, the Company believes it is rationale to conclude the exchange ratio shall be derived from the current book value as at March 31, 2017 with a premium of 27.6% or equivalent to additional of 1.19 shares

THB Mn % Sales of electricity - FiT, base tariff and Ft 727.0 770.9 816.7 831.7 15.0 1.8% 2,666.7 3,146.3 479.6 18.0% FiT Premium 33.2 14.7 20.7 22.1 1.4 6.8% 152.6 90.7 (61.9) (40.6%) Sales of

Mn THB Mn % THB Mn THB Mn THB Mn % Sales of electricity - FiT, base tariff and Ft 806.7 821.3 774.5 848.4 73.9 9.5% 3,146.3 3,250.9 104.6 3.3% FiT Premium 19.6 19.1 15.0 15.2 0.2 1.3% 90.7 68.9 (21.8

- - Issued and paid-up 140.00 100.00 40.00 40.00 Share premium 246.11 - 246.11 n.a. Retained earning Appropriated - legal reserve 5.09 5.09 - - Unappropriated 57.46 44.31 13.15 29.68 Equity attributable to

988.16 (98.80) (10.00) Equity Share Capital - Authorized 140.00 140.00 - - Issued and paid-up 140.00 100.00 40.00 40.00 Share premium 246.11 - 246.11 n.a. Retained earning Appropriated - legal reserve 5.09

and Ft 727.0 806.7 79.7 11.0% FiT Premium 33.2 19.6 (13.6) (41.0%) Sales of electricity to Industrial Users (IU) 6.9 6.8 (0.1) (1.4%) Sales from Biomass Power Plants 767.1 833.1 66.0 8.6% Revenue from

7.5 Share Premium 703.2 603.0 100.2 16.6 Share subscription received in advance form exercise warrants 66.6 - 66.6 100.0 Unappropriated Retained earnings 1,530.2 1,651.1 (120.9) (7.3) Total shareholders

of electricity - FiT, Base tariff and Ft 851.2 788.3 (62.9) (7.4%) FiT Premium 14.6 10.1 (4.5) (30.8%) Sales of electricity to Industrial Users (IU) 9.3 8.2 (1.1) (11.8%) Sales from Biomass Power

พื้นฐาน และค่า Ft 816.7 821.3 774.5 (5.7%) (5.2%) 2,314.6 2,402.5 3.8% ค่า FiT Premium 20.7 19.1 15.0 (21.5%) (27.5%) 68.6 53.7 (21.7%) รายได้จากการขายไฟฟ้าให้เอกชน (IU) 6.2 6.8 8.3 22.1% 33.9% 19.1 21.9

ค่าไฟฟ้าพืนฐาน และค่า Ft 774.5 793.1 895.9 13.0% 15.7% 2,402.5 2,540.2 5.7% ค่า FiT Premium 15.0 13.9 12.9 (7.2%) (14.0%) 53.7 41.4 (22.9%) รายไดจ้ากการขายไฟฟ้าให้เอกชน (IU) 8.3 7.4 7.0 (5.4%) (15.7