100.00 100.00 8 Ordinary shares of Mak8 Co., Ltd. Land owner and property development 151.00 1,510,000 100.00 100.00 9 Ordinary shares of Tanayong Property Management Co., Ltd. Property management 1.00

CORPORATION PUBLIC COMPANY LIMITED METRO SYSTEMS CORPORATION PUBLIC COMPA... METROPOLITAN ELECTRICITY AUTHORITY COM... MFC ASSET MANAGEMENT PUBLIC COMPANY LI... MFC INDUSTRIAL REAL ESTATE INVESTMENT ... MFEC

COMPANY LIMITED A.J. PLAST PUBLIC COMPANY LIMITED A2 TECHNOLOGIES VIETNAM LIMITED A2 WATER MANAGEMENT COMPANY LIMITED A22 TECHNOLOGIES COMPANY LIMITED AAPICO HITECH PUBLIC COMPANY LIMITED ABACUS DIGITAL

management for real estate business. Moreover, the Company will gain benefits from the exchange of knowledge and collaborative research and development in technology and innovation of business management

projects and other businesses, such as hotel and office building development and service and management for real estate business. Moreover, the Company will gain benefits from the exchange of knowledge and

venture was renamed to Ratchada Alliance; which U City still holds 50% of the ordinary shares. The purpose of this JV is to invest and develop real estate projects for sale. MANAGEMENT DISCUSSION & ANALYSIS

LIMITED META CORPORATION PUBLIC COMPANY LIMITED METRO SYSTEMS CORPORATION PUBLIC COMPA... METROPOLITAN ELECTRICITY AUTHORITY COM... MFC ASSET MANAGEMENT PUBLIC COMPANY LI... MFC INDUSTRIAL REAL ESTATE

flow management to enhance liquidity; implementing process improvement programs; as well as analyzing real-time data for timely management and quicker adaptability to changes. All above measures are

(China) at Guoco Management (HK) and Advisor to the Group President of Hong Leong Financial Group in Malaysia. He has been an Independent Non-Executive Director of Gul Technologies Singapore Ltd since 2010

over MYR20billion in assets. He subsequently served as Managing Director for Direct Investment (China) at Guoco Management (HK) and Advisor to the Group President of Hong Leong Financial Group in