277.8 (138.9) (33.3%) Gross Profit 281.9 166.0 (115.9) (41.1%) Gross Profit Margin 67.7% 59.8% GPM before adjustment with PPA 68.8% 60.6% Rental and service income from warehouses, distribution centers

with PPA 57.3% 7.7% 1. Rental and Service Income  Rental and service income from warehouses, distribution centers and factories during the first quarter of 2019 was THB 275.9 mm, which increased by THB

from warehouses, distribution centers, factories and structural work during the first quarter of 2020 was THB 285.9 mm, which increased by 3.6% from the same period of previous year. Whereas the

income from warehouses, distribution centers and factories during 3 months ended the third quarter of 2019 was THB 229.4 mm, which decreased by 25.6% mm. For the first 9 months of 2019 was THB 723.3.4 mm

Both existing businesses that already operate a digital business before the legal enforcement or newcomers who are interested in obtaining licenses as trading centers, brokerage firms or traders

) (5,394.3) (657.9) 12.2 Gross profit 2,828.3 2,679.0 149.3 5.6 Gross profit margin 31.8% 33.2% Distribution and Administrative expenses (1,231.7) (1,131.9) (99.8) 8.8 Operating Profit 1,596.6 1,547.1 49.5 3.2

February 26, 2019 Subject: Management Discussion and Analysis For the year ended December 31, 2018 To: The President, The Stock Exchange of Thailand Home Pottery Public Company Limited (“The Company

and satisfactory operating performance allowed KBank and K Companies to meet business targets and at the same time gain wide acceptance and recognition at home and abroad, as reflected in the numerous

operating revenue by 23.6% YoY.  Online sales continued to grow remarkably by 375.1% YoY, while home project sales grew by 69.4% YoY, and OEM sales grew by 249.6% YoY.  The Company managed to maintain a

satisfactory operating performance, together with sound corporate governance, allowed KBank and K Companies to meet business targets, gaining wide acceptance and marks of recognition at home and abroad, as