. +66-2495-1366 Website: www.kiatnakin.co.th http://www.kiatnakin.co.th/ 2 Management Discussion and Analysis (MD&A) For the third quarter and nine-month ended September 30, 2019 comparing operating

subsidiaries for 1Q21 at Baht 1,463 million, an increase of 32.0% from the previous quarter. When comparing to 1Q20, net profit decline slightly by 1.4%. The consolidated comprehensive income for 1Q21 totaled

(+/-) • The 2019 revenue is lower than 2018 because the price per unit is lower than last year and the effect from the exchange rate that lower our revenue in term of Baht. • If comparing between Q3/2019 and Q4

-2495-1366 Website: www.kiatnakin.co.th http://www.kiatnakin.co.th/ 2 Management Discussion and Analysis (MD&A) For the first quarter ended March 31, 2019 comparing operating performance and financial

million or 9% from Q2/2019 and increas ed by Baht 3,870 million or 241% from Q3/2018. This was mainly due to the following reasons: Executive Summary Comparing Q3/2019 vs Q2/2019 Comparing Q3/2019 vs Q3

has shown consistency in the sales of both electricity and steam to industrial users when comparing to the previous quarter showing the ability and capability of both companies to operate stably

ncreased by Baht 3,417 million or 270% from Q4/2018. This was mainly due to the following reasons: Executive Summary Comparing Q4/2019 vs Q3/2019 Comparing Q4/2019 vs Q4/2018YoYQoQ The Proportion of Gross

160.83 million or 3.90% down from 1Q2017 mainly from lower revenue of chicken processing business which decreased by THB 218.75 million or 11.85% down comparing to 1Q2017 mainly from lower revenue from

foreign exchange, deferred income tax and lease income for Q1/2019 were Baht 2,915 million, decreasing by Baht 13,223 million comparing to Q1/2018. However, in case of excluding the gain on disposal of

comparing to 1Q2019 and lower revenue of chicken processing business which decreased by THB 106.27 million or 6.44% down comparing to 1Q2019. The consolidated gross profit was THB 539. 71 million in 1Q2020