Website: www.kiatnakin.co.th http://www.kiatnakin.co.th/ 2 Management Discussion and Analysis (MD&A) For the first quarter ended March 31, 2018 comparing operating performance and financial position for the
financial position for the fourth quarter and year ended December 31, 2018 with those of 2017. This report discusses principal changes in the audited consolidated financial statements. Overall market
financial position for the fourth quarter and year ended December 31, 2019 with those of 2018. This report discusses principal changes in the audited consolidated financial statements. Overall market
position for the second quarter and the first half of 2017 with those of 2016. This report discusses principal changes in the unaudited consolidated financial statements. Overall market environment The Thai
position for the second quarter and the first half of 2017 with those of 2016. This report discusses principal changes in the audited consolidated financial statements. Overall market environment The Thai
and financial position for the third quarter and the nine months ending September 30, 2017 with those of 2016. This report discusses principal changes in the unreviewed consolidated financial statements
and financial position for the third quarter and the nine months ending September 30, 2017 with those of 2016. This report discusses principal changes in the reviewed consolidated financial statements
characteristics: (1) a company related to an intermediary by shareholding structure, either directly or indirectly, more than fifty percent of the total number of shares sold; (2) a company related to an
accruing from the assets under (a) to (c), for example, right to dividend or interest, right to purchase capital increase shares and right to attend and vote at a meeting of securities holders, etc. (2