Dusit Thani PLC Management Discussion and Analysis For 1Q19 P a g e | 1 Executive Summary In 1Q19, the Company reported net profit of THB 1 million, a decrease of 99.6% from the same period last year

in 4Q/2019 was 0.03. Financial Position (as of 31 December 2019)  Assets  On 31 December 2019, the total assets of the Company stood at THB 12,904.7mn,  a decrease of THB  1,471.7mn, or 10.2% decreased

impacted our net profit leading to a decrease of THB 398 million. Central Retail Corporation Public Company Limited Management discussion and analysis /Page 3 Financial summary for the three-month period

1 Ref: AC.004/2018 26 February 2018 Subject: Management discussion and analysis of financial position and operating results To: President and Manager The Stock Exchange of Thailand Overall operating

hereby clarifies the changes in the performance as follows: FINANCIAL PERFORMANCE Consolidated Financial Statements 2016 2017 Increase/(Decrease) THB mm THB mm THB mm % Total Revenue/1 19,325.0 12,410.0

: Quarterly results  In Q3/2018, the Company and its subsidiary recorded total sales of Baht 1,205 million, a decrease of 20% YoY, mainly due to the drop in export CMG, domestic CMG, and domestic branded sales

increased by THB 2.64 million, compared to the second quarter of 2019 which the negative gross margin was THB 9.67 million. This is mainly due to the decrease in the tourists effected from COVID-19 pandemic

Finance Magazine 4. Deal of the Year from ThaiBMA Best Bond Awards 2017 – the Thai Bond Market Association (ThaiBMA) ABBREVIATION & OUR PROJECTSFINANCIAL PERFORMANCE FINANCIAL POSITION PROGRESS OF PROJECTS

, 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

Dusit Thani PLC Management Discussion and Analysis 4Q18 and FY2018 P a g e | 1 Executive Summary The Company reported net profit of THB 119 million in 4Q18, a decrease of 59.0% from the same period