BTS Rail Mass Transit Growth Infrastructure Fund
Details of Asset

1. Details of Asset 	:	Net farebox revenues to be generated from the operation 
of the Core BTS SkyTrain System covering 23.5 kilometres, consisting of the
17-kilometre Sukhumvit line from Mo Chit to On Nut, and the 6.5-kilometre Silom
line from National Stadium to Saphan Taksin pursuant to the Concession
Agreement.  (The concession will expire on 4 December 2029)

2. Type of Asset	:	Right to receive benefit from future revenue from Rail Mass 
Transit Infrastructure Project

3. Operator 	:         	Bangkok Mass Transit System Public Company Limited
		1000 Phahonyothin Road, Chomphon, Chatuchak, Bangkok	

4. Appraisal Value *	:	Baht 37,770,000,000 (As of 31 December 2022)

5. Date of Valuation	:	11 May 2022 (and updated on 1 February 2023)

6. Appraiser	:	American Appraisal (Thailand) Ltd.

* 	The appraiser utilized Income Approach Method in assessing the asset since 
such asset is income-producing asset.  The appraiser used projected fare revenue
deducting projected operation and maintenance expenses and capital expenditure
over the remaining concession period and calculated the value of asset by
discounting to present value at the discount rate of 6.8% p.a.

Investors may request for more details of the appraisal report at the Management
Company or download the appraisal report on the Fund's website at
https://www.btsgif.com/en/investor-relations/downloads/appraisal-report.
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