Website: www.kiatnakin.co.th http://www.kiatnakin.co.th/ 2 Management Discussion and Analysis (MD&A) For the first quarter ended March 31, 2018 comparing operating performance and financial position for the

Manila. Second, the impact from foreign currency translation of the financial statements as the THB appreciation against the USD and the Peso by 4% and 10%, respectively. Unit: THB mn 3Q17 3Q16 Var %Chg

1,761.0 10.7 Short-term loans from financial institutions 189.2 265.3 (76.1) (28.7) Long-term loans from financial institutions 4,431.8 3,657.2 774.6 21.2 Trade and other payables 283.4 269.0 14.4 5.4

loans from financial institutions 214.5 265.3 (50.8) (19.1) Long-term loans from financial institutions 4,539.1 3,657.2 881.9 24.1 Trade and other payables 327.8 269.0 58.8 21.9 Leases liabilities (net

global economy due to financial market tightening and macroeconomic headwinds which created contraction risks, especially for Thai export sectors. Nonetheless, private consumption showed a sign of

Discussion and Analysis for the year ended December 31, 2022 Attention: President The Stock Exchange of Thailand AI Energy Public Company Limited (“the Company”) would like to submit the financial statement

at December 31, 2018 Variance Current liabilities Trade and other payables 2,517.2 2,883.3 (366.1) Current portion of long-term loans, Liabilities arising from financial lease of aircrafts and Finance

decreased at similar rate to the decrease in total revenue. In addition, in 2022, the Company recorded the impairment loss on financial assets by 96. 8 MB and the Fair value loss on FVTPL equity instrument by

recession due to the COVID-19 pandemic. Economic activity was crippled almost across the board in light of lockdown measures implemented in several countries to contain the viral transmission. Financial

loans from financial institutions 1,328 1,047 +27% Trade payables 473 323 +46% Current portion of long-term liabilities 128 7 +1718% Current portion of liabilities under financial lease agreements 40 33