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

first international retail property and the 33th shopping center for the Company. Located in a high potential area, Central i-City is part of the i-City Ultrapolis, one of the country’s largest mixed-use

(“BSH 15”), later has changed its registered name to Prime Area 12 Company Limited (“PA12”), from Sansiri for an aggregate amount of THB 1mn. As a result, the Company holds a 100% interest in BSH15 • The

office building (Klong Toey), the Company may need to leaseback such asset from the person expected to be a buyer, depends on the negotiation and benefits that the Company will receive. Total usable area

and Buildings since such Land and Buildings do not have a very large area, and the Company does not optimize the use of it. Such disposal of assets does not have significant impact on the Company’s core

demand in Chonburi area. Therefore; the company must transfer water from Prasae reservoir to Chonburi area. 2) Raw water cost increased from purchasing raw water from private source in order to remain the

183 (15%) EBITDA 27 33 22% 86 90 5% Net Profit(Loss) for the Company (3) (7) (133%) 10 4 (60%) Gross Profit Margin (%) 54.9% 56.2% 1.3% 59.5% 57.7% (1.8%) EBITDA Margin1 (%) 18.6% 23.9% 5.3% 23.6% 28.2

Stock Exchange of Thailand on October 17, 2019. The Company currently manages 34 shopping malls with the net leasable area (NLA) of approximately 1.8 mn sqm. At the end of 2019 the average occupancy rate

area (NLA) of approximately 1.8 mn sqm. At the end of 3Q19 the average occupancy rate for CPN’s domestic retail properties stood at 92%. Central Pattana Public Company Limited Management’s Discussion and

total of 80,000 sq.m. leasable area in which the Company has 85% stake in the project. 2.) Central Park Offices : an office building with a total of 90,000 sq.m. leasable area in which the Company has 100