Microsoft Word - ACE MDA Q420 - ENG Final 1 No. ACE-ACC-1/2021 25 February 2021 Subject Management Discussion and Analysis for the year ended 31 December 2020 To President The Stock Exchange of

average selling price in this quarter decreased when compared to the previous quarter, following the decline of global crude oil price. The Galoc Oil Field recorded an average production rate of 3,858

Baht 52.38 million, the operations for the first quarter ended 31 March 2018 showed a loss of Baht 56.10 million. Compared to the same period of 2017, the profit was Baht 0.82 million, a decline of 6,941

) Allowance for the decline in value of inventory 32.63 19.35 68.57 Selling expenses 357.68 385.33 (7.18) Administrative expenses 118.99 97.01 22.66 Finance costs 19.52 24.07 (18.90) Total expenses 1,990.21

Limited and its subsidiaries for the six-month period ended 30 June 2017 represented a loss of Baht 0.51 million. Compared to the same period of 2016, the loss was Baht 171.79 million, a decline of 100

Baht 18.90 million, a loss decline of 3%. The Company would like to clarify significant changes of Group’s operation results were summarized as follows: Revenue from sales of goods and rendering of

potential impacts on the bondholders both in cases of approval and decline of approval for the above matters with respective supporting reasons, and clearly provide information to the bondholders together

bondholders both in cases of approval and decline of approval for the above matters with respective supporting reasons, and clearly provide information to the bondholders together with the opinions of the

with the bank.The SEC requires that the bondholders’ representative analyze the benefits and shortcomings as well as the potential impacts on the bondholders both in cases of approval and decline of

benefits and shortcomings as well as the potential impacts on the bondholders both in cases of approval and decline of approval for the above matters with respective supporting reasons and the opinions of