SAAM Energy Development Public Company Limited - 1 - 10 May 2019 Subject: Management Discussion and Analysis for the period ended 31 March 2019 To: The President The Stock Exchange of Thailand SAAM

Cash Flow from Operating Activities CFO as of June 30, 2019 was 79. 82mb, lower than same period last year. The management will consider using the surplus CFO in investment or any other activities to

cash and cash equivalents 7.53 11.40 Cash Flow from Operating Activities CFO as of June 30, 2019 was 79. 82mb, lower than same period last year. The management will consider using the surplus CFO in

www.indoramaventures.com 3 Criteria Calculation Size of Transaction (percent) 2. The net profits ( Net operating profit of a company being acquired X proportion of acquisition) X 100 Net operating profit of the listed

Management Discussion and Analysis for the Year 2019 Page 14 of 14 11) Gross Profit Margin = (Gross Profit / Sales) * 100 12) Operating Profit Margin = (Operating Profit / Sales) * 100 13) Cash Profit Margin

to 16.72% in the same period of 2019. 1. Overview of operating results of the Company and its subsidiaries - Translation - JKN GLOBAL MEDIA PUBLIC COMPANY LIMITED Management Discussion and Analysis of

administrative expenses 98.56 100.45 1.89 1.92% 293.80 301.13 7.34 2.50% Operating profit 428.70 412.15 (16.55) (3.86%) 1,422.44 1,366.98 (55.46) (3.90%) Finance cost 24.89 35.10 10.22 41.06% 81.54 105.82 24.27

Management Discussion & Analysis Page 6/7 Financial Ratio Analysis 4Q18 4Q17 2018 2017 Profitability Ratios Operating gross profit margin (%) 34.5 32.7 32.4 33.0 Operating EBITDA margin (%) 20.6 11.5 19.5 18.9

GFPT Public Company Limited Interim Management Discussion and Analysis for the 2nd Quarter 2018 Page 1 of 13 Management Discussion and Analysis This interim MD&A report has been prepared based on the

Supervisory Board concerning Rules of Management for Retail Funds, Non-retail Funds, Funds for Institutional Investors and Private Funds; “complex return mutual fund” means a mutual fund that offers return to