Investor Relations Quarterly Review: Issue 15

INVESTOR RELATIONS QUARTERLY REVIEW: ISSUE 15

BTS GROUP HOLDINGS PLC st

3Q 13/14

(3 months ending 31 DEC 2013) (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

Dear Investment Community, 11,908.6mn sharesG 57.5% THB 4.0 / ShareF THB 95.9bn / USD 2.9bnB THB 421.3mn / USD 12.8mnB BTS BTS TB / BTS.BK

REVENUE BY BUSINESS UNIT

MASS TRANSIT 25%

Politics continues to hog the Thai headlines. Political analysis is well covered elsewhere but suffice to say the consensus is will take several months until this standoff is resolved. This has and will have differing effects across our various businesses.

GROSS PROFIT BY BUSINESS UNITC

MEDIA 37%

MASS TRANSIT 28%

MEDIA 43%

Our Media business has proved less resilient in the face of domestic consumption slowdown and political disturbances as advertising budgets have been delayed or cut. Despite the lower-than-expected growth, the Company remains positive and views the current deceleration in domestic consumption and political disturbances as a temporary disruption. The outlook for FY 14/15 looks brighter as the full-year effects of revenue from capacity increases and new products are realised. VGI Global Media will benefit from a further 16% increase in train capacity from the full year effect of the 35 C-car trains and the five 4-car trains that were delivered earlier this year. In addition, the commencement of sales of new digital media such as Platform Truss LEDs, Platform Screen Doors and E-posters will generate full-year revenue in FY 14/15. Within Modern Trade Media, VGI recently extended its contract term of its advertising display concession with Big C Supercenter Pcl. for a period of 5 years.

SERVICES 1%

SERVICES 2%

PROPERTY 35%

Our Mass Transit business continues to demonstrate its resilience and growth characteristics. 3Q ridership surpassed historical records, up 7.1% YoY to 53.9mn passengers largely from organic growth and the 1 month effect of a new extension. In January, ridership continued to grow further, partly as commuters experienced protest-induced inconvenience on road-based transit and subsequently resorted to the BTS SkyTrain as an alternative mode of transport. We enter the final quarter of our fiscal year well placed to meet our Mass Transit targets. YTD (Jan 31) ridership growth is 8.9% and average fare increase is 6.5%. The Green line extension (Wongwian Yai S8 - Bang Wa S12) opened as scheduled in December 2013 so this will lead to improved O&M revenue in 4Q 13/14 and FY 14/15.

PROPERTY 27%

Source: Company

BTS last 12 months Share Price PerformanceA:

Although we can expect delays to the awards of certain new extension lines as a result of the dissolution of Parliament, the Group remains well placed to handle these economic and political challenges. The construction of the southern Green line continues with operation still scheduled for 2017 and construction of the northern Green line extension is also expected to start in November 2014. The Bangkok Metropolitan Administration is also undertaking feasibility and environmental studies for 2 new lines, the Grey line and Light Green line extension (see Management Outlook in MD&A for more details).

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

3 MO -8.74% -12.21% -7.76% 3.14% -4.80% -2.03% 1.58%

6 MO -2.91% -8.29% -9.46% 8.10% 0.71% 0.12% 6.41%

12 MO -0.60% 5.72% -12.92% 31.97% -5.39% 5.01% 18.64%

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

3 MO -3.45% -5.33% 0.46% 3.51% 2.07% 6.26%

6 MO -4.64% -7.23% -0.60% 4.86% 4.39% 11.25%

12 MO -0.23% 0.29% 3.19% 0.21% -0.26% -0.66%

Further, on 7 February 2014, the Company together with its consortium partner, CITIC Construction Co., Ltd. submitted a tender proposal for the concession to operate Beijing Subway Line 16 (29 stations, 50.0km). The bid result is expected to be announced within approximately 3 months. The Beijing city government is committed to expanding and improving efficiency of its urban rail network. BTS Group was invited to tender and we look forward to evaluating this as well as future opportunities in Beijing and elsewhere.

We also announced a Media business joint venture on 6 February 2014 aimed to increase our Thai network coverage and market share. Assuming fulfilment of all conditions precedent, this will mark VGI Global Media’s first expansion into the fast expanding roadside transit media segment and will become a vehicle for future growth.

Finally, on 6 February 2014, BTS Group paid its second interim dividend of THB 2,382.8mn in line with its policy to pay no less than THB 6bn, THB7bn and THB 8bn in FY13/14, 14/15 and 15/16, respectively.

Yours faithfully,

Daniel Ross Financial Director

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1

INVESTOR RELATIONS QUARTERLY REVIEW: ISSUE 15

BTS GROUP HOLDINGS PLC st

3Q 13/14

(3 months ending 31 DEC 2013) (Ended June 2010)

BTS GROUP FINANCIAL SUMMARY (CONSOLIDATED) INCOME STATEMENT (THB mn)

3Q 13/14

3Q 12/13

% YoY

2,115.5 389.0 2,504.4 936.7 432.3 1,300.9 874.6 133.8 42.8 1,044.4 438.5 156.8 449.0 0.0378

2,725.1 51.7 2,776.7 1,460.7 458.8 1,959.8 1,259.8 231.4 646.0 1,271.9 314.1 62.2 895.5 0.0854

-22.4% 653.0% -9.8% -35.9% -5.8% -33.6% -30.6% -42.2% -93.4% -17.9% 39.6% 152.1% -49.9% -55.7%

BALANCE SHEET (THB mn)

30 DEC 13

31 MAR 13

% Change

Cash and cash equivalents Current investments Trade and other receivables Real estate development costs-net Non-current assets classified as held for sale Other current assets Total current assets Investments in associates Other long-term investment-net Land and projects awaiting development-net Investment in properties - net Property, plant and equipment-net Other non-current assets Total non-current assets Total assets Short-term loan from financial institution Trade accounts 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 debentures-net of current portion Long-term provision - related party Deferred tax liabilities Other non-current liabilities Total non-current liabilities Total liabilities Registered Share (mn shares) Issued and fully paid capital Share premium (discount) Share subscriptions received in advance Deficit on business combination under common control Surplus (deficit) from the changes in the ownership interests in subsidiaries Other component of shareholder's equity Retained earnings Equity attributable to company's shareholders Non-controlling interest - equity attributable to minority Total shareholders' equity Total liabilities and shareholders' equity

10,997.7 24,131.7 1,382.9 2,480.1 1,089.5 40,081.9 14,023.3 7,754.1 263.2 3,074.3 11,463.8 3,849.9 40,428.6 80,810.5 1,900.1 4.0 3,605.4 3,033.5 8,543.0 236.0 2,806.1 1,027.9 3,060.6 1,202.3 8,332.9 16,875.9 15,913.1 47,656.9 1,797.2 (3,372.0)

3,513.3 993.8 945.6 3,510.3 42,123.1 1,132.3 52,218.4 10.0 367.5 2,867.6 9,590.8 1,976.7 14,812.7 67,031.1 1,117.0 1,862.1 1,967.2 2,078.7 1,996.9 9,021.9 396.7 6,401.0 101.0 608.8 7,507.5 16,529.4 11,986.4 44,426.5 1,486.1 1,295.6 (3,372.0)

213.0% 2328.2% 46.2% -29.3% N/A -3.8% -23.2% 140133.0% 2010.0% N/A 7.2% 19.5% 94.8% 172.9% 20.6% N/A 2.0% -99.8% 73.4% 51.9% -5.3% -40.5% -56.2% N/A 2930.3% 97.5% 11.0% 2.1% 32.8% 7.3% 20.9% N/A 0.0%

6,339.7

3,357.5

88.8%

3,613.2 5,752.4 61,787.4 1,847.2 63,634.6 80,810.5

3,663.5 (2,271.2) 48,586.1 1,915.7 50,501.7 67,031.1

-1.4% -353.3% 27.2% -3.6% 26.0% 20.6%

Operating revenue Other recurring income Total recurring revenue Operating costs Operating selling and administrative expenses EBITDA Operating EBITDA Finance cost Non-operating gain (loss) EBT Income tax Minority interests Net income (loss) to equity holders of the parent EPS (THB per share)

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2

INVESTOR RELATIONS QUARTERLY REVIEW: ISSUE 15

BTS GROUP HOLDINGS PLC st

3Q 13/14

(3 months ending 31 DEC 2013) (Ended June 2010)

BTS GROUP FINANCIAL SUMMARY (CONSOLIDATED) CASH FLOW STATEMENT FOR THE SIX MONTHS (THB mn) EBT Plus Profit before tax from discontinued operation Total Cash from (used in) operating activities Cash paid for interest expenses Cash paid for corporate income tax Returning of withholding tax Cash received for interest income Net cash from (used in) operating activities Net cash used in investing activities Net cash from (used in) financial activities Increase (decrease) in translation adjustment Net increase (decrease) in cash Cash at beginning of the period Cash at the end of the period

9M 13/14

9M 12/13

% YoY

16,736.4

1,113.9

1402.5%

30.4

1,359.5

-97.8%

16,766.7 3,126.3 (380.4) (622.8) 57.1 720.7 2,901.0 13,313.5 (8,730.9) 0.8 7,484.4 3,513.3 10,997.7

2,473.4 4,405.3 (803.1) (333.7) 26.5 26.4 3,321.3 3,783.7 (5,923.6) 1.9 1,183.2 1,333.2 2,516.5

577.9% -29.0% -52.6% 86.6% 115.5% 2629.9% -12.7% 251.9% 47.4% -57.9% 532.6% 163.5% 337.0%

3Q 13/14 55.7% 20.4% 41.3% 54.0% 40.0% 22.5% 25.1% 18.4% 23.8%

3Q 12/13* 46.4% 16.8% 46.2% 56.1% 22.5% 11.2% 27.4% 3.1% 4.9%

2Q 13/14 53.2% 19.1% 39.4% 55.6% 36.4% 28.3% 38.0% 19.7% 25.7%

0.21x 0.27x (0.07 x) (1.04 x) 6.54x

0.26x 0.35x 0.21x 2.15x 5.44x

0.21x 0.27x (0.01 x) (0.08 x) 5.29x

0.0378 0.049 (0.046) 8.51 5.35

0.0854 0.180 0.135 8.54 4.60

0.0831 0.134 0.046 8.88 5.21

KEY FINANCIAL RATIOS PROFITABILITY RATIOS Gross operating profit margin (%) Selling and administrative expenses to operating sales ratio (%) Operating EBITDA margin (%)A Accounting EBITDA margin (%) Recurring pre-tax profit margin (%)B Net recurring profit margin (%)B Accounting net profit margin (%)C ROA (%)D ROE (%)E LEVERAGE RATIOS Total liabilities to total asset (times) Total liabilities to total equity (times) Net debt to equity (times) Net debt to operating EBITDA (times) Interest coverage (times)F PER SHARE RATIOSG Basic 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)

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NOTE:

* Includes profit from discontinued operation A Excludes non-operating items and interest income B Calculated based on recurring profit (before MI) / total recurring revenue C Calculated based on accounting net profit (before MI) / total accounting revenue D Calculated based on accounting net profit (before MI) / average total assets E Calculated based on accounting net profit (before MI) / average total shareholders’ equity F Calculated based on operating EBITDA / finance cost G Calculated based on weighted average number of shares at par value of THB 4.0 per share

3

INVESTOR RELATIONS QUARTERLY REVIEW: ISSUE 15

BTS GROUP HOLDINGS PLC st

3Q 13/14

(3 months ending 31 DEC 2013) (Ended June 2010)

FINANCIAL HIGHLIGHTS        

New historical record for quarterly ridership; 53.9mn trips in 3Q 13/14, representing 7.1% growth YoY Quarterly average fare also increased 7.1% YoY to THB 26.8 per trip Fare-box revenue reached the highest one-day record at THB 23.2mn on 22 December 2013 Quarterly O&M revenue rose 35.7% YoY or THB 96.7mn to THB 367.3mn Revenue for Media business of THB 798.2mn in 3Q 13/14, representing 6.5% growth YoY Property business net operating profit of THB 104.5mn in 3Q 13/14, an increase of 101.4mn YoY Recurring pre-tax profit margin improved to 40.0%, compared to 22.5% in 3Q 12/13 Net recurring profit improved 80.6% YoY to THB 563.1mn in this quarter

Note: On 17 April 2013, Bangkok Mass Transit System Plc (BTSC) sold the future net fare-box revenues under its concession contract with the Bangkok Metropolitan Administration for the BTS SkyTrain Core Network (original mass transit line in Bangkok, covering 23 stations in Sukhumvit and Silom lines, with a combined track length of 23.5km) to BTS Rail Mass Transit Growth Infrastructure Fund (BTSGIF). Although the transaction occurred in 1Q 13/14, in accordance with TFRS5 - Non-current Assets Held for Sale and Discontinued Operations, the Company is required to separately present the assets, liabilities and profitability of the asset held for sale in the financial statements. As such, in the balance sheet as at 31 March 2013, “Elevated rail project costs” have been re-classified to “Non-current assets held for sale”, and revenue net of costs and expenses from the Core network have been presented as a single line item ‘profit from discontinued operations’ within the Income Statement. For more information, please refer to Note 21 to 3Q 13/14 financial statements.

3Q 13/14 QUARTERLY PERFORMANCE BTS Group Holdings Public Company Limited (“BTSG” or the “Company”) and subsidiaries (together, the “Group”) recorded consolidated total revenue of THB 2,410.7mn in 3Q 13/14. This represented an increase of 7.9% (or THB 177.2mn) from THB 2,233.6mn in 3Q 12/13. The increase was primarily due to the higher O&M income from additional service income from the Silom line extension, stronger Property operating performance and higher interest income of THB 307.8mn mainly earned from sales proceeds from BTSGIF. Despite the improved YoY performance of Media, Property and Services Business sectors, operating revenue1 (which already includes share of net profit in BTSGIF of THB 156.6mn) fell by 22.4% YoY to THB 2,115.5mn from the sale of Net fare-box revenues to BTSGIF. Revenues from the Mass Transit, Media, Property and Services businesses accounted for 24.8%, 37.7%, 35.4% and 2.1% of total operating revenue, respectively.

Operating Revenue1 (THB mn)

3Q 13/14

% of Total1

3Q 12/13

% of Total1

% Change (YoY)

3Q 13/14 Margin4

3Q 12/13 Margin4

Mass Transit2

523.8

24.8%

1,529.4

56.1%

(65.7%)

62.5%

43.2%

Media

798.2

37.7%

749.2

27.5%

6.5%

64.1%

60.3%

Property

748.6

35.4%

429.5

15.8%

74.3%

43.3%

37.5%

Services

44.8

2.1%

16.9

0.6%

164.8%

35.2%

N/A

TOTAL1

2,115.5

100.0%

2,725.1

100.0%

(22.4%)

55.7%

46.4%

3

Total consolidated expenses reached THB 1,390.5mn in 3Q 13/14, an increase of THB 271.8mn or 24.3% YoY largely from the higher cost of sales of real estate.

Operating costs decreased by 35.9% YoY to THB 936.7mn largely from the reduction in costs related to the core network sold to BTSGIF, which offset the increase in operating costs of Property and Services Businesses (see segmental performance for more details). As a result of cost efficiency and the one-third investment of the units in BTSGIF, the Group operating gross profit margin4 improved to 55.7% from 46.4% in the previous year. Although operational performance in Media, Property and Services businesses improved, the Group operating EBITDA5 margin still declined from 46.2% in 3Q 12/13 to 41.3% this quarter due to the higher proportion contribution of lower margin Mass Transit O&M and Property businesses. SG&A expenses increased by 35.8% YoY or by THB 117.1mn to THB 444.2mn mainly from Mass Transit and Property business sectors. However, this portion did not include SG&A expenses of THB 199.7mn in relation to the sales of net fare-box revenue to BTSGIF which decreased to THB 0.0mn as presented in NTFS 21 in the Financial Statement.

Due to the improved operational performance, the recognition of share of net profit in BTSGIF, the increase in interest income as well as a reduction in finance costs of THB97.6mn, recurring pre-tax profit margin6 for this quarter improved to 40.0% from 22.5% in 3Q 12/13. Although the Company recorded an increase in consolidated income tax to THB 438.5mn, mainly from tax expenses related to BTSC capital reduction which occurred in November 2013, net recurring profit improved 80.6% YoY to THB 563.1mn in this quarter. Taking into account all the aforesaid transactions, the Group recorded a consolidated profit of THB 605.9mn (decreasing 36.7% YoY) and profit attributable to the equity holders of the Company of THB 449.1mn (decreasing 49.9% YoY).

1

Operating revenue from the operational performances from 4 BUs and share of net profit (loss) from BTSGIF, EXCLUDES interest income, and non-recurring items

2

Mass Transit revenues include: i) ii)

Share of net profit (loss) from BTSGIF (included in ‘share of income (loss) from investments in associates’ in Statement of comprehensive income) Service Income from Train & Bus Operation Management (included in ‘service income’ under ‘revenues from providing of train op eration services’)

3

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.

4

Operating gross profit margin calculated based on the operational performances from 4 BUs and share of net profit (loss) from BTSGIF

5

Operating EBITDA calculated based on the operational performances from 4 BUs, share of net profit (loss) from BTSGIF, EXCLUDES non-recurring items which are dividend income, interest income, gain from sales of net fare-box revenue to BTSGIF, other non-recurring items 6

Recurring profit calculated based on the operational performances from 4 BUs, share of net profit (loss) from BTSGIF and AHS, as well as including other recurring items which are interest income and other recurring items (before MI)

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4

INVESTOR RELATIONS QUARTERLY REVIEW: ISSUE 15

BTS GROUP HOLDINGS PLC st

3Q 13/14

(3 months ending 31 DEC 2013) (Ended June 2010)

BALANCE SHEET AND CASH FLOW Total assets as of 31 December 2013 stood at THB 80,510.5mn, a 19.6% increase from 31 March 2013. Total current assets reduced by 23.2% to THB 40,081.9mn mainly due to the de-recognition of non-current assets held for sale of THB 42,123.1mn from the Group balance sheet, in accordance with TFRS 5 following the sale of future net fare-box revenues. This was partially offset with i) the increase in cash by THB 7,484.4mn and ii) the increase in current investments by THB 23,137.9mn, reflecting the treasury management of sales proceeds from BTSGIF. Total non-current assets rose by 168.2% to THB 40,428.6mn largely from the increase in i) investment in associates by THB 14,013.3mn (primarily from the Group’s investment in one-third of the units of BTSGIF) and ii) other long-term investments by THB 7,386.6mn, largely from the investment in fixed deposits of THB 3,136.4mn and unsubordinated debentures (the long-term portion of THB 3,045.4mn of sales proceeds from BTSGIF were placed at a financial institution in order to secure the principal and interest payment obligations with respect to BTSC’s Long Term Debentures).

Total liabilities increased from 31 March 2013 by 0.5% or THB 86.7mn to stand at THB 16,875.9mn largely due to i) deferred tax liabilities which increased by THB 2,699.8mn in accordance with TAS12 Income Taxes, ii) provision for future liabilities from Special Business Tax levied on BTSGIF, to be absorbed by the Company of THB 1,073.2mn, and iii) income tax payable of THB 839.0mn largely from tax expenses related to BTSC capital reduction, which offset with the effect of iv) the repayment of bank loans (THB 3,241.0mn) and v) the second tranche repayment of BTSC debenture (THB 2,081.3mn) in Aug 2013. Total equity increased by THB 13,132.9mn or 26.0% to THB 63,634.6mn. This increase was attributable to i) increase in retained earnings of THB 7,467.8mn largely from the gain from the sale of future net fare-box revenues to BTSGIF, ii) increase in surplus from the changes in the ownership interests in subsidiaries of THB 3,528.5mn mainly from the sale of investment in subsidiary (VGI)7 and iii) increase in paid-up capital by THB 3,230.4mn to THB 47,656.9mn resulting from the issuance of additional 807.6mn ordinary shares from the exercise of BTS-W2 and BTS-WA. As of 31 December 2013, total issued and fully paid-up shares stood at 11,914.2mn shares.

For the nine months period ended 31 December 2013, net cash from operating activities declined 12.7% to THB 2,901.0mn compared to THB 3,321.3mn in the previous year. Key contributors of the decrease were the sales of net fare-box revenue to BTSGIF. Net cash from investing activities stood at THB 13,313.5mn from THB 3,783.7mn last year. Key items include the proceeds from the sale of net fare-box revenue to BTSGIF, the reinvestment in BTSGIF units and the treasury management of surplus cash proceeds from the sale. Net cash used in financing activities was THB 8,730.9mn compared to THB 5,923.6mn last year, mainly from debt repayment of THB 5,322.3mn and dividend payment of THB 4,738.5mn, offset with cash received from exercised warrants of THB 2,237.5mn.

As a result, the consolidated cash flow statements showed an increase of THB 7,484.4mn in cash and cash equivalents to THB 10,997.7mn from the previous year from THB 3,513.3mn as of 31 March 2013.

7

The gain on sale of VGI shares was recorded in the consolidated balance sheet as equity under “surplus from the changes in the ownership interests in subsidiaries” but not recorded in the profit & loss account, as the changes in the Company's ownership interest in a subsidiary do not result in a loss of control.

SEGMENTAL PERFORMANCE

MASS TRANSIT Total Mass Transit2 revenue has dropped 65.7% YoY to THB 523.8mn. As a result of the sale of net fare-box revenue to BTSGIF, fare-box revenue (from THB 1,258.8mn), cost of fare-box (from THB 672.7mn) and SG&A related to core network (from THB 122.9mn) all decreased 100.0% YoY to THB 0.0mn. Train operating & management (O&M) income increased YoY by 35.7% or THB 96.7mn to THB 367.3mn.

In order to enable analysis of underlying performance on a comparable basis to previous quarters, the following section analyses fare-box revenues, O&M revenues and their associated costs and SG&A for the full quarters of 3Q 13/14 and 3Q 12/13 irrespective of whether BTSG or BTSGIF had the rights to such revenues.

Total revenue from the Mass Transit business increased by 18.4% YoY to THB 1,810.5mn supported by an increase in fare-box revenue and an increase O&M income. Fare-box revenue increased 14.7% (or THB 184.5mn) to THB 1,443.2mn on account of ridership growth (up 7.1% YoY to 53.9mn trips) and the increased average fare (which rose by 7.1% YoY to THB 26.8 per trip, following the recent fare hike on 1 June 2013). Key ridership growth factors included organic growth and the commencement of 4 stations (from Wongwian Yai – Bang Wa) of the Silom line extension, which fed more passengers to the Core Network. To accommodate the increasing patronage, the Company introduced additional carriages into service (all trains on the Sukhumvit line were extended from 3-car trains to 4-car trains since May 2013 and two of the new five 4-car trains which became available for service in December 2013). Income from train operating management rose by 35.7% or THB 96.7mn YoY to THB 367.3mn, mainly attributable to the additional service income from the Silom line extension (full quarter effect from Pho Nimit (S9) to Talat Phlu (S10) and partial income from Wutthakat (S11) and Bang Wa (S12), which opened on 5 December 2013).

Cost of Mass Transit revenue, including SG&A, rose by 8.2% or THB 80.8mn YoY to THB 1,072.0mn, tied to higher ridership. Key cost items were cost of farebox which increased in line with the ridership growth and depreciation recorded (from higher ridership and new trains). As costs and SG&A increased less than the revenue growth, this led to the improvement in operating EBITDA margin to 65.4% in 3Q 13/14 (versus 59.3% in 3Q 12/13).

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5

INVESTOR RELATIONS QUARTERLY REVIEW: ISSUE 15

BTS GROUP HOLDINGS PLC st

3Q 13/14

(3 months ending 31 DEC 2013) (Ended June 2010) 3Q 13/14

3Q 12/13

% YoY

53.9

50.3

7.1%

620,681

608,564

2.0%

26.8

25.0

7.1%

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

Historical Quarterly Ridership (mn trips / quarter) 1.6%

55.0

Historical Quarterly Average Fare (THB / trip)

6.5%

-1.6%

-0.4%

0.6% 10. 0%

PASSENGERS (MN)

-90.0%

50.3

-140.0%

45.0

-190.0%

4Q 12/13

1Q 13/14

Quarterly ridership

2Q 13/14

3Q 13/14

Passenger Growth (QoQ)

26.8 -40.0%

25.3

25.0

24.7

% CHANGE (QoQ)

% CHANGE (QoQ)

51.1

50.0

1.1% 10. 0%

26.5 -40.0%

3Q 12/13

4.7%

2.4%

53.9

53.5

50.3

-1.2%

27.5

AVERAGE FARE (THB/TRIP)

1.9%

22.5

-90.0%

-140.0%

17.5

-190.0%

3Q 12/13

4Q 12/13 Average Fare (THB/trip)

1Q 13/14

2Q 13/14

3Q 13/14

Average Fare Growth (QoQ), RHS

ggg

MEDIA Our Media business revenue rose 6.5% (or THB 49.0mn) YoY to THB 798.2mn. Factors contributing to our Media revenue came from the revenue growth in BTS-related Media.

BTS-related Media revenue was THB 435.0mn, representing growth of 17.8% or THB 65.6mn YoY. This was mainly due to i) increase in the On-Station revenue from Platform Truss LEDs project (transforming static media to digital media) which began to sell since November 2013, ii) increase from higher rent for longterm contracts of merchandising space on the BTS stations which became effective this year, along with iii) the increased occupancy of small rental shops on the stations, which grew with increased ridership.

Revenue from Modern Trade Media reached THB 319.3mn, a decline of 4.1% or THB 13.8mn YoY. The decrease was primarily the impact from economic slowdown and political protests, which consequently led to weakened domestic consumption and postponed advertising spending.

Office Building & Other Media revenue reached THB 43.9mn, decreasing 6.0% YoY or THB 2.8mn. Again, this was due to economic slowdown and political unrest, which consequently led to delayed advertising spending.

Cost of revenue decreased 3.6% or THB 10.6mn YoY to THB 286.7mn and Media SG&A fell by 1.3% or THB 1.3mn YoY to THB 97.7mn primarily from the lower revenue shared to Modern Trade partners which decreased in line with Modern Trade Media revenue. As a result of the improvement in overall operational performance and economies of scale in BTS-related Media, the operating EBITDA margin of the Media business grew to 54.4% in 3Q 13/14 (50.9% in 3Q 12/13).

CONTRIBUTION OF REVENUE (MEDIA BUSINESS) 6%

6%

6%

OFFICE BUILDINGS

40%

44%

43%

MODERN TRADE

54%

49%

50%

3Q 13/14

3Q 12/13

2Q 13/14

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OPERATING PROFIT MARGIN (MEDIA BUSINESS)

BTS RELATED MEDIA

3Q 13/14

3Q 12/13

2Q 13/14

* Operating gross profit margin (overall)

64.1%

60.3%

62.8%

Operating EBITDA margin (overall)

54.4%

50.9%

53.3%

*

Operating gross profit margin excludes the cost of concession payable to BTSC

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INVESTOR RELATIONS QUARTERLY REVIEW: ISSUE 15

BTS GROUP HOLDINGS PLC st

3Q 13/14

(3 months ending 31 DEC 2013) (Ended June 2010)

PROPERTY Property operating revenue grew by THB 319.1mn YoY to THB 748.6mn. The increase was mainly driven by sales of real estate of THB 444.1mn (largely in relation to 131 transferred units of Tower A from Abstracts Phahonyothin Park, which started transferring in December 2012) and revenue of THB 139.2mn from Eastin Grand Hotel operations at Surasak BTS SkyTrain station, which had its grand opening in October 2012. Presales of Abstracts condominium projects reached 89% as of 31 December 2013.

Operating cost rose at a lower rate than operating revenues. An increase of THB 156.1mn YoY to THB 424.6mn was mainly from costs from transferred units of Abstracts Phahonyothin Park and costs related to Eastin Grand Hotel. Property SG&A expenses increased by THB 52.1mn or 34.2% YoY to THB 204.2mn mainly driven by expenses related to transfers from Abstracts Phahonyothin Park, including transfer fees, marketing expenses, sales commission as well as operating expenses related to Chef Man Restaurants. Due to the improved operating performance, the Property business proved to be profitable this quarter, with operating EBITDA margin improving to 21.2% and net operating profit reaching THB 104.5mn.

PROJECT SUMMARY

PRESOLD UNITS AS OF 30 DEC 13

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

Average selling price/sqm (between Sep – Dec 2013) THB 86,480

Tower A Tower B Tower C Total

#Units

GFA (sqm)

NFA (sqm)

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

62,091 62,091 62,091 189,273

42,818 42,818 42,818 128,455

Presold units 89%

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

Average selling price/sqm (between Sep – Dec 2013) THB 76,083

Bldg A Bldg B Bldg C Bldg D Total

#Units 28 28 28 28 112

GFA (sqm) 2,270 2,270 2,270 2,270 9,082

PROJECT SUMMARY

Available units 11%

NFA (sqm) 1,250 1,250 1,250 1,250 5,000

AVERAGE OCCUPANCY RATE

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

Average occupancy rate (Sep – Dec 2013) 85%

Official Launch: Oct 2012

SERVICES 3Q 13/14 Services business revenue increased YoY by THB 27.9mn to THB 44.8mn. This increase was primarily due to the growth in royalty fee incurred from the co-ordination between the Company and the business partner in issuance of the co-branded Rabbit card. The co-branded Rabbit card still maintains its functions in common ticketing cards for Bangkok’s mass transit network and retail e-payment card. The co-branded Rabbit has been launched since March 2013. As of December 2013, over 2 million Rabbit cards were issued, exceeding the target number of issued cards for FY 13/14. However, there was also THB 29.0mn cost of revenue as well as THB 29.2mn SG&A expenses. Key cost items were depreciation (for hardware, software and machines) and staff cost.

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INVESTOR RELATIONS QUARTERLY REVIEW: ISSUE 15

BTS GROUP HOLDINGS PLC st

3Q 13/14

(3 months ending 31 DEC 2013) (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.

09 NOV 2013 BTSG PRESENTS ANNUAL SCHOLARSHIP BTS Group Holdings Public Company Limited (BTSG) hosted the annual scholarship presentation ceremony for deserving students who currently lack proper means of support and further educational opportunities. 54 scholarships of THB 4,000 each as well as sports equipment were presented to 5 schools after the Tod Kathin ceremony at Wat Kiriwiharn in Trat province.

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INVESTOR RELATIONS QUARTERLY REVIEW: ISSUE 15

BTS GROUP HOLDINGS PLC st

3Q 13/14

(3 months ending 31 DEC 2013) (Ended June 2010)

SUMMARY COVERAGE AND ANALYST RECOMMENDATIONS Company Name

Recommenda tion

Target Price

Report Date

Sales*

Kim Eng Securities Bualuang Securities Krungsri Securities TISCO Phillip Securities BofA Merril Lynch JP Morgan Thanachart Securities IV Global Credit Suisse Macquaries / Ksec KTZMICO Securities SCB Securities Trinity Securities Finansia Syrus Asia Plus Securities UBS Summary

Buy Buy Buy Buy Buy Neutral Buy Buy Buy Buy Underperform Buy Buy Buy Buy Buy Buy

11.50 10.00 10.70 9.60 9.90 8.20 9.50 10.00 11.50 11.20 6.80 9.80 10.30 10.80 10.50 12.25 9.50 Target Price

11-Feb-14 11-Feb-14 11-Feb-14 10-Feb-14 7-Feb-14 4-Feb-14 2-Feb-14 6-Jan-14 25-Dec-13 3-Dec-13 20-Nov-13 15-Nov-13 11-Nov-13 11-Nov-13 11-Nov-13 11-Nov-13 6-Sep-13

7,648 8,054 8,124 7,601 8,093 8,375 6,910 8,946 6,533 8,841 7,643 8,737 7,635 7,509 8,541 9,162 8,122 Sales*

Average Max Min Source: Broker reports, Bloomberg, SETTrade

10.12 12.25 6.80

8,028 9,162 6,533

EBITDA* Net Profit* 2013/14E (THB mn) 2,725 2,170 2,923 2,026 4,547 2,476 3,786 2,788 3,481 2,246 3,080 2,637 2,811 2,270 3,084 2,650 2,034 1,987 3,446 2,572 3,823 2,743 3,021 2,386 4,231 2,345 2,574 2,204 5,214 2,004 4,260 2,914 2,966 2,517 EBITDA* Net Profit* 2013/14E (THB mn) 3,412 2,363 5,214 2,788 2,034 1,987

Analyst Name Jaroonpan Wattanawong Suppata Srisuk Sittidath Prasertrungruang Monchai Mokaranuraksa Siam Tiyanont Kaseedit Choonnawat Sumedh Samant Saksid Phadthananarak Rattana Leenutaphong Warayut Luangmettakul Chak Reungsinpinya Raenoo Bhandasukdi Sirima Dissara Duladeth Bik Amnart Ngosawang Suwat Wattanapornprom Eric Lin

*Excludes non-recurring items

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 3Q 2013/14 Earnings Released Analyst Meeting for 3Q 2013/14 End of FY 2013/14 FY 2013/14 Earnings Released Analyst Meeting for 4Q and FY 2013/14

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

Date 10 February 2014 13 February 2014 31 March 2014 23 May 2014 28 May 2014

Notes: A

E

B

F

Data as of 11 February 2014. Source: Company and Bloomberg Based on exchange rate of 32.792 as of 10 February 2014 C Assumes no cost of concession payable by VGI to BTSC D Source: Bloomberg, data as of 11 February 2014

Source: BTS Group Holding Public Co.Ltd. as of 6 February 2014 New par value (THB 4.0 per share) and numbers of new outstanding shares are effective since 7 Aug 2012 G Source: BTS Group Holding Public Co.Ltd. as of 6 February 2014 H Source: Bloomberg, data as of 11 February 2014

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.

prepared by Investor Relations department BTS Group Holdings PCL

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