ratio, however, decreased from 41.1% to 39.6% primarily as a result of improved operational efficiency and cost management especially in Outdoor media business. Consequently, the gross profit was up 26.7

store development, Consumer Brands product launch and new international franchise opportunities. Financial and Operational controls have been reassessed and repositioned to allow the company to see better

operational efficiency and cost management especially in the Outdoor media business. Consequently, the gross profit was up 34.3% from THB 442mn to THB 593mn. Gross profit margin increased from 57.2% to 60.6

- Translation - Page 1 of 7 CBG 019/2018 11 May 2018 Subject Management discussions and analysis for the 3-month period ending 31 March 2018 To President The Stock Exchange of Thailand We, Carabao

of MACO. Cost-to-sales ratio, however, decreased from 41.6% to 39.0% primarily due to sales growth outpaced cost growth, improved operational efficiency and cost management especially in the Outdoor

as integrated operators focused on offering higher bundling value than standalone products. 2 2Q18 MD&A Advanced Info Service Plc. 2Q18 Operational Summary In 2Q18, total mobile subscribers were 40.1mn

% primarily due to sales growth outpacing cost growth and improved operational efficiencies. Consequently, gross profit was up 38.2% YoY from THB 496mn to THB 685mn. Gross profit margin considerably increased

President The Stock Exchange of Thailand Reference is made to the resolutions of the Board of Director Meeting No. 3/2018 of Carabao Group Public Company Limited (the "Company") held on 10 August 2018 as

record date) To President The Stock Exchange of Thailand Reference is made to the resolutions of the Board of Director Meeting No. 3/2018 of Carabao Group Public Company Limited (the "Company") held on 10

loss of THB 254mn, mainly from higher finance cost, due to (i) the full quarter consolidation of the acquired hotel business in Europe in which the foreign exchange (FX) loss from loans revaluation and