(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

November 20, 2018 Subject: Clarification of decrease in share price Attention: President Stock Exchange of Thailand Reference is made to inquiries of the Stock Exchange of Thailand concerning the movement of

. (IT).With the referral from the Stock Exchange of Thailand, the SEC?s probe found that during January 31 - February 4, 2013, Pantipa, IT financial controller, had sold 374,440 IT shares through

(PAP) through the trading account of another person to seek unlawful personal gain.Following a referral from the Stock Exchange of Thailand (SET), the SEC?s further investigation has revealed that on