management. Overall ADR stood at THB 2,922. The occupancy rate was 62.2%. RevPAR of our hotel stood at THB 1,818, which its growth was contributed by owned hotel performance. THB mn MANAGEMENT DISCUSSION

financial position 4. Analysis of the consolidated cash flow 5. Future operating trends Summary of the Company's operating results In 2Q2020, particularly in April, was the peak of the Coronavirus pandemic

13486, including relevant licenses 6,336 square meters 3 76 items of machinery and equipment for the manufacturing business, including relevant licenses - This is to improve the financial position and

volume of chicken processing segment as a result of higher sales volume of chicken export. Nevertheless, the price of major raw material which are corn dropped by 10.52%, overall, the cost of sales for

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

consolidated financial performance and position of the Company and subsidiaries (the “Group”) for the 3-month and 6-month periods ending 30 June 2017 as follows: Consolidated financial performance of the Group

2nd Quarter 2018 Page 2 of 13 Overall Financial Performance and Profitability Business Segment 2Q 2018 2Q 2017 Change 6M 2018 6M 2017 Change THB million % THB million % THB million % THB million % THB

Public Company Limited Interim Management Discussion and Analysis for the 3rd Quarter 2018 Page 2 of 13 Overall Financial Performance and Profitability Business Segment 3Q 2018 3Q 2017 Change 9M 2018 9M

equity ratio was considerably low at 0.25 time. Overall Financial Performance and Profitability Business Segment of GFPT Group 1Q 2020 1Q 2019 Change THB million % THB million % THB million % Chicken

and the consolidated net debt to equity ratio was considerably low at 0.25 time. GFPT Public Company Limited Interim Management Discussion and Analysis for the 3rd Quarter 2019 Page 2 of 13 Overall