financial structure remained strong and stable with cash and cash equivalents, including short- term investments of THB 1,059.9 million, decreased from 2016 by THB 132.1 million because the expanding of the

= Translation = Management Discussion and Analysis for Interim Business Operations Financial Performance for the period ended September 30 , 2017 (Unit : Million Baht) 2017 2016 Inc./(Dec

) 130.98 101.47 29.08 Administrative expenses 57.87 43.50 33.03 57.14 1.28 170.06 135.72 25.29 Earnings before interest and taxes (EBIT) 21.67 43.52 (50.21) 26.26 (17.48) 76.10 138.34 (44.98) Financial costs

management of NCL International Logistics Public Company Limited and its subsidiaries (the "Company") on the Company's financial statements for the 12 months ended December 31, 2018 that changed more than 20

good. While for the gross profit margin, the Company gain a better result with 20.71% in Q1/2018 to 20.89% in Q1/2019. 2.2. Distribution costs for the first quarter of 2019 was in the amount of 1.82

Consolidated Financial Statements ended 31 December 2017, which have been audited by the Company’s authorized auditor. The company would like to clarify the operating results of the Company and its subsidiary

Company and its subsidiaries consists of agent fee income, interest income, gain on exchange rate and gain on short-term investment. For the three-month period ended 31 March 2019, other income totaled THB

(16.38) (15.75) Cost of sales of goods 81.76 78.62 68.69 78.40 (13.07) (15.99) Gross profit 22.23 21.38 18.92 21.60 (3.31) (14.89) Other income 1.32 1.27 1.07 1.22 (0.25) (18.93) Gain on exchange rate

Consolidated Interim Financial Statements the three-month and the nine-month period ended 30 September 2018, which have been reviewed by the Company’s authorized auditor. The company would like to clarify the

0.43 27.56 Gain on exchange rate 0.61 0.97 0.00 (0.61) (100.00) Profit before expenses, finance cost and taxes 19.72 31.27 17.00 27.70 (2.72) (13.79) Distribution costs 1.18 1.87 1.43 2.33 0.25 21.19