May 15, 2020 Ref: SET-2020-010 Re: Management Discussion and Analysis for Quarter 1’ 2020 Attn. to: President The Stock Exchange of Thailand Filter Vision Public Company Limited and its subsidiaries

3rd Quarter of 2019 and 9-months period ending 30 September 2019 To The President The Stock Exchange of Thailand We, ZEN Corporation Group Public Company Limited (“the Group”), are pleased to provide

-1- AIT (VP-SEC) 022E/2022 August 11, 2022 Subject: Management's Discussion and Analysis of Operating Results for Q2-2022 To: The President of the Stock Exchange of Thailand Summary of Operations Q1

liabilities that the Company repaid loans from financial institutions. Interest-bearing debt to equity ratio increased from 2.28x to 2.54x because loans from financial institutions reduced less than the

to listed companies with outstanding performance in investor relations activities organised by the Stock Exchange of Thailand (SET) and Money & Banking Magazine. MACO is one of the companies that

* (%) 75.8% 62.9% Debt to equity (times) 1.0 0.8 Assets turnover* (times) 0.5 0.4 Remark: financial ratios were calculated based on The Stock Exchange of Thailand’s formula. *The Company didn’t restate the

Properties REIT Company Limited, the Company’s subsidiary was approved by the Securities and Exchange Commission (SEC) to be the REIT Manager of Real Estate Investment Trust (“REIT Manager”) for five years

receivables 93.0% 81.1% Allowance for doubtful debt 34 32 % of total receivables 4.5% 3.4% LIABILITIES AND SHAREHOLDERS’ EQUITY LIABILITIES AND EQUITY BREAKDOWN 31 MARCH 2017 31 DECEMBER 2017 (Restated) (THB mn

0.75x as of 31 December 2018 because decreases in inventories were more than current liabilities that the Company repaid to loans from financial institutions. Interest-bearing debt to equity ratio

- Translation - Page 1 of 7 CBG 019/2018 11 May 2018 Subject Management discussions and analysis for the 3-month period ending 31 March 2018 To President The Stock Exchange of Thailand We, Carabao