Statement Analysis The total revenue of the Company in 2019 was 2,524.5 million Baht, increasing by 33.9 percent. The reason was due to the change in income as follows: 1. Revenues from interest and dividend

million b t in 2015 d % MB. % -2 % 6 % -21 % % -14 % 15 % % 3 % 18 % 3 % 23 % -26 % -39 % -4 % -50 % 14 % 29 % 44 % -5 % 9 Page3/4 million baht, t year. For baht which due to the % Change % 21.4 -19.3 62.1

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

SAAM Energy Development Public Company Limited - 1 - 7 November 2019 Subject: Management Discussion and Analysis for the period ended 30 September 2019 To: The President The Stock Exchange of

audit firm; (2) Not required if another auditor affiliated with the same audit firm has submitted an application and the document to the SEC Office, provided that there is no material change to the

loss and its movement shall be recognized to reflect the change of credit risk since initial recognition.  Hedge accounting which determines the type of transactions eligible for hedge accounting

Amortization margin 25.73% 25.42% Profit attributable to owners of The Company 11.80% 11.78% Revenue Structure Breakdown by Type (Unit : Million Baht) 1Q2020 1Q2019 Change Revenue Proportion Revenue Proportion

total liability as at December 31, 2017 of Baht 90.56 million decrease from December 31, 2016 to Baht 0.49 or 0.55% , the details of the change are as follow : 2.1 Current liability as at, December 31

- attributable to equity holders of the parent 24.26 41.84 (17.58) (42.02) Gross Profit Margin (%) 27.10 31.79 Net Profit Margin (%) 9.88 16.42 Unit: million Baht For 6-month period (Jan-Jun) 2019 2018 Change

%) and IPD (10%). This promising growth was due to more subspecialties, more Operation : Consolidated Profit & Loss Statement 2Q 2Q % 6 mth 6 mth % Unit : THB million 2019 2018 change 2019 2018 change