EXAT-AnnualReport2020_EN

The OAG’s opinions about the financial statements do not cover other information, and the OAG Annual Report 2020  Expressway Authority of Thailand does not trust other information. The OAG’s responsibility in relation to the audit of the financial statements includes reading and considering whether other information is materially inconsistent with the financial statements or with knowledge from the OAG’s audit or whether there is other information that is material misstatements. When the OAG reads the Annual Report and concludes that the Annual Report contains material misstatements, the OAG must communicate these matters with those charged with governance. Responsibilities of the management and those charged with overseeing the financial statements The management is responsible for preparing and presenting the financial statements correctly as they should, based on the Thai Financial Reporting Standards and for internal control as the management deems necessary to allow for the preparation of financial statements that are free from material misstatements, whether due to fraud or error. In preparing the financial statements, the management is responsible for assessing the corporate’s ability to continue as a going concern, disclosing matters related to going concern as appropriate, and using accounting criteria for its going concern unless management either intends to liquidate the business or to cease operations or is not able achieve a going concern. Those charged with governance are responsible for overseeing the corporate financial reporting process. Auditor’s Responsibilities for the Audit of the Financial Statements The objectives of the AOG’s audit are to obtain reasonable assurance about whether the overall financial statements are free from material misstatements, whether due to fraud or error, and to submit the auditor’s report which includes our opinion. Reasonable assurance is a high level of assurance, but it is not a guarantee that the audit conducted in accordance with standard criteria for the state audit and accounting audit standards will always detect material misstatements. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions taken by the users on the basis of these financial statements. As part of an audit in accordance with the standard criteria for the state audit and accounting audit standards, we exercise professional discretion, conduct professional observation, and maintain professional skepticism throughout the audit. We also : • Identify and assess the risks of material misstatements in the financial statements, whether due to fraud or error, design and implement audit methods in response to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than that resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the interference in internal control. • Obtain an understanding about the internal control system relevant to the audit in order to design audit methods that are in line with situations, but not for the purpose of expressing an opinion on the effectiveness of the corporate internal control. • Evaluate the appropriateness of accounting policies used by the management and the reasonableness of accounting estimates and related disclosures made by the management. The Office of the Auditor General of Thailand (OAG) 99

• Make a conclusion on the appropriateness of the management’s use of accounting criteria for the going concern based on the audit evidence obtained and make a conclusion as to whether a material uncertainty exists related to events or situations which may cast significant doubt about the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to mention it in the Auditor Report while providing an observation about relevant disclosures in the financial statements or, if such disclosures are inadequate, our opinion will change. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or situations may cause the Company to cease to continue as a going concern. • Evaluate the overall presentation, structure and content of the financial statements, including the disclosures to identify whether the financial statements represent transactions and events in a manner that achieves proper presentation as it should be. We have communicated with those charged with overseeing key matter, including the scope and period of the scheduled audit and significant audit findings, including any significant deficiencies in the internal control system which we identify during our audit. (Mr. Narong Panusuwat) Director of the Financial and Procurement Audit Office No. 12 (Mrs. Phakakrong Chenglai) State Audit Technical Officer, Senior Professional Level The Office of the Auditor General of Thailand (OAG) Date February 16, 2021 100

Financial Statements Annual Report 2020  Expressway Authority of Thailand Financial Position Statement as of 30 September 2020 Asset Note 2020 Unit : Baht 2019 Current assets 8,482,322,232.70 Cash and cash equivalents 4.1 6,850,738,195.59 9,613,420,916.13 Temporary investment 4.2 511,153,204.98 404,805,185.77 1,017,091,662.47 Other receivables 413,866,323.54 442,462,511.60 Accrued funds from the government 4.3 707,535,962.47 19,960,102,508.67 Other current assets 4.4 1,471,987,818.80 151,487,988.68 35,736,000,000.00 Total current assets 9,955,281,505.38 185,097,106,234.47 Non-current assets 12,565,051.01 1,649,412,227.65 Fixed deposit with obligation 4.5 156,487,988.68 2,243,770,859.73 Over 1-year fixed deposit 4.6 39,404,000,000.00 69,715,279.87 Land, buildings, and equipment-net 4.7 183,200,007,617.34 240,233.00 224,960,297,874.41 Intangible assets-net 27,292,161.99 244,920,400,383.08 Land use right 4.8 1,649,412,227.65 During-construction works 4.9 6,037,544,671.89 Expenses on engineering management 4.10 69,715,279.87 waiting for transfer Other non-current assets 240,233.00 Total non-current assets 230,544,700,180.42 Total assets 240,499,981,685.80 The note to the financial statement is part of the financial statement. 101

Financial Position Statement (Cont’d) As of 30 September 2020 Liabilities and equity Note 2020 Unit : Baht Current liabilities 4.11 2019 Trade payables and other payables 4.12 1,960,234,296.92 Accrued levies - 6,453,613,921.86 Long-term liabilities due to repay within 4.13 839,220,000.00 one year 5,500,000,000.00 Retention 4.14 6,850,000,000.00 Unearned revenue 4.15 282,101,064.64 Other current liabilities 1,244,848,290.73 108,166,027.12 4.16 1,522,684,745.09 Total current liabilities 366,604,380.70 Non-current liabilities 4.16 9,353,788,032.99 335,560,518.15 Government loans 4.17 16,109,245,212.22 The EXAT’s bonds 4.18 14,078,898,157.36 Liabilities under the Agreement 4.19 6,700,000,000.00 14,578,898,157.36 on Transferring the Right to Revenue 11,700,000,000.00 to the Fund 44,811,000,000.00 Accrued interest Liabilities under 44,811,000,000.00 the Agreement on Transferring the Right 3,041,604,032.75 to Revenue to the Fund 32,165,343,620.92 1,658,179,386.30 Deferred revenue 1,951,916,474.54 29,521,221,724.94 Defined benefit obligation 1,566,463,086.32 Aid fund 15,416,535.77 Other non-current liabilities 1,014,628.32 14,334,817.77 102,765,193,449.66 1,014,628.32 Total non-current liabilities 112,118,981,482.65 103,851,111,801.01 119,960,357,013.23 Total liabilities 76,990,314,520.31 76,990,314,520.31 Equity 51,390,685,682.84 128,381,000,203.15 47,969,728,849.54 Capital 240,499,981,685.80 124,960,043,369.85 Retained earnings : 244,920,400,383.08 Unappropriated Total equity Total liabilities and equity The note to the financial statement is part of the financial statement. (Mrs. Suwanna Insampao) (Mr. Surachet Laopoonsuk) Director of Accounting Division EXAT Governor 102

Comprehensive Income Statement Unit : Baht Annual Report 2020  Expressway Authority of Thailand 2019 For the year ending on 30 September 2020 14,614,903,868.51 Revenue Note 2020 4,005,255,566.97 Toll revenue 18,620,159,435.48 Other revenues 12,636,897,939.61 Total revenue 4.20 3,354,314,748.71 6,001,140,440.19 121,890,441.20 Expenses 15,991,212,688.32 Cost of service 1,491,241,725.66 Selling expenses 5,325,486,667.23 7,614,272,607.05 Administrative expenses 107,132,623.77 11,005,886,828.43 Total expenses 4,303,824,356.83 1,301,942,902.31 6,702,062,471.60 Earning before financial cost 4.22 6,734,562,193.31 Financial cost - Profit for the year 9,256,650,495.01 Other comprehensive incomes 2,544,133,246.36 6,702,062,471.60 Actuarial gains and losses 4.21 6,712,517,248.65 Total comprehensive profit for the year 4.18 (291,560,415.35) 6,420,956,833.30 The note to the financial statement is part of the financial statement. 103

Equity Change Statement For the year ending on 30 September 2020 Balance as of 1 October 2018 Capital Retained earnings Unit : Baht Equity change for the year 76,990,314,520.31 44,667,666,377.94 Total 121,657,980,898.25 Levies for 2018 - (3,400,000,000.00) Comprehensive income for the year - 6,702,062,471.60 (3,400,000,000.00) Balance as of 30 September 2019 76,990,314,520.31 47,969,728,849.54 6,702,062,471.60 124,960,043,369.85 Balance as of 1 October 2019 76,990,314,520.31 47,969,728,849.54 124,960,043,369.85 Equity change for the year - (3,000,000,000.00) (3,000,000,000.00) Levies in 2019 - 6,420,956,833.30 6,420,956,833.30 Comprehensive income for the year 76,990,314,520.31 51,390,685,682.84 128,381,000,203.15 Balance as of 30 September 2020 The note to the financial statement is part of the financial statement. 104

Cash Flow Statement Annual Report 2020  Expressway Authority of Thailand For the year ending on 30 September 2020 Cash flows from operating activities 2020 Unit : Baht Profit for the year 2019 Adjustment to reconcile profit for the year as cash 6,712,517,248.65 inflow (payment) 6,702,062,471.60 From operating activities : (1,762,540,212.30) - (2,076,880,687.81) Recognized revenue from joint venture (185,202,104.43) Recognized revenue from donations (62,223,684.25) (66,965,500.85) Recognized revenue from the government subsidy (56,800,214.78) (54,746,322.62) Revenue from bank deposit interest (814,314,296.49) (707,807,381.63) Benefit from the Fund (6,441,430.00) (17,040,820.18) Profit from asset disposal 2,595,117,517.63 2,705,120,306.39 Depreciation and amortization 23,641,041.87 - Loss on employee benefit estimates 150,714,399.23 555,339,343.19 Employee benefit expenses 425,299,219.10 582,681,575.21 Interest expenses Interest expenses under the Agreement on 2,099,743,520.99 3,700,361,394.24 Transferring the Right to Revenue to the Fund 9,304,713,109.65 11,136,922,273.11 Profit for the year from operation before the change in assets and operating liabilities - 823,574,794.43 Change in operating assets : Decrease (Increase) Current portion of receivables from the joint (40,144,853.66) (25,250,432.11) ventures (1,029,525,307.20) (70,758,703.83) Other receivables Other current assets 520,150,348.13 (677,433,334.53) Change in operating liabilities : Increase (Decrease) (32,927,466.65) 69,436,184.87 Payables (839,220,000.00) 839,220,000.00 Accrued expenses (277,836,454.36) 316,342,692.70 Accrued revenue to the state 18,283,749.20 19,579,403.17 Unearned revenue 173,935,037.52 (396,881.23) Other current assets 348,650.01 Retention 1,081,718.00 Aid fund 7,798,509,880.63 12,431,584,646.59 Cash from operating activities 105 The note to the financial statement is part of the financial statement.

Cash Flow Statement (Cont’d) For the year ending on 30 September 2020 Cash flow from operating activities (Cont’d) 2020 Unit : Baht Receipt of bank deposit interest 2019 Receipt of the benefit from the fund 61,469,976.55 Interest payment 840,728,250.61 49,446,531.78 Interest payment under the Agreement on Transferring (459,564,684.85) 585,066,107.35 the Right to Revenue to the Fund (716,318,874.54) (624,020,588.91) Payment of employee benefits (2,042,182,007.94) Net cash from operating activties (67,702,354.88) 7,457,122,193.52 (140,900,372.89) Cash flow from investing activities : Decrease (increase) 10,258,994,315.98 Temporary investment 9,102,267,711.15 Fixed deposit (5,000,000.00) (9,602,625,650.97) Over 1-year fixed deposit (5,000,000.00) Cash inflow from asset disposal (3,668,000,000.00) Investment in land, buildings, and equipment 6,441,430.00 (35,736,000,000.00) Investment in during-construction works 17,077,750.00 Intangible assets (334,881,572.16) Net cash acquired (spent) in investing activities (3,807,719,032.32) (602,263,394.27) (843,444,506.28) Cash flow from financing activities (2,150,467.30) Cash to pay back government loans 1,290,958,069.37 - Cash to pay back loans (46,772,255,801.52) Cash inflow from fundraising via mutual funds (400,000,000.00) Cash inflow from government subsidy (6,450,000,000.00) (400,000,000.00) Levies (2,300,000,000.00) Net cash acquired (spent) in financing activities - 44,811,000,000.00 309,555,700.00 Cash and cash equivalents : (Decrease) Increase-Net (3,839,220,000.00) 59,735,400.48 Cash and cash equivalents at the beginning of the period (10,379,664,300.00) (2,560,780,000.00) Cash and cash equivalents at the end of the period (1,631,584,037.11) 39,609,955,400.48 8,482,322,232.70 3,096,693,914.94 6,850,738,195.59 5,385,628,317.76 8,482,322,232.70 Additional data for the cash flow statement 361,768,751.86 Investment during-construction works without payment 175,179,914.39 The note to the financial statement is part of the financial statement. 106

Note to the Financial Statement Annual Report 2020  Expressway Authority of Thailand For the year ending on 30 September 2020 1. General information As a state enterprise affiliated to the Ministry of Transport, the Expressway Authority of Thailand (EXAT) was established in pursuance of the Revolutionary Council’s Notification No. 290 on 27 November 1972. Subsequently, the Expressway Authority of Thailand Act B.E. 2550 (2007) was promulgated on 9 January 2008. It is located at 2380, Phahon Yothin Road, Sena Nikhom Subdistrict, Chatuchak District, Bangkok, 10900. 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 The Accounting Guidance, the Thai Accounting Standards (TAS), the Thai Financial Reporting Standards (TFRS), the Thai Accounting Standard Interpretation (TSIC), and the Thai Financial Reporting Standard Interpretation (TFRIC) issued by the Federation of Accounting Professions. They were effective for the accounting period starting on or after 1 January 2020. • Thai Accounting Guidance Title : Exceptions for Consolidation of Businesses under the Same Control : First-time Adoption of Financial Reporting Standards • Thai Accounting Guidance Title : Accounting Guidance on Temporary Relief Measures on Accounting Alternatives in Response to the Impact of the Coronavirus 2019 (COVID-19) • TAS 1 Title : Presentation of Financial Statements • TAS 2 Title : Inventories • TAS 7 Title : Statement of Cash Flows • TAS 8 Title : Accounting Policies, Changes in Accounting Estimates and Errors 107

• TAS 10 Title : Events after the Reporting Period • TAS 12 Title : Income Taxes • TAS 16 Title : Property, Plant and Equipment • TAS 19 Title : Employee Benefits • TAS 20 Title : Accounting for Government Grants and Disclosure of Government • TAS 21 Assistance • TAS 23 Title : The Effects of Changes in Foreign Exchange Rates • TAS 24 Title : Borrowing Costs • TAS 26 Title : Related Party Disclosures • TAS 27 Title : Accounting and Reporting by Retirement Benefit Plans • TAS 28 Title : Separate Financial Statements • TAS 29 Title : Investments in Associates and Joint Ventures • TAS 32 Title : Financial Reporting in Hyperinflationary Economies • TAS 33 Title : Financial Instruments : Presentation • TAS 34 Title : Earnings per Share • TAS 36 Title : Interim Financial Reporting • TAS 37 Title : Impairment of Assets • TAS 38 Title : Provisions, Contingent Liabilities and Contingent Assets • TAS 40 Title : Intangible Assets • TAS 41 Title : Investment Property • TFRS 1 Title : Agriculture • TFRS 2 Title : First-time Adoption of Financial Reporting Standards • TFRS 3 Title : Share-based Payment • TFRS 4 Title : Business Combinations • TFRS 5 Title : Insurance Contracts • TFRS 6 Title : Non-current Assets Held for Sale and Discontinued Operations • TFRS 7 Title : Exploration for and Evaluation of Mineral Resources • TFRS 8 Title : Financial Instruments : Disclosures • TFRS 9 Title : Operating Segments • TFRS 10 Title : Financial Instruments • TFRS 11 Title : Consolidated Financial Statements • TFRS 12 Title : Joint Arrangements • TFRS 13 Title : Disclosure of Interests in Other Entities • TFRS 15 Title : Fair Value Measurement Title : Revenue from Contracts with Customers  108

• TFRS 16 Title : Lease Agreements Annual Report 2020  Expressway Authority of Thailand • TSIC 10 Title : Government Assistance-No Specific Relation to Operating Activities • TSIC 25 Title : Income Taxes-Changes in the Tax Status of an Entity or its • TSIC 29 Shareholders • TSIC 32 Title : Service Concession Arrangements : Disclosures • TFRIC 1 Title : Intangible Assets-Web Site Costs Title : Changes in Existing Decommissioning, Restoration and Similar • TFRIC 5 Liabilities • TFRIC 7 Title : Rights to Interests arising from Decommissioning, Restoration and • TFRIC 10 Environmental Rehabilitation Funds • TFRIC 12 Title : Applying the Restatement Approach under TAS 29 Financial • TFRIC 14 Reporting in Hyperinflationary Economies • TFRIC 16 Title : Interim Financial Reporting and Impairment • TFRIC 17 Title : Service Concession Arrangements • TFRIC 19 Title : TAS 19-The Limit on a Defined Benefit Asset, Minimum Funding • TFRIC 20 • TFRIC 21 Requirements and their Interaction • TFRIC 22 Title : Hedges of a Net Investment in a Foreign Operation • TFRIC 23 Title : Distributions of Non-cash Assets to Owners Title : Extinguishing Financial Liabilities with Equity Instruments Title : Stripping Costs in the Production Phase of a Surface Mine Title : Levies Title : Foreign Currency Transactions and Advance Consideration Title : Uncertainty over Income Tax Treatments  They were effective for the accounting period starting on or after 1 January 2021. • Thai Accounting Guidance Title : Financial Instruments and Presentation for Insurance business • Thai Accounting Guidance Title : Temporary Relief Measures for Entities Providing Assistance to Debtors Impacted by Situations That Affect the Thai Economy The EXAT’s management has conducted assessment and regarded that the adoption of the Accounting Guidance, the Thai Accounting Standard Interpretation (TSIC) and the Thai Financial Reporting Standard Interpretation (TFRIC) had no material impact on the financial statements in the first year of adoption. 3. Summary of Significant Policies 3.1 Cash and cash equivalents, which include cash and bank deposits with the payment due within three months and have no obligation. 3.2 Materials, which are presented as costs using weighted averages. 3.3 Land, buildings and equipment, which are presented as costs on the day of purchase or acquisition less accumulated depreciation and the allowance for cumulative impairment.  109

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 improvements 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 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. 3.4 Intangible assets, i.e. expenses for the right to use computer software, which are 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. 3.5 Land use right, which are presented as costs. As the right is not subject to time limit, there is no amortization as expenses. 3.6 Deferred revenues 3.6.1 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 a revenue based on the joint venture agreement term. 3.6.2 Deferred revenue from the government grant, which the EXAT receives from the government to pay for the construction cost, land acquisition cost, and other costs related to expressways. It is recorded as liabilities coupled with assets and recognized as a revenue based on the useful life of the assets. 3.7 Employee benefit obligations Employee benefits obligations-The benefits for individual types of employees are recognized and measured as follows : 3.7.1 Short-term employee benefits-They are recognized as expenses in the period when the transactions are incurred. 3.7.2 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. 3.7.3 Post-employment benefits-They use actuarial estimates and the projected unit credit method to determine the present value 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 110

statement and recognized as expenses in the comprehensive income statement. If there are actuarial Annual Report 2020  Expressway Authority of Thailand gains and losses, they are recognized as revenues or expenses in the accounting period. 3.8 Aid Fund and Provident Fund-The EXAT established the AID Fund which had the objectives to provide assistance for 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 1 October 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. 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 (SCBAM) to manage the Fund from 2020-2023. 3.9 Revenue recognition 3.9.1 Toll revenue, which will be recognized as a revenue once there are service users. 3.9.2 Land use revenue-The EXAT will receive funds from the joint venture of the Si Rat Expressway Project. The revenue will be recognized as a revenue based on the linear technique based on the agreement term. 3.9.3 Interest revenue, which will be recognized on a time-proportional basis with the actual rate of return taken into account. 3.9.4 Donation revenue, which is recognized as a revenue in the period when its transactions are incurred. 3.9.5 Government grant revenue, which is recognized as a revenue based on the expressway useful life. 3.10 Government grant The grant for the land acquisition cost, construction cost, and others is recorded as deferred liabilities to be recognized as a revenue in the comprehensive income statement based on the useful life of the expressway projects. 3.11 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, are recognized as works during construction. The interest expenses incurred after the construction is completed are recognized as expenses; 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. 3.12 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 of the assets. The deferred revenue will be recognizes as a revenue based on the period of the joint venture agreement. 111

4. Additional data 2020 Unit : Million baht 73.99 2019 4.1 Cash and cash equivalents 81.72 6,776.75 8,400.60 Cash 6,850.74 8,482.32 Bank deposit Total A cash valued at 73.99 million baht consisted of 23.39 million baht petty cash and 50.60 million baht cash from the toll fees, toll coupons, and Easy Pass top-ups as of 30 September 2020, which was waiting to be deposited on the next business day. Part of the 6,776.75 million baht bank deposit came from the TFF, amounting to 1,662.52 million baht, which aimed to pay for the construction cost of the Rama III-Dao Khanong Expressway. A 5,000.00 million baht was reserved to redeem the bonds due in May 2021. 4.2 Temporary investment Fixed deposit for more than 3 months Unit : Million baht • Krung Thai Bank (Aid Fund) 2020 2019 • Government Housing Bank 11.15 10.42 - 3,596.00 • Islamic Bank of Thailand - 4,007.00 • SME Development Bank - 2,000.00 • Export-Import Bank of Thailand 500.00 - Total 511.15 9,613.42 4.3 Accrued government grant, which the EXAT will receive from the government to pay for the land acquisition cost. Unit : Million baht 2020 2019 Balance carried forward at the beginning of the period 1,017.09 69.83 Plus The land acquisition cost for the Chlong Rat Expressway. - 153.00 The land acquisition cost for the Rama III-Dao Khanong - 807.00 Expressway. 1,017.09 1,029.83 Minus the interim grant 309.55 12.74 Balance at the end of the period 707.54 1,017.09 112

In 2020, the EXAT received a government grant accounting to 4.23 million baht to pay for Annual Report 2020  Expressway Authority of Thailand the land acquisition cost for the Si Rat Expressway-Bangkok Outer Ring Road Expressway Project and 305.32 million baht for the Rama III-Dao Khanong Expressway Project. 4.4 Other current assets Unit : Million baht Employee guarantee deposited at the bank 2020 2019 Office supplies 19.66 19.47 Advance payment for the construction cost 51.55 87.01 302.45 1,368.05 Others 32.73 33.53 Total 1,471.99 442.46 4.5 Fixed deposit with obligation The EXAT has a fixed deposit used for guaranteeing the housing loans for its employees as a fringe benefit, 156.49 million baht for the year 2020 and 151.49 million baht for the year 2019. 4.6 Over 1 year fixed deposit This comes from fundraising through the TFF. Unit : Million baht 2020 2019 • Krung Thai Bank 1,209.00 1,209.00 • Government Housing Bank 33,444.00 32,444.00 • Islamic Bank of Thailand 3,533.00 2,083.00 • Export-Import Bank of Thailand 1,218.00 - Total 39,404.00 35,736.00 4.7 Land, buildings, and equipment-net 30 September 2019 Unit : Million baht Cost Accumulated depreciation Land, Increase Decrease buildings, Balance at Balance at Balance at Balance at and the beginning the end of the beginning the end of equipment- of the period the period of the period Depreciation  Increase Decrease the period net Land 81,807.53 455.34 7.44 82,255.43 - - - - - 82,255.43 Expressways 133,506.27 234.98 - 133,741.25 31,236.48 2,314.11 - - 33,550.59 100,190.66 Buildings 19.91 - 1,011.32 - - 1,093.17 Office supplies 2,581.47 126.65 85.79 2,601.38 1,622.33 81.85 - 85.75 1,749.90 1,508.21 Tools 2,254.38 17.13 1.27 2,295.24 213.32 - 1.27 545.34 Vehicles 99.85 105.03 134.57 - 105.03 142.25 33.42 159.81 953.86 199.53 175.67 682.51 8.95 - 192.05 663.54 564.04 Total 1,232.76 1,227.58 34,687.21 86.06 37,199.45 221,542.22 222,296.55 2,704.29 185,097.10 113

30 September 2020 Unit : Million baht Cost Accumulated depreciation Land, buildings, Balance at Balance at Balance at Balance at the beginning the end of the beginning the end of and of the period Increase Decrease the period of the period Depreciation  Increase Decrease the period equipment- 303.01 16.18 82,255.43 186.64 - net 133,741.25 9.12 - Land 157.72 44.69 82,542.26 - -- - - 82,542.26 Expressways 2,601.38 25.07 4.04 Buildings 2,295.24 26.93 60.27 133,927.89 33,550.59 2,197.97 - - 35,748.56 98,179.33 Office supplies 708.49 125.18 Tools 175.67 2,610.50 1,093.17 81.42 - - 1,174.59 1,435.91 Vehicles 1,227.58 222,296.55 2,408.27 1,749.90 213.06 - 44.69 1,918.27 490.00 Total 196.70 142.25 12.45 - 4.04 150.66 46.04 1,194.24 663.54 84.51 - 60.27 687.78 506.46 222,879.86 37,199.45 2,589.41 - 109.00 39,679.86 183,200.00 The value of the land as of 30 September 2020 had was 82,542.26 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 expressways-net 30 September 2019 Unit : Million baht Cost Accumulated depreciation Expressways- net Balance at Balance Balance Balance the beginning at the end at the beginning at the end of the period Increase Decrease of the period of the period Depreciation Decrease of the period Expressways The Chaloem Maha 11,184.62 16.54 - 11,201.16 4,897.86 228.48 - 5,126.34 6,074.82 Nakhon Expressway The Si Rat Expressway 16,373.62 - - 16,373.62 5,139.59 216.94 - 5,356.53 11,017.09 The Chalong Rat 15,167.83 68.94 - 15,236.77 4,150.11 269.23 - 4,419.34 10,817.43 Expressway The Burapha Withi 28,567.23 21.82 - 28,589.05 7,729.96 478.23 - 8,208.19 20,380.86 Expressway The Udon Ratthaya 15,107.61 - - 15,107.61 3,954.40 201.56 - 4,155.96 10,951.65 Expressway The Bang Na-At Narong 2,268.08 1.50 - 2,269.58 486.25 32.53 - 518.78 1,750.80 Expressway The Kanchanaphisek 22,276.01 126.18 - 22,402.19 4,060.53 495.71 - 4,556.24 17,845.95 Expressway The Si Rat-Ring Road 22,561.27 - - 22,561.27 817.78 391.43 - 1,209.21 21,352.06 Expressway Total 133,506.27 234.98 - 133,741.25 31,236.48 2,314.11 - 33,550.59 100,190.66 114

30 September 2020 Unit : Million baht Annual Report 2020  Expressway Authority of Thailand Cost Accumulated depreciation Expressways- net Balance at Balance Balance at Balance the beginning at the end the beginning at the end of the period Increase Decrease of the period of the period Depreciation Decrease of the period Expressways The Chaloem Maha 11,201.16 121.45 - 11,322.61 5,126.34 226.40 - 5,352.74 5,969.87 Nakhon Expressway The Si Rat Expressway 16,373.62 - - 16,373.62 5,356.53 216.82 - 5,573.35 10,800.27 The Chalong Rat 15,236.77 11.49 - 15,248.26 4,419.34 241.36 - 4,660.70 10,587.56 Expressway The Burapha Withi 28,589.05 0.84 - 28,589.89 8,208.19 471.83 - 8,680.02 19,909.87 Expressway The Udon Ratthaya 15,107.61 - - 15,107.61 4,155.96 201.57 - 4,357.53 10,750.08 Expressway The Bang Na-At Narong 2,269.58 - 518.78 32.17 - 550.95 1,718.63 Expressway - 2,269.58 The Kanchanaphisek 22,402.19 52.86 - 22,455.05 4,556.24 416.39 - 4,972.63 17,482.42 Expressway The Si Rat-Ring Road 22,561.27 - - 22,561.27 1,209.21 391.43 - 1,600.64 20,960.63 Expressway Total 133,741.25 186.64 - 133,927.89 33,550.59 2,197.97 - 35,748.56 98,179.33 4.8 Land use right This dealt with a 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 right 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 the 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. 4.9 Work during construction Unit : Million baht 2020 2019 Expressway network stage 3, North line, section N2-Consultant fee, 1,305.61 1,305.61 construction cost, and interest The Rama III-Dao Khanong Expressway Project 2,054.06 - Others 2,677.87 938.16 Total 6,037.54 2,243.77 115

4.10 Expenses on engineering management 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. Unit : Million baht 2020 2019 Consultant fee for the inspection of the foundation 26.98 26.98 of the Burapha Withi Expressway Others 42.74 42.74 Total 69.72 69.72 4.11 Trade payables and other payables 2020 Unit : Million baht 876.46 2019 Trade payables - 889.84 Compensation in pursuance of the court judgement 217.96 4,412.81 Accrued expenses 819.60 213.40 Accrued bonus for directors and employees 46.21 857.09 Accrued loan interest 80.47 1,960.23 6,453.61 Total The court judgment required the EXAT to pay a compensation in a dispute in which North Bangkok Expressway Company Limited (NECL) filed a statement of claim with the Arbitration Institution to request that the EXAT pay a compensation for a decrease in its tool revenue as a result of the operation of the Uttaraphimuk Elevated Tollway (Don Muang Tollway, Section: National Memorial to Rangsit), which was considered to be a competitive road in pursuance of Clause 16 of the Bang Pa-in-Pak Kret Expressway Project Agreement. Accordingly, NECL claimed it suffered from a serious financial impact of this. On 21 September 2018, the Central Administrative Court read the judgment of the Supreme Administrative Court by the majority votes in the general meeting. Its judgement was based on that issued by the First Administrative Court, which required the EXAT to comply with the Arbitration Award which adjudicated that the EXAT shall pay NECL the compensation for the decrease in the estimated toll revenue. For the year 1999, the EXAT shall pay a compensation amounting to 730.80 million baht plus interest of the said principal, the rate of which was specified in the Clause 25.6 of the agreement from 14 June 2000. For the year 2000, the EXAT shall pay a compensation amounting to 1,059.20 million baht plus interest of the said principal, the rate of which was specified in the Clause 25.6 of the agreement from 22 March 2001. The interest as of 15 March 2020 of two principals totaled 2,678.89 million baht. The total compensation in pursuance of the judgment was 4,468.89 million baht. On 20 February 2020, the EXAT signed the Bang Pa-in-Pak Kret Project Agreement (Revision) with NECL by agreeing to revoke the dispute in the previous agreement, with details provide in Clause 2.2 of the agreement and Appendix 1. Subsequently, the EXAT considered reversing the liabilities by linking them to the estimated revenue share for the contractual party throughout the concession period. 116

4.12 Long-term liabilities due within a year 2020 Unit : Million baht Annual Report 2020  Expressway Authority of Thailand 500.00 2019 Government loans 400.00 The EXAT’s bonds 5,000.00 6,450.00 5,500.00 6,850.00 Total 4.13 Other current liabilites 2020 Unit : Million baht 26.59 2019 Withholding tax 80.26 19.70 Contract guarantee 50.42 125.78 Deferred building tax 19.66 32.17 Employee guarantee payable 108.65 19.47 Short-term employee benefit obligation 81.02 95.89 Others 366.60 42.55 335.56 Total 4.14 Government loan which the government lent to the EXAT without charging any interest, which was spent on paying for the loan for construction projects. Unit : Million baht Government Paid Balance loans 1) The Si Rat Expressway Project 9,806.90 - 9,806.90 2) The Project on the Construction 3,039.80 - 3,039.80 of the Toll Collection System for the Kanchanaphisek Expressway 3) The Project on the Connected Way 1,273.20 - 1,273.20 between the Kanchanaphisek Expressway and the Burapha Withi Expressway 4) The Project on the Connected Way 2,459.00 2,000.00 459.00 between the Expressway and the Industrial Ring Road Total 16,578.90 2,000.00 14,578.90 Deduct: The portion due within a year. 500.00 Balance 14,078.90 4.15 The EXAT’s bonds The EXAT’s bonds valued at 11,700.00 million baht minus the portion due within a year amounting to 5,000.00 million baht was equal to 6,700.00 million baht, which aimed to be spent on the implementation of different projects, as follows : 117

Unit : Million baht 2020 2019 Bonds whose principal and interest are the EXAT’s 5,600.00 8,200.00 responsibility. 5,500.00 8,850.00 • Construction cost of the Burapha Withi Expressway • Construction cost of the Kanchanaphisek Expressway 600.00 1,100.00 • Construction cost of the Ramindra-Outer Ring Road 11,700.00 18,150.00 Expressway 5,000.00 6,450.00 6,700.00 11,700.00 Total Minus the portion due within a year. Balance 4.16 Liabilities under the Agreements 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 8 October 2018, the EXAT entered into the Agreement on Transferring the Right to Revenue to the TFF for the Chalong Rat Expressway Project and that 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 (29 October 2018-28 October 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 the royalties of the transferred revenue. On 29 October 2018, the royalties of the transferred revenue under the agreement received by the EXAT amounted to 44,811.00 million baht. 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 Eastern EW Corridor in pursuance of the Cabinet’s Resolution on 30 May 2017. As of 30 September 2020, 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 3,041.60 million baht. The effective interest rate was involved in the calculation of the interest expense for each period. 4.17 Deferred revenue Unit : Million baht Accumulated Book value Cost recognized revenue 2020 2019 Deferred revenue from the joint venture The Si Rat Expressway 16,084.21 16,022.26 61.95 275.10 The Si Rat Expressway (Revision) 3,842.62 121.01 3,721.61 - The Udon Ratthaya Expressway 14,589.11 11,372.28 3,216.83 3,756.30 The Udon Ratthaya Expressway (Revision) 626.27 - 626.27 - The Si Rat-Outer Ring Road Expressway 22,820.00 3,598.36 19,221.64 20,099.05 118

4.17 Deferred revenue (Cont’d) Accumulated Book value Annual Report 2020  Expressway Authority of Thailand recognized 2020 2019 Cost revenue Connected way between the Si Rat-Outer 275.00 23.00 252.00 263.50 Ring Road Expressway headed to the Si Rat 31,136.91 27,100.30 24,393.95 Expressway in the north 87.57 Total 58,237.21 194.69 Deferred revenue from the grant (Land acquisition cost) - 282.26 The Chalong Rat Expressway 987.30 31,419.17 899.73 914.58 3,358.31 3,405.69 The Si Rat-Outer Ring Road Expressway 3,553.00 807.00 807.00 The Rama III-Dao Khanong Expressway 807.00 5,065.04 5,127.27 32,165.34 29,521.22 Total 5,347.30 Grand total 63,584.51 4.18 Employee benefit obligation The reconciled transactions for the present value of the employee benefit obligation are as follows : Unit : Million baht 2020 2019 Present value of employee benefit obligation Balance carried forward at the beginning of the period 1,566.46 1,157.86 Present service cost 104.81 434.40 Interest cost 27.70 47.00 Actuarial losses of the post-employment benefit obligation 291.56 - Actuarial losses of the obligation of other long-term 23.64 - employee benefits. Actual employee benefit payment (63.30) (73.21) Adjusted actual employee benefit payment 1.05 0.41 Patretsheentenvdaluoef tohfethpeereiomdployee benefit obligation 1,951.92 1,566.46 The main actuarial assumptions for calculating the liability estimates under the employee benefit program are as follows : Percent per Year (%) 2020 2019 Discount rate 1.50-1.55 1.51-3.98 Inflation rate 2.75 - Employee turnover rate 0.19-3.44 1.19 Salary increase rate 7.00 7.50 Mortality Rate: Use the Table TM017 - (Thai Mortality Ordinary for the year 2017) 119

In the period, the EXAT appraised the present value of the employee benefit obligation, which showed actuarial losses of the obligation of the post-employment benefit which recognized transactions in other comprehensive income items for the year ending on 30 September 2020, with details as follows : Unit : Million baht 2020 2019 Experience adjustment 177.82 - Change in financial assumptions 344.86 - Change in demographic assumptions (231.12) - Total 291.56 - 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 30 September 2020 and 2019, the amount of contribution paid by the EXAT to the Provident Fund amounted to 160.19 million baht and 153.78 million baht, respectively. 4.19 Aid Fund 2020 Unit : Million baht 14.33 2019 Balance carried forward from the beginning of the Period 0.63 13.99 Plus Interim contributions 0.11 0.60 Revenues are greater than the expenses 0.10 transferred into the Fund. Adjusted funds in the Aid Fund 0.52 0.88 15.59 15.57 Deduct : Payment to resigning members - 1.08 Adjusted funds in the Aid Fund 0.17 0.16 Balance at the end of the period 15.42 14.33 Post-employment obligation 15.42 14.33 Under the EXAT’s Regulations (Vol. 42 : Subject : Aid Fund, Section : 8 If the Aid Fund does not have enough funds to pay to resigning employees, an additional payment shall be made using the EXAT’s funds. 4.20 Other revenues 2020 Unit : Million baht 1,762.54 2019 Recognized revenue from the joint venture 231.89 2,076.88 Revenue from land use 62.22 560.53 Revenue from government grant 233.02 66.97 Revenue from providing benefits in the right-of-way. 286.38 120

4.20 Other revenues (Cont’d) 2020 Unit : Million baht Annual Report 2020  Expressway Authority of Thailand 56.80 2019 Revenue from the interest of the bank deposit 814.31 54.75 Revenue from funds from the Fund 193.53 707.81 Other 251.94 3,354.31 4,005.26 Total 4.21 Operating results Unit : Million baht Revenue 2020 2019 Increase (Decrease) Deduct : Expenses Gains for the year 15,991.21 18,620.16 Amount Percentage 9,278.69 11,918.10 6,712.52 6,702.06 (2,628.95) (14.12) (2,639.41) (22.15) 10.46 0.16 Concerning the EXAT’s operating results for the year 2020, its gains enjoyed a 10.46 million baht increase, which represented 0.16 percent. Its total revenue had a 2,628.95 million baht decrease, which represented 14.12 percent, and its total expenses had a 2,639.41 million baht decrease, which accounted for 22.15 percent. 4.22 Expenses Unit : Million baht 2020 2019 Expenses on employees 2,895.47 2,960.48 Employee benefits 150.71 555.34 Remuneration for executives 11.85 15.04 Remuneration for directors 5.07 4.09 Office expenses 1,076.34 1,374.20 Depreciation 2,595.12 2,705.12 Total 6,734.56 7,614.27 The remuneration for the executives consisted salary and bonus for Deputy Governor or higher, and 121 the remuneration for directors consisted of bonus and meeting per diem. 4.23 Joint Venture Agreements 4.23.1 The Si Rat Expressway Project On 22 December 1988, the EXAT entered into an agreement with BEM, which allows 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: 1 March 1990 until 29 February 2020. The revenue sharing is as follows : Urban network (The Chaloem Maha Nakhon Expressway and the Si Rat Expressway, Sections “A” and “B”).

(1) First 9 years from the “day when the first section Share to the EXAT (%) Share to BEM (%) 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 Expressway, 40 60 Section “B” is completed. (2) Period after Section (1) to the end of the agreement. - 100 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 2 September 1993. As for the main Section B: Samsen Water Treatment Plant-Bang Khlo, with a distance of 9.4 km, its entire route started to be operated on 6 October 1996. 4.23.2 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 17 April 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 2 December 1998. 4.23.3 The Udon Ratthaya Expressway Project The EXAT entered into an agreement with NECL on 27 September 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 26 September 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 it started to be operated on 2 December 1998. Phase 2: Chiang Rak-Bang Sai, with a total distance of 10 km-Its construction was completed, and it started to be operated on 1 November 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. 4.23.4 The Si Rat-Bangkok Outer Ring Road Project The EXAT entered into an agreement with BEM on 14 September 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: 15 December 2012, which will end on 14 December 2042, with a total distance of 16.7 km. It started to be operated on 22 August 2016. 122

The entire toll revenue belongs to the joint venture, and the EXAT will receive a share Annual Report 2020  Expressway Authority of Thailand of the revenue when the return on investment (ROI) exceeds 13.5 percent. 4.23.5 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 20 February 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 31 October 2035. The EXAT will share the toll revenue with its contractual parties as follows : • The Si Rat Expressway, Sections “A” and “B” (The Section “A” is from Ratchada Phisek Road to Rama 9 Road and Section “B” is from the Samsen Water Treatment Plant to Bang Khlo), with 40 percent of the revenue shared with BEM from 1 March 2020 to 31 October 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 1 March 2020 until 31 October 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 22 April 2027 until 31 October 2035. • The Udon Ratthaya Expressway; the entire revenue exclusively belongs to NECL from 27 September 2026 until 31 October 2035. Both agreements contain conditions specifying that the contractual parties shall cancel and revoke the disputes included the previous agreements, which consisted of disputes with and without judgments from the Supreme Administrative Court. The ten disputes between the EXAT and BEM and NECL with total capital of 55,874.08 million baht as well as other existing and potential litigations and disputes in the same issues or connected issues contained in the previous agreements were settled when all the parties agreed to settle all the disputes based on conditions included 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 20 February 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 EXAT had no longer an obligation to record the liability estimates or recognize any liability estimates in the financial statements. In September 2018, the EXAT recorded liabilities amounting to 4,286.62 million baht as the Supreme Administrative Court ruled that the EXAT shall pay a compensation to NECL for the competitive road for the years 1999 and 2000. Subsequently, the EXAT recorded the additional interest expense estimates, so the balance of liabilities was equal to 4,468.89 million baht as of 15 March 2020 (on the day when the other parties settled the legal execution). Therefore, the EXAT considered reserving the recorded liability transactions though the income statement by linking to the share of the revenue based on the remaining period of related agreements. The negotiation on the extension of the concession agreements was undertaken to settle disputes in pursuance of the Cabinet Resolution for the best interests of the public sector and the general public. The EXAT considered different factors, including continuity in operations. Thus, the EXAT considered that entering into the revised agreements would ensure continual of operations and allowed 123

all the parties made an agreement equally as business as usual, so they didn’t create a burden to the EXAT; and that they were able to settle disputes which were lawsuits and not lawsuits and other disputes which the other parties may claim in the future. Thus, the agreements could be considered to be beneficial in terms of business risk reduction. To consider recording the transaction on the concession period extension, the EXAT considered that on the day when the revised agreements came into force, the EXAT did not have any liabilities as a result of the conflicts for which no final judgment was issued. The EXAT considered all the circumstances and evidence available based on relevant accounting principles; comparison of the cases against other cases with the same nature which were ruled by the Supreme Administrative Court in 2018; the status of the conflicts with the contractual parties as disputes or lawsuits in the proceedings; and the opinions of the EXAT’s Legal Department and prosecutors, who provided opinions about disputes that were not lawsuits or were lawsuits that were not finalized. The EXAT considered that those disputes did not cause material damage or that the agreements did not create a burden to it. Thus, the EXAT had no obligation to record liability estimates in the financial statements as a result of the disputes settled by the effect of the new agreements and withdrawal by the other parties. 4.24 Value added tax that the EXAT is liable for The EXAT is responsible for VAT for its clients for the Chaloem Maha Nakhon Expressway, the Si Rat Expressway (except for 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 1992-2019, the VAT that the EXAT was responsible amounted to 20,060.85 million baht and that in the fiscal year 2020, ending on 30 September 2020, amounted to 929.92 million baht. The total VAT paid by the EXAT on this behalf was equal to 20,990.77 million baht. 4.25 Potential liabilities The liabilities which may be incurred to the EXAT as a result of litigations as of 30 September 2020 from 13 lawsuits amounted to 892.19 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 proceedings Number Unit : of lawsuits Million baht Disputes • Compensation for damage and agreement breach Supreme Administrative Court 2 329.41 Total 2 329.41 Lawsuits • Additional land compensation claim and Court of First Instance 5 297.92 compensation for damage and agreement breach • Damage claim Court of Appeal 1 0.08 • Damage claim Supreme Court 3 3.05 • Additional land compensation claim Supreme Administrative Court 2 261.73 Total 11 562.78 Grand total 13 892.19 124

4.25.1 Disputes in the Supreme Administrative Court proceedings: Two cases with capital Annual Report 2020  Expressway Authority of Thailand of 329.41million baht (1) Italian-Thai Development PCL filed a statement of claim on 9 December 1999 to request the EXAT to pay for the additional expressway construction cost for the Project on Linking between the Din Daeng-Don Mueang Elevated Tollway and the First and Second Stage Expressway in the amount of 52.04 million baht with interest. On 18 June 2007, the Arbitral Tribunal ruled to dismiss the statement of claim of the claimant. Subsequently, Italian-Thai Development PCL filed a petition with the Civil Court to withdraw the arbitral award and claim a 81.40 million baht compensation from the EXAT. The Civil Court issued an order to transfer the case to the Central Administrative Court. On 27 March 2013, the Central Administrative Court ruled to dismiss the petition from Italian-Thai Development PCL, which later filed an appeal against the judgment with the Central Administrative Court. On 26 June 2014, the public prosecutor authorized by EXAT filed the answer to the appeal with the Supreme Administrative Court The case is now in the process of the Supreme Administrative Court’s proceedings. (2) CH. Karnchang PCL filed a lawsuit against the EXAT with the Central Administrative Court on 14 October 2008, which claimed that the EXAT shall pay interest as a result of the extension of the construction period under the Employment Agreement on the Construction of the Bang Phli-Suk Sawat Expressway (Bang Phli-Bang Khun Thian) twice in the amount of 248.01 million baht with interest. On 21 February 2013, the Central Administrative Court ruled that the EXAT shall pay the compensation and interest within 60 days from the date of the final judgment, The EXAT appealed to the Central Administrative Court on 22 March 2013, and the public prosecutor authorized by EXAT appealed to the Supreme Administrative Court. The case is now in the process of the Supreme Administrative Court’s proceedings. 4.26 Land acquisition cost for MRT projects As of 30 September 2020, the value of land acquired by the EXAT, whose ownership right wasn’t transferred to the MRTA was 304.80 million baht. 4.27 Deferred land expropriation cost As of 30 September 2020, 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). 4.28 Date of financial statement approval The EXAT Governor approved the issuance of the financial statements on 16 February 2021. 125

Significant Statistics of Expressway Usage Comparison of traffic volume on Chalerm Maha Nakorn, Si Rat, Chalong Rat, Burapha Withi, Udon Ratthaya, Kanchanaphisek (Bang Phli-Suksawat) and Si Rat-Outer Bangkok Ring Road in Fiscal Year 2016-2020 2020 Traffic volume on expressways (unit) 2019 117,638,448 2018 218,942,591 2017 77,122,915 2016 49,977,434 28,579,259 0 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 17,187,801 138,140,347 258,320,962 77,880,418 51,169,665 29,658,695 93,862,631 1,349,883 50,000,000 100,000,000 150,000,000 200,000,000 250,000,000 300,000,000   Chalerm Maha Nakorn    Si Rat    Chalong Rat    Burapha Withi    Udon Ratthaya Total number of vehicles in 2020 is   Kanchanaphisek (Bang Phli-Suksawat)    Si Rat-Outer Bangkok Ring Road 595,829,215 units 126

Traffic volume on expressways classified by routes for fiscal year 2020 Annual Report 2020  Expressway Authority of Thailand Chalerm Maha Nakorn Traffic volume on expressways (unit) Si Rat 113,859,212 Chalong Rat 2,944,746 Burapha Withi 834,490 Udon Ratthaya Kanchanaphisek 215,871,002 (Bang Phli-Suksawat) 2,789,166 Si Rat-Outer Bangkok 282,423 Ring Road 76,212,486 754,246 0 156,183 47,656,538 1,910,947 409,949 28,284,309 246,846 48,104 71,732,219 6,660,050 3,817,866 21,137,534 210,768 10,131 50,000,000 100,000,000 150,000,000 200,000,000 250,000,000   4 wheeled    6-10 wheeled    > 10 wheeled Total 595,829,215 units Traffic volume on Chalerm Maha Nakorn Expressway (First Stage Expressway System) classified by toll plaza for fiscal year 2020 Traffic volume on expressways (unit) Din Daeng 111173323353236315352542131616412581614,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,210907038355172511795140072389522935134403293781711666636221713150498965233453540380877293779289597215557234448459868444,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,978237061926688695113859836153193512344108880033871383161597653318129279836451150000028326153859699132872829873662264444 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 117,638,448 units   Traffic volume includes four-wheel-drive vehicles using Easy Pass (number) 127

Traffic volume on Si Rat Expressway (Second Stage Expressway System) classified by toll plaza for fiscal year 2020 Asok 1 Traffic volume on expressways (unit) Asok 2 Phahon Yothin 1 63,,508497,,769916 Phahon Yothin 2 1,266568,,330498 Khlong Prapa 1 1,877709,,882974 Khlong Prapa 2 1,688374,,159529 Phahon Yothin Area 12,,131383,,037725 Bang Sue 13,,518407,,918864 Ratchadaphisek 14,,944457,,235244 Prachachuen (Inbound) 2,618824,,623529 Bang Sue 2 12,,042576,,593955 Sathu Pradit 3 177,,336735,,152900 24,,292423,,586377 Chan 1,850544,,578102 Sathon 31,,559622,,396406 Surawong 1,783559,,352976 Saphan Sawang 25,,322665,,447425 Hua Lamphong 31,,372859,,826839 Uruphong 24,,153918,,795994 Yommarat 1,256343,,141931 Rama III 52,,649401,,210426 Asok 4 21,,105759,,380614 Prachachuen (Outbound) 290,,672387,,163401 Prachachuen 1 218,,092254,,772481 Prachachuen 2 25,,058460,,620774 Ngam Wong Wan 1 28,,738382,,550261 Ngam Wong Wan 2 13,,356714,,735635 Prachachuen (Inbound) 14,,516839,,580596 Asok 3 177,,336735,,152900 Rama IX 199,,527237,,912477 Ramkhamhaeng 24,,049723,,116521 Sri Nakharin 1,876097,,256804 Rama IX-1 189,,630426,,319559 Asok 3-1 105,,458114,,846455 25,,100083,,248325 0 5,000,000 10,000,000 15,000,000 20,000,000 25,000,000   Traffic volume includes all types of vehicles (number) Total 218,942,591 units   Traffic volume includes four-wheel-drive vehicles using Easy Pass (number) 128

Traffic volume on Chalong Rat Expressway (Ram Inthra-At Narong Expressway and Annual Report 2020  Expressway Authority of Thailand Ram Inthra-Outer Bangkok Ring Road Expressway) classified by toll plaza for fiscal year 2020 Ram Inthra Traffic volume on expressways (unit) Yothin Phatthana 1251593131152215324434114113422,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,670978805119562799712967865846483111001156727976897245232444752095011951351959255615505434444,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,008179189319678673935676505542380029519861853891957566151649740282531625182535299281725256444- 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 (number) Total 77,122,915 units   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 2020 Traffic volume on expressways (unit) Bang Na km. 6 (Inbound) Lane 1-3 211671134182121312171,,,,,,,,,,,,,,,,,,,,,1750172193356531690962421688551254409317695039585361177000255544838712749770830898333578285766694449444540542,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,111507677581952921671989135007517164407606581311917823939722618949171566640000253827282328587756688169444444444- 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   Traffic volume includes all types of vehicles (number) Total 49,977,434 units   Traffic volume includes four-wheel-drive vehicles using Easy Pass (number) 129

Traffic volume on Udon Ratthaya Expressway (Bang Pa-in-Pak Kret Expressway) classified by toll plaza for fiscal year 2020 Traffic volume on expressways (unit) Mueang Thong Thani (Outbound) 1,347,649 Mueang Thong Thani (Inbound) 689,618 1,919,541 Si Saman (Outbound) 967,763 Si Saman (Inbound) 3,714,908 Bang Phun (Outbound) 1,714,874 Bang Phun (Inbound) 3,656,253 Chiang Rak (Outbound) 1,667,162 Chiang Rak (Inbound) 2,263,208 Bang Pa-in (Outbound) 915,697 Bang Pa-in (Inbound) 2,805,141 1,087,315 3,126,057 1,124,201 3,210,167 1,124,542 3,528,986 1,083,244 3,007,349 937,208 0 1,000,000 2,000,000 3,000,000 4,000,000 5,000,000   Traffic volume includes all types of vehicles (number) Total 28,579,259 units   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 2020 Traffic volume on expressways (unit) Bang Khun Thian (Exit 1) 17911131315221333614211911834,,,,,,,,,,,,,,,,,,,,,,,,,,,,,006109583827565187273201147978294556486005563378292331885338211023649538977974326370170359372695195768689678746118142,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,003007885515118736527127194004833415474790000661585315736129181529337568414427003156686271639627836176197356352444444- Bang Khun Thian (Exit 2) Bang Khun Thian (Exit 3) 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   Traffic volume includes all types of vehicles (number) Total 82,210,135 units   Traffic volume includes four-wheel-drive vehicles using Easy Pass (number) 130

Traffic volume on Si Rat-Outer Bangkok Ring Road Expressway Annual Report 2020  Expressway Authority of Thailand classified by toll plaza for fiscal year 2020 Chim Phli Traffic volume on expressways (unit) Taling Chan Borommarachachonnani 5,594,790 Bang Bamru 2,274,851 Bang Phlat 2,795,886 Bang Kruai 1,320,004 Rama VII Bridge 2,743,997 Kamphaeng Phet 2 Bang Sue 1 968,010 1,188,256 506,694 98,272 38,765 780,129 341,725 1,933,790 858,452 3,167,037 1,122,105 3,056,276 1,479,065 0 2,000,000 4,000,000 6,000,000   Traffic volume includes all types of vehicles (number) Total 21,358,433 units   Traffic volume includes four-wheel-drive vehicles using Easy Pass (number) 131

Expressway System Map 132

Expressway Authority of Thailand 133 Annual Report 2020  Expressway Authority of Thailand

134

135 Annual Report 2020  Expressway Authority of Thailand

136 Burapha Withi Expressway (Bang Na-Chon Buri Expressway)

Udon Ratthaya Expressway 137 Annual Report 2020  Expressway Authority of Thailand

138 Kanchanaphisek Expressway (Bang Phli-Suksawat)

139 Si Rat-Outer Bangkok Ring Road Expressway Annual Report 2020  Expressway Authority of Thailand