Bangkok Expressway and Metro Public Company Limited (BEM)February 2019

BEM: Business Overview

Road RailCommercial

DevelopmentInvestment

➢ Total Expressway SES 38.5 Kms.

Sector C+ 32 Kms.SOE 16.7 Kms.Total 87.2 Kms.

➢ Traffic Volume in Jan 191,239,578 trips/dayGrowth 2.74% YoY

➢ Tolls Revenue in Jan 1928.17 MB./dayGrowth 3.34% YoY

➢ Total RailIBL 20 Kms. 18 stationsBL Ex 27 Kms. 20 stationsPPL 23 Kms. 16 stations Total 70 Kms. 54 stations

➢ BL Ridership in Jan 19316,850 trips/dayGrowth 5.96% YoY

➢ BL farebox in Jan 198.04 MB./dayGrowth 6.28% YoY

➢ PPL O&M service incomeAnnual Income apx.1,800MB./year

➢ Fully open BL Ex in Y2020 Section 1: 11 Aug. 2017Section 2: 14 Aug. 2019Section 3: By Mar. 2020

(Section 3.1: 25 Dec. 2019)(Section 3.2: 2 Mar. 2020)

➢ BL = IBL + BL Ex For advertising in Stations& Trains, Retailing andTelecommunications

➢ PPL to be negotiated with MRTA

➢ Expressway Ads on SES

➢ CD RevenueY2017 = 675 MB.Q3/2018 = 167 MB.

Growth Y17/16 = 18% YoY

➢ Infrastructure portfolio- Owns 99.99% in NECL- Owns 65.15% in BMN- Owns 19.29% in TTW- Owns 17.83% in CKP

➢ Profit sharing in P&L Y2017 406 MB.9M/2018 339 MB.

➢ Cash Dividend Received Y2017 551MB.

2

13,233 15,393

12,503

2016 2017 9M/2018

Unit: MB.

BEM: Financial Highlights & Earning Outlook

2,606

3,123

2,804*

2016 2017 9M/2018

NET PROFIT

0.11 0.13

0.06*

0.170.20

0.18

2016 2017 9M/2018

Unit: Baht

EPS

DPS/EPS

1.33

1.38

1.30

2016 2017 Q3/2018

NET IBD/E

Unit : Times

Unit: MB.

TOTAL REVENUE

3

65%

30%

5%

Road

Rail

Commercial Development

REVENUE STRUCTURE

As of Q3/2018

DPS

Earning Highlights & its Outlook :

- Rev. growth Y17/16 = 16.3% YoY

- Net Profit growth Y17/16 = 19.80% YoY

- Y17 Significant Revenue growth from PPL

Line & SOE Expressway

- Reduce interest rate fluctuation risk to

90% Fixed interest of Total Debts

- Y18 Full year impact from new projects and

Opening BL Ex at Tao Poon ST.

(connect PPL & BL) and the SOE ramp to the

north.

- Y19 To Open BL Ex Section II on 14 Aug. 19

- Y20 To Open Full BL Line by Mar’20Remark : *DPS H1/2018 = 0.06

Remark : *Excluding non - cash extra item at 2,030 MB. (net tax)

Overview of Expressway Business

Expressway NetworkDistance

(kms.)Operator

1. First Stage Expressway System (FES) 27.1 EXAT

2. Second Stage Expressway System (SES) 38.5 BEM

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

32.0 NECL

4. Don Muang Tollway (DMT) 28.0 DMT

5. Ramindra-Atnarong Expressway (RAE) 32.9 EXAT

6. Bang Pli - Suksawad Expressway (Southern Outer Bangkok Ring Road) and Highway No. 37 (Suksawad-Bang Khun Thien Section)

42.3 EXAT

7. Bangna-Chonburi Expressway 56.7 EXAT

8. Si Rat – Outer Ring Road Expressway (SOE) 16.7 BEM

Total 274.2

• BEM is the largest private expressway operator in Thailand.

• More than 1 million journeys a day in BEM toll road system.

• BEM is now an operator of

➢ SES (Sector A-B-C-D) under two concession agreements ending in 2020 and 2027 respectively, and

➢ SOE has been operated since August 22, 2016

• BEM shares 40% of Toll Revenue from FES Toll road under SES Concession.

• NECL, a subsidiary of BEM, is an operator of Bangpain-Pak Kret expressway (Sector C+) under a concession agreement ending in 2026.

4

Highlights of Expressway Business

8,485 8,815 9,301

9,957

7,576

1,104 1,142 1,178

1,214 1,228

2014 2015 2016 2017 9M/2018

Expressway Revenues (MB.)

Traffic ('000 Trips/Day)

Remaining Concession PeriodToll Revenues & Traffic Financial Strength

2018

2020

Toll Revenues

Existing Projects

( FES&SES&C+)

✓ Reliable cash revenues✓ Toll revision every 5 years

✓ Rights to extend the contract for 10 years twice

SOE Project

✓ East-West Corridor linking between Bangkok city and its vicinity area

✓ SOE Ramp opened on 30 Sep. 18

Traffic

✓ Steady traffic growth✓ CAGR = 2.88% (2011 - 2017)✓ SOE contributes highest

traffic growth.

• EXAT is responsible for Land acquisition matter

• 100% revenues to BEM, but sharing with EXAT

if 13.5% < FIRR ≤ 15.5%, 30% of its NCF that exceeds 13.5% in such year(s)

if FIRR > 15.5%, 50% of its NCF that exceeds 15.5% in such year(s)

• Toll increased every 5 years (Fixed amount)

SOE Project

• 30-year concession (15 Dec 2012 – 2042) under BTO basis

• Project cost 24,145 MB.

• Construction Cost 22,500 MB. ( Construction period 48 months)

• 16.7 kms. with 3-dual lanes, 10 toll plazas (Inbound=6, Outbound=4)

East-West Corridor linking between Bangkok city and its vicinity

2042

2042

2027

2026

2020 2030FES & SES

(Sector A-B-C)

Udonrattaya (Sector C+)

Sirat Outer Ring

(SOE)

SES Extension(Sector D)

2040

5

Source : MOT

Bangkok Metropolitan Mass Rapid Transit Network Master Plan

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

Thammasart –Mahachai(80.8 kms.)

1

2 Salaya-Hau Mark(48 kms.)

3 Airport Link (50.3 kms.)

4 Lumlukka – Bang Pu (66.5 kms.)

5 Yot Se – Bang Wa(15.5 kms.)

6Bang Sue – Phuttamonthon Sai 4(55 kms.)

7 Bang Yai – Rat Burana (42.8 kms.)

8Taling Chan-Min Buri– Thailand Cultural Center(37.5 kms.)

10 Lat Phrao - Samrong(30.4 kms.)

9 Kae Rai– Min Buri (36 kms.)

6

Metro Map

ProjectsDistance

kms.Stations Trains Cars Status

Operated(Year)

Operator

Blue Line (Bang Sue-Hua Lamphong)+ 1 station (Tao Poon)

21 19 19 57 Operating2004

Aug 11, 2017BEM

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 - Kheha

35.3 3174 296 Operating 1999 BTS

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

14.5 13

Total (kms.) 122.2

Existing Metro Lines 6 more Lines under construction

ProjectDistance

kms.Stations Trains Cars Status

Operated(Year)

Operator

Blue Line (Extension)Bang Sue-Tha PraHua Lamphong-Lak Song

27 20 35* 105 Constructing 2020 BEM

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

Green Line Mochit - Khu Khot Bearing – Samut Prakan

1913

169

- Constructing 2021 BTS

Pink Line (Kae Rai – Min Buri) 36 30 42 168 Constructing 2021 BTS

Yellow Line (Lat Phrao –Samrong)

30.4 23 30 120 Constructing 2021 BTS

Orange Line(TCC - Minburi)

21.2 17 - - Constructing 2022-2023 -

Total (kms.) 172.9

Remark: *7 of 35 trains will be used for IBL 7

20 20 20 20 20

23 23 23 23

27 27 27

37.5 37.5

19.8

8

2015 2016 2018-20F 2021-23F 2024-26F

BEM’s rail service by distance (kms.)

Blue line (IBL) Purple line

Blue line Extensions Orange line

Purple line Extensions Blue line Extension 2

Future Expected

Highlights of Mass Transit Business

Rail Revenues & Ridership High Potential Growth

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

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

➢ Concession period 30 years (2013 - 2043)

Purple Line Bang Yai-Bang Sue

➢ Under construction➢ PPP Net Cost➢ Income source : Ridership➢ Operational within 2020➢ Concession period 33years

(2017 – 2050)➢ Fully open BL Ex in Y2020

Section 1: 11 Aug. 2017Section 2: 14 Aug. 2019Section 3: By Mar. 2020 (Section 3.1: 25 Dec. 2019)(Section 3.2: 2 Mar. 2020)

Blue Line ExtensionHua Lamphong – Lak Song

Bang Sue – Tha Phra

Farebox revenues & Ridership

✓ Organic ridership growth 6-8%✓ Fares revision every 2 years✓ Additional revenues from Purple

line✓ Passengers fed to Initial Blue

Line

Expected Service by Distance

✓ Purple line operated on Aug 6, 2016

✓ BL EX is expected to fully operate in Y2020

Initial Blue Line Hua Lamphong – Bang Sue

➢ Operated➢ PPP Net Cost➢ Income source : Ridership➢ COD : July 3, 2004➢ Concession period 25 years (2004 - 2029) ➢ Extended to the year 2050 in accordance

with BL EX Concession.

2,248 2,374

3,230

4,521

3,562

291 300 317

342

370

2014 2015 2016 2017 9M/2018

Farebox Revenues(THB mm)

Ridership ('000 Tripsper Working Day)

8

Tao PoonBang PhoBang AorBang PladSirindhorn

Bang Yee Kan

Bang Khunnon

Yaek Fai Chai

Bang Sue

Charan 13

Tha PraBang WaPetchkasem48

Paseechareon

Bang Kae

Bang Phai

Hua LumphongWat Mungkorn

Sam YotSanam Chai

Isaraphab

Initial Blue Line

Dragon Temple

Yanhee Hospital

Wat Pho

Grand Palace

Siriraj Hospital

Central Wang Burapa

Existing : In

itial Blu

e Line

Makro Charan Br.

BIG C

The Mall Tha Pra

Seacon Bang Kae

The Mall Bang KaePaknam Temple

Hua Lumphong Grand Station

Rajini School

Royal Navy

Phayathai 3Hospital

China Town

Sampheng Wholesale Market

Pahurat Cloth Market

Lak Song

EGAT HQ

Flower Market

The Old Siam Mall

Mega Shopping Mall

Major Pinklao

Central Pinklao

EENN Hospital

Thonburi 2 Hospital

New Parliament

Thammasart U.

Ch

ao P

hraya R

iver

Siam Museum

Bank of Thailand

Depot

TiewpaingamSchool

Somdejchaopraya University

Emerald Buddha Temple

Yothinburana School

Siam University

SCG HQ

Map of Blue Line Extension (BL EX)

Section I

Section III

Section II

Opened 11 Aug. 2017

Start from 25 Dec. 2019*

Open 14 Aug. 2019

Section 3.1: Tao Poon – Sirindhorn stations target to open 25 Dec. 2019

Section 3.2:Tha Pra – Sirindhorn stations target to open 2 Mar. 2020

*

*

9

Section I (Bang Sue - Tao Poon station)

2020

Kamphaeng Phet

Existing IBL

Tao Poon

BL EX

Tao Poon Bang Sue

SECTION I(Bang Sue – Tao Poon station)

1 km.

PPL

Section I

From Bang Sue

Operated since August 11, 2017

Tao Poon

10

Overview of Commercial Development Business

Advertising Telecommunications Retail Spaces

➢ Retail Spaces in 11 MRT Stations & 1 Park & Ride Building

➢ Brighten up: 9 stations

➢ Under Development: 2 stations

➢ Mobile phone Network

➢ High Speed Internet

➢ Wi-Fi Services

➢ Telecommunications Signal System (2G, 3G, 4G)

➢ Future Internet Technology

18 Stations & 19 Trains

➢ Static Media

➢ Digital Media

➢ Creative & Innovative Design

New Media : DIGITAL

➢ 119 Screens in 18 stations

11

Target

to double

CD revenue

in Y2021

501 549 573 675

493

2014 2015 2016 2017 9M/2018

Commercial Development

CD Revenues

Unit: MB.

Highlights of Commercial Development Business

More rooms to grow

Advertising✓ Revenue increased by eyeballs✓ Rooms to grow outside MRT

CD revenues ✓ CAGR = 11% p.a. (2013-2017)✓ New CD expected by 2019

Telecommunications

✓ Steady CF✓ Long term contracts

Retails✓ Rental rates increased by

ridership's traffic✓ Open more locations

➢ To Operate Commercial Development➢ Tao Poon station opened on 11 Aug. 2017

Blue Line ExtensionHua Lamphong – Lak Song

Bang Sue – Tha Phra

Future Projects

➢ To Operate Commercial Development (To be negotiated with MRTA)

Purple Line Bang Yai-Bang Sue

CD projects outside MRT

➢ Advertising outside MRT, ie. Expressway.➢ Retails business➢ Telecommunications

12

BEM : Financial Highlights

Consolidated (Unit : MB.) 2017 2016 %CHANGE

Revenue :-

Revenue from Expressway business 9,957 9,301 7.05%

Revenue from Rail business 4,521 3,230 39.97%

Revenue from Commercial development business 675 573 17.80%

Others 240 129 86.05%

Total Revenue 15,393 13,233 16.32%

Expense :-

Costs of Expressway business (1,735) (1,512) 14.75%

Costs of Rail business (3,353) (2,371) 41.42%

Costs of Commercial development business (177) (200) -11.50%

Amortization – Expressway (3,695) (3,471) 6.45%

Amortization – Rail (246) (440) -44.09%

Selling (95) (93) 2.15%

Administration (1,049) (891) 17.73%

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

5,043 4,255 18.52%

Share of profit (loss) from investments in associates 406 347 17.00%

EBIT 5,449 4,602 18.41%

Financial Cost (1,611) (1,426) 12.97%

Income tax expenses (696) (563) 23.62%

Profit for the Period 3,142 2,613 20.24%

Profit/(Loss) Attributable to Non-controlling interests 19 7 171.43%

Profit Attributable to Equity Holders of the Company 3,123 2,606 19.84%

EPS (Bath)DPS (Baht)

0.200.13

0.170.11

13

BEM : Financial Highlights

Consolidated (Unit : MB.) Q3/2018 Q3/2017 %CHANGE 9M/2018 9M/2017 %CHANGE

Revenue :-

Expressway Business Revenue 2,561 2,550 0.4% 7,576 7,439 1.84%

Rail Business Revenue 1,218 1,170 4.1% 3,562 3,400 4.8%

Commercial Development Revenue 167 179 -6.7% 493 497 -0.8%

Others 335 27 1140.7% 872 95 817.9%

Total Revenue 4,281 3,926 9.04% 12,503 11,431 9.4%

Expense :-

Costs of Expressway Business (461) (432) 6.7% (1,350) (1,290) 4.7%

Costs of Rail Business (881) (840) 4.9% (2,630) (2,533) 3.8%

Costs of commercial development (45) (43) 4.7% (129) (139) -7.2%

Amortization – Expressway (958) (945) 1.4% (2,828) (2,750) 2.8%

Amortization – Rail (48) (44) 9.1% (139) (201) -30.8%

Selling (24) (25) -4.0% (75) (61) 23.0%

Administration (252) (226) 11.5% (809) (729) 11.0%

Profit before share of profit from investments in associates, financial cost and income tax expenses 1,612 1,371 17.6% 4,543 3,728 21.9%

Share of profit (loss) from investments in associates 133 139 -4.3% 339 304 11.5%

EBIT 1,745 1,510 15.6% 4,882 4,032 21.1%

Financial Cost (420) (365) 15.07% (1,444) (1,124) 28.5%

Income tax expenses (233) (199) 17.09% (625) (530) 17.9%

Profit for the Period 1,092 946 15.43% 2,813 2,378 18.3%

Profit/(Loss) Attributable to Non-controlling interests 3 6 -50% 9 13 -30.8%

Profit Attributable to Equity Holders of the Company 1,089 940 15.85% 2,804 2,365 18.6%EPS (Baht)DPS (Baht)

0.07-

0.06-

0.180.06

0.150.06

BEM : Financial Ratio Q3/2018 Q3/2017 Q3/2018 Q3/2017

Net Profit Margin 26.12% 23.94% Net IBD to Equity 1.30 1.38

14

Appendix (A)

15

Total Traffic Volume

1,000.00

1,050.00

1,100.00

1,150.00

1,200.00

1,250.00

1,300.00

2019 1,239.58 1,239.58

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 1227.88 1220.11 1283.91 1224.67 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%

2015 1,111.19 1,176.00 1,176.01 1,071.98 1,115.40 1,134.17 1,137.05 1,136.33 1,158.60 1,150.01 1,191.13 1,144.46 1,141.60 3.44%

%YoY 19/18 2.74%

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

(Thousand trips / Day)

2019

2017

2015

2016

SOE has been operated since August 22, 2016

2018

16

Total Toll Revenue

20.00

22.00

24.00

26.00

28.00

30.00

2019 28.17 28.17

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%

2015 23.48 24.86 24.87 22.71 23.58 23.93 24.01 24.03 24.45 24.31 25.26 24.31 24.14 3.85%

%YoY 19/18 3.34%

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

(Million Baht / Day)

2016

2019

2015

2017

2018

17

SOE has been operated since August 22, 2016

Expressway : Total Traffic Volume

YoY Jan-19 Jan-18 Change %

FES 372,498 370,408 2,090 0.56%

Sector A 225,113 223,728 1,385 0.62%

Sector B 99,209 96,659 2,550 2.64%

Urban 696,820 690,795 6,025 0.87%

Sector C 188,158 180,767 7,391 4.09%

Sector D 204,601 196,296 8,305 4.23%

SOE* 61,042 53,362 7,680 14.39%

Sub urban 453,801 430,425 23,376 5.43%

Total BEM 1,150,621 1,121,220 29,401 2.62%

NECL (C+) 88,957 85,291 3,666 4.30%

Total BEM+NECL 1,239,578 1,206,511 33,067 2.74%

Trips/Day Trips/Day

YTD 1M-19 1M-18 Change %

FES 372,498 370,408 2,090 0.56%

Sector A 225,113 223,728 1,385 0.62%

Sector B 99,209 96,659 2,550 2.64%

Urban 696,820 690,795 6,025 0.87%

Sector C 188,158 180,767 7,391 4.09%

Sector D 204,601 196,296 8,305 4.23%

SOE* 61,042 53,362 7,680 14.39%

Sub urban 453,801 430,425 23,376 5.43%

Total BEM 1,150,621 1,121,220 29,401 2.62%

NECL (C+) 88,957 85,291 3,666 4.30%

Total BEM+NECL 1,239,578 1,206,511 33,067 2.74%

SOE is operated on August 22, 2016

18

Expressway : Total Traffic Volume

YoY Q3-18 Q3-17 Change %

FES 372,342 377,542 -5,200 -1.38%

Sector A 224,361 228,587 -4,226 -1.85%

Sector B 97,845 100,497 -2,652 -2.64%

Urban 694,548 706,625 -12,078 -1.71%

Sector C 185,438 185,490 -52 -0.03%

Sector D 200,633 195,927 4,706 2.40%

SOE* 56,277 53,140 3,137 5.90%

Sub urban 442,348 434,557 7,791 1.79%

Total BEM 1,136,896 1,141,183 -4,287 -0.38%

NECL (C+) 91,243 88,221 3,022 3.43%

Total BEM+NECL 1,228,138 1,229,404 -1,265 -0.10%

Trips/Day Trips/Day

SOE is operated on August 22, 2016

YTD 2017 2016 Change %

FES 373,215 376,000 -2,785 -0.74%

Sector A 226,693 224,118 2,575 1.15%

Sector B 99,182 101,580 -2,398 -2.36%

Urban 699,091 701,699 -2,608 -0.37%

Sector C 184,669 193,069 -8,400 -4.35%

Sector D 194,177 186,638 7,539 4.04%

SOE* 49,946 39,369 10,577 26.87%

Sub urban 428,792 395,673 33,119 8.37%

Total BEM 1,127,883 1,097,372 30,511 2.78%

NECL (C+) 86,153 82,128 4,025 4.90%

Total BEM+NECL 1,214,036 1,179,500 34,536 2.93%

19

Expressway : Total Toll Revenue

YoY Jan-19 Jan-18 Change %

FES 7,547,951 7,517,472 30,479 0.41%

Sector A 4,436,151 4,406,591 29,560 0.67%

Sector B 2,001,885 1,951,207 50,678 2.60%

Urban 13,985,987 13,875,270 110,717 0.80%

Sector C 2,520,772 2,427,308 93,464 3.85%

Sector D 4,876,990 4,679,762 197,228 4.21%

SOE* 2,869,233 2,505,256 363,977 14.53%

Sub urban 10,266,995 9,612,326 654,669 6.81%

Total BEM 24,252,982 23,487,596 765,386 3.26%

NECL (C+) 3,913,054 3,767,020 146,034 3.88%

Total BEM+NECL 28,166,036 27,254,616 911,420 3.34%

YTD 1M-19 1M-18 Change %

FES 7,547,951 7,517,472 30,479 0.41%

Sector A 4,436,151 4,406,591 29,560 0.67%

Sector B 2,001,885 1,951,207 50,678 2.60%

Urban 13,985,987 13,875,270 110,717 0.80%

Sector C 2,520,772 2,427,308 93,464 3.85%

Sector D 4,876,990 4,679,762 197,228 4.21%

SOE* 2,869,233 2,505,256 363,977 14.53%

Sub urban 10,266,995 9,612,326 654,669 6.81%

Total BEM 24,252,982 23,487,596 765,386 3.26%

NECL (C+) 3,913,054 3,767,020 146,034 3.88%

Total BEM+NECL 28,166,036 27,254,616 911,420 3.34%

(Baht / Day) (Baht / Day)

SOE is operated on August 22, 2016

20

Expressway : Total Toll Revenue

YoY Q3-18 Q3-17 Change %

FES 7,548,124 7,662,780 -114,656 -1.50%

Sector A 4,417,736 4,503,680 -85,944 -1.91%

Sector B 1,973,288 2,028,747 -55,459 -2.73%

Urban 13,939,149 14,195,207 -256,059 -1.80%

Sector C 2,487,340 2,485,526 1,814 0.07%

Sector D 4,777,313 4,670,525 106,787 2.29%

SOE* 2,644,080 2,494,301 149,779 6.00%

Sub urban 9,908,733 9,650,353 258,380 2.68%

Total BEM 23,847,882 23,845,560 2,322 0.01%

NECL (C+) 3,993,581 3,875,017 118,564 3.06%

Total BEM+NECL 27,841,463 27,720,577 120,886 0.44%

(Baht / Day) (Baht / Day)

SOE is operated on August 22, 2016

YTD 2017 2016 Change %

FES 7,574,658 7,629,770 -55,112 -0.72%

Sector A 4,464,399 4,400,068 64,331 1.46%

Sector B 2,001,763 2,048,819 -47,056 -2.30%

Urban 14,040,820 14,078,657 -37,837 -0.27%

Sector C 2,475,313 2,597,049 -121,736 -4.69%

Sector D 4,627,796 4,449,309 178,487 4.01%

SOE* 2,344,465 1,847,320 497,146 26.91%

Sub urban 9,447,575 7,795,461 1,652,113 21.19%

Total BEM 23,488,395 21,874,118 1,614,277 7.38%

NECL (C+) 3,789,685 3,614,291 175,394 4.85%

Total BEM+NECL 27,278,079 25,488,409 1,789,670 7.02%

21

Metro : Average Daily Ridership : Blue Line (BL)

200.00

220.00

240.00

260.00

280.00

300.00

320.00

340.00

2019 316 316

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 7.76%

2016 256 278 283 248 245 279 269 286 294 291 290 264 274 5.12%

2015 245 269 269 238 239 269 266 261 275 277 273 245 260 2.79%

% YOY 19/18 5.96%

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

(Thousand trips / Day)

2019

2015

2016

20172018

22

Metro : Average Daily Revenue : Blue Line (BL)

5.00

5.50

6.00

6.50

7.00

7.50

8.00

8.50

9.00

2019 8.04 8.04

2018 7.56 8.17 7.95 7.06 7.51 8.07 7.61 8.34 8.19 8.1 8.69 7.39 7.87 7.00%

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 8.49%

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 5.47%

2015 6.19 6.74 6.71 6.02 5.91 6.53 6.33 6.47 6.84 6.93 6.75 5.94 6.44 5.20%

%YoY 19/18 6.28%

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

(Million Baht / Day)

2015

2016

20172018

23

2019

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

Trips / Day

YoY Jan-19 Jan-18 Change %

BL 316,850 299,019 17,831 5.96%

YoY 1M-19 1M-18 Change %

BL 8,036,632 7,561,559 475,073 6.28%

YoY Q3/18 Q3/17 Change %

BL 319,088 305,050 14,038 4.60%

YoY 2017 2016 Change %

BL 295,302 273,637 21,665 7.92%

Trips / Day

Baht / Day

YoY Jan-19 Jan-18 Change %

BL 316,850 299,019 17,831 5.96%

YoY 1M-19 1M-18 Change %

BL 8,036,632 7,561,559 475,073 6.28%

YoY Q3/18 Q3/17 Change %

BL 8,061,024 7,607,840 453,184 5.96%

YoY 2017 2016 Change %

BL 7,375,055 6,793,173 581,882 8.57%

Baht / Day

Ridership Fare Box Revenue

24

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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