Thailand Absolute Clean Energy Public Company Limited (“the Company”), are pleased to provide you our management discussion and analysis for the year ended 31 December 2020 of the Company and the

from renewable energy sources i.e., by installing solar energy systems at base stations nationwide. • Improve network energy efficiency. • Promote efficient water use and water recycling. • Properly

ก! ก ! "#!$ %V กK488UTUKก!ก ก U 6PPY, (Derivatives) 4,48#!$68 8\4ก!!8 !ก! (Efficient portfolio management) *$/ !,ก!!8 ! 6 Kก U$ !,Q 6PPY, (Derivatives) 4,#ก 6Uก"!*ก#" $667 !6\ ก! 5

per the contract whereas there was a significant decrease of the non-current asset of the mortgage cash at bank of Baht 7.34 million due to the withdrawal of non- mortgage cash at bank. Total

and cash at bank decreased Baht 24.20 million due to payment for account payables and financial institute loan. The non-current asset decreased Baht 7.68 million due to withdrawal of non-mortgage cash

2017. The non-current asset decreased Baht 18.72 million due to withdrawal of non-collateral cash at bank causing the significant reduction of Baht 21.55 million for repayment of the short- term loan

(Translation) No. 10000000/008/62 22 January 2019 Subject: Resolutions of the Board of Directors’ Meeting regarding the investment in the Energy Recovery Unit Project through the acquisition of the

loan service that launched a card less withdrawal. A credit line of a virtual account which customers can cash withdrawal through our AEON Thai Mobile Application and scan QR code at ATMs of AEON and

by Baht 4,362 Million or 6.4 percent from the withdrawal of loan for the Blue Line Extension Project which is under construction. Total shareholders’equity amounted to Baht 41,006 Million, representing

withdrawal of loan for the Blue Line Extension Project. Total shareholders’ equity amounted to Baht 36,815 Million, representing a decrease from the previous year by Baht 2,008 Million or 5.2 percent when