We, Carabao Group Public Company Limited (the “Company” or “CBG”), are pleased to submit management discussion and analysis regarding consolidated financial performance and position of the Company and

profit increased 6%. Distribution costs and administrative expense for the second quarter of 2017 were increased 20%, an increase of 38% compared with the last year, because of transportation and sales

%. Distribution costs and administrative expense for the third quarter of 2017 were decreased 12%, an increase of 27% compared with the last year, because of transportation and sales promotion expensed were

- Translation - MPIC 014/2017 November 8, 2017 Subject: Submit the Financial Statement for the quarter ended September 30, 2017 and clarification for the change of operating result more than 20

Thailand We, Carabao Group Public Company Limited (the “Company” or “CBG”), are pleased to submit management discussion and analysis regarding consolidated financial performance and position of the Company

goods sold 132.88 144.09 (7.79) 145.94 (8.96) 278.81 287.60 (3.06) Distribution costs and administrative expenses Distribution costs 47.18 34.63 36.24 37.54 25.68 84.73 67.99 24.62 Administrative expenses

6.35 263.45 0.77 795.64 792.27 0.43 Cost of goods sold 139.69 129.14 8.17 132.87 5.13 418.50 416.74 0.42 Distribution costs and administrative expenses Distribution costs 46.25 33.48 38.14 47.18 (1.97

คำอธิบายและการวิเคราะห์ฐานะการเงินและผลการดำเนินงาน * Note Please find further information in the consolidated financial statements. 1 February 21st, 2020 Subject: Management Discussion & Analysis

liabilities in the statement of financial position and the past service costs from the plan amendment as expenses in the amount of Baht 3.29 million. Distribution costs The Company booked distribution costs

Operating Results and Financial Position of the Company and its subsidiary 1.1 Analysis of Overall Operating Results for the Company and its subsidiary for the six-month period ended June 30, 2019 Table 1