” or “we” or “our” or “us”) would like to inform management discussion and analysis for its results of operations from the consolidated financial statements for the three months ended March 31, 2020 as

quarter from the contraction of the industrial sector that reduced the production of industrial products due to higher production costs, a lower domestic demand and lower demands from trading partners in

Carabao Group Public Company Limited (the "Company") held on August 8, 2019 as follows: 1. To approve payment of interim dividend for the operating results of January to June 2019 from net profit and

, ended as of December 31, 2015 of THB 3,533.44 million which decreased for THB 1,041.29 million or 22.76% from the fiscal year 2014 which realized the revenue THB 4,574.73 million, where the reasons are

Attributed to the stakeholders with non- controlling capability in subsidiary companies 17.53 0.96% 17.85 1.28% (0.32) (1.79) Page 2 of 5 Revenue from the Company's services for the year Ended December 31

% Reversal of Impairment of Assets -3.6 -0.4% 0.2 0.0% 3.8 105.6% Profit from Dispose Investment in 0 0.0% 27.3 2.9% 27.3 n.a. Management Discussion and Analysis (MD&A) for 2019 Page 2/5 2018 2019 YoY Mio

previous year which a net loss of Baht 6.39 million, the loss increase Baht 3.6 million or increase by 56.34% , the main reasons are as follow 1. Revenue from sale , Other income The company had revenue from

2016 In(De)crease % Million Baht % Million Baht % Million Baht % Revenue from sales of real estate 351.68 99.00 351.68 97.43 91.29 91.80 260.39 285.23 Other income 3.55 1.00 9.29 2.57 8.15 8.20 1.14

Performance for the 3 months period ended March 31, 2019 as follows: Unit : Million Baht March 31, 2019 March 31, 2018 Increase (Decrease) Amount % Amount % Amount % Revenues from dental service 116.54 95.75

March 2019, which net profit has changed more than 20% from the last year as follows: Statement of Comprehensive Income Unit: Million Baht 31 March 2019 31 March 2018 Increased (Decreased) Percentage