the Purchaser, together with the valuation of Land and Buildings by an appraiser approved by the Securities and Exchange Commission (the "SEC"). The value of the consideration is derived from the price

valuation of Land and Buildings from a valuer approved by the Securities and Exchange Commission ("SEC"). The value of consideration is derived from the price negotiated between the Purchaser or NML, compared

terms negotiated between the Subsidiary Company and the Purchaser, together with the valuation of Land and Buildings by an appraiser approved by the Securities and Exchange Commission (the "SEC"). The

Guarantor or of the quality of the Notes. Investors should make their own assessment as to the suitability of investing in the Notes. In accordance with article 6(4) of the Luxembourg Prospectus Law, the CSSF

seller is referred to the appraisal of Sasirachada Co., Ltd. which determines the project value by using the cost approach and income approach. The Company chooses to use the value measurement by cost

Company’s interest and benefit. 3.2 Machinery Purchase Agreement Determining the consideration value is conducted by comparing the lowest price from 2 independent appraisal companies from machineries

not lower than the price appraised by the independent appraisal. In this regard, on 14 October 2018 which was the last auction day, at the completion of the auction it was appeared that Lertsamartyotha

the lowest price from 2 independent appraisal companies, who are independent appraisers authorized by the SEC, from machineries evaluation as well as negotiation and agreement between the Parties. The

analysis and valuation

......................................................................................................................................... 1 How ESG Megatrends Are Shaping Valuation .................................................................................................... 2 ENGAGEMENT STRATEGIES The Significance of ESG