1 บริษัท เอน็ซีแอล อนิเตอรเ์นช่ันแนล โลจสิตกิส ์จ ำกัด (มหำชน) NCL INTERNATIONAL LOGISTICS PUBLIC COMPANY LIMITED No.NCL-M 03/20 February 27, 2020 Subject: The clarification and analysis of the

comprehensive income Consolidated financial statements (Thousand Baht) 30 Jun 20 % 30 Jun 19 % YOY %YOY Sales 440,979 70.35% 370,857 78.10% 70,122 18.91% Service income 78,750 12.56% 48,880 10.29% 29,870 61.11

Microsoft Word - MD&A 3Q2020-E_Final by FA&Mark _3 Nov 2020_.docx 1 Ref: CSO. 034/2020 Date: 3rd November 2020 Subject: Management Discussion and Analysis Quarter 3 Ending 30th September 2020

or loss Consolidated financial statements (Thousand Baht) 30 Sep 20 % 30 Sep 19 % YOY %YOY Sales 718,548 71.96% 665,954 78.58% 52,594 7.90% Service income 110,265 11.04% 102,848 12.14% 7,417 7.21

“Company”) submitted its separate financial statement and its consolidated financial statement for the second quarter of 2020 ended on 30 June 2020 which were reviewed by the auditor. The Company hereby

@egco.com Page 2 Management Discussion and Analysis 1. Significant events in the Third Quarter of 2020 1.1 The progress in construction projects 1.1.1 Project completion - Gangdong Fuel Cell Project (Gangdong

the consolidated financial statement as at 31 December 2019 audited by the certified auditor of the details are stated as follows: Calculation base Calculation formula Calculation Transaction size 1

of Baht 1,500 million approximately, (according to the reviewed consolidated financial statements of the Company ended June 30, 2017). Enclosure 1 2 of the foregoing with the transaction size of the

) Profit before FX per share (Baht) 5.25 4.35 0.90 Leverage Ratio and Liquidity Ratio Quarter 2 Quarter 1 Change Increase/(Decrease) 2019 2019 Debt to equity ratio (Time) - Consolidated 1.03 1.11 (0.08

. Consolidated Statements and Other Financial Information 1. The registration statement must contain comparative consolidated financial statements that cover the latest two financial years (or such shorter period