Certified Companies of Thailand's Private Sector Collective Action Coalition Against Corruption LH Financial Group Public Company Limited, Land and Houses Bank Public Company Limited and Land and Houses Fund

1 Forth Smart Service Public Company Limited (FSMART) 3Q2020 Management Discussion and Analysis Operational Summary in 3Q20 (recovered from Covid-19 pandemic)  Net profit was Bt123mn, increasing

%) (28.76) (7.27%) 2.79 9.70% Total Cost (163.40) (59.43%) (223.87) (56.62%) (60.47) 27.01% Gross Profit 111.54 40.57% 171.55 43.39% 60.01 34.98% Selling Expense (54.32) (19.76%) (54.80) (13.86%) (0.48) (0.88

(496.32) (61.33%) (645.04) (58.67%) (148.72) (23.06%) Gross Profit 282.35 34.89% 418.34 38.05% (135.99) (32.51%) Other Revenue 30.53 3.77% 36.08 3.28% (5.55) (15.38%) Selling Expense (128.46) (15.87

ended 30 September 2019, which net profit has changed more than 20% from the last year as follows: Statement of Comprehensive Income Unit: Million Baht 30 September 2019 30 September 2018 Increased

sustainable growth. The Company believes that the residential condominium sector in the real estate business is currently facing slowdown. The Company and subsidiary companies thus establish a strategy to

% 63.0 8.7% 9.4 17.5% Net Profit 6.4 0.9% -17.4 -2.4% -23.8 -371.9% Retail Industry Overview and Overall of the Company‘s Performance During the past 2-3 years, the growth rate of retail sector industry in

water sales volume. However, the costs of sales and services were totally 2,706.44 million Baht, increased by 481.81 million Baht or 21.66% mainly because of an increasing electricity cost. Net profit

35.75 36.16 0.41 1.14% 138.80 134.63 (4.17) (3.00%) Construction cost under Concession Agreements(1) 47.54 83.31 35.77 75.25% 118.26 275.65 157.39 133.09% Gross profit 457.10 455.23 (1.87) (0.41

due to the raising in raw water sales volume and net profit attributable to equity holders of the parent company of 609.48 million Baht, increased by 28.85 million Baht or 4.97%. Income statement