a 4-storey office building with total area of 4,446.72 sqm from Noble Development Public Company Limited (Noble) at total investment of THB 800,000,000. MANAGEMENT DISCUSSION & ANALYSIS 2Q 2019 14

Malee Group Public Company Limited and Its Subsidiaries Management Discussion and Analysis For the Q2/2019 and H1/2019 ended 30 June 2019 1. Q2/2019 Highlights Figure 1: Quarterly results  In Q2

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

Management’s Discussion and Analysis (MD&A) For Q1/2018 1 1. Highlights G J Steel Public Limited Management’s Discussion and Analysis (MD&A) Q1/2018 Unit: million Baht 1st Quarter 2018 1st Quarter

เนื#องจากผลต่างจากการแปลงค่างบการเงนิทําให้ส่วนของผู้ถือหุ้นลดลงจํานวน 973.16 ล้านบาท ประกอบกบัการเปลี#ยนแปลงมลูค่ายุตธิรรมของหุน้ EDL-Generation Public Company ทาํใหส้่วนของผู้ ถอืหุน้ลดลงจาํนวน 263.33

sale of 75% of VGI Global Media (Malaysia) Sdn. Bhd. (“VGM”) for THB 360mn to Master Ad Public Company Limited (“MACO”). This transaction is expected to be completed within 3Q 2018/19. The restructuring

Management’s Discussion and Analysis (MD&A) For Q2/2018 1 1. Highlights G J Steel Public Limited Management’s Discussion and Analysis (MD&A) Q2/2018 Unit: million Baht 2nd Quarter 2018 2nd Quarter

Public Company Limited (20 percent). Management Discussion and Analysis For the Three-month and Six-month Periods Ended 30 June, 201" Page 2 1.3 Secur ities Sale Deed to increase investment propor tion in

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

Management’s Discussion and Analysis (MD&A) For Q3/2018 1 1. Highlights G J Steel Public Limited Management’s Discussion and Analysis (MD&A) Q3/2018 Unit: million Baht 3rd Quarter 2018 3rd Quarter