PAGE 1 OF 4 GEL.CS.014/2563 16 November 2020 Subject: Management Discussion and Financial Analysis for the operating results of the third quarter of 2020, ended September 30, 2020 To: Director and

-consider with the major shareholder regarding the management of Hero Experience’s assets in order to limit the negative effect on the Company. The Company has inquired the management of Hero Experience

Microsoft Word - 2020.07.15_3M 2020_MACO_MDA_EN_Final - Auditor edit MANAGEMENT DISCUSSION & ANALYSIS FOR THE 3-MONTH ENDED MARCH 2020 (3M 2020) 15 JUL 2020 MASTER AD PUBLIC COMPANY LIMITED 1

by 8,500,000 shares (“Seller Group”). The Seller Group has no relationship with management, directors, major shareholders, and controller of the Company and its subsidiaries. Ferrum Energy shall

involved in personnel management and investment in the company very well as individual or / or institutional investors. according to the announcement of the related transaction, in the event that investors

involved in personnel management and investment in the company very well as individual or / or institutional investors. according to the announcement of the related transaction, in the event that investors

memorandum. In order to approve this connected transaction from shareholders, the Company is required to appoint Finnex Advisory Company Limited as the Financial Advisor (“IFA”) who is approved by SEC and

, Clause 38, Clause 43(3), and Clause 44 of the Notification of the Capital Market Supervisory Board No. TorThor. 35/2556 Re: Standard Conduct of Business, Management Arrangement, Operating Systems and

, Clause 38, Clause 43(3), and Clause 44 of the Notification of the Capital Market Supervisory Board No. TorThor. 35/2556 Re: Standard Conduct of Business, Management Arrangement, Operating Systems and

1 Zen Corporation Group Public Company Limited 662 Soi Onnuch 17, Suanluang, Bangkok 10250 THAILAND. Tel: 02-0195000 8 May 2020 No. ZEN 2563-011 Subject Management Discussion and Analysis for the 1st