Zen Corporation Group Public Company Limited 782/1 Soi Onnuch 17, Suanluang, Bangkok 10250 THAILAND. Tel: 02-0195000 13 May 2019 No. ZEN 2562-018 Subject Management Discussion and Analysis for 3

. Financial Position Analysis Unit : MB As at As at Change 30 June 2019 31 December 2018 MB % Cash and cash equivalents 67.34 159.65 (92.31) -57.82 Current investment 102.98 156.04 (53.06) -34.01 Securities

first project is in Phra Nakorn Sri Ayutthaya outlet and continues to roll-out to other outlets in the future. Financial Position Analysis Unit : MB As at As at Change 30 September 2019 31 December 2018

1 Ref: AC.008/2020 25 February 2020 Subject: Management discussion and analysis of financial position and operating results To: President and Manager The Stock Exchange of Thailand Overall operating

1 Ref: AC.016/2019 4 May 2019 Subject: Management discussion and analysis of financial position and operating results To: President and Manager The Stock Exchange of Thailand Overall operating

-1- AIT (VP-SEC) 024E/2018 November 6, 2018 Subject: Management's Discussion and Analysis of Operating Results for Q3–2018 To: The President of The Stock Exchange of Thailand Summary of Operations Q3

and Analysis (MD&A) for year 2017 9 Table : The production and the domestic demand of Finished Steel in 2016 and 2017 Total Apparent Finished Steel (Unit : Tons) 2016 2017 % Change Production 7,957,351

Management’s Discussion and Analysis (MD&A) for year 2017 (Revised) 1 1. Highlights G Steel Public Limited and its Subsidiaries Management’s Discussion and Analysis (MD&A) for year 2017 (Revised

-Translated Version- No. ECF2 032/2020 14 August 2020 Subject: Management Discussion and Analysis of the 2nd quarter and 6-month period ended 30 June 2020 To President The Stock Exchange of Thailand

from the se n increasin accounts re ion Baht, w d net profit m r revenues group can s ome from deb d others om collection ccounts rece me and relate ues ces Analysis, Q2/2 gement Disc ent Exchange o