-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

housing for sale and for both https://market.sec.or.th/public/idisc/Download?FILEID=dat/news/201804/18033701.pdf 18002674.pdf vertical real estate developments which are industrial and commercial real

and commercial real estate for sale and for both short-term and long-term rental. It also includes industrial estate and housing for sale and for both https://market.sec.or.th/public/idisc/Download

securities having characteristics similar to units as specified by the Securities and Exchange Commission. Clause 3 A securities company shall maintain its net capital not less than 15 million baht and [net

securities company shall maintain its net capital not less than 15 million baht and [net capital ratio] not less than 7% of general liabilities at the end of any business day. In case of the securities company

investment trust or other securities having characteristics similar to units as specified by the Securities and Exchange Commission. Clause 3 A securities company shall maintain its net capital not less than

in the first quarter of 2017, the Group compensated a voluntary resignation plan to the employee. In addition, the Group has a policy to maintain of expenses monitor.  Impairment losses on assets

will regularly review and maintain the audit quality control system to comply with the standards mentioned in 1. Additionally, the audit firm consents for inspectors of the SEC Office to inspect the

and maintain the audit quality control system to comply with the standards mentioned in 1. Additionally, the audit firm consents for inspectors of the SEC Office to inspect the audit quality when

. During the period that an auditor of the audit firm has been registered with the SEC, I certify that the audit firm will regularly review and maintain the audit quality control system to comply with ISQC1