Microsoft Word - ACE MDA Q120 - ENG_Final 1 No. ACE-ACC-2/2020 15 May 2020 Subject Management Discussion and Analysis for the period ended 31 March 2020 To President The Stock Exchange of Thailand

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Microsoft Word - 2019-Q3_MDA_Eng_R1.docx   No. CAZ 019-2019 12 November 2019 Subject: Management Discussion and Analysis 3rd Quarter ended 30 September 2019 Attention: The President The Stock

(%) 6.6% 5.0% 1.6% 5.9% 0.7% Stock Gain/(Loss) & NRV 92 -74 -224% -13 -808% Adjusted EBITDA(1) 253 215 18% 239 6% Adjusted EBITDA Margin (%) 4.8% 7.6% -2.8% 6.2% -1.4% ก ำไรสุทธิ 239 20 1,095% 97 146% รวมรำ

and joint ventures 60 110 144 31% 140% 235 365 55% Net profit for the company 724 815 888 9% 23% 2,281 2,453 8% Gross profit margin* (%) 20% 23% 28% 5% 8% 21% 24% 2% Net profit margin (%) 14% 15% 20% 5

for the company 888 1,052 899 (15%) 1% 2,453 2,873 17% Gross profit margin* (%) 28% 28% 24% (4%) (4%) 24% 27% 3% Net profit margin (%) 21% 16% 13% (3%) (8%) 16% 15% (1%) * Exclude costs of depreciation

/2019 the number of service stations was 1,188 locations. For the Net Marketing Margin that lowered from the previous quarter was caused by the price of finished products in the global market increasing

Clarification of the three-month operating results ending on 31 March 2018 To The President of the Stock Exchange of Thailand Matching Maximize Solution Public Company Limited (the Company) would like to clarify