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

lessen countrywide spread control measurements, Thai economy was slowly recovering from the world economy contraction. Private consumption slightly recovered from the ease of measurements. Export sector

business and consumer segments, and can be lingering for the extended period. Thai government has issue many measurements to alleviate the effect, including a free data package and a free voice package to

of Thailand and Office of the National Economic and Social Development Board data (NESDB), Thai economy in 2020 expanded by 2.4%, decreased from 4.2% in previous year. This was because the global

Economic Growth Sources: Office of the National Economic and Social Development Board and Ministry of Commerce Projection by KResearch Ye ar -o n- Ye ar C ha ng e (p er ce nt ) 2 throughout 2018 to

customer engagement in order to reinforce our digital banking leadership, in support of the national policy of making Thailand a cashless society, we launched a “No Fees” campaign for funds transfer, top-up

obsolete equipment. Gross profit margin increased from 32.1% to 34.7% from favorable energy prices. Total expenses were Baht 981.1 million, decreased by 26.5% from controlled spending measurements. As a

National Council for Peace and Order (“NCPO”) has released the order No. 4/2562 in subject of a measure to solve the problems of the operations of the Television and Telecommunication, the significant

recovery after the policy rate was cut to 1.00 percent during the MPC meeting held on February 5, 2020. Sources: Office of the National Economic and Social Development Council and Ministry of Commerce

, the employment rate was improved mainly from business expansion from both government and private sector. Nevertheless, national income increased in line with a rise in cost of living and fuel price