Korea Electric Power Corporation (KEPCO), the sole off-taker of wholesale power generation in South Korea, through the Korea Power Exchange (KPX). Gangdong also sells thermal energy, and receive renewable

power transmission within Data Center and (2) IGEN Energy Company Limited (“IGEN- ENERGY”) (previously “Siam Bio Generation 1 Company Limited”) as its business of Alternative energy supply Investment

Management Service Inc. (QMS) O&M Management Services Page 6 (2) Associated in overseas power generation business Star Energy Geothermal Pte. Ltd. (SEG) Star Energy Geothermal (Salak – Darajat) B.V. (SEGSD) (3

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

plants under the Tender Offeror’s joint venture: which engage in the businesses of generation and sale of electricity produced from various types of energy, both domestic and overseas, comprising

obtain opinions and comments from private sector and others authorities has already been done. Regarding the Alternative Energy Development Plan of 2015-2036 (AEDP 2015), power generation from renewable

SAAM Energy Development Public Company Limited - 1 - 12 May 2020 Subject: Management Discussion and Analysis for the period ended 31 March 2020 To: The President The Stock Exchange of Thailand SAAM

rental – provision of services and development of renewable energy projects 6.58 17.26% 6.40 17.38% 0.18 2.73% Total 9.66 100.00% 9.43 100.00% 0.23 2.41% - Cost of sales Cost of sales related to generation

previous year (end of 2018: THB 296.99 million) mainly due to the Company’s generation of net profit. SAAM Energy Development Public Company Limited - 5 - Please be informed accordingly, Yours sincerely, Mr

9.54 100.00 (0.11) (1.14) SAAM Energy Development Public Company Limited - 3 - - Cost of sales Cost of sales related to generation and distribution of electricity under SAAM-SP1 mainly includes (1