1 | MANAGEMENT DISCUSSION AND ANALYSIS FOR Q2-2020 Management Discussion and Analysis Q2-2020 13 August 2020 KEY EVENT IN Q2-2020 In the 3-month and 6-month period of Q2-2020, UWC reported gross

Warrants Adjustment of Warrants The Company will be required to adjust the exercise price and/or ratio upon the occurrence of any of the following events; (1) in case of a change in par value of the

Subsequent Event None Page 3 of 3

 currency 'Translation Adjustment' in the shareholders funds section of the balance sheet. There is no cash affect concerning its movement.    Exceptional Items None Subsequent Event None Page 3 of 3

the paid-up capital to the extent that causes decrease in the shareholders’ equity in the financial statement, unless approval is given by Capital Market Supervisory Board. Clause 7 In the event that

paid-up capital to the extent that causes decrease in the shareholders’ equity in the financial statement, unless approval is given by Capital Market Supervisory Board. Clause 7 In the event that, prior

paid-up capital to the extent that causes decrease in the shareholders’ equity in the financial statement, unless approval is given by Capital Market Supervisory Board. Clause 7 In the event that, prior

the event the remaining period up to the end of the calendar year for operation of the licensed business in the first year is shorter than six months, the licensee shall pay such fees at one half of the

event the remaining period up to the end of the calendar year for operation of the licensed business in the first year is shorter than six months, the licensee shall pay such fees at one half of the rates

event the remaining period up to the end of the calendar year for operation of the licensed business in the first year is shorter than six months, the licensee shall pay such fees at one half of the rates