(Translation) Bangkok Expressway and Metro Public Company Limited Management Discussion and Analysis for the Quarter Ended on September 30, 2020 1 Significant events in the third quarter of the year

revenue over 30 years starting from 1Q19. Additionally, the Company also invested in 20% shareholding in SPRIME amounting to THB 893.5m and would be eligible to receive dividend accordingly. Significant

63,393,825. Significant Events Amid sluggish in property market due to the tightening mortgage policy announced by Bank of Thailand took effect on 1 May 2019, neither cancellation nor rejection rate of the

(Translation) Bangkok Expressway and Metro Public Company Limited Management Discussion and Analysis for the Quarter Ended on September 30, 2019 1 Significant events in the third quarter of the year

shortages. Hence, Portugal operation generated a significant loss in this quarter. 2) Higher SG&A 3) Higher tax expenses However, there are also several positive factors: 1) Strong performance of our

Rules, Conditions, and Procedures for Establishment and Management of Infrastructure Fund. Clause 3 The mutual fund scheme shall contain particulars describing the significant characteristics of a mutual

same quarter of last year. Gross profit of this quarter amounted to Baht 2,731 million, 15.1% down from the same quarter of last year and 12.1% from last quarter mainly because of 1) the significant

the Year Ended December 31, 2018 Page 1 (Translation) 1. Significant Events of the Year 2018 1.1 The Repurchase of Existing Notes and the Issuance and Offering of Newly-Issued Notes On March 27, 2018

selling price due to limited export from China. The overall sales volume decreased, except for ECH, as a consequence of major turnaround in Q2’ 18. The share of domestic and export sales have no significant

considered as the asset of a listed company - according to the Capital Market Commission No. Tor Chor 20/2551 regarding “rules on transactions with significant acquisition and disposition of assets”, and