MANAGEMENT DISCUSSION & ANALYSIS 2019 14 FEBRUARY 2020 U CITY PCL 2019 - MD&A (for the year ended 31 December 2019) 1 U CITY PCL 2019 KEY FINANCIAL HIGHLIGHTS • Total revenue increased by 53.4% YoY

, a 89.8% decrease from 1Q2019. (Unit : Million Baht) Consolidated Financial Statements 1Q'20 1Q'19 % Change Total Revenue 430.3 459.4 -6.3% Gross Profit 136.5 183.4 -25.6% Normalized Share of Profit

QUARTERLY BUSINESS HIGHLIGHTS – 3M 2020 Consolidated revenue decreased by 13.7% YoY to THB 612mn o Advertising revenue increased by 3.1% YoY to THB 270mn o System integration services revenue decreased by

compared to Q2/2016. The company’s operating revenue in Q2/2017 was Baht 5,459 million, increased by Baht 93 million or 2% from Q1/2017, resulted mainly from the increase in operating revenue of IRPC Clean

Q3/16 Q2/17 Q3/17 Change +/(-) 9M/16 9M/17 Change +/(-) (Unit: THB million) QoQ YoY 9M Operating revenue 5,176 5,459 4,243 (22%) (18%) 16,214 15,067 (7%) Gross profit 1,046 1,256 1,199 (5%) 15% 3,485

time, still receiving the Availability Payment revenue as the company still has the ability to generate electricity to EGAT as contracted. Thus when comparing Sriracha Power Plant operation in 2017 with

expenditure of governmental sector and consumer of private sector. Those economic conditions influence the previous Quarter / that the Group gained more revenue from product distribution and service business at

3,629mn, declined by 22.7% YoY. In this quarter, MACO outperformed the media industry significantly, delivering solid operating revenue of THB 262mn, an increase by 52.1% YoY. The Company reported net

2018 • Sales volume of Q4/18 has the value of THB 3,486.7mn, amounted to 57.8% of the total sales volume in 2018 which has the value of THB 6,034.8mn • Total revenue of Q4/18 was THB 1,514.0mn, 234.8

statement (MB) Quarter 1 2019 2018 YOY % Total Sales and Services revenue 1,164.83 1,045.39 119.44 11.43% Raw water revenue 695.87 592.74 103.13 17.40% Tap water revenue 366.63 353.51 13.13 3.71% Rental and