was able to maintain debt to equity ratio according to the restriction of long-term loans from local financial. Management and service agreement (Royalty fee) On 1 January 2015, the Group entered into

increase of THB 13.1 Mn or 23.2%. This increase was mainly due to the (1) the increased number of franchise branches (2) adjustment increasing the royalty and marketing fee rates for those franchisees

(2) adjustment increasing the royalty and marketing fee rates for those franchisees renewing their franchise contracts. Zen Corporation Group Public Company Limited 782/1 Soi Onnuch 17, Suanluang

”). Therefore, the Company recognizes royalty fees from franchisees in term of revenue from rental and rendering service too since then. 3 Revenue from sale of goods from the Company’s retail stores is the main

decrease of THB 3.6 Mn or 21.1%. This decrease was mainly due to a decrease in royalty and marketing fee income of franchise branches which had lower revenue from epidemic situation of COVID-19 and temporary

2.0% in the same period of 2021. ▪ Franchise Fee Income decreased by THB 2.7 Mn or 15.6%. This decrease was mainly due to a decrease in royalty and marketing fee income collected from franchise branches

Q1/2020 due to higher franchise royalty fee from Mikka Café as a result of franchise expansion. Q1/2021 vs Q1/2020YoY Revenue Q1/20 Q1/21 Change +/(-) (THB million) YoY Revenue from Dessert Café 204

Pathana Inter-Holding Plc. A - Royalty fees expenses - Utility charges expenses - Immovable property rental expenses 0.02 9.25 0.37 0.00 1.89 0.06 2. Eastern Thai Consulting 1992 Co., Ltd. B - Utility

in OOH media, payment system and CRM royalty programme business in Indonesia. November • Received the approval to renovate street furniture media on BTS columns by the Bangkok Metropolitan

from “After You” Hongkong, Initial franchise fee and royalty fee from “Mikka” sales • *Actual franchise fee recognized in Q3/2020 was THB 0.75 million Management Discussion & Analysis Q3/2020 • Revenue