EXAT-AnnualReport2021_EN

ANNUAL REPORT 2021 Note to the Financial Statements For the year ending on September 30, 2021 1. General information As a state enterprise to the Ministry of Transport, the Expressway Authority of Thailand was established in pursuance of the Revolutionary Council’s Notification No. 290 on November 27, 1972. Subsequently, the Expressway Authority of Thailand Act B.E. 2550 (2007) was promulgated on January 9, 2008. It is located at 111, Rim Klong Bang Kapi Road, Bang Kapi Subdistrict, Huai Kwang District, Bangkok 10310. Its objectives are : 1. Construct or provide expressways by any means and maintain them. 2. Operate, or conduct business on, expressways and other business that is expressway related or is beneficial to itself. 2. Criteria for Presentation of Financial Statements 2.1 The EXAT’s financial statements have been prepared in accordance with generally accepted accounting principles under the Accounting Act, B.E. 2543 (2000), which refer to the accounting standards issued under the Accounting Profession Act, B.E. 2547 (2004), which includes the EXAT’s accounting transactions of the Employee Welfare Fund ; 2.2 Use of estimates : In the preparation of the financial statements in conformity with generally accepted accounting principles, the management must use estimates and assumptions, which affect the book value of the assets, liabilities, revenues, and expenses reported in the financial statements. The estimates and assumptions are based on the experience and factors that the management has reasonable confidence in under the circumstances. Thus, the actual results may differ from the estimates and assumptions. 2.3 Thai Accounting Guidance : The Thai Accounting Standards (TAS) were effective for the accounting period starting on or after January 1, 2022. - Thai Accounting Guidance, Title : The Financial Instruments and Presentation for Insurance Business - Thai Accounting Guidance, Title : Guidance on Relief Measures to Debtors Impacted by the Coronavirus 2019 The EXAT’s management has conducted assessment and regarded that the adoption of the Accounting Guidance as mentioned above had no material impact on the financial statements in the first year of adoption. 99

Expressway Authority of Thailand 2. Criteria for Presentation of Financial Statements (Continued) 2.4 The Financial Reporting Standard issued by the Federation of Accounting Professions, which the EXAT has implemented : EXAT adopted financial reporting standards issued by the Federation of Accounting Guidance under the Royal Patronage of His Majesty the King, effective for the accounting perior on or after January 1, 2020. Such financial reporting standards had been revised or made available so that its content is consistent with the International Finance reporting standards where most of them are with clear explanations of accounting practices and guidance for accounting users, which the management has considered that there is no material impact on the financial statements of the Expressway, except for financial reporting standards, financial Instruments, and the TFRS 16 Lease Agreements, which summarizes the changes in key principles as follows : Thai Financial Reporting Standards (TFRS), Financial Instruments Thai Financial Reporting Standards, the Thai Financial Instruments consist of 5 Thai Financial Reporting Standards (TFRS) as follows : - TFRS 7 : Financial Instruments : Disclosures - TFRS 9 : Financial Instruments - TAS 32 : Financial Instruments : Presentation - TFRIC 16 : Hedges of a Net Investment in a Foreign Operation - TFRIC 19 : Extinguishing Financial Liabilities with Equity Instruments Financial reporting standards for the aforementioned groups establish principles for classification and measurement of financial instruments’ value at fair value or amortized cost based on the type of financial instrument, characteristics of contract, cash flows, and business model. The principles of calculation, impairment of financial instruments using the concept of expected credit loss, and principles on hedge accounting with the presentation and disclosure of financial instruments. TFRS 16 : Lease Agreements TFRS 16 replaces the TAS 17 : Leases and Accounting Standard Interpretation. In this regard, the standard established the principles of recognition, value measurement, listing, and disclosure of lease agreements, as well as requiring the lessee to recognize assets and liabilities for every lease agreement with a lease term of more than 12 months, unless the underlying asset is of low value. Accounting for lessees has not changed significantly from the TAS 17. The lessor is still required to classify a lease as a lease operate or lease finance contracts using the same principles as the TAS 17. 100

ANNUAL REPORT 2021 3. Summary of Significant Policies 3.1 Cash and cash equivalent, which includes cash and bank deposits with the payment due within three months and has no obligation; 3.2 Materials, which are presented as costs using weighted averages; 3.3 Bad debt; will be disposal from the account receivable if the debtor has not paid the debt when it is due, and the agency has taken action to collect the debt from the debtor. In the end, and it is quite certain that the debt will not be paid in accordance with the regulations of the Expressway, it will proceed to sell the debtor from the account. 3.4 Land, buildings, and equipment are presented as costs on the day of purchase or acquisition less accumulated depreciation The allowance for depreciation is calculated using the linear technique to decrease the book value of respective types of assets throughout their estimated useful lives, except for land, which has an unlimited useful life. Below is the useful life of the assets: Expressway 75 years Building and building improvement 5-40 years Toll collection equipment and equipment on the expressway 10 years Electric pole and its components 25 years Office supplies/Tools 5 years Vehicle 5-15 years The EXAT records the list of assets that are buildings and components as separate items, except for old buildings with an expiring accounting useful life. When the assets are disposed of out of the account, the EXAT records the amortization of the assets with their accumulated depreciation out of the account and records the gain and loss of the asset disposal in the comprehensive income statement. 3.5 Intangible assets, i.e. expenses for the right to use computer software, which is presented as costs on the day of purchase or acquisition. The amortization is calculated using the linear technique on a 5-year useful life basis. 3.6 Land use rights, which are presented as costs. As the right is not subject to a time limit, there is no amortization as expenses. 3.7 Government loan The accounting policy has been in effect since October 1, 2020. The EXAT recognized interest-bearing from government loans at an initial value for government loans with no interest. The EXAT considered a benefit from receiving loans from the government at a lower interest rate than the market rate as subsidies from the government. The EXAT measures value with fair value and in the statement of financial position, recorded it as income awaiting recognition and systematically recognized government subsidies in profit or loss throughout the period for which the cost of the subsidy is recognized by the entity paid as compensation. 101

Expressway Authority of Thailand 3. Summary of Significant Policies (Continued) 3.7 Government loan (Continue) Accounting policy in effect before October 1, 2020. Government loans are money that the EXAT borrows from the government, which may or may not with interest and also shown the initial value amount of the loan portion due within one year from the end of the period in the statement of financial position, and it will be presented as liabilities under long-term liabilities section due within one year. 3.8 Deferred revenues 3.8.1 Deferred revenue from the joint venture, which is recorded to be recognized as liabilities coupled with the assets acquired from the joint venture and recognized as revenue based on the joint venture agreement term; 3.8.2 Deferred revenue from the government grant (land ownership fee), which the EXAT receives from the government to pay for construction, land acquisition, and other expressways costs. It is recorded as liabilities coupled with assets and recognized as revenue based on the useful life of the assets. 3.8.3 Deferred revenue from the government grant (government loan), which the EXAT calculates according to the TAS 20 and TFRS 9 using the effective interest rate method to be recognized as interest subsidies and fees borne by the government in accordance with the repayment period. 3.9 Lease agreement The accounting policy has been in effect since October 1, 2020. Lease Agreement-In the event that the Expressway is a lessee : At the initial date of the contract, the EXAT will assess whether the contract is a lease or consists of a lease or not. The contract is either a lease or consists of a lease if the lease provides a right to control the use of the asset indicating for a period of time in exchange for a pay-off. The EXAT recognizes assets, rights of use, and rights under the lease agreement as of the contract starting date. The right-to-use assets are measured at cost, which comprises the initial measurement of the lease liability, adjusted by any lease payments at or before the lease effective date, resulting in initial direct costs incurred and estimated costs incurred for the tenant for dismantling and moving the underlying asset, restoration of the location of the underlying asset or restoring to the specified condition minus any lease incentives received. Liabilities, according to the lease contract, are measured at the present value of the lease payments which has not been paid on the date the lease contract becomes effective, which is discounted at the implied interest rate of the lease if the rate can be set at any time, but if it is not, the EXAT has to use the interest rate on the incremental borrowing of the Expressway. The lease payments are included in the measurement of the lease liabilities, consist of : - Fixed payment includes the fixed payment by content; 102

ANNUAL REPORT 2021 3. Summary of Significant Policies (Continued) 3.9 Lease agreement (Continue) - Variable rental payments based on index or rate of the initial measurement at the commencement date of the lease agreement; - Amount expected to be payable under the residual guarantee; - The price for exercising the right to purchase, if there is a reasonable certainty that the EXAT will exercise that purchase option which the said price is the expected rental fee to be paid during the renewal period under the purchase option; and - Payment of penalties for termination of the lease if there is a reasonable certainty that the EXAT will cancel the lease. The EXAT’s rights to use property is measured at cost less accumulated depreciation and accumulated impairment losses and adjusted by re-measurement of the lease liability. The EXAT will calculate the assets’ depreciation and rights of use on a linear technique basis from the date the lease becomes effective until the end of the useful life of the right-of-use asset or the contract expiration date, whichever comes first. However, if the lease transfers ownership of the assets references to the EXAT at the end of the lease agreement or if the cost of the right of use asset reflects that the EXAT will exercise the purchase option, the EXAT shall depreciate the right of use asset from the commencement date of the lease agreement effective until the end of the useful life of the asset is referenced to the useful life of the right-of-use asset is determined using the same principle, with considering the useful life of land, buildings, and equipment. Lease liabilities are re-measured whenever there is a change in the amount expected to be paid in the future, which may arise from the following changes : - Changing of the index or rate used to determine those payments; - Changing of the amount expected to be payable under the residual guarantee; - The EXAT changes in the assessment of the exercise of purchase rights, rights to renew the contract, and the right to choose in termination of the lease. When lease liabilities are revalued to reflect a change in lease payments, the EXAT shall recognize the amount of the lease payments with the measurement of new lease liabilities by adjusting the right use asset; however, if the carrying value of the use right asset has dropped to zero, and there is an additional reduction from the measurement of lease liabilities, the EXAT shall recognize the residual amount of the revaluation in profit or loss. Short-term lease and lease contracts in which assets are of low value. The EXAT may choose not to recognize use rights assets and liabilities for the short term lease, which is a lease agreement of 12 months or less, or a lease in which the underlying asset is of low value. The EXAT recognizes the lease payments related to the said lease as an expense according to the linear technique throughout the lease term. 103

Expressway Authority of Thailand 3. Summary of Significant Policies (Continued) 3.9 Lease agreement (Continued) Lease Agreement-In the event that the Expressway is the lessor : The EXAT considers at the outset of each lease as a finance lease or an operating lease. In categorizing each lease agreement, the EXAT shall assess whether the contract transfers risks and rewards nearly all of the underlying assets the owner should receive that the lease has all risks and rewards transferred or not, if so such leases are classified as financial leases, or if not in accordance with the said lease agreement, it is classified as an operating lease. Assets leased under operating lease agreements are including shown in the statement of financial position under Land, Building, and Equipment and are depreciated over the useful life of the assets with the same criteria as the list of land, buildings, and equipment of the Expressway, which have similar characteristics of rental income (net of incentives paid to the lessee) is recognized on a linear technique basis throughout the rental period. 3.10 Employee benefit obligations Employee benefits obligations-The benefits for individual types of employees are recognized and measured as follows : 3.10.1 Short-term employee benefits-They are recognized as expenses in the period when the transactions are incurred; 3.10.2 Other long-term employee benefits-They use actuarial estimates and the projected unit credit method to determine the present value of the obligations related to current employee benefit expenses, which are recognized as liabilities in the financial position statement and recognized as expenses in the comprehensive income statement, if there are actuarial gains and losses, they are recognized as revenues or expenses in the accounting period; 3.10.3 Post-employment benefits-They use actuarial estimates and the projected unit credit method to determine the present value of the obligations related to the past and present employee benefit expenses. They are recognized as liabilities in the financial position statement and recognized as expenses in the comprehensive income statement. If there are actuarial gains and losses, they are recognized as revenues or expenses in the accounting period. 3.11 Aid Fund and Provident Fund The EXAT established the AID Fund with the objective to provide assistance to its employees in the event of retirement by paying monthly contributions at the rate of 10 percent of the salary of member employees. This is recognized as an expense in the EXAT’s comprehensive income statement for the whole amount. Accounting transactions of the Fund are included in the EXAT’s financial statements. The revenues and expenses from the operation of the Aid Fund are recognized as the EXAT’s revenues and expenses. The EXAT and its employees jointly established “The EXAT Employee Provident Fund, which was registered under the Provident Fund ACT, B.E. 2530 (1987) on October 1, 1996. The EXAT pays contributions for the fund members working at the EXAT for less than 10 years, 10-20 years, and over 20 years at the rate of 9,10, and 11 percent of their monthly salary, respectively. 104

ANNUAL REPORT 2021 3. Summary of Significant Policies (Continued) 3.11 Aid Fund and Provident Fund (Continued) The employees pay a contribution to the Fund every time they are paid a wage at the rate at least two percent but not over 15 percent of their wage. The EXAT appointed SCB Asset Management to manage the Fund from 2020-2023. 3.12 Revenue recognition 3.12.1 Toll revenue, which will be recognized as revenue once there are service users; 3.12.2 Land use revenue-The EXAT will receive funds from the joint venture of the Si Rat Expressway Project. The revenue will be recognized as revenue based on the linear technique based on the agreement term; 3.12.3 Interest revenue, which will be recognized on a time-proportional basis with the actual rate of return taking into account; 3.12.4 Donation revenue, which is recognized as revenue in the period when its transactions are incurred; 3.12.5 Government grant revenue, which is recognized as revenue based on the expressway’s useful life. 3.13 Government grant The grant for the land acquisition cost, construction cost, and others is recoded as deferred liabilities to be recognized as revenue in the comprehensive income statement based on the useful life of the expressway projects. 3.14 Financial costs The finance costs include interest expenses, loan fees, and other expenses related to long-term loans. As for the interest expenses arising from long-term loans borrowed for the purpose of acquiring fixed assets and if the fixed assets are under construction, they are recognized as works during construction. The interest expenses arising from loans borrowed for the purpose of internal working capital are recognized as expenses in the period in which they are incurred in the whole amount. 3.15 Accounting related to projects under the PPP scheme The assets acquired from the joint venture are recognized as deferred revenues from the joint venture, whereby the assets will amortize the depreciation over the useful life the assets. The deferred revenue will be recognized as revenue based on the period of the joint venture agreement. 105

Expressway Authority of Thailand 4. Adjustment of accounting On February 20, 2020, the EXAT signed a contract for the Second Stage Expressway System (The Si Rat Expressway including Section “D”), and the Bang Pa-In-Pak Kret Expressway Project Agreement (Udon Ratthaya Expressway) revised version to extend the period of the concession agreement for an additional 15 years and 8 months, and both parties must terminate and revoke the dispute under the original mutual contract, both in the part that the Supreme Administrative Court had already made a judgment and the part that is still a dispute or a case that has not yet been settled by signing to amend the two contracts, the accounting entries have not yet been recognized, which affects the financial statements for the year ending September 30, 2020, as previously reported. Therefore, retrospectively updated as follows: Statement of financial position as of September 30, 2020 Unit : Million Baht Balance after Previous report Increase adjustment Adjustment (Decrease) 104,155.22 - Revenue waiting to be recognized 32,165.34 71,989.88 (20,599.19) Total liability increase 51,390.69 71,989.88 (71,989.88) Balance after - Retain earning (71,989.88) adjustment Total capital decrease 5,357.85 Statement of comprehensive income for the year ending September 30, 2020 75,295.36 (65,277.36) - Other revenue Previous report Increase Total revenue increase Adjustment (Decrease) 3,354.31 - Administrative expense 2,003.54 Total expenses increase 1,301.94 2,003.54 73,993.42 - Net profit (net loss) 6,712.52 73,993.42 (71,989.88) 5. Additional data Unit : Million Baht 5.1 Cash and cash equivalent 2021 2020 Cash 59.46 73.99 Bank Deposit Total 10,026.61 6,776.75 10,086.07 6,850.74 106

ANNUAL REPORT 2021 5. Additional data (Continued) Cash valued at 59.46 million baht consisted of 23.85 million baht petty cash and 35.61 million baht cash from the toll fees, toll coupons, and Easy Pass top-ups as of September 30, 2021, which was waiting to be deposited on the next business day. Part of the 10,026.61 million baht bank deposit came from the TFF, amounting to 3,824.91 million baht, which aimed to pay for the construction cost of the Rama III-Dao Khanong Expressway. 5.2 Temporary investment Unit : Million Baht 2564 2563 Fixed deposit for more than 3 months 11.87 11.15 - Krung Thai Bank (Aid Fund) 1,000.00 - - SME Development Bank 14,800.00 - - Government Housing Bank 500.00 - Export-Import Bank of Thailand - 511.15 15,811.87 Total 5.3 Accrued government grant : which the EXAT will receive from the government to pay for the land acquisition cost. Unit : Million Baht 2564 2563 Balance carried forward at the beginning of the period 707.54 1,017.09 Minus the interim grant Balance at the end of the period 87.27 309.55 620.27 707.54 In 2021, the EXAT received a government grant accounting to 4.34 million Baht to pay for the land acquisition cost for the Si Rat Expressway-Bangkok Outer Ring Road Expressway Project and 82.93 million baht for the Rama III-Dao Khanong Expressway Project. 5.4 Other current assets Unit : Million Baht 2564 2563 Employee guarantee deposited at the bank 19.38 19.66 Office supplies Advance payment for the construction cost 43.84 51.55 VAT credit refund 864.43 1,368.05 Others Total 1.05 - 62.02 32.73 990.72 1,471.99 107

Expressway Authority of Thailand 5. Additional data (Continued) 5.5 Fixed deposit with obligation : The EXAT has a fixed deposit used for guaranteeing the housing loans for its employees as a fringe benefit, 161.59 million baht for the year 2021 and 156.49 million baht for the year 2020. 5.6 Over 1 year fixed deposit : this comes from fundraising through the TFF. Unit : Million Baht 2021 2020 - Krung Thai Bank (Aid Fund) - 1,209.00 - SME Development Bank 2,000.00 - - Government Housing Bank 10,660.00 33,444.00 - Islamic Bank of Thailand 2,450.00 3,533.00 - Export-Import Bank of Thailand 1,218.00 1,218.00 Total 16,328.00 39,404.00 5.7 Land, buildings, and equipment-net 30 September 2021 Unit : Million Baht Cost Accumulated depreciation Land, thBeapolbaefenrtgichoineednaint g Increase Decrease Btapholaeefnrteichoneeddat tBhaepolabefnerticghoienedinatg Depreciation Increase Decrease Btapholaeefnrteichoeneddat buildings, and equipment- net Land 82,542.26 36.44 1.83 82,576.87 - -- - - 82,576.87 Expressways 133,927.89 470.26 - 134,398.15 35,748.56 2,159.89 - - 37,908.45 96,489.70 Buildings 2,610.50 31.30 - 2,641.80 1,174.59 77.43 - - 1,252.02 1,389.78 Office Supplies 2,408.27 232.15 50.33 2,590.09 1,918.27 214.30 - 50.31 2,082.26 507.83 Tools 196.70 10.11 1.55 205.26 150.66 15.65 - 1.55 164.76 40.50 Vehicles 1,194.24 51.30 71.10 1,174.44 687.78 83.65 - 71.10 700.33 474.11 Total 222,879.86 831.56 124.81 223,586.61 39,679.86 2,550.92 - 122.96 42,107.82 181,478.79 30 September 2020 Unit : Million Baht Cost Accumulated depreciation Land, thBeapolbaefenrtgichoineednaint g Increase Decrease Btapholaeefnrteichoneeddat tBhaepolabefnerticghoienedinatg Depreciation Increase Decrease Btapholaeefnrteichoeneddat buildings, and equipment- net Land 82,255.43 303.01 16.18 82,542.26 - - -- - 82,542.26 Expressways 133,741.25 186.64 - 133,927.89 33,550.59 2,197.97 - - 35,748.56 98,179.33 108

ANNUAL REPORT 2021 5. Additional data (Continued) 5.7 Land, buildings, and equipment-net (Continued) 30 September 2020 Unit : Million Baht Cost Accumulated depreciation Land, buildings, bBepoaagetflianrttinhhonceedineg Increase Decrease Btapholaeefnrteichoneeddat Bbpoaaeeftlgarittninhhoinceedge Depreciation Increase Decrease Bpoaaeetflanrttinhhdoceede and equipment- net Buildings 2,601.38 9.12 - 2,610.50 1,093.17 81.42 - - 1,174.59 1,435.91 Office Supplies 2,295.24 157.72 44.69 2,408.27 1,749.90 213.06 - 44.69 1,918.27 490.00 Tools 175.67 25.07 4.04 196.70 142.25 12.45 - 4.04 150.66 46.04 Vehicles 1,227.58 26.93 60.27 1,194.24 663.54 84.51 - 60.27 687.78 506.46 Total 222,296.55 708.49 125.18 222,879.86 37,199.45 2,589.41 - 109.00 39,679.86 183,200.00 The value of the land as of September 30, 2021 had was 82,576.87 million baht, part of which was the piece of land located to the west of Sukhumvit Road, spanning approximately 5 rai 44.2 square wa. The EXAT made an MOU with the Mass Rapid Transit Authority of Thailand (MRTA) to allow the MRTA to use this land for the construction of the Green Line Project, Section : Bearing-Samut Prakan without time limit. The EXAT received a 78.94 million baht compensation for the land use and recognized it as a revenue in the whole amount on the day of receiving it. Details of the expressway-net 30 September 2021 Unit : Million Baht Cost Btapholaeefnrteichoneeddat Accumulated depreciation Expressway- thBeapolbaefenrtgichoineednaintg Increase Decrease tBhaepolabefnerticghoienedinatg Depreciation Decrease Btapholaeefnrteichoeneddat net Expressways 5,859.89 10,583.47 TNhaekhCohnaEloxepmresMswahaay 11,322.61 123.41 - 11,446.02 5,352.74 233.39 - 5,586.13 10,411.32 16,373.62 5,573.35 216.80 - 5,790.15 19,440.31 The Si Rat Expressway 16,373.62 - - 15,311.72 4,660.70 239.70 - 4,900.40 10,548.52 28,590.54 8,680.02 470.21 - 9,150.23 1,686.45 TExhpereCshsawloayng Rat 15,248.26 63.46 - 15,107.61 4,357.53 201.56 - 4,559.09 17,390.54 2,269.58 550.95 32.18 - ETxhpereBsusrwapayha Withi 28,589.89 0.65 - 22,737.79 4,972.63 374.62 - 583.13 20,569.20 5,347.25 96,489.70 TExhpereUsdswonayRatthaya 15,107.61 - - TExhpereBsasnwgaNya-At Narong 2,269.58 - - ETxhpereKsasnwcahyanaphisek 22,455.05 282.74 - TExhpereSsisRwaat-yRing Road 22,561.27 - - 22,561.27 1,600.64 391.43 - 1,992.07 134,398.15 35,748.56 2,159.89 - 37,908.45 Total 133,927.89 470.26 - 109

Expressway Authority of Thailand 5. Additional data (Continued) 5.7 Land, buildings, and equipment-net (Continued) Details of the expressway-net (Continued) 30 September 2020 Unit : Million Baht Cost Accumulated depreciation Expressway- thBeapolbaefenrtgichoineednaint g Increase Decrease Btapholaeefnrteichoneeddat thBeapolbaefenrtgichoineednaintg Depreciation Decrease Btapholaeefnrteichoeneddat net Expressways 11,201.16 121.45 - 11,322.61 5,126.34 226.40 - 5,352.74 5,969.87 NThaekhCohnaEloxepmresMswahaay - 5,573.35 10,800.27 The Si Rat Expressway 16,373.62 - - 16,373.62 5,356.53 216.82 - 4,660.70 10,587.56 ETxhpereCshsawloayng Rat 15,236.77 11.49 - 15,248.26 4,419.34 241.36 - 8,680.02 19,909.87 ETxhpereBsusrwapayha Withi - 4,357.53 10,750.08 TExhpereUsdswonayRatthaya 28,589.05 0.84 - 28,589.89 8,208.19 471.83 - 1,718.63 TExhpereBsasnwgaNya-At Narong - 550.95 17,482.42 TExhpereKsasnwcahyanaphisek 15,107.61 - 15,107.61 4,155.96 201.57 - 4,972.63 TRhoeadSiERxpatre-OssuwtearyRing 20,960.63 2,269.58 - 2,269.58 518.78 32.17 - 98,179.33 Total 22,402.19 52.86 22,455.05 4,556.24 416.39 - 22,561.27 - - 22,561.27 1,209.21 391.43 - 1,600.64 133,741.25 186.64 - 133,927.89 33,550.59 2,197.97 - 35,748.56 5.8 Land use right : This dealt with compensation for land use by the State Railway of Thailand (SRT), covering 318 rai, 6 ngan, and 86.80 square wa. The land was used for the construction of the Si Rat-Outer Ring Road Expressway Project without land ownership rights transfer. The rate of compensation for the foundation (expressway piers) area represented 100 percent, which was based on the price fixed by the committee in charge of determining the initial prices of property to be expropriated and the compensation for the construction of the Si Rat-Bangkok Outer Ring Road Expressway (in comparison with the Immovable Property Expropriation Act, B.E. 2530 (1987). The rate of compensation for the elevated expressway accounted for 55 percent, with total compensation of 1,632.07 million baht. In 2018, a 17.34 million Baht compensation was paid for additional land use for the construction of the connected way from the Si Rat-Bangkok Outer Ring Road Expressway to the Si Rat Expressway to the north (headed to Chaengwattana). The total compensation amounted to 1,649.41 million baht. 110

ANNUAL REPORT 2021 5. Additional data (Continued) 5.9 Work during construction Unit : Million Baht 2021 2020 Expressway network stage 3, North line, section N2-Consultant fee, construction cost, and interest 1,305.61 1,305.61 The Rama III-Dao Khanong Expressway Project 6,526.19 2,054.06 Others 4,127.36 2,677.87 Total 11,959.16 6,037.54 5.10 Expenses on engineering management were waiting for transfer. This was a consultant fee for the project feasibility study and the study on environmental impacts and other impacts, which will be transferred as works during construction when the project construction starts. Consultant fee for the inspection of the foundation Unit : Million Baht of the Burapha Withi Expressway 2021 2020 Others 26.98 26.98 Total 42.74 42.74 5.11 Trade payables and other payables 69.72 69.72 Unit : Million Baht 2021 2020 Trade payables 731.99 876.46 Accrued expenses Accrued bonus for directors and employees 265.68 217.96 Accrued loan interest 1,542.95 819.60 Total 145.03 46.21 5.12 Long-term liabilities due within a year 2,685.65 1,960.23 Unit : Million Baht 2021 2020 Government loan 824.44 500.00 The EXAT’s bonds 5,700.00 5,000.00 Total 6,524.44 5,500.00 111

Expressway Authority of Thailand 5. Additional data (Continued) 5.13 Other current liabilities Unit : Million Baht 2021 2020 Withholding tax 20.65 26.59 Contract guarantee Deferred building tax 81.30 80.26 Employee guarantee payable Short-term employee benefit obligation 73.35 50.42 Others 19.38 19.66 total 127.68 108.65 23.53 81.02 345.89 366.60 5.14 Government loan, which the government lent to the EXAT without charging any interest, which was spent on paying for the load for construction projects. sdIunebcdosuimdciete/s Unit : Million Baht wraeictionggntizoebde Govleorannmsent Paid Bal2a0n2c0e in gBoavlearnncmeeonft Paid20d2u1ring Balance loan 1) The Si Rat Expressway Project 9,806.90 - 9,806.90 1,017.15 8,789.75 - 8,789.75 2 ) CTChoolenlesPtcrrtuoiocjentcioStynostonefmtthhee Toll 3,039.80 - 3,039.80 144.95 2,894.85 - 2,894.85 3) CTBEthxuhoeprenarnKepPeashrnsocawtcjeehWacdaytintWahoaninapdEyhtxhitbspheeereektwsseweany 4 ) tTECInhxhodepenurnKesPeatsrrnsociawtcjeelhacdRaytinnWaoagnnapdRyhtohitbsaheeedektween 1,273.20 - 1,273.20 60.71 1,212.49 12.63 1,199.86 2,459.00 2,000.00 459.00 21.89 437.11 437.11 - 16,578.90 2,000.00 14,578.90 1,244.70 13,334.20 449.74 12,884.46 Deduct The portion due within 824.44 a year. 12,060.02 Balance The EXAT has complied with TAS No. 20 : Accounting for Government Grants and Disclosures of Government Assistance pursuant to paragraph 10A, an organization shall assume the benefit of receiving a loan from the government at an interest rate that is lower than the market rate as subsidized by the government. Such loans shall be recognized and measured by complying with the TFRS No. 9 : Financial Instruments. The interest rate benefit below the market rates shall be measured using the difference between the book value of the initial borrowing required by the TFRS No.9 : 112

ANNUAL REPORT 2021 5. Additional data (Continued) 5.14 Government loan, which the government lent to the EXAT without charging any interest, which was spent on paying for the load for construction projects. (continued) Financial Instruments, and the money received such benefits must be accounted for in accordance with this accounting standard. The conditions and obligations that arise when determining the costs for which the benefits of the loan are to be paid are determined by an organization. The compliance of the TAS 20 by which the EXAT uses interest rates based on 7-year and 11-year government bonds under the remaining government loan repayment schedule as of September 30, 2021. The aforementioned interest rates were 1.105830 and 1.460876 percent, respectively, with an impact on the 2021 financial statements as follows : Government loans decreased by 1,244.70 million baht (or note No. 5.14), and revenues awaiting recognition of higher government subsidies by the same amount (note No. 5.17) during the fiscal year 2021, the items were recognized under the effective interest rate method. As a result, income from interest subsidies and government fees were borne by the government in the amount of 193.09 million baht, and items of interest expenses and fees that the government was liable for the same amount, which was recognized as interest on the loan accrued by the government in the amount of 142.84 million baht. 5.15 The EXAT’S bonds The EXAT’s bonds valued at 6,700 million baht minus the portion due within a year amounting to 5,700 million baht was equal to 1,000 million baht, which aimed to be spent on the implementation of different projects, as follows : Unit : Million Baht 2021 2020 Bonds whose principle and interest are the EXAT’s responsibility. 3,600.00 5,600.00 - Construction cost of the Burapha Withi Expressway 3,100.00 5,500.00 - Construction cost of the Kanchanaphisek Expressway - Construction cost of the Ramindra-Outer Ring Road Expressway - 600.00 6,700.00 11,700.00 Total 5,700.00 5,000.00 Minus The portion is due within a year. 1,000.00 6,700.00 Balance 5.16 Liabilities under the Agreement on Transferring the Right to Revenue to the TFF They were liabilities under the Agreements on Transferring the Right to Revenue to the TFF. On October 8, 2018, the EXAT entered into the Agreement on Transferring the Right to Revenue to the TFF for the Chalong Rat Expressway Project and for the Burapha Withi Expressway Project. The EXAT acted as the transferor and the TFF as the transferee. The EXAT agreed to share the transferred revenue as a full right of the TFF for 30 years (October 29, 2018-October 28, 2048). In relation to the transferred revenue representing 45 percent of the total revenue from the Chalong Rat Expressway and the Burapha Withi Expressway Projects after VAT deduction, the revenue to the EXAT was equal to royalties of the transferred revenue. On October 29, 2018, the royalties of the transferred revenue under the agreement received by the EXAT amounted to 44,811.00 million baht. 113

Expressway Authority of Thailand 5. Additional data (Continued) 5.16 Liabilities under the Agreement on Transferring the Right to Revenue to the TFF (Continued) The signing of the agreements was characterized by fundraising for the construction of the Rama III-Dao Khanong-Western Bangkok Outer Ring Road Expressway Project, the Northern Third Stage Expressway, Section N2, and Easter EW Corridor in pursuance of the Cabinets Resolution on May 30, 2017. According to the resolution of the Board of Directors meeting, the EXAT has formulated a policy to review the revenue projection according to the Transfer and Receipt Agreement of the related part for every 3 years or under unusual situations with the start of review in the fiscal year 2021 onwards. As of September 30, 2021, the liabilities under the Agreement on Transferring the Right to Revenue to the TFF amounted to 44,811.00 million baht, with the accrued interest expense of 3,170.19 million baht. The effective interest rate was involved in the calculation of the interest expense for each period. 5.17 Deferred revenue Accumulated Unit : Million Baht Cost recognized Book value revenue 2021 2020 Deferred revenue from the joint venture The Si Rat Expressway 16,084.21 16,031.70 52.51 61.95 11,909.15 2,679.96 3,216.83 The Udon Ratthaya Expressway 14,589.11 4,473.38 18,346.62 19,221.64 The Si Rat-Outer Ring Road Expressway 22,820.00 34.48 32,448.71 The connected way between the 275.00 240.52 252.00 Si Rat-Outer Ring Road Expressway 102.42 21,319.61 22,752.42 headed to the Si Rat Expressway 242.06 in the north - Total 53,768.32 344.48 Deferred revenue from the grant (Land acquisition cost) 139.12 53.98 The Chalong Rat Expressway 987.30 193.10 884.88 899.73 3,310.94 3,358.31 The Si Rat-Outer Ring Road Expressway 3,553.00 807.00 807.00 The Rama III-Dao Khanong Expressway 807.00 5,002.82 5,065.04 Total 5,347.30 Deferred revenue from a grant (Government subsidy) The Si Rat Expressway 1,017.15 878.03 - 173.57 - The Kanchanaphisek Expressway 227.55 1,051.60 - Total 1,244.70 114

ANNUAL REPORT 2021 5. Additional data (Continued) 5.17 Deferred revenue (Continued) Unit : Million Baht Accumulated Book value Cost recognized 2021 2020 revenue Deferred revenue from contract renewal (amendment) The Si Rat Expressway 67,680.05 5,752.84 61,927.21 65,555.51 The Udon Ratthaya Expressway 10,782.25 - 10,782.25 10,782.25 Total 78,462.30 5,752.84 72,709.46 76,337.76 Grand total 138,822.62 38,739.13 100,083.49 104,155.22 5.18 Employee benefit obligation The reconciled transactions for the present value of the employee benefit obligation are as follows : Unit : Million Baht Present value of employee benefit obligation Balance carried forward 2021 2020 at the beginning of the period 1,951.92 1,566.46 Present service cost 96.22 104.81 Interest cost 28.61 27.70 Actuarial losses of the post-employment benefit obligation - 291.56 Actuarial losses of the obligation of other long-term employee - 23.64 benefits (75.78) (63.30) Actual employee benefit payment (0.07) 1.05 Adjusted actual employee benefit payment 2,000.90 1,951.92 Present value of the employee benefit obligation at the end of the period The main actuarial assumptions for calculating the liability estimates under the employee benefit program are as follows : Percent per year (%) Discount rate 2021 2020 1.50-1.55 1.50-1.55 Inflation rate 2.75 2.75 Employee turnover rate 0.19-3.44 0.19-3.44 Salary increase rate 7.00 7.00 Mortality Rate : Use the Table TM017 TM017 (Thai Mortality (Thai Mortality Ordinary for Ordinary for the year 2017) the year 2017) 115

Expressway Authority of Thailand 5. Additional data (Continued) 5.18 Employee benefit obligation (Continued) Analysis of the sensitivity of the main assumptions in actuarial estimates used in calculating the present value of the employee benefit obligations of the EXAT : Unit : Million Baht Changes in the present value of employee benefit obligations Increase (Decrease) 2021 2020 Decrease rate (197.57) (196.63) - Increase 1% 232.71 232.07 - Decrease 1% Salary increase rate 225.66 206.70 - Increase 1% (194.60) (179.02) - Decrease 1% Employee turnover rate (16.19) (23.46) - Increase 20% 16.45 14.71 - Decrease 20% Concerning the post-employment benefits, the EXAT established the Provident Fund, with the first contribution coming from employee salary deduction and the second from the EXAT. The Provident Fund was registered under the Provident Fund Act, B.E. 2530 (1987). For the years ending on September 30, 2021 and 2020, the amount of contribution paid by the EXAT to the Provident Fund amounted to 167.53 million baht and 160.19 million Baht, respectively. 5.19 Aid Fund Balance carried forward at the beginning of the period Unit : Million Baht Plus Interim contribution 2021 2020 Revenues are greater than the expenses transferred into the Funds. Adjusted funds in the Aid Fund 15.42 14.33 0.65 0.63 Deduct Adjusted funds in the Aid Fund 0.06 0.11 Balance at the end of the period 0.81 0.52 Post-employment obligation 16.94 15.59 0.09 0.17 16.85 15.42 16.85 15.42 116

ANNUAL REPORT 2021 5. Additional data (Continued) 5.19 Aid Fund (Continued) Under the EXAT’s Regulation (Vol. 42 : Subject : Aid Fund, Section 8; If the Aid Fund does not have enough funds to pay resigning employees, an additional payment shall be made using the EXAT’s funds.) 5.20 Details of Toll Revenues Unit : Million Baht Expressways Toll Discount Shared Toll Revenue-net Revenue Revenue The Chaloem Maha Nakhon Expressway 4,396.17 2.99 1,758.47 2021 2020 The Si Rat Expressway 2,634.71 3,200.88 The Chalong Rat Expressway The Burapha Withi Expressway 5,300.57 0.93 3,146.94 2,152.70 2,594.27 The Kanchanaphisek Expressway 2,117.39 The Udon Ratthaya Expressway 1,412.91 0.03 - 2,117.36 2,592.65 2,255.42 Total 1,012.20 - - 1,412.91 1,768.59 16,494.66 - - 2,255.42 2,480.51 - 1,012.20 - - 3.95 5,917.61 10,573.10 12,636.90 Chaloem Maha Nakhon and the Si Rat Expressway share 40 percent of the income to the private sector concessionaire. The Si Rat Expressway Section “D” and the Udon Ratthaya Expressway share 100 percent of the income to the private sector concessionaire. 5.21 Other Revenues Unit : Million Baht 2564 2563 Revenue from contract amendments 3,628.30 2,124.55 Recognized revenue from the joint venture Revenue from land use 1,432.81 1,641.53 Revenue from government grant Revenue from providing benefits in the right-of-way - 231.89 Revenue from the interest of the bank deposit Revenue from the fund from the Fund 62.22 62.22 Other 249.85 233.02 Total 42.50 56.80 605.45 814.31 46.98 193.53 6,068.11 5,357.85 117

Expressway Authority of Thailand 5. Additional data (Continued) Unit : Million Baht 5.22 Expenses 2021 2020 Expenses on employees 2,901.67 2,895.47 Employee benefits Remuneration for executives 149.90 150.71 Remuneration for directors Office expenses 16.98 11.85 Depreciation Expenses for recognizing the burden of lawsuits and disputes 5.54 5.07 Interest paid and fees borne by the government 1,145.84 1,076.34 Total 2,561.48 2,595.12 - 73,993.42 193.09 - 6,974.50 80,727.98 Executive compensation consists of salary and bonuses for executives at the vice-governor level and above. The Board of Directors’ remuneration consists of directors’ bonuses and meeting allowance. 5.23 Operating results Unit : Million Baht Increase (Decrease) 2021 2020 Amount Percentage 16,834.30 17,994.75 Revenue 8,174.49 83,272.11 (1,160.45) (6.45) Deduct : Expenses 8,659.81 (65,277.36) Gains for the year (75,097.62) (90.18) 73,937.17 (113.27) Concerning the EXAT’s operating results for the year 2021, its gains enjoyed a 73,937.17 million baht increase, which represented 113.27 percent. On the other hand, its total revenue had a 1,160.45 million baht decrease, which represented 6.45 percent, and its total expenses had a 75,097.62 million baht decrease, which accounted for 90.18 percent. 5.24 Joint Venture Agreements 5.24.1 The Si Rat Expressway Project On December 22, 1988, the EXAT agreed with BEM, which allowed BEM to invest in the construction, administration, and maintenance of the Si Rat Expressway for a period of 30 years from the day when construction started : March 1, 1990, until February 29, 2020. The revenue sharing is as follows ; 118

ANNUAL REPORT 2021 5. Additional data (Continued) 5.24 Joint Venture Agreements (Continued) Urban network (The Chaloem Maha Nakhon Expressway and the Si Rat Expressway, Section “A” and “B”) (1) First 9 years from the “day when the first Share to the EXAT (%) Share to BEM (%) section starts to be operated.” 40 60 (2) Last 9 years : “Agreement Term” (3) Period between (1) and (2) 60 40 50 50 Sub-urban network (The Si Rat Expressway, Section “C”) (1) From the day when the section starts to be Share to the EXAT (%) Share to BEM (%) operated to the day when the Si Rat 40 60 Expressway, Section “B” is completed (2) Period after Section (1) to the end of - 100 the agreement BEM completed the construction of the first section (Chaengwattana Road-Phayathai- Rama 9 Road) with 20.4 km., which was Sections “A” and “C” and started operating it on September 2, 1993. As for the main Section B : Samsen-Bang Khlo, with a distance of 9.4 km., its entire route started to be operated on October 6, 1996. 5.24.2 The Si Rat Expressway Project, Section “D” (Rama 9-Srinagarindra) The EXAT entered into an agreement with BEM to extend the Si Rat Expressway Project, Section “D” on April 17, 1997, which allows BEM to invest in the construction, administration and maintenance of the expressway for a distance of 8 km This agreement is part of the agreement in Section 4.24.1. The whole toll revenue belongs to its joint venture because this is a suburban network. Its construction was completed, and it started to be operated on December 2, 1998. 5.24.3 The Udon Ratthaya Expressway Project The EXAT entered into an agreement with NECL on September 27, 1996, which allows NECL to invest in the construction, administration, and maintenance of the expressway for a period of 30 years from the day of signing the agreement, which will end on September 26, 2026, with a total distance of 32 km. Phase 1 : Chaengwattana-Chiang Rak, with a total distance of 22 km.-its construction was completed and started to be operated on December 2, 1998. Phase 2 : Chiang Rak-Bang Sai, with a total distance on 10 km.-its construction was completed and started to be operated on November 1, 1999. The entire toll revenue belongs to the joint venture, and the EXAT will receive a share of the revenue when the return on investment (ROI) exceeds 15.5 percent 119

Expressway Authority of Thailand 5. Additional data (Continued) 5.24.4 Si Rat-Bangkok Outer Ring Road Project The EXAT entered into an agreement with BEM on September 14, 2012, which allows BEM to invest in the design, construction, administration, management, operation, and maintenance of the expressway for a period of 30 years from the date specified by the EXAT in the notice on the starting working day : December 15, 2012, which will end on December 14, 2042, with a total distance of 16.7 km. It started to be operated on August 22, 2016. The entire toll revenue belongs to the joint venture, and the EXAT will receive a share of the revenue when the return on investment (ROI) exceeds 13.5 percent. 5.24.5 The Second Stage Expressway Project Agreement (The Si Rat Expressway and Section “D”) and the Bang Pa-in-Pak Kret Expressway Project Agreement (The Udon Ratthaya Expressway) (Revision) On February 20, 2020, the EXAT entered into two revised agreements with their joint venture companies; The Second Stage Expressway Project Agreement (Revision) and the Bang Pa-in-Pak Kret Expressway Project Agreement (Revision). The agreements provide the extension of the concession period to BEM and NECL, respectively. The contractual parties are responsible for operating and maintaining the expressways for another period until October 31, 2035. The EXAT will share the toll revenue with its contractual parties as follows : - The Chaloem Maha Nakhon Expressway and The Si Rat Expressway, Sections “A” and “B” (The Section “A” is from Ratchada Phisek Road to Rama 9, and Section”B” is from the Samsen Water Treatment Plant to Bang Khlo), with 40 percent of the revenue shared with BEM from March 1, 2020, to October 31, 2035; - The Si Rat Expressway, Section “C” (The Section “C” connects to Section “A” on Ratchada Phisek Road around Pracha Chuen to the north to Chaengwattana Road), with 100 percent of the revenue shared with BEM from March 1, 2020, until October 31, 2035; - The Si Rat Expressway, Section “D” (Section “D” is from Rama 9 Road to Srinagarindra Road), with 100 percent of the revenue shared with BEM from April 22, 2027, until October 31, 2035; - The Udon Ratthaya Expressway; the entire revenue exclusively belongs to NECL from September 27, 2026, until October 31, 2035. Both agreements contain conditions specifying that the contractual parties shall cancel and revoke the disputes included in the previous agreement, which consisted of disputes with and without judgments from the Supreme Administrative Court. All the parties agreed to settle all the disputes based on conditions, including the Second Stage Expressway Project Agreement (Revision) and Bang Pa-in-Pak Kret Expressway Project Agreement (Revision), which the EXAT, BEM, and NECL signed on February 20, 2020. The other parties, BEM and NECL, filed a withdrawal request for the cases that were lawsuits from 25-28 February 2020 and from 4-5 March 2020. The negotiation for the extension of the concession agreement is an action to settle disputes according to the Cabinet Resolution on October 2, 2018 : “in order to relief loss and damage to the state and when it comes to protecting the highest official interest, in the event that a government agency has a dispute under an arbitration agreement or has been filed with an Administrative Court in one case or several cases on the same or related issues, for example: The case is under the 120

ANNUAL REPORT 2021 5. Additional data (Continued) 5.24.5 The Second Stage Expressway Project Agreement (The Si Rat Expressway and Section “D”) and the Bang Pa-in–Pak Kret Expressway Project Agreement (The Udon Ratthaya Expressway) (Revision) (Continued) responsibility of the Ministry of Transport (Expressway Authority) and there is an arbitrator’s ruling which led to the litigation in the Supreme Administrative Court, as a result of the ruling of the arbitrator that the government agencies have to pay for damages or any other, consequently, it was resolved that government agencies may conduct negotiations with disputing parties in order to mitigate the damage of the state and ensure fairness to the people; lawful and taking into account the interests of the nation as a priority”, it was enough to the highest benefit with the government and the people which the EXAT had taken into account various factors, including the concern of the continuity of the original contract which was near the expiration date. Therefore, the EXAT considered that the amendment of the contract enabled the continuity in business operations and complied with the relevant laws. All parties agreed on an equal basis as usual, with the private counterparty still having a duty to perform and provide services, including being capable of joining the risk with the EXAT. Therefore, the contract created no burden for the EXAT. On the other hand, it is still possible to settle disputes in cases that are non-litigious cases, including other disputes that the counterparty may be able to claim in the future. Therefore, the mentioned contract was regarded as an amended contract, resulting in a reduction in business risks. For the accounting record guideline in case of an amendment to the revised contract, the EXAT has always consulted the accounting record guideline with the State Audit Office of the Kingdom of Thailand (SAO) and the State Enterprise Policy Committee Office (SEPO), both before and after the signing of the revised contract, and jointly discussed with the Federation of Accounting Professions under the Royal Patronage of His Majesty the King on July 11, 2019 (before signing the revised contract) and on May 8, 2020 (after signing the revised contract). The EXAT used to have an opinion on the consideration of the recording of accounting transactions from the signing of a contract for the Second Stage Expressway Project (the Si Rat Expressway includes Section “D”) and the Bang Pa-In-Pak Kret Expressway Agreement (Udon Ratthaya Expressway) the revised version, that the EXAT considered that as of the revised version of the Agreement was effective, the EXAT was not liable for any disputes liabilities that have not yet been finalized. With the considerations of the environment and all existing evidence according to relevant accounting principles comparable with cases of the same nature which The Supreme Administrative Court had ruled since 2018, and the status of the conflict with the counterparty, whether it was merely a dispute or the case for consideration, including the opinions of the EXAT’s Legal Department and the prosecutor, who commented on the disputes that have not yet been settled or that are not final, that the EXAT was likely to win and will not have to pay any damages or any compensation. The EXAT considered that it has no damage and no obligatory burden to record provisions for liabilities in the financial statements as a result of various disputes in accordance with accounting principles with the TAS No. 37 Re : Provision, Contingent Liabilities and Contingent Assets that may occur according to the Federation of Accounting Professions under the Royal Patronage of His Majesty the King gave opinions to the EXAT, appeared in the book of the Federation of Accounting Professions No. SorVorBorChor 1231/2020, dated August 21, 2020, stated : that consideration must be made in accordance with the said Standard. And on September 14, 2020, the EXAT’ board resolution in the meeting No. 12/2020 approved the accounting record without recording the liabilities related to the disputes between the parties, which have been revoked and revoked according to the terms of the revised contract and is a guideline for accounting in regarding with the TAS No. 37 which had been consulted with the Federation of Accounting Professions and Advisors Accounting of the EXAT accordingly. 121

Expressway Authority of Thailand 5. Additional data (Continued) 5.24.5 The Second Stage Expressway Project Agreement (The Si Rat Expressway and Section “D”) and the Bang Pa-in–Pak Kret Expressway Project Agreement (The Udon Ratthaya Expressway) (Revision) (Continued) In addition, under the amended contract, the private counterparty must perform its duties within the scope of its obligations in operating and providing services to engage the right to receive a share of the income. It is not an unconditional distribution of the toll revenue. In addition, the private counterparty must be responsible for the additional cost of constructing the up-down ramps, approximately 1,200 million baht, expansion of toll gates in the event of heavy traffic required the exceeding 200,000 cars per day, not less than 6 months in a row, with construction costs estimated at 3,000 million baht (only contract for the Bang Pa-in-Pak Kret (Revised Edition)), expenses for providing services to the public, etc., which including the part of the expenses that the EXAT has paid in advance. The private counterparty must also share the risk in the case the toll revenue did not meet the expectation with no guarantees from the EXAT made on the amount of toll revenue or the minimum share of the toll revenue. In addition, the significant empirical benefit to the EXAT on capacity as a government agency is evident from the epidemic situation of Coronavirus 2019 (COVID-19), which has caused significant reductions in traffic volumes and toll revenues. The contract counterparty assumed that risk by accepting 100% of the costs related to all expenses with regard to the concession line management. In addition, the EXAT had considered the accounting records according to the standards generally accepted accounting by taking the revoked dispute capital to record as an estimation of liabilities and expenses, which will affect the operation of the EXAT as follows : 1) An inconsistency occurred during the accounting for the fiscal year 2020 with the actual performance during the fiscal year 2020; 2) According to the actual results of operations for the fiscal year 2020, the EXAT earned a net profit, but the recognition of the account transactions that were not obligated to the EXAT’s actual payout in fiscal year 2020 affected the performance of the EXAT’s Fiscal Year 2020 of net loss; 3) From the fiscal year 2021, the EXAT must record back the projected accounts of liabilities recorded in the fiscal year 2020 returned to income (non-monetary) for another 15 years and 8 months according to the revised contract period, causing the operating results to gain an increase in profit from the reversal accounting which does not reflect the actual performance of the EXAT; 4) The EXAT is a government agency and is responsible for remitting the state income in order for the state to use this income for the country’s development in various fields, but if the EXAT was accounting for debt projections and expenses in the fiscal year 2020, the EXAT would be a state enterprise with accumulated loss financial status, which was incapable of remitting money to the state’s income and will be unable to create synergies in raising funds or borrowing money for the projects as it has become an organization with accumulated loss performance; 5) The EXAT has considered if the 2020 financial statements need to be adjusted in case of recognition of the transaction accounting from the signing of the Second Stage Expressway Project (Si Rat Expressway include Section “D”) and the expressway project contract Bang Pa-in-Pak Kret (Udon Ratthaya Expressway) (Revised) to be the estimate of liabilities and expenses, the performance results for the year 2020 of the EXAT will change from a net profit of 6,420.96 million baht to a net loss of approximately 65,568.92 million baht. 122

ANNUAL REPORT 2021 5. Additional data (Continued) 5.24.5 The Second Stage Expressway Project Agreement (The Si Rat Expressway and Section “D”) and the Bang Pa-in–Pak Kret Expressway Project Agreement (The Udon Ratthaya Expressway) (Revision) (Continued) The EXAT considered that it had no obligation to record the estimates or needed to be recognized any liabilities in addition to the finalized lawsuits in the financial statements for the fiscal year 2020 ending September 30, 2020. In this regard, since September 2018, the EXAT had recorded liabilities of 4,286.62 million baht from the case that the Supreme Administrative Court decided on September 21, 2018 that the EXAT paid compensation to NECL in the case of a competitive route for the year 1999 and 2000, and later the EXAT had gradually recorded the estimates of interest rates, additional paid, resulting in the balance of such liabilities amounted to 4,468.89 million baht as of March 15, 2020 (the date on which the counterparty suspended the said lawsuit execution). The EXAT, therefore, considered a gradual reversal of the previously recorded liabilities through the income statement by using the revenue sharing estimation based on the remaining term of the relevant contract as a criterion. In addition, the financial statements for the fiscal year 2020 ending on September 30, 2020, the auditor of the EXAT had expressed his conditional opinion on the auditor’s report that “The not recognizing accounting transactions from the signing contract of the Second Stage Expressway Project (Si Rat Expressway include Section “D”) and the Expressway project contract Bang Pa-in-Pak Kret (Udon Ratthaya Expressway) (Revised) as the Office of the Auditor General of Thailand considered that the source of amending the contract to accept the liabilities condition and pay by extending the period for the counterparty to continue receiving a share of the revenue, although in the past the EXAT assessed to win the case and did not pay any damages or compensation, but the effect of the revised contract will result in the EXAT’s obligation to share revenue to the counterparty without any additional benefits, which the impact of the occurred facts on accounting transactions and the preparation of financial statements.” The EXAT must record liabilities recognition from litigation and disputes to take special action to negotiate for the settlement of litigation and disputes and record more expenses from litigation cases and disputes from the judgment of the Supreme Court, which ruled that the EXAT’s payment of income compensation that decreased from creating competition and recorded the acknowledgment of the right to the counterparty to receive a share of revenue through the revised contract as the revenue awaiting recognition and gradually recognized as income over the term of the contract according to the assumption of 78,461 million Baht that the EXAT considered using it for the settlement of disputes and to determine an appropriate number of years to extend the term of the contract according to the Cabinet Resolution on February 18, 2020. Subsequently, the State Enterprise Policy Committee Office (SEPO) had a letter dated July 15, 2021, expressing the opinion that “From the opinion of the OAG in the case of non-acknowledgment of accounting items from the signing of the Agreement for the Second Stage Expressway Project (the Si Rat Expressway include Section “D”) and the Bang Pa-In-Pak Kret Expressway Project Agreement (Udon Ratthaya Expressway) (Revised) that requested the EXAT to consider and come to a conclusion with the OAG in order to ensure that the fiscal year 2020 financial statements of the EXAT was in accordance with the accounting standards. According to the Cabinet resolution in the meeting on February 18, 2020, “Let the Ministry of Transport (Expressway Authority) prepare accounting and financial reports in accordance with generally accepted accounting standards, if the performance results from the accounting method affect the evaluation of the performance of the accounting, the Ministry of Finance is to discuss with the Expressway to further formulate appropriate management practices according to the opinions of the Ministry of Finance.” This was without any conditional expressing of opinion so that the Ministry of Finance can consider the allocation of net profit for the year 2020 accordingly.” 123

Expressway Authority of Thailand 5. Additional data (Continued) 5.24.5 The Second Stage Expressway Project Agreement (The Si Rat Expressway and Section “D”) and the Bang Pa-in – Pak Kret Expressway Project Agreement (The Udon Ratthaya Expressway) (Revision) (Continued) The Board of EXAT discussed with the Federation of Accounting Professions again on November 10, 2021, and appearing in the book of the Federation of Accounting Professions No. SorVorBorChor. 26/2565 dated January 12, 2022, there were still recommendations to the EXAT to comply with the TAS No. 37 : Provisions, Contingent Liabilities and Contingent Assets which the EXAT had considered with an opinion not to record the account for recognizing items from the signing of the revised contract for the aforementioned reasons. And although the EXAT gave an opinion on the record of recognition of the transaction from the signing of the revised contract differed from the OAG, however, to comply with generally accepted accounting standards and according to the opinion of the SEPO, as the auditor of the EXAT, in accordance with the State Finance Discipline Act B.E. 2561, asked the EXAT to reconsider and come to a conclusion with the SEPO so that the fiscal year 2020 of the EXAT would be complied with certified accounting standards, without appearing to express a conditional opinion as the OAG certified a conditional financial statement due to the EXAT did not recognize the transaction from the signing of the amended contract, the EXAT then considered that the SEPO allowed the EXAT to execute the accounting record in accordance with generally accepted accounting standards and the opinion of the OAG. Therefore, the EXAT executed its accounting in accordance with generally accepted accounting standards as previously commented by the OAG with the recognition of accounting entries from the signing of the Second Stage Expressway Project (Sri Rat Expressway including Section “D”) and the Bang Pa-In-Pak Kret Expressway Project Agreement (Udon Ratthaya Expressway) (Revised) accordingly. In this regard, the EXAT executed the financial statements in accordance with generally accepted accounting standards by adjusting the fiscal year 2020 financial statements presented as a comparison financial statements in the annual financial statements for the fiscal year 2021; as of September 30, 2021, the operating results for the year 2020 changed from net profit of 6,420.96 million baht to net loss of approximately 65,568.92 million baht, including adjusted the item by presenting the said liabilities as deferred income instead and gradually reversed the said transaction as income in the future throughout the remaining term of the contract according to the same accounting recording method as in 2018. The record of legal liabilities was deferred income and gradually recognized income in the future (gradual reversal of such previously recorded liabilities through the income statement using the periodic revenue sharing projection of the remaining balance of the related contract as a criterion). As such, the digit figure of the EXAT record in the income statement for the year 2020 and 2021, according to the aforementioned method, amounted to 2,124.54 million baht and 3,628.30 million baht, respectively. As shown in the auditor’s report and financial statements for the year ending on September 30, 2020, as mentioned above and from meetings with the OAG and receiving the opinions of the OAG all along, the EXAT had complied with generally accepted accounting standards and agreed with the opinions on the auditor’s report including on the issue of recording, recognizing of accounting transactions from the revised contract as a loss from the recording of the Non-Cash Item, which is not a loss from the performance that caused damage to the financial status of the EXAT, together with the EXAT had no creditors according to company’s book of Bangkok Expressway and Metro Public Company Limited (BEM) No. BEM/E/204/C201.001/64 dated January 6, 2021, and the Company’s letter North Bangkok Expressway Company Limited (NECL) No. NECL/E/204/C201.001/64 dated January 6, 2021, and the EXAT always has profitable operating results. 124

ANNUAL REPORT 2021 5. Additional data (Continued) 5.25 Value added tax that the EXAT is liable for The EXAT is responsible for the VAT for its clients for the Chaloem Maha Nakhon Expressway, the Si Rat Expressway (except Section “D”), and the Chalong Rat Expressway. Normally, VAT is collected from clients ; however, the EXAT has been unable to collect it from its clients. From 1992-2020, the VAT that the EXAT was responsible for amounted to 20,990.77 million baht, decreased in the part that the joint-venture company was liable under the revised concession agreement in the amount of 170.53 million baht, the remaining VAT at the Expressway responsible amount was of 20,820.24 million baht. In the fiscal year 2021, ending on September 30, 2021, amounted to 483.61 million baht. The total paid by the EXAT on this behalf was equal to 21,303.85 million baht. 5.26 Potential Liabilities The liabilities which may be incurred to the EXAT as a result of litigations as of September 30, 2021 from 102 lawsuits amounted to 3,243.83 million baht, which were under the court proceedings. The EXAT believed the results of the lawsuits would not cause material damage to it; therefore, it did not record the potential liability estimates in the account as follows : Under court Number Unit : Million Baht proceedings of lawsuits Lawsuits Court of First 4 301.70 - Additional land compensation claim and Instance 1 0.08 compensation for damage and agreement breach 6 92.66 - Compensation for damage Court of Appeal 16 - Compensation for damage Supreme Court 555.60 - Additional land compensation claim Revoke the price contest, pay for damages, Central and request a refund of the fine Administrative Court - Additional land compensation claim Supreme 75 2,293.79 Grand Total Administrative 102 3,243.83 Court Of the aforementioned cases and assets, there were 94 cases totaling 2,680.14 million baht, which were cases relating to requests for additional land compensation from expropriation to build expressways. The EXAT can request subsidies from the government to pay for compensation according to the court order in full amount. 5.27 Land acquisition cost for MRT projects As of September 30, 2021, the value of the land acquired by the EXAT, whose ownership right was not transferred to the MRTA was 304.80 million baht. 5.28 Deferred Land expropriation cost As of September 30, 2021, the EXAT’s deferred land expropriation cost of 340.30 million baht was deposited at the Government Savings Bank (owners of expropriated land didn’t receive the compensation for land expropriation yet) 5.29 Date of financial statement approval The EXAT Governor approved the issuance of the financial statements on March 10, 2022. 125

Expressway Authority of Thailand Statistic of Expressway Usage Comparison of traffic volume on Chalerm Maha Nakhon, Si Rat, Chalong Rat, Burapha Withi, Udon Ratthaya, Kanchanaphisek (Bang Phli-Suksawat) and Si Rat-Outer Bangkok Ring Road in Fiscal Year 2017-2021 2021 Traffic Volume on Expressways (unit) 2020 93,623,802 2019 173,696,590 2018 62,920,219 2017 39,374,365 22,980,106 0 70,744,048 17,530,641 117,638,448 218,942,591 77,122,915 49,977,434 28,579,259 82,210,135 21,358,433 136,510,079 259,588,842 88,126,544 58,784,476 33,637,669 95,846,209 22,878,911 135,905,586 257,382,818 84,676,032 57,061,670 32,689,422 95,518,757 19,925,550 136,386,589 257,612,658 81,002,564 53,851,815 31,100,016 94,146,439 17,187,801 50,000,000 100,000,000 150,000,000 200,000,000 250,000,000 300,000,000   Chalerm Maha Nakhon    Si Rat     Chalong Rat  Total number of vehicles in 2021 is   Burapha Withi       Udon Ratthaya   Kanchanaphisek (Bang Phli-Suksawat)    Si Rat-Outer Bangkok Ring Road 480,869,771 units 126

ANNUAL REPORT 2021 Traffic volume on expressways classified by routes for fiscal year 2021 Chalerm Maha Nakhon Traffic Volume on Expressways (unit) Si Rat  90,569,430 Chalong Rat  2,335,498 Burapha Withi Udon Ratthaya 718,874 171,587,253 (BangKPahnlcih-Saunkaspahwisaetk) Si Rat-OuteRriBnagnRgokoadk 1,838,074 271,263 62,223,742 552,568 143,909 37,323,858 1,639,427 411,080 22,749,340 189,358 41,408 60,217,745 6,604,450 3,921,853 17,358,529 160,722 11,390 0 50,000,000 100,000,000 150,000,000 200,000,000 250,000,000   4 wheeled    6-10 wheeled    >10 wheeled Total 480,869,771 units Traffic volume on Chalerm Maha Nakhon Expressway (First Stage Expressway System) classified by toll plaza for fiscal year 2021 Traffic Volume on Expressways (unit) Din Daeng 11111312665255212214214122121422331422,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,103792551802766767857374663159328130542400090790000799761582895448243177476044435006127579312997535271957250802341499147,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,011867900068881771562891363950941448634428215955961357595135951737366933704409440002700716671175572679318921368368635444 Petchburi Sukhumvit Rama IV 1 River Side Port 1 Port 2 At Narong Sukhumvit 62 Bang Na Sathu Pradit 1 Sathu Pradit 2 Suksawat Dao Khanong Rama IV 2 Din Daeng 1 Bang Chak At Narong 1 (Bang Na) At Narong 1 (Port) At Narong 3 0 5,000,000 10,000,000 15,000,000 20,000,000   Traffic volume includes all types of vehicles (number) Total 93,623,802 units   Traffic volume includes four-wheel-drive vehicles using Easy Pass (number) 127

Expressway Authority of Thailand Asok 1 Traffic volume on Si Rat Expressway (Second Stage Expressway System) Asok 2 classified by toll plaza for fiscal year 2021 Phahon Yothin 1 Phahon Yothin 2 Traffic volume on expressways (unit) Khlong Prapa 1 Khlong Prapa 2 25,,618784,,968882 Phahon Yothin Area 488404,,740617 Bang Sue Ratchadaphisek 1,746951,,876034 Prachachuen (Inbound) 1,539703,,066732 Bang Sue 2 1,796245,,349192 Sathu Pradit 3 21,,432461,,950179 Chan 31,,674430,,546292 Sathon 1,248523,,828153 Surawong 2,190825,,511357 Saphan Sawang 174,,083346,,832455 Hua Lamphong 24,,135052,,017852 Uruphong 1,629019,,940514 Yommarat 21,,736406,,975473 Rama III 1,268906,,844354 Asok 4 24,,125804,,903769 Prachachuen (Outbound) 21,,430117,,222469 Prachachuen 1 31,,379443,,248812 Prachachuen 2 Ngam Wong Wan 1 944787,,849034 Ngam Wong Wan 2 42,,109303,,140913 Prachachuen (Inbound) 1,841844,,648883 Asok 3 168,,573206,,440038 Rama IX 187,,268309,,620807 Ramkhamhaeng 14,,581928,,506478 Sri Nakharin 62,,766177,,066413 Rama IX-1 21,,825444,,892284 Asok 3-1 31,,342302,,617317 174,,083346,,832455 185,,027818,,573871 31,,065407,,549299 1,370264,,348494 174,,575831,,171594 84,,177984,,780225 13,,746323,,638912 0 5,000,000 10,000,000 15,000,000 20,000,000 25,000,000   Traffic volume includes all types of vehicles (unit) Total 173,696,590 units 128   Traffic volume includes four-wheel-drive vehicles using Easy Pass (unit)

ANNUAL REPORT 2021 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 2021 Ram Inthra Traffic volume on expressways (unit) Yothin Phatthana 331323112232113749414113441241,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,191033706383516772877046542114652580517658581838221303767926803050501313668313671914498884344,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,750767177288571951851231489454402168555998765251821133216745440071318279559796738816531673444- Lat Phrao Pracha Uthit Rama IX-2 Rama IX-1(Chalong Rat) Phatthanakan 1 Phra Khanong At Narong 2 (Port) At Narong 2 (Bang Na) Phatthanakan 2 At Narong 3-S1 Ram Inthra 1 Sukhaphiban 5-1 Sukhaphiban 5-2 Chatu Chot 0 3,000,000 6,000,000 9,000,000 12,000,000 15,000,000   Traffic volume includes all types of vehicles (unit) Total 62,920,219 units   Traffic volume includes four-wheel-drive vehicles using Easy Pass (unit) Traffic volume on Burapha Withi Expressway (Bang Na-Chon Buri Expressway) classified by toll plaza for fiscal year 2021 Traffic volume on expressways (unit) Bang Na km.6 (Inbound) Lane 1-3 5132211221111563151,,,,,,,,,,,,,,,,,,,330673136260313873731510432944982438210507655322930275168801934131944360808017722876295370627504463384584244,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,202020787906576177369921568227443457360312383211397893366139523395974454740217695510556879952788979758661926444- Bang Na km.6 (Inbound) Lane 4-14 Bang Kaew Bang Na km.9-1 Outer Ring Road (Bang Kaew) Bang Na km.9-2 Bang Phli 1 Bang Phli 2 Suvarnabhumi 1 Suvarnabhumi 2 Mueang Mai Bang Phli Bang Sao Thong Bang Bo Bang Phli Noi Bang Samak Bang Wua Bang Pakong 1 Bang Pakong 2 Chon Buri 0 5,000,000 10,000,000 15,000,000 Total 39,374,365 units   Traffic volume includes all types of vehicles (unit)    Traffic volume includes four-wheel-drive vehicles using Easy Pass (unit) 129

Expressway Authority of Thailand Traffic volume on Udon Ratthaya Expressway (Bang Pa-in-Pak Kret Expressway) classified by toll plaza for fiscal year 2021 Traffic volume on expressways (unit) Mueang Thong Thani (Outbound) 969,221 Mueang Thong Thani (Inbound) 536,094 1,459,561 Si Saman (Outbound) 795,890 Si Saman (Inbound) 3,008,210 Bang Phun (Outbound) 1,570,055 Bang Phun (Inbound) 3,024,422 Chiang Rak (Outbound) 1,567,134 Chiang Rak (Inbound) 1,877,758 Bang Pa-in (Outbound) 874,410 Bang Pa-in (Inbound) 2,265,669 1,019,162 2,520,306 1,021,163 2,490,474 1,002,584 2,887,987 1,021,705 2,476,498 899,371 0 1,000,000 2,000,000 3,000,000 4,000,000 5,000,000   Traffic volume includes all types of vehicles (unit)  Total 22,980,106 units   Traffic volume includes four-wheel-driver vehicles using Easy Pass (unit) Traffic volume on Kanchanaphisek Expressway (Bang Phli-Suksawat ) classified by toll plaza for fiscal year 2021 Traffic volume on expressways (unit) Bang Khun Thian (Exit 1) 82,,237405,,015187 Bang Khun Thian (Exit 2) 1,346727,,333956 Bang Khun Thian (Exit 3) 3257113111111233248216124,,,,,,,,,,,,,,,,,,,,,,,,,050037215736519690277792695418316420306292627213986814400045211554844736006560553809688577105744753944948,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,009300518399655565312193204485422589000801033723169857996518891411244400088783997638715719368127888184444- Bang Khru (Exit 1) Bang Khru (Exit 2) Pak Nam (Exit 1) Pak Nam (Exit 2) Pak Nam (Exit 3) Pak Nam (Exit 4) Pu Chao Saming Phrai (Outbound) Bang Mueang (Exit 1) Bang Mueang (Exit 2) Bang Mueang (Exit 3) Thepharak (Exit 1) Thepharak (Exit 2) Thepharak (Exit 3) Thepharak (Exit 4) Bang Kaew (Exit 1) Bang Kaew (Exit 2) Bang Kaew (Exit 3) 0 3,000,000 6,000,000 9,000,000 12,000,000 130   Traffic volume includes all types of vehicles (unit)  Total 70,744,048 units   Traffic volume includes four-wheel-driver vehicles using Easy Pass (unit)

ANNUAL REPORT 2021 Traffic volume on Si Rat-Outer Bangkok Ring Road Expressway classified by toll plaza for fiscal year 2021 Chim Phli 2,000,000 4,000,000 Traffic volume on expressways (unit) Taling Chan Borommarachachonnani 4,264,600 Bang Bamru 1,925,463 Bang Phlat 2,423,367 Bang Kruai 1,242,596 Rama VII Bridge 2,533,074 Kamphaeng Phet 2 Bang Sue 1 997,694 889,660 0 429,491 67,296 28,883 583,136 287,661 1,619,173 783,479 2,476,736 980,920 2,673,599 1,412,496 6,000,000   Traffic volume includes all types of vehicles (unit) Total 17,530,641 units   Traffic volume includes four-wheel-drive vehicles using Easy Pass (unit) 131

Expressway Authority of Thailand Expressway System Map 132

ANNUAL REPORT 2021 Expressway Authority of Thailand 133

Expressway Authority of Thailand 134

ANNUAL REPORT 2021 135

Expressway Authority of Thailand 136 Burapha Withi Expressway (Bang Na-Chon Buri Expressway)

ANNUAL REPORT 2021 Udon Ratthaya Expressway 137

Expressway Authority of Thailand 138 Kanchanaphisek Expressway (Bang Phli-Suksawat)

Si Rat-Outer Bangkok Ring Road Expressway ANNUAL REPORT 2021 139





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