(Translation) Bangkok Expressway and Metro Public Company Limited Management Discussion and Analysis for the Quarter Ended on June 30, 2018 1 Significant events 1. On March 30, 2018, Bangkok

OISHI MD&A Q3-2020_EN 1/5 No: SN. 117/2020 11 August 2020 Subject: Management Discussions and Analysis for the three-month and nine-month periods and Financial Position ended June 30, 2020 Attention

. 1/2018. 2. Approved the appropriation and retaining of the net profit Baht 511 million as legal reserve and the declaration of dividend payment from the Company consolidated net profit for the period

1.3 Gain (loss) on Securities trading 1.4 Gain (loss) on Derivatives trading 1.5 Interest and dividend 1.6 Interest on margin loans 1.7 Share of profit of subsidiaries and associates 1.8 Others incomes

Brokerage fees from Derivatives business 1.2 Fees and services incomes 1.3 Gain (loss) on Securities trading 1.4 Gain (loss) on Derivatives trading 1.5 Interest and dividend 1.6 Interest on margin loans 1.7

business 1.1.2 Brokerage fees from Derivatives business 1.2 Fees and services incomes 1.3 Gain (loss) on Securities trading 1.4 Gain (loss) on Derivatives trading 1.5 Interest and dividend 1.6 Interest on

(Translation) Bangkok Expressway and Metro Public Company Limited Management Discussion and Analysis for the Quarter Ended on September 30, 2020 1 Significant events in the third quarter of the year

reasons for the decline of cost ratio not only stemmed from the increase of SW income and non-sw income per head but also from the efficient cost management particularly staff cost. Administrative Expenses

Page 1 of 11 No. RJH – SET 4/2018 26 February 2018 Subject : Resolutions of the Board of Directors’ Meeting on acquisition of additional shares in the subsidiaries, dividend payment, and schedule of

for Wastewater Management 3 Gross Profit from Operation excludes Other Revenue from Utilities Business. 4 Other Incomes mainly consists of Gain on exchange rate from USD Loan to related parties at WUPIN