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

- Translation - Management Discussion and Analysis of the Company’s Performance for the nine-month period ended 30 September 2019 - Translation - JKN GLOBAL MEDIA PUBLIC COMPANY LIMITED Management

26% of total turnovers with the revenue of 10,368 million baht, a decrease of 754 million baht or 7% y-y mainly from a reduction in interest rate ceiling for personal loan by 3%. In the fourth quarter

Krungthai ZMICO Securities Co., Ltd. “Krungthai ZMICO” (formerly KT ZMICO Securities Co., Ltd.), which the Company has 49.71% shareholding, decreased by Baht 5.83 million from last year. Despite the decline

registered share capital. Upon the completion of the transaction, the Company’s shareholding has been diluted from 33.98% to 21.88%, so the Company recognized gain due to the reduction in ownership interest. 4

10.9 percent due to the seasonal epidemic which resulted to the increase in number of both Out- patients and In-patients, the rapid growth of the operating performance of Kasemrad Hospital Ramkamhaeng

Reduction Program* or other internationally recognized verified carbon standard programs;    (2) The revenue shall mainly come from selling carbon credits;    (3) The appraisal of invested assets shall be

SLB with a step-up coupon mechanism linked to the target of GHG emissions intensity reduction, the issuer will pay a higher interest rate on the bond if such target is not met. Furthermore, while Green

summary of the Company’s operating performance in 2018 and 2017 is shown in the following table: FY2018 FY2017 % Change FY2016 % Change [Amount in Baht Million] Y-o-Y Y-o-Y [2018 VS. 2017] [2017 VS. 2016

, mainly from the reclassification of liabilities of Vienna House, being partially offset by, mainly a reduction in long-term loans from financial institutions of THB 530mn, (ii) a decrease in bank