(Translation) Bangkok Expressway and Metro Public Company Limited Management Discussion and Analysis for the Quarter Ended on March 31, 2020 1 Significant events in the first quarter of the year 2020

Cost 15,165.10 20,013.12 Increase (Decrease) % Quarter 1-2 The operating result according to the consolidated financial statements of the Company and its subsidiaries for the first six-month period of

first nine-months of 2020, the total consolidated revenues were 16,297 million baht, decreasing of 839 million baht or 5% y-y. In the 3rd quarter of 2020, the Company’s revenues were 5,257 million baht

to make argument or present the evidence. The alleged person shall be entitled to file an explanation with the authority within fifteen days from the date of notification. The provision under the first

key driver with continued growth across all categories supported by the increased in farm income both in productions and prices. Exports during the first five months of 2019 contracted 2.3% from the

hydrated lime), calcium carbonate CaCO3, trading of lime and magnesium derivative products, machinery and engineering services and equipment. In the first half of 2017 compared with first half of 2016, total

786.7 MB, or 62.2%; the main reason is that, in the first half year 2019, there was the investment on many large–scale projects which the Company has just recently received. Those projects were in

period in the previous year (YoY). For the first six months of 2019, CPN reported total revenue of THB 17,916 mn, an increase of 4.8% YoY, and net profit of THB 5,317 mn, a decrease of 7.7% YoY from the

baht per share, totaling Baht 23.36 million. For the first half of 2019, ended June 30, 2019 The operating results of the Company and its subsidiaries for the first half of 2019, ended June 30, 2019 was

the last quarter of 2017, starting to be used in production during the first six months of this year which resulted to cost of sales of goods to be increased in this period. 2.2. Distribution costs for