Central Retail Corporation Public Company Limited Management discussion and analysis /Page 1 Executive summary The overall global economy was projected to slow down significantly due to the COVID-19

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

situation of the coronavirus disease 2019 (COVID-19) and the PM2.5 dust situation but there had unable to stop the participants' intention in any way. The Company has determined the strictly precautionary

28% 0.36 0.26 0.10 38% Note: The new financial reporting standards were reflected in company’s result of 2020 2 / 5 • Due to COVID 19, revenue increased 3% from rice business and dividend received for

addition, the economic slowdown in 2019 created a price war competition in this industry. For this quarter, the outbreak of COVID-19 since middle of March 2020 caused a direct impact toward customers

% Profit for the period 70.4 95.2 -26.0% 96.7 -27.1% % 10.3% 12.3% 12.0% Q4 Million Baht Q1 nationwide From March 22, 2020, in order to reduce the spread of covid-19, in reality, people are becoming aware of

assets of 153.38 million baht, most of which were trade receivables amount of 105.64 million baht due to lower sales from the COVID-19 situation. Next, the inventories decreased by 81.46 million baht due

จากการจัดประชุมที่มีการรวมตัวกันของบุคคลจำนวนมาก ภายใต้สถานการณ์การระบาดของโรคติดเชื้อไวรัสโคโรนา 2019 หรือโรคโควิด 19 (Coronavirus Disease 2019 (COVID-19)) ซึ่งรวมถึงการประชุมสามัญประจำปีของผู้ถือหน่วย

epidemic situation of Coronavirus 2019 (‘COVID-19’) and the countermeasures taken by the government such as travel restrictions and the closure of venues considered high-risk areas including department

Central Retail Corporation Public Company Limited Management discussion and analysis /Page 1 Management Discussion and Analysis Economic overview The tightening of COVID-19 containment measures in