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

.) % Construction income 63.82 68.01 -4.19 -6.16 Service income 6.20 8.75 -2.55 -29.14 Sale of goods 0.00 - Other income 0.44 4.30 -3.86 -89.77 Total Revenues 70.46 81.06 -10.60 -13.08 Cost of constuction 63.58 88.52

) The new issued shares from the exercised of RML-W4 were traded in SET on 3 July 2018. The Company’s total listed shares in SET increased from 3,575,483,607 shares to 3,575,484,127 shares. 2) A tranche

. The majority of total assets consist of cash and equivalents, short-term investments, trade receivables, and other receivables, property, plant and equipment and intangible assets because of the new

investments 1,222.2 1,396.5 Other assets 754.3 1,153.5 Total Non-Current Assets 8,909.7 9,493.3 Total Assets 15,197.6 15,280.6 LIABILITIES and EQUITIES (THB mn) As at 31 Dec 2017 As at 30 Sep 2018 Trade and

95. 14 million respectively, increasing by 0.3%. The proportion of the costs of hospital operations incurred compared to total revenues in 3Q16 and 3Q17 were 74.6% ad 61.0%, respectively. This increase

Q3–2020 Balance by Quarter Change Q3–20 Q2–20 Q3–19 Q3–20 VS Q2–20 Q3–20 VS Q3–19 (Million Baht: MB) (MB) % (MB) % Total Revenue 2,241.1 1,187.6 1,798.9 1,053.5 88.7 442.2 24.6 Total Operating Expenses

total revenues of THB 2,407.17 million, a decrease of THB 153.73 million. Cost of sales and rendering of services was THB 1,716.07 million, an increase of THB 31.88 million. Gross margin was THB 691.10

and cash equivalents 732 7.2% 1,021 10.2% -28.3% Short-term investments 456 4.5% 448 4.5% 1.9% Trade and other receivables 497 4.9% 536 5.4% -7.3% Others current assets 212 2.1% 226 2.3% -6.5% Total

the Company usually collect total down payment not less than 20% of unit value. Within the next 2-3 years, the Company continues to operate pursuant to the main business plan to develop luxury