1 No. ACE-ACC-3/2021 13 August 2021 Subject Management Discussion and Analysis for the period ended 30 June 2021 To President The Stock Exchange of Thailand Absolute Clean Energy Public Company

Absolute Clean Energy Public Company Limited (“the Company”), are pleased to provide you our management discussion and analysis for the period ended 30 September 2021 of the Company and the subsidiaries

of 5 and 7 years fixed coupon rate. This green and climate bond complies with high international standard which are the International Capital Markets Association's Green Bond Principles and the

analysis, our cash flow is expected to remain strong with no impact on debt repayment and CAPEX plan. Furthermore, the company is receiving additional working capital facilities by approximately THB 4

-openings. However, towards the middle of the year, the rising inflation and continuous increase in energy costs limited private consumption and signaled a global economic slowdown, raising spending concerns

on track Interchem, the waste-to-energy project, with an installed capacity of 4.8 MW had 86.64% current construction progress which is on process of drainage system piping, double layer brick wall and

-Vitt and Calpis, Osotspa’s beverage portfolio in Thailand improved by 1.5% YoY to THB 12,306.8 million in 9M18. Subsequently, the Company was able to maintain market share in energy drink at 54% in 9M18

SECURITIES PUBLIC COMPANY LIMITED LAST TRADING IN JANUARY 2023 # X TOP01P2301X 50 29/08/2022 29/08/2022 02/02/2023   บริษัทหลักทรัพย์ บัวหลวง จำกัด (มหาชน) DERIVATIVE CALL WARRANTS ON ENERGY ABSOLUTE PUBLIC

subsidiaries 4/ EBITDA from BBGI Co., Ltd., its subsidiaries, and share of profit from associated companies 5/ EBITDA from Natural Resources business of Nido Petroleum Limited, BCP Energy International Pte. Ltd

mainly form energy prices. Therefore, the unemployment rate at 1.53% in the first quarter of 2022 dropped from the previous year and household debt tends to increase due to rising prices of consumer goods