(Translation) Bangkok Expressway and Metro Public Company Limited Management Discussion and Analysis for the Quarter Ended on March 31, 2018 1 Significant events On March 30, 2018, Bangkok Expressway

had announced significant measures using for employees and visitors as follows; - Service staff needs to wear a face mark whole the times while working - Providing body temperature examination before

importantly, vaccines are now available in many countries. Such significant progress would not have been possible without the efforts and unity from all parties, in 2 particular the sacrifice from the front

the first time. The economics of scale has already improved and the synergetic effect between both companies will increase throughout 2019 particularly on the fixed cost side. EBITDA in Q1 2018 improved

revenue from hotel business improved despite the stronger THB and gain from sale of other long-term investment. Earnings before interest, tax, depreciation and amortization (EBITDA) was THB 465 million in

which 19,946 MTHB earned from sales revenue. The sales revenue increased by 665 MTHB or 3% comparing to the year 2017. The increment mostly derived from improved Epichlorohydrin (“ECH”) and Caustic Soda

partially offset by higher sales volume of all main products as a result of stable operation. The share of domestic and export sales has no significant change comparing with the previous year. * Note Please

sales from lower EDC purchase plus greater ECH sales from the additional volume to China, Taiwan and Indian accounts. The share of domestic and export sales have no significant change comparing to the

Thailand have been acquired in 2016 and 2017. The revenues from renewable energy are starting to contribute a significant portion of the profits since 2018 onward. Subsequently, on November 6, 2018, the

in 2017, primarily due to improvement of our operating profit margin and significant reduction of financing cost resulting from the repayment of loan after IPO. • NNP margin improved to 9.3% in 2017