securities for its proprietary account shall set policies and rules for investment and shall sufficiently and efficiently have a risk management system, a system to prevent conflicts of interest and leaking of

broker investing in securities for its proprietary account shall set policies and rules for investment and shall sufficiently and efficiently have a risk management system, a system to prevent conflicts of

management system, a system to prevent conflicts of interest and leaking of information which should not be disclosed between units and personnel (Chinese wall). The policies, rules and practices shall be

-Translation- Ref. EIC-AD017/2018 May 15, 2018 Subject: Management Discussion and Analysis for the Quarterly Performance Ending March 31, 2018 To: President The Stock Exchange of Thailand Reference is made to

year from the group's business expansion to mutual fund management business and an ICO portal business. The group has commenced full operation of these businesses since the previous quarter.  The

ที่บชง Page 1 of 4 Ref. Bor Chor Ngor 0268/2020 10 August 2020 Subject: Management Discussion and Analysis for the Second Quarter ended 30 June 2020 To President The Stock Exchange of Thailand

SAAM Energy Development Public Company Limited - 1 - 12 May 2020 Subject: Management Discussion and Analysis for the period ended 31 March 2020 To: The President The Stock Exchange of Thailand SAAM

working capital management. (b) Total Liabilities Total liability as of March 31, 2020 was 298.88mb, increasing by 123.29mb or 70.2%, m ain ly due to recognition of liabilities under finance lease agreement

SAAM Energy Development Public Company Limited - 1 - 7 August 2020 Subject: Management Discussion and Analysis for the period ended 30 June 2020 To: The President The Stock Exchange of Thailand SAAM

cash flow generated from operations and good working capital management. (b) Total Liabilities Total liability as of September 30, 2019 was 168.73mb, increasing by 61.42mb or 57.2% , m ainly due to the