Ref Ref. HF 0021 / 2018 February 23rd, 2018 Subject : Notification of the resolution of the Board of Directors No. 1/2018 To : Director and Manager of The Stock Exchange of Thailand We, Hwa Fong

1 (Translation) MD. 045/2019 February 27, 2019 Re: Management Discussion and Analysis For the Year Ended December 31, 2018 To: President The Stock Exchange of Thailand Management Discussion and

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-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

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transmission and telecommunication tower decreased by 34.91% YoY being impacted by the COVID- 19 outbreak and inspection rescheduling by EGAT. However, the remaining order was completely inspected and delivered

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percent. To : President, The Stock Exchange of Thailand NCL International Logistics Public Company Limited and its subsidiaries (the "Company") would like to clarify the description and analysis of the