(Translation) Bangkok Expressway and Metro Public Company Limited Management Discussion and Analysis for the Quarter Ended on June 30, 2017 1 Significant events 1. Bangkok Expressway and Metro Public

(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

is completed. Subsequently, after the capital increase, the Company shall dispose 90,000 preference shares, with the par value of THB 10 per share, equivalent to 47.37 percent of the total shares in

7.5 percent per year from 14 July 2016 onwards until the payment is completed to the plaintiff. The court fees in the appeal are folded.” 1.3 MIC Broadcast Company Limited is in debt to the Company, in

rights to operate completed expressway sectors. 2. Rail business The Company had revenue from Rail business of Baht 1,211 Million, representing an increase from the same quarter of the previous year by

effect in JV Company. Closing Date After the conditions precedent specified in the Joint Venture Agreement are completed. The entering into of the said transaction constitutes Asset Acquisition Transaction

the assets and relevant agreements to the Buyer which expected to be completed within October 31, 2018. In this regard, the Company shall promptly notify to the SEC upon the completion of the assets

transformation. The IVOL gas Healthy balance sheet and dividend payout Transformative acquisition completed Operating cash flow (OCF) up 6% YoY Company credit rating re-affirmed to AA- by TRIS Industry spreads

August 28, 2019 Re: Clarification of the operating results of company and its subsidiaries for the year ended December 31, 2017 To: Boards and Managements The Stock Exchange of Thailand K.C. Property

completed in December 2019. Moreover, the average interest rate of debentures during Q1/2020 was higher than that during Q1/2019. Net Profit   In Q1/2020 the Company had consolidated net loss of THB 139.5mn