Malee Group Public Company Limited and Its Subsidiaries Management Discussion and Analysis For the Third Quarter and Nine-Month Period Ended 30 September 2017 1. Q3/2017 Highlights Figure 1

profit of the Corporate Group for the 1st quarter 2019 would be Baht 165.62 million or an increase of 18.30 percent. Details of the changes or impacts are described in the Management Discussion and

Osotspa Public Company Limited Management’s Discussion and Analysis (MD&A) Q1’20 Consolidated Financial Results 12 May 2020 Q1’20 Management Discussion & Analysis Page 1/6 Financial Highlights

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

right to purchase, or to convert those securities into, shares of such business; (2) “Business” means a company whose shares are listed on the Stock Exchange; (3) “SEC Notification No. KorChor. 53/2545

For 2018, the Company will still focus on achieving improved Profit Margin; namely: management of room rates for the Hotels Business, while negotiations and signing of purchase agreements for key raw

. Currently, the Company has a paid-up capital of Baht 1,865,376,587 at a par value of Baht 1.00 per share, excluding shares allocated for the exercise of warrants to purchase the Company's ordinary shares No

into the Joint Venture Agreement and the Share Purchase Agreement within December 2017, provided however that the conditions precedent specified in Joint Venture Agreement are satisfied to all parties

Design Power 10,898 22.1 10,135 21.6 10,872 23.2 EVSBG (Electric Vehicle Solutions) 5,017 10.2 2,897 6.2 2,054 4.4 MPBG (Merchant Power) 7,452 15.1 6,653 14.2 5,985 12.8 FMBG (Fan & Thermal Management

estimation for raw material purchasing and production cost management is seriously needed in order to cope with the more dynamic business environment. The raw material reference prices on the world market are