: Management explanation and analysis for the yearly ending 31 December 2019 Attention: The President of, The Stock Exchange of Thailand ZIGA Innovation Public Company Limited ( “the Company” ) would like to

1 Ref: AC.008/2020 25 February 2020 Subject: Management discussion and analysis of financial position and operating results To: President and Manager The Stock Exchange of Thailand Overall operating

Microsoft Word - letY17EMD&A .doc (Translation) 23rd February 2018 Subject: Management Discussion and Analysis (MD&A) of year 2017 To: Managing Director of the Stock Exchange of Thailand Business

profit increased from THB 53.8 Mn baht to THB 65.3 Mn, an increase of THB 11.5 Mn or 21.4% and the net profit margin increased from 3.7% to 4.4%. The main reasons were (1) more efficient cost management (2

1 Ref: AC.021/2018 14 August 2018 Subject: Management discussion and analysis of financial position and operating results To: President and Manager The Stock Exchange of Thailand Overall operating

1 Ref: AC.028/2018 13 November 2018 Subject: Management discussion and analysis of financial position and operating results To: President and Manager The Stock Exchange of Thailand Overall operating

1 Zen Corporation Group Public Company Limited 662 Soi Onnuch 17, Suanluang, Bangkok 10250 THAILAND. Tel: 02-0195000 11 November 2019 No. ZEN 2562-023 Subject Management Discussion and Analysis for

Microsoft Word - UPF61MD&A-E.doc ( Translation ) 25th February 2019 Subject: Management Discussion and Analysis (MD&A) for the year ends on 31st December 2018 To: Managing Director of the Stock

(Translation) NEP-AC 002/2560 9 November 2017 Subject : Management Discussion and Analysis for 3rd Quarter ended 30 September 2017 To : The President The Stock Exchange of Thailand Operating Result

policy focus on cost management and internal resource management to maximize efficiency, including managing cash flow to be sufficient for business operations. The financial results of the company and its