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

million Baht as compared to the same period of last year of 201 million Baht as a result of impairment of fixed asset and provision regarding closure of four stores of 304 million Baht. (2) selling expenses

Limited financial status : Financial Statement March2015 March2016 March2017 (Unit: Thousand Baht) Total asset 16,936.00 8,056.00 18,499.00 Total liabilities 13,041.00 5,339.00 14,795.00 Equity 3,895.00

1 1. ANALYSIS OF FINANCIAL PERFORMANCE Income statement (MB) Q4/2016 Q4/2017 YoY % 2016 2017 YoY % Total Sales and Services revenue 1,043.98 1,039.90 (4.09) (0.39%) 4,376.96 4,308.04 (68.92) (1.57

, 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

December 31, 2019. Debt to equity ratio also increased to 1.2 from 0.7 times as of December 31, 2019, accordingly. Yours sincerely, Pongsarn Klongwathanakith (Pongsarn Klongwathanakith) Chief Financial

from financial institutions 1.26 million Baht, interest expenses 0.07 million Baht and cash paid asset transfer, debt repayment of debentures in the amount of 25.46 million Baht. Please be informed

ending March 5, 2018. Krung Thai Asset Management Public Company Limited, the fund manager, have since terminated the fund and appointed a liquidator. Financial and Operating Performance in 1Q18

estimated doubtful debt of 4 million baht, recorded in the financial statements in accordance with the accounting standard Financial Issue No. 9 - Financial Instruments (TFRS9), thus, the Company has a net

fixed interest rate from 2.05 to 3.01 percent per annum to reduce financial cost and risk management from floating interest rate. As a result, the Company has saved interest expense approximately by Baht