MANAGEMENT DISCUSSION & ANALYSIS 3Q 2019 6 NOV 2019 MASTER AD PUBLIC COMPANY LIMITED 1 13 May 2019 QUARTERLY BUSINESS REVIEW – 3Q 2019  Consolidated revenue increased by 54.0% YoY to THB 748mn o

the Company in June 12, 2018. Discussion of results of operations Consolidated financial statements Six Months 2018 Six Months 2019 % Change from Six Months Ended 2018 and 2019 THB million % THB million

Limited (the “Company”) submitted its separate financial statement and its consolidated financial statement for the year of 2019 ended on 31 December 2019 which was audited by the auditor. The Company

results for the 3-month period ending 31 March 2020 and 2019 (Unit: Thousand Baht) Consolidated Financial Statements Increase (Decrease) Separate Financial Statements Increase (Decrease) 2020 2019 Thousand

). Details of the changes to the Consolidated financial information are as follows: TAS 32 and TFRS 9 TFRS 16 TAS 40 TFRS 16 TAS 40 Assets Current assets Current portion of prepaid rents and services 49 - (39

, 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

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 subsidiaries

“Company”) submitted its separate financial statement and its consolidated financial statement for the first quarter of 2020 ended on 31 March 2020 which were reviewed by the auditor. The Company hereby

– Consolidated (Million Baht) For 3-month period ended March 31, Increase (Decrease) % 2020 2019 Revenues from sales and services 156.84 182.43 (25.59) (14.03%) Gross profit from sales and services 33.38 37.25

of the highest value when calculated from 12-month period net profit criteria consideration based on the latest reviewed consolidated financial statement ended March 31, 2020 which equals to 32.52% and