the financial advisor (FA) to evaluate fair value of IGEN- ENEERGY as of 10 April 2019. FA has decided to use the Discounted Cash Flow Approach (DCF) to determine the value of consideration for the

Seller’s Advisor *** LTM Q1/2019 means the last twelve months period from April 1, 2018 to March 31, 2019 7. Expected Benefits This Transaction would be a strategic fit to enhance IVL’s new growth engines

of export sales that is causing to be in the amount of THB 2.52 million. Administrative Expenses Baht Million 2018 2019 +/(-) +/(-) % Employee and executive expenses 43.38 64.03 20.65 47.60% Advisor

/61 +/(-) +/(-) % Employee and executive expenses 44.16 65.14 20.98 47.51% Advisor expenses 10.01 8.21 (1.81) (18.03%) Tax and penalties 23.44 0.25 (23.19) (98.92%) Allowance for doubtful accounts

approval in the coming Annual General Meeting of the Company. The Company will appoint an Independent Financial Advisor to give an opinion to shareholders on the appropriateness and rightfulness of the price

in this period. Administrative Expenses Baht Million 2018 2019 +/(-) +/(-) % Employee and executive expenses 65.14 98.81 33.67 51.69% Advisor expenses 8.20 10.31 2.11 25.73% Loss on exchange rate

Performance for the year ended December 31, 2019 Administrative Expenses Baht Million 2018 2019 +/(-) +/(-) % Employee and executive expenses 86.79 131.82 45.03 51.88% Advisor expenses 11.53 14.05 2.52 21.86

approved by the meeting of shareholders as well. 5. Approval of the appointment of Discovers Management Company Limited, a financial advisor, approved by the Securities and Exchange Commission (SEC) as an

distribution channels and use of business strategy, namely “Complete Set of Beauty, Entirely Filled with Diamond Brand”, as well as effective cost management having resulted in Corporate Group achieving highest

entering into such transactions to SET, and deliver a notice to the shareholders within 21 days from the disclosure date to SET. However, for the propose of having the shareholders obtaining complete and