Management Discussion and Analysis 1 Ref: AC.017/2020 18 May 2020 Subject: Management discussion and analysis of financial position and operating results To: President and Manager The Stock Exchange

1 No. CC20191104ELE November 12, 2019 Subject Report of the Resolutions of Board of Directors’ Meeting No.5/2019 To President The Stock Exchange of Thailand The Board of Directors’ meeting of Cal

(Translation) NEP-AC 003/2563 13 Aug 2020 Subject: Management Discussion and Analysis for Q2 end of 30 June 2020 To : The President The Stock Exchange of Thailand Operating Result NEP Realty and

May 12, 2022 Subject: Management’s Discussion and Analysis for 1st quarter of 2022 ended as of March 31, 2022 Attention: President The Stock Exchange of Thailand AI Energy Public Company Limited (“the

10.21% Sales and service income 5,586 4,920 666 13.54% Gains on exchange rate 102 199 -96 -48.47% Other income 50 89 -38 -43.22% Cost of sales and services 4,912 4,421 491 11.11% Gross Profit 675 500 175

effective mall management and operating cost control despite major renovations at CentralWorld and CentralPlaza Rama 3 The Thai economy in 3Q17 continued to expand courtesy of solid growth in export of goods

Discussion and Analysis for 1st quarter of 2021 ended as of March 31, 2021 Attention: President The Stock Exchange of Thailand AI Energy Public Company Limited (AIE) would like to submit the financial

7,380.9 35.2% Sales and service income 27,967.2 20,433.2 7,534.0 36.9% Gains on exchange rate 63.1 221.6 -158.5 -71.5% Other income 317.8 312.5 5.3 1.7% Cost of sales and services 24,776.6 18,224.8 6,551.9

%. Delivered FY20 performance in-line with guidance from well-managed cost Overall FY20 performance tracked in- line with all guidance. Core serviced revenue of Bt129,594mn declined -5.1%YoY vs guidance of low

subsidiary’s total net profit decreased by Baht 1,468 million or 75% while total revenue from sales and services increased by Baht 1,850 million or 29%. Raw material cost and cash conversion cost increase higher