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

promotion for the business of distribution of boats and minibus made by aluminum. 4. The financial position of the Company and its subsidiaries as at 31 December 2019 total assets of Baht 3,837.93 million

% Administrative expenses 23.88 21.81 2.07 9.49% Financial costs 0.22 0.02 0.20 1,000.00% Share of profit (loss) of associates (0.12) (0.11) (0.01) 9.09% Profit before income tax expenses 23.00 28.00 (5.00) -17.86

the 3rd quarter ended 30 September 2019 Attn: Director and Manager, The Stock Exchange of Thailand With respect to the financial information for the 3rd quarter ended 30 September 2019, as submitted by

still deficient compared to the other aforesaid areas. More improvements are expected since funds are mostly sold through banks, and investors can purchase funds with a limited number of distribution

Thai Financial Reporting Standards No. 16 re: Lease Agreement for the first time adoption (“TFRS 16”) starting from 1 January 2020, using the cumulative catch-up approach without retroactively adjusting