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1 (Translation) MD. 134/2019 August 7, 2019 Re: Management Discussion and Analysis For the Operating Results ended June 30, 2019 To: President The Stock Exchange of Thailand Management Discussion and

Quarter of 2019 and 6-months period ending 30 June 2019 To The President The Stock Exchange of Thailand We, ZEN Corporation Group Public Company Limited (“the Group”), are pleased to provide you our

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, decreased by Baht 153 million or 15% from Q2/2018. The drop was due to the rise in natural gas prices while Fuel tariff (Ft) rate remained constant; therefore, the gross profits of Rayong Central Utility

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The Stock Exchange of Thailand 1. Analysis of Overall Operating Results and Financial Position of the Company and its subsidiary 1.1 Analysis of Overall Operating Results for the Company and its