PowerPoint Presentation Management’s Discussion and Analysis (MD&A) For the Financial Result for the Fiscal Year Ended December 31, 2017 B.GRIMM POWER PUBLIC COMPANY LIMITED Management’s Discussion

issuing company under business reorganization plan that approved by the court under law on bankruptcy or debt restructuring agreement; 4. shareholders of issuing company in accordance with previous

business reorganization plan that approved by the court under law on bankruptcy or debt restructuring agreement; 4. shareholders of issuing company in accordance with previous proportion of shareholding

shareholders’ meeting of issuing company; 3. creditor of issuing company under business reorganization plan that approved by the court under law on bankruptcy or debt restructuring agreement; 4. shareholders of

Thailand We, 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

(F53 N.D. Rubber Public Company Limited (“ No.5/2017 held on November 26, 2017 which has the material resolutions as follows 1. Approved to propose the Shareholders’ Meeting to approve the Company to

Specific Investors (Private Placement), i.e. Silom Road Limited and Mr. Viroj Tangjettanaporn The Board of Directors’ meeting No. 7/2018 of Nation International Edutainment Public Company Limited (the

Capital As the group as no net interest bearing debt and operating working capital is positive the groups funding is from the shareholders equity. Page 2 of 3 Major Factors which could have an Impact on the

group as no net interest bearing debt and operating working capital is positive the groups funding is from the shareholders equity. Page 2 of 3 Major Factors which could have an Impact on the Company's

the company and shareholders as a whole due to the company’s need of financial support or for the purpose of debt restructuring or any other cases; (c) being issued under terms and conditions prescribed