Stock Exchange of Thailand K. W. Metal Work Public Company Limited (the “Company”) would like to submit management discussion and analysis for the three month-period ended March 31, 2019 with details as

spending in redemption of treasury stock Cash receiving from the sale of treasury stock Payment of dividend Net cash from financing activities Net increase (decrease) in cash and cash equivalents Cash and

Issued and paid-up share capital 21. Stock rights and warrants 22. Additional paid-in capital (discount on capital stock)) 23. Appraisal surplus 24. revaluation surplus (deficit) in investments) 25

treasury stock Payment of dividend Net cash from financing activities Net increase (decrease) in cash and cash equivalents Cash and cash equivalents as of … (beginning of period) Cash and cash equivalents as

% 4.6% -1.4% 3.9% 6.0% -2.1% Stock Gain/(Loss) & NRV -149 -425 -65% -233 -36% -382 -458 -17% Adjusted EBITDA(1) 286 653 -56% 444 -36% 730 998 -27% Adjusted EBITDA Margin (%) 6.8% 13.5% -6.7% 9.6% -2.8

contribute high gross margin; 4) marketing activities to help dry stock at trade stores and prepare for new packaging launch in Q3; and 5) increased administrative expenses from higher personnel expenses to

Company started trading its newly issued stock on 15 February 2017. Issued and paid-up share capital Ownership interest 30 June 2017 30 June 2017 Name of the entity Type of business Baht % 80.00 99.27 Car

the Stock Exchange of Thailand according to the regulation. Therefore, the Company has no financial assistance transaction value during the past six months 6. Source of financing and adequacy of

1,359 MB increased from 9M/2016 which was at 885 MB. However, the company’s performance was still impacted from Stock Loss and appreciating Baht currency which resulted in the reported net profit in

brokerage licensee shall pay the fee according to the following criteria: (1) the license fee for members of the Stock Exchange who undertakes securities brokerage business on the Stock Exchange shall be at