Enclosure 3 1 INFORMATION MEMORANDUM ON THE CONNECTED TRANSACTION OF G J STEEL PUBLIC COMPANY LIMITED July 14, 2017 After the SSG group, led by SSG Capital Holdings Limited (“SSG CH”) expressed its

1 Zen Corporation Group Public Company Limited 662 Soi Onnuch 17, Suanluang, Bangkok 10250 THAILAND. Tel: 02-0195000 6 May 2021 No. ZEN 2564-009 Subject Management Discussion and Analysis for the 1st

Carnival Magic Project and loan approved for machinery and equipment purchase of THB 40 million, grand total of THB 920 million 12 3) Issuance of debt instruments by group companies and/or other persons

Project and loan approved for machinery and equipment purchase of THB 40 million, grand total of THB 920 million 3) Issuance of debt instruments by group companies and/or other persons including current

assets and the adoption of TFRS 16  Net profit from operation was THB 51mn, an increase of 25.0%  Cash flow for the quarter from operating activities remains positive at THB 65mn KEY BUSINESS AND

and buildings with 9 title deeds of total areas of 5-1-05.8 Rai (2,105.08 Square Wah) located at Rop Wiang, Mueang, Chiang Rai from three sellers; Central Land & House Complex Co., Ltd., C P T Hotel and

Share Purchase Transaction with conditions that GLOW has to complete the sale of GLOW SPP1 Company Limited before or at the same time 1 The purchase price is reduced from the offered price by THB 4.5094

lower D/E ratio was due to lower current liabilities as a result of lower raw material purchase and the contraction of sales in this quarter. (Unit: Baht million) Consolidated cash flows statement As at

1,674.44 million and THB 1,249.63 million respectively, slipping significantly at a rate of 25.37%. The slump in international sales revenue is still accountable for the decrease in sales revenue as

2018, Sales revenue of the Company was recorded at THB 1,256.44 million and THB 983.36 million respectively or equivalent to a drop of 21.73% which is considered a consecutive decline from the last