the Year ending 31 December 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

December 2019 To : The President The Stock Exchange of Thailand Bangkok Chain Hospital Public Company Limited (the “Company”) would like to report the operating results for year ended 31 December 2019 which

-Translation- Ref. WINNER 006/2020 February 27, 2020 Subject: Management Discussion and Analysis (MD & A) for the year 2019 To: The President The Stock Exchange of Thailand 1. Analysis of Overall

1 (Translation) MD. 108/2017 Aug 7, 2017 Re: Management Discussion and Analysis For the Operating Results ended June, 2017 To: President The Stock Exchange of Thailand Management Discussion and

all existing products, reducing Stock Keeping Unit (SKU) and cutting off the unproductive tail of products, and developing new core assortment to reflect market trends which will lead to improved sales

* (%) 75.8% 62.9% Debt to equity (times) 1.0 0.8 Assets turnover* (times) 0.5 0.4 Remark: financial ratios were calculated based on The Stock Exchange of Thailand’s formula. *The Company didn’t restate the

1 (Translation) MD. 182 /2017 Nov 8 , 2017 Re: Management Discussion and Analysis For the Operating Results ended September, 2017 To: President The Stock Exchange of Thailand Management Discussion

. Additionally, in September 2017 the Company has registered to the Stock Exchange of Thailand / Market for Alternative Investment for raising fund resulting in cash and cash equivalent in the proportion of 34.50

(Translation) 14th November, 2017 Ref: SET-2017-020 Re: Management's Discussion and Analysis and operating results for the 3rd Quarter 2017 Dear: The President The Stock Exchange of Thailand Filter

, reducing Stock Keeping Unit (SKU) and cutting off the unproductive tail of products, and developing new core assortment to reflect market trends which will lead to improved sales and margin.  Review new