based on their conditions. Even though our sales volume of energy drinks under Carabao trademark in the United Kingdom improved steadily quarter on quarter, up from the average monthly sales volume of

in significant initial savings United Kingdom The Company has set up new operation in United Kingdom to expand DEAN & DELUCA. United Kingdom is a key region which has large opportunity for growth. The

United Kingdom The Company has set up new operation in United Kingdom to expand DEAN & DELUCA. United Kingdom is a key region which has large opportunity for growth. The first store will be opened by end

investor in the European Economic Area ("EEA") or in the United Kingdom (the "UK"). For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11

in OOH media, payment system and CRM royalty programme business in Indonesia. November • Received the approval to renovate street furniture media on BTS columns by the Bangkok Metropolitan

from “After You” Hongkong, Initial franchise fee and royalty fee from “Mikka” sales • *Actual franchise fee recognized in Q3/2020 was THB 0.75 million Management Discussion & Analysis Q3/2020 • Revenue

franchise royalty fee from Mikka Café during the first half of 2021. 1H/2021 vs 1H/2020 Q2/2021 vs Q2/2020YoY 1H -13% Unit: Million THB Financial PerformanceSignificant EventsExecutive Summary 6 Management

Q3/2021 across Bangkok and other provinces. • Revenue from Franchising in 2021 was THB 10 million, increased by THB 7 million or 233% from 2020 due to the increase in initial franchise fees and royalty

• Revenue recognition of initial franchise fee and other fees including royalty fee from “After You” franchise in Hongkong and “Mikka” brand Catering, Events A N D P O P - U P Franchise F E E I N C O M E

. Taweesuk Srisumrid; 6. Local director 2/ ICUK Entity Intercarabao Limited Country United Kingdom Paid-up and registered capital Pre-transaction: Equivalent to the amount of GBP 14.5 million Post-transaction