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 2021 of the Company and the

property tax expenses reduction according to the government measures. • Administrative Expenses to Total Revenue in Q1/2022 was 19.9%, slightly increased from 18.2% in Q1/2021 mainly due to the higher

Rd., Klongmadua, Krathum Baen, Samut Sakhon 74110 Thailand. E-mail: ir@aienergy.co.th บริษัท เอไอ เอนเนอร์จี จํากดั (มหาชน) AI Energy Public Company Limited ทะเบียนเลขที 0107556000311 AIE 124/2022

Rd., Klongmadua, Krathum Baen, Samut Sakhon 74110 Thailand. E-mail: ir@aienergy.co.th บริษัท เอไอ เอนเนอร์จี จํากดั (มหาชน) AI Energy Public Company Limited ทะเบียนเลขที 0107556000311 AIE195/2022

1H/2021. The increase was mainly due to a higher increase in total revenue than total expenses, as result of the Company’s efficient cost management. E B I T D A a n d E B I T D A M A R G I N : • The

% in 9M/2021. The increase was mainly due to a higher increase in total revenue than total expenses, as a result of the Company’s efficient cost management. E B I T D A a n d E B I T D A M A R G I N

2022 were THB 166 million and THB 592 million, respectively, increased by 48% from Q4/2021 and 67% from 2021, corresponding to the increase in sales and the Company’s efficient cost management since the

27.87 million YoY (-10.12%). The decrease in selling and administration expenses during 3Q2023 was mainly attributed by: (1) a decrease in employee expenses of THB 3.42 million due to the reduction in

Shares to Specific Investors (Private Placement) constituting a Connected Transaction, Reduction of Registered Capital, Increase of Registered Capital, Amendment of Memorandum of Association, Waiver from

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