BECL | BANGKOK EXPRESSWAY PUBLIC COMPANY LIMITED

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1. What is the average daily traffic volume for BECL and NECL?

The average daily traffic volume for BECL and NECL is 1 million vehicles/day, 66% of which comes primarily from the its Urban Network. Nevertheless, the sub-urban system, specifically the Si Rat Expressway Suburban Network Sector D (Rama IX-Srinakharindra), exhibits strong growth in traffic volume due to its unique location, acting as a route partially linking Bangkok and Chonburi, and as a main route heading for the Suvarnabhumi International Airport. This makes Sector D a popular choice for many expressway users.

2. What is BECL’s earning structure?

Toll revenue is the primary source of revenue for BECL, averaging 20 million Baht/day. The majority of BECL’s customers (over 95%) drives 4-wheels vehicles, then comes 6-10 wheels vehicles, and finally the 10 or above wheels vehicles, respectively.

3. What other companies does BECL invest in?

3.1 Northern Bangkok Expressway Company Limited (NECL)
NECL undertook the task of designing, constructing, and managing the Udon Ratthaya Expressway (Bang Pa-In-Pak Kret) or Sector C+. This plan follows the BTO (Build-Transfer and Operate) basis whose concession period started in 1996 and lasts 30 year, according to the contract. This expressway is 32 km long and acts as a route that leads to the area north of Bangkok, passing Thammasart University (Rang Sit Campus) and ending at the Bang Pa In region of Phra Nakhon Si Ayutthaya province. The Udon Ratthaya Expressway offers a convenience transportation alternative for expressway users and reduces their travel time.

3.2 Bangkok Metro Public Company Limited (BMCL)
BMCL is in the business of Mass Transit. This company manages the Mass Rapid Transit Blue Line through the AOT (Acquire-Operate and Transfer) basis. The concession period is 25 years starting from July 2004. This is the first underground metro system in Thailand and it runs for a total distance of 20 km with 18 stations. BECL believes that this transportation business has a good potential to become a primary transport service for Bangkok since it runs into the core of the city and can be connected to future Mass Rapid Transit projects. This allows for an increase in passenger usage, which will generate good value on investment in the future.

3.3 SouthEast Asia Energy Company Limited (SEAN)
SEAN is in the business of generating electricity produced by the hydroelectric power plant Nam Ngum 2. The hydroelectric power plant project is located in the Lao People's Democratic Republic and will have a production capacity of 615 MWh. The concession contract is in the form of BOOT (Build-Own-Operate and Transfer) and will sell its electricity to the Electricity Generating Authority of Thailand (EGAT) for a period of 25 years from the start of 2013. The project is currently under construction with a target completion year of 2011. BECL believes that once SEAN is in operation, it will also generate a good return on investment.

3.4 Thai Tap Water Supply Public Company Limited (TTW)
TTW is in the business of producing and distributing treated tap water to the Provincial Waterworks Authority (PWA) in the Samut Sakhon and Nakhon Pathom provinces. Their production maximum capacity is at 320,000 cubic meters/day. The concession contract for TTW is in the form of BOO (Build-Operate and Own) and has a 30-year concession period from July 2004 to July 2034. The water purchasing agreement in 2004 was at 200,000 cubic meters/day, but the committed amount has been increased to 250,000 cubic meters/day and 300,000 cubic meters/day for the years 2006 and 2008, respectively. TTW has commenced its operation since July 21, 2004 and has exhibited good business management, shown through the returns on investment that BECL had received. Recently, TTW has invested in Pathum Thani Water Co.,Ltd. (PTW), a company that produces and distributes tap water to the Pathum Thani and Rangsit regions for a period of 25 years.

4. Does BECL have any plans to invest in future expressways/toll road concessions?

BECL is prepared to invest in new expressways that may be constructed in the future. In the case that the government has given an opportunity to become a part of the new project, BECL is an experienced firm in the concessions business, coupled with strong financial prospects and a history of consistent dividend payout to our shareholders. Nevertheless, BECL will need to study the details and regulations of each project, and the returns on investment before we put bidding into consideration.

5. What is BECL's dividend payout policy?

BECL pays its dividend at least 40% of its profit. Nevertheless, our dividend payout primarily depends on our performance, cash flows, investment plans and unforeseeable circumstances in the future.

6. What is BECL's, along with BECL's debenture, rating?

TRIS Rating CO., LTD. Corporate Rating : A
TRIS Rating CO., LTD. Credit Rating : A-

7. Information on BECL’s debentures in 2007

In the year 2007, BECL has issued unsecured debentures. The debentures include 3 years, 5 years, and 7 years plans amounting to 7,500 million Baht.
Details are as follows:

Name of Debenture	BECL108A	BECL128A	BECL148A
Debenture Length	3 years	5 years	7 years
Interest Rate	4.20 % per year	4.88 % per year	5.20 % per year
Interest Payout Policy	Every 6 months	Every 6 months	Every 6 months
Facility	3,905 million Baht	1,895 million Baht	1,700 million Baht
Date of Initial Offering	August 2, 2007	August 2, 2007	August 2, 2007
Maturity date	August 2, 2010	August 2, 2012	August 2, 2014
Date of Dividend Payout	February 2 and August 2 of every year	February 2 and August 2 of every year	February 2 and August 2 of every year

Each debenture is worth 1,000 Baht and the proposed price is also 1,000 Baht per share, for a minimum purchase of 100,000 Baht. Every share is open to all investors, whether they are individuals or institutional investors. BECL has assigned Kasikorn Bank (Plc) to manage the transcations, interest payments, and the updating of information associated with these debentures. Interested investors are encouraged to contact KBANK Tel. 02-470-1987 (Automatic) for further information.

In the case that you wish to receive the interest payment and the principle repayment transferred to your personal account, investors can make this request by kindly disclosing the information associated with the depositing account to Kasikorn Bank (Plc). This account has to be opened in a commercial bank in Thailand and must be fully owned by the investor.

8. What is the method for calculating the interest payment from BECL's debenture?

The Company will pay interest twice a year with significant details as follows:

First Payment on February 2 of each year
Second Payment on August 2 of each year (until the due date)

In the case that the aforesaid dates are not working days, interest will be paid on the next working day instead (there will be no recalculation of interest payment because of the changes in date. However, the calculation of interest for the Second Payment of the year will start from the last date used for calculation of the said First Payment of the year).

Example of interest calculation for the First Payment of the year 2008

According to the interest payment policy, the First Payment’s due date is February 2, 2008 but that day is a Saturday.
Thus, the interest payment will be paid on February 4, 2008 instead.
Total amount of days used for calculating = August 2, 2007 to February 1, 2008 = 184 days

Example of interest calculation for the Second Payment of the year 2008

According to the interest payment policy, the Second Payment’s due date is August 2, 2008 but that day is a Saturday.
Thus, the interest payment will be paid on August 4, 2008 instead.
Total amount of days used for calculating = February 2, 2008 to August 1, 2008 = 182 days

9. Information on BECL’s debentures in 2008

In the year 2008, BECL has issued unsecured debentures. The debentures include 3 years and 5 years plans amounting to 7,500 million Baht. Details are as follows:

Name of Debenture	BECL11NA	BECL13NA
Debenture Length	3 years	5 years
Interest Rate	5.20 % per year	1st- 2nd 5.20 % per year 3rd- 4th 5.65 % per year 5th 6.00% per year
Interest Payout Policy	Every 6 months	Every 6 months
Facility	2,900 million Baht	1,100 million Baht
Date of Initial Offering	November 7, 2008	November 7, 2008
Maturity date	November 7, 2011	November 7, 2013
Date of Dividend Payout	May 7 and November 7 of every year	May 7 and November 7 of every year

In the case that you wish to receive the interest payment and the principle repayment transferred to your personal account, investors can make this request by kindly disclosing the information associated with the depositing account to Kasikorn Bank (Plc). This account has to be opened in a commercial bank in Thailand and must be fully owned by the investor.

10. What is the method for calculating the interest payment from BECL's debenture?

The Company will pay interest twice a year with significant details as follows:

First Payment on May 7 of each year
Second Payment on November 7 of each year (until the due date)

Example of interest calculation for the Second Payment of the year 2009 (First Payment on May 7 is working day)

According to the interest payment policy, the Second Payment’s due date is November 7, 2009 but that day is a Saturday.
Thus, the interest payment will be paid on November 9, 2009 instead.
Total amount of days used for calculating = May 7, 2009 to November 6, 2009 = 184 days

11. In calculating the Annual Personal Income Tax with dividends and interests

11.1 Income from Dividends
For the shareholders who have residency in the Kingdom of Thailand, the dividends received from BECL will be deducted by 10% for the withholding tax. Shareholders have an option to declare or not to declare their dividend income for their personal tax calculations under the Revenue Department's regulations.

For the period between 2008-2011, BECL pays the Corporate Income Tax at a rate of 25% for the net income not exceeding 300 million baht, and at a rate of 30% for the surplus income. Individual shareholders may receive tax credit from their dividends according to this calculation

Tax Credit only from Dividend
=
Received Dividend from the net income
which has 25% tax deduction x (25 / (100-25))
+
Received Dividend from the net income
which has 30% tax deduction x (30 / (100-30))

From that, the shareholders may credit their tax by combining their dividend income with their accessible income for tax calculation purposes. After calculating the total amount to be taxed, the shareholder can now deduct Personal Income Tax with the Tax Credit only from Dividend and their ordinary Withholding Tax. The final amount will be the net Personal Income Tax to be submitted to the Revenue Department further.

Historical Dividend Payments of BECL : Dividend Records

Example

Assumption The shareholder holds 5,000 shares of the Company and receives the dividend, as an income in year 2009, amounted 1.15 Baht per share.
The shareholder receives dividend in year 2009	= 5,750 Baht	(1)
Withholding Tax of Dividend at a rate of 10% = 5,750 x 10% = 575 Baht		(2)
Net Dividend Received	= (1) - (2)=5,175 Baht	(3)
Dividend from Net Income of year 2009
Dividend from Net Income with 25% tax deduction = 850 Baht
Dividend from Net Income with 30% tax deduction = 4,900 Baht
Tax credit from Dividends
From Net Income with 25% tax deduction = 850 x 25/75
	= 283 Baht
From Net Income with 30% tax deduction = 4,900 x 30/70
	= 2,100 Baht
Total Tax Credit Amount = 283 + 2,100 = 2,383 Baht		(4)
If, taxable income after deduction of tax allowance = 510,000 Baht		(5)
And other Withholding Tax from income = 40,000 Baht		(6)
Income Revenue of Shareholders = (1) + (4) + (5) = 518,133 Baht		(7)

Net Income	Taxable Amount	Tax rates	Tax Amount
1 - 150,000	150,000	exempt	-
150,001 - 500,000	350,000	10 %	35,000
500,001 -1,000,000	18,133	20 %	3,627
Total Income Tax			38,627

Total Income Tax	= 38,627 Baht	(8)
Withholding Income Tax	= (2) + (4) + (6) = 42,958 Baht	(9)
Refundable Tax Amount	= (9) – (8) = 4,331 Baht	(10)

11.2 Income from Debenture's Interests
In the case that the bondholder has residency in the Kingdom of Thailand, the interest (from the debenture issued by BECL) received by the bondholders will be withheld at a rate of 15% of their interest earned under the Revenue Department's regulations. However, the bondholder has two options:

11.2.1 Exclude the interest earned from Debentures and normally pay the Personal Income Tax at a rate between 10-37% (for income since January 1,2008) in order to submit to the Revenue Department , or

11.2.2 Include the interest earned from the debentures to other incomes and calculate the tax rate (similar to the way one calculates the tax on commercial banks' interests). Bondholders can now deduct Personal Income Tax with their Withholding Tax Income. The final amount will be the net personal income tax to be submitted to the Revenue Department further.

12. How do we contact BECL's Investor Relations department?

Investor Relations Department
Bangkok Expressway Public Company Limited
Tel. 02-641-4611 ext. 530 or 532
Email: ir@becl.co.th