Microsoft Word - ACE MDA YE21 - EN_Final 1 No. ACE-ACC-1/2022 28 February 2022 Subject Management Discussion and Analysis for the year ended 31 December 2021 To President The Stock Exchange of
first nine months of the year; 2) the recorded transaction of treasury shares from shareholders’ equity for financial management of 4 million shares during Q1/2018, with total buyback amount of Baht 114
cost management to its businesses. Furthermore, CPN is currently preparing to lease assets to CPN Retail Growth Leasehold REIT (CPNREIT) with 4 additional assets, as well as the extension of lease at
the name(s) of parties executing the transaction with the reporting person (if known)) ( ) Direct sale/purchase (please specify the name(s) of parties executing the transaction with the reporting person