Forth Smart Service Public Company Limited (FSMART) 3Q2020 Management Discussion and Analysis 2020 Management Outlook Although Thailand is caused by the COVID-19 pandemic that affects a number of sectors

of rights to operate completed expressway sectors and compensation for site acquisition cost. For the third quarter of the year 2019, the cost was at Baht 1,530 Million, (Translation) Bangkok

impacted by declining global demand, which has also led to a deceleration of private consumption as a result of lower employment, particularly in export- related manufacturing sectors. Elevated household

plastic woven sack is decreased from the effects of the recessions of economic circumstance since the beginning of the year, combine with the drought condition which affected the agricultural sectors which

weakness of consumer buying power. However, in the second half of the year, the economy has shown signs of recovery in both the tourism and export sectors. As a result, the performance of stores in major

business sectors while maintaining the protection of investors from any risks arising from the appointment of any person lacking qualifications or possessing prohibited characteristics, and (2) harmonize the

marketing communications business to government and private sectors in this quarter such as concert stage equipment rental, revenue recognition of the 2020 in Dubai, United Arab Emirates World Expo that

) (collectively, the Acquisition or Disposition Rule), the size of 6 Bank of Thailand statistics, outflow of Thai direct investment to Indonesia in all sectors Page 4 of 4 the Transaction is 11.8% calculated based

the period - - - 100.00 Comprehensive Profit (loss) for Year (30,454) (25,754) (4,700) 18.25 Page2of4 Sales and cost of sales Sales of goods can be grouped in 2 sectors as 1) producing and distributing

because the outbreak of the Coronavirus disease 2019 ( COVID- 19) in Thailand has continued to spread rapidly and widely and the government has requested cooperation from all sectors to refrain from