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

hedging at Baht 1.8 million. Other income from mold supplier, sales of scraps and obsolete equipment reported at Baht 3.2 million. Gross profit margin was dropped from 33.4% to 32.2% due to long aged

and irrigation agencies that had already been accelerated. State-owned enterprises' capital expenditure contracted in line with disbursements in energy and transportation investment projects. However

of UWC’s investment in Power Plants business as UWC entered into Share Purchase Agreement with Absolute Clean Energy Plc. on July 10, 2020 in the total amount of THB 851.20 million even though this

impact of Stock Gain/(Loss) and NRV (2) Extra item was from reversal of inventory derogation because a supplier had delivered raw materials to the company regarding to the settlement agreement. P a g e | 5

, mainly due to sales promotion from foreign supplier. 3.4 Selling and distribution expenses The Group has sales and distribution expenses increased by 2.79 million baht or 45.37 percent from the previous

(Translation) No. 10000000/008/62 22 January 2019 Subject: Resolutions of the Board of Directors’ Meeting regarding the investment in the Energy Recovery Unit Project through the acquisition of the

from returning inventory from supplier of THB 14 million. Thus, the company posted net loss including extraordinary item THB 22 million. While in 2Q/2018, the company had net loss including extraordinary

of Baht 26.20 million, overdraft and short-term loans from financial institutions increase Baht 38.83 million to support our operation activities and payment to foreign supplier, long-term loans from

industry as the government support this kind of business as it is a clean renewable energy compare to diesel. This will help to reduce the purchase of Crude Oil from other country and also support stability