investment properties, reverse effective interest rate on loan, professional fees, land transfer fees and sales & marketing expenses for the launch of new residential projects Revenue from sales of house and

ที่บชง (1/6) At Bor Chor Ngor 0391/2017 13 November 2017 Subject: Management Discussion and Analysis of Operating Results for the Third Quarter of 2017 To President The Stock Exchange of Thailand

7.9% in 1Q18. And when compared to 6.9% in 4Q18, decreasing 0.2%, due to the effective in managing service and administrative expenses. Profit 1) Gross profit in 1Q19 was Bt169.29mn, decreasing 7.9

already registered the changes to the Department of Business Development, Ministry of Commerce on April 17, 2019. In this regard, the Company still uses the same stock symbol “RATCH”. Management Discussion

Reporting Standard No. 15 (Revised) : Revenue from Contracts with Customers, effective 1 January 2019 has impacted on the Company and its subsidiaries’ financial statement as follows : o Brand : Adjusting

Financial Reporting Standard No. 15 (Revised) : Revenue from Contracts with Customers, effective 1 January 2019 has impacted on the Company and its subsidiaries’ financial statement as follows : o Brand

1 (Translation) MD. 134/2019 August 7, 2019 Re: Management Discussion and Analysis For the Operating Results ended June 30, 2019 To: President The Stock Exchange of Thailand Management Discussion and

in 2Q19 was Bt55.10mn, representing 6.9% of total revenues from core business, decreasing 0.3% when compared to 7.2% in 2Q18 due to an effective in managing service andadministrative expenses but

quarter of 2021 To The President The Stock Exchange of Thailand We, Zen Corporation Group Public Company Limited (“the company”), are pleased to provide you our management discussion and analysis for the

3rd Quarter of 2019 and 9-months period ending 30 September 2019 To The President The Stock Exchange of Thailand We, ZEN Corporation Group Public Company Limited (“the Group”), are pleased to provide