(Translation) May 15, 2019 Ref: SET-2019-008 Re: Management Discussion and Analysis for Quarter 1’ 2019 Attn. to: President The Stock Exchange of Thailand Filter Vision Public Company Limited and its

Management, a spare gear of similar specification was identified and procured from a foreign Company, which resulted in saving of 12 months of impaired operations. Similarly, actions were also underway for

Sufficiency The Corporate Group has appropriate capital management, having prepared operating cash flows statements every day to acknowledge the daily cash-in and cash-out, in order to learn about liquidity

disclosure of information memorandum. In order to approve this connected transaction from shareholders, the Company is required to appoint Finnex Advisory Company Limited as the Independent Financial Advisor

to purchase the right offering shares; 2.2. Approve CVHLUX to increase capital equivalent to the amount of not exceeding GBP 40.2 million or approximately THB 1,747.5 million by issuing primary shares

has expressed its intention not to purchase the right offering shares; 2.2. Approve CVHLUX to increase capital equivalent to the amount of not exceeding GBP 40.2 million or approximately THB 1,747.5

Microsoft Word - 2020.07.15_3M 2020_MACO_MDA_EN_Final - Auditor edit MANAGEMENT DISCUSSION & ANALYSIS FOR THE 3-MONTH ENDED MARCH 2020 (3M 2020) 15 JUL 2020 MASTER AD PUBLIC COMPANY LIMITED 1

1 Zen Corporation Group Public Company Limited 662 Soi Onnuch 17, Suanluang, Bangkok 10250 THAILAND. Tel: 02-0195000 8 May 2020 No. ZEN 2563-011 Subject Management Discussion and Analysis for the 1st

have the policy to significantly change the management plan, organizational structure and financial structure, save for the implementation of the Company’s plan. However, in order to increase the

November 13, 2017 passed the resolutions to expand investment in Unimit Engineering ( Myanmar) Company Limited for construction of factory and purchase of equipment and machinery for an amount not exceeding