Limited (FSMART) 1Q18 Management Discussion and Analysis As at 31 March 2018, FSMART had total assets of Bt4,088.84mn, decreasing 4.0% YoY, mainly from a decrease of current assets from cash and a decrease

Lapin” Source of Fund Working Capital which will not impact on liquidity and cash   2 flow of the Company Expected Benefit 1. To expand Business Opportunity in retail business 2. To earn an investment

contract date which is October 20, 2017 8. Source of Fund : 30 % from the Company cash flow and 70 % of loans from the bank, so that, this loan application has no condition or limitation related to the

company’s working capital (7) Term of payment : Pay in cash fully in one time (8) Connected transactions : None (9) Acquisition and disposition of assets Transaction volume : Does not come under the scope for

would not be in time for use. Karmarts Public Company Limited as a shareholder of The Iconic Property Company Limited, therefore, considered giving loans from Karmarts Public Company Limited whose cash

and Criteria used in determining value of transaction The total value is amount of 27,009,900 baht which the company will pay by cash to the seller. The selling price is appraised by GPV Global

will get paid in cash for the disposal in shares, with the value of 925.11 Million Baht by Big-Lot Board. 6. Value of assets disposed The assets to be disposed are TSE in amount of 181.75 million common

30 December 2017, FSMART had total assets of Bt4,260mn, increasing 33.8% YoY, mainly from increasing number of Boonterm kiosk and non-current assets which were cash and cash equivalents including

, decreased from 105.96 million baht to 67.48 million baht, decrease 38.48 million baht or 36.32 percent, due to decreasing of gain on investment by 51.23 million baht and increasing of cash received from

own cash flow to fund the Project. (10) Opinion of the Board of Directors concerning the decision to enter into the transaction : The Company’s Board of Directors has an opinion that the transaction