. 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

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

million derived from gain (loss) from investment value of the associates with the details as follows; 1. SAFE Energy Holdings Company Limited (SAFE) which is held 33.37 percent of total shares by ECF Power

million and keep gross profit margin at the same level. 3. Solar energy (“SE”) had gross profit and gross profit margin at the same level. 4. Trading business (“TD had an increase in gross profit for Baht 6

increase in gross profit for Baht 4 million. Main reason was both client retention and new client. Moreover, gross profit margin increased from 8.9% to 9.4%. 3. Both gross profit and revenue of Solar energy

SAAM Energy Development Public Company Limited - 1 - 13 February 2019 Subject: Management Discussion and Analysis for the year ended 31 December 2018 To: The President The Stock Exchange of Thailand

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