1 Ref: AC.006/2019 25 February 2019 Subject: Management discussion and analysis of financial position and operating results To: President and Manager The Stock Exchange of Thailand Overall operating

value at 28,600,000 MYR (equivalent to 220,000,000 THB). The reference exchange rate is 0.13 MYR per THB which is 15 days average exchange rate before the negotiation date between NDR and CRSB which is a

of Listed Companies Concerning the Acquisition and Disposition of Assets, 2004 (collectively, the “Notifications on Acquisition or Disposal”) The maximum transaction value calculated based on

ordinary shares which is value at 28,600,000 MYR (equivalent to 220,000,000 THB). The reference ex average exchange rate before the negotiation date between NDR and CRSB which is a period between August 18

-term land rental agreement, is considered to fit under the criteria of investment. In calculation of the transaction value the consolidated financial statement dated December 31, 2019 is being referenced

management of NCL International Logistics Public Company Limited and its subsidiaries (the "Company") on the Company's financial statements for the year ended December 31st, 2019 that changed more than 20

”). The details of the Transaction are as follows; 1. Acquisition of NEXT Ordinary Shares from the Seller The Company shall acquire 4,750,000 shares at par value of 10 Baht per share, equivalent to 100.00

“Transaction”). The details of the Transaction are as follows; 1. Acquisition of NEXT Ordinary Shares from the Seller The Company shall acquire 4,750,000 shares at par value of 10 Baht per share, equivalent to

Baht *Based on the Internal Management Account of Gulf WHA MT as of 31 August 2017, which is not reviewed or audited by an auditor. **This amount has not included the loan to be acquired by the Company

with its vision, “A Path of Trust Toward Opportunities for All.” Key initiatives include SET Carbon, a platform for corporate greenhouse-gas emissions management and reporting; the development of carbon