June 30, 2019 To The President The Stock Exchange of Thailand Management’s Discussion and Analysis Consolidated Financial Statements For six months ended June 30, 2019 Overall Group Performance Table 1
- Translation - Page 1 of 11 CBG 008/2018 21 February 2018 Subject Management discussions and analysis for the year ending 31 December 2017 To President The Stock Exchange of Thailand We, Carabao
liabilities arising from finance lease of aircrafts to increase by 482.3 million baht. Deferred tax liabilities lower by 583.3 million baht due to changes in market value of the available for sale investment
liabilities rose by 812.3 million baht due to changes in market value of the available for sale investment in securities. 24 ASIA’S BOUTIQUE AIRLINE Shareholders’ Equity Unit: million baht As at June 30,2018
lower by 827.3 million baht due to changes in market value of the available for sale investment in securities. Shareholders’ Equity Unit: million baht As at June 30,2017 As at December 31, 2016 Variance
1,276.9 million baht. Deferred tax liabilities increased by 754.3 million baht due to an acquisition of ATR 72-600 under finance lease liabilities together with changes in market value of the available
baht from the changes in the market value of the available-for-sale investment in securities. The Company has retained loss at the amount of 322.9 million baht, declined by 355.5 million baht. Statement
Management Discussion and Analysis (MD&A) for 2019 Page 1/5 - Translation - J63/002 25 February 2020 Re: Management Discussion and Analysis (MD&A) for 2019 To: President The Stock Exchange of