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

MDA 2017 Q4_FINAL_EN (Translation) Management’s Discussion and Analysis For the operating results of FY2017 Global Green Chemicals Public Company Limited บรษัิท โกลบอลกรนีเคมคิอล จํากดั (มหาชน

vision of the management in order to assist investors to better understand the company's financial status and operation. It also supports the "Good Corporate Governance Project" of the Securities and

./Ton) 1,378 897 Unit: million Baht 30 June 2019 31 December 2018 Fin an cia l St at us Total Liabilities 2,854 5,607 Total Asset 16,997 18,824 Total Equity 14,143 13,218 The Company continued to stride

due to the raising in raw water sales volume and net profit attributable to equity holders of the parent company of 609.48 million Baht, increased by 28.85 million Baht or 4.97%. Income statement

made to disclose information and the vision of the management in order to assist investors to better understand the company's financial status and operation. It also supports the "Good Corporate

detailed information relating to the issuing company of the securities and the conditions of securities, including the suitability for investment and the relevant risk exposure. The effectiveness of this

derivatives investment advisors. ✓ ✓ ✓ ✓ Company profiles and reports on wealth advice service (annually). ✓ 1. Data relating to operating systems and actions with intermediaries; 2. Appraisal companies

demand in Chonburi area. Therefore; the company must transfer water from Prasae reservoir to Chonburi area. 2) Raw water cost increased from purchasing raw water from private source in order to remain the

units. Adjusted net profit grew by 10.3% YoY to THB 228mn. Please find more details of the Company performance in performance analysis 2Q 2017/18. During Royal Cremation Ceremonies for the late King in