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

construction in December 2020. Solid measures for water management B.Grimm has always put in place guidelines and measures for water management to ensure maximum benefits by means of consuming and preserving

year, and from the provision of employee benefit for retirement, a non-recurring item classified under administrative expenses. Excluding the non-recurring items and the performance of residential

: “intermediary” means a securities company or a derivatives intermediary; “fund management company” means a securities company licensed to undertake securities business in the category of mutual fund or private

attached hereunder: “ intermediary ” means a securities company or a derivatives intermediary. “ fund management company ” means a securities company licensed to undertake securities business in the category

concerning Rules, Conditions and Procedures for Establishment and Management of Infrastructure Fund, or the Notification of the Capital Market Supervisory Board concerning Rules, Conditions and Procedures for

Central Retail Corporation Public Company Limited Page 1 20 February 2020 Re: Management Discussion and Analysis Operating results for the three-month and nine-month period ended September 30, 2019

Osotspa Public Company Limited Management’s Discussion and Analysis (MD&A) Consolidated Financial Results: Q4’19 and FY2019 26 February 2020 FY2019 Management Discussion & Analysis Page 1/6 Financial

At-Ze’s assets value by using Discounted Free Cash Flow Method-Free Cash Flows to Firm. Based on provision assumptions and reviewed on At-Ze’s performance, including future business plan, At-Ze passed

MDA_Q3'17_En (Translation) Management Discussion and Analysis for the 3 rd Quarter ended November 30, 2017 AEON Thana Sinsap (Thailand) Public Company Limited (“The Company”) has already submitted