Offeror : NORTHERN AGRICULTURAL COMPANY LIMITED | Date of submission of the Statement of Intention : 08/10/2015

of dispute regarding the competing road with the Udon Ratthaya Expressway which Northern Bangkok Expressway Company Limited (NECL), the subsidiary of the Company, requiring Expressway Authority of

: United Kingdom of Great Britain and Northern Ireland 15. United States of America

million increased by Bt118.1 million or 3.1%(y-o-y) which according to the growth of the total fuel volume that the Group provides services. However, from the start of operation of the Northern Fuel

capital market, it was found that over 76,000 accounts had started investing in stock with over 100,000 fund accounts, which is the most a province in the Northern region has. Moreover, in the last 5

finance for the expansion of the Northern Multi- Products Fuel Pipeline project of Bt118.9 million. As a result, the Group's financial expenses in 2017 amounted to Bt160.3 million increased by Bt29.1

%(y-o-y) from 52.7 million passengers in 1H/2018. For the total multi-products fuel transportation volume of FPT was increased by 10.5%(y-o-y) to 1,212 million liters due to the Northern Pipeline

been reduced due to the proceed of investment in the Northern Multi-Products Fuel Pipeline project (NFPT). 1.2 Expenses 1.2.1 Cost of services In Q1/2018, Cost of services was of Bt378.2 million, an

income in 2018 was Bt52.3 million, decreasing by 11.2%(y-o-y) since lower interest income as the investment in short-term Government bonds have been reduced due to the proceed of investment in the Northern

Northern Multi-Products Fuel Pipeline project (NFPT). 1.2 Expenses 1.2.1 Cost of services In 2018, Cost of services was of Bt1,658.9 million, increased by Bt52.9 million or 3.3%(y-o-y), mainly due to the