1 Ref: AC.028/2018 13 November 2018 Subject: Management discussion and analysis of financial position and operating results To: President and Manager The Stock Exchange of Thailand Overall operating

วนที่ 1 : บทนํา ตามท่ีประเทศสมาชิกใน ASEAN Capital Markets Forum (“ACMF”) ไดประกาศใช ASEAN Green Bond Standards (“ASEAN GBS”) เมื่อเดือนพฤศจิกายน 2560 โดยที่ประชุมไดตกลง รวมกันวาทุกประเทศสมาชิกจะ

capital increase from Initial Public Offering would result in the marked decrease in Debt-to-Equity ratio and financial costs going forward. Management’s Discussion and Analysis S Hotels and Resorts Public

1 Zen Corporation Group Public Company Limited 662 Soi Onnuch 17, Suanluang, Bangkok 10250 THAILAND. Tel: 02-0195000 11 November 2019 No. ZEN 2562-023 Subject Management Discussion and Analysis for

reference. 11 Notification of the Capital Market Supervisory Board No. TorThor. 43/2552 Re: Custody of Clients’ Assets by Securities Companies _________________ By virtue of Section 16/6 of the Securities and

reference. Notification of the Capital Market Supervisory Board No. TorThor. 43/2552 Re: Custody of Clients’ Assets by Securities Companies _________________ By virtue of Section 16/6 of the Securities and

reference. Notification of the Capital Market Supervisory Board No. TorThor. 43/2552 Re: Custody of Clients’ Assets by Securities Companies _________________ By virtue of Section 16/6 of the Securities and

the Securities and Exchange Commission No. Kor Nor. 30/2547 Re: Rules, Conditions and Procedures for Establishment and Management of Funds, dated 10 June 2004 and Clause 2 (2) and Clause 18 (6) of the

the Securities and Exchange Commission No. Kor Nor. 30/2547 Re: Rules, Conditions and Procedures for Establishment and Management of Funds, dated 10 June 2004 and Clause 2 (2) and Clause 18 (6) of the

Clause 19 of the Notification of the Securities and Exchange Commission No. Kor Nor. 30/2547 Re: Rules, Conditions and Procedures for Establishment and Management of Funds, dated 10 June 2004 and Clause 2