change significantly as it put efforts to maintain and to sustain gross margin percentage for real estate development business. Therefore, gross margin of the Company for the past three years is quite

., Nongeiroon, Banbueng, Chonburi, Thailand 20220 Tel. 038-160707 Fax. 033-047348 www.ndrubber.co.th No. NDR003/2020 27 February 2020 Subject: Management Discussion and Analysis (MD&A) Report for Business

) % Change Revenues from sales and services 292.80 161.61 131.19 81.17 Other revenues 5.03 5.27 (0.24) (4.55) Total revenues 297.84 166.88 130.96 78.47 Costs of sales and services 212.57 126.58 85.99 67.93

million Baht had increase 35 Million Baht equivalent 83% from the same period of previous year. Therefore the company would like to clarify that the change was caused mainly by the significan transaction as

due to consumers have change behavior which affected the Group has terminated the publishing of newspaper “The Nation” on 29 June 2019, resulting in a decrease of revenue from the same period of the

The SEC has revised the definition of Qualified Subordinated Debt to be excluded from the total liabilities for the calculation of net capital of business operators, viewing that the debt instruments

The SEC has revised the definition of Qualified Subordinated Debt to be excluded from the total liabilities for the calculation of net capital of business operators. To align the issuance of

incurred in marketing expenses and employee expense from coffee shop business. Summary of Financial Statement of Positions 30-Jun-19 31-Dec-18 Change %Change Assets Cash and Cash Equivalents 232.7 21.4 211.3

– waste treatment business (Disposal-Landfill and transportation) For Q1/2019, the company had the revenue, from waste treatment business, of 62.8 million baht, decreased 1.2 million baht or 1.9 percent

February 2020 Subject: Clarification of the operating results for the year ended 31 December 2019, change of rate more than 20 percent To: Director and Manager The Stock Exchange of Thailand Ocean Commerce