MANAGEMENT DISCUSSION & ANALYSIS 2018 14 FEB 2019 U CITY PCL 2018 MD&A (for the year ended 31 December 2018) 1 U CITY PCL 15 MAY 2018 2018 KEY FINANCIAL HIGHLIGHTS  Total revenue swelled by 56.6

to the value of consideration basis, the calculation is based on the Company's reviewed consolidated financial statements for the 6-month period as of June 30, 2019, which is considered as a Class 12

million baht), the remaining debenture debt in the amount of 625,000,000 Baht (Six hundred Twenty Five million baht) in the consolidated financial statements. However, Subsidiary Company will subrogate the

the trust instrument; “registration statement” means the registration statement of an offer for sale of securities in the category of unit; “financial advisor” means a financial adviser whose name

newly issued preferred share was a price within the fair value range, i.e. Baht 0.0300 - 0.0347 per share, as appraised by I V Global Securities Public Company Limited, a financial advisor whose name

total of Baht 28,197,293,670 in which the company has been successful in following the capital increase plan while also adjusting the financial structure to an appropriate level, as well as to support

Statement Cash Flows Statement Accounting Financial Ratios Business Performance Executive Summary Statement of Income 19 of Financial Position Environment Management 3 3 | Management Discussion and Analysis

addition, the revenue from financial lease agreement decreased by Baht 46 million or 7% from the start of revenue realization following the decrease in maturity of electricity selling contract to EGAT. Cost

Management Discussion and Analysis For the Financial Result of Quarter 2 Year 2017 Ended June 30, 2017 Note: This Management Discussion and Analysis (MD&A) was made to disclose information and the

value of consideration basis. The highest transaction value is derived from this method of calculation, whereby the calculation is based on the Company's reviewed consolidated financial statements for the