administrative expenses as a percentage of revenues represented 38% in the first quarter of 2018, decreasing from last year. - Bad debt and Doubtful accounts In the first quarter of 2018, the Company posted bad

. Similar trends are reflected in H1 2018 performance where the increased volumes led to an 9% rise in revenue. On the costs SG&A while higher year on year in absolute terms was lower as a percentage of

from an increase in administrative expenses and oversea business expansion. Considering the Company’s separate financial statement, the operating and administrative expenses as a percentage of revenues

Group can divided as follows; o Revenue from construction contracts which are defined output is promised, is recognised using the percentage of completion method. The stage of completion is generally

10.8% 5,591 10.4% 288 5.2% Normalized EBITDA 4,045 7.5% 5,597 10.4% (1,552) (27.7%) Normalized profit for the period 1,104 2.0% 2,439 4.5% (1,335) (54.7%) (1) Percentage margin is calculated by dividing

total revenues. Considering the Company’s separate financial statement, the operating and administrative expenses as a percentage of revenues represented 39% in the second quarter and the first half of

35.0 1.6% 26.5 1.2% Total Revenue 2,226.3 100.0% 2,288.9 100.0% Remark: (1) Percentage of Total Revenue 2 Zen Corporation Group Public Company Limited 662 Soi Onnuch 17, Suanluang, Bangkok 10250 THAILAND

March 2020. Q1/2020 vs Q1/2019YoY -27.1% Management Discussion & Analysis Q1/2020 6 Selling Expenses Percentage to Total Revenue 3. Selling Expenses: (Unit: THB Million) Selling expenses mainly consist of

/20 Q4/20 Q1/21 (28.8%) (58.2%) (38.5%) (33.4%) (26.5%) Same-Store-Sales-Growth (%) -24% Management Discussion & Analysis Q1/2021 6 Selling Expenses Percentage to Total Revenue 3. Selling Expenses

Percentage 1.1 Revenues from construction Baht 8,356.43 million Baht 7,919.19 million Baht 437.24 million 5.52 1.2 Cost of construction 94.29% 92.07% - 2.41 1.3 Sales and service income Baht 919.07 million