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Zen Corporation Group Public Company Limited 782/1 Soi Onnuch 17, Suanluang, Bangkok 10250 THAILAND. Tel: 02-0195000 28 February 2019 No. ZEN 2562-010 Subject Management Discussion and Analysis for

1: Overall Financial Performance Unit: million baht Jan-Mar 2019 % Jan-Mar 2020 % Change % YoY Revenue 132.54 100.0% 179.21 100.0% 46.67 35.2% Cost (73.41) (55.4%) (93.71) (52.3%) (20.30) 27.7% Gross

No. IIG 003/2020 11 November 2020 Subject: Management discussion and analysis for the 9 months ended September 30, 2020 Attn: Governors and President Market for Alternative Investment (MAI) I&I Group

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bran sales volume was down 0.3%, but the average sales price was up 4.2% from 2016. Cost of sales in 2017 accounted for 79.1% of revenue, down from 2016, representing 85.2% of revenue. The average price