’ equity (average of outstanding at end of the same period in the previous year and at end of this quarter) 4 Earnings before interest and tax (Annualised) / Average Total Assets (average of outstanding at

accounts 56.85 - 56.85 Earnings before interest and tax (29.90) 91.79 Finance costs - Main businesses 15.25 19.63 (4.37) -22% Finance costs - Solar energy 26.77 26.33 0.44 2% Profit before income tax (71.91

an increase in other non-current liabilities and a decrease in unappropriated retained earnings in the same amount of THB 1.85 million, as presented in interim financial statements for the 9-month

Shareholders’ Equity amount of 645.2 million baht, or 5.9%, compared to the year 2019 (December 31st, 2019). The Group has increased retained earnings following the efficient operating results. Moreover, The

, a decrease of Baht 46.77 million or down by 13.44% as compared to the previous year. This was due to the lower earnings before tax. Table 2: Financial Summary for the nine-month period of the year

% Income tax expenses -2.79 -0.72 2.07 288% Net income for period 1.80 0.01 1.79 17900% Earnings per share (THB) 0.01 0.00 0.01 17900% FY 2020 FY 2019 YoY change YoY % change Unit: Million Thai Baht (THB

Issued and paid-up share capital 1,316.25 1,316.25 - 0.00% Premium on ordinary shares 264.33 264.33 - 0.00% Surplus - warrants 310.00 310.00 - 0.00% Retained earnings (1,824.19) (1,624.52) (199.67) 10.95

-1.18 -50% Net income for period -1.68 14.96 -16.64 -111% Earnings per share (THB) -0.01 0.05 -0.06 -111% FY 2019 FY 2018 YoY change YoY % change Unit: Million Thai Baht (THB) Sales and service income

Basic earnings per share (Baht) 0.06 0.20 (0.14) (Translation) Bangkok Expressway and Metro Public Company Limited Management Discussion and Analysis for the Quarter Ended on September 30, 2019 2 In the

significant changes Balance by Quarter Change Q3–22 Q4–21 Q3–22 VS Q4–21 (MB) (MB) % Share Subscriptions received in advance from exercise of warrants 599.0 - 599.0 100.0 Retained earnings - Unappropriated