-Translation- 1 -Translation- Ref. NCH 056/2018 November 12, 2018 Subject : Management’s Discussion and Analysis 3Q/2018 Attention : President The Stock Exchange of Thailand N.C. Housing Plc. (“the

  pressures 1. Economic Environment Interest Rates : continued low interest rate environment has resulted in higher demand for investment yield. • reduced underwriting standards • create bubbles in the housing

MTI: MUANG THAI INSURANCE PUBLIC COMPANY LIMITED NC: NEWCITY (BANGKOK) PUBLIC COMPANY LIMITED NCAP: NEXT CAPITAL PUBLIC COMPANY LIMITED NCH: N. C. HOUSING PUBLIC COMPANY LIMITED NCL: NCL INTERNATIONAL

2.8% for the quarter resulting in total loan portfolio increased of 4.1% for the first half of 2017. Loan growth continues to be from the following areas: housing loans increased by 93.2%, micro SMEs

2.8% for the quarter resulting in total loan portfolio increased of 4.1% for the first half of 2017. Loan growth continues to be from the following areas: housing loans increased by 93.2%, micro SMEs

of 4.4% from the end of 2016. Loan growth continues to be from the following areas: housing loans increased by 149.3%, micro SMEs including SME Car3x loans expanded at 73.4%, personal loans increased

of 4.4% from the end of 2016. Loan growth continues to be from the following areas: housing loans increased by 149.3%, micro SMEs including SME Car3x loans expanded at 73.4%, personal loans increased

household sector increased due to the rush to transfer home ownership before the effective date of the revision of the housing loan regulation (LTV measure) on April 1, 2019, but demand for auto-leasing

for 3Q18 declined from 7.7% to 7.3% yoy from the expansions of loan portfolio in the low yield segment – housing loans, corporate lending and real estate 6 development loans. Meanwhile, cost of fund for

for 3Q18 declined from 7.7% to 7.3% yoy from the expansions of loan portfolio in the low yield segment – housing loans, corporate lending and real estate 6 development loans. Meanwhile, cost of fund for