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

) 2.Government agencies bond Government agencies bond 30,800.00 1.Domestic Offering Domestic Offering 30,800.00 2.Thai Government agencies Thai Government agencies 30,800.00 Commercial Papers Long-term

% (2.21) -73.4% Distribution costs (52.77) -20.96% (102.28) -20.99% (49.51) -48.4% Administrative expenses (24.66) -9.79% (35.06) -7.20% (10.41) -29.7% Finance cost (2.48) -0.99% (0.01) 0.00% 2.48 34110.6

continued with marketing campaigns as well as promotional activities at distribution channels that helped sustain our leadership position in the RTD Tea market in Thailand. For international market, revenue

the lockdown measures both in domestic and foreign, resulting in the resumed economic activity. The government expenditure continued to expand both in current expenditure and capital expenditure. Those

familiarity and good relationship will serve paying agent service of investment in mutual funds and effectively support the government and the SEC policy.?Weeradej Ackapolpanich, Assistant Vice President of

limited for the reason that the 2024 annual Government Statement of Expenditure has not yet been approved. It is expected that the government statement of expenditure approval will be completed in April

follows:  Motorcycle Tire and Tube Business: The sales proportion of Motorcycle Tires & Tubes was classified by channels of distribution which are Export, Original Equipment Manufacturer (OEM) and

command of government since March 22, 2020. this situation has affected to decrease in the Company’s revenue dramatically. However, in this quarter, the Company had launched the new collections such as

epidemic has caused some businesses in the group to be affected by government policies. To close the mall and the closure of the country from the end of March until the beginning of May to prevent the spread