to the agreement made with the Company in order for preventing any conflict of interests which may cause, still honor his obligations under such agreement on a continuous basis as well. The substance

2017 PERFORMANCE ANALYSIS (YoY) In 3Q 2017, the Company once again achieved an outstanding top and bottom line performance compared to the same quarter last year supported by; 1) The consolidation of

government orders. The Company entered into short-term contract with specific quantities and delivery term (Made to Order). This helps the Company to efficiently control inventories aging and procurement that

may involve the following risks: - Risk from the installation of machine. However, the Company has experience in installing the first phase of the flexible packaging production line, so the restriction

memorandum. In order to approve this connected transaction from shareholders, the Company is required to appoint Finnex Advisory Company Limited as the Financial Advisor (“IFA”) who is approved by SEC and

flexible packaging production line, so the restriction has been made. The production of the flexible packaging is not very complicated, then the Company can control the risk. - Risk of sale of product. Due

. The Company also needs to prepare the disclosure of information memorandum. In order to approve this connected transaction from shareholders, the Company is required to appoint Finnex Advisory Company

Cost of services 13.43 3.99 9.44 236.59 Cost of impairment 101.63 108.78 -7.15 -6.57 Loss in sale of subsidairy company 3.09 0.00 3.09 Administrative expenses 133.99 141.00 -7.01 -4.97 Finance cost 25.18

บริษัท เอน็ซีแอล อนิเตอร์เนชั่นแนล โลจสิตกิส์ จ ำกัด (มหำชน) NCL INTERNATIONAL LOGISTICS PUBLIC COMPANY LIMITED No.NCL-M 04/19 February 27, 2019 Subject: The clarification and analysis of the

Equity Coverage Central Pattana Public Company Limited Management’s Discussion and Analysis (MD&A) 1 of 10 Performance Overview Growth continued both revenue and net profits, attributed to efficient