SAAM Energy Development Public Company Limited - 1 - 13 February 2019 Subject: Management Discussion and Analysis for the year ended 31 December 2018 To: The President The Stock Exchange of Thailand

. RESULTS OF OPERATION (Unit : Million Baht) Consolidated Financial Statements 2018 2017 % Change Revenue from Sales and Services 1,708.3 1,633.8 4.6% - Operating Revenue1 1,679.7 1,570.2 7.0% - Other Revenue

Limited (the “Company”) submitted its separate financial statement and its consolidated financial statement for the year of 2018 ended on 31 December 2018 which were audited by the auditor. The Company

“Company”) submitted its separate financial statement and its consolidated financial statement for the second quarter of 2017 ended on 30 June 2017 which were reviewed by the auditor. The Company hereby

. RESULTS OF OPERATION Consolidated Financial Statements 1Q2019 1Q2018 % Change Total Revenue 459.4 422.0 8.9% - Utilities Business 458.0 422.0 8.5% - Operating Revenue1 431.2 420.6 2.5% - Other Utilities

3Q2017. For 9M2018, Net Proft of Baht 1,643.2 million, a 6.5% increased from 9M2017 with Normalized Net Profit of Baht 1,654.1 million, a 52.5% increased from 9M2017. 1. RESULTS OF OPERATION Consolidated

Company Limited S Hotels & Resorts, A Singha Estate Company | www.shotelsresorts.com Page 2 of 8 Discussion of results of operations Consolidated financial statements 9 Months 2018 9 Months 2019 % Change

Limited (the “Company”) submitted its separate financial statement and its consolidated financial statement for the year of 2019 ended on 31 December 2019 which was audited by the auditor. The Company

“Company”) submitted its separate financial statement and its consolidated financial statement for the first quarter of 2020 ended on 31 March 2020 which were reviewed by the auditor. The Company hereby

Management Discussion & Analysis of Business Operation Bangchak Corporation Public Company Limited For the 2nd quarter ended June 30th, 2018 Management Discussion and Analysis of Business Operation