nine months and of AVA for about six months as AVA has accepted an ownership transfer of the power plant since 20th March 2020. 2. Gross profit for the first nine months of 2020 was THB 255 million that

same period of 2018. II. Share of profit from investments in associates In the second quarter of 2019, the Company’s share of profit from investments in associates was Baht 469 million, which increased

1 Forth Smart Service Public Company Limited (FSMART) 2Q19 Management Discussion and Analysis Operational Summary in 2Q19  Net profit was Bt145mn, decreasing 3.4%YoY  Total revenue from core

inventory, the sales promotion expenses (excluding ownership transfer expenses) increase 26.76%. As a result, the net profit has decreased 5.34% from that of the same quarter of the previous year. In Q1/2018

launch of Singha Complex in late 2018. 2019 Net profit at THB 1,209m, or 16% decline YoY, due to various factors, namely profit margin during early stage of 2 hotels in Crossroads project phase 1

1 Forth Smart Service Public Company Limited (FSMART) 3Q2020 Management Discussion and Analysis Operational Summary in 3Q20 (recovered from Covid-19 pandemic)  Net profit was Bt123mn, increasing

131.72 -7.21 34.92 12.20 186.23 Total gross profit 1,223.32 1,101.41 11.07 1,035.80 1,059.12 -2.20 Selling & Marketing expenses 471.73 309.37 52.48 267.24 215.39 24.07 Administrative expenses 383.26 335.44

7.90 5.48 - Total gross profit 275.59 86.25 219.52 208.54 143.57 45.25 Selling & Marketing expenses 125.39 66.65 88.13 67.17 50.29 33.57 Administrative expenses 92.50 73.73 25.46 77.89 64.42 20.91 EBIT

38.13 -15.05 7.90 5.48 - Total gross profit 275.59 86.25 219.52 208.54 143.57 45.25 Selling & Marketing expenses 125.39 66.65 88.13 67.17 50.29 33.57 Administrative expenses 92.50 73.73 25.46 77.89 64.42

) 729.9% Gross profit 426.3 446.0 463.1 3.8% 8.6% 1,200.9 1,337.0 11.3% Net gain (loss) on exchange rate (7.3) (58.6) 37.6 N.A.(>100) N.A.(>100) (83.2) 91.2 N.A.(>100) Gain from business acquisition - - 2.2