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

four companies that are Asia Patana Land Co., Ltd (AP), Industrial Waste Management (Asia) Co., Ltd (IWMA). , Genco Renewable Co., Ltd (GR). And Genco Clean Energy Co., Ltd (GC). AP is in real estate

., Ltd (GR) and Genco Clean Energy Co., Ltd (GC) were setup to apply for licenses of power plant from the (ERC). Both GR and GC are now in the process of appealing to the office of the Ombudsman Thailand

with 35.64THB/USD of H1 2016. Page 2 of 2 Other incomes of H1 2017 included the sales of a joint venture investment in Maesod Clean Energy Co., Ltd. of 59.06MB, while other incomes of H1 2016 included

the decrease in selling and administrative expenses but also the better performance of GPSC’s power plants especially IRPC Clean Power Phase 1 whose main customer returned to operate as normal from the

Company Limited to Absolute Clean Energy Public Company Limited in totaling of 851.20 Million Baht on July 10, 2020 thus this situation occurs after date of financial statement but since is certain

company’s energy expenses by approximately THB 0.20 million per month, with depreciation costs of around THB 0.06 million per month. 2. To support the use of clean and environmentally friendly energy.

of Baht 380.02 million, a net profit of Baht 12.92 million increased profits due to more efficient cost control. 1.2 The company’s income from energy business in Q2/2019 was Baht 85.19 million

of IRPC Clean Power Phase 2 (IRPC-CP Phase 2) in November 2017, in which GPSC holds 51% equity, has expanded the electricity generating capacity allowing the company to increase the volume of

Energy, which is listed on the Australian Securities Exchange and is leading Australia’s transition to a clean energy future, for 60 percent of energy output from the 226.80 MW capacity Collector Wind Farm