operational processes, as well as revamped network utilization management to improve capex efficiency . As a result, we expect EBITDA to grow low single digit. Dividend policy at minimum 70% of net profit AIS

share of profit from associates/JVs was THB 284mn, largely due to a share of profit THB 282mn from Sansiri JVs and THB 17mn from UBM JV. MANAGEMENT DISCUSSION & ANALYSIS 2Q 2019 14 AUGUST 2019 U CITY PCL

778.1 28.4% 949.2 35.6% 171.1 22.0% Sales promotion income 61.8 2.3% 69.3 2.6% 7.5 12.2% Other income 49.7 1.8% 39.5 1.5% -10.2 -20.6% Profit before expenses 908.8 33.1% 989.2 37.1% 80.5 8.9% Management

1 --Translation-- Sor Gor 7/2018 January 19, 2018 Subject: Management Discussion and Analysis for the year ended December 31, 2017 (Unaudited) To: The President The Stock Exchange of Thailand

1 --Translation-- Sor Gor 11/2018 February 22, 2018 Subject: Management Discussion and Analysis for the year ended December 31, 2017 (Audited) To: The President The Stock Exchange of Thailand

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sale transaction for ordinary shares in Prime Locations Management 3 Limited (the "Joint Venture Company"), a wholly owned subsidiary of SHR SC, of 4,000,000 ordinary shares (representing 50% of the

1 Zen Corporation Group Public Company Limited 662 Soi Onnuch 17, Suanluang, Bangkok 10250 THAILAND. Tel: 02-0195000 10 August 2020 No. ZEN 2563-016 Subject Management Discussion and Analysis for the