management, in the period of the first quarter of 2018, accumulated amount of 408.5 million baht, or 100.0% compared on the same period from last year. Due to a revenues from project management service to

%. The Company acquired non-performing loan by using the budget amount of 1,841 million bath in 9-month period of 2018.   Management Discussion and Analysis, Q3/2018 Page3/5 JMT Network Services PLC Cost

. Revenue from air cargo management for the three-month period Ended March 31, 2019 and March 31, 2018, equal to 161.57 million baht and 153.95 million baht, an increase of 7.61 million baht or 4.95 percent

Page 1 No. CMC Sor Lor.013/2019 Date 12 November 2019 Re: Management Discussion & Analysis for the Period Ended 30 September 2019 To The President of the Stock Exchange of Thailand (SET

current quarter against tolling production carried out last year. The Consolidated Revenue for the Quarter stood at Baht 4,520 million against Baht 8,678 million for same period last year. Management

(%) Return on Asset 11% 6% Return on Equity 12% 8% Working Capital Management (Days) Trade Receivable Period 74 72 Inventory Period * 36 44 Trade Payable Period 46 50 Leverage Ratios (x) Interest Coverage 91 9

efficient cost management such as staff cost and other related cost. Administrative Expenses In year 2017, administrative expenses increased by 12% yoy and 6% yoy in the fourth quarter mainly due to the

* 12% 10% Return on Equity * 14% 12% Working Capital Management (Days) Trade Receivable Period 62 67 Inventory Period ** 40 35 Trade Payable Period 36 44 Leverage Ratios (x) Interest Coverage 350.60

(%) Return on Assets * 22.4% 16.4% Return on Equity * 27.1% 24.2% Working Capital Management (Days) Trade Receivable Period 75 68 Inventory Period ** 31 38 Trade Payable Period 50 49 Leverage Ratios (x

Non-funded working capital facilities by 2.5% p.a. During this period IRSL management focused on all aspects of operational excellence and targeted saving of USD 11 Million by 2021. On market front IRSL