Absolute Clean Energy Public Company Limited (“the Company”), are pleased to provide you our management discussion and analysis for the period ended 31 March 2022 of the Company and the subsidiaries (“the

1 No. ACE-ACC-2/2023 12 May 2023 Subject Management Discussion and Analysis for the period ended 31 March 2023 To President The Stock Exchange of Thailand Absolute Clean Energy Public Company Limited

Exchange of Thailand Absolute Clean Energy Public Company Limited (“the Company”), are pleased to provide you our management discussion and analysis for the period ended 31 March 2024 of the Company and the

Central Retail Corporation Public Company Limited Management discussion and analysis /Page 1 Executive summary The overall global economy was projected to slow down significantly due to the COVID-19

margin decreased by 3 percentage points to 7% in 2019 from 10% in 2018. SGA expenses decreased by 2% [THB 19m] due to reduced SGA expense at the Jiaxing plant. Payout Analysis For the year 2019 the company

shares of Forth Smart Service Public Company Limited (a subsidiary) from the non-controlling interests of the subsidiary. The appropriate of capital structure The debt to equity ratio as at 31 March 2019

, Tambol Ban Lane, Amphur Bangpa-in, Ayuthaya Province 13160, Thailand Tel (035) 350 880 Fax (035) 350 881 Website: www.aapico.com บริษัท อาปิโก ไฮเทค จ ากดั (มหาชน) AAPICO HITECH PUBLIC COMPANY LIMITED Ref

company to manage a fund; “Repurchase agreement” means a sale of securities or debt instruments with an agreement to repurchase such securities or debt instruments on the date specified in the agreement

a management company to manage a fund; “Repurchase agreement” means a sale of securities or debt instruments with an agreement to repurchase such securities or debt instruments on the date specified

provident fund under the laws on provident funds; (Translation) 2 “Open-end fund” means any mutual fund which accepts the redemption of its investment units; “Management company” means any mutual fund