’ 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

Financial position 31 December 2018 31 March 2019 Increase (Decrease) 4 Forth Smart Service Public Company Limited (FSMART) 1Q19 Management Discussion and Analysis Total shareholders’ equity as at 31 March

Company’s financial statements, the Company had net income of 1.04 million baht, representing a return on equity at 0.29% lower than the year 2018 having the return on equity at 4.90%. Asset Management As of

return on equity at 7.80% lower than the year 2016 having the return on equity at 13.73%. Asset Management As of 31st December 2017, the Company’s financial position was analyzed from changes in the assets

33.2% 4,762 4,167 4,167 0 49.1% Non-Current liabilities 31.9% 2.2% 2.7% 64.1% 65.9% Equity (THB mn) MANAGEMENT DISCUSSION & ANALYSIS 2Q 2019 7 AUGUST 2019 MASTER AD PUBLIC COMPANY LIMITED NATIONWIDE

first nine months of the year; 2) the recorded transaction of treasury shares from shareholders’ equity for financial management of 4 million shares during Q1/2018, with total buyback amount of Baht 114

Malee Group Public Company Limited and Its Subsidiaries Management Discussion and Analysis For the First Quarter Ended 31 March 2018 1. Q1/2018 Highlights Figure 1: Quarterly results  In Q1/2018

, and asset management business. Details are as follows:  Equity and Derivatives Brokerage Business Phatra Securities Plc. (“PSEC”) operates Agency Business providing both securities and derivatives

to 1) consolidated operating loss of Baht 273 million during the year; 2) the recorded transaction of treasury shares from shareholders’ equity for financial management of 4 million shares during Q1

20 , due to the recognition of lease liability upon initial application of TFRS16 Leases at January 1, 2020. 6 Bangkok Commercial Asset Management Public Company Limited Equity As of March 31,2020, the