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

in trade and other payables of THB 5.77 and THB 19.55 million repayment of long-term loan. SAAM Energy Development Public Company Limited - 5 - Shareholders’ equity At the end of Quarter 2 of 2019, the

. SAAM Energy Development Public Company Limited - 5 - Shareholders’ equity At the end of Quarter 3 of 2019, the SAAM Group presented total shareholders’ equity of THB 293.35 million, a THB 3.65 million or

move towards Green Businesses targeting renewable energy, material recycling and eco management. To pursue its business strategy, 36 MW solar farms in Thailand have been acquired in late 2016 and during

acquisitions, one of which is the investment in 67% shares of Infinite Alternative Energy Co., Ltd., which holds shares in the Rang Ngern Solutions Co., Ltd. worth approximately 5.5 billion baht.  In this regard

businesses. • Long-term borrowings from financial institutions rose by Baht 313.69 million due to the last drawdown of solar energy. Equity of the group increased by Baht 585.56 million, mostly attributable to

borrowings from financial institutions decreased Baht (17.76) million, which mainly comes from long-term borrowing repayment in solar energy business. The group’s equity increased Baht 24.30 million due to

7.76% Total liabilities 133.21 30.85% 110.69 27.62% 22.52 20.34% Total shareholders’ equity 298.60 69.15% 290.04 72.38% 8.56 2.95% SAAM Energy Development Public Company Limited - 5 - Assets At the end

27.62% 17.30 15.63% Total shareholders’ equity 296.61 69.86% 290.04 72.38% 6.58 2.27% SAAM Energy Development Public Company Limited - 5 - Assets At the end of Quarter 2 of 2020, SAAM Group presented

of Baht 380.02 million, a net profit of Baht 12.92 million increased profits due to more efficient cost control. 1.2 The company’s income from energy business in Q2/2019 was Baht 85.19 million