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Bangkok Mass Transit System Public Company Limited Company Rating: a Issue Rating: up to Bt12,000 Million Senior Debentures Due Within 2016 a Rating Outlook: Stable

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Bangkok Mass Transit System Public Company Limited Company Rating: a Issue Rating: up to Bt12,000 Million Senior Debentures Due Within 2016 a Rating Outlook: Stable Contacts E-mail Addresses Monthip Pringuthumporn [email protected] N e w s f o r I n v e s t o r s Yingyong Chiaravutthi,CFA [email protected] Nopalak Rakthum [email protected] Announcement No. 639 17 July 2009 Suchada Pantu [email protected] Bangkok Mass Transit System Public Company Limited Company Rating: A Issue Rating: Up to Bt12,000 million senior debentures due within 2016 A Rating Outlook: Stable Rating Rationale TRIS Rating assigns the company rating of Bangkok Mass Transit System PLC (BTSC) and the rating of BTSC’s issue of up to Bt12,000 million in senior debentures at “A”. The proceeds from the debentures will be used to repay existing debts. The ratings are based on the assumption that the company will not exercise the call option on the convertible debentures before the issuance of the new debentures. The ratings reflect a proven record of system ridership, stable operating cash flow, the benefits from being a mass transit system located in downtown Bangkok, potential ridership growth, and a strong balance sheet after the business rehabilitation. These strengths are partially offset by a single network, large capital expenditures needed over the next four years, increased business risk profile as BTSC begins to invest in property development through its subsidiaries, and political risk which most concessionaires face. In addition, debenture holders should be aware that there is no negative pledge under the terms and conditions governing the rights and obligations of the company and the debenture holders. Though all of BTSC’s assets are currently free of encumbrances, the company may provide collateral to any creditor in the future. If this occurs, the rating of the debentures may be notched down from the company rating. BTSC, which was established in 1992, is the operator of the only privately-financed mass rapid transit system in Thailand. BTSC was awarded a 30-year concession by the Bangkok Metropolitan Administration (BMA) to build and operate the Bangkok Mass Transit System (BTS). The BTS, an elevated heavy rail system, commenced commercial operations on 5 December 1999. The rail system, which runs above three highly congested roads (Silom, Sathorn, and Sukhumvit), serves residential areas, the central business district, and key commercial areas. There are 25 stations along the operating track of 25.7 kilometers (k.m.) with two separate lines, the Silom line and the Sukhumvit line. The two lines connect at the Central station (widely known as Siam Square). The BTS connects with the underground rail system (operated by the Bangkok Metro PLC -- BMCL) at the Asok, Sala Daeng and Mo Chit stations. BTS’s competitive advantages are a record of safety, convenience and reliability. BTSC is entitled to receive all revenues on the BTS, including fare box revenue, and commercial rental and advertising revenues at 23 stations (excluding the newly opened Krungthonburi and Wongwienyai stations on the Silom line). On 29 June 2001, BTSC has granted VGI Global Media Co., Ltd. (VGI Global) an exclusive license to market all commercial areas and advertising in the BTS Skytrain. BTSC receives minimum guaranteed revenue or 50% of gross revenue from the use of advertising space and merchandising areas, whichever is greater, while VGI is responsible for all investments and operating expenses. On 13 March 2009, BTSC signed a sale and purchase agreement to buy all VGI Global shares from FN Asia Co., Ltd. for Bt2,500 million. The purchase should be completed in the third quarter of 2009. Apart from the advertising business, BTSC has diversified into property development along mass transit routes through its subsidiaries, Nuvo Line Agency Co., Ltd. (Nuvo Line) and UniHolding Co., Ltd. (UniHolding). Currently, the company has three land plots on hand and two land plots under sale and purchase agreements. All are located near or next to BTS stations. The first property development project will be a four-star hotel located on South Sathorn road, close to the BTS Surasak station. BTSC has faced financial difficulties since commencing operations. Operating performance was lower than expected because ridership was lower than projected. The level of debt increased after the Thai N e w s f o r I n v e s t o r s baht depreciated in 1997, which resulted in a surge in interest expense. BTS ridership reached a sustainable level in fiscal year 2004 when total ridership reached 100 million trips, four years after opening. In fiscal year 2009, total ridership was 135,939,800 trips, with an average weekday ridership of 429,004 trips. TRIS Rating believes that BTS ridership will grow continuously due to the expansion of the mass transit network, more land development along the BTS route, heavy traffic congestion, and continuous growth of the Thai economy. For the fiscal year ended March 2009, BTSC reported a net profit of Bt21,911 million of which Bt22,447 million was a gain from business rehabilitation. Fare box revenue was Bt3,288 million, an increase of Bt67 million (2.1%) from the previous year as a result of a 2.1% increase in ridership. The operating margin before depreciation and amortization dropped to 52.77%, compared with 54.46% in the previous year. The drop was due to higher professional fees for the new capital issued as part of the business reorganization. After exiting from business rehabilitation in October 2008, BTSC’s capital structure has been relatively strong. As of March 2009, adjusted debt (including future interest of Bt4,895 million but excluding convertible debentures of Bt5,745 million) was Bt14,751 million. The adjusted debt to capitalization ratio was 31.39% and the funds from operations (FFO) to adjusted debt ratio was 10.7%. With planned capital spending for property development projects, TRIS Rating expects that debt levels will not decline in the medium term. Though capital spending is expected to exceed operating cash flow as the property development projects are under construction, the company is expected to maintain the total debt to capitalization ratio below 40%. Rating Outlook The “stable” outlook is based on the expectation that BTSC will maintain good service on the system to sustain ridership. While TRIS Rating expects BTSC to have substantial capital expenditures on property development projects over the next four years, BTSC’s management intention to maintain the company’s good credit profile as well as the strong operating cash flow from the rail transport business should be able to maintain the capital structure and cash flow protection measures appropriate for the rating category. Key Rating Considerations concession. The concession started when the Strengths/Opportunities system opened for commercial operations on 5 Operator of the only rapid transit system in December 1999. downtown Bangkok Stable operating cash flow from rail Construction: business BTSC awarded the design-build contract to the Strong balance sheet Siemens-Italian Thai Consortium on 4 July 1995. Capable and experienced management team Siemens, as the leader of the consortium, was Weaknesses/Threats responsible for the electrical and maintenance works A single network (E&M), while Italian Thai Development PLC (ITD) Exposure to political risk was responsible for designing and building the Large planned capital expenditures infrastructure. As stipulated in the concession, the Entering into high volatility property develop- system infrastructure was transferred to BMA ment business when construction was complete. The electrical and mechanical equipment will be transferred to the BMA when the concession expires on 4 December Company Overview 2029. BTSC, which was established in 1992, is the operator of the privately-financed mass rapid transit Operation and Maintenance: system in Thailand. The company operates the BTS The BTS, an elevated heavy rail system, under a 30-year design-build-own-operate-transfer commenced commercial operations on 5 December (DBOOT) concession granted by the BMA. Under 1999. BTS has 35 trains. Each computer-controlled the terms of the concession, the company has the train consists of 3 passenger cars and can run in right to collect fares and undertake all commercial either direction from driver cabs located at each end activities on the system, including advertising of the train. BTS operates a 25.7 km route network and leasing space, throughout the term of the with 25 stations. The network comprises two lines: _______________________________________________________________________________________________ Bangkok Mass Transit System PLC 2 17 July 2009 N e w s f o r I n v e s t o r s the Sukhumvit line and the Silom line. The (SCD) held 23.76%. If the remaining convertible Sukhumvit line is 16.5 kms long and runs from Mo debentures convert to equity, the share proportion of Chit station in the north to On Nut station in eastern SRTI will decrease to 52.68% and the proportion of Bangkok. The Silom line, meanwhile, runs 8.5 kms SCD will increase to 39.34%. After the conversion, from the National Stadium to the Wongwienyai Mr. Keeree Kanjanapas, the founder, will indirectly station. The two lines interconnect at the Central hold a 26.86% stake in BTSC through an investment station (Siam Square). Service begins at 6 a.m. and in SRTI. runs until midnight. To ensure the smooth operation, Siemens was Recent Developments obliged, under the Construction and Supplies Entered into agreements with BMA for the Contract, to provide operation assistant for the first Silom line extension two years. After that BTSC has operated the system On 7 May 2009, Krungthep Thanakom Co., by itself. Siemens was also awarded a contract for Ltd., a wholly-owned subsidiary of BMA, hired the maintenance and provision of spare parts for all company to prepare equipment and tools for the electrical and mechanical systems for five years and operation of Silom line extension.
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