shall be made twice a year and is based on consolidated earnings and subjected to the availability of retained earnings on the separate financial statements. In all cases, dividend payment shall depend on

possible, result in credit ratings that can be subjected to some form of objective validation based on historical experience. 1.2 Credit ratings should reflect all information known and believed to be

other connected transaction with the same connected person or related person or close relatives subjected to the connected person, within 6 months prior to this transaction agreement date. Such issuance

Capital Services Co., Ltd. as IFA. Nonetheless, the Company has no other connected transaction with the same connected person or related person or close relatives subjected to the connected person, within 6

has no other connected transaction with the same connected person or related person or close relatives subjected to the connected person, within 6 months prior to this transaction agreement date. In

made by either executive committee or the chief executive officer or other person assigned by the executive committee or the chief executive officer, shall be subjected to an outline as approved by the

executive officer, shall be subjected to an outline as approved by the Company’s Extraordinary Shareholders’ Meeting No.1/2018, especially a matter concerning conversion period, interest rate, conversion

chief executive officer, shall be subjected to an outline as approved by the Company’s Extraordinary Shareholders’ Meeting No.1/2018, especially a matter concerning conversion period, interest rate

should be rigorous, capable of being applied consistently, and, where possible, result in credit ratings that can be subjected to some form of objective validation based on historical experience. 1.2

decreased from the previous year due to planned annual maintenance, while in 2016 the Ethanol plant had been in operation for 4 months, thus was not subjected to maintenance. 3. Average selling price of