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Management Discussion and Analysis For the Financial Result of Quarter 1 Year 2019 Ended March 31, 2019 Note: This Management Discussion and Analysis (MD&A) was made to disclose information and the

due to THB 531 million positive change in foreign exchange gain (loss) and higher operating profits. Past Performance Analysis Revenue Analysis Group Sales increased 5% in 2017 at THB 21,551 million

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บริษัท เอน็ซีแอล อนิเตอร์เนชั่นแนล โลจสิตกิส์ จ ำกัด (มหำชน) NCL INTERNATIONAL LOGISTICS PUBLIC COMPANY LIMITED No.NCL-M 04/18 February 20, 2018 Subject: The clarification and analysis of the

(reversal of allowance) for impairment of assets 0.8 0.1% 5.6 0.8% 4.8 600.0%   JAS Asset Management Discussion and Analysis for FS2017 Page2/4 2016 2017 Change MB % MB % MB % Profit before Expenses 106.0

% 5.6 0.8% 4.8 600.0%   JAS Asset Management Discussion and Analysis for FS2017 Page2/4 2016 2017 Change MB % MB % MB % Profit before Expenses 106.0 18.9% 184.3 24.7% 78.3 73.9% Selling Expenses 43.5 7.7

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: 0107556000248 No. (SUTHA-SET) 025/2017/Eng 11 August 2017 Subject: Management Discussion and Analysis of the Company and subsidiary for the three-month period and six-month period ended 30 June 2017 To: The

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