Management Discussion and Analysis 1 Ref: AC.017/2020 18 May 2020 Subject: Management discussion and analysis of financial position and operating results To: President and Manager The Stock Exchange

1 Forth Smart Service Public Company Limited (FSMART) FY18 Management Discussion and Analysis Operational Summary in FY18 2018 Operational Summary  Total revenue from core business was Bt3,339mn

demonstrating grid management for smart city. The company has installed a 17 kilowatt hour energy storage system to begin with, as a prototype for future studies together with responding to the government Energy

E_1 Legal_FA_2015_12_29-c A brWCorpL.1hig A Executive Summary Management Discussion and Analysis For the Quarter Ending March 31, 2020 The Thai economy in the first quarter of 2020 sank into a

Vidyasirimedhi Institute of Science and Technology (VISTEC) to develop new innovations or innovation platform to support new S-curve business, etc. 3) Smart Energy Management: conduct studies and select

อุตสาหกรรมเป้าหมาย new S-curve ต่อไป เป็นต้น 3. Smart Energy Management การศึกษา วิเคราะห์ คัดเลือกเทคโนโลยีในการบริหารจัดการพลังงานท่ีเหมาะสมกับตลาด New Energy เพ่ือสร้างโอกาสทางธุรกิจใหม่ ๆ ท้ังน้ี ในไต

due to limitation on scope of audit imposed by the company management. The auditor was thus unable to obtain sufficient appropriate audit evidence in relation to investment in Smart Traffic Co., Ltd

1 Forth Smart Service Public Company Limited (FSMART) 2Q19 Management Discussion and Analysis Operational Summary in 2Q19  Net profit was Bt145mn, decreasing 3.4%YoY  Total revenue from core

1 Forth Smart Service Public Company Limited (FSMART) 1Q19 Management Discussion and Analysis Operational Summary in 1Q19  Net profit was Bt150mn, increasing 3.1% YoY  Total revenue from core

1 Forth Smart Service Public Company Limited (FSMART) 2Q17 Management Discussion and Analysis Operational Summary in 2Q17  Total revenue from core business was Bt769mn, an increase of 48.0% YoY