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

the Financial Institutions Businesses Act B.E. 2551 (2008); "foreign entity" means the following businesses under foreign law: (1) a foreign government agency or organization; (2) an international

value of asset purchase is Baht 196,700,000 (one hundred ninety six million seven hundred thousand Baht only) ▪ Obligation : -NIL- ▪ Payment : shall be made in cash by one settlement on October 20th, 2017

the Requirement to Make the Tender Offer for all Securities of the Business by Virtue of the resolution of the Shareholders’ Meeting (Whitewash), Appointment of the Independent Financial Advisor and

resulting from the repayment of short term loan which lead to the decrease of financial cost.  Total assets As of 30 September 2017, the Company and subsidiary has total asset amounted to THB 31,907 million

without any general trading conditions, in the amount of Baht 2,777.7 Million (excluding VAT), representing 8.96 percent as compared to the net tangible asset value under the consolidated financial

of consideration based on the Company’s consolidated financial statements as of 31 December 2019 audited by the certified auditor. There is no acquisition transaction to be incurred in the past 6

Commercial Operation Date is expected to be within the year 2021. 1.2 The Achievement of Financial Close to Start the Construction of Collinsville Solar Power Project in Australia On May 5, 2017, RATCH

year, mainly due to lower sales but higher R&D expense; higher audit fees and consultant fees from new businesses establishment; and financial advisory and legal consultant fees from LQSF acquisition in

Companies Concerning the Acquisition or Disposition of Assets B.E. 2547 (2004). The transaction volume represents 0.02 percent of the Company)s total asset value per the consolidated financial statements