(Translation) Bangkok Expressway and Metro Public Company Limited Management Discussion and Analysis for the Quarter Ended on March 31, 2020 1 Significant events in the first quarter of the year 2020

investment of THB 1,450 million was revised to approximately THB 3,570 million in total. The Board of Directors’ opinion will be presented to the shareholders’ meeting for ratification of the aforementioned

global economy 2.) tourism sector growth with an exceptional 12% YoY increase in tourist arrivals for the first six months of the year, especially Chinese, Russian and Indian tourists 3.) recovering

Determination of the Date of Extraordinary General Meeting of Shareholders No. 1/2018 To: President The Stock Exchange of Thailand Enclosures: 1. Information Memorandum on the Offering of Newly Issued Ordinary

1 August 17, 2018 Subject: Notification of the Resolutions of the Board of Directors’ Meeting and Determination of the Date of Extraordinary General Meeting of Shareholders No. 1/2018 To: President

of the Board of Directors Meeting No. 2/2019 and the convening of the 2019 Annual General Shareholders Meeting To President Stock Exchange of Thailand Reference Letter to the President of the Stock

0.14 100 0.01 Lissapat Kraikruan 100 0.14 100 0.01 Total 70,000 100.00 1,170,0 00 100.00 Remarks: The company increased the percentage shareholding to 99% by diluting the shares of the shareholders who

3.96 5% 10% 10.76 11.68 9% 2 Revenues For the first nine months of 2019, the total consolidated revenues were 17,136 million baht, showing an increase of 1,801 million baht or 12% y-y. In the third

% 29.99 14.16 111.79% Net income 77.91 21.14 268.54% 201.68 34.31 487.82% Profit sharing Attributed to the shareholders of the company 56.16 27.54 103.92% 141.69 48.62 191.42% Attributed to the stakeholders

Bangkok Airways Public Company Limited and its Subsidiaries Management’s Discussion and Analysis for the First Quarter of year 2019 ended 31 March 2019 Executive Summary Thailand’s economy slowly expanded