(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

exemplary in this quarter again, realizing significant savings. On top of this new product development has been a success and this will impact positively in H2 as the sales and marketing team are working

% and 5.10%. It is not a significant difference. 1.3 Cost of services Unit : Million Baht Items For the 3 months Change between YoY For the 6 months Change between YoY Q2/19 Q2/18 Amoun % June 30, 2019

19th March ) going forward the acquisition is expected to result in a significant annual revenue as well as additional annual EBITDA and net result. Thirdly we had all kilns available and were able to

total asset of the company and subsidiaries was Baht 500.92 million whereas Baht 564.75 million at the end of 2017 showing a decrease of Baht 63.83 million or 11.30 % decrease. The significant decrease

the economy using significant quantities of lime are also showing remarkable growth. The steel industry continued to expand more than 10% year on year. In the construction sector the use of autoclaved

the street, in office buildings and in shopping malls. These changes have resulted in the significant growth of outdoor and online advertising and the decline of traditional media, as brands and clients

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

telecommunication business for the third quarter of 2018 amounting to Baht 110 million. There was no significant change compared to the same period of last year Related technology business The Company had revenue

, which will lead to significant cost- reduction opportunities, thereby improving overall margin. Meanwhile, we also expect our international markets to start making significant contributions to the overall