, who paid lower tariffs than other customer groups. Raw Water Volume (Million Cu.M) Quarter 1 2019 2018 YOY % Total distribution volume 77.35 61.93 15.42 24.90% Internal usage for tap water 7.89 7.72

(Million Cu.M) Q1/2017 Q1/2018 YoY % Total distribution volume 69.98 61.93 (8.05) (11.50%) Internal usage for tap water 7.96 7.72 (0.24) (3.01%) Net Raw Water Sales Volume 62.01 54.21 (7.81) (12.59%) Raw

/2017 1H/2018 YoY % Total distribution volume 67.02 61.64 (5.38) (8.02%) 136.99 123.57 (13.43) (9.80%) Internal usage for tap water 7.98 7.20 (0.78) (9.75%) 15.94 14.92 (1.02) (6.39%) Net Raw Water Sales

customer groups. Raw Water Volume (Million Cu.M) For the three-month period For the nine-month period Q3/2017 Q3/2018 YoY % 9M/2017 9M/2018 YoY % Total distribution volume 59.67 64.56 4.89 8.19% 196.67

(FSMART) 1Q2020 Management Discussion and Analysis 2020 Management Outlook The Covid-19 pandemic has affected economic condition worldwide including Thailand, which severely decrease revenue of both

engaged in the manufacture and distribution of High Density Polyethylene (HDPE) pipe and related certain fittings, Low Density Polyethylene (LDPE) pipe, Polypropylene (PP) pipe, Polybutylene (PB) pipe

31.60 Gross profit 60.32 23.51 75.01 22.50 14.69 24.35 Other income 2.92 1.14 4.49 1.35 1.57 53.66 Profit before expenses, finance cost and taxes 64.18 25.01 80.53 24.16 16.35 25.47 Distribution costs

revenue from program rights, an increase of THB 231.28 million or 37.21% from the same period of previous year, resulting from the Company has increased distribution channels to export content since the

the Company has increased distribution channels to export content since the second quarter of 2018. Costs of program rights business mainly consist of amortization, dubbing and translation costs. For

million or accounted for 68.45% and 31.55% of total revenue from program rights, an increase of THB 324.08 million or 24.59% from last year, resulting from the Company has increased distribution channels to