คำอธิบายและการวิเคราะห์ของฝ่ายจัดการ 28 February 2020 Re: To clarify the financial statements as of 31 December 2019 To: President The Stock Exchange of Thailand As WHA Corporation Public Company

-1 1 Ref. LPN/SorKor/098/2564 6th May 2021 Re: Financial Statements Analysis Report Q1/2021 Dear: President The Stock Exchange of Thailand L.P.N. Development Public Co.,Ltd. would like to submit the

) Public Company Limited (“the Company”) has submitted the consolidated audited the third quarter and 9-month period of the year 2024 financial statements ended November 30, 2024 which were audited by

credit losses from long outstanding receivables in the amount of 1 .3 million baht and no need to record in losses from fair value adjustments of investments -3- Financial Analysis of the Company As of

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

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

) Administrative Expenses (215.42) (5.41) (186.34) (4.47) 29.08 15.61 Share of Profit (Loss) from Associates (22.19) (0.56) 107.73 2.58 (129.92) (120.60) Financial Costs (20.10) (0.50) (19.33) (0.46) 0.77 4.01

. The company will then invest in ordinary shares of Vanachai Wood Smith Co., Ltd. in 99,997 shares which is 99.997% of the capital at 10.00 Baht per share (par value) in total value of 999,970.00 Baht

% due to the increased employee costs and the losses from impairment of financial assets ( receivables) in the Q1–2024 Income tax expenses Income tax expenses in Q1–2024 decreased from Q4–2023 in the

the increased employee costs and the losses from impairment of financial assets ( receivables) in the Q2–2024 Financial Analysis of the Company As of June 30, 2024, the Company has financial position