for the year 2017 ended December 31, 2017 compared with the same period in 2016 which had total revenues 5,405.66 million baht and net profit 411.82 million baht. The above performance comes from these

months of 2019 ended June 30, 2019 compared with the same period in 2018 which had total revenues 1,726.37 million baht and net profit 395.25 million baht. The above performance was from these following

) - (870.5) N.A.(

commission expenses 200.1 19.60 344.5 16.77 144.4 72.20 Project Management and overhead expenses 64.5 6.32 99.0 4.82 34.5 53.39 Total Expenses 813.4 79.71 1,528.6 74.41 715.2 87.93 Gross profit before

profit was Bt104.3mn, decreasing 28.2% YoY • Total revenue from core business was Bt667mn, decreasing 17.1% • Banking agent business (of which the Company is the agent for 6 commercial banks: KTB, KANK

% growth of revenue from sales of house and condominium units and 71% increase in revenue from rental and services attributed to the rise of total revenue. 2Q19 Net profit at THB 192m, or 56% decline YoY

1 Forth Smart Service Public Company Limited (FSMART) 3Q19 Management Discussion and Analysis Operational Summary in 3Q19  Net profit was Bt144mn, decreasing 1.1% YoY.  Total revenue from core

income 0.32 0.21% 1.39 0.90% 1.07 335.59% Total revenue 151.85 100.00% 155.28 100.00% 3.43 2.26% Cost of services 97.96 64.51% 103.25 66.49% 5.29 5.40% Gross profit 53.89 35.49% 52.03 33.51% (1.86) (3.45

Thailand Major Development Public Company Limited (“The Company”) would like to inform total revenues 682.37 million baht and net profit 26.10 million baht in the consolidated financial statement for three

= Translation = Management Discussion and Analysis for Interim Business Operations The Information of Share Capital Registration and Entire Business Transfer The Company registered the change of