Management Discussion and Analysis for the Year 2019 1. Operating Results (Company and Subsidiaries) Consolidated revenue for year ended 2019 of both treatment of industrial waste business division

Group”) as follow: * Extraordinary items from non-operating, consists of unrealized gain (loss) on exchange rate of receivable under finance lease and gain (loss) on forward contracts. Consolidated

, 2019 Page 1 Executive Summary Unit : Million baht 2019 2018 Total revenues * 15,668.94 14,780.73 888.21 6.0 Total cost and expenses * 9,573.18 8,346.74 1,226.44 14.7 Gain (Loss) on foreign exchange

and incentives to gain the privilege when travelling from CLMV countries to Thailand. (February 2019) 5. The Company, BTS Group Holding Public Company Limited and Sino-Thai Engineering & Construction

incentives to gain the privilege when travelling from CLMV countries to Thailand. (February 2019) 5. The Company, BTS Group Holding Public Company Limited and Sino-Thai Engineering & Construction Public

, the total transaction value shall be equivalent to 39.91% calculated based on the Net Profit which is the basis that results in the highest transaction value, from the Consolidated Financial Statement

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

million baht or 72.9 percent. After corporate income tax, net profit was 263.7 million baht of which gain attributable to equity holders of the Company at the amount of 249.3 million baht. Earnings per

at Suvarnabhumi airport, together with new airline customers they engaged during the period. Besides, the increasing of revenue was from dividend received and gain on sale of assets. While, total

: Overall operating results for the three-month period ended March 31, 2019 and 2018 (Unit: Thousand Baht) Consolidated Financial Statements Separate Financial Statements Increase (Decrease) Q1/2019 Q1/2019