, namely BPWHA1 and ABP5. • Electricity price sales to EGAT decreased 1.0% year-on-year from 2.92 Baht/KWh in 2016 to 2.89 Baht/KWh in 2017 because the energy payment – a component of the EGAT electricity

2 Change Increase (Decrease) 2017 2016 Amount % Electricity revenue - Availability Payment (AP) - Energy Payment (EP) 1,094 2,466 167 373 927 2,093 555% 561% Other income 5 14 (9) (64%) Total revenues

year mainly due to: 1.1) Revenue from selling of electricity increase 23.91 million baht or 100% due to the Company recognized revenue from Saraburi Solar Farm Project. 1.2) Revenue from Sales decrease

renewable energy business of the total revenues. Sales electricity and services for the nine-month period ended September 30, 2019 reached Baht 271.97 million, an increase of 1.80% from Baht 267.16 million

business structure to move towards Green Businesses targeting renewable energy, materials recycling and eco management. To pursue its business strategy, 36 MW solar farms in Thailand have been acquired in

Solar Energy Business 131.23 121.16 10.07 8.31 Cost of sales and services 198.74 137.74 61.00 44.29 Printing Business 147.84 88.57 59.27 66.92 Solar Energy Business 50.90 49.17 1.73 3.52 Gross Profit

2017 Amount % Electricity revenue - Availability Payment (AP) - Energy Payment (EP) 875 2,076 1,094 2,466 (219) (390) (20%) (16%) Other income 8 9 (1) (11%) Total revenues 2,959 3,569 (610) (17%) Cost of

Amount % Electricity revenue - Availability Payment (AP) - Energy Payment (EP) 964 2,738 1,112 2,520 (148) 218 (13%) 9% Other income 6 8 (2) (25%) Total revenues 3,708 3,640 68 2% Cost of sale (3,183

SAAM Energy Development Public Company Limited - 1 - 10 May 2019 Subject: Management Discussion and Analysis for the period ended 31 March 2019 To: The President The Stock Exchange of Thailand SAAM

clients who operate 17 solar power projects in Thailand, and (2) revenues from the sale of electricity from its own solar power project operated by its direct subsidiary. SAAM Energy Development Public