Bangkok Expressway and Metro Public Company Limited (BEM) March 2020 BEM : Business Overview

Road Rail Commercial Development Investment

 Total Expressway  Total Rail  BL = IBL + BL Ex  Infrastructure portfolio SES 38.5 km IBL 20 km 18 stations For advertising in Stations - Owns 99.99% in NECL Sector C+ 32 km BL Ex 28 km 20 stations & Trains, Retailing and - Owns 89.67% in BMN SOE 17.06 km PPL 23 km 16 stations Telecommunications - Owns 18.47% in TTW Total 87.56 km Total 70 km 54 stations - Owns 16.17% in CKP  PPL to be negotiated with  BL Ridership  Traffic Volume MRTA  Profit sharing in P&L Feb 2020 Feb 2020 Y2018 434 MB 1,201,743 trips/day 363,849 trips/day Y2019 173 MB Growth 13.10% YoY  Expressway Ads on SES Growth -4.30% YoY Avg. 2020 Avg. 2020  Cash Dividend Received 381,204 trips/day  CD Revenue 1,209,611 trips/day Y2018 494 MB Growth -3.03% YoY Growth 19.44% YoY Y2018 = 705 MB Y2019 = 783 MB Y2019 258 MB Growth 11.10% YoY  Tolls Revenue  BL farebox Feb 2020 Feb 2020 9.67 MB/day 27.42 MB/day Growth 18.64% YoY Growth -3.91% YoY Avg. 2020 Avg. 2020 10.16 MB/day 27.62 MB/day Growth 25.56% YoY Growth -2.55% YoY  PPL O&M service income Annual Income apx.1,800 MB/year

2 BEM: Financial Highlights & Earning Outlook

REVENUE STRUCTURE TOTAL REVENUE NET PROFIT As of Y2019 Unit: MB 5% Unit: MB

65% 19,087* 20,404** 15,393 13,233 5,317* 5,435** 30% 2,606 3,123

2016 2017 2018 2019 2016 2017 2018 2019

Road Rail Commercial Development

NET IBD/E DPS/EPS Earning Highlights & its Outlook : Unit : Times Unit: THB - Reclassified the investment in TTW from investment in associated company to investment in available-for-sale securities. 1.38 1.37 0.35* 0.36** - Signed the amended contracts for SES 1.33 1.34 0.17 0.20 0.15 0.11 0.13 (Sector A B C and D) and C+, which extended 0.06*** the concession by 15 years 8 months. 2016 2017 2018 2019 2016 2017 2018 2019 - COD BL Ex Section II on 29 Sep, 19 DPS EPS - Open Full BL Line in Mar 20

Remark : * Including non - cash extra item from reclassified the investment in CKP ** Including non - cash extra item from reclassified the investment in TTW *** Interim dividend for the first half of 2019 3 Overview of Expressway Business

Distance Operator Expressway Network (km) 1. First Stage Expressway System (FES) 27.10 EXAT 2. Second Stage Expressway System (SES) 38.50 BEM 3. Northern Stage Expressway (C+) 32.00 NECL (Bang Pa In – Pak Kret Expressway) 4. Don Muang Tollway (DMT) 28.00 DMT 5. Ramindra-Atnarong Expressway (RAE) 32.90 EXAT 6. Bang Pli - Suksawad Expressway (Southern Outer Bangkok Ring Road) 42.30 EXAT and Highway No. 37 (Suksawad-Bang Khun Thien Section) 7. Bangna-Chonburi Expressway 56.70 EXAT 8. Si Rat – Outer Ring Road Expressway (SOE) 17.06 BEM

Total 274.56

 BEM is the largest private expressway operator in Thailand;

• The Second Stage Expressway System (SES) - Sector A, B, C and D concession ending in 2035 • The Bang Pa In-Pak Kret expressway (Sector C+) operated by BEM’s subsidiary company Northern Expressway Company Limited (NECL) concession ending in 2035. • The Si Rat – Outer Ring Road Expressway (SOE) concession ending in 2042  Over 1.2 million trips a day in BEM expressway system.  Get a 40% toll revenue share from FES and SES (sector A & B) concession.  100% toll revenue from SES (sector C & D), NECL (Sector C+) and SOE. 4 Highlights of Expressway Business

Toll Revenues & Traffic Financial Strength Remaining Concession Period Expressway Revenues (MB) Toll  Reliable cash revenues Revenues  Toll revision every 10 years Traffic ('000 Trips/Day) FES & SES 15.8 years 4.4  (Sector A-B-C) 2020 years 1,214 1,230 1,237 Steady traffic growth 1,142 1,178  CAGR = 2.39% (2011 - 2019) 10,302 Traffic Udonrattaya 9,957 10,174  SOE contributes highest 8.6 years 11.6 years (Sector C+) 8,815 9,301 traffic growth.

 Entitled to full renewal of SES Extension Existing 9.1 years 10.11 years Projects existing concession (Sector D) ( FES&SES&C+) agreements. Sirat Outer Ring  15-20 mins to downtown (SOE)  SOE Project East - West Corridor link 2015 2016 2017 2018 2019  Toll hike every 5 years 2019 2035 2042 without applying CPI base

SOE ramp to north (heading to Chaeng Wattana road) Project

SOE Ramp  SOE Ramp to north connects SES (Sector A) heading to Chaeng Wattana road and Bang Pa In (Sector C+)

 More convenience for expressway users.

 Reduce travel time from local road and traffic congestion on Kamphaeng Phet 2 road.

 Approximately 360 meters long.

5 Settlement of the Disputes with EXAT & BEM for Concession Extension

Extend concessions Right to Renewal* SES Expressway: Sector A, B, C 15 years 8 months 4 years Concession ends in Feb 2020 4 months

SES Expressway Extension: Sector D 8 years 11 years Concession ends in Apr 2027 6 months 6 months

NECL Expressway: Sector C+ 9 years 10 years Concession ends in Sep 2026 1 month 11 months

SOE Expressway Concession expire in Dec 2042

1990 2020 2035

Deals and Conditions:

Extend 3 concessions: SES, Sector D and C+ concessions to Oct 31, 2035. Revenue Sharing Remains: Sector A and B 60:40 Sector C , D and C+ 0:100. Toll Increase every 10 years without BKK CPI based. * Entitled to full renewal of existing concession agreements after Oct 31, 2035 for SES, Sector D and C+.

6 Bangkok Metropolitan Mass Rapid Transit Network Master Plan

Future Bangkok Mass Rapid Transit Network: 10 Lines total 464 kms.

Thammasart –Mahachai 4 Lumlukka –Bang Pu 1 (80.8 kms.) (66.5 kms.)

7 Bang Yai – Rat Burana (42.8 kms.) Kae Rai–Min Buri 9 (36 kms.)

2 Salaya-Hau Mark (48 kms.)

10 Lat Phrao - Samrong (30.4 kms.)

Taling Chan- Min Buri–Thailand 6 8 Cultural Center (37.5 kms.) Bang Sue – Phuttamonthon Sai 4 (55 kms.)

Yot Se – Bang Wa 5 (15.5 kms.) 3 Airport Link (50.3 kms.)

Source : MOT 7 Metro Map

Existing Metro Lines 5 more Lines under construction

Bang Pho - Tha Pra

Wat Mangkorn – Lak Song

D i stance Ope rated D i stance Ope rated Pr ojects S t ations T r ains Ca rs S t atus Operator Pr ojects S t ations T r ains Ca rs S t atus Operator km (Y ear) km (Y ear)

Blue Line Red Line (Bang Sue-Rang Sit) 26.3 8 - - Constructing 2021 SRT - Bang Sue - Hua Lamphong 20 18 19 57 2004 - Tao Poon 1 1 15 45 Operating Aug 11, 2017 BEM Green Line BTS - Wat Mangkorn - Lak Song 14 11 Sep 29,2019 Mochit - Khu Khot 17.8 16 - Constructing 2021 - Bang Pho - Tha Pra 13 8 20 60 Mar 30,2020 Pink Line (Kae Rai – Min Buri) 34.5 30 42 168 Constructing 2021 BTS Purple Line (Bang Yai-Tao Poon) 23 16 21 63 Operating A ug 6, 2016 BEM Yellow Line Airport Rail Link 30.4 23 30 120 Constructing 2021 BTS 28. 5 8 9 - Operating 2010 SRT (Phaya Thai - Suvarnabhumi Airport) (Lat Phrao –Samrong) Orange Line Green Line 21.2 17 - - Constructing 2022-2023 - - Mochit – On Nut 17.0 17 1999 (TCC - Minburi) - Bang Chak – Bearing 5.3 5 Dec 2018 29 BTS T otal (km) 130.2 - Samrong – Kheha 12.6 9 Operating 52 6 Light Green Line - National Stadium –Saphan Taksin 6.5 6 - Saphan Taksin–Bang Wa 7.5 6 1999 Source: MRTA, SRT, and BTS Group Total (km) 148.4 Map of Initial Blue Line (IBL)

Initial Blue Line Union Mall Gourmet Market Blue Line Extension Phahon Yothin Lat Phrao Central Ladprao Ratchadaphisek Chatuchak Park

SCG HQ JJ Market Chatuchak Park Sutthisan Muang Thai Phatra complex

Tao Poon Bang Sue Kamphaeng Phet Huai Khwang Open 30 Mar 2020 The Street Ratchada TCC Thai Life Insurance Section III Section I Thailand Cultural Centre Esplanade Opened 11 Aug 2017 True tower

SET & AIA The Blue Line Extension Line The Blue Chinese Embassy Phra Ram 9 Central Phra Ram 9 Fortune tower Super tower G tower Phetchaburi Singha Complex Chao Chao River Phraya ARL

Sukhumvit Chulalongkorn U. Terminal 21 Hua Lamphong Chulalongkorn Hospital Grand station Chamchuri Square Queen Sirikit National QSNCC Sam Yan Convention Centre Lumphini Park ONE Bangkok Dragon temple Mitrtown Interchange Tower Exchange Tower Hua Lamphong Sam Yan Si Lom Lumphini Khlong Toei FYI Tower Open 29 Sep 2019 Hua Lamphong Dusit Section II temple Central Park Q House tower China Town 9 Map of Blue Line Extension (BL EX)

Opened 11 Aug 2017 Section I

Yothinburana Blue Line Tiewpaingam EGAT HQ School Depot School SCG HQ Connect with Purple Line

Connect with Light Green Line EENN Hospital Connect with Light Red Line Bang O Bang Pho Tao Poon Bang Sue Bang Phlat Connect with Dark Red Line Yanhee Hospital New Parliament Connect with Orange Line Sirindhorn Connect with Airport Rail Link Major Pinklao Thonburi 2 Hospital Connect with Yellow Line Central Pinklao Bang Yi Khan Bank of Thailand Blue Line :Initial Existing

Makro Charan Br.

Open 30 Mar 2020 Siriraj Hospital Thammasart U.

Bang Khun Non Chao Chao River Phraya Section III Emerald Buddha Temple

Grand Palace Mega Shopping Mall Fai Chai Royal Navy Hua Lumphong Wat Pho The Old Siam Mall Grand Station Siam Museum Dragon Temple Paknam Siam The Mall Bang Kae Temple University Charan 13 The Mall Depot Tha Pra Sanam Chai Sam Yot Wat Hua Lamphong Mangkon Lak Bang Phasi Phet Bang Wa Bang Phai Tha Phra Itsaraphap Rajini School China Town Central Song Khae Chareon kasem 48 Somdejchaopraya Wang Burapa Sampheng Wholesale Market University Flower Market Opened 29 Sep 2019 Seacon Phayathai 3 BIG C Bang Kae Hospital Section II Pahurat Cloth Market 10 Highlights of Mass Transit Business

Rail Revenues & Ridership High Potential Growth BEM’s rail service by distance (km) 337 8 Future Expected 295 312 5,022  Organic ridership growth 5-7% 19.8 4,736  Fares revision every 2 years 4,521 Farebox 260 274  Additional revenues from Purple 37.5 37.5 revenues & 3,230 line Ridership  Passengers fed to Initial Blue 28 28 28 2,374 Line 23 23 23 23 20 20 20 20 20  Purple line operated on Aug 6, Expected 2016 2015 2016 2019-20F 2023-24F 2025-26F 2015 2016 2017 2018 2019 Service by  BL Ex is expected to fully Blue line (IBL) Purple line Distance Revenues (MB) operate in Y2020 Blue line Extensions Orange line Ridership ('000 Trips per Day) Purple line Extensions Blue line Extension 2

Blue Line Extension Initial Blue Line Purple Line Hua Lamphong – Lak Song Hua Lamphong – Bang Sue Bang Yai-Bang Sue Bang Sue – Tha Phra  Under construction  Operated  Operated  PPP Net Cost   PPP Net Cost PPP Gross Cost  Income source : Ridership   Income source : Ridership Income source : O&M services  Operational within 2020  COD : July 3, 2004 Annual income Apx. 1,800 MB/year  Concession period 33 years (2017 –2050)   Concession period 25 years (2004 - 2029) COD : Aug 6, 2016  Fully open BL Ex in Y2020  Extended to the year 2050 in accordance  Concession period 30 years (2013 - 2043) Section 1: 11 Aug 2017 with BL EX Concession. Section 2: 29 Sep 2019 Section 3: 30 Mar 2020

11 Overview of Commercial Development Business

Advertising Telecommunications Retail Spaces

38 Stations & 54 Trains  Mobile phone Network  Retail Spaces in 10 locations  Static Media  High Speed Internet  Brighten up  Digital Media : 9 stations  Wi-Fi Services  Creative & Innovative  Under Development Design  Telecommunications Signal System (3G, 4G) : 2 stations

 Future Internet Technology

12 Highlights of Commercial Development Business

CD Revenues Unit: MB More rooms to grow CD revenues  CAGR = 7.15% p.a. (2015-2019) Target 675 705 783 549 573 Advertising  Revenue increased by eyeballs  Rooms to grow outside MRT to double

Telecom  Steady Cash Flow  Long term contracts CD revenue 2015 2016 2017 2018 2019  Rental rates increased by Revenue Retails ridership's traffic  Open more locations in Y2021

Future Projects

Purple Line Blue Line Extension Hua Lamphong – Lak Song CD projects outside MRT Bang Yai-Bang Sue Bang Sue – Tha Phra

 To Operate Commercial Development  To Operate Commercial Development  Advertising outside MRT, ie. Expressway. (To be negotiated with MRTA)  Tao Poon station opened on 11 Aug. 2017  Retails business  Telecommunications

13 Commercial Development Update

BMN’s Retail Spaces Phetchaburi station • 9 stations , 10 locations • Total spaces 14,000 sqm. • Chatuchak Park station owns the largest retail spaces 2,034 sqm.

BMN’s Strategic Alliances • Starbucks • Lawson • Amazon Thailand Cultural Center station • Dunkin Donuts • Gourmet Market • Bread Talk • Au Bon Pain • S&P • A&W • Dairy Queen Looking Ahead • Lat Phrao sation Chatuchak Park station • Phahon Yothin station

14 Financial Highlights

Consolidated (Unit : MB.) 2019 2018 %CHANGE Revenue :- Revenue from Expressway business 10,302 10,174 1.26% Revenue from Rail business 5,022 4,736 6.04% Revenue from Commercial development business 783 705 11.06% Others 4,297 3,473 23.73% Total Revenue 20,404 19,088 6.89% Expense :- Costs of Expressway business (1,992) (1,838) 8.38% Costs of Rail business (3,797) (3,542) 7.20% Costs of Commercial development business (210) (170) 23.53% Amortization – Expressway (4,048) (4,037) 0.27% Amortization – Rail (264) (188) 40.43% Selling (139) (111) 25.23% Administration (1,197) (1,253) -4.47% Profit before share of profit from investments in associates, 8,757 7,949 10.16% financial cost and income tax expenses Share of profit (loss) from investments in associates 173 433 -60.07% EBIT 8,930 8,382 6.54% Financial Cost (1,723) (1,857) -7.22% Income tax expenses (1,755) (1,189) 47.60% Profit for the Period 5,452 5,336 2.17% Profit/(Loss) Attributable to Non-controlling interests (17) (19) -10.53% Profit Attributable to Equity Holders of the Company 5,435 5,317 2.22% EPS (Bath) 0.36 0.35 DPS (Baht) 6M/2019 0.06 0.06

15 Appendix (A) Total Traffic Volume

(Thousand trips / Day) 1,300.00 2018 1,250.00 2019 2017

1,200.00 2020 2016

1,150.00

1,100.00

1,050.00

1,000.00 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Avg. % YoY 2020 1,216.97 1,201.74 1,209.61 -3.03% 2019 1,239.58 1,255.73 1,288.11 1,183.02 1,218.34 1,244.63 1,223.34 1260.20 1,238.35 1,235.54 1257.85 1203.37 1,237.26 0.58% 2018 1,206.51 1,266.04 1,269.04 1,154.27 1,213.29 1,242.35 1,205.30 1,251.22 1,227.88 1,220.11 1,283.91 1,224.67 1,230.13 1.33% 2017 1,181.32 1,229.06 1,255.82 1,144.81 1,196.64 1,240.76 1,201.12 1,241.68 1,245.94 1,152.97 1,264.21 1,216.84 1,214.03 2.93% 2016 1,142.40 1,179.80 1,217.11 1,103.63 1,129.92 1,178.37 1,153.70 1,250.26 1,218.43 1,174.29 1,228.76 1,201.85 1,179.50 3.32% %YoY 20/19 -1.82% -4.30%

17 Total Toll Revenue

(Million Baht / Day) 30.00

2019 28.00 2018 20202017

26.00 2016

24.00

22.00

20.00 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Avg. % YoY 2020 27.81 27.42 27.62 -2.55% 2019 28.17 28.54 29.34 26.96 27.73 28.42 27.94 28.83 28.29 28.23 28.74 27.54 28.23 1.27% 2018 27.25 28.63 28.73 26.12 27.42 28.12 27.33 28.39 27.8 27.65 29.18 27.91 27.87 2.18% 2017 26.33 27.43 28.06 25.61 26.81 27.83 27.02 28.04 28.11 25.99 28.62 27.52 27.28 7.02% 2016 24.23 25.02 25.84 23.48 23.96 24.97 24.52 25.92 26.82 25.97 27.32 26.81 25.49 5.57% %YoY 20/19 -1.27% -3.91%

18 Expressway : Total Traffic Volume

(Trips/Day) (Trips/Day)

YoY Feb-20 Feb-19 Change % YTD 2M-20 2M-19 Change %

FES 361,276 378,895 -17,619 -4.65% FES 364,146 375,590 -11,444 -3.05%

Sector A 215,721 225,031 -9,310 -4.14% Sector A 217,072 225,073 -8,002 -3.56%

Sector B 93,820 99,034 -5,214 -5.26% Sector B 95,529 99,124 -3,595 -3.63%

Urban 670,817 702,960 -32,143 -4.57% Urban 676,746 699,788 -23,041 -3.29%

Sector C 182,546 191,648 -9,102 -4.75% Sector C 181,654 189,845 -8,191 -4.31%

Sector D 194,754 208,224 -13,470 -6.47% Sector D 198,208 206,352 -8,144 -3.95%

SOE 66,385 61,964 4,421 7.13% SOE 66,401 61,488 4,913 7.99%

Sub urban 443,685 461,836 -18,151 -3.93% Sub urban 446,262 457,685 -11,422 -2.50%

Total BEM 1,114,502 1,164,796 -50,294 -4.32% Total BEM 1,123,008 1,157,472 -34,464 -2.98%

NECL (C+) 87,241 90,929 -3,688 -4.06% NECL (C+) 86,602 89,910 -3,308 -3.68%

Total BEM+NECL 1,201,743 1,255,725 -53,982 -4.30% Total BEM+NECL 1,209,611 1,247,382 -37,772 -3.03%

19 Expressway : Total Traffic Volume

(Trips/Day) (Trips/Day)

YoY Q4-2019 Q4-2018 Change % YTD 2019 2018 Change %

FES 370,834 371,614 -780 -0.21% FES 373,844 372,745 1,099 0.29%

Sector A 218,755 223,766 -5,012 -2.24% Sector A 220,366 224,854 -4,487 -2.00%

Sector B 96,237 98,220 -1,983 -2.02% Sector B 96,704 97,199 -495 -0.51%

Urban 685,826 693,600 -7,774 -1.12% Urban 690,914 694,797 -3,883 -0.56%

Sector C 186,026 191,269 -5,243 -2.74% Sector C 187,665 186,913 752 0.40%

Sector D 203,439 204,165 -726 -0.36% Sector D 203,169 201,249 1,920 0.95%

SOE 65,451 59,214 6,237 10.53% SOE 64,253 56,090 8,162 14.55%

Sub urban 454,917 454,648 269 0.06% Sub urban 455,087 444,253 10,834 2.44%

Total BEM 1,140,743 1,148,248 -7,506 -0.65% Total BEM 1,146,001 1,139,050 6,951 0.61%

NECL (C+) 91,232 94,200 -2,968 -3.15% NECL (C+) 91,256 91,077 179 0.20%

Total BEM+NECL 1,231,975 1,242,449 -10,474 -0.84% Total BEM+NECL 1,237,257 1,230,126 7,130 0.58%

20 Expressway : Total Toll Revenue

(Baht / Day) (Baht / Day)

YoY Feb-20 Feb-19 Change % YTD 2M-20 2M-19 Change %

FES 7,318,290 7,678,603 -360,313 -4.69% FES 7,381,067 7,611,099 -230,032 -3.02%

Sector A 4,246,391 4,435,877 -189,486 -4.27% Sector A 4,276,648 4,436,019 -159,371 -3.59%

Sector B 1,887,128 1,999,362 -112,234 -5.61% Sector B 1,924,348 2,000,666 -76,318 -3.81%

Urban 13,451,809 14,113,842 -662,033 -4.69% Urban 13,582,063 14,047,784 -465,721 -3.32%

Sector C 2,436,207 2,566,095 -129,888 -5.06% Sector C 2,425,815 2,542,678 -116,863 -4.60%

Sector D 4,610,792 4,969,809 -359,017 -7.22% Sector D 4,709,323 4,921,853 -212,530 -4.32%

SOE 3,122,029 2,912,674 229,355 7.19% SOE 3,123,425 2,890,229 233,196 8.07%

Sub urban 10,169,028 10,448,578 -279,550 -2.68% Sub urban 10,258,563 10,354,760 -96,197 -0.93%

Total BEM 23,620,837 24,562,420 -941,583 -3.83% Total BEM 23,840,626 24,402,544 -561,918 -2.30%

NECL (C+) 3,798,342 3,972,941 -174,599 -4.39% NECL (C+) 3,779,744 3,941,999 -162,255 -4.12%

Total BEM+NECL 27,419,179 28,535,360 -1,116,181 -3.91% Total BEM+NECL 27,620,370 28,344,542 -724,172 -2.55%

21 Expressway : Total Toll Revenue

(Baht / Day) (Baht / Day)

YoY Q4-2019 Q4-2018 Change % YTD 2019 2018 Change %

FES 7,527,911 7,529,272 -1,361 -0.02% FES 7,583,369 7,558,441 24,928 0.33%

Sector A 4,312,195 4,406,511 -94,316 -2.14% Sector A 4,343,526 4,427,825 -84,299 -1.90%

Sector B 1,941,094 1,980,343 -39,249 -1.98% Sector B 1,950,797 1,961,009 -10,211 -0.52%

Urban 13,781,200 13,916,126 -134,925 -0.97% Urban 13,877,693 13,947,275 -69,583 -0.50%

Sector C 2,484,330 2,559,740 -75,410 -2.95% Sector C 2,509,429 2,505,908 3,521 0.14%

Sector D 4,849,390 4,859,008 -9,618 -0.20% Sector D 4,843,829 4,795,749 48,079 1.00%

SOE 3,079,274 2,782,946 296,328 10.65% SOE 3,021,696 2,635,384 386,312 14.66%

Sub urban 10,412,994 10,201,693 211,301 2.07% Sub urban 10,374,954 9,937,042 437,912 4.41%

Total BEM 24,194,194 24,117,819 76,375 0.32% Total BEM 24,252,647 23,884,317 368,330 1.54%

NECL (C+) 3,969,165 4,117,931 -148,767 -3.61% NECL (C+) 3,973,550 3,989,146 -15,596 -0.39%

Total BEM+NECL 28,163,359 28,235,750 -72,391 -0.26% Total BEM+NECL 28,226,197 27,873,463 352,734 1.27%

22 Metro : Average Daily Ridership : Blue Line (BL)

(Thousand trips / Day)

440.00

400.00 2019 360.00 2020

320.00 2018 280.00 2017 2016 240.00

200.00 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Avg. % YOY

2020 397 364 381 19.44% 2019 316 322 330 297 302 312 317 339 352 375 416 366 337 8.17% 2018 299 324 315 278 295 316 301 331 325 321 343 292 312 5.50% 2017 273 299 308 266 274 303 282 313 319 300 322 282 295 7.65% 2016 256 278 283 248 245 279 269 286 294 291 290 264 274 5.12% % YOY 20/19 25.43% 13.10%

23 Metro : Average Daily Revenue : Blue Line (BL)

(Million Baht / Day) 12.00

11.00

10.00 2019 2020 9.00

8.00 2018 7.00 2017 2016 6.00

5.00 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Avg. %YoY 2020 10.62 9.67 10.16 25.56% 2019 8.04 8.15 8.35 7.51 7.65 7.87 8.02 8.58 8.97 9.99 11.18 9.77 8.67 9.99% 2018 7.56 8.17 7.95 7.06 7.51 8.07 7.61 8.38 8.19 8.10 8.69 7.39 7.89 6.95% 2017 6.91 7.48 7.59 6.75 6.81 7.40 7.07 7.80 7.97 7.39 8.21 7.16 7.37 8.45% 2016 6.42 6.95 6.93 6.24 6.17 6.85 6.69 7.10 7.18 7.37 6.99 6.68 6.80 5.69% %YoY 20/19 32.11% 18.64%

24 Metro : Average Daily Ridership & Revenue: Blue Line (BL)

Ridership (Trips / Day) Farebox Revenue (Baht / Day) YoY Feb-20 Feb-19 Change % YoY Feb-20 Feb-19 Change %

BL 363,849 321,704 42,145 13.10% BL 9,670,800 8,151,679 1,519,121 18.64%

YoY 2M-20 2M19 Change % YoY 2M-20 2M19 Change %

BL 381,204 319,154 62,051 19.44% BL 10,159,881 8,091,407 2,068,475 25.56%

(Trips / Day) (Baht / Day)

YoY Q4-2019 Q4-2018 Change % YoY Q4-2019 Q4-2018 Change %

BL 385,306 318,214 67,092 21.08% BL 10,303,015 8,054,805 2,248,210 27.91%

YoY 2019 2018 Change % YoY 2019 2018 Change %

BL 336,849 311,538 25,311 8.12% BL 8,673,797 7,887,261 786,536 9.97%

25 Disclaimer The information in this presentation has been prepared by Bangkok Expressway and Metro Public Company Limited (BEM) and is general background information about BEM’s activities current as at date of this presentation. This presentation is not intended to provide the basis of any investment decision, nor to substitute your own analysis and investigation and should not be considered as a recommendation to any recipient of this presentation. Before acting on any information you should consider the appropriateness of the information having regard to these matters, any relevant offer document and in particular, you should seek independent financial advice. All securities or instrument transactions involve risks and uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Nothing in this presentation is, or should be relied on as a promise or representation of BEM as to the future.

Thank you For further inquiry www.bemplc.co.th Email : [email protected]