AUGUST 2019 U CITY PCL 2Q 2019 - MD&A (for three-month period ended 30 June 2019) 2 U CITY PCL 2Q 2019 PERFORMANCE 2Q 2019 P&L SNAPSHOT AND ANALYSIS (THB mn) 2Q 2019 2Q 20181 % YoY 1Q 2019 % QoQ Operating

performance on the positive side was the higher volumes (due to both market demand and the acquisition of Saraburi Quicklime) which was the main driver behind a nearly 50% increase in revenues compared to Q3

MACO’s performance was dramatically affected from lower advertising demand due to the COVID-19 pandemic and global economic uncertainty.  Consolidated revenue decreased by 25.9% YoY to THB 512mn o

higher value product range are the main driver for higher revenue. We report growth in all our key markets; Thailand, Portugal and China grew 3.6%, 7.1% and 12.7% year-on-year respectively. 2) Car

31 March 2019) 2 U CITY PCL 1Q 2019 PERFORMANCE 1Q 2019 P&L SNAPSHOT AND ANALYSIS (THB mn) 1Q 2019 1Q 20181 % YoY 4Q 2018 % QoQ Operating revenues 1,347.6 1,232.4 9.3% 1,718.4 -21.6% Other revenues

pressuring performance of the Company’s hospitality business. Additionally, the Company’s residential business was slightly affected due to the lockdown measure causing most of our foreign buyers decided to

expense along with the fact that the Company could no longer capitalize interest expense on CROSSROADS project since its commercial launch in September 2019, mainly pressured 2Q20 performance to reported

Management Discussion and Analysis Quarter 1 Ending 31 Mar 2022 25/02/2022 22:28 Management Discussion and Analysis for the performance of the twelve-month period ended 31 December 2021 10/11/2021 18:31

the capital market, (2) Positioning the capital market as a driver of the digital economy, (3) Promoting a sustainable capital market and financial well-being, and (4) Advancing the Digital Securities

copy in Thai and English) 2. Management Discussion and Analysis (MD&A) for the third quarter of 2017 (a copy in Thai and English) 3. Company's performance report, Form F45-3 for the third quarter of 2017