6 December 2007 Pace Development Corporation Public Company Limited 87/2 CRC Tower, All Seasons Place 45th Fl., Unit 4, Wireless Road, Lumpini, Pathumwan, Bangkok 10330 Thailand Tel. +66 2 118 9599

agreement No. of Building No. of Unit Warehouse 16-1-91.65 rai (26,366.58 square meters) 18,942.00 4 26 Stand-alone Factory 13-1-43.75 rai (21,375.00 square meters) 11,322.00 6 6 Mini Factory - - - - Built-to

Underwood TST Tower Noble Comm. Bldg OCC% 5,328 3,581 1,415 10,324 2020 2021 2022 Total Presales Backlog TST TOWER Gracechurch Noble Comm. Bldg. Underwood (Unit: Sqm) MANAGEMENT DISCUSSION & ANALYSIS 2019 14

Discussion and Analysis for the 1st Quarter 2020 Page 5 of 11 Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) Unit: Million Baht 1Q 2020 1Q 2019 Change % Change EBIT 425.16 288.19 136.97

fully occupied in 1Q 2020. The overall of occupancy rate for office segment in this quarter was 94.2%. TST TOWER Gracechurch Noble Comm. Bldg. Underwood (Unit: Sqm) 8,747 8,747 8,747 8,747 8,747 2,370

. The growth in this business unit was mainly driven by full-quarter consolidation of International Advertising operated by VGI Global Media (Malaysia) Sdn. Bhd. (“VGM”), which started in July 2019

, Revenue from services 1H/2019 1H/2020 Change (Unit: THB Million) THB Million % by type THB Million % by type THB Million (%) Self-Managed Hotels 548.0 31.3% 262.5 22.8% (285.5) (52.1%) Outrigger Hotels

(Unit: Sqm) MANAGEMENT DISCUSSION & ANALYSIS 2Q 2020 13 AUG 2020 U CITY PCL 2Q 2020 - MD&A (for three-month and six-month period ended 30 June 2020) 6 U CITY PCL FINANCIAL POSITION ASSETS LIABILITIES AND

investment for reducing cost. Production costs are as same as the last year, although cost per unit increased from reduced production capacity and increased cost to support public health standards

Q2/2020 and Half Year 2020 Net Profit Unit: Million Baht Quarter Growth rate (%) 6 Months Growth rate (%) Q2/2019 Q2/2020 6M/2019 6M/2020 JMART 137 161 17% 255 266 4% JMT (JMART holds 52.6%) 149 227 52