considered non-core businesses. In 2019, revenue from hotel operations was THB 1,121 mn, a decrease of 7.2% YoY (for 4Q19, the revenue stood at THB 274 mn, decreased 25.9% comparing to the same period of last

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

18.3% QoQ.  Total revenue from core business was Bt735mn, increasing 10.2% QoQ.  Banking agent business (of which the Company is the agent for 6 commercial banks: KTB, KANK, BAY, GSB, BAAC, and SCB

] FX: THB/USD 32.0754 33.7691 35.018 Sales Revenue 13,982.5 14,195.4 -1.5% 13,797.5 +2.9% [ Sales Revenue, USD $435.9 $420.4 +3.7% $394.0 +6.7% ] Cost of Sales 10,351.4 9,933.1 8,985.0 Gross margin

core business, stood at 48.4% decreased from 51.1% in the same period of previous year mainly from a decrease in revenue and an increase in cost. Nevertheless, the Company continues to implement

-Speed Internet Service Project in Remote Area and the Core and Access Switch for Core Network Replacement and SDN project. Therefore, the total revenue increased while the total operation expenses and the

non-core businesses. In 2017, revenue from hotel operations was THB 1,097 mn, an increase of 10.0% YoY. The increase was driven mainly by strong performance of Hilton Pattaya, which boasted an increase

MANAGEMENT DISCUSSION & ANALYSIS 1Q 2019 13 MAY 2019 MASTER AD PUBLIC COMPANY LIMITED NATIONWIDE COVERAGE 1 QUARTERLY BUSINESS REVIEW – 1Q 2019 • Consolidated revenue increased by 149.3% to THB 689mn

continue to monitor the outbreak situation that might affect the Company’s operation. Revenue from sales of goods and rendering service Revenue from sales of goods and rendering service for the first quarter

by 9.32 million baht or 62.3%, which is a change of more than 20%. The Company's sales revenue for the second quarter of 2017 increased by 22.58 million baht or 7.0% from the same period of last year