MANAGEMENT DISCUSSION & ANALYSIS 2Q 2019 14 AUGUST 2019 U CITY PCL 2Q 2019 - MD&A (for three-month period ended 30 June 2019) 1 U CITY PCL 2Q 2019 KEY FINANCIAL HIGHLIGHTS • Total revenue increased

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

time, we have focused on collaboration and synergy with other companies within KASIKORNBANK FINANCIAL CONGLOMERATE, Muang Thai Life Assurance Public Company Limited and our business partners, for service

) a finance company; (c) a securities company; (d) a securities depository center ; (e) a financial institution established under specific law. (2) a contract on an appointment of an agent to undertake

securities company encounters financial problems, the clients’ money under custody of the securities company shall not be protected under the Deposit Protection Agency Act; (3) 2 provide a written contract or

securities company encounters financial problems, the clients’ money under custody of the securities company shall not be protected under the Deposit Protection Agency Act; (3)2 provide a written contract or

6 6 ATR72-600 9 7 Total 38 34 5 ASIA’S BOUTIQUE AIRLINE Two additional ATR72-600 under financial lease were delivered in April and two additional Airbus A319s under operating lease were delivered in

lease contract is completed (Details are shown in the item 4.). 2. Contract parties and relationship Leasor: Central Pattana Public Company Limited and its subsidiaries. (“the Group of Company”) Leasee

from operation only accounted for 70.73 million. 2. Discussion of Financial Position 2.1 Assets As of September 30, 2019, total assets on consolidated basis amounted to THB 2,409.99 million dropped from

2017, resulted from increased in employee expenses & compensations, director remuneration expense, audit fee, training, and utilities. 5. Financial cost The Groups’ has long-term loan from a commercial