1 Note: 1) Revenue and Cost that were recognized when there is construction under concession agreements for tap water according to accounting standard TFRIC12 1. ANALYSIS OF FINANCIAL PERFORMANCE For

1 Note: 1) Revenue and Cost that were recognized when there is construction under concession agreements for tap water according to accounting standard TFRIC12 1. ANALYSIS OF FINANCIAL PERFORMANCE In

Management Discussion and Analysis for Interim Business Operation ( Revised ) Financial Performance for the year ended Sebtember 30, 2019 (Unit : Millon Bath) 2019 2019 Inc/(Dec) % Construction

made to the resolutions of the Board of Director Meeting No. 7/2017 of Carabao Group Public Company Limited (the "Company") held on 14 November 2017 as follows: 1. To approve the Company's financial

Management Discussion and Analysis for Interim Business Operation Financial Performance for the year ended Sebtember 30, 2019 (Unit : Millon Bath) 2019 2019 Inc/(Dec) % Construction income 23.88

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

Public Company Limited (the “Company”) and its subsidiaries hereby submit the Annual Financial Statements, ending December 31, 2017 and 2016, together with the clarification of the performance of the

Exchange of Thailand S & P Syndicate Public Company Limited (the “Company”) and its subsidiaries hereby submit the Annual Financial Statements, ending December 31, 2017 and 2016, together with the

securities for sale), financial advisor, lead underwriter, co-underwriter, the effective date of the Registration Statement, the conditions for cancellation of the offer for sale in the case that the amount of

19 - Natural Resources Financial Position Statement of Cash Flows Statement Financial Ratios Environment Management Accounting Management Discussion and Analysis of Business Operation for Q1/2019