105,999 99,298 6,701 6.7 Fees and services income, net 1,059,318 1,027,572 31,746 3.1 Gain on trading and foreign exchange transactions, net 30,383 44,771 (14,388) (32.1) Loss on financial liabilities

securities (Gain) Loss from assets distribution (Gain) Loss from foreign currencies exchange Earnings from operation before change in operating assets and liabilities Operating assets (increase) decrease Long

and the relevant risk exposure. The effectiveness of this registration statement neither represents that the Ministry of Finance of Thailand, the Securities and Exchange Commission or the Office of the

16/6 of the Securities and Exchange Act B.E. 2535 (1992) as amended by the Securities and Exchange Act (No. 4) B.E. 2551 (2008) and Section 35, Section 67 and Section 69 of the Securities and Exchange

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

Stock Exchange of Thailand Filter Vision Public Company Limited and its subsidiaries (Hereinafter called “The Group”) would like to submit Management’s discussion and analysis for the Year 2017 with the

(Translation) February 27, 2019 Ref: SET-2019-003 Re: Management's Discussion and Analysis and operating results for the Year 2018 Attn. to: President The Stock Exchange of Thailand Filter Vision

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