- 1 - AIT (VP-SEC) 005E/2019 February 13, 2020 Subject: Management's Discussion and Analysis of Operating Results for the year 2019 and Q4-2019 To: The President of the Stock Exchange of Thailand

stock The Corporate Group’s total assets as at June 30, 2017 decreased from the end of year 2016 by Baht 119.82 million or 3.70 percent, due to the decrease in fixed assets of Baht 95.29 million, decrease

, the tax payment of the year 2020 has been paid, thus, the income tax payable decreased. Other current liabilities decreased by 16.5 MB, representing a decrease of 12.3%, mainly due to the decrease of

.; - Dividend payment of THB 246.00 million.  Increase in trade and other receivables of THB 90.80 million due to the increase in sales of 4th quarter of 2019  Decrease in inventories of THB 63.53 million due

the Year as at 31 December 2017 (revised) To The President The Stock Exchange of Thailand We, ZEN Corporation Group Public Company Limited (“the Group”), are please to inform you our management

ที่________ - Translation - No: SN.056/2017 November 16, 2017 Subject: Clarification of Operating Results and Financial Status for 2017, ended 30 September 2017 Attention: President The Stock

4_MDA Year2019 EN -Translation- No. ECF2 007/2020 February 28, 2020 Subject: Management Discussion and Analysis of the year 2019 ended December 31, 2019 To President The Stock Exchange of Thailand

Management Discussion and Analysis for the year ended December 31, 2019 Attention The President The Stock Exchange of Thailand Attachment Report and financial statement for the year ended December 31, 2019

expansion, and stock destruction fee. Net Profit The Company’s net profit in 2Q17 was in the amount of Baht 15.60 million – a decrease by 47.88% when compared with that in 2Q16. This increase was mainly due

S&P MD&A 2017 -1- Ref. POL. 028/2018 February 23, 2018 Re: Clarification of the Performance of S & P Syndicate Public Company Limited Dear The President The Stock Exchange of Thailand S & P Syndicate