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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

villas with the price point of $900-$1,000 per night. We expect to start construction in 2020 and commercially open by 2022. 50% of share transfer of the joint venture company – Prime Location Management 3

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Operating Revenue consists of Raw Water Sales, Industrial Water Sales, and Wastewater Treatment Services. 2 Other Utilities Revenue consists of Excessive Charge and Service Fees for Wastewater Management 3