Zen Corporation Group Public Company Limited 782/1 Soi Onnuch 17, Suanluang, Bangkok 10250 THAILAND Tel: 02-0195000 18 February 2019 No. ZEN 2562-008 Subject Management Discussion and Analysis for 9

essentially due to the one-off gain and dividend income of Thai Wah Public Company Limited totaling Baht 373 million when it was transferred from other investment to investment in associate in 2016 which was

of the Company’s shareholders had a resolution to approve a dividend payment from 2018 operating results of Baht 0.15 per share. The Company paid an interim dividend of Baht 0.06 per share on September

last year whereas there is no dividend received transaction from this company in the year 2017. By the way, the consolidated net income of the year 2017 is less than the separate net income of Baht 4.68

which has potential and opportunity to grow continuously. - Return on investment in form of dividend income. Source of funds : Company working capital. Balance Sheet December 31, 2017 December 31, 2018

registered capital by Baht 125 million. Paid up capital as of 30 June 2017 was 225 million baht to prepare for listing on the SET. The Company paid a dividend of Baht 67.60 million. Please be informed

. 1/2020. 2. Approved the appropriation and retaining of the net profit Baht 511 million as legal reserve and the declaration of dividend payment from the Company consolidated net profit for the period

60.96 million whereas the Company paid dividend by Baht 60 million in May 2017. Cash Flow Statement Analysis Unit : MB For the period ended 30 September 2017 For the period ended 30 September 2016 Change

million whereas the Company paid dividend of Baht 36 million to shareholders. Cash Flow Statement Analysis Unit : MB For the period ended Change 31 December 2018 31 December 2017 MB % Cash flow from

trade account payable and other payable amount of Baht 9.5 million. Cash flow from investing activities, has Baht 28.13 million, there are dividend received from associated company of Baht 9.10 million