-1- AIT (VP-SEC) 003E/2023 16 February 2023 Subject: Management's Discussion and Analysis of Operating Results for the year 2022 and Q4-2022 To: The President of the Stock Exchange of Thailand

: Extraordinary Shareholders’ Meeting approves capital restructuring. The Extraordinary Shareholders’ Meeting (EGM) approves a series of transactions, namely (i) a reverse stock split of ordinary and preferred

to high domestic ethanol stock, and the increasing aggregate domestic production capacity. Natural Resources Business Group recorded soften performance though the Company still realized additional

has progress in sales as follows. area (Rai-Ngan-Wah) height (floor) unit progress 12 June, 2015 31 May, 2016 31 May, 2017 Phase 1 1-3-89 8 141 Reservations 115 rooms Empty 16 rooms Sold 96 rooms

3Q17, sales progress reached 91%. The project was due to complete in 3Q19. Management Discussion and Analysis 3Q17 & 9M17 Consolidated Financial Results Page 2 of 6 • In February 2017, the Company

venturer in Shahahydro joint venture with the 100.00% shareholding. During the 3rd quarter, the construction of the project has been already implemented with the work progress equivalent to 8.28%. 3. SUT

- the Company has started the transfer of the ESSE Asoke – our first luxury condominium project in December 2018. We can achieve the transfer progress of 29% of total units sold and expect to complete to

); the Fuel Ethanol Business EBITDA is THB 41 million (-29% QoQ). In June 2017, the company has informed the Stock Exchange of Thailand of the changes in shareholing structure of Bio-based Product business

522.24 million that has been already implemented with work progress equivalent to 17.36 %. In addition, in this captioned year, there were the additional adjustment to the estimated construction cost of

เพื่อใช้ประเมินระดับการพัฒนาทั้ง 2 ด้าน ได้แก่ CSR Progress Indicator และ Anti-corruption Progress Indicator โดยจะแสดงระดับการพัฒนา ตั้งแต่ระดับเริ่มต้นจนถึงระดับสูงสุดของการพัฒนาการประเมินบริษัทจดทะเบียน