which the Company holding shares in each core business, there was the business net profit in the previous year. The Company realized that although the turnover has been improved, it still has various

MANAGEMENT DISCUSSION & ANALYSIS 2018 14 FEB 2019 U CITY PCL 2018 MD&A (for the year ended 31 December 2018) 1 U CITY PCL 15 MAY 2018 2018 KEY FINANCIAL HIGHLIGHTS  Total revenue swelled by 56.6

VS. 2017] FX: THB/USD 30.7810 32.0754 33.7691 FX: THB/EUR 34.2753 37.7340 37.7119 Sales Revenue 12,097.4 13,982.5 -13.5% 14,195.4 -1.5% [ Sales Revenue, USD $393.0 $435.9 -9.8% $420.4 +3.7% ] Cost of

Company's core businesses, especially the credit card income which having 18.2% growth y-y. Hence, the growth of revenue, especially credit cards, was mainly derived from marketing activities to stimulate

the full effect of Saraburi Quicklime addedon March 19th. Similar to Q1 2018, the revenue was from core business, that is a major shift compared with H1 2017 when the contribution of Engineering was a

% Million Baht % Sales Revenue 65.77 82.58% 63.35 79.06% (2.42) (3.69%) Revenue from contract work 12.32 15.46% 14.28 17.82% 1.96 15.93% Revenue from service income 0.61 0.76% 1.40 1.75% 0.80 131.23% Revenue

Website: www.aapico.com Management Discussion and Analysis for the 1st quarter of year 2024 4 environment, we reported a satisfactory performance in 2023 with revenue and core net profit of Baht 30,389.5

341 mil from q-q, primarily due to business combination consolidated TBSP Public Company Limited (“TBSP”) since April 4, 2018. Excluding TBSP, Company’s core revenues increased by 20.6% or THB 64 mil

Company”) would like to clarify the operating result of the financial statements as follows: Quarter 1 / year 2019 Quarter 1 / year 2020 Change Million Baht % Million Baht % Million Baht % Sales revenue

13% y-y. In the third quarter of 2018, the Company’s revenues were 5,225 million baht, an increase of 548 million baht or 12%y-y. This is the result of an increase in core business revenues by 11% y-y