Management Discussion and Analysis (MD&A) 2019 Page 1/8 Management Discussion and Analysis (MD&A) 2019 Overview and Factors Affecting Future Performance 2019 was considered a challenging year for the

Operating Results 1. Organizational structure and operation of the group of companies 3 2. Risk management 12 3. Business sustainability development 13 4. Management discussion and analysis (MD&A) 17 5

Classification : ใชภ้ายใน (Internal) Table of Contents Page Part 1: Business Operation and Operating Results 1. Organizational structure and operation of the group of companies 3 2. Risk management 12 3. Business

/ Soi Road Sub-district District Province Zip Code Country Tel. Fax. E-mail Overseas Address : (only for a non-Thai national, please specify overseas contact address) 1.6 Academic Background Highest

/ Building Moo Trok / Soi Road Sub-district District Province Zip Code Country Tel. Fax. E-mail Overseas Address : (only for a non-Thai national, please specify overseas contact address) 1.6 Academic

National Strategy, the policy statement of the government and developmental plans in order to achieve the country’s vision of becoming a developed country with security, prosperity and sustainability. To

may have potential conflicts,” “management,” “major shareholder,” “person who has power of control,” “related party,” “credit rating,” “electronic information,” and “consolidated financial statements

and environmental responsibility as well as sustainable development. As a consequence of global economic situation and economic downturn in the country, the real estate sector has continuously been

management of NCL International Logistics Public Company Limited and its subsidiaries (the "Company") on the Company's financial statements for the 9 months ended 30 September 2019 that changed more than 20

changed by considering all stakeholders. In 2Q20, overall economy was largely affected by the coronavirus disease (COVID- 19) outbreak globally, including the Thai economy, due mainly to country lock down