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

before FX per share (Baht) 5.71 4.95 0.76 Leverage Ratio and Liquidity Ratio Quarter 3 Quarter 2 Change Increase/(Decrease) 2017 2017 Debt to equity ratio (Time) - Consolidated 1.34 1.36 (0.02) - Company

) Profit before FX per share (Baht) 5.25 4.35 0.90 Leverage Ratio and Liquidity Ratio Quarter 2 Quarter 1 Change Increase/(Decrease) 2019 2019 Debt to equity ratio (Time) - Consolidated 1.03 1.11 (0.08

Liquidity Ratio Quarter 3 2020 Quarter 2 2020 Increase/(Decrease) Debt to equity ratio (Time) - Consolidated 1.13 1.19 (0.06) - Company 0.67 0.67 - Book value per share (Baht) - Consolidated 193.42 186.06

based on a total value of consideration paid basis, calculated from the audited consolidated financial statements of the Company for the year ended 31 December 2017. In the previous 6- month period, the

were calculated based on the consolidated financial statements which consist of the Expressway Business, Rail Business, Commercial Development Business, the manufacture and distribution of treated water

-Balance-Sheet Management The Company disclosed in Note 22 of the financial statements and consolidated financial report as of 31st December 2018 was summarized below. • During the past year, there were no

Ended December 31, 2018 To The President The Stock Exchange of Thailand Management Discussion and Analysis Consolidated Financial Statements For Financial Year ended December 31, 2018 Overall Group

. Consolidated financial statement of the Company consists of Separate Financial Statement and Financial Statements of the 14 subsidiaries that include: 1) Bangkok Air Catering Company Limited (BAC) 2) Worldwide

Public Company Limited and its subsidiaries would like to notify the operating results stated in consolidated financial statements for the year 2019. The details as follows: The Structure of Revenues R&B