BUSINESS PLAN AND OUTLOOK The pandemic from a new strain of corona virus (COVID-19) has affected the global economy, society, and way of life like never before. The hospitality business and related

rating: AA+ (THA), Outlook: Stable Total Equity 75,689 22% 71,657 20% S&P BBB+, Outlook: Stable Source and use of fund 1Q21(Bt mn) Source of fund Use of fund Operating cash flow 21,245 CAPEX & Fixed assets

complete the first franchisee contract by this year Outlook on business opportunities from lift of curfew measures With the government measures to control the spread of COVID-19 pandemic, especially the

developments warranted a close watch, particularly in US politics, which were a drag on the implementation of economic stimulus measures and tax reform. In addition, Britain’s economic outlook was obscured by

with its major trade partners, especially China. This factor is set to have an impact on the world’s economic recovery over the remainder of this year. The World Economic Outlook of the International

of 2018, close attention was paid to uncertainty surrounding US trade policy with its major trade partners, especially China. Most recently, the World Economic Outlook of the International Monetary

the new businesses to alleviate this impact. These new businesses will gradually generate more profits in the subsequent quarters. For 2H19, the Company remains fairly positive in its outlook for the

the new businesses to alleviate this impact. These new businesses will gradually generate more profits in the subsequent quarters. For 2H19, the Company remains fairly positive in its outlook for the

. Thailand economic situation in 2020: the Bank of Thailand has recently downgraded the forecast of Thailand's full-year economic outlook to a 8.1% contraction due to impacts from COVID-19 pandemic. The

Equity stood at 39.5% which decreased from an increase of shareholders’ equity. 5 Forth Smart Service Public Company Limited (FSMART) 1Q18 Management Discussion and Analysis 2018 Management Outlook