Production of The Nation newspaper, operated by Nation News Network Company limited (NNN) and website www.nationmultimedia.com as well as distribution of news reports via Facebook and Twitter 2. Broadcasting

reduction in the setup cost as explained in the cost of sales section.   Distribution costs and Administrative Expenses (SG&A) In 3Q19, the Company’s distribution costs and administrative expenses was THB

, represented a GPM of 66.1%, increased from THB 2.8mn in 4Q/2018, where GPM was 30.4% due to the reduction in the setup cost as explained in the cost of sales section.     Distribution costs and Administrative

in promotion discounts to stimulate consumption. 6 Zen Corporation Group Public Company Limited 662 Soi Onnuch 17, Suanluang, Bangkok 10250 THAILAND. Tel: 02-0195000 Selling and Distribution Expenses

Sales (60) (83) 38% (134) (161) 20% Gross Profit 77 147 91% 183 267 46% Other income 1 4 300% 2 7 250% Selling and Distribution Expenses (53) (71) 34% (111) (133) 20% Administrative Expenses (32) (36) 13

% Cost of Sales (55) (87) 58% (189) (248) 31% Gross Profit 60 159 165% 242 426 76% Other income 1 2 100% 4 9 125% Selling and Distribution Expenses (45) (74) 64% (156) (207) 33% Administrative Expenses (30

Revenue 188 264 40% 620 938 51% Cost of Sales (76) (98) 29% (265) (346) 31% Gross Profit 112 166 48% 355 592 67% Other income 3 6 100% 8 15 88% Selling and Distribution Expenses (57) (82) 44% (213) (289) 36

café which has a higher gross profit margin than sales from other distribution channels. The Company has also displayed the ability to manage cost efficiently. G R O S S P R O F I T a n d G R O S S P R O

UNOFFICIAL TRANSLATION Readers should be aware that only the original Thai text has legal force and that this English translation is strictly for reference. Notification of the Office of the Securities and Exchange Commission No. Sor Nor. 87/2558 Re: Rules, Conditions, and Procedures for Management of Retail Funds, Mutual Funds for Accredited Investors, Mutual Funds for Institutional Funds, and Private Funds ______________________ By virtue of Clause 6, Clause 8, and Clause 9 of the Notification...

E_1 Legal_FA_2015_12_29-c A WCorpL4.1hig A Executive Summary of Management Discussion and Analysis 1 For the Year Ending December 31, 2018 In 2018, the overall Thai economy maintained its growth due largely to healthier growth of exports and tourism, especially in the first half of the year. Meanwhile, the government continued to implement measures to promote and strengthen the domestic economy through support of investment and private spending as well as bolstering opportunities for other econo...