Management Discussion and Analysis for the Year 2019 1. Operating Results (Company and Subsidiaries) Consolidated revenue for year ended 2019 of both treatment of industrial waste business division

% Operating profit 431.92 457.27 (25.36) (5.55%) Finance cost 44.26 41.60 2.66 6.39% Income tax expenses 70.26 71.35 (1.09) (1.53%) Net profit 317.40 344.32 (26.92) (7.82%) Net profit attributable to the parent

of Thailand Absolute Clean Energy Public Company Limited (“the Company”), are pleased to provide you our management discussion and analysis for the period ended 30 June 2020 of the Company and the

Sakhon 74110 Thailand. E-mail: ir@aienergy.co.th บริษัท เอไอ เอนเนอร์จี จ ำกดั (มหำชน) AI Energy Public Company Limited ทะเบียนเลขที่ 0107556000311 AIE 217/2020 November 12th, 2020 Subject: Management’s

Absolute Clean Energy Public Company Limited (“the Company”), are pleased to provide you our management discussion and analysis for the period ended 30 September 2020 of the Company and the subsidiaries

Sakhon 74110 Thailand. E-mail: ir@aienergy.co.th บริษัท เอไอ เอนเนอร์จี จ ำกดั (มหำชน) AI Energy Public Company Limited ทะเบียนเลขที่ 0107556000311 AIE 016/2021 February 18, 2021 Subject: Management’s

Sakhon 74110 Thailand. E-mail: ir@aienergy.co.th บริษัท เอไอ เอนเนอร์จี จ ำกดั (มหำชน) AI Energy Public Company Limited ทะเบียนเลขที่ 0107556000311 AIE 146/2021 August 13, 2021 Subject: Management’s

&A 6,006 5,145 5,240 -13% 1.8% 18,305 15,880 -13% Marketing Expense 1,552 1,237 1,430 -7.9% 16% 4,914 4,310 -12% Admin and others 4,454 3,908 3,810 -15% -2.5% 13,391 11,570 -14% Operating profit 9,181

3,331 16% Admin and others 3,908 4,046 3,850 -1.5% -4.8% 7,759 7,896 1.8% Operating profit 9,676 9,064 9,184 -5.1% 1.3% 19,289 18,247 -5.4% Net foreign exchange gain (loss) -157 -42 -335 113% 688% -380

power was limited following rising energy price and inflation. The increased cost of living put pressure on consumers to spend wisely and reduced costs where required. The economic recovery benefited