Liabilities 808 698 817 Total Liabilities 817 707 826 Shareholder’s Equity 451 478 478 OPERATING RESULT (MILLION BAHT) Sales Revenue 3,660 3,610 1,707 Gross Profit 263 274 136 Operating Profit 124 154 74 Profit

% Administrative expenses 13.5 14.0 0.5 3.7% 27.0 26.4 -0.7 -2.4% Operating profit -5.3 13.8 19.1 360.4% 11.9 47.5 35.6 299.0% Financial cost 15.0 12.3 -2.7 -17.9% 29.7 27.9 -1.8 -5.9% Net profit -18.0 4.7 22.7

Liabilities 808 698 829 Total Liabilities 817 707 841 Shareholder’s Equity 451 478 477 OPERATING RESULT (MILLION BAHT) Sales Revenue 3,660 3,610 2,570 Gross Profit 263 274 213 Operating Profit 124 154 119

as below details: From the Consolidated Financial Statement for the first quarter of 2020, for the three- month period ended March 31, 2020, the Company has operating profit of the equity holders of

Disposal”). By calculating on a Net Operating Profit basis after tax deduction, the highest transaction size is 33.63 percent of the Value of the Net Profit of the Company according to the consolidated

. The increase in shareholders’ equity was thanks to the booking of operating profit. Yours sincerely (Mr. Teerawat Srinakarin) Chief Executive Officer

Liabilities 784 808 842 Total Liabilities 797 817 851 Shareholder’s Equity 445 451 449 OPERATING RESULT (MILLION BAHT) Sales Revenue 3,727 3,660 2,730 Gross Profit 247 263 209 Operating Profit 126 124 117

September 2019 and 31 December 2018, equal to 878.80 million baht and 957 . 2 0 million baht, a decrease of 78 . 3 9 million baht or 8 . 1 9 % due to a decrease in operating profit. Together with the dividend

. JMART Group MD&A: FS2019 IR63/002 : 26 February 2020 JMART Group MD&A: FS2019 Management Discussion and Analysis (MD&A) 2019 Page 7/8 Selling and Administrative Expenses Analysis and Operating Profit In

) (5,394.3) (657.9) 12.2 Gross profit 2,828.3 2,679.0 149.3 5.6 Gross profit margin 31.8% 33.2% Distribution and Administrative expenses (1,231.7) (1,131.9) (99.8) 8.8 Operating Profit 1,596.6 1,547.1 49.5 3.2