- Translation - Page 1 of 5 CBG 023/2020 7 August 2020 Subject Management discussions and analysis the 3-month and 6-month period ended 30 June 2020 To President The Stock Exchange of Thailand We

management of NCL International Logistics Public Company Limited and its subsidiaries (the "Company") on the Company's financial statements for the 6 months ended June 30, 2018 that changed more than 20

distribution costs decreased 17% since the Group could control costs and expenses more effectively.  Administrative expenses increased 103% since the Group compensated a voluntary resignation plan to the

AC0815/2017 August 15, 2017 Subject: Management Discussion and Analysis for Q2/2017 To: Managing Director The Stock Exchange of Thailand The company would like to report the operation results for the

:  Cost of goods sold and services decreased 10% and distribution costs decreased 25% since the Group could control costs and expenses more effectively.  Administrative expenses increased 68% since the

1 - TRANSLATION - KT/PB (Q-Con) 020/2019 August 7, 2019. Attention Managing Director The Stock Exchange of Thailand Subject : Management Discussion and Analysis the second quarter ended 30 June 2019

decreased in revenues from sales and services.  Distribution costs and administrative expenses decreased 20% due to in the second quarter of 2016, the subsidiaries have recognised a provision for inventory

1 - TRANSLATION - KT/PB (Q-Con) 007/2020 May 15, 2020. Attention Managing Director The Stock Exchange of Thailand Subject : Management Discussion and Analysis the first quarter ended 31 March 2020

1 - TRANSLATION - (Q-Con) 0012/2020 August 10, 2020. Attention Managing Director The Stock Exchange of Thailand Subject : Management Discussion and Analysis the second quarter ended 30 June 2020

capital of 5 million baht, requiring to have proper management structure and adequate personnel for business operations. ICO portals must be well-prepared to due diligence ICO issuers, assess business