1Q FY 15/16 (For the quarter ended 30 Jun 2015) FROM THE EDITOR

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1 MASS TRANSIT 39% SERVICES 11% AT A GLANCE SHARE INFORMATION i Shares Outstanding 11,919.3mn shares vii Free Float v 57.4% Par Value THB 4.0 / Share vi Market Capitalisation THB 117.5bn / USD 3.4bn ii YTD daily traded value iv THB 358.3mn / USD 10.8mn ii Stock Identifiers Stock Exchange Symbol BTS Bloomberg / Reuters BTS TB / BTS.BK REVENUE BY BUSINESS UNIT PROPERTY 15% MEDIA 35% BTS LAST 12 MONTHS SHARE PRICE PERFORMANCE i : GROSS PROFIT BY BUSINESS UNIT iii MASS TRANSIT 44% SERVICES 4% PROPERTY 10% EQUITY MARKETS viii 3 MO 6 MO 12 MO BTS TB 6.6% -2.5% 1.6% SET Transport Index -2.3% -10.0% 6.2% SET Index -6.1% -13.1% -9.1% NIKKEI % 15.0% 35.4% HANG SENG -11.9% -2.7% -3.5% FTSE % -3.6% -0.5% S&P % -0.5% 7.2% CURRENCY MARKETS viii 3 MO 6 MO 12 MO USD vs THB -5.05% -7.59% -6.74% EUR vs THB -3.01% -5.32% 1.43% THB vs JPY 0.77% 3.28% 3.10% THB vs HKD 5.33% 8.33% 7.29% THB vs SGD -0.25% 5.05% 1.77% THB vs GBP 4.55% 9.85% 7.55% MEDIA 41% FROM THE EDITOR Dear Investment Community, BTS Group recorded strong quarterly earnings in 1Q 15/16 with total consolidated revenue up 145.6% to THB 5,093.6mn and net profit attributable to the equity holders of the Company up 363.9% to THB 3,016.4mn. This was supported by a gain from the sale of property assets into our associate company, U City. We have previously guided that gains from sale of property to our associate companies will continue to be recognised as we restructure our property business under the 'partnership' approach. Excluding the gain from sale of property assets (recorded as a 'gain on swap of shares' as we exchanged shares in property assets in return for shares in U City) and other non-recurring items, net profit (before MI) fell by 34.0% to THB 507.6mn. The reduction was driven by softer media and property earnings as well as lower interest income. On the plus side, mass transit business continued to grow healthily and more details can be seen in 1Q 15/16 MD&A ( The softer property operating results mask what was actually a very positive quarter for our property business. In 1Q 15/16, our first joint venture with Sansiri, The Line Jatujak - Mochit was fully pre-sold and will lead to approximately THB 5.8bn expected revenue recognition within 2018 to This also had the knock on effect of stimulating sales in BTS Group s Abstracts Phahonyothin Park project, which is now 100% sold. Subsequently in August, the second joint venture with Sansiri (The Line Sukhumvit 71) was also fully pre-sold. Following the success of these initial projects, the partnership now targets THB 100bn revenue launched over the next 5 years, of which THB 25bn will be launched in During the quarter, the Group increased its stake in its subsidiary, VGI Global Media from 69.6% to 73.3%, following continued softening on VGI s share price. BTS Group remains a firm believer in the long term potential of VGI s mass transit media business, which is underpinned by a long term contract on the BTS SkyTrain Core Network and excellent growth prospects in relation to the expansion of the network. On 17 August 2015, the final 2014/15 dividend of THB 3,548.5mn (or THB 0.30 per share) will be paid. We now enter the final year of the committed dividend period, with at least THB 8,000mn (a dividend yield of 6.9% based on BTS market capitalisation as of 10 Aug 2015 of THB 115.7bn) to be paid to shareholders. Yours faithfully, Daniel Ross Chief Investment Officer Our City Our Future 1

2 BTS GROUP FINANCIAL SUMMARY (CONSOLIDATED) INCOME STATEMENT FOR 3 MONTHS (THB mn) 1Q 15/16 1Q 14/15 % YoY Operating revenue 1, ,744.2 (11.8)% Other recurring income (65.7)% Total recurring revenue 1, ,282.1 (24.5)% Operating costs (18.6)% Operating selling and administrative expenses (1.2)% EBITDA 4, , % Operating EBITDA (8.5)% Finance cost (40.0)% Non-operating gain (loss) 2,567.9 (6.9) N.A. EBT 4, % Operating income tax (42.7)% Minority interests (47.2)% Net income to equity holders of the parent 3, % EPS (THB per share) % STATEMENT OF FINANCIAL POSITION (THB mn) 30 JUN MAR 15 % Change Cash and cash equivalents 4, ,111.9 (54.2)% Current investments 11, , % Trade and other receivables ,218.1 (23.2)% Real estate development costs-net 2, ,237.8 (1.1)% Accrued income % Non-current assets classified as held-for-sale - 4,576.2 N.A. Other current assets (7.7)% Total current assets 20, ,003.0 (21.0)% Investments in associates 21, , % Other long-term investments-net 9, , % Investment properties-net 1, ,480.0 (0.2)% Property, plant and equipment-net 5, , % Other non-current assets 10, , % Total non-current assets 49, , % Total assets 69, , % Short-term loans from financial institutions % Trade accounts payables 1, ,851.1 (6.7)% Current portion of long-term loans 1, ,920.4% Current portion of long-term debentures 1, , % Liabilities directly associated with assets classified as held for sale N.A. Other current liabilities 3, , % Total current liabilities 8, , % Long-term loans-net of current portion ,187.1 (83.3)% Long-term debentures-net of current portion 1, , % Long-term provisions-related party 1, , % Deferred tax liabilities 2, ,616.2 (2.3)% Other non-current liabilities 1, , % Total non-current liabilities 7, ,003.6 (9.9)% Total liabilities 15, , % Issued and fully paid shares (mn shares) 11, , % Issued and fully paid capital 47, , % Share premium 1, , % Retained earnings 4, % Other components of shareholders equity (821.7) (206.9)% Equity attributable to company's shareholders 52, , % Non-controlling interest-equity attributable to minority 1, ,284.1 (1.0)% Total shareholders' equity 54, , % Total liabilities and shareholders' equity 69, , % Our City Our Future 2

3 BTS GROUP FINANCIAL SUMMARY (CONSOLIDATED) CASH FLOW STATEMENT FOR 3 MONTHS (THB mn) 1Q 15/16 1Q 14/15 % YoY EBT 4, % Plus Profit before tax from discontinued operation 3.9 (20.0) N.A. Profit before tax 4, % Cash from operating activities % Cash paid for interest expenses (50.7) (99.1) N.A. Cash paid for corporate income tax (32.8) (25.4) N.A. Net cash from operating activities % Net cash used in investing activities (5,412.8) (1,264.8) N.A. Net cash used in financing activities (961.6) (209.0) N.A. Increase in translation adjustment (96.1%) Net decrease in cash (5,553.3) (1,199.0) N.A. Cash and cash equivalents classified as assets held for sale at beginning of period N.A. Cash at beginning of the period 10, , % Cash at the end of the period 4, , % KEY FINANCIAL RATIOS PROFITABILITY RATIOS 1Q 15/16 1Q 14/15 4Q 14/15 Gross operating profit margin (%) 57.7% 54.2% 57.8% Selling and administrative expenses to operating sales ratio (%) 23.6% 21.1% 23.4% Operating EBITDA margin (%) A 41.0% 39.5% 41.9% Accounting EBITDA margin (%) 81.6% 44.4% 39.8% Recurring pre-tax profit margin (%) B 36.5% 43.0% 42.7% Net recurring profit margin (%) B 29.5% 33.7% 38.4% Accounting net profit margin (%) C 59.1% 32.6% 39.7% ROA (%) D 7.7% 3.8% 4.7% ROE (%) E 10.0% 4.9% 6.0% LIQUIDITY RATIO Current ratio (times) 2.40x 4.20x 3.83x LEVERAGE RATIOS Total liabilities to total assets (times) 0.23x 0.24x 0.22x Total liabilities to total equity (times) 0.29x 0.31x 0.28x Net debt to equity (times) (0.00)x 0.01x (0.11)x Net debt to operating EBITDA (times) (0.01)x 0.13x (1.96)x Interest coverage (times) F 7.87x 5.16x 8.68x PER SHARE RATIOS G Basic earnings per share (THB) Operating cash flow per share (THB) Free cash flow per share (THB) Enterprise value per share (THB) Book value per share (THB) NOTE: A Excludes non-operating items and interest income B Calculated based on recurring profit (before MI) / total recurring revenue C Calculated based on accounting net profit (before MI) / total accounting revenue including share of income from investments in associates D Calculated based on accounting net profit (before MI) / average total assets E Calculated based on accounting net profit (before MI) / average total shareholders equity F Calculated based on operating EBITDA / finance cost G Calculated based on weighted average number of shares at par value of THB 4.0 per share Our City Our Future 3

4 FINANCIAL HIGHLIGHTS Quarterly ridership; 55.9mn trips in 1Q 15/16, 9.0% growth YoY. Average fare was THB 26.9 per trip, a decrease of 0.7% YoY Share of net profit from investment in BTSGIF in 1Q 15/16 increased by 25.2% YoY to THB 208.4mn Train Operation & Maintenance (O&M) revenue rose 4.1% YoY to THB 394.0mn from the contractually agreed increase in the operating fee of Green Line Sukhumvit extension and Silom extension Total Media revenue declined by 28.5% YoY to THB 539.2mn although BTS-related Media revenue grew 1.9% YoY to THB 436.2mn Property operating revenue of THB 233.0mn, dropping 27.1% YoY mainly from the divestment of Eastin Grand Hotel Sathorn to U City PCL and fewer transferred condominium units The Line Jatujak Mochit project was 100% pre-sold with average selling price of THB 178.9k/sqm Services business revenue 1 rose by 30.2% YoY to THB 163.7mn mainly from the revenue generated from ChefMan Restaurants Total reported revenue* was THB 5,093.6mn, an increase of 151.7% YoY primarily on gain (before tax) on sale of property assets (disposal of shares in the 2 subsidiaries to U City PCL) of THB 3,458.5mn Pre-tax recurring profit margin (before MI) was 36.5% in 1Q 15/16, compared to 43.0% in 1Q 14/15 Net recurring profit (before MI) was THB 507.6mn, decreasing 34.0% YoY from THB 769.2mn in 1Q 14/15 Net profit (before MI) of THB 3,075.5mn, an increase of 303.4% YoY or THB 2,313.2mn mainly due to a recognition of net gain (after tax) from the sale of property assets to U City PCL of THB 2,528.5mn ACCOUNTING AND RECLASSIFICATION From 1 April 2014, BTS Group Holdings Public Company Limited ( the Company ) and its subsidiaries (together, the Group ) have adopted TFRIC 12 Service Concession Arrangements. This new standard provides accounting guidelines for concession operators for recognising and measuring the obligations and related rights in public-to-private service concession arrangements. BTSC (the subsidiary) provides services to procure electric trains (infrastructure) to be used in the provision of public services and to operate and maintain this infrastructure for a specified period of time under the 30-year O&M contract. BTSC is paid for its services over the period of the arrangement which is a public-to-private service concession arrangement. BTSC s management, therefore, considers this arrangement under the 30-year O&M contract to be within the scope of TFRIC 12. The effects of the changes are recognised retrospectively in the financial statements. SIGNIFICANT EVENTS 20 April 2015: The completion of the disposal of all ordinary shares in two subsidiaries, (i) BTS Assets Co., Ltd. ( BTSA ), the owner of Eastin Grand Hotel Sathorn Bangkok and land plots at Phaholyothin Road and (ii) Kamkoong Property Co., Ltd. ( KKP ), the owner of land plots at Phayathai Road to U City Public Company Limited ( U City ). The total sales consideration was THB 9,404.1mn and BTS Group received 35.64% of the newly issued ordinary shares as well as warrants of U City in exchange for the sale. 15 May 2015: The Company s Executive Committee approved the establishment of 7 additional new joint venture companies ( JVCo3 to JVCo9 ) between BTS Group and Sansiri Public Company Limited ( SIRI ) to accommodate the development plan of new residential projects for sale in the next 12 months. BTS Group and SIRI each invested in 50% shares in each joint venture company. April June 2015: The Group increased its shareholding in VGI from 69.6% to 73.3%. 22 July 2015: BTS Group and SIRI announced the revision of the total project value under the 5-year strategic alliance framework agreement to THB 100bn (from THB 25-30bn) with plans to develop approximately 25 condominium projects for sale within 500m of mass transit stations. 24 July 2015: The Annual General Meeting of Shareholders 2015 approved the appointment of 2 new directors (Mr. Chulchit Bunyaketu and Dr. Karoon Chandrangsu), increasing the number of the directors from 12 to 14 directors. Also, the Company will pay a final dividend of THB 3,548.5mn or THB 0.30 per share on 17 August 2015, taking the total annual dividend paid to THB 7,094.7mn (THB 0.60 per share). Based on the share price as of 22 May 2015 (one day before the BOD date), this is equivalent to a dividend yield of 6.38%. 1Q 15/16 PERFORMANCE The Group recorded consolidated total revenue* of THB 5,093.6mn in 1Q 15/16. This represented an increase of 151.7% or THB 3,069.6mn YoY from THB 2,024.0mn in 1Q 14/15. The increase was primarily due to (1) extraordinary gain (before tax) recognised in 1Q 15/16 from the sale of property assets to U City (recorded under gain on swap of investments ) of THB 3,458.5mn and (2) the increase in Mass Transit revenue of THB 15.5mn (or 4.1% YoY) from higher O&M revenue and (3) the growth in the revenue generated from ChefMan Restaurants as well as stronger marketing and co-promotion of Rabbit cards of THB 27.7mn YoY. This increase was partially offset with (4) a reduction in interest income of THB 199.4mn and (5) a decrease in services revenue of THB 184.7mn mainly from softened Media and Property revenues (see details in Segmental Performance section). Our City Our Future 4

5 Despite higher train O&M revenue and an increase in share of net profit from BTSGIF, operating revenue 2 fell by 11.8% YoY or THB 205.8mn to THB 1,538.4mn largely as a result of (1) the reduction in Property operating revenue from the divestment of Eastin Grand Hotel Sathorn to U City and fewer transferred units of Abstracts Phahonyothin Park Condominium in 1Q 15/16 and (2) the reduction in Media revenue from the discontinuation of Modern Trade Media business. Revenue from the Mass Transit, Media, Property and Services businesses accounted for 39.2%, 35.0%, 15.1% and 10.6% of total operating revenue, respectively. Operating Revenue 2 (THB mn) 1Q 15/16 % of Total 2 1Q 14/15 % of Total 2 % Change (YoY) 1Q 15/16 1Q 14/15 GP Margin 5 GP Margin 5 Mass Transit % % 10.5% 65.4% 61.7% Media % % (28.5)% 67.1% 58.8% Property % % (27.1)% 39.9% 40.3% Services % % 30.2% 23.9% 28.2% TOTAL 2 1, % 1, % (11.8)% 57.7% 54.2% Total consolidated expenses and SG&A* reached THB 960.2mn in 1Q 15/16, a reduction of THB 104.1mn or 9.8% YoY mainly from (1) the decline in cost of services of THB 109.3mn from lower costs of Media and Property businesses (see details in Segmental Performance section), (2) the reduction in cost of sales of real estate of THB 38.8mn. Operating costs decreased by 18.6% YoY to THB 650.8mn, which was in line with the reduction in total operating revenue. Further, as operating costs decreased at a higher rate than the decline in operating revenues, the Group operating gross profit margin 5 improved to 57.7% from 54.2% in the previous year. As a result of the aforementioned changes, the Group operating EBITDA 6 was THB 630.8mn, a decrease of THB 58.9mn or 8.5% YoY. However, the operating EBITDA 6 margin improved slightly to 41.0% in 1Q 15/16 (versus 39.5% in 1Q 14/15) from higher contribution of higher margin Mass Transit business as well as from lower contribution of lower margin Property and Modern Trade Media businesses. Finance costs fell by 40.0% YoY or THB 53.4mn to THB 80.2mn primarily as the Group repaid the third tranche of BTSC debentures during 2Q 14/15. Other recurring income 7 fell by 65.7% YoY or THB 353.3mn to THB 184.6mn largely from the reduced interest income and an increase in share of net loss from investments in joint ventures/associates (excludes share of profit in BTSGIF) of THB 140.4mn. Despite lower finance costs, pre-tax recurring profit margin 7 for this quarter decreased to 36.5% from 43.0% in 1Q 14/15 as a result of the reduction in other recurring income. Net recurring profit (before MI) in 1Q 15/16 was THB 507.6mn, decreasing 34.0% YoY from THB 769.2mn in 1Q 14/15 consequent to the contraction in other recurring income as aforesaid mentioned. Reported income tax expenses was THB 1,051.7mn, an increase of THB 851.9mn or 426.5% YoY primarily from tax on the capital gain on sale of property assets (U City transaction) of THB 930.0mn. Taking into account all the aforesaid transactions, the Group recorded a consolidated profit of THB 3,075.5mn (increasing 303.4% YoY) and profit attributable to the equity holders of the Company of THB 3,016.4mn (increasing 363.9% YoY). * Total consolidated revenue and cost excludes train procurement service income and cost of train procurement service under concession agreement of THB 0.0mn (1Q 14/15: THB 49.8mn) to reflect the performance analysis. These two items are the impact from the adoption of TFRIC12 Service Concession Arrangements which deems that BTSC has to procure rolling stocks for the public sector entity 1 Services revenue includes sales from BSS, revenue from Carrot, revenue from HHT construction and revenue from ChefMan Restaurants. 2 Operating revenue from the operational performances from 4 BUs and share of net profit (loss) from BTSGIF, EXCLUDES interest income, dividend income and non-recurring items 3 Mass Transit revenues include: Share of net profit (loss) from BTSGIF (included in Share of profit from investments in associates in Statement of comprehensive income) Service Income from Train & Bus Operation Management (included in Service income under Revenues from provision of operating services ) 4 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. 5 Operating gross profit calculated based on the operational performances from 4 BUs and share of net profit (loss) from BTSGIF 6 Operating EBITDA calculated based on the operational performances from 4 BUs, share of net profit (loss) from BTSGIF, EXCLUDES interest income, dividend income, share of net profit (loss) from other associates (except from BTSGIF) and joint venture, non-recurring items from sales of net fare-box revenue to BTSGIF and other non-recurring items 7 Recurring profit calculated based on the operational performances from 4 BUs, share of net profit (loss) from BTSGIF and other associates and joint venture, as well as including other recurring items which are interest income and other recurring items (before MI) SEGMENTAL PERFORMANCE MASS TRANSIT Total Mass Transit revenue 3 increased 10.5% YoY to THB 602.5mn supported by an increase in O&M income and an increase in share of net profit from BTSGIF. O&M revenue rose by 4.1% or THB 15.5mn YoY to THB 394.0mn, mainly attributable to the contractually agreed increase in the operating fee of Green Line Sukhumvit extension and Silom extension. Fare-box revenue of the core system rose by 8.2% YoY or THB 113.9mn to THB 1,500.9mn mainly attributable to ridership growth (up 9.0% YoY to 55.9mn trips). Average fare was THB 26.9 per trip, a decrease of 0.7% YoY. Share of net profit from investment in BTSGIF in 1Q 15/16 increased by THB 42.0mn or 25.2% YoY to THB 208.4mn, which resulted from the increase in core network performance and a revision of amortisation method for fund set-up cost (from 3 years to the end of concession to be in line with other BTSGIF-related items). Our City Our Future 5

6 % -40.0% -90.0% % % INVESTOR RELATIONS QUARTERLY REVIEW: ISSUE 21 Cost of Mass Transit revenue increased by 0.1% or THB 0.2mn YoY to THB 208.7mn. As operating cost remained unchanged while operating revenue increased, the operating EBITDA margin improved to 66.1% in 1Q 15/16 (62.3% in 1Q 14/15). 1Q 15/16 1Q 14/15 % YoY Total Ridership (million trips) % Average weekday ridership (trip) 710, , % Average Fare (THB / trip) (0.7)% Historical ridership and % YoY growth for past 5 quarters Historical average fare and % YoY growth for past 5 quarters 2.0% 2.1% 4.7% -1.2% 9.0% 6.8% 0.5% 0.4% -0.7% -0.7% Q 14/15 2Q 14/15 3Q 14/15 4Q 14/15 1Q 15/16 Ridership (mn trips) Passenger Growth (YoY), RHS 1Q 14/15 2Q 14/15 3Q 14/15 4Q 14/15 1Q 15/16 Average Fare (THB/trip) Average Fare Growth (YoY), RHS MEDIA Thailand s central bank has revised down its 2015 GDP growth forecast for the second time from 3.8% to 3.0%. Weakened domestic consumption, falling agricultural commodity prices (especially rice and rubber) and delayed disbursement of the government s spending budget led to slower-than-expected recovery of the Thai economy. The Thai media industry was also harder hit by weakened consumption, as evident from the decrease in 6-months (Jan - Jun 2015) and 3-months (Apr - Jun 2015) advertising spending by 4.9% YoY and 5.7% YoY, respectively. Total Media revenue contracted by 28.5% YoY from THB 754.0mn in the previous year to THB 539.2mn as a result of the discontinuation of Modern Trade Media business. However, the decrease was partially offset with BTS-related Media and Office Building and Other Media, which continued to grow resiliently from 1Q 14/15 by 1.9% and 32.2%, respectively. BTS-related Media demonstrated resilient revenue growth of 1.9% YoY, or an increase of THB 8.3mn, to THB 436.2mn despite the economic slowdown. The key growth drivers were the increase in occupancy of static and digital media on station and digital media in-train. Our Modern Trade Media revenue was THB 50.5mn, a decline of 82.4% YoY. The decrease was entirely from the discontinuation of Modern Trade Media business. The analysis of underlying performance which removes the impact from Modern Trade Media business can be found in VGI Global Media s management discussion and analysis for 1Q 15/16 ( Office Building and Other Media revenue grew 32.2% YoY to THB 52.4mn as a result of the increase in additional office buildings (from 75 buildings to 103 buildings) as well as from media price increases, which became effective since October Cost of revenue decreased 42.8% or THB 132.8mn YoY to THB 177.5mn mainly from the reduction in costs associated with the discontinuation of Modern Trade Media. The decrease was partially offset with (1) higher depreciation costs of the new digital media installed across the BTS SkyTrain network as well as the additional office buildings and (2) the additional expenses of the 7 new extensions, which VGI secured the contract on 6 May Consequently, as a result of lower contribution of lower margin Modern Trade business, the operating EBITDA margin in this quarter improved to 58.8% (versus 50.2% in 1Q 14/15). Our City Our Future 6

7 CONTRIBUTION OF REVENUE (MEDIA BUSINESS) OFFICE BUILDINGS OPERATING PROFIT MARGIN (MEDIA BUSINESS) 1Q 15/16 1Q 14/15 MODERN TRADE Operating gross profit margin (overall) * 67.1% 58.8% Operating EBITDA margin (overall) 58.8% 50.2% BTS RELATED MEDIA *Operating gross profit margin excludes the cost of concession payable to BTSC PROPERTY In 1Q 15/16, the Group recognised a net gain (after tax) of THB 2,528.5mn from the sale of property assets (disposal of all ordinary shares in two subsidiaries (i) BTSA, the owner of Eastin Grand Hotel Sathorn Bangkok and land plots at Phaholyothin Road and (ii) KKP, the owner of land plots at Phayathai Road) to U City. The launch of The Line Jatujak Mochit, the first condominium project under the BTS-SIRI joint venture, was 100% sold out since the first day of pre-sales. Average selling price was THB 178.9k/sqm, significantly higher than comparable projects in that district. Following the success of the first project, the Company and SIRI have revised up the target project value to be launched over the next 5 years to be THB 100bn (see Management Outlook section). Property operating revenue dropped 27.1% YoY or THB 86.4mn to THB 233.0mn, which was attributable to the decline in Residential Property revenue and Commecial Property revenue. Residential Property revenue decreased by 45.0% YoY or THB 59.6mn to THB 72.9mn in 1Q 15/16. This decrease was mainly driven by a decline in sales of real estate of THB 60.2mn (largely in relation to 14 transferred units of Abstracts Phahonyothin Park (Tower A) in this quarter versus 42 transferred units in 1Q 14/15). As of July 2015, Abstracts Phahonyothin Park (Tower A) had been 100% pre-sold. Commercial Property revenue reached THB 160.1mn, a reduction of 13.3% YoY or THB 24.7mn mainly driven by a decrease in revenue from Eastin Grand Sathorn Hotel following the disposal of Eastin Grand Sathorn Hotel to U City since 20 April However, the decrease was partially offset with the increase in revenue from U Sathorn Hotel of THB 28.4mn. Operating costs decreased 26.5% YoY or THB 50.5mn to THB 140.1mn mainly from the decline in costs from transferred units of Abstracts Phahonyothin Park and costs related to Eastin Grand Hotel Sathorn Bangkok. Property SG&A expenses also decreased by 17.1% YoY or THB 21.9mn to THB 106.0mn largely from the reduction in selling and marketing expenses related to Abstracts Condominium project and expenses related to Eastin Grand Hotel Sathorn Bangkok. As a result of the decrease in revenues from the aforesaid reasons, the operating EBITDA margin declined to 5.9% in 1Q 15/16 compared to 12.3% in 1Q 14/15. PROPERTY REVENUE BREAKDOWN PROPERTY REVENUE CONTRIBUTION RESIDENTIAL PROPERTY BREAKDOWN COMMERCIAL PROPERTY BREAKDOWN Total property revenue: THB 233.0mn Residential property revenue: THB 72.9mn Commercial property revenue: THB 160.1mn Our City Our Future 7

8 RESIDENTIAL PROPERTY SUMMARY ABSTRACTS PHAHONYOTHIN PARK TOWER A 100% PRE-SOLD Project Summary: Type: Condominium Location: Phahonyothin Road, North Bangkok (250m from new BTS station) Units: 1,012 GFA (sqm): 62,091 NFA (sqm): 42,818 BTS-SANSIRI JOINT VENTURE PROJECTS Exclusive partnership to jointly invest and develop residential developments for sale within 500m of mass transit stations Targeted project value under the 5-year strategic alliance framework agreement of THB 100bn (from THB 25-30bn) Expected approx. 17% equity IRR and approx. 12% NPAT margin THE LINE JATUJAK MOCHIT Type: High-rise condominium project with panoramic view of parks Location: Land approx. 4 rai, 300m from BTS Mo Chit Station No. of units: 841 (43 stories) Expected project value: THB 5.8bn Expected construction completion: early 2018 Expected units transferred: within 2018 Progress: 100% pre-sold and construction is on-progress LOCATION IS EVERYTHING THE LINE SUKHUMVIT 71 Type: High-rise condominium project (fully-furnished) Location: Land approx. 1 rai, 400m from BTS Phra Khanong Station No of units: 291 (28 stories) Expected project value: THB 2.0bn Expected construction completion: end 2016 Expected units transferred: end 2016 Progress: 100% pre-sold and construction is on-progress OPPORTUNITY IS EVERYTHING LOCATION IS EVERYTHING Our City Our Future 8

9 COMMERCIAL PROPERTY SUMMARY NUMBER OF KEYS (2008-PRESENT) REVPAR & OCCUPANCY BY HOTEL U Sathorn Eastin Grand Hotel Sathorn (EGS)* U Inchantree Kanchanaburi Divested EGS* to U CITY U Chiang Mai * Eastin Grand Hotel Sathorn (EGS) was divested to U City since 20 Apr SERVICES Services business revenue increased by THB 37.9mn or 30.2% YoY to THB 163.7mn. This increase was primarily due to growth in the revenue generated from ChefMan Restaurants (which increased by THB 17.3mn or 26.6% YoY to THB 82.2mn) as well as growth in the revenue from Bangkok Smartcard Systems Co., Ltd. ( BSS ). BSS enjoyed a 23.7% or THB 11.5mn increase in revenue to THB 60.1mn primarily from stronger marketing and co-promotion of Rabbit cards of THB 10.4mn. Operating costs increased by 38.0% YoY or THB 34.3mn to THB 124.6mn. There was also THB 43.1mn of SG&A expenses, an increase of 33.0% YoY. Key costs and SG&A items were mainly from staff costs, food & beverage cost at ChefMan Restaurants. STATEMENT OF FINANCIAL POSITION Total assets as of 30 June 2015 stood at THB 69,800.8mn, an increase of THB 2,989.4mn or 4.5% from 31 March Total current assets stood at THB 20,554.6mn, decreasing by 21.0% or THB 5,448.4mn primarily attributed to (1) the de-recognition of non-current assets classified as held for sale (assets, liabilities and equities related to BTSA and KKP) of THB 4,576.2mn from the Group s balance sheet following the disposal of shares in the two subsidiaries to U City and (2) a reduction in cash and cash equivalents of THB 5,485.4mn (see further details in Cash Flow section) offset by increase in current investments of THB 4,850.2mn. A key part of the latter items relate to the Group s treasury management which reallocated cash (of THB 7,003mn) to money market funds, offset by THB 1,990.1mn of fixed deposits that became due. Total non-current assets was THB 49,246.2mn, an increase of 20.7% or THB 8,437.8mn primarily attributable to (1) an increase in investments in associates of THB 7,441.3mn mainly from the 35.64% investment in U City of THB 7,496.5mn and (2) an increase in loans to related parties of THB 533.1mn largely from long-term loans to BTS Sansiri Joint Venture projects. Total liabilities increased from 31 March 2015 by 6.7% or THB 996.8mn to stand at THB 15,795.8mn largely due to (1) an increase in income tax payable of THB 1,054.0mn mainly from the tax on gain from the swap of investments (U City transaction) of THB 930.0mn and (2) deposit received from sale of land to BTS- SIRI JVCo5 of THB 414.8mn. This was partially offset with (3) a de-recognition of liabilities directly associated with assets classified as held for sale (related to U City transaction) of THB 515.8mn from the Group s balance sheet. Total equity increased by THB 1,992.6mn or 3.8% to THB 54,005.1mn mainly attributable to an increase in unappropriated retained earnings of THB 3,596.0mn as a result of the gain from the swap of investments (U City transaction). However, this was partially offset with (1) a reduction in surplus from the changes in the ownership interests in subsidiaries of THB 1,086.8mn primarily as a result of the Company increasing its shareholding in VGI and (2) the transfer of revaluation surplus on assets of BTSA of THB 579.6mn to retained earnings. As of 30 June 2015, total issued and fully paid-up shares stood at 11,919.3mn shares. Our City Our Future 9

10 CASH FLOW For the quarter ended 30 June 2015, cash and cash equivalents reached THB 4,626.5mn, a decrease of 54.2% or THB 5,485.4mn. Despite lower operating revenues of Property and Media businesses, net cash from operating activities was THB 821.1mn, increasing 200.5% or THB 547.9mn primarily from the deposit received from the sale of land to BTS-SIRI JVCo5. Net cash used in investing activities was THB 5,412.8mn. The key components are (1) an increase in current investments of THB 4,741.4mn largely from treasury management and (2) an increase in net loans to related parties of THB 567.9mn mainly from longterm loans to BTS Sansiri Joint Venture projects. Net cash used in financing activities was THB 961.6mn mainly from cash paid for purchases of investments in subsidiaries of THB 1,010.6mn (increase in shareholding in VGI). Three-Months Cash Flow Snapshot * After tax (THB 32.8mn) and interest expense (THB 50.7mn) ** Cash and cash equivalents of BTSA and KKP (presented as assets held for sale at beginning of the year) *** Excluding BTSC sinking fund and THB 16.3bn liquid investments Our City Our Future 10

11 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. 28 MAY 2015 BTS Group organises the 13th Sky Clinic Over 2,000 people attended the 13th Sky Clinic recently organised annually by BTS Group Holdings Public Company Limited at Bang Wa Station, aimed at encouraging people to take care of their health. The 4-day activity provided free health checkups such as heart disease, cancer, eye disease, and liver disease, etc. The event was held in cooperation with leading private and government hospitals, including the Liver Foundation. The highlight was a discussion on the topic of Heat-stroke, a Danger to People s Health by Assoc. Prof. Dr. Juraiporn Somboonwong from Chulalongkorn University. The opening ceremony was presided by Mr.Keeree Kanjanapas, Chairman of BTS Group. 16 JUN 2015 Next Station - Happiness, by BTS Group Next Station - Happiness, by BTS Group is a core CSR project of the Company, aimed at helping to provide significant levels of aid to students and people living in remote rural areas nationwide. Over 200 senior citizens attended the event, which included physical check-ups by Vibhavadee Hospital. Lunch was hosted for all participants, consisting of noodles, ice cream, grilled meatballs and fried chicken wings. The highlight of the event was the presentation of Rabbit shaped Piggy Banks by Board members to encourage the students to practice good money saving habits. Our City Our Future 11

12 SUMMARY COVERAGE AND ANALYST RECOMMENDATIONS (UPDATED FROM MAY AUG 2015) Company Name Recc Target Price Report Date Sales* EBITDA* Net Profit* Analyst Name 2015/16E (THB mn) BofA Merril Lynch Buy Aug-15 7,984 3,108 1,974 Kaseedit Choonnawat Phillip Securities Buy Jul-15 6,457 4,214 2,486 Siam Tiyanont Finansia Syrus Hold Jul-15 6,262 4,458 2,490 Jitra Amornthum Asia Plus Securities Buy Jul-15 5,784 3,280 2,408 Anuwat Srikajornratkul Credit Suisse Buy Jul-15 6,007 2,849 2,811 Warayut Luangmettakul SCB Securities Buy Jul-15 6,358 3,441 2,601 Sirima Dissara IV Global Buy Jun-15 6,712 2,707 2,504 Rattana Leenutaphong Thanachart Securities Buy Jun-15 5,547 2,331 2,155 Saksid Phadthananarak RHB OSK Securities Buy Jun-15 5,984 2,534 2,674 Naruedom Mujjalinkool DBS Vickers Securities Buy Jun-15 6,358 4,721 2,768 Sombat Agekavanpattana BNP Paribas Buy Jun-15 5,520 3,123 2,589 Somkij Oranchatchawan KTB Securities Buy May-15 7,086 6,628 2,469 Amnart Ngosawang Bualuang Securities Buy May-15 6,646 2,849 2,780 Suppata Srisuk Macquarie Securities Neutral May-15 6,498 3,531 2,585 David Gambrill JP Morgan Neutral May-15 6,152 3,486 2,681 Sumedh Samant Kim Eng Securities Buy May-15 7,282 3,336 3,002 Jaroonpan Wattanawong KTZMICO Securities Trading Buy May-15 7,300 2,795 2,609 Raenoo Bhandasukdi Trinity Securities Buy May-15 7,755 2,727 2,867 Duladeth Bik Summary Target Price Sales* EBITDA* Net Profit* 2015/16E (THB mn) Average ,538 3,451 2,581 *Excludes non-recurring items Max ,984 6,628 3,002 Min ,520 2,331 1,974 Sources: Broker reports, Bloomberg, SETTrade SHAREHOLDER CONTACT AND REFERENCE INFORMATION Shareholder Services: 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: The Thailand Securities Depository Co., Ltd. (TSD) 62 The Stock Exchange of Thailand Building, Rachadapisek Road, Klongtoey, Bangkok 10110, Thailand Website: Telephone: +66 (02) Facsimile: +66 (02) tsdcallcenter@set.or.th Notes: i Data as of 10 Aug Sources: Company and Bloomberg ii Based on exchange rate of as of 10 Aug 2015 iii Assumes no cost of concession payable by VGI to BTSC iv Source: Bloomberg, data as of 10 Aug 2015 v Source: BTS Group Holdings PLC as of 12 Jun 2015 vi Investor Relations: 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 Telephone: (02) ir@btsgroup.co.th Financial Calendar: The Quarter Ahead Event Date 1Q 2015/16 Earnings Released 10 Aug Q 2015/16 Analyst Meeting 14 Aug 2015 End of 2Q 2015/16 30 Sep Q 2015/16 Earnings Released 9 Nov Q 2015/16 Analyst Meeting 12 Nov 2015 New par value (THB 4.0 per share) and numbers of new outstanding shares are effective since 7 Aug 2012 vii Source: BTS Group Holdings PLC as of 10 Aug 2015 viii Source: Bloomberg, data as of 10 Aug 2015 This document has been prepared and distributed by the Investor Relations Department of BTS Group Holdings Plc. ( BTSG ) solely for information purposes. It does not represent or constitute an offer, invitation, recommendation or solicitation to trade shares in BTSG and should not be relied on as such. Some of the information in this document has not been independently verified, and also includes information made available from public sources and other third party opinion or analyst. BTSG does not monitor or control the content of third party opinion or statements and does not endorse or accept any responsibility for the content or the use of any such opinion or statements. Thus, BTSG assumes no responsibility and makes no representations with respect to the accuracy and/or completeness of the information described herein. None of BTSG or any of its agents, or all of their respective affiliates, or representatives shall have any liability (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this document. All information contained in this document is presented as of the date indicated within, and BTSG assumes no duty to confirm, revise or update the information. Certain statements in this document may be deemed to contain forward-looking statements, including the statements included or incorporated with the words "believe", "anticipate", "estimate", "target", or "hope", or that otherwise relate to objectives, strategies, plans, intentions, beliefs or expectations or that have been constructed as statements as to future performance or events. These forward-looking statements are not guarantees of future performance and involve risks and uncertainties that could cause actual results to differ materially from historical results or those anticipated at the time the forward-looking statements are made. Thus, BTSG assumes no responsibility and makes no representations with respect to the accuracy and/or completeness of the forward-looking statements. BTSG undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. prepared by Investor Relations department BTS Group Holdings PCL Our City Our Future 12