due to the decrease in Base Availability Credit in 2018 compared to that of 2017, as specified in the Power Purchase Agreement. ,.5 The effect of exchange rate of the Company and its subsidiar ies In

(Translation) NEP-AC 001/2018 22 February 2018 Subject : Management Discussion and Analysis for the year ended 31 December 2017 To : The President The Stock Exchange of Thailand Operating Result NEP

million in 2017 showing a decrease of Baht 13.61 million or 6.74 % decrease due to the abovementioned operating loss and other comprehensive income of loss in future actuarial loss and difference exchange

(Translation) NEP-AC 001/2563 26 February 2020 Subject: Management Discussion and Analysis for year ended December 31, 2019 To : The President The Stock Exchange of Thailand Operating Result NEP

quarter of 2021 To The President The Stock Exchange of Thailand We, Zen Corporation Group Public Company Limited (“the company”), are pleased to provide you our management discussion and analysis for the

percent compared to the second quarter of the previous year, mainly from a decrease in interest paid on bill of exchange. The first six-month period of 2019 Vs 2018 1. Revenues The Company’s total revenues

expenses related to the preparation for listing on the Stock Exchange of Thailand and expenses related to the Stock Exchange of Thailand, (2) THB 0.27 million decrease in professional fees, (3) THB 0.27

- Translation - 9 November 2018 Subject: Management’s Discussion and Analysis for the Operating Results of the 3 rd Quarter of 2018 Attention: The President of the Stock Exchange of Thailand Exotic

million. The decrease of Baht 8.0 million since there were expenses relating to prepare and register to the Stock Exchange of Thailand of the Company in 2019. Administrative expenses for Q4/2020 compared to

Public Company Limited 1 | P a g e November 13, 2019 Subject: Management discussion and analysis of the operating results for the quarter 3/2019 Attn: President The Stock Exchange of Thailand Please find