2018 LH Financial Group Public Company Limited Management Discussion and Analysis for the year ended 31 December 2018 Page 2/21 Overview of Business Operation LH Financial Group Public Company Limited is

COVID-19 pandemic, we have adopted measures to ensure stability and continuity of our electricity and utilities supply system. In terms of business expansion, GPSC focuses on expansion of investment in

0.5% in domestic business. However, the domestic operation still showed a recovery quarter- on-quarter, with a growth of 4.7% from the 2Q/2019. Overseas sales were THB 1,780 million, increased by THB

the Requirement to Make the Tender Offer for all Securities of the Business by Virtue of the resolution of the Shareholders’ Meeting (Whitewash), Appointment of the Independent Financial Advisor and

กดั (มหำชน) AI Energy Public Company Limited. 1. Manufacture and Sales of Biodiesel and By-product 1.1 Revenues from sales of biodiesel business to total revenue for the 1st quarter of the fiscal year

1 MD&A 2Q 2017 (Ended 30 June 2017) MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 2Q 2017 1 AUG 2017 MEDIA INDUSTRY AND BUSINESS IMPACT ANALYSIS Advertising spending reported a decline of 1.4% QoQ

added to the health and safety team in order to ensure improvements are swift. Business wise 2019 has started well despite challenges in the macro economy and some of the key market segments along with

future. Business wise H1 2019 was challenging particularly in the most recent quarter. Business sentiment in multiple industrial segments important to us has been impacted by the macro economy and the

| www.shotelsresorts.com Page 1 of 7 Management’s Discussion and Analysis for the performance of the six months ended of the year 2019 Business Overview In the six months ended, S Hotels and Resorts Public Company Limited

baht, or 30.3% compared on the same period from last year. Due to the situation of COVID-19 causing the business to slow down, however, the company still has the ability to make PAGE 5 profit