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

(16.38) (15.75) Cost of sales of goods 81.76 78.62 68.69 78.40 (13.07) (15.99) Gross profit 22.23 21.38 18.92 21.60 (3.31) (14.89) Other income 1.32 1.27 1.07 1.22 (0.25) (18.93) Gain on exchange rate

continued focus on maximising delivery and retail sales. These actions, along with careful management of all costs and expenses, resulted in the company making a net profit in the first quarter of 2021 of THB

operated full commercial service of Section 2 in MRT Blue Line Extension (Hua Lamphong Station - Lak Song Station) which connected with the Initial Blue Line at Hua Lamphong Station on September 29, 2019

then would be amortized over the life time of the projects. 1.3 Operating Results Net profit attributable to the Equity of the Company in Q1/2018 was amounted to Bt322.6 million, increasing by Bt17.0

(39.66) (6.45) Costs and Expenses 554.34 579.71 (25.37) (4.38) Profit (Loss) -Net 18.11 30.02 (11.91) (39.67) Income of Sale and Administration Transaction For the Year ended 31st December (Unit: Million

revenue 371.33 316.83 17.20 Total revenues 375.89 317.58 18.36 Net profit margin 57.61% 60.53% 2.92 Selling Administrative expenses 156.73 151.58 3.40 Selling Administrative expenses margin 41.70% 47.73

Total revenues 375.89 317.58 18.36 Net profit margin 57.61% 60.53% 2.92 Selling Administrative expenses 156.73 151.58 3.40 Selling Administrative expenses margin 41.70% 47.73% 6.03 Earnings before

Company had invested in the past. The Company had a net profit of 681.3 million Baht, a growth from 2018 of 34.8 percent, which is the highest net profit since the Company was established for three years

Revenue from sale of electricity 80.11 50.86 29.25 57.51 5 Other income 10.65 6.23 4.42 70.95 6 Total Revenues 304.05 256.05 48.00 18.75 7 Total expenses 333.50 295.14 38.36 13.00 8 Profit(Loss) before