Financial position 31 December 2018 31 March 2019 Increase (Decrease) 4 Forth Smart Service Public Company Limited (FSMART) 1Q19 Management Discussion and Analysis Total shareholders’ equity as at 31 March

1Q19 and 2Q19 for BT294.76mn. and dividend payment of Bt249.60mn. Key Financial Ratio Quarter Quarter Quarter 2/2018 1/2019 2/2019 Current ratio 0.53 0.63 0.61 Debt to Equity ratio 2.35 1.75 1.84

23,85119,288 31 Mar 1931 Dec 18 Current Liabilities L/T Debt (included current portion of L/T debt) Non Current Liabilities Total Equity Financial Position of the Company and its subsidiaries (Consolidated) Unit

debt purcha Liabilities a As of the p 2016 at 87 financial ins equity ratio 2.11 times. Discussion and nt in associat nt Property d rights and p n-current ass ets and Short-te d other payab ortion of

as LQSF’s total liabilities recognition of Baht 167 million, mainly due to loans from financial institutions of Baht 80 million and trade payables of Baht 64 million. Page 8 Shareholders' Equity As at

debt is also low level, when comparing to the equity. Return on Equity (ROE) According to the Company’s financial statements, the Company had net income of 18.12 million baht, representing a return on

financial institutions to acquire the remaining shares of the subsidiary. The shareholders’ equity at the end of the third quarter of 2018 decreased by 23% yoy due to the Company acquired additional shares

····················›››››››››››››››››--------::::::::::::::::::::::::::::::///////////////············››››››››››››››››››››› ····················›››››››››››››››››--------::::::::::::::::::::::::::::::///////////////············››››››››››››››››››››› ····················›››››››››››››››››--------::::::::::::::::::::::::::::::///////////////············››››››››››››››››››››› ····················›››››››››››››››››--------::::::::::::::::::::::::::::::///////////////············››››››››››››››››››››› ···...

shareholders' equity as Part of the changes the proportion of subsidiary. Ratio Analysis Financial Statement year ended June 30, 2018 Return on Assets and Return on Equity in 6 months 2018 improved from 11% and

liabilities Shareholders' Equity 31 Dec 2018 1,375.35 167.04 993.64 366.55 218.46 30 Sep 2019 4,032.66 3,121.03 4,032.66 3,121.03 3. Long-term loans and financial lease liabilities (deducted current portion of