1 Zen Corporation Group Public Company Limited 662 Soi Onnuch 17, Suanluang, Bangkok 10250 THAILAND. Tel: 02-0195000 8 May 2020 No. ZEN 2563-011 Subject Management Discussion and Analysis for the 1st

ich mainly result from the increase in sale volume compare to the year 2017. In term of cost, the Company and subsidiary’s cost of sale per ton increase compare to the previous year due to the increase

, and service fees. In 2022, the Company had other incomes of 21.16 million Baht, increased by 14.61 million Baht compared to 2021 with total other incomes of 6.55 million Baht, which was mainly due to

Sept 2019 by 18.8 percent was due to the Company and its subsidiaries have set aside provision in first quarter for additional employee benefits at the amount of approximately 7.7 million baht in order

previous year which increased by 6.3 percent. The higher was due to the Company and its subsidiaries have set aside provision in first quarter for additional employee benefits at the amount of approximately

of previous year. This was due to (1) Drop of loss on exchange rate of THB 13.90 million due to the fact that the Thai Baht value depreciated against US Dollar and the Company had the foreign trade

the increase in online sales is due to the implementation of various operational improvement to enhance efficiency of online channel. The Company also improved its website by increasing visually

quarter of 2021, the Company recorded expected credit loss of 1,780 million baht, increasing by 32% y-y but reduced 11% q-q due to new sales in the third quarter of 2021 increased 11% q-q after relaxing

Stock Exchange of Thailand and the Warrant Registrar in due course. The Company hereby certifies that the information set out in this Information Memorandum is accurate and complete, in all respects

of Thailand and the Warrant Registrar in due course. The Company hereby certifies that the information set out in this Information Memorandum is accurate and complete, in all respects. Signed (Mr