decrease amounting to Baht 37 Million from the principle repayment. (Translation) Bangkok Expressway and Metro Public Company Limited Management Discussion and Analysis for the Quarter Ended on March 31

Summary The operating results for the year ended 31 December 2018 were that the Company generated total revenues of 8,813 million Baht, a decrease of 458 million Baht or 5% as compared to 2017. This

significant decrease of 9,814 million Baht or 33% as compared to 2017. As a result of loans repayment to financial institutions and to other persons and other companies in a total of 6,592 million Baht and

) -140% Increase (decrease) in bank overdraft and short - term loans from financial institutions (38) 318 -112% Increase (decrease) in long-term loans from financial institutions 0 200 -100% Repayment of

the loan repayment from the joint venture. 3. Decrease in cost of real estate development (net) of THB 908.1 mm, due to land transfer during this year. Nonetheless the Company has further developed in

operations. The increase in the profit came from the decrease in selling and administrative expenses of THB 36.98 million, the decrease in finance cost of THB 3.24 million for the repayment on loan, and the

amounting to Baht 38.90 million, but there was no sale of investment in Q1 2018. Due to the offset between a decrease in financial cost and a decline in revenues, the net profit remained flat. In Q1 2018

(Decrease) % Revenue (Million Baht) Revenue (Million Baht) Revenue (Million Baht) Revenue (Million Baht) 31th-Dec-18 31th-Dec-17 31th-Dec-18 31th-Dec-17 Revenue from sales of real estate 2,680.99 1,314.41

decrease was derived from the engineering service. • Overall gross profit margin increased from 11.9% to 13.8% at the same amount Baht 53 million. 2020 2019 Revenue 382 443 (61) -14% Cost 329 390 Gross

143 95 48 19 13 6 13.4% 13.8% -0.5% 1,839 1,673 167 209 164 45 11.0% 9.4% 1.6% Revenue Gross profit Gross profit margin 3 / 4 Finance costs The company had a small decrease in finance costs for the