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1,158 25.9% 4,241 3,611 17.5% Selling and distribution expenses 1,026 825 24.3% 2,899 2,595 11.7% Administrative expenses 433 333 30.0% 1,342 1,016 32.1% EBIT 1,008 942 7.0% 2,995 2,730 9.7% EBITDA 1,247

the Year ending 31 December 2019 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

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Company’s major export counties.  Export CMG sales decreased by c.50% YoY, since there was some customer ending the distribution contract with some retailer which resulted in reduced sales volume since Q4

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

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