Investor Relations Quarterly Review: Issue 5

Investor Relations Quarterly Review: Issue 5

BTS Group Holdings Plc th

1Q 11/12

(3 months ending 30 June 2011)

AT A GLANCE

FROM THE EDITOR

Share Information1 Shares Outstanding Free Float5 Par Value Market Capitalisation 4 YTD daily traded value Stock Identifiers Stock Exchange Symbol Bloomberg / Reuters Bond Identifiers

Dear Investment Community, 57,188.3mn shares 51.02% THB 0.64 / Share THB 39.5bn/ USD 1.31 bn2 2 THB 282.7mn/ USD 9.37 mn BTS BTS TB / BTS.BK ISIN XS0580087376

Revenue by Business Unit

Gross Profit by Business Unit

3

Operational performance in 1Q 11/12 kicked off from last year with continued growth in our Core businesses. Ridership grew 38.8% YoY mainly on account of the low base effect (political disturbances in 1Q 09/10) but also grew 0.2% QoQ despite 1Q typically seeing seasonal declines. June YoY growth of 16% means we are in line with our full year forecast of 15% ridership growth, particularly with the On nut – th Bearing extension opening due on August 12 . Our Media business once again posted record revenues and profitability following a 31.7% increase in revenues QoQ and the Group saw the first contribution from its Abstracts condominium brand with the transfer of the first 18 units at Abstracts Sukhumvit 66/1.

The election of a new government dominates current headlines as the business community grapples to understand the impact of a Pheu Thai led coalition Government on the economy. Thailand’s first female Prime Minister and cabinet was endorsed in August 2011 and the Pheu Thai party has once again re-affirmed its commitment to transportation projects.

Standout proposed policies that may be considered to affect the BTS Group business include the (i) flat THB 20 fare for rail travel and (ii) increase in the minimum wage. With regards to these, the BTS Group will closely observe any developments and stand ready to support the Government in pursuit of any social policies but firmly expects that any agreements will not have any detrimental effect on the Company’s rights under its Concession Agreement. Further, as employed staff of BTS fall within in a higher wage bracket, the proposed minimum wage hike will not impact us materially.

However, there may be some minor passing through of costs through some of the outsourced workers such as contract cleaning and security guards.

Source: Company 1

BTS last 12 months Share Price Performance :

Equity Markets4 BTS TB SET Transport Index SET Index NIKKEI 225 HANG SENG FTSE 100 S&P 500 Currency Markets4 USD vs THB EUR vs THB THB vs JPY THB vs HKD THB vs SGD THB vs GBP

3 MO -11.84% -12.25% -3.23% -7.94% -15.22% -13.79% -13.60% 3 MO 0.84% 1.13% 4.69% -1.23% 0.74% -1.56%

6 MO -6.94% -5.56% 10.69% -14.77% -12.88% -13.81% -11.30% 6 MO 3.01% -2.48% 5.46% -3.10% 2.47% -2.17%

12 MO -23.86% -16.59% 21.88% -5.36% -7.87% -3.48% 4.59% 12 MO 0.54% -6.35% 5.32% -0.92% 5.43% 3.58%

On July 26th, our shareholders approved the payment of a final dividend of Baht 0.02264 per share to supplement the interim dividend of Baht 0.0129 per share. Based on the BTS share price as of August 8th, this is equivalent to a dividend yield in excess of 5% per annum. Also the Group’s first ESOP scheme which now forms part of a comprehensive incentive package to our employees was approved.

Politics aside, the growth trend in ridership is expected to continue unabated in the next quarter. Most significantly, the On nut – Bearing extension will commence operation on 12th August on the occasion of H.M. Queen Sirikit’s birthday and will contribute to further growth in ridership on our Core Network as well as supplement O&M income. Further, we expect continued growth in our Media business in line with our full year growth forecasts and our property income profile will also be aided by further transfer of units at Abstracts Sukhumvit 66/1.

Yours faithfully,

Daniel Ross Financial Director

Our City Our Future

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Investor Relations Quarterly Review: Issue 5

BTS Group Holdings Plc st

1Q 11/12

(3 months ending 30 June 2011)

BTS GROUP FINANCIAL SUMMARY (CONSOLIDATED) Income Statement (THB mn) Operational revenue Other operational income Total revenue Operational costs Selling and Administrative expenses Income (loss) from investment in associates Operational EBIT Finance cost Non-operational gain (loss) 5 EBT Income tax Minority interests Net income attributable to equity holders of the parent EPS (THB per share)

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

5

1Q 11/12

1Q 10/11

% YoY

4Q 10/11

% QoQ

1,692.7 45.2 1,737.9 874.9 336.2 (2.7) 524.1 353.5 28.9 199.5 42.5 20.6

1,192.5 22.7 1,215.2 642.3 253.6 (1.0) 318.2 450.5 (105.5) (237.8) 17.9 9.8

41.9% 99.2% 43.0% 36.2% 32.6% N.A. 64.7% -21.5% N.A. N.A. 137.0% 110.7%

1,581.6 107.1 1,688.7 895.7 301.9 1.3 492.4 463.6 (47.5) (18.7) 23.3 22.8

7.0% -57.8% 2.9% -2.3% 11.4% N.A. 6.4% -23.8% N.A. N.A. 82.2% -9.7%

136.3 0.0024

(265.5) (0.0048)

N.A. N.A.

(64.9) (0.0012)

N.A. N.A.

30 June 2011

31 March 2011

2,103.1

1,825.4

%QoQ 15.2%

731.4 2,856.8 936.2 6,627.5 44,283.4 2,812.9 2,327.5 5,592.5 3,020.6 58,036.9 64,664.4 500.0 413.4 3,069.9 3,983.3 2,031.1 11,914.8 8,560.5 9,063.4 23,009.3 26,992.6 36,600.5 350.7 (1,684.7) 363.9 35,630.4 2,041.4 37,671.8 64,664.4

571.9 2,947.7 948.2 6,293.3 44,443.0 2,692.9 5,337.5 5,059.4 57,532.9 63,826.2 500.0 267.5 21,155.7 (18,261.5) 3,661.7 1,785.3 11,906.6 8,486.8 8,963.2 22,655.0 26,316.7 35,769.1 (1,821.1) 481.7 34,429.8 3,079.7 37,509.5 63,826.2

27.9% -3.1% -1.3% 5.3% -0.4% 4.5% 100.0% 4.8% -40.3% 0.9% 1.3% 0.0% 54.6% -100.0% N.A. 8.8% 13.8% 0.1% 0.9% 1.1% 1.6% 2.6% 2.3% N.A. N.A. -24.5% 3.5% -33.7% 0.4% 1.3%

Non-operational gain (loss) items are gain on exchange and expenses relating to business combination under common control

Our City Our Future

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Investor Relations Quarterly Review: Issue 5

BTS Group Holdings Plc st

1Q 11/12

(3 months ending 30 June 2011)

BTS GROUP FINANCIAL SUMMARY (CONSOLIDATED) Cash Flow Statement (THB mn)

1Q 11/12

4Q 10/11

%QoQ

199.5

(31.1)

N.A.

69.9

70.8

-1.3%

250.6 342.0 (288.6) 96.0 (189.4) (23.1) 4.7 471.0

256.5 461.8 (275.9) 558.6 (484.8) (21.4) 3.6 537.9

-2.3% -25.9% N.A. -82.8% N.A. N.A. 31.0% -12.4%

(36.5) (204.9)

(92.5) (164.1)

N.A. N.A.

(317.6)

(578.7)

N.A.

0.3 (19.8) (578.5)

(0.1) (275.9) (1,111.3)

N.A. N.A. N.A.

0.0 (1.8) 0.0

(717.6) 203.1 (8,755.5)

N.A. -100.9% N.A.

0.0 391.7 389.9

10,000.0 (1,000.0) (270.0)

-100.0% N.A. N.A.

Net increase (decrease) in cash Cash at beginning of the period Cash at the end of the period

277.6 1,825.4 2,103.1

(840.2) 2,665.6 1,825.4

Key financial ratios

1Q 11/12

1Q 10/11

4Q 10/11

Profitability ratios Gross profit margin (%) Overhead expenses to sales ratio (%) Operational EBIT margin (%) EBITDA margin (%) EBT margin (%) Net profit margin (%) ROA (%) ROE (%)

48.3% 19.3% 30.2% 49.4% 11.3% 7.7% 0.21% 0.36%

46.1% 20.9% 26.2% 36.8% -19.5% -21.7% -0.43% -0.74%

43.4% 17.9% 29.2% 45.7% -1.1% -3.8% -0.10% -0.17%

Leverage ratios Total liability to total asset (times) Total liability to total equity (times) Net debt to equity (times) Interest coverage (times)

0.42x 0.72x 0.56x 1.56x

0.41x 0.70x 0.55x 0.47x

0.41x 0.69x 0.55x 0.96x

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)

0.002 0.008 -0.002 0.93 0.66

-0.005 0.003 -0.016 1.12 0.66

-0.001 0.010 -0.005 0.97 0.68

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 interest income Net cash from (used in) operating activities Increase in elevated rail project costs Increase in advances for asset acquisitions Cash paid for purchases of property, plant and equipment Cash paid for purchases of condominiums and fixtures for lease Others Net cash used in investing activities Dividend paid Increase in long-term loans Cash paid for long-term loans Cash received from issuance of convertible debentures Others Net cash from (used in) financial activities

Our City Our Future

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Investor Relations Quarterly Review: Issue 5

BTS Group Holdings Plc st

1Q 11/12

(3 months ending 30 June 2011)

Financial Highlights • • • • • • •

Ridership growth trend continues. Total quarterly ridership of 39.4mn passengers in 1Q 11/12 despite seasonal low.

Weekday average ridership for 1Q 11/12 of 504,263 passengers; the highest quarterly average so far. Year-over-year June ridership increase of 16%.

New record revenue from Media business achieved; increasing 31.7% QoQ to THB 467.0mn in 1Q 11/12 First revenue contribution from Abstracts condominium with 18 units transferred Total operating revenue of THB 1,692.7mn in 1Q 11/12, representing growth of 41.9% YoY Operating EBIT margin of 30.2% in 1Q 11/12, compared to 26.2% in 1Q 10/11 and 29.2% in 4Q 10/11 Net income (attributable to shareholders) of the Group of THB 136.3mn, compared to net loss of THB 265.5mn in 1Q 10/11

Quarterly Performance – 1Q 11/12 For 1Q 11/12, operating revenue of the Company and subsidiaries (together the “Group”) recorded consolidated total revenue of THB 1,766.8mn in 1Q 11/12, an increase of 44.7% (or THB 545.9mn) from THB 1,220.9mn in 1Q 10/11. Operating revenue also rose 41.9% to THB 1,692.7mn. The increase was as a result of both improved revenue across all our businesses as well as the lower base effect due to the political disturbances that impacted our business in 1Q 10/11. Revenues from the Mass Transit, Media, Property and Services businesses accounted for 61.3%, 27.6%, 9.1% and 2.0% of total operating revenues respectively.

Operating Revenue2 (THB mn) Mass Transit1 Media Property

1

1

Services TOTAL

2

1Q 11/12

% of Total2

1Q 10/11

% Change (YoY)

1Q 11/12 3 margin

1Q 10/11 margin

1,037.9

61.3%

794.0

30.7%

46.0%

42.1%

467.0

27.6%

299.7

55.8%

62.8%

64.5%

154.5

9.1%

89.7

72.2%

19.1%

19.7%

33.3

2.0%

9.0

270.0%

53.6%

50.0%

1,692.7

100.0%

1,192.5

41.9%

48.3%

46.1%

1

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, and Construction & Services Businesses, but excludes Service income related to Thana City Sports & Golf Co. Ltd., which is classified as Services Business 2 Total excludes other income of THB 74.1mn (1Q 11/12) and THB 28.5 (1Q 10/11) from management income, interest income, gain on exchange and others 3 Gross profit margin

Total expenses rose by 20.2% to THB 1,211.1mn (and less than the increase in operating revenue) hence the Group saw an improvement in its gross margin to 48.3% compared with 46.1% in the previous year. Administrative expenses increased 36.3% or by THB 78.3mn to THB 294.1mn due to increase in headcount of staff and increase in professional fees.

4

This led to the improvement of operational EBIT by 64.7% YoY (and 6.4% QoQ) to THB 524.1mn. Finance costs fell by THB 97.0mn or 21.5% to THB 353.5mn as in 1Q 10/11, the Company incurred additional interest and finance costs from the BTSC acquisition loan. Besides operational items, the Group also benefited from non-recurring items in 1Q 10/11 of THB 74.1mn. This was due to a gain on exchange (THB 28.9mn) in relation to an accounting policy for the Euro component of the advance payment for new rolling stock (35 middle cars) and other income which mainly consisted of station linkage revenue (THB 7.2mn) and BTSC subcontract revenue (THB 7.6mn). All these taken into account, the Group reported consolidated Profit for the period of THB 157.0mn (compared to a net loss of THB 255.7mn in 1Q 10/11) and Profit attributable to the equity holders of the Company at THB 136.3mn (compared to net loss of THB 265.5mn) Total assets at 30 June 2011 stood at THB 64,664.4mn, a 1.3% increase from 31 March 2011. In June, the Company increased capital by the issuance of 1,299.0mn common shares (as consideration for the shares of a group of specific investors in our subsidiary BTSC). This resulted in an increase in issued and fully paid-up capital to THB 36,600.5mn and share premium account of THB 350.7mn. Elsewhere, the company adopted a number of revised and new accounting standards, namely TAS 19 (Employee Benefits) and TAS 40 (Investment Property) the cumulative effects of which can be seen in Note 2 to the financial statements.

4 operational EBIT excludes other income of THB 74.1mn (1Q 11/12) and THB 28.5mn (1Q 10/11) from management income, interest income, gain on exchange and others

Our City Our Future

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Investor Relations Quarterly Review: Issue 5

BTS Group Holdings Plc st

1Q 11/12

(3 months ending 30 June 2011)

KEY BUSINESS UNIT UPDATES

MASS TRANSIT The ridership trend remained firmly positive with 1Q 11/12 total quarterly ridership reaching 39.4mn passengers, a 0.2% increase compared to 4Q 10/11 and a 38.8% increase compared to 1Q 10/11. The strong YoY growth of 38.8% was primarily due to the low base effect (political disturbances in April and May 2010). 1Q represents the seasonal low for ridership (more public holidays) with ridership typically falling in 1Q compared with 4Q. As such, a 0.2% increase also reflects a strong performance. Further, the YoY ridership growth in June 2011 of 16.0% shows that the travelling demand for BTS SkyTrain remains strong and it is in line with our 2011/12 ridership growth target of 15%. Average weekday ridership reached a new record (504,263 passengers per weekday) in 1Q 11/12 compared to the previous record (489,762 passengers per weekday) achieved in 4Q 10/11.

Total ridership Average weekday ridership Average fare price (THB)

Historical Monthly Ridership

1Q 11/12 39,431,221

1Q 10/11 28,399,458

YoY 38.84%

4Q 10/11 39,338,414

QoQ 0.24%

504,263

376,254

34.02%

489,762

2.96%

24.26

25.25

-3.91%

24.42

-0.66%

Historical Average Weekday Ridership

Overall Mass Transit revenue increased 30.7% YoY and was flat QoQ at THB 1,037.9mn in line with the ridership trend, although there was a slight contraction in the average fare falling 0.7% to THB 24.3 per trip. Cost of revenues increased 22.0% YoY and fell 3.0% QoQ to THB 560.6mn with this lower cost performance (no bonus contribution in 1Q 11/12) leading to an improvement in the gross profit margin to 46.0%. Total revenue from train operating management (O&M) increased by 6.0% YoY or 3.2% QoQ although there was a contraction in O&M margin due to pre-operating costs related to the soon-to-be-opened On-Nut Bearing extension.

SG&A expenses increased 16.3% YoY to THB 142.1mn due to consultant expenses in relation to the new signaling system and the On-nut – Bearing extension. QoQ, SG&A expenses slightly increased to 13.7% of mass transit revenues. Mass Transit EBIT margin improved to 32.3% (from 31.3% in 4Q 10/11 and 26.7% in 1Q 10/11).

Our City Our Future

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Investor Relations Quarterly Review: Issue 5

BTS Group Holdings Plc st

1Q 11/12

(3 months ending 30 June 2011)

MEDIA The Group’s Media business quarterly performance continues from the last quarter with 55.8% YoY and 31.7% QoQ increase in revenues to THB 467.0mn. Revenue growth contribution came from both BTS-related media (increase of THB 66.8mn or 30.2% QoQ) and non BTSrelated media (increase of THB 45.6mn or 34.1%). BTS-related media enjoyed higher occupancy rates across on-station static media and also was able to increase pricing on In-train LCD sales. In-Store media revenues benefited from the increased contribution from new contracts in Tesco Lotus.

The EBIT of the Media business also saw similar growth rising 58.7% YoY or 65.9% QoQ to THB 238.8mn. This was matched with an improvement in the EBIT margin to 51.1% compared to 50.2% in 1Q 10/11 and 40.6% in 4Q 10/11. The QoQ improvement was driven mainly by both increase in revenue and reduction in SG&A expenses due to no further requirement for market research expenses for new products.

Contribution of Revenue (Media business) Quarterly

Gross Profit Margin (Media business)

1Q 11/12 38.3% 61.7%

37.6% 62.4%

30.5% 69.5%

Gross profit margin (overall)

10

Gross profit margin (BTS-related)

10

Gross profit margin (non BTS-related)

4Q 10/11

1Q 10/11

62.9%

61.6%

64.5%

86.8%

84.7%

86.4%

24.4%

23.9%

14.7%

1Q 11/12 4Q 10/11 1Q 10/11 BTS related business revenue Non-BTS related business revenue

10

Gross profit margin (overall and BTS-related) excludes the cost of concession payable to BTSC

Our City Our Future

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Investor Relations Quarterly Review: Issue 5

BTS Group Holdings Plc st

1Q 11/12

(3 months ending 30 June 2011)

PROPERTY Property revenue for the Group increased 72.2% YoY or 0.5% QoQ to THB 154.5mn. This performance was driven by the first contribution from the transfer of Abstracts condominiums at Sukhumvit 66/1 but the QoQ performance was offset by a declining contribution from legacy projects such as revenues from construction management of National Housing Association (Baan Aur Athorn) and sales of Thana City project.

Property gross profit reached THB 29.5mn for the quarter compare to THB 17.7mn in 1Q 10/11 and negative gross profit of THB 8.4mn in 4Q 10/11. The 18 units transferring of Abstracts Sukhumvit 66/1 condominium (revenue recognition of THB 61.3mn and average gross profit margin of 28.7%) shored 1Q 11/12 gross profit margin up to 19.1% from negative 5.5% in 4Q 10/11. Although the loss was less than the negative THB 81.9mn EBIT in 4Q 10/11, the results were impacted by ongoing fixed cost and expenses related to property developments (Abstracts Phahonyothin Park, Abstracts Sukhumvit 66/1 and Hotel at Surasak BTS Station).

Studio room 11.04%

Two bedroom 6.31%

Presold units 52%

Available units 48%

One bedroom 82.66%

% of total presold units Presold units as of Jun 2011 (Tower A) Average Selling Price/Sq.m. (THB) between Apr – Jun 2011

74,692

Type: Mid-High End Condominium Location: Phahonyothin Road, North Bangkok. 250m from new BTS station

Tower A Tower B Tower C Total

Presold by unit type (Tower A) # Units 1,012 1,012 1,012 3,036

GFA (sqm) NFA (sqm) 62,091 42,818 62,091 42,818 62,091 42,818 189,273 128,455

Site area : 33,420 sqm (20-3-55 rai) Project summary

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Investor Relations Quarterly Review: Issue 5

BTS Group Holdings Plc st

1Q 11/12

(3 months ending 30 June 2011)

% of total presold units

Available units 39%

Two bedroom 28%

Presold units 61%

One bedroom 72%

Presold units as of Jun 2011 Average Selling Price/Sq.m. (THB) between Apr 2011 – Jun 2011

77,620

Presold by unit type

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

# Units 28 28 28 28 112

GFA (sqm) NFA (sqm (sqm) 2,270 1,247 2,270 1,247 2,270 1,247 2,270 1,247 9,082 4,989

HOTELS: Construction of the hotel adjacent to BTS Surasak station reached 76.5% % and remains on track to open in the third calendar quarter of 2011.

Hotel at BTS-Surasak Station Type: Four Star Hotel

Construction Progress

76.5 76.5% Model Room

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Location : Sathorn Road, Direct access to BTS Surasak Site area : 3,928 sqm (2-1-57 rai) Expected Completion : Construction: Nov 2011 Soft Opening: Dec 2011 Project summary

Construction model

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Investor Relations Quarterly Review: Issue 5 1Q 11/12

BTS Group Holdings Plc st

(3 months ending 30 June 2011)

SERVICES Our Services business saw revenue increase 270.0% YoY or fall 5.6% QoQ to THB 33.3mn. Services revenue is dominated by contribution from Thana City Golf and the reduction was as a result of the passing of the peak season (3Q and 4Q). Services gross margin increased to 53.6%, and the EBIT margin was 2.5%.

Absolute hotel Services Co. Ltd (AHS) continued acquiring new 7 management contracts under Eastin Easy and U Hotels & Resorts brand regionally during the period.

New contracts secured U Hotels & Resorts

Eastin Hotels / Residence and Eastin Easy

Vietnam: U Nha Trang (120 rooms opening 2012)

Vietnam: Eastin Easy GTC Hanoi (70 rooms opening 2011)

Vietnam: U Vang Tau (150 rooms opening 2012)

Vietnam: Eastin Easy Tao (80 rooms opening 2012

Vietnam: U Sapa (56 rooms opening 2013) Vietnam: U Dalat (126 rooms opening 2013) India: U Lonavala (86 rooms opening 2013)

Our City Our Future

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Investor Relations Quarterly Review: Issue 5 1Q 11/12

BTS Group Holdings Plc st

(3 months ending 30 June 2011)

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.

April 2011: BTS Group donated money for flood relief

BTS Group has raised funds to support flood relief efforts in affected areas of southern Thailand amounting to Baht 1,850,686.75. This was raised from contributions by BTS passengers combined with a donation from the BTS Group. A cash donation was presented to Krobkruakao 3 by Board of Directors and the management in the Group.

May 2011: The 9th Sky Clinic Activity

Mr. Surapong Laoha-Unya, Executive Director of BTS Group presided over the opening ceremony of the 9th “Sky Clinic” organised by Bangkok Mass Transit System Public Company Limited in cooperation with the Thai Traditional Medicine College and 14 leading hospitals. The Sky Clinic took place at BTS Phayathai Station in celebration of the 84th birthday of HM King Bhumibol Adulyadej and to pay tribute to the memory of HRH Princess Galyani Vadhana KromLuang Naradhiwas Rajanagarindra. The 4-day event provided the public with free health check-ups. The event also included a biographical exhibition of His Majesty’s participation in Public Health Works.

Our City Our Future

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Investor Relations Quarterly Review: Issue 5

BTS Group Holdings Plc st

1Q 11/12

(3 months ending 30 June 2011)

SUMMARY COVERAGE AND ANALYST RECOMMENDATIONS Company Name

Recommendation

KGI Securities PHATRA Securities Kim Eng Securities Bualuang Securities Asia Plus Securities Capital Nomura Securities KTZMICO Securities Phillip Securities DBS Vickers Securities Thanachart Securities CIMB Securities Sicco Securities

Outperform Buy Buy Buy Buy Buy Buy Buy Buy Sell Neutral Buy

Target Price 0.97 1.05 0.79 0.91 1.07 1.00 0.98 0.90 0.84 0.57 0.75 0.98

Report Date 29-Jul-11 31-May-11 29-Jul-11 17-Feb-11 29-Jul-11 2-Jun-11 29-Jul-11 2-Aug-11 6-Jun-11 9-Jun-11 15-Aug-11 1-Aug-11

2011/12 Sales Forecast (THB mn) 7,606 8,299 7,443 8,683 7,427 7,200 7,577 7,459 6,909 7,100 7,552 7,606

Analyst Name Suchot Tirawannarat Paveena Chewananth Jaroonpan Wattanawong Chaiyatorn Sricharoen Suwat Wattanapornprom Raenoo Bhandasukdi Terapatr Mathanukraw Siam Tiyanont Sombat Agekavanpattana Saksid Phadthananarak Monchai Jaturanpinyo Pathompol Laowirayasak

Source: Broker reports, Bloomberg, SETTrade

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 Viphavadi-Rangsit Rd, Jompol, Jatujak, Bangkok 10900

The Thailand Securities Depository Co., Ltd. (TSD) 62 The Stock Exchange of Thailand Building, Rachadapisek Road, Klongtoey, Bangkok 10110, Thailand Website: http://www.tsd.co.th Telephone: Facsimile: E-mail:

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

Telephone: Email:

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

Financial Calendar: The Quarter Ahead Event End of 1Q 2011/12 1Q 2011/12 Earnings Released Analyst Meeting End of 2Q 2011/12 2Q 2011/12 Earnings Released

Date 30 June 2011 11 August 2011 17 August 2011 30 September 2011 14 November 2011

Notes 1

data as of 30th June 2011. Source: Company and Bloomberg th based on exchange rate of 30.13 as of 10 August 2011 3 Assumes no cost of concession payable by VGI to BTSC 4 th Source: Bloomberg, data as of 10 August 2011 2

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Source: BTS Group Holding Public Co.Ltd. as of 5 July 2011

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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