30 SEPTEMBER 2020 LH Financial Group Public Company Limited Management Discussion and Analysis for the Third Quarter ended 30 September 2020 Page 2/19 Overview of Business Operation LH Financial Group

Capital Market Supervisory Board No. TorThor. 35/2556 Re: Standard Conduct of Business, Management Arrangement, Operating Systems, and Providing Services to Clients of Securities Companies and Derivatives

of the following major factors: -Higher sales volume of the core burnt lime and hydrated lime products resulting in increased revenue and better economies of scale from these core business activities

.. ' 9, ก9# ;3 !$,!*3-# กก 20% , ( ก*!$" % ก 3 =%%!(.ก 1) " ? " .+ Bond yield !$,! 2) " -' #!$ *3- 90% % ก, ' 9 ก. .+ 3) !HI "ก ,*!J: (ISM Manufacturing) ;3 UVW,!*3- # =%%!$ก *!$" , 9H 4

LIMITED BUSINESS ALIGNMENT PUBLIC COMPANY LIMITED BUSINESS ONLINE PUBLIC COMPANY LIMITED C PANEL PUBLIC COMPANY LIMITED C PAYMENT SOLUTION COMPANY LIMITED C SMART SOLUTION COMPANY LIMITED C-DISTRIBUTION

stores were reduced earlier.  Domestic Contract Manufacturing (CMG) sales decreased by c.25% YoY, mainly due to higher excise tax and sugar tax as well as high sales base last year. 9M/2018 Sales Revenue

, improving 1.1% YoY mainly driven by strong growth of fixed broadband and non-mobile enterprise business. QoQ, core service revenue dropped by -1.9% mainly from lower mobile revenue. Mobile revenue impacted by

realized the revenue THB 1,265.18 million, where the reasons are summarized as follows. 1. Manufacture and Sales of Biodiesel and By-product 1.1 Revenues from sales of biodiesel business to total revenue for

realized the revenue THB 1,265.18 million, where the reasons are summarized as follows. 1. Manufacture and Sales of Biodiesel and By-product 1.1 Revenues from sales of biodiesel business to total revenue for

markets went into a tailspin, whereas turbulence was seen in manufacturing, service and tourism sectors, which in turn dampened domestic spending sentiment. The situation adversely affected the government’s