1 Forth Smart Service Public Company Limited (FSMART) 1Q2020 Management Discussion and Analysis Operational Summary in 2Q20 (affected by Covid-19 pandemic and measurements from government) • Net

increased because the Company increased investment in government bonds. • Net cash used in financing activities was used in the annual dividend payment. Analysis of Liquidity. Transaction For the Year ended

other receivables increased as well as the raw material reserves for production increased from 2016. • Net cash used in investing activities decreased because the Company received money from government

compliance with government measures. • Net Profit Margin in 2021 was 0.6%, decreased from 7.1% in 2020 due to the decrease in the Company’s revenue from sales as well as the recognition of net loss in Q2/2021

increased due to lower inventory amount. • Net cash used in investing activities decreased because the Company received the government bonds at maturity. • Net cash used in financing activities was used in

that do not suit the HK Covered Fund [Note: A Thai Money Market Fund would typically fall under this category.] 3 has a net exposure in government bonds with the fiscal annual average of not less than 80

would typically fall under this category.] 3 has a net exposure in government bonds with the fiscal annual average of not less than 80% of the NAV. ▪ Investors who seek higher returns than bank deposits

92 days. [Note: Money Market Fund with foreign exposure not exceeding 50% of NAV would typically fall under this category.] 3 has a net exposure in government bonds with the fiscal annual average of

19,849 10,752 5.3% 94.4% General investments 33,142 31,585 30,785 4.9% 7.7% Total net investments 575,605 556,788 523,259 3.4% 10.0% Most of the net investments were in government and state-enterprise

million in net profit, increasing Baht 151 million or 1.40 percent over-quarter. The increase came from net interest income, which rose Baht 671 million, or 2.83 percent. Net interest margin (NIM) was equal