Ref. AU 011/2017 - Translation - 11 August 2017 To: Director and the President The Stock Exchange of Thailand Management Discussion and Analysis for the six-month period ended 30 June 2017 After You

-months period ending 31 March 2019 To The President The Stock Exchange of Thailand We, ZEN Corporation Group Public Company Limited (“the Group”), are pleased to provide you our management discussion and

30 July 2019 At: ACC/HO 017/19 Re: Management Discussion and Analysis for the Quarter of 2/2019 To: President The Stock Exchange of Thailand In the second quarter of 2019, the Thai economy inclined

IDH-AC-000-อส6305/04.00 11 May 2020 Re: Management Discussion and Analysis Operating results for the three-month period ended 31 March 2020 To: President The Stock Exchange of Thailand Overview of

Stock Exchange of Thailand With respect to the financial information for the 2nd quarter ended 30 June 2020, as submitted by the Company, which has been audited by the external auditor, considered by the

29 October 2019 At: ACC/HO 023/19 Re: Management Discussion and Analysis for the Quarter of 3/2019 To: President The Stock Exchange of Thailand In the third quarter of 2019, there were concern on the

1 IDH-AC-000-อส6211/08.00 8 November 2019 Re: Management Discussion and Analysis Operating results for the three-month and nine-month period ended 30 September 2019 To: President The Stock Exchange

all existing products, reducing Stock Keeping Unit (SKU) and cutting off the unproductive tail of products, and developing new core assortment to reflect market trends which will lead to improved sales

, reducing Stock Keeping Unit (SKU) and cutting off the unproductive tail of products, and developing new core assortment to reflect market trends which will lead to improved sales and margin.  Review new

improvement as planned, following the improved product mix with an increased sales proportion of higher profit margin products.  In 9M/2019, the Company has opened several new stores, including Index Living