1 Ref: AC.016/2019 4 May 2019 Subject: Management discussion and analysis of financial position and operating results To: President and Manager The Stock Exchange of Thailand Overall operating

1 Ref: AC.017/2018 14 May 2018 Subject: Management discussion and analysis of financial position and operating results To: President and Manager The Stock Exchange of Thailand Overall operating

the business since 2017 and the fact that the Thai Baht value appreciated against US Dollar, the Company had loss on exchange rate, resulting in a decrease in net profit ratio (ROS) from 19.92% in the

its content acquisition to support the growth of the business since 2017 and the fact that the Thai Baht value appreciated against US Dollar, the Company had loss on exchange rate, resulting in a

exchange rate, resulting in a decrease in net profit ratio (ROS) from 16.00% in 2018 to 14.78% in 2019. The total expense to total revenue ratio increased from 13.32% in 2018 to 17.46% in 2019. 1. Overview

Million for Last Year Quarter mainly due to increase in loss on devaluation of Finished Goods and Raw Material by THB 158 Million and lower Foreign Exchange Gain by THB 95 Million compared to Last Year

The Stock Exchange of Thailand Enclosures: 1. Information Memorandum on the Offering of Newly Issued Ordinary Shares to Specific Investors (Private Placement) at the Offering Price with a Discount of

Determination of the Date of Extraordinary General Meeting of Shareholders No. 1/2018 To: President The Stock Exchange of Thailand Enclosures: 1. Information Memorandum on the Offering of Newly Issued Ordinary

management and maintenance services from outside. Resulting to the reduction in cost of engineering and other services by Baht 9.8 million. Net gain (loss) on exchange rate Q2-2019 Q1-2020 Q2-2020 6M-2019 6M

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