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prepared by Investor Relations department BTS Group Holdings PCL

BTS Group Holdings PCL

BTS Group General Presentation

GROUP GENERAL PRESENTATION AUGUST 2014


IR Contacts


This document has been prepared and distributed by the Investor Relations Department of BTS Group Holdings Plc. (“BTSG”) solely for information purposes. It does not represent or constitute an offer, invitation, recommendation or solicitation to trade shares in BTSG and should not be relied on as such. Some of the information in this document has not been independently verified, and also includes information made available from public sources and other third party opinion or analyst. BTSG does not monitor or control the content of third party opinion or statements and does not endorse or accept any responsibility for the content or the use of any such opinion or statements. Thus, BTSG assumes no responsibility and makes no representations with respect to the accuracy and/or completeness of the information described herein. None of BTSG or any of its agents, or all of their respective affiliates, or representatives shall have any liability (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this document. All information contained in this document is presented as of the date indicated within, and BTSG assumes no duty to confirm, revise or update the information. Certain statements in this document may be deemed to contain forward-looking statements, including the statements included or incorporated with the words "believe", "anticipate", "estimate", "target", or "hope", or that otherwise relate to objectives, strategies, plans, intentions, beliefs or expectations or that have been constructed as statements as to future performance or events. These forward-looking statements are not guarantees of future performance and involve risks and uncertainties that could cause actual results to differ materially from historical results or those anticipated at the time the forward-looking statements are made. Thus, BTSG assumes no responsibility and makes no representations with respect to the accuracy and/or completeness of the forward-looking statements. BTSG undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Disclaimer

Address: BTS Group Holdings PCL IR Department 15th Floor, TST Tower, 21 Soi Choei Phuang, Viphavadi-Rangsit Rd. Chomphon, Chatuchak, Bangkok, Thailand 10900 Telephone: +66(0) 2273 8611-15 Fax: +66(0) 2273 8610 Email: [email protected] Website: www.btsgroup.co.th

2


Contents


Section 1 BTS Group Holdings PCL

Section 2 Group Profile

Section 2.1 Mass Transit Business

Section 2.2 Media Business

Section 2.3 Property Business

Section 2.4 Services Business

Section 3 Financial Summary

Appendices

Appendix 1: Shareholding Structure

Appendix 2: Key Terms of the Core Network Concession Agreement

Appendix 3: Future Funding Requirements (Mass Transit)

Appendix 4: BTS-W3

Appendix 5: Saphan Taksin Station Removal

Appendix 6: BTSC’s Quality Management System

Appendix 7: Fare Adjustment History – Bangkok Concessions

3


BTS Group History

BTS Group General Presentation Section 1: BTS Group Holdings PCL

Company established as Tanayong Co., Ltd. to operate in property development field

Tanayong listed on The Stock Exchange of Thailand under Property Development sector

Tanayong established a wholly-owned subsidiary, Bangkok Transit System Corporation Ltd. (BTSC), which won the SkyTrain concession bid

Commercial operation of the BTS SkyTrain began

BTSC exit court supervised rehabilitation procedure

BTSC expanded into Media business through the acquisition of 100% of VGI Global Media Co., Ltd.

Tanayong acquired 94.6% of BTSC, returning Mass Transit operations to be the primary business of the Company. The Company also changed its name to BTS Group Holdings PCL

1968 1991 1992 2008 2009 1999 2010 2012 2013

MAY: BTSC signed a 30-year operating & maintenance (O&M) contract covering all Green Line extensions under the purview of the Bangkok Metropolitan Administration (BMA) OCT: The Group’s Media subsidiary, VGI Global Media PCL, listed on The Stock Exchange of Thailand

APR: BTSC sold the future Net Fare-box Revenue under its Concession Agreement to BTS Rail Mass Transit Infrastructure Fund (BTSGIF)

4


Shareholding Structure


KANJANAPAS FAMILY OTHERS

BTSC

MEDIA2

1 Information based on the close book date as at 10 Jun 14 with total issued shares = 11,914.2mn shares 2 Major subsidiaries and associates only. Please see the full shareholding structure of the Company in Appendix 1: Shareholding Structure 3 BTSG holds 62.2% in VGI indirectly and directly

TOP INSTITUTIONAL INVESTORS

1

11.2%

41.0%1 19.1%1 39.9%1

BTS GROUP

97.5%

VGI BTS ASSETS CO., LTD. TANAYONG INTERNATIONAL LTD.

MAK8 CO., LTD.

CARROT REWARDS CO., LTD.

HHT CONSTRUCTION CO., LTD.

BANGKOK SMARTCARD SYSTEM

CO., LTD.

100%

87.5%

100%

100%

100%

51.0%

90.0%

51.0%3

THANA CITY GOLF & SPORTS CLUB CO., LTD.

BTSGIF

33.3%

MAN KITCHEN CO., LTD.

Listed entities

MASS TRANSIT2

70.0% NUVO LINE AGENCY CO., LTD.

100%

5

PROPERTY2 SERVICES2


1 121

399

126

FY 11/12 FY 12/13 FY 13/14 1Q 14/15

728 1,445

2,934

319

FY 11/12 FY 12/13 FY 13/14 1Q 14/15

1,959 2,795 3,121

754

FY 11/12 FY 12/13 FY 13/14 1Q 14/15

5,177 6,016

2,312 545

FY 11/12 FY 12/13 FY 13/14 1Q 14/15

BTS Group Overview 4 Business Units


MASS TRANSIT

PROPERTY

MEDIA

SERVICES

(1) FY ended 31 March (2) Services revenue excludes revenue of HHT Construction (Thailand) Co., Ltd. as it is consolidated as cost of project under Property business

Historical operating revenues(1)

Media Revenue (THB mn)

Property Revenue (THB mn)

Services Revenue(2) (THB mn)

Mass Transit Revenue (THB mn)

31%

43%

18%

7%

Revenue contribution

26%

36%

33%

5%

FY 13/14 1Q 14/15

FY 13/14 1Q 14/15

FY 13/14 1Q 14/15

FY 13/14 1Q 14/15

6


THB (mn) USD (mn)*

OPERATING REVENUE 8,767 268

OPERATING EBITDA 3,423 105

NET INCOME** 12,645 387

TOTAL ASSETS 76,757 2,350

MASS TRANSIT 2,037 MEDIA 514

PROPERTY 821 SERVICES 378

BTSG at a glance


KEY FIGURES (as of 31 Mar 2014)

EMPLOYEES (as of 31 Mar 2014)

PROGRESSIVE DIVIDEND POLICY

SHARE INFORMATION (as of 30 Jun 2014)

TOTAL 3,813

STOCK CODE BTS

OUTSTANDING SHARES (MN SHARES) 11,914.2

MARKET CAPITALISATION (THB MN) 103,058.1

MARKET CAPITALISATION (USD MN) 3,176.9

AVERAGE DAILY TRADED VALUE (THB MN) 515.4

AVERAGE DAILY TRADED VALUE (USD MN) 15.9

*Source: Bank of Thailand, based on weighted-average Interbank Exchange Rate of USD 1 = THB 32.657 as of 28 May 2014 **to equity holders of the parent

Minimum THB 21bn committed dividends over 3 years

No less than THB 6bn in 2013/14



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

BTS GROUP HOLDINGS 63

7


Investment Highlights


GROWTH

INCREASE IN RIDERSHIP: Prime beneficiary of mass transit development and market share shift from bus to rail. Increasing ridership on Core network; increasing ‘eyeballs’ for BTS-related media

GROWING WITH RETAIL PARTNERS: automatic rights to manage advertising space in new Modern Trade branches

SHAREHOLDER RETURN

HIGH DIVIDEND YIELD: 3-year progressive dividend policy with minimum committed amount of THB 21bn SECURE BUSINESS: underlying concession with advertising rights on BTS until 2029; O&M contract until 2042

OPPORTUNITIES

STRONG FINANCIAL POSITION: BTS Group has excess cash and liquid investments of THB 31.8bn FUTURE MASS TRANSIT LINES: potential developer and operator of future mass transit lines and extensions EXPANSION OF FRANCHISE: expansion of VGI Global Media franchise to new extension lines and other

markets

8


NET RECURRING PROFIT

153.5%

278

902 1,146

2011/12 2012/13 2013/14

1,047 1,030

2,612

2011/12 2012/13 2013/14

176 197 215

2011/12 2012/13 2013/14

2,748 4,359

7,073

2011/12 2012/13 2013/14

Key Developments 2013/14


Commencement of 4 stations of Silom line (Bang Wa) extension New carriages into service (all 4-car trains across the network) Organic growth and development along the lines

9

RIDERSHIP

8.9% MEDIA NET PROFIT

27.1%

Increase in train capacity (35 single cars) Introduction of new digital media

Improvement in operations Reduction in finance costs

DIVIDEND PAYMENT

62.3%

Progressive dividend payment

(THB mn) (THB mn)

(THB mn) (THB mn)


Contents









Appendices




Appendix 4: BTS-W3




10


74.2 79.5 94.8 100.1

410.0

464.0

31.0 31.0 31.0 36.3

121.8

2010 2011 2012 2013 2019T 2029T

Target Network Length in km

BTS Target Distance in km

T = Target

*

THB 1.5bn

>THB 10bn

2013 2018 TARGET

6x

36.3km

121.8km

2013 2018 TARGET

3x

11

BTS Group Vision 2018

BTS Group General Presentation Section 2.1: Mass Transit Business

“TO BE THAILAND’S LEADING MASS TRANSIT DEVELOPER AND OPERATOR”

3X BKK MASS TRANSIT COVERAGE

6X MASS TRANSIT O&M REVENUE

O&M = Operation and Maintenance

MASS TRANSIT RAIL LENGTH TARGETS (KM)

*Source: Office of Transport and Traffic Policy and Planning


12

Role of BTS Group in Mass Transit Investor, Operator, Developer, Concessionaire

OPERATOR OF CORE NETWORK EXTENSIONS DEVELOPER OF RAIL MASS TRANSIT

BTS GROUP

ROLE IN MASS TRANSIT

OPERATOR OF BTS SKYTRAIN CORE NETWORK

Underlying assets have 14 year track record Growth & resilience characteristics Stable and growing dividend yield Full beneficiary of

Ridership growth Fare increases Operating leverage until Dec 2029

Exclusive operator of BTS SkyTrain Core Network (23.5km) 14 year track record Operate at cost, but potential benefit from incentive fee Limited CAPEX, large CAPACITY Remain legal concessionaire

Appointed to operate & maintain Green line by the Bangkok Metropolitan Administration (BMA) Track record since 2009 30-year contract covering Green line extensions (12.8km) from 2012 - 2042 Also covers Core Network (23.5km) from 2029 to May 2042 No ridership risk

Original developer of BTS Core SkyTrain Network Expertise as well as financial capability to invest in future mass transit lines

33.3% INVESTMENT IN BTSGIF

O

O

D

I



13

Bangkok Rail Mass Transit Master Plan 464 km by 2029, 42.4% share of Mass Transit commute by 2032

Source: Office of Transport and Traffic Policy and Planning

Source: United Nations Statistics Division, BTSC, BMCL, MTR Corporation Limited, SMRT Corporation Limited, official websites of rail mass transit system in major cities

Seoul 51% Hong Kong 46% Singapore 40% Tokyo 36% Guangzhou 17% Bangkok 6%

RAIL MASS TRANSIT MARKET SHARE*

Hong Kong 34.7 Singapore 34.2 Tokyo 24.2 Bangkok 7.6

PERVASION (per million population)

Source: OTP, Singapore’s Land Transport Authority, Hong Kong’s Transport Department, MTR Corporation Limited, SMRT Corporation Limited, Japan Statistic Bureau

(rail track length per mn population)

* Percentage of people using rail mass transit over other forms of mass transit

13 BTS Group General Presentation Section 2.1: Mass Transit Business


Existing Bangkok Mass Transit Network Immature network, 100.1km as of 2013

LINE ROUTE DISTANCE

(KM) OPERATING

SINCE

DARK GREEN (CORE)

MO CHIT – ON NUT 17.0 DEC 99

LIGHT GREEN (CORE)

NATIONAL STADIUM – SAPHAN TAKSIN

6.5 DEC 99

BLUE BANG SUE –

HUA LAMPHONG 20.0 JUL 04

LIGHT GREEN (EXTENSION)

SAPHAN TAKSIN – WONGWIAN YAI

2.2 MAY 09

RED LINE AIRPORT LINK

PHAYATHAI – SUVARNABHUMI

28.5 AUG 10

DARK GREEN (EXTENSION)

ON NUT – BEARING 5.3 AUG 11

SRT LINE BANG SUE –

TALING CHAN 15.3 NOV 12

LIGHT GREEN (EXTENSION)

WONGWIAN YAI – BANG WA

5.3 DEC 13

EXISTING LINES - 100.1KM; 64 STATIONS

CORE NETWORK

3 RAIL MASS TRANSIT OPERATORS

BTS: 36.3km (SkyTrain)

BMCL: 20.0km (Underground)

SRT: 43.8km (Airport Rail Link & SRT Line)

EXTENSIONS TO OUR CURRENT CORE NETWORK


LIGHT GREEN NATIONAL STADIUM – BANG WA 14.0km

DARK GREEN MO CHIT – BEARING 22.3km

BLUE BANG SUE - HUA LAMPHONG 20.0km

SRT BANG SUE – TALING CHAN 15.3km ARL

PHAYATHAI - SUVARNABHUMI 28.5km


BTS Group: INVESTOR in BTSGIF (Core Network) Prime position to capture growth from Network Expansion

BTSGIF has the rights to receive the NET FAREBOX REVENUE collected by BTSC on the SkyTrain Core Network until Dec 2029

Formerly, these revenues were retained by BTSC in accordance with the terms and conditions of its Concession Agreement with the BMA on the Core Network*

In Apr 2013, BTSC SOLD THE RIGHTS TO NET FAREBOX REVENUE under its concession agreement for the BTS SKYTRAIN CORE NETWORK to BTSGIF

NO REVENUE SHARING TO BMA

BTS Group used the proceeds to purchase 1/3 units in BTSGIF which is the maximum permitted amount under SEC regulations

BTS Group is subject to a lock up of 10 years on these units

*See Appendix 2 for details of Concession Agreement

WHAT IS BTSGIF?

WHAT IS THE CORE NETWORK?

23 stations, 23.5km located at the heart of Bangkok Inaugural Mass Transit route, operated since Dec 1999 NO REVENUE SHARING TO BMA

I

DARK GREEN MO CHIT – ON NUT 17.0km

LIGHT GREEN NATIONAL STADIUM - SAPHAN TAKSIN 6.5km



1,4

19

1,7

80

2,1

22

2,2

94

2,5

73

2,8

17

3,0

66

3,2

24

3,2

92

3,4

85

3,5

45

4,2

97

4,8

96

5,6

77

59 79

96 105 118

132 139 133 136 144 145

176 197

215

2000/01 2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14

Farebox revenue (THB mn) Ridership (mn)

BTS Group: INVESTOR in BTSGIF (Core Network) Uninterrupted revenue growth and resilient under pressure

Jul 04: Opening of Bangkok MRT System (Blue line)

May 10: Opening of Bangkok BRT;

Thai political protests

Aug 10: Opening of Airport Rail Link

Aug 11: On Nut – Bearing extension opening

Oct – Nov 11: Floods

INITIAL GROWTH RIDERSHIP CAGR (3 YRS): 21%

STABLE GROWTH RIDERSHIP CAGR (5 YRS): 5%

FASTER GROWTH RIDERSHIP CAGR (5 YRS) 10%

Dec 99: BTS SkyTrain service opening

Mar 07: First fare rate increase

I

May 09: Opening of Silom Line extension

Farebox revenue CAGR: 11.3% Ridership CAGR: 10.5%

GROWTH (13 YRS)


Nov 13: Thai political protests

Dec 13: Wongwian Yai – Bang Wa extension opening

Apr 13: Sale of net farebox revenue to BTSGIF

Jun 13: Fare increase


SJT 40% AVG FARE THB 30.2

30-DAY PASS (STUDENT)* 8% AVG FARE THB 19.6

30-DAY PASS (ADULT)* 29% AVG FARE THB 23.6

PURSE (STV)* 22% AVG FARE THB 25.4

ONE-DAY PASS 1% AVG FARE THB 32.7

21

.4

22

.1

24

.2

24

.2

24

.1

24

.4

24

.4

24

.8

26

.4

2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14

BTS Group: INVESTOR in BTSGIF (Core Network) Flexibility to increase fares

FARE ADJUSTMENT MECHANISM

Can be adjusted no more than once every 18 months by making announcement to BMA and public 30 days in advance Must not exceed the Authorised fare

EFFECTIVE FARE

Normal situation: upon change of Bangkok’s CPI >=5%, may adjust up to 7% (No approval required)

Special situation: upon change of CPI (>= 9%), USD/THB foreign exchange rate, interest rate or electricity costs (BMA approval required)

AUTHORISED FARE

HISTORICAL AVERAGE FARE RIDERSHIP BY TICKET TYPES (FY 13/14)

I

DISTANCE-BASED FARE (BY NO. OF STATIONS)

THB / Trip

20.1

26.8

33.5

40.2

46.9

53.6

60.3

15.0

22.0 25.0

28.0 31.0

34.0 37.0

42.0

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

AUTHORISED FARE

EFFECTIVE FARE

POTENTIAL FARE UPSIDE

NO. OF STATIONS

THB

* Counted as Rabbit



367 387 391 417 377 365 344 336

59

171 200

59

40 27 11 79

250

300

350

400

450

500

550

600

650

2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14

Major overhaul expenses General maintenance expense

(THB mn)

67.8%

22.6%

44.8%

69.1%

15.1%

44.3%

BTS SkyTrain* Singapore MRT* Hong Kong MTR**

FY 12/13 FY 13/14

144 145

176

197

215

54.9% 57.1%

67.5% 67.8% 69.1%

2009/10 2010/11 2011/12 2012/13 2013/14

Core BTS SkyTrain Ridership (mn) Core BTS SkyTrain Op EBITDA margin (%)

18

STRONG RIDERSHIP GROWTH ALONG WITH SUSTAINED MARGIN EXPANSION

CORE COSTS AND SG&A BREAKDOWN

EBITDA MARGIN COMPARISON (CORE ONLY)

MAINTENANCE EXPENSES BREAKDOWN

I BTS Group: INVESTOR in BTSGIF (Core Network) Efficient operation; further scope for cost efficiency


OTHERS, 2%

ADMIN, 8%

SELLING EXPENSES, 5%

STAFF COSTS, 35%

MAINTENANCE, 26%

UTILITIES, 24%

* FY ending 31 Mar 2013, 2014 ** FY ending 31 Dec 2012, 2013


ESTIMATED FLEET***

X7 28 +54.3%

70

+100.0%

TOTAL CURRENT FLEET X59 306

CURRENT FLEET NO. OF TRAINS TOTAL CARRIAGES CAPACITY INCREASE (CUMULATIVE)

INDICATIVE CAPEX (THB mn)

X35 105 FULLY PAID

X12 48

35

+22.9%

FULLY PAID

~THB 2.3bn (paid ~THB 2.0bn)

X5 20

+35.9%

~THB 1.2bn (paid ~THB 1.1bn)

TOTAL CURRENT FLEET X52 208

BTSGIF Investment Core Concession for BTS Core SkyTrain network Ample capacity with limited Capex for concession period

SYSTEM DESIGN

CAPACITY

OF 50,000 PPHPD*

CURRENT CAPACITY

OF 24,000** PPHPD * Based on 2 assumptions: i) 6-car trains in service and ii) 2 min headway ** Based on Sukhumvit Line morning peak time *** Based on existing contracts (core network and O&M contracts up to 2042)

Already operated in May 2013

Already fully operated in Feb 2014


Expect to order in 2017, expect to be delivered in 2019

Expected required by 2032


BTSC is the OPERATOR of the Core Network Thailand’s most experienced Operator

Reliable Operations Team with 14-year track record Impeccable safety record Strong management expertise

OPERATED & MAINTAINED THE CORE NETWORK SINCE 5 DEC 1999

REMAINS THE CORE NETWORK OPERATOR FOLLOWING

ESTABLISHMENT OF BTSGIF

BTSC operates the Core Network on behalf of BTSGIF It deducts OPEX and CAPEX at cost (no margin) BTSC receives an incentive fee from BTSGIF

Net Farebox Revenue (transferred to BTSGIF daily)

FAREBOX REVENUE OPERATING EXPENSES

CAPITAL EXPENDITURE

Incentive Fee

All farebox revenue from passengers in the Core BTS SkyTrain system

Other revenue and compensation from any person under, arising out of or relating to concession or the farebox revenue of the Core BTS SkyTrain system

Excludes revenue from O&M business extension, media business and revenue from BTSC’s other business

Cost relevant to the Core BTS SkyTrain system such as maintenance capital expenditure, labor, electricity, etc.

New rolling stock for the Core BTS SkyTrain system to serve future ridership

net of PAYABLE BY BTSGIF TO BTSC ONLY WHEN NET FAREBOX REVENUE EXCEEDS BUDGET

1. NO INCENTIVE FEE If actual Net Farebox Revenue ≤ 100%

of Budget 2. 10% INCENTIVE FEE On actual amount exceeding 100% but not exceeding 125% of Budget 3. FEE FROM ITEM 2 PLUS 15% OF THE

INCREMENTAL AMOUNT EXCEEDING 125%

If actual amount > 125% of Budget

O



BTSC: OPERATOR of Green Line Extensions 12.8km of extensions already under contract

O&M COSTS AND SG&A BREAKDOWN

BTSC has operated & maintained the extensions since 2009 Agreed fee income with no ridership risk 30-year contract now covers:

11 stations/12.8km extensions (May 2012 – May 2042) 23 stations/ 23.5km Core Network (Dec 2029 – May 2042)

Existing extensions LIGHT GREEN: Saphan Taksin - Wongwian Yai (2.2km/2 stations) DARK GREEN: On Nut – Bearing

(5.3km/5 stations) LIGHT GREEN: Wongwian Yai - Bang Wa

(5.3km/4 stations)

2012 2015* 2031

2042

THB 1,700 mn

THB 6,000 mn

O&M CORE

Year

CAGR 3.8%

CAGR 3.8% O&M EXTENSION

* Including full year effect of Wongwian Yai – Bang Wa extension

O&M figures (excluding VAT)

O


MAINTENANCE, 13%

STAFF COST, 38%

OTHERS, 11%

CLEANING & SECURITY GUARD, 8%

DEPRECIATION, 17%

UTILITIES, 13%


LINE ROUTE AUTHORISING

BODY OPERATE YEAR

CONSTRUCTION PROGRESS

DISTANCE (KM)

PURPLE BANG YAI - BANG SUE MRTA 2015* UNDER CONSTRUCTION 23.0

BLUE HUA LAMPHONG - BANG KHAE MRTA 2016* UNDER CONSTRUCTION 14.0

BLUE BANG SUE - THA PRA MRTA 2016* UNDER CONSTRUCTION 13.0

DARK RED BANG SUE - RANGSIT SRT 2017* UNDER CONSTRUCTION 26.3

DARK GREEN SOUTH

BEARING - SAMUT PRAKARN MRTA 2017** UNDER CONSTRUCTION 12.8

DARK GREEN NORTH

MO CHIT – SAPHAN MAI – KHU KHOT

MRTA 2018 - 2019** 18.4

LRT BANG NA - SUVARNABHUMI BMA 2017* 18.3

PINK LINE KHAE RAI – PAK GRED –

MIN BURI MRTA 2017* 36.0

DARK GREEN SAMUT PRAKARN - BANGPU MRTA 2018*** 7.0

LIGHT RED BANG SUE - PHAYATHAI -

MAKKASAN SRT 2017* 9.0

LIGHT RED MAKKASAN - HUA MAK SRT 2017* 10.0

DARK RED RANGSIT –

THAMMASART UNIVERSITY SRT 2017* 10.0

DARK RED BANG SUE - HUA LAMPHONG SRT 2017* 6.5

TOTAL (KM) 204.3

204.3KM ONGOING PROJECTS PRIORITISED BY THE GOVERNMENT, 89.1KM UNDER CONSTRUCTION

CORE AND EXTENSIONS TO OUR CURRENT LINES LINES CONNECTING TO OUR LINES

85.5km

BTS Group: Potential DEVELOPER of Mass Transit Extensions Focused on 4 extension lines; total length of 85.5km

D

Sources: * Office of Transport and Traffic Policy and Planning ** National Council for Peace and Order *** Mass Rapid Transit Authority of Thailand



BTS Group: Potential DEVELOPER of Mass Transit extensions BTSG well-positioned for new contracts

BTSG is WELL-POSITIONED FOR NEW CONTRACTS

Relevant expertise Financial strength Green line advantage

New contracts are expected to be on a ‘PPP GROSS COST BASIS’

Operator to invest in civil works and E&M works with repayment from government Operator given operation contract Variations will be considered

Light Rail Transit (LRT) Bang Na – Suvarnabhumi 18.3km; completed by 2017

Dark Green South Line Bearing – Samut Prakarn 12.8 km; completed by 2017

Light Green Line National Stadium – Yodse

1.0 km; completed by 2019

Dark Green North Line Mo Chit – Saphan Mai – Khu Khot


Pink Line Khae Rai – Min Buri 36.0 km; completed by 2017

Dark Green North Line Kukod – Lamlukka 6.5 km; completed by 2019

Dark Green South Line Samut Prakarn – Bang Pu


D

*See Appendix 3 for details of CAPEX requirements


Sources: Office of Transport and Traffic Policy and Planning and Mass Rapid Transit Authority of Thailand


With 6 distinctive advantages, we are in very good position to achieve our vision

Dark Green North

(Mo Chit – Saphan Mai –

Khu Khot)

Dark Green South

(Bearing – Samut Prakarn)

Pink LRT

1) The only operator who can provide seamless services

~15-minute interchange time saved*

2) Lower project CAPEX

3) Lower O&M OPEX ~10% operating costs and 15% maintenance costs saved*

4) Proven track records • 14 years’ experience in running BTS core lines • Complete BTS core line construction in 35mths

5) Financial strength with THB 31bn excess liquidity

6) Financial flexibility from the new Warrant 3

*compared between seamless model and shuttle service model



25

Contents









Appendices




Appendix 4: BTS-W3





86.5 90.0 91.4 89.8 92.6 103.5 105.4

114.4 113.4

0.7 1.0 1.1

1.5 1.8

2.3 2.6

3.2 3.5

0.1 0.4

0.6 0.8 0.8 1.2

1.8

2.8 2.5

Total market Transit In-store

TV 60%

In-Store 2%

Radio 5%

Outdoor 4%

Newspapers 13%

Transit 3%

Magazines 5%

Cinema 7%

Internet 1%

Source: The Nielsen Company (Thailand) Limited

Total market value of advertisement industry = THB 113.4bn

Thai media market overview (2013/14)

Source: The Nielsen Company (Thailand) Limited

Historical Thai ad expenditures (THB bn)

Top 10 ad spending by segments (FY 13/14)

Industry CAGR

3.8%

Transit CAGR

21.7%

In-store CAGR

45.5%

Overview of Media Business

Note: Excludes classified and house ads.

OVERALL MEDIA INDUSTRY 1 FMCG 39% 2 Motor vehicles 9% 3 Communications 7% 4 Govt. & community announcement 6% 5 Leisure 4% 6 Retail shops/stores 3% 7 Banks 3% 8 Real estate 3% 9 Insurance 2%

10 Pharmaceuticals 2% TOP 10 78%

VGI MASS TRANSIT 1 FMCG 42% 2 Communications 10% 3 Food outlets & restaurants 5% 4 Travel & tours 4% 5 Leisure 4% 6 Banks 4% 7 Real estate 3% 8 Retail shops/stores 3% 9 Electrical products 3%

10 Photographic products 2% TOP 10 80%

VGI IN-STORE 1 FMCG 92% 2 Motor vehicle accessories 2% 3 Motor vehicles 2% 4 Communications 1% 5 Food outlets & restaurants 1% 6 Multi sections advertising 0.5% 7 Pharmaceuticals 0.5% 8 Govt. & community announcement 0.3% 9 Real estate 0.2%

10 Retail shops/stores 0.1% TOP 10 100%

Source: The Nielsen Company (Thailand) Limited Note: Excludes classified and house ads.

26 BTS Group General Presentation Section 2.2: Media Business


53.2% 49.4%

41.5% 44.7%

5.3% 5.9%

FY13/14 FY12/13

812 970

1,124 1,370

1,959

2,795 3,121

458 572 649 756 1,012

1,386 1,580

07/08 08/09 09/10 10/11 11/12 12/13 13/14

Operating Revenue Operating EBITDA

27

Media Business: Financial Performance High Margins, No Leverage

Revenues by business unit

Operating EBITDA margin

Operating revenues and Operating EBITDA

Cost (% Rev) breakdown - FY 2013/14

(THB mn)

BTS MODERN

TRADE OFFICE BUILDING

AND OTHERS TOTAL

CONCESSION N/A 53% 23% 23%

DEPRECIATION (COST)

1% 4% 2% 2%

STAFF COSTS 2% 5% 1% 3%

OTHERS 9% 13% 6% 10%

TOTAL COST 10% 76% 31% 39%

FY 13/14 FY 12/13

OVERALL 52% 51%

BTS-RELATED 78% 80%

MODERN TRADE 17% 17%

OFFICE BUILDING & OTHERS 59% 62%

BTS Group General Presentation Section 2.2: Media Business

BTS-related

Modern Trade

Office Buildings


871

1,125

1,379

1,660

2010/11 2011/12 2012/13 2013/14

BTS SkyTrain Media Exclusive rights for the Core BTS SkyTrain Network

BTS Media Revenue (THB mn)

CAGR (3 years) = 24.0%

KEY CONCESSION TERMS

Exclusive rights for 23 stations & all BTS trains In Trains & On-Stations Merchandising Area Additional areas

RIGHTS

First right to renew contract and extend space on additional mass transit projects that BTSC is granted the rights to operate media space

18 May 2012 – 4 December 2029

EFFECTIVE PERIOD

CONCESSION FEE (PAYABLE TO BTSC)

5% - 20% of total revenues/year (an incremental increase of 5% every 5 years)

PAST SUCCESS

DIGITAL MEDIA

STATIC MEDIA (ON BTS SKYTRAIN & PLATFORMS)

Platform Truss LED & Platform Screen Door Digital Screen inside the train

Train Body Wrap Cladding

MERCHANDISING SPACE

Merchandising Shop Merchandising Shop



Modern Trade Media

KEY CONCESSION TERMS

RIGHTS

Exclusive rights for existing and upcoming branches Tesco Lotus Big C (including former Carrefour)

LENGTH OF CONTRACT

3-5 years on average

LICENSE FEE

Mainly based on percentage of revenue sharing and minimum guarantee

PAST SUCCESS

Acquired exclusive rights to manage all advertising areas from Tesco Lotus and Big C, the top 2 players in the Modern Trade Retailer industry

Big surge in revenue (93% growth in FY 2011/12) mainly from sales floor areas, which account for over 70% of total Modern Trade Media revenue

Shelf Divider

Radio Media in Tesco Lotus & Big C

Shelf Frame

& Floor Sticker

Sensormatic

Health and Beauty Zone

Aisle Arch

STATIC MEDIA

Sales Floor Area Non-Sales Floor Area

Entrance Lightbox


DIGITAL MEDIA


30

Office Buildings and Other Media

KEY CONTRACT TERMS

RIGHTS AND LENGTH OF CONTRACT

Office Buildings 83 buildings in CBD, 3-5 years contract (avg.) Outdoor LED (Selling Agent) 4 locations in Bangkok 1 year contract with renewable rights Chulalongkorn University (CU) Bus 15 buses and 15 bus-stops 1 year contract with renewable rights

LICENSE FEE

Revenue sharing and fixed rates

PAST SUCCESS

Changed to integrated network across all office buildings, increasing sales by 50%

Bundled Office Building Media with the Company’s other media and sold as a package, increasing occupancy and driving sales by 100%

Digital Screen in Elevators Lift Wrap

Rama 9 Junction

Bus Body Wrap Bus Shelter

Pratunam Junction

OFFICE BUILDING MEDIA

CHULALONGKORN UNIVERSITY (CU) BUS

OUTDOOR LED SCREENS

BTS Group General Presentation Section 2.2: Media Business


Contents









Appendices




Appendix 4: BTS-W3




31


18.0%

48.0%

32.9%

Property portfolio

PROPERTY BOOK VALUE BREAKDOWN LAND FOR DEVELOPMENT ALONG MASS TRANSIT ROUTE

Location Total Area (Rai) Total Area (Sqm)

Bangkok 75.0 120,007.6

Samutprakarn 319.8 511,711.6

Nakorn Ratchasima 657.1 1,051,424.0

Chiang Mai and Chiang Rai 163.1 260,992.0 Phuket 37.3 59,740.0

Other Provinces 95.2 152,372.0 Total 1,347.7 2,156,247.2

Complete existing projects Open for joint-venture/divestment Opportunistic strategy

LONG-TERM VISION

EASTIN GRAND HOTEL

ABSTRACTS 66/1

PHAYATHAI: LAND BANK

SITE AREA: 5,658 SQM

MO CHIT: LAND BANK


ABSTRACTS PHY

THANA CITY GOLF & SPORTS CLUB


*as of 30 Jun 2014

32 BTS Group General Presentation Section 2.3: Property Business

TOTAL BOOK VALUE:

THB 11.1BN

Land bank THB 3.7bn

Commercial THB 5.4bn

Residential THB 2.0bn

LIST OF LAND BANK


Commercial and Residential Property

COMMERCIAL PROPERTY

RESIDENTIAL PROPERTY

LOCATION: SATHORN, BANGKOK

SITE AREA: 16-0-81 RAI

LAND TENURE: LEASEHOLD, 30 YEARS LEASE CONTRACT WITH TREASURY DEPARTMENT

SIZE: 3 FLR, 86 ROOMS

TOTAL GFA: 16,200 SQM

EXPECTED OPERATION NOV 2014

Debt THB 415mn USD 13mn

Equity THB275mn

USD 9mn

Equity THB275mn

USD 9mn

LOCATION: SATHORN, BANGKOK, DIRECT ACCESS TO BTS SURASAK

SITE AREA: 3,828 SQM (2-1-57 RAI)

LAND TENURE: FREEHOLD

SIZE: 33 FLR, 396 ROOMS

TOTAL GFA: 38,280 SQM

TOTAL NLA: 17,561 SQM

Debt THB 1.8Bn USD 57mn

Equity THB1.3Bb

USD 42mn

EASTIN GRAND SATHORN U SATHORN

LOCATION: 250M FROM NEW BTS STATION



AVERAGE SALE PRICE: THB 75,000 PER SQM

LOCATION: 250M FROM BTS UDOMSUK



AVERAGE SALE PRICE: 75,000 PER SQM

ABSTRACTS PHAHONYOTHIN PARK ABSTRACTS SUKHUMVIT 66/1

# UNITS GFA(SQM) NFA(SQM)

TOWER A 1,012 62,091 42,818

TOWER B 1,012 62,091 42,818

TOWER C 1,012 62,091 42,818

TOTAL 3,036 189,273 128,455

# UNITS GFA(SQM) NFA(SQM)

THE MOON 56 4,540 2,500

THE SUN 56 4,540 2,500

TOTAL 112 9,080 5,000

Deposit & Sales

proceed THB 93mn USD 3mn

Equity THB203mn USD 7mn

TDC: THB 296MN (USD 10MN) TDC: THB 2,527MN (USD 81MN)

TDC: THB 690MN (USD 22MN) TDC: THB 3.1BN (USD 99MN)

Debt THB 1,697mm USD 54mn

Equity THB 732mn USD 24mn

Deposit & Sales proceeds THB 196mn USD 6mn

33 BTS Group General Presentation Section 2.3: Property Business

http://www.abstractscitizen.com/p-lnsprtn.php


Contents









Appendices




Appendix 4: BTS-W3




34


35

Overview of Services Business

Aim to provide common ticketing system across network >> Mass Transit – BTS, MRT, BRT, etc. >> Retail, Service and Tourism sectors

Received E-Money License from BOT Public launch on 1 May 2012

~3.5mn cards

Targeted potential rabbit cards base from BTS and MRT passengers by Mar 2015

Joint venture originally founded between BTS and HHT Construction, a major HK contractor

Over 50 years of experience in delivering large complex construction projects on time and to the quality demanded by discerning clients

Responsible for project management of all BTS Group property projects

Partnership between BTS and experienced management team, whose track record include Four Seasons Samui & Chiang Rai & JW Marriott Phuket & Bangkok

Provide hospitality and consultancy services for hotel development across Asia

Currently manages 3 to 4 star hotels under “U Hotels & Resorts” and “Eastin Hotels & Residences” brands

Number of hotels 49 80 Number of rooms 5,688 8,000 Under AHS contracts 2013/14 2014/15E

BANGKOK SMARTCARD SYSTEM ABSOLUTE HOTEL SERVICES (AHS)

BTS Group General Presentation Section 2.4: Services Business


Contents









Appendices




Appendix 4: BTS-W3




36


BTSG Financial Performance

(1) Operating EBITDA excludes non-recurring items but includes share of profit (loss) from BTSGIF (2) Net income attributable to equity holders of the parent (3) Operating EBITDA/finance cost (4) Interim and Final dividends, calculated on annual basis using BTS TB closing share price on the date

of the Board of Directors’ meeting approving the relevant dividend

Consolidated financials (THB mn)

FY 13/14

FY 12/13 FY 11/12

FY 10/11

Operating revenues 8,767 10,375 7,720 5,892

Operating expenses 4,110 5,317 4,077 3,358

Non-recurring items 10,973 897 1,189 641

EBITDA 18,533 6,186 5,344 3,206

Operating EBITDA(1) 3,423 5,081 3,913 2,426

Net income(2) 12,645 1,719 2,106 252

Key financial ratios FY 13/14 FY 12/13 FY 11/12 FY 10/11 Profitability ratios (%)

Gross operating profit margin 53.1% 48.8% 47.2% 43.0% SG&A to operating sales ratio 19.9% 16.6% 15.8% 21.7% Accounting EBITDA margin 76.8% 53.3% 57.8% 46.9% Operating EBITDA margin(1) 39.0% 49.0% 50.7% 41.2%

Recurring net profit margin (%) 25.6% 9.7% 13.2% n/a Liquidity ratio Current ratio (times) 4.31x 5.79x 0.94x 1.65x Leverage (Times) Total liability to total asset 0.22x 0.25x 0.45x 0.41x Total liability to total equity 0.28x 0.33x 0.81x 0.70x Net debt to equity (0.02)x 0.17x 0.67x 0.56x Net debt to operating EBITDA (0.35)x 1.66x 6.32x 8.61x Interest coverage(3) 5.43x 4.07x 2.73x 1.51x

Per share ratios (THB per share)

Book value per share 5.11 5.05 4.05 4.48 Dividend yield (4) 7.34%** 4.71% 6.38% 5.00%

REVENUE CONTRIBUTION BY BUSINESS UNIT

REVENUE COMPARISON BY BUSINESS UNIT

** Subject to shareholders’ approval of the final dividend of THB 0.21per share. Dividend yield based on share price as of date prior to Board of Directors’ approval of relevant dividend payment

37 BTS Group General Presentation Section 3: Financial Summary

33%

Property

26%

Mass Transit

36%

Media

FY 2013/14

5%

Services

6,016

2,795 1,445

121

10,376

2,312 3,121 2,934

399

8,767

Mass Transit Media Property Services Total

FY 12/13 FY 13/14(THB mn)


Type No. of outstanding

warrants (mn) Exercise ratio

(warrant : share) Exercise price (THB)

No. of shares (mn)

% Dilution

BTS-WA 11 1 : 0.16 4.375 1.8 0.0%

BTS-WB 16 1 : 1 5.01 16.0 0.1%

BTS-W3 3,971.6 1 : 1 12.00 3,971.6 25.0%

Total 3,989.4 25.1%

DILUTION IMPACT

THB mn

Registered Capital (15,913.1mn shares @ THB 4.0)

63,653

Issued and paid-up (11,914.2mn shares @ THB 4.0)

47,657

Others 8,312

Retained earnings (Deficits) 3,793

Total Shareholders’ Equity 59,762

50,501.7 59,762.3

7,767.3 8,364.6

9,021.9 8,630.2

31-Mar-13 31-Mar-14

Equity Structure

LIABILITIES AND EQUITY SHAREHOLDER’S EQUITY

as of 31 Mar 2014

67,291 76,757 (THB mn)

Equity

Current liabilities

Non-current liabilities

as of 31 Mar 2014



200

600

1,000

190

10

Masstransit

Media Property* Services BTS Group

2014/15 BTS Group Targets and CAPEX

BTS GROUP CAPEX (THB mn)

FY 14/15 TOTAL CAPEX*: THB 2,000MN

* excludes real estate development cost

MASS TRANSIT

MEDIA

5 – 8% Ridership Growth

1% Effective Fare Increase

13 – 17% Revenue Growth

PROPERTY

THB 800mn Residential Property Revenue

THB 1,000mn Commercial Property Revenue

SERVICES

3.5mn Rabbit Cards

17% O&M Revenue Growth

2014/15 BTSGIF CAPEX is expected to be approx. THB 180mn (not included in BTS Group CAPEX)


BTS GROUP TARGETS


Contents









Appendices




Appendix 4: BTS-W3




40


LITTLE CORNER CO., LTD.

MAN KITCHEN CO., LTD.

THANA CITY GOLF & SPORTS CLUB CO., LTD.

NUVO LINE AGENCY CO., LTD.

MAK8 CO., LTD.

TANAYONG PROPERTY MANAGERMENT CO., LTD.

TANAYONG FOOD & BEVERAGE CO., LTD.

100%

100%

30% 50%

50%


BTS Group General Presentation Appendix 1: Shareholding Structure

1 Information based on the close book date as at 10 Jun 14 with total issued shares = 11,914.2mn shares 2 BTSG holds 62.20% of VGI indirectly and directly

OTHERS

2.5% , 407.7 mn shares

BTSGIF

33.3%

YONGSU CO., LTD.

KANJANAPAS FAMILY OTHERS

BTSC

MASS TRANSIT MEDIA PROPERTY SERVICES

TOP INSTITUTIONAL INVESTORS 1

11.2%

41.0%1 19.1%1 39.9%1

BTS GROUP

97.46%

VGI GLOBAL MEDIA PCL

BTS ASSETS CO., LTD.

ABSOLUTE HOTEL SERVICES CO., LTD.

BANGKOK SMARTCARD SYSTEM CO., LTD.

100%

51%

90%

51.0%2

VGI ADVERTISING MEDIA CO., LTD.

999 MEDIA CO., LTD.

888 MEDIA CO., LTD.

VGI ADVERTISING CHINA CO., LTD.

MIDAS GLOBAL MEDIA CO., LTD.

100%

100%

100%

100%

100%

KAMKOONG PROPERTY CO., LTD.

DNAL CO., LTD.

MUANGTHONG ASSETS CO., LTD.

SIAM PAGING AND COMMUNICATION

CO., LTD.

TANAYONG INTERNATIONAL LIMITED

TANAYONG HONG KONG LIMITED

ABSOLUTE HOTEL SERVICES HONG KONG LIMITED

100%

100%

75.47%

100%

100%

100%

100%

100%

87.5%

100%

100%

100%

100%

Listed entities

70%

12.26%

41

MASTER AD PCL

POINT OF VIEW (POV) MEDIA GROUP CO., LTD.

24.89%

BANGKOK PAYMENT SOLUTIONS CO., LTD.

60%

BTS LAND CO., LTD.

PRANNAKIRI ASSETS CO., LTD.

100% BAYSWATER CO., LTD.

CARROT REWARDS CO., LTD.

HHT CONSTRUCTION CO., LTD.

50%


Appendix 2: Core Network Concession Agreement Key terms and background

BTS Group General Presentation Appendix 2: Core Network Concession Agreement

BTS SKYTRAIN

BTSC BMA

EXCLUSIVE OPERATION RIGHT

CONCESSION AGREEMENT

MINISTRY OF

INTERIOR

AUTHORISATION

BTS SKYTRAIN

BTSC BMA

EXCLUSIVE OPERATION RIGHT

CONCESSION AGREEMENT

MINISTRY OF

INTERIOR

AUTHORISATION

BTSGIF NET REVENUE TRANSFER

AGREEMENT

23 STATIONS, 23.5 KM IN CBD

Connecting Bangkok’s most important business and tourist destinations, serving as the backbone to all Bangkok’s mass transit systems

ALL INVESTMENTS MADE BY BTSC

Including civil works, E&M and trains (except land acquisition) from private sector sources. BTO for civil works, BOT for electrical and mechanical works, including trains

30 YEARS CONCESSION

30 years of concession period ending 4 Dec 2029, approximately 17 years remaining

NO REVENUE SHARING OR CONCESSION FEES FOR BMA

Exclusive right to operate and retain all farebox revenues from BTS SkyTrain System during the period of the concession

SCOPE

Procuring, operating and maintaining the mass transit system. BTS has the right to earn revenues from the business related to the BTS Sky Train's system including advertisement, sublicensing and fare collection for 30 years commencing from 5 Dec 1999

EXTENSIONS

BTS must inform the BMA of such intent at least 3 years (< 5 years) prior to the expiration of the Concession Agreement. The extension is subject to the prior approval of the Interior Minister. BTS is granted a ROFR for negotiations with BMA to construct and operate such network extensions or new routes, provided that BTS matches the best price offered by other potential investors.

42


-

18,849 11,927 12,250

43,026

9,129 20,056

23,152

8,073 12,000

72,410

-

-

-

-

2,400

-

2,400

Dark Green South(Bearing - Samut

Prakarn)

Dark Green North(Mo Chit - Saphan

Mai - Khu Khot)

Pink Line (Kae Rai -Min Buri)

LRT (Bang Na -Suvarnabhumi)

Light Green line(Bang Wa - Taling

Chan)

Grey Line(Watcharaphon -

Rama 4)

Total

Rolling Stock E&M Civil works

Appendix 3: Future Funding Requirements (Mass Transit) BTS Pipeline

BTS Group General Presentation Appendix 3: Future Funding Requirements (Mass Transit)

PROJECTED CAPEX BREAKDOWN OF 6 EXPECTED FUTURE LINES (THB mn)

134,616 KEY ASSUMPTIONS

Total CAPEX for 6 lines = THB 117.8bn with D/E Ratio = 1.5 : 1 Total equity required by BTS Group = THB 47.1bn

Source: Office of Transport and Traffic Policy and Planning (OTP), Mass Rapid Transit Authority of Thailand (MRTA) and Company estimates

117,836

24,250 20,000

42,001

9,129

20,056

2,400

43


(6,734)

(3,946)

(2,570) (2,581)

(395) (349) (302) (256) (209) (163) (116) (70) (23)

2,119 2,100 2,027 1,953 1,879 1,806 1,732 1,658 1,584

1 2 3 4 5 6 7 8 9 10 11 12 13

E&M Interest expense Reimburse from Gov. Interest Income from Gov.

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

Appendix 3: Future Funding Requirements (Mass Transit) PPP Gross Cost (E&M only) – Dark Green North (Mochit – Saphan Mai)

BTS Group General Presentation Appendix 3: Future Funding Requirements (Mass Transit)

134,616 THB mn

FINANCING AND REPAYMENT OF E&M

O&M REVENUE

KEY ASSUMPTIONS

1) 3 to 4-year investment period 2) 10-year repayment from govt. 3) Interest rate (neutral) 4) D/E of 1.5x

KEY ASSUMPTIONS

1) 30-year contract from operating date

2) O&M revenue of THB 141mn/km in FY 16/17 with growth rate of 3.5% p.a.

3) EBITDA margin of 40% 4) Tax holiday of 8 years

YEAR

YEAR

1,511

44


Appendix 4: BTS-W3 Term Sheet

BTS Group General Presentation Appendix 4: BTS-W3

TICKER BTS-W3

TERMS 5 YEARS

ISSUE DATE 1 NOV 2013

EXPIRY DATE 1 NOV 2018

EXERCISE PERIOD QUARTERLY STARTING FROM DEC 2016 TO SEP 2018 WITH THE LAST EXERCISE DATE ON 1 NOV 2018 (TOTAL 9 TIMES)

WARRANT PRICE -

ALLOCATION TO EXISTING SHAREHOLDERS AT THE RATIO OF 3 BTS EXISTING SHARES : 1 BTS-W3

NO. OF WARRANTS 3,971,617,378 UNITS

EXERCISE RATIO 1 BTS-W3 TO 1 NEW COMMON SHARE OF BTS

EXERCISE PRICE THB 12.00 PER SHARE

EXPECTED MAXIMUM

PROCEEDS THB 47,659MN

WARRANTS TERMS AND CONDITIONS

45



BTS Group General Presentation Appendix 5: Saphan Taksin Station Removal

BRIEF INFORMATION

• All costs in relation to station removal & dual track construction covered by BMA

• All costs in relation to walkway construction paid for by BMA

• Walkway construction will take approx 1 year to complete

• Station removal & dual track construction will take approx 1 year to complete

• No service interruption expected in walkway construction & station removal

• No significant impact to BTS SkyTrain core revenue and core cost expected

S5 S6

S7

SURASAK SAPHAN TAKSIN KRUNG THON BURI

46



BTS Group General Presentation Appendix 6: BTSC’s Quality Management System

OCCUPATIONAL HEALTH AND SAFETY ZONE CERTIFICATE ACCREDITED BY BUREAU VERITAS CERTIFICATION (THAILAND) LTD. (BV).

OHSAS 18001 : 2007

QUALITY MANAGEMENT SYSTEMS CERTIFICATE ACCREDITED BY BUREAU VERITAS CERTIFICATION (THAILAND) LTD. (BV).

ISO 9001 : 2008

LLOYDS REGISTER RAIL’S BEST PRACTICE MODEL IMPLEMENTATION.

LLOYDS REGISTER RAIL

ISO 14001: 2004

ENVIRONMENTAL MANAGEMENT SYSTEMS CERTIFICATE ACCREDITED BY BUREAU VERITAS CERTIFICATION (THAILAND) LTD. (BV).

47


10 10 10 10 10 10 10 10

15 15 15 15 15 15

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

0.0% CAGR

4.6% CAGR

Appendix 7: Fare Adjustment History – Bangkok Concession

BTS Group General Presentation Appendix 7: Fare Adjustment History – Bangkok Concession

BTS (THB) BMCL (THB)

BECL (THB) DON MUANG TOLLWAY (THB)

max

min

2004 2005 2006 2007 2008 2009 2010 2011 2012

1.2% CAGR

1.5% CAGR

max

min

30 30 30 30 30

40 40 40 40 40 40 40 40 40 40 45 45 45 45 45

2.6% CAGR 35 35 35 35 35 35 35 35 35 35 35 35 35 35 35

60 60 60 60

3.4% CAGR

48


Thank You


49

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