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Investor Relations Quarterly Review: Issue 9

BTS Group Holdings Plc th

1Q 12/13

(3 months ending 30 Jun 2012) (Ended June 2010)

AT A GLANCE

FROM THE EDITOR

Share InformationA Shares Outstanding Free FloatE Par Value Market Capitalisation YTD daily traded valueD Stock Identifiers Stock Exchange Symbol Bloomberg / Reuters Bond Identifiers

Dear Investment Community, 9,166.3mn sharesF 44.7% THB 4.0 / ShareF THB 48.7bn/ USD 1.54bnB THB 138.9mn/ USD 4.41mnB

The BTS Group delivered another strong set of quarterly results. Operating revenue, operating EBITDA and net profit grew at 29.5%, 35.9% and 107.7% respectively year over year. The growth was driven by the Mass transit business (additional ridership and O&M revenue from the new Sukhumvit line extension) as well as the Media business (new contracts in the modern trade Media business).

BTS BTS TB / BTS.BK ISIN XS0580087376

Revenue by Business Unit

Gross Profit by Business Unit

C

Despite the reduction of the Media business profit margin (owing to the higher percentage contribution of lower margin non-BTS media), the Group’s overall margins improved as a result of increased operating leverage in the Mass Transit business. The Group operating EBITDA margin stood at 53.3% in 1Q 12/13 versus 50.8% in 1Q 11/12. th

On August 10 , the Company’s shares began to trade on the Thai stock exchange at the new par value of THB 4 per share. The increase in par value from THB 0.64 per share was approved at the Annual General Meeting of Shareholders on 26 July 2012. This will bring the Company’s par value closer in line with other companies in the SET50 Index. It will also reduce the trading bid / offer spread of BTS shares (measured as a percentage of the share price) which may improve trading liquidity. Turnover value for BTS shares averaged THB 179.9mn (USD 5.8mn) per day in the first six months of 2012.

Source: Company A

BTS last 12 months Share Price Performance :

The Group is also in the process of application for the listing of its Media business (via VGI Global Media Public Company Limited) on the Thai Stock Exchange. The listing is subject to approval from the Thai Securities and Exchange Commission and also to market conditions. Looking ahead to 2Q 12/13, we are eagerly anticipating delivery of our new rolling stock. The first of the 35 single cars will arrive in Thailand on 28 August 2012, and following testing are expected to be in service within November 2012. The remaining cars will within 3Q 12/13. On the operations side, for 2Q 12/13, we would typically expect ridership to increase from the seasonal lows of 1Q (school holidays as well as additional public holidays) and look forward to providing you with further updates in November.

Equity MarketsG

3 MO

6 MO

12 MO

BTS TB SET Transport Index SET Index NIKKEI 225 HANG SENG FTSE 100 S&P 500

2.41% 1.22% 5.09% -0.49% 2.82% 7.42% 4.91%

21.43% 6.50% 10.71% -1.35% -2.99% -0.48% 3.97%

28.79% 12.59% 15.33% -0.38% 3.42% 10.36% 19.11%

Currency MarketsG

3 MO

6 MO

12 MO

USD vs THB EUR vs THB THB vs JPY THB vs HKD THB vs SGD THB vs GBP

-0.29% 3.45% 1.97% 0.45% 1.26% -2.19%

-1.97% 4.18% 1.89% 1.99% 3.54% 2.00%

0.29% 5.19% -2.35% -0.12% 3.79% 0.72%

Our City Our Future

Yours faithfully,

Daniel Ross Financial Director

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Investor Relations Quarterly Review: Issue 9

BTS Group Holdings Plc th

1Q 12/13

(3 months ending 30 Jun 2012) (Ended June 2010)

BTS GROUP FINANCIAL SUMMARY (CONSOLIDATED) Income Statement (THB mn)

1Q 12/13

1Q 11/12

% YoY

4Q 11/12

% QoQ

Operating revenue Other recurring income Total recurring revenue Operating costs Selling and Administrative expenses Income (loss) from investment in associates EBITDA Operating EBITDA Finance cost Non-operating gain (loss) 1 EBT Income tax Minority interests Net income (loss) to equity holders of the parent EPS (THB per share)

2,192.0 42.8 2,234.8 1,104.5 362.3 (0.0) 1,174.9 1,167.6 372.9 (13.4) 401.6 55.7 16.8 309.3 0.0054

1,692.7 44.2 1,736.9 895.0 301.2 (2.7) 873.5 859.1 353.5 15.0 199.5 42.5 20.6 136.4 0.0024

29.5% -3.2% 28.7% 23.4% 20.3% N.A. 34.5% 35.9% 5.5% -189.3% 101.3% 30.9% -18.6% 126.8% 126.6%

2,143.9 54.6 2,198.4 1,058.2 345.5 (0.2) 1,200.6 1,196.0 365.6 4.5 433.4 40.8 34.2 358.4 0.0063

2.2% -21.6% 1.7% 4.4% 4.8% N.A. -2.1% -2.3% 2.0% -399.9% -7.3% 36.4% -50.9% -13.7% -13.8%

Balance Sheet (THB mn) Cash and cash equivalents Trade and other receivables Real estate development costs Other current assets Total current assets Elevated project costs Land and project under development Investment properties Property, plant and equipment Other non-current assets Total non-current assets Total assets Short-term loan from financial institution Account Payable Current portion of long-term loan Current portion of long-term debentures Other current liabilities Total current liabilities Long-term loan - net of current portion Long-term debenture - net of current portion Convertible debentures - liability component Other non-current liabilities Total non-current liabilities Total liabilities Registered capital at Par THB 1 each Issued and fully paid capital at Par THB 0.64 each Share premium (discount) Retained earnings Other shareholders' equity Equity attributable to company's shareholders Non-controlling interest - equity attributable to minority Total shareholders' equity Total liabilities and shareholders' equity

30 Jun 12 1,064.8 1,467.1 3,544.8 2,120.5 8,197.2 44,841.0 2,676.3 2,451.3 6,163.6 2,946.2 59,078.4 67,275.6 1,583.1 1,416.1 583.4 2,498.3 2,095.4 8,176.3 3,019.1 9,449.5 8,706.7 602.9 21,778.2 29,954.5 74,815.3 36,641.9 364.3 -1,723.3 378.9 35,661.9

31 Mar 12 1,333.2 1,106.7 3,349.1 2,078.7 7,867.7 45,144.2 2,676.3 2,461.0 6,039.2 2,700.4 59,021.2 66,888.9 1,941.5 1,452.4 583.4 2,495.8 1,864.9 8,338.0 2,934.0 9,443.8 8,648.3 592.5 21,618.6 29,956.6 74,815.3 36,600.5 350.7 -2,032.6 371.2 35,289.8

%Change -20.1% 32.6% 5.8% 2.0% 4.2% -0.7% 0.0% -0.4% 2.1% 9.1% 0.1% 0.6% -18.5% -2.5% 0.0% 0.1% 12.4% -1.9% 2.9% 0.1% 0.7% 1.7% 0.7% 0.0% 0.0% 0.1% 3.9% N.A. 2.1% 1.1%

1,659.2 37,321.1 67,275.6

1,642.5 36,932.3 66,888.9

1.0% 1.1% 0.6%

1

Non operating gain / (loss) for 1Q 12/13 mainly included loss on exchange at THB 14.3mn

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Investor Relations Quarterly Review: Issue 9

BTS Group Holdings Plc th

1Q 12/13

(3 months ending 30 Jun 2012) (Ended June 2010)

BTS GROUP FINANCIAL SUMMARY (CONSOLIDATED) Cash Flow Statement (THB mn) Income (loss) before tax Adjustment to reconcile income (loss) before tax: Depreciation and amortisation Spare parts and elevated project costs amortisation Other adjustments Decrease (Increase) in operating assets Increase (Decrease) in operating liabilities Cash paid for interest expenses Cash paid for corporate income tax Cash received for withholding tax deducted at source Cash received for interest income Net cash from (used in) operating activities

1Q 12/13 381.8

1Q 11/12 199.5

% YoY 91.4%

4Q 11/12 434.0

% QoQ -12.0%

80.5 319.9 398.1 (793.9) 145.8 (297.3) (21.4) 26.5 7.6 247.7

69.9 250.6 342.4 (289.2) 95.9 (199.9) (23.1) 9.4 4.7 460.2

15.2% 27.7% 16.3% N.A. 52.0% N.A. N.A. 181.9% 61.7% -46.2%

70.7 338.9 386.2 (235.9) 0.9 (492.8) (93.6) 25.6 29.8 463.8

13.8% -5.6% 3.1% N.A. 16927.7% N.A. N.A. 3.4% -74.5% -46.6%

Increase in elevated rail project costs Increase (Decrease) in advances for asset acquisitions Cash paid for purchases of property, plant and equipment Cash paid for purchase of land & project awaiting development Cash paid for intangible assets Cash paid for purchase of investment in subsidiaries Increase in deposit from sale of investment in subsidiary Others Net cash used in investing activities

(16.8) 5.7 (240.3) 0.0 (3.8) 0.0 80.0 (68.1) (243.3)

(26.1) (204.9) (317.6) (25.8) (1.8) 0.0 0.0 8.5 (567.7)

N.A. N.A. N.A N.A N.A. N.A. N.A. -900.2% N.A.

(217.6) (5.4) (14.6) 22.2 (0.8) 0.0 0.0 295.1 78.9

N.A. N.A. N.A. -100.0% N.A. N.A. N.A. -123.1% -408.5%

Cash paid for short-term loan from financial institution Increase in short-term loan from financial institution Increase in long-term loans Cash paid for long-term loans Dividend paid to shareholder of subsidiaries before acquisition Cash paid for LC of convertible debentures Dividend paid Others Net cash from (used in) financial activities

(430.0) 71.6 231.0 (145.8) 0.0 0.0 0.0 0.0 (273.2)

0.0 0.0 391.7 0.0 0.0 0.0 0.0 (1.8) 389.9

N.A. N.A. -41.0% N.A. N.A. N.A. N.A. N.A. -170.1%

0.0 1,000.0 172.0 (145.9) (86.0) (163.5) (1,360.4) 0.0 (583.8)

N.A. -92.8% 34.3% N.A. N.A. N.A. N.A. N.A. N.A.

Increase in translation adjustment Net increase (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of the period Cash and cash equivalents at the end of the period

(0.3) (269.0) 1,332.6 1,064.8

(4.8) 277.6 1,825.4 2,103.1

N.A. -196.9% -27.0% -49.4%

(0.3) (41.4) 1,374.6 1,333.2

N.A. N.A. -3.0% -17.1%

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Investor Relations Quarterly Review: Issue 9

BTS Group Holdings Plc th

1Q 12/13

(3 months ending 30 Jun 2012) (Ended June 2010)

Key financial ratios Profitability ratios Gross operating profit margin (%) Selling and administrative expenses to operating sales ratio (%) EBITDA margin (%)A Operating EBITDA margin (%)B Accounting net profit margin (%)A Operating net profit margin (%)B ROA (%)C ROE (%)C

1Q 12/13

1Q 11/12

4Q 11/12

49.6% 16.5% 52.6% 53.3% 13.8% 14.4% 3.4% 6.4%

47.1% 17.8% 49.4% 50.8% 7.7% 7.0% 1.0% 1.9%

50.6% 16.1% 53.0% 55.8% 15.8% 16.1% 3.2% 6.1%

Leverage Total liability to total asset (times) Total liability to total equity (times) Net debt to equity (times) Net debt to operating EBITDA (times)c Interest coverage (times)D

0.45x 0.80x 0.66x 5.45x 3.13x

0.42x 0.72x 0.56x 7.36x 2.43x

0.45x 0.81x 0.67x 5.83x 3.27x

Per share ratios Earnings per share (THB) Operating cash flow per share (THB) Free cash flow per share (THB) Enterprise value per share (THB) Book value per share (THB)

0.0054 0.004 -0.004 1.24 0.65

0.0024 0.008 -0.003 1.09 0.66

0.0063 0.008 0.004 1.24 0.65

A B C D

Include non-recurring items Exclude non-recurring items Calculated based on ‘last-12-month operating EBITDA’ Operating EBITDA divided by finance cost (period only)

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Investor Relations Quarterly Review: Issue 9

BTS Group Holdings Plc th

1Q 12/13

(3 months ending 30 Jun 2012) (Ended June 2010)

Financial Highlights       

1

Operating EBITDA in 1Q 12/13 grew 35.9% YoY to THB 1,167.6mn Total operating revenue of THB 2,192.0mn in 1Q 12/13, representing growth of 29.5% YoY Mass Transit business unit revenue in 1Q 12/13 increased 34.3% YoY to THB 1,393.6mn 17.7% YoY growth in total quarterly ridership to 46.4mn passengers in 1Q 12/13 Average ridership for 1Q 12/13 of 581,866 passengers / weekday; 15.4% YoY growth Media revenue grew 36.5% YoY, reaching THB 637.4mn in 1Q 12/13 Profit attributable to the equity holders of the Company of THB 309.3mn

Quarterly Performance – 1Q 12/13 BTS Group Holdings Public Company Limited (“BTSG” or the “Company”) and subsidiaries (together, the “Group”) recorded consolidated total revenue of THB 2,235.7mn in 1Q 12/13, an increase of 26.5% (or THB 468.9mn) from THB 1,766.8mn in 1Q 11/12. Operating revenue also rose 29.5% YoY to THB 2,192.0mn. The increase in operating revenues was on account of the improved revenue performance from the Mass Transit and Media business sectors. Revenues from the Mass Transit, Media, Property and Services businesses accounted for 63.6%, 29.1%, 7.1% and 0.3% of total operating revenues respectively. Operating Revenue2

1Q 12/13

% of Total2

1Q 11/12

% Change (YoY)

1Q 12/13 margin4

1Q 11/12 margin4

1,393.6

63.6%

1,037.9

34.3%

50.1%

44.1%

637.4

29.1%

467.0

36.5%

57.5%

62.8%

3

155.1

7.1%

187.8

-17.4%

23.4%

25.1%

3

5.8

0.3%

-

N/A

-240.6%

N/A

2,192.0

100.0%

1,692.7

29.5%

49.6%

47.1%

(THB mn) Mass Transit3 Media3 Property Services TOTAL

2

1 Operating EBITDA excludes non-recurring items 2

Total operating revenue for 1Q 12/13 excludes other income of THB 43.7mn (1Q 11/12 THB 74.1mn) from gain (loss) on exchange, reversal of (loss from) doubtful debts, interest income and others. 3

Mass Transit revenues include Fare box revenue as well as Service Income from Train Operation Management. Property includes Sales from Real Estate, Rental and Service Income, Construction & Services Businesses and Service income related to Thana City Golf & Sports Club Co. Ltd, Note that income related to Thana City Golf & Sports Club Co. Ltd was reclassified from Services Business to Property business in 4Q 11/12. 4

Operating gross profit margin

Total expenses rose by 22.3% to THB 1,481.0mn (and less than the increase in operating revenue) and the Group saw an improvement in its operating gross profit margin to 49.6% compared with 47.1% in the previous year. Selling, service and administrative expenses rose 13.3% YoY or by THB 41.5mn to THB 352.9mn largely due to increase in Media and Property SG&A expenses. This led to the improvement of operating EBITDA by 53.3% YoY to THB 1,167.6mn. Finance costs increased by 5.5% YoY or THB 19.4mn to THB 372.9mn (2.0% or THB 7.3mn increase QoQ). The Group also realised non-recurring expenses totaling THB 13.4mn mainly related to loss on exchange. All these taken into account, the Group reported consolidated profit for the 3 month period of THB 326.1mn (a 107.7% increase from net profit of THB 157.0mn in 1Q 11/12) and profit attributable to the equity holders of the Company at THB 309.3mn (an increase of THB 173.0mn compared to 1Q 11/12). Total assets at 30 June 2012 stood at THB 67,275.6mn, a 0.6% increase from 31 March 2012 mainly from the increase trade and other receivables by THB 360.4mn or 32.6%. On the funding side the Company issued additional 64.7mn ordinary shares from the conversion of convertible bonds (bond principal amount of THB 55.0mn at the conversion price of THB 0.85 per share). This resulted in an increase in the number of outstanding shares to 57,253.0mn shares and the paid-up capital at THB 36,641.9mn.

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Investor Relations Quarterly Review: Issue 9

BTS Group Holdings Plc th

1Q 12/13

(3 months ending 30 Jun 2012) (Ended June 2010)

KEY BUSINESS UNIT UPDATES

MASS TRANSIT Total quarterly ridership grew 17.7% YoY to 46.4mn passengers in 1Q 12/13 as a result of additional passengers from the Sukhumvit line extension (opened August 2011) and continued organic growth. Ridership however, fell by 3.4% QoQ from the previous quarterly record (48.0mn passengers achieved in 4Q 11/12). Recall that 1Q sees a seasonal decline in ridership (compared with 4Q) due to several public holidays and school holidays. Average ridership per weekday also followed a similar trend, rising 15.4% YoY but dropping 0.8% QoQ to 581,866 passengers per weekday.

Total Ridership Average weekday ridership Average Fare (THB / trip)

Historical Monthly Ridership

1Q 12/13

1Q 11/12

YoY

4Q 11/12

QoQ

46,395,379

39,431,221

17.7%

48,034,719

-3.4%

581,866

504,252

15.4%

586,743

-0.8%

24.5

24.2

0.8%

24.5

0.0%

Historical Average Weekday Ridership

Mass Transit revenue increased by 34.3% or THB 355.7mn YoY to THB 1,393.6mn, supported by a 17.7% increase in total ridership, a 0.9% increase in the average fare (from THB primarily 24.2 / trip to THB 24.5 per trip) and a 215.1% (or THB 176.3mn) increase in O&M income. The increase in O&M income relates to the Sukhumvit line (On nut – Bearing extension) which opened in August 2011. QoQ, Mass Transit revenue followed a similar trend to ridership, decreasing by 5.1% or THB 74.3mn QoQ primarily due to the seasonal drop ridership but also as a result of lower income from train operating management. This O&M revenue fell 11.2% or THB 32.7mn QoQ to THB 258.3mn as there was no repeat of previous quarter’s pre-operation revenue from the Sukhumvit line (On nut – Bearing) extension. Cost of revenues increased 19.7% or THB 114.6mn YoY as a result of higher ridership and higher O&M revenue. In particular, more employees were required for the newly opened On nut – Bearing extension and there was higher depreciation recorded (from higher ridership, new signaling system and new trains). However, as a result of increased operating leverage, the operating EBITDA margin of the mass transit business increased to 68.4% from 60.1% in 1Q 11/12.

Our City Our Future

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Investor Relations Quarterly Review: Issue 9

BTS Group Holdings Plc th

1Q 12/13

(3 months ending 30 Jun 2012) (Ended June 2010)

MEDIA The Group’s Media business had another strong quarter as revenue increased 37.1% or THB 172.4mn QoQ (36.5% or THB 170.4mn YoY) to THB 637.4mn. The primary reason for the increase was due to the high contribution from non-BTS related media which saw growth of 57.1% or THB 124.5mn QoQ (91.4% or THB 163.7mn YoY) to THB 342.7mn largely as a result of new contracts signed with Tesco Lotus and BigC. Revenue from BTS-related media reached THB 294.7mn; representing growth of 19.4% or 47.9mn QoQ (largely due to the post flood recovery in advertising spending). Cost of revenues increased 18.0% or THB 41.3mn QoQ (55.7% or THB 96.9mn YoY) to THB 270.7mn with the increase attributable to the increased cost of concession paid in the growing modern trade business. Media SG&A increased 44.3% or THB 27.7mn to THB 90.3mn QoQ as a result of increased salary, commission and marketing expenses. 1Q 12/13 revenue increased greater than cost increased, consequently the operating EBITDA margin of the Media business reached at 47.7% compared to 43.9% in 4Q 11/12.

Contribution of Revenue (Media business)

Profit Margin (Media business)

1Q 12/13

5

Operating gross profit margin 5 (overall) Operating EBITDA margin (overall)

1Q 11/12

4Q 11/12

57.5%

62.8%

50.7%

47.7%

57.9%

43.9%

Gross profit margin excludes the cost of concession payable to BTSC

Our City Our Future

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Investor Relations Quarterly Review: Issue 9

BTS Group Holdings Plc th

1Q 12/13

(3 months ending 30 Jun 2012) (Ended June 2010)

PROPERTY AND SERVICES Property Business: Property revenue for the Group fell by 17.4% or THB 32.6mn YoY to THB 155.1mn. The decline in revenue was due to completion of the National Housing Association (NHA) contract (revenue recognised 1Q 12/13: THB 0mn,1Q 11/12: THB 31.8mn) as well as fewer units transferred from Abstracts Sukhumvit 66/1 (1Q 12/13: 10 units, 1Q 11/12: 18 units) offset by increased revenue from commercial real estate due to the opening of Eastin Grand hotel. Cost of revenues fell 15.5% or THB 21.8mn YoY to THB 118.8mn as a result of the lower revenues, however, property SG&A increased by THB 34.6mn or 49.2% due to payroll and marketing expenses related to newly completed Eastin Grand Hotel at Sathorn. Presold units as of Jun 2012 (Tower A)

Project Summary Type: Mid-High End Condominium Location: Phahonyothin Road, North Bangkok. 250m from new BTS station Site area : 33,420 sqm (20-3-55 rai)

Presold units 59%

#Units

Average selling price/sqm (between Apr – Jun 2012)

THB

Available units 41%

75,961

Tower A Tower B Tower C Total

Presold units as of Jun 2012

Average selling price/sqm (between Apr – Jun 2012)

THB

Presold units 67%

1,012 1,012 1,012 3,036

GFA (sqm) 62,091 62,091 62,091 189,273

NFA (sqm) 42,818 42,818 42,818 128,455

Project summary

Available units 33%

Type: Mid-High End Condominium Location : Sukhumvit Soi 66/1, East Bangkok. 250m from new BTS Udomsuk Site area : 3,160 sqm. (1-3-90 rai)

#Units

77,333

Bldg A Bldg B Bldg C Bldg D Total

Construction model and progress

99.2% completed

28 28 28 28 112

GFA (sqm)

NFA (sqm)

2,270 2,270 2,270 2,270 9,082

1,250 1,250 1,250 1,250 5,000

Project summary Type: Four Star Hotel Location : Sathorn Road, Direct access to BTS Surasak Site area : 3,828 sqm (2-1-57 rai) Construction completed: Apr 2012 Soft Opening: May 2012

Services Business: Our Services business saw 1Q 12/13 revenues increase by THB 5.1mn QoQ to THB 5.8mn. This increase was primarily driven by the sale of rabbit cards (common ticketing cards for Bangkok’s mass transit network plus retail e-payment card). There was also THB 19.9mn cost of revenues as well as THB 26.6mn SG&A expenses related to the establishment of the rabbit card and Carrot Rewards programme. Absolute Hotel Services Co. Ltd (AHS) continued with the acquisition of 3 new management contracts under U Hotels & Resorts brand in India during the period for the following properties i) U Tropicana Alibag, 140 keys (opening 2013) ii) U Manor, 150 keys (opening 2013) and iii) U Lonavala, 90 keys (opening 2014).

Our City Our Future

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Investor Relations Quarterly Review: Issue 9

BTS Group Holdings Plc th

1Q 12/13

(3 months ending 30 Jun 2012) (Ended June 2010)

BTS GROUP IN THE COMMUNITY The BTS Group is committed to improving the lives of people, through its vision of being a leading provider of mass transit services. The Group has also initiated many special Corporate Social Responsibility (CSR) projects in both Bangkok and other provinces of Thailand. Activities cover a broad spectrum of social concerns, with a focus on environmental impact. The Group continuously participates in community development in areas including religion, education, sport, public health and encourages staff involvement in all these efforts. 15 June 2012 BTS Group Thai Elephant Conservation Project and Elephant Medical Treatment Centre Project

On 15 Jun 12, there was a presentation of cash totaling THB 1.5mn comprising of donations by BTS passengers and contributions from the company to support the operations of the Thai Elephant Conservation Centre located in Lampang province, under the Royal patronage of HRH Princess Galyani Vadhana Krom Luang Naradhiwas Rajanagarindra, which provides care and assistance to injured elephants nationwide. In 2011-2012, the Company continued with the BTS Group Thai Elephant Conservation Project, providing support for the construction of a new hospital in Krabi. This new elephant hospital will be the center for providing first aid treatment to injured elephants, serving 14 provinces in the south of Thailand.

30 May 2012 The BTS SkyTrain organises 10th Sky Clinic

Bangkok Mass Transit System Public Company Limited (BTSC), the SkyTrain operator, in co-operation with the Thai Traditional Medicine College of Rajamangala University of Technology Thanyaburi, together with 10 leading private hospitals consisting of Vibhavadi, Deja, Hua Chiew, St. Louis, Kluaynamthai, Thainakarin, Mettapracharak, Chaophya, RSU Healthcare and Chulabhorn Hospital, organised the 10th Sky Clinic from 17th-20th May 2012 at BTS Phaya Thai Station. Aimed at honouring the memory of HRH Princess Galyani Vadhana Krom Luang Naradhiwas Rajanagarindra, the event provided over 20 types of free physical health checkups and this year primarily focused on heart, eyes and cancer examinations, with specialist doctors attending daily to give advice. At the opening ceremony a special presentation was made by an oncology specialist from Chulabhorn Hospital on the topic “ Liver Cancer can be prevented and detected at early stage”.

25 Apr 2012 A Helping Hand from Nuduan

Staff and BTS passengers led by Patchaneeya Sukchroen, Corporate Communications Director, BTS Group organised the 5th “Helping Hand from Nuduan” activity by providing food, and donating goods and necessities for children at Baan Kru Noi, Ratchburana, Bangkok.

Our City Our Future

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Investor Relations Quarterly Review: Issue 9

BTS Group Holdings Plc th

1Q 12/13

(3 months ending 30 Jun 2012) (Ended June 2010)

SUMMARY COVERAGE AND ANALYST RECOMMENDATIONS Company Name TISCO Krungsri Securities IV Global SCB Securities Asia Plus Securities Phillips Securities Kim Eng Securities Bualuang Securities Capital Nomura Phatra Securities Thanachart Securities Finansia Syrus JP Morgan Kiatnakin Securities KGI Securities KTZMICO Securities Sicco Securities DBS Vickers CIMB Securities Summary

Recommenda tion Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Outperform Buy Outperform Buy Buy Buy Neutral

Target Price

Report Date

0.95 1.11 1.00 0.94 0.90 0.92 0.96 1.27 0.92 1.20 1.02 0.92 0.86 0.82 0.82 0.98 0.98 0.84 0.75 Target Price

4-Jul-12 25-Jun-12 15-Jun-12 15-Jun-12 14-Jun-12 5-Jun-12 1-Jun-12 31-May-12 24-May-12 9-May-12 8-May-12 25-Apr-12 22-Feb-12 17-Feb-12 15-Feb-12 17-Nov-11 15-Nov-11 18-Aug-11 15-Aug-11

Average Max Min Source: Broker reports, Bloomberg, SETTrade

0.96 1.27 0.75

Sales

EBITDA Net Profit 2012/13E (THB mn) 9,129 4,190 1,463 9,786 5,121 1,384 10,208 1,457 10,035 3,587 1,278 10,352 4,189 1,393 10,659 4,445 1,588 9,717 5,244 1,622 10,712 4,138 1,240 9,792 4,686 1,217 12,432 5,670 2,276 11,662 5,318 1,560 10,574 4,706 1,640 9,579 4,305 1,355 10,314 2,487 1,101 9,884 4,694 1,346 11,332 4,706 1,478 10,454 4,764 1,087 8,476 3,646 1,035 10,330 4,489 1,649 Sales EBITDA Net Profit 2012/13E (THB mn) 10,166 4,395 1,383 12,432 5,670 2,276 8,476 2,487 1,035

Analyst Name Team Coverage Sittidath Prasertrungruang Rattana Leenutaphong Sirima Dissara Suwat Wattanapornprom Siam Tiyanont Jaroonpan Wattanawong Suppata Srisuk Raenoo Bhandasukdi Paveena Chewananth Saksid Phadthananarak Amnart Ngosawang Sukit Chawalitakul Benjapol Suthvanich Suchot Tirawannarat Terapatr Mathanukraw Pathompol Laowirayasak Sombat Agekavanpattana Monchai Jaturanpinyo

SHAREHOLDER CONTACT AND REFERENCE INFORMATION Shareholder Services:

Investor Relations

For any matters relating to your shareholding such as transfer of shares, change of name and address and loss of share certificates should be addressed in writing to the Registrar:

For enquiries from Institutional investors and securities analysts, please contact: Investor Relations Department, BTS Group Holdings Plc., 15F TST Tower, 21 ViphavadiRangsit Rd, Jompol, Jatujak, Bangkok 10900

The Thailand Securities Depository Co., Ltd. (TSD)

Telephone: Email:

62 The Stock Exchange of Thailand Building, Rachadapisek Road, Klongtoey, Bangkok 10110, Thailand Website: http://www.tsd.co.th Telephone: Facsimile: E-mail:

+66 2 2738525-6 ir@btsgroup.co.th

Financial Calendar: The Quarter Ahead Event End of 1Q 2012/13 1Q 2012/13 Earnings Released 1Q Earnings Review Meeting End of 2Q 2012/13 2Q 2012/13 Earnings Released 2Q 2012/13 Earnings Review Meeting

+66 (02) 229 2888 +66 (02) 654 5426 tsdcallcenter@set.or.th

Date 30 June 2012 9 August 2012 15 August 2012 30 September 2012 9 November 2012 14 November 2012

Notes: A B C D

Data as of 8 August 2012. Source: Company and Bloomberg Based on exchange rate of 31.513 as of 8 August 2012 Assumes no cost of concession payable by VGI to BTSC

E F G

Source: BTS Group Holding Public Co.Ltd. as of 29 June 2012 New par value (THB 4.0 per share) and number of new outstanding shares are effective on 7 Aug 2012 Source: Bloomberg, data as of 14 August 2012

Source: Bloomberg, data as of 8 August 2012

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.

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Investor Relations Quarterly Review: Issue 9