LIMITED ARIP PUBLIC COMPANY LIMITED ARROW SYNDICATE PUBLIC COMPANY LIMITED ASEFA PUBLIC COMPANY LIMITED ASIA AVIATION PUBLIC COMPANY LIMITED ASIA BIOMASS PUBLIC COMPANY LIMITED ASIA CAPITAL GROUP PUBLIC

LIMITED ARIP PUBLIC COMPANY LIMITED ARROW SYNDICATE PUBLIC COMPANY LIMITED ASEFA PUBLIC COMPANY LIMITED ASIA AVIATION PUBLIC COMPANY LIMITED ASIA BIOMASS PUBLIC COMPANY LIMITED ASIA CAPITAL GROUP PUBLIC

LIMITED ARIP PUBLIC COMPANY LIMITED ARROW SYNDICATE PUBLIC COMPANY LIMITED ASEFA PUBLIC COMPANY LIMITED ASIA AVIATION PUBLIC COMPANY LIMITED ASIA BIOMASS PUBLIC COMPANY LIMITED ASIA CAPITAL GROUP PUBLIC

LIMITED ARIP PUBLIC COMPANY LIMITED ARROW SYNDICATE PUBLIC COMPANY LIMITED ASEFA PUBLIC COMPANY LIMITED ASIA AVIATION PUBLIC COMPANY LIMITED ASIA BIOMASS PUBLIC COMPANY LIMITED ASIA CAPITAL GROUP PUBLIC

LIMITED ARIP PUBLIC COMPANY LIMITED ARROW SYNDICATE PUBLIC COMPANY LIMITED ASEFA PUBLIC COMPANY LIMITED ASIA AVIATION PUBLIC COMPANY LIMITED ASIA BIOMASS PUBLIC COMPANY LIMITED ASIA CAPITAL GROUP PUBLIC

LIMITED ARIP PUBLIC COMPANY LIMITED ARROW SYNDICATE PUBLIC COMPANY LIMITED ASEFA PUBLIC COMPANY LIMITED ASIA AVIATION PUBLIC COMPANY LIMITED ASIA BIOMASS PUBLIC COMPANY LIMITED ASIA CAPITAL GROUP PUBLIC

LIMITED ARIP PUBLIC COMPANY LIMITED ARROW SYNDICATE PUBLIC COMPANY LIMITED ASEFA PUBLIC COMPANY LIMITED ASIA AVIATION PUBLIC COMPANY LIMITED ASIA BIOMASS PUBLIC COMPANY LIMITED ASIA CAPITAL GROUP PUBLIC

1 Zen Corporation Group Public Company Limited 662 Soi Onnuch 17, Suanluang, Bangkok 10250 THAILAND. Tel: 02-0195000 8 August 2019 No. ZEN 2562-021 Subject Management Discussion and Analysis for 2nd

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

Public Company Limited and its subsidiaries (Hereinafter called “ The Group” ) would like to submit Management’s discussion and analysis for the Year 2018 with the summary as follows: - 1. Nature of