1 | MANAGEMENT DISCUSSION AND ANALYSIS FOR Q1-2020 Management Discussion and Analysis Q1-2020 14 May 2020 KEY EVENT IN Q1-2020 After UWC announced a corporate and business strategy restructuring in

analysis for the year ending 31 December 2019, as follows: Business Overview In 2019, the Group's total revenue growth (TSSG) increased by 6.1% compared to the previous year driven mainly by new branch

. Sales in 1Q18 represented new prices for delivery that took effect in January 2018 with an effective markdown of nearly 2%. Cost of Sales and Gross Profit The profit margin in 1Q18 dropped Q-o-Q and Y-o-Y

” means any person licensed to undertake derivatives business in the category of derivatives broker. (2) “client’s assets” means (a) assets which derivatives broker received or held as collateral for

licensed to undertake derivatives business in the category of derivatives broker. (2) “client’s assets” means (a) assets which derivatives broker received or held as collateral for derivatives trading

undertake derivatives business in the category of derivatives broker. (2) “client’s assets” means (a) assets which derivatives broker received or held as collateral for derivatives trading positions held by a

Management Discussion and Analysis for Interim Business Operations 2019 % 2018 % Inc./(Dec.) % Construction Income 150.24 92.91 21.63 87.82 128.61 594.59 Service Income 9.70 6.00 0.41 1.66 9.29

of China and Thailand (HK-TH MRF). “management company” means a securities company licensed to undertake securities business in the category of mutual fund management. “MoU” means the Memorandum of

opportunity to express our gratitude for the collaboration and contribution from the CMDF, the CMDF Digital Infrastructure Co., Ltd., the ThaiBMA, business operators including securities companies

scope of every five percent report to cover financial instruments issued by others, which entitles the holder to convert or demand delivery of securities issued by listed company, e.g., derivative warrant