benefit expenses, fee and service expenses, interest expense and other expenses. LH Financial Group Public Company Limited Management Discussion and Analysis for the First Quarter ended 31 March 2020 Page

. Total Expenses Total expenses were included employees’ benefit expenses, fees and service expenses, interest expenses and other expenses. In the first quarter of 2021, total expenses were Baht 70.9

ended 31 March 2020 2 | P a g e *Value may differ by one decimal point due to rounding Highlights 1/ One-time expenses in Q1/2019 were resulted from the employee retirement benefit (net after tax). 2

decrease was driven by the COVID-19 pandemic and an increase in employee benefit according to the new labour protection act effective in 2Q19. However, the Company had the positive impact on EBITDA of Baht

disposals of PPE 29 331 - NA NA - - Management benefit expense (35) (33) (40) 14% 23% (40) - Other financial cost 3 (0) (5) -254% 1772% (5) - EBITDA 18,868 19,366 19,576 3.8% 1.1% 22,777 3,201 EBITDA margin

& amortization 13,025 13,442 13,546 4.0% 0.8% 51,842 53,374 3.0% (Gain) loss on disposals of PPE 6 -7 26 349% n/m 30 26 -15% Management benefit expense -45 -37 -26 -42% -31% -168 -145 -13% Other financial cost -4

& amortization 13,546 13,222 13,118 -3.2 % -0.8 % 53,374 52,902 -0.9 % (Gain) loss on disposals of PPE 30 3 -8 -127 % -390 % 26 20 -23 % Management benefit expense -26 -36 -29 13 % -19 % -145 -133 -8.4 % Other

made publicly available a Second Party Opinion (“SPO”) and/or other external review from consultants with recognized environmental and social expertise to provide an opinion on the sustainability benefit

Director Nomination Best Practices will be of benefit to the Board of Directors of listed companies to determine a board nomination process that is effective and transparent. The Thai IOD would like to thank

points from every petroleum product purchased, along with goods and services under Bangchak brand, and developed Bangchak Mobile Application to benefit members in terms of convenience and speed. o The