to an incre s, the detai e Income an e income a than the 3rd income an 16 of 33.7% ing the 3rd q d and bever Service Inc urred rental e 3rd quarter is, Q3/2017 Discussion a hange of Th c Company

period to an incre s, the detai e Income an e income a than the 3rd income an 16 of 33.7% ing the 3rd q d and bever Service Inc urred rental e 3rd quarter is, Q3/2017 Discussion a hange of Th c Company

income tax (income) expenses (380) Profit (loss) for the period before adjusting to new standard (39,024) 4 Zen Corporation Group Public Company Limited 662 Soi Onnuch 17, Suanluang, Bangkok 10250 THAILAND

by 29.8% YoY to THB 2,233mn mainly from the expansion of the hotel business through new hotel launches and through new acquisitions • EBITDA and EBITDA margin were THB 509mn and 22.8% respectively

Afghanistan and additionally from new export destinations. Export sales to CLMV countries, an existing and large international business base for the Company, increased by THB 403 million or 7.3% mainly due to

No. MVP005/2019 9 May 2019 Subject: Management Discussion and Analysis for the 3-month period ended 31 March 2019 To: President and Manager The Stock Exchange of Thailand M Vision Public Company

high carefulness, the Transaction will have more advantage to the Company than disadvantage comparing to the present financial status including seeing the opportunity of developing new project in the

developed by the Company’s subsidiary - Vimarnsuriya, a 65: 35 joint venture between the Company and Central Pattana, is going to develop the existing area of Dusit Thani Bangkok to be a new landmark of

interests of the subsidiaries 0.10 -0.03 0.13 Profit(Loss) attributable to equity holders of the company -20.44 -39.68 19.24 48.48 Financial Position as at June 30 , 2017 and December 31, 2016 (Unit : Million

(107.91) - Share of loss from other associated companies of Baht 6.81 million, mainly due to the operating results of Absolute Yoga Co., Ltd. (The Company holds 30%), which recently opened 9 new branches