.6      5.0

                                                                                                                                      BY 2021                                              BY 2024
                            GREY LINE PHASE 1:                12.9
                                                              TRAINS + E&M
                            16.3KM
                                                                              MID 2017                                      BY MID 2020                                                    BY 2023
                                                              32.1
                            ORANGE LINE: 35.9KM               TRAINS + E&M    EASTERN SIDE

                                 TOTAL                       THB             START CIVIL WORKS CONSTRUCTION       NOTE:   1 In total of 30.4km, divided into Southern Green 12.6km (fully commenced on 6 Dec 18) and Northern Green (17.8km).
                                                                                                                          2 Project  cost (excluding interest expenses) for the Pink and Yellow based on MRTA submission and BTS owns 75% equity stake
                                                                             CONSTRUCTION PERIOD
                            CAPEX/FINANCING                133.6bn           EXPECTED START FULL OPERATION
                                                                                                                          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.
                                                                             OPERATION YEAR, UP UNTIL                     3Assume O&M revenue of THB 150mn/km p.a. in 2018

                                                                             EXPECTED OPEN BID/ AWARD
                                                                             BIDDING & CONSTRUCTION PERIOD

        BTS Group Investor Presentation                                                                                                                                                 Prepared by BTS Group IR                               13
        Section 2.1: Mass Transit Business
Transportation Project
                  U-Tapao international airport – at a glance

   Project Details                                                          Role & responsibilities

   Location                Plub Pla ,Ban Chang District, Rayong Province

   Land Area               Approx. 6,500 Rai (10,400,000 sq.m.)                                                                           Airport City
                                                                                                                                          654 Rai (1,047,000 sq.m.)
   Contract Type           PPP Net Cost                                     Commercial Gateway
                                                                            269 Rai (430,000 sq.m.)
   Contract Term           50 Years

     Design & Build     Operation and Maintenance                          Passenger Terminal                                              Cargo & Free Trade Zone
        3 Years                  47 Years                                  Building 3                                                      430 Rai (688,000 sq.m.)

   Authority               Royal Thai Navy                                                                                                        Design and development of the
                                                                                                                                                  required Airport Infrastructure
   Total Project Cost      THB 31bn (phase 1)                                                                                                     Operations and maintenance
                                                                                                                                                  over the concession term
   Equity Injection        Paid-up capital of THB 9bn at COD                                                                                      Financing and maintenance
                                                                                                                                                  over the project components
   Sources of Fund         Debt 70 : Equity 30

    Consortium                                                              Timeline
                                                                                                           Start construction
                                                                                                                   
                                                                                                2 Jun 2020           Early 2022                               Early 2072

                                                                                                Cabinet Approved      Notice to proceed                       End of PPP contract
                                                 35%                                            PPP Contract          (NTP)

                                                                                 30 Jan 2020           19 Jun 2020                  Early 2025

                                                                                 Announced Pricing     PPP Contract                 O&M Start Date
                  45%                            20%                             Proposal Winner       Signing

                                                                                                                        3 Years            47 Years

BTS Group Investor Presentation                                                                                                      Prepared by BTS Group IR              14
Section 2.1: Mass Transit Business
Transportation Project
                 Intercity Motorway – at a glance
                                                                                           M6: Bang Pa In –                   M81: Bang Yai –
    M                                                                                      Nakhon Ratchasima                  Kanchanaburi
    6
                                                           Contract Type                  PPP Gross Cost                      PPP Gross Cost
                                                           Authority                      Department of Highways              Department of Highways
                                        Nakhon
                                       Ratchasima          Distance                       196km                               96km

                                                           Contract Term                  2 phases
                                                                                                     3Y                          30Y
                                                                                          Design & Construction       Operating & Maintenance (O&M)
           Bang Pa In

                                                           Budget Approved by the         THB 33.2bn                          THB 27.8bn
                                                           Cabinet
                                              196km
                                                           Price Proposed by BGSR         THB 21.3bn                          THB 17.8bn

                                                           Expected COD                   2023                                2026
   M
   81
                                                            Consortium’s Members                      Scope of Works
                        Kanchanaburi
                                                                                                          Phase I: Design and Construction (3 years)
                                                                                                          •    Toll Collection System
                                                                                                          •    Traffic Management and Control System
                                                Bang Yai                                                  •    Other infrastructure
                                                             40%           BGSR     40%
                                                                            JV
                                                                                                          Phase 2: Operation and Maintenance (30 years)

                                                             10%                    10%               Status
                                              96km
                                                                                                          PPP Contract signing expected in Aug 2020

BTS Group Investor Presentation                                                                                       Prepared by BTS Group IR        15
Section 2.1: Mass Transit Business
BTS 5-year Target of Network Expansion
                Quadruple growth from 48.9km in 2018 to 210.9km in 2024

                                         Distance (km)             BTS Lines

400km
                                         No. of stations           BTS Targeted Lines

Total network in 2026                                                                                                                         210.9
from 148.4km                                                                                                                168.0
currently                                                                                                                                     179
                                                                                                133.4           133.4
                                                                                                                            144
                                                                                                115             115

211km
                                                                                 68.5
                                         48.9                 53.9
                                                                                 62
                                         43                   48
Targeted BTS network
in 2024 from 48.9km in
2018
                                     FY 18/19         FY 19/20             FY 20/21         FY 21/22        FY 22/23    FY 23/24         FY 24/25

                                      South ext.           5 stations          North ext.     Pink line                        BTS Targeted Lines

143km
                                      (12.6km)             of North ext.       (17.8km)       (34.5km)
                                                                                                                         LRT (18.3km)       Western
                                                           (5.0km)             Gold line      Yellow line
                                                                                                                         Grey line          Green ext.
                                                                               (1.8km)        (30.4km)
                                                                                                                         phase1             (7km)
Lines under construction                                                                                                 (16.3km)           Orange line
                                                                                                                                            (35.9km)

BTS Group Investor Presentation                                                                                         Prepared by BTS Group IR      16
Section 2.1: Mass Transit Business
Contents

                                      1     BTS Group in Brief & Strategy & Outlook

                                  Section   Business Segment Profiles

                                      2     Media Business

                                      3     Corporate Information

                                      4     Financial Summary

                                      5     Appendices

BTS Group Investor Presentation                                                       Prepared by BTS Group IR   17
Media Evolution
                       From traditional advertising to “Offline-to-Online Solutions”

  BANGKOK CENTRIC                                                                        NATIONWIDE NETWORK
                                                          POV                                                               MACO                      Aero Media
    Established and was granted
                                                        Building                                    IPO                   Billboard                     Airport
      30yrs BTS ad. concession
                                                      (100% stake)                                                      (41.1% stake1)                (30% stake)

                  1999                                   2009                                      2012                    2015                          2015

                                               O2O SOLUTIONS
                Demo Power                            Rabbit Group                         Kerry Express (Thailand)      Tech Partners               OOH Partners
             Direct to consumer                         Payment                                    Logistics          Anymind (JV 49%),           Plan B (19.9% stake),
                 (40% stake)                          (90% stake2)                               (23% stake)            iClick (JV 30%)         Ad Chaopraya (25% stake)

                   2015                                  2017                                      2018                     2019                         2019
1 includesBTS shareholdings of 14.6%
2 comprises of 90.0% in Bangkok Smartcard System Co., Ltd. And 90.0% in BSS Holdings Co., Ltd.

BTS Group Investor Presentation                                                                                                           Prepared by BTS Group IR         18
Section 2.2: Media Business
Well-Diversified Media Portfolios
                          Advertising, Payment and Logistics Platforms across industries

    PLATFORM                                                                ADVERTISING                                                          PAYMENT                 LOGISTICS

                                              100.0%                      41.1%1               20.0%          30.0%           40.0%         90.0%2          90.0%2            23.0%
   HOLDING
  PERCENTAGE                                   VGI                        MACO                PLAN B      AERO MEDIA          DEMO
                                                                                                                                                 RABBIT GROUP            KERRY EXPRESS
                                                                                                                              POWER

                                  TRANSIT              BUILDING          OUTDOOR              OUTDOOR        AIRPORT         ACTIVATION     PAYMENT         SERVICES        LOGISTICS

                              No. 1              No. 1                                                    No. 2            No. 1           The largest micro payment    No. 1
                                                                             No.1 Outdoor Media
                              Transit Media      Building Media                                           Aviation Media   Activation               platform            Parcel Delivery
                                                                                                                           Services                                     Services

    COMPANY
    SEGMENT

                             BKK, Thailand       BKK,                 Nationwide,                         Nationwide,      Nationwide,    Nationwide,     Nationwide,    BKK and
GEOGRAPHICAL                                                                              Nationwide,
                             KL, Malaysia        Thailand             Thailand                            Thailand         Thailand       Thailand        Thailand       nationwide,
                                                                                          Thailand
  ACTIVITY                                                            KL, Malaysia                        Yangon,                                                        Thailand
                                                                      JKT, Indonesia                      Myanmar

    AUDIENCE
                                                                                                        18mn potential reach
     REACH

1 includes   BTS shareholdings of 14.6%
2 comprises    of 90.0% in Bangkok Smartcard System Co., Ltd. And 90.0% in BSS Holdings Co., Ltd

 BTS Group Investor Presentation                                                                                                                        Prepared by BTS Group IR          19
 Section 2.2: Media Business
Advertising: Solid Growth Opportunities
                   Upside from BTS rail mass transit expansion

                                              Secured by BTS   Targeted Lines    Carriages      Stations
                                                                                                                                                848

                                                                                                                                                179

                                                                                                                           680

                                                                                                                           115
                                                                                                           392
                                                                                      336
       ADVERTISING                                  208              264
                                                                                                           62

 5-6x                                                                43               47
                                                    34*

  Increase in Train &
  Station Capacity
                                               2017/18          2018/19         2019/20              2020/21           2021/22        2022/23 - 2024/25
                                                Core Line       Core Line       4 stations of         12 stations of   Pink Line          Western Green
                                                Extension       Extension       Green North           Green North                         Extension
                                                                                Extension             Extension
                                                                Green South                             Gold Line      Yellow Line        Orange Line
                                                                Extension
                                                                                                                                          LRT

                                                                                                                                          Grey Line (Phase I)
  *VGI manages media on 30 stations of BTS.

BTS Group Investor Presentation                                                                                           Prepared by BTS Group IR        20
Section 2.2: Media Business
Payment: Synergy between VGI and Rabbit
                 Upside from monetisation of Rabbit’s data
 OFFLINE PAYMENT: RABBIT CARD                                                                ONLINE PAYMENT: RABBIT LINE PAY
The E-money service provider with a common ticketing system supporting BTS and BRT.         A mobile e-wallet solution embedded in the leading chat messenger
BSS system also encompass other forms of public transportation as well as retail, service   application
and tourism sectors.
                                                                Current          2020                                                      Current           2020

                                              Rabbit Cards      13.0mn         > 15.0mn                              Line Users            45.0mn          >55.0mn

                                              Retailer                                                               Rabbit Line Pay
                                                                > 12,000        >20,000                                                     7.3mn           >8.0mn
                                              Points                                                                 Users
                                                                                                                     Online
                                                                                                                                           > 1,000           >1,500
                                                                                                                     Merchants

LARGE PARTNERS NETWORK BUILT                                                                 SERVICES BUSINESS UNDER RABBIT
                                                                                              JV with AEON: THB 1.8bn 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

BTS Group Investor Presentation                                                                                                     Prepared by BTS Group IR             21
Section 2.2: Media Business
Logistics: Last Miles Delivery Services
                  Network expansion to accommodate the rise of E-commerce
DELIVERY SERVICES PORTFOLIO                                            SERVICES POINT ON BTS
Kerry Express is the No. 1 parcel delivery services in Thailand,
delivering more than 1,200,000 parcels per day and has more
than 10,000 retail service points nationwide.
     INVESTMENT & ACCOUNTING METHOD
 Investment:              23% in Kerry Express Thailand
 Accounting Method:       Equity Sharing

     SERVICES CHANNEL
 B2B      delivering parcels from company to various places such
          as financial institutions, law firm, retail shops and etc.
                                                                           Digital Thailand – Jan.2018
 B2C      delivering parcels from e-market place to the individual
                                                                         Population                      69.11 M
          shoppers                                                     2000000
                                                                         Internet users                  57.00 M
 C2C      delivering parcels from individual retailers to individual
                                                                         Social media users
                                                                       1800000                           51.00 .M
          consumers
                                                                         Unique mobile users             55.56 M
                                                                         Mobile social users
                                                                       1600000                           46.00 M                                          C2C
     NETWORK
                                                                       1400000                                                                            70%
                                                                                                                                                       1,200,000
 •    Deliver more than 1,200,000 parcels per day                      1200000                                                            1,000,000
                                                                                                                                        C2C
 •    > 1,200 distribution centers                                     1000000                                                          65%
 •    > 1,800 shops nationwide                                              C2C
                                                                        800000                                         C2C
                                                                            B2C
 •    > 22,000 fleets                                                                                                  50%
                                                                            B2B
                                                                        600000                                                500,000
 •    > 13,000 service points operated by individual and corporate      400000
      retail partners                                                                                                   B2C             B2C              B2C
                                                                        200000                                      75,000
                                                                                                                        40%             30%              26%
                                                                                     8,000        40,000
                                                                             0
                                                                                      2012          2013             2015      2017           2018           2019

BTS Group Investor Presentation                                                                                                   Prepared by BTS Group IR          22
Section 2.2: Media Business
Contents

                                      1     BTS Group in Brief & Strategy & Outlook

                                  Section   Business Segment Profiles

                                      2     Property Business

                                      3     Corporate Information

                                      4     Financial Summary

                                      5     Appendices

BTS Group Investor Presentation                                                       Prepared by BTS Group IR   23
Property Portfolio
        BTS GROUP’S PROPERTY BOOK VALUE BREAKDOWN                                                         LAND BANK UNDER BTS GROUP AND SUBSIDIARIES
                                                                                                         Projects and Properties                                                                       Kukot 51.7 rai (8.3 ha)
              Residential                                                                                a.   The LINE Jatujak – Mochit
              THB 0.5bn                                                                                  b. The LINE Sukhumvit 71
              2%                                                                                         c.   The LINE Ratchathewi                                                                Mochit 11.1 rai (1.8 ha)
                                                                         U City*                         d. The LINE Asoke-Ratchada
              Commercial                                              THB 17.4bn                         e.   The BASE Garden Rama 9
              THB 3.3bn                   Total Book Value                  66%                          f.   The LINE Pradipat
                                           as of 31 Mar 20                                               g. The LINE Sukhumvit 101                                  k
              12%                                                                                                                                                                             l
                                                                                                         h. KHUN BY YOO
                                                THB 26.5bn                                                                                                                                a
                                                                                                         i.   The BASE Petkasem 29
              Land Bank                                                                                  j.   The LINE Sathorn                                                    f
              THB 5.3bn                                                                                  k.   The LINE Wongsawang                                                                 d
              20%                                                                                        l.   TST Tower Office Building                                           p
                                                                                                         m. U Sathorn Hotel                                                                                             e
                                                                                                                                                                                      c
           *Adjusted for equity stake                                                                    n. Eastin Grand Sathorn Hotel                                                                      h
                                                                                                         o. Eastin Thana City                                                                 q r               b
        HISTORICAL LAND TRADING UNDER BTS GROUP                                                          p. The Unicorn
                                                                                                                                                                                  j               m                 g
                                                                                                                                                                                                                                  o s
                                                                                                         q. The Grand                                                                                                              t
        (THB mn)                                                                                         r.   The Royal Place II                            i                             n
                                                       Proceeds from land sales         Net gain         s.   Thana City Golf & Sports Club                                                                                      Thana City
9,000                                                                                       3,300                                                                                                                                308.6 rai
                                                                                                         t.   Verso International School
                                                                       2,985                                                          Projects and Properties                                                                    (49.4 ha)
8,000                                                                                                    Land Bank
                                                                                       48-rai2,800
                                                                                             land sale                                   U City Residential                   Ratburana &
                                                                                                             BTS Group Land Bank
7,000                                                                                  (Bayswater JV)                                    U City Recurring Income              Suksawad
    Kamla Beach Resort and Hotel                                                                             U City Land Bank
    THB 1.6bn (Net Gain THB                                                                 2,300                                        BTS Residential                      44.1 rai
    0.3bn)
6,000                                                 5-rai land at                                                                                                           (7.6 ha)
                                                                                                                                         BTS Commercial
    Kampoo Property: THB 1.8bn                        Mo Chit
    (Net Gain THB 0.7bn)
5,000                                                                                       1,800
                                                                                                          ATTRACTIVE LAND BANK
4,000                           Bang Pakong and                                             1,300
                   1,000        Bangna km 18
3,000                                                                                                    Owners                                            Total Area (Rai)                                 Total Area (sq.m)
                                                                                            800
2,000                                   379                  368                                         BTS Group PCL                                                   541.0                                               882,644.0
                                                                                            300          U City PCL                                                      881.0                                              1,418,763.6
1,000
                                                                                                         Total                                                          1,422.0                                             2,301,407.6
                   3,492                554               1,411                7,700
   -                                                                                        (200)        Includes Upcountry, BKK & Vicinities land bank, not equity stake adjusted                                      Data as of 31 Mar 20
              F/Y 12/13             F/Y 13/14          F/Y 14/15          F/Y19/20E
                                                                         F/Y  19/20

   BTS Group Investor Presentation                                                                                                                                             Prepared by BTS Group IR                               24
   Section 2.3: Property Business
U City’s Property Overview
                     Globally developing and investing in diversified property
                                                                                                                           HOSPITALITY
    119 hotels and more than 30,000* keys owned, leased or managed
                                                                                                  U Chiang Mai Hotel                     Vienna House Hotels
    4 office buildings and business interests spanning 17 countries globally
Presence in
10 European Countries
60 hotels, 2 office buildings
•    Austria
•    Belarus                                                                                       U Sathorn Hotel
•    Czech Republic                                             Presence in
•    Germany                                                    6 Asian & Middle
•    Poland                                                     Eastern Countries
•    Romania                                               57 hotels, 2 office buildings,
•    Russia                                                16 condominiums projects
•    Slovakia                                                                                 Eastin Grand Sathorn Hotel
                                                                 •   Thailand
•    Switzerland
                                                                 •   Vietnam
•    United Kingdom
                                                                 •   Indonesia
                                                                 •   India
                                                                 •   Oman
                                                                 •   Hong Kong
                                    OFFICE                                        RESIDENTIAL                    MIXED USE                        EDUCATION
    33 Gracechurch    6-14 Underwood    TST Tower,   Noble Comm. Building,           SANSIRI JV                  The Unicorn                Verso International School
    Street, London     Street, London    Bangkok           Bangkok

BTS Group Investor Presentation                                                                                                   Prepared by BTS Group IR          25
Section 2.3: Property Business
Contents

                                      1     BTS Group in Brief & Strategy & Outlook

                                  Section   Business Segment Profiles

                                      2     Services Business

                                      3     Corporate Information

                                      4     Financial Summary

                                      5     Appendices

BTS Group Investor Presentation                                                       Prepared by BTS Group IR   26
Services Business
               Strategic support and business incubator

                                  RABBIT REWARDS PROGRAMME
                                     • A loyalty programme for consumers who transact with the 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.
                                     • Rabbit Rewards registration will enable us to enhance and provide marketing solutions to targeted consumers which will
                                        synergise with our media business. In FY 2019/20, the programme had 4.8million registered members.

                                  CHEFMAN RESTAURANTS
                                                                                                                                        CHEFMAN
                                                                                                                                      RESTAURANTS
                                     • Premium Chinese restaurant chain managed by Man Food Holdings.
                                     • In June 2017, Chef Man added a new strategic JV partner Bangkok Ranch (BR). With
         SERVICES BUSINESS
                                        BR’s extensive food processing expertise will enable Chef Man to scale-up its
                                        business domestically and internationally.

                                  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 in Thailand

                                  HHT CONSTRUCTION

                                     Joint venture between BTSG and Li Kay Engineering, a Hong Kong based civil and foundation company.

BTS Group Investor Presentation                                                                                               Prepared by BTS Group IR        27
Section 2.4: Services Business
Contents

                                      1     BTS Group in Brief & Strategy & Outlook

                                      2     Business Segment Profiles
                                              •   Mass Transit Business
                                              •   Media Business
                                              •   Property Business
                                              •   Services Business

                                  Section
                                      3     Corporate Information

                                      4     Financial Summary

                                      5     Appendices

BTS Group Investor Presentation                                                       Prepared by BTS Group IR   28
BTS Group History
                                                                                                                       MAR 2018
                                                                                                                       BTSG completed the entire business transfer of
                                                                                                                       Unicorn Enterprise Company Limited, our
 1968                    1992                  2008              2010                        APR 2013                  former subsidiary, to U City Public Company
 Company established     TYONG established     BTSC exit court   TYONG acquired 94.6%        BTSC sold the future      Limited, our associate
 as Tanayong Co., Ltd.   a wholly-owned        supervised        of BTSC, returning Mass     Net Fare-box Revenue
                         subsidiary, Bangkok   rehabilitation    Transit operations to be    under its Concession      JUL 2018
 (TYONG) to operate in
                         Transit System        procedure         the primary business of     Agreement to BTS Rail     BTSC&KT entered into a 30-year O&M Services
 property development
                                                                                             Mass Transit              Agreement of the Gold Line Project Phase 1
 field                   Corporation Ltd.                        the Company. The
                                                                                             Infrastructure Fund       (Krung Thonburi BTS Station – Khlong San District
                         (BTSC), which won                       Company also changed
                                                                                                                       Office, 1.8km and 3 stations)
                         the SkyTrain                            its name to BTS Group       (BTSGIF)
                         concession bid                          Holdings PCL (BTSG)                                   SEP 2018
                                                                                                                       The company has been officially selected
                                                                                                                        by the Dow Jones Sustainability Indices (DJSI)
                                                                                                                       Emerging Markets 2018 in the first time

                                                                              BTSC signed a 30-year
                                                                              operating & maintenance            BTSC signed the operating & maintenance
                                                                              (O&M) contract covering Green      (O&M) contract with KT; covers 30.8km of
                                                                              Line extensions (Saphan Taksin     Green Line Northern and Southern
                                                                              - Wongwian Yai - Bang Wa           extensions (Mo Chit – Khu Khot and Bearing
                                                                              and Onnut - Bearing) under the     – Kheha)
     TYONG listed on the                            BTSC expanded into
                             Commercial                                       purview of the Bangkok
     Stock Exchange of                              Media business                                                   MAR 2017
                             operation of the BTS                             Metropolitan Administration
     Thailand under                                 through the acquisition
                             SkyTrain                                         (BMA)
     Property Development                           of 100% of VGI Co.,
     sector                  commenced              Ltd. (VGI)                MAY 2012
                                                                                                                Concession Contracts of the Pink (Khae
    1991                     1999                   2009                                                        Rai to Min Buri) and the Yellow Line (Lad
                                                                              VGI PCL, the Group’s Media        Prao to Sam Rong), a total length of
                                                                              subsidiary, listed on the Stock   64.9km were awarded
                                                                              Exchange of Thailand
                                                                                                                 JUN 2017
                                                                              OCT 2012

BTS Group Investor Presentation                                                                                                     Prepared by BTS Group IR             29
Section 3: Corporate Information
Business Organisation and Shareholding Structure
                         as of 31 March 2020
1 Information
                                                                                                                                              40% Kanjanapas Family1
             based on book closure date on 31 Mar 20 with total issued shares = 13,154.3mn shares
2 BTSG holds 65.93% of VGI indirectly and directly as of 31 Mar 2020                                       BTS Group Holdings PCL             32% Institutional Investors1
3 Revenue from the Company recorded under Services BU                                                                                         18% Individual Investors1

           MASS TRANSIT BUSINESS                                            MEDIA BUSINESS                                        PROPERTY BUSINESS                                    SERVICES BUSINESS
                                                                                           22.03%                                                                               100%    Turtle 23 Co., Ltd.
   LEGEND                 97.48%                                                                                             37.87%
                                                            45.04%                 VGI PCL (VGI) 2                                              U City PCL                      100%
   Listed entities       Bangkok Mass Transit                                                                                                                                           RB Services Co., Ltd.
                          System PCL (BTSC)                                                                                  100%                                                                 Rabbit Rewards
   Subsidiaries                                                          VGI Advertising            100%                                 Kingkaew Assets Co., Ltd.                       75%
                                    100%                                                                                                                                                              Co., Ltd.
   Associates                                                            Media Co., Ltd.                                     100%        The Community One Co.,
                             BTS Infrastructure                                                                                                                                          60% Bangkok Payment
   JVs                        Services Co., Ltd                             888 Media               100%                                         Ltd.                                            Solutions Co., Ltd.
                          100%                                               Co., Ltd.                                       100%        The Community Two Co.,                41.18%      Man Food Holdings Co.,
                             BTS Infrastructure                        Point of View (POV)          100%                                         Ltd.
                                                                                                                                                                                                   Ltd.
                            Development Co., Ltd                      Media Group Co., Ltd.                                   100%
                                                                                                                                             Yongsu Co., Ltd.                   51%
                         75%                                                                                                                                                              HHT Construction
                                                                            BV Media            50%                          100%                                                            Co., Ltd.3
                             Northern Bangkok
                                                                           Ads Limited                                                        DNAL Co., Ltd.
                             Monorail Co., Ltd.
                         75%                                              VGI AnyMind
                                                                           Technology           49%
                              Eastern Bangkok
                             Monorail Co., Ltd.                              Co., Ltd
                         35%                                               Demo Power               40%
                            U-Tapao International                       (Thailand) Co., Ltd.
                              Aviation Co., Ltd.                          Aero Media                30%
                        33.33%                                           Group Co., Ltd.
                            BTS Rail Mass Transit                      V-Click Technology           30%                                                              90%     BSS Holdings Co., Ltd.
                            Growth Infrastructure                            Co., Ltd.
                               Fund (BTSGIF)                                                                                                                                  80%          RabbitPay System Co., Ltd.
                                                                             SLV Retail             30%
                                                                              Co., Ltd.                     14.58%                                                                         33.33%
                        27.5%                                                                                                                                                                   Rabbit-Line Pay Co., Ltd.
                                                                         Ads Chaophraya         25.01%       26.55%    Master Ad PCL
                           Chao Phraya Express
                              Boat Co., Ltd.                                 Co., Ltd.                                                                                        51%         ATS Rabbit Special Purpose
                                                                                                    25%      25%       Supremo Media                                                           Vehicle Co., Ltd.
                                                                          The ICON VGI
                                                                                                                          Co., Ltd                                            60%
                                                                            Co., Ltd.                                                                                                        Rabbit Internet Co., Ltd.
                                                                      VGI MACO (Singapore) 25.01%            23%        Kerry Express                                                      100%     ASK Direct Group Co., Ltd.
                                                                          Private Limited                               (Thailand) Ltd
                                                                                                                                                                                           100%          Rabbit Insurance
                                                                          VGI (Malaysia)        25.01%       20%        Group Work                                                                        BrokerCo., Ltd.
                                                                            Sdn Bhd                                       Co., Ltd.                                              90%      Bangkok Smartcard System Co., Ltd.

BTS Group Investor Presentation                                                                                                                                                  Prepared by BTS Group IR                   30
Section 3: Corporate Information
BTS Group Share Information
                        Dividend and credit rating profile

      DIVIDEND POLICY                                                                                                     CREDIT RATING AND OUTLOOK
      No less than 50% of net profit                                                                                                                         Issue Rating/ Outlook
                                                                                                                                                                   from TRIS

      HISTORICAL DIVIDEND PAYMENTS/ DIVIDEND YIELD AND PAYOUT                                                              BTS Group                             A/ Negative
                                                                                                                           BTSC                                  A/ Negative
                                                  FY 17/18                 FY 18/19                  FY 19/20
                                                                                                                           THB 22bn BTSC Debenture
                                                                                                                                                                       A
                                                                                                                           Senior Unsecured Debenture
Actual Dividend Paid
                                                    4,145                    5,152                    6,513(2)             THB 9.5bn BTSG Debenture
(THB mn)
                                                                                                                           Senior Unsecured Debenture
                                                                                                                                                                       A
Dividend per Share                                                                                                         Issuance Date: 7 Sep 18
                                                    0.35                      0.42                     0.48
(THB)                                                                                                                      Average Coupon Rate: 3.38%
                                                                                                                           THB 7bn BTSG Debenture
Dividend Yield (1)
                                                    3.9%                     4.0%                      4.0%                Senior Unsecured Debenture
(%)                                                                                                                                                                    A
                                                                                                                           Issuance Date: 26 Dec 17
                                                                                                                           Average Coupon Rate: 3.17%
Dividend Payout
                                                    87%                      143%                      126%
(%)                                                                                                                        THB 13bn BTSG Debenture
                                                                                                                           Unsubordinated and Unsecured
(1)   Calculated based on the share price of one day before the Board of Directors’ approval date for relevant dividend    Green Bond                                  A
      payment
(2)   Subject to shareholders’ approval at the shareholders meeting on 20 July 2020.                                       Issuance Date: 24 May 19
                                                                                                                           Average Coupon Rate: 3.41%

 BTS Group Investor Presentation                                                                                                                    Prepared by BTS Group IR    31
 Section 3: Corporate Information
BTS Group Share Information

 SHARE INFORMATION (as of 31 Mar 2020)                                   SHAREHOLDING STRUCTURE (as of 31 Mar 2020)
Stock code                                                     BTS                                                            Retails
                                                                                                                              18.0%
Outstanding shares (mn shares)                             13,154.3                                                                         Free Float
Market capitalisation (THB mn)                            119,704.1           Kanjanapas’s                                                (as of Jun 18)

Market capitalisation (USD mn)                             3,656.5            Group                        13,154mn                              58%
                                                                                                            shares       Thai Funds
Average daily traded value (THB mn)                          626.7            40.1%
                                                                                                                              21.7%
Average daily traded value (USD mn)                           20.3                                                                        Foreign Limit
Credit Rating (by TRIS)                                A/Negative             NVDR                                    Foreign Funds              49%
                                                                              10.0%                                           10.2%

 SHARE PRICE MOVEMENT (as of 31 Mar 2020)                                TOP 10 SHAREHOLDERS (as of 31 Mar 2020)
THB      BTS Turnover (RHS)        BTS TB   SET Index (rebased) THB mn           Name                                                       %*
 15                                                            12,000    1       Mr. Keeree Kanjanapas 's Group                            40%
                                                                         2       Thai NVDR Co., Ltd.                                       10%
 13                                                            10,000
                                                                         3       Social Security Office                                     2%
                                                               8,000     4       SOUTH EAST ASIA UK (TYPE C) NOMINEES LIMITED               2%
 11
                                                                         5       Bualuang Securities Public Company Limited                 2%
                                                               6,000
  9                                                                      6       STATE STREET EUROPE LIMITED                                1%
                                                               4,000     7       Bualuang Long-Term Equity Fund                             1%
  7                                                                      8       Mr. Min Tieanworn                                          1%
                                                               2,000
                                                                         9       GIC Private Limited                                        1%
  5                                                            0         10      Bualuang Top-Ten Fund                                      1%
                                                                                 TOTAL TOP 10 SHAREHOLDERS                                 61%
                                                                         *Total of 13,154,296,081 shares

BTS Group Investor Presentation                                                                                       Prepared by BTS Group IR         32
Section 3: Corporate Information
BTS Group Overview
               Our path towards sustainability

           BTS VALUE
                                        Delivering             Creating            Supporting                 Developing
                                   Customer satisfaction   shareholder value   sustainable growth            communities

     BTS SDGs FOCUS

 Awards and Recognition

       E         S         G

BTS Group Investor Presentation                                                                 Prepared by BTS Group IR   33
Section 3: Corporate Information
Contents

                                      1     BTS Group in Brief & Strategy & Outlook

                                      2     Business Segment Profiles
                                            -   Mass Transit Business
                                            -   Media Business
                                            -   Property Business
                                            -   Services Business

                                      3     Corporate Information

                                  Section

                                      4     Financial Summary

                                      5     Appendices

BTS Group Investor Presentation                                                       Prepared by BTS Group IR   34
BTS Group Financial Performance
                                                                                                              CONSOLIDATED P&L (THB MN)               FY 19/20         FY 18/19       FY 17/18
      FY 19/20 OPERATING REVENUE & EBITDA CONTRIBUTION                                                        Operating revenues                       39,937           48,004         14,102
                                                                                                              Accounting revenues                      47,299           48,997         15,107
                                              Revenue                        EBITDA                           Operating expenses                       30,343           40,120         8,325
      Business Units
                                           Contribution (%)              Contribution* (%)                    Operating EBITDA(1)                       7,460            6,137         4,089
      Mass Transit                                  80%                            76%                        Recurring Net Profit                      4,776           3,248          2,508
      Media                                         15%                            25%                        Net income(2)                             8,162            2,873         4,416
      Property                                       1%                          (0.2)%                       DEBT INFORMATION (THB MN)              31-Mar-20        31-Mar-19      31-Mar-18
                                                                                                              Interest bearing debt                    88,559           72,474         47,169
      Services                                       4%                          (0.6)%
                                                                                                              Adj. net debt (5)                        70,892           53,784         17,129
      Total (THB mn)                              39,937                         7,461**
                                                                                                              KEY FINANCIAL RATIOS                    FY 19/20         FY 18/19       FY 17/18
Note: Revenue and EBITDA excludes the equity income from Sansiri JV, U City, Bayswater JV, Keystone JV        Profitability ratios (%)
* Calculated base on EBITDA of THB 6,835mn which excludes selling and Administrative expenses at Head-
  Office of THB 729mn
                                                                                                              Gross operating profit margin           24.0%             16.4%             41.0%
** After selling and Administrative expenses at Head-Office of THB 972mn                                      SG&A to operating sales ratio            7.7%              5.3%             17.3%
                                                                                                              Operating EBITDA margin(1)              18.7%             12.8%             29.0%
      OPERATING REVENUE COMPARISON (YoY)                                                                      Recurring net profit margin (%)         11.4%              6.6%             23.4%
 (THB mn)                                                                                                     Liquidity ratio
                                                                                                              Current ratio (times)                    0.68x            0.47x             0.95x
                          (22)%             10%             6%               57%                              Leverage (Times)
        48,004          (9,252)                                                             39,937            Total liability to total asset           0.61x            0.64x             0.56x
                                            530               21              634                             Total liability to total equity          1.57x            1.76x             1.29x
                                                                                                              Interest bearing debt to equity          1.32x            1.39x             1.02x
                                                                                                              Adj. net debt(5) to equity               1.05x            1.03x             0.37x
                                                                                                              Adj. net debt(5) to recurring EBITDA     7.35x            7.43x             3.02x
       FY18/19 Mass Transit Media                        Property         Services         FY19/20            Interest coverage(3)                     3.32x            3.74x             3.31x
(1)    Operating EBITDA excludes non-recurring items but includes share of profit (loss) from BTSGIF          Per share ratios
(2)    Net income attributable to equity holders of the parent
(3)    Operating EBITDA/finance cost                                                                          Book value per share (THB)               5.32             4.42               3.91
(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                                     Dividend yield (4)                      4.00%             3.98%             3.95%
(5)     Interest bearing debt - cash and cash equivalent and liquid investment

BTS Group Investor Presentation                                                                                                                                Prepared by BTS Group IR           35
Section 4: Financial Summary
Operating Revenue by Business Units
    MASS TRANSIT                                                                  MEDIA

                                                    41,328
                                                                       32,076                                                                      5,735
                                                                                                                                    5,204
                                                                                                                 3,902
                                                                                               3,010
                                  9,112
               4,237

             FY 16/17           FY 17/18           FY 18/19          FY 19/20                FY 16/17          FY 17/18           FY 18/19       FY 19/20
             FY 2019/20:-                                                                    FY 2019/20:-
             • Construction revenue for Pink & Yellow Lines: THB 16.9bn                      • OOH Media revenue: THB 3,709mn
             • Services revenue from provision of E&M works & train: THB 8.3bn               • Digital Services business: THB 2,026mn
             • O&M Revenue: THB 3.8bn
             • Mass Transit related Interest Income: THB 1.9bn
             • Share of net profit from investment in BTSGIF: THB 0.8bn

    PROPERTY                                                                      SERVICES

                617                639
                                                                                                                                                   1,746

                                                       360                381                                                           1,112
                                                                                                743
                                                                                                                   449

             FY 16/17           FY 17/18            FY 18/19           FY 19/20              FY 16/17           FY 17/18           FY 18/19      FY 19/20
             FY 2019/20:-                                                                    FY 2019/20:-
             • Commercial Property revenue : THB 341mn                                       • HHT revenue : THB 1,604mn
             • Residential Property revenue: THB 40mn                                        • BPS, Rabbit Rewards and Turtle 23: THB 142mn

BTS Group Investor Presentation                                                                                                   Prepared by BTS Group IR   36
Section 4: Financial Summary
Financial Position as of 30 June 2020

ASSETS BREAKDOWN                                                                                 LIABILITIES AND EQUITY BREAKDOWN
 (THB mn)                                                                                           (THB mn)
                                                            Cash                                                                                               Gross Debt
                                                            31 Mar 20:            THB 3.2bn                                                                                             THB 88.6bn2
                                                                                                                                                               31 Mar 20:
                                   175,817                  30 Jun 20:            THB 3.8bn
                                                                                                           173,100                 175,817                     30 Jun 20:               THB 87.4bn2
           173,100
                                   11,359     6%            Cash & liquid investment                         32,915    19%        28,371      16%
           22,398     13%
                                                                                  THB 17.7bn                                                                   Adjusted Net Debt2
                                                            31 Mar 20:
                                                                                                                                                               31 Mar 20:               THB 70.9bn
                                                            30 Jun 20:           THB 15.0bn
                                                                                                             72,940    42%        84,412       48%             30 Jun 20:               THB 72.4bn

                               164,458        94%           Current Financial Assets1
           150,702    87%
                                                            1 Apr 20:              THB 2.8bn                                                                                 ********
                                                            30 Jun 20:            THB 2.5bn                  67,245    39%                                     Issued Ordinary Shares
                                                                                                                                  63,034        36%
                                                                                                                                                               31 Mar 20:                13,154.3mn
                                                            Non-current Financial Assets1                                                                      30 Jun 20:                13,154.6mn
          31 Mar 20            30 Jun 20                    1 Apr 20:             THB 18.0bn              31 Mar 20              30 Jun 20

        Total current assets                                30 Jun 20:           THB 17.5bn        Total current liabilities                 Total non-current liabilities
        Total non-current assets                                                                   Total shareholders' equity

1 TheGroup adopted TFRS 9 which the cumulative effect is recognised as an adjustment to the retained earnings as at 1 April 2020
2 Comprised of 13% floating-rate debt and 87% fixed-rate debt
3Adjusted Net Debt = Interest Bearing Debt – Cash and Cash Equivalent and Liquid Investment

KEY RATIOS

           Gross Debt                                Adjusted Net                    Adjusted Net Debt3 to
                                                                                                                               Interest Coverage                             Current Ratio
            to Equity                               Debt2 to Equity                    Recurring EBITDA

 1Q 2020/21:         1.39x                   1Q 2020/21:     1.15x                 1Q 2020/21:   8.06x                   1Q 2020/21:         2.65x                   1Q 2020/21:        0.40x
 1Q 2019/20:          1.32x                  1Q 2019/20:      0.82x                1Q 2019/20:    6.52x                  1Q 2019/20:           3.90x                 1Q 2019/20:          1.05x

BTS Group Investor Presentation                                                                                                                           Prepared by BTS Group IR                37
Section 4: Financial Summary
FY 2020/21 Mass Transit Guidance

    THB          20       bn      THB       6       bn              THB            2.6       bn    THB        5.2       bn
                                                                                                          40% YoY

                                   E&M provision and train
          Pink & Yellow Lines                                               Mass-transit related           Train O&M
                                   procurement for Green
             Construction                                                    interest income                revenue
                                      Line extensions

                                                 THB         26     bn
                                                       Mass Transit CAPEX

BTS Group Investor Presentation                                                                     Prepared by BTS Group IR   38
Section 4: Financial Summary
Contents

                                      1     BTS Group in Brief & Strategy & Outlook

                                      2     Business Segment Profiles
                                              •   Mass Transit Business
                                              •   Media Business
                                              •   Property Business
                                              •   Services Business

                                      3     Corporate Information

                                      4     Financial Summary

                                  Section

                                      5     Appendices

BTS Group Investor Presentation                                                       Prepared by BTS Group IR   39
Appendix 1: Media Market Overview
                                                                                                                                                 Industry Spending = THB 123bn
                    OOH and Online outperformed industry spending                                                                                Traditional Spending = THB 10bn
                                                                                                                                                    OOH Spending = THB 14bn
            Industry Spending = THB 90bn                                                   Economic Down Turn
                                                                                                                                                   Online Spending = THB 21bn
                                                                                           - Bangkok shutdown
           Traditional Spending = THB 79bn                                                 - Coup d’etat                                     ONLINE CAGR1 = 63.2%
              OOH Spending = THB 6.5bn
             Online Spending = THB 0.3bn

                                                                                                                                                 OOH CAGR1 = 9.3%

                                                                                                                                                 INDUSTRY CAGR1 = 3.7%

                                                                                                                                                 TRADITIONAL CAGR1 = 0.3%
                                                                                                                                                 Incl. TV, Radio, Newspaper and Magazine

    2009           2010           2011           2012           2013           2014           2015           2016           2017   2018   2019

                                                   OOH             Traditional            Online/ Digital           Total

                                                                                                                                                 Improving of OOH Media
  Increasing mobility                              Increasing urbanisation                                Fragmentation of other
                                                                                                                                                 (Digitalisation, data, planning tools,
                                                                                                          broadcasting channels
                                                                                                                                                 mobile connection etc.)

 Source: The Nielsen Company (Thailand) Co.Ltd. & Digital Agency Association (Thailand)      12009   – 2019 CAGR

BTS Group Investor Presentation                                                                                                                    Prepared by BTS Group IR          40
Appendices
Appendix 1: Media Market Overview
                   The Rise of E-Commerce Fueling Growth in E-Payment & Logistics

                                                                                                                    4X
                                                                                                           THB bn

                                                                                                            3,150

                                                                                            2,763
                                                                                                                    E-COMMERCE MARKET
                                                                              2,560

                                                                      2,245
                                                    2,033

         744                   768

         2012                  2013                  2014              2015   2016          2017             2018

  Increasing Players                                           Increasing             Increasing Demand                     Growth Opportunity
    in E-commerce                                             Transaction             On Goods Delivery                      For E-Payment &
        Market                                              Through Online            And Other Services                         Logistics

 Source: Electronic Transaction Development Agency (ETDA)

BTS Group Investor Presentation                                                                                     Prepared by BTS Group IR   41
Appendices
Appendix 2: 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                                                                                                                                                             CORE NETWORK                              MO CHIT –
      Under 30 years concession contract (net cost model)                                                                                                                                                                             ON NUT
       from 1999 - 2029                                                                                                                                                                                                                17.0KM
      In Apr 2013, BTSC sold the rights to net farebox revenue                                                                                                                                                                                                                                   ONNUT – BEARING
       under its concession agreement for the BTS Skytrain                                                                                                                                                                             NATIONAL                                                   5.3KM
                                                                                                                                                                                                                                       STADIUM –                      EXT. ZONE 1
       Core Network until Dec 2029 to BTSGIF                                                                                                                                                                                           SAPHAN
      BTS Group used the proceeds to invest 1/3 units in                                                                                                                                                                              TAKSIN 6.3KM
       BTSGIF (10 years lock-up)
                                                                                                                                                                                                                                                       SAPHAN TAKSIN –
                                                                                                                                                                                                                                                       BANG WA 7.5KM

                                                                                                                                                                                                                                                       BTSC has operated & maintained the
RESILIENCE RIDERSHIP SINCE INCEPTION (CAGR: 9.3%)                                                                                                                    DISTANCE-BASED FARE (AVG = THB 29.0/TRIP)                                          extensions since 2009
                                                                                                                                                                            AUTHORISED FARE (APR 13)
                                                                                                                                                                                                                                                       Pre-agreed fee income with no ridership risk
      19Y Farebox Revenue CAGR: 9.1%
      19Y Ridership CAGR: 8.0%                                                                                                                                              NEW EFFECTIVE FARE (OCT 17)                                                30-Year O&M Contract signed in May 2012:
                                                                                                                                                                            PREVIOUS EFFECTIVE FARE (JUN 13)                                             1. Current extensions (zone 1) of 11 stations, 12.8km
                                                                                                                                                                           POTENTIAL FARE UPSIDE                                                         2. Core Network of 23 stations, 23.5km
                     Farebox revenue (THB bn)                                                                                233 238 241 241 237                                                                                60.3
                                                                                                             215 219                                                                                                                                     post concession expiry (Dec 2029 – May 2042)
                     Ridership (mn)                                                                  197                                                                                                                 53.6
                                                                                             176                                                                                                                                                                                                                 (unit: THB bn)
                                     132             139 133 136 144 145                                                                                                                                         46.9                                    Core Line      Zone 1
                             105 118
                                                                                                                                                     6.96

                     96
                                                                                                                                             6.82

                                                                                                                                                             6.81

                                                                                                                                                                                                      40.2
                                                                                                                                     6.64

             79
                                                                                                                             6.40

     59                                                                                                                                                                                                                                                 Zone 1: CAGR
                                                                                                                     5.87

                                                                                                                                                                                           33.5
                                                                                                             5.68

                                                                                                                                                                                                                44.0                                    (FY16/17-FY41/42) = 3.9%
                                                                                                     4.90

                                                                                                                                                                                26.8
                                                                                                                                                                                                          37.040.0                                      Core Line: CAGR

                                                                                                                                                                                                                                                                                        6.0
                                                                                             4.30

                                                                                                                                                                                                      33.0                                              (FY30/31-FY41/42) = 3.1%
                                                                                     3.54
                                                                             3.48

                                                                                                                                                                      20.1
                                                                     3.29

                                                                                                                                                                                               30.0
                                                             3.22
                                                     3.07
                                             2.82

                                                                                                                                                                                           26.0
                             2.29
                                     2.57
     1.42

                     2.12
             1.78

                                                                                                                                                                                  23.0

                                                                                                                                                                                                                                                               3.4
                                                                                                                                                                         16.0

                                                                                                                                                                                                                                                       16/17 1.7
     00/01

                     02/03

                                             05/06

                                                             07/08

                                                                     08/09
                             03/04

                                                     06/07

                                                                                                                     14/15

                                                                                                                                             17/18
                                     04/05

                                                                                             11/12

                                                                                                                                                     18/19
             01/02

                                                                             09/10

                                                                                                                                                             19/20
                                                                                     10/11

                                                                                                     12/13

                                                                                                                             15/16
                                                                                                             13/14

                                                                                                                                     16/17

                                                                                                                                                                     0     1     2     3    4     5    6     7    8     9 10 11 12 13 14 15 16 17

                                                                                                                                                                                                                                                      20/21

                                                                                                                                                                                                                                                      22/23

                                                                                                                                                                                                                                                      25/26

                                                                                                                                                                                                                                                      27/28
                                                                                                                                                                                                                                                      28/29
                                                                                                                                                                                                                                                      29/30
                                                                                                                                                                                                                                                      30/31

                                                                                                                                                                                                                                                      32/33

                                                                                                                                                                                                                                                      35/36

                                                                                                                                                                                                                                                      37/38
                                                                                                                                                                                                                                                      38/39
                                                                                                                                                                                                                                                      23/24

                                                                                                                                                                                                                                                      26/27

                                                                                                                                                                                                                                                      33/34

                                                                                                                                                                                                                                                      36/37
                                                                                                                                                                                                                                                      24/25

                                                                                                                                                                                                                                                      34/35

                                                                                                                                                                                                                                                      39/40
                                                                                                                                                                                                                                                      19/20

                                                                                                                                                                                                                                                      21/22

                                                                                                                                                                                                                                                      31/32

                                                                                                                                                                                                                                                      40/41

                                                                                                                                                                                                                                                      42/43
                                                                                                                                                                                                                                                       17/18

                                                                                                                                                                                                                                                      41/42
                                                                                                                                                                                                                                                       18/19
                                                                                                                                                                     NO. OF STATIONS

                                                                                                         PPP NET COST CONTRACT                                                                                                                                             O&M CONTRACT

BTS Group Investor Presentation                                                                                                                                                                                                                                            Prepared by BTS Group IR                     42
Appendices
Appendix 2: BTS Network
               23.5km Core Network and 12.8km Green Line Extension
ZONE 2: 30.4KM NEW EXTENSIONS                     64.9KM PINK AND YELLOW LINE (MONORAIL)
                                                                                                                                                       PINK              YELLOW
                           NORTHERN GREEN
                                                                                         PINK                                                          Kae Rai –         Lat Phrao –
                           LINE                                                                                              Route
                                                                                                                                                       Min Buri          Sam Rong
EXT. ZONE 2                MO CHIT - KHU KHOT

                                                                                                         PROJECT DETAILS
                                                                                                                             Distance / no. of
                           17.8KM                                                                                                                      34.5km / 30       30.4km / 23
                                                                                       KHAE RAI                              stations
                                                                                       – MIN                                                           42; 4-car train   30; 4-car
                                                                                       BURI                                  Required trains           (168 cars )       train
                                                                   YELLOW              34.5KM                                                                            (120 cars )
                           SOUTHERN GREEN                      YELLOW                                                        Contract length           30yr operation    30yr operation
                           LINE                                LAT PHRAO –
                           BEARING – KHEHA                     SAM RONG                                                      Daily ridership in Y1     199k trips        195k trips

                                                                                                    EXPECTED RIDERSHIP AND
                           12.6KM                              30.4KM                                                        Ridership CAGR (30Y)      5.2%              4.5%
                                                                                                                             Average fare in Y1        THB 34.7/ trip    THB 30.0/ trip

                                                                                                           REVENUE
                                                                                                                                                       26% at early      34% at early
         EXT. ZONE 2
                                                                                                                                                       stages            stages
                                                                                                                             EBITDA margin (%)
                                                                                                                                                       rising to 69%     rising to 64%
                                                    OWNERSHIP STRUCTURE                                                                                at Y30            at Y30
  BTSC has the operated & maintained of the                                                                                                                             15% of
                                                                                                                                                       10% of farebox
                                                                                                                             Commercial revenue                          farebox
   additional 30.8km of Green Line extensions                                                                                                          revenue
                                                                                                                                                                         revenue
                                                                                           STEC
   on 31 Mar 17
                                                   BTS                                      15%                              Total Project Cost        THB 49.4bn        THB 46.7bn
  Pre-agreed fee income with no ridership risk
  25-year O&M contract covers 30.8km of                                                 RATCH                               Civil Subsidy Amount      THB 22.5bn        THB 25.05bn
                                                   75%

                                                                                                    PROJECT CAPEX &
                                                                                           10%                                                                           Equal
   Northern and Southern Green Line                                                                                                                    Equal payment

                                                                                                      FINANCING
                                                                                                                                                                         payment at
   Extensions                                                                                                                                          at 2.25bn p.a.
                                                                                                                                                                         2.505bn p.a.
                                                                                                                                                       for 10 years
   (Apr 17 – May 42)                                                                                                         Civil Subsidy Term                          for 10 years
                                                   NORTHERN BANGKOK           EASTERN BANGKOK                                                          from
   • SOUTHERN: Bearing – Kheha                     MONORAIL COMPANY          MONORAIL COMPANY                                                          beginning of
                                                                                                                                                                         from
   (12.6km/ 9 stations)                                 LIMITED                    LIMITED
                                                                                                                                                                         beginning of
                                                                                                                                                       operation
                                                                                                                                                                         operation
   • NORTHERN: Mo Chit – Khu Khot                      PINK LINE PROJECT      YELLOW LINE PROJECT                            Sharing to MRTA           THB 250mn         THB 250mn
   (17.8km/ 16 stations)                            (INCLUDE EXTENSIONS)     (INCLUDE EXTENSIONS)
                                                                                                                             Funding (D/E)             2.5x              2.5x

               O&M CONTRACT                                                      PPP NET COST CONTRACT WITH SUBSIDY

BTS Group Investor Presentation                                                                                                                   Prepared by BTS Group IR             43
Appendices
Appendix 2: Summary of BTS Mass Transit Contracts
                    CORE NETWORK                                EXTENSION ZONE 1                 EXTENSION ZONE 2          PINK & YELLOW                 GOLD LINE PHASE 1
ROUTE               • Dark Green                                • Dark Green                     • Southern Green          • Pink                        Krung Thonburi BTS Station
                      Mo Chit – Onnut                             Onnut - Bearing                  Bearing - Kheha            Khae Rai - Min Buri        - Khlong San District Office
                    • Light Green                               • Light Green                    • Northern Green          • Yellow
                      National Stadium - Saphan Taksin            Saphan Taksin - BangWa           Mo Chit - Khu Kot         Lat Phrao - Sam Rong
DISTANCE            23.5km, 23 stations                         12.8km, 11 stations              30.4km, 25 stations       64.9km, 53 stations           1.8km, 3 stations
& NO. OF
STATIONS
AUTHORITY           BMA                                         BMA                              BMA                       MRTA                          BMA
CONTRACT            30Y Concession         13Y O&M              30Y O&M Contract                 25Y O&M Contract          30Y Concession                30Y O&M Contract
TYPE                Agreement (1999-       Contract             (2012 - 2042)                    (2017 - 2042)             Agreement                     (from 1st operation date)
& CONTRACT          2042)                  (2029-2042)                                                                     (from 1st operation
LENGTH                                                                                                                     date)
INVESTMENT          PPP Net Cost           O&M Contract         O&M Contract                     O&M Contract              PPP Net Cost                  O&M Contract
SCHEME              (1999-2029)            (2029-2042)

CAPEX AND           Civil:                Civil: x             Civil: x                         Civil: x                  Civil:                       Civil: x
FINANCING                                                                                                                  (subsidised by gov’t)
                    E&M:                  E&M: x               E&M: x                           E&M: x                                                  E&M: x
 = BTS                                                                                                                    E&M:                         (hire BTS, ≈THB 0.6bn)
INVESTMENT          Rolling Stock:        Rolling Stock:       Rolling Stock:                  Rolling Stock: 
                                            (≈THB              (≈THB 4.9bn)                     (≈THB 9.8bn)              Rolling Stock:               Rolling Stock: 
                    ------------           5.8bn)                                                                          ------------                  (≈THB 0.4bn)
                    Project Cost                                                                                           Project Cost
                    (≈THB 49.5bn)                                                                                          ≈THB 96bn
                                                                                                                           (gov’t subsidy of THB
                                                                                                                           47bn)
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 Investor Presentation                                                                                                                  Prepared by BTS Group IR         44
Appendices
Appendix 3: Core Network Ridership
                      Uninterrupted revenue growth and resilient under pressure

            GROWTH (19 YRS)                                           Farebox revenue (THB bn)                 Ridership (mn)

       Farebox revenue CAGR: 9.1%
       Ridership CAGR: 8.0%
                                                                                                                                                                       238         241          241     237
                                                                                                                                                           233
                                                                                                                                    215        219
                                                                                                                           197
                                                                                                                176

                                                                                                                                                                                                6.96
                                                                                                                                                                                   6.82

                                                                                                                                                                                                        6.81
                                                                                                                                                                       6.64
                                                                                                                                                           6.40
                                                           139                              144        145                                                                                                          Ridership
                                                                               136

                                                                                                                                               5.87
                                              132                     133

                                                                                                                                    5.68
                                      118                                                                                                                                                                          (1.7)% YoY
                              105

                                                                                                                           4.90
                      96
                                                                                                                                                                                                                      Fare

                                                                                                                4.30
           79
                                                                                                                                                                                                                     (0.4)%
 59

                                                                                                        3.54
                                                                                            3.48
                                                                                                                                                                                                                      YoY

                                                                               3.29
                                                                      3.22
                                                           3.07
                                              2.82
                                     2.57
                              2.29
                     2.12
          1.78
1.42

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      18/19     19/20
                                                                                                                                      Jan-Mar 14 :                                           Dec 18 :      Jul-Sep 19 :
                                                                                                                                         Bangkok                    Aug 16 :                 Opening of    Opening
                                                                                May 09 :                                                                                                     the entire    Of Blue line ext.
                                      Jul 04 :       Mar 07 :                                                                           Shutdown                Opening of          Apr 17 :
                                                                             Opening of          May 10 :                                                                                    Southern
  Dec 99 : BTS SkyTrain               Opening of     First fare                                                   Aug 11 : On Nut         May 14 :                 Bangkok          Opening                Aug 19 :
                                                                              Silom Line      Opening of                                                                                     ext.
  service opening                     Bangkok MRT    rate                                                         – Bearing ext.       Martial law            MRT System            of                     Opening of
                                                                                     ext.        Bangkok
                                      System (Blue   increase                                                     opening                                      (Purple line)        Samrong Station        Ha Yaek Lat
                                                                                                     BRT;
                                      line)                                                                                         Apr 13 : Sale of net farebox Oct 16 :                                  Prao station
                                                                                             Thai political                                                                         Aug 17 :
                                                                                                  protests        Oct – Nov 11 :    revenue to BTSGIF       The passing of          Opening of             Dec 19 :
                                                                                                  Aug 10 :        Floods            Jun 13 :                    His Majesty         Tao Poon               Ha Yaek Lat Prao –
                                                                                              Opening of                            Fare increase           King Bhumibol           Station (Blue          Kasetsart
                                                                                              Airport Rail                          Nov 13 : Thai political                         line ext.)             University opening
                                                                                                      Link                          protests
                                                                                                                                    Dec 13 : Wongwian Yai –                         Oct 17 :
                                                                                                                                    Bang Wa ext. opening                            Fare
                                                                                                                                                                                    Increased
   INITIAL GROWTH (3 YRS RIDERSHIP CAGR: 21%)                     STABLE GROWTH (5 YRS RIDERSHIP CAGR: 5%)                                       FASTER GROWTH (11 YRS RIDERSHIP CAGR 6%)

BTS Group Investor Presentation                                                                                                                                                Prepared by BTS Group IR                45
Appendices
Appendix 4: Core Network Fare Adjustment
                                  Flexibility to increase fares

FARE ADJUSTMENT MECHANISM                                                                                                                                 DISTANCE-BASED FARE (BY NO. OF STATIONS)
                                                                                                                                                                                                                                              60.3
       EFFECTIVE FARE                                                                                                                                                                                                         53.6

           Can be adjusted no more than once every 18 months by making                                                                                                                                           46.9
            announcement to BMA and public 30 days in advance
           Must not exceed the Authorised fare                                                                                                                                                   40.2
                                                                                                                                                                                                                    44.0
                                                                                                                                                                                   33.5
                                                                                                                                                                                                                40.0
                                                                                                                                                                                                         37.0              42.0
                                                                                                                                                                                                                                       FARE PRICE (THB)
       AUTHORISED FARE                                                                                                                                                  26.8                     33.0              37.0
                                                                                                                                                                                                           34.0                                AUTHORISED FARE (APR 2013)
                                                                                                                                                                                       30.0
                                                                                                                                                            20.1                                  31.0                                         NEW EFFECTIVE FARE (OCT 2017)
           Normal situation : upon change of Bangkok’s CPI >=5%, may adjust up to                                                                                        23.0 26.0       28.0                                                 PREVIOUS EFFECTIVE FARE (JUN 2013)
            7% (No approval required)                                                                                                                        16.0               25.0
           Special situation : upon change of CPI (>= 9%), USD/THB foreign                                                                                                22.0                                                               POTENTIAL FARE UPSIDE
                                                                                                                                                            15.0
             exchange rate, interest rate or electricity costs (BMA approval required)
                                                                                                                                                            0       1    2     3    4      5       6       7       8      9       10     11   12 13 14 15 16 17
                                                                                                                                                            NO. OF STATIONS
HISTORICAL AVERAGE FARE
• CAGR 5 yr (2014/15 to 2019/20) = 1.5%
                                                                                                                                          THB / Trip
                                                                                                                                                          RIDERSHIP BY TICKET TYPES (FY 2019/20)
• CAGR 14 yr (2005/06 to 2019/20)= 2.2%
                                                                                                                                                                                                                                                            ONE-DAY PASS 1%
                                                                                                                                                          30-DAY PASS (STUDENT)* 4%
                                                                                                                                                                                                                                                            AVG FARE THB 35.4
                                                                                                                                                          AVG FARE THB 22.5
                                                                                                                                                29.0
                                                                                                                                      29.0
                                                                                                                            28.3
                                                                                                                  27.9
                                                                                                        27.5
                                                                                              26.9
                                                                                    26.4
                                                                          24.8
                                                      24.4

                                                                24.4
                        24.3

                                  24.22

                                            24.1

                                                                                                                                                          30-DAY PASS (ADULT)* 28%
              22.1
  21.4

                                                                                                                                                          AVG FARE THB 27.7                                                                                         SJT 36%
                                                                                                                                                                                                                                                           AVG FARE THB 31.7

                                                                                                                                                                                                                                                           PURSE (STV)* 31%
  2005/06

              2006/07

                        2007/08

                                  2008/09

                                            2009/10

                                                      2010/11

                                                                2011/12

                                                                          2012/13

                                                                                    2013/14

                                                                                              2014/15

                                                                                                        2015/16

                                                                                                                  2016/17

                                                                                                                            2017/18

                                                                                                                                      2018/19

                                                                                                                                                2019/20

                                                                                                                                                                                                                                                          AVG FARE THB 27.6
                                                                                                                                                          * Counted as Rabbit (63%)

BTS Group Investor Presentation                                                                                                                                                                                                    Prepared by BTS Group IR               46
Appendices
Appendix 5: Rolling Stocks
                    98 trains in service for the entire Green Line
      98 4-CAR TRAINS (392 CARRIAGES)                                                72 4-CAR MONORAIL TRAINS
      FOR GREEN LINE CORE NETWORK                                                    (288 CARRIAGES)
      AND EXTENSION ZONE 1 & 2                                                       FOR PINK AND YELLOW LINES

CURRENT FLEET               NO. OF TRAINS         TOTAL CARRIAGES   FROM      PROJECT       REQUIRED TRAINS      TOTAL CARRIAGES         FROM

1ST BATCH                           35                  105         SIEMENS   PINK                42                      168            BOMBARDIER

2ND BATCH                           12                  48          CRRC      YELLOW              30                      120            BOMBARDIER

3RD BATCH                                               35          SIEMENS   TOTAL               72                      288

4TH BATCH                           5                   20          CRRC
                                                                              10,000 – 44,000 PPHPD: SERVICE CAPACITY
TOTAL                               52                  208

FLEET EXPANSION             NO. OF TRAINS         TOTAL CARRIAGES   FROM

COMPLETELY                         22                   88          SIEMENS
DELIVERED
COMPLETELY                         24                   96          CRRC
DELIVERED
TOTAL                              46                   184

50,000 PPHPD: SYSTEM DESIGN CAPACITY (6-CAR TRAINS & 2MIN FREQUENCY)
25,000 PPHPD: CURRENT CAPACITY (4-CAR TRAINS & 2.4MIN FREQUENCY)
NOTE: PPHPD = Passengers per Hour per Direction

BTS Group Investor Presentation                                                                                         Prepared by BTS Group IR   47
Appendices
Appendix 6: Debentures

THB 22BN BTSC DEBENTURE:NEW GREEN EXTENSIONS                             THB 9.5BN BTSG DEBENTURE

 Rationale        Purchase new rolling stocks and E&M for the Northern   Rationale         Repay existing debts and/or investment and/or
                  and Southern Green Line extensions                                       financing the working capital of the Company
 Issuance Date    10 November 2016                                       Issuance Date     7 September 2018

 Tenor             Amount up to       Coupon Rate      Maturity Date     Tenor            Amount up to        Coupon Rate       Maturity Date
3-year              THB 5.5bn            2.46%           10 Nov 19       2-year            THB 3.55bn            2.58%            7 Sep 20
5-year              THB 2.2bn            2.85%           10 Nov 21       5-year             THB 1.29bn           3.25%            7 Sep 23
7-year              THB 4.1bn            3.30%           10 Nov 23       10-year           THB 4.66bn            4.03%            7 Sep 28
10-year             THB 10.2bn           3.87%           10 Nov 26       Total              THB 9.5bn       3.11% (average)
Total               THB 22.0bn       3.31% (average)
                                                                         THB 13BN BTSG GREEN BOND
THB 7BN BTSG DEBENTURE                                                   Rationale       For debt repayment of Eligible Green Projects (Pink &
                                                                                         Yellow Line)
 Rationale        Repay existing debts and/or investment and/or
                  financing the working capital of the Company           Issuance Date   24 May 2019
 Issuance Date    26 December 2017                                       Tenor           Amount up to         Coupon Rate       Maturity Date
 Tenor             Amount up to       Coupon Rate      Maturity Date     2-year            THB 1.0bn             2.51%           24 May 21
3-year              THB 1.5bn            2.24%           26 Dec 20       3-year            THB 1.3bn            2.63%            24 May 22
5-year              THB 1.5bn            2.64%           26 Dec 22       5-year            THB 3.0bn             3.15%           24 May 24
10-year             THB 2.0bn            3.65%           26 Dec 27       7-year            THB 2.7bn            3.57%            24 May 26
12-year             THB 2.0bn            3.78%           26 Dec 29       10-year           THB 5.0bn            3.86%            24 May 29
Total               THB 7.0bn        3.17% (average)                     Total             THB 13.0bn       3.41% (average)

BTS Group Investor Presentation                                                                                 Prepared by BTS Group IR        48
Appendices
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

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

           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
YEAR                                                                                                                stocks)
       1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33
                                                                                                                 2) 10-year repayment from gov’t
                                                                                                                    for civil works
                                                                                                                 3) Receive farebox revenue and
                                                                                                                    commercial revenue (30-year
                                                                                                                    contract from operating date)

   BTS Group Investor Presentation                                                                                        Prepared by BTS Group IR     49
   Appendices
Appendix 8: Gold Line Phase 1
                      Project at a glance
                                                                                                                                                           TIMELINE
                                                            Route           Krung Thon Buri – Klong San
                                                                            (Phase I): 1.8km 3 stations
                                                            No. of Stations 3 overground stations (G1 to G3)                                                  15 DEC 2017
                                                                               • G1: Krung Thon Buri                                                          KT awarded civil contract
                                                                                                                                                              to ITD
                                                                               • G2: Charoen Nakorn
                                                                               • G3: Klong San                                                                27 FEB 2018
                                                                                                                                                              Sale and installation of E&M
                                                            Type            Monorail Feeder Line
                                                                                                                                                              works Agreement signed
               GOLD PHASE 1                                                       Three 2-Car Automatic People Mover (APM)
                                                            Trains
                                                                                  trains                                                                      9 MAR 2018
     KRUNG THONBURI BTS STATION                             System                                                                                            Civil work construction began
     – KHLONG SAN 1.8KM                                                           4,000-12,000 pphpd (5-6 min headway)
                                                            Capacity

                                                            E&M AND O&M SERVICES PROVIDED BY BTSC                                                             31 JUL 2018
                                                                                                                                                              O&M Services Agreement
                                                              Sale and installation of E&M works agreement                                                    signed
                                                              • E&M value (incl.VAT) of THB 765.59mn
                                                                                                                                                              1 AUG 2018
                                                              O&M services agreement                                                                          NTP issued for E&M kick-off
                                                              • 30 years from 1st commercial operation date
                                                              • O&M services include the operation of trains,                                                 Oct 2020
                                                                management, maintenance of the mass transit system,                                           Targeted Commercial
                                                                fare collection and the procurement of rolling stock                                          Operation Date
                                                              • O&M value (incl.VAT) of THB 13,520mn                                                          (30 years operation*)

Source: http://www.raillynews.com
*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.

 BTS Group Investor Presentation                                                                                                                                  Prepared by BTS Group IR              50
 Appendices
Appendix 9: Targeted Rail Mass Transit Line
                Orange Line – project at a glance
  ORANGE LINE (35.9KM, 28 STATIONS)                                                            EXPECTED TIMELINE

                                                       Western Orange                              MAY 2017
                                                                                                   Civil work construction of
                                                       Route     Taling Chan –                     Eastern Orange began
                                      Eastern Orange             Thailand Cultural
                                                                 Center                            28 JAN 2020
                                                       Length     13.4km                           Cabinet approved the
                                                                                                   project
                                                       No. of
                                                                  11 (underground)
                                                       Stations                                   10-24 Jul 2020
                                                                                                  Request for proposal
            Western Orange                             Eastern Orange                             (RFP) selling period

                                                       Route      Thailand Cultural                6 Nov 2020
                                                                  Center - Min Buri                Expected bid submission

                                                       Length     22.5km                          Early 2021
                                                                                                  Expected best bid winner
                                                       No. of     17 (10 underground and          announcement
                                                       Stations   7 aboveground)
                                                                                                   2023
                                                                                                   Targeted Commercial
                                                                  Civil ~THB 111bn*                Operation Date for
                                                       CAPEX
                                                                  E&M ~THB 32bn                    Eastern Orange
       Underground Stations                                                                        2026
       Elevated Stations                                                                           Targeted Commercial
                                                                                                   Operation Date for
                                                                                                   Western Orange

BTS Group Investor Presentation                                                            Prepared by BTS Group IR       51
Appendices
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