Annual_Report2560-Eng

Statement of Financial Position (Continued) as of September 30, 2017 Liabilities and Equity Notes 2017 Unit : Baht 2016 Current liabilities 2,216,029,592.41 - 1,639,603,066.60 Trade and other payables 4.11 958,606,000.00 5,000,000,000.00 Accrued remittance to the state 103,300,411.87 9,900,000,000.00 83,221,125.99 Long-term liabilities due within one year 4.12 1,119,905,861.46 373,113,727.97 1,016,813,799.98 Retention guarantee 262,896,655.69 8,812,349,593.71 Unearned revenue 13,861,140,648.26 15,378,898,157.36 Other current liabilities 4.13 20,150,000,000.00 15,678,898,157.36 1,300,000,000.00 19,150,000,000.00 Total current liabilities 32,696,069,333.63 1,010,714,700.37 - Non-current liabilities 34,823,533,279.38 12,448,301.65 Government loans 4.14 1,014,628.32 956,053,354.24 70,549,145,121.33 13,088,079.98 EXAT bonds 4.15 79,361,494,715.04 1,014,628.32 70,622,587,499.28 Long-term loans 4.16 76,990,314,520.31 84,483,728,147.54 Deferred income 4.17 42,979,208,927.79 76,990,314,520.31 119,969,523,448.10 Employee benefit obligations 4.18 199,331,018,163.14 37,424,476,996.29 114,414,791,516.60 Welfare fund 4.19 198,898,519,644.14 Other non-current liabilities Total non-current liabilities Total liabilities Equity Capital Accumulated profit : Unappropriated Total equity Total liabilities and equity The accompanying notes are an integral part of the financial statements. (Mr. Nontajit Bangsomboon) (Mr. Sudthisak Wattanavinid) Director of Treasury and Accounting Department Deputy Governor for Law & Land Acquisition Acting Governor of the Expressway Authority of Thailand 99

Statement of Comprehensive Income For the year ended September 30, 2017 Notes 2017 Unit : Baht 2016 Revenues 14,358,033,055.18 3,197,459,634.72 14,148,592,286.54 Toll revenue 17,555,492,689.90 2,257,822,718.54 16,406,415,005.08 Other revenues 4.20 5,553,358,947.37 124,254,901.21 4,863,546,255.02 Total revenue 118,501,278.89 1,315,776,145.64 Expenses 6,993,389,994.22 1,188,498,433.80 10,562,102,695.68 6,170,545,967.71 Service cost 1,022,370,764.18 10,235,869,037.37 9,539,731,931.50 1,311,145,665.45 Selling expenses 8,924,723,371.92 - Administrative expenses 9,539,731,931.50 - 8,924,723,371.92 Total expenses Profit before finance costs Finance costs Profit for the year 4.21 Other comprehensive income Total comprehensive income The accompanying notes are an integral part of the financial statements. Statement of Changes in Equity For the year ended September 30, 2017 Capital Retained earnings Unit : Baht 34,802,359,624.37 Total Balance as at October 1, 2015 76,990,314,520.31 111,792,674,144.68 (6,302,606,000.00) Balance of the adjustment of Capital gain 8,924,723,371.92 (6,302,606,000.00) 37,424,476,996.29 8,924,723,371.92 Remittance to the state in 2015 - 37,424,476,996.29 114,414,791,516.60 114,414,791,516.60 Comprehensive income - revised - (3,985,000,000.00) 9,539,731,931.50 (3,985,000,000.00) Balance as at September 30, 2016 76,990,314,520.31 42,979,208,927.79 9,539,731,931.50 119,969,523,448.10 Balance as at October 1, 2016 76,990,314,520.31 Balance of the adjustment of Capital gain Remittance to the state in 2016 - Comprehensive income - revised - Balance as at September 30, 2017 76,990,314,520.31 The accompanying notes are an integral part of the financial statements. 100

Statement of Cash Flow For the year ended September 30, 2017 2017 Unit : Baht 2016 Cash flows from operating activities 8,924,723,371.92 Net profit 9,539,731,931.50 (1,286,283,301.76) Adjustments to reconcile profit to net cash provided by (paid from) operating activities: (3,575,770.75) (16,358,974.06) Recognition of revenue from joint investment (2,065,409,259.76) (25,796,324.01) (3,502,775.47) Recognition of revenue from donation (3,795,546.80) (8,321,869.35) (1,392,108.86) Recognition of revenue from government grants (58,540,709.19) 2,185,832,791.93 Interest deposit revenue (28,167,290.53) 244,569.02 Profit from asset sale (412,098.13) 183,066,597.29 1,253,130,096.54 Compensation from fire damage - 11,201,766,302.44 Estimates of employee benefit profit - - (3,178,585.05) Depreciation 2,602,959,406.14 1,620,509,600.87 939,466,666.67 Loss from asset sale 3,660.70 (460,759,414.93) Employee benefit expenses 221,462,289.90 19,371.37 Interest expenses 1,001,022,613.49 958,606,000.00 66,182,086.45 Profit from operations prior to changes 11,208,854,997.32 (49,632,770.26) 13,816,514.62 in operating assets and liabilities 1,272,307.23 14,288,068,079.41 Decrease (Increase) from changes in operating assets 27,774,731.55 (1,333,901,769.39) Receivables from joint venture company due within one year (100,000,000.00) (139,015,883.00) 12,842,925,158.57 Other receivables (175,913,063.31) Other current assets (97,974,904.37) Receivables from the joint venture company 1,039,466,666.67 Increase (Decrease) from changes in operating liabilities Payables 234,535,322.46 Accrued expenses 222,226,065.61 Outstanding remittance to the state (958,606,000.00) Advanced revenue 103,092,061.48 Other current liabilities 84,883,428.30 Retention guarantees 20,079,285.88 Welfare fund (639,778.33) Cash received from operating activities 11,580,004,081.71 Cash received for interest deposit 24,996,915.84 Cash paid for interest (1,064,664,042.48) Cash paid for employee benefits (141,467,299.79) Net cash flows from operating activities 10,398,869,655.28 The accompanying notes are an integral part of the financial statements. 101

Statement of Cash Flows (Continued) For the year ended September 30, 2017 2017 Unit : Baht 2016 Cash flow from investing activities (707,137.63) (Increase) decrease in short-term investment 1,165,096.79 (5,000,000.00) 3,629,684.75 Increase in fixed deposits (5,000,000.00) (470,050,008.71) Cash received from asset sale 412,098.13 - (476,236,581.04) Investment in property, plant and equipment (552,186,462.06) (16,685.00) Investment in expressway (786,178.64) 3,344,043.45 (945,036,684.18) Investment in construction in process (795,485,621.95) (200,000,000.00) Land use rights (71,000,491.88) 8,800,000,000.00 (15,150,000,000.00) Decrease (Increase) in deferred charges for engineering administration (1,250,000.00) 550,000,000.00 Net cash used in investing activities (1,424,131,559.61) (6,302,606,000.00) (12,302,606,000.00) Cash flows from financing activities (404,717,525.61) Cash repayment on Government loans (300,000,000.00) 3,356,513,782.73 2,951,796,257.12 Cash received from loans 12,100,000,000.00 148,505,977.12 Cash repayment on loans (14,700,000,000.00) Proceeds from government grants 116,732,843.68 Remittance to the state (3,985,000,000.00) Net cash used in financing activities (6,768,267,156.32) Increase (decrease) in cash and cash equivalent-Net 2,206,470,939.35 Cash and cash equivalent at the beginning of the accoungint period 2,951,796,257.12 Cash and cash equivalent at the end of the accounting period 5,158,267,196.47 Additional data supporting the statement of cash flows Unpaid amount of investment in property, plant and equipment 183,306,566.73 The accompanying notes are an intergral part of the financial statements. 102

Notes to the Financial Statement For the year ended September 30, 2017 1. General information The Expressway Authority of Thailand (EXAT) is a state enterprise under Thailand’s Ministry of Transport, established by the Annonucement of the National Executive Council No. 290 dated 27 November B.E. 2515 (1972), with a regulation adjustment made later by the promulgation of the Expressway Authority of Thailand Act B.E. 2550 (2007) on January 9, 2008. The office is located at No. 2380, Phaholyothin Road, Sena Nikhom Sub-district, Chatuchak District, Bangkok 10900. The objectives are: 1. To construct or provide the expressway by any means, as well as to maintain and preserve the expressway: 2. To perform work or business relating to the expressway and any business which is in connection with, or for the interests of EXAT. 2. Basis for presentation of the financial statements 2.1 The financial statements of EXAT have been prepared in accordance with generally accepted accounting principles under the Accounting Act B.E. 2543 (2000), namely the accounting standards issued under the Accounting Profession Act B.E. 2547 (2004), in which employee welfare fund transactions are fully consolidated. 2.2 Use of estimates To prepare financial statements in conformity with generally accepted accounting principles, the executives need to make estimates and set assumptions, which affect the carrying amount of assets, liabilities, income and expenses reported in the financial statements. The estimates and assumptions are based on historical experience and many factors that the executives considered reasonable under given circumstances. Therefore, actual outcomes may differ from the estimates and assumptions. 2.3 The Federation of Accounting Professions has issued the following new/revised Conceptual Framework for Financial Reporting, Thai Accounting Standards (TAS), Thai Financial Reporting Standards (TFRS), Standing Interpretation Committee (SIC), Thai Financial Reporting Interpretation Committee (TFRIC) and accounting practices. Effective for the accounting period starting on or after January 1, 2017 - TAS 1 (revised 2016) Presentation of Financial Statements - TAS 2 (revised 2016) Inventories - TAS 7 (revised 2016) Statement of Cash Flows - TAS 8 (revised 2016) Accounting Policies, Changes in Accounting Estimates and Errors - TAS 10 (revised 2016) Events after the Reporting Period - TAS 11 (revised 2016) Construction Contracts - TAS 12 (revised 2016) Income Taxes - TAS 16 (revised 2016) Property, Plant and Equipment - TAS 17 (revised 2016) Leases - TAS 18 (revised 2016) Revenue - TAS 19 (revised 2016) Employee Benefits - TAS 20 (revised 2016) Accounting for Government Grants and Disclosure of Government Assistance - TAS 21 (revised 2016) The Effects of Changes in Foreign Exchange Rates - TAS 23 (revised 2016) Borrowing Cost - TAS 24 (revised 2016) Related Party Disclosures 103

- TAS 26 (revised 2016) Accounting and Reporting by Retirement Benefit Plans - TAS 27 (revised 2016) Consolidated and Separate Financial Statements - TAS 28 (revised 2016) Investment in Associates and Joint Venture - TAS 29 (revised 2016) Financial Reporting in Hyperinflationary Economics - TAS 33 (revised 2016) Earnings per Share - TAS 34 (revised 2016) Interim Financial Reporting - TAS 36 (revised 2016) Impairment of Assets - TAS 37 (revised 2016) Provisions, Contingent Liabilities and Contingent Assets - TAS 38 (revised 2016) Intangible Assets - TAS 40 (revised 2016) Investment Property - TAS 41 (revised 2016) Agriculture - TAS 104 (revised 2016) Accounting for Troubled Debt Restructuring - TAS 105 (revised 2016) Accounting for Investments in Debt and Equity Securities - TAS 107 (revised 2016) Financial Instruments: Presentation and Disclosure - TFRS 2 (revised 2016) Share-based Payment - TFRS 3 (revised 2016) Business Combinations - TFRS 4 (revised 2016) Insurance Contracts - TFRS 5 (revised 2016) Non-current Assets Held for Sale and Discontinued Operations - TFRS 6 (revised 2016) Exploration for and Evaluation of Mineral Resources - TFRS 8 (revised 2016) Operating Segment - TFRS 10 (revised 2016) Consolidated Financial Statements - TFRS 11 (revised 2016) Joint Arrangements - TFRS 12 (revised 2016) Disclosure of Interests in Other Entities - TFRS 13 (revised 2016) Fair Value Measurement - SIC 10 (revised 2016) Government Assistance-No specific Relation to Operating Activities - SIC 15 (revised 2016) Operating Leases-Incentives - SIC 25 (revised 2016) Income Taxes-Changes in the Tax Status of an Entity or its Shareholders - SIC 27 (revised 2016) Evaluating the Substance of Transactions Involving the Legal Form of a Lease - SIC 29 (revised 2016) Service Concession Arrangements: Disclosures - SIC 31 (revised 2016) Revenue-Barter Transactions Involving Advertising Services - SIC 32 (revised 2016) Intangible Assets-Web Site Costs - TFRIC 1 (revised 2016) Changes in Existing Decommissioning, Restoration and Similar Liabilities 104

- TFRIC 4 (revised 2016) Determining whether an Arrangement contains a Lease - TFRIC 5 (revised 2016) Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds - TFRIC 7 (revised 2016) Applying the Restatement Approach under TAS 29 (revised 2016) Financial Reporting in Hyperinflationary Economics - TFRIC 10 (revised 2016) Interim Financial Reporting and Impairment - TFRIC 12 (revised 2016) Service Concession Arrangements - TFRIC 13 (revised 2016) Customer Loyalty Programmes - TFRIC 14 (revised 2016) The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction for TAS 19 (revised 2016), Employee Benefits - TFRIC 15 (revised 2016) Agreements for the Construction of Real Estate - TFRIC 17 (revised 2016) Distributions of Non-cash Assets to Owners - TFRIC 18 (revised 2016) Transfers of Assets from Customer - TFRIC 20 (revised 2016) Stripping Costs in the Production Phase of a Surface Mine - TFRIC 21 (revised 2016) Levies Effective for the accounting period starting on or after January 1, 2018 - TAS 1 (revised 2017) Presentation of Financial Statements - TAS 2 (revised 2017) Inventories - TAS 7 (revised 2017) Statement of Cash Flows - TAS 8 (revised 2017) Accounting Policies, Changes in Accounting Estimates and Errors - TAS 10 (revised 2017) Events after the Reporting Period - TAS 11 (revised 2017) Construction Contracts - TAS 12 (revised 2017) Income Taxes - TAS 16 (revised 2017) Property, Plant and Equipment - TAS 17 (revised 2017) Leases - TAS 18 (revised 2017) Revenue - TAS 19 (revised 2017) Employee Benefits - TAS 20 (revised 2017) Accounting for Government Grants and Disclosure of Government Assistance - TAS 21 (revised 2017) The Effects of Changes in Foreign Exchange Rates - TAS 23 (revised 2017) Borrowing Cost - TAS 24 (revised 2017) Related Party Disclosures 105

- TAS 26 (revised 2017) Accounting and Reporting by Retirement Benefit Plans - TAS 27 (revised 2017) Consolidated and Separate Financial Statements - TAS 28 (revised 2017) Investment in Associates and Joint Venture - TAS 29 (revised 2017) Financial Reporting in Hyperinflationary Economics - TAS 33 (revised 2017) Earnings per Share - TAS 34 (revised 2017) Interim Financial Reporting - TAS 36 (revised 2017) Impairment of Assets - TAS 37 (revised 2017) Provisions, Contingent Liabilities and Contingent Assets - TAS 38 (revised 2017) Intangible Assets - TAS 40 (revised 2017) Investment Property - TAS 41 (revised 2017) Agriculture - TFRS 2 (revised 2017) Share-based Payment - TFRS 3 (revised 2017) Business Combinations - TFRS 4 (revised 2017) Insurance Contracts - TFRS 5 (revised 2017) Non-current Assets Held for Sale and Discontinued Operations - TFRS 6 (revised 2017) Exploration for and Evaluation of Mineral Resources - TFRS 8 (revised 2017) Operating Segment - TFRS 10 (revised 2017) Consolidated Financial Statements - TFRS 11 (revised 2017) Joint Arrangements - TFRS 12 (revised 2017) Disclosure of Interests in Other Entities - TFRS 13 (revised 2017) Fair Value Measurement - SIC 10 (revised 2017) Government Assistance-No specific Relation to Operating Activities - SIC 15 (revised 2017) Operating Leases-Incentives - SIC 25 (revised 2017) Income Taxes-Changes in the Tax Status of an Entity or its Shareholders - SIC 27 (revised 2017) Evaluating the Substance of Transactions Involving the Legal Form of a Lease - SIC 29 (revised 2017) Service Concession Arrangements: Disclosures - SIC 31 (revised 2017) Revenue-Barter Transactions Involving Advertising Services - SIC 32 (revised 2017) Intangible Assets-Web Site Costs - TFRIC 1 (revised 2017) Changes in Existing Decommissioning, Restoration and Similar Liabilities - TFRIC 4 (revised 2017) Determining whether an Arrangement contains a Lease - TFRIC 5 (revised 2017) Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds - TFRIC 7 (revised 2017) Applying the Restatement Approach under TAS 29 (revised 2017) Financial Reporting in Hyperinflationary Economics - TFRIC 10 (revised 2017) Interim Financial Reporting and Impairment 106

- TFRIC 12 (revised 2017) Service Concession Arrangements - TFRIC 13 (revised 2017) Customer Loyalty Programmes - TFRIC 14 (revised 2017) The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction for TAS 19 (revised 2017), Employee Benefits - TFRIC 15 (revised 2017) Agreements for the Construction of Real Estate - TFRIC 17 (revised 2017) Distributions of Non-cash Assets to Owners - TFRIC 18 (revised 2017) Transfers of Assets from Customer - TFRIC 20 (revised 2017) Stripping Costs in the Production Phase of a Surface Mine - TFRIC 21 (revised 2017) Levies Executives have assessed the effect of these standards and believe that they will not have any significant impact on the presented financial statements. 3. Summary of significant accounting policies 3.1 Cash and cash equivalents consist of cash in hand and at banks with original maturities of three months or less and without obligation. 3.2 Receivables from the joint venture company represent cash that EXAT will receive from a joint venture company from the 15th-30th years of contract for Si Rat Expressway Project, which will be given by the Bangkok Expressway Public Company Limited (BECL). The company has changed its name to Bangkok Expressway and Metro Public Company Limited (BEM), incorporated from the amalgamation with Bangkok Metro Public Company Limited (BMCL) on December 30, 2015. 3.3 Materials are stated at cost determined by the weighted-average method. 3.4 Property, plant and equipment are stated at cost as at date of purchase or acquisition less accumulated depreciation and allowance for accumulated impairment loss. Depreciation is calculated on the straight-line basis to write off the cost of each asset to their residual values over the estimated useful lives, except for land which has indefinite useful life. The useful lives of the assets are as follows: Expressway 75 years Buildings and building improvement 5-40 years Toll collection and expressway equipment 10 years Electricity poles and fixings 25 years Office tools and engineering equipment 5 years Vehicles 5-15 years Building and their components are recognized separately, except for old buildings that have reached the end of their useful lives for accounting purposes An asset and its accumulated depreciation are derecognized upon disposal, when any gain or loss arising upon disposal of the asset is included in the statement of comprehensive income. 3.5 Intangible assets represent the cost for right to use computer software. The intangible assets are recognized at cost on the date of purchase or acquisition and amortized on a straight-line basis over the estimated useful lives of 5 years. 3.6 Land use rights are stated at cost. As the rights to use the land have no time requirements, no amortized expenses are required. 107

3.7 Deferred income 3.7.1 Deferred income from the joint venture is accounted for and recognized as liabilities together with assets from joint venture, and periodically recognized as income over the contract period. 3.7.2 Deferred income and assets from donation are recognized as income over their useful lives. 3.7.3 Revenue deferred government grants as income received from the government to pay for the construction, land acquisition cost and other specialty recorded as liabilities with assets and recognized as income over the ufeful life of the asset. 3.8 Employee benefit obligations The obligations and benefits are recognized and measured in the following manners: 3.8.1 Short-term employee benefits are recognized as expenses in the period in which the transaction occurs. 3.8.2 Other long-term employee benefits are estimated based on the actuarial technique using the projected unit credit method and discounting benefit in order to determine the present value of the obligation. All costs related to benefits of current employees are recognized as liabilities in the statements of financial position and as expenses in the statements of comprehensive income. All actuarial gains and losses arising in the period are recognized immediately as income or expenses. 3.8.3 Post-employment benefits are estimated based on the actuarial technique using the projected unit credit method and discounting benefit in order to determine the present value of the obligation. All costs related to benefits of past and current employees are recognized as liabilities in the statements of financial position and as expenses in the statements of comprehensive income. All actuarial gains and losses arising in the period are recognized immediately as income or expenses. 3.9 Welfare and provident funds EXAT has established the welfare fund to provide welfare to its employees upon termination of employment. EXAT contributes to the fund monthly at the rate of 10 percent of basic salary of employees who are member, which is recognized as expenses in the statement of comprehensive income. All transactions of the funds are included in EXAT’s financial statement, whereas income and expenses incurred are recognized as EXAT’s income and expenses. On October 1, 1996, EXAT and its employees jointly established “EXAT Employee Provident Fund” in accordance with the Provident Fund Act B.E. 2530 (1987). EXAT contributes to the fund at the rate of 9, 10 and 11 percent of basic salary for members with working years of under 10, 10-20 and over 20 years respectively. Employees make contribution to the fund every time upon salary payment at the rate of not less than 2 percent and not over 15 percent of basic salary. EXAT has appointed Siam Commercial Bank Asset Management Co., Ltd. to manage the fund for the years 2017-2019. 3.10 Revenue recognition 3.10.1 Toll revenue is recognized upon the service being used. 3.10.2 Land use revenue represents cash that EXAT will receive from the Joint Venture Company in Si Rat Expressway Project, which is periodically recognized as income on the straight-line basis over the contract period. 3.10.3 Interest income is recognized on a time basis, taking into account the effective yield on the asset. 3.10.4 Donation income is recognized in the period in which the transaction occurs. 3.10.5 Revenue from government grants is recognized as income over the useful life of the expressway. 3.11 Government grants Government grants for land acquisition cost, construction cost and other costs are recorded as deferred liability and periodically recognized as income in the statement of comprehensive income over the useful life of the expressway. 3.12 Financial costs Financial costs comprise interest paid, front-end fee and other expenses from long-term loans. Interest paid on long-term loans for fixed assets under construction is recognized as capital work-in-progress. Interest paid after the completion of construction is recognized as expenses. Interest paid on loans for work capital is recognized as expenses in the period in which the transaction fully occurs. 108

3.13 Accounting for joint venture projects Assets from joint venture are recognized as assets, together with deferred income from the Joint venture Company. The assets are periodically depreciated over their useful lives, whereas the deferred income is periodically recognized over the contract period. 4. Additional information Unit : Million Baht 4.1 Cash and cash equivalents comprise 2017 2016 145.63 87.21 Cash 5,012.64 2,864.59 Bank Deposit 5,158.27 2,951.80 Total Cash of 145.63 million Baht consists of 19.87 million Baht of cash in hand and 125.76 million Baht of toll fee, toll coupon fee and Easy Pass Top-up of September 29-30, 2017, to be deposited on the next bank working day. In this regard, the Expressway Authority of Thailand reserved money for bond redemption with due date in November 2017 and January 2018, amounting to 1,700 million Baht, and for remittance to the state for the year 2017 of 2,035.73 million Baht. 4.2 Temporary investments comprise Unit : Million Baht 2017 2016 Over 3-month fixed deposits - Welfare fund 10.07 11.24 Total 10.07 11.24 4.3 Accrued government grants represent cash to be received from the Government for payment of land acquisition cost. The details are as follows. Unit : Million Baht 2017 2016 Beginning balance as at October 1, 2016 253.00 842.53 Less Front-end fee shoulderd by the Government - 39.53 Grant income received during the year 116.73 550.00 Balance as at September 30, 2017 136.27 253.00 In 2017, EXAT received the government grants to pay for land acquisition cost of Si Rat-Outer Bangkok Ring Road Project, amounting to 116.73 million Baht. 4.4 Other current assets comprise Unit : Million Baht 2017 2016 Employee collateral deposits 19.64 19.65 Office tools 37.48 174.42 Advance money for construction cost 268.78 52.47 Others 39.14 20.36 Total 365.04 266.90 109

4.5 Fixed deposit with obligation EXAT’s payment guarantee for employee benefits in the form of deposits for the year 2017 and 2016 amounts to 141.49 and 136.49 million Baht respectively. 4.6 Receivables from the joint investment company represent amount to be paid by the Bangkok Expressway and Metro Public Company Limited (BEM) from land use in Si Rat Expressway Project, totaling 16,816.00 million Baht or periodically recognized in the amount of 560.53 million Baht per annum over the contract period of 30 years. However, BEM will periodically make payment during 15th-30th years of the contract. Receivables revenue periodically recognized on the straight-line basis over the contract period of the year 1990-2016 amounts to 14,902.50 million Baht. For the year ended September 30, 2017, receivables revenue amounts to 560.53 million Baht, total of receivables revenue amounts to 15,463.03 million Baht. 13,600.00 million Baht was paid up, with the remainder of 1,863.03 million Baht and 1,600.00 million Baht is recognized as receivables from the Joint Investor due within one year. 4.7 Property, plant and equipment-net comprise Unit : Million Baht 30 September 2016 Cost Accumulated Depreciation Value at Value at Value at Value at plant and the beginning the end the beginning the end equipment of period Increase Decrease of period of period Depreciation Increase Decrease of period net Land 80,992.71 305.00 31.76 81,265.95 - - - - - 81,265.95 Expressway 109,474.50 22,638.17 - 132,112.67 24,699.84 1,928.92 - - 26,628.76 105,483.91 Building 1,879.25 608.13 - 2,487.38 787.48 62.02 - - 849.50 1,637.88 Office tools 1,612.78 147.64 13.88 1,746.54 1,213.96 132.56 - 10.40 1,336.12 410.42 Engineering equipment 133.88 4.51 1.71 136.68 113.38 7.36 - 1.69 119.05 17.63 Vehicles 846.93 130.35 19.11 958.17 503.66 54.97 - 19.01 539.62 418.55 Total 194,940.05 23,833.80 66.46 218,707.39 27,318.32 2,185.83 - 31.10 29,473.05 189,234.34 30 September 2017 Unit : Million Baht Cost Accumulated Depreciation Value at plant and the end equipment Value at Value at Value at of period net the beginning the end the beginning - 81,589.74 28,923.19 103,580.58 of period Increase Decrease of period of period Depreciation Increase Decrease 929.16 1,606.46 Land 81,265.95 342.29 18.50 81,589.74 - - - - 1,435.24 457.14 Expressway 132,112.67 391.10 - 132,503.77 26,628.76 2,294.43 - - 126.68 23.31 606.65 506.26 Building 2,487.38 48.24 - 2,535.62 849.50 79.66 - - 32,020.92 187,763.49 Office tools 1,746.54 198.91 53.07 1,892.38 1,336.12 152.19 - 53.07 Engineering equipment 136.68 13.31 - 149.99 119.05 7.56 0.07 - Vehicles 958.17 157.93 3.19 1,112.91 539.62 69.12 1.10 3.19 Total 218,707.39 1,151.78 74.76 219,784.41 29,473.05 2,602.96 1.17 56.26 The land amounting to 81,589.74 million Baht as of September 30, 2017 includes that of the western Sukhumvit Road area covering 5 Rai 44.2 square wah where EXAT made a memorandum of agreement allowing the Mass Rapid Transit Authority of Thailand stating to utilize the said land for the construction of the Mass Rapid Transit Green Line Project Bearing-Samut Prakan with non-specific time period. EXAT has received the compensation of 78.94 million Baht for such land use which is recognized as the entire revenue. 110

On May 6, 2016, a fire broke out at Building 2, on 6th floor, EXAT (Head Officd) and a working group on damage investigation and assessment assessed the damage caused by fire in the amount of 29.88 million Baht. Dhipaya Insurance Public Company Limited had a letter No. SoThoPo.00407/2559 dated October 20, 2016 informing the result of the claim consideration in the amount of 11.53 million Baht. Currently the claim amount with Dhipaya Insurance Public Company Limited has been under discussion and not been resolved yet. 464 items of the assets damaged by the fire were amortized from the account, with the remainder of 3.21 million Baht. EXAT has noted that 11.53 million Baht is recognized as receivables from Dhipaya Insurance Public Company Limited and the difference of 8.32 million Baht is recognized as revenue from fire damage compensation. The detail of expressway-net comprises Unit : Million Baht 30 September 2016 Cost Accumulated Depreciation Value at Value at Value at Value at the beginning the end the beginning the end Expressway of period Increase Decrease of period of period Depreciation Decrease of period net Expressway Chaloem Maha Nakhon Expressway 10,788.92 67.61 - 10,856.53 4,232.98 222.10 - 4,455.08 6,401.45 Si Rat Expressway 16,371.07 2.30 - 16,373.37 4,488.88 216.83 - 4,705.71 11,667.66 Chalong Rat Expressway 15,021.46 83.91 - 15,105.37 3,316.46 277.74 - 3,594.20 11,511.17 Burapha Withi Expressway 28,292.95 129.47 - 28,422.42 6,309.73 464.69 - 6,774.42 21,648.00 Udon Ratthaya Expressway 15,107.61 - - 15,107.61 3,349.71 201.56 - 3,551.27 11,556.34 Bang Na-At Narong Expressway 2,258.85 3.76 - 2,262.61 390.19 31.75 - 421.94 1,840.67 Kanchanaphisek Expressway 21,633.64 64.85 - 21,698.49 2,611.89 471.88 - 3,083.77 18,614.72 Si Rat Outer Ring Road Expressway - 22,286.27 - 22,286.27 - 42.37 - 42.37 22,243.90 Total 109,474.50 22,638.17 - 132,112.67 24,699.84 1,928.92 - 26,628.76 105,483.91 Unit : Million Baht 30 September 2017 Cost Accumulated Depreciation Value at Value at Value at Value at the beginning the end the beginning the end Expressway of period Increase Decrease of period of period Depreciation Decrease of period net Expressway Chaloem Maha Nakhon Expressway 10,856.53 202.13 - 11,058.66 4,455.08 221.64 - 4,676.72 6,381.94 16,373.37 4,705.71 216.94 - 4,922.65 11,450.72 Si Rat Expressway 16,373.37 - - 15,121.95 3,594.20 280.31 - 3,874.51 11,247.44 28,504.55 6,774.42 474.00 - 7,248.42 21,256.13 Chalong Rat Expressway 15,105.37 16.58 - 15,107.61 3,551.27 201.56 - 3,752.83 11,354.78 2,263.84 31.99 - 1,809.91 Burapha Withi Expressway 28,422.42 82.13 - 21,787.52 421.94 480.30 - 453.93 18,223.45 3,083.77 3,564.07 Udon Ratthaya Expressway 15,107.61 - - - - Bang Na-At Narong Expressway 2,262.61 1.23 - Kanchanaphisek Expressway 21,698.49 89.03 - Si Rat Outer Ring Road Expressway 22,286.27 - - 22,286.27 42.37 387.69 430.06 21,856.21 2,294.43 28,923.19 103,580.58 Total 132,112.67 391.10 - 132,503.77 26,628.76 111

4.8 Land use rights represent the compensation for the use of the State Railway of Thailand’s land covering 318 Rai 6 Ngan 86.80 square wah for constructing the Si Rat-Outer Ring Road Expressway Project with no transfer of land ownership. EXAT has agreed to pay 100% compensation for the foundation area (Expressway pier) as determined by the Committee on Determination of the Price of Immovable Property to be Expropriated and Compensation to be Paid for construction of Si Rat-Outer Ring Road Expressway (in comparison from the Immovable Property Expropriation Act B.E. 2530 (1987)) and 55% compensation for the elevated expressway area, amounting to 1,561.07 million Baht. In 2017, 71.00 million Baht has been paid for the use of land that is changed after completion of construction. The total amount is 1,632.07 million Baht. 4.9 Construction in progress includes Unit : Million Baht 2017 2016 N2 Sector Northern Route of Third Stage Expressway System Project-Consulting fee, construction cost and interest 1,305.61 1,305.61 Others 638.38 237.49 Total 1,943.99 1,543.10 4.10 Deferred charges for engineering administration represent the consulting fee for environmental impact assessment and others, to be transferred into construction in progress upon the beginning of construction. Details are as follows: Unit : Million Baht 2017 2016 Construction fee for the foundation inspection of Burapha Withi 26.98 26.98 Others 40.64 40.51 67.62 67.49 Total 4.11 Trade and other payables comprise Unit : Million Baht 2017 2016 1,048.17 630.33 Trade payables 1,021.53 799.30 Accrued expenses 146.33 209.97 Accrued loan interest payables 2,216.03 1,639.60 Total 4.12 Portion of long-term liabilities due within one year comprises Unit : Million Baht 2017 2016 300.00 300.00 Government loans 4,700.00 8,600.00 EXAT bonds - 700.00 Loan from Bank of Ayudhya Public Co., Ltd. - 300.00 Loan from Bangkok Bank Public Co., Ltd. 5,000.00 9,900.00 Total 112

4.13 Other current liabilities comprise Unit : Million Baht 2017 2016 17.08 15.04 Withholding tax 106.74 94.60 Retention - 19.79 Expressway card guarantee 0.02 0.02 Easy Pass guarantee 28.26 27.56 Property tax (pending submission) 19.64 19.65 Employee secured creditor 103.87 78.53 Short-term employee benefit obligations 97.50 7.71 Others 373.11 262.90 Total 4.14 Government loans for EXAT are provided without interest for the loan repayment of construction projects, comprising: Unit : Million Baht Government loans Repaid already Balance 1) Si Rat Expressway Project 9,806.89 - 9,806.89 2) Kanchanaphisek Toll collection system 3,039.80 - 3,039.80 3 ) The interchange between Kanchanaphisek and Burapha Withi 1,273.20 - 1,273.20 4) The interchange between Kanchanaphisek and Industrial Ring Road 2,459.00 900.00 1,559.00 Total 16,578.89 900.00 15,678.89 Less the amount due within 1 year 300.00 Balance 15,378.89 4.15 EXAT bonds comprise 24,850.00 million Baht, less 4,700.00 million Baht the amount due within one year, which left a balance of 20,150.00 million Baht for the following projects. Unit : Million Baht 2017 2016 Bonds with principal and interest shouldered by EXAT - Construction cost of Third Stage Expressway 400.00 400.00 - Construction cost of Chalong Rat Expressway 1,000.00 1,000.00 - Construction cost of Burapha Withi Expressway 11,500.00 11,500.00 - Construction cost of Kanchanaphisek Expressway 10,850.00 12,850.00 - Construction cost of Ram Inthra-Outer Ring Road Expressway 1,100.00 2,000.00 Total 24,850.00 27,750.00 Less the amount due within 1 year 4,700.00 8,600.00 Balance 20,150.00 19,150.00 113

4.16 Long-term loans comprise Unit : Million Baht 2017 2016 1,000.00 700.00 Loan from Bank of Ayudhya Public Co., Ltd. 300.00 300.00 Loan from Bangkok Bank Public Co., Ltd. 1,300.00 1,000.00 - 1,000.00 Total 1,300.00 - Less the amount due within 1 year Balance 1) Loan from Bank of Ayudhya Public Co., Ltd. of 1,000.00 million Baht will be used in the following projects. Unit : Million Baht Loan with principal and interest shouldered by EXAT 2017 2016 - Construction cost of Burapha Withi Expressway Less the amount due within 1 year 1,000.00 700.00 Balance - 700.00 1,000.00 - 2) Loan from Bangkok Bank Public Co., Ltd. of 300.00 million Baht will be used in the following projects. Unit : Million Baht 2017 2016 Loan with principal and interest shouldered by EXAT - Construction cost of Kanchanaphisek Expressway (Bang Phli-Suksawat) 300.00 300.00 Less the amount due within 1 year - 300.00 Balance 300.00 - 4.17 Deferred income comprises Accumulated recognized Unit : Million Baht Cost Income Book value 2016 2017 Deferred income from joint venture 16,084.21 14,479.14 1,605.07 2,270.06 Si Rat Expressway 14,589.11 9,782.00 4,807.11 5,332.51 Udon Ratthaya Expressway Si Rat-Outer Ring Road 22,820.00 970.91 21,849.09 22,724.11 Expressway 53,493.32 25,232.05 28,261.27 30,326.68 Total 250.00 62.77 187.23 190.56 Deferred income from donations 65.42 63.63 1.79 1.97 Udon Ratthaya Expressway 315.42 126.40 189.02 192.53 Others Total 114

4.17 Deferred income (continue) comprises Unit : Million Baht Accumulated recognized Cost Income Book value 2017 2016 Deferred income subsidies Chalong Rat Expressway (Land acquisition cost) 787.30 41.96 745.34 756.51 Si Rat-Outer Ring Road Expressway 3,553.00 52.56 3,500.44 3,547.81 Total 4,340.30 94.52 4,245.78 4,304.32 Grand total 58,149.04 25,452.97 32,696.07 34,823.53 4.18 Employee benefit obligations The reconciliation details of present value of the obligations are as follows. Unit : Million Baht 2017 2016 Present value of employee benefit obligations as at October 1, 2016 956.06 914.48 Current service cost 78.19 70.27 Interest cost 30.29 28.87 Employee benefit paid (53.83) (56.17) Actuarial gains and losses - (1.39) Present value of employee benefit obligations as at September 30, 2017 1,010.71 956.06 The major actuarial assumptions for the calculation of estimated liabilities under the employee benefit project as at September 30, 2017 are as follows. Discount rate 1.51-3.96% Employee turnover rate 1.19% Employee salary increase rate 7.50% For employees’ severance pay after resigning from the work in the contribution project, the Expressway Authority of Thailand establishes the provident fund, deducting some part of employees’ salary. The Expressway Authority of Thailand contributes some part. Such provident fund was registerd to be provident fund under the Provident Fund Act B.E. 2530 (1987). For the years ended September 30, 2017 and 2016, the Expressway Authority of Thailand paid contribution amount to Provident Fund, totaling 145.69 million Baht and 132.40 million Baht respectively. 115

4.19 Welfare fund comprises Unit : Million Baht 2017 2016 13.09 11.82 Balance at October 1, 2016 Plus Contributions received during the year 0.58 0.54 Higher income than the expenses transferred to the Fund 0.12 0.17 Enhanced capital allowance 0.71 0.78 14.50 13.31 Less Members resigned 1.87 - Enhanced capital allowance 0.18 0.22 Balance as at September 30, 2017 12.45 13.09 Obligations to be paid upon employee resignations 12.45 13.09 According to EXAT’s regulation No. 42 on the Relief Fund, article 8 has stipulated that if the Fund does not cover employee resignations, the additional payment will be from the EXAT. 4.20 Other income comprises Unit : Million Baht 2017 2016 Recognized revenue from joint venture 2,065.41 1,286.28 Received revenue from land use 560.53 560.53 Revenue from government grants 58.54 16.36 Income from arrangement of benefits in right-of-way 344.32 323.66 Income from interest on deposits 28.17 25.80 Others 140.49 45.19 Total 3,197.46 2,257.82 4.21 Operaion results Unit : Million Baht Increase (Decrease) 2017 2016 Amount Percentage 17,555.49 16,406.41 1,149.08 7.00 Income 8,015.76 7,481.69 534.07 7.14 Less Expenses 9,539.73 8,924.72 615.01 6.89 Profit for the year For the operation results in 2017, EXAT net profit grew by 615.01 million Baht or equivalent to 6.89 percent. Total income increased by 1,149.08 million Baht or equivalent to 7.00 percent and total expenses increased by 534.07 million Baht or 7.14 percent. 116

4.22 Expenses by nature consist of Unit : Million Baht 2017 2016 2,803.05 2,558.80 Expense regarding employees 221.46 183.07 Employee benefits 15.60 13.13 Executive remuneration 5.09 5.01 Committee remuneration 2,602.96 2,185.83 Depreciation Compensation to executives consists of salary and bonus of executives from level of Deputy Governor onwards. Compensation to directors consists of bonus of directors and meeting allowance. 4.23 Joint venture agreement 4.23.1 Si Rat Expressway Project On December 22, 1988, EXAT signed a contract with the Bangkok Expressway and Metro Public Company Limited to become the investor on construction, management and maintenance of the Si Rat expressway system for a duration of 30 years. The contract period starts from the first day of construction which was on March 1, 1990 and will terminate on February 29, 2020. A proportion of median income is as follows. Network in urban area (Chaloem Maha Nakhon and Si Rat Expressway Sector A and B) Share of EXAT Share of the company (Percentage) (Percentage) (1) First 9 years from “The full opening of the first sector” 40 60 (2) Last 9 years “Duration of the contract” 60 40 (3) Duration between (1) and (2) 50 50 Network outside city limits (Si Rat Expressway Sector C) Share of EXAT Share of the company (Percentage) (Percentage) (1) From the full opening day to the completion of Si Rat Expressway Sector B 40 60 (2) The period after (1) to the termination of the contract - 100 The company completed the construction work of the first part which are Sectors A and C (Chaengwatthana-Phayathai-Rama 9 Road) covering total length of 20.4 kilometers and was opened for service on September 2, 1993. As for Sector B with the mainline from Samsen water filtration plant-Bang Klo, covering total length of 9.4 kilometers, the entire route was opened for service on October 6, 1996. 4.23.2 Si Rat Expressway Project Sector D (Rama 9-Srinagarindra route) EXAT signed a contract for the expansion of Si Rat Expressway Project Sector D with the Bangkok Expressway and Metro Public Company Limited on April 17, 1997, covering total length of approximately 8 kilometers. The said contract is deemed as a part of the contract under paragraph 4.23.1 and the total revenue collected belongs to the joint venture company because it is in the network outside the city limits. The construction was finished and opened for business on December 2, 1998. 117

4.23.3 Udon Ratthaya Expressway Project EXAT signed a joint venture contract with the Northern Bangkok Expressway Public Company Limited on September 27, 1996 as the investor of construction, management as well as maintenance of the expressway for a duration of 30 years. The contract period starts on the day the contract is signed and will terminate on September 26, 2026. Total length of 32 kilometers can be separated into: Phase 1, Chaengwatthana-Chiang Rak Range with 22 kilometers in length: the construction was finished and the service was provided on December 2, 1998. Phase 2, Chiang Rak-Bang Sai with 10 kilometers in length: the construction was finished and the service was provided on November 1, 1999. The total toll revenue collected belongs to the joint venture company. The Expressway Authority of Thailand would receive divided share from total revenue, when the return on investment exceeds 15.5 percent. 4.23.4 Si Rat-Outer Bangkok Ring Road Expressway Project EXAT signed a joint venture contract with the Bangkok Expressway and Metro Public Company Limited on September 14, 2012 as the investor of design, construction, management, operation, service provision as well as maintenance of the expressway for a duration of 30 years. The contract period starts from the date specified in EXAT’s letter notifying the commencing date which was on December 15, 2012 and will terminate on December 14, 2042. Total length covers 16.7 kilometers and the service began on August 22, 2016. The total toll revenue collected belongs to the joint venture company. The Expressway Authority of Thailand would receive divided share from total revenue, when the return on investment exceeds 13.5 percent. 4.24 Value added tax shouldered by EXAT The Expressway Authority of Thailand is responsible for value added tax on behalf of service users in Chaloem Maha Nakhon Expressway, Si Rat Expressway (except Sector D) and Chalong Rat Expressway. Normally, this value added tax shall be collected from the service users, but the Expressway Authority of Thailand cannot collect from them. From the fiscal years of 1992-2016, the amount of value added tax shouldered by the Expressway Authority of Thailand is 16,782.19 million Baht. In fiscal year 2017 ended September 30, 2017, it amounts to 1,090.03 million Baht and the total amount is 17,872.22 million Baht. 4.25 Contingent liabilities As of September 30, 2017, EXAT had liabilities that might occur from being litigated for a total of 22 cases, amounting to 29,280.25 million Baht. At present, the cases are under the consideration of the arbitral tribunal and the courts. EXAT believed that there would not be any damage from the case result to the Expressway Authority of Thailand significantly. Therefore, EXAT did not record and set up provisions which may arise in the account as indicated below. Pending No. of cases Unit : Million Baht Disputes - Compensation for damages Arbitration Committee 4 15,111.55 and breaching of the agreement - Compensation for damages Central Administrative Court 2 4,750.55 and breaching of the agreement - Compensation for damages Supreme Administrative Court 4 8,647.28 and breaching of the agreement - Compensation for damages Civil Court 1 316.17 and breaching of the agreement Total 11 28,825.55 118

Cases Pending No. of cases Unit : Million Baht - Claiming for additional compensation for land Court of First Instance 5 166.64 and compensation for damages and Appeal Court and breaching of agreement - Claiming for additional compensation for land Supreme Cour 3 6.34 and compensation for damages - Claiming for additional compensation for land Central Administrative 1 0.25 and compensation for damages Court - Claiming for additional compensation for land Supreme Administrative 1 261.47 Court - Compensation for damages Labour Court 1 20.00 Total 11 454.70 Grand Total 22 29,280.25 4.25.1 Disputes that EXAT has been sued or called for compensation pending the arbitral tribunal’s consideration in 4 cases amounting to 15,111.55 million Baht are described below. (1) Bangkok Expressway and Metro Public Co., Ltd. (formerly known as Bangkok Expressway Public Co., Ltd.) submitted a statement of claim on July 24, 2008, calling for EXAT to pay monetary damages amounting to the difference between the toll rates of each vehicle type of the second stage expressway, Sector D, totaling 1,048.24 million Baht together with interest under the contract. Additionally, compensation shall be paid amounting to the difference between the toll rates of each vehicle type of the second stage expressway, Sector D under the Notification of the Ministry of Transport, dated August 29, 2003 and the toll rates as claimed by the company until the toll rates are adjusted and enforced in accordance with the claim no later than August 31, 2008 together with interest under the agreement until payment is completed. The dispute is currently in the stage of preparing arbitral award by the arbitration. (2) Bangkok Expressway and Metro Public Co., Ltd. (formerly known as Bangkok Expressway Public Co., Ltd.) submitted a statement of claim on June 13, 2013, calling for EXAT to pay monetary damages from adjusting the expressway toll rates of the second stage expressway in 2008, amounting to the difference between the toll rates of each vehicle type of the networks in urban area and outside the city limits according to the toll rates under the statement of claim and the Notification of the Ministry of Transport dated August 15, 2008. Amount in dispute is 9,091.79 million Baht. The dispute is currently in the stage of hearing of evidence. (3) Bangkok Expressway and Metro Public Co., Ltd. (formerly known as Bangkok Expressway Public Co., Ltd.) submitted a statement of claim on June 28, 2013, calling for EXAT to pay monetary damages from adjusting the expressway toll rates of the second stage expressway, Sector D in 2008, amounting to the difference between the toll rates of each vehicle type of the second stage expressway system, Sector D according to the toll rates under the statement of claim and the Notification of the Ministry of Transport dated August 15, 2008. Amount in dispute is 4,062.83 million Baht. The dispute is currently in the stage of selecting the chairman of the arbitral tribunal by arbitrators of both parties. (4) Northern Bangkok Expressway Co., Ltd. submitted a statement of claim to the Thai Arbitration Institute on October 22, 2013, calling for EXAT to pay damages from adjusting the toll rates of the expressway in 2003, amounting to the difference between the toll rates of Bang Pa-in-Pak Kret Expressway according to the toll rates under the statement of claim and the Notification of the Ministry of Transport dated August 29, 2003. Amount in dispute is 908.69 million Baht. The dispute is currently in the stage of selecting the chairman of the arbitral tribunal by arbitrators of both parties. 119

4.25.2 Disputes pending in the Central Administrative Court contain 2 cases, amounting to 4,750.55 million Baht are as follows. (1) Bangkok Expressway and Metro Public Co., Ltd. (formerly known as Bangkok Expressway Public Co., Ltd.) submitted a statement of claim on May 14, 2008, calling for EXAT to pay damages (Network in urban area and outside the city limits of the second stage expressway system) from adjusting the expressway toll rate of 2003, amounting to 4,368.00 million Baht, together with interest under the contract. Additionally, compensation shall be paid amounting to the difference between the toll rates of each vehicle type of the networks in urban area and outside the city limits under the Notification of the Ministry of Transport dated August 29, 2003 and the toll rates as claimed by the company until the toll rates are adjusted and enforced in accordance with the claim no later than August 31, 2008 with interest under the contract until payment is completed. On February 12, 2016, the arbitral tribunal had the award for it to be Decided Dispute No. 6/2559. By a majority of the members, the arbitral tribunal had an absolute decision for EXAT to pay the claimant the damages together with interest in the amount of 4,368.00 million Baht and the interest under the contract which will be computed on a daily basis starting from April 1, 2008 until EXAT pays off the damages for this part together with interest. On May 30, 2016, EXAT submitted a petition to the Central Administrative Court in order to request for revocation of the arbitral tribunal’s award to be Undecided Case No. 821/2559 between EXAT, the Complainant, and the Bangkok Expressway and Metro Public Co., Ltd. the Respondent. The case is currently under administrative hearing by the Central Administrative Court. (2) Bangkok Expressway and Metro Public Co., Ltd. (formerly known as Bangkok Expressway Public Co., Ltd.) submitted a statement of claim on December 9, 2009, calling for EXAT to make payment of 382.30 million Baht together with interest because EXAT had given NOV. On December 20, 2013, the arbitral tribunal had an absolute decision for EXAT to pay construction costs and expenses with the principal and interest up to the date of submitting of the statement of claim, amounting to 382.55 million Baht. Later, on November 14, 2016, the company filed a petition with the Central Administrative Court to give judgement or decree for EXAT to comply with arbitral awards. The case is currently under administrative hearing by the Central Administrative Court 4.25.3 Disputes pending in the Supreme Administrative Court contain 4 cases, amounting to 8,647.28 million Baht as indicated below. (1) Italian-Thai Development Public Co., Ltd. submitted a statement of claim on December 9, 1999, calling for EXAT to pay the additional employment cost of the expressway construction for the interchange between Din Daeng-Don Mueang elevated way and the first and second stage expressway systems, amounting to 52.04 million Baht together with interest. On June 18, 2007, the arbitral tribunal decided to cancel the claimant’s statement of claim. Later, the company submitted a petition to the Civil Court in order to revoke the decision of the arbitral tribunal and call for damages from EXAT, amounting to 81.40 million Baht. The Civil Court transferred the case to the Central Administrative Court on March 27, 2013. The Central Administrative Court had judgement to cancel the petition of the company. The company submitted an appeal against the judgement of the Central Administrative Court. On June 26, 2014, the public prosecutor authorized by EXAT submitted an appeal amendment to the Supreme Administrative Court. The case is currently under the decision of the Supreme Administrative Court. (2) Ch. Karnchang Public Co., Ltd. submitted lawsuit against EXAT to the Central Administrative Court on October 14, 2008, calling for EXAT to pay the interest from extending the construction period under the construction contract of Bang Phli-Suksawat Expressway Project (Bang Phli-Bang Khun Thian) for two times, amounting to 248.00 million Baht together with interest. On February 21, 2013, the Central Administrative Court had judgement for EXAT to complete payment of the money together with interest within 60 days from the day of final judgement. EXAT submitted an appeal against the judgement of the Central Administrative Court on March 22, 2013 and the public prosecutor authorized by EXAT submitted an appeal to the Supreme Administrative Court. The case is currently under the consideration of the Supreme Administrative Court. 120

(3) Northern Bangkok Expressway Co., Ltd. (NECL) submitted a statement of claim on December 20, 2004, calling for EXAT to compensate the toll revenue for the decreasing part due to the opening of Utrapimuk Elevated Tollway for use (Don Mueang Tollway, the National Memorial Monument to Rangsit section) which was deemed as a competing way, amounting to 1,790.00 million Baht, together with interest under the contract. Later, the arbitral tribunal had absolute decision for EXAT to pay compensation according to the company’s claim together with interest under the contract. On March 3, 2009, the public prosecutor authorized by EXAT filed a petition to the Central Administrative Court in order to request for withdrawal of the arbitral tribunal’s absolute decision. Later, on September 1, 2011, the company submitted a petition to request the Central Administrative Court to have a judgement or an order together with issuing an enforcement for EXAT to comply with arbitral awards, requiring EXAT to make payment as claimed by the company together with interest under the contract, amounting to 3,296.72 million Baht. The public prosecutor authorized by EXAT submitted an appeal to the Supreme Administrative Court on May 31, 2013. The case is currently under the Supreme Administrative Court’s consideration. (4) Bangkok Expressway and Metro Public Co., Ltd. (formerly known as Bangkok Expressway Public Co., Ltd.) submitted a statement of claim calling for EXAT to share the toll revenue of the urban area network that the company should receive, amounting to 3,831.48 million Baht, together with interest under the contract which is caused by different counting of the opening day of the first area. Later, the arbitral tribunal had the award for EXAT to pay monetary compensation as claimed by the company together with interest under the contract. On April 20, 2009, EXAT submitted a petition to the Central Administrative Court in order to request for withdrawal of the arbitral tribunal’s absolute decision. Later, on October 19, 2011, the company filed a petition to request for a judgement or an order together with issuing an enforcement for EXAT to comply with arbitral awards by computing additional interest until the date of prosecution for the amount of 1,189.68 million Baht. The total amount of money is 5,021.16 million Baht. On September 13, 2013, the Central Administrative Court had a judgement to cancel EXAT’s petition requesting revocation of the arbitral award and to enforce the arbitral tribunal’s absolute decision. On October 11, 2013, the public prosecutor authorized by EXAT filed an appeal to the Supreme Administrative Court. The case is currently under the Supreme Administrative Court’s consideration. 4.25.4 Dispute pending in the Civil Court contains 1 case, amounting to 316.17 million Baht with details as follows. (1) Bilfinger & Berger Bauaktiengesellschaft Co., Ltd., Ch. Karnchang Public Co., Ltd., Dyckerhoff & Widmann AG, under the name of Joint Venture BBCD, submitted a statement of dispute on October 16, 2000, calling for EXAT to pay the additional cost for installation of illumination system in Burapha Withi Expressway project, amounting to 316.17 million Baht together with interest at the rate of 7.5 percent per annum. On April 24, 2017, by a majority of the members, the arbitral tribunal rendered an arbitral award to be Red Dispute No. 34/2560, requiring EXAT to pay the additional cost of the work together with interest to the claimant, as from October 17, 2000 until the completion of payment. On August 1, 2017, the public prosecutor, Special Public Prosecutor, Civil Litigation Division 1, Department of Civil Litigation, filed a petition to the Civil Court for revocation of the arbitral award, Undecided Dispute No. 50/2543, Decided Dispute No. 34/2560, to be Undecided Dispute No. 3600/2560. The case is currently under consideration of the Civil Court. 4.26 Cost of land acquisition for rapid transit projects As of September 30, 2017, the land where EXAT arranged land acquisition for the Mass Rapid Transit Authority of Thailand (MRTA), but with no ownership transfer to MRTA, costs 304.80 million Baht. 4.27 Cost of land expropriation waiting to be paid As of September 30, 2017, EXAT’s compensation for land expropriation waiting to be paid to the individuals whose land was expropriated but have not come to receive the money yet, is deposited at Government Savings Bank in the amount of 357.30 million Baht. 121

SofigEnxifpicreasnst wSataytiUstsicasge Comparison of traffic volume on Chaloem Maha Nakhon, Si Rat, Chalong Rat, Burapha Withi, Udon Ratthaya, Kanchanaphisek (Bang Phli-Suksawat) and Si Rat-Outer Bangkok Ring Road expressways in fiscal year 2013-2017. Year 2017 31,100,016 53,851,815 81,002,564 136,386,589 257,612,658 17,187,801 94,146,439 138,140,347 258,320,962 136,882,311 251,493,749 Year 2016 29,658,69551,169,665 77,880,418 1,349,883 93,862,631 Year 2015 26,868,869 51,017,80171,892,014 85,536,129 131,756,605 240,151,737 Year 2014 25,122,877 50,992,50607,911,721 76,120,745 136,462,061 244,228,179 Year 2013 24,863,092 49,804,96259,855,519 72,403,119 0 50,000,000 100,000,000 150,000,000 200,000,000 250,000,000 300,000,000 Chaloem Maha Nakhon Si Rat Chalong Rat Burapha Withi Udon Ratthaya Total number of vehicles in Kanchanaphisek (Bang Phli-Suksawat) Si Rat-Outer Bangkok Ring Road 2017 is 671,287,882 units Traffic volume on expressways classified by routes in fiscal year 2017 132,273,401 Chaloem Maha Nakhon 3,347,959 765,229 253,481,516 Si Rat 3,853,352 277,790 79,933,955 Chalong Rat 926,206 142,403 Burapha Withi 2,317,635 51,086,601 447,579 30,693,640 Udon Ratthaya 359,025 47,351 (BangKaPnhclih-Sanuakspahwisaetk) 7,697,999 82,212,535 4 Wheels BangkokSiRRinagt-ORuotaedr 4,235,905 6-10 Wheels >10 Wheels 17,069,259 300,000,000 113,504 5,038 Total 671,287,882 units 0 100,000,000 200,000,000 122

Traffic volume on Chaloem Maha Nakhon Expressway (First Stage Expressway System) classified by toll plaza for fiscal year 2017 Din Daeng 6,533,636 19,749,412 Petchaburi 3,430,514 1,236,627 Sukhumvit 2,427,342 5,462,396 Rama IV 1 River Side 2,926,932 6,542,248 Port 1 2,908,854 7,190,511 Port 2 At Narong 3,385,808 Sukhumvit 62 1,286,650 4,661,391 1,930,140 3,056,935 1,295,885 1,731,319 4,881,973 Bang Na 1,744,361 5,979,794 18,758,477 Sathu Pradit 1 1,356,658 4,632,568 18,519,241 Sathu Pradit 2 610,899 Suksawat 2,823,608 8,827,665 Dao Khanong 5,760,002 Rama IV 2 2,368,799 5,666,436 Din Daeng 1 3,313,438 1,085,334 Bang Chak 3,052,626 7,112,064 At Narong 1 (Bang Na) 1,362,1772,984,438 At Narong 1 (Port) 2,350,528 6,413,757 At Narong 3 440,659 145,760 - 5,000,000 10,000,000 15,000,000 20,000,000 25,000,000 Traffic volume includes all types of vehicles (number) Total 136,386,589 units Traffic volume includes four-wheel-drive vehicles using Easy Pass (number) 123

Traffic volume on Si Rat Expressway (Second Stage Expressway System) classified by toll plaza for fiscal year 2017 Asok 1 3,107,264 8,434,203 Asok 2 2,073,358 Phahon Yothin 1 946,995 20,793,466 Phahon Yothin 2 2,014,708 Khlong Prapa 1 789,994 Khlong Prapa 2 2,124,892 Phahon Yothin Area 643,158 Bang Sue 2,883,465 Ratchadaphisek 1,176,382 Prachachuen (inbound) Urban 3,876,423 Bang Sue 2 1,644,222 Sathu Pradit 3 4,992,990 Chan 1,802,113 Sathon Surawong 3,037,233 Saphan Sawang 649,307 Hua Lamphong Uruphong 1,267,690 3,666,412 Yommarat Rama III 4,744,764 7,281,870 Asok 4 1,763,458 Prachachuen (Outbound) 1,626,136 Ngam Wong Wan 1 710,255 Ngam Wong Wan 2 1,404,900 4,015,891 Prachachuen 1 2,571,711 Prachachuen 2 1,083,201 6,258,147 Prachachuen (Inbound) Suburban 2,219,776 Srinagarindra 4,203,680 Asok 3 1,827,251 Rama IX 5,679,952 2,155,504 Ramkhamhaeng 551,619,5285,472 Rama IX-1 8,117,125 Asok 3-1 2,732,142 2,336,689 - 932,115 24,417,825 23,047,032 9,534,258 20,793,466 4,053,675 8,604,890 22,982,969 1,257,389 4,433,182 22,130,530 1,307,818 6,662,978 1,991,255 8,927,523 2,387,174 7,281,870 8,498,072 5,302,019 8,727,084 1,916,312 11,442,240 2,821,495 1,183,596 1,738,487 5,080,134 5,561,007 10,000,000 20,000,000 30,000,000 Total 257,612,658 units Traffic volume includes all types of vehicles (number) Traffic volume includes four-wheel-drive vehicles using Easy Pass (number) 124

Traffic volume on Chalong Rat Expressway (Ram Inthra-At Narong Expressway and Ram Inthra-Outer Bangkok Ring Road Expressway) classified by toll plaza for fiscal year 2017 Ram Inthra 1,873,307 5,432,023 Yothin Phatthana 2,815,093 6,527,271 Lat Phrao 1,470,853 4,282,696 Pracha Uthit 2,156,476 5,015,262 2,051,410 6,290,418 Rama IX-2 Rama IX-1 (Chalong Rat) 4,284,266 9,987,221 4,459,347 Phatthanakan 1 1,514,598 2,839,664 Phra Khanong 1,764,003 6,172,106 At Narong 2 (Port) At Narong 2 (Bang Na) - 1,729,533 3,214,189 Phatthanakan 2 978,851 2,396,069 At Narong 3-S1 Ram Inthra 1 2,078,223 4,123,828 5,622,724 4,182,441 Sukhaphiban 5-1 1,474,451 Sukhaphiban 5-2 1,593,970 10,592,971 Chatu Chot 363,583 1,348,990 - 3,475,170 6,000,000 9,000,000 12,000,000 3,000,000 Total 81,002,564 units Traffic volume includes all types of vehicles (number) Traffic volume includes four-wheel-drive vehicles using Easy Pass (number) Traffic volume on Burapha Withi Expressway (Bang Na-Chon Buri Expressway) classified by toll plaza for fiscal year 2017 Bang Na km. 6 (inbound) 1,756,971 3,946,734 Bang Na 3 Bang Kaew 4,602,824 10,707,867 Bang Na km. 9-1 647,593 1,391,946 6,426,551 Bang Kaew (ORR) 2865,1722,0818 Bang Na km. 9-2 2144,28744,600 1,877,342 Bang Phli 1 Bang Phli 2 630,852 1,447,248 3,190,270 Suvarnabhumi 1 Suvarnabhumi 2 1,106,884 Mueang Mai Bang Phl 715,389 1,545,426 Bang Sao Thong 329,8901,004,867 2,755,788 Bang Bo 1,036,208 Bang Phli Noi 3,681,480 Bang Samak 1,505,193 327,8601,008,508 Bang Wua 528,112 1,655,673 Bang Pakong 1 3,774,787 Bang Pakong 2 1,208,540 4102,383,0631 Chon Buri 478,950 1,542,337 2609,,678360 8,577,154 2,359,139 - 3,000,000 6,000,000 9,000,000 12,000,000 Total 53,851,815 units Traffic volume includes all types of vehicles (number) Traffic volume includes four-wheel-drive vehicles using Easy Pass (number) 125

Traffic volume on Udon Ratthaya Expressway (Bang Pa-in-Pak Kret Expressway) classified by toll plaza for fiscal year 2017 Mueang Thong Thani (Outbound) 517,837 1,259,974 Mueang Thong Thani (Inbound) 842,142 Si Saman (Outbound) 2,036,306 3,817,653 Si Saman (Inbound) 1,353,969 2,000,000 3,943,850 Bang Phun (Outbound) Bang Phun (Inbound) 1,337,787 2,530,535 3,515,588 Chiang Rak (Outbound) 3,000,000 3,235,365 Chiang Rak (Inbound) 752,837 Bang Pa-in (Outbound) 3,575,803 Bang Pa-in (Inbound) 967,745 3,800,430 - 854,645 3,384,512 4,000,000 886,786 854,595 753,697 1,000,000 Total 31,100,016 units Traffic volume includes all types of vehicles (number) Traffic volume includes four-wheel-drive vehicles using Easy Pass (number) Traffic volume on Kanchanaphisek Expressway (Bang Phli-Suksawat) classified by toll plaza for fiscal year 2017 Bang Khun Thian (Exit 1) 2,355,166 11,624,285 Bang Khun Thian (Exit 2) 2,434,287 520,952 7,983,736 Bang Khun Thian (Exit 3) 1,338,492 Bang Khru (Exit 1) 5,899,713 Bang Khru (Exit 2) 1,590,521 Pak Nam (Exit 1) 4,411,401 Pak Nam (Exit 2) 840,958 Pak Nam (Exit 3) 2,362,561 Pak Nam (Exit 4) 669,485 2,025,340 555,097 332,669960,239 519,175 1,818,119 9,974,229 Pu Chao Saming Phrai (Outbound) 3,327,965 Bang Mueang (Exit 1) 1,206,690 3,835,699 Bang Mueang (Exit 2) 3,743,771 Bang Mueang (Exit 3) 1,127,568 4,255,624 Thepharak (Exit 1) Thepharak (Exit 2) 215,167814,701 1,568,345 3,371,827 Thepharak (Exit 3) 3,355,687 Thepharak (Exit 4) 626,491 1,939,848 Bang Kaew (Exit 1) 4,111,637 874,678 1,076,346 5,613,525 Bang Kaew (Exit 2) 11 9,321,234 8,400,613 Bang Kaew (Exit 3) 1,809,758 9,000,000 - 3,000,000 6,000,000 12,000,000 Traffic volume includes all types of vehicles (number) Total 94,146,439 units Traffic volume includes four-wheel-drive vehicles using Easy Pass (number) 126

Traffic volume on Si Rat-Outer Bangkok Ring Road Expressway classified by toll plaza for fiscal year 2017 Chim Phli (Inbound) 1,447,095 4,611,269 Taling Chan (Inbound) Borommaratchachonnani (Inbound) 933,545 2,473,874 Bang Bamru (Inbound) 1,932,849 Bang Phlat (Outbound) 522,061 997,879 Bang Kruai (Inbound) 2,630,982 308,550 2,639,205 Rama VII Bridge 4126,416,1291 Kamphaeng Phet 2 (Outbound) 159,476 534,465 3,000,000 Bang Sue 1 (Outbound) 422,284 1,206,087 0 685,207 1,077,368 2,000,000 4,000,000 5,000,000 1,000,000 Total 17,187,801 units Traffic volume includes all types of vehicles (number) Traffic volume includes four-wheel-drive vehicles using Easy Pass (number) 127

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130 Si Sa(OmuatnboTuonlldP) laza TS(Ioni lbSl oaPumlanazdna) Muang(OTuhtobnogunTdol)l Plaza Muang (TInhboonugnTdo)ll Plaza SukThoalpl hPiblaazna 5-2 Chatu Chot Toll Plaza RaTmollInPtlhazraa 1 SukThoalpl hPiblaazna 5-1 NgaTmowlloPnlgazwaan 1 NgaTmowlloPnlgazwaan 2 RTaomll PInlathzraa Toll PPrlaazcaha(Ochuutbeonund) TollPPralaczhaac(Ihnubeonund) PraTcohllaPchlauzean 1 Prachachuen 2 Toll Plaza Ratchadaphisek Toll Plaza Bang Sue Toll Plaza YothTionllPPhlaatztahana Lat Phrao Toll Plaza

Khlong Prapa 1 Toll Plaza Phaholyothin Toll Plaza KhlToonlgl PPlarazpaa 2 1 Toll DTionllDPalaeznag DTinolDl aPelanzga1 RTaomll aPlIaXz-a2 Phaholyothin Plaza Rama IX Toll Plaza Rama IXT-o1ll(PClhaazlaong Rat) Pracha Uthit Toll Plaza Asoke 3 Toll Plaza YToomll mPlaarzaat PhTaohlollyPolathzain 2 TAoslloPkleaz2a TUorlul pPolanzga PTeotlcl hPalabzuari Asoke 4 Toll Plaza RamTaoIlXl -P1la(zSai Rat) STuokllhPulmazvait Asoke 1 Toll Plaza Srinakarin Toll Plaza HuaToLllaPmlpazhaong SapThoallnPSlaazwaang RamToklhl aPmlahzaaeng PhaTtothllaPnlaakzaan 2 Rama IV 1 Toll Plaza PhTraollKPhlaanzoang Phatthanakan 1 Toll Plaza ATt oNllaProlanzga2 Port 2 Toll Plaza SToulrlaPwloanzag Rama IV 2 Toll Plaza Chan Toll Plaza ToSlal tPhloanza SaTthoull PPrlaazdait 1 Port 1 Toll Plaza At Narong 1 Toll Plaza RToivlel rPSlaizdae At Narong Toll Plaza DaToolKl hPalanzoang Rama III Toll Plaza SaTthoull PPrlaazdait 2 SuTkohlluPmlvaizta62 Suksawat Toll Plaza SaTthoull PPrlaazdait 3 BTaonllgPClahzaak TBoallnPglaNzaa (OuBtbaonugndN)aTkomll .P6laza (InBboaunngdN) aToklml P. l6aza BTaonllgPKlaazeaw 131

132 Burapha Withi Expressway (Bang Na-Chon Buri Expressway) PhrTaolKl hPalanzoang AtToNlal rPolnagza2 At Narong 1 Toll Plaza SuTkohlul mPlvaitza62 BTaonlgl PClahzaak (OuBtbaonugnNda) Tkomll.P6laza TBoalnl gPlNazaa Bang Kaew (Exit 3) Toll Plaza Bang Na km. 9-1 Toll Plaza Bang Na km. 9-2 Toll Plaza Bang Na km. 9-3 Toll Plaza Bang Na km. 6 (Inbound) Toll Plaza Bang Kaew (ORR) Toll Plaza (ExitP2a)kTNoallmPlaza Bang Kaew Toll Plaza Suvarnabhumi 2 Toll Plaza (InbouPnadk2N) aTmoll Plaza Bang Kaew (Exit 1, 2) Toll Plaza Bang Phli 2 Toll Plaza (EBxaitn3g) MToulel aPnlagza (InbouTnhdep2h)aTroalkl Plaza Bang Phli 1 Toll Plaza Suvarnabhumi 1 Toll Plaza (EBxaitn1g) MToulel aPnlagza Bang Kaew (inbound) Toll Plaza Thepharak (Exit 4) Toll Plaza Bang MuTeoalnl gPl(ainzabound 2) Thepharak (Exit 3) Toll Plaza (inbBouanndg M1)uTeoalnl gPlaza Thepharak (Exit 2) Toll Plaza Bang Bo Toll Plaza Thepharak (Exit 1) Toll Plaza (EBxaitn2g) MToulel aPnlagza Thepharak (Inbound 1) Toll Plaza MueanTgoMll aPilaBzaang Phli Bang Sao Thong Toll Plaza Bang Phli Noi Toll Plaza Bang Samak Toll Plaza Bang Wua Toll Plaza Bang Pakong 1 Toll Plaza

Udon Ratthaya Expressway Bang Pa In Inbound Toll Plaza Bang Pa In Outbound Toll Plaza OutbCohuinadngToRlal kPlaza CThIonialblnoPgulanRzdaak OutbBoaunngd PTohlulnPlaza BTIaonnlblgoPuPlanhzduan Sisaman Outbound Toll Plaza MOuuetbaonugnTdhToonlgl PTlhaaznai TSIonilsblaoPmulanazdna MIunebaonugndThToonllgPTlahzaani 133

134 Kanchanaphisek Expressway (Bang Phli-Suksawat) Dao Khanong Toll Plaza BTaonllgPClahzaak Bang Na Toll Plaza Suksawat Toll Plaza (OuBtbaonugndN)aTkomll .P6laza Bang Kaew 3 (Exit 3) Toll Plaza Bang Khun Thian (Exit 1) Toll Plaza (InBboaunngdN) aToklml P. l6aza Bang Na km. 9-1 Toll Plaza Bang Kaew Toll Plaza Bang Na km. 9-2 Toll Plaza Bang Khun Thian (Inbound 1) Toll Plaza Bang Khun Thian (Inbound 2) Toll Plaza Bang Na km. 9-3 Toll Plaza Bang Khun Thian (Exit 2) Toll Plaza Pak NToalml P3la(zEaxit 1) Pak NToalml P3la(zEaxit 2) Bang Kaew (ORR) Toll Plaza Bang Khun Thian (Exit 3) Toll Plaza Pak NaTmoll1P(lIanzbaound 1) SuvTaornllaPblhauzami 2 BangTKohllruPl3az(aExit 2) BTaonlgl PPlahzlia2 BangTKohllruPl2az(aExit 1) Pak NToalml P3la(zEaxit 3) Pak NaTmoll2P(lIanzbaound 2) Bang KTaoelwl P2la(zEaxit 1, 2) BTaonlgl PPlahzlia1 SuvTaornllaPblhauzami 1 (EBxaint g3)MTuoellaPnlgaz2a (InboBuanndg1K) hTroull 1Plaza (InboTuhnedp2h)arTaokll 4Plaza Bang Kaew 1 Inbound Toll Plaza Thepharak 5 (Exit 4) Toll Plaza Bang Mueang 3 (Exit 1) Toll Plaza (InbBoaunngdM2)ueTaonllgP2laza Thepharak 4 (Exit 3) Toll Plaza Pak Nam 2 (Exit 4) Toll Plaza (InbBoaunngdM1)ueTaonllgP1laza Thepharak 3 (Exit 2) Toll Plaza Thepharak 2 (Exit 1) Toll Plaza Bang MTuoellaPnlgaz4a(Exit 2) ThepharTaokll 1Pl(aInzbaound 1)

Si Rat-Outer Bangkok Ring Road Expressway ถ.โยธาธกิ าร นนทบรุ ี 2002 Thonburi 2 ถ. ัวฒนธรรม 135 Pรพr

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