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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

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Malee Group Public Company Limited and Its Subsidiaries Management Discussion and Analysis For the Fourth Quarter and the Year Ended 31 December 2018 1. Q4/2018 Highlights Figure 1: Quarterly results

acquisition of Glow Energy Public Company Limited (“GLOW”) in December 2019, the Company holds 99.83 percent of GLOW's total issued and sold shares, therefore in Q1/2020, the company recognizes the full

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

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2018, representing 46.36 percent, which resulted in the recognition of gains above. Please be informed accordingly Best Regards, Pottery PubHc Com pany Limited 電″揚 う■和 (lr4r. Niran Chourkittisopon

period of business operation ended March 31, 2019 of Capital Engineering Network Public Company Limited “company” and subsidiaries has loss of 18.83 Million Baht decreased 63.92 Million Baht when compared