standards under WHA level. However, the genuine gross margin in first quarter of 2018 was at 63.8%. Utilities & Power Business Q1 2017 Q1 2018 Increase/(Decrease) THB mm THB mm THB mm % Revenue 554.3 515.0

electricity in Bang Pakong Power Plant, Chachoengsao Province. Until the end of 4th quarter of 2019 (November), palm fruit and CPO prices began to increase due to most of the arable land faces drought

Ending September 30, 2018) (1) Overall Operating Results For the 3rd quarter 2018, the total revenue from sales and services of the Company and its Subsidiary (together referred to as the “Corporate Group

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) 1 U CITY PCL 2Q 2020 KEY FINANCIAL HIGHLIGHTS • Total revenue

1 Note: 1) Revenue and Cost that were recognized when there is construction under concession agreements for tap water according to accounting standard TFRIC12 1. ANALYSIS OF FINANCIAL PERFORMANCE In

debt and low agricultural prices continued to have an adverse effect on purchasing power. Tourism has been dampened by the deterioration in Chinese tourist arrivals during the first half of 2019. The

controlling of SPAR stores, Inthanin coffee shops as well as the head office, BCR’s revenue increased by 7% QoQ, and EBITDA rose by 14% QoQ. 3.) Power Plant Business Power Plant Business Performance Q2/2018 Q1

products’ selling prices following the dip in crude palm oil price and crude palm kernel oil price, the company reported sales revenue of THB 2,816 million, decreased from 1Q2018 by THB 1,815 million or 39

-20 % Change Amount % Amount % Amount % Q3-20 VS Q3-19 Q3-20 VS Q2-20 Sales revenue 17,540 100.0 12,404 100.0 14,491 100.0 41.4 21.0 Gross profit 4,574 26.1 2,373 19.1 3,892 26.9 92.8 17.5 Operating

gross margin from sale of land in industrial estates would be 44.6% and 61.9%, respectively. Utilities & Power Business Q3 2016 Q3 2017 Increase/(Decrease) THB mm THB mm THB mm % Revenue 526.9 499.0 (27.9