possible to do so. MANAGEMENT DISCUSSION & ANALYSIS 1Q 2020 15 MAY 2020 U CITY PCL 1Q 2020 - MD&A (for three-month period ended 31 March 2020) 11 U CITY PCL BUSINESS PLAN AND OUTLOOK The epidemic from a new

Advertising 14.1% Advertising 47.8% System Integration 52.2% MANAGEMENT DISCUSSION & ANALYSIS FOR THE 3-MONTH ENDED MARCH 2020 (3M 2020) 15 JUL 2020 MASTER AD PUBLIC COMPANY LIMITED 8 MANAGEMENT OUTLOOK The

BUSINESS PLAN AND OUTLOOK The pandemic from a new strain of corona virus (COVID-19) has affected the global economy, society, and way of life like never before. The hospitality business and related

power and increased price competitiveness. For the business outlook for Q3/2020, the trend of the Thai economy is expected to contract compared to the same period of 2019 from the COVID-19 pandemic

cost attributed to the slash in total revenue and net loss at THB 612m. Page 2 of 9 Singha Estate Public Company Limited Management Discussion and Analysis 2Q20 Significant Events and 2H20 Outlook The

recovered. Bank of Thailand has adjusted down Thailand economic outlook forecast to a contraction of 8.1% for 2020, instead of 5.3% contraction previously forecasted. The crisis of the COVID-19 pandemic has

rating: AA+ (THA), Outlook: Stable Total Equity 75,689 22% 71,657 20% S&P BBB+, Outlook: Stable Source and use of fund 1Q21(Bt mn) Source of fund Use of fund Operating cash flow 21,245 CAPEX & Fixed assets

licenses were made in 1Q21. Total Liabilities 274,481 78% 290,976 79% Retained earnings 51,382 15% 54,125 15% Credit Rating Others 24,307 6.9% 24,545 6.6% Fitch National rating: AA+ (THA), Outlook: Stable

79% Retained earnings 51,382 15% 50,239 14% Credit Rating Others 24,307 6.9% 24,604 6.9% Fitch National rating: AA+ (THA), Outlook: Stable Total Equity 75,689 22% 74,843 21% S&P BBB+, Outlook: Stable

complete the first franchisee contract by this year Outlook on business opportunities from lift of curfew measures With the government measures to control the spread of COVID-19 pandemic, especially the