(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

the Agenda of the Extraordinary General Meeting of the Shareholders No. 1/2019. (Amendment 3) To : The Directors and Managing Director. The Stock Exchange of Thailand. The Board of Director‟s Meeting of

by the , time and v ation of List of sts of shareho e) was determ ordinary shar ers No. 2/2019 Extraordinary ntitled to attend Meeting of Sha t the Confere -District, Bang f the Extraord 28, 2019

the Board of Directors’ meeting for connected transaction and Schedule date for the Extraordinary General Meeting of Shareholders No. 1/2016 To: The President, The Stocks Exchange of Thailand The Board

on or after 1 January 2020: Classification of financial assets Financial assets - Debt instrument The Bank has classified its financial assets - debt instrument as subsequently measured at either

trade debt USD 100,839,458, or equivalent to THB 3,479,891,264.89 (according to the invitation of the Extraordinary General Meeting of Shareholders No. 1/2017) However, as the Extraordinary General

profitability pressured by high competition and low crude palm oil price. As a result, the company posted net loss of THB 36 million, declining by 154% from 2Q/2018. However, the company had an extraordinary item

of Commerce on 24 May 2018. Subsequently, On 13 December 2018, the Extraordinary General Meeting of the Company’s shareholders No. 1/2018 passed resolution approved the cancellation of capital increase

regional or consolidated EBITDA. 4Core EBITDA is Reported EBITDA less Inventory gains/(losses) 5Core Net Profit is Reported Net Profit less Inventory gains/(losses) one-time extraordinary items 6Core EPS is

Initiative for Sustainability Ratings (GISR). GPSC is classified as securities in ESG100 for the year 2019 which the company has been selected for 4 consecutive years as the company that has consistently