Page | 1 Management Discussion and Analysis Q2/2020 JMART Management Discussion and Analysis Q2/2020 Synergy Digital Transformation eX Growth Business Model Page | 2 Management Discussion and

strong across-the-board growth. The business sector remained challenged by new modes of competition amid the advancing digital age and the rapid pace of technological advancement, together with the

Economic Outlook of the International Monetary Fund for October 2019 cut this year’s global economic growth projection to 3.0 percent from the previous forecast of 3.2 percent. The figure is the lowest

E_1 Legal_FA_2015_12_29-c A CorpL4.1hig A Executive Summary of Management Discussion and Analysis 1 For the Year Ending December 31, 2019 Thai economy in 2019 showed decelerating growth at 2.4

to use the consideration receiving from the sale of such investment property to reserve for its expansion projects regarding the committed growth and sustained profitable on such investment to all

maintained its growth momentum. Similarly, Thailand’s major economic indicators continued to exhibit growth, as evidenced by brighter exports, government spending and private spending on certain items of

achieved strong earnings, a growth of 49% in core EBIDTA or $749 mil- lion which is on track to deliver over $1 Billion in annual EBITDA in 2017, the first time in the history of the Company. The strong

Discussion and Analysis 2019 Management Outlook The Company still concentrates on the strategy of managing the quality of Boonterm kiosk location with the ARPU management more than 5% growth and the total

three years of investment, with so far one new kiln (K7) in operation since January adding an extra 50,000 Mt of capacity, the additional potential of developing new products, as well as the option to add

end of a year to accomplish their profit. 4) Other income was Bt59.99mn, increasing 20.4% YoY, due to the growth of the total usage amount from an increase of the number of Boonterm kiosks and new