1 Ref: AC.004/2018 26 February 2018 Subject: Management discussion and analysis of financial position and operating results To: President and Manager The Stock Exchange of Thailand Overall operating

2 Forth Smart Service Public Company Limited (FSMART) 1Q19 Management Discussion and Analysis Financial Summary Income Statement Total revenue Total revenue from the core business in 1Q19 was

% 296,381 6% Current portion of long-term loans from financial institutions 100,800 1% - 0% 120,000 2% 132,000 3% Short-term loans - 0% - 0% 160,000 2% 207,405 4% Current portion of finance lease liabilities

year which posted total net profit Baht 495 million. Total revenue from sales and services amounted to Baht 3,398 million, decreased by Baht 4,750 million or 58% YoY. Separate financial statement, the

submitted the Company’s financial statement for the year ending 31 December 2018, In order to provide investors and other interested parties to better understand the Company’s operating results and financial

Company’s financial statement for the year ending 31 December 2017, In order to provide investors and other interested parties to better understand the Company’s operating results and financial statement for

(THIS REPORT DISCUSSES PRINCIPAL CHANGES ON THE UNREVIEWED CONSOLIDATED FINANCIAL STATEMENT) LH FINANCIAL GROUP PUBLIC COMPANY LIMITED MANAGEMENT DISCUSSION AND ANALYSIS FOR THE FIRST QUARTER ENDED

(THIS REPORT DISCUSSES PRINCIPAL CHANGES ON THE REVIEWED CONSOLIDATED FINANCIAL STATEMENT) LH FINANCIAL GROUP PUBLIC COMPANY LIMITED MANAGEMENT DISCUSSION AND ANALYSIS FOR THE FIRST QUARTER ENDED 31

47.63 33.82 13.80 40.82% Selling expenses (5.18) (4.81) 0.37 7.72% Administrative expenses (32.96) (27.30) 5.66 20.74% 5 Finance costs (3.84) (2.64) 1.20 45.57% 6 Profit before income tax 5.64 (0.93) 6.57

- Translation - Management Discussion and Analysis for Interim Business Operations Financial Performance for the year ended December 31 , 2017 (Unit : M ill ion Baht) 2017 2016 Inc./(Dec