SAAM Energy Development Public Company Limited - 1 - 21 February 2020 Subject: Management Discussion and Analysis for the year ended 31 December 2019 To: The President The Stock Exchange of Thailand

% driven by higher sales of the energy drinks especially for export markets and greater sales growth from distribution of 3rd party’s products. Note: 1/ Energy Drinks, Sport Drinks, and Functional Drinks 2

distribution system that covering major commercial areas nationwide. Overseas sales were THB 1,748 million, increased by THB 110 Million or 6.7%. The amount included the export sales of energy drinks to CLMV

energy business for the year2019 in the amount of Baht 343.70 million, increased from the year2018 the company’s income from energy business was Baht 247.43 million. Since the company started to have

to accept the right under the Strategic Partnership Agreement between the Company and Hemaraj Land and Development Public Company Limited (“Hemaraj”) to conduct the business of distribution and retail

date the product reaches its destination result in gross loss margin. The cessation of the fruit export business resulted in the proportion of revenue from the distribution business decreasing by more

increased compared to Q2/2017, the company had revenue from sales and services of Baht 355.44 million, a net profit of Baht 11.58 million. 1.2 Revenues increased from electricity distribution for 2nd quarter

renewable energy. In addition, each project must have at least 1 billion baht investment value or no less than 500 million baht for a small-scale private power project. The fund may invest in an ongoing

services consists of cost of sales from electricity generation and distribution and costs of services and rental from provision of services and development of renewable energy projects. For the year 2018

The company’s income from energy business in Q1/2020 was Baht 82.41 million, increased from Q1/2019 the company’s income from energy business was Baht 84.87 million. 1.3 The company’s income from design