Notification of Allocation and Documentation on Subscription of Ordinary Shares to be Offered to Existing Shareholders

Transcription

1 Notification of Allocation and Documentation on Subscription of Ordinary Shares to be Offered to Existing Shareholders of Between 8 June 2015 and 12 June 2015

2 Date 28 May 2015 Subject: Notification of the entitlement to subscribe to newly issued ordinary shares of Singha Estate Public Company Limited Attention: Shareholders ( Company ) Enclosure: 1. Information Memorandum on the Allocation of Newly Issued Ordinary Shares for existing shareholders in the proportion of their respective shareholdings (Rights Offering) 2. Subscription Form for Newly Issued Ordinary Shares of Singha Estate Public Company Limited 3. Certificate of Subscription Entitlement for Newly Issued Ordinary Shares issued by Thailand Securities Depository Company Limited ( TSD ) 4. Power of Attorney 5. Bill Payment Deposit Form of Siam Commercial Bank Public Company Limited 6. Supplementary documents to the subscription exclusively for a person who wishes to deposit the securities into the issuer account 7. Map of Share Subscription Venue Reference is made to the fact that 2015 Annual General Meeting of Shareholders held on April 22, 2015 has approved the increase of the Company s registered capital by 2,635,940,054, from the existing registered capital of 4,712,350,732 to the total registered capital of 7,348,290,786 by issuing 2,635,940,054 newly issued ordinary shares, with a par value of 1 per share, to be allocated (1) To specific persons (Private Placement) as payment for the ordinary shares of Nirvana Development Co.,Ltd. (2) To the existing shareholders in the proportion of shareholding (Rights Offering) and (3) To be reserved for the exercise of warrants to purchase ordinary shares of the Company (in (2)) where the Annual General Meeting of Shareholders authorized the Board of Directors and/or Managing Director and/or their designated person to determine details for the allocation of such newly issued ordinary shares. Pursuant to the 2015 Annual General Meeting of Shareholders, the Company will allocate the newly issued ordinary shares in the amount of not exceeding 816,476,754 shares to the existing shareholders of the

3 Company in proportion to their respective shareholdings (Rights Offering) at the ratio of 6 existing shares for 1 new share (whereby any fraction of newly issued ordinary shares shall be discarded) at the offering price of THB 3 per share. In this regard, the shareholders have the right to subscribe for newly issued ordinary shares in excess of their right per the ratio specified above (oversubscription) provided, such right may be exercised for no more than 100 percent of the number of shares held by each shareholder. The existing shareholders who subscribe for shares in excess of their right will receive an allocation of such shares only when there are shares remaining after complete allocation to all of the existing shareholders who subscribe for shares under their rights. Furthermore, the existing shareholders who subscribed for and made subscription payment for newly issued ordinary shares of the Company will receive the warrant to purchase newly issued ordinary shares of the Company, at the ratio of 1 allocated newly issued ordinary share to 2 warrants unit free of charge. In this regard, 1 unit of warrants to purchase newly issued ordinary shares of the Company can be exercised to purchase 1 newly issued ordinary share and the exercise price is 15 per new ordinary share (subject to change in accordance with the conditions of the rights adjustment). The Company would like to notify you of your subscription entitlement to the Company s newly issued ordinary shares as per the number indicated in the Certification of Subscription Entitlement (Enclosure 3). The procedures for share subscription and payment are set out in Information Memorandum on the Allocation of Newly Issued Ordinary Shares (Enclosure 1) Please be informed accordingly. Respectfully Yours, Signed - Mr. Naris Cheyklin - (Mr. Naris Cheyklin) Chief Executive Officer

4 Enclosure 1 Part 1 Information Regarding Shares Allocation 1. Date month year and number of the Board of Directors meeting and Shareholders Meeting that pass resolution approving the allocation of newly issued ordinary shares The Board of Directors meeting No.1/2015, held on 27 February 2015 The Shareholders Meeting 2015 Annual General Meeting of Shareholders, held on 22 April Detail of Shares Allocation Ordinary Shares Type of shares : Newly issued ordinary shares Paid-up Capital before : THB 4,898,860,524, with the par value of THB 1 per share Capital Increase Capital Increase : THB 816,476,754, with the par value of THB 1 per share Paid-up Capital after : THB 5,715,337,278, with the par value of THB 1 per share Capital Increase (in case of full subscription) Number of Shares to be : Not exceeding 816,476,754, with the par value of THB 1 per share Allotted Offering Price : THB 3.00 Subscription Ratio : 6 existing ordinary shares being entitled to subscribe for 1 newly issued ordinary share Allocation Method : The Company will allocate newly issued ordinary shares to the existing shareholders of the Company in proportion to their respective shareholdings (Rights Offering), at the offering price of THB 3.00 per share and at the ratio of 6 existing ordinary shares being entitled to subscribe for 1 newly issued ordinary share (any fraction of a share shall be disregarded) For the calculation of the right of each shareholder to subscribe for the newly issued ordinary shares, if there is a fraction of the newly issued ordinary share resulting from the calculation pursuant to the newly issued ordinary shares allocation ratio for each shareholder, the Company will disregard such fraction in total. For example, if a shareholder holds 100 shares, after the calculation pursuant to the newly issued ordinary shares Part 1 Page 1

5 Method for Fractions allocation ratio, the number of shares allocated to such shareholder will be shares (100 divided by 6). In this case, the Company will disregard the fraction (0.67), and such shareholder will be entitled to subscribe for 16 newly issued ordinary shares. : Any fraction of a share shall be disregarded. Such fraction shall be added to the newly issued ordinary shares remaining unsubscribed from the Rights Offering. The remaining unsubscribed shares will be re-allocated to every shareholder which has oversubscribed the shares, whereby each round of reallocation will be made accordingly in proportion to shareholding of each oversubscribing shareholder until there are inadequate newly issued ordinary shares remaining unsubscribed for allocating to the existing shareholders in proportion to their respective shareholdings and in the case where there are shares remaining from the allocation to the existing shareholders above, the Company will allocate such remaining newly issued ordinary shares to specific persons in accordance with the definition prescribed in the Notification ThorJor. 28/2551. The persons in the private placement must not be connected parties of the Company according to Notification of the Capital Market Supervisory Board No. Tor Chor 21/2551 Re: Rules on Connected Transactions and Notification of the Stock Exchange of Thailand Re: Disclosure of Information and Other Acts of Listed Companies Concerning the Connected Transactions B.E (as amended) The price of the newly issued shares offered to the specific persons shall not be less than 90 percent of the market price. The market price will be set in accordance with the rules in the Notification ThorJor. 28/2551 and the Notification of the Office of the Securities and Exchange Commission No. SorJor. 39/2551 re: Calculation of Offer Price of Securities and Determination of Market Price for Consideration of Offer for Sale of Newly Issued Shares with Discount. However, the price of the newly issued shares offered to the specific persons shall not be lower than the Rights Offering price. Warrants to Purchase Newly Issued Ordinary Shares of the Company ( Warrants ) Name : Warrants for the purchase of newly issued ordinary shares of No. 1 (S-W1), Part 1 Page 2

6 Type Maturity Number of the Warrants to be issued and offered Number of shares issued and reserved for exercising right of the Warrants : Specified name of the holder and transferrable. : Not exceeding 4 years and 2 months from the date of issuance and offering of Warrants : Not exceeding 1,632,953,508 units : Not exceeding 1,632,953,508 shares Price per unit : THB 0.00 Exercise Price : 15 per new ordinary share (subject to change in accordance with the conditions of the rights adjustment) Offering Ratio : 1 unit of the allocated newly issued ordinary share to 2 units of the Warrants Offering/allocation : The Company will allocate the Warrants to the existing shareholders who method have subscribed and paid for the subscription price of the Rights Offering shares at the ratio of 1 unit of the allocated newly issued ordinary share to 2 units of the Warrants. In the event there remain Warrants which are not allocated as above, the Company shall cancel such remaining Warrants, resulting in number of outstanding Warrants equal to those allocated to the shareholders. Exercise Ratio : 1 unit of Warrants to 1 newly issued ordinary share (subject to change in accordance with the conditions of the rights adjustment) Conditions and exercise period : Warrant holders who may not be the existing shareholders of the Company shall exercise their rights on the following days: First Exercise Date: 15 January 2018 Second Exercise Date: 16 July 2018 Third Exercise Date: 15 January 2019 Forth Exercise Date: 15 July 2019 The first exercise date : 15 January 2018 The last exercise date : 15 July 2019 (If such date falls on a non-business day of the Stock of Exchange of Thailand, the Warrants shall be exercised on the last business day immediately preceding the maturity date.) Secondary market of : The Stock Exchange of Thailand the Warrants Part 1 Page 3

7 Secondary market of the newly issued ordinary shares as a result of the exercise of the Warrants : The Stock Exchange of Thailand 3. The Record Date to Determine the List of the Company s Shareholders Entitled to Subscribe for the Newly Issued Ordinary Shares under the Rights Offering 18 May The Shareholders Registry Book Closure Date to Compile the List of Shareholders Entitled to Subscribe for the Newly Issued Ordinary Shares under the Rights Offering Pursuant to Section 225 of the Securities and Exchange Act 19 May Allocation of the newly issued ordinary shares With respect to allocation of newly issued ordinary shares to the existing shareholders in the proportion of shareholding, the shareholders have the right to subscribe for newly issued ordinary shares in excess of their right per the ratio specified above (oversubscription) provided, such right may be exercised for no more than 100 percent of the number of shares held by each shareholder. The existing shareholders who subscribe for shares in excess of their right will receive an allocation of such shares only when there are shares remaining after complete allocation to all of the existing shareholders who subscribe for shares under their right. The rules on oversubscription of newly issued ordinary shares are as follows. In the event that the number of remaining newly issued shares is greater than the number of oversubscribed shares The Company will allocate shares to the shareholders who express their wish to oversubscribe for shares and made the subscription payment for all shares per the number of shares for which they express their wish to oversubscribe. In the event that the number of remaining newly issued shares is less than the number of oversubscribed shares (a) Each shareholder who oversubscribes will receive an allocation in the proportion of his/her existing shareholding (the fractions of shares shall be rounded off). The number of shares to be allocated will not be more than the number of shares subscribed and for which subscription payment has been made by each shareholder. Part 1 Page 4

8 (b) In the event that shares still remain after the allocation in (a), they shall be allocated to each person who oversubscribes and has not received complete allocation per the proportion of his/her existing shareholding (the fractions of shares shall be rounded off). The number of share to be allocated will not be more than the number of shares subscribed and for which subscription payment has been made by each shareholder. The allocation of shares to the over subscribers in accordance with the means in (b) shall be carried on until no shares remain from the allocation. The allocation of oversubscribed shares per the details above in any case shall not enable any oversubscription shareholders to hold the Company s shares in an increasing nature reaching or crossing the point where a tender offer must be made, as prescribed in the Notification of the Capital Market Supervisory Board No. ThorJor. 12/2554 re: Rules, Conditions and Procedures for the Acquisition of Securities for Business Takeovers, or in violation of the foreign limit as specified in the Company s Articles of Association, which currently allows foreigners to hold no more than 39 percent of all issued shares of the Company. In the case where there are shares remaining from the allocation to the existing shareholders above, the Company will allocate such remaining newly issued ordinary shares to specific persons (the Offer for Sale of Newly Issued Shares to Specific Persons ) in accordance with the definition prescribed in the Notification ThorJor. 28/2551. The persons in the private placement must not be connected parties of the Company. The price of the newly issued shares offered to the specific persons shall not be less than 90 percent of the market price. The market price will be set in accordance with the rules in the Notification ThorJor. 28/2551 and the Notification of the Office of the Securities and Exchange Commission No. SorJor. 39/2551 re: Calculation of Offer Price of Securities and Determination of Market Price for Consideration of Offer for Sale of Newly Issued Shares with Discount. However, the price of the newly issued shares offered to the specific persons shall not be lower than the Rights Offering price. 6. Subscription and Payment Method 6.1 Subscription Period Between 8-12 June 2015 (5 business days in total) between 9.00 am pm (lunch break pm pm) 6.2 Venue for Subscription The shareholders who wish to subscribe for newly issued ordinary shares shall submit the subscription documents subscription agent of the Company ( Subscription Agent ) Part 1 Page 5

9 Maybank Kim Eng Securities (Thailand) Public Company Limited Head Office (Postal service is not accepted) Investment Banking Department 999/9, 20 th Floor, The Offices at Central World, Rama 1 Rd., Pathumwan, Bangkok, Tel ext Shareholders whose shares are kept in scripless system can contact securities companies which the shareholders have a securities trading account and the Company s ordinary shares are deposited in order for the securities companies to collect and submit relevant documents to Maybank Kim Eng Securities (Thailand) Public Company Limited, the Subscription Agent for the newly issued ordinary shares at the venue for subscription as specified above. 6.3 Method of Subscription and Payment Shareholders can subscribe for the newly issued ordinary shares of the Company on the date, the time, and venue as specified in Clause 6.1 and 6.2 above. Shareholders who wish to subscribe for the newly issued ordinary shares of the Company must correctly, completely, and clearly fill in the subscription details in the Subscription Form for Newly Issued Ordinary Shares of the Company. Shareholders who wish to subscribe for the newly issued ordinary shares must submit the documents required for the subscription and the subscription payment must be made one time in full amount on the date of subscription. Methods of the subscription payment are provided below. The Company does not accept any documents required for the subscription via postal service and any subscription payment in cash Money transfer via Bill-Payment System (for cash transfer only) (a) deposit/transfer via Bill Payment ONLY: Maybank Kim Eng Securities (Thailand) Public Company Limited for subscription 2 (b) One time of deposit/transfer per one Subscription Form for the case of subscription of newly issued shares according to the entitlement, less than the entitlement, and in excess of the entitlement. (c) Shareholders must use Bill-Payment Depository Form (Enclosure 5) and must clearly, correctly, completely fill out the information including Ref.1 is Shareholder Identification number (13 digits), Ref.2 is Shareholder Reference number (10 digits) (as shown in the Certificate of Entitlement (Enclosure 3)) and telephone number. After completing the detail on the Bill Payment Deposit Form, shareholders must make Part 1 Page 6

10 payment via any bank counters of Siam Commercial Bank Public Company Limited only. (d) Payment period by money transfer via Bill Payment System only (for cash transfer only): From 9.00 hours on 8 June 2015 to hours on 12 June 2015 (office hour of the bank) Subscription period and document submission period for the payment by money transfer via Bill Payment System only (for cash transfer only): From 8 12 June 2015 (5 business days in total) between 9.00 hours hours (lunch break from hours hours) Deposit/transfer by cheque or cashier s cheque or draft via Bill Payment System (a) Cheque or cashier s cheque or draft must be crossed and made payable to Maybank Kim Eng Securities (Thailand) Public Company Limited for subscription 2 And dated no later than June 10, 2015 and shall be collectible from a clearing house in Bangkok within 1 business day only, together with a completed Bill Payment Depository Form (b) 1 cheque or 1 cashier s cheque or 1 draft per 1 Subscription Form for the case of subscription of newly issued ordinary shares according to the entitlement, less than the entitlement, and in excess of the entitlement. (c) Please indicate the Shareholder s Reference Number (as specified in the Certificate of Subscription Entitlement for New Ordinary Shares (Enclosure 3)) first name and last name and contact telephone number on the back of the cheque or cashier s cheque or draft. (d) Shareholders must use Bill-Payment Depository Form (Enclosure 5) and must clearly, correctly, completely fill out the information including Ref.1 is Shareholder Identification number (13 digits), Ref.2 is Shareholder Reference number (10 digits) (as shown in the Certificate of Entitlement (Enclosure 3)) and telephone number. After completing the detail on the Bill Payment Deposit Form, shareholders must make payment via any bank counters of Siam Commercial Bank Public Company Limited only. (e) Payment period by cheque or cashier s cheque or draft (Including deposit/transfer by cheque or cashier s cheque or draft via Bill Payment System): From 9.00 hours on 8 June 2015 to hours on 10 June 2015 (office hour of the bank) Part 1 Page 7

11 Subscription period and document submission period required for the payment by cheque or cashier s cheque or draft (Including deposit/transfer by cheque or cashier s cheque or draft via Bill Payment System): From 8 9 June 2015 between 9.00 hours hours (lunch break from hours hours) and 10 June 2015 between 9.00 hours hours The Company does not accept any subscription payment made by cheque or cashier s cheque or draft via postal service Payment made by wire transfer (Only shareholder who has the account with Subscription Agent) Payment made by wire transfer can be done by making a debit to the bank account through the Subscription Agent s teller counters (whereby the Subscription Agent will only accept the money transferred from the accounts that are opened with them) From 8 12 June 2015 (5 business days in total) between 9.00 hours hours (lunch break from hours hours) Shareholders must present all relevant documents such as the Subscription Form for Newly Issued Ordinary Share of the Company together with an evidence of payment, the Certificate of Subscription Entitlement for New Ordinary Share and the document required for the subscription of the newly issued ordinary shares specified in Clause 6.4 to confirm the subscription and payment of the newly issued ordinary shares. The documents required for the subscription of the newly issued ordinary shares of the Company must reach the venue for subscription as specified in Clause 6.2 no later than the specified period as follows: - In the case of money transfer via Bill Payment (for cash transfer only), must be no later than hours of 12 June In the case of deposit/transfer by cheque or cashier s cheque or draft via Bill Payment System, must be no later than hours of 10 June In the case of Payment made by wire transfer (Only shareholder who has the account with Subscription Agent), must be no later than hours of 12 June 2015 ONLY in case the shareholders of the Company or the Securities Company that submitted the subscription document on behave of the shareholder, deliver the subscription document via Messenger: for the convenience in subscribing, please state Subscription for Newly Issued Ordinary Shares of at the lower right corner of the envelope The shareholder shall be responsibilities for any cost of subscription and Bank Fees (If any) Part 1 Page 8

12 6.3.6 The Company shall deposit cheques or cashier s cheques or drafts received from every shareholder into the Company s account for money collection and the Company shall deny any subscription right for the newly issued ordinary shares from any shareholder whose cheque or cashier s cheque or draft cannot be collectible in the first attempt Shareholders who have already subscribed for the newly issued ordinary shares and made the subscription payment will not be able to withdraw the subscription nor receive any kind of refund. However, the Company reserves the right to deny the subscription right if the Company does not receive the documents required for the subscription of the newly issued ordinary shares of the Company and/or the subscription payment according to Clauses 6.4 and 6.3.1, 6.3.2, and within the specified period In the case that the shareholder incompletely, unclearly, or inconsistently fills in the details in the documents required for the subscription of the newly issued ordinary shares of the Company, the Company reserves the right to use the details in the subscription documents as it deems appropriate in allotting the newly issued ordinary shares of the Company. Nevertheless, in such case, the Company has the right to deem that such shareholder waives his/her right to subscribe for the newly issued ordinary shares and the Company reserves the right not to allot the newly issued ordinary shares of the Company to such shareholders In the case that the allotment of the newly issued ordinary shares of the Company to the shareholders who have subscribed in excess of their entitlement and/or have waived their entitlement or in case that certain Thai shareholders have given up their entitlements causing shareholding ratio of foreign shareholders to be more than 39 percent of the Company s total issued shares or causing the shareholders who subscribe in excess of their entitlement to hold shares in the Company in an amount that reaches or crosses the Tender Offer threshold prescribed under the Notification of the Capital Market Supervisory Board No. Tor. Chor. 12/2011 Re: Criteria, Conditions, and Methods of Takeover, or in a manner which would result in a breach in the foreign shareholding limit as prescribed in the Company s Articles of Association (as amended), the Company reserves the right not to allot the newly issued ordinary shares to those shareholders/foreign shareholders. The said shareholders/foreign shareholders may not receive the allotment or receive partial allotment of the newly issued ordinary shares proportionately to the remaining shareholding ratio of such foreign shareholders. And in such case, the Company will not compensate such shareholders for any damage incurred thereof, and such shareholders may not claim for any damages from the Company. Part 1 Page 9

13 In the case that the shareholder receives the Certificate of Subscription Entitlement for new Ordinary Shares more than 1 shareholder registration number, the shareholder must prepare the documents required for the subscription in accordance with the number of the shareholder registration number for which the shareholder has received the Certificate of Subscription Entitlement for New Ordinary Shares, that is, 1 set of the documents required for the subscription per 1 shareholder registration number only. If the shareholder makes a subscription with 1 shareholder registration number by combining rights to receive the allotment of the newly issued ordinary shares of the Company of every shareholder registration number as a single entry or by specifying such details in a single set of the documents required for the subscription, the shareholder may not fully receive the allotment of the newly issued ordinary shares of the Company pursuant to his/her respective entitlement as per every shareholder registration number combined, and the Company reserves the right to allot the newly issued ordinary shares of the Company to the shareholder as it deems appropriate or not to allot the newly issued ordinary shares of the Company to such shareholder. 6.4 Document Required for Subscription of Newly Issued Ordinary Share of the Company Shareholders who subscribe for the newly issued ordinary shares of the Company shall submit the documents required for the subscription of the newly issued ordinary shares of the Company as follows: Subscription Form for Newly Issued Ordinary Share of the Company (Enclosure 2) which is correctly, completely and clearly filled out and signed by the shareholder. Shareholders must specify the number of shares for which each shareholder wishes to subscribe according to his/her entitlement as indicated in the Certificate of Subscription Entitlement for Newly issued Ordinary Shares (Enclosure 3) and must clearly specify the number of shares for which the shareholders wish to subscribe in excess of their entitlement. In the case that the shareholder is a juristic person, the Subscription Form must be signed by the authorized signatory(ies) of such juristic person and affixed with a company seal (if any). Shareholders may only submit 1 Subscription Form for Newly Issued Ordinary Shares per 1 Certificate of Subscription Entitlement for Newly issued Ordinary Shares Evidence of payment as follows - Original Bill Payment Deposit Form (Payment only through Bill Payment System) (Enclosure 5) The Subscription Agent will not accept the document for subscription of the Newly Issued Ordinary Shares of the Company, In case that the shareholders of the Company, or the Securities Company that the shareholder has submitted the document for subscription for Part 1 Page 10

14 the Newly Issued Ordinary Shares to (and submitted the subscription documents on behave of the shareholder to Subscription Agent), did not fill out all the detail in the Bill Payment Deposit Form (Enclosure 5) (Please fill out the shareholder s first name and last name and contact telephone number indicated on the back of such evidence of payment) Certificate of Subscription Entitlement for New Ordinary Shares (Enclosure 3) issued by Thailand Securities Depository Company Limited ( TSD ) and sent by registered mail to shareholder together with this Notification A Power of Attorney affixed with a stamp duty of 30 is required in the case of authorization of other person to subscribe for shares on one s behalf, together with a certified true copy of identification documents of the shareholder and the authorized person Identification Document (a) Natural person of Thai Nationality: A certified true copy of identification card which is not yet expired or a certified true copy of house registration bearing the identification number or a certified true copy of any other official document issued by any governmental entity bearing the identification number (in the case that the Shareholder is a minor, a certified true copy of identification card of his/her guardian (father/mother or legal representative) and a certified true copy of the minor s house registration). The signature on the above documents must be the same as the signature on every documents required for the subscription of the newly issued ordinary shares of the Company. In the case of a change of first/last name which causes the Shareholder s first/last name to be differed from his/her name appeared on the share register book as of 19 May 2015 or on the Certificate of Subscription Entitlement for Newly issued Ordinary Shares, please enclose a certified true copy of official document issued by a government entity, such as marriage certificate, divorce certificate, name change certificate. (b) Natural person of alien nationality: A certified true copy of the alien card or passport which is not yet expired. (c) Juristic person registered in Thailand: A copy of the company affidavit issued by the Ministry of Commerce within 6 months before the date of subscription, certified as a true copy by an authorized signatory(ies) of such juristic person and affixed with a company seal (if any), Part 1 Page 11

15 together with a certified true copy of identification card, alien card or passport (as the case may be) of the authorized signatory(ies) of such juristic person. (d) Juristic person registered in foreign country: A copy of certificate of incorporation and company affidavit issued within 6 months before the date of subscription, certified as a true copy by an authorized signatory(ies) of such juristic person and affixed with a company seal (if any), together with a certified true copy of alien card or passport (as the case may be) of the authorized signatory(ies) of such juristic person. The certified true copy of the aforementioned supporting documents must be notarized by a notary public and authenticated by an official of the Thai Embassy or the Thai Consulate in the country where such documents were prepared or certified and issued within 6 months before the date of subscription For the Shareholders who wish to deposit the newly issued ordinary shares of the Company with Thailand Securities Depository Company Limited under the issuer account number 600 the Shareholders must submit additional documents (Enclosure 6) so as to submit the information to Thailand Securities Depository Company Limited The signature on every identification documents must be the same as the signature on the documents required for the subscription of the newly issued ordinary shares of the Company 6.5 Waiver of Subscription Entitlement for Newly Issued Ordinary Shares of the Company Any shareholder who does not exercise his/her subscription entitlement or fails to exercise his/her subscription entitlement within the specified period or fails to make the subscription payment for newly issued ordinary shares within the specified period or whose cheque or cashier s cheque or draft cannot be honored within the specified period by the Company, the Company shall deem that such shareholder has waived his/her subscription entitlement for the newly issued ordinary shares this time. 6.6 Refund of Subscription Payment of Newly Issued Ordinary Shares In case that the shareholder has not been allotted or has been allotted less than the number of shares subscribed for in excess of his/her entitlement, the Company by Subscription Agent shall refund/return the subscription payment for share subscription, which has not been allotted or has been allotted less than the number of shares subscribed, to the shareholder without interest, without any damages within 14 days from the end of the subscription period for the newly issued ordinary shares by way of issuing a crossed cheque payable to the shareholder and delivering such cheque via registered mail to the address appeared in the Company s shareholders Part 1 Page 12

16 database in accordance with the share register book as of 19 May 2015 or wire transfer to the bank account of the shareholder (in case of payment made by wire transfer (only shareholder who has the account with Subscription Agent)). The shareholder has to be responsible for any additional charge or Bank Fee(s) (if any). In any case, if a refund of the subscription payment for the shares that have not been allotted or have been allotted less than the number of shares subscribed by a return of cheque for the subscription payment of the newly issued ordinary shares via registered mail to the address as appeared in the share register book on the date of closing of the share register book to suspend share transfers as of 19 May 2015, or wire transfer to the bank account of the shareholder (only shareholder who has the account with Subscription Agent), it shall be deemed that the shareholders have duly received the subscription payment of the newly issued ordinary shares for the portion that has not been allotted or has been allotted less than the number of shares subscribed for and the shareholder shall not have the right to claim for any interest or damage from the Company or the Subscription Agent for the newly issued ordinary shares of the Company. 6.7 Delivery Methods of Securities Shareholders can choose one of the following delivery methods of securities to be proceeded by the Company as follows: In case the Shareholders wish to deposit the newly issued ordinary shares of the Company and Warrants into an account of a securities company which the Shareholders have a securities trading account with, the Company will deposit the allotted newly issued ordinary shares of the Company and Warrants with Thailand Securities Depository Company Limited for Depositors and the TSD and the securities company will record the number of the newly issued ordinary shares of the Company and Warrants of the shareholder and issue an evidence of deposit to the shareholder within 7 business days from the end of the subscription period for the newly issued ordinary shares and Warrants. In this case, the shareholder may sell the allotted newly issued ordinary shares of the Company and Warrants on the SET immediately after the newly issued ordinary shares of the Company and Warrants are permitted to trade on the SET. In case of this Clause 6.7.1, the name of the subscriber must be the same as the name of the owner of the securities trading account in which the shareholder wishes to deposit his/her newly issued ordinary shares of the Company and Warrants in the securities trading account with such securities company; otherwise, the Company reserves the right to issue the share certificates and warrant certificates to the shareholder according to Clause instead. Part 1 Page 13

17 6.7.2 In case the shareholders wish to deposit their newly issued ordinary shares of the Company and Warrants in the Issuer s Account, Member No. 600, the Company will deposit the allotted shares and Warrants with Thailand Securities Depository Company Limited and the shareholders must fill out the details of and sign on the Additional Documents for the Subscription of Securities Specifically for the Subscribers Who Wish to Deposit the Securities into the Account of the Securities Issuer (Issuer Account) Only and fill out the details of the Questionnaire for Entity Status Certification under the Foreign Account Tax Compliance Act (FATCA) and attach and submit such documents to the subscription agent as well, the TSD will then record the number of newly issued ordinary shares of the Company and Warrants deposited into such account in the name of the shareholders and issue an evidence of deposit to the shareholders within 7 business days from the end of the subscription period for the newly issued ordinary shares and Warrants. In this case, the shareholders may sell the allotted newly issued ordinary shares of the Company and Warrants on the SET immediately after the newly issued ordinary shares of the Company and Warrants is permitted to trade on the SET, and the shareholders may contact the TSD if the shareholders wish to withdraw such securities; however, a withdrawal fee will be applied at the rate as specified by the TSD. In case of that the shareholder does not clearly fill in the Delivery Methods of Securities or does not choose Delivery Methods of Securities in the Subscription Form, the Company reserves the right to issue the share certificates and warrant certificates to the shareholder according to Clause instead In case the shareholders wish to obtain the share certificates and warrant certificate issued in their name, Thailand Securities Depository Company Limited (the TSD ), as the Company s Registrar, shall deliver the share according to the allotted amount to the shareholders who have been allotted by registered mail to the names and addresses appeared in the share register book on 19 May 2015 within 15 business days from the end of the subscription period for the newly issued ordinary shares and Warrants. In this case, the shareholder will not be able to sell the allotted newly issued ordinary shares of the Company and Warrants on the Stock Exchange of Thailand (the SET ) until they have received the share certificates and warrant certificates, which may be received after the newly issued ordinary shares of the Company is permitted to trade on the SET. 6.8 Other Important Information regarding the Subscription of Newly Issued Ordinary Shares Shareholders who subscribe for shares will receive a receipt for the subscription of the newly issued ordinary shares signed by the subscription officer as an evidence for the receipt of the subscription of the newly issued ordinary shares. The subscription shall be Part 1 Page 14

18 complete only when the Company can fully collect the subscription payment for the newly issued ordinary shares In case the number of the newly issued ordinary shares indicated by a shareholder in the Subscription Form for Newly Issued Ordinary Shares of the Company does not correspond with the subscription payment received by the Company, the Company reserves the right to allot the newly issued ordinary shares to such shareholder based on the amount of the subscription payment received by the Company for the newly issued ordinary shares. However, such subscription payment shall not exceed the total value of the newly issued ordinary shares allotted to such shareholder Should the aforementioned terms and conditions and details of the subscription cause any operational difficulty, the Company reserves the right to alter such terms and conditions and methods of payment for the subscription of the newly issued ordinary shares of the Company and/or other details relating to subscription procedures of the newly issued ordinary shares of the Company as deemed appropriate and beneficial to the subscription of the newly issued ordinary shares of the Company. 7. Objective of the capital increase The proceeds received from the capital increase will be used as working capital and funding sources for various investments by the Company in the future.. 8. Benefits which Company will receive from the capital increase The Company will receive additional sources of fund to increase liquidity and strengthen the financial structure, which will enhance the capacity of the Company to conduct its business. In addition, the Company will use the proceeds to facilitate the investments of the Company in the future which will expand the Company's business and add value for the shareholders in a long run. 9. Benefits which shareholders will receive from the capital increase 9.1 Dividend Policy The Company has a policy to pay out not less than 40 percent of the profit after corporate income tax, legal reserve, and other provisions. The dividend policy is subject to changes in accordance with the operating performance, financial position, liquidity, necessity of investment, cash flow for the additional investment, expanding the business, terms and conditions as prescribed in the loan agreement, and other factors relating to the business operations, as the directors and/or shareholders deem necessary and appropriate. Part 1 Page 15

19 9.2 Subscribers to newly issued shares for this capital increase will be entitled to receive dividend from the Company's business operations Subscribers to and/or persons who are allocated with new shares issued for this capital increase will be entitled to receive dividend from the Company's business operations starting from when the subscribers and/or such persons are registered as shareholders of the Company. 9.3 Subscribers who exercise the warrant to purchase newly issued ordinary shares will be entitled to receive dividend from the Company's business operations New ordinary shares issued in accordance with the exercise of the warrant by the warrant holder will have the same status as other ordinary shares of the Company, and entitle the holder to receive dividend from the exercise date, and also have the shareholders' names appear in the share register book of the Company, which has been submitted for registration with the Ministry of Commerce. 10. Other details necessary for shareholder to consider investing - None - Part 1 Page 16

20 Part 2 Information of 1. Company name and Address Company Name Head Office 968, 20 th Floor, U Chu Liang Building, Rama 4 Road, Silom Sub-District, Bangrak District, Bangkok 2. Business 2.1 Type of Products and Services Investment Structure can be summarized as follows /1 Remark : /1 Excluding subsidiaries that are under liquidation process. /2 The Company has invested in 51 percent of shares in Nirvana Development Co., Ltd. on 27 April 2015 whereby the additional information can be referred in no.6 Property for Sale Business The Company s policy is to develop properties for sales in various formats, namely single detached houses, townhomes, and condominiums, to meet the needs of middle-tier to upper-tier customers under different brands. As of December 31, 2014, it had two projects on hand, namely the Intro Condominium Project and the Rasa Maxx Ville Project, both of which had been developed before the business integration and both are sold out and are currently under the ownership transfer process. Investment Property Business The investment property business commands significant growth potential. Therefore the development and management of shopping centers and office buildings for rent is part of the Page 1

21 Company s five-year business plan. Core revenues from this business are space rents, service charges for utility, security systems, and cleaning. Today Singha Estate has one project under its management, namely the The Lighthouse Project, developed before the business integration. Another developed project is the Singha Complex Project, a mixed-use development. Hotel Business The hotel and hotel management businesses are also core element of the five-year business plan. Singha Estate s policy is to grow the hotel business through joint investment, merger, and acquisition. Today the Company owns and manages two hotels, namely Santiburi Beach Resort and Spa, entirely transferred from Santiburi Co., Ltd., under the business integration plan of September 2014, and Phi Phi Island Village Beach Resort, acquired by the Company in November Company also acquired Phi Phi Village Asset Management Co., Ltd. which is property management company. 2.2 Economic and Competition Circumstance Property for Sale Business The first half of this year saw the property market shrink by 1.2% in line with the continued sluggish economy and political uncertainty, which undermined operators confidence. Meanwhile, land prices jumped, in turn hiking the prices of residences, which delayed consumers homebuying decisions. Compounding the problems was commercial banks increasingly cautious lending, lowering the number of residences under approved commercial bank loans in Bangkok and its perimeter. The latter half of the year saw, however, a rebounding property market by 0.2% in keeping with supply and demand, rising prices of land and residences notably the prices of land, townhouses and land, and condominiums. Hotel Business The hotel business contracted by 3.6% in the first half of the year because of political impacts, measures to raise tourists quality, China s economic slowdown, the issuance of travel warnings by countries that are Thailand s tourist markets, citing the martial law, and intense competition from rival countries. These factors caused tourists to alter their destinations. And yet, while the number of foreign tourists passing through Don Mueang and Suvarnabhumi Airports dipped, that passing through provincial airports actually took off, notably in Samui, Chiang Mai, Krabi, and Phuket. Registering clear rises in arrivals were Russians, French, Finnish, British, Germans, Australians, Italians, and Laotians. Page 2

22 It was around October 2014 that the tourism situation took a turn for the better, buoyed by relaxed political tension, the exemption of visa fees for tourists from China and Taiwan (for three months from August 9 to November 8, 2014), and the launch of new routes for low-cost airliners in Japan and Korea. The Thai economy of 2015 appears healthier than that of the previous year, supported by positive factors in tourism, which has seen steady improvement, evident in relaxed domestic politics, which leads to steady improvement. The October 2014 data showed a rebounding number of tourists by 6.1% for the first time in nine months since January During the last quarter of 2014 and early of 2015, the government has speeded up and monitored the performances of measures to aid and support the tourism sector. It is taking additional measures to ensure continued recovery of the sector by (1) negotiating and speeding up dialogues with those countries that still maintained travel advisories to ensure their appreciation of and confidence in the Thai state of calm and safety, (2) elevating tourists safety from crimes and vendors /service providers unreasonably expensive goods and services, together with serious, continued clamp-downs on major tourist spots and public relations blitzes of the Year of Thai-Way Tourism campaign against the government s goals, (3) considering extending visa exemption for Chinese and Taiwanese tourists for the entire tourism season in early 2015, and (4) together with the private sector and airliners, organizing tourism campaigns and launching new air routes for key tourist spots. 2.3 Marketing Strategy and Distribution Channel Property for Sale Business Company uses the distribution channel that align with product characteristic, e.g., company will use the project area itself to be a selling office for townhome or single house project in order that employee could take the customer to see the example product with the actual atmosphere. Company also has Call Center which provide the service and project information and website ( that customer can gather preliminary information. Hotel Business Company has tour operator strategic partner in England and Germany and focus on 3 main distribution channels comprising tour operator, online travel agency, and hotel s website. Page 3

23 2.4 Core Assets Company has core assets used in business operating comprising land for development, property for sale, investment property, property plant and equipment used in hotel business. Those assets have collectively value of 8, million baht and 9, million baht as of 31 December 2014 and 31 March 2015 respectively with the details as follows: Type of Assets Book Value ( ) As of 31 December 2014 As of 31 March 2015 Land for Development 1, , Property for Sale Investment Property 2, , Property, Plant, and Equipment (Hotel Business) 3, , Total 8, , The details of location, area, and type of ownership can be summarized as follows: Land Area Type of Current Project Location (Rai-Ngan- Project Sq.w.) Intro Condominium Condominium Pradiphat Road, Samsennai Sub-District, Phayathai District, Bangkok Rasa Maxx Ville Townhome Soi Paholyothin 73, Sanambin Sub-District, Donmueng District, Bangkok The Lighthouse Santiburi Beach Resort and Spa Phi Phi Island Village Beach Resort Community Mall Hotel Hotel Charoen Nakorn Road, Klongtonsai Sub-District, Klongsan District, Bangkok Koh Samui, Maenam Sub- District, Koh Samui District, Suratthaini Koh Phi Phi, Aownang Sub- District, Mueng District, Krabi Type of Ownership Ownership Ownership Ownership Ownership Ownership Page 4

24 Current Project Vacant land located on Asoke-Montri Road Vacant land located at Askoe-Montri and Petchaburi intersection (Singha Complex Project) Vacant land located on Praditmanutham Road Vacant land located at Bangrakyai Vacant land located on Ramindra Road Vacant land located on Rattanathibhet Road Vacant land located on Watcharapol Road Type of Project Land for Development Land for Development Land for Development Land for Development Land for Development Land for Development Land for Sale Location Asoke-Montri Road, Klongteinue Sub-District, Wattana District, Bangkok Askoe-Montri and Petchaburi intersection (Old Japan Embassy), Bangkapi Sub-District, Huaikwang District, Bangkok Praditmanutham Road, Klogkung Sub-Dsitrict, Buengkum District, Bangkok Rattanathibhet Road, Bangrakyai Sub-District, Bangbuathong District, Nonthaburi Ramindra Road, Anusaowari Sub-District, Bangkean District, Bangkok Rattanathibhet Road, Bangkasor Sub-District, Mueng Nonthaburi District, Nonthaburi Watcharapol Road, Klongthanon Sub-District, Saimai District, Bangkok Land Area (Rai-Ngan- Sq.w.) Type of Ownership Ownership Ownership Ownership Ownership Ownership Ownership Ownership Page 5

25 3. List of Board of Directors, Executive Committee, Management and 10 Major Shareholders 3.1 Board of Directors as at 22 April 2015 comprises 9 directors as follows No. Name Position 1 Mr.Chutinant Bhirombhakdi Chairman of the Board of Director 2 Mr.Chayanin Debhakam Director 3 Mr.Naris Cheyklin Director 4 Mr.Longlom Bunnag Director 5 Mr.Nattavuth Mathayomchan Director 6 Mr.Satit Rungkasiri Independent Director and Chairman of the Audit Committee 7 Mr.Karoon Nuntileepong Independent Director and Audit Committee 8 Mr.Thana Thienachariya Independent Director and Audit Committee 9 Mr.Tanawat Pholwichai Independent Director 3.2 Executive Committee as of 22 April 2015 comprises 7 persons as follows No. Name Position 1 Mr.Chayanin Debhakam Chairman of Executive Committee 2 Mr.Naris Cheyklin Executive Committee 3 Mr.Longlom Bunnag Executive Committee 4 Mr.Suphot Chaladol Executive Committee 5 Mr.Nattavuth Mathayomchan Executive Committee 6 Mr.Methee Vinichbutr Executive Committee 7 Mr.Terachart Numanit Executive Committee 3.3 Management as of 22 April 2015 comprises 6 persons as follows No. Name Position 1 Mr.Naris Cheyklin Chief Executive Officer 2 Mr.Longlom Bunnag Chief Investment Officer 3 Mr.Suphot Chaladol Chief of Santiburi Hotel Management 4 Mr.Nattavuth Mathayomchan Chief Residential Development Officer 5 Mr.Methee Vinichbutr Chief Financial Officer 6 Mr.Terachart Numanit Chief Design and Construction Officer Page 6

26 3.4 Top 10 Major Shareholders as of 19 May 2015 No. Name of Major Shareholders Number of shares % of paid-up capital 1. Singha Property Management Co., Ltd. Group 2,434,788, Singha Property Management Co., Ltd. 1,706,441, Singha Property Management (Singapore) Pte. Ltd. 728,346, Mr.Santi Bhirombhakdi Group 1,610,564, Mr.Santi Bhirombhakdi 1,362,946, Morgan Stanley & Co. International PLC /1 247,617, GOOD PROSPER HOLDINGS LIMITED 178,845, Morgan Stanley & Co. International PLC 72,146, Mr.Kemchai Rasanont 43,260, Mr.Pichai Wijakaphan 30,000, Miss Acharaporn Siripaiwan 24,750, Thai NVDR Co., Ltd. 22,840, Rasa Tower Co., Ltd. 19,655, UOB Kay Hian (Hong Kong) Limited Client Account 12,859, Total 4,449,709, Remark : / 1 Mr.Santi Bhirombhakdi s group has restructured its internal shareholding whereby previously part of the shares are held by Damerius Pte. Ltd. Currently, this part of the shares are held under the account with Morgan Stanley & Co. International PLC instead. 4. History of Capital Increase and Dividend Payments for the past 3 years 4.1 History of Capital Increases Company has increased its paid-up capital on 12 September 2015 with the number of shares of 4,162,352,331 shares at the offering price of 1.87 baht to compensate for the entire business transfer of S Bright Futures Co., Ltd. and Santiburi Co., Ltd. from Singha Property Management Co., Ltd. and Mr. Santi Bhirombhakdi respectively. In addition, on 27 April 2015, Company has increased its paid-up capital with the number of shares of 186,509,792 shares at the offering price of 9.50 baht to compensate for 3,649,993 shares or 51 percent of Nirvana Development Co., Ltd. from Good Prosper Holdings Limited and Compile House Co., Ltd. (please see the additional information in no.6) Page 7

27 4.2 History of Dividend Payments Detail of Dividend Payment (Unit : THB) For the fiscal year ended Net Profit (Loss) 43,107,982 26,142,100 (249,603,207) Number of shares 499,999, ,998,401 4,712,350,732 Dividend payment/share Total dividend payment 55,555, Dividend payout ratio % Information of Company s subsidiaries and associated companies Max Future Co., Ltd. Type of Business : Developing Property for Sale Paid-up capital : 1,500,000,000 baht (15,000,000 shares at the par value of 100 baht) Shareholding : 14,999,997 shares representing of total paid-up capital Investment Cost : 1,499,999,700 baht Singha Property Development Co., Ltd. Type of Business : Developing Investment Property Paid-up capital : 2,562,00,000 baht (25,620,000 shares at the par value of 100 baht) Shareholding : 25,619,992 shares representing of total paid-up capital Investment Cost : 2,561,999,200 baht S Hotel Management Co., Ltd. Type of Business : Hotel Investment and Management Paid-up capital : 10,000,000 baht (1,000,000 shares at the par value of 10 baht) Shareholding : 999,996 shares representing of total paid-up capital Investment Cost : 2,499,990 baht S Hotel Phi Phi Island Co., Ltd. Type of Business : Hotel Investment and Management Paid-up capital : 10,000,000 baht (100,000 shares at the par value of 100 baht) Shareholding : 99,996 shares representing of total paid-up capital Investment Cost : 9,999,600 baht Page 8

28 Phi Phi Village Asset Management Co., Ltd. (through S Hotel Phi Phi Island Co., Ltd.) Type of Business : Hotel Investment and Management Paid-up capital : 50,000,000 baht (500,000 shares at the par value of 100 baht) Shareholding : 474,998 shares representing of total paid-up capital Investment Cost : 47,499,800 baht Nirvana Development Co., Ltd. Type of Business : Developing Residential Property Paid-up capital : 878,768,100 baht (8,787,681 shares at the par value of 100 baht) Shareholding : 4,481,717 shares representing of total paid-up capital Investment Cost : 448,171,700 baht 6. Information of Nirvana Development Co., Ltd. According to 2015 Annual General Meeting of Shareholders held on 22 April 2015, which passed the resolution approving the investment in 51 percent of shares in Nirvana Development Co., Ltd. ( Nirvana ). As a result, Nirvana has become the Company s subsidiary since 27 April The preliminary details of Nirvana are as follows: Nirvana and its subsidiaries engage in property development, with focus on development of residential property comprising of single detached house, townhouse and commercial building, with various facilities. Moreover Nirvana provides construction service for customers who purchase lands from the Nirvana. The subsidiaries of Nirvana also operate other businesses relating to property development. Business operations of the Nirvana group of companies can be summarized as follows: 1. Purchase and sale of large plots of land for division into plots for further development and management into residential projects with roads and other public infrastructures before selling to customers. 2. Development of land and building, covering allocation of land area, design, and construction, service, and other relevant services in order to increase the value of the land such as single detached house, townhouse and commercial building. 3. Construction service for customers who purchase lands from the Nirvana by subcontracting to sub-contractors under the supervision of Nirvana. Page 9

29 Nirvana has shareholdings in five subsidiaries as follows: Investment in subsidiaries Nature of business Shareholding Amount () operation proportion (%) 1. Nirvana Construction Co., Ltd. (NC) Construction contractor 140,000, Nirvana Rama 9 Co., Ltd. (NR) Property development 150,000, Nirvana U Co., Ltd. (NU) Property development 80,000, Subthanarin Co., Ltd. (STR) Property development 65,000, Nirvana River Co., Ltd. (RV) Property development 5,000, Total 440,000,000 As at 31 December 2014, current projects under operations of Nirvana and its subsidiaries comprise of 10 projects as follows: Project name Type of Project Project Project value No. of units Opening ( million) Total Remaining Work 2 Kaset Navamin Home Office Beyond 3 Kaset Navamin (Phrase I) 3 storey SDH , Beyond 2 Rama 9 3 storey SDH Beyond 5 - Suanluang 3 storey SDH , Nirvana Beyond Lite Rama 9 3 storey SDH , Nirvana Icon Wongwean Rama storey SDH Nirvana Intro 2 storey SDH The Tara 2 storey SDH Cover Onnut Townhome storey SDH / 10 Beach, Pattaya condominium Remark : /1 Only 3-storey single-detached house portion /1 18 /1 16 /1 Page 10

30 Part 3 Financial Information of The Company is a real estate investment and development company, and is incepted through entire business transfer process ( Business Integration ) between the Company (formerly Rasa Property Development Company Limited or RASA ), Santiburi Company Limited ( STB ) and S Bright Future Company Limited ( SBF ). The Business Integration was completed on 12 September 2014, and soon afterwards the corporate name was officially changed to. As a result of the Business Integration, Boon Rawd Brewery Company Limited, through wholly-owned subsidiaries, Singha Property Management Company Limited and Singha Property Management (Singapore) Pte. Ltd., and Mr.Santi Bhirombhakdi became major shareholders of the Company. While from a legal standpoint the Company (formerly RASA) is the acquirer of shares in STB and SBF, the accounting standard views the Business Integration as a reverse acquisition whereby STB and SBF are acquirers and the Company is an acquiree. As a result, the consolidated financial information of the Company for the year 2014 and 2013 were prepared as if STB and SBF were amalgamated with one another from the beginning and acquired the Company on 12 September Therefore, investors should exercise caution in comparing the consolidated financial information of the Company for the year 2014 and 2013 with the consolidated financial information of the Company for the year 2012 (which presents the financial information of RASA only). For the separate financial statement of the Company, the financial information of the Company (formerly RASA) are presented whereby the Company is the acquirer and STB and SBF are the acquirees. Therefore, the separate financial statement for the year 2012 and 2013 present the financial information of the Company (which are financial information of RASA only), while the separate financial statement for the year 2014 presents the financial information of the Company including the effect from the acquisition of STB and SBF from 12 September Therefore, investors should exercise caution in comparing the separate financial statement with the consolidated financial statement of the Company. Page 1

31 1. Consolidated Financial Statement Statement of Financial Position 31 December 2012 For the fiscal year as of 31 December December 2014 For the period of 3 months as of 31 March 2015 (Reviewed) Assets Current Assets Cash and cash equivalents Short-term investments Trade and other receivables, net Amounts due from related parties Loans to related parties Costs of property development Costs of condominium development under joint venture project Inventories Other current assets Total current assets , , Non-current assets Restricted bank deposits Investments in subsidiaries Land held for development , , , Investment property, net , , , Property, plant and equipment, net , , Intangible assets, net Goodwill Deferred income tax assets Other non-current assets Total non-current assets , , , Total assets 1, , , , Liabilities and shareholders equity Current liabilities Bank overdrafts and short-term loans from financial institutions , , Trade and other payables Amounts due to related parties Current portion of long-term loans Short-term loans from related parties Income tax payable Retention payables Other current liabilities Total current liabilities , , Page 2

32 For the fiscal year as of For the period of 3 months as of Statement of Financial Position 31 December December December March 2015 (Reviewed) Non-current liabilities Long-term loan from related parties Long-term loans, net Employee benefits obligation Deferred income tax liabilities Other non-current liabilities Total non-current liabilities Total liabilities , , Shareholders equity Registered share capital 4,712,350,732 ordinary shares at par of 1 each , , , Issued and paid-up share capital 4,712,350,732 ordinary shares at par of 1 each 42,350,000 ordinary shares at par of 100 each 549,998,401 ordinary shares at par of 1 each 499,999,986 ordinary shares at par of 1 each , , , Premium from acquisition Discount from acquisition of noncontrolling interest (21.50) (0.22) (21.50) (0.21) Premium on share capital Discount from business transferred under common control Retained earnings Appropriated - Legal Reserve Unappropriated Other components of shareholders equity Total parent's shareholders equity , , , Non-controlling interests Total shareholders' equity , , , Page 3

33 Statement of Financial Position Total liabilities and shareholders equity 31 December 2012 For the fiscal year as of 31 December December 2014 For the period of 3 months as of 31 March 2015 (Reviewed) 1, , , , Comprehensive Income 2012 For the fiscal year ended For the period of 3 months ended 31 March 2015 (Reviewed) Revenues Revenue from sales of house and condominium units Revenue from services Costs Costs of house and condominium (432.73) (68.62) unit sold (113.03) (28.09) (67.45) (20.90) Costs of services (96.36) (35.08) (118.59) (9.47) (119.21) (36.94 ) Gross profit Other income Profit before expenses Selling expenses (31.30) (4.96) (46.48) (16.92) (37.23) (9.25) (21.38) (6.63) Administrative expenses (83.16) (13.19) (95.75) (34.85) (348.95) (86.71) (104.35) (32.34) Profit (loss) before financial costs and taxes (215.38) (53.52) Financial costs - interest expenses (26.26) (4.16 (0.93) (0.34) (28.05) (6.97) (36.24) (11.23) Profit (loss) before income taxes (243.43) (60.49) (25.95) (8.04) Income taxes (14.03) (2.22 (9.04) (3.29) (6.17) (1.53) Profit (loss) for the year (9.52) (249.60) (62.02) (25.69) (7.96) Other comprehensive income, net of tax Gains on re-measuring available-forsale investments Actuarial gains on defined employee benefit plans Other comprehensive income for the year, net of tax Page 4

34 Comprehensive Income Total comprehensive income (expense) for the year 2012 For the fiscal year ended For the period of 3 months ended 31 March 2015 (Reviewed) (248.83) (61.83) (24.91) (7.72) Profit (loss) for the year attributable to: Owners of the parent (250.78) (62.32) (27.56) (8.54) Non-controlling interests Total comprehensive income (expense) attributable to: Owners of the parent (250.01) (62.13) (26.78) (8.30) Non-controlling interests Basic earning (loss) per share () (0.05) (0.01) (0.01) (0.00) For the fiscal year ended For the period of 3 months ended Statement of Cash Flow March 2015 (Reviewed) Cash flows from operating activities Profit (loss) for the period before income taxes (243.43) (25.95) Adjustment to reconcile net profit (loss) for cash receipts (payments) from operations Depreciation and amortization expenses Provision for employee benefits obligation Allowance for doubtful account (1.49) 0.00 (Gains) losses on disposal of fixed assets Write-off of assets Interest income 0.00 (10.74) (11.13) (0.70) Financial costs Cash flows before changes in working capital Changes in working capital (165.85) Costs of property development Cost of condominium development in joint venture project Trade and other receivables 0.00 (6.39) (63.40) (20.95) Amount due from related parities (0.66) Inventories 0.00 (0.13) (1.85) (0.24) Other current assets 6.34 (0.14) (35.69) 2.80 Other non-current assets (0.17) (0.57) (0.41) 1.17 Trade and other payables (44.74) (37.95) (129.99) Amounts due from related parties Page 5

35 For the fiscal year ended For the period of 3 months ended Statement of Cash Flow March 2015 (Reviewed) Employee benefits obligation (5.94) 1.89 Other current liabilities (67.99) Cash generated from operating activities Interest paid (37.90) (0.93) (28.05) (36.24) Income tax paid (12.96) (9.04) (6.41) (4.22) Net cash generated from operating activities Cash flows from investing activities Cash receipts from disposal of short term investment Cash payment for disposal of short term investment (180.00) Cash receipts from disposal of other investment Cash receipts from short-term loans from related parties Cash payments for short-term loans from related parties 0.00 (5.00) (66.66) 0.00 Decrease (increase) in restricted bank deposits (1.89) (0.04) Proceeds from disposal of property and equipment Proceeds from disposal of land held for development Cash received from investment in condominium development under joint venture project Cash payments for purchase of intangible assets (4.84) (3.17) Cash payments for purchase of investment property (2.50) (112.34) (140.77) (34.99) Cash payments for purchase of land held for development 0.00 (1,097.58) (434.04) (1,216.54) Cash payments for purchase of property and equipment (0.18) (122.60) (2,632.59) (63.33) Cash payments for purchase investments in subsidiaries 0.00 (4,134.99) (273.25) 0.00 Cash payments for available-for-sale investment (130.00) 0.00 Cash receipts from interest income Net cash generated from (used in) investing activities (3.17) (5,346.08) (3,023.74) (1,417.32) Cash flows from financing activities Cash receipts from short-term loan from financial institutions , , Cash payments for short-term loan from financial institutions (32.10) (5,370.00) Cash receipts from short-term loans from related parties Repayments of short-term loans from related parties 0.00 (2,405.00) 0.00 (90.56) Cash receipts from short-term loan from a director Cash receipts from long-term loans Repayments of long-term loans (227.37) 0.00 (61.23) (69.39) Repayments of long-term loans from a director 0.00 (135.31) Cash receipts from issued share capital , Payments for liabilities under finance lease agreement (0.02) Dividend payments (11.11) (99.85) Net cash generated from (used in) financing activities (240.60) 5, , Page 6

36 For the fiscal year ended For the period of 3 months ended Statement of Cash Flow March 2015 (Reviewed) Net increase (decrease) in cash and cash equivalents (421.29) Cash increase from acquisition Cash and cash equivalents at beginning of the year Cash and cash equivalents at ending of the year Page 7

37 2. Separated Financial Statement Statement of Financial Position 31 December 2012 For the year as of 31 December December 2014 For the period of 3 months as of 31 March 2015 (Reviewed) Assets Current Assets Cash and cash equivalents Short-term investments Trade and other receivables, net Amounts due from related parties Loans to related parties , , Costs of property development Costs of condominium development under joint venture project Inventories Other current assets Total current assets , , Non-current assets Restricted bank deposits Investments in subsidiaries , , Land held for development , Investment property, net Property, plant and equipment, net Intangible assets, net Goodwill Deferred income tax assets Other non-current assets Total non-current assets , , Total assets 1, , , , Liabilities and shareholders equity Current liabilities Bank overdrafts and short-term loans from financial institutions , , Trade and other payables Amounts due to related parties Current portion of long-term loans Short-term loans from related parties , , Income tax payable Retention payables Other current liabilities Page 8

38 For the period of 3 For the year as of months as of 31 December December December March 2015 Statement of Financial Position (Reviewed) Total current liabilities , , Non-current liabilities Long-term loan from related parties Long-term loans, net Employee benefits obligation Deferred income tax liabilities Other non-current liabilities Total non-current liabilities Total liabilities , , Shareholders equity Registered share capital 4,712,350,732 ordinary shares at par of 1 each , , Issued and paid-up share capital 4,712,350,732 ordinary shares at par of 1 each 42,350,000 ordinary shares at par of 100 each 549,998,401 ordinary shares at par of 1 each 499,999,986 ordinary shares at par of 1 each , , Premium from acquisition Discount from acquisition of noncontrolling interest Premium on share capital , , Discount from business transferred under common control (2,931.61) (17.07) (2,931.61) (16.38) Retained earnings Appropriated - Legal Reserve Unappropriated (33.98) (0.20) (86.22) (0.48) Other components of shareholders equity Total parent's shareholders equity , , Non-controlling interests Page 9

39 For the period of 3 For the year as of months as of 31 December December December March 2015 Statement of Financial Position (Reviewed) Total shareholders' equity , , Total liabilities and shareholders equity 1, , , , Comprehensive Income 2012 For the fiscal year ended For the period of 3 months ended 31 March 2015 (Reviewed) Revenues Revenue from sales of house and condominium units Revenue from services Costs Costs of house and condominium unit sold (345.22) (70.10) (333.80) (68.99) (267.18) (66.51) (56.45) (30.25) Costs of services (37.02) (9.22) (66.69) (35.74) Gross profit Other income Profit before expenses Selling expenses (22.31) (4.53) (38.41) (7.94) (42.34) (10.54) (10.38) (5.56) Administrative expenses (64.33) (13.06) (58.24) (12.04) (169.58) (42.21) (68.05) (36.47) Profit (loss) before financial costs and taxes (114.39) (28.48) (14.97) (8.02) Financial costs - interest expenses (25.99) (5.28) (20.66) (4.27) (39.96) (9.95) (35.54) (19.05) Profit (loss) before income taxes (154.34) (38.42) (50.51) (27.07) Income taxes (8.87) (1.80) (13.57) (2.80) (6.66) (1.66) (1.73) (0.93) Profit (loss) for the year (161.00) (40.08) (52.24) (28.00) Other comprehensive income, net of tax Gains on re-measuring availablefor-sale investments Actuarial gains on defined employee benefit plans Other comprehensive income for Page 10

40 Comprehensive Income the year, net of tax 2012 For the fiscal year ended For the period of 3 months ended 31 March 2015 (Reviewed) Total comprehensive income (expense) for the year (160.55) (39.97) (51.84) (27.78) Profit (loss) for the year attributable to: Owners of the parent (161.00) (40.08) (52.24) (28.00) Non-controlling interests Total comprehensive income (expense) attributable to: Owners of the parent (160.55) (39.97) (51.84) (27.78) Non-controlling interests Basic earning (loss) per share () (0.21) (0.05) (0.01) (0.01) For the fiscal year ended For the period of 3 months ended Statement of Cash Flow March 2015 (Reviewed) Cash flows from operating activities Profit (loss) for the period before income taxes (154.34) (50.51) Adjustment to reconcile net profit (loss) for cash receipts (payments) from operations Depreciation and amortisation expenses Provision for employee benefits obligation Allowance for doubtful account (Gains) losses on disposal of fixed assets 0.00 (0.27) Write-off of assets Interest income (10.40) (19.52) Financial costs Cash flows before changes in working capital Changes in working capital (101.29) (8.95) Costs of property development (15.60) Cost of condominium development in joint venture project Trade and other receivables (19.76) Amount due from related parities (257.59) (33.87) Inventories (1.40) 0.31 Other current assets (26.52) 1.65 Other non-current assets (0.01) 0.07 (0.70) (3.80) Trade and other payables (19.26) (107.48) Page 11

41 For the fiscal year ended For the period of 3 months ended Statement of Cash Flow March 2015 (Reviewed) Amounts due from related parties (5.27) Employee benefits obligation (3.32) 0.96 Other current liabilities (46.07) 3.38 (9.00) (14.57) Cash generated from operating activities Interest paid (37.63) (35.06) (39.96) (35.54) Income tax paid (12.16) (13.54) (5.33) 0.00 Net cash generated from operating activities Cash flows from investing activities Cash receipts from disposal of short term investment Cash payment for disposal of short term investment Cash receipts from disposal of other investment Cash receipts from short-term loans from related parties Cash payments for short-term loans from related parties (2,626.50) 0.00 Decrease (increase) in restricted bank deposits (1.89) Proceeds from disposal of property and equipment Proceeds from disposal of land held for development Cash received from investment in condominium development under joint venture project Cash payments for purchase of intangible assets (4.84) (3.13) Cash payments for purchase of investment property 0.00 (0.12) (51.00) 0.00 Cash payments for purchase of land held for development (221.01) (1,216.30) Cash payments for purchase of property and equipment (0.17) (7.60) (269.30) (60.86) Cash payments for purchase investments in subsidiaries (13.25) 0.00 Cash payments for available-for-sale investment (130.00) 0.00 Cash receipts from interest income Net cash generated from (used in) investing activities (4.32) (3,305.50) (1,177.27) Cash flows from financing activities Cash receipts from short-term loan from financial institutions , , Cash payments for short-term loan from financial institutions (32.01) (1.80) 0.00 (5,370.00) Cash receipts from short-term loans from related parties Repayments of short-term loans from related parties Cash receipts from short-term loan from a director Cash receipts from long-term loans Repayments of long-term loans (205.53) (230.22) (61.23) (69.39) Repayments of long-term loans from a director Cash receipts from issued share capital Payments for liabilities under finance lease agreement (0.02) Dividend payments (11.11) (5.56) Net cash generated from (used in) financing activities (218.67) (28.87) 3, Net increase (decrease) in cash and cash equivalents (21.53) (202.65) Page 12

42 For the fiscal year ended For the period of 3 months ended Statement of Cash Flow March 2015 (Reviewed) Cash increase from acquisition Cash and cash equivalents at beginning of the year Cash and cash equivalents at ending of the year Remark: Financial statements for the period ended 31 December 2013, 31 December 2014, and 31 March 2015 as audited/reviewed by PricewaterhouseCoopers ABAS Company Limited. Financial statements for the period ended 31 December 2012 as audited by Grant Thornton Company Limited. Page 13

43 Enclosure 2 เลขท ใบจอง/Subscription Form No... ใบจองซ อห นสาม ญเพ มท น บร ษ ท ส งห เอสเตท จาก ด (มหาชน) ใบจองซ อ 1 ใบ Subscription Form for New Ordinary Shares of ต อ 1 เลขทะเบ ยนผ ถ อห น การเสนอขายห นสาม ญเพ มท นต อผ ถ อห นเด มของบร ษ ท ส งห เอสเตท จ าก ด (มหาชน) จ านวนไม เก น 816,476,8754 ห น เท าน น ม ลค าท ตราไว ห นละ 1 บาท ในราคาเสนอขายห นละ 3.00 บาท เสนอขายต อผ ถ อห นเด มในอ ตราส วน 6 ห นเด มต อ 1 ห นสาม ญใหม และ ใบสาค ญแสดงส ทธ ท จะซ อห นสาม ญของบร ษ ท ส งห เอสเตท จ าก ด (มหาชน) คร งท 1 ( ใบสาค ญแสดงส ทธ ฯ ) ในอ ตรา 1 ห นสาม ญเพ มท นท ได ร บจ ดสรรต อ 2 ใบสาค ญแสดงส ทธ ฯ โดยไม ค ดม ลค า Offering to existing shareholders of new ordinary shares (the Shares ) at a ratio of 6 existing shares for 1 new share with a par value of 1 per share at the offering price of 3.00 per share and warrants to purchase company shares of No.1 ( Warrants ) at the ratio of 1 new allotted share for 2 unit of Warrants issued free of charge ว นท จองซ อ/Subscription Date 8 ม ถ นายน ม ถ นายน ม ถ นายน ม ถ นายน ม ถ นายน2558 ข อม ลผ จองซ อห น โปรดกรอกข อความในช องด านล างน ให ครบถ วน ช ดเจน ต วบรรจง เร ยน คณะกรรมการบร ษ ท ส งห เอสเตท จาก ด (มหาชน) ( บร ษ ท ) / To Board of Directors of ( the Company ) ข าพเจ า/ I/We นาย/ Mr. นาง/ Mrs. นางสาว / Miss น ต บ คคล/ Company. เลขทะเบ ยนผ ถ อห นเลขท / Registration No.....โทรศ พท ท ต ดต อได / Tel บ ตรประจาต วประชาชน /ใบต างด าว /หน งส อเด นทาง /เลขทะเบ ยนน ต บ คคล (ID Card /Work Permit /Passport /Juristic ID) เลขท / No ท อย / Address. ข าพเจ าม ห นสาม ญเด มของบร ษ ท ส งห เอสเตท จาก ด (มหาชน) ตามทะเบ ยนผ ถ อห น ณ ว นท 19 พฤษภาคม 2558 จานวน / According to the Share Register Book as of 19 May 2015, I/We own. ห น / shares ม ส ทธ ในการจองซ อห นเพ มท นของบร ษ ท จานวน / and have the rights to subscribe to the new shares of the Company for.. ห น / shares ข าพเจ าม ความประสงค ขอจองซ อห นสาม ญเพ มท นของบร ษ ท ส งห เอสเตท จาก ด (มหาชน) ด งน จานวนห นท จองซ อ (ห น) / จานวนเง นท ชาระ (บาท) / / I/We wish to subscribe for the new shares of the Company as follows : No. of share subscriptio (Shares) Total Payment Amount () จองซ อตามส ทธ ท งจานวน / Subscription for full of the entitlement โปรดเล อกข อใดข อหน ง จองซ อน อยกว าส ทธ / Subscription for less than the entitlement / Choose one only จองซ อเก นกว าส ทธ (ระบ เฉพาะจานวนท จองเก นส ทธ ) / Subscription for more than the entitlement (Specify the excess proportion only) รวมจองซ อท งส น / Total Subscription ***ส ทธ การจองซ อห นสาม ญเพ มท นเก นว าส ทธ จะใช ได ไม เก นร อยละ 100 ของจานวนห นท ผ ถ อห นแต ละรายน นถ ออย / Oversubscription shall not exceed 100 percent of the number of shares held by each shareholder พร อมก นน ข าพเจ าขอส งเง นค าจองซ อห นสาม ญด งกล าวโดยชาระเป น / I/We enclose my/our payment by เง นโอนเข าบ ญช / Pay-in เช คบ คคล / Personal Cheque เช คธนาคาร / Cashier s Cheque ดร าฟท / Draft (ในกรณ ท ส งค าจองซ อห นเป นเช ค หร อแค ชเช ยร เช ค หร อดร าฟท จะต องสามารถเร ยกเก บเง นได จากสาน กห กบ ญช ในเขตกร งเทพมหานครภายใน 1 ว นท าการ / In case of payment by cheque or cashier s cheque or draft, it shall be able to be cleared in Bangkok district within 1 working day) เลขท เช ค / Cheque No. ลงว นท / Date.. ธนาคาร / Bank.. สาขา / Branch.. โปรดชาระผ านระบบ Bill Payment ของธนาคาร ไทยพาณ ชย จาก ด (มหาชน) ท งการโอนเง นและช าระเป นเช ค โดยส งจ ายบ ญช บร ษ ทหล กทร พย เมย แบงก ก มเอ ง (ประเทศไทย) จาก ด (มหาชน)-เพ อจองซ อห น 2 Please make payment only through Bill Payment system of Siam Commercial Bank Pcl for both money transfer and cheque, payable to Maybank Kim Eng Securities (Thailand) Public Company Limited for subscription 2 เม อข าพเจ าได ร บการจ ดสรรห นสาม ญเพ มท นด งกล าว ในการส งมอบห นและใบสาค ญแสดงส ทธ ฯ ข าพเจ าตกลงให บร ษ ทดาเน นการด งต อไปน : (โปรดเล อกข อใดข อหน ง) If I/We am/are allotted the said Shares, I/We agree to have either of the following processed by the Company : (Choose one only) ให ฝ า ก ใบ ห น ส า ม ญ แล ะ ใบ ส า ค ญ แ ส ด งส ท ธ ฯ ต า ม จ า น ว น ท ได ร บ ก า รจ ด ส รรน น ไว ใน ช อ บ ร ษ ท ศ น ย ร บ ฝ า ก ห ล ก ท ร พ ย (ป ระ เท ศ ไท ย ) จ า ก ด เพ อ ผ ฝ า ก แ ล ะ ด า เน น ก า รให บ ร ษ ท.....สมาช กผ ฝากเลขท น าห นเข าฝากไว ก บบร ษ ท ศ นย ร บฝากหล กทร พย (ประเทศไทย) จ าก ด เพ อเข าบ ญช ซ อขายหล กทร พย เลขท... ซ งข าพเจ าม อย ก บบร ษ ทน น Issue a share certificate and Warrant certificate in the name of Thailand Securities Depository Co., Ltd. For Depositor for the allotted Shares and assign for Participant name. TSD member no.. To deposit the said Shares with the Thailand Securities Depository Co., Ltd. ( TSD ) for my/our securities a/c no. maintained at the said TSD member company ให ฝากใบห นสาม ญและใบสาค ญแสดงส ทธ ฯ ตามจ านวนท ได ร บการจ ดสรรน นไว ในช อ บร ษ ท ศ นย ร บฝากหล กทร พย (ประเทศไทย) จาก ด และนาห นเข าฝากไว ก บ บร ษ ท ศ นย ร บฝากหล กทร พย (ประเทศไทย) จาก ด โดย นาเข าบ ญช ของบร ษ ทท ออกหล กทร พย สมาช กเลขท 600 เพ อข าพเจ า (การขอถอนเป นใบหล กทร พย ในภายหล งผ จองซ อห นจะต องเส ยค าธรรมเน ยมตามอ ตราท บร ษ ท ศ นย ร บฝากหล กทร พย (ประเทศไทย) จาก ด กาหนด) Issue a share certificate and Warrant certificate in the name of Thailand Securities Depository Co., Ltd. For the slotted Shares and deposit the said Shares with TSD under issuer account for my name account number 600 (for issuing a Share certificate later, subscriber shall pay the fees as specified by TSD) ให ออกใบห นสาม ญและใบสาค ญแสดงส ทธ ฯ ตามจ านวนท ได ร บจ ดสรรน นไว ในช อของข าพเจ าและจ ดส งใบห นให ข าพเจ าตามช อท อย ท ระบ ไว ในทะเบ ยนผ ถ อห นทางไปรษณ ย ลงทะเบ ยน โดยข าพเจ าย นด มอบหมายให บร ษ ทดาเน นการใดๆ เพ อทาให การจ ดทาใบห นและส งมอบใบห นให แก ข าพเจ าภายใน 15 ว นทาการ น บจากว นป ดการจองซ อห น Issue a share certificate and Warrant certificate in my/our name for the allotted Shares and deliver the share certificate to me/us by registered mail according to the address stated in the shareholder register. I/We agree to have the Company do the necessary actions to have the share certificate issued and delivered to me/us within 15 business days from the closing date of the subscription period. ในกรณ จองซ อเก นกว าส ทธ และข าพเจ าไม ได ร บการจ ดสรรห นสาม ญท จองซ อเก นกว าส ทธ หร อได ร บการจ ดสรรไม ครบถ วนตามจ านวน ท จองซ อเก นกว าส ทธ ข าพเจ าตกลงร บเง นค นโดยให บร ษ ทด าเน นการส งเป นเช คทาง ไปรษณ ย เป นเช คข ดคร อมเฉพาะส งจ ายผ จองซ อ โดยจ ดส งทางไปรษณ ย ลงทะเบ ยนตามท อย ในทะเบ ยนผ ถ อห น / In case of subscription more than shareholding proportion and I/we am/are not allotted the said Shares in excess of shareholding proportion or not allotted for the full amount that I/we subscribe for in excess of shareholding proportion, I/we agree to receive an account payee only cheque through registered post, with the address as specified in the shareholder register ข าพเจ าขอร บรองและตกลงว าจะจองซ อห นสาม ญเพ มท นจานวนด งกล าวและจะไม ยกเล กการจองซ อห นสาม ญเพ มท นน แต หากข าพเจ าไม ส งใบจองซ อห นสาม ญเพ มท นท ได กรอกรายละเอ ยดครบถ วนเร ยบร อยพร อมเช คบ คคล/ แคชเช ยร เช ค/ดร าฟท หร อเง นโอนเข าบ ญช มาถ งบร ษ ทภายในระยะเวลาการจองซ อ หร อหากเช คบ คคล/แคชเช ยร เช ค/ดร าฟท ท ส งจ ายแล วน นไม ผ านการเร ยกเก บ ให ถ อว าข าพเจ าแสดงเจตนาไม ประสงค จะใช ส ทธ จองและข าพเจ า ย นยอมร บค นเง น ข าพเจ าได อ านหน งส อแจ งการจ ดสรรห นเพ มท น บร ษ ท ส งห เอสเตท จาก ด (มหาชน) และย นยอมผ กพ นตามหน งส อแจ งการจ ดสรรฯ ด งกล าว และท จะได ม การแก ไขเพ มเต มในภายหน าอ กด วย I/We hereby undertake to buy the said Shares in the number allotted by the Company and shall not revoke this subscription. If I/We do not return this duly completed subscription from with payment (Personal Cheque/Cashier s Cheque /Draft/Pay-in) or the Personal Cheque/Cashier s Cheque/Draft has not been honoured within the subscription period, I/We may be deemed to have not exercised my/our subscription rights and agree to receive the payment back. I/We agree to be bound by the conditions and any notifications specified in the notification of subscription rights for newly issued ordinary shares of, including the amendment of those in the future. การลงท นในห นย อมม ความเส ยง / Please be aware of the risk involved in stock investment ลงช อ...ผ จองซ อ / Subscriber ก อนการต ดส นใจจองซ อหล กทร พย ควรศ กษาข อม ลอย างรอบคอบ / Please read the relevant information carefully before subscribing (.... ) หล กฐานการร บฝากการจองซ อห นสาม ญเพ มท นของบร ษ ท ส งห เอสเตท จาก ด (มหาชน) (บร ษ ท) (ผ จองซ อ โปรดกรอกข อความในส วนน ด วย) ว นท จองซ อ / Subscription Date.. ใบจองซ อเลขท / Subscription Date.. ต วแทนร บจองซ อได ร บเง นจาก / Selling Agent received payment from เพ อจองซ อห นสาม ญเพ มท นของบร ษ ท จานวน / for a subscription of the ordinary shares of the Company of...ห น / Share ในราคาห นละ 3.00 บาท / at 3.00 per share รวมเป นเง น / totaling of... บาท / โดยชาระเป น / made payable by เง นโอน / Pay-in เช คบ คคล / Personal Cheque เช คธนาคาร / Cashier s Cheque ดร าฟท / Draft เลขท เช ค / Cheque No... ลงว นท / Date.. ธนาคาร / Bank.... สาขา / Branch.. โดยหากผ จองซ อได ร บการจ ดสรรห นให ดาเน นการ / If the subscriber receives the allocation of the aforesaid shares, the subscriber requests as follow : ออกใบห นและใบสาค ญแสดงส ทธ ฯ ในนาม บร ษ ท ศ นย ร บฝากหล กทร พย (ประเทศไทย) จาก ด เพ อผ ฝาก เลขท สมาช กผ ฝาก... บ ญช ซ อขายหล กทร พย เลขท... / Issue a Share certificate and Warrant certificate in the name of Thailand Securities Depository company Limited for the Depositors: Participant number... Securities trading account number. ออกใบห นและใบสาค ญแสดงส ทธ ฯ ในนาม บร ษ ท ศ นย ร บฝากหล กทร พย (ประเทศไทย) จาก ด โดยนาเข าบ ญช ของผ ออกหล กทร พย สมาช กเลขท 600 เพ อผ จองซ อ / Issue a Share certificate and Warrant certificate in the name of Thailand Securities Depository Company Limited and deposit those shares under issuer account for my name, account number 600 ออกใบห นและใบสาค ญแสดงส ทธ ฯ ในนามผ จองซ อ ภายใน 15 ว นทาการน บแต ป ดการจองซ อห น / Issue a share certificate and Warrant certificate in the name of subscriber within 15 business days from the subscription closing date. เจ าหน าท ผ ร บมอบอานาจ / Authorized Officer... หมายเหต : หากผ จองซ อประสงค จะเปล ยนแปลงท อย ท ให ไว โปรดแจ งการแก ไขต อนายทะเบ ยนโดยตรง และจ ดส งไปท ฝ ายปฏ บ ต การหล กทร พย บร ษ ท ศ นย ร บฝากหล กทร พย (ประเทศไทย) จ าก ด เลขท 62 อาคารตลาดหล กทร พย แห งประเทศไทย ถนนร ชดาภ เษก คลองเตย กร งเทพฯ โทร

44 สาหร บน ต บ คคลเท าน น / Only Juristic Person รายละเอ ยดกรรมการผ ม อานาจลงนามท ลงลายม อช อในใบจองซ อห นเพ มท น / Detail of authorized directors who sign in this form 1. ช อ/Name...ว น/เด อน/ป เก ด (ป ค.ศ.)/Date of Birth (A.D.)...เลขประจาต ว/เลขหน งส อเด นทาง/ID Card No/Passport No... ท อย ตามทะเบ ยนบ าน บ านเลขท / Address according to House registration...หม ท /Section...ตรอก/ซอย/Lane/Soi...ถนน/Road... แขวง/ตาบล/Sub-District...เขต/อาเภอ/District...จ งหว ด/Province...รห สไปรษณ ย /Postal Code... ท อย ป จจ บ น/Present address ท อย เด ยวก บทะเบ ยนบ าน/same as house registration กรณ ไม ใช ท อย เด ยวก บทะเบ ยนบ าน โปรดระบ บ านเลขท /differ from house registration with the details as follows...หม ท /Section...ตรอก/ซอย/Lane/Soi...ถนน/Road...แขวง/ตาบล/Sub-District... เขต/อาเภอ/District... จ งหว ด/Province...รห สไปรษณ ย /Postal Code ช อ/Name...ว น/เด อน/ป เก ด (ป ค.ศ.)/Date of Birth (A.D.)...เลขประจาต ว/เลขหน งส อเด นทาง/ID Card No/Passport No... ท อย ตามทะเบ ยนบ าน บ านเลขท / Address according to House registration...หม ท /Section...ตรอก/ซอย/Lane/Soi...ถนน/Road... แขวง/ตาบล/Sub-District...เขต/อาเภอ/District...จ งหว ด/Province...รห สไปรษณ ย /Postal Code... ท อย ป จจ บ น/Present address ท อย เด ยวก บทะเบ ยนบ าน/same as house registration กรณ ไม ใช ท อย เด ยวก บทะเบ ยนบ าน โปรดระบ บ านเลขท /differ from house registration with the details as follows...หม ท /Section...ตรอก/ซอย/Lane/Soi...ถนน/Road...แขวง/ตาบล/Sub-District... เขต/อาเภอ/District... จ งหว ด/Province...รห สไปรษณ ย /Postal Code... ผ ฝากเลขท / ช อบร ษ ท / COMPANY NAME PARTICIPANT NO. 002 บร ษ ทหล กทร พย ท สโก จ าก ด TISCO SECURITIES COMPANY LIMITED 003 บร ษ ทหล กทร พย ค นทร กร ป จ าก ด (มหาชน) COUNTRY GROUP SECURITIES PUBLIC COMPANY LIMITED 004 บร ษ ทหล กทร พย ด บ เอส ว คเคอร ส (ประเทศไทย) จ าก ด DBS VICKERS SECURITIES (THAILAND) COMPANY LIMITED 005 บร ษ ทหล กทร พย แลนด แอนด เฮ าส จ าก ด(มหาชน) LAND AND HOUSES SECURITIES PUBLIC COMPANY LIMITED 006 บร ษ ทหล กทร พย ภ ทร จ าก ด (มหาชน) PHATRA SECURITIES PUBLIC COMPANY LIMITED 007 บร ษ ทหล กทร พย ซ ไอเอ มบ (ประเทศไทย) จ าก ด CIMB SECURITIES (THAILAND) COMPANY LIMITED 008 บร ษ ทหล กทร พย เอเช ย พล ส กร ป โฮลด งส จ าก ด (มหาชน) ASIA PLUS GROUP HOLDINGS SECURITIES PUBLIC COMPANY LIMITED 010 บร ษ ทหล กทร พย เมอร ร ล ล นช (ประเทศไทย) จ าก ด MERRILL LYNCH SECURITIES (THAILAND) LIMITED 011 บร ษ ทหล กทร พย กส กรไทย จ าก ด (มหาชน) KASIKORN SECURITIES PUBLIC COMPANY LIMITED 013 บร ษ ทหล กทร พย เคจ ไอ (ประเทศไทย) จ าก ด (มหาชน) KGI SECURITIES (THAILAND) PUBLIC COMPANY LIMITED 014 บร ษ ทหล กทร พย โนม ระ พ ฒนส น จ าก ด (มหาชน) CAPITAL NOMURA SECURITIES PUBLIC COMPANY LIMITED 015 บร ษ ทหล กทร พย แอพเพ ล เวลธ จ าก ด (มหาชน) APPLE WEALTH SECURITIES PUBLIC COMPANY LIMITED 016 บร ษ ทหล กทร พย ธนชาต จ าก ด (มหาชน) THANACHART SECURITIES PUBLIC COMPANY LIMITED 019 บร ษ ทหล กทร พย เคเคเทรด จ าก ด KKTRADE SECURITIES COMPANY LIMITED 022 บร ษ ทหล กทร พย ทร น ต จ าก ด TRINITY SECURITIES COMPANY LIMITED 023 บร ษ ทหล กทร พย ไทยพาณ ชย จ าก ด SCB SECURITIES COMPANY LIMITED 026 บร ษ ทหล กทร พย ย โอบ เคย เฮ ยน (ประเทศไทย) จ าก ด (มหาชน) UOB KAY HIAN SECURITIES (THAILAND) PUBLIC COMPANY LIMITED 027 บร ษ ทหล กทร พย อาร เอชบ โอเอสเค (ประเทศไทย) จ าก ด (มหาชน) RHB OSK SECURITIES (THAILAND) PUBLIC COMPANY LIMITED 029 บร ษ ทหล กทร พย กร งศร จ าก ด (มหาชน) KRUNGSRI SECURITIES PUBLIC COMPANY LIMITED ธนาคาร ท สโก จ าก ด (มหาชน) TISCO BANK PUBLIC COMPANY LIMITED บร ษ ทหล กทร พย ซ ต คอร ป (ประเทศไทย) จ าก ด CITICORP SECURITIES (THAILAND) LIMTED ธนาคารซ ต แบงก เอ น.เอ.(CUSTODY SERVICES) CITIBANK N.A.- CUSTODY SERVICES ธนาคารไทยพาณ ชย จ าก ด (มหาชน) SIAM COMMERCIAL BANK PUBLIC COMPANY LIMITED ธนาคารกร งเทพ จ าก ด (มหาชน) ผ ร บฝากทร พย ส น BANGKOK BANK PUBLIC COMPANY LIMITED - CUSTODY ธนาคารฮ องกงและเซ ยงไฮ แบงก ง คอร ปอเรช น จ าก ด THE HONGKONG AND SHANGHAI BANKING CORP.,LIMITED.BKK. ธนาคารกร งไทย จ าก ด (มหาชน) THE KRUNG THAI BANK PUBLIC COMPANY LIMITED ธนาคารกส กรไทย จ าก ด (มหาชน) KASIKORNBANK PUBLIC COMPANY LIMITED ธนาคารสแตนดาร ดชาร เตอร ด (ไทย) จ าก ด (มหาชน) STANDARD CHARTERED BANK (THAI) PUBLIC COMPANY LIMITED ธนาคารไอซ บ ซ (ไทย) จ าก ด (มหาชน) INDUSTRIAL AND COMMERCIAL BANK OF CHINA (THAI) PCL. ธนาคารดอยซ แบงก เอจ สาขากร งเทพฯ-เพ อร บฝากทร พย ส น DEUTSCHE BANK AKTIENGESELLSCHAFT BANGKOK BRANCH-CUSTODY SERVICES ธนาคารเดอะรอย ลแบงก อ อฟสกอตแลนด เอ น..ว. สาขากร งเทพฯ THE ROYAL BANK OF SCOTLAND N.V. BANGKOK BRANCH ธนาคารกร งศร อย ธยา จ าก ด (มหาชน) BANK OF AYUDHYA PUBLIC COMPANY LIMITED BROKER ผ ฝากเลขท / PARTICIPANT NO SUB BROKER CUSTODIAN ช อบร ษ ท / COMPANY NAME บร ษ ทหล กทร พย ไอ ว โกลบอล จ าก ด (มหาชน) V GLOBAL SECURITIES PUBLIC COMPANY LIMITED บร ษ ทหล กทร พย เคท บ (ประเทศไทย) จ าก ด KTB SECURITIES (THAILAND) COMPANY LIMITED บร ษ ทหล กทร พย ฟ ลล ป (ประเทศไทย) จ าก ด (มหาชน) PHILLIP SECURITIES (THAILAND) PUBLIC COMPANY LIMITED บร ษ ทหล กทร พย เออ ซ จ าก ด (มหาชน) AEC SECURITIES PUBLIC COMPANY LIMITED บร ษ ทหล กทร พย ไอร า จ าก ด (มหาชน) AIRA SECURITIES PUBLIC COMPANY LIMITED บร ษ ทหล กทร พย เมย แบงก ก มเอ ง (ประเทศไทย) จ าก ด (มหาชน) MAYBANK KIM ENG SECURITIES (THAILAND) PUBLIC COMPANY LIMITED บร ษ ทหล กทร พย ย บ เอส (ประเทศไทย) จ าก ด UBS SECURITIES(THAILAND) LIMITED บร ษ ทหล กทร พย เอเช ย เวลท จ าก ด ASIA WEALTH SECURITIES COMPANY LIMITED บร ษ ทหล กทร พย บ วหลวง จ าก ด (มหาชน) BUALUANG SECURITIES PUBLIC COMPANY LIMITED บร ษ ทหล กทร พย ซ แอล เอส เอ (ประเทศไทย) จ าก ด CLSA SECURITIES(THAILAND) LIMITED บร ษ ทหล กทร พย เจพ มอร แกน (ประเทศไทย) จ าก ด JPMORGAN SECURITIES (THAILAND) LIMITED บร ษ ทหล กทร พย โกลเบล ก จ าก ด GLOBLEX SECURITIES COMPANY LIMITED บร ษ ทหล กทร พย แมคควอร (ประเทศไทย) จ าก ด MACQUARIE SECURITIES (THAILAND) LIMITED บร ษ ทหล กทร พย เครด ต สว ส (ประเทศไทย) จ าก ด CREDIT SUISSE SECURITIES (THAILAND) LIMITED บร ษ ทหล กทร พย เคท ซ ม โก จ าก ด KT ZMICO SECURITIES COMPANY LIMITED บร ษ ทหล กทร พย ฟ น นเซ ย ไซร ส จ าก ด (มหาชน) FINANSIA SYRUS SECURITIES PUBLIC COMPANY LIMITED บร ษ ทหล กทร พย เพ อธ รก จหล กทร พย จ าก ด (มหาชน) TSFC SECURITIES PUBLIC COMPANY LIMITED ธนาคารธนชาต จ าก ด (มหาชน) THANACHART BANK PUBLIC COMPANY LIMITED ธนาคารทหารไทย จ าก ด (มหาชน) TMB BANK PUBLIC COMPANY LIMITED ธนาคารฮ องกงและเซ ยงไฮ แบงก งคอร ปอเรช น จ าก ด (เพ อตราสารหน ) THE HONGKONG AND SHANGHAI BANKING CORP.,LTD.- BOND บร ษ ทหล กทร พย เพ อธ รก จหล กทร พย จ าก ด (มหาชน) (ค สโตเด ยน) TSFC SECURITIES PUBLIC COMPANY LIMITED - CUSTODIAN ธนาคารเก ยรต นาค น จ าก ด (มหาชน) KIATNAKIN BANK PUBLIC COMPANY LIMITED ธนาคารทหารไทย จ าก ด (มหาชน) TMB BANK PUBLIC COMPANY LIMITED ธนาคาร ท สโก จ าก ด (มหาชน) (เพ อร บฝากทร พย ส น) TISCO BANK PUBLIC COMPANY LIMITED (CUSTODIAN) 340 ธนาคาร เจพ มอร แกน เชสJPMORGAN CHASE BANK ธนาคารซ ไอเอ มบ ไทย จ าก ด (มหาชน) CIMB THAI BANK PUBLIC COMPANY LIMITED ธนาคาร ธนชาต จ าก ด (มหาชน) THANACHART BANK PUBLIC COMPANY LIMITED ธนาคารกร งไทย จ าก ด (มหาชน) (เพ อล กค า) KRUNG THAI BANK PUBLIC COMPANY LIMITED (FOR CUSTOMER)

45 Stamp Duty 30 Enclosure 4 Power of Attorney For the Subscription of Newly Issued Ordinary Shares of Made at Date I/We, (the Grantor ), Nationality:, Identification No./Passport No./Juristic Person No.:, residing at No.:, Village/Building:, Soi:, Road:, Sub-district:, District:, Province:, Postal Code:, as a shareholder of ordinary shares of (the Company ) holding, shares, being entitled to subscribe for newly-issued ordinary shares of the Company as detailed in the Certificate of Subscription Entitlement issued by the registrar of the Company. I/We hereby authorize Mr/Miss/Mrs, Age:, Identification No./Passport No.:, residing at No.:, Village/Building:, Soi:, Road:, Sub-district:, District:, Province:, Postal Code:, (the Attorney ), to be my/our lawful attorney-in-fact acting on my/our behalf to subscribe for newly issued ordinary shares of the Company, including, to execute, amend, or add any statement in the Share Subscription Form, to make payment for such newly issued ordinary shares, to submit a document for share subscription, and to undertake any and all relevant acts in order to complete the subscription. Any act undertaken by the Attorney under this Power of Attorney shall be deemed as if it were undertaken by me/us. Signed Grantor ( ) Signed Attorney ( )

46 สำหร บล กค ำ/For Customer สำหร บธนำคำร/For Bank เพ อใช สำหร บชำระค ำจองซ อห นสำม ญเพ มท นช วงระหว ำงว นท 8-12 ม ถ นำยน 2558 เท ำน น ใบน ำฝำกชำระเง นค ำส นค ำและบร กำร (Bill Payment Pay-In Slip) บร ษ ทหล กทร พย เมย แบงก ก มเอ ง (ประเทศไทย) ว นท /Date สาขา/Branch จำก ด (มหำชน) 999/9 ด ออฟฟ ศเศส แอท เซ นทร ลเว ลด ช อผ น าฝาก/Name ช น 20 21, 25 ถนนพระราม 1 ปท มว น กร งเทพฯ เลขท บ ตรประจาต วประชาชน / ID Card No. (Ref.1) 13 หล ก เลขประจาต วผ เส ยภาษ : เลขทะเบ ยนผ ถ อห น / Registration No. (Ref.2) 10 หล ก ธ.ไทยพาณ ชย จาก ด (มหาชน) เลขท บ ญช (Bill Payment) ชาระโดย / Paid by เลขท เช ค / Cheque No. ธนาคาร Bank / สาขา Branch จานวนเง น / Amount เง นสด / Cash เช ค / Cheque จานวนเง น (ต วอ กษร) / Amount (In words) กร ณาน าเอกสารฉบ บน ไปชาระเง นได ท ธนาคารท ระบ ข างต นได ท กสาขาท วประเทศ โดยไม เส ยค าใช จ ายแต อย างใด Please bring along this document and make a payment at any branches of bank stated above without any additional fee charged. สำหร บเจ ำหน ำท ธนำคำร ผ ร บเง น ช อผ น าฝาก โทรศ พท ใบน ำฝำกชำระเง นค ำส นค ำและบร กำร (Bill Payment Pay-In Slip) บร ษ ทหล กทร พย เมย แบงก ก มเอ ง (ประเทศไทย) ว นท /Date สาขา/Branch จำก ด (มหำชน) 999/9 ด ออฟฟ ศเศส แอท เซ นทร ลเว ลด ช อผ น าฝาก/Name ช น 20 21, 25 ถนนพระราม 1 ปท มว น กร งเทพฯ เลขท บ ตรประจาต วประชาชน / ID Card No. (Ref.1) 13 หล ก เลขประจาต วผ เส ยภาษ : เลขทะเบ ยนผ ถ อห น / Registration No. (Ref.2) 10 หล ก ธ.ไทยพาณ ชย จาก ด (มหาชน) เลขท บ ญช (Bill Payment) ชาระโดย / Paid by เลขท เช ค / Cheque No. ธนาคาร Bank / สาขา Branch จานวนเง น / Amount เง นสด / Cash เช ค / Cheque จานวนเง น (ต วอ กษร) / Amount (In words) กร ณาน าเอกสารฉบ บน ไปชาระเง นได ท ธนาคารท ระบ ข างต นได ท กสาขาท วประเทศ โดยไม เส ยค าใช จ ายแต อย างใด Please bring along this document and make a payment at any branches of bank stated above without any additional fee charged. สำหร บเจ ำหน ำท ธนำคำร ผ ร บเง น ช อผ น าฝาก โทรศ พท

47 Deposit into an issuer account only I/We... National I.D. card/ passport/ company registration no... For Individual Person 1. Place of Birth (Country) Second Nationality Permanent Address... Province/State/Region Country...Postal. For Juristic Person 1. Incorporated in (Country) FATCA Status*... (Please answer the attached questionnaire and fill in its result in this field) - In case of Passive NPFFE, please specify the % of U.S. shareholders/owners... - In case of PFFI, of RDCFFI, please specify GIIN Number... I/We request to deposit these securities with the Thailand Securities Depository (TSD) in the account of the issuing company. I/We hereby certify that the aforementioned statements are complete and true. Should TSD incur any direct or indirect damage, obligation or expense due to complying with my request as given above, I/we shall be fully responsible and shall unconditionally compensate TSD in full. In addition, I/We acknowledge that TSD may appear in this document disclosure to the organization having agreement with TSD and/or Government agencies that have the legal power to request such information. Signature...Securities holder (...) Phone no

48 Entity Status Certification and Information Disclosure Consent Form under FATCA Certification of the Claimed FATCA Status I hereby certify that I have the status as follows; Part 1: Place of Incorporation Certification of the Claimed FATCA Status [ ] 1.1 I am an entity that is incorporated in: (Fill in a country) [ ] 1.2 I am a branch of an entity. Please specify the place of incorporation of the head office: (Fill in a country) In case the entity is incorporated in the U.S., I have attached W-9 certifying the status herewith. (If you are a non-u.s. entity or a branch of non-u.s. entity, please proceed to Part 2. Apart from that, your certificate of the claimed FATCA status is complete.) Part 2: FATCA Status for Non-U.S. Entities Certification of the Claimed FATCA Status [ ] 2.1 I am a financial institution of the type of Participating Foreign Financial Institution or Registered Deemed-Compliant FFI with GIIN : FATCA Status for Non-U.S. Entities U.S. Person / Non- U.S. Entities FATCA Status for Non-U.S. Entities PFFI, RDCFFI [ ] 2.2 I am a financial institution of the type of Non-Participating Foreign Financial Institution. [ ] 2.3 I am a financial institution of the type of Certified Deemed-Compliant FFI and have attached W-8BEN-E certifying the status herewith. [ ] 2.4 I am a publicly traded (listed) company or affiliate of a listed company; My evidence of listing or affiliation of a listing company is in a copy of the latest financial statement attached herewith. [ ] 2.5 I am a government (agents), international organization, or central bank of issue; I certify that I am the beneficial owner of any payment in connection with the securities that is going to be sold or transferred, and is not engaged in commercial financial activities of a type engaged in by an insurance company, custodial institution, or commercial banks. [ ] 2.6 I am a non-profit organization; I certify that I am exempt from income tax under Thai revenue code. [ ] 2.7 I am a non-financial institution whose main income is not from investing. I certify that I am not incorporated in the U.S. and not a financial institution and not exceeding half of my income as stated in my latest financial statement are derived from the following four groups and not exceeding half of my assets as stated in my latest financial statement can generate incomes in the following four groups as follows; Group 1: Dividend and Interest NPFFI CDCFFI Excepted NFFE Exempt Beneficial Owner Non-Profit Organization Active NFFE Page 1 of 2

49 Group 2: Rental and Royalties Group 3: Income from certain transactions Sales of any asset generating income in Group 1 and Group 2 Income from commodity derivative contracts Foreign exchange income Income from SWAP contract (Notional Principal Contract) Group 4: Income from insurance and annuity contracts Income from reserving activities (insurance company only) Income from annuity contracts Income from insurance contracts [ ] 2.8 I am a non-financial institution whose main income is from investing. I certify that I am not incorporated in the U.S. and not a financial institution and exceeding half of my income as stated in my latest financial statement are derived from the abovementioned four groups of income or exceeding half of my assets as stated in my latest financial statement can generate incomes in the abovementioned four groups of income. I also hereby declared my U.S. ownership as follows; [ ] I do not have any owner/shareholder who is a U.S. person or [ ] I have owner(s)/shareholder(s) who is (are) U.S. persons and have hereby disclosed the name, address, and U.S. Tax Identification Number (TIN) of each holder as follows; Name Address TIN Passive NFFE [ ] 2.9 I am not eligible for any status provided above I have herewith attached W-8BEN-E with the status of Others Page 2 of 2

50 Enclosure 7 Map of Share Subscription Venue 999/9 The Offices at Central World, 20th - 21st, 25th Floor,Rama 1 Road, Pathumwan, Bangkok Tel