Zen Corporation Group Public Company Limited 782/1 Soi Onnuch 17, Suanluang, Bangkok 10250 THAILAND Tel: 02-0195000 18 February 2019 No. ZEN 2562-008 Subject Management Discussion and Analysis for 9

Mrs. Thiphawan Suthathipkun Mrs. Thiphawan Suthathipkun held more than 5 percent of TRUBB’s shares, a wife and mother of a director and executive of Thai Rubber Latex Corporation (Thailand) Public

Mr. Atthawit Thianwiwat Mr. Atthawit Thianwiwat is brother of Miss Panjama Thienwiwat, the insider of a subsidiary of Thai Rubber Latex Corporation (Thailand) Public Company Limited ("TRUBB

meeting No. 10/2019 held on September 10, 2019, approved providing Finance and Accounting operation services to ACS Capital Corporation Limited in the amount of 0.78 million baht or 0.004% of the Company

-Australia Corporation Limited (“RAC”) (an indirect subsidiary in which the Company held 80 percent stake) has achieved financial close in order to start the construction of Collinsville Solar Power Project

Thana Sinsap (Thailand) Plc. No. 10/2019 held on September 10, 2019 had a resolution of the connected transaction as follows: Date of agreement: Company Date of agreement ACS Capital Corporation Limited

Director’s meeting No. 3/2017 held on March 17, 2017, approved the transaction with AEON Capital Corporation Limited for supporting on the business operation including marketing research and support as well as

Wakabayashi H - - - Board of Director’s meeting No. 3/2018 held on March 20, 2018, approved the transaction with ACS Capital Corporation Limited for supporting on the business operation and system support in

Thana Sinsap (Thailand) Plc. No. 3/2017 held on March 17, 2017 had a resolution of the connected transaction as follows: Date of agreement: Company Date of agreement ACS Capital Corporation Limited (“ACS

Company's NTA. - Board of Director’s meeting No. 3/2018 held on March 20, 2018, approved the transaction with AEON Capital Corporation Limited for supporting on the business operation and system support in