........ Year ............. Year ............. Year ............ Total assets Total liabilities Shareholders’ equity Total income Cost Net profits Earnings per share (EPS) Debt/equity ratio (D/E ratio) Return on

significant economic- related benefits to MBEB. Specifically, this evidence suggests that markets assign higher price- earnings multiples, react with positive abnormal returns, or demand lower cost of debt to

net tangible assets (2) is computed from FKRMM’s NTA as of August 31, 2017 NTA of FKRMM as of August 31, 2 earnings of which used for clearing the internal debt between CRSB and FKRMM 2) Transaction’s

% 498 170.5% Profit (loss) before tax expense (income) (3,358) -8.1% 2,376 4.5% (5,734) (241.3%) Tax expense (income) (839) -2.0% 608 1.2% (1,447) (238.0%) Profit (loss) for the period (2,519) -6.1% 1,768

84 0.2% 78 0.1% 5 6.6% Profit (loss) before tax (expense) income 993 2.1% 2,193 4.1% (1,199) -54.7% Tax (expense) income (125) -0.3% (535) -1.0% 410 -76.7% Profit (loss) for the period 869 1.8% 1,658

% Interest expense from ABPIF 594 546 -8.0% Unrealized loss/(gain) from FX -229 -1,113 387.1% Other financing costs 16 328 1998.1% Finance cost 2,563 2,053 -19.9% Tax expense (income) Tax on profits for the

3: Major Projects Update & Recycling Growth Plan Project Business Expected Completion Total Installed Capacity (KT) Earnings & Returns Capex in $M Olympus Cost Transformation Program Corporate and all

as follows; Expense/Income 2020 2019 Employee expenses and benefits 11,116,644.56 14,621,136.01 Other expenses 7,645,942.42 7,715,034.38 Expense (income) allocation 0 (3,582,974.51) Total

expense (income) Tax on profits for the year 118 132 11.7% Deferred tax (20) (12) -41.6% Tax expense (income) 98 120 22.7% Finance cost  Finance costs increased 7.8% from Baht 887 million to Baht 956

– Higher price-earnings multiples (Barth et al., 1999) – Positive abnormal returns (Bartov et al., 2002) – Lower cost of debt (Jiang, 2008) • One can simply ask a following question: what really drives this