1 Forth Smart Service Public Company Limited (FSMART) 1Q18 Management Discussion and Analysis Operational Summary in 1Q18  Total revenue from core business was Bt842.14mn, an increase of 17.8 % YoY

%) Note: (1) Revenue and Cost that were recognized when there is construction under concession agreements for tap water according to accounting standard TFRIC12 EBITDA (MB) 1H/2016 1H/2017 Increased

and Cost that were recognized when there is construction under concession agreements for tap water according to accounting standard TFRIC12 Raw water costs 47% Tap water costs 37% Rental and services

according to accounting standard TFRIC12 EBITDA (MB) For the three-month period For the nine-month period Q3/2017 Q3/2018 YoY % 9M/2017 9M/2018 YoY % Operating profit 412.15 421.06 8.90 2.16% 1,366.98

, respectively. PERFORMANCE BY BUSINESS Rental Properties Business Q3 2018 Q3 2019 Increase/ (Decrease) 9M 2018 9M 2019 Increase/ (Decrease) THB mm THB mm % THB mm THB mm % Rental Revenue 308.1 229.4 (25.6%) 828.9

accounting standard TFRIC12 EBITDA (MB) Q1/2017 Q1/2018 YoY % Operating profit 484.21 403.89 (80.31) (16.59%) Depreciation 95.25 100.14 4.89 5.13% Amortization 67.71 73.92 6.22 9.18% EBITDA 647.16 577.96

Reporting Standard No. 15 (Revised) : Revenue from Contracts with Customers, effective 1 January 2019 has impacted on the Company and its subsidiaries’ financial statement as follows : o Brand : Adjusting

Financial Reporting Standard No. 15 (Revised) : Revenue from Contracts with Customers, effective 1 January 2019 has impacted on the Company and its subsidiaries’ financial statement as follows : o Brand

company licensed to undertake securities business in the category of investment advisory service; “person with power of management” means a person responsible for a line of work relating to investment

31 MARCH 2019 LH Financial Group Public Company Limited Management Discussion and Analysis for the First Quarter ended 31 March 2019 Page 2/19 Overview of Business Operation LH Financial Group Public