performance. The backlog was around 10% of the total sales that lead to less risk under cost fluctuations. The Company has also managed the risk for exchange rate by forward contract. Please be informed

the Year as at 31 December 2018 To The President The Stock Exchange of Thailand We, ZEN Corporation Group Public Company Limited (“the Group”), are please to inform you our management discussion and

Page 1 of 5 - Translation - Ref. WINNER 0018/2019 May 13, 2019 Re Management Discussion and Analysis (MD & A) for Q1/2019 To The President The Stock Exchange of Thailand 1. Analysis of Overall

the 2nd Quarter of 2017 Ending June 30, 2017 To : The President The Stock Exchange of Thailand The Board of Directors meeting of Ratchaphruek Hospital Public Company Limited (the Company) No. 4/2017

for the 3rd Quarter of 2017 Ending 30 September 2017 To : The President The Stock Exchange of Thailand The Board of Directors meeting of Ratchaphruek Hospital Public Company Limited (the Company) No. 5

: Management explanation and analysis Quarter 2/2020 ending 30 June 2020 Attention: The President of, The Stock Exchange of Thailand ZIGA Innovation Public Company Limited (“the Company”) would like to clarify

due to the efficient cost management in the production of electricity and steam from the Cogeneration power plants. Throughout Q1/2018, the Sriracha Power Plant, which is a Independent Power Producer

impairment loss from investment of Baht 82.63 million in the year 2016.  Finance cost increased of Baht 8.32 million resulted increased of Bill of Exchange issued for providing more working capital.  Other

the Stock Exchange of Thailand Attachment: Management Discussion and Analysis ended 31 December 2017 As the Golden Lime Public Company Limited (“the Company”) has submitted the Auditor’s report on the

2018 of 4.70mb and 3.6mb of exchange losses booked in Q2 2019 in relation to our exposure in foreign currency as a result of strengthening of Thai Baht. We have also booked higher staff cost in marketing