U CITY PCL 3Q 2018 EARNINGS PRESENTATION 16 NOV 2018 Prepared by - - PowerPoint PPT Presentation

Prepared by Investor Relations Department

U CITY PCL

3Q 2018 EARNINGS PRESENTATION

16 NOV 2018

U CITY PCL

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 8838 #2301 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 other

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

2

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CONTENTS

3 Section 1 Financial Performance Section 2 Operational Performance Section 3 Business Updates Section 4 Appendix

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U CITY PCL

KEY HIGHLIGHTS 3Q 2018

4

• VH acquired 50% stake in UBM+VH Hotels
• Signed a new operating lease contract for

R.evo Munich hotel

• Launched The Base Saphanmai condominium

under Sansiri JV

• Construction progress of mixed-use building

(Unicorn Phayathai) was 8% completed as at end September

• Construction progress of VERSO International

School was 14% completed as at end September

+222.5% YoY +42.0% YoY

Total Revenue

THB 1,783mn

Recurring Net Profit

10mn vs

(64)mn (3Q ‘17) Net D/E Ratio

0.53x vs

0.93x (31 Dec ‘17) Total Assets

THB 54.4bn

+13.4% YoY

Key Developments

+35.7% from 31 Dec ‘17

Section 1: Financial Performance

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FINANCIAL PERFORMANCE OVERVIEW

5

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)%

Section 1: Financial Performance

* 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

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(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

6

(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) Section 1: Financial Performance

• 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

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

BALANCE SHEET & CASH FLOW

7

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

Section 1: Financial Performance

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)

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DEBT STRUCTURE

8

KEY RATIOS

Section 3: Financial Summary

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

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CONTENTS

9 Section 1 Financial Performance Section 2 Operational Performance Section 3 Business Updates Section 4 Appendix

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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

HOSPITALITY SEGMENT OVERVIEW

10 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

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HOSPITALITY SEGMENT - OWNED AND OPERATING LEASED HOTELS OVERSEAS

11

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

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HOSPITALITY SEGMENT - OWNED AND OPERATING LEASED HOTELS IN THAILAND

12

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

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HOSPITALITY SEGMENT - VIENNA HOUSE MANAGEMENT PLATFORM

13 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

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OFFICE SEGMENT OVERVIEW

14 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

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RESIDENTIAL PROPERTY BUSINESS - SANSIRI JV

15 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 12% and equity IRR 17%

2018

At least 3 JV projects launched

• 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 KHUN 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

16

The LINE Ratchathewi

*Backlog as of 30 September 2018. Not equity adjusted

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

• No. of units

288 85 143 516

10,642 10,620 9,602 1,671 2015 2016 2017 YTD 2018

PRESALES BY QUARTER PRESALES BY YEAR PRESALES BACKLOG SCHEDULE

Section 2.2: Residential Property Business

(THB mn) (THB mn)

RESIDENTIAL PROPERTY BUSINESS - SANSIRI JV

*Net of cancellations

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CONTENTS

17 Section 1 Financial Performance Section 2 Operational Performance Section 3 Business Updates Section 4 Appendix

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R.EVO MUNICH HOTEL OPERATING LEASE SIGNED

18

• 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

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UBM+VH HOTELS JV SIGNED

19

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

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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

20

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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 21

BANGKOK / TH

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CONSTRUCTION PROGRESS - VERSO INTERNATIONAL SCHOOL

22

CONSTRUCTION 14% COMPLETE

Section 3: Business Updates As of end September

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CONSTRUCTION PROGRESS - PHAYATHAI

23

CONSTRUCTION 8% COMPLETE

Section 3: Business Updates As of end September

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SANSIRI JV - THE BASE SAPHANMAI LAUNCHED

24

Date Launched 22 September 2018 Project Value THB 2,697mn

• No. of Units

820 Average Price per Unit THB 3.3mn Presales 16% as of 30 September 2018

Section 3: Business Updates

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SANSIRI JV - THE LINE PHAHONYOTHIN PARK LAUNCHED

25

Date Launched 17 November 2018 Project Value THB 4,913mn

• No. of Units

880 Average Price per Unit THB 5.6mn

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SHAREHOLDERS APPROVE OF REVERSE STOCK SPLIT AND CAPITAL REDUCTION

26 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)

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PROFORMA PRE- AND POST-TRANSACTIONS

27 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

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SANSIRI JV FUTURE PIPELINE

28

THB 76BN

TOTAL PROJECT VALUE

13,500

UNITS

THB 5.6MN

AVERAGE SELLING PRICE PER UNIT

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CONTENTS

29 Section 1 Financial Performance Section 2 Operational Performance Section 3 Business Updates Section 4 Appendix

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GUIDANCE FY 2018

30

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: Appendix

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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 31

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%

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Key FX Rates - YoY Development

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

Section 3: Appendix 32

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

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Key FX Rates – QoQ Development

EUR:THB EUR:CZK EUR:PLN

Section 3: Appendix 33

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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34

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

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 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

Section 3: Appendix 35

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

Section 3: Appendix 36

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

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 Land clearance and preparation Project period Approximately 36 months Construction period 2017 1Q 2020 Start Completion

Section 3: Appendix 37

Prepared by Investor Relations Department

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 VHE 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

38 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

39 Section 3: Appendix

Prepared by Investor Relations Department

U CITY PCL

RENOVATIONS - VHE BRATISLAVA

40

Prepared by Investor Relations Department

U CITY PCL

RENOVATIONS - DIPLOMAT PRAGUE

41

Prepared by Investor Relations Department

U CITY PCL

RENOVATIONS - VHE CHOPIN CRACOW

42

Prepared by Investor Relations Department

U CITY PCL

RENOVATIONS - ANDEL’S BY VH CRACOW

43

Prepared by Investor Relations Department

U CITY PCL

RENOVATIONS - VH AMBER BALTIC

44