February 28, 2020 Ref: SET-2020-003 Re: Management Discussion and Analysis for the year 2019 Attn. to: President The Stock Exchange of Thailand Filter Vision Public Company Limited and its

% 227% Administrative expenses (1,006) (1,599) 59% (281) (367) (664) 81% 137% Gain (losses) on exchange rate (16) 152 (1,067%) 104 312 (65) (121%) (162%) Fair values adjustment of investment property 3

-1- Ref. POL. 028/2020 February 25, 2020 Re: Management Discussion & Analysis of S & P Syndicate Public Company Limited Dear The President The Stock Exchange of Thailand S & P Syndicate Public

S&P MD&A Q3-2017 -1- Ref. POL. 136/2017 November 13, 2017 Re: Clarification of the Performance of S & P Syndicate Public Company Limited Dear The President The Stock Exchange of Thailand S & P

(Translation) NEP-AC 001/2018 22 February 2018 Subject : Management Discussion and Analysis for the year ended 31 December 2017 To : The President The Stock Exchange of Thailand Operating Result NEP

S&P MD&A 2017 -1- Ref. POL. 028/2018 February 23, 2018 Re: Clarification of the Performance of S & P Syndicate Public Company Limited Dear The President The Stock Exchange of Thailand S & P Syndicate

Exchange of Thailand S & P Syndicate Public Company Limited (the “Company”) and its subsidiaries hereby submit the Annual Financial Statements, ending December 31, 2017 and 2016, together with the

percent. To : President, The Stock Exchange of Thailand NCL International Logistics Public Company Limited and its subsidiaries (“NCL Group”) would like to clarify the description and analysis of the

S&P MD&A YE2018-ENG -1- Ref. POL. 029/2019 February 27, 2019 Re: Clarification of the Performance of S & P Syndicate Public Company Limited Dear The President The Stock Exchange of Thailand S & P

-months period ending 31 March 2019 To The President The Stock Exchange of Thailand We, ZEN Corporation Group Public Company Limited (“the Group”), are pleased to provide you our management discussion and