Investor Relations Quarterly Review: Issue 3

Investor Relations Quarterly Review: Issue 3

BTS Group Holdings Plc st

3Q 10/11

(3 months ending 31 December 2010)

AT A GLANCE

FROM THE EDITOR

Share Information1

Dear Investment Community,

Shares Outstanding Free Float Par Value Market Capitalisation Stock Identifiers Stock Exchange Symbol Bloomberg / Reuters

55,889.3mn .3mn 15,009.0mn mn THB 0.64 / Share THB 40.2 mn// USD 1.30 bn2

Revenue by Business Unit

Gross Profit by Business Unit3

BTS BTS TB / BTS.BK

Most notably, on January 25th, BTS Group successfully sold USD 327mn (or THB 10,000mn) worth of convertible bonds to overseas investors. BTS Group had limited the issuance to THB 10,000mn, even though the eventual demand was closer to USD 8 800mn. The bonds are THB denominated, so there is no currency risk on the outstanding principal. The bonds (and the Bangkok Bank letter of credit that backs them up) have an all-in in borrowing cost of 2.5% for the first 2 years, thereafter 0% for years 3 through 5. This represents a saving of 2.875% (or THB 287.5mn) per year for the first 2 years and 5.375% (or THB 537.5mn) per year thereafter, thereafter assuming that the bondholders lders hold to maturity or convert before that. Equally important as Thailand endures the current inflationary and rising interest rate environment is that the issuance enabled the Group to fix the rate of its primary borrowings. Current consensus is that the Bank of Thailand will raise the repurchase rates by an additional 0.5% by the end of 2011. If this proves to be the outcome, then the savings achieved by this issuance will become even more significant.

Source: Company 1

BTS year-to-date 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

In 3Q 10/11, BTS SkyTrain recorded the highest rider ridership in its history with 39.7 mn n passengers, averaging 481,632 passengers per weekday. This translated into record revenue for the Mass Transit business. The Media business also achieved record quarterly revenue, as it continues to aggressively expand its business into the modern trade sector. Whilst net results were still impacted by certain non-recurring items and a high interest cost that was the legacy of the acquisition loan utlised to purchase BTSC in May, the BTS Group is well on the way to a successful completion of what has been a year of considerable transition.

3 MO

6 MO

12 MO

-10.00% -10.27% -3.22% +10.12% -2.95% +6.25% +12.70%

-17.24% -8.62% +12.54% +17.30% +8.47% +14.42% +23.03%

+12.50% +16.27% +39.81% +7.51% +12.98% +15.12% +21.29%

3 MO

6 MO

12 MO

-2.44% -2.79% +1.99% +2.05% +4.56% +4.15%

+3.72% -1.74% -1.72% -3.82% +2.64% -0.53%

-2.02% -3.13% -1.11% +1.81% +2.40% +5.77%

On November 29th, BTSC executed the operation and a maintenance agreement with Krungthep Thanakom Company Limited for the operation and maintenance of the 5.25km extension from On On-nut to Bearing. This 5-station station extension is expected to open in August 2011 and will increase the O&M fee income by approxim approximately THB 630mn in the first year. Further, BTSC has agreed to purchase 35 new ‘middle cars’ and these are expected to be delivered in mid-2013 mid as the he BTS Group continues to position itself to benefit from the continued expansion of Bangkok’s mass transi transit network.

In spite of the recent achievements, much work remains to be done. th Further restructuring is already underway, and as of January 26 , the Company has reduced the par value of the shares wiping out the share discount account and reducing the retained losses of the company. This will enable the company to pay dividends to shareholders, subject to future profitability. We look forward to bringing you more updates on this in 4Q 10/11.

Yours faithfully,

Daniel Ross Financial Director

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Investor Relations Quarterly Review: Issue 3

BTS Group Holdings Plc st

3Q 10/11

(3 months ending 31 December 2010)

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

3Q 10/11

3Q 09/10

% YoY

2Q 10/11

% QoQ

9M 10/11

9M 09/10

% YoY

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 profit (loss) EPS (THB per share)

1,626 60 1,686 924 361 0 402 344 3 61 35 14 12 0.0002

1,372 65 1,437 826 315 2 298 193 142 246 18 11 218 0.0286

18% -7% 17% 12% 15% -75% 35% 78% -98% -75% 97% 33% -94% -99%

1,495 20 1,514 900 328 0 287 344 705 647 30 14 603 0.0108

9% 206% 11% 3% 10% 0% 40% 0% -100% -91% 14% 3% -98% -98%

4,313 103 4,416 2,473 934 (0) 898 1,128 714 483 83 39 361 0.0064

5,631 132 5,763 2,522 815 (0) 2,426 349 4,634 6,711 53 286 6,372 0.8369

-23% -22% -23% -2% 15% 467% -63% 224% -85% -93% 58% -86% -94% -99%

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 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 Other non-current liabilities Total non-current liabilities Total liabilities Issued and fully paid capital at Par THB 1 Share 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

31-Dec 2010

30-Sep 2010

%QoQ

31-Mar 2010

2,666 543 2,794 979 6,982 44,619 4,406 5,189 2,250 56,464 63,447 900 242 2,272 3,414 10,482 11,898 75 22,455 25,869 55,889 (16,794) (3,717) (878)

2,394 447 2,816 1,041 6,698 44,860 4,393 4,695 1,418 55,366 62,064 900 189 21,156 (18,897) 3,347 9,154 11,890 120 21,164 24,511 55,889 (16,794) (3,729) (876)

11.4% 21.4% -0.8% -5.9% 4.2% -0.5% 0.3% 10.5% 58.7% 2.0% 2.2% 0.0% 28.3% -100.0% -112.0% 2.0% 14.5% 0.1% -37.6% 6.1% 5.5% 0.0% 0.0% -0.3% 0.2%

2,478 527 4,988 973 8,967 43,443 2,306 4,186 2,376 52,311 61,278 1,000 215 21,156 2,961 25,331 149 11,874 103 12,126 37,457 7,614 (735) (4,036) 10,775

34,501 3,077 37,578 63,447

34,490 3,063 37,553 62,064

0.0% 0.5% 0.1% 2.2%

21,322 2,498 23,821 61,278

5 Non-operational gain (loss) items are i) gain on deposit as guarantee for debt settlement of THB 14.8mn ii) loss on Exchange of THB 11.4 mn in 3Q 10/11,gain on debt settlement of THB142.665mn iii) loss on exchange of THB 0.5mn in 3Q 09/10 iv) gain on deposit of assets as guarantee for debt settlement of THB 708.5mn and v) loss on exchange of THB 4.0mn in 2Q 10/11.

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Investor Relations Quarterly Review: Issue 3

BTS Group Holdings Plc st

3Q 10/11

(3 months ending 31 December 2010)

BTS GROUP FINANCIAL SUMMARY (CONSOLIDATED) 3Q 10/11

2Q 10/11

%QoQ

2009/ 2010

61

647

-91%

5,762

69

64

8%

187

252 317 (114) 140 (336) (58) 5 336

239 (346) 29 36 (329) (32) 2 309

6% -191% -495% 292% 2% 82% 164% 9%

953 (4,332) (1,408) 9 (636) (88) 2 448

0

(432)

-100%

(1,076)

(907)

(82)

1011%

(1)

(573)

(178)

222%

(867)

(0) 0 125 (1,354)

(2) 0 (39) (733)

-84% #DIV/0!

-418% 85%

(0) (1,403) 627 (2,720)

1,330 (2) 0 (6) 1,322

103 (2) 847 (36) 813

1191% 0% -100% -82% 63%

92 (3) 398 398

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

272 2,394

417 1,977

-35% 21%

(1,874) 4,351

Key financial ratios

3Q 10/11

3Q 09/10

9M 10/11

9M 09/10

2009/ 2010

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

43.2% 22.2% 24.7% 44.6% 3.8% 0.8% 0.04% 0.07%

39.8% 23.0% 21.7% 53.5% 18.0% 15.9% N/A N/A

42.7% 21.6% 20.8% 57.3% 11.2% 8.4% 0.08% 0.14%

40.6% 19.2% 24.5% 153.4% 125.4% 117.5% 0.63% 1.06%

42.71% 20.91% 25.52% 132.25% 102.33% 95.84% 9.29% 23.89%

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

0.4x 0.7x 0.5x 1.2x

N/A N/A N/A 2.3x

N/A N/A N/A 1.4x

N/A N/A N/A 16.3x

0.61x 1.57x 0.44x 11.56x

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)

0.0002 0.0060 -0.0201 1.15 0.67

0.0286 0.0346 -0.0729 N/A N/A

0.0064 0.0148 -0.0478 4.18 2.00

0.6552 0.1400 -0.0717 N/A N/A

0.097 0.008 (0.03) 0.964 0.43

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 interest income Net cash from (used in) operating activities Increase in elevated rail project costs Cash paid for purchases of property, plant and equipment Cash paid for purchases of condominiums and fixtures for lease Cash paid for purchase of investment in subsidiaries Others Net cash used in investing activities Increase (Decrease) in long-term loan Cash paid for long-term loans Cash received from issuance of ordinary shares Others Net cash from (used in) financial activities

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Investor Relations Quarterly Review: Issue 3

BTS Group Holdings Plc st

3Q 10/11

(3 months ending 31 December 2010)

Financial Highlights • • • • •

Total operating revenue of THB 1,625.7mn in 3Q 10/11, representing growth of 18.5% YoY Operating EBIT margin of 24.7% in 3Q 10/11, compared to 21.7% in 3Q 09/10 New historic high ridership on BTS SkyTrain achieved; Total quarterly ridership of 39.7mn passengers in 3Q 10/11 New record revenue from Media business achieved; THB 370.4mn in 3Q 10/11 Net income of the Group of THB 26.6mn, compared to THB 228.7mn in 3Q 09/10 weighed down by interest costs

Quarterly Performance – 3Q 10/11 As the acquisition of the shares of BTSC and its subsidiaries was considered to be a business combination under common control, the Company has restated the consolidated and separate financial statements for the year ended 31 March 2010 and for the three-month and nine-month periods ended 30 December 2009, as if BTSC and its subsidiaries, acquired in May 2010, had been a subsidiary of the Company since it was established.

BTSG Holdings Public Company Limited (“BTSG” or the “Company”) and subsidiaries (together, the “Group”) recorded consolidated total revenue of THB 1,700.9mn in 3Q 10/11, an increase of 7.6% (or THB 121.4mn) from THB 1,579.5mn in 3Q 09/10. Operating revenue also rose 18.5% to THB 1,625.7mn. The increase was from improved revenue across all our primary business sectors. Revenues from the Mass Transit, Media, Property and Services businesses accounted for 63.9%, 22.8%, 11.4% and 1.9% of total operating revenues respectively.

Operating Revenue6 (THB mn) Mass Transit6

3Q 10/11 1,038.9

% of Total6

3Q 09/10

% Change (YoY)

3Q 10/11 margin8

3Q 09/10 margin

63.9%

953.9

8.9%

40.7%

35.8%

Media

370.4

22.8%

292.5

26.6%

66.1%

70.3%

Property6

185.5

11.4%

125.0

48.4%

10.8%

-1.4%

6

30.9

1.9%

0.5

6080.0%

45.3%

N/A

18.5%

43.2%

39.8%

Services 7

TOTAL

1,625.7

1,371.9

6 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 7

Total excludes Other income of THB 75.2mn (3Q 10/11) from interest income, gain on deposit of cash as guarantee for debt settlement and others

8

Gross profit margin

Total expenses rose by 13.5% to THB 1,296.4mn (and less than the increase in operating revenue) hence the Group saw an improvement in its gross margin to 43.2% compared with 39.8% in the previous year. Selling and administrative expenses increased 14.6% or by THB 46mn to THB 360.9mn on the back of increased investment in Abstracts brand (although this fell QoQ) as well as professional fees related to warrant listing and extraordinary general meeting of shareholders. In addition, the group realised a loss on exchange of THB 11.4mn in 3Q 10/11 in relation to an accounting policy for the Euro component of the advance payment for new rolling stock (35 middle cars).

Although operational EBIT9 grew by 35.0% YoY to THB 401.6mn, (from THB 297.5mn in 3Q 09/10), interest costs remained a heavy burden, rising to THB 343.8mn in 3Q 10/11 (compared with THB 193.4mn in 3Q 09/10). Weighed down by this interest cost, the Group reported a net profit of THB 26.6mn (versus THB 228.6mn in 3Q 09/10); a decline of THB 205.6mn or 94.0% compared with 3Q 09/10. Net profit attributable to equity holders of the parent was THB 12.3mn. Besides operational items, the Group benefited from two non-recurring items in 3Q 10/11 of THB 38.6mn. This is due to a gain on debt settlement (THB 14.8mn) from reversal of cash deposited as collateral for settled cases as well as gain on the sale of Belle Development shares (THB 23.8mn).

Total assets stood at THB 63,446.7mn, a 3.5% increase from End March 2010. The key changes in the structure of the balance sheet (such as increase in shareholders’ equity from THB 23,820.6mn to THB 37,578.0mn, decrease in ‘Accounts payable from subsidiaries’ acquisition’ from THB 21,155.7mn to THB 0mn) are as a result of the re-statements of accounts in relation to the acquisition of shares in BTSC as a business combination under common control, and these are explained in more detail in the Notes to the financial statements. The Group also saw an increase in fixed assets by 3.2% or THB 1,701mn as a result of the investment in BRT cars, new land at Phayathai as well as construction progress on the Four Points hotel at Surasak.

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operational EBIT excludes gain on debt settlement (THB 14.8mn in 3Q 10/11, THB 142.7mn in 3Q 09/10) and loss on exchange (THB 11.4mn in 3Q 10/11, THB .5mn in 3Q 09/10)\

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Investor Relations Quarterly Review: Issue 3

BTS Group Holdings Plc st

3Q 10/11

(3 months ending 31 December 2010)

KEY BUSINESS UNIT UPDATES

MASS TRANSIT In 3Q 10/11, quarterly ridership reached 39.7mn mn passengers, representing a 5.0% increase compared to 2Q 10/11 or 4.7% 4.7 increase YoY. The total 3Q 10/11 ridership number of 39.7mn passengers represents a new record of quarterly passenger in BTSC operational histo history.

Meanwhile, our monthly ridership sets up a new historic high of 13.3mn passengers in November 2010. An average fare price in 3Q 10/11 also improved from THB 24.10 in 2Q 10/11 and THB 24.06 in 3Q 09/10 to THB 24.20.

Total ridership Average weekday ridership Average fare price (THB)

Historical Monthly Ridership

3Q 10/11 39,669,101

3Q 09/10 37,893,264

YoY 4.69%

2Q 10/11 37,782,486

QoQ 4.99%

481,632

460,400

4.61%

464,259

3.74%

24.20

24.06

0.57%

24.10

0.41%

Historical Average Weekday Ridership

The above performance is reflected in 3Q 10/11 Mass Transit revenues, which saw 9% increase YoY to THB 1,038.9mn. In addition additio to farebox revenue which increased to THB 959.5mn in line with ridership growth, O&M revenue also rose by 84.4% to THB 79.3mn du due to contribution from the Bus Rapid Transit (BRT) operating contracts. The cost of farebox actually declined in 3Q 10/11 compared compare to 3Q 09/10 primarily due to lower salary (bonus) costs than the previous year. The gross profit margin of the Mass Transit business improved YoY to 40.7% from 35.8% although the QoQ decline (2Q 10/11: 43%) was attributable to payment of staff incentives in this quarter.

During 3Q 10/11, the BTS SkyTrain implemented the new signaling system on the Silom line, which aims to red reduce uce headway and offer and improved service frequency to passengers. However, during the transition stage and the introduction of the some of the new 44-car trains, the BTS SkyTrain service experienced 3 major delays due to radio signal interference. All m major issues have now been resolved however, there continue to be minor delays on an infrequent basis. As of end December, 4 of the 12 new 44-car car trains were in service and all 12 are expected to be in service by February 2011. th

On November 29 , BTSC executed ed the operation and maintenance agreement with Krungthep Thanakom Company Limited for the operation and maintenance of the 5.25km extension from On On-nut to Bearing. This 5-station station extension is expected to open in August 2011 and will increase the O&M fee income of the Group considerably. In the first year of operations, the fee income to BTS Group will be approximately THB 630mn.

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Investor Relations Quarterly Review: Issue 3

BTS Group Holdings Plc st

3Q 10/11

(3 months ending 31 December 2010)

MEDIA During 3Q 10/11, the advertising industry grew 15% YoY according to AGB Nielsen. The BTS Group focuses on the transit and in-store sectors, and these sub-sectors outpaced the overall industry growth seeing YoY increase of 62% and 56% respectively.

Against this backdrop, the Group’s Media business revenue reached THB 370.4mn in 3Q 10/11 (a 27% or THB 77.9mn increase YoY and a 7% increase QoQ), a record since the company was formed. Recent growth is primarily as a result of aggressive expansion in the modern trade sector (new contract for Tesco FM as well as mature occupancy for Tesco LCD and Carrefour static media) as well as the benefits from the Point-of-View (PoV) acquisition. BTS-related revenue also grew at a double-digit rate QoQ as both In-train LCDs and On-station static media benefited from seasonally high spending.

Despite a decline in the media business gross profit margin to 66.5% in 3Q 10/11 from 68.9% in 3Q 09/10 (as the proportion of non-BTS related media increased), the operational EBIT margin (excluding other income) showed improvement to 51.3% (from 49.4% in 3Q 09/10) thanks to a considerable shrinking in selling and administrative expenses to sales ratio to 15.2% (from 19.5% in 3Q 09/10).

In November 2010, the Group was officially granted the right to operate advertising space in and outside the BRT cars for a concession period of 6.5 years.

Contribution of Revenue (Media business)

36% 64% 3Q 10/11

38%

23%

62%

77%

2Q 10/11

Gross Profit Margin (Media business)

Gross profit margin (overall)

3Q 09/11

3Q 10/11

2Q 10/11

3Q 09/10

66.5%

65.8%

68.9%

Gross profit margin (BTS-related)10

87.0%

86.7%

86.8%

Gross profit margin (non BTS-related)

30.6%

31.5%

10.5%

10

BTS related business revenue Non-BTS related business revenue

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

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Investor Relations Quarterly Review: Issue 3

BTS Group Holdings Plc st

3Q 10/11

(3 months ending 31 December 2010)

PROPERTY The Group’s Property business saw revenues increase by THB 57.5mn (or 46.1%) to THB 182.7mn in 3Q 10/11 compared with the corresponding period in the previous year. This was as a result of a policy to accelerate sales of its Thana City project (THB 53.0mn in 3Q 10/11 versus THB 14.0mn in 3Q 09/10) as well as higher completions of Baan Aur Athorn (THB 95.1mn versus THB 62.1mn in 3Q 09/10).

Nevertheless, property business realised lower hotel management revenue in 3Q 10/11 compared to 3Q 09/10 due to an decrease in revenue from Eastin Muang Thong Thani hotel management contract which was terminated in December 2009. Although the Group recognised THB 20.0mn gross profit (compared with THB 60.3mn loss in 2Q 10/11), there was a 76.5% increase in property-related sales and administrative expenses as the Group invested in the build of its Abstracts brand. Compared with 2Q 10/11 advertising expenses related to Abstracts condominium fell to THB 40mn from THB 66mn.

CONDOMINIUMS: In 3Q 10/11, our condominium projects (Abstracts Phahonyothin Park and Abstracts Sukhumvit 66/1) under the Abstracts brand has continued launching marketing campaign to promote presold volume. These include “BTS Instant Usage” campaign which buyers get free privilege for unlimited usage of BTS SkyTrain after booking as well as “Friends Get Friends” campaign which offers discount for buyers who suggest friends to book a condominium.

Studio room 11.16%

Two bedroom 6.03%

Presold units 53%

One bedroom 82.81%

Available units 47%

% of total presold units Presold units as of Dec 2010 (Tower A) Average Selling Price/Sq.m. (THB) between Oct – Dec 2010

74,728

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 3

BTS Group Holdings Plc st

3Q 10/11

(3 months ending 31 December 2010)

Two bedroom 26% Available units 45%

Presold units 55%

One bedroom 74%

% of total presold units

Presold units as of Dec 2010 Average Selling Price/Sq.m. (THB) between Oct – Dec 2010

77,115

Presold by unit type

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

# Units 28 28 28 28 112

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

HOTELS: Construction of Four Points by Sheraton adjacent to BTS Surasak reached 55.0% % and remains on track to open in the third calendar quarter of 2011.

4 Points by Sheraton Construction Progress

55.0 .0% Room model

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Type: Four Star Hotel (Four Points by Sheraton Bangkok Sathorn)

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

Construction model

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Investor Relations Quarterly Review: Issue 3 3Q 10/11

BTS Group Holdings Plc st

(3 months ending 31 December 2010)

SERVICES Our Services business saw revenue rise to THB 30.9mn (compared to THB 22.6mn in 2Q 10/11 and THB 0.5mn 3Q 09/10). 3Q marks the continuation of the peak season at Thana City Golf, and the Group also benefited from marketing activities surrounding the visit of Greg Norman to the course. Despite achieving a gross profit margin of 45%, selling and administrative expenses rose considerably to THB 13.9mn due mainly to employee benefits expense. Hence, the Group saw only small amount of net income from Thana City Golf.

Absolute Hotel Services Co. Ltd (AHS) continued acquiring new management contracts regionally during the period. The company successfully debuted its new Eastin Easy brand in 3Q 10/11 in the Indian and Indonesian markets. In the meantime, U Inchantree Kanchanaburi officially opened in 3Q 10/11.

New contracts secured U Hotels & Resorts

Eastin Hotels / Residence and Eastin Easy

India: U Chariot Puri, (90 rooms opening in 2011)

India: Eastin Hotel Lonavala (100 rooms opening in 2013)

Vietnam: U Romana Phan Thiet, (96 rooms opening 2011)

India: Eastin Easy Goa (80 rooms opening in 2012) India: Eastin Easy Citzen Ahmedabad (50 rooms opening in 2011) India: Eastin Easy Lucknow, (50 rooms opening in 2012) Indonesia: Eastin Easy Denpasar Bali (125 rooms opening in 2013),

Bangkok Smart Card System Co. Ltd (BSS) continued to invest in the clearing system of Bangkok Smartcard System (BSS) and is on target for a trial run of the new common ticketing system in May and will be available for public in Q4 this year (calendar year).

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Investor Relations Quarterly Review: Issue 3 3Q 10/11

BTS Group Holdings Plc st

(3 months ending 31 December 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.

20 November 2010: BTS Group’s Kathin Ceremony 2010

The Management team of BTS Group, led by Khun Keeree Kanjanapas, Executive Chairman, brought a group of staff members to make merit on the occasion of the Group’s annual Kathin ceremony at Wat Mongkol Samakee Thummotai (Wat Khao Sab), Rayong province. In addition, BTS Group funded 54 scholarships valued THB 162,000 to students, in accordance with the Group’s key corporate social responsibility policy to support Educational progression.

30 November 2010: Cash Donation for Flood Victims

BTS Group presented cash donations to help relief flood victims through ‘News Family TV3’ and channel 7. All proceeds were donated by BTS passengers and companies in the Group.

1 December 2010: A merit-making ceremony to commemorate the King’s Birthday

The BTS SkyTrain, in cooperation with Bangkok Metropolitan Administration (BMA), the CENTRAL Group of Companies and Ratchaprasong Square Trade Association, held a meritmaking ceremony, with the offering of food to 584 Buddhist monks. The ceremony took place along the BTS Skywalk located between BTS Chit Lom and Siam Stations, and commemorated the occasion of the King’s Birthday on December 5th and the 11th Anniversary of the BTS SkyTrain.

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Investor Relations Quarterly Review: Issue 3

BTS Group Holdings Plc st

3Q 10/11

(3 months ending 31 December 2010)

SUMMARY COVERAGE AND ANALYST RECOMMENDATIONS Company Name

Recommendation

Asia Plus Securities Bualuang Securities Capital Nomura Securities DBS Vickers Securities Finansia Syrus Securities Kim Eng Securities KGI Securities KT ZMICO Securities Phatra Securities Phillip Securities TISCO Securities

BUY BUY BUY BUY BUY BUY OUTPERFORM BUY BUY BUY HOLD

Target Price 1.26 1.00 1.05 1.08 0.98 0.93 0.97 0.98 1.05 0.98 0.91

Report Date 27-Jan-11 21-Oct-10 16-Nov-10 14-Jul-10 24-Nov-10 18-Nov-10 4-Feb-10 27-Jan-11 7-Feb-11 7-Feb-11 4-Oct-10

2010/11 Sales Forecast (THB mn) 5,869 5,856 6,341 N.A. N.A. 5,943 5,755 5,897 5,808 5,928 6,291

Analyst Name Natwarin Tripobsakul Chaiyatorn Sricharoen Raenoo Bhandasukdi Sombat Agekavanpattana Pornsook Amonvadekul Daowadee Teera Teera-apisakkul Suchot Tirawannarat Terapatr Mathanukraw Paveena Chewananth Siam Tiyanont Thapana Phanich

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., 14F TST Tower, 21 Viphavadi-Rangsit Rd, Jompol, Jatujak, Bangkokk 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 3Q’2010/11 9M 10/11 Earnings Released Analyst Meeting End of 4Q’2010/11 Year end 10/11 Earnings Released

Date 31 Dec 2010 14 Feb 2011 16 Feb 2011 31 Mar 2011 30 May 2010

Notes 1

th

data as of 15 February 2011. Source: Company and Bloomberg based on exchange rate of 30.84 as of 15th February 2011 Assumes no cost of concession payable by VGI to BTSC 4 th Source: Bloomberg, data as of 15 February 2011 2 3

This document has been prepared and distributed by the Investor Relations Department of BTS Group Holdings Plc. (“BTSG”) sole solely ly 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 op 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 BTSG or any of its agents, or all of their respective affiliates, or representatives ves 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 forward looking statements, including the statements included or incorporated with the words "believe", "believ "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 ts 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 forward-looking statements are made. Thus, BTSG assumes no responsibility ponsibility and makes no representations with respect to the accuracy and/or completeness of the forward--looking looking statements. BTSG undertakes no obligation to publicly update or revise any forward-looking forward statements, whether as a result of new information, future events or otherwise.

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