., Nongeiroon, Banbueng, Chonburi, Thailand 20220 Tel. 038-160707 Fax. 033-047348 www.ndrubber.co.th No. NDR003/2019 22 February 2019 Subject: Management Discussion and Analysis (MD&A) Report for the Year 2018

No. B52-202002/001 17 February 2020 Subject: Management Discussion and Analysis - for the year ended 31 December 2019. To: The President of Stock Exchange of Thailand B-52 Capital Public Company

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

afterward. The capital increase from Initial Public Offering would result in the marked decrease in Debt- to-Equity ratio and financial costs going forward. On November 14, 2019, the Company entered into the

2.0 million sq.ft /month Table 7: Capital Expenditure 1Q2017 Bt268.7 million 2Q2017 Bt233.7 million An additional investment in Phase 3 of the new plant was made in the second quarter of 2017, which

Translation CEN 022-2017 August 11, 2017 Subject Management Discussion and Analysis for business operation of quarter 2/2017 To The Manager and President The Stock Exchange of Thailand For 3 months

Management Outlook and Strategy May 15, 2017 PACE Development Corporation PLC. CRC Tower All Seasons Place 45th Floor, Wireless Road, Lumpini, Pathumwan, Bangkok 10330 Telephone 02-6543344 Ext.119 http

percent compared to year 2015, due to decrease of salary, employment benefit, doubtful accounts, fees and other administrative expenses which are in line with the Company’s organizational management as

increase of salary, employment benefit, doubtful accounts, fees and other administrative expenses which are in line with the Company’s organizational management as aforementioned details. 5. Finance Costs

4Q2017 1.7 million sq.ft / month 2Q2018 2.0 million sq.ft /month Table 7: Capital Expenditure 1Q2017 Bt 268.7 million 2Q2017 Bt 233.7 million 3Q2017 Bt 305.4 million An additional investment in Phase 3 of