Consideration : Asset Value Criteria (NTA : Calculated from the discounted share capital value of the Company and its subsidiaries) Transaction size : The value of the asset (NTA) is equal to 2.35% of net assets

par value of preferred shares is 10 Indian Rupees per share 2.3. The management of the Company has appraised the share price of the Joint Venture Company by using the Discounted Cash Flow method (DCF

which valued by Discounted Cash Flow method. Benefits Expected to be obtained by the Company 1. The Company acquire new share of FD from current shareholder equaled to 51 percent of the registered and

effect of the widened Crude premium over Dubai, as well as the lowered oil product spread over crude oil price. There was an Inventory Loss of THB 70 million, and GRM hedging loss. Marketing Business Group

in manufacturing which will be a good advantage for production development of NDR. Purchase Consideration of the acquisition of FKRMM’s shares is equal to 53,000,000 MYR which may be reduced as

in agreement details. Thus, leaving the market once again anxious about another global recession to such a degree that the International Monetary Fund (IMF) lowered their GDP growth estimate for 2019

. book value, adjusted book value, proportion of share price to book value and discounted cash flow. The approach of determination of purchase price is derived from discounted cash flow approach and the

methodologies which are internationally accepted. The Page 8 of 9 Company has considered that the discounted cash flow methodology is the most appropriate methodology of valuation for the Transaction. 6.2 Payment

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

the Asset Acquisition Agreement. The Board of Directors has considered such price reasonable in comparison with the expected benefits in the future, based on the Discounted Cash Flow and the Precedent