TRANSLATED VERSION Codified up to No. 2 As of June 12, 2015 Readers should be aware that only the original Thai text has legal force and that this English translation is strictly for reference

Microsoft Word - MD&A 2017 EN.doc EFORL IR010/2018 March 20, 2018 Subject: Management Discussion and Analysis Yearly Ending 31 December, 2017 To President The Stock Exchange of Thailand 1. Overview

[COMPANY NAME] EFORL IR010/2018 March 20, 2018 Subject: Management Discussion and Analysis Yearly Ending 31 December, 2017 To President The Stock Exchange of Thailand 1. Overview financial

510 - 940 Million through the concession agreement period. Overview Operational Results In the first quarter of the year 2018, the Company had the net profit attributable to equity holders of the

Page 1 of 5 Performance Overview In 1Q18 Singha Estate Public Company Limited (“the Company” or “Singha Estate”) reported a 7% YoY decrease in total revenues, mainly from a drop of revenues from

approved WW to invest in WOG ITR Water Solution Company Limited (“WOG ITR”) by purchased ordinary shares of 48,571 shares with a par value of Baht 100 per share, representing 100% of the paid-up capital from

Exchange of Thailand Business Overview In the year 2018, the Thai economy remained stable with the volatility of global economy including the impact of the trade war between the United States and China

, property fund, real estate investment trust, provident fund and private fund. Overview of Fund Management Business The fourth quarter of 2018, total net asset value of mutual funds raise up from Baht 5.03

already been audited by the Company’s auditor can be summarized as follows: Overview of 2017 Business and Key Factors impact on the Company’s performance Overall of Non-Performing Loan situation in

2019 LH Financial Group Public Company Limited Management Discussion and Analysis for the year ended 31 December 2019 Page 2/22 Overview of Business Operation LH Financial Group Public Company Limited is