1 August 17, 2018 Subject: Capital Increase for Offering for Sale to Specific Investors (Private Placement), Connected Transaction, Amendments to Articles of Association/Objectives of the Company and

Analysis Key Financial Ratio As at 31 December 2019, the Company had the current ratio of 0.64, increasing from previous year, as a result of the reduction in current liabilities from short-term loan

Dec 19 31 Mar 20 Increase (Decrease) 4 Forth Smart Service Public Company Limited (FSMART) 1Q2020 Management Discussion and Analysis Key Financial Ratio As at 31 March 2020, the Company had the current

Increase (Decrease) 4 Forth Smart Service Public Company Limited (FSMART) 1Q2020 Management Discussion and Analysis Key Financial Ratio As at June 30, 2020, the Company had the current ratio of 0.61, equal

Interest Bearing Debt ratio 0.95 0.77 0.79 Return on Asset 13.6% 15.2% 15.5% Return on Equity 44.4% 44.5% 46.3% Financial Ratio As of June 30, 2019, the Company had the current ratio of 0.61 times

45.9% 43.1% 39.5% Financial Ratio As at 31 March 2018. FSMART had current ratio at 0.59 which increased from a decrease of current liabilities which the Company paid off loans of Bt450mn to financial

1 Forth Smart Service Public Company Limited (FSMART) 1Q19 Management Discussion and Analysis Operational Summary in 1Q19  Net profit was Bt150mn, increasing 3.1% YoY  Total revenue from core

Company Limited (FSMART) FY18 Management Discussion and Analysis Financial Position MB % MB % MB % Current assets 1,348.32 31.7% 1,430.87 36.5% 83 6.1% Non-current assets 2,912.13 68.4% 2,485.33 63.5% (427

% Return on equity 46.0% 46.3% 47.6% Financial Ratio As at 30 September 2019, the Company had the current ratio of 0.57, increasing from 3Q18, as a result of the reduction in current liabilities from short

increased by THB 47.1 Mn and (3) Other non- current assets which increased by THB 10.6 Mn. 7 Zen Corporation Group Public Company Limited 662 Soi Onnuch 17, Suanluang, Bangkok 10250 THAILAND. Tel: 02-0195000