annualreport2016

Statement of Comprehensive Income  For the year ended September 30, 2016 Unit : Baht 2015 Notes 2016 13,795,133,693.13 Revenues 14,148,592,286.54 726,113.70 - Toll revenue 2,264,765,175.26 Interest subsidies revenue and fee shouldered by 2,257,822,718.54 16,060,624,982.09 Government 16,406,415,005.08 4,781,194,064.59 Other revenues 4.20 4,863,546,255.02 115,203,204.53 118,501,278.89 Total revenue 1,126,971,241.30 Expenses 1,188,498,433.80 726,113.70 - Service cost 6,024,094,624.12 6,170,545,967.71 10,036,530,357.97 Selling expenses 10,235,869,037.37 1,604,374,643.57 Administrative expenses 1,311,145,665.45 8,432,155,714.40 8,924,723,371.92 Paid interest and fee shouldered by Government (51,472,039.12) - 8,380,683,675.28 Total expenses 8,924,723,371.92 Profit before finance costs Unit : Baht Total Financial costs 106,644,990,469.40 Profit for the year 4.21 (3,233,000,000.00) Other comprehensive income 8,380,683,675.28 111,792,674,144.68 Loss calculated based on actuarial valuation method 111,792,674,144.68 Total comprehensive income (6,302,606,000.00) 8,924,723,371.92 The accompanying notes are an integral part of the financial statements. 114,414,791,516.60 Statement of Changes in Equity  For the year ended September 30, 2016 Balance as at October 1, 2014 Capital Retained earnings Balance of the adjustment of Capital gain 76,990,314,520.31 29,654,675,949.09 Remittance to the state in 2014 Comprehensive income-revised - (3,233,000,000.00) Balance as at September 30, 2015 - 8,380,683,675.28 Balance as at October 1, 2015 76,990,314,520.31 34,802,359,624.37 Balance of the adjustment of Capital gain 76,990,314,520.31 34,802,359,624.37 Remittance to the state in 2015 Comprehensive income-revised - (6,302,606,000.00) Balance as at September 30, 2016 - 8,924,723,371.92 76,990,314,520.31 37,424,476,996.29 The accompanying notes are integral part of the financial statements. 99Annual Report 2016

Statement of Cash Flow  For the year ended September 30, 2016 Unit : Baht 2016 2015 Cash flow from operating activities Net profit 8,432,155,714.40 Net profit 8,924,723,371.92 (1,190,390,876.16) (3,482,854.08) Adjustments to reconcile profit to net cash provided by (paid from) from operating activities: (11,167,375.89) (63,980,347.11) Recognition of revenue from joint investment (1,286,283,301.76) (726,113.70) - Recognition of revenue from donation (3,575,770.75) - - Recognition of revenue from government grants (16,358,974.06) 2,131,006,449.96 Interest deposit revenue (25,796,324.01) 5,509.83 Interest subsidies revenue and fee shouldered by Government - 96,300,066.57 1,589,465,158.63 Profit from asset sale (3,502,775.47) 10,979,185,332.45 Compensation from fire damage (8,321,869.35) (300,000,000.00) 1,150,638.56 Estimates of employee benefit profit (1,392,108.86) (1,852,028,959.27) Depreciation 2,185,832,791.93 1,239,466,666.67 Loss from asset sale 244,569.02 415,666,270.39 78,804,750.84 Employee benefit expenses 183,066,597.29 - Interest expenses 1,253,130,096.54 (19,688,939.98) 73,121,320.88 Profit from operations prior to changes in operating assets and liabilities 11,201,766,302.44 (564,832.79) Decrease (Increase) from changes in operating assets (1,868,743.54) 10,613,243,504.21 Receivables from the joint venture company due within one year - 67,027,362.61 (1,669,137,754.25) Other receivables (3,178,585.05) (18,421,817.71) 8,992,711,294.86 Other current assets 1,620,509,600.87 Receivables from the joint venture company 939,466,666.67 Increase (Decrease) from changes in operating liabilities Payables (460,759,414.93) Accrued expenses 19,371.37 Outstanding remittance to the State 958,606,000.00 Advanced revenue 66,182,086.45 Increase (decrease) in other current liabilities (49,632,770.26) Increase (decrease) in retention guarantees 13,816,514.62 Increase (decrease) in accrued welfare fund 1,272,307.23 Cash received from operating activities 14,288,068,079.41 Cash received for interest deposit 27,774,731.55 Cash paid for interest (1,333,901,769.39) Cash paid for employee benefits (139,015,883.00) Net cash flows from operating activities 12,842,925,158.57 The accompanying notes are an integral part of the financial statements. 100 Annual Report 2016

Statement of Cash Flow (Continued)  For the year ended September 30, 2016 Unit : Baht Cash flow from investing activities 2016 2015 (Increase) decrease in short-term investment Increase in over 3 month fixed deposits (707,137.63) 2,318,808.58 Cash received from asset sale (5,000,000.00) (5,000,000.00) Investment in property, plant and equipment 3,629,684.75 Investment in construction in process (470,050,008.71) - Land use rights (476,236,581.04) (567,948,817.69) Decrease (Increase) in deferred charges for engineering administration (439,775,975.15) Net cash flows used in investing activities (16,685.00) (1,561,060,150.77) Cash flows from financing activities 3,344,043.45 (46,229,995.77) Cash repayment on Government loans (945,036,684.18) (2,617,696,130.80) Cash received from loans Cash repayment on loans (200,000,000.00) (200,000,000.00) Proceeds from government grants 8,800,000,000.00 2,000,000,000.00 Remittance to the state (15,150,000,000.00) (9,700,000,000.00) Net cash flows used in financing activities 1,374,433,941.91 Increase in cash and cash equivalents-Net 550,000,000.00 (3,233,000,000.00) Cash and cash equivalents at the beginning of the accounting period (6,302,606,000.00) (9,758,566,058.09) Cash and cash equivalents at the end of the accounting period (12,302,606,000.00) (3,383,550,894.03) 6,740,064,676.76 Additional data supporting statement of cash flow (404,717,525.61) 3,356,513,782.73 Unpaid amount of investment in property, plant and equipment 3,356,513,782.73 2,951,796,257.12 - The accompanying notes are an integral part of the financial statements. 148,505,977.12 101Annual Report 2016

Notes to The Financial Statement For the year ended September 30, 2016 1. General information The Expressway Authority of Thailand (EXAT) is a state enterprise under Thailand’s Ministry of Transport, established by the Announcement of the National Executive Council No. 290, dated 27 November B.E. 2515 (1972), with a regulation adjustment made later by the promulgation of the Expressway Authority of Thailand Act B.E. 2550 (2007) on January 9, 2008. The office is located at No. 2380, Phaholyothin Road, Sena Nikhom Sub-district, Chatuchak District, Bangkok 10900. The objectives are: 1. To construct or provide the expressway by any means, as well as to maintain and preserve the expressway; 2. To perform work or business relating to the expressway and any business which is in connection with, or for the interests of EXAT. 2. Basis for presentation of the financial statements 2.1 The financial statements of EXAT have been prepared in accordance with generally accepted accounting principles under the Accounting Act B.E. 2543 (2010), namely the accounting standards issued under the Accounting Profession Act B.E. 2547 (2004), in which employee welfare fund transactions are fully consolidated. 2.2 Use of estimates To prepare financial statements in conformity with generally accepted accounting principles, the executives need to make estimates and set assumptions, which affect the carrying amount of assets, liabilities, income and expenses reported in the financial statements. The estimates and assumptions are based on historical experience and many factors that the executives considered reasonable under given circumstances. Therefore, actual outcomes may differ from the estimates and assumptions. 2.3 The Federation of Accounting Professions has issued the following new/revised Conceptual Framework for Financial Reporting, Thai Accounting Standards (TAS), Thai Financial Reporting Standards (TFRS), Standing Interpretation Committee (SIC), Thai Financial Reporting Interpretations Committee (TFRIC) and accounting practices. Effective November 6, 2015 - Conceptual Framework for Financial Reporting (revised 2015) Effective for the accounting period beginning on or after January 1, 2016 - TAS 1 (revised 2015) Presentation of Financial Statements - TAS 2 (revised 2015) Inventories - TAS 7 (revised 2015) Statement of Cash Flows - TAS 8 (revised 2015) Accounting Policies, Changes in Accounting Estimates and Errors - TAS 10 (revised 2015) Events after the Reporting Period - TAS 11 (revised 2015) Construction Contracts - TAS 12 (revised 2015) Income Taxes - TAS 16 (revised 2015) Property, Plant and Equipment - TAS 17 (revised 2015) Leases - TAS 18 (revised 2015) Revenue - TAS 19 (revised 2015) Employee Benefits - TAS 20 (revised 2015) Accounting for Government Grants and Disclosure of Government Assistance - TAS 21 (revised 2015) The Effects of Changes in Foreign Exchange Rates - TAS 23 (revised 2015) Borrowing Cost - TAS 24 (revised 2015) Related Party Disclosures - TAS 26 (revised 2015) Accounting and Reporting by Retirement Benefit Plans - TAS 27 (revised 2015) Consolidated and Separate Financial Statements - TAS 28 (revised 2015) Investment in Associates and Joint Venture - TAS 29 (revised 2015) Financial Reporting in Hyperinflationary Economics - TAS 33 (revised 2015) Earnings per Share - TAS 34 (revised 2015) Interim Financial Reporting - TAS 36 (revised 2015) Impairment of Assets - TAS 37 (revised 2015) Provisions, Contingent Liabilities and Contingent Assets - TAS 38 (revised 2015) Intangible Assets - TAS 40 (revised 2015) Investment Property 102 Annual Report 2016

- TFRS 2 (revised 2015) Share-based Payment - TFRS 3 (revised 2015) Business Combinations - TFRS 4 (revised 2015) Insurance Contracts - TFRS 5 (revised 2015) Non-current Assets Held for Sale and Discontinued Operations - TFRS 8 (revised 2015) Operating Segment - TFRS 10 (revised 2015) Consolidated Financial Statements - TFRS 11 (revised 2015) Joint Arrangements - TFRS 12 (revised 2015) Disclosure of Interests in Other Entities - TFRS 13 (revised 2015) Fair Value Measurement - SIC 10 (revised 2015) Government Assistance-No specific Relation to Operating Activities - SIC 15 (revised 2015) Operating Leases-Incentives - SIC 25 (revised 2015) Income Taxes-Changes in the Tax Status of an Entity or its Shareholders - SIC 27 (revised 2015) Evaluating the Substance of Transactions Involving the Legal Form of a Lease - SIC 29 (revised 2015) Service Concession Arrangements : Disclosures - SIC 31 (revised 2015) Revenue-Barter Transactions Involving Advertising Services - SIC 32 (revised 2015) Intangible Assets-Web Site Costs - TFRIC 1 (revised 2015) Changes in Existing Decommissioning, Restoration and Similar Liabilities - TFRIC 4 (revised 2015) Determining whether an Arrangement contains a Lease - TFRIC 5 (revised 2015) Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds - TFRIC 7 (revised 2015) Applying the Restatement Approach under TAS 29 (revised 2015) Financial Reporting in Hyperinflationary Economics - TFRIC 10 (revised 2015) Interim Financial Reporting and Impairment - TFRIC 12 (revised 2015) Service Concession Arrangements - TFRIC 13 (revised 2015) Customer Loyalty Programmes - TFRIC 14 (revised 2015) T he Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction for TAS 19 (revised 2015), Employee Benefits - TFRIC 15 (revised 2015) Agreements for the Construction of Real Estate - TFRIC 17 (revised 2015) Distributions of Non-cash Assets to Owners - TFRIC 18 (revised 2015) Transfers of Assets from Customer - TFRIC 21 Levies Executives have assessed the effect of these standards and believe that they will not have any significant impact on the presented financial statements. 3. Summary of significant accounting policies 3.1 Cash and cash equivalents consist of cash in hand and at banks with original maturities of three months or less and without obligation. 3.2 Receivables from the joint venture company represent cash that EXAT will receive from a joint venture company from the 15th-30th years of contract for Si Rat Expressway Project, which will be given by the Bangkok Expressway Public Company Limited (BECL). The company has changed its name to Bangkok Expressway and Metro Public Company Limited (BEM), incorporated from the amalgamation with Bangkok Metro Public Company Limited (BMCL) on December 30, 2015. 3.3 Materials are stated at cost determined by the weighted-average method. 103Annual Report 2016

3.4 Property, plant and equipment are stated at cost less accumulated depreciation and allowance for accumulated impairment loss. Depreciation is calculated on the straight-line basis to write off the cost of each asset to their residual values over the estimated useful lives, except for land which has indefinite useful life. The useful lives of the assets are as follows: Expressway 75 years Buildings and building improvement 5-40 years Toll collection and expressway equipment 10 years Electricity poles and fixings 25 years Office tools and engineering equipment 5 years Vehicles 5-15 years Building and their components are recognized separately, except for old buildings that have reached the end of their useful lives for accounting purposes. An asset and its accumulated depreciation are derecognized upon disposal, when any gain or loss arising upon disposal of the asset is included in the statement of comprehensive income. 3.5 Intangible assets represent the cost for right to use computer software. The intangible assets are recognized at cost on the date of purchase or acquisition and amortized on a straight-line basis over the estimated useful lives of 5 years. 3.6 Land use rights are stated at cost. As the rights to use the land have no time requirements, no amortized expenses are required. 3.7 Deferred income 3.7.1 Deferred income from the joint venture is accounted for and recognized as liabilities together with assets from joint venture, and periodically recognized as income over the contract period. 3.7.2 Deferred income and assets from donation are recognized as income over their useful lives. 3.7.3 Revenue deferred government grants as income received from the government to pay for the construction, land acquisition cost and other specialty recorded as liabilities with assets and recognized as income over the useful life of the asset. 3.8 Employee benefit obligations The obligations and benefits are recognized and measured in the following manners: 3.8.1 Short-term employee benefits are recognized as expenses in the period in which the transaction occurs. 3.8.2 Other long-term employee benefit are estimated based on the actuarial technique using the projected until credit method and discounting benefit in order to determine the present value of the obligation. All costs related to benefits of current employees are recognized as liabilities in the statements of financial position and as expenses in the statements of comprehensive income. All actuarial gains and losses arising in the period are recognized immediately as income or expenses. 3.8.3 Post-employment benefits are estimated based on the actuarial technique using the projected unit credit method and discounting benefit in order to determine the present value of the obligation. All costs related to benefits of past and current employees are recognized as liabilities in the statements of financial position and as expenses in the statements of comprehensive income. All actuarial gains and losses arising in the period are recognized immediately as income or expenses. 3.9 Welfare and provident funds EXAT has established the welfare fund to provide welfare to its employees upon termination of employment. EXAT contributes to the fund monthly at the rate of 10 percent of basic salary of employees who are member, which is recognized as expenses in the statement of comprehensive income. All transaction of the funds are included in EXAT’s financial statement, whereas income and expenses incurred are recognized as EXAT’s income and expenses. On October 1, 1996, EXAT and its employees jointly established “EXAT Employee Provident Fund” in accordance with the Provident Fund Act B.E. 2530 (1987). EXAT contributes to the fund at the rate of 9, 10 and 11 percent of basic salary for members with working years of under 10, 10-20 and over 20 years respectively. 3.10 Revenue recognition 3.10.1 Toll revenue is recognized upon the service being used. 3.10.2 Land use revenue represents cash that EXAT will receive from the Joint Venture Company in Si Rat Expressway Project, which is periodically recognized as income on the straight-line basis over the contract period. 3.10.3 Interest income is recognized on a time basis, taking into account the effective yield on the asset. 3.10.4 Donation income is recognized in the period in which the transaction occurs. 3.10.5 Revenue from government grants is recognized as income over the useful life of the expressway. 3.11 Government grants The government grants for interest and fee of the projects which the government supported are recorded as income and expenses based on accrual basis that shown in items of income and expense in the statement of comprehensive income. 104 Annual Report 2016

3.12 Financial costs Financial costs comprise interest paid, front-end fee and other expenses from long-term loans. Interest paid on longterm loans for fixed assets under construction is recognized as capital work-in-progress. Interest paid on loans for work capital is recognized as expenses in period in which the transaction fully occurs. 3.13 Accounting for joint venture projects Assets from joint venture are recognized as assets, together with deferred income from the Joint venture Company. The assets are periodically depreciated over their useful lives, whereas the deferred income is periodically recognized over the contract period. 4. Additional information Unit : Million Baht 4.1 Cash and cash equivalents comprise 2016 2015 87.21 84.42 2,864.59 3,272.09 Cash 2,951.80 3,356.51 Bank Deposit   Total Cash of Baht 87.21 million consists of Baht 19.77 million of cash in hand and Baht 67.44 million of toll fee, toll coupon fee and Easy Pass Top-up of September 30, 2016, to be deposited on the next bank working day. In addition, the Expressway Authority of Thailand reserved money for remittance to the state for the year 2015 in October 2016 to be in the amount of Baht 958.60 million and payment shall be made for loan interest to be due in October 2016-December 2016, amounting to Baht 242.95 million. 4.2 Temporary investments comprise Unit : Million Baht 2016 2015 Over 3-month fixed deposits - Welfare fund 11.24 10.53   Total 11.24 10.53 4.3 Accrued government grants represent cash to be received from the Government for payment of loan interest shouldered by the Government. The details are as follows: Unit : Million Baht 2016 2015 Beginning balance as at October 1 842.53 2,211.86 Add Front-end fee shouldered by the Government - 5.10 842.53 2,216.96 Less Front-end fee shouldered by the Government 39.53 - Grant income received during the year 550.00 1,374.43 Balance as at September 30 253.00 842.53 In 2016 EXAT received the government grants to pay for land acquisition cost of Si Rat-Outer Bangkok Ring Road Project, amounting to Baht 550.00 million. 4.4 Other current assets comprise Unit : Million Baht 2016 2015 Remittance to the state as advance public revenue - 1,844.00 Employee collateral deposits 19.65 20.60 Office tools 174.42 5.28 Advance money for construction cost 52.47 - Others 20.36 17.21   Total 266.90 1,887.09 105Annual Report 2016

4.5 Fixed deposit with obligation EXAT’s payment guarantee for employee benefits in the form of deposits for the years 2016 and 2015 amounts to Baht 136.49 and 131.49 million respectively. 4.6 Receivables from the joint investment company represent amount to be paid by the Bangkok Expressway and Metro Public Company Limited (BEM) from land use in Si Rat Expressway Project, totalling Baht 16,816.00 million or periodically recognized in the amount of Baht 560.53 million per annum over the contract period of 30 years. However, BEM will periodically make payment during 15th–30th years of the contract. Receivables revenue periodically recognized on the straight-line basis over the contract period of the years 1990–2015 amounts to Baht 14,341.97 million. For the year ended September 30, 2016, receivables revenue amounts to Baht 560.53 million, total of receivables revenue amounts to Baht 14,902.50 million. Baht 12,100.00 million was paid up, with the remainder of Baht 2,802.50 million and Baht 1,500.00 million is recognized as receivables from the Joint Investor due within one year. 4.7 Property, plant and equipment–net comprise Unit : Million Baht 30 September 2015 Property, plant Cost Accumulated Depreciation and equipment Value at the Increase Decrease Value at Value at the Depreciation Increase Decrease Value at net beginning the end of beginning of the 80,992.71 of period period 84,774.66 80,508.04 period beginning 1,091.77 108,975.35 of period Land 1,832.14 506.33 21.66 80,992.71 - - - - 398.82 Expressway 1,433.02 499.15 - 109,474.50 22,829.02 1,870.82 - - - 20.50 Building 47.11 - 1,879.25 - - 24,699.84 Office tools 134.07 182.18 2.42 1,612.78 732.87 54.61 - 2.42 Engineering 851.76 3.95 133.88 1,069.06 147.32 - 3.95 787.48 equipment 193,734.38 3.76 - 60.20 1,213.96 Vehicles 55.37 60.20 846.93 107.34 9.99 - 66.57   Total 1,293.90 88.23 194,940.05 515.59 48.27 113.38 25,253.88 2,131.01 503.66 343.27 27,318.32 167,621.73 Unit : Million Baht 30 September 2016 Property, plant Cost Accumulated Depreciation and equipment Value at the Increase Decrease Value at Value at the Depreciation Increase Decrease Value at the net beginning 305.00 the end of beginning of beginning of period 22,638.17 period period of period Land 80,992.71 608.13 - - -- - 81,265.95 Expressway 109,474.50 147.64 31.76 81,265.95 24,699.84 1,928.92 - - 26,628.76 105,483.91 Building 1,879.25 - 132,112.67 787.48 62.02 - - 849.50 1,637.88 Office tools 1,612.78 4.51 - 2,487.38 1,213.96 132.56 - 10.40 1,336.12 410.42 Engineering 113.38 7.36 - 1.69 119.05 17.63 equipment 133.88 13.88 1,746.54 Vehicles 1.71 136.68   Total 846.93 130.35 19.11 958.17 503.66 54.97 - 19.01 539.62 418.55 194,940.05 23,833.80 66.46 218,707.39 27,318.32 2,185.83 - 31.10 29,473.05 189,234.34 EXAT’s assets that have been fully depreciated and are still in use have the carrying amount before accumulated amortization of Baht 2,883.35 and 2,583.33 million for the years 2016 and 2015 respectively. The land amounting to Baht 81,265.95 million as of September 30, 2016 includes that of the western Sukhumvit Road area covering 5 Rai 44.2 square wah where EXAT made a memorandum of agreement allowing the Mass Rapid Transit Authority of Thailand stating to utilize the said land for the construction of the Mass Rapid Transit Green Line Project Bearing-Samut Prakan with non-specific time period. EXAT has received the compensation of Baht 78.94 million for such land use which is recognized as the entire revenue. On May 6, 2016, a fire broke out at Building 2, on 6th floor, EXAT (Head Office) and a working group on damage investigation and assessment assessed the damage caused by fire in the amount of Baht 29.88 million. Dhipaya Insurance Public Company Limited had a letter No. SoThoPo.00407/2559 dated October 20, 2016 informing the result of the claim consideration in the amount of Baht 11.53 million. Currently the claim amount with Dhipaya Insurance Public Company Limited has been under discussion and not been resolved yet. 464 items of the assets damaged by the fire were amortized from the account, with the remainder of Baht 3.21 million. EXAT has noted that Baht 11.53 million is recognized as receivables from Dhipaya Insurance Public Company Limited and the difference of Baht 8.32 million is recognized as revenue from fire damage compensation. 106 Annual Report 2016

The detail of expressway–net comprises Unit : Million Baht 30 September 2015 Cost Accumulated Depreciation Value at the Increase Decrease Value at the Value at the Depreciation Decrease Value at the Expressway beginning of end of period beginning of end of period net period period Expressway Chaloem Maha Nakhon 10,589.29 199.63 - 10,788.92 4,010.21 222.77 - 4,232.98 6,555.94 Expressway Si Rat Expressway 16,371.07 - - 16,371.07 4,272.11 216.77 - 4,488.88 11,882.19 Chalong Rat Expressway 14,981.67 39.79 - 15,021.46 3,041.97 274.49 - 3,316.46 11,705.00 Burapha Withi Expressway 28,201.45 91.50 - 28,292.95 5,851.48 458.25 - 6,309.73 21,983.22 Udon Ratthaya Expressway 15,107.61 - - 15,107.61 3,148.15 201.56 - 3,349.71 11,757.90 Bang Na-At Narong 2,248.93 9.92 - 2,258.85 353.81 36.38 - 390.19 1,868.66 Expressway Kanchanaphisek 21,475.33 158.31 - 21,633.64 2,151.29 460.60 - 2,611.89 19,021.75 Expressway    Total 108,975.35 499.15 - 109,474.50 22,829.02 1,870.82 - 24,699.84 84,774.66 Unit : Million Baht 30 September 2016 Cost Accumulated Depreciation Value at the Increase Decrease Value at the Value at the Depreciation Decrease Value at the Expressway beginning of end of period beginning of end of period net period period Expressway Chaloem Maha Nakhon 10,788.92 67.61 - 10,856.53 4,232.98 222.10 - 4,455.08 6,401.45 Expressway Si Rat Expressway 16,371.07 2.30 - 16,373.37 4,488.88 216.83 - 4,705.71 11,667.66 Chalong Rat Expressway 15,021.46 83.91 - 15,105.37 3,316.46 277.74 - 3,594.20 11,511.17 Burapha Withi Expressway 28,292.95 129.47 - 28,422.42 6,309.73 464.69 - 6,774.42 21,648.00 Udon Ratthaya Expressway 15,107.61 - - 15,107.61 3,349.71 201.56 - 3,551.27 11,556.34 Bang Na-At Narong 2,258.85 3.76 - 2,262.61 390.19 31.75 - 421.94 1,840.67 Expressway Kanchanaphisek 21,633.64 64.85 - 21,698.49 2,611.89 471.88 -* 3,083.77 18,614.72 Expressway Si Rat Outer Ring Road - 22,286.27 - 22,286.27 - 42.37 - 42.37 22,243.90 Expressway   Total 109,474.50 22,638.17 - 132,112.67 24,699.84 1,928.92 - 26,628.76 105,483.91 4.8 Land use rights represent the compensation for the use of the State Railway of Thailand’s land covering 318 Rai 6 Ngan 86.80 square wah for constructing the Si Rat-Outer Ring Road Expressway Project with no transfer of land ownership. EXAT has agreed to pay 100% compensation for the foundation area (Expressway pier) and 55% compensation for the elevated expressway area, amounting to Baht 1,561.07 million. 4.9 Construction in progress includes Unit : Million Baht 2016 2015 S2 Sector and Northern Route of Third Stage Expressway System 1,305.61 1,291.08 Project–Consulting fee, construction cost and interest Others 237.49 104.66    Total 1,543.10 1,395.74 107Annual Report 2016

4.10 Deferred charges for engineering administration represent the consulting fee for environmental impact assessment. Others are to be transferred into construction in progress when the construction begins. The details are as follows: Unit : Million Baht 2016 2015 Consulting fee for the foundation inspection of Burapha Withi 26.98 26.98 Others 40.51 62.52   Total 67.49 89.50 4.11 Trade and other payables comprise Unit : Million Baht 2016 2015 Trade payables 630.33 976.53 Accrued expenses 799.30 799.28 Accrued loan interest payables 209.97 276.83   Total 1,639.60 2,052.64 4.12 Portion of long-term liabilities due within one year comprises Unit : Million Baht 2016 2015 Government loans 300.00 200.00 EXAT bonds 8,600.00 8,900.00 Loan from Government Savings Bank - 150.00 Loan from Bank of Ayudhya Public Co., Ltd. 700.00 400.00 Loan from United Overseas Bank Public Co., Ltd. - 500.00 Loan from Bangkok Bank Public Co., Ltd. 300.00 200.00   Total 9,900.00 10,350.00 4.13 Other current liabilities comprise Unit : Million Baht 2016 2015 Withholding tax 15.04 16.88 Retention 94.60 108.44 Expressway card guarantee 19.79 19.79 Easy Pass guarantee 0.02 0.02 Property tax (pending submission) 27.56 24.60 Employee secured creditor 19.65 20.60 Short-term employee benefit obligations 78.53 77.45 Others 7.71 43.66   Total 262.90 311.44 4.14 Government loans for EXAT are provided without interest for the loan repayment of the Si Rat Expressway Project in the amount of Baht 9,806.89 million with a 10-year repayment period, starting in 2022 under the contract; the Kanchanaphisek toll collection system, the Interchange between Kanchanaphisek and Burapha Withi and; the Interchange between Kanchanaphisek and Industrial Ring Road in the amount of Baht 6,172.00 million, less the amount due within one year of Baht 300.00 million. As of September 30, 2016, the remaining Government loans are Baht 15,678.89 million in total. 4.15 EXAT bonds comprise Baht 27,750.00 million, less Baht 8,600.00 million the amount due within one year, which left a balance of Baht 19,150.00 million for the following projects: 108 Annual Report 2016

Unit : Million Baht Bonds with principal and interest shouldered by EXAT 2016 2015   - Land acquisition cost of Si Rat Expressway   - Construction cost of Third Stage Expressway - 1,000.00   - Construction cost of Chalong Rat Expressway 400.00 400.00   - Construction cost of Burapha Withi Expressway 1,000.00 2,000.00   - Construction cost of Kanchanaphisek Expressway 11,500.00 14,900.00   - Construction cost of Ram Inthra – Outer Ring Road Expressway 12,850.00 12,850.00   - Administration 2,000.00 2,000.00    Total - 500.00 Less the amount due within one year 27,750.00 33,650.00   Total 8,600.00 8,900.00 19,150.00 24,750.00 4.16 Long-term loans comprise Unit : Million Baht 2016 2015 Loan from Government Savings Bank - 150.00 Loan from Bank of Ayudhya Public Co., Ltd. 700.00 600.00 Loan from United Overseas Bank Public Co., Ltd. - 500.00 Loan from Bangkok Bank Public Co., Ltd. 300.00 200.00   Total 1,000.00 1,450.00 Less the amount due within one year 1,000.00 1,250.00   Total - 200.00 1) Loan from Government Savings Bank has no balance as indicated below. Unit : Million Baht 2016 2015 Loan with principal and interest shouldered by EXAT   - Construction cost of Burapha Withi Expressway - 150.00 Less the amount due within one year - 150.00   Total - - 2) Loan from Bank of Ayudhya Public Co., Ltd. of Baht 700.00 million, less the amount due within one year of Baht 700.00 million, which has no balance for the following projects: Unit : Million Baht 2016 2015 Loan with principal and interest shouldered by EXAT   - Construction cost of Burapha Withi Expressway 700.00 600.00 Less the amount due within one year 700.00 400.00   Total - 200.00 3) Loan from United Overseas Bank Public Co., Ltd. has no balance as indicated below. Unit : Million Baht 2016 2015 Loan with principal and interest shouldered by EXAT   - Construction cost of Burapha Withi Expressway - 500.00 Less the amount due within one year - 500.00   Total - - 109Annual Report 2016

4) Loan from Bangkok Bank Public Co., Ltd. of Baht 300.00 million, less the amount due within one year of Baht 300.00 million, which has no balance for the following projects: Unit : Million Baht 2016 2015 Loan with principal and interest shouldered by EXAT   - Construction cost of Burapha Withi Expressway 300.00 200.00 Less the amount due within one year 300.00 200.00   Total - - 4.17 Deferred income comprises Unit : Million Baht Cost Accumulated Historical recognized income 2016 2015 Deferred income from joint venture   Si Rat Expressway 16,084.21 13,814.15 2,270.06 2,935.05   Udon Ratthaya Expressway 14,589.11 9,256.60 5,332.51 5,857.92   Si Rat-Outer Ring Road Expressway 22,820.00 95.89 22,724.11 -    Total 53,493.32 23,166.64 30,326.68 8,792.97 Deferred income from donations   Udon Ratthaya Expressway 250.00 59.44 190.56 193.90  Others 65.14 63.17 1.97 1.10    Total 315.14 122.61 192.53 195.00 Deferred income subsidies   Chalong Rat Expressway (Land acquisition cost) 787.30 30.79 756.51 767.67   Chalong Rat Expressway (Loan fee) 4.37 4.37 - 4.37   Si Rat-Outer Ring Road Expressway 3,553.00 5.19 3,547.81 3,553.00    Total 4,344.67 40.35 4,304.32 4,325.04    Overall 58,153.13 23,329.60 34,823.53 13,313.01 4.18 Employee benefit obligations Unit : Million Baht The reconciliation details of present value of the obligations are as follows: 2016 2015 Present value of employee benefit obligations, 914.48 799.25 as at October 1, 2015 70.27 53.18 Current service cost 28.87 27.34 Interest cost (56.17) (16.76) Employee benefits paid (1.39) 51.47 Actuarial gains and losses Present value of employee benefit obligations, 956.06 914.48 as at September 30, 2016 The major actuarial assumptions for the calculation of estimated liabilities under the employee benefit project as at September 30, 2016 are as follows: Discount Rate 1.51–3.94 % Employee turnover rate 1.19 % Employee salary increase rate 7.50 % 110 Annual Report 2016

For employees’ severance pay after resigning from the work in the contribution project, the Expressway Authority of Thailand establishes the provident fund, deducting some part of employees’ salary. The Expressway Authority of Thailand contributes some part. Such provident fund was registered to be provident fund under the Provident Fund Act B.E. 2530 (1987). For the years ended September 30, 2016 and 2015, the Expressway Authority of Thailand paid contribution amount to Provident Fund, totaling Baht 132.40 million and Baht 129.69 million respectively. 4.19 Welfare fund comprises Unit : Million Baht 2016 2015 11.82 13.68 Balance at October 1, 2015 Plus Contributions received during the year 0.54 0.61 Higher income than the expense transferred to the Fund 0.17 0.18 Enhanced capital allowance 0.78 0.60 13.31 15.07 Deducted Members resigned - 3.11 Enhanced capital allowance 0.22 0.14 Balance as at September 30, 2016 13.09 11.82 Obligations to pay employee resignations 13.09 11.82 According to EXAT’s regulation No.42 on the Relief Fund, article 8 has stipulated that if the Fund does not cover employee resignations, the additional payment will be from the EXAT. 4.20 Other income comprises Unit : Million Baht 2016 2015 Recognized revenue from joint venture 1,286.28 1,190.39 Received revenue from land use 560.53 560.53 Revenue from government grants 16.36 11.17 Income from arrangement of benefits in right-of-way 323.66 285.22 Income from investment of debt security - 20.08 Income from interest on deposits 25.80 63.98 Others 45.19 133.39   Total 2,257.82 2,264.76 4.21 Operation results Unit : Million Baht Increase Percentage 2016 2015 (Decrease) Income 16,406.41 16,059.90 346.51 2.16 Deducted Expenses 7,481.69 7,627.74 (146.05) (1.91) Profit for the year 8,924.72 8,432.16 492.56 5.84 As for progress from year 2016, EXAT net profit grew by Baht 492.56 million or equivalent to 5.84 percent. Total income increased by Baht 346.51 million or equivalent to 2.16% and total expenses decreased by Baht 146.05 million or 1.91%. 111Annual Report 2016

4.22 Expenses by nature consist of Unit : Million Baht 2016 2015 Expense regarding employees 2,558.80 2,469.32 Employee benefits 183.07 147.77 Executive remuneration 13.13 12.91 Committee remuneration 5.01 4.28 Depreciation 2,185.83 2,131.01 Compensation to executives consists of salary and bonus of executives from level of Deputy Governor onwards. Compensation to directors consists of bonus of directors and meeting allowance. 4.23 Joint venture agreement 4.23.1 Si Rat Expressway Project On December 22, 1988, EXAT signed a contact with the Bangkok Expressway and Metro Public Company Limited to become the investor on construction, management and as well as maintenance of the Si Rat expressway system for a duration of 30 years. The contract period starts from the first day of construction which was on March 1, 1990 and will terminate on February 29, 2020. A proportion of median income is as follows: Network in urban area (Chaloem Maha Nakhon and Si Rat Expressway Sector A and B) Share of EXAT Share of the company (Percentage) (Percentage) (1) First 9 years since “The full opening of the first sector” 40 60 (2) Last 9 years “Duration of the contract” 60 40 (3) Duration between (1) and (2) 50 50 Network outside city limits (Si Rat Expressway Sector C) Share of EXAT Share of the company (Percentage) (Percentage) (1) Start counting in the full opening day until completion of Si Rat 40 60 Expressway Sector B (2) From duration after (1) until termination of the contract - 100 The company completed the construction work of the first part which are Sector A and C (Chaengwatthana-Phayathai- Rama 9 Road) covering total length of 20.4 kilometers and was opened for service on September 2, 1993. As for Sector B with the mainline from Samsen water filtration plant–Bang Klo, covering total length of 9.4 kilometers, the entire route was opened for service on October 6, 1996. 4.23.2 Si Rat Expressway Project Sector D (Rama 9 - Srinagarindra route) EXAT signed a contract for the expansion of Si Rat Expressway Project Sector D with the Bangkok Expressway and Metro Public Company Limited on April 17, 1997, covering total length of approximately 8 kilometers. The said contract is deemed as a part of the contract under paragraph 4.23.1 and the total toll revenue collected belongs to the joint venture company because it is in the network outside the city limits. The construction was finished and opened for business on December 2, 1998. 4.23.3 Udon Ratthaya Expressway Project EXAT signed a joint venture contract with the Northern Bangkok Expressway Public Company Limited on September 27, 1996 as the investor of construction, management as well as maintenance of the expressway for a duration of 30 years. The contract period starts on the day the contract is signed and will terminate on September 26, 2026. Total length of 32 kilometers can be separated into: Phase 1, Chaengwatthana-Chiang Rak Range with 22 kilometers in length: the construction was finished and the service was provided on December 2, 1998. Phase 2, Chiang Rak-Bang Sai Range with 10 kilometers in length: the construction was finished and the service was provided on November 1, 1999. 112 Annual Report 2016

The total toll revenue collected belongs to the joint venture company. The Expressway Authority of Thailand would receive divided share from toll revenue, when the return on investment exceeds 15.5 percent. 4.23.4 Si Rat - Outer Bangkok Ring Road Expressway Project EXAT signed a joint venture contract with the Bangkok Expressway and Metro Public Company Limited on September 14, 2012 as the investor of design, construction, management, operation, service provision as well as maintenance of the expressway for a duration of 30 years. The contract period starts from the date specified in EXAT’s letter notifying the commencing date which was on December 15, 2012 and will terminate on December 14, 2042. Total length covers 16.7 kilometres and the service began on August 22, 2016. The total toll revenue collected belongs to the joint venture company. The Expressway Authority of Thailand would receive divided share from toll revenue, when the return on investment exceeds 13.5 percent. 4.24 Value added tax shouldered by EXAT The Expressway Authority of Thailand is responsible for value added tax on behalf of service users in Chaloem Maha Nakhon Expressway, Si Rat Expressway (except Sector D) and Chalong Rat Expressway. Normally, this value added tax shall be collected from the service users, but the Expressway Authority of Thailand cannot collect it from them. From the fiscal years of 1992-2015, the amount of value added tax shouldered by the Expressway Authority of Thailand is Baht 15,691.42 million. In fiscal year 2016 ended September 30, 2016, it amounts to Baht 1,090.77 million and the total amount is Baht 16,782.19 million. 4.25 Contingent liabilities As of September 30, 2016, EXAT had liabilities that might occur from being litigated for a total of 26 cases, amounting to Baht 38,472.88 million. At present, the cases are under the consideration of the arbitral tribunal and the courts. EXAT believed that there would not be any damage from the case result to the Expressway Authority of Thailand with important essence. Therefore, EXAT did not record and set up provisions which may arise in the account as indicated below. Pending No. of Cases Unit : Million Baht Disputes - Compensation for damages and breaching of the agreement Arbitration Committee 7 19,800.84 - Compensation for damages and breaching of the agreement Supreme Administrative Court 4 8,647.28    Total 11 28,448.12 C ases - Claiming for additional compensation for land and Court of First Instant and 6 14.93 compensation for damages and breaching of the agreement Appeal Court - Claiming for additional compensation for land Supreme Court 7 9,728.36 and compensation for damages - Claiming for additional compensation for land Supreme Administrative Court 1 261.47 - Compensation for damages Labour Court 1 20.00    Total 15 10,024.76     Grand Total 26 38,472.88 4.25.1 Disputes that EXAT has been sued or called for compensation pending the arbitral tribunal’s consideration in 7 cases amounting to Baht 19,800.84 million are described below. (1) Bangkok Expressway and Metro Public Co., Ltd. (formerly known as Bangkok Expressway Public Co., Ltd.) submitted a statement of claim on June 8, 2000, calling for EXAT to compensate the effect from “exception event” under Clause 19 of the contract due to economic fluctuations in Thailand, amounting to Baht 5.12 million together with interest. The economic fluctuations result in inflation and high interest condition continuously, causing the company to bear the interest at a higher rate than that specified in the contract. On March 22, 2016, the arbitral tribunal had the award for it to be Red Dispute No. 21/2559, canceling the claimant’s (the Company) statement of claim and requests in every respect. The company submitted a petition to the Central Administrative Court in order to revoke the arbitral tribunal’s final decision. The case is terminated. 113Annual Report 2016

(2) Bilfinger + Berger Bauaktiengesellschaft, Ch. Kanchang Public Co., Ltd. and Dyckerhoff and Widmann AG, in the name of BBCD Joint Venture submitted a statement of claim on October 16, 2000, calling for EXAT to pay additional installation cost of lighting electricity system in the Burapha Withi Expressway Project, amounting to Baht 316.17 million, together with interest rate of 7.5 percent per annum. The dispute is currently in the stage of witness examination. (3) Bangkok Expressway and Metro Public Co., Ltd. (formerly known as Bangkok Expressway Public Co., Ltd.) submitted a statement of claim on July 24, 2008, calling for EXAT to pay monetary damages amounting to the difference between the toll rates of each vehicle type of the second stage expressway, Sector D, totaling Baht 1,048.24 million together with interest under the contract. Additionally, compensation shall be paid amounting to the difference between the toll rates of each vehicle type of the second stage expressway, Sector D under the notification of the Ministry of Transport, dated August 29, 2003 and the toll rates as claimed by the company until the toll rates are adjusted and enforced in accordance with the claim no later than August 31, 2008 together with interest under the agreement until payment is completed. The dispute is currently in the stage of witness examination. (4) Bangkok Expressway and Metro Public Co., Ltd. (formerly known as Bangkok Expressway Public Co., Ltd.) submitted a statement of claim on June 13, 2013, calling for EXAT to pay monetary damages from adjusting the expressway toll rates of the second stage expressway in 2008, amounting to the difference between the toll rates of each vehicle type of the networks in urban area and outside the city limits according to the toll rates under the statement of claim and the notification of the Ministry of Transports dated August 15, 2008. Amount in dispute is Baht 9,091.79 million. The dispute is currently in the stage of the fact that arbitrators of both parties select the chairman of the arbitral tribunal because Professor Prasopsuk Bundet requested to withdraw from being the chairman of the panel. (5) Bangkok Expressway and Metro Public Co., Ltd. (formerly known as Bangkok Expressway Public Co., Ltd.) submitted a statement of claim on June 28, 2013, calling for EXAT to pay monetary damages from adjusting the expressway toll rates of the second stage expressway, Sector D in 2008, amounting to the difference between the toll rates of each vehicle type of the second stage expressway system, Sector D according to the toll rates under the statement of claim and the notification of the Ministry of Transport dated August 15 2008. Amount in dispute is Baht 4,062.83 Baht. The dispute is currently in the stage of the fact that arbitrators of both parties select the chairman of the arbitral tribunal. (6) Northern Bangkok Expressway Co., Ltd. submitted a statement of claim to the Thai Arbitration Institute on October 22, 2013, calling for EXAT to pay damages from adjusting the toll rates of the expressway in 2003, amounting to the difference between the toll rates of Bang Pa-in–Pak Kret Expressway according to the toll rates under the statement of claim and the notification of the Ministry of Transport dated August 29, 2003. Amount in dispute is Baht 908.69 million. The dispute is currently in the stage of the fact that arbitrators of both parties select the chairman of the arbitral tribunal. (7) Bangkok Expressway and Metro Public Co., Ltd. (formerly known as Bangkok Expressway Public Co., Ltd.) submitted a statement of claim on May 14, 2008, calling for EXAT to pay damages (Network in urban area and outside the city limits of the second stage expressway system) from adjusting the expressway toll rate of 2003, amounting to Baht 4,368.00 million, together with interest under the contract. Additionally, compensation shall be paid amounting to the difference between the toll rates of each vehicle type of the networks in urban area and outside the city limits under the notification of the Ministry of Transport dated August 29, 2003 and the toll rates as claimed by the company until the toll rates are adjusted and enforced in accordance with the claim no later than August 31, 2008 with interest under the contract until payment is completed. On February 12, 2016, the arbitral tribunal had the award for it to be Red Dispute No. 6/2559. By a majority of the members, the arbitral tribunal had an absolute decision for EXAT to pay the claimant the damages together with interest in the amount of Baht 4,368.00 million and the interest under the contract which will be computed on a daily basis starting from April 1, 2008 until EXAT pays off the damages for this part together with interest. On May 30, 2016, EXAT submitted a petition to the Central Administrative Court in order to request for revocation of the arbitral tribunal’s award to be Black Case No. 821/2559 between EXAT, the Complainant, and the Bangkok Expressway and Metro Public Co., Ltd. the Respondent. The case is currently under the Central Administrative Court’s consideration whether or not it will take into account EXAT’s petition. 114 Annual Report 2016

4.25.2 Disputes pending in the Supreme Administrative Court contain 4 cases, amounting to Baht 8,647.28 million as indicated below. (1) Italian-Thai Development Public Co., Ltd. submitted a statement of claim on December 9, 1999 calling for EXAT to pay the additional employment cost of the expressway construction for the interchange project between Din Daeng-Don Mueang elevated way and the first and second stage expressway systems, amounting to Baht 52.04 million together with interest. On June 18, 2007, the arbitral tribunal decided to cancel the claimant’s statement of claim. Later, the company submitted a petition to the Civil Court in order to withdraw the decision of the arbitral tribunal and call for damages from EXAT, amounting to Baht 81.40 million. The Civil Court transferred the case to the Central Administrative Court on March 27, 2013. The Central Administrative Court had judgment to cancel the petition of the company. The company submitted an appeal against the judgment of the Central Administrative Court. On June 26 2014, the public prosecutor authorized by EXAT submitted an appeal amendment to the Supreme Administrative Court. The case is currently under the decision of the Supreme Administrative Court. (2) Ch. Karnchang Public Co., Ltd. submitted lawsuit against EXAT to the Central Administrative Court on October 14, 2008 calling for EXAT to pay the interest from extending the construction period under the construction contract of Bang Phli-Suksawat Expressway Project (Bang Phli-Bang Khun Thian) for two times, amounting to Baht 248.00 million together with interest. On February 21, 2013, the Central Administrative Court had judgment for EXAT to complete payment of the money together with interest within 60 days, from the day of final judgment. EXAT submitted an appeal against the judgment of the Central Administrative Court on March 22, 2013 and the public prosecutor authorized by EXAT submitted an appeal to the Supreme Administrative Court. The case is currently under the consideration of the Supreme Administrative Court. (3) Northern Bangkok Expressway Co., Ltd. (NECL) submitted a statement of claim on December 20, 2004 calling for EXAT to compensate the toll revenue for the decreasing part due to the opening of Utrapimuk Elevated Tollway for use (Don Mueang Tollway, the National Memorial Monument to Rangsit section) which was deemed as a competing way, amounting to Baht 1,790.00 million, together with interest under the contract. Later, the arbitral tribunal had absolute decision for EXAT to pay compensation according to the company’s claim together with interest under the contract. On March 3, 2009, the public prosecutor authorized by EXAT filed a petition to the Central Administrative Court in order to request for withdrawal of the arbitral tribunal’s absolute decision. Later, on September 1, 2011, the company submitted a petition to request the Central Administrative Court to have a judgement or an order together with issuing an enforcement for EXAT to comply with the decision of the arbitral tribunal, in case that the arbitral tribunal made a final decision for EXAT to pay monetary compensation as claimed by the company together with interest under the contract, amounting to Baht 3,296.72 million. The public prosecutor authorized by EXAT submitted an appeal to the Supreme Administrative Court on May 31, 2013. The case is currently under the Supreme Administrative Court’s consideration. (4) Bangkok Expressway and Metro Public Co., Ltd. (formerly known as Bangkok Expressway Public Co., Ltd.) submitted a statement of claim calling for EXAT to share the toll revenue of the urban area network that the company should receive, amounting to Baht 3,831.48 million, together with interest under the contract which is caused by different counting of the opening day of the first area. Later, the arbitral tribunal had the award for EXAT to pay monetary compensation as claimed by the company together with interest under the contract. On April 20, 2009, EXAT submitted a petition to the Central Administrative Court in order to request for withdrawal of the arbitral tribunal’s absolute decision. Later, on October 19, 2011, the company filed a petition to request for a judgement or an order together with issuance of an enforcement for EXAT to comply with the award and order of the arbitral tribunal by computing additional interest until the date of prosecution for the amount of Baht 1,189.68 million. The total amount of money is Baht 5,021.16 million. On September 13, 2013, the Central Administrative Court had a judgment to cancel EXAT’s petition requesting revocation of the arbitral tribunal’s award and to enforce the arbitral tribunal’s absolute decision. On October 11, 2013, the public prosecutor authorized by EXAT filed an appeal to the Supreme Administrative Court. The case is currently under the Supreme Administrative Court’s consideration. 4.26 Cost of land acquisition for rapid transit projects As of September 30, 2016, the land where EXAT arranged land acquisition for the Mass Rapid Transit Authority of Thailand (MRTA), but the ownership has not been transferred to MRTA yet costs Baht 304.80 million. 4.27 Cost of land expropriation waiting to be paid As of September 30, 2016, EXAT’s compensation for land expropriation waiting to be paid to individuals whose land was expropriated but have not come to receive the money yet is deposited in Government Savings Bank in the amount of Baht 376.51 million. 115Annual Report 2016

Significant Statistics of Expressway Usage Comparison of all types of vehicles using Chaloem Maha Nakhon, Si Rat, Chalong Rat, Burapha Withi, Udon Ratthaya, Kanchanaphisek (Bang Phli-Suksawat) and Si Rat-Outer Bangkok Ring Road expressways in fiscal year 2012-2016. 2016 29,658,695 51,169,66577,880,418 138,140,347 258,320,962 2015 93,862,631 136,882,311 251,493,749 2014 1,349,883 131,756,605 240,151,737 2013 136,462,061 244,228,179 2012 26,868,869 51,0177,810,8192,014 132,187,491 238,012,288 85,536,129 0 150,000,000 250,000,000 300,000,000 25,122,877 50,9926,570,9011,721 76,120,745 24,863,092 49,804,96259,855,519 72,403,119 20,880,408 40,595,96160,658,020 66,992,049 50,000,000 100,000,000 200,000,000 Chaloem Maha Nakhon Si Rat Chalong Rat Burapha Withi Udon Ratthaya Kanchanaphisek (Bang Phli-Suksawat) Si Rat-Outer Bangkok Ring Road Total number of vehicles in 2016 is 650,382,601 units (trips). Remarks: Si Rat-Outer Bangkok Ring Road Expressway was open for service on August 22, 2016, data as of September 26, 2016. The number of vehicles using Chaloem Maha Nakhon, Si Rat, Chalong Rat, Burapha Withi, Udon Ratthaya, Kanchanaphisek (Bang Phli-Suksawat) and Si Rat-Outer Bangkok Ring Road expressways classified by types of vehicles for fiscal year 2016 Chaloem Maha 3,429,827 133,999,730 Nakhon 710,790 Si Rat 3,979,153 254,078,165 263,644 76,846,072 250,000,000 300,000,000 Chalong Rat 898,946 48,565,280 82,332,968 29,288,473 135,400 Burapha Withi 2,235,133 369,252 Udon Ratthaya 322,792 47,430 Kanchanaphisek (Bang Phli-Suksawat) 7,636,439 3,893,224 Si Rat-Outer Bangkok 7,13,03242,280 Ring Road 301 0 50,000,000 100,000,000 150,000,000 200,000,000 4 wheels 6-10 wheels > 10 wheels Remarks: Si Rat-Outer Bangkok Ring Road Expressway was open for service on August 22, 2016, data as of September 26, 2016. 116 Annual Report 2016

The number of all types of vehicles using Chaloem Maha Nakhon Expressway (First Stage Expressway System) classified by toll plaza for fiscal year 2016 Din Daeng 20,289,597 Petchaburi 3,444,796 19,157,075 19,236,967 Sukhumvit 5,552,917 20,000,000 25,000,000 Rama IV 1 6,684,515 River Side 7,204,479 Port 1 3,377,718 Port 2 4,407,743 At Narong 3,038,883 Sukhumvit 62 5,050,049 Bang Na Sathu Pradit 1 4,809,269 Sathu Pradit 2 1,429,516 Suksawat 9,049,388 Dao Khanong Rama IV 2 5,974,292 Din Daeng 1 3,193,578 Bang Chak 6,807,835 At Narong 1 (Bang Na) 2,714,483 At Narong 1 (Port) 6,331,864 At Narong 3 385,383 10,000,000 15,000,000 0 5,000,000 Total 138,140,347 vehicles (trips) 117Annual Report 2016

The number of all types of vehicles using Si Rat Expressway (Second Stage Expressway System) classified by toll plaza for fiscal year 2016 Asok 1 8,495,081 Asok 2 1,931,140 Phahon Yothin 1 2,093,369 Phahon Yothin 2 2,271,246 Khlong Prapa 1 2,843,223 Khlong Prapa 2 4,188,194 Phahon Yothin Area 5,349,451 Bang Sue 2,511,049 Ratchadaphisek 4,741,031 Prachachuen (inbound) Urban 23,044,788 Bang Sue 2 393,368 23,842,560 23,387,623 Sathu Pradit 3 1,610,639 23,044,788 Chan 3,996,804 22,400,058 21,638,980 Sathon 2,788,548 20,000,000 25,000,000 Surawong 6,432,447 Total 258,320,962 vehicles (trips) Saphan Sawang 4,173,884 Hua Lamphong 5,687,767 Uruphong 1,660,552 Yommarat 8,808,665 Rama III 2,300,328 Asok 4 Prachachuen (Outbound) Ngam Wong Wan 1 3,629,494 Ngam Wong Wan 2 4,394,440 Prachachuen 1 7,034,331 Prachachuen 2 9,789,889 Prachachuen (Inbound) Suburban Srinagarindra Asok 3 5,291,928 Rama IX Ramkhamhaeng 2,749,507 Rama IX-1 10,774,627 Asok 3-1 5,021,163 0 5,000,000 10,000,000 15,000,000 Remarks: Bang Sue 2 Toll Plaza was open for service on August 22, 2016. 118 Annual Report 2016

The number of all types of vehicles using Chalong Rat Expressway (Ram Inthra-At Narong Expressway and Ram Inthra-Outer Bangkok Ring Road Expressway) classified by toll plaza for fiscal year 2016 Ram Inthra 5,343,954 Yothin Phatthana 6,238,009 Lat Phrao 4,083,455 Pracha Uthit 4,865,297 Rama IX-2 6,128,326 Rama IX-1 (Chalong Rat) 2,805,572 9,454,355 Phatthanakan 1 Phra Khanong 4,268,754 9,972,369 At Narong 2 (Port) 6,147,629 At Narong 2 (Bang Na) 10,000,000 Phatthanakan 2 1,688,400 At Narong 3-S1 2,469,136 Ram Inthra 1 3,763,777 Sukhaphiban 5-12 5,467,668 4,014,728 Chatu Chot 1,168,989 0 2,000,000 4,000,000 6,000,000 8,000,000 Total 77,880,418 vehicles (trips) The number of all types of vehicles using Burapha Withi Expressway (Bang Na-Chon Buri Expressway) classified by toll plaza for fiscal year 2016 Bang Na km. 6 (inbound) 7,717,942 Bang Na 3 Bang Kaew 5,874,347 Bang Na km. 9-1 1,236,116 Bang Kaew (ORR) 471,295 Bang Na km. 9-2 6,020,480 Bang Phli 1 Bang Phli 2 389,143 Suvarnabhumi 1 1,279,383 Suvarnabhumi 2 3,202,976 Mueang Mai Bang Phl 1,256,376 Bang Sao Thong 981,816 Bang Bo 2,455,446 Bang Phli Noi 3,559,517 Bang Samak 1,007,810 Bang Wua 1,732,119 Bang Pakong 1 3,909,431 Bang Pakong 2 126,432 Chon Buri 1,504,098 69,335 0 2,000,000 4,000,000 6,000,000 8,375,603 8,000,000 10,000,000 Total 51,169,665 vehicles (trips) 119Annual Report 2016

The number of all types of vehicles using Udon Ratthaya Expressway (Bang Pa-in—Pak Kret Expressway) classified by toll plaza for fiscal year 2016 Mueang Thong Thani- 1,143,029 2,046,827 Outbound 1,000,000 1,500,000 3,473,908 Mueang Thong Thani- Inbound 4,003,045 Si Saman-Outbound 2,405,083 Si Saman–Inbound Bang Phun–Outbound 3,460,703 Bang Phun–Inbound Chiang Rak–Outbound 2,875,954 Chiang Rak–Inbound Bang Pa-in–Outbound 3,319,084 Bang Pa-in–Inbound 3,579,914 3,351,148 0 500,000 2,000,000 2,500,000 3,000,000 3,500,000 4,000,000 4,500,000 Total 29,658,695 vehicles (trips) The number of all types of vehicles using Kanchanaphisek Expressway (Bang Phli-Suksawat) classified by toll plaza for fiscal year 2016 Bang Khun Thian (Exit 1) 11,419,023 Bang Khun Thian (Exit 2) Bang Khun Thian (Exit 3) 2,551,181 Bang Khru (Exit 1) 7,870,515 Bang Khru (Exit 2) Pak Nam (Exit 1) 5,821,202 Pak Nam (Exit 2) 4,576,307 Pak Nam (Exit 3) Pak Nam (Exit 4) 2,361,182 Pu Chao Saming Phrai (Outbound) 1,848,304 Bang Mueang (Exit 1) 899,821 Bang Mueang (Exit 2) Bang Mueang (Exit 3) 2,053,960 Thepharak (Exit 1) Thepharak (Exit 2) 9,435,904 Thepharak (Exit 3) Thepharak (Exit 4) 3,824,930 Bang Kaew (Exit 1) 3,584,079 Bang Kaew (Exit 2) Bang Kaew (Exit 3) 4,392,055 801,833 1,985,269 3,296,445 3,320,901 5,529,412 0 2,000,000 4,000,000 6,000,000 9,602,423 12,000,000 8,687,885 8,000,000 10,000,000 Total 93,862,631 vehicles (trips) 120 Annual Report 2016

The number of all types of vehicles using Si Rat-Outer Bangkok Ring Road Expressway classified by toll plaza for fiscal year 2016 Chim Phli 163,627 384,585 Taling Chan 138,543 400,000 450,000 Borommaratchachonnani 14,971 86,577 208,819 41,253 81,281 230,227 Bang Bamru 100,000 Bang Phlat 50,000 200,000 250,000 Bang Kruai Rama VII Bridge Kamphaeng Phet 2 Bang Sue 1 0 150,000 300,000 350,000 Total 1,349,883 vehicles (trips) Remarks: Si Rat-Outer Bangkok Ring Road Expressway was open for service on August 22, 2016, data as of September 26, 2016. 121Annual Report 2016

The number of vehicles using Easy Pass in Chaloem Maha Nakhon Expressway (First Stage Expressway System) classified by toll plaza for fiscal year 2016 Din Daeng 6,530,200 Petchaburi 1,220,650 Sukhumvit 2,429,752 Rama IV 1 2,855,176 River Side 2,839,141 Port 1 1,272,337 Port 2 1,781,237 At Narong 1,258,346 Sukhumvit 62 1,730,098 Bang Na 5,980,835 Sathu Pradit 1 1,739,118 Sathu Pradit 2 628,630 Suksawat 2,790,205 Dao Khanong 5,910,113 Rama IV 2 2,438,134 Din Daeng 1 1,027,927 Bang Chak 2,829,760 At Narong 1 (Bang Na) 1,189,685 At Narong 1 (Port) 2,237,898 At Narong 3 130,890 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 7,000,000 0 1,000,000 Total 48,820,132 vehicles (trips) 122 Annual Report 2016

The number of vehicles using Easy Pass in Si Rat Expressway (Second Stage Expressway System) classified by toll plaza for fiscal year 2016 Asok 1 3,027,004 8,007,924 Asok 2 864,934 Phahon Yothin 1 758,976 Phahon Yothin 2 611,702 Khlong Prapa 1 Khlong Prapa 2 1,118,473 Phahon Yothin Area 1,738,826 Bang Sue 1,880,739 Ratchadaphisek Prachachuen (inbound) Urban 508,046 Bang Sue 2 1,612,155 151,824 Sathu Pradit 3 684,478 Chan 1,346,962 Sathon 1,149,259 Surawong 2,221,492 Saphan Sawang 1,777,379 Hua Lamphong 2,142,978 Uruphong 534,014 Yommarat 2,977,618 Rama III 890,878 Asok 4 9,001,366 Prachachuen (outbound) 1,058,376 8,541,899 Ngam Wong Wan 1 1,190,902 Ngam Wong Wan 2 8,007,924 Prachachuen 1 1,945,710 7,952,744 Prachachuen 2 2,485,710 8,352,497 Prachachuen (inbound) Suburban 1,762,815 4,607,161 Srinagarindra 1,129,226 8,000,000 10,000,000 Asok 3 4,000,000 6,000,000 Rama IX 1,457,117 2,000,000 Ramkhamhaeng Rama IX-1 Asok 3-1 0 Total 91,499,108 vehicles (trips) Remarks: Bang Sue 2 Toll Plaza was open for service on August 22, 2016. 123Annual Report 2016

The number of vehicles using Easy Pass in Chalong Rat Expressway (Ram Inthra-At Narong Expressway and Ram Inthra-Outer Bangkok Ring Road Expressway) classified by toll plaza for fiscal year 2016 Ram Inthra 1,749,825 Yothin Phatthana 2,570,447 Lat Phrao Pracha Uthit 1,331,829 Rama IX-2 2,025,977 Rama IX-1 (Chalong Rat) 1,827,077 Phatthanakan 1 3,991,034 Phra Khanong At Narong 2 (Port) 1,453,134 Phatthanakan 2 1,617,292 At Narong 3-S1 Ram Inthra 1 3,101,329 Sukhaphiban 5-1 Sukhaphiban 5-2 959,890 Chatu Chot 1,867,505 1,294,797 1,475,992 0 278,756 3,034,436 500,000 1,000,000 1,500,000 2,000,000 2,500,000 3,000,000 3,500,000 4,000,000 Total 28,579,320 vehicles (trips) The number of vehicles using Easy Pass in Burapha Withi Expressway (Bang Na-Chon Buri Expressway) classified by toll plaza for fiscal year 2016 5,680,352 541,484 263,279 Bang Na km. 6 (inbound) 1,666,981 Bang Kaew 155,644 Bang Na km. 9-1 540,936 Bang Kaew (ORR) 1,060,192 Bang Na km. 9-2 564,782 Bang Phli 21 315,093 Suvarnabhumi 12 Mueang Mai Bang Phl 906,179 Bang Sao Thong 1,421,852 Bang Bo 306,093 Bang Phli Noi Bang Samak 504,060 1,089,752 Bang Wua Bang Pakong 12 36,939 446,881 Chon Buri 18,449 2,193,701 124 Annual Repor0t 2016 1,000,000 Total 17,712,649 vehicles (trips) 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000

The number of vehicles using Easy Pass in Udon Ratthaya (Bang Pa-in—Pak Kret Expressway) classified by toll plaza for fiscal year 2016 Mueang Thong Thani-Outbound 119,508 Mueang Thong Thani-Inbound 214,858 Si Saman-Outbound Si Saman–Inbound 123,895 268,618 Bang Phun–Outbound 290,510 Bang Phun–Inbound 168,098 Chiang Rak–Outbound 300,000 Chiang Rak–Inbound 112,203 Bang Pa-in–Outbound Bang Pa-in–Inbound 116,904 0 72,391 66,052 50,000 100,000 150,000 200,000 250,000 Total 1,553,037 vehicles (trips) Remarks : Mueang Thong Thani Toll Plaza (Inbound/Outbound) launched the Electronic Toll Collection System service (Easy Pass) on June 27, 2016. : Si Saman Toll Plaza (Inbound/Outbound) launched the Electronic Toll Collection System service (Easy Pass) on July 11, 2016. : B ang Phun Toll Plaza (Inbound/Outbound) launched the Electronic Toll Collection System service (Easy Pass) on July 25, 2016. : Chiang Rak Toll Plaza (Inbound/Outbound) launched the Electronic Toll Collection System service (Easy Pass) on August 8, 2016. : Bang Pa-in Toll Plaza (Inbound/Outbound) launched the Electronic Toll Collection System service (Easy Pass) on August 22, 2016. 125Annual Report 2016

The number of vehicles using Easy Pass in Kanchanaphisek Expressway (Bang Phli-Suksawat) classified by toll plaza for fiscal year 2016 Bang Khun Thian (Exit 1) 2,142,174 Bang Khun Thian (Exit 2) 570,787 Bang Khun Thian (Exit 3) 1,262,885 Bang Khru (Exit 1) 1,464,107 Bang Khru (Exit 2) 735,846 Pak Nam (Exit 1) 611,619 Pak Nam (Exit 2) 450,123 Pak Nam (Exit 3) 290,987 Pak Nam (Exit 4) 571,364 Pu Chao Saming Phrai 3,007,137 (Outbound) 1,125,162 Bang Mueang (Exit 1) Bang Mueang (Exit 2) 995,351 Bang Mueang (Exit 3) 1,568,870 Thepharak (Exit 1) 207,467 Thepharak (Exit 2) 614,996 Thepharak (Exit 3) 807,060 Thepharak (Exit 4) 1,018,281 Bang Kaew (Exit 1) 3,963,421 Bang Kaew (Exit 3) 1,849,312 0 500,000 1,000,000 1,500,000 2,000,000 2,500,000 3,000,000 3,500,000 4,000,000 Total 23,256,949 vehicles (trips) 126 Annual Report 2016

The number of vehicles using Easy Pass in Si Rat-Outer Bangkok Ring Road Expressway classified by toll plaza for fiscal year 2016 Chim Phli 120,412 Taling Chan 61,886 Borommaratchachonnani 40,973 Bang Bamru 27,327 Bang Phlat 3,580 Bang Kruai 12,431 Rama VII Bridge 27,456 Kamphaeng Phet 2 57,070 Bang Sue 1 96,855 100,000 0 20,000 40,000 60,000 80,000 120,000 140,000 Total 447,990 vehicles (trips) Remarks: Si Rat-Outer Bangkok Ring Road Expressway was open for service on August 22, 2016, data as of September 26, 2016. 127Annual Report 2016

128 Annual Report 2016

129Annual Report 2016

130 Annual Report 2016 Si Saman Toll Plaza Si Saman Toll (Outbound) Plaza Muang Thong Toll Plaza (Inbound) (Outbound) Muang Thong Toll Plaza (Inbound) Chatu Chot Toll Plaza Sukhaphiban 5-2 Sukhaphiban 5-1 Toll Plaza Toll Plaza Ngamwongwan 1 Ram Inthra 1 Toll Plaza Toll Plaza Prachachuen Toll Plaza Ngamwongwan 2 Ram Inthra (Outbound) Toll Plaza Toll Plaza Prachachuen 1 Toll Plaza Prachachuen Toll Plaza (Inbound) Prachachuen 2 Toll Plaza Ratchadaphisek Toll Plaza Bang Sue Toll Plaza Yothin Phatthana Toll Plaza Lat Phrao Toll Plaza Phaholyothin Toll Plaza Khlong Prapa 1

Lat Phrao Toll Plaza Phaholyothin Toll Plaza Khlong Prapa 1 Toll Plaza Khlong Prapa 2 Rama IX-2 Toll Plaza Toll Plaza Phaholyothin 1 Rama IX Toll Plaza Toll Plaza Din Daeng Toll Plaza Pracha Uthit Toll Plaza Din Daeng 1 Toll Plaza Rama IX-1 (Chalong Rat) Toll Plaza Yommarat Phaholyothin 2 Asoke 2 Toll Plaza Toll Plaza Toll Plaza Asoke 3 Toll Plaza Hua Lamphong Toll Plaza Urupong Petchaburi Asoke 4 Rama IX-1 (Si Rat) Surawong Toll Plaza Toll Plaza Toll Plaza Toll Plaza Toll Plaza Asoke 1 Chan Sukhumvit Toll Plaza Srinakarin Toll Plaza Toll Plaza Toll Plaza Rama III Ramkhamhaeng Phatthanakan 1 Toll Plaza Saphan Sawang Toll Plaza Toll Plaza Toll Plaza Suksawat Phatthanakan 2 Toll Plaza Toll Plaza Rama IV 1 Phra Khanong 2 Toll Plaza Toll Plaza Port 2 At Narong 2 Toll Plaza Toll Plaza Rama IV 2 Toll Plaza Sathon Toll Plaza Sathu Pradit 1 Port 1 At Narong At Narong 1 Toll Plaza Toll Plaza Toll Plaza Toll Plaza River Side Toll Plaza Dao Khanong Sathu Pradit 2 Sukhumvit 62 Toll Plaza Toll Plaza Toll Plaza Bang Chak Sathu Pradit 3 Toll Plaza Toll Plaza Annual Report 1312016 Bang Na Bang Na km. 6 (outbound) Toll Plaza Toll Plaza Bang Na km. 6 (inbound) Toll Plaza Bang Kaew Toll Plaza

132 Annual Report 2016 Burapha Withi Expressway (Bang Na-Chon Buri Expressway) Phra Khanong Toll Plaza At Narong 2 Toll Plaza At Narong 1 Toll Plaza Sukhumvit 62 Toll Plaza Bang Chak Bang Na km. 6 (outbound) Toll Plaza Toll Plaza Bang Kaew (Exit 3) Bang Na Toll Plaza Toll Plaza Bang Na km. 9-1 Toll Plaza Bang Na km. 9-2 Toll Plaza Bang Na km. 9-3 Toll Plaza Pak Nam (Exit 2) Bang Na km. 6 (inbound) Bang Kaew (ORR) Toll Plaza Toll Plaza Toll Plaza Bang Kaew Suvarnabhumi 2 Toll Plaza Toll Plaza Bang Kaew (Exit 1, 2) Toll Plaza Bang Phli 2 Toll Plaza Pak Nam (Inbound 2) Thepharak (Inbound 2) Bang Phli 1 Suvarnabhumi 1 Toll Plaza Toll Plaza Toll Plaza Toll Plaza Bang Mueang (Exit 3) Bang Kaew (inbound) Mueang Mai Bang Phli Toll Plaza Bang Mueang (Exit 1) Toll Plaza Toll Plaza Toll Plaza Thepharak (Exit 4) Toll Plaza Bang Mueang (inbound 2) Toll Plaza Thepharak (Exit 3) Toll Plaza Bang Mueang (inbound 1) Thepharak (Exit 2) Toll Plaza Toll Plaza Bang Mueang (Exit 2) Thepharak (Exit 1) Bang Bo Toll Plaza Toll Plaza Toll Plaza Thepharak (Inbound 1) Toll Plaza Bang Sao Thong Toll Plaza Bang Phli Noi Toll Plaza Bang Samak Toll Plaza Bang Wua Toll Plaza Bang Pakong 1 Toll Plaza

Udon Ratthaya Expressway Bang Pa In Inbound Toll Plaza Bang Pa In Outbound Toll Plaza Chiang Rak Outbound Toll Plaza Chiang Rak Inbound Toll Plaza Bang Phun Outbound Bang Phun Inbound Toll Plaza Toll Plaza Sisaman Outbound Toll Plaza Mueang Thong Thani Outbound Sisaman Toll Plaza Inbound Toll Plaza Mueang Thong Thani Inbound Toll Plaza 133Annual Report 2016

134 Annual Report 2016 Kanchanaphisek Expressway (Bang Phli-Suksawat) Dao Khanong Bang Chak Toll Plaza Toll Plaza Suksawat Bang Na km. 6 (Outbound) Toll Plaza Toll Plaza Bang Na Bang Na km. 6 (inbound) Bang Kaew 3 (Exit 3) Toll Plaza Toll Plaza Toll Plaza Bang Na km. 9-1 Toll Plaza Bang Na km. 9-2 Toll Plaza Bang Khun Thian (Exit 1) Toll Plaza Bang Kaew Bang Na km. 9-3 Toll Plaza Toll Plaza Bang Khun Thian (Inbound 1) Toll Plaza Pak Nam 3 (Exit 2) Toll Plaza Bang Kaew (ORR) Toll Plaza Bang Khun Thian (Inbound 2) Bang Khru 3 (Exit 2) Toll Plaza Pak Nam 3 (Exit 1) Toll Plaza Bang Kaew 2 (Exit 1, 2) Toll Plaza Bang Phli 1 Suvarnabhumi 2 Toll Plaza Bang Khru 2 (Exit 1) Toll Plaza Toll Plaza Toll Plaza Pak Nam 1 (Inbound 1) Bang Khun Thian (Exit 2) Toll Plaza Bang Khru 1 (Inbound 1) Toll Plaza Bang Phli 2 Bang Khun Thian (Exit 3) Toll Plaza Toll Plaza Toll Plaza Pak Nam 3 (Exit 3) Toll Plaza Pak Nam 2 (Inbound 2) Thepharak 4 Bang Kaew 1 Inbound Suvarnabhumi 1 Toll Plaza (Inbound 2) Toll Plaza Toll Plaza Bang Mueang 2 (Exit 3) Toll Plaza Toll Plaza Thepharak 5 (Exit 4) Toll Plaza Bang Mueang 3 (Exit 1) Toll Plaza Bang Mueang 2 (Inbound 2) Thepharak 4 (Exit 3) Toll Plaza Toll Plaza Pak Nam 2 (Exit 4) Toll Plaza Thepharak 3 (Exit 2) Toll Plaza Bang Mueang 1 (Inbound 1) Thepharak 2 (Exit 1) Toll Plaza Toll Plaza Thepharak 1 (Inbound 1) Toll Plaza Bang Mueang 4 (Exit 2) Toll Plaza

Si Rat-Outer Bangkok Ring Road Expressway Annual Report 1352016

Expressway Authority of Thailand 136 Annual Report 2016