-2495-1366 Website: www.kiatnakin.co.th http://www.kiatnakin.co.th/ 2 Management Discussion and Analysis (MD&A) For the fourth quarter and year ended December 31, 2018 comparing operating performance and

profit of Baht 49.20 million which decreased by 34.17% comparing to the net profit of Baht 74.74 million in the first 9 months of 2016. The aforementioned changes in the financial performance are

. Comparing with last year, the Company had a net loss of 108.20 million baht which includes unrealized gain on foreign exchange of 1.80 million baht. If excluding the gain (loss) on foreign exchange, the loss

, total assets barely changed comparing to 31 December 2018. Total liabilities as of 31 March 2019 increased by 23% comparing to 31 March 2018 but decreased considerably by 34% comparing to year end of 2018

results for the 2nd quarter of 2019 which has variance of over 20 percent comparing to the same period of the previous year. The relevant details are as follows:- “Net earned premium” and “Commission and

same period of last year mainly due to lower aluminium prices.However, when comparing with previous quarter,it was increased 10.5% 2. Cost of sales was 431.57 million Baht or 107.58% of sales which

while expenses had grown, as a result; a huge drop in 6 months period by 137%. Profit (Loss) before tax: A sharp drop of 174% in 2Q19 comparing to 2Q18, while 6 months recorded a 91% less than the same

in Q1/2018 were 5.66 million baht increased from the corresponding period last year which were at 1.99 million baht. Comparing in term of percentage of revenue from sales, the ratio is not much change

by 12%, and 14% for 2Q18 to 2Q17 and 1H18 to 1H17 respectively as a consequence of; better performance of Origin Eason Paint Company (OEP). Earnings before tax (EBT): A 29% drop for 2Q18 comparing to

were 5.76 million baht increased from the corresponding period last year which were at 1.86 million baht. Comparing in term of percentage of sales, the ratio is not much change. The ratio was slightly