repay the short-term loan from bill of exchange and for working capital 7.2 This asset disposal will help reduce the risk from managing capital structure, making the Company receive working capital

related to the restructuring of the holding structure of the Company. MANAGEMENT DISCUSSION & ANALYSIS 3Q 2018 14 NOV 2018 U CITY PCL 3Q 2018 MD&A (for the quarter ended 30 September 2018) 3 U CITY PCL 15

, from 3Q18 onward AIS along with other operators have rebalanced pricing structure to ease impact on ARPU. As a result, AIS’ s mobile revenue for FY18 was Bt124,601mn, softly growing 1. 3% YoY. While 4G

November 2003 (as amended) (collectively, the "Notifications on Connected Transactions”) Chote Pittayachai 3 Co., Ltd., shareholding structure information as of 18 July 2019 Note * Attorney of debenture

due to THB appreciation. CAPITAL STRUCTURE As of 31 December 2019, U City’s total Interest-Bearing Debt was THB 17,595mn, decreasing THB 2,749mn from THB 20,344mn in 2018. The decrease resulted from the

predominantly from 1Q 2020 net loss and the impact from the adoption of new financial reporting standards. CAPITAL STRUCTURE As of 31 March 2020, U City’s total interest-bearing debt was THB 31,209mn increasing

ratio increased from 65.6% to 76.0% in 3M 2020. The increase in cost-to-sales ratio was mainly driven from the full-quarter consolidation of International Advertising segment. VGM’s cost structure is

and six-month period ended 30 June 2020) 7 U CITY PCL CAPITAL STRUCTURE As of 30 June 2020, U City’s total interest-bearing debt was THB 30,355mn increasing THB 12,760mn from THB 17,595mn in 2019. The

% 27.58% 25.10% Profit attributable to owners of The Company 13.26% 11.26% 12.51% 11.52% Revenue Structure Breakdown by Type (Unit : Million Baht) 2Q2020 2Q2019 % Change Revenue Proportion Revenue

10,330 million and unappropriated retained earnings decreased THB 4,218 million. Capital structure As of June 30, 2020, the Company's capital structure comprised of total liabilities of THB 185,282 million