impairment of investments in associate (0.01) (0.05) (1.64) (268.85) Management benefit expenses (11.30) (58.89) (14.16) (2,321.31) Financial cost (0.12) (0.63) (0.14) (22.95) Share of loss in associates

DCORP 025/2020 May 13, 2020 Subject: Management Discussion and Analysis – Explanation of net profit for the quarter ended March 31, 2020 and the increase in the overall operations of more than 20 percent

1 Zen Corporation Group Public Company Limited 662 Soi Onnuch 17, Suanluang, Bangkok 10250 THAILAND. Tel: 02-0195000 24 February 2020 No. ZEN 2563-003 Subject Management Discussion and Analysis for

villas with the price point of $900-$1,000 per night. We expect to start construction in 2020 and commercially open by 2022. 50% of share transfer of the joint venture company – Prime Location Management 3

gross profit margin improved to 61.4% and 57.0%, respectively, due to higher average selling price and better construction cost management. • Revenue from sale of investment properties increased by 45

benefit to the Company and the shareholders. Therefore, the management team has conducted studies to find solutions to minimize the effects of this project. The Company has proposed solutions and discovered

sale transaction for ordinary shares in Prime Locations Management 3 Limited (the "Joint Venture Company"), a wholly owned subsidiary of SHR SC, of 4,000,000 ordinary shares (representing 50% of the

1 Zen Corporation Group Public Company Limited 662 Soi Onnuch 17, Suanluang, Bangkok 10250 THAILAND. Tel: 02-0195000 10 August 2020 No. ZEN 2563-016 Subject Management Discussion and Analysis for the

Operating Revenue consists of Raw Water Sales, Industrial Water Sales, and Wastewater Treatment Services. 2 Other Utilities Revenue consists of Excessive Charge and Service Fees for Wastewater Management 3

the details in Enclosure 1). Please be informed accordingly. Very truly yours, (Mr. Jakkaphong Jakrajutatip) Chief Executive Officer and Managing Director 3 Enclosure 1 Information Memorandum on