support the growth of the Company group in the future including Fintech in Thailand. In the first quarter of 2019, the Company had operating results according to the consolidated financial statements, with

cash flow for debt repayment and business operation, as the Company has continuous Enclosure Page 4 loss. Thus, the Company considers the business restructure of the Company’s group, whereby the Company

an existing plant. Source of Financial Capital As the group as no interest bearing debt and operating working capital is positive the groups funding is from the shareholders equity. Major Factors which

Zen Corporation Group Public Company Limited 782/1 Soi Onnuch 17, Suanluang, Bangkok 10250 THAILAND. Tel: 02-0195000 28 February 2019 No. ZEN 2562-010 Subject Management Discussion and Analysis for

Zen Corporation Group Public Company Limited 782/1 Soi Onnuch 17, Suanluang, Bangkok 10250 THAILAND. Tel: 02-0195000 13 May 2019 No. ZEN 2562-018 Subject Management Discussion and Analysis for 3

Quarter 2017 2 nd Quarter 2016 Group Revenues 5,445 5,212 Group Sales Volume (k tons) (27) 660 P er fo rm an ce Group EBITDA (735) (14) HRC Sales (k tons) 302 340 HRC Production Volume (k tons) 17,252

accounts decreased by 42.6%. due to the allowances for bad debt and doubtful accounts of the bank are adequate with the Bank of Thailand’s guidelines. LH Financial Group Public Company Limited Management

Exchange of Thailand CAZ (Thailand) Public Company Limited (“the Company”) and its Subsidiary (“the Group”) would like to clarify the change in operating result for the year ended 31 December 2019, which

result of new branch opening at The Mall Bangkapi in October 2018, resulting in the growth in this quarter revenue recognition compared to last year. Moreover, the group has opened a new branch at Central

bondholders to exercise their rights at the upcoming bondholders’ meeting Iris Group Co., Ltd. (IRIS), the issuer of IRIS20OA and IRIS20DA bonds, will convene the bondholders’ electronic meeting No. 1/2566 on 4