-Translation- 1 -Translation- Ref. NCH 006/2019 February 27, 2019 Subject: Management’s Discussion and Analysis for the year 2018 Attention: President The Stock Exchange of Thailand N.C. Housing Plc

these housing units were well fit with customers’ demand. As a result, sale and transfer units were higher than MK’s projection. In addition, the Company was able to complete sell of all units in some of

real estate development and service business. The Company has developed premium housing projects in central business area to open up new business opportunities. Moreover, the opportunity in rental real

-Translation- 1 -Translation- Ref. NCH 024/2020 May 11, 2020 Subject : Management’s Discussion and Analysis 1Q/2020 Attention : Director and Manager The Stock Exchange of Thailand N.C. Housing Plc

estate: Sales of real estate for the year ended 2019 decreased by Baht 5,308 million or 36% decrease compared to the same period of 2018. This was due to a decrease in revenue from housing projects by Baht

housing units were booked during end of the third quarter and these units can be transferred and realized as revenue in the next quarter. - Revenue from rent and service was THB 50.38 million comparing to

-Translation- 1 -Translation- Ref. NCH 011/2018 February 26, 2018 Subject : Management’s Discussion and Analysis for the year 2017 Attention : President The Stock Exchange of Thailand N.C. Housing

. While the revenue from transferring ownership of housing projects for the Third quarter period of 2017 decreased by Baht 38 million or 1% decrease compared with the same period in the precedent year. The

year was 31.01%. Revenue generated from single family housing projects and low-rise condominium units were THB 2,853.81 million, higher than last year which was THB 2,653.52 million. The Company had a

financial support to housing loan, reducing transfer fee and mortgage fee. The measures ended in April 2016. This caused transfer fees during the first 4 months of this year higher than that of the previous