construction including: - Rayong Central Utility Plants Expansion Phase (CUP-4) (99.7% construction progress) - Nava Nakorn Electricity Generating Company Limited (NNEG) (69.1% construction progress

37% EBITDA 81 111 36% 223 288 29% Net Profit (Loss) for the Company 34 54 59% 82 131 60% Gross Profit Margin (%) 64.6% 66.0% 1.3% 63.2% 64.8% 1.6% EBITDA Margin1 (%) 32.8% 32.6% (0.2%) 32.6% 31.6% (1.0

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

426 76% EBITDA 24 81 238% 114 223 96% Net Profit (Loss) for the Company (13) 34 362% (9) 82 1,011% Gross Profit Margin (%) 52.2% 64.6% 12.5% 56.1% 63.2% 7.1% EBITDA Margin1 (%) 20.7% 32.8% 12.1% 26.2

Southeast Asia in the electricity and utility business group. Received Excellent Awards from Leading Magazines and Private Agencies As of 27 February 2020, the Company was awarded Deal of the Year in the year

1 Forth Smart Service Public Company Limited (FSMART) 4Q17 Management Discussion and Analysis Operational Summary in 4Q17  Total revenue from core business was Bt3,105mn, an increase of 38.3 % YoY

prepaid market which the Company sees the opportunity in steady growth in 2018. The Company plans to launch new services, e.g. money transfer service, bus ticket payment, utility bill payment, insurance

32% EBITDA 96 135 41% 177 248 40% Net Profit (Loss) for the Company 43 73 70% 77 127 65% Gross Profit Margin (%) 64.2% 66.5% 2.3% 64.1% 66.5% 2.4% EBITDA Margin1 (%) 31.8% 35.5% 3.7% 31.1% 34.3% 3.2

33% EBITDA 83 103 24% 306 391 28% Net Profit (Loss) for the Company 36 47 31% 118 178 51% Gross Profit Margin (%) 62.9% 65.0% 2.1% 63.1% 64.8% 1.7% EBITDA Margin1 (%) 30.7% 32.1% 1.3% 32.1% 31.8% (0.3

growth in 2018. The Company plans to launch new services, e.g. money transfer service, bus ticket payment, utility bill payment, social security 40 (3), insurance-selling service and others and cooperates