. There is no cash affect concerning its movement. Exceptional Items None Subsequent Event None Page 3 of 3

percent of the total paid-up shares with voting rights of such company; 3. a company holding shares in subsequent levels, beginning with the company under 2., provided that the shareholding in each level

shares with voting rights of such company; 2 3. a company holding shares in subsequent levels, beginning with the company under 2., provided that the shareholding in each level exceeds fifty percent of the

exceeding fifty percent of the total paid-up shares with voting rights of such company; 2    3. a company holding shares in subsequent levels, beginning with the company under 2., provided that the

rights of such company; 3. a company holding shares in subsequent levels, beginning with the company under 2., provided that the shareholding in each level exceeds fifty percent of the total paid-up shares

company holding shares in subsequent levels, beginning with the company under 2., provided that the shareholding in each level exceeds fifty percent of the total paid-up shares with voting rights of the

/USD 32.31 in 2018 which was 5% stronger than the THB/USD 33.93 in 2017. Exceptional Items There were no Exceptional Items in 2019, 2018 or 2017. Subsequent Event None reviewQ419.xlsx MD&A 2019 24/02

34.25 in 2015. Exceptional Items There were no Exceptional Items in 2017, 2016 or 2015. Subsequent Event None

be disclosed. Subsequent filings of the documents under the first paragraph shall always be prepared in the same language as that used in the first filing except in the cases where it is necessary and

investment in USA, China, Indonesia and Vietnam, causing subsequent costs; and the expansion of the existing subsidiaries and newly established one. NCL expected higher profit after the completion of such