the slowdown in fruit juice market in Thailand as well as price competition from competitors in the market. However, domestic branded sales improved 8% QoQ.  Domestic Contract Manufacturing (CMG) sales

group, in order to set up two joint ventures both in Thailand and Indonesia, which expected to become operational by mid-2018.  On 18 January 2018, the Company has entered into an agreement to acquire 65

1 --Translation-- Sor Gor 7/2018 January 19, 2018 Subject: Management Discussion and Analysis for the year ended December 31, 2017 (Unaudited) To: The President The Stock Exchange of Thailand

1 --Translation-- Sor Gor 11/2018 February 22, 2018 Subject: Management Discussion and Analysis for the year ended December 31, 2017 (Audited) To: The President The Stock Exchange of Thailand

and the relevant risk exposure. The effectiveness of this registration statement neither represents that the Ministry of Finance of Thailand, the Securities and Exchange Commission or the Office of the

- Translation - Page 1 of 6 CBG 042/2017 11 August 2017 Subject Management discussions and analysis for the 3-month and 6-month periods ending 30 June 2017 To President The Stock Exchange of Thailand

President The Stock Exchange of Thailand Reference is made to the resolutions of the Board of Director Meeting No. 6/2017 of Carabao Group Public Company Limited (the "Company") held on 11 August 2017 as

Thailand We, Carabao 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

recognition of revenue in Q3/2019. Pop-Up Stores will become the Key Additional Distribution Channel in Q4/2019 As of 30 Sep 2019, there were altogether 38 operating branches in Thailand. According to the

-Vitt and Calpis, Osotspa’s beverage portfolio in Thailand improved by 1.5% YoY to THB 12,306.8 million in 9M18. Subsequently, the Company was able to maintain market share in energy drink at 54% in 9M18