incentives to gain the privilege when travelling from CLMV countries to Thailand. (February 2019) 5. The Company, BTS Group Holding Public Company Limited and Sino-Thai Engineering & Construction Public

million or 67% due to the increase in Energy Payment (EP) and the increase in Availability Payment (AP). The availability rate was increased from 99% to 100% with the depreciation of Thai Baht, which are

percent, was decreased by 8.2 percent. This leads to a slow growth of international tourist arrival to Thailand ( Source: Ministry of Tourism and Sports) . Furthermore, the strengthening of Thai Baht and

-20% -513 -15% 40% -935 -24% -1,523 -17% 63% Finance costs -172 -9% -205 -6% 19% -424 -11% -577 -6% 36% Fair value adjusments on investment property 0 0% 0 0% n/a 794 20% - 0% n/a Net gains on exchange

-664 -18% -549 -16% 17% -1,599 -21% -2,072 -17% 30% Finance costs -238 -7% -239 -7% 0% -662 -9% -816 -7% 23% Net gains on exchange rate -65 -2% 79 2% 223% 152 2% 369 3% 143% Share of loss from investment

Translation (Translation) PAGE (Translation) -6- Readers should be aware that only the original Thai text has legal force and that this English translation is strictly for reference. The SEC

Translation (Translation) Readers should be aware that only the original Thai text has legal force and that this English translation is strictly for reference. The SEC, Thailand cannot undertake any

implementation of the amended Thai Labor Protection Act 3 Adjusted EBITDA is calculated from Profit (loss) before income taxes, plus Finance costs, plus Depreciation and Amortization, deduct gain from exchange

year. Finance cost, after the full operated in commercial service of the MRT Blue Line, the Company recorded interest cost of the project, which formerly recorded as cost of construction, as interest

income 348 31% 65 2% -81% Selling expense -138 -12% -306 -10% 121% Administrative expense -286 -25% -437 -15% 53% Finance costs -136 -12% -207 -7% 52% Net gains on exchange rate 0 0% 91 3% n/a Share of