Bearing Debt to Equity Ratio is 1.03 times. Management Discussion and Analysis, Q2/2018 Page4/4 Thus, you have been informed for your acknowledgement Sincerely Yours, - Singed - (Mr.Wongsakorn

Director Ratio Analysis :Consolidated Financial Statements 12 mth 12 mth Unit : THB million 2017 2016 Returns (%) Return on Assets 13% 8% Return on Equity 15% 10% Working Capital Management (Days) Trade

* 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

equity at 4.90% lower than the year 2017 having the return on equity at 7.80%. Asset Management As of 31st December 2018, the Company’s financial position was analyzed from changes in the assets

than the end of 2017 of 89.9 million baht. As ending of third quarter of 2018, the Company‘s debt to equity ratio was 2.90 times and the interest bearing debt to equity is 2.50 times.   Management

debt-free status, as there was no interest-bearing debt in the balance sheet, thanks to efficiency in operating cashflow management. Shareholders’ Equity Total equity as of June 30, 2020 was Baht 6,768

for Permission and Granting Permission to Management Companies to Establish a Branch Office, dated 22 May 2007, the Office shall take into account the following matters: (1) shareholders’ equity of the

’ equity of the management company as shown in the latest financial statement that has been audited by an auditor approved by the Office shall be no less than the amount that is prescribed in the

working capital. Return on Asset stood at 20.5% because of effective asset management. Return on Equity stood at 48.5% from steadily increasing net profit. 5 Forth Smart Service Public Company Limited