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receivable, rental income and profit from income tax of the sale of assets. The financial structure of the Company was in the strength level and cash flow could be managed effectively, hence, there was no

motivation to work and build the sense of ownership of the company.  It is similar to ESOP (the difference is that EJIP is based on existing shares, whereas ESOP involves issuing https://www.sec.or.th/EN/Pages

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JUBILEE ENTERPRISE PUBLIC COMPANY LIMITED JUBILEE ENTERPRISE PUBLIC COMPANY LIMITED 179 BANGKOK CITY TOWER 10th FLOOR, SOUTH SATHORN ROAD, THUNGMAHAMEK SATHORN, BANGKOK 10120 PHONE : +66 (0) 2625

Page 1 Date 13 May 2020 Re: Management Discussion & Analysis for the 3-months period Ended 31 March 2020 To The President of the Stock Exchange of Thailand (SET) CHAOPRAYAMAHANAKORN PUBLIC COMPANY