2nd Quarter Changes 2019 2018 Amount % Revenue from expressway business 2,521 2,477 44 1.8 Revenue from rail business 1,162 1,162 - - Revenue from commercial development business 179 160 19 11.9

% 4,586.4 5,315.9 729.5 15.9% Revenue from finance lease under power purchase agreement 99.2 101.6 104.9 105.3 0.4 0.4% 401.2 411.0 9.8 2.4% Revenue from construction under a concession arrangement

- 747.8 - 679.6 10.0% Selling expenses - 20.1 - 15.9 26.3% Administrative expenses - 44.0 - 45.0 -2.2% Finance costs - 7.9 - 11.4 -30.3% Profit for the period 42.6 131.7 -67.7% Net Profit 4.9% 14.5% EBITDA

income 4.1 6.1 -32.5% Cost of sales - 159.6 - 150.9 -5.8% Selling expenses - 4.5 - 5.6 19.8% Administrative expenses - 7.2 - 6.6 -9.4% Finance costs - 3.0 - 0.7 -298.0% Profit for the period 2.4 11.9 -79.9

62.2 15.5% 94.4 17.3% 32.2 51.8% Operating Profit 187.1 46.8% 234.5 42.9% 47.4 25.3% Finance Cost 27.8 6.9% 41.1 7.5% 13.3 47.8% Management Discussion and Analysis, Q1/2019 Page 2/4 JMT Network Services

% Cost of sales - 191.6 - 160.8 -19.1% Selling expenses - 4.7 - 4.0 -17.8% Administrative expenses - 10.1 - 11.9 15.5% Finance costs - 2.8 - 3.0 5.3% Profit for the period 12.7 20.6 -38.5% Net Profit 5.7

3122.1% Cost of sales - 151.2 - 216.3 30.1% Selling expenses - 5.3 - 5.4 2.7% Administrative expenses - 9.6 - 10.7 10.8% Finance costs - 3.1 - 2.8 -9.7% Profit for the period 17.2 5.3 222.9% Net Profit 9.1

46.8% 79.2 73.4%   Management Discussion and Analysis, Q1/2018 Page 2/4 JMT Network Services Public Company Limited Finance Cost 16.3 6.0% 27.8 6.9% 11.5 70.6% Tax Income 18.3 6.7% 43.2 10.8% 24.9 136.1

% from last year mainly due to employee-related expenses, depreciation, development cost writeoff and Specific Business Tax. Share of profit from investments in associated companies For the first nine

Management Discussion and Analysis for Interim Business Operations 2019 % 2018 % Inc./(Dec.) % Construction Income 150.24 92.91 21.63 87.82 128.61 594.59 Service Income 9.70 6.00 0.41 1.66 9.29