Absolute Clean Energy Public Company Limited 140/6 ITF Tower 7th floor Silom road, Suriyawong, Bangrak, Bangkok 10500 No. ACE-ACC-1/2019 12 November 2019 Subject Management Discussion and Analysis

) 199 190 Debentures (Current portion) 135 83 Long term debt (Non-current portion) 1,009 1,304 Debentures (Non-current portion) 1,609 1,166 Cash & Cash under management 683 209 Cash and cash equivalents

V2 12/11/62 0 V2 12/11/62 1 Management Discussion and Analysis Overview of the Economy and Banking Industry Thai Economy in the Third Quarter of 2019 The Thai economy in the third quarter of 2019

Malee Group Public Company Limited and Its Subsidiaries Management Discussion and Analysis For the Q3/2019 and 9M/2019 ended 30 September 2019 1. Q3/2019 Highlights Figure 1: Quarterly results  In

steel industry participants in all the regions. Careful estimation for raw material purchasing and production cost management is seriously needed in order to cope with the more dynamic business

industry participants in all the regions. Careful estimation for raw material purchasing and production cost management is seriously needed in order to cope with the more dynamic business environment. The

term debt (Current portion) 128 123 Debentures (Current portion) 16 153 Long term debt (Non-current portion) 1,533 1,428 Debentures (Non-current portion) 1,132 887 Cash & Cash under management 162 128

investment in infrastructure 3.) growth in private consumption continues despite a lower rate of growth however, government subsidy to the low-income citizens could help stimulate near-term consumption

, Industrial Water Sales, and Wastewater Treatment Services. 2 Other Utilities Revenue consists of Excessive Charge, Service Fees for Wastewater Management 3 Gross Profit from Operation excludes Other Revenue

consists of Raw Water Sales, Industrial Water Sales, and Wastewater Treatment Services. 2 Other Utilities Revenue consists of Excessive Charge, Service Fees for Wastewater Management 3 Gross Profit from