right to vote, excluding the vote of the shareholders having a conflict of interest. • Appoint Discover Management Co., Ltd. to be the Independent financial advisor to express and prepare the opinion in

1 Zen Corporation Group Public Company Limited 662 Soi Onnuch 17, Suanluang, Bangkok 10250 THAILAND. Tel: 02-0195000 24 February 2020 No. ZEN 2563-003 Subject Management Discussion and Analysis for

. As a result the operation in the 3rd quarter of , decrease as significantly. These successes are the result from management policies and key expenses in , to prepare us for market expansion and growth

gross profit margin improved to 61.4% and 57.0%, respectively, due to higher average selling price and better construction cost management. • Revenue from sale of investment properties increased by 45

1 Zen Corporation Group Public Company Limited 662 Soi Onnuch 17, Suanluang, Bangkok 10250 THAILAND. Tel: 02-0195000 10 August 2020 No. ZEN 2563-016 Subject Management Discussion and Analysis for the

attached hereunder: “ intermediary ” means a securities company or a derivatives intermediary. “ fund management company ” means a securities company licensed to undertake securities business in the category

hereunder: “intermediary” means a securities company or a derivatives intermediary. “fund management company” means a securities company licensed to undertake securities business in the category of mutual

costs Net profit (loss) Earnings (loss) per share Debt-to-equity ratio (D/E) Return on assets (ROA) Return on equity (ROE) Industry specific ratio such as average occupancy ratio (for hotel business

Management Discussion and Analysis For the Annual Operating Results 2018 Ended December 31, 2018 Note: This Management Discussion and Analysis (MD&A) was made to disclose information and the vision

- 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