Bangkok Expressway and Metro Public Company Limited (BEM)August 2020

Total Expressway SES 38.5 kmSector C+ 32 kmSOE 17.06 kmTotal 87.56 km

Traffic VolumeJul 20201,121,214 trips/dayGrowth -8.35% YoY Avg. 2020 986,654 trips/dayGrowth -20.18% YoY

Tolls RevenueJul 202024.62 MB/dayGrowth -11.88% YoYAvg. 2020 21.86 MB/dayGrowth -22.37% YoY

ROAD

Business Overview

RAIL

Total RailBL 48 km 38 stations PPL 23 km 16 stationsTotal 71 km 54 stations

BL RidershipJul 2020253,358 trips/dayGrowth -20.01% YoYAvg. 2020 235,204 trips/dayGrowth -25.03% YoY

BL farebox Jul 20206.99 MB/dayGrowth -12.82% YoYAvg. 20206.38 MB/dayGrowth -19.69% YoY

PPL O&M service incomeAnnual Income apx.1,800 – 2,000 MB/year

COMMERCIAL DEVELOPMENT

BL = IBL + BL Ex For advertising in Stations & Trains, Retailing and Telecommunications

PPL to be negotiated with MRTA

Expressway Ads on SES

CD RevenueY2019 783 MB6M/2020 371 MB

Growth 2.8% YoY

INVESTMENT

Infrastructure portfolio- Owns 99.99% in NECL- Owns 89.67% in BMN- Owns 18.47% in TTW

- Owns 16.64% in CKP

Profit sharing in P&L Y2019 173 MB6M/2020 - MB

Cash Dividend Received Y2019 489 MB

6M/2020 262 MB

2

2,606 3,123

5,317* 5,435**

660

2016 2017 2018 2019 6M/2020

As of 6M/2020

REVENUE STRUCTURE

Road 60%

Rail33%

Commercial Development

7%

TOTAL REVENUE

2016 2017 2018 2019 6M/2020

Road Rail CD Other Unit: MB

NET PROFIT

Unit: MB

NET IBD/E

1.33 1.38

1.34 1.37

1.55

2016 2017 2018 2019 6M/2020

Unit : Times

DPS / EPS

0.11 0.13 0.15 0.150.17 0.20

0.35* 0.36**

0.04

2016 2017 2018 2019 6M/2020

Unit: THBDPS EPS

Steady Revenue with Growth

Strong Earnings with Good Dividend

Stable Cash Flow

Gearing for new investment

Remark : * Including non - cash extra item from reclassified the investment in CKP** Including non - cash extra item from reclassified the investment in TTW

Financial Highlights & Earnings Outlook

3

Expressway Network Distance (km) Operator

1. First Stage Expressway System (FES) 27.10 EXAT

2. Second Stage Expressway System (SES) 38.50 BEM

3. Northern Stage Expressway (C+)(Bang Pa In – Pak Kret Expressway)

32.00 NECL

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) and Highway No. 37 (Suksawad-Bang Khun Thien Section)

42.30 EXAT

7. Bangna-Chonburi Expressway 56.70 EXAT

8. Si Rat – Outer Ring Road Expressway (SOE) 17.06 BEM

Total 274.56

Expressway Map

4

Revenue sharing

Expressway BEM : EXAT

1. First Stage Expressway System (FES) 40 : 60

2. Second Stage Expressway System (SES)Sector ASector BSector CSector D

40 : 60

40 : 60

100 : 0

100 : 0

3. Si Rat – Outer Ring Road Expressway (SOE) 100 : 0

4. Northern Stage Expressway (C+)(Bang Pa In – Pak Kret Expressway)

100 : 0

Highlights of Expressway Business

9,301 9,957 10,174 10,302

3,805

1,178 1,214 1,230 1,237

968

2016 2017 2018 2019 6M/2020

Expressway Revenue (MB)

Traffic ('000 Trips/Day)

2019

FES & SES (Sector A-B-C)

Udonrattaya (Sector C+)

Sirat Outer Ring

Road (SOE)

SES Extension(Sector D)

20422035

15 years 8 months

8 years 6 months

9 years 1 months

4 years4 months

11 years 6 months

10 years 11 months

Toll Revenue & Traffic Remaining Concession PeriodFinancial Hilights

Toll Revenues

Traffic

Existing Projects

( FES&SES&C+)

SOE Project

• Reliable cash revenue

• Steady traffic growth• CAGR = 2.02% (2015 - 2019)• SOE contributes highest traffic growth

• Entitled to full renewal of existing • Concession agreements• Toll revision every 10 years

• 15 mins to downtown • East - West Corridor link • Toll hike every 5 years without

applying CPI base

• Over 30 years of expressway service and maintenance experience.

• Opportunity to grow from expressway network connecting and expanding expressway capacity by the Double Deck project.

• Long term secure for Expressway revenue margin with stable cash flow

Expressway Strength

5

Extended Concessions Right to Renewal

• Resolve all past and future disputes with EXAT

• Extend concession with appropriate compensation and return

• Share revenue with EXAT as existing concession

• Right to commercially develop on expressway structure

• Right to extend concession up to 20 years

• First right to refusal for extension of expressway

Summary of Concession extension Benefit

• Steady revenue

• Reduce operation cost from economy of scale

• No amortization from existing structure (SES: sector A B C)

Future Bangkok Mass Rapid Transit Network : 10 Lines total 464 km

Thammasart –Mahachai(80.8 km)

1

Bang Yai – Rat Burana (42.8 km)

7

Salaya-Hau Mark(48 km)

2

Bang Sue – Phuttamonthon Sai 4(55 km)

6

Yot Se – Bang Wa(15.5 km)

5

Lumlukka – Bang Pu (66.5 km)

4

Kae Rai– Min Buri (36 km)

Lat Phrao - Samrong (30.4 km)

9

10

Taling Chan-Min Buri– Thailand

Cultural Center(35.9 km)

8

Airport Link (50.3 km)

3

6Source : MOT

Metro Map

Under construction LinesExisting Metro Lines

Source: MRTA, SRT, and BTS Group

Wat Mangkorn – Lak Song

ProjectsDistance

kmStations Trains Cars Status

Operated(Year)

Operator

Red Line (Bang Sue-Rang Sit) 26.3 8 - - Constructing 2021 SRT

Green Line Mochit - Khu Khot 17.8 16 - Constructing 2021

BTS

Pink Line (Kae Rai – Min Buri) 34.5 30 42 168 Constructing 2021 BTS

Yellow Line (Lat Phrao –Samrong)

30.4 23 30 120 Constructing 2021 BTS

Orange Line(TCC - Minburi)

22.5 17 - - Constructing 2022-2023 -

Total (km) 131.5

Bang Pho - Tha Pra

ProjectsDistance

kmStations Trains Cars Status

Operated(Year)

Operator

Blue Line - Bang Sue - Hua Lamphong- Tao Poon- Wat Mangkorn - Lak Song- Bang Pho - Tha Pra

201

1413

181

118

54 162 Operating2004

Aug 11, 2017Sep 29,2019Mar 30,2020

BEM

Purple Line (Bang Yai-Tao Poon) 23 16 21 63 Operating Aug 6, 2016 BEM

Airport Rail Link (Phaya Thai - Suvarnabhumi Airport)

28.5 8 9 - Operating 2010 SRT

Green Line - Mochit – On Nut- Bang Chak – Bearing - Samrong – Kheha

17.05.3

12.6

1759

52 296 Operating

1999Dec 2018

BTS

Light Green Line- National Stadium – Saphan Taksin- Saphan Taksin –Bang Wa

6.57.5

66 1999

Total (km) 148.47

Map of Blue Line and Purple Line

Section I

Section II

Section III

Ch

ao P

hraya R

iver

Bang Son

Wong Sawang

Yaek Tiwanon

Ministry of Public Health

Nonthaburi Civic Center

Bang Krasor

YaekNonthaburi 1

Phara Nang Klao Bridge

Sai Ma

Bang RakNoi Tha It

Bang Rak Yai

Bang Plu

Sam YaekBang Yai

Talad Bang Yai

Klong Bang Pai

Bang Phai

8

Strength

• Open for public earlier than planned with no cost overrun (partially open before March 2020 as per contract )

• Form Circle Line which covers all CBD

• Share revenue with MRTA only when IRR exceeds 9.75%

• Expect ridership growth at 8 – 10% /yr

• Economy of scale to control operation cost

• Increase CD revenue from the significant growth of ridership

• Opportunity to extend South BL extension to Phutthamonthon Sai 4

Strength

• Open for public for 3 years with great efficiency

• Generate good and steady revenue with profit margin at 10.5%

• Opportunity to improve revenue due to the ridership increase

• Opportunity to extend PPL South by negotiation under PPP Act.

Highlights of Mass Transit Business

Rail Revenue & Ridership

Farebox revenue & Ridership

Expected Service by Distance

• Purple line operated on Aug 6, 2016• BL Ex is fully operated on Mar 30, 2020

• Potential to be an operator of Purple Line

extension (south) by direct negotiation with MRTA.

3,230

4,521 4,736

5,022

2,109

274

295 312337

232

2016 2017 2018 2019 6M/2020

Revenue (MB)

Ridership ('000 Trips per Day)

High Potential GrowthBlue Line Jul 2029 Mar 2050

Purple Line Aug 2043• The only circle line in Bangkok• Double digit ridership growth• Additional revenue from Purple line• Passengers increased by connecting future

Bangkok mass rapid transit network.

Blue Line (Hua Lamphong – Bang Sue, Tao Poon –Tha Phra - Lak Song)

• Operated• PPP Net Cost• Income source : Fare base • Fares revision every 2 years • COD : Jul 3, 2004 (Initial BL)

Mar 30, 2020 (fully operated BL) • Concession period 30 years (2020 - 2050)• 48 km 38 stations

• Operated• PPP Gross Cost• Income source : O&M services

Annual income Apx. 1,800 MB/year• COD : Aug 6, 2016

• Concession period 30 year (2013 - 2043)• 23 km 16 stations

Purple Line Bang Yai-Bang Sue

9

20

22

24

26

28

30

Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20

Concession Period

Average Fare

COD BL Ex II on 29 Sep 19

COD BL Ex III on 30 Mar 20

573 675 705

783

371

2016 2017 2018 2019 6M/2020

Unit: MB

Highlights of Commercial Development Business

38 Stations & 54 Trains

• Static Media

• Digital Media

• Creative & Innovative Design

Advertising

• Mobile phone Network

• High Speed Internet

• Future Internet Technology

• Wi-Fi Service

Telecommunications

Retail Spaces in Blue line stations

• Brighten up : 9 stations

• Under Development : 2 stations

Retail Spaces

• Rest area

• Static Media

• Digital Media

Expressway

METRO

10

Rail Revenue & Ridership Strength

• Increasing eyeball continuously untill year 2050 as BL Extension completed

• Right to develop in all areas under new Blue Line concession

• Concrete business plan encourages steady growth

• Additional development can be negotiated with MRTA

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 and Administration (1,336) (1,364) -2.05%

Profit before share of profit from investments in associates,financial cost and income tax expenses

8,757 7,949 10.16%

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 (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)DPS (Baht)

0.360.15

0.350.15

11

Consolidated (Unit : MB.) Q2/2020 Q2/2019 %CHANGE 6M/2020 6M/2019 %CHANGE

Revenue :-

Expressway Business 1,506 2,521 -40.26% 3,806 5,103 -25.42%

Rail Business 816 1,162 -29.78% 2,109 2,373 -11.13%

Commercial Development 167 182 -8.24% 371 361 2.77%

Others 344 *3,677 -90.64% 436 *3,832 -88.62%

Total Revenue 2,833 7,542 -62.44% 6,722 11,669 -45.39%

Expense :-

Costs of Expressway Business (436) (493) -11.56% (884) (970) -8.87%

Costs of Rail Business (1,131) (903) 25.25% (2,265) (1,774) 27.68%

Costs of commercial development (52) (48) 8.33% (105) (96) 9.38%

Amortization – Expressway (148) (989) -85.04% (909) (1,995) -54.44%

Amortization – Rail (54) (47) 14.89% (153) (96) 59.38%

Selling and Administration (341) (330) 3.33% (646) (645) 0.16%

Profit before share of profit from investments in associates,financial cost and income tax expenses 671 4,732 -85.82% 1,760 6,093 -71.11%

Share of profit (loss) from investments in associates - 67 -100.00% - 173 -100.00%

EBIT 671 4,799 -86.02% 1,760 6,266 -71.91%

Financial Cost (548) (421) 30.17% (1,003) (824) 21.72%

Income tax (29) 1,257 -102.31% 94 1,453 -93.53%

Profit for the Period 152 3,054 -95.02% 663 3,816 -82.63%

Profit/(Loss) Attributable to Non-controlling interests - (3) 100.00% (3) (12) 74.20%

Profit Attributable to Equity Holders of the Company 152 3,051 95.02% 660 3,804 -82.65%

Earning per Share 0.01 0.20 0.04 0.26

Book Value per Share 2.41 2.68

Net Profit Margin 5.51% 19.41%

Return on Equity 5.46% 8.89%

12

Financial Highlights

Remark : * Including non – cash extra item from reclassified the investment in TTW

Appendix (A)

Total Traffic Volume

2019201720162018

14

500

600

700

800

900

1,000

1,100

1,200

1,300

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

2020 1,216.97 1,201.74 955.75 589.86 804.89 1,018.25 1,121.21 986.65 -20.18%

2019 1,239.85 1,255.73 1,288.11 1,183.02 1,218.34 1,244.63 1,223.34 1,260.20 1,238.35 1,235.54 1,257.85 1,203.37 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 1,218.43 1,228.76 1,201.85 1,179.50 3.32%

%YoY 20/19 -1.82% -4.30% -25.80% -50.14% -33.94% -18.19% -8.35%

(Thousand trips / Day)

2020

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

2020 27.81 27.42 20.84 12.62 17.48 22.29 24.62 21.86 -22.37%

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 27.80 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% -28.98% -53.19% -36.97% -21.56% -11.88%

Total Toll Revenue

(Million Baht / Day)

15

10

12

14

16

18

20

22

24

26

28

30

20192017

2016

2018

2020

Expressway : Total Traffic Volume

(Trips/Day) (Trips/Day)

Jul-20 Jul-19 Change %

FES 335,641 370,160 -34,519 -9.33%

Sector A 201,441 217,837 -16,396 -7.53%

Sector B 82,500 96,458 -13,958 -14.47%

Urban 619,582 684,455 -64,873 -9.48%

Sector C 178,812 185,077 -6,265 -3.39%

Sector D 172,191 199,051 -26,860 -13.49%

SOE 62,370 64,742 -2,372 -3.66%

Sub urban 413,373 448,870 -35,497 -7.91%

Total BEM 1,032,955 1,133,325 -100,370 -8.86%

NECL (C+) 88,259 90,012 -1,753 -1.95%

Total BEM+NECL 1,121,214 1,223,337 -102,123 -8.35%

7M-20 7M-19 Change %

FES 303,780 373,697 -69,918 -18.71%

Sector A 177,931 220,782 -42,852 -19.41%

Sector B 73,726 96,251 -22,526 -23.40%

Urban 555,436 690,731 -135,295 -19.59%

Sector C 155,417 188,232 -32,816 -17.43%

Sector D 151,674 203,250 -51,575 -25.38%

SOE 52,534 62,845 -10,311 -16.41%

Sub urban 359,625 454,327 -94,702 -20.84%

Total BEM 915,061 1,145,058 -229,997 -20.09%

NECL (C+) 71,593 91,076 -19,483 -21.39%

Total BEM+NECL 986,654 1,236,133 -249,479 -20.18%

16

Expressway : Total Traffic Volume

(Trips/Day) (Trips/Day)

Q2-2020 Q2-2019 Change %

FES 254,584 368,613 -37,866 -9.96%

Sector A 145,997 216,368 -24,345 -10.76%

Sector B 57,287 93,535 -11,722 -11.85%

Urban 457,868 678,516 -73,932 -10.49%

Sector C 132,022 184,878 -21,821 -11.33%

Sector D 116,039 199,156 -28,452 -13.63%

SOE 40,759 62,710 -1,349 -2.21%

Sub urban 288,819 446,745 -51,648 -11.14%

Total BEM 746,688 1,125,260 -125,581 -10.74%

NECL (C+) 57,651 90,106 -12,548 -13.58%

Total BEM+NECL 804,339 1,215,366 -138,129 -10.95%

2019 2018 Change %

FES 373,844 372,745 1,099 0.29%

Sector A 220,366 224,854 -4,487 -2.00%

Sector B 96,704 97,199 -495 -0.51%

Urban 690,914 694,797 -3,883 -0.56%

Sector C 187,665 186,913 752 0.40%

Sector D 203,169 201,249 1,920 0.95%

SOE 64,253 56,090 8,162 14.55%

Sub urban 455,087 444,253 10,834 2.44%

Total BEM 1,146,001 1,139,050 6,951 0.61%

NECL (C+) 91,256 91,077 179 0.20%

Total BEM+NECL 1,237,257 1,230,126 7,130 0.58%

17

Expressway : Total Toll Revenue

(Baht/Day)

Jul-20 Jul-19 Change %

FES 6,301,197 7,510,347 -1,209,150 -16.10%

Sector A 3,698,442 4,294,944 -596,502 -13.89%

Sector B 1,548,661 1,945,920 -397,259 -20.41%

Urban 11,548,300 13,751,211 -2,202,911 -16.02%

Sector C 2,227,299 2,474,947 -247,648 -10.01%

Sector D 4,063,535 4,747,560 -684,025 -14.41%

SOE 2,933,790 3,045,447 -111,657 -3.67%

Sub urban 9,224,624 10,267,954 -1,043,330 -10.16%

Total BEM 20,772,924 24,019,165 -3,246,241 -13.52%

NECL (C+) 3,847,167 3,921,189 -74,022 -1.89%

Total BEM+NECL 24,620,091 27,940,354 -3,320,263 -11.88%

7M-20 7M-19 Change %

FES 5,895,547 7,575,248 -1,679,701 -22.17%

Sector A 3,348,899 4,351,106 -1,002,207 -23.03%

Sector B 1,421,461 1,941,856 -520,395 -26.80%

Urban 10,665,907 13,868,210 -3,202,303 -23.09%

Sector C 1,985,610 2,518,754 -533,144 -21.17%

Sector D 3,591,209 4,846,341 -1,255,132 -25.90%

SOE 2,470,808 2,954,986 -484,178 -16.39%

Sub urban 8,047,628 10,320,081 -2,272,453 -22.02%

Total BEM 18,713,535 24,188,291 -5,474,756 -22.63%

NECL (C+) 3,144,667 3,969,479 -824,812 -20.78%

Total BEM+NECL 21,858,202 28,157,770 -6,299,568 -22.37%

(Baht/Day)

18

Expressway : Total Toll Revenue

Q2-2020 Q2-2019 Change %

FES 4,847,765 7,472,738 -894,727 -11.62%

Sector A 2,679,094 4,263,249 -558,465 -12.53%

Sector B 1,076,128 1,886,055 -272,810 -13.67%

Urban 8,602,988 13,622,042 -1,726,004 -12.19%

Sector C 1,651,264 2,472,166 -342,642 -13.28%

Sector D 2,741,486 4,745,383 -700,920 -14.07%

SOE 1,916,317 2,948,977 -62,599 2.14%

Sub urban 6,309,068 10,166,526 -1,106,161 -10.54%

Total BEM 14,912,056 23,788,568 -2,832,164 -11.49%

NECL (C+) 2,554,313 3,917,862 -541,839 -13.42%

Total BEM+NECL 17,466,369 27,706,429 -3,374,004 -11.76%

2019 2018 Change %

FES 7,583,369 7,558,441 24,928 0.33%

Sector A 4,343,526 4,427,825 -84,299 -1.90%

Sector B 1,950,797 1,961,009 -10,211 -0.52%

Urban 13,877,693 13,947,275 -69,583 -0.50%

Sector C 2,509,429 2,505,908 3,521 0.14%

Sector D 4,843,829 4,795,749 48,079 1.00%

SOE 3,021,696 2,635,384 386,312 14.66%

Sub urban 10,374,954 9,937,042 437,912 4.41%

Total BEM 24,252,647 23,884,317 368,330 1.54%

NECL (C+) 3,973,550 3,989,146 -15,596 -0.39%

Total BEM+NECL 28,226,197 27,873,463 352,734 1.27%

(Baht/Day) (Baht/Day)

19

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

2020 397.44 363.88 233.98 78.49 118.80 202.68 253.36 235.20 -25.03%

2019 316.85 321.70 330.49 296.64 302.09 311.72 316.72 338.51 351.51 375.36 412.75 365.88 336.85 8.12%

2018 299.02 323.54 315.35 277.99 294.90 316.44 301.13 331.00 325.33 321.09 342.81 291.54 311.54 5.50%

2017 273.58 299.90 308.42 266.11 274.19 302.57 282.04 313.76 319.82 300.12 322.29 282.36 295.30 7.65%

2016 255.65 277.67 283.08 248.30 245.34 279.43 269.18 286.09 294.11 291.45 290.37 271.91 274.32 5.12%

%YoY 20/19 25.43% 13.11% -29.20% -73.54% -60.67% -34.98% -20.01%

Metro : Average Daily Ridership : Blue Line (BL)

20

50

100

150

200

250

300

350

400

2019

201720162018

2020

(Thousand trips / Day)

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

2020 10.62 9.67 6.24 2.19 3.31 5.62 6.99 6.38 -19.69%

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% -25.34% -70.83% -56.73% -28.65% -12.82%

Metro : Average Daily Revenue : Blue Line (BL)

21

2

3

4

5

6

7

8

9

10

11

12

201920172016

20182020

(Million Baht / Day)

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

Ridership

YoY Jul-20 Jul-19 Change %

BL 253,353 316,722 -63,369 -20.01%

YoY 7M-20 7M-19 Change %

BL 235,204 313,724 -78,520 -25.03%

YoY Q2-2020 Q2-2019 Change %

BL 198,331 303,470 -105,139 -34.65%

YoY 2019 2018 Change %

BL 336,849 311,538 25,311 8.12%

(Trips / Day)

(Trips / Day)

Farebox Revenue

YoY Jul-20 Jul-19 Change %

BL 6,991,326 8,019,069 -1,027,743 -12.82%

YoY 7M-20 7M-19 Change %

BL 6,377,958 7,941,885 -1,563,927 -19.69%

YoY Q2-2020 Q2-2019 Change %

BL 5,360,441 7,675,370 -2,314,929 -30.16%

YoY 2019 2018 Change %

BL 8,673,797 7,887,261 786,536 9.97%

(Baht / Day)

(Baht / Day)

22

DisclaimerThe 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.

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