is based on the consolidated financial statements of the Company and TSE, comprising statements of financial position as at 30 September 2017 and statements of comprehensive income for the year ended

Consolidated Financial Statements ended 31 December 2017, which have been audited by the Company’s authorized auditor. The company would like to clarify the operating results of the Company and its subsidiary

Million but there was no such transaction in this year. (Translation) Bangkok Expressway and Metro Public Company Limited Management Discussion and Analysis for the year 2017 3 Segmental performance 1

Management Discussion and Analysis for the year 2018 3 Segmental performance 1. Expressway business The Company had revenue from Expressway business of Baht 10,174 Million, representing an increase from the

the previous year according to the decrease in financial cost. Segmental performance 1. Expressway business The Company had revenue from Expressway business of Baht 2,581 Million, representing an

2018 of 4,086 million Baht. The main reason of the significant loss in Q1 2018 was from a record of the impairment of investments in subsidiaries of 3,400 million Baht. Summary of Financial Performance

, due to loss in operation leading to decrease of shareholders’ equity more than interest-bearing debt recognition. Consolidated 2019 2018 Current Ratio (Times) 0.75 0.75 Interest-bearing Debt to Equity

the end of last year, due to loss in operation leading to decrease of shareholders’ equity more than interest-bearing debt recognition. Consolidated 2019 2018 Current Ratio (Times) 0.75 0.75 Interest

Management Discussion and Analysis for the Quarter Ended on September 30, 2018 3 Segmental performance 1. Expressway business The Company had revenue from Expressway business of Baht 2,561 Million

accordance with Accounting Standard. Segmental performance 1. Expressway business The Company had revenue from Expressway business of Baht 2,300 Million, representing a decrease from the same quarter of the