outcomes may differ from forecasts. BAM makes no representation or warranty of any type whatsoever on the accuracy or completeness of the information contained herein. 3 Bangkok Commercial Asset Management

1 Zen Corporation Group Public Company Limited 662 Soi Onnuch 17, Suanluang, Bangkok 10250 THAILAND. Tel: 02-0195000 11 November 2019 No. ZEN 2562-023 Subject Management Discussion and Analysis for

market therefore, their sales has no affect to a significant change to the total sales in this quarter. As for the nine month-period ended September 30, 2019 the Company and its subsidiary still has a

Baht 286.5 billion, securities with remaining maturities of more than five years of Baht 18.0 billion, and securities with no maturity of Baht 120.4 billion. Liabilities and Shareholders’ Equity Million

percent of the generated electricity is sold to Alinta Energy, the power purchaser under the PPA, while the remaining 30 percent is sold into the Commonwealth of Australia’s National Electricity Market. 1.5

roughly THB 2,408 mn will be invested during 2017-2018 and the remaining investment amount will be allocated throughout the project development period up until 2024. On 28 June 2017, CPN increased capital

Australia. The project is under construction and expected to achieve full commercial operation in early 2021. The remaining 20.60 percent of uncontracted output from the project will be sold in the Australian

วงจตจุกัร เขตจตจุกัร กรุงเทพฯ 10900 Chatuchak, Chatuchak, Bangkok 10900, Thailand Fax : (662) 936-1669 ทะเบียนเลขที 0107554000097 Registration No. 0107554000097 HYDROTEK PUBLIC COMPANY LIMITED บริษทั

one year to five years to maturity of Baht 284,505 million, securities with remaining maturity of more than five years of Baht 18,037 million, and securities with no maturity of Baht 110,559 million

. 4 Part 2 REIT Information Name of Company:_____________________________________________________ Headquarters located at________________________________________________________ Registration No