The opinions of the Independent Financial Advisor on the connected transaction (For the purpose of translation only) 1 Table of Contents Page Executive Summary 5 Secion 1 Request for approval to sell

leading Green Innovation company.  October 2017 Following the approval of the Board of Directors of the company to proceed with the amalgamation between BBP Holding Co., Ltd. (a subsidiary of Bangchak

Asset – Total intangible asset – Total Liability – Non-controlling interest (if any) Cannot be calculated as on the transaction approval date, Target Company has not yet been incorporated. 2. Comparison

being granted an exemption from the SEC Office with an approval of the Capital Market Supervisory Board: (1) shares issued or offered for sale by a parent company or a subsidiary company of the securities

exemption from the SEC Office with an approval of the Capital Market Supervisory Board: (1) shares issued or offered for sale by a parent company or a subsidiary company of the securities underwriter; (2) non

shall not make underwriting of the following securities, except being granted an exemption from the SEC Office with an approval of the Capital Market Supervisory Board: (1) shares issued or offered for

separate from the CIS Operator. In short, after obtaining approval from the Thai SEC to set up a mutual fund and offer investment units to investors, the money received from such offer shall constitute a

Director’ Approval Date Universal West Management Co., Ltd. 135.00 6.90 April 9, 2019 The Details of Transaction 2.1 Ferrum Energy purchases Eco’s shares from Ms. Suyanee Suwanyos by 122,266,665 shares and

find full detail on www.trisrating.com) As regards to BGRIM’s annual general meeting (AGM) held on 26 April 2018, BGRIM also granted shareholder approval on issuance of bond in the amount up to Baht

and long-term debt from financial statements as of 30 June 2020 which may be varied from the estimated amount stated in the Sale and Purchase Agreement. Nonetheless, it is expected that such adjustment