16.18 percent based on the net tangible asset basis, being considered as a Class 2 transaction under the Notification on Acquisition or Disposal of Assets. As a result, the Company is required to

ended 31 December 2019, which revenue and net profit has changed more than 20% from the last year as follows: Statement of Comprehensive Income Unit: Million Baht 31 December 2019 31 December 2018

result, the Company recorded net Loss of 996 Million Baht. Pace Development Corporation Public Company Limited 87/2 CRC Tower All Seasons Place, 45th Floor, Unit 3, Wireless Road, Lumpini, Pathumwan

Baht, debentures (net) of 1,805 Million Baht and advances and deposits received from customers of 3,845 Million Baht, deferred tax liability on gain from JV transaction of 1,856 Million Baht. Total

March 2020, which net profit has changed more than 20% from the last year as follows: Statement of Comprehensive Income Unit: Million Baht 31 March 2020 31 March 2019 Increased (Decreased) Percentage

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

Thailand as of 23 February 2018. Page 2 of 18 On 26 February 2018, the Company, entered into Equity Purchase Agreement with conditions precedent with APAC Real Estate Holdings LLC, a Nevada limited liability

Discussion and Analysis EXECUTIVE SUMMARY SIGNIFICANT EVENTS New Capital Structure and Use of Proceed from IPO Regarding our IPO, we received net proceed from IPO in the amount of Baht 11,078 million composing

810,568 -26.5 Trade and other receivables for the year 2019 amounted 56.5 million Baht a slight increase from the existing 2018 of amounted 56.2 million Baht. In 2019, net trade account receivables amounted