3,137mn, from the assumption of a 50% stake in the joint venture with Sansiri, Keystone Estate joint venture and Keystone Management joint venture, (iv) an increase in land and project awaiting development

No. MVP055/2020 August 13, 2020 Subject: Management Discussion and Analysis for the three – month and six- month periods ended 30 June 2020 To: President and Manager The Stock Exchange of Thailand M

No. MVP067/2020 November 16, 2020 Subject: Management Discussion and Analysis for the three – month and nine – month periods ended September 30, 2020 To: President and Manager The Stock Exchange of

MDA Q1_2018 (Eng.) May 7, 2018 Subject : Interim Management Discussion and Analysis of Q1/2018 Attention : President of The Stock Exchange of Thailand We attach herewith the financial statements of

MD&A Q4_2018 (Eng.) February 21, 2019 Subject : Yearly Management Discussion and Analysis of 2018 Attention : President of The Stock Exchange of Thailand We attach herewith the financial statements

million or 38.45% from the previous year. as result of the increase in revenue. As a result, the cost of services increased proportionally. The plan is set. Management expenses for the year As of December

a better working capital management to reduce the cost of fund. In Q1/2019 GC had a current ratio at 1.46 times compared to 1.43 times of ending 2018, a little bit increase resulting from the drop in

MDA Q3_2019 (Eng ) November 8, 2019 Subject : Interim Management Discussion and Analysis of Q3/2019 Attention : President of The Stock Exchange of Thailand We attach herewith the financial statements

2017 (Ended 30 June 2017) MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 2Q 2017 1 AUG 2017 MANAGEMENT OUTLOOK The Company reported operating revenue of THB 199mn, an increase of 4.9% QoQ and 9.6% YoY

percent in accordance with an increase in revenue. (Translation) Bangkok Expressway and Metro Public Company Limited Management Discussion and Analysis for the Quarter Ended on March 31, 2020 5 Financial