Net Worth Investors Private Placements 2.Overseas Offering Overseas Offering 20,623.02 1 Thai Juristic Persons By Thai Juristic 20,623.02 1.Short-term Debt Securities Short-term Public Offerings

the THB that affected the value of the Company’s overseas assets. • Net debt to equity ratio as of 31 December 2019 stood at 0.48x, an improvement from 0.55x in 31 December 2018. SIGNIFICANT EVENTS

received approval to renovate street furniture media on BTS columns, which is expected to be a key growth driver for 2019. January • Continued the process towards digitisation by replacing static billboards

overseas stood at 68% with the remaining balance being Thailand- sourced at 32%. MANAGEMENT DISCUSSION & ANALYSIS 1Q 2018 15 MAY 2018 U CITY PCL 1Q 2018 MD&A (for the quarter ended 31 March 2018) 4 U CITY

management revenue) at 9.7% and the office segment at 4.8%. Total revenue derived overseas stood at 74% with the remaining balance being Thailand- sourced at 26%. Within the hospitality segment, revenue grew

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of exploring and gathering documents and evidence as well as more information from overseas authorities for valuation of overseas investment.  The SEC therefore allowed VTE to submit the audited

% of the ordinary shares in Glamford Investments sp. z o.o. The purpose of Glamford acquisition is to invest in leasehold rights to carry on the hotel business overseas. 18 January 2019: Signing of the

TRUST COMPANY LIMITED UNION ASIA FINANCE . PUBLIC COMPANY LIMITED ROYAL INTERNATIONAL FINANCE & SECURITIES , COMPANY LIMITED LILA FINANCE AND SECURITY COMPANY LIMITED WALL STREET FINANCE AND SECURITIES

overseas as well as in Thailand.  The revised rules cover guidelines for advertisement and publication, areas of permissible marketing activities in Thailand and instructions of benefits received from