proportion of debt is also low level, when comparing to the equity. Return on Equity (ROE) According to the Company’s financial statements, the Company had net income of 30.02 million baht, representing a

financial institutions total amount of THB 991.7mn. As a result, the Company had ending cash of THB 634.5mn as of 31 March 2019. 1 Calculated from interest-bearing debt net of cash and cash equivalents

to hedge its debt. In addition, the Company has unused unsecured revolving credit facilities 1 2 ,370 million baht and 3,000 million baht unused committed facilities with various financial institutions

million. Due to total revenues decreased of Baht 554.20 million mainly from brokerage fees decreased of Baht 282.56 million, Gain and return on financial instruments decreased of Baht 326.45 million and

Translation Management Discussion and Analysis for Interim Business Operations Financial Performance for the period ended M arch 31 , 2020 (Unit : M ill ion Baht) 2020 2019 Inc. / (Dec.) % (Re st at

and short- term investment amounting to THB 2,694 million, with total liabilities of THB 3,467 million and total equities of THB 9,682 million. In this regard, the Company’s financial position remains

2019 D/E RATIO (Times) 1.06 1.30 Net Debt/EBITDA (Times) 3.58 4.43 Please be informed accordingly Yours sincerely, -Signature- (Miss Nilrat Jarumanopas) Chief Financial Officer Authorized to sign on

-1 - Translation - Ref. LPN/SorKor/386/2562 7th November 2019 Re: Consolidated Financial Statements Analysis Q3/2019 Dear: President The Stock Exchange of Thailand L.P.N. Development Public Co., Ltd

Syndicate Public Company Limited ( the “Company”) and its subsidiaries hereby submit the Annual Financial Statements, ending March 31, 2018 and 2017, together with the clarification of the performance of the

) Clause 4(2) of the Notification of the Securities and Exchange Commission No. KorThor. 42/2543 Re: Rules, Conditions and Procedures for Securities Brokerage and Securities Dealing Which Are Not Debt