คำอธิบายและการวิเคราะห์ของฝ่ายจัดการ 10 May 2018 Re: To clarify the financial statements as of 31 March 2018 To: President The Stock Exchange of Thailand WHA Corporation Public Company Limited (the

the Year ending 31 December 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

Microsoft Word - ACE MDA Q419 - ENG - Final 1 No. ACE-ACC-1/2020 24 February 2020 Subject Management Discussion and Analysis for the year ended 31 December 2019 To President The Stock Exchange of

-Translation- Ref. WINNER 006/2020 February 27, 2020 Subject: Management Discussion and Analysis (MD & A) for the year 2019 To: The President The Stock Exchange of Thailand 1. Analysis of Overall

1 (Translation) MD. 108/2017 Aug 7, 2017 Re: Management Discussion and Analysis For the Operating Results ended June, 2017 To: President The Stock Exchange of Thailand Management Discussion and

* (%) 75.8% 62.9% Debt to equity (times) 1.0 0.8 Assets turnover* (times) 0.5 0.4 Remark: financial ratios were calculated based on The Stock Exchange of Thailand’s formula. *The Company didn’t restate the

1 (Translation) MD. 182 /2017 Nov 8 , 2017 Re: Management Discussion and Analysis For the Operating Results ended September, 2017 To: President The Stock Exchange of Thailand Management Discussion

. Additionally, in September 2017 the Company has registered to the Stock Exchange of Thailand / Market for Alternative Investment for raising fund resulting in cash and cash equivalent in the proportion of 34.50

คำอธิบายและการวิเคราะห์ของฝ่ายจัดการ 10 November 2017 Re: To clarify the financial statements as of 30 September 2017 To: President The Stock Exchange of Thailand WHA Corporation Public Company

2017 proportionately at 31.72%, 14.79%, 15.31% and 13.28% of total assets. Additionally, in September 2017 the Company has registered to the Stock Exchange of Thailand (MAI) for raising fund resulting in