carried out as planned and expected the new buildings will be ready to be use in 3Q2021. At present, the Company is now adjusting construction drawing, system work, and also working for the environmental

shareholders. At present, there is no specific conclusion on the type of capital increase. In this regard, the Company will inform of any update on this matter and will propose this matter for further

approach, adjusted book value approach, price to book value approach and net present value approach, performed by Orion Advisory Company Limited as the financial advisor of the Company. However, the

allocating the shares to any subscriber if such allocation causes or may cause the infringement of foreign shareholding restriction as specified in the Articles of Association of the Company which, at present

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 based on its audited consolidated financial statements ended 31 December 2018 as follows. Management’s Discussion and Analysis The following Management's Discussion and Analysis should be read in

- 1 - AIT (VP-SEC) 005E/2019 February 26, 2019 Subject: Management's Discussion and Analysis of Operating Results for the year 2018 and Q4-2018 To: The President of the Stock Exchange of Thailand

results based on its audited consolidated financial statements which ended 31 December 2019 as follows: Management’s Discussion and Analysis The following Management's Discussion and Analysis should be read

previous year. Expenses analysis Q2 2016 Q2 2017 Increase/(Decrease) THB mm THB mm THB mm % Selling expense 26.5 161.2 134.7 508.1% Administrative expense 235.3 306.3 71.0 30.2% Finance costs 616.9 418.9

1 Ref: AC.031/2017 15 August 2017 Subject: Management discussion and analysis of financial position and operating results To: President and Manager The Stock Exchange of Thailand Overall operating