Discussion and Analysis of Financial Condition and Results of Operations for the year 2556 1 Translation UWC 023/2562 August 16, 2019 Subject : Management Discussion and Analysis for quarter 2-2019

[COMPANY NAME] Ref.: EFORL IR007/2020 March 4, 2020 Subject: Management Discussion and Analysis Yearly Ending 31 December, 2019 To President The Stock Exchange of Thailand 1. Overview financial

the financial management agreement according to the repayment period. Income tax payable decreased by 25.3 MB, representing a decrease of 67.5% due to during in Q3–2021, the 2020 tax payment and the

in the process. Major projects in progress such as the Project of the development for train tracking system and cargo management of the State Railway of Thailand, the GDCC Service Expansion (VM

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, 2019 that changed more than 20

ลาศโอฬาร (ต้ังแต่ 16 พ.ค. 62) นายณพัฒน์ ศรีวรพงษ์พันธ์ (ต้ังแต่ 1 ก.พ. 65) กองทุนเปิด ทิสโก้ หุ้นไทย Well-being TISCO Thai Well-being Equity Fund ชนิดผู้ลงทุนท่ัวไป TISCOWB-A A หนังสือชี้ชวนส่วนสรุปข้อ

- Translation - Page 1 of 5 CBG 022/2019 8 November 2019 Subject Management discussions and analysis for the 3-month and 9-month period ended 30 September 2019 To President The Stock Exchange of

persons to VAVA under Section 258 of the Securities and Exchange Act will not send any person to be directors and/or management in the Company. 7. Other conditions VAVA agrees not to demand any damages or

Total asset of listed company = 416.54 x 100 712.99 = 58.42% 4) Transaction’s size based on value of equity shares Value of equity shares = Equity shares issued for the payment of assets x100 Issued and

- Translation - Page 1 of 11 CBG 008/2018 21 February 2018 Subject Management discussions and analysis for the year ending 31 December 2017 To President The Stock Exchange of Thailand We, Carabao