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 March 2016

Company Overview • Amalgamation of BECL and BMCL • Transfer all Rights, Duties, Assets, Liabilities, etc. to BEM • Major shareholders (as of Dec 30, 2015) 1. CK 27.47% 2. MRTA 8.22% 3. KTB 6.85% • BEM Paid-up Capital 15,285 MB. • Market Cap apx 80,246 MB. (as of Feb 29, 2016) • Currently in SET100, SETHD, MSCI Global 99.99% 65.19% 19.57% 19.40% 7.50% Investments as of Dec 31, 2015 • Foreign Limit 49% • Dividend Policy 40% of Net Profit • First Trading day on Jan 5, 2016 2

Overview of Expressway Business Expressway Network Distance (km) Operator 1. First Stage Expressway System (FES) 27.1 EXAT 2. Second Stage Expressway System (SES) 38.5 BEM 3. Northern Stage Expressway 32.0 NECL (C+ - 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, under construction and expect to start operation in 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  Steady traffic growth (Sector A-B-C) 1,142 Traffic  CAGR = 3.21% (2010 - 2015) 1,085 1,100 1,104 Udonrattaya  SOE expected by 2016 2026 8,815 (Sector C+) 1,025 7,732 8,040 8,485 975 7,811 7,308 SES Extension Existing 2027  Right to extend the contract (Sector D) Projects 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 2010 2011 2012 2013 2014 2015  Operated by BEM New Project: SOE (expect to operate in Aug 2016) • • 30-year concession (15 Dec 2012 – 2042) under BTO basis EXAT is responsible for Land acquisition matter • • Project cost 25,491 MB. 100% revenues to BEM, but sharing with EXAT • Construction Cost 22,500 MB. ( Construction period 48 months) if 13.5% < FIRR ≤ 15.5%, 30% of its NCF that exceeds 13.5% in such year(s) • 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) • East-West Corridor linking between Bangkok city and its vicinity Toll increased every 5 years (Fixed amount) Y2012 Y2013 Y2014 Y2015 Y2016 Y2017 Total CAPEX PLAN 2,325 1,889 6,469 9,168 5,580 60 25,491 4

Total Traffic Volume (Thousand trips / Day) 2016 1,200.00 1,150.00 2015 2014 1,100.00 2012 2011 1,050.00 2013 1,000.00 950.00 900.00 850.00 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Avg. % YoY 1,142.40 1,179.80 1,160.48 2016 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 2014 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% 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% 2013 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 995.60 1,033.40 1,065.36 960.00 999.94 1,053.24 1,036.88 1,054.36 1,077.17 903.29 1,032.59 1,088.16 1,024.00 2011 2.81% 0.32% %YoY 16/15 5

Total Toll Revenue (Million Baht / Day) 27.00 2016 25.00 2015 2014 23.00 2013 2012 2011 21.00 19.00 17.00 15.00 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Avg. % YoY 24.23 25.02 24.61 2016 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 3.83% 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 2013 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% 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 22.24 23.05 20.66 18.68 19.37 20.35 20.15 20.44 20.88 17.30 16.55 20.87 20.03 2011 3.18% 0.66% %YoY 16/15 6

Expressway : Total Traffic Volume Trips / Day Trips / Day YTD YoY 2M-16 2M-15 Change % Feb-16 Feb-15 Change % FES FES 377,185 376,606 579 0.15% 383,660 387,471 -3,811 -0.98% Sector A Sector A 222,850 223,260 -410 -0.18% 225,212 229,131 -3,919 -1.71% Sector B Sector B 103,802 104,354 -551 -0.53% 105,762 107,443 -1,681 -1.56% Urban Urban 703,837 704,220 -382 -0.05% 714,634 724,045 -9,411 -1.30% Sector C Sector C 192,965 186,022 6,944 3.73% 196,689 191,948 4,741 2.47% Sector D Sector D 185,588 179,527 6,061 3.38% 188,876 185,476 3,400 1.83% Sub urban Sub urban 378,553 365,548 13,005 3.56% 385,565 377,424 8,141 2.16% Total BEM Total BEM 1,082,392 1,069,768 12,624 1.18% 1,100,202 1,101,469 -1,267 -0.12% Total NECL (C+) Total NECL (C+) 78,085 72,180 5,906 8.18% 79,595 74,531 5,064 6.79% Total BEM + NECL Total BEM+NECL 1,160,477 1,141,948 18,529 1.62% 1,179,797 1,176,000 3,797 0.32% 7

Expressway : Total Traffic Volume Trips / Day Trips / Day YoY YoY Q4/15 Q4/14 Change % 2015 2014 Change % FES FES 378,273 378,035 238 0.06% 374,874 364,559 10,314 2.83% Sector A Sector A 222,656 223,158 -502 -0.22% 221,119 217,361 3,758 1.73% Sector B Sector B 102,913 103,731 -818 -0.79% 101,997 100,939 1,057 1.05% Urban Urban 703,842 704,924 -1,082 -0.15% 697,989 682,860 15,130 2.22% Sector C Sector C 195,170 188,333 6,837 3.63% 189,170 183,331 5,840 3.19% Sector D Sector D 182,425 177,510 4,916 2.77% 179,373 167,254 12,120 7.25% Sub urban Sub urban 377,595 365,842 11,753 3.21% 368,544 350,584 17,959 5.12% Total BEM Total BEM 1,081,437 1,070,769 10,669 1.00% 1,066,533 1,033,445 33,088 3.20% Total NECL (C+) Total NECL (C+) 80,113 74,315 5,799 7.80% 75,078 70,161 4,918 7.01% Total BEM + NECL Total BEM + NECL 1,161,550 1,145,083 16,467 1.44% 1,141,612 1,103,606 38,006 3.44% 8

Expressway : Total Toll Revenue (Baht / Day) (Baht / Day) YoY YTD Feb-16 Feb-15 Change % 2M-16 2M-15 Change % FES FES 7,786,002 7,872,662 -86,660 -1.10% 7,653,767 7,650,559 3,208 0.04% Sector A Sector A 4,420,227 4,500,623 -80,396 -1.79% 4,372,996 4,383,747 -10,750 -0.25% Sector B Sector B 2,134,986 2,167,848 -32,862 -1.52% 2,094,840 2,104,706 -9,866 -0.47% Urban Urban 14,341,215 14,541,133 -199,918 -1.37% 14,121,603 14,139,012 -17,408 -0.12% Sector C Sector C 2,648,097 2,577,770 70,327 2.73% 2,598,495 2,498,966 99,529 3.98% Sector D Sector D 4,514,147 4,435,092 79,055 1.78% 4,431,839 4,287,561 144,278 3.37% Sub urban Sub urban 7,162,244 7,012,862 149,382 2.13% 7,030,334 6,786,527 243,807 3.59% Total BEM Total BECL 21,503,459 21,553,995 -50,536 -0.23% 21,151,937 20,925,538 226,399 1.08% Total NECL (C+) Total NECL (C+) 3,516,755 3,302,083 214,672 6.50% 3,458,938 3,207,872 251,066 7.83% Total BEM + NECL Total BEM + NECL 25,020,214 24,856,078 164,136 0.66% 24,610,876 24,133,411 477,465 1.98% 9

Expressway : Total Toll Revenue (Baht / Day) (Baht / Day) YoY YoY Q4/15 Q4/14 Change % 2015 2014 Change % FES FES 7,675,999 7,681,565 -5,566 -0.07% 7,611,277 7,405,962 205,315 2.77% Sector A Sector A 4,367,102 4,380,567 -13,465 -0.31% 4,340,094 4,266,030 74,064 1.74% Sector B Sector B 2,075,502 2,090,439 -14,937 -0.71% 2,057,471 2,032,039 25,433 1.25% Urban Urban 14,118,603 14,152,571 -33,968 -0.24% 14,008,842 13,704,031 304,811 2.22% Sector C Sector C 2,625,797 2,530,208 95,589 3.78% 2,542,910 2,465,703 77,207 3.13% Sector D Sector D 4,348,804 4,233,218 115,585 2.73% 4,282,251 3,977,222 305,029 7.67% Sub urban Sub urban 6,974,601 6,763,427 211,174 3.12% 6,825,161 6,442,925 382,236 5.93% Total BEM Total BEM 21,093,203 20,915,998 177,205 0.85% 20,834,003 20,146,956 687,047 3.41% Total NECL (C+) Total NECL (C+) 3,525,445 3,283,863 241,582 7.36% 3,310,380 3,103,398 206,982 6.67% Total BEM + NECL Total BEM + NECL 24,618,649 24,199,861 418,788 1.73% 24,144,383 23,250,354 894,029 3.85% 10