Investor Relations Quarterly Review: Issue 10 by Phantipa Kwanmuang

Investor Relations Quarterly Review: Issue 10

BTS Group Holdings Plc th

2Q 12/13

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

AT A GLANCE

FROM THE EDITOR

Share InformationA

Dear Investment Community, 10,470.6mn sharesG 46.5% THB 4.0 / ShareF THB 61.4bn/ USD 1.99bnB THB 250.2mn/ USD 8.12mnB

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

BTS BTS TB / BTS.BK ISIN XS0580087376

Services 0.3%

Media 29.8%

Mass transit 61.9%

Property 38.0%

Services 0.0%

0.0% 9.1%

0.0%

Mass transit 50.1%

22.4% 47.4%

25.7% 65.2%

2Q 11/12

As part of Bangkok Mass Transit System Public Company Limited (“BTSC”) ongoing capacity expansion programme, the first 4 of 35 new single car trains arrived in Thailand on August 27th and began service on the Sukhumvit line on November 2nd. The remaining single car trains continue to arrive in stages and by end FY12/13 we expect all trains on the Sukhumvit line to be 4-car trains. The capacity expansion programme also includes an additional 5 four-car trains and will result in a cumulative 36% increase in the number of cars in service before the end of FY13/14.

Gross Profit by Business UnitC

Revenue by Business Unit Property 8.0%

2Q 12/13 results continue to demonstrate strength with operating revenues rising 19.7% and operating EBITDA rising 18.1% YoY. Mass transit ridership eclipsed the previous quarterly record, reaching 49.4mn passenger trips. Average weekday ridership of 593,426 passengers was 9.6% higher than 2Q 11/12.

2Q 11/12

63.0%

2Q 12/13

Media 60.5%

Source: Company

On October 11th, VGI Global Media Public Company, a subsidiary of the Group was successfully listed on the Thai Stock Exchange under the ticker symbol “VGI”. BTS Group continues to hold an effective shareholding of 69.4% of VGI via its subsidiary BTSC and the market capitalisation of VGI was THB 19.0bn as of November 1st and the Company expects to recognise a net capital gain from sale of shares of approximately 1,500mn in 3Q 12/13.

BTS last 12 months Share Price Performance : 7.00

3,000 BTS Share Price (LHS)

SET Index (Indexed vs BTS YTD)

6.00

2,500

5.00

THB / Share

2,000 4.00 1,500 3.00 1,000

2.00 500

1.00

Equity MarketsH

3 MO

6 MO

12 MO

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

18.10% 15.99% 7.71% 1.93% 10.10% 0.94% 1.93%

14.02% 11.02% 6.02% -1.60% 7.61% 4.27% 4.29%

65.33% 65.14% 36.12% 2.35% 12.31% 7.00% 13.26%

Currency MarketsH

3 MO

6 MO

12 MO

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

2.67% -0.90% -4.70% -2.57% -1.01% -0.14%

0.98% 2.59% -1.54% -0.87% 1.01% -2.05%

2.84% 3.77% -6.91% -2.57% 3.27% 0.25%

Our City Our Future

BTS Daily Turnover Value (THB mn)

BTS TURNOVER (RHS)

In line with the Group’s policy to slow down its property development business, BTSC completed the disposal of its investment in Kamala Beach Resort & Hotel Management Co., Ltd. on September 12th. The Group received THB 1,643mn for the divestment and recognised a capital gain of THB 289mn. Moreover, on October 30th, the Group disposed of its entire investment in Kampoo Property Company Limited (land plot next to Nana BTS SkyTrain station). The Group received THB 1,811mn and expects to recognise a net capital gain of approximately THB 700mn in 3Q 12/13.

Further, on October 5th, BTSC received payment from the Treasury department in relation to court-related compensation. This was recognised in the Group profit and loss statement in 2Q 11/12 following the court announcement but payment (in the amount of THB 1,119.3mn) was received on October 5th, and will strengthen cash flow for 3Q 12/13. On November 9th 2012, the Company’s Board of Directors approved the sale of future Net Farebox Revenue from the Core BTS SkyTrain network to an Infrastructure Fund (IF). IFs are tax-exempt vehicles, part of a Government initiative to encourage the development of Thailand’s infrastructure and enable a broader investor to access to infrastructure investment. The transaction remains subject to shareholder approval as well as a minimum sale price. The rationale is to enable the Group to grow in its core area of expertise – by raising funds to participate in the ongoing expansion of Bangkok’s mass transit system which is forecast to increase from 79.5km (currently) to 508.0km by 2029. Under the proposed structure, BTSC remains the operator of the BTS SkyTrain and the Group maintains a significant investment in the Core BTS SkyTrain network via a 33.3% holding of investment units of the IF. More details will be brought to you over the coming months.

Yours faithfully,

Daniel Ross Financial Director

Investor Relations Quarterly Review: Issue 10

BTS Group Holdings Plc th

2Q 12/13

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

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

2Q 12/13

2Q 11/12

% YoY

1Q 12/13

% 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

2,434.4 35.8 2,470.2 1,178.9 395.1 0.9 1,634.7 1,328.9 378.2 300.9 819.8 87.6 41.1 691.2 0.0744

2,033.9 44.6 2,078.5 1,034.9 306.8 0.2 2,137.1 1,125.4 355.5 1,007.8 1,389.4 52.0 55.8 1,281.6 0.1401

19.7% -19.7% 18.8% 13.9% 28.8% 278.4% -23.5% 18.1% 6.4% -70.1% -41.0% 68.5% -26.4% -46.1% -48.9%

2,192.0 42.8 2,234.8 1,104.5 362.3 (0.0) 1,155.1 1,167.6 372.9 (13.4) 381.8 55.7 16.8 309.3 0.0338

11.1% -16.3% 10.5% 6.7% 9.1% N.A. 41.5% 13.8% 1.4% N.A. 114.7% 57.3% 144.7% 123.5% 111.5%

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 Sep 12 927.4 866.7 3,749.3 2,208.2 7,751.6 44,658.4 3,883.8 6,286.9 2,981.8 57,810.9 65,562.5 2,813.1 1,454.7 607.2 2,493.0 2,061.5 9,429.5 3,148.1 6,962.3 6,510.2 560.0 17,180.6 26,610.0 11,986.4 38,666.9 649.5 (2,411.6) 393.5 37,298.4

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 2,700.5 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 -30.4% -21.7% 12.0% 6.2% -1.5% -1.1% -100.0% -0.5% 4.1% 10.4% -2.1% -2.0% 44.9% 0.2% 4.1% -0.1% -58.3% 13.1% 7.3% -26.3% -24.7% -93.9% -20.5% -11.2% 0.1% 5.6% N.A. 85.2% N.A. 6.0%

1,654.1 38,952.5 65,562.5

1,642.5 36,932.3 66,888.9

0.7% 5.5% -2.0%

1 2

Non operating gain / (loss) for 2Q 12/13 mainly related to gain from sale of Land at Kamala Beach (THB 289mn) Calculated based on weighted average number of ordinary shares at new par value (THB 4.0 per share)

Our City Our Future

Investor Relations Quarterly Review: Issue 10

BTS Group Holdings Plc th

2Q 12/13

(3 months ending 30 Sep 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 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 Increase in deposit from sale of investment in subsidiary Rights of claim from acquisition of debts per rehabilitation plan Cash received from disposal of land Others Net cash used in investing activities 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 Dividend paid Others Net cash from (used in) financial activities 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

2Q 12/13 819.8

2Q 11/12 1,389.4

% YoY -41.0%

1Q 12/13 381.8

% QoQ 114.7%

95.5 341.1 88.8 320.3 (60.7) (309.4) (115.6) 6.1 1,185.9 (125.7) (122.5) (2.9) (74.6) 1,505.9 31.6 1,211.8 1,301.6 166.2 (2,354.2) (1,371.5) (277.1) (2,535.0) (0.1) (137.4) 1,064.8 927.4

71.3 320.9 (643.0) (382.8) (128.5) (288.5) (50.8) 2.5 290.5 (201.2) 195.8 (271.7) (9.9) (7.5) (29.6) (324.1) (300.0) 620.3 (3.8) (54.4) (1,286.7) 1.8 (1,022.8) 5.7 (1,050.8) 2,103.1 1,052.3

34.0% 6.3% N.A. N.A. N.A. N.A. N.A. N.A. 145.7% 308.3% N.A. -100.0% N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 100.0% N.A. N.A. N.A. -15501.4% N.A. -101.8% N.A. -49.4% -11.9%

80.5 319.9 398.1 (793.9) 145.8 (297.1) (21.4) 26.5 7.5 247.7 (16.8) 5.7 (240.3) 0.0 (3.8) 80.0 (68.1) (243.3) (430.0) 71.6 231.0 (145.9) 0.0 0.0 0.1 (273.2) 0.3 (268.6) 1,333.2 1,064.8

18.7% 6.6% -77.7% N.A. -141.7% N.A. N.A. -100.0% -19.3% 378.7% N.A. -100.0% N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 132.0% -100.0% N.A. N.A. N.A. N.A. N.A. -132.2% N.A. -20.1% -12.9%

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

2Q 12/13

2Q 11/12

1Q 12/13

51.6%

49.1%

49.6%

16.2% 59.0% 54.6% 24.9% 15.8% 2.6% 4.6%

15.1% 68.3% 55.3% 41.0% 13.2% 2.1% 3.9%

16.5% 51.7% 53.3% 13.8% 14.4% 3.4% 6.4%

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

0.41x 0.68x 0.55x 4.54x 3.51x

0.42x 0.72x 0.60x 6.59x 3.17x

0.45x 0.80x 0.66x 5.44x 3.13x

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

0.0744 0.123 0.129 8.06 4.03

0.1401 0.032 0.031 6.35 4.12

0.0338 0.027 0.032 7.76 4.07

A B C

Include non-recurring items Exclude non-recurring items

D E

Operating EBITDA divided by finance cost (period only) Calculated based on weighted average number of ordinary shares at new par value (THB 4.0 per share)

Calculated based on â&#x20AC;&#x2DC;last-12-month operating EBITDAâ&#x20AC;&#x2122;

Our City Our Future

Investor Relations Quarterly Review: Issue 10

BTS Group Holdings Plc th

2Q 12/13

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

Financial Highlights       

Total operating revenue of THB 2,434.4mn in 2Q 12/13, representing growth of 19.7% YoY 1 Operating EBITDA in 2Q 12/13 grew 18.1% YoY to THB 1,328.9mn Mass transit business unit revenue in 2Q 12/13 increased 13.7% YoY to THB 1,507.4mn 9.4% YoY growth in total quarterly ridership to 49.4mn passengers in 2Q 12/13 – a new quarterly record Average ridership for 2Q 12/13 of 593,426 passengers / weekday; 9.6% YoY growth Media revenue grew 38.5% YoY, reaching THB 724.7mn in 2Q 12/13 Profit attributable to the equity holders of the Company of THB 691.2mn

Quarterly Performance – 2Q 12/13 BTS Group Holdings Public Company Limited (“BTSG” or the “Company”) and subsidiaries (together, the “Group”) recorded consolidated total revenue of THB 2,771.1mn in 2Q 12/13, a decrease of 11.4% (or THB 357.3mn) from THB 3,128.4mn in 2Q 11/12. The decrease was due to no repeat of non-recurring revenue from the Treasury-related case received by the Group in 2Q 11/12. Operating revenue also rose 19.7% YoY to THB 2,434.4mn. The increase in operating revenues was on account of the improved performance from the Mass Transit and Media business sectors. Revenues from the Mass Transit, Media, Property and Services businesses accounted for 61.9%, 29.8%, 8.0% and 0.3% of total operating revenues respectively. Operating Revenue2

2Q 12/13

% of Total2

2Q 11/12

% Change (YoY)

2Q 12/13 margin4

2Q 11/12 margin4

1,507.4

61.9%

1,325.7

13.7%

50.1%

47.4%

(THB mn) Mass Transit3 Media

724.7

29.8%

523.3

38.5%

60.5%

63.0%

194.2

8.0%

184.9

5.0%

38.0%

22.4%

8.1

0.3%

N/A

-153.3%

N/A

2,434.4

100.0%

2,033.9

19.7%

51.6%

49.1%

Property Services TOTAL

1 Operating EBITDA excludes non-recurring items 2

Total operating revenue for 2Q 12/13 excludes other income of THB 336.7mn (2Q 11/12 THB 1,094.5mn) from gain (loss) on exchange, reversal of allowance for diminution in value of civil works awaiting transfer, revenue from court-ordered compensation, gain on sale of investment in subsidiary, interest income, dividend 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

Although total expenses rose by 13.8% to THB 1,574.0mn mainly due to additional concession fees required paid to modern trade partners, the Group demonstrated a strong operating performance with its operating gross profit margin at 51.6% compared with 49.1% in the previous year largely as a result in operating leverage at the Mass transit business. Selling, service and administrative expenses rose 11.6% YoY or by THB 40.6mn to THB 391.7mn largely due to increase in Mass Transit, Media and Property SG&A expenses. This led to the improvement of operating EBITDA by 18.1% YoY to THB 1,328.9mn. Finance costs increased by 6.4% YoY or THB 22.6mn to THB 378.2mn (1.4% or THB 5.2mn increase QoQ). All these taken into account, the Group reported consolidated profit for the 3 month period of THB 732.3mn (a 45.2% decrease from net profit of THB 1,337.4mn in 2Q 11/12) and profit attributable to the equity holders of the Company at THB 691.2mn (a decrease of THB 590.4mn compared to 2Q 11/12). However, the stronger business unit growth (see segmental performance) resulted in a healthier net recurring profit by 30.7% YoY to THB 430.5mn. Total assets at 30 Sep 2012 stood at THB 65,562.5mn, a 2.0% decrease from 31 March 2012 mainly following the sale of land and projects awaiting development (Kamala). Total liabilities decreased from 31 March 2012 by 11.2% or THB 3,346.6mn to stand at THB 26,610.0mn largely due to the first tranche repayment of BTSC debenture (THB 2,500mn) in Aug 12 and the continuing conversion of convertible bonds. On the equity side, additional 516.6mn ordinary shares issued from the conversion of convertible bonds. This resulted in an increase in the number of outstanding shares to 9,666.7mn shares and paid-up capital to THB 38,666.9mn.

Our City Our Future

Investor Relations Quarterly Review: Issue 10

BTS Group Holdings Plc th

2Q 12/13

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

KEY BUSINESS UNIT UPDATES

MASS TRANSIT Total quarterly ridership grew 9.4% YoY to 49.4mn passengers in 2Q 12/13 (a new historical record) as a result of additional passengers from the Sukhumvit line extension (opened August 2011) and continued organic growth. Quarterly ridership rose by 6.4% QoQ from the previous quarterly record of 46.4mn passengers aided by seasonal effects from several public holidays and school holidays in 1Q 12/13. Average ridership per weekday also followed a similar trend, rising 9.6% YoY and 2.0% QoQ to 593,426 passengers per weekday.

Total Ridership Average weekday ridership

2Q 12/13

2Q 11/12

YoY

1Q 12/13

QoQ

49,373,095

45,112,312

9.4%

46,395,379

6.4%

593,426

541,277

9.6%

581,866

2.0%

25.1

24.1

4.0%

24.5

2.4%

Average Fare (THB / trip)

Historical Monthly Ridership

Historical Average Weekday Ridership 16.7

30%

16.00

700

30%

14.00 25% 12.00

21%

10.00

22% 20% 17%

16% 8.00

15% 11%

6.00

10%

8% 4.00

2.00

1% 0% Nov

Dec

Previous Year (LHS)

Jan

Feb

Mar

Apr

Last 12 months (LHS)

May

Jun

Jul

Aug

Sep

Passenger growth (YoY) (RHS)

601.9 598.2 90.0% 80.0%

500

70.0% 60.0%

400

50.0% 300

40.0% 30.0%

200 19.9% 20.8% 20.9% 18.4% 17.3%

100

20.0% 14.9% 14.7%

8.0%

0.00 Oct

581.0

600

12.0%

8.7% 8.9%10.0%

3.9%

0 Oct

Nov

Dec

Previous Year (LHS)

Passenger growth (YoY)

21%

19%

100.0%

16.1

Passenger growth (YoY)

Total ridership (million passengers/month)

35%

16.6

Average Weekday Ridership ('000 passengers)

18.00

0.0% Jan

Feb

Mar

Apr

May

Last 12 months (LHS)

Jun

Jul

Aug

Sep

Passenger growth (YoY) (RHS)

Mass Transit revenue increased by 13.7% or THB 181.8mn YoY to THB 1,507.4mn, supported by a 9.4% increase in total ridership, a 4.0% increase in the average fare (from THB 24.1 per trip to THB 25.1 per trip) mainly due to the increase in the 30-day trip pass and a 13.4% (or THB 31.8mn) increase in O&M income. The increase in O&M income relates to the Sukhumvit line (On nut â&#x20AC;&#x201C; Bearing extension) which opened in August 2011 and the increased revenue from the revised O&M contract for Silom line extension. QoQ, Mass Transit revenue followed a similar trend to ridership, increasing by 8.2% or THB 113.8mn mainly due to the increase in ridership and the increase in income from train operating management. This O&M revenue increased 4.3% or THB 11.1mn QoQ to THB 269.4mn largely due to the impact of the revised O&M contract for Silom line extension in May 2012. Cost of revenues increased 7.7% or THB 54.0mn YoY as a result of higher ridership and higher O&M revenue. In particular, employee costs rose due to the higher number of employees were required for the On nut â&#x20AC;&#x201C; Bearing extension, the indirect impact of the increased minimum wage as well as higher depreciation recorded (from higher ridership, new signaling system and new trains). Despite the YoY increase in expenses, the operating EBITDA margin of the mass transit business was steady at 67.7% (68.2% in 2Q 11/12).

Our City Our Future

Investor Relations Quarterly Review: Issue 10

BTS Group Holdings Plc th

2Q 12/13

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

MEDIA The Groupâ&#x20AC;&#x2122;s Media business had another strong quarter as revenue increased 38.5% or THB 201.4mn YoY (13.7% or THB 87.3mn QoQ) to THB 724.7mn. The primary reason for the YoY increase was due to the high contribution from non-BTS related media which saw growth of 54.6% or THB 128.1mn YoY (5.8% or THB 20.0mn QoQ) to THB 362.7mn largely as a result of additional contracts signed with Tesco Lotus and Big C, particularly sales floor areas, the additional rights for advertising media in 4 additional office buildings from 47 buildings in 2Q 11/12, as well as the adjustment in selling strategy by bundling office building media with BTS related media. Revenue from BTS-related media reached THB 362.0mn; representing growth of 25.4% or 73.2mn YoY (22.8% or 67.3mn QoQ) largely due to a price increase for train body advertising and the increase in occupancy of train body, on-station, and LCD in-train as a result of the 12 additional 4-car trains. Cost of revenues increased 47.8% or THB 92.6mn YoY (5.7% or THB 15.5mn QoQ) to THB 286.2mn with the increase attributable to the increased cost of concession paid in the growing modern trade business. Media SG&A increased 27.2% or THB 18.7mn YoY to THB 87.3mn as a result of increased salary, professional fee, and marketing expenses. In 2Q 12/13, proportion of BTS-related revenue is greater than that of non-BTS related revenue, and as such, the operating EBITDA margin of the Media business improved from 47.7% in 1Q 12/13 to stand at 52.5%.

Contribution of Revenue (Media business) Non-BTS related revenue

45%

50%

55%

2Q 12/13

2Q 11/12

Profit Margin (Media business)

BTS related revenue

54%

46%

2Q 12/13 Operating gross profit margin 5 (overall) Operating EBITDA margin (overall)

2Q 11/12

1Q 12/13

60.5%

63.0%

57.5%

52.5%

56.0%

47.7%

1Q 12/13

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

Our City Our Future

Investor Relations Quarterly Review: Issue 10

BTS Group Holdings Plc th

2Q 12/13

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

PROPERTY AND SERVICES Property Business: Property revenues increased by 5.0% or THB 9.2mn YoY (25.2% or THB 39.1mn QoQ) to THB 194.2mn. The increase in revenue primarily came from Eastin Grand Hotel operations at Surasak BTS SkyTrain station (partial opening since May 2012) but was offset with a decline in revenue due to completion of the National Housing Association (NHA) contract (revenue recognised 2Q 12/13: THB 0mn, 2Q 11/12: THB 42.6mn) as well as fewer units transferred from Abstracts Sukhumvit 66/1 (2Q 12/13: 8 units, 2Q 11/12: 14 units). Cost of revenues fell 16.1% or THB 23.1mn YoY to THB 120.5mn mainly due to there was no repeat of costs related to NHA project, however, property SG&A increased by THB 26.9mn or 31.9% YoY due to administrative and marketing expenses related to newly completed Eastin Grand Hotel.

Presold units as of Sep 2012 (Tower A)

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

Presold units 65%

#Units

Average selling price/sqm (between Jul – Sep 2012)

THB

Available units 35%

77,170

Tower A Tower B Tower C Total

Presold units as of Sep 2012

Average selling price/sqm (between Jul – Sep 2012)

THB

Presold units 74%

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 26%

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)

#Units

75,970

Bldg A Bldg B Bldg C Bldg D Total

Construction model and progress

100% 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 : 3,828sqm (2-1-57 rai) Construction completed: Apr 2012 Soft Opening: May 2012 Official Launch: Oct 2012

Services Business: Our Services business saw 2Q 12/13 revenues increase by THB 2.3mn QoQ to THB 8.1mn. This increase was primarily driven by the continuance of rabbit cards sale (common ticketing cards for Bangkok’s mass transit network plus retail e-payment card). There was also THB 20.5mn cost of revenues as well as THB 19.3mn 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 4 new management contracts under the Eastin and U Hotels & Resorts brand regionally as follows i) U Tropicana Alibag India, 139 rooms (opening 2013) ii) U Sukhumvit Thailand, 90 rooms (opening 2013) and iii) U Avela Hua Hin, Thailand, 42 rooms (opening 2014) and iv) Eastin Hotel Hanoi (Army Hotel), 224 rooms (opening in 2014).

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Investor Relations Quarterly Review: Issue 10

BTS Group Holdings Plc th

2Q 12/13

(3 months ending 30 Sep 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. 1 October 2012 BTSG hosts lunch for the Elderly

21 September 2012 th

'Space to Learn' the 6 Nuduan Charitable Donation for Children

30 July 2012 BTSG Sponsors Badminton Tournament

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Mr. Keeree Kanjanapas (Executive Chairman) and BTSG Management team recently hosted lunch for 250 senior citizens at Ban Banglamung Social Welfare Development Center for the Elderly, Chonburi Province, to commemorate the Celebrations of Her Majesty the Queen’s 80th Birthday. Ban Banglamung Social Welfare Development Center for the Elderly began operation on 13th April 1968, as the first residential home for the Elderly, constructed under collaboration between the public and private sectors aimed at providing help to elderly persons who have no family, no home or are in need of care. Moon cakes from Chef Man Chinese Restaurant, Eastin Grand Sathorn Hotel and a cash donation were presented.

The objective in organising this activity was to give children new experiences and to learn about the BTS mass transit system. Two hundred students from three schools visited the BTS operational training centre and tried the train “Simulator” and experimented with a working model of the SkyTrain. The group of children and staff then took a ride on the BTS SkyTrain to visit the Science Center for Education (Bangkok Planetarium) and learn about the solar system and planetary science. Children watched a presentation on Meteorites impacting the Earth and space exploration. During the field trip, the children were also able to view Bangkok's major landmarks along BTS SkyTrain line.

A regular sponsor of the event, BTS Group Holdings Public Company Limited (BTSG) once again supported the ‘BTS - CARLTON - SENA Badminton Championships 2012’, organised by the SENA Badminton Sports Club, and held on 2nd - 6th August 2012 at the gymnasium of Thammasat University. Winners were awarded trophies presented by H.E. Privy Councilor Dhanin Kraivichien and Khun Keeree Kanjanapas, Executive Chairman of the BTS Group presented a cash donation of THB 150,000 to the organising committee at the BTS Head Office Building on Phaholyothin Road.

Investor Relations Quarterly Review: Issue 10

BTS Group Holdings Plc th

2Q 12/13

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

SUMMARY COVERAGE AND ANALYST RECOMMENDATIONS Company Name

JP Morgan Bualuang Securities KGI Securities KTZMICO Securities Kim Eng Securities Asia Plus Securities OSK Securities SCB Securities DBS Vickers Securities CIMB Securities TISCO IV Global Phillips Securities Thanachart Securities Finansia Syrus Krungsri Securities Capital Nomura Phatra Securities

Recommenda tion

Target Price

Overweight Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Accumulate Buy Buy Buy Buy Buy

7.60 7.70 7.20 6.60 7.00 6.70 6.60 6.50 6.68 6.15 5.94 6.25 6.40 6.30 6.30 6.90 5.75 7.50

Summary

Report Date

8-Nov-12 6-Nov-12 1-Nov-12 31-Oct-12 22-Oct-12 10-Oct-12 9-Oct-12 5-Oct-12 14-Sep-12 12-Sep-12 31-Aug-12 29-Aug-12 29-Aug-12 28-Aug-12 14-Aug-12 14-Aug-12 24-May-12 9-May-12

Sales

EBITDA

9,997 11,314 9,884 9,811 9,754 10,328 10,520 9,912 9,920 10,006 9,129 10,208 10,055 9,730 10,574 9,786 9,792 12,432

Target Price

Sales

Net Profit

2012/13E (THB mn) 4,747 1,515 4,073 1,227 4,694 1,346 4,933 1,386 5,380 1,956 4,189 1,564 5,030 1,552 3,284 1,199 4,832 1,705 5,050 1,440 4,190 1,463 n/a 1,457 4,445 1,579 5,318 1,522 4,706 1,600 5,121 1,384 4,686 1,217 5,670 2,276 EBITDA

Analyst Name

Avin Sony Suppata Srisuk Suchot Tirawannarat Raenoo Bhandasukdi Jaroonpan Wattanawong Suwat Wattanapornprom Norfauzi Bin Narson Sirima Dissara Sombat Agekavanpattana Pathompol Laowirayasak Monchai Mokaranuraksak Rattana Leenutaphong Siam Tiyanont Saksid Phadthananarak Amnart Ngosawang Sittidath Prasertrungruang Team coverage Paveena Chewananth

Net Profit

2012/13E (THB mn)

Average Max Min

6.67 7.70 5.75

10,042 12,432 9,129

4,726 5,670 3,284

1,478 2,276 1,199

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 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 2Q 2012/13 2Q 2012/13 Earnings Released 2Q Earnings Review Meeting End of 3Q 2012/13 3Q 2012/13 Earnings Released 3Q 2012/13 Earnings Review Meeting

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

Date 30 September 2012 9 November 2012 12 November 2012 31 December 2012 13 February 2013 15 February 2013

Notes: A B C D

Data as of 6 Nov 2012. Source: Company and Bloomberg Based on exchange rate of 30.804 as of 6 Nov 2012 Assumes no cost of concession payable by VGI to BTSC Source: Bloomberg, data as of 6 Nov 2012

E F G H

Source: BTS Group Holding Public Co.Ltd. as of 4 Sep 2012 New par value (THB 4.0 per share) and number of new outstanding shares are effective on 7 Aug 2012 Source: BTS Group Holding Public Co.Ltd. as of 7 Nov 2012 Source: Bloomberg, data as of 6 Nov 2012

This document has been prepared and distributed by the Investor Relations Department of BTS Group Holdings Plc. (â&#x20AC;&#x153;BTSGâ&#x20AC;?) 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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