Thailand Absolute Clean Energy Public Company Limited (“the Company”), are pleased to provide you our management discussion and analysis for the year ended 31 December 2020 of the Company and the

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% yoy, +6% qoq) and non- mobile enterprise business grew 13% yoy. We continued on with cost optimization while expanding 5G network which resulted in controlled cost of service (+3% yoy, -0.5% qoq) and

services, harmonizing people and processes, and aligning products to deliver enhanced broadband experience. Enterprise services maintained the growth from digitalization demand amid economic challenges Non

which mainly increased from new customers in segment of insurance, retail business and increased from the existing customers expanding the services both of the State enterprise sector and Private sector

(Translation) No. 10000000/008/62 22 January 2019 Subject: Resolutions of the Board of Directors’ Meeting regarding the investment in the Energy Recovery Unit Project through the acquisition of the

case an intermediary being [i] financial institution which is regulated by the Bank of Thailand or the Office of Insurance Commission or [ii] state enterprise under Ministry of Finance’s purview has

January 2016. Clause 4 In case an intermediary being [i] financial institution which is regulated by the Bank of Thailand or the Office of Insurance Commission or [ii] state enterprise under Ministry of

institution which is regulated by the Bank of Thailand or the Office of Insurance Commission or [ii] state enterprise under Ministry of Finance’s purview has already had independent director in accordance with

agency and state enterprise under the law on budgetary procedure; (8) the Financial Institutions Development Fund; (9) a juristic person having total assets of five hundred million baht or more, according