U CITY PCL GENERAL PRESENTATION JANUARY 2019 IR CONTACT Address: - - PowerPoint PPT Presentation

U CITY PCL

GENERAL PRESENTATION JANUARY 2019

Prepared by Investor Relations Department

U CITY PCL

Address: U City Public Company Limited IR Department 20th Floor, TST Tower, 21 Soi Choei Phuang, Viphavadi-Rangsit Rd. Chomphon, Chatuchak, Bangkok, Thailand 10900 Telephone: +66(0) 2273 8623 Fax: +66(0) 2273 8858 Email: ir@ucity.co.th Website: www.ucity.co.th

This document has been prepared and distributed by the Investor Relations Department of U City Public Company Limited (“U City”) solely for information purposes. It does not represent or constitute an offer, invitation, recommendation or solicitation to trade shares in U City and should not be relied on as such. Some of the information in this document has not been independently verified, and also includes information made available from public sources and

• ther third party opinion or analyst. U City does not monitor or control the content of third party opinion or statements and does not endorse or accept any

responsibility for the content or the use of any such opinion or statements. Thus, U City assumes no responsibility and makes no representations with respect to the accuracy and/or completeness of the information described herein. None of U City or any of its agents, or all of their respective affiliates, or representatives shall have any liability (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this document. All information contained in this document is presented as of the date indicated within, and U City assumes no duty to confirm, revise or update the information. Certain statements in this document may be deemed to contain forward-looking statements, including the statements included or incorporated with the words "believe", "anticipate", "estimate", "target", or "hope", or that otherwise relate to objectives, strategies, plans, intentions, beliefs or expectations or that have been constructed as statements as to future performance or events. These forward-looking statements are not guarantees of future performance and involve risks and uncertainties that could cause actual results to differ materially from historical results or those anticipated at the time the forward-looking statements are made. Thus, U City assumes no responsibility and makes no representations with respect to the accuracy and/or completeness of the forward- looking statements. U City undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

DISCLAIMER IR CONTACT

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U CITY PCL

CONTENTS

Section 1 U City in Brief Section 2 Business Profile Section 2.1 Recurring Income Property Business Hospitality Office Section 2.2 Residential Property Business Section 2.3 Land Bank Section 3 Financial Performance Section 3.1 Latest Full Year Financial Summary & Future Guidance Section 3.2 Latest Quarter Financial Performance & Business Updates Section 4 Future Projects Appendices

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U CITY PCL

Formerly operating solely in Thailand, we expanded internationally since 2017 with a presence in 10 European countries and 5 Asian and Middle Eastern countries with assets spanning from hotels across various ownership models to office buildings. Within U City’s portfolio we now have 93 hotels and more than 25,100 keys owned, leased or managed, 3 office buildings, and business interests spanning 15 countries globally Total of 39 hotels and 2 office buildings Total of 54 hotels, 1 office building, 13 condominium projects launched PRESENCE IN 5 ASIAN & MIDDLE EASTERN COUNTRIES PRESENCE IN 10 EUROPEAN COUNTRIES

• Austria
• Belarus
• Czech Republic
• France
• Germany
• Poland
• Romania
• Russia
• Slovakia
• United Kingdom
• Thailand
• Vietnam
• Indonesia
• India
• Oman

WE ARE A GLOBAL CAPITAL ALLOCATOR Investing in Diversified Assets Globally

28%

Of total revenue from Thailand*

72%

• f total revenue from overseas*

* Based on 9M 2018 total revenue

THB 54.4bn

Total Asset Value (30 Sep 2018)

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Section 1: U City in Brief

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U CITY PCL

KEY MILESTONES

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Section 1: U City in Brief

1999 - 2013 1993

Listed on the SET Rehabilitation

1988

Company founded

2015

• BTS Group

became a major shareholder (35.64%)

• Name changed

to “U City Public Company Limited”

2016

First geographic expansion into Europe by acquiring 33 Gracechurch, an

• ffice building in

London, UK

2017

Acquired a hotel portfolio, comprising of 24 pan-European hotels, and a hotel management platform

2018

Becoming a leading property company after acquiring the lion’s share of BTS Group’s property business under Unicorn Enterprises (UE), which includes a portfolio of hotels, hotel management platform, land bank and residential projects under BTS-Sansiri joint ventures

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U CITY PCL

BUSINESS OVERVIEW

Hospitality Focused Portfolio at the Start of a Multi-Year Earnings Expansion Period

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Section 1: U City in Brief

THB 51.4bn

30 SEP 2018 PROPERTY BOOK VALUE

Office THB 4.1bn 8.1% Hospitality THB 19.7bn 38.3% Land Bank THB 8.0bn 15.5% Residential THB 15.6bn 30.4%

Note: Book Value is equity adjusted & includes Sansiri JV under Residential segment

THB 5,007mn

9M 2018 REVENUE CONTRIBUTION

Office THB 207mn 4.1% Others THB 381mn 7.6% Hospitality THB 4,419mn 88.3%

RECURRING INCOME PROPERTY RESIDENTIAL PROPERTY LANDBANK

Hospitality segment includes a geographically diversified portfolio of

• wned, leased and managed hotels in

Europe and Asia. Office segment has lettable space comprising of 2 office buildings in London, UK and 1 office building in Bangkok, Thailand. Through our 50% stake in the BTS- Sansiri JV (Sansiri JV), we develop condominiums near mass transit lines. We recognise equity income or a share of profit from the JV 64% of our land bank value is located adjacent to future or current mass transit lines and is therefore well-positioned to benefit from the ‘mass transit premium’ Operating Revenue (THB mn) Alternative THB 4.0bn 7.7%

806 1,027 3,868 4,419 2015 2016 2017 9M 2018 63 162 207 2015 2016 2017 9M 2018

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U CITY PCL

2,620 176 1,204 1,380 2017 Hospitality Office Alternatives Residential 2022

STRATEGY AND 5-YEAR TARGET

Poised to Emerge as Thailand’s Leading International Property Investor

5 PILLARS OF SUSTAINABLE VALUE ACCRETION

FY 2017 FY 2022 Operating Revenue Recurring Net Profit

Operating Revenue 20% CAGR Recurring Net Profit 15% Margin*

Key Growth Drivers Hospitality All pipeline keys becoming operational 5% revenue CAGR for owned hotels Office Full-year effect of acquisitions and rent reversion Alternatives Share of profit from international school, The Unicorn mixed-use building Residential Future gross development value of THB 68bn CAPEX / Investment 5-year aggregate of THB 14.6bn

5-YEAR TARGET – Operating Revenue of THB 9,400mn, Recurring Net Profit of 1,360mn

Operating Revenue Development (Growth 2017 - 2022)

Section 1: U City in Brief

* Note: revenue includes share of profit in BTS-Siri JV, Keystone JV and Property management services revenue

9,400

4,030

• 2. EFFICIENT USE OF

CAPITAL

• Recycle capital for future

investment.

• Potential for fee-based

income.

• 3. SUSTAINABILITY
• Respond to changes in

consumer lifestyles, including digital disruption

• Environmental awareness
• Benefit to communities
• Enterprise Value/Return To

Shareholders

• 4. PARTNERSHIPS
• Access to expertise and

new business

• pportunities
• Reduce development and

investment risk

• Increase

long-term firm value and synergies

• 1. INVESTMENT
• Diversified portfolio
• Grow through project

development and acquisition

• Enhance value through

prudent management and value engineering

• Maximize synergy
• 5. MASS TRANSIT

LINK

• To benefit from the

‘mass transit premium’

7 4,030 9,410 72% Overseas 28% Thailand 59% Overseas 41% Thailand

1,360

(127)

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U CITY PCL

CONTENTS

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Section 1 U City in Brief Section 2 Business Profile Section 2.1 Recurring Income Property Business Hospitality Office Section 2.2 Residential Property Business Section 2.3 Land Bank Section 3 Financial Performance Section 3.1 Latest Full Year Financial Summary & Future Guidance Section 3.2 Latest Quarter Financial Performance & Business Updates Section 4 Future Projects Appendices

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U CITY PCL

RECURRING INCOME PROPERTY BUSINESS – HOSPITALITY

Hotel Portfolio Snapshot

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NUMBER OF HOTELS AND KEYS 9M 2018 REVENUE BREAKDOWN BY TYPE (THB mn)

THB 4,815mn

Managed hotels THB 523mn 10.9% Owned hotels THB 2,938mn 61.0% Leased hotels THB 1,354mn 28.1%

GEOGRAPHICAL BREAKDOWN BY KEYS HOTEL BREAKDOWN BY STAR RATING

Section 2.1: Recurring Income Property Business – Hospitality

Note: Figures above are based on management accounts which haven’t been subject to eliminations and adjustments

• No. of Keys (Hotels)

Owned Leased Managed Total Directly Held by U City 1,461 (8) Operating 746 (4) 127 (2)

• 873 (6)

Not yet operating 588 (2)

• 588 (2)

Vienna House 7,691 (39) Operating 3,048 (19) 1,168 (5) 2,408 (11) 6,624 (35) Not yet operating

• 1,067 (4)
• 1,067 (4)

AHS 16,010 (46) Operating 2,082 (19) 2,082 (19) Not yet operating 13,928 (27) 13,928 (27) Total 25,162 (93) Operating 3,794 (23) 1,295 (7) 4,490 (30) 9,579 (60) Not yet operating 588 (2) 1,067 (4) 13,928 (27) 15,583 (33)

Overseas: 83.3% Thailand 16.7% Vietnam 5,385 48.7%

Keys 25,162

Thailand 4,386 16.7% Poland 1,215 4.6% Czech Republic 1,126 4.3% Others 3,412 13.0% Germany 3,356 14.1% Overseas 77.1% Thailand 22.9% 4-Stars 27 Hotels 29.0% 3-Stars 36 Hotels 38.7% 5-Stars 30 Hotels 32.3%

93 Hotels

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OWNED HOTELS

A Geographically Diversified Hotel Portfolio

10 3,026 2,878 2,828 2,360 2,098 1,892 78.0% 72.9% 66.9% 2016 2017 9M 2018 ADR RevPAR Occupancy (%)

OWNED HOTEL REVENUE (THB mn) OWNED HOTEL PERFORMANCE (THB)

Section 2.1: Recurring Income Property Business – Hospitality

Owned hotels includes freehold and finance leased hotels Note: Vienna House was acquired on 31 May 2017 EUR/THB: 38.92, 38.19, 38.53 for 2016, 2017, 9M 2018 respectively Note: Figures above are based on management accounts which haven’t been subject to eliminations and adjustments 1,621 2,008 1,076 1,168 930 1,076 2,789 2,938 33.2% 39.8% 38.6%

• 5.0%

5.0% 15.0% 25.0% 35.0% 45.0% (500) 500 1,500 2,500 3,500 4,500

2016 2017 9M 2018 Overseas Thailand GOP margin

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OPERATING LEASED HOTELS

A Capital-Efficient Growth Vector for Our European Hotel Business

11 3,503 3,434 2,802 2,551 80.0% 74.3% 2016 2017 9M 2018 ADR RevPAR Occupancy (%)

• OP. LEASED HOTEL REVENUE (THB mn)
• OP. LEASED HOTEL PERFORMANCE (THB)

Section 2.1: Recurring Income Property Business – Hospitality

Note: Vienna House was acquired on 31 May 2017 EUR:THB: 38.92, 38.19, 38.53 for 2016, 2017, 9M 2018 respectively Includes hotels under development 924 1182 172 924 1354 37.4% 32.7% 0.0% 10.0% 20.0% 30.0% 40.0% 500 1000 1500 2000 2500 2016 2017 9M 2018 Overseas Thailand GOP margin Note: Figures above are based on management accounts which haven’t been subject to eliminations and adjustments

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U CITY PCL

MANAGED HOTELS

Growth Engine that Benefits from Economies of Scale

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MANAGED HOTEL REVENUE (THB mn) 9M 2018 REVENUE BREAKDOWN

Includes keys signed and under contract

Management Fee 55.6% Technical Services 2.0% Others 42.4% Section 2.1: Recurring Income Property Business – Hospitality

400 523 400 523 18.4% 17.5% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 200 400 600 800 1000 2016 2017 9M 2018 Overseas Thailand

• Op. EBITDA margin

THB 523mn

Note: Vienna House was acquired on 31 May 2017 EUR:THB: 38.92, 38.19, 38.53 for 2016, 2017, 9M 2018 respectively

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U CITY PCL

HOTEL MANAGEMENT PLATFORMS

Strategic Expansion Flexibility Through a Diverse Spectrum of Brands

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Section 2.1: Recurring Income Property Business – Hospitality

Vienna House (VH) Absolute Hotel Services (AHS)

SOPHISTICATED BOUTIQUE Breakfast whenever wherever 24-hour use of room AFFORDABLE LUXURY Value for all occasions BUDGET, COMFORT Consistent 6/12/24 hour stay rates MIDSCALE HOTELS Essentials Functional Communal VALUE, CONSISTENT, FLEXIBLE Value for all occasions CHIC & RELAXED Upscale Individual and modern Design LIFESTYLE - THE LOCAL HOST Smart and Casual Design JOIN THE REVOLUTION Live/Work Space/Community Vibrant/Cool/Zeitgeist Design 3,624 Keys 2,738 Keys 2,081 Keys 5,982 Keys 466 Keys 2,434 Keys 5,618 Keys 607 Keys

U Hotels & Resorts Eastin Grand Hotels U Hotels & Eastin Hotels & Residences Eastin Easy Travelodge Eastin Hotels & Residences

Upscale Affordable Affordable Midscale Upscale

Section 2.1: Recurring Income Property Business – Hospitality

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WUPPERTAL

Section 2.1: Recurring Income Property Business – Hospitality

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Section 2.1: Recurring Income Property Business – Hospitality

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Section 2.1: Recurring Income Property Business – Hospitality

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Section 2.1: Recurring Income Property Business – Hospitality

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Section 2.1: Recurring Income Property Business – Hospitality

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Section 2.1: Recurring Income Property Business – Hospitality

Section 2.1: Recurring Income Property Business – Hospitality

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FUTURE BANGKOK HOTEL SUPPLY BY SEGMENTS THAI BAHT PERFORMANCE TO MAJOR CURRENCIES INTERNATIONAL TOURIST ARRIVALS BANGKOK HOTEL PERFORMANCE METRICS

19.2 22.4 26.5 24.8 29.9 32.6 35.4 2011 2012 2013 2014 2015 2016 2017 Source: Department of Tourism, Ministry of Sports and Tourism 2,993 3,019 3,231 3,152 3,287 3,400 3,432 1,901 2,131 2,404 1,951 2,475 2,635 2,708 63.5% 70.6% 74.4% 61.9% 75.3% 77.5% 78.9% 2011 2012 2013 2014 2015 2016 2017 ADR RevPAR Occupancy Source: CBRE 31,628 34,850 37,961 40,177 41,783 42,456 44,732 49,287 50,059 47.3% 45.0% 45.6% 44.9% 44.5% 43.3% 42.2% 42.0% 42.0%

• 10,000

20,000 30,000 40,000 50,000 60,000 70,000 2011 2012 2013 2014 2015 2016 2017 2018F 2019F Economy Mid-Range First-Class Luxury Mid-Range Market Share

Keys

Source: CBRE 0.15 0.16 0.17 0.18 0.19 0.20 0.21 0.22 0.23 0.020 0.022 0.024 0.026 0.028 0.030 0.032 0.034 0.036 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 THBUSD THBEUR THBCNY (RHS) Source: Bloomberg

THAI HOSPITALITY INDUSTRY OVERVIEW

A Buoyant and Resilient Tourism Market

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Section 2.1: Recurring Income Property Business – Hospitality

Millions of persons THB

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U CITY PCL

1,127 1,174 1,214 1,251 1,302 1,356 1,402 1,494 2,311 2010 2011 2012 2013 2014 2015 2016 2017 2028F 646 672 693 705 743 786 807 882 1,408 2010 2011 2012 2013 2014 2015 2016 2017 2028F 994 1,040 1,088 1,134 1,184 1,235 1,322 2011 2012 2013 2014 2015 2016 2017

GLOBAL HOSPITALITY INDUSTRY OVERVIEW

Consistent Multi-Year Growth

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GLOBAL INTERNATIONAL TOURIST ARRIVALS GLOBAL FOREIGN VISITOR EXPORTS GLOBAL CAPITAL INVESTMENT IN TRAVEL & TOURISM TOURISM TOTAL CONTRIBUTION TO GLOBAL GDP

Source: UNWTO Source: World Travel & Tourism Council Source: World Travel & Tourism Council Source: World Travel & Tourism Council

Section 2.1: Recurring Income Property Business – Hospitality

Millions of persons USD bn USD bn

10.2% 10.4% 10.5% 11.7% 2016 2017 2018F 2028F

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U CITY PCL

9M 2018 EBITDA BREAKDOWN BY BUILDING

RECURRING INCOME PROPERTY BUSINESS – OFFICE

Office Portfolio Snapshot

24

Office Building Net Floor Area (sqm) Occupancy Gracechurch Street (London) 8,747 100% Underwood Street (London)* 2,370 0% TST Tower (Bangkok) 16,061 99% Total/Weighted Average 27,178 100% Located in London - a leading destination for real estate investment, our properties benefit from favourable local market demand/supply dynamics

THB 202mn

TST Tower THB 65mn 32.2% Gracechurch Street THB 135mn 66.6%

9M 2018 REVENUE BREAKDOWN BY BUILDING

Underwood Street THB (12)mn (9.5)% Gracechurch Street THB 96mn 75.4%

* Under renovation

THB 127mn

Underwood Street THB 2mn 1.2% TST Tower THB 43mn 34.1% Section 2.1: Recurring Income Property Business – Office

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U CITY PCL

Property Details

Location Situated within the heart of the City of London, fronting the western side of Gracechurch Street,

• ne of the City’s main thoroughfares, and benefits

from close walking distances to underground stations Bank and Monument Ownership 144-year lease expiring on 18 Jan 2162 Head Rent 5% of the gross rental income Building Specifications

• Comprehensively refurbished and extended in

2007

• NFA: 8,747 sqm

Lettable Area

• Office: 7,125 sqm
• Retail: 1,798 sqm
• Storage: 778 sqm (unlet)

Tenants

• 7 tenants
• Average lease term of 7.90 years

NOI*

• Expected annual GBP 4.0mn
• Average of approx. GBP 400/sqm

Investment Details

Capital Invested Purchase Price of GBP 74.3mn plus Acquisition Cost

• f GBP 1.8mn (Total THB 3,518 mn)1

Capital Value/sq.m. GBP 7,845/sqm (THB 362,654/sqm)1

* Net rental income after deducting head rent to landlord

1Exchange rate at THB 46.23 per GBP as of 8 Sep 2016 (acquisition date)

3-min Walk to Bank and Monument Underground Station

33 GRACECHURCH STREET, LONDON

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Section 2.1: Recurring Income Property Business – Office

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U CITY PCL

Property Details

Location Situated within the heart of the tech city area of London and is less than 650 meters from Old Street Roundabout, known as ‘Silicon Roundabout’ due to the increasing number of technology, media and telecommunications companies choosing to relocate to the area. The property also benefits from excellent transport links (Underground, rail and bus services) Ownership 37-year lease expiring in 25 Dec 2055 Head Rent GBP 111,250 per annum Building Specifications

• Comprises
• f

three attractive Victorian warehouse buildings

• NFA: 2,370 sqm over basement, ground and

three upper floors. Tenants

• None (under renovation)

NOI*

• Expected annually: GBP 1.3 mn
• Average of approx. GBP 560/sqm

Status Under Renovation until November 2018

* Net rental income after deducting head rent to landlord

1Exchange rate at THB 43.30 per GBP as of 15 Jun 2017 (acquisition date)

Investment Details

Capital Invested Purchase Price of GBP 7.3mn plus Acquisition Cost

• f GBP 0.8mn (Total THB 350.7mn)1

Capital Value/sqm GBP 2,966/sqm (THB 128,426/sqm)1

Just a few minutes walk to Old Street Metro Station

6-4 UNDERWOOD STREET, LONDON

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Section 2.1: Recurring Income Property Business – Office

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Property Details

Location Situated in a burgeoning business area en-route to Don Muang International Airport and 15 mins from Mochit BTS Station, the area is host to a number of major Thai corporate headquarters and foreign

• ffices including PTT, Thai Airways, Bangkok

Airways, Thai-Rath, Ericsson, Fuji-Xerox and Halliburton Ownership Freehold Building Specifications

• One high-rise office tower with multi-floor

parking

• NFA: 16,061 sqm on 24 floors

Anchor Tenants

• BTS Group
• VGI Media
• U City
• Office of SME Promotion

NOI

• Expected annually: THB 130mn
• Average of approx. THB 590/sqm/month

Investment Details

Capital Invested Purchase Price of THB 844mn Capital Value/NFA THB 53,741/sqm

TST TOWER, BANGKOK

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Section 2.1: Recurring Income Property Business – Office

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BANGKOK OFFICE INUSTRY OVERVIEW

Rising Rents and Occupancy

28

OCCUPANCY BY GRADE AND LOCATION AVERAGE RENT BY GRADE AND LOCATION CUMULATIVE SUPPLY, TAKE-UP AND VACANCY RATE NEW OFFICE SUPPLY BY GRADE AND LOCATION

Source: CBRE Source: CBRE Source: CBRE Source: CBRE

Millions of sqm Sqm THB/sqm/month

• 50,000

100,000 150,000 200,000 250,000 300,000 2014 2015 2016 2017 2018F 2019F 2020F 2021F CBD Non-CBD 841 877 936 994 604 648 682 728 635 694 756 810 552 597 631 667 2014 2015 2016 2017 Grade A CBD Grade B CBD Grade A Non-CBD Grade B Non-CBD 94% 90% 92% 92% 90% 91% 91% 92% 92% 95% 96% 90% 90% 92% 93% 92% 2014 2015 2016 2017 Grade A CBD Grade B CBD Grade A Non-CBD Grade B Non-CBD 8.32 8.45 8.56 8.78 8.99 9.10 9.34 9.36 7.52 7.72 7.9 8.09 9.6% 8.6% 7.7% 7.8%

0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 7 7.5 8 8.5 9 9.5 10

2014 2015 2016 2017 2018F 2019F 2020F 2021F Total Supply Total Take-Up Vacancy Rate

Section 2.1: Recurring Income Property Business – Office

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4.2 7.1 7.0 6.8 5.4 6.2 2012 2013 2014 2015 2016 2017 Source: JLL

LONDON OFFICE INDUSTRY OVERVIEW

Consistent Demand, Stable Rents, Slightly Higher Vacancy Rate

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OVERALL OFFICE VACANCY RATE IN LONDON AVERAGE GRADE A RENTAL RATE BY LOCATION CITY OF LONDON OFFICE SPACE TAKE-UP FUTURE OFFICE SUPPLY UNDER CONSTRUCTION

Source: JLL Source: JLL Source: Colliers

OVERSEAS 92%

Section 2.1: Recurring Income Property Business – Office

Millions of sqf Millions of sqf Prime Rents per sqm per month

GBP 69.50 GBP 69.00 GBP 68.50 GBP 67.50 GBP 65.00 GBP 59.50 Holborn Farringdon City of London Clerkenwell Shoreditch Aldgate

2016 City of London

4.8%

2016 West End

4.4%

2016 East London

8.1%

2017 City of London

4.9%

2017 West End

4.4%

2017 East London

8.9%

2.9 4.2 1.4 2018F 2019F 2020F

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CONTENTS

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Section 1 U City in Brief Section 2 Business Profile Section 2.1 Recurring Income Property Business Hospitality Office Section 2.2 Residential Property Business Section 2.3 Land Bank Section 3 Financial Performance Section 3.1 Latest Full Year Financial Summary & Future Guidance Section 3.2 Latest Quarter Financial Performance & Business Updates Section 4 Future Projects Appendices

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U CITY PCL

RESIDENTIAL PROPERTY BUSINESS

Joint Venture with Sansiri

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Section 2.2: Residential Property Business PARTNERSHIP ROADMAP

2015 2016

50:50 JV to develop a targeted THB 100bn worth of condominiums along current and future mass transit lines through the JV with Sansiri with an expected NPAT margin 10% and equity IRR 14% on a blended basis

2018

• The LINE Jatulak – Mo Chit

Project value: THB 5,815mn

• No. of units: 841
• The LINE Sukhumvit 71

Project value: THB 1,967mn

• No. of units: 291
• The LINE Ratchathewi

Project value: THB 3,014mn

• No. of units: 231
• The LINE Asoke-Ratchada

Project value: THB 3,026mn

• No. of units: 473
• The BASE Garden Rama 9

Project value: THB 2,339mn

• No. of units: 639
• The LINE Pradipat

Project value: THB 5,893mn

• No. of units: 981

2017

• The BASE Phetkasem 29

Project value: THB 2,010mn

• No. of units: 640
• The MONUMENT Thonglor

Project value: THB 6,242mn

• No. of units: 127
• The LINE Sathorn

Project value: THB 3,910mn

• No. of units: 327
• The LINE Sukhumvit 101

Project value: THB 4,652mn

• No. of units: 778
• KHUN BY YOO Thonglor 12

Project value: THB 4,065mn

• No. of units: 148
• The LINE Wongsawang

Project value: THB 4,687mn

• No. of units: 1,288

The LINE Wongsawang The LINE Sukhumvit 101 KHUM BY YOO The LINE Jatujak-Mo Chit The LINE Sukhumvit 71

Fully transferred

• The BASE Saphanmai

Project value: THB 2,697mn

• No. of units: 820
• The LINE Pahonyothin Park

Project value: THB 4,913mn

• No. of units: 880

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21,735 5,112 4,059 8,739 3,825 2018 2019 2020 2021 Presales Backlog Total Presales Backlog

RESIDENTIAL PROPERTY BUSINESS

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The LINE Ratchathewi

*Backlog as of 30 Sep 2018. Not equity adjusted

10,642 10,620 9,602 1,573 2015 2016 2017 YTD 2018

PRESALES BY QUARTER PRESALES BY YEAR PRESALES BACKLOG SCHEDULE

Section 2.2: Residential Property Business

(THB mn) (THB mn)

(THB mn) 1Q 2018 2Q 2018 3Q 2018 YTD 2018 Value 769 804 98 1,671

• No. of units

288 85 143 516

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FUTURE RESIDENTIAL PROJECTS UNDER JV

All Land has been Secured for Future Condominium Projects Planned

33

76bn

Future Project Value

13,500

Condominium units

5.6mn

Average price per unit

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Units

CONDO LAUNCHES PRICING BREAKDOWN

• AVG. BANGKOK WAGE, LAND AND CONDO PRICE TREND

BANGKOK CONDOMINIUM LAUNCHES

• AVG. PRICES AND TAKE UP RATES BY DISTANCE TO BTS

56% 61% 60% 57% 5,000 10,000 15,000 20,000 25,000 2014 2015 2016 2017 1Q 2Q 3Q 4Q Average Take-up Rate (RHS) 34,666 50,105 39,046 58,424 Source: Colliers International (Thailand) 47% 63% 60% 48% 70% 65% 46% 48% 76% 64% 58% 78% 75% 60% 75% 65% 50,000 100,000 150,000 200,000 250,000 300,000 0 - 200m (CAGR +22.4%) 201 - 500m (CAGR +10.7%) 501 - 1,000m (CAGR +19.7%) Over 1,000m (CAGR +6.0%) 2014 2015 2016 2017 Source: Colliers International (Thailand) 28% 49% 22% 2% 13% 45% 29% 12% 7% 46% 42% 5% 5,000 10,000 15,000 20,000 25,000 30,000 35,000 Below THB 50,000/sq.m THB 50,000 - 100,000/sq.m THB 100,001 - 200,000/sq.m THB over 200,000 sq.m 2015 2016 2017 Source: Colliers International (Thailand) Source: Bank of Thailand

THAI CONDOMINIUM MARKET OVERVIEW

Signs of a Recovery But a Focus Towards Higher-End Segments

34

Section 2.2: Residential Property Business

THB/sqm Units

1.03 1.07 1.04 1.11 1.21 1.21 1.08 1.16 1.19 2014 2015 2016 2017 Average Monthly Wage in Bangkok (Indexed) Land Price (Indexed) Condominiun Price (Indexed)

Prepared by Investor Relations Department

U CITY PCL

CONTENTS

35

Section 1 U City in Brief Section 2 Business Profile Section 2.1 Recurring Income Property Business Hospitality Office Section 2.2 Residential Property Business Section 2.3 Land Bank Section 3 Financial Performance Section 3.1 Latest Full Year Financial Summary & Future Guidance Section 3.2 Latest Quarter Financial Performance & Business Updates Section 4 Future Projects Appendices

Prepared by Investor Relations Department

U CITY PCL

NATIONWIDE LANDBANK PORTFOLIO 30 SEP 2018 BOOK VALUE OF LAND BANK

THB bn Book Value % Near Mass Transit Bangkok & Vicinities 6.6 77% Upcountry 1.4 0% Total 8.0 64%

Total of 906.6 rai (1.45mn sqm) divided into 137.5 rai (0.22mn sqm) located in Bangkok & Vicinities and 769.2 rai (1.23mn sqm) upcountry. Bangkok & Vicinities 137.5 rai (22.0 ha) Nakorn Ratchasima 767.1 rai (122.7 ha)

LAND BANK POST UE TRANSACTION

Sufficient Land Bank For Multi-Year Development

36

Section 2.3: Land Bank

Khukhot 51.7 rai (8.3 ha)

a 4 c f 5 1 2 d e b h g 6

Ratburana 27.5 rai (4.4 ha) Suksawad 16.6 rai (2.7 ha) Roi Chak Sam 5.2 rai (0.8 ha) Bangkrachao 25.4 rai (4.1 ha) Mochit 11.1 rai (1.8 ha)

3 Land Bank Recurring Income Assets Residential Projects & Properties

Residential a. The LINE Jatujak – Mochit b. The LINE Sukhumvit 71 c. The LINE Ratchathewi d. The LINE Asoke-Ratchada e. The BASE Garden Rama 9 f. The LINE Pradipat g. THE LINE Sukhumvit 101 h. Khun by Yoo i. The BASE Petkasem 29 j. The MONUMENT Thonglor k. The LINE Sathorn l. The LINE Wongsawang

i k

Chonburi (to be disposed) 2.0 rai (0.3 ha) Key Land Bank Along Existing and Future Mass Transit Lines

Recurring Income Assets

• 1. U Sathorn Hotel
• 2. Eastin Grand Sathorn Hotel
• 3. Eastin Thana City
• 4. TST Tower
• 5. The Unicorn
• 6. Verso International School

l

Prepared by Investor Relations Department

U CITY PCL

CONTENTS

37

Section 1 U City in Brief Section 2 Business Profile Section 2.1 Recurring Income Property Business Hospitality Office Section 2.2 Residential Property Business Section 2.3 Land Bank Section 3 Financial Performance Section 3.1 Latest Full Year Financial Summary & Future Guidance Section 3.2 Latest Quarter Financial Performance & Business Updates Section 4 Future Projects Appendices

Prepared by Investor Relations Department

U CITY PCL

20,364 35,726 4,785 4,326 25,149 40,052 31 Dec 16 31 Dec 17 Current Assets Total Assets

U CITY FINANCIAL PERFORMANCE

38 Cash 31 Dec 16: THB 0.3bn 31 Dec 17: THB 1.4bn Current Investments 31 Dec 16: THB 0.3bn 31 Dec 17: THB 0.2bn Long-Term Investments 31 Dec 16: THB 0.5bn 31 Dec 17: THB 0.2bn Restricted Deposits 31 Dec 16: THB 0.1bn 31 Dec 17: THB 0.1bn Gross Debt 31 Dec 16: THB 4.7bn 31 Dec 17: THB 15.6bn Adjusted Net Debt 31 Dec 16: THB 4.1bn 31 Dec 17: THB 14.1bn Issued Total Shares 31 Dec 16: 561.4bn 31 Dec 17: 561.4bn

Assets Breakdown (THB mn) Liabilities & Equity Breakdown (THB mn)

18,856 17,796 2,375 19,717 3,918 2,539 25,149 40,052 31 Dec 16 31 Dec 17 Series4 Current Liabilities Non-Current Liabilities

THB mn FY 2017 FY 2016 % YoY 4Q 2017 4Q 2016 % YoY 3Q 2017 % QoQ Total Revenue 4,453 1,165 282.1% 1,674 356 370.2% 1,571 6.6% Operating Revenue 4,030 1,090 269.7% 1,570 334 370.1% 1,459 7.6% Gross Operating Profit (GOP) 2,563 723 254.5% 981 262 274.4% 924 6.2% SG&A 1,995 761 162.2% 709 308 130.2% 643 10.3% Share of Profit (1) (9) (87.7)% (4) (10) (64.3)% 1 N.A. Operating EBITDA* 567 (11) N.A. 268 (46) N.A. 283 (5.1)% Finance Costs 620 131 373.3% 193 62 211.3% 255 (24.3)% Net Profit (1,049) (322) 233.0% 1 (145) N.A. (908) N.A. Recurring Net Profit** (127) (322) (60.4)% 18 (145) N.A. (91) N.A. GOP Margin 63.6% 66.4% 62.5% 78.3% 64.3% EBITDA Margin 4.7% 5.5% 24.3% 17.4% 22.2% Operating EBITDA Margin* 14.1% (1.0)% 17.1% (13.9)% 12.1% Net Profit Margin (23.6)% (27.6)% N.A. (40.8)% (37.8)% Recurring Net Profit Margin** (2.9)% (27.6)% 1.1% (40.8)% (8.4)%

Section 3.1: Latest Full Year Financial Summary & Future Guidance

Prepared by Investor Relations Department

U CITY PCL

GUIDANCE 2018

39

EBITDA Margin ≥25%

Total Revenue

+35 - 50% YoY

THB 6,000 - 6,700mn

Hospitality Revenue

+50 - 63% YoY

THB 5,800 - 6,300mn Office Revenue

+24 - 67% YoY

THB 200 - 270mn

Section 3.1: Latest Full Year Financial Summary & Future Guidance

Prepared by Investor Relations Department

U CITY PCL

CONTENTS

40

Section 1 U City in Brief Section 2 Business Profile Section 2.1 Recurring Income Property Business Hospitality Office Section 2.2 Residential Property Business Section 2.3 Land Bank Section 3 Financial Performance Section 3.1 Latest Full Year Financial Summary & Future Guidance Section 3.2 Latest Quarter Financial Performance & Business Updates Section 4 Future Projects Appendices

Prepared by Investor Relations Department

U CITY PCL

FINANCIAL PERFORMANCE OVERVIEW

41

PROFIT & LOSS

THB mn 3Q 2018 3Q 2017 % YoY 2Q 2018 % QoQ

Total Revenues 1,782.5 1,571.3 13.4% 1,791.0 (0.5)% Operating Revenue 1,699.5 1,459.5 16.5% 1,642.9 3.4% Gross Operating Profit (GOP) 1,078.1 923.9 16.7% 1,031.6 4.5% SG&A 825.1 641.2 28.7% 767.8 7.5% EBITDA (19.0) (422.2) (95.5)% 411.9 N.A. Share of Profit 9.4 1.3 606.8% (24.7) N.A. Finance Cost 132.5 254.8 (48.0)% 458.2 (71.1)% Net Profit/Loss (387.5) (880.5) (56.0)% (253.7) 52.8% Recurring Net Profit/Loss* 10.5 (63.7) N.A. (253.7) N.A. GOP Margin 63.4% 63.3% 62.8% EBITDA Margin (1.1)% (26.9)% 23.0% Operating EBITDA Margin** 22.3% 25.1% 23.0% Net Profit Margin (21.7%) (56.0)% (14.2)%

* Excludes one-off items such as impairment charges, one-off expenses and profit/loss from discontinued operation ** Excludes impairment charges and one-off expenses

3Q 2018 REVENUE GROWTH CONTRIBUTION 3Q 2018 REVENUE CONTRIBUTION BY SEGMENT

Hospitality THB 1,600mn 89.7% Office THB 75mn 4.2%

THB 1,783mn

Others* THB 108mn 6.1%

* Includes property management revenue

82.5% (2.7)% 12.8% (THB mn) 1,571 1,783 181 34 (3) 3Q 2017 Hospitality Office Others* 3Q 2018

Section 3.2: Latest Quarter Financial Performance & Business Updates

Prepared by Investor Relations Department

U CITY PCL

(880) (388) 1,700 9 13 (621) (825) (355) (133) (175) Net Loss 3Q 2017 Operating Revenue Operating Cost SG&A Impairments Finance Cost

• Deprec. &

Amort. Share Profit of Investment Tax & Others Net Loss 3Q 2018

FINANCIAL PERFORMANCE OVERVIEW

42

(THB mn)

Share of Profit from Associates & JVs

• JV Sansiri

9

• AHS

2

• Keystone JVs (2)

FX Gain Vienna House Loans THB 106mn (excluding gain, finance cost was THB (238)mn) Vienna House Operating Expenses THB 435mn (70% of operating cost)

• 1. Vienna House SG&A THB 464mn (56% of SG&A cost)
• 2. One-off expenses THB 122mn

One-off Impairment of NMG shares THB 355mn Section 3.2: Latest Quarter Financial Performance & Business Updates

Prepared by Investor Relations Department

U CITY PCL

4,969 444 335 937 5,304 1,381 9M 2017 9M 2018 Investments CAPEX

BALANCE SHEET & CASH FLOW

43

CAPEX & PROPERTY INVESTMENTS (THB mn) 9M CASH FLOW (THB mn)

(5,659)

* Others includes translation adjustment and cash & cash equivalents of subsidiaries at acquisition and selling date

6.3% 93.7% 67.9% 32.1% 1,383 3,927 (451) (1,312) 3,582 725

Beginning Cash 31 Dec 17 CFO CFI CFF Others Ending Cash 30 Sep 18

(THB mn) 17,858 29,153 19,627 22,121 2,577 3,087 40,062 54,361 31 Dec 17 30 Sep 18 Equity Non-Current Liabilities Current Liabilities 35,710 46,886 4,352 7,475 40,062 54,361 31 Dec 17 30 Sep 18 Non-Current Assets Current Assets 10.9% 89.1% 13.8% 86.2% 6.4% 44.6% 49.0% 5.7% 53.6% 40.7% (THB mn) (THB mn)

* Others includes translation adjustment and cash & cash equivalents of subsidiaries at acquisition and selling date

Prepared by Investor Relations Department

U CITY PCL

DEBT STRUCTURE

44

KEY RATIOS 4.4% Weighted Average Cost of Debt 6.8 years Weighted Average Maturity of Debt

Fixed Rate 10% Floating Rate 90% EUR 52% GBP 1% THB 47%

BREAKDOWN BY INTEREST BREAKDOWN BY CURRENCY THB 1,502mn THB 19,106mn Current Debt Non-Current Debt 30 Sep 2018: 20,608mn 31 Dec 2017: 18,087mn Total Interest Bearing Debt 30 Sep 2018: 0.53x 31 Dec 2017: 0.93x Net D/E Ratio 30 Sep 2018: 0.71x 31 Dec 2017: 1.01x D/E Ratio

Section 3.2: Latest Quarter Financial Performance & Business Updates

Prepared by Investor Relations Department

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7,083 7,063 7,022 8,923 10,076 9,579 466 1,253 1,253 10,251 16,229 15,583 669 7,549 8,316 8,275 19,174 26,305 25,162 1Q '17 2Q '17 3Q '17 4Q' 17 1Q '18 2Q '18 3Q '18 Operational Keys Pending Keys

45

HOSPITALITY SEGMENT OVERVIEW

Section 1: Financial Performance Type 2018 2019 2020 2021 Total Owned 194 (1) 394 (1) 588 (2) Leased 260 (2) 200 (1) 607 (1) 1,067 (4) Managed 3,229 (12) 5,859 (10) 4,840 (5) 13,928 (27) Total 194 (1) 3,489 (14) 6,059 (11) 5,841 (7) 15,583 (33)

UPCOMING KEYS TIMELINE BREAKDOWN OF REVENUE BY TYPE & SOURCE OPERATING EBITDA (THB mn) & MARGIN (%) TOTAL HOTEL KEYS

( ) = no of hotels Note: All figures above, save for operating EBITDA are based on management accounts which haven’t been subject to eliminations and adjustments

100.0% 71.7% 65.3% 62.4% 65.3% 59.8% 60.5% 21.3% 24.4% 25.4% 25.5% 28.9% 27.4% 7.0% 10.3% 12.2% 9.2% 11.3% 12.1% 100.0% 36.5% 18.5% 20.7% 25.6% 19.3% 21.0% 1Q '17 2Q '17 3Q '17 4Q '17 1Q '18 2Q '18 3Q '18 Owned Leased Managed % Thai Sourced Revenue 91 48 69 90 113 66 95 48 266 284 30 267 357 91 96 335 374 143 333 452 30.8% 15.3% 23.6% 24.5% 11.2% 21.7% 28.3% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0%

• 100

200 300 400 500 600 700 800 1Q '17 2Q '17 3Q '17 4Q '17 1Q '18 2Q '18 3Q '18 Operating EBITDA Thailand Operating EBITDA Overseas Operating EBITDA Margin

Prepared by Investor Relations Department

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46

HOSPITALITY SEGMENT - OWNED AND OPERATING LEASED HOTELS OVERSEAS

REVENUE BREAKDOWN (THB mn) GROSS OPERATING PROFIT (THB mn) & MARGIN (%)

Note: All figures above are based on management accounts which haven’t been subject to eliminations and adjustments. Owned hotels include freehold & financial lease hotels

OCCUPANCY RATES OF KEY EUROPEAN MARKETS

Source: Eurostat, STR

Section 3: Appendix

HOTEL ADR, OCCUPANCY RATE & REVPAR (THB)

236 687 674 565 722 721 143 371 411 344 429 409 379 1,058 1,085 909 1,151 1,130 1Q 2017 2Q 2017 3Q 2017 4Q 2017 1Q 2018 2Q 2018 3Q 2018 Owned Operating Leased 106 333 267 191 296 307 56 136 153 92 166 141 162 469 420 283 462 448 42.8% 44.4% 38.7% 31.1% 40.2% 39.6% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0%

• 100

200 300 400 500 600 700 800 900 1,000 1Q 2017 2Q 2017 3Q 2017 4Q 2017 1Q 2018 2Q 2018 3Q 2018 Owned Operating Leased GOP Margin 2,864 2,844 2,835 2,709 2,913 2,878 2,090 2,096 1,869 1,746 2,052 2,039 73.1% 74.1% 65.6% 64.1% 70.4% 70.90% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0%

• 500

1,000 1,500 2,000 2,500 3,000 3,500 4,000 1Q 2017 2Q 2017 3Q 2017 4Q 2017 1Q 2018 2Q 2018 3Q 2018 ADR RevPAR Occupancy 40.3% 50.5% 61.7% 46.0% 45.3% 52.5% 77.8% 38.8% 47.0% 53.7% 42.2% 37.0% 47.0% 62.8% 32.8% 40.6% 49.4% 35.9% 34.3% 42.0% 61.7% 1Q '17 2Q '17 3Q '17 4Q '17 1Q '18 2Q '18 3Q '18 Czech Rep Germany Poland

Prepared by Investor Relations Department

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47

HOSPITALITY SEGMENT - OWNED AND OPERATING LEASED HOTELS IN THAILAND

REVENUE BREAKDOWN (THB mn)

Note: All figures above are based on management accounts which haven’t been subject to eliminations and adjustments. Owned hotels include freehold & financial lease hotels

GROSS OPERATING PROFIT (THB mn) & MARGIN (%) OCCUPANCY RATES WITHIN THAILAND

Source: Bank of Thailand

Section 3: Appendix

HOTEL ADR, OCCUPANCY RATE & REVPAR (THB)

260 207 281 274 346 270 302

• 11

50 54 260 207 281 274 357 320 356 1Q '17 2Q '17 3Q '17 4Q '17 1Q '18 2Q '18 3Q '18 Owned hotels Operating Leased 116 70 96 126 141 83 107 3 10 12 116 70 96 126 144 93 119 44.5% 34.0% 34.2% 45.9% 40.5% 28.9% 33.3% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0%

• 50

100 150 200 250 300 350 400 1Q '17 2Q '17 3Q '17 4Q '17 1Q '18 2Q '18 3Q '18 Owned Operating Leased GOP Margin 3,385 2,762 2,847 3,549 3,556 2,884 3,170 2,785 2,128 2,354 2,883 2,972 2,160 2,562 80.8% 77.1% 83.0% 80.3% 82.8% 74.9% 80.8% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0%

• 500

1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 1Q '17 2Q '17 3Q '17 4Q '17 1Q '18 2Q '18 3Q '18 ADR RevPAR Occupancy 76.9% 73.1% 73.5% 74.9% 81.3% 75.9% 73.3% 68.2% 54.1% 51.1% 65.2% 72.2% 60.2% 53.2% 73.4% 67.5% 63.7% 69.4% 77.0% 71.4% 65.4% 1Q '17 2Q '17 3Q '17 4Q '17 1Q '18 2Q '18 3Q '18 Central North Overall

Prepared by Investor Relations Department

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48

HOSPITALITY SEGMENT - VIENNA HOUSE MANAGEMENT PLATFORM

Section 1: Financial Performance - Hospitality

REVENUE BREAKDOWN (THB mn) KEY FACTORS

• 24 owned & leased hotels, 2 JV hotels and 9 third-party managed

hotels for a total of 35 operating hotels under management within the platform

• High season effect of 3Q and receipt of incentive fees
• Strong performance of French hotels in particular
• 4 hotels undergoing renovation

OPERATING EBITDA (THB mn) & MARGIN (%)

Note: All figures above are based on management accounts which haven’t been subject to eliminations and adjustments. Owned hotels include freehold & financial lease hotels

HOTEL ADR, OCCUPANCY RATE & REVPAR (THB)

21 91 122 63 109 119 1 6 5 3 5 3 25 60 69 63 74 84 47 157 196 129 188 206 1Q '17 2Q '17 3Q '17 4Q ' 17 1Q '18 2Q '18 3Q '18 Management Fee Technical Services Others 3 29 42 3 53 67 6.0% 18.4% 21.3% 2.3% 27.9% 32.4% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 10 20 30 40 50 60 70 80 90 1Q '17 2Q '17 3Q '17 4Q '17 1Q '18 2Q '18 3Q '18 Operating EBITDA Operating EBITDA Margin 2,995 3,153 2,971 2,765 3,181 3,261 2,236 2,369 2,032 1,655 2,305 2,440 74.7% 75.1% 68.4% 59.9% 72.5% 74.8% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 1Q '17 2Q '17 3Q '17 4Q '17 1Q '18 2Q '18 3Q '18 ADR RevPAR Occupancy

Prepared by Investor Relations Department

U CITY PCL

49

OFFICE SEGMENT OVERVIEW

Section 1: Financial Performance - Office

REVENUE BREAKDOWN BY BUILDING (THB mn) EBITDA (THB mn) & MARGIN (%) NET FLOOR AREA (SQM) & BLENDED OCCUPANCY RATE UNDER RENOVATION

UNDERWOOD STREET TST TOWER 8,747 8,747 8,747 8,747 8,747 8,747 8,747 2,370 2,370 2,370 2,370 2,370 2,370 16,115 16,064 16,061 100% 100% 100% 100% 100% 100% 100% 0% 20% 40% 60% 80% 100% 120%

• 5,000

10,000 15,000 20,000 25,000 30,000 35,000 40,000 1Q '17 2Q '17 3Q '17 4Q '17 1Q '18 2Q '18 3Q '18 Gracechurch Underwood TST Tower Occupancy 39 38 37 42 39 57 38 1 4 2 2 6 28 30 39 39 41 44 47 85 68 1Q '17 2Q '17 3Q '17 4Q '17 1Q '18 2Q '18 3Q '18 Gracechurch Underwood TST Tower 29 28 31 6 29 59 39 72.7% 71.5% 75.6% 14.3% 61.9% 69.0% 57.0%

• 200.0%
• 150.0%
• 100.0%
• 50.0%

0.0% 50.0% 100.0% 10 20 30 40 50 60 70 80 1Q '17 2Q '17 3Q '17 4Q '17 1Q '18 2Q '18 3Q '18 EBITDA EBITDA Margin

Prepared by Investor Relations Department

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50

R.EVO MUNICH HOTEL OPERATING LEASE SIGNED

• 607 keys
• 20 + 5 year operating lease
• Combine living & work spaces to

promote a vibrant community. Embracing cool designs that captures the contemporary zeitgeist

• Conveniently located near metro,

tram and bus stations

• Catchment area includes the

Military University and listed companies such as Siemens HQ, Allianz HQ, Linde AG HQ, Infineon Technologies AG, BSH AG

• Munich is 3rd largest city in

Germany with 1.5mn inhabitants

• A major cultural, technological,

financial and business centres in Germany and in Europe. Munich has the highest number of DAX- listed companies in the country Section 3: Business Updates

Note: Images are for reference only

Prepared by Investor Relations Department

U CITY PCL

UBM+VH HOTELS JV SIGNED

51

Ownership 50% Vienna International Hotelmanagement AG 50% UBM hotels München GmBH Registered Capital EUR 4.7mn Purpose Engage in hotel management services

UBM+VH hotels München GmBH

Who is UBM Development?

• One of the leading hotel developers in Europe
• Total assets of EUR 1.1bn
• Future development pipeline of EUR 1.8bn, including 12

hotels totaling 3,200 keys

• Vienna House currently manages on UBM’s behalf 2

hotels in Paris totaling 794 keys and operates 353 keys in Munich under the UBM+VH JV Section 3: Business Updates

Prepared by Investor Relations Department

U CITY PCL

VHE LEIPZIG 205 KEYS VHE KRONBERG 96 KEYS VH MOKOTOW WARSAW 164 KEYS VHE RAUNHEIM 200 KEYS R.EVO MUNICH 607 KEYS

Section 3: Business Updates

EASTIN THANA CITY 194 KEYS EASTIN GRAND PHAYATHAI 394 KEYS 1 Dec 2018 2018 2019 2019 2020 2021 2021 NOW OPEN

Note: Excludes managed hotels

OWNED AND OPERATING LEASE EXPECTED FUTURE PIPELINE

A FURTHER 1,655 OWNED AND OPERATING LEASE KEYS WE’RE TARGETING TO BE OPERATIONAL BY 2021

52

Prepared by Investor Relations Department

U CITY PCL

BUSINESS UPDATES

14 ADDITIONAL DESTINATIONS THAT VIENNA HOUSE IS CURRENTLY LOOKING TO EXPAND TO HAMBURG / DE RIGA / LV GLIWICE / PL DÜSSELDORF / DE VIENNA / AT WROCLAW / PL ROSTOCK / DE TALLINN / EE FLENSBURG / DE DUISBURG / DE ROTTERDAM / NL SCHLADMING / AT SCHAAN / LI

Section 3: Business Updates

53

BANGKOK / TH

Prepared by Investor Relations Department

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54

SHAREHOLDERS APPROVE OF REVERSE STOCK SPLIT AND CAPITAL REDUCTION

Section 3: Business Updates At the EGM held at Eastin Makkasan Hotel on 12 October, shareholders approved all agendas, including: 1) A reduction of the Company’s registered capital 2) A reverse stock split of U City ordinary and preferred shares at a ratio of 100:1 3) A minor capital increase via private placement for rounding fractional shares 4) A capital decrease for the reduction of the Company’s deficit and share discount Board of Directors Approved the transaction U City EGM record date U City EGM for shareholders’ approval Private placement (PP) subscription for rounding purpose Par value per share adjusted to THB 100 Rights adjustment of all warrants (U-W1 -> U-W4) Commence trading with new par value after reverse stock split 30 Aug 18 12 Oct 18 31 Oct 18 14 Sep 18 17 Oct 18 5 Nov 18 Commence trading with new par value of THB 3.2 after capital reduction End of Dec 18 Creditor objection period (2 months)

Prepared by Investor Relations Department

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55

PROFORMA PRE- AND POST-TRANSACTIONS

Unit Pre Reverse Stock Split and Capital Reduction (Separate F/S as of 30 June 2018) Post Reverse Stock Split 100:1 and Capital Reduction* Registered capital THB mn

1,682,739 44,900

Paid up capital THB mn 935,429 29,934 Share discount THB mn (895,601)

• Retained earnings

(Retained loss/deficit) THB mn (9,519) (25)** Other components THB mn (349) 10 Total shareholders’ equity THB mn 29,960 29,919 Registered shares mn shares 1,682,739 14,031 Paid up shares mn shares 935,429 9,354 Par value/share THB 1.00 3.20 Trading price/share THB

0.03 3.00

* Based on management accounts as of 30 Aug 2018 **Including operating loss, impairment of investment in NMG and allowance for impairment of investment in BMP during 1 July – 30 Aug 2018

Prepared by Investor Relations Department

U CITY PCL

CONTENTS

56

Section 1 U City in Brief Section 2 Business Profile Section 2.1 Recurring Income Property Business Hospitality Office Section 2.2 Residential Property Business Section 2.3 Land Bank Section 3 Financial Performance Section 3.1 Latest Full Year Financial Summary & Future Guidance Section 3.2 Latest Quarter Financial Performance & Business Updates Section 4 Future Projects Appendices

Prepared by Investor Relations Department

U CITY PCL

Project value Approximately THB 9.5bn Land Area 7.3 Rai or 1.2 Ha (11,749.6 sqm) GFA 120,400 sqm Location Adjacent to 2 mass transit stations: BTS Phayathai Station and Airport Rail Link Status Under Construction Project period Approximately 48 months Construction period

Project Details 51 levels of mixed use complex building comprising retail, office, 4-star hotel and premium residences Retail NFA: 2,816 sqm Office NFA: 22,499 sqm Premium Residence 118 units NFA: 7,560 sqm Hotel 397 keys NFA: 20,714 sqm

3Q 2017 3Q 2021 Start Completion

THE UNICORN, PHAYATHAI

57

Section 4: Future Projects

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U CITY PCL

The Unicorn: Commercial Preliminary Concept Design

58

Section 4: Future Projects

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U CITY PCL

The Unicorn: Hotel Preliminary Concept Design

59

Section 4: Future Projects

Prepared by Investor Relations Department

U CITY PCL

Project value Approximately THB 2.5bn Land Area 6.3 Rai or 1.0 Ha (10,148 sqm) Location On the Chao Praya Riverside, Soi Charoenkrung 36, Bangrak, Bangkok Concept Focus on the harmony between the ancient custom house and new building Management Company Inhouse brands and management platform Status Awaiting cabinet approval of new lease terms

Project Details A luxurious 5-star hotel project in a rare, historic, colonial-era heritage building located along magnificent Chao Praya Riverside,

• n Charoen Krung road.

Total Area NFA: 12,300 sqm World-Class Dining Experience 5-Star Luxurious Hotel

ROI CHAK SAM

60

Section 4: Future Projects

Prepared by Investor Relations Department

U CITY PCL

A 50:50 joint venture between U City and Hong Kong Corporation who has extensive experience in International School to provide educational services for up to 1,800 students from grades 1 to 12

VERSO INTERNATIONAL SCHOOL AT THANA CITY

61

Project Details

Project value Approximately THB 2.5bn Land Area 109.8 Rai or 19.1 Ha (191,642 sqm) Location Thana City Concept Providing unique learning experience and paring modern technology and contemporary teaching techniques Status Under Construction Project period Approximately 36 months Construction period 2017 1Q 2020 Start Completion

Section 4: Future Projects

Prepared by Investor Relations Department

U CITY PCL

CONTENTS

62

Section 1 U City in Brief Section 2 Business Profile Section 2.1 Recurring Income Property Business Hospitality Office Section 2.2 Residential Property Business Section 2.3 Land Bank Section 3 Financial Performance Section 3.1 Latest Full Year Financial Summary & Future Guidance Section 3.2 Latest Quarter Financial Performance & Business Updates Section 4 Future Projects Appendices

Prepared by Investor Relations Department

U CITY PCL

Hotel RevPAR YTD YoY % Change September 2018 in Euros

Source: STR

Paris +16.7% 2018F +12% Berlin +5.3% 2018F +6% Prague (1.1)% Warsaw (2.7)% Bucharest +4.1%

RevPAR +3.0% RevPAR (1.6)% RevPAR (2.5)% RevPAR -4.5% RevPAR (4.1)% RevPAR 14.3% RevPAR (0.2)% RevPAR (5.7)% Section 3: Appendix

63

Bratislava +0.8%

Europe Asia Pacific North America South America Middle East Northern Africa Southern Africa Australia & Oceania Eastern Europe

RevPAR +8.8%

Northern Europe

RevPAR +1.2%

Southern Europe

RevPAR +1.3%

Western Europe

RevPAR +5.2%

Czech Republic

RevPAR +1.0%

Germany

RevPAR +2.0%

Poland

RevPAR +0.7%

Romania

RevPAR +4.4%

Slovakia

RevPAR +2.5%

Prepared by Investor Relations Department

U CITY PCL

Key FX Rates - YoY Development

EUR:PLN EUR:THB EUR:CZK GBP:THB

Section 3: Appendix

64

0.993 0.991 0.953 0.943 0.880 0.900 0.920 0.940 0.960 0.980 1.000 1.020 1.040 EUR:PLN EUR:CZK EUR:THB GBP:THB

Prepared by Investor Relations Department

U CITY PCL

Key FX Rates – QoQ Development

EUR:THB EUR:CZK EUR:PLN

Section 3: Appendix

0.979 0.991 0.972 0.966 0.930 0.940 0.950 0.960 0.970 0.980 0.990 1.000 1.010 1.020 EUR:PLN EUR:CZK EUR:THB GBP:THB GBP:THB

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ASSETS TYPE AGREED PRICE (THB MN) AVANI KHON KHAEN HOTEL 960.0 ANANTARA CHIANG MAI HOTEL 240.0* ANANTARA SERVICED SUITES SERVICED APARTMENT 110.0 KORAT LAND 690.0 CHARANSANITWONG LAND 510.0 CHONBURI LAND 7.0 PARK RAMINDRA CONDOMINIUM 330.0 PARK ARAN BOULEVARD COMMERCIAL 154.6 TOTAL 3,001.6 TOTAL STILL UNSOLD 2,337.0

Asset Disposed in 1Q 2018

ASSET DISPOSAL

PROGRESS OF ASSETS TO BE DISPOSED

* Excludes outstanding debts and interest owed that will also be acquired by the purchaser

Section 3: Appendix

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U CITY PCL

U CITY ORGANISATION CHART

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Project Green Co., Ltd BTS Assets Co., Ltd Lombard Estate Holdings Limited Thirty Three Gracechurch 1 Limited Vienna House Capital GmbH Underwood Street Limited PrannaKiri Assets Co., Ltd Siam Paging and Communication Co., Ltd Tanayong Food and Beverage Co., Ltd BTS Land Co., Ltd Mak8 Co., Ltd Nine Square Co., Ltd Unison One Co., Ltd Absolute Hotel Services Co., Ltd BTS Sansiri Holding One Co., Ltd BTS Sansiri Holding Two Co., Ltd Thana City Golf & Sports Club Co., Ltd BTS Sansiri Holding Three Co., Ltd Muangthong Assets Co., Ltd BTS Sansiri Holding Four Co., Ltd BTS Sansiri Holding Fifteen Co., Ltd Keystone Estate Co., Ltd BTS Sansiri Holding Five Co., Ltd BTS Sansiri Holding Sixteen Co., Ltd BTS Sansiri Holding Seven Co., Ltd BTS Sansiri Holding Eighteen Co., Ltd BTS Sansiri Holding Eight Co., Ltd BTS Sansiri Holding Nineteen Co., Ltd Ratburana Property Co., Ltd BTS Sansiri Holding Six Co., Ltd BTS Sansiri Holding Seventeen Co., Ltd Keystone Management Co., Ltd BTS Sansiri Holding Nine Co., Ltd BTS Sansiri Holding Twenty Co., Ltd Nuvo Line Agency Co., Ltd. BTS Sansiri Holding Twenty One Co., Ltd BTS Sansiri Holding Twenty Two Co., Ltd BTS Sansiri Holding Eleven Co., Ltd BTS Sansiri Holding Twenty Three Co., Ltd NPARK Global Holding Co., Ltd BTS Sansiri Holding Fourteen Co., Ltd Absolute Hotel Services (HK) Ltd 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 100% 100% 50% 100% 100% 100% 50% 100% 100% 50% 100% 100% 75.47% 71.6% 100% 100% 100% 100% 100% 100% 100% 100% Natural Hotel Panwa Co., Ltd Kamkoong Property Co., Ltd 100% 100% Natural Hotel Sukhumvit Co., Ltd Natural Park Ville Co., Ltd Natural Real Estate Co., Ltd 100% Richee Property Co., Ltd 100% Park Gourmet Co., Ltd 100% Park Opera Co., Ltd 100% 100% 100% 38.99%

U City PCL

Tanayong Hong Kong Ltd. 12.26% 100% Tanayong Property Management Co., Ltd

Appendix: Company Organisation Chart

Vienna International Hotelmanagement AG 100% Hotel Office Alternative Residential Dormant 30% 70% Vienna House Asia Limited Vienna House (Thailand) Co., Ltd 30% 70% 100% EGS Assets Co., Ltd BTS Sansiri Holding Twenty Four Co., Ltd 50% BTS Sansiri Holding Twelve Co., Ltd BTS Sansiri Holding Twenty Five Co., Ltd BTS Sansiri Holding Thirteen Co., Ltd Siripat Three Co., Ltd 50% 50% 50% 50% JV Khon Kaen Buri Co., Ltd 100% 100% Boombaramee Metta Property Co., Ltd Pacific Chiang Mai Co., Ltd Pacific Hotel Chiang Mai Co., Ltd 100% 100% U Global Hospitality Co., Ltd 100%

Prepared by Investor Relations Department

U CITY PCL

U CITY

Board of Directors

• Mr. Keeree Kanjanapas

Chairman

• Mr. Rungsorn Sriworasat

Independent Director / Chairman of Audit Committee Nomination and Remuneration Committee

• Mr. Chaiwat Atsawintarangkun

Independent Director / Chairman of Nomination and Remuneration Committee / Audit Committee

• Mr. Plakorn Wanglee

Independent Director / Audit Committee / Nomination and Remuneration Committee

• Mr. Paisal Tarasansombat

Independent Director / Audit Committee / Nomination and Remuneration Committee

• Mr. Surajit Gongvatana

Director / Chairman of Executive Committee

• Mr. Kavin Kanjanapas

Director

• Mr. Kong Chi Keung

Director

• Ms. Piyaporn Phanachet

Executive Director / Chief Executive Officer

• Mr. Sayam Siwarapornskul

Executive Director / Chief Legal Officer / Company Secretary Executives

BOARD OF DIRECTORS AND EXECUTIVES

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• Ms. Piyaporn Phanachet

Chief Executive Officer

• Ms. Soraya Satiangoset

Chief Financial Officer

• Mr. Veerapong Rodjanawarodom

Chief Operating Officer

• Mr. Sayam Sriwarapornskul

Chief Legal Officer/ Company Secretary

VIENNA HOUSE

Executives

• Mr. Rupert Simoner

Chief Executive Officer

• Ms. Johanna Weichselbaumer

Chief Financial Officer

• Mr. Martin Ykema

Chief Operating Officer

• Mr. Daniel Ross

Chief Investment Officer

ABSOLUTE HOTEL SERVICES

Executives

• Mr. Jonathan Wigley

Chief Executive Officer

• Mr. John Westoby

Director

• Mr. Aekawee Chugkorn

Finance Director Appendix: Board of Directors and Executives

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U CITY PCL

Hotel Under Keys Country Hotel Under Keys Country

Freehold Operating Lease

1 Anantara Chiang Mai U City 111 Thailand 1 U Sathorn U City 86 Thailand 2 Avani Khon Kaen U City 195 Thailand 2 U Chiang Mai U City 41 Thailand 3 Eastin Thana City Golf Resort U City 194 Thailand 3 VHE Leipzig Vienna House 205 Germany 4 Eastin Grand Hotel Phayathai U City 394 Thailand 4 VH Kronberg Vienna House 96 Germany 5 Eastin Grand Sathorn U City 390 Thailand 5 VH Andel’s Berlin Vienna House 557 Germany 6 U Inchantree Kanchanaburi U City 50 Thailand 6 VHE Berlin Vienna House 152 Germany 7 VH Diplomat Prague Vienna House 398 Czech Rep 7 VH QF Dresden Vienna House 95 Germany 8 VHE Angelo Pilsen Vienna House 144 Czech Rep 8 VHE Raunheim Vienna House 200 Germany 9 VHE Angelo Katowice Vienna House 203 Poland 9 R.Evo Munich Vienna House 607 Germany 10 VHE Airport Bucharest Vienna House 176 Romania 10 VH Andel’s Cracow Vienna House 159 Poland 11 VHE Amberg Vienna House 110 Germany 11 VH Warsaw Vienna House 164 Poland 12 VHE Bad Oeynhausen Vienna House 146 Germany Total Operating Lease 11 Hotels 2,362 13 VHE Braunschweig Vienna House 176 Germany 14 VHE Castrop-Rauxel Vienna House 84 Germany

Managed Hotels

15 VHE Coburg Vienna House 123 Germany 1 VH Martinspark Dornbirn Vienna House 98 Austria 16 VHE Guenzburg Vienna House 100 Germany 2 Marriott Minsk Vienna House 217 Belarus 17 VHE Bratislava Vienna House 167 Slovakia 3 VH Andel’s Prague Vienna House 290 Czech Rep Total Freehold 17 Hotels 3,161 4 Angelo by VH Prague Vienna House 168 Czech Rep

Financial Lease

5 VH Dvorak Karlovy Vary Vienna House 126 Czech Rep 1 VH Amber Baltic Vienna House 192 Poland 6 VH Dream Castle Paris Vienna House 397 France 2 VHE Cracow Vienna House 220 Poland 7 VH Magic Circus Paris Vienna House 396 France 3 VH Andel’s Lodz Vienna House 277 Poland 8 Holiday Inn Munich Leuchtenbergring Vienna House JV 146 Germany 4 VHE Landsberg Vienna House 103 Germany 9 Holiday Inn Munich Westpark Vienna House JV 207 Germany 5 VHE Limburg Vienna House 99 Germany 10 Angelo by VH Ekaterinburg Vienna House 211 Russia 6 VHE Neckarsulm Vienna House 95 Germany 11 Liner Airporthotel Ekaterinburg Vienna House 152 Russia 7 VHE Trier Vienna House 105 Germany 8 VHE Wuppertal Vienna House 130 Germany Total Financial Lease 8 Hotels 1,221

OUR HOTEL PORTFOLIO

A Eurasian Hotel Business with 93 Hotels totaling 25,162 Keys

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Section 3: Appendix

Prepared by Investor Relations Department

U CITY PCL

Hotel Under Keys Country Hotel Under Keys Country Managed Hotels Managed Hotels 12 U Tropicana Alibaug AHS 38 India 38 Travelodge Sukhumvit 11 AHS JV 224 Thailand 13 Eastin Residences Vadodara AHS 44 India 39 Travelodge Pattaya Central AHS JV 164 Thailand 14 Eastin Easy Aishwarya Talegaon AHS 90 India 40 Travelodge Jomtien AHS JV 150 Thailand 15 Eastin Easy Pen AHS 350 India 41 Travelodge Phuket Town AHS JV 180 Thailand 16 Eastin Easy Vita AHS 26 India 42 Travelodge Jatujak AHS JV 200 Thailand 17 U Paasha Seminyak Bali AHS 99 Indonesia 43 U Mui Nhe AHS 108 Vietnam 18 U Janevalla Bandung AHS 119 Indonesia 44 U Phu Quoc AHS 150 Vietnam 19 U Lombok AHS 110 Indonesia 45 U Riverside Hoi An AHS 150 Vietnam 20 Eastin Ashta Resort Canguu Bali AHS 119 Indonesia 46 U Danang AHS 125 Vietnam 21 Eastin Hotel Manardo AHS 150 Indonesia 47 Eastin Grand Hotel Saigon AHS 268 Vietnam 22 Eastin Residences Muscat AHS 50 Oman 48 Eastin Hotel Saigon AHS 310 Vietnam 23 Mountain Lodge By U AHS 7 Thailand 49 Eastin Lakeside Hotel Hanoi AHS 90 Vietnam 24 U Sukhumvit AHS 82 Thailand 50 Eastin Hotel Nha Trang AHS 210 Vietnam 25 U Zenmaya Phuket AHS 50 Thailand 51 Eastin Grand Hotel Panorama Nha Trang AHS 1,086 Vietnam 26 U Pattaya AHS 44 Thailand 52 Eastin Grand Resort Danang AHS 115 Vietnam 27 U Niman Chiang Mai AHS 147 Thailand 53 Eastin Hotel & Residences Hanoi AHS 210 Vietnam 28 U Khao Yai AHS 63 Thailand 54 Eastin Hotel Fansipan Halong AHS 334 Vietnam 29 U Jomtien AHS 64 Thailand 55 Eastin Grand Hotel Vung Tau AHS 4,000 Vietnam 30 U Kata Phuket AHS 86 Thailand 56 Skye By Travelodge Nha Trang AHS JV 4,300 Vietnam 31 U Hua Hin AHS 132 Thailand 57 Travelodge Vung Tau AHS JV 400 Vietnam 32 U North Pattaya AHS 270 Thailand Total Managed 57 Hotels 18,418 33 U Bang Rak Samui AHS 60 Thailand 34 Eastin Hotel Makkasan AHS 280 Thailand 35 Eastin Hotel Tan Chiang Mai AHS 130 Thailand 36 Eastin Hotel Harbour Bangkok AHS 446 Thailand 37 Eastin Residences Sri Racha AHS 180 Thailand

OUR HOTEL PORTFOLIO

A Eurasian Hotel Business with 93 Hotels totaling 25,162 Keys

70

Section 3: Appendix

Prepared by Investor Relations Department

U CITY PCL

• TST Tower

THAILAND

• U Sathorn
• U Inchantree Karnchanaburi
• Eastin Thana City Golf

Resort Bangkok

• International School
• Absolute Hotel Services
• Thana City Golf & Sports Club
• Tanayong Property Management

Hotel (7%) Office (6%) Services (2%) Under Development (13%) Land Bank (17%)

• Ratburana
• Khao Yai, Pakchong,

Nakorn Ratchasima

• 21 BTS-SANSIRI JV

Companies Residential (55%)

UNICORN ENTERPRISES TRANSACTION

Overview of Assets Acquired and Divested

71

THAILAND

• Eastin Grand Sathorn
• 33 Gracechurch St. UK
• 6-14 Underwood St. UK

INTERNATIONAL

• 24 hotels under Vienna

House & Vienna House Easy

• Vienna International Hotel

Management Hotel Office Service

• The Unicorn
• Mo Chit

Complex

• Roi Chak

Sam Developing Land Bank

• Sukhumvit
• Suksawad
• Khukot –
• Bang

Krachao Divestment HOTEL

• Anantara Chiang Mai
• Avani Khon Kaen

RESIDENTIAL

• Park Ramindra
• Park Arun Boulevard
• Anantara Serviced

Suite LAND BANK

• Nakorn Ratchasrima
• Charansanitwong
• Chonburi

100% 35.64%

Selected Assets

Approximate Transaction Value THB 12,248mn Agreed Divestment Value THB 3,001mn

• U Chiang Mai

38.97%

Appendix: Unicorn Enterprises Entire Business Transfer

Prepared by Investor Relations Department

U CITY PCL

PREFERRED SHARES TERMS

7% Dividend Yield Committed Over 5 years

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Appendix: Unicorn Enterprises Entire Business Transfer

TYPE preferred shares with specified dividend ISSUE DATE 5 March 2018 SPECIFIED DIVIDEND THB 0.22 per share per calendar year DIVIDEND ENTITLEMENT for 5 years at dividend rate dividend accumulates at the difference between specified dividend and actual dividend paid until fully paid VOTING RIGHTS 1 share : 1 vote after full payment of cumulative dividend or after 31 December 2027; 10 shares : 1 vote CONVERSION RIGHTS after 31 December 2022 preferred shares are convertible to ordinary shares on quarterly basis CONVERSION RATIO 1 preferred shares : 1 ordinary share ALLOCATION to existing shareholders at the ratio of 5 existing shares : 4 new preferred shares MAXIMUM NO. ISSUED SHARES up to 560,463,736,238 shares of which:

• up to 26,384,191,176 (offered to BBL)
• up to 470,197,192,120 (offered to existing shareholders)
• up to 63,882,352,942 (offered to UE)

ACTUALLY ISSUED

• 374,057,516,140 shares (66.7% of maximum)

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U CITY PCL

U-W3 & U-W4 WARRANTS TERMS

Sweetener For Preferred Share Issue

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TICKER U-W3 U-W4 TERMS 5 years 5 years ISSUE DATE 16 March 2018 16 March 2018 EXPIRY DATE 15 March 2023 15 March 2023 EXERCISE PERIOD 15 March 2019 - 15 March 2023 (Quarterly) 15 March 2019 - 15 March 2023 (Quarterly) EXERCISE RATIO 1 warrant : 0.01 ordinary share 1 warrant : 0.01 ordinary share EXERCISE PRICE THB 5 THB 6 ALLOCATION to preference shareholders at the ratio of 2 preferred shares : 1 warrant to preference shareholders at the ratio of 2 preferred shares : 1 warrant

• NO. ISSUED

WARRANTS up to 49,501,008,065 warrants (maximum) 45,133,272,059 warrants (outstanding) up to 236,119,919,590 warrants (maximum) 141,895,485,954 warrants (outstanding) WARRANT PRICE

• TRADEABLE ON SET

No Yes EXPECTED PROCEEDS THB 2,256.7mn (outstanding) THB 8,513.7mn (outstanding)

Appendix: Unicorn Enterprises Entire Business Transfer

Prepared by Investor Relations Department

U CITY PCL

U CITY WARRANTS

U-W1 & U-W2 Warrants

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TICKER U-W1 U-W2 TERMS 5 years 5 years ISSUE DATE 7 November 2014 20 April 2015 EXPIRY DATE 6 November 2019 6 November 2019 EXERCISE PERIOD 30 December 2016 - 6 November 2019 (Quarterly) 30 December 2016 - 6 November 2019 (Quarterly) EXERCISE RATIO 1 warrant : 0.01 ordinary share 1 warrant : 0.01 ordinary share EXERCISE PRICE THB 6 THB 4.7 ALLOCATION to ordinary shareholders at the ratio of 1 ordinary share : 1 warrant to ordinary shareholders at the ratio of 2 ordinary shares : 1 warrant

• NO. ISSUED

WARRANTS up to 180,637,710,882 warrants (maximum) 180,628,313,882 warrants (outstanding) up to 100,043,438,606 warrants (maximum) 100,043,438,606 warrants (outstanding) WARRANT PRICE

• TRADEABLE ON SET

Yes No EXPECTED PROCEEDS THB 10,838.3mn (maximum) THB 10,837.7mn (outstanding) THB 4,702.0mn (outstanding)

Appendix: Previous Warrants