expenses in Q1, 2018 came from the payment to financial consulting, expenses from the extraordinary general shareholder’s meeting and extra cost from specific capital increase in January 2018. 5. Management

. This represents net profit margin of 27% Analysis of Financial Statement of Position As of 31 Dec 16 As of 31 Dec 17 Change MB % MB % MB % Cash and cash equivalents 513.4 9.8% 694.5 8.3% 181.1 35.3

) operating results based on its reviewed consolidated financial statements ended 31 June 2017 as follows. Highlights on Q2-2017 Operating results Unit : Million Baht Q2-17 Q2-16 Q1-17 % Change Amount % Amount

Company Unit : Million Baht For the 3 months Change between QoQ Change between YoY For the 9 months Change between YoY Q3/17 Q1/17 Q2/16 Amount % Amount % Q2/17 Q2/16 Amount % Revenues from medical services

. This represents net profit margin of 27% Analysis of Financial Statement of Position As of 31 Dec 17 As of 31 Dec 18 Change MB % MB % MB % Cash and cash equivalents 513.4 9.8% 694.5 8.3% 181.1 35.3

management of NCL International Logistics Public Company Limited and its subsidiaries (the "Company") on the Company's financial statements for the 9 months ended September 30, 2018 that changed more than 20

Management Discussion and Analysis 1 Ref: AC.017/2020 18 May 2020 Subject: Management discussion and analysis of financial position and operating results To: President and Manager The Stock Exchange

financial statements of foreign operations rose by Baht 3,180 million due to the Baht’s appreciation. Contingent Liabilities Million Baht Item December 2018 September 2018 December 2017 Change (%) September

any special transactions or transactions came from the abnormal operations. • There was no significant change after the date specified in the latest financial statement that may affect the financial

The Stock Exchange of Thailand 1. Analysis of Overall Operating Results and Financial Position of the Company and its subsidiary 1.1 Analysis of Overall Operating Results for the Company and its