, 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

2. Operation performance according to consolidated financial statement For the three-month period (April 1, 2017 – June 30, 2017) Unit : Million Baht 2017 2016 Revenue from sale and rendering of

half Consolidated financial statement ended 30th Sept ended 30th Sept July - Sept 2017 July - Sept 2017 Change % Change Apr - Sept 2017 Apr - Sept 2017 Change % Change Revenue from sales & service 927.44

consolidated financial statement For the three-month period (July 1, 2017 – September 30, 2017) Unit : Million Baht 2017 2016 Revenue from sale and rendering of services (excluded Fuel Cost) 1,768.59 1,368.21

months For the period of nine months Consolidated financial statement ended 31st Dec 2017 ended 31st Dec 2017 Oct - Dec 2017 Oct - Dec 2016 Change % Change Apr - Dec 2017 Apr – Dec 2016 Change % Change

MANAGEMENT DISCUSSION & ANALYSIS 2Q 2019 7 AUGUST 2019 MASTER AD PUBLIC COMPANY LIMITED NATIONWIDE COVERAGE 1 QUARTERLY BUSINESS REVIEW – 2Q 2019  Consolidated revenue increased by 161.5% YoY to THB

Group Public Company Limited (the “Company” or “CBG”), are pleased to submit management discussion and analysis regarding consolidated financial performance and position of the Company and subsidiaries

is paid at 25 percent of the registered capital. Management Discussion and Analysis For the 1st Quarter Ended 31 March, 2020 Page 5 2. Operation performance according to consolidated financial

1st half of year, the For the period of three months For the period of 1st half Consolidated financial statement ended 30th Sept ended 30th Sept July - Sept 2019 July - Sept 2018 Change % Change Apr

Limited (the “Company”) submitted its separate financial statement and its consolidated financial statement for the year of 2018 ended on 31 December 2018 which were audited by the auditor. The Company