A Strong Foundation for the Limitless Potential of the Future - PowerPoint PPT Presentation

A Strong Foundation for the Limitless Potential of the Future Integrated Transportation System February 2017

Company Overview • Amalgamation of BECL and BMCL • Transfer all Rights, Duties, Assets, Liabilities, etc. to BEM • Major shareholders (as of Sep 15, 2016) 1. CK 29.73% 2. MRTA 8.22% 3. KTB 6.85% • BEM Paid-up Capital 15,285 MB. • Market Cap apx 107,759 MB. (as of Jan 31, 2017) 99.99% 65.19% 19.45% 19.40% 7.50% • Currently in SET50, MSCI Global, FTSE Investments as of Jan 31, 2017 • Foreign Limit 49% • First Trading day on Jan 5, 2016 Reference Rate : 1 USD = 35.193 Baht as of Jan 31, 2017 2

Overview of Expressway Business Distance Expressway Network Operator (kms.) 1. First Stage Expressway System (FES) 27.1 EXAT 2. Second Stage Expressway System (SES) 38.5 BEM 3. Northern Stage Expressway (C + ) 32.0 NECL (Bang Pa In – Pak Kret Expressway) 4. Don Muang Tollway (DMT) 28.0 DMT 5. Ramindra-Atnarong Expressway (RAE) 32.9 EXAT 6. Ramindra-Outer Ring Road Expressway 9.5 EXAT 7. Bang Pli - Suksawad Expressway (Southern Outer Bangkok Ring Road) 42.3 EXAT and Highway No. 37 (Suksawad-Bang Khun Thien Section) 8. Bangna-Chonburi Expressway 5 6.7 EXAT 9. Si Rat – Outer Ring Road Expressway (SOE) 16.7 BEM Total 283.7 • 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 is operated on 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. 3

Highlights of Expressway Business Toll Revenues & Traffic Remaining Concession Period Financial Strength  Reliable cash revenues Toll Toll Revenues (MB.) Revenues  Toll revision every 5 years Traffic ('000 Trips/Day) FES & SES 2020 2030 (Sector A-B-C) 1,142 1,170 2020 1,100 1,104  Steady traffic growth 1,025 1,085 Traffic  CAGR = 3.21% (2010 - 2015) 975 Udonrattaya 8,485 8,815  COD : Aug 22, 2016 2026 (Sector C+) 8,040 7,811 7,308 7,732 6,844 SES Extension Existing  Rights to extend the 2027 (Sector D) Projects contract for 10 years twice ( FES&SES&C+) Sirat Outer Ring 2042 (SOE )  East-West Corridor linking between Bangkok city and SOE Project its vicinity area 2016 2042  Operated by BEM New Project: SOE • • EXAT is responsible for Land acquisition matter 30-year concession (15 Dec 2012 – 2042) under BTO basis • • 100% revenues to BEM, but sharing with EXAT Project cost 25,491 MB. • if 13.5% < FIRR ≤ 15.5%, 30% of its NCF that exceeds 13.5% in such year(s) Construction Cost 22,500 MB. ( Construction period 48 months) • 16.7 kms. with 3-dual lanes, 10 toll plazas (Inbound=6, Outbound=4) if FIRR > 15.5%, 50% of its NCF that exceeds 15.5% in such year(s) • Toll increased every 5 years (Fixed amount) East-West Corridor linking between Bangkok city and its vicinity 4

Total Traffic Volume (Thousand trips / Day) 1,300.00 1,250.00 2017 2016 1,200.00 2015 1,150.00 2014 1,100.00 2012 1,050.00 2013 1,000.00 950.00 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Avg. % YoY 1,181.32 1,181.32 2017 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 1,177.73 3.16% 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% 2015 1,031.70 1,087.94 1,119.93 1,042.91 1,065.67 1,098.37 1,099.77 1,123.07 1,137.47 1,139.18 1,166.66 1,130.11 1,103.61 0.35% 2014 2013 1,096.67 1,118.06 1,154.52 1,040.52 1,093.29 1,115.48 1,102.26 1,124.83 1,099.62 1,103.68 1,116.60 1,032.07 1,099.72 1.40% 1,069.13 1,115.75 1,116.60 1,012.94 1,065.71 1,079.80 1,089.18 1,079.71 1,080.32 1,080.88 1,136.63 1,089.37 1,084.58 5.83% 2012 3.41% %YoY 17/16 SOE is operated in August 22, 2016 5

Total Toll Revenue (Million Baht / Day) 29.00 2017 2016 27.00 25.00 2015 2014 23.00 2013 2012 21.00 19.00 17.00 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Avg. % YoY 26.33 26.33 2017 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 25.41 5.22% 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% 2015 21.73 22.89 23.57 21.95 22.43 23.05 23.12 23.69 23.95 24.03 24.65 23.94 23.25 5.56% 2014 21.37 21.83 22.54 20.36 21.33 21.79 21.56 22.02 23.03 23.10 23.58 21.80 22.03 4.28% 2013 20.81 21.64 21.72 19.76 20.68 20.96 21.17 21.05 21.05 21.04 22.24 21.36 21.12 5.45% 2012 %YoY 17/16 8.67% SOE is operated in August 22, 2016 6

Expressway : Total Traffic Volume Trips / Day Trips / Day YTD YoY 1M-17 1M-16 Change % Jan-17 Jan-16 Change % FES FES 367,711 371,127 -3,416 -0.92% 367,711 371,127 -3,416 -0.92% Sector A Sector A 224,431 220,641 3,790 1.72% 224,431 220,641 3,790 1.72% Sector B Sector B 98,499 101,969 -3,470 -3.40% 98,499 101,969 -3,470 -3.40% Urban Urban 690,641 693,737 -3,096 -0.45% 690,641 693,737 -3,096 -0.45% Sector C Sector C 179,702 189,482 -9,780 -5.16% 179,702 189,482 -9,780 -5.16% Sector D Sector D 187,952 182,512 5,440 2.98% 187,952 182,512 5,440 2.98% SOE* SOE* 43,118 - 43,118 N/A 43,118 - 43,118 N/A Sub urban Sub urban 410,772 371,994 38,778 10.42% 410,772 371,994 38,778 10.42% Total BEM Total BEM 1,101,413 1,065,731 35,682 3.35% 1,101,413 1,065,731 35,682 3.35% NECL (C+) NECL (C+) 79,904 76,673 3,231 4.21% 79,904 76,673 3,231 4.21% Total BEM+NECL Total BEM+NECL 1,181,317 1,142,404 38,913 3.41% 1,181,317 1,142,404 38,913 3.41% SOE is operated on August 22, 2016 7

Expressway : Total Traffic Volume Trips / Day Trips / Day YoY YTD Q4/16 Q4/15 Change % 2016 2015 Change % FES FES 373,453 378,273 -4,820 -1.27% 376,000 374,874 1,126 0.30% Sector A Sector A 224,118 221,119 2,999 1.36% 226,177 222,656 3,521 1.58% Sector B Sector B 101,580 101,997 -417 -0.41% 99,860 102,913 -3,053 -2.97% Urban Urban 701,698 697,990 3,708 0.53% 699,490 703,842 -4,352 -0.62% Sector C Sector C 193,069 189,170 3,899 2.06% 188,460 195,170 -6,711 -3.44% Sector D 186,638 179,373 7,265 4.05% Sector D 187,077 182,425 4,652 2.55% SOE* SOE* 37,788 - 37,788 N/A 41,861 - 41,861 N/A Sub urban Sub urban 417,398 377,595 39,803 10.54% 417,495 368,543 48,952 13.28% Total BEM Total BEM 1,116,888 1,081,437 35,451 3.28% 1,119,193 1,066,533 52,660 4.94% NECL (C+) NECL (C+) 84,451 80,113 4,337 5.41% 82,128 75,078 7,050 9.39% Total BEM+NECL Total BEM+NECL 1,201,339 1,161,550 39,788 3.43% 1,201,321 1,141,611 59,710 5.23% SOE is operated on August 22, 2016 8

Expressway : Total Toll Revenue (Baht / Day) (Baht / Day) YoY YTD Jan-17 Jan-16 Change % 1M-17 1M-16 Change % FES FES 7,454,790 7,530,063 -75,273 -1.00% 7,454,790 7,530,063 -75,273 -1.00% Sector A 4,416,417 4,328,813 87,604 2.02% Sector A 4,416,417 4,328,813 87,604 2.02% Sector B Sector B 1,986,591 2,057,284 -70,693 -3.44% 1,986,591 2,057,284 -70,693 -3.44% Urban Urban 13,857,798 13,916,160 -58,362 -0.42% 13,857,798 13,916,160 -58,362 -0.42% Sector C Sector C 2,410,403 2,552,093 -141,690 -5.55% 2,410,403 2,552,093 -141,690 -5.55% Sector D Sector D 4,474,528 4,354,842 119,686 2.75% 4,474,528 4,354,842 119,686 2.75% SOE* SOE* 2,022,766 - 2,022,766 N/A 2,022,766 - 2,022,766 N/A Sub urban Sub urban 8,907,697 6,906,935 2,000,762 28.97% 8,907,697 6,906,935 2,000,762 28.97% Total BEM Total BEM 22,765,495 20,823,095 1,942,400 9.33% 22,765,495 20,823,095 1,942,400 9.33% NECL (C+) NECL (C+) 3,562,371 3,404,852 157,519 4.63% 3,562,371 3,404,852 157,519 4.63% Total BEM+NECL Total BEM+NECL 26,327,866 24,227,947 2,099,920 8.67% 26,327,866 24,227,947 2,099,920 8.67% SOE is operated on August 22, 2016 9

Expressway : Total Toll Revenue (Baht / Day) (Baht / Day) YoY YTD Q4/16 Q4/15 Change % 2016 2015 Change % FES FES 7,575,648 7,675,999 -100,351 -1.31% 7,629,770 7,611,277 18,493 0.24% Sector A Sector A 4,446,143 4,367,102 79,041 1.81% 4,400,068 4,340,094 59,974 1.38% Sector B Sector B 2,048,819 2,057,471 -8,652 -0.42% 2,011,267 2,075,502 -64,235 -3.09% Urban Urban 14,078,657 14,008,842 69,815 0.50% 14,033,058 14,118,603 -85,545 -0.61% Sector C Sector C 2,597,049 2,542,910 54,139 2.13% 2,530,253 2,625,797 -95,544 -3.64% Sector D Sector D 4,449,309 4,282,251 167,058 3.90% 4,442,169 4,348,804 93,365 2.15% SOE* SOE* 1,964,533 - 1,964,533 N/A 1,773,210 - 1,773,210 N/A Sub urban 8,936,955 6,974,601 1,962,354 28.14% Sub urban 8,819,568 6,825,161 1,994,407 29.22% Total BEM Total BEM 22,970,013 21,093,203 1,876,809 8.90% 22,898,225 20,834,003 2,064,222 9.91% NECL (C+) NECL (C+) 3,721,545 3,525,445 196,100 5.56% 3,614,291 3,310,380 303,911 9.18% Total BEM+NECL Total BEM+NECL 26,691,558 24,618,649 2,072,909 8.42% 26,512,516 24,144,383 2,368,133 9.81% SOE is operated on August 22, 2016 10