This document is not an offer of securities for sale into the United States or elsewhere. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended, (the “Securities Act”) and may not be offered or sold in the United States, except pursuant to an applicable exemption from registration. In addition, the Fund has not been, and will not be registered as an investment company under the U.S. Investment Company Act of 1940, as amended (the "Investment Company Act"). No public offering is being made in the United States.

We have prepared this document solely for informational purposes. You should not definitively rely upon it or use it to form the definitive basis for any decision, contract, commitment or action whatsoever, with respect to the transaction or otherwise.

We have prepared this document and the analyses contained in it based, in part, on certain assumptions and information obtained by us from BTS Group Holdings Public Company Limited ("BTSG") or Bangkok Mass Transit System Public Company Limited ("BTSC"), their directors, officers, employees, agents, affiliates and/or from other sources. Neither we nor any of our affiliates, or our or their respective officers, employees or agents, make any representation or warranty, express or implied, in relation to the accuracy or completeness of the information contained in this document or any oral information provided in connection herewith, or any data it generates and accept no responsibility, obligation or liability (whether direct or indirect, in contract, tort or otherwise) in relation to any of such information. We and our affiliates and our and their respective officers, employees and agents expressly disclaim any and all liability which may be based on this document and any errors therein or omissions therefrom. Neither we nor any of our affiliates, or our or their respective officers, employees or agents, make any representation or warranty, express or implied, as to the achievement or reasonableness of unaudited pro forma financial data, statistical data and analyses, future projections, management targets, estimates, prospects or returns, if any. Any views or terms contained herein are preliminary only, and are based on financial, economic, market and other conditions prevailing as of the date of this document and are therefore subject to change. We undertake no obligation or responsibility to update any of the information contained in this document. Past performance does not guarantee or predict future performance. Any purchases of securities should be made solely on the basis of information contained in the offering memorandum and any supplement thereto published in respect of the offering. This document and the information contained herein do not constitute a prospectus or an offer to sell or the solicitation of an offer to buy any security, commodity or instrument or related derivative, or to participate in any trading strategies, and do not constitute legal, regulatory, accounting or tax advice to the recipient. We recommend that the recipient seek independent third party legal, regulatory, accounting and tax advice regarding the contents of this document. This document does not constitute and should not be considered as any form of financial opinion or recommendation by us or any of our affiliates.

Investing in the investment units involves certain risks. Investors shall obtain and review the relevant information carefully before investing. This presentation should not be treated as advice relating to legal, taxation, financial, accounting or investment matters. The recipient of this document must conduct its own investigation and analysis of the transaction and the information and data contained in this document and in connection with the Fund should you proceed. No information set out in this document will form the basis of any contract.

For more information relating to the Fund, please visit www.btsgif.com or www.bblam.co.th

Disclaimer

2

3

■ Infrastructure Fund

■ Transaction Structure

■ Investment Highlights

■ Strategies

■ Financials

Agenda

Infrastructure Fund in Thailand

Infrastructure Fund Structure

� IFF is a mutual fund which is exempted from

corporate income tax in Thailand

� Dividends received by individuals (Thailand and

non-Thai) from IFFs will be exempt from income tax

for 10 years

� Payout of not less than 90% of adjusted net income

per annum

� Ability to pay dividend more than earnings to avoid

any cash trap

Resulting from Government and Capital Market

Regulatory Bodies’ initiative to:

� Develop the country's infrastructure

� Allow access to infrastructure projects for a broader

range of investors

� New financing alternative

Purpose of Infrastructure Fund1

Tax Efficient Nature2

High Payout Vehicle3

Infrastructure Fund is an entity that raises capital from the public to

invest in infrastructure assets, including: toll roads, airports, power

plants, water treatment plants, rail roads and transportation

infrastructure

Infrastructure Assets

Infrastructure Fund

Public Investors

Assets Owner

Infrastructure

Fund

Investor

What is an Infrastructure Fund (IFF)?

4

Fund Summary

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

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

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

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

Initial Asset • Future net farebox revenue (Farebox revenue less related operating cost and CAPEX)

from the Core BTS SkyTrain system (23.5km)

• Concession period ending 4 December 2029 (approximately 17 years)

• Investment cost : THB 61,399 million

• American Appraisal appraisal value: THB 61,000 million (Discount rate 9.0%)

• fnAsia appraisal value: THB 59,400 million (Discount rate 8.8%)(1)

Total Investment Units • 5,788 million investment units

Final Price • THB 10.8 per investment unit

Fund Size • THB 62,510.4 million

Use of Proceeds • To fund the acquisition of the future net farebox revenues for the Core BTS SkyTrain

system

• Payment of expenses relating to the establishment of BTSGIF

Lock-up Arrangement • Lock-up of BTSG’s 33.3% holding of BTSGIF units: 10 years

5

(1) Discount cashflow without adjusting Mid-Year Convention

BTS Mass Transit Business Overview

O&M Business (Call Option)

6

Core BTS SkyTrain System (Initial Asset)

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

� 23 stations over 23.5 km in CBD: Connecting Bangkok’s most important business and tourist destinations

� All investments made by BTSC: Including civil works, E&M and trains (except land acquisition) from private sector sources

� No revenue sharing or concession fees for BMA

Mo Chit

Saphan Khwai

Ari

Sanam Pao

Victory Monument

Phaya Thai

RatchathewiNational Stadium Siam

Chit Lom

Phloen Chit

NanaRatchadamri

Asok

Phrom Phong

Thong LoEkkamai

Phra KhanongOn Nut

Bangchak

Udom Suk

Bang Na

Bearing

Bang Wa

Wutthakat

Ratchadapisek

Wongwian YaiPhothinimit

Krung Thon Buri

Saphan Taksin

Surasak

Chong Nonsi

Sala Daeng

� BTSC to receive pre-determined annual O&M fee for the operation and maintenance of the system

� Scope includes train and station management for:

− Core SkyTrain System after concession expires (12 years from 5 Dec 2029 to 2 May 2042)

− Green line extension (30 years to 2 May 2042)

o Sukhumvit Extension (On Nut – Bearing)

o Silom Extension (Saphan Taksin – Bang Wa)

Mo Chit

Saphan Khwai

Ari

Sanam Pao

Victory Monument

Phaya Thai

Ratchathewi

National Stadium

Chitlom

Phloenchit

NanaRatchadamri

AsokPhrom Phong

Thong Lo Ekkamai

Phra Khanong On Nut

Chong Nonsi

Sala Daeng

Saphan Taksin

Siam

SurasakPunnawithi

7

■ Infrastructure Fund

■ Transaction Structure

■ Investment Highlights

■ Strategies

■ Financials

Agenda

Management Structure

BTSGIF

Fund Supervisor(Standard Chartered Bank (Thai))

Fund Management Company(BBL Asset Management Co. Ltd)

BTSC

33.3%

Public Unitholders

66.7%

BTSG

Infrastructure Fund Manager

� Ongoing management of BTSGIF

� Evaluate new investment opportunities

� Appointed by BBLAM

� Committees must include experts in Sky Train business

� Give investment advice on investment to fund manager

BTSC BoardControls

� Comprise of 1/3 from BTSG, 1/3 from BBLAM and 1/3 as independent directors

� Resolution on Reserved Matters requires at least 2 votes from BBLAM

Nominate Board Representatives at BTSC

� Monitor BTSC’s operation and compliance under NRTA

� Exercise veto vote on Reserved Matters97.5%

Investment AdvisoryCommittee

Fund Management

NRTA between BTSC and BTSGIF

Fund Supervisor Agreement

� Supervise Fund Management Company � Make payment for fund expenses � Keep fund’s assets

8

NRTA: Net Revenue Purchase

and Transfer Agreement

The budgeting process is prepared by BTSC, but requires explicit sign-off by BTSGIF, thereby

avoiding any conflict of interest as it pertains to achieving targets for the incentive fee:

� BTSC shall prepare the O&M Costs Budget, setting out the projected O&M Costs and Annual

Net Farebox Revenues Target for each financial year

� The O&M Costs Budget and the Annual Net Farebox Revenues Target to then be submitted

to BTSGIF for approval

� If either the draft O&M Costs Budget or Annual Net Farebox Revenues Target is not

approved, a third party expert to be jointly engaged by BTSGIF and BTSC to determine the

appropriate value

� Pending such determination, the previous financial year’s Budget / Target shall apply

Corporate Governance Overview

9

SCBT

BBLAM

BTSC Board

� 1/3 appointed by BBLAM / BTSGIF

� 1/3 appointed by BTSG

� 1/3 independent

BTSC

Selected Reserved Matters

BTSC shall obtain at least 2 of 3 votes from BTSC’s directors nominated by the Fund prior to

undertaking any of the following Reserved Matters, among others:

� Change senior management of BTSC and fixing their remuneration

� Amend Memorandum of Association or the Articles of Association of BTSC

� Engage in business activities other than related to the Core BTS SkyTrain System, Long Term

O&M Agreement, and any other new business approved by BTSGIF or allowed under the

NRTA

� Modify Concession Agreement or any material terms of other Project Agreements;

terminate Concession Agreement, O&M Agreement or the Project Agreements

� Assign rights or transfer obligations under the Project Agreements

� Securitize any of its assets to third parties or dispose of any of its assets or its revenues

unless an exemption applies

� Incur any financial indebtedness unless an exemption applies

� Enter into any amalgamation, demerger, or merger

� Capital reduction or buyback for purposes other than distributions to BTSC’s shareholders

provided that BTSG’s shareholding percentage is not reduced and BTSC’s paid up capital is

not less than THB 3 billion

O&M Costs Budgeting

Fund Supervisor

� Custody, monitoring

and supervision

Fund Manager

� Ongoing management of

BTSGIF

� Initiate/evaluate new

investment opportunities

� Nominate 1/3 Board

Representatives at BTSC

Net Farebox Revenue Paid to BTSGIF

10

� 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

� Excluding revenue from

O&M business

extension, media

business and revenue

from BTSC’s other

business

Net Farebox Revenue

Farebox Revenue Net of…

� 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

Revenue to BTSC

Incentive Fee

Actual as % of

Budget

No incentive fee

10% of the incremental

amount exceeding 100%

but not exceeding 125%

Fee from item 2 plus 15%

of the incremental

amount exceeding 125%

>125%

Operating

Expenses

Capital

ExpenditureIncentive Fee (to BTSC)

1

2

3

Agenda

11

■ Infrastructure Fund

■ Transaction Structure

■ Investment Highlights

■ Strategies

■ Financials

Investment Highlights

2 Exclusive concession with flexibility to adjust fares

3 Backbone of Bangkok’s public transport system

4 Resilient business with proven track record

5 Efficient operations with significant operating leverage

Scope for accretive portfolio expansion7

12

1 Attractive industry dynamics and strong government support

Strong operator management expertise8

6 Ample capacity with limited capex for remainder of concession

13

The Thai government has made explicit its policy to develop Bangkok’s infrastructure by investing in mass transit

infrastructure projects

� Aggressive “M-MAP” development plan

(2010) to transform Bangkok’s rail system

into a mature network

− Planned expansion of rail coverage

from 79.0km currently to 390.0km

by 2019 and 508.0km by 2029

− Expedite construction of 10 mass

rapid transit lines within Bangkok

for completion within 4 years

One of New Government’s

ten urgent projects

508 km by 2029 508 km by 2029 508 km by 2029 508 km by 2029 1

Source: Office of Transportation and Traffic Policy and Planning

Note: 1. The OTP’s M-MAP programme aims to expand rail-line coverage to 390.0 km by 2019 and 508.0 km by 2029

1

2

1

Attractive industry dynamics and

strong government support

Source: United Nation Statistic Division, MTR Corporation Limited, SMRT Corporation Limited, BTSC, BMCL,

official websites of rail mass transit system in major cities

5.5% 5.8%

19.2%

31.4%34.8%

42.4%

2010A 2011A 2017E 2022E 2027E 2032E

Mass rail transit market share Rail length (km)

14

Urban rail mass transit penetration1 Forecast length and market share of

Bangkok’s mass rail transit system

Source: BTS and OTP’s rail mass transit master plan for Bangkok Metropolitan and surrounding areas. OTP’s

transport data and model integrated with multimodal transport and logistics (TDML II)

Note:

1 Rail mass transit length per million population.

Region/ City

Population

(mn)

Rail mass

transit length

(km)

Urban mass

transit

pervasion

Asia

Bangkok 6.9 79.5 11.5

Hong Kong 7.1 218.2 30.7

Singapore 5.2 148.9 28.6

Tokyo 13.0 320.0 24.6

Seoul 10.6 152.0 14.3

Beijing 19.6 228.0 11.6

Europe

Berlin 3.4 339.4 99.8

London 8.3 430.0 51.8

Paris 9.6 244.4 25.5

America

New York 8.4 1,060.3 126.2

1Attractive industry dynamics and

strong government support (cont’d)

Bangkok has a low penetration rate compared to other cities

74.2 79.5

236.0

390.0

508.0

Exclusive Concession with Flexibility to

Adjust FaresBTSGIF represents a rare opportunity to invest in the 1st pure-play publicly-traded infrastructure fund in Thailand,

supported by Core BTS SkyTrain’s significant and stable cash generation

Exclusive concession to operate Bangkok’s

central and only elevated electric railway

BTS SkyTrain

BTSC BMA

Exclusive

operation right

Concession

agreement

Ministry of

the Interior

Authorisation

• No revenue sharing or

concession fees for BMA

• 30-year concession,

ending December 2029

2

Flexibility to adjust fare

15

Stations

Fare price (THB)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

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

30 years concession

30 years of

concession period

ending 4 Dec 2029,

approximately 17

years remaining. � Effective fare can be adjusted once every 18 months by

making announcement to BMA and public 30 days in advance

� Must not exceed the Authorized Fare

22.0

25.0

28.0

31.0

34.0

42.0

37.0

18.8

25.1

31.3

37.6

43.8

50.1

56.4

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

16

Backbone of Bangkok’s Public Transport3

Traffic flow Traffic flow

Resilient business with proven track record

17

BTS SkyTrain has exhibited strong and resilient growth as an essential infrastructure for the city of Bangkok and benefits

from favourable government policy

4

12 years of uninterrupted revenue growth1；；；； Return to double-digit growth phase

Source: Company reports

Note: 1. Excludes revenue from the extension lines under the Long Term O&M Agreement

Initial Growth Stable Growth Faster Growth

Aug 2011: opening of

the Sukhumvit Line

extension (On Nut –

Bearing)

July 2004: opening

of Bangkok MRT

System Blue Line

May 2009:

opening of the

Silom Line

extension

Aug 2010:

opening of the

Suvarnabhumi

Airport Link

May 2010:

opening of

the Bangkok

BRT

59

79

96105

118

132139

133 136144 145

176

197

Ridership (mn)

1,4191,780

2,122 2,294 2,573 2,817 3,066 3,224 3,292 3,485 3,545

4,2974,897

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

Farebox Revenue (THBmm)

Efficient Operation With Significant

Operating Leverage

18

Ridership and EBITDA margin of BTS SkyTrain business1

Efficient operations with significant operating leverage

5

Designed for efficiency

Strong

ridership

growth along

with

sustained

margin

expansion

Opportunities

for further

improvement

Note: 1. Ridership and EBITDA margin are for core network business only

2. FY ending 31st March 2011, and 2012

3. FY ending 31st December 2010, and 2011

EBITDA margin comparison (train business only)

2

Source: Company filings

2

The BTS elevated system is designed for efficiency

3

Source: Company filings

• Economies of scale from increased ridership

• Network efficiency from new line extensions

• Operational initiatives (e.g. increase in-house maintenance)

144.5 145.2176.0 197.0

FY2010 FY2011 FY2012 FY2013

19

Ample Capacity with Limited Capex for

Remainder of Concession 6

Source: Company filings

* It is estimated that BTSC will add 7 new four-carriage trains (totaling 28 carriages) between FY2018-2021.

The cost to be allocated to BTSGIF is estimated at THB 800 million.

ESTIMATED FLEET

X 7 28 +54.3% *

TOTAL ESTIMATED FLEET X59 236

CURRENT FLEET NO. OF TRAINS TOTAL CARRIAGES CAPACITY INCREASE

(CUMULATIVE)

INDICATIVE CAPEX

(THB mn)

X35 105 FULLY PAID (BTSC)

X 12 48 FULLY PAID (BTSC)

TOTAL CURRENT FLEET X47 153 FULLY PAID (BTSC)

ON ORDER FLEET

x35 35 +22.9% ~THB 2.0bn (BTSC)

(paid ~THB 1.9bn)

X 5 20 +35.9% ~THB 1.2bn (BTSC)

(paid ~THB500 mn)

TOTAL CURRENT FLEET X52 208

20

BTSGIF has significant scope for portfolio expansion secured under its right to purchase and right of first refusal

Line RouteDistance

(km)

Core BTS SkyTrain Network (12 years from Dec 2029 to May 2042) 23.5

Green On Nut – Bearing (30 years to May 2042) 5.3

Green Saphan Taksin – Bang Wa (30 years to May 2042) 7.5

Light Green Bearing – Samut Prakarn (expected: 2017) 12.8

Dark Green Mochit – Kukod (expected: 2017) 18.4

Dark Green Samutprakarn – Bangpu (expected: 2017) 7.0

Light Green National Stadium –Yodse (expected: 2019) 1.0

Dark Green Kukod – Lamlukka (expected: 2019) 6.5

Purple Bang Yai - Bang Sue (expected: 2015) 23.0

BlueHua Lamphong -

Bang Khae (expected: 2016)14.0

Blue Bang Sue - Tha Pra (expected: 2016) 13.0

Light Red Bang Sue - Phayathai – Makkasan (expected: 2017) 9.0

Light Red Makkasan - Hua Mak (expected: 2017) 10.0

Dark Red Bang Sue - Rangsit -Thammasart University

(expected: 2017)36.3

Dark Red Bang Sue - Hua Lamphong (expected: 2017) 6.5

LRT Bang Na - Suvarnabhumi (expected: 2017) 18.6

Pink Line Kaerai – Parkgred – Meenburi (expected: 2017) 34.5

Airport Link Bang Sue - Phayathai (expected: 2019) 7.9

Note: means the project is under construction

1. Including the 23.5km Core BTS SkyTrain Network for 2029 to 2042

Existing

BTSC O&M

contract

Future BTS

Green Line

extensions

up for

bidding

Other

planned

mass transit

projects

BTSGIF call

option and

ROFR apply

(Total of

82km)1

BTSGIF

ROFR

applies

(Total of

172.8km)

Source: Office of Transport and Traffic Policy and Planning (OTCP), Company

website, MRTA website, State Railway website and other public sources

7 Scope for accretive portfolio expansion

21

The BTSC team is composed of personnel with extensive experience in the mass transit business

Strong operator management expertise8

Reliable

operations team

• 13-year track record

• All operations conducted in-house

• Service reliability recognised globally to be of a high standard

• Maintained full service operation and suffered no major asset damage during natural disasters

Impeccable safety

record

• Lloyd’s Register: Certificate of Safety Management Systems

• OHSAS 18001:2007: Certificate of Health and Safety

• ISO9000:2008

• No major system accidents in the past 13-year operation

Strong

management

expertise

Mr. Keeree Kanjanapas

Executive Chairman and Chief Executive Officer

Mr. Surapong Laoha-Unya

Chief Operating Officer / Chief Administrative

Officer

Dr. Anat Arbhabhirama

Chairman of the Management Committe

Mr. Kong Chi Keung

Chief Financial Officer

Agenda

22

■ Infrastructure Fund

■ Transaction Structure

■ Investment Highlights

■ Strategies

■ Financials

Strategies

23

Further Enhance

BTSC’s Capability

to Serve Expected

Ridership Growth

Farebox Adjustments

(Ability to make adjustments

to fares up to authorised limit

without regulatory approval)

Increase

Operating Efficiency

Act as Cash Flow

Generation Vehicle

to Maximise

Stable Distributions

to Unitholders

Rights of First Refusal /

Call Option to Buy

New Value Enhancing

Assets from BTSC / BTSG

/ BTSG Affiliates

Independently Seek Out

Value Accretive

Acquisition

Opportunities

BTSGIFBTSC

Harmonious strategy

between BTSGIF and BTSC

with clear delineation of focus

Seek to Invest in New

Cash Flow Enhancing

Mass Transit Assets

Agenda

24

■ Infrastructure Fund

■ Transaction Structure

■ Investment Highlights

■ Strategies

■ Financials

25

Farebox revenue EBITDA 1

Solid Financial Performance

(Carve-out Statements)

THB mm

Notes:1 Represents earnings before interest and taxation after adding depreciation and amortization and provision for long-term employee benefits, and deducting gain on restructuring under rehabilitation plan.

Because there are various EBITDA calculation methods, the presentation of Adjusted EBITDA may not be comparable to similarly titled measures used by other companies.

THB mm

3,485 3,545

4,297

4,897

FY2010 FY2011 FY2012 FY2013

Full year

144145

176

197

Ridership (mn)

1,9122,025

2,905

3,268

FY2010 FY2011 FY2012 FY2013

Full year

54.9%

57.1%

67.6% 66.7%

EBITDA margin

2,809

2,376

3,699

776

FY 2012 (pro-forma) FY 2013 (projected) FY 2014 (projected)

3,152

2,721

2,313

3,614

754

FY 2012 (pro-forma) FY 2013 (projected) FY 2014 (projected)

3,067

Strong growth in projected distributions to

BTSGIF unitholders

26

Income from investment 1 Total distribution to unitholders

3M ended

31-Mar-13

projected

9M ended

31-Dec-12

pro-forma

THB mm THB mm

Notes:1 Farebox revenues – Direct attributable operating expenses – capex

Disclaimer:Historical performance of BTSGIF as shown in BTSGIF historical pro-forma statements does not guarantee its future performance. BTSGIF historical pro-forma statement has not been audited and has been prepared for illustrative purposes only as if the establishment of BTSGIF and the execution of the net revenue purchase and transfer agreement had taken place on April 1, 2011 and therefore, is not necessarily indicative of the actual financial position that would have been attained by BTSGIF and may not give a true picture of BTSGIF’s actual results of operations, financial position and cash flows

3M ended

31-Mar-13

projected

9M ended

31-Dec-12

pro-forma

� The FY 2013 and FY 2014 income from investment and total distribution to unitholders are projections and not guaranteed.

Today’s Agenda

27

AppendixAppendix

BTSG at a Glance

Mass Transit

Property

Media

Services

(1) Figures are calculated by combining revenues of each business without consideration of eliminating transactions of related parties in order to present performance of particular business unit

Historical revenues (1)

Developer of Bangkok’s inaugural mass

transit system, now managing over 31 km

(31 stations) of mass transit network

Core BTS SkyTrain System

• Exclusive concessionaire for the system

of 23.5 km (23 stations) since Dec 1999

• Operator under the Long-term O&M

Contract awarded by the BMA (after

concession ends in December 2029

until May 2042)

Green Line Extensions

• Operator of all existing Green Line

extensions since May 2009

• Currently operating under Long-term

O&M Contract covering 12.8km (11

stations) starting in May 2012 until May

2042

Bus Rapid Transit

• Operator of rapid bus service in central

of Bangkok, covering 15 km (12

stations) for 7 years

Extensive Experience in

Mass Transit Business

� BTSG primary business

� Continued growth in annual farebox

revenue since first full year of

operation in 2000

� Dominant out-of-home media player

with 42.9% revenue growth in FY 2012

� Channels include BTS train wrapping,

SkyTrain stations, and modern trade

� Commercial and residential projects

along mass transit routes

� Existing land bank

� Smart card business providing common

ticketing services across network

� Other services include construction

services and golf course

28

3,680 3,8615,177

09/10 10/11 11/12

1,138 1,3711,959

09/10 10/11 11/12

1,062661 729

09/10 10/11 11/12

36

0 1

09/10 10/11 11/12

Services Revenue (THB mm)

Property Revenue (THB mm)

Media Revenue (THB mm)

Mass Transit Revenue (THB mm)

Line RouteDistance

(km)

Expected

operating year

LRT Bang Na - Suvarnabhumi 18.6 2017

Pink Line Kaerai – Parkgred - Meenburi 34.5 2017

Airport Link Bang Sue - Phayathai 7.9 2019

Dark Green Samutprakarn - Bangpu 7.0 2017

Light Green National Stadium -Yodse 1.0 2019

Dark Green Kukod - Lamlukka 6.5 2019

Line RouteDistance

(km)Stations

Operating

since

Dark Green Mo Chit - Onnut 16.5 17 Dec 99

Light GreenNational Stadium - Sapan

Taksin7.0 7 Dec 99

Blue Bang Sue - Hua Lumpong 20.0 18 Jul 04

Light GreenSaphan Taksin -

Wongwian Yai2.2 2 May 09

Airport Link Phayathai - Suvarnabhumi 28.5 8 Aug 10

Dark Green Onnut - Bearing 5.3 5 Aug 11

29

Future projects - direct feeders to BTS System

Ongoing projects to be completed by 2017

163.3km 97 stations

Line Route Operate

year

Distance

(km)

Stations

Light

Green

Wongwian Yai -

Bang Wa2012-13 5.3 4

Light Red Bang Sue - Talingchan 2012 15.0 5

Purple Bang Yai - Bang Sue 2015 23.0 16

BlueHua Lamphong -

Bang Khae2016 14.0 11

Blue Bang Sue - Tha Pra 2016 13.0 9

Light Green Bearing - Samut Prakarn 2017 12.8 9

Dark Green Mochit - Kukod 2017 18.4 16

Light RedBang Sue - Phayathai -

Makkasan2017 9.0 5

Light Red Makkasan - Hua Mak 2017 10.0 3

Dark Red Bang Sue - Rangsit -

Thammasart University2017 36.3 13

Dark Red Bang Sue - Hua Lamphong 2017 6.5 6

Sources: Office of Transport and Traffic Policy and Planning (OTCP) Company website,

MRTA website, State Railway website, and other public sources

79.5km Already operating

83.1km Under Construction

345.4km To be completed by 2029

Lines that connect with our lines Extensions to our current lines

2

3

Mass Transit System Extension

Existing lines 79.5km 57 stations1

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BTS SkyTrain1

• Thailand’s first elevated electric railway system at the

heart of Bangkok

MRT Subway1

• Thailand’s first underground mass transit

railway system

Suvarnabhumi Airport Link

• Rapid transit line that connects the Suvarnabhumi

Airport to BTS Skytrain’s Phaya Thai station in

central Bangkok

Competitors are complementary and feed into each other’s networks

Note: 1. While BTS Skytrain passes through the CBD, MRT Subway runs around through the town and feeds passengers into the BTS SkyTrain lines

Description

Existing

Ridership

Capacity

Network

Operator � BTSC is the exclusive operator of Green line extensions

under the preview of BMA until May 2042

• Exclusive concessionaire for the Core Network until

December 2029

� BTSC is the exclusive operator of the Core Network from

December 2029 – May 2042

• Solely operated by Bangkok Metro Public

Company Limited under a concession to

exclusively operate the network until

July 2029

� Owned and operated by State Railway of Thailand

• 35 three-car trains (with capacity of 1,106 passengers)

and 12 four-car trains (with capacity of 1,490

passengers)

• 19 three-car trains (with capacity of 900

passengers)

� 28.5km track, running above existing eastern railway,

with an underground terminal at the airport

� Makkasan Express Line: 15-minute non-stop service

between the Makkasan city air terminal and the airport

• Phaya Express Line: 17-minute non-stop service

between Phaya Thai terminal and the airport

� City Line: 30-minute commuter rail service with stops at

8 stations from the airport to Phaya Thai station

� 31 stations, 2 separate lines, 31.0km track

• Sukhumvit Line: 22 stations, 22.3km and runs

northwards and eastwards from central Bangkok,

connecting Mo Chit and Bearing

� Silom Line: 9 stations, 8.7km and runs through one of

Bangkok’s central business areas, connecting National

Stadium and Wongwian Yai

• 18 stations, 20.0km track, from

Hua Lamphong Railway Station to Bang Sue

• MRT runs throughout Bangkok and feeds

passengers to BTS line at connecting stations

• 5 three –car trains for city line

� 4 four –car train for express

Overview of Bangkok’s Public Transport

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Although BTSC already enjoys a high degree of operating efficiency, it continues to seek ways to make improvement

Increase Operating Efficiency

• Has taken over the maintenance of the automatic fare

collection system

• Opportunity to take over maintenance of 35 3-car

trains, following the expiry of service contract with

third party in Dec 2014

• Will further take over maintenance of 12 4-car trains

following expiry of the warranty period in Oct 2013

Take over O&M from third party service providers Upgrade signaling system

• Changed the BTS SkyTrain signaling system from Siemens’

to Bombardier’s for the existing 23.5 km BTS SkyTrain

system

• Bombardier is required to provide training to BTSC’s

personnel to maintain the new signaling system and BTSC

intends to maintain the signaling system itself

• Advantages of new signaling system

– Require low maintenance cost

– Allow more flexible expansion of the system via a

reduced headway

Overview of BTSGIF historical pro-forma

statements of income

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(Unit: THB mm)

FY 2012

(pro-forma)

9M ended 31-Dec-12

(pro-forma)

Investment income

Income from the investment in the net revenue

purchase and transfer agreement 2,809 2,376

Interest income 3 5

Total income 2,812 2,381

Expenses

Fund management fee 50 37

Trustee's fee 13 10

Registrar's fee 5 4

Professional fees 13 10

Audit fee 2 1

Other expenses 8 6

Amortisation of issuance costs 391 294

Total expenses 482 362

Net income 2,330 2,019

Net income available to the unitholders (100%

payout)2,330 2,019

Add back: excess liquidity due to amortisation of

issuance cost391 294

Total distribution available to unitholders 2,721 2,313

Disclaimer:Historical performance of BTSGIF as shown in BTSGIF historical pro-forma statements does not guarantee its future performance. BTSGIF historical pro-forma statements has not been audited and has been prepared for illustrative purposes only as if the establishment of BTSGIF and the execution of the net revenue purchase and transfer agreement had taken place on April 1, 2011 and therefore, is not necessarily indicative of the actual financial position that would have been attained by BTSGIF and may not give a true picture of BTSGIF’s actual results of operations, financial position and cash flows

Overview of BTSGIF projected statements

of income

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(Unit: THB mm)

3M ended 31-Mar-13

(projected)

FY 2014

(projected)

Investment income

Income from the investment in the net revenue

purchase and transfer agreement 776 3,699

Interest income 1 6

Total income 777 3,705

Expenses

Fund management fee 13 50

Trustee's fee 3 13

Registrar's fee 1 5

Professional fees 3 13

Audit fee 1 2

Other expenses 2 8

Amortisation of issuance costs 98 391

Total expenses 121 482

Net income 656 3,223

Net income available to the unitholders (100%

payout)656 3,223

Add back: excess liquidity due to amortisation of

issuance cost98 391

Total distribution available to unitholders 754 3,614

Total distribution per unit (THB)1 0.13 0.63

Implied distribution yield (%)2 1.21 5.78

� The implied distribution yield is calculated based on maximum offering price of THB10.80 per unit, and is a projection and not guaranteed Notes:

1. Based on total units offered of 5,788 mm

2. Total distribution per unit of THB 0.63 and implied distribution yield of 5.78% comprise of dividend payment and capital reduction

Bridge between BTS SkyTrain Business carve-out

and BTSGIF pro-forma and projected financials

(Unit: THB mm) 9M ended 31-Dec-11 9M ended 31-Dec-12

Revenues

Farebox revenues 3,120 3,633

Other income 0 4

Total revenues 3,120 3,637

Expenses

Cost of farebox 1,642 1,859

Selling expenses 48 55

Administrative expenses 264 317

Total expenses 1,954 2,231

BTS SkyTrain Business carve-out historical revenue and expenses

BTSGIF pro-forma and projected total income from investment

(Unit: THB mm)

FY 2012

(pro-forma)

9M ended

31-Dec-12

(pro-forma)

3M ended

31-Mar-13

(projected)

FY 2014

(projected)

Fare box revenues 4,297 3,633 1,208 5,563

Less: Direct attributable operating expenses:-

Cost of fare box revenues (2,232) (1,859)

Selling expenses (60) (55)

Administrative expenses (357) (317)

Net reserves for employees' post-employment benefits 37 19

Amortisation and depreciation charges 1,218 1,007

Total (1,394) (1,205) (432) (1,864)

Less: Capital expenditures (94) (52) — —

Total income from the investment 2,809 2,376 776 3,699Disclaimer:Historical performance of BTSGIF as shown in BTSGIF historical pro-forma statements does not guarantee its future performance. BTSGIF historical pro-forma statements has not been audited and has been prepared for illustrative purposes only as if the establishment of BTSGIF and the execution of the net revenue purchase and transfer agreement had taken place on April 1, 2011 and therefore, is not necessarily indicative of the actual financial position that would have been attained by BTSGIF and may not give a true picture of BTSGIF’s actual results of operations, financial position and cash flows

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