Page 1 No. VRS_11/2562 Date 14 August 2019 Subject: Management Discussion and Analysis for the quarter ended 30 June 2019 To Director and Manger The Stock Exchange of Thailand Veranda Resort Public

Administration (CFDA) at the beginning of 2 0 1 8 as the Company had to redesign its packaging to comply with the requirements of the license. Furthermore, the Company also found it necessary to adjust its sales

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

equity held indirectly by the Company ("Purchaser"). The Purchaser will invest in real estate project relating to hotels and resorts which comprises 6 properties located in 4 countries, namely: ( 1

วันที่ 10 พฤษภาคม พ -Translation- 1 Ref. LPN/SorKor/109/2561 10th May, 2018 Re: Report on Financial Analysis in Q1/2018 Dear: President The Stock Exchange of Thailand L.P.N. Development Public Co

2017 2018 THB mm % THB mm % Sale Revenue 1. Revenue from selling product under Company’s trademark 1) Facial skincare 296.9 82.7 308.6 79.8 2) Body care 3.8 1.1 1.4 0.4 3) Facial cleansing 21.6 6.0 12.4

วันที่ 10 พฤษภาคม พ -Translation- 1 Ref. LPN/SorKor/208/2561 9th August 2018 Re: Consolidated Financial Statements Analysis Q2/2018 Dear: President The Stock Exchange of Thailand L.P.N. Development

[COMPANY NAME] Ref.: EFORL IR 036/2019 November 14, 2019 Subject: Management Discussion and Analysis Quarter 3 Ending 30 September 2019 To President The Stock Exchange of Thailand 1. Overview

Chye Tek Lionel as the Chief Executive Officer (CEO) to replace Mr. Lee Chye Cheng Adrian who was appointed as the Chief Operating Officer (COO), effective from 1 November 2018 onwards 3) Launched 2

and caused a material fall in in number of tourists especially from China which is our target customers. The number of Chinese tourists slid about 1% from the same period last year (source