SAAM Energy Development Public Company Limited - 1 - 6 November 2020 Subject: Management Discussion and Analysis for the period ended 30 September 2020 To: The President The Stock Exchange of

for the three-month period ended 30 June 2020 Compared to the same period last year, the company’s performance increased Baht 24 million as the following reasons: • Total revenue decreased Baht (9

29_MDA Q3_62 EN -Translation- No. ECF2 041/2019 November 14, 2019 Subject: Management Discussion and Analysis of the 3rd quarter ended September 30, 2019 To President The Stock Exchange of Thailand

rate at every 4 months basis to better reflect the fuel cost of electricity generation. Currently, GPSC has planned to handle with the change and consistently monitors the updates from the ERC. In Q4

% EBITDA margin 21.0% 20.2% 0.8% 21.2% -0.2% Net profit margin for the period 14.1% 13.1% 1.0% 12.6% 1.5% Net profit margin attributable to the owners of the parent 14.0% 12.8% 1.2% 12.5% 1.5% Key Change in

. Additionally, the hotels had to suspend operations from April 1, 2020. Outrigger Hotels Indicators 1H/2019 1H/2020 Change(%) No. of Hotels 6 6 - No. of Keys 859 859 - Average Occupancy Rate (%) 74.4 29.6 (44.8

change of demand and education guidelines. At present, Dusit Thani College is in the process of adjusting its strategy to enhance its revenue potential by adjusting the degree program in accordance with

% Change QoQ Sales and service income Change YoY Sales and service income (included revenue from finance lease under a Power Purchase Agreement) increase 6.2% QoQ from Baht 1,467.7 million to Baht 1,559.1

:49) led to a change in accounting treatment on this project, from previously Consolidation to Equity Method. This activity was resulting in a decrease in Cost of property development and an increase in

estimation of cost causing loss in such project due to various factors i.e. change of materials suppliers causing higher cost, extension of contract causing higher fixed cost as well as its underestimate cost