stimulate government and state-owned enterprises’ spending. Overall, the Thai economy is on course for a steady year of growth, according to the Bank of Thailand, with its GDP growth in 2018 revised up to 4.4

Authority of Thailand (EGAT) because of the reserved shutdown following EGAT dispatch instruction; IRPC Clean Power Phase 1 (IRPC-CP Phase 1) ceased the gas turbine generator to commissioning with Phase 2 in

, especially retail market sales which increased 9% from the Company’s policy which continues to prioritize retail market expansion. Nonetheless, sales volume slightly declined from the previous quarter. Due to

1 --Translation-- Sor Gor 7/2018 January 19, 2018 Subject: Management Discussion and Analysis for the year ended December 31, 2017 (Unaudited) To: The President The Stock Exchange of Thailand

1 --Translation-- Sor Gor 11/2018 February 22, 2018 Subject: Management Discussion and Analysis for the year ended December 31, 2017 (Audited) To: The President The Stock Exchange of Thailand

-Translation- Ref. WINNER 006/2020 February 27, 2020 Subject: Management Discussion and Analysis (MD & A) for the year 2019 To: The President The Stock Exchange of Thailand 1. Analysis of Overall

Microsoft Word - ACE MDA Q120 - ENG_Final 1 No. ACE-ACC-2/2020 15 May 2020 Subject Management Discussion and Analysis for the period ended 31 March 2020 To President The Stock Exchange of Thailand

recognition of revenue in Q3/2019. Pop-Up Stores will become the Key Additional Distribution Channel in Q4/2019 As of 30 Sep 2019, there were altogether 38 operating branches in Thailand. According to the

the period that US Federal Reserve would cut the interest rates. However, on 7 August 2019, the Bank of Thailand had announced the policy to cut interest rate which could expect Thai baht to become

-Translation- Ref. WINNER 006/2020 February 27, 2020 Subject: Management Discussion and Analysis (MD & A) for the year 2019 (Revised) To: The President The Stock Exchange of Thailand 1. Analysis of