customers change their behavior to use credit card to pay for products as there were various promotions on credit card. Bank fees also rose during Commart sales (2) an increase in e- Marketplace fees due to

Net additions Change of number of subscribers from beginning period to ending period Churn rate Number of subscriber disconnections in the period divided by the sum of gross new subscribers in the

. Another factor that contributed to the lower revenue was B100 sales volume which declined by 6 million liters (-9%) resulted from the government announcement to the change in portion of B100 mixed in Diesel

Conservation Policy as guidance for contributing to efforts to mitigate the impacts of climate change by reducing greenhouse gas emissions caused by our operations and by creating products and services that

design, work suspension or delay due to change in construction design Many projects are gradually completed. Concurrently, many new projects that have been signed into contract or about to be signed which

Change (%) September 2018 December 2017 Loans ** 2,083,160 2,021,246 2,003,989 3.1% 4.0% Deposits 2,326,470 2,297,627 2,310,743 1.3% 0.7% Loan to deposit ratio 89.5% 88.0% 86.7% 1.5% 2.8% Non-performing

percentage of sales has increased from 24.97% in the previous year to 25.71% due to change in product sales mix of general merchandise and the enhancement of directly sourced private-label goods, as well as

which increased by Baht 1,422 million YoY. The Company posted net loss of Baht 854 million, increase by Baht 499 million YoY (due to reasons as described below) and sale revenue Baht 2,124 million

Quarter of 2020 To The President The Stock Exchange of Thailand We, ZEN Corporation Group Public Company Limited (“the Group”), are pleased to provide you our management discussion and analysis for the 1st

- Translation - MPIC 002/2018 February 14, 2018 Subject: Submit the Year End Financial Statement ended December 31, 2017 and clarification for the change of operating result more than 20% Attention