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

P a g e 1 | 8 Management Discussion and Analysis For the nine-month period ended September 30, 2017 The analysis of consolidated financial position as at 30 September 2017 The group’s assets

บริษัท จี สตีล จ ำกัด (มหำชน) G Steel Public Company Limited Management Discussion and Analysis Quarter 3 Ending 30 September 2020 G Steel Public Company Limited Page 1/3 Management Discussion and

168.68 105.06 Other income 1.13 0.42 0.71 169.05 Cost of service 241.86 118.75 123.11 103.67 Expenses of sales 9.87 9.34 0.53 5.67 Expenses of management 43.92 21.66 22.26 102.77 Expenses of financial 0.08

increase of revenue from office segment and management income • EBITDA stood at THB (93)mn, largely from the shortfall of revenue, partially relieved by lower operating costs and selling and administrative

Water Sales, and Wastewater Treatment Services. 2 Other Revenue consists of Excessive Charge, Service Fees for Wastewater Management, and Revenue from Solar Rooftop 3 Gross Profit from Operation excludes

management based on the Company's financial statements for the 12 months ended December 31, 2018 NCL Group gained net profit of 3.16 million Baht or 0.26% of revenue from sales and services, increasing 141.53

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

accordance with percentage of completion of the fair value of assets. The Group’s management also recognized cost of construction under a concession arrangement at actual cost amounting to Baht 131.3 million

investor behavior in the digital era. KASIKORN ASSET MANAGEMENT CO., LTD. remained at the top of the mutual fund business. KASIKORN LEASING CO https://market.sec.or.th/public/idisc/Download?FILEID=dat/news