Tender Offer for all Securities in Thai British Security Printing Public Company Limited, Increase of the Registered Capital, Allocation of the Newly Issued Ordinary Shares to the Company’s Existing

TRANSLATION) Readers should be aware that only the original Thai text has legal force and that this English translation is strictly for reference. Notification of the Capital Market Supervisory Board No. Tor

Airways Public Company Limited and its Subsidiaries Management’s Discussion and Analysis for the year ended 31 December 2019 Executive Summary The Thai economy in the last quarter in 2019 continued to grow

. RESULTS OF OPERATION (Unit : Million Baht) Consolidated Financial Statements 2018 2017 % Change Revenue from Sales and Services 1,708.3 1,633.8 4.6% - Operating Revenue1 1,679.7 1,570.2 7.0% - Other Revenue

: Baht millions) For the year ended 31 st March Consolidated financial statement Apr 2017 - Mar 2018 Apr 2016 - Mar 2017 Change % Change Revenue from sales & service 3,376.19 3,199.82 176.37 5.5% Other

3Q2017. For 9M2018, Net Proft of Baht 1,643.2 million, a 6.5% increased from 9M2017 with Normalized Net Profit of Baht 1,654.1 million, a 52.5% increased from 9M2017. 1. RESULTS OF OPERATION Consolidated

Company Limited S Hotels & Resorts, A Singha Estate Company | www.shotelsresorts.com Page 2 of 8 Discussion of results of operations Consolidated financial statements 9 Months 2018 9 Months 2019 % Change

, 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 and

and Administrative Expenses For the 6-month Period 5 | MANAGEMENT DISCUSSION AND ANALYSIS FOR Q2-2020 FINANCIAL POSITION Assets As of June 30, 2020, total assets on consolidated basis amounted to THB

statements comprise of the consolidated financial statements and the separate financial statements as compared with the financial statements for year 2016 ended December 31, 2016. The Company’s overall