of cash and current investments from IPO proceeds. Debt to equity ratio was at 0.3 times. Unit: THB million Osotspa Public Company Limited Management’s Discussion and Analysis (MD&A) Consolidated

agreements, the company was required to maintain its D/E ratio of not higher than 2 .0 times. For the long-term loan agreements, there is additional condition to maintain DSCR of not less than 1.1 times. 3

Company has no long-term debt to existing financial institution. 2. After transfer of the ownership of the land, the Company will reserve approximately Baht 200 - 250 million for contingent liability under

) 1.22 1.22 Debt to Equity Ratio (times) 0.77 0.74 As of September 30, 2019, total assets decreased by 0.7%. However, current assets increased by 0.7% from finish goods inventory while non-current assets

Liabilities 1,357.5 1,392.8 (2.5) Total Shareholders’ Equity 1,806.8 1,873.1 (3.5) Current Ratio (times) 1.17 1.22 Debt to Equity Ratio (times) 0.75 0.74 As of June 30, 2019, total assets decreased by 3.1

ratio of the Company and subsidiary companies Unit: Million THB Type of Income Q2/2019 Q2/2018 %variance First Half 2019 First Half 2018 % variance Note 1. Income from Sale of Real Estate 1 1,366.28

Ratio (x) 3.87 5.10 (1.23) Return on Equity (%) 11.04 14.53 (3.49) The lower ROE was a result of lower net profit for 9M17. Debt-to-Equity Ratio (x) 0.08 0.09 (0.01) The lower D/E ratio was a result of

Management Discussion and Analysis For the first quarter ended March 31, 2019 Kiatnakin Bank Public Company Limited Investor Relations Email: investor_relations@kiatnakin.co.th Tel. +66-2495-1366

in process of Tubma reservoir project. Note: According to the debentures and long-term loan agreements, the company was required to maintain its D/E ratio of not higher than 2 .0 times. For the long

Debt-to-Equity Ratio (x) 0.18 0.20 (0.02) Payment to suppliers resulted in lower total liabilities For more information, please contact: Boontharika Boonkhum, Investor Relations Tel: 02-300-4807, E-mail