the Company in June 12, 2018. Discussion of results of operations Consolidated financial statements Six Months 2018 Six Months 2019 % Change from Six Months Ended 2018 and 2019 THB million % THB million

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

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

“Company”) submitted its separate financial statement and its consolidated financial statement for the first quarter of 2020 ended on 31 March 2020 which were reviewed by the auditor. The Company hereby

of the highest value when calculated from 12-month period net profit criteria consideration based on the latest reviewed consolidated financial statement ended March 31, 2020 which equals to 32.52% and

will be recorded as unearned income in S’s consolidated financial statement and recognized as revenue over 30 years start in Q1’2019. In the meantime, S has invested in 20% shareholding in SPRIME

increased or decreased according to the change of business circumstance and relevant factors in the near future while the fixing of the base price with certain discount will be used as a minimum price

ownership on SHR (40%) and performance of SHR included in consolidated financial statement of the Company since November 2019. SHR, the Company’s subsidiary, entered into a joint venture with Wai Eco World

million and the selling expense to revenue from main business ratio is at the rate of 1%. There is no significant change of selling expense from those of the prior year. Administrative expenses In 3Q17, the

significant change in income tax expenses and income tax expenses to revenue from main business ratio from those of the prior year and it is in line with the reduction of profit. Financial position Assets Unit