Bangkok Expressway and Metro Public Company Limited (BEM) February 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 27 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 Jan 2020 Jan 2020 Y2018 434 MB 397,440 trips/day 1,216,971 trips/day ➢ Expressway Ads on SES Y2019 173 MB Growth -1.82% YoY Growth 25.43% YoY Avg. 2020 Avg. 2020 ➢ Cash Dividend Received 397,440 trips/day ➢ CD Revenue 1,216,971 trips/day Y2018 494 MB Growth -1.82% YoY Growth 25.43% YoY Y2018 = 705 MB Y2019 = 783 MB Y2019 258 MB ➢ Tolls Revenue ➢ BL farebox Jan 2020 Jan 2020 10.62 MB/day 27.81 MB/day Growth 32.11% YoY Growth -1.27% YoY Avg. 2020 Avg. 2020 10.62 MB/day 27.81 MB/day Growth 32.11% YoY Growth 1.27% 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** - Interim dividend for the first half of 2019 1.33 1.34 0.17 0.20 0.15 0.06 baht per share. 0.11 0.13 0.06*** - COD BL Ex Section II on 29 Sep, 19 2016 2017 2018 2019 2016 2017 2018 2019 - Y20 To Open Full BL Line in Mar 20 DPS EPS

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 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 ;

• 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 4.4 2020 15.8 years ✓ Steady traffic growth (Sector A-B-C) years 1,214 1,230 1,237 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 existin