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 23,190,000,000 (As of 31 March 2025)

5. Date of Valuation	:	9 May 2025

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 4.9% p.a.

In this quarter, the Fund assigned professionals to review the performance 
forecast of the core BTS SkyTrain system in which the Fund invests, to reflect
the current transportation situation and other factors. Various assumptions were
also updated to better align with the current economic conditions and overall
situation. These factors include economic growth rate adjustments, inflation
rate adjustments, and delays in opening various train lines, among others. These
factors have led to changes in this quarter's appraisal value compared to
previous report.

The value of the current infrastructure asset invested by the Fund shall 
decrease according to the remaining period of its rights in net revenues under
the concession agreement which will expire in 2029.

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.
including download the valuation presentation on the Fund's website at 
https://www.btsgif.com/en/investor-relations/downloads/webcast-presentations.
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If you would like to see the full details of this information, please click view
 "full details" in attached file.