Contacts will develop their skills and knowledge. The Contacts may participate in either one or more of the following activities namely, (i) attending a training course or seminar organized in-house by a

develop their skills and knowledge. The Contacts may participate in either one or more of the following activities namely, (i) attending a training course or seminar organized in-house by a securities

new 20-year operating lease contract for a 607-key hotel under the newly launched R.evo brand located in Munich, Germany. 22 September 2018: Sansiri JV launches ‘THE BASE Saphanmai’ project for presales

, Germany MANAGEMENT DISCUSSION & ANALYSIS 2018 14 FEB 2019 U CITY PCL 2018 MD&A (for the year ended 31 December 2018) 3 U CITY PCL 15 MAY 2018 22 September 2018: Sansiri JV launches ‘THE BASE Saphanmai

by 29.8% YoY to THB 2,233mn mainly from the expansion of the hotel business through new hotel launches and through new acquisitions • EBITDA and EBITDA margin were THB 509mn and 22.8% respectively

% due to Training & Education. 1.5 Administrative expenses increased 9.14 MB or 6.49 % due to develop manpower by Training, Product Research and Development and Warehouse Management. 1.6 Corporate income

EQCR KPMG 3 3 (Acceptance and Continuance of Client Relationships and Specific Engagements) KPMG KPMG KPMG KPMG 4 KPMG 3.4 (Human Resources) KPMG classroom training virtual online training KPMG 3.5

- Information technology system services fees - Training fees Baht 30 million Expense item - Design and renovation fees - Movable property rental fees - Training fees Baht 40 million …/3 - 3 - 4. Remuneration

fees - Movable property rental fees - Information technology system services fees - Training fees Baht 30 million Expense item - Design and renovation fees - Construction expenses - Movable property

or services Revenue item - Business consultancy fees - Warehouse management fees - Movable property rental fees - Information technology system services fees - Training fees Baht 25 million Expense