to replace the less energy efficient ones in order to conserve energy, but this year the Retail Chain had delayed the investments. Profit for the period The Company's profit of the quarter was 3.3

. Due to the leather business group has continuously improved the production process to reduce production costs and the energy business group has improved the work processes of setting up machinery and

maintenance in 1Q2017 and higher energy payment which is from higher power dispatch to EGAT in 1Q2018. The increase is also from higher coal price. - Five SPPs (Gulf VTP, Gulf TS1, Gulf TS2, Gulf TS3 and Gulf

year2017 which presented in the amount of Baht 1,591.27 million or 83.31 percent. Due to the leather business group has continuously improved the production process to reduce production costs and the energy

in the amount of Baht 415.11 million or 85.85 percent. Due to the leather business group has continuously improved the production process to reduce production costs and the energy business group has

Utilities and Power Business and as a result improved the Company’s performance compared to 2016  Par spliting from Baht 5 to Baht 1 started July 13, 2017.  The Company issued the 3-Year debentures to

SAAM Energy Development Public Company Limited - 1 - 4 January 2019 Subject: Management Discussion and Analysis for the 9-month ended 30 September 2018 To: The President of the Stock Exchange of

Equity ratio stood healthily at 0.62x. Sbsequent Event:  Gulf TS3, the 4th Joint Ventures SPP between WHA Energy Company Limited (a wholly owned subsidiary of WHAUP) and Gulf MP Company Limited at

Joint Ventures. By Category of Power Plant 2Q2016 2Q2017 Increase /(Decrease) Baht million Baht million Baht million % IPP 205.1 563.1 358.0 174.6 SPP 20.1 99.6 79.5 395.0 Alternative Energy 0.4 2.2 1.8

Dividend 1 310.6 408.6 -24.0% - IPP 84.1 257.0 -67.3% - SPP 228.3 155.4 47.0% - Renewable Energy 2.6 1.1 140.9% - Power Plants under Constuction and Development (4.4) (4.8) -7.7% 1 Normalized Total Revenue