(Translation) Bangkok Expressway and Metro Public Company Limited Management Discussion and Analysis for the Quarter Ended on March 31, 2019 1 Significant events 1. The Extraordinary General Meeting

infrastructure mutual fund under the consolidated basis of the financial statement. Clause 6 The management company shall impose the limitations on liabilities arising from loan agreement under the following rules

resolutions:- 1. Approved the acquisition by the Company and its wholly ordinary shares of Aesthetic Zecret Co., Ltd. (“At-Ze”) (“Seller”) and entered into the sign of Share Sale and Purchase Agreement

as well as entered into the sign of Share Sale and Purchase Agreement, including transfer of related brand names from the selling shareholder(s). According to the Notification of the Capital Market

”). 2. After the purchase of the Trade Debt in 1., the Company entered into a credit agreement dated May 12, 2017 (the “Credit Agreement”) with the loan amount of USD 41,000,000, or equivalent to THB

a management company to manage a fund; “Repurchase agreement” means a sale of securities or debt instruments with an agreement to repurchase such securities or debt instruments on the date specified

company to temporarily manage the liquidity of any open-end fund, the management company may borrow money or enter into a repurchase agreement only when: (1) The counter-party is an institution; (2) The

Office. 2Clause 15. If it is necessary for the management company to temporarily manage the liquidity of any open-end fund, the management company may borrow money or enter into a repurchase agreement only

Company Limited (“IVL” or the “Company”) would like to inform that it has, through its indirect subsidiary, Glanzstoff Management GmbH, entered into a definitive Sale and Purchase Agreement with Schoeller

warnings at the end of the funds’ names.  While REITs and infrastructure funds with remaining agreement periods of less than 10 years must warn investors that the fund’s net asset value will gradually