Management Discussion and Analysis (MD&A) 2019 Page 1/6 -Translation - Ref: IR63/002 26 February 2020 Subject: Management Discussion and Analysis (MD&A) ending on 31 December 2019 Attention

of Thailand The Board of Director’s meeting No. 7/2017 of General Engineering Public Company Limited on August 15, 2017 has approved and verified the financial statements of the Company and its

adjustment in Maldives, to increase occupancy and total income. Hotel Management Business The Company earned THB 27.6 million from hotel management service, decreased by THB 12.8 million or 31.7% yoy. Most of

The Company’ s Board of Directors had passed its resolution to arrange the 1/2017 extraordinary general meeting of shareholders on November 21, 2017 for consideration and approval of the capital

) Depreciation and amortisation expenses of Baht 198.2 million, which grew by Baht 150.5 million or 315.9%. The increase was predominantly from consolidation of the hotel business in Europe. 6) Loss on impairment

Exchange of Thailand The Board of Director’s meeting No. 8/2017 of General Engineering Public Company Limited on November 14, 2017 has approved and verified the financial statements of the Company and its

Prime Area 38 Company Limited (PA 38), a subsidiary owning land to Sansiri Public Company Limited on 15 November 2017. 1.2 Operating Expenses The Company recorded total operating expenses for the fourth

Management's Discussion and Analysis Year 2017 Overall Group Performance Hana Microelectronics Group 'Hana' Sales Revenue increased 5% year on year, at THB 21.6 billion in year 2017 from THB 20.5

management of NCL International Logistics Public Company Limited and its subsidiaries (the "Company") on the Company's financial statements for the 12 months ended December 31, 2018 that changed more than 20

increase of THB 13.1 Mn or 23.2%. This increase was mainly due to the (1) the increased number of franchise branches (2) adjustment increasing the royalty and marketing fee rates for those franchisees