Page 1 of 19 Table of contents General information .............................................................................................................................................. 2 The

% Cost of Sales (55) (87) 58% (189) (248) 31% Gross Profit 60 159 165% 242 426 76% Other income 1 2 100% 4 9 125% Selling and Distribution Expenses (45) (74) 64% (156) (207) 33% Administrative Expenses (30

192 31% 267 361 35% Other income 4 3 (25%) 7 7 0% Selling and Distribution Expenses (71) (92) 30% (133) (175) 32% Administrative Expenses (36) (48) 33% (76) (94) 24% Finance Cost1 (2) (1) (50%) (4) (3

and distribution of electricity under SAAM-SP1 mainly includes (1) depreciation expense for the solar power project, (2) operation and maintenance, and (3) other costs such as utility expenses

Management and Discussion Analysis FS2017 Page 1/7 Jaymart Public

: ______________________________________________________ Home Economy: ___________________________________________________________ [ ] 1. Form 69 – CIS full ( completed by CIS Operator ) [ ] 2. Evidence demonstrating that ARFP Passport Fund is legally

SAAM Energy Development Public Company Limited - 1 - 4 January 2019 Subject: Management Discussion and Analysis for the year ended 31 December 2017 To: The President of the Stock Exchange of Thailand

Page 1 of 9 Form 35 – ARFP CIS Checklist for Asia Region Funds Passport (ARFP) CIS Application Form Name of ARFP Passport Fund: _________________________________________________ Name of CIS Operator

previous period of last year as follows (1) Revenue from sales of program rights increased 30.53% (2) Revenue from advertising and media services decreased 89.49% and (3) Revenue from sales of products

1 ( Translation ) Ref. NEP146-2017 October 25, 2017 Subject : Resolutions of the Board of Directors approving the capital decrease, the capital increase, the allotment of newly issued ordinary shares