1 Forth Smart Service Public Company Limited (FSMART) 4Q17 Management Discussion and Analysis Operational Summary in 4Q17  Total revenue from core business was Bt3,105mn, an increase of 38.3 % YoY

. Revenue from Sales In 2017, the Company’s revenue from sales is Baht 945.05 million, which resulted in an increase of Baht 66.86 million or 7.61% when compared with the revenue from sales in 2016. Such

-28.7% Net Profit 903.2 993.2 -90.0 -9.1% Million Baht Increase (Decrease) The operating result of the Company for FY 2018/2019 (1 April 2018 to 31 March 2019), the Company earned net profit of 903.2

performance of Thai Economy in Q2/FY2018 pushed forward the market’s growth in every aspects, as well as growth of Thai economy that led to; 1. Increase in Company’s revenue around 93.02 million baht or 6.92

quarter. However, the Thai economy is expected to grow continually from last year, thanks to the expansion of exports and tourism sectors as well as an increase in government consumption. In addition, the

1,242.3 1,286.0 3.5% 3.2% 3,707.4 3,744.9 1.0% Change Sales and service income Sales and service income increase 3.5% QoQ from Baht 1,242.3 million to Baht 1,286.0 million. The increase of Baht 43.7 million

of by unfair business operations. However, other types of risks are also present, such as business risks of entities and the risk due to volatile prices of digital assets.Lastly, “Knowing SEC’s

8.2 percent increase compared to the same period of 2016. The increase of sales from international market grew steadily by 14.5 percent and 0.2 percent increase in the domestic market. When compare to

period of previous year by 0.43 percent. For the 9-month period, the revenue from sales and services totaled Baht 3,193.56 million, an increase from the same period of previous year by 0.07 percent and the

September 30, 2017. Net profit increase of Baht 23.68 million or 266.87% from the corresponding period of the previous year as the following details below: 1. Revenue from sales and services increased Baht