working capital management during 9M17, trade receivable turnover, inventory turnover as well as trade payable turnover were not meaningfully changed yoy. Leverage ratio has improved as illustrated by

Attn : The Directors and The MAI Manager Ref: Dimet AC 1802/001 February 13, 2018 Attention: The Directors and The MAI Manager The Stock Exchange of Thailand Subject: Report on improved Q.2’s

management of NCL International Logistics Public Company Limited and its subsidiaries (the "Company") on the Company's financial statements for the 6 months ended June 30, 2018 that changed more than 20

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, 2017 that changed more than 20

meaningfully changed yoy. Trade receivable and Trade payable period were slightly decreased while inventory period was unchanged. Leverage ratio has improved as illustrated by Interest Coverage ratio (EBITDA

statements for the 9 months ended September 30, 2017 that changed more than 20 percent To : President, The Stock Exchange of Thailand NCL International Logistics Public Company Limited and its subsidiaries

, the company’s gross margin has been widen from 33% of revenue in 1Q’18 to 36% in 1Q’19. The improved margin was not only attributed by the increase of fixed income from social security revenue and

to explain and analyze the operating results that have changed for Quarter 2 Ending 30 Jun 2019 with the following details: Unit : million baht Statement of financial position For the year ended 30

the increase of revenue. As such , gross margin has barely changed from 29.9% to 29.6%. Administrative Expenses Administrative expenses increased by 4.7% yoy due to the adjustment of previous year’s

, taxes and depreciation For 4Q’18 and year 2018, Earnings before interest, taxes and depreciation ( “EBITDA”) increased by 11% and 12% yoy, respectively. The increase in EBITDA came from both improved