Zen Corporation Group Public Company Limited 782/1 Soi Onnuch 17, Suanluang, Bangkok 10250 THAILAND. Tel: 02-0195000 13 May 2019 No. ZEN 2562-018 Subject Management Discussion and Analysis for 3

2020 The Company and its subsidiaries (“the Group”)’s net profit for the first quarter of 2020 was Baht 177.30 million equivalent to a net profit margin of 3.8%, representing a decrease of 28.1% over the

of Thailand Overall operating performance of the Group Unit: Million Baht Q1’ 2020 Q1’ 2019 Increase (decrease) Variance (%) Total revenues 1,572 1,677 (105) (6%) Net profit 73 81 (8) (10%) The Group’s

, after the business combination took effect, general administrative and selling expenses of KCE America’s sales office was included into the Group’s P&L. Net Profit The Group reported a consolidated net

Zen Corporation Group Public Company Limited 782/1 Soi Onnuch 17, Suanluang, Bangkok 10250 THAILAND Tel: 02-0195000 18 February 2019 No. ZEN 2562-002 Subject Management Discussion and Analysis for

Zen Corporation Group Public Company Limited 782/1 Soi Onnuch 17, Suanluang, Bangkok 10250 THAILAND Tel: 02-0195000 18 February 2019 No. ZEN 2562-004 Subject Management Discussion and Analysis for

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

Baht 112.52 million, increasing by Baht 71.01 million or 171% mainly from:  The employee benefits expenses and other operating expenses increased from the group’s business expansion during the year

We, Carabao Group Public Company Limited (the “Company” or “CBG”), are pleased to submit management discussion and analysis regarding consolidated financial performance and position of the Company and

President The Stock Exchange of Thailand Reference is made to the resolutions of the Board of Director Meeting No. 6/2017 of Carabao Group Public Company Limited (the "Company") held on 11 August 2017 as