due to an increase in loans from financial institutions for the Company’s investments and working capital as well as LQSF’s liabilities recognition of Baht 163 million. Shareholders' Equity As at 30

shareholders’ meeting (Whitewash); 6 10. Approved the appointment of Pioneer Advisory Co., Ltd. as the Independent Financial Advisor (IFA) of the Company to give an opinion on the debt to equity conversion

Period for Equity. To study the feasibility of the project by Free Cash Flow to Equity Method, Financial Advisor develops a financial projection for a period of approximately 31 years (since 2017 to

Company’s financial statements, the Company had net income of 1.04 million baht, representing a return on equity at 0.29% lower than the year 2018 having the return on equity at 4.90%. Asset Management As of

proportion of 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 30.02 million baht, representing a

Equity 45.1% 47.6% 45.2% 45.1% 45.2% Financial Ratio FY2017 FY2018 5 Forth Smart Service Public Company Limited (FSMART) FY2019 Management Discussion and Analysis 2020 Management Outlook For 2020, to be in

Financial Summary in FY18 Income Statement MB % MB % MB % MB % MB % Income from rending of top-up service for prepaid phone and other online service (Commission) 353.01 42.4% 346.47 41.7% 339.36 41.4% -2.1

profit in 2016 and dividend payment. Key Financial Ratio Financial Ratio 2016 2017 Current ratio 0.59 0.54 Debt to Equity ratio 1.69 2.19 Interest Bearing Debt ratio 0.77 1.13 Return on Asset 15.5% 14.6

year. 3. Gain on change in shareholders' equity of associate in the Third quarter of 2017, LH Financial Group Public Company Limited (“LHFG”) issued 7,544,342 new ordinary shares to CTBC Bank Co., Ltd

the revenue of the Q4-2018 decreased form the Q4-2017. Financial Analysis of the Company As at December 31, 2018, the Company financial position change from that of December 31, 2017, is presented and