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

consolidated financial performance and position of the Company and subsidiaries (the “Group”) for the 3-month and 6-month periods ending 30 June 2017 as follows: Consolidated financial performance of the Group

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

% 47.1% 1.0% Room revenue 897,063 876,337 2.4% Food and beverage revenue 959,886 892,851 7.5% Other revenues 348,398 359,884 (3.2%) Hotel income 2,205,346 2,129,072 3.6% Cost of sales and services

Food and Beverage Business In Q3 2018, the total revenues of DEAN & DELUCA (D&D) were 547 million Baht; slightly decreased by 22 % as compared to the same period last year of 702 million Baht. This was

September 30, 2019 was GBP 48 , 69.6%, and GBP 68, respectively. Food and beverage revenue The food and beverage revenue increased by 70.6% from the nine months ended September 30, 2018 to THB 796.7 million

154.1 (2%) 151.0 (0%) Revenue from food and beverage sales 150.4 151.4 (1%) 142.0 11% Total 300.8 305.5 (2%) 293.0 3% Gross Profit (Loss) 61.4 62.8 (2%) 60.9 1% Net Profit/(Loss) for the Period (56.3

% 45.3% 6.9% Room revenue 285,355 250,664 13.8% Food & Beverage revenue 275,493 241,245 14.2% Other revenue 97,372 93,752 3.9% Hotel income 658,220 585,661 12.4% Cost of sales and services 325,621 326,698

of PDS. Currently, PDS is the owner of the master franchise agreement in the food and beverage under various brands, which the Company has the objective to invest in "GRAM Pancakes" and "PABLO

Limited Unit: Million Baht Q3/2019 Q3/2018 %YoY Q2/2019 %QoQ Revenues from Sale and Services 149.3 155.3 (3.9%) 141.9 5.2% Revenues from Sale of Food & Beverage 139.3 129.7 7.4% 157.6 (11.6%) Total revenue