Form 56-1 For Fiscal Year 2010

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Annual Registration Form for Fiscal Year 2010

As at 31 March 2010

BTS Group Holdings Public Company Limited
(formerly, Tanayong Public Company Limited)

Content

+------+-------+-----------------------------------------------+-----+
|      |       |                                               | P   |
|      |       |                                               | age |
+======+=======+===============================================+=====+
| Part | I     |                                               |     |
| 1    | ssuer |                                               |     |
|      | I     |                                               |     |
|      | nform |                                               |     |
|      | ation |                                               |     |
+------+-------+-----------------------------------------------+-----+
|      | Exec  |                                               | i   |
|      | utive |                                               |     |
|      | Su    |                                               |     |
|      | mmary |                                               |     |
+------+-------+-----------------------------------------------+-----+
|      | 1     |                                               | 1   |
|      | .  Ge |                                               |     |
|      | neral |                                               |     |
|      |     I |                                               |     |
|      | nform |                                               |     |
|      | ation |                                               |     |
+------+-------+-----------------------------------------------+-----+
|      | 2.    |                                               | 8   |
|      |  Risk |                                               |     |
|      |       |                                               |     |
|      |    Fa |                                               |     |
|      | ctors |                                               |     |
+------+-------+-----------------------------------------------+-----+
|      | 3.  N |                                               | 17  |
|      | ature |                                               |     |
|      |       |                                               |     |
|      |    of |                                               |     |
|      |       |                                               |     |
|      |   Bus |                                               |     |
|      | iness |                                               |     |
+------+-------+-----------------------------------------------+-----+
|      | 4.  N |                                               | 25  |
|      | ature |                                               |     |
|      |       |                                               |     |
|      |    of |                                               |     |
|      |       |                                               |     |
|      |   Bus |                                               |     |
|      | iness |                                               |     |
|      |       |                                               |     |
|      |    by |                                               |     |
|      |       |                                               |     |
|      |   Bus |                                               |     |
|      | iness |                                               |     |
|      |       |                                               |     |
|      | Group |                                               |     |
+------+-------+-----------------------------------------------+-----+
|      |   4.1 |                                               | 25  |
|      |       |                                               |     |
|      |  Mass |                                               |     |
|      |   Tr  |                                               |     |
|      | ansit |                                               |     |
|      |   Bus |                                               |     |
|      | iness |                                               |     |
+------+-------+-----------------------------------------------+-----+
|      |   4.2 |                                               | 44  |
|      |   Pro |                                               |     |
|      | perty |                                               |     |
|      |   Bus |                                               |     |
|      | iness |                                               |     |
+------+-------+-----------------------------------------------+-----+
|      |   4.3 |                                               | 53  |
|      |       |                                               |     |
|      | Media |                                               |     |
|      |   Bus |                                               |     |
|      | iness |                                               |     |
+------+-------+-----------------------------------------------+-----+
|      |   4.4 |                                               | 58  |
|      |   Ser |                                               |     |
|      | vices |                                               |     |
|      |   Bus |                                               |     |
|      | iness |                                               |     |
+------+-------+-----------------------------------------------+-----+
|      |   4.5 |                                               | 59  |
|      |   F   |                                               |     |
|      | uture |                                               |     |
|      |   Pro |                                               |     |
|      | jects |                                               |     |
+------+-------+-----------------------------------------------+-----+
|      | 5.  A |                                               | 64  |
|      | ssets |                                               |     |
|      |       |                                               |     |
|      |  Used |                                               |     |
|      |       |                                               |     |
|      |   for |                                               |     |
|      |       |                                               |     |
|      |   Bus |                                               |     |
|      | iness |                                               |     |
|      |       |                                               |     |
|      | Opera |                                               |     |
|      | tions |                                               |     |
+------+-------+-----------------------------------------------+-----+
|      | 6.    |                                               | 78  |
|      | Legal |                                               |     |
|      |       |                                               |     |
|      |   Dis |                                               |     |
|      | putes |                                               |     |
+------+-------+-----------------------------------------------+-----+
|      | 7     |                                               | 81  |
|      | .  Sh |                                               |     |
|      | areho |                                               |     |
|      | lding |                                               |     |
|      |       |                                               |     |
|      |  Stru |                                               |     |
|      | cture |                                               |     |
+------+-------+-----------------------------------------------+-----+
|      | 8.    |                                               | 84  |
|      | Manag |                                               |     |
|      | ement |                                               |     |
+------+-------+-----------------------------------------------+-----+
|      | 9.    |                                               | 107 |
|      |   Int |                                               |     |
|      | ernal |                                               |     |
|      |       |                                               |     |
|      |    Co |                                               |     |
|      | ntrol |                                               |     |
+------+-------+-----------------------------------------------+-----+
|      | 1     |                                               | 115 |
|      | 0. Re |                                               |     |
|      | lated |                                               |     |
|      |       |                                               |     |
|      |    Tr |                                               |     |
|      | ansac |                                               |     |
|      | tions |                                               |     |
+------+-------+-----------------------------------------------+-----+
|      | 11.   |                                               | 123 |
|      |  Fina |                                               |     |
|      | ncial |                                               |     |
|      |     S |                                               |     |
|      | tatus |                                               |     |
|      |       |                                               |     |
|      |   and |                                               |     |
|      |       |                                               |     |
|      |   Bus |                                               |     |
|      | iness |                                               |     |
|      |     P |                                               |     |
|      | erfor |                                               |     |
|      | mance |                                               |     |
+------+-------+-----------------------------------------------+-----+
|      | 12.   |                                               | 140 |
|      | Other |                                               |     |
|      |       |                                               |     |
|      |    Re |                                               |     |
|      | lated |                                               |     |
|      |     I |                                               |     |
|      | nform |                                               |     |
|      | ation |                                               |     |
+------+-------+-----------------------------------------------+-----+
|      |       |                                               | 140 |
|      |  12.1 |                                               |     |
|      |   The |                                               |     |
|      |   S   |                                               |     |
|      | ignif |                                               |     |
|      | icant |                                               |     |
|      |   Ch  |                                               |     |
|      | anges |                                               |     |
|      |   of  |                                               |     |
|      |   the |                                               |     |
|      |   Co  |                                               |     |
|      | mpany |                                               |     |
|      |       |                                               |     |
|      | after |                                               |     |
|      |   31  |                                               |     |
|      |       |                                               |     |
|      | March |                                               |     |
|      |       |                                               |     |
|      |  2010 |                                               |     |
+------+-------+-----------------------------------------------+-----+
|      |       |                                               | 143 |
|      |  12.2 |                                               |     |
|      |   Ana |                                               |     |
|      | lysis |                                               |     |
|      |   of  |                                               |     |
|      |       |                                               |     |
|      |  Oper |                                               |     |
|      | ating |                                               |     |
|      |   R   |                                               |     |
|      | esult |                                               |     |
|      |   for |                                               |     |
|      |   the |                                               |     |
|      |   F   |                                               |     |
|      | iscal |                                               |     |
|      |       |                                               |     |
|      | Years |                                               |     |
|      |       |                                               |     |
|      |  2009 |                                               |     |
|      |   and |                                               |     |
|      |       |                                               |     |
|      |  2010 |                                               |     |
|      |   of  |                                               |     |
|      |       |                                               |     |
|      |  BTSC |                                               |     |
+------+-------+-----------------------------------------------+-----+
| Part | I     |                                               | 161 |
| 2    | nform |                                               |     |
|      | ation |                                               |     |
|      | Cer   |                                               |     |
|      | tific |                                               |     |
|      | ation |                                               |     |
+------+-------+-----------------------------------------------+-----+
| Appe |       |  Profile of Directors and Executives          | 162 |
| ndix |       |                                               |     |
| 1    |       |                                               |     |
+------+-------+-----------------------------------------------+-----+
| Appe |       | Information on the Position of Directors and  | 171 |
| ndix |       | the Executives in Subsidiaries and Associates |     |
| 2    |       |                                               |     |
+------+-------+-----------------------------------------------+-----+
|      |       |                                               |     |
+------+-------+-----------------------------------------------+-----+

Definitions

Unless the context otherwise requires, terms defined shall have the
following meanings:

  --------------------------- -------------------------------------------
  Terms                       Definitions

  “Absolute”                  Absolute Hotel Services Co., Ltd.

  “BMA”                       Bangkok Metropolitan Administration.

  “BRT”                       Bus Rapid Transit.

  “BTS SkyTrain System”       The Sukhumvit and the Silom Line and all
                              related Civil Works and Electrical and
                              Mechanical Works, operated and maintained
                              by BTSC pursuant to the Concession
                              Agreement.

  “BTS Assets”                BTS Assets Co., Ltd.

  “BTSC”                      Bangkok Mass Transit System Public Company
                              Limited

  “Civil Works”               Civil Works such as columns, elevated
                              highways, depot buildings and any other
                              constructions.

  “Company” or “BTSG”         BTS Group Holdings Public Company Limited.
                              (formerly, Tanayong Public Company
                              Limited).

  “Concession Agreement”      Bangkok Mass Transit System Concession
                              Agreement between BMA and BTSC for the
                              operation of Silom Line and Sukhumvit Line.

  “CRC”                       Changchun Railway Vehicles Co., Ltd.

  “EBITDA”                    Earnings before Interest, Taxes,
                              Depreciation and Amortization.

  “Electrical and Mechanical  Electrical and Mechanical Works include
  Works”                      electric trains, trackwork, power supply
                              equipment, computer controlling systems,
                              signaling systems, fare collection systems
                              and communication systems.

  “Fiscal Year 2008”          The fiscal year starting from 1 April 2007
                              to 31 March 2008.

  “Fiscal Year 2009”          The fiscal year starting from 1 April 2008
                              to 31 March 2009.

  “Fiscal Year 2010”          The fiscal year starting from 1 April 2009
                              to 31 March 2010.

  “Group” or “BTS Group”      The Company and its subsidiaries as of 29
                              June 2010.

  “Hip Hing”                  Hip Hing Construction (Thailand ) Co., Ltd.

  “Krungthep Thanakom”        Krungthep Thanakom Co., Ltd, which is a
                              company established by BMA.

  “Nuvo Line”                 Nuvo Line Agency Co., Ltd.

  “POV”                       Point of View Media Group Co. Ltd.

  “Silom Line”                Consists of 7 stations (including Siam
                              station) and runs westwards and southwards
                              for 6.5 km, connecting National Stadium and
                              Taksin Bridge.

  “Silom Line Extension”      The 2.2 km extension of the Silom line
                              across the Chao Phraya river from Taksin
                              Bridge, comprising Thonburi Station and
                              Wongwienyai Station, which extension is not
                              covered by the Concession Agreement.

  “Sukhumvit Line”            Consists of 17 stations (including Siam
                              station) and traverses Bangkok running
                              northwards and eastwards for 17 km,
                              connecting Mo Chit and On Nut.

  “VGI”                       VGI Global Media Co., Ltd.

  “VGI Group”                 VGI and its subsidiaries.
  --------------------------- -------------------------------------------