MANAGEMENT DISCUSSION & ANALYSIS 2018 14 FEB 2019 U CITY PCL 2018 MD&A (for the year ended 31 December 2018) 1 U CITY PCL 15 MAY 2018 2018 KEY FINANCIAL HIGHLIGHTS  Total revenue swelled by 56.6

Analysis Yearly ending 31 December 2019 1. Highlights The Consolidated sale revenue posted stood at Baht 17,416 million decreased by Baht 12,549 million compared to last year since both sale volume and

) 2018 2019 MB % Revenues from sales and rendering services 2,632.52 2,776.38 143.86 5.46% Revenues from hotel operations 105.72 88.28 -17.45 -16.50% Total revenue 2,738.25 2,864.65 126.41 4.62% Cost of

data of flights that serviced by BAFS only at BKK and DMK Total revenue of 2019 of the Group was Bt3,956.1 million increased by Bt149.5 million or 3.9%(y-o-y) and the services income was of Bt3,872.4

Financial Structure consists of loan from financial institute at approximately 60 percent, grant fund from ARENA at 10 percent and equity investment at approximately 30 percent. The construction has already

MANAGEMENT DISCUSSION & ANALYSIS 1Q 2018 15 MAY 2018 U CITY PCL 1Q 2018 MD&A (for the quarter ended 31 March 2018) 1 U CITY PCL 15 MAY 2018 1Q 2018 KEY FINANCIAL HIGHLIGHTS  Total revenue rose

in Q1 2019  Revenue: 297mTHB in Q1 2019 compared to 254mTHB in Q1 2018 an increase of 17%  EBITDA: 60mTHB in Q1 2019 compared to 54mTHB in Q1 2018 an increase of 12%  Net income: 18mTHB in Q1 2019

safety: There was zero lost time injury in Q1 2018. We are committed to our ultimate objective of zero accidents Revenue: 252mTHB in Q1 2018 compared to 270mTHB in Q1 2017 EBITDA: 54mTHB in Q1 2018

 Health and safety: There were three lost time injuries in Q2 2018. We are committed to our ultimate objective of zero accidents  Revenue: 296mTHB in Q2 2018 compared to 233mTHB in Q2 2017; 549mTHB in H1

Management Discussion and Analysis Q3/2019 Financial Result Summary Q3/ 2019 Q3/19 Q3/18 Change +/(-) 9M/19 9M/18 Change +/(-) (in THB mm) YoY 9M Revenue from Sales and Services 57.4 54.3 6% 146.9