) (453%) (Gain) loss on exchange rate on debt to equity Conversion - (79) (100%) (Gain) loss on adjustment in value of securities (1) (1) (38%) Bad and doubtful debts expense (Reversal of) 63 (145) 329

adjustment was 100,000 barrels per day to 1.20 million barrels per day. Averaged Dubai crude price in Q2/2019 rose by 4.14 $/BBL compared to Q1/2019, with pressure from concerns that global crude supply would

(628,140) 238,487 (363%) Loss (gain) on adjustment in value of securities 4,634 2,188.00 112% Gain from compromise debt (84,615) - - Bad and doubtful debts expense (Reversal of) 11,691.00- 1,620 (822%) Loss

1,402.06 million. The main reasons were from dividend income in the amount of Baht 2,096.16 million and exchange rate adjustment in the amount of Baht 1,101.04 million. On the other hand, the share of profit

financial institutions of THB 960mn, which was partially offset by repayment of long-term loans from financial institutions of THB (420)mn. * Others includes translation adjustment and cash & cash equivalents

million was from the share of profit of investment in associates, (2) an increase in available-for-sale investment of THB 17 million resulting from the fair value adjustment, and (3) a decrease of THB 62

Baht 6.7 million according to the increase in revenue. Receivables under finance lease decreased by Baht 103.6 million from the adjustment of exchange rates and cash received during the period

+ 201.0 - 1,200.9 + 4.9 341.7 Beginning 31 Dec 2018 operating activities Interest and Tax Investing Activities Financing Activities Adjustment and different in FX rate Ending 30 Sep 2019

translation adjustment and cash & cash equivalents of subsidiaries which classify as assets held for sale MANAGEMENT DISCUSSION & ANALYSIS 2019 14 FEBRUARY 2020 U CITY PCL 2019 - MD&A (for the year ended 31

million, the adjustment for non- cash items, a decline in accounts payable, an increasing of accounts receivable and inventories. The Company had cash from investing activities of THB 224 million caused by