-Translation- 1 -Translation- Ref. NCH 011/2018 February 26, 2018 Subject : Management’s Discussion and Analysis for the year 2017 Attention : President The Stock Exchange of Thailand N.C. Housing

Translation (Unofficial Translation) Readers should be aware that only the original Thai text has legal force and that this English translation is strictly for reference. The SEC, Thailand cannot

(Translation) (Translation) PAGE (Translation) 3 Readers should be aware that only the original Thai text has legal force and that this English translation is strictly for reference. The SEC

(Translation) (Translation) Readers should be aware that only the original Thai text has legal force and that this English translation is strictly for reference. The SEC, Thailand cannot undertake

(Translation) (Translation) 2 (Translation) Reader should be aware that only the original Thai text has legal force and that this English translation is strictly for reference. The SEC, Thailand

(Translation) (Translation) Reader should be aware that only the original Thai text has legal force and that this English translation is strictly for reference. The SEC, Thailand cannot undertake any

Translation (Translation) Readers should be aware that only the original Thai text has legal force and that this English translation is strictly for reference. The SEC, Thailand cannot undertake any

Translation (Translation) Readers should be aware that only the original Thai text has legal force and that this English translation is strictly for reference. The SEC, Thailand cannot undertake any

Translation (Translation) - 1 - Readers should be aware that only the original Thai text has legal force and that this English translation is strictly for reference. The SEC, Thailand cannot

Translation (Translation) - 1 - Readers should be aware that only the original Thai text has legal force and that this English translation is strictly for reference. The SEC, Thailand cannot