by 8,500,000 shares (“Seller Group”). The Seller Group has no relationship with management, directors, major shareholders, and controller of the Company and its subsidiaries. Ferrum Energy shall

Eng_MD&A Final Q3'19 November 13, 2019 Ref: SET-2019-011 Re: Management Discussion and Analysis for Quarter 3’ 2019 Attn. to: President The Stock Exchange of Thailand Filter Vision Public Company

management as usual. The amount of compensation from the termination of the lease agreement was THB 120 million, Based on market value of the leasehold rights appraisal which was higher than project carrying

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

(THIS REPORT DISCUSSES PRINCIPAL CHANGES ON THE REVIEWED AND AUDITED CONSOLIDATED FINANCIAL STATEMENT) LH FINANCIAL GROUP PUBLIC COMPANY LIMITED MANAGEMENT DISCUSSION AND ANALYSIS FOR THE SECOND

Shareholders’ equity Total revenues Total expenses Net profit Net debt to EBITDA ratio Interest coverage ratio (ICR) 2 Debt service coverage ratio (DSCR)2 Debt to equity ratio Current ratio B/E size to interest

Calculation Formula 2. Net Profit after deductions by the ordinary business operation and tax = (Sum of percentage of shares to be acquired x Net profit after deduction of tax of the selling company) x 100

Formula 1. Net Tangible Assets (NTA) = (Sum of percentage of shares to be acquired x Net Asset Value of the selling company) x 100 / Net Asset Value of the buying company 2. Net Profit from the ordinary

trust’s features and management; (a) “[name of the trust] is a trust under the Trust for Transactions in Capital Market Act B.E. 2550 (2007) created by this instrument and shall become valid when the

, respectively). Furthermore, the Company has always suffered operating losses (excluding profit from the debt restructuring and other income) and has generated very low operating cash flow when compared with its