management discussion and analysis for the 2nd quarter of 2020 and 6-month period ended 30 June 2020, as follows: The Group’s Operation under the Epidemic Situation of Coronavirus 2019 Due to the global

(decreased by 21.7 percent from Q4/2019), due to the Covid-19 pandemic which affected sales in the group of countries affected by such pandemic, particularly the sales through the distributor in China and

situation of the COVID-19 pandemic. - Swine farm business recorded its revenue of Baht 64.5 Million or an increase of Baht 3.7 Million from Q2/2019. Page 2/…… - 2 - Gross Profit Margin Gross Profit Margin

more than 20% from the previous year was the one-time gain on disposal asset in 2Q19 and the decline in the sale of products in the banking and export sector due to the COVID-19 pandemic. Customers in

customers recognizing AMARC’s services even amid the affect from COVID-19 pandemic. - Translation - Costs and Expenses 1. Q2 and half-year consolidated costs ended June 3 0 , 2 0 20 has increased YoY at the

recovered. Bank of Thailand has adjusted down Thailand economic outlook forecast to a contraction of 8.1% for 2020, instead of 5.3% contraction previously forecasted. The crisis of the COVID-19 pandemic has

1 Forth Smart Service Public Company Limited (FSMART) 1Q2020 Management Discussion and Analysis Operational Summary in 2Q20 (affected by Covid-19 pandemic and measurements from government) • Net

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

% (y-y) in the first quarter. The main supporting factors were the return-to-expansion of export goods and private investment. On the other hand, the third wave of the COVID-19 pandemic continues to

Covid-19 pandemic, which severely affected purchasing power and demand globally. Tourism sector faced a catastrophe, started heavily in March, after most of the countries announced travel restrictions