- 1 - AIT (VP-SEC) 005E/2019 February 13, 2020 Subject: Management's Discussion and Analysis of Operating Results for the year 2019 and Q4-2019 To: The President of the Stock Exchange of Thailand

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 2019 of the Company and the

strictly for reference. The SEC, Thailand cannot undertake any responsibility for its accuracy, nor be held liable for any loss or damages arising from or related to its use

. The SEC, Thailand cannot undertake any responsibility for its accuracy, nor be held liable for any loss or damages arising from or related to its use. ------------------------------- The Office of the

SEC, Thailand cannot undertake any responsibility for its accuracy, nor be held liable for any loss or damages arising from or related to its use. ------------------------------- The Office of the

strictly for reference. The SEC, Thailand cannot undertake any responsibility for its accuracy, nor be held liable for any loss of damages arising from or related to its use. ---------------------- The

reference. The SEC, Thailand cannot undertake any responsibility for its accuracy, nor be held liable for any loss of damages arising from or related to its use. ---------------------- The Securities and

. The SEC, Thailand cannot undertake any responsibility for its accuracy, nor be held liable for any loss of damages arising from or related to its use. ---------------------- The Securities and Exchange

. The SEC, Thailand cannot undertake any responsibility for its accuracy, nor be held liable for any loss of damages arising from or related to its use. PAGE (Translation) 2 The Securities and Exchange

. The SEC, Thailand cannot undertake any responsibility for its accuracy, nor be held liable for any loss of damages arising from or related to its use. The Securities and Exchange Commission Notification