-Translation- Ref. WINNER 006/2020 February 27, 2020 Subject: Management Discussion and Analysis (MD & A) for the year 2019 To: The President The Stock Exchange of Thailand 1. Analysis of Overall

ขายออนไลน์เพืออํานวยความสะดวกใหก้ับลูกคา้ และมกีารนําผลติภัณฑไ์ปจัดแสดงในงาน แฟร์ต่าง ๆ (ล่าสุดคืองาน Thailand Rubber Expo 2019) วัตถุประสงค์เพือแนะนําผลิตภัณฑ์ให ้ แพรห่ลายมากขึ0น ทั 0งนี0บรษัิทฯ คาด

of Thailand, the decrease in income tax payable of Baht 20 million, while there were Cash and Cash Equivalent Account Receivable, Inventory, and other Current Assets PP&E Non-current Assets Other

THB 823 million, reduced by THB 98 million or 10.60% down from 2Q2016. The revenue from feed segment continued declining in 2Q2017 due to intense competition of feed business in Thailand for both animal

- 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

and Analysis (MD&A) 10 of 10 Thailand, proven record of managing high quality shopping centers, reliable cash flows from contract-based rental and service income, and conservative financial policy. The

คำอธิบายและการวิเคราะห์ของฝ่ายจัดการ 10 November 2017 Re: To clarify the financial statements as of 30 September 2017 To: President The Stock Exchange of Thailand WHA Corporation Public Company

good. The water continually inflow to the reservoirs because the Southwest monsoon prevail over Andaman Sea and Thailand were strengthen. And sometimes monsoon troughs lie across Thailand’s Central and

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