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 BlueThe LineExtension Chinese Embassy Phra Ram 9 Central Phra Ram 9 Fortune tower Super tower G tower Phetchaburi Singha Complex Chao PhrayaRiver Chao 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 ExistingInitial: LineBlue Makro Charan Br. Open 30 Mar 2020 Siriraj Hospital Thammasart U. Bang Khun Non Chao PhrayaRiver Chao 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.