IRS.009/ January 2017

Transcription

1 IRS.009/ January 2017 Subject: To: Enclosure: Notification of Receipt of Tender Offer Proposal to Purchase Securities of Daii Group Public Company Limited by Singha Estate Public Company Limited (Form 247-4) President The Stock Exchange of Thailand Copy of Tender Offer proposal of Daii Group Public Company Limited Daii Group Public Company Limited ( the Company ) would like to notify that the Company received a copy of the tender offer proposal of Daii Group Public Company Limited (Form 247-4) from Singha Estate Public Company Limited, the Offeror, the details of which are set out in the Enclosure. Please be informed accordingly. Yours faithfully, (Mr. Sornsak Somwattana) Chief Executive Officer

2 - Translation - Tender Offer to Purchase Securities of Daii Group Public Company Limited Tender Offerors Singha Estate Public Company Limited Tender Offer Preparer and Tender Offer Agent Maybank Kim Eng Securities (Thailand) Public Company Limited

3 Table of Contents Part 1 Summary of the Tender Offer Part 1 Page 1 Part 2 Details of the Tender Offeror Part 2 Page 1 1. The Tender Offeror Information Part 2 Page 1 2. Tender Offer Preparer and Tender Offer Agent Information Part 2 Page 4 3. Other Advisor Information Part 2 Page 4 4. Relationship between the Tender Offeror and the Company, major shareholders or directors of the Company Part 2 Page 4 5. Other Relevant Information for the Securities Holders Decision Making Part 2 Page 8 Page Part 3 Information of the Company Part 3 Page 1 1. Information of the Company Part 3 Page 1 2. Operational plan after the business takeover Part 3 Page 6 Part 4 Additional Details of the Tender Offer Part 4 Page 1 1. Acceptance Procedure Part 4 Page 1 2. Procedure for the Purchase of Securities Part 4 Page 5 3. Settlement and Payment Procedures Part 4 Page 5 4. Rights of Securities Holders Who Have Expressed Their Intention to Part 4 Page 7 Tender Their Securities 5. Conditions for Revocation of the Tender Offer Acceptance Part 4 Page 7 6. Method of delivery for shares in case the Tender Offer is revoked Part 4 Page 9 7. Determination of Offering Price Part 4 Page Acquisition of Securities Prior to the Tender Offer Part 4 Page 25 Part 5 Certification of the Information Part 5 Page 1 Table of Contents

4 Table of Contents Attachment 1 Attachment 2 Attachment 3 Attachment 4 Attachment 5 Attachment 6 Attachment 7 Tender Offer Procedures and Forms 1. Tender Offer Procedures 2. Tender Offer Acceptance Form 3. Power of Attorney Tender Offer Procedures and Forms for NVDR 1. Tender Offer Acceptance Procedures for NVDR 2. Tender Offer Acceptance Form for NVDR 3. Power of Attorney Revocation Procedures and Forms 1. Revocation Procedure 2. Tender Offer Revocation Form 3. Power of Attorney Confirmation of Securities Cost Form Request Form to Rectifying Items in the Security Holder Record Confirmation Letter of source of fund for the Tender Offer Letter of Confirmation not to sell shares in the Tender Offer Table of Contents

5 Significant fate for Tender Offer No. Process Date 1. Submission of Tender Offer (Form 247-4) 25 January Tender Offer open for acceptance 30 January Final Day of Withdraw Period 27 February Closing date of Tender Offer 6 March Final Payment Date 9 March 2017 Significant fate for Tender Offer

6 Tender Offer of Daii Group Public Company Limtied (The Tender Offer, tender offer price and tender offer period stated herein are final) To Shareholders of Daii Group Public Company Limited Singha Estate Public Company Limited would like to purchase the securities of Daii Group Public Company Limited (the Company or DAII ) as follows; Part 1 Summary of the Tender Offer For the calculation in this document, the decimal are rounded to 2 or 3 decimal places, depending on each case. Thus, results may not equal the calculation from data in this report. 1. Submission date of the Tender Offer 25 January Name of the Tender Offeror Singha Estate Public Company Limited (the Offeror or Singha Estate ) 3. Name of the Tender Offer Preparer Maybank Kim Eng Securities (Thailand) Public Company Limited (the Tender Offer Preparer ) 4. Objective of the Tender Offer According to the Board of Directors Meeting of Singha Estate No. 8/2016 held on 12 October 2016 and Extraordinary General Meeting No.1/2016 of Singha Estate held on 16 December 2016 has passed a resolution to approve an acquisition of newly issued ordinary shares of the Company in an amount of 658,599,968 shares at the par value of THB 1.00 per share with the acquisition price of THB 5.00 per share, or not less than to percent of total issued ordinary shares of the Company in post transaction basis (assumed that all of Nirvana Development Company Limited ( Nirvana ) shareholders other than the Offeror will sell all of Nirvana s shares held by them to the Company), totaling transaction size of THB 3, million, and to consider and approve a sale of (a) Issued ordinary shares of Nirvana of 4,481,717 shares at the par value of THB per share, or percent of total issued ordinary shares of Nirvana, totaling transaction size of THB 2, million or equivalent to 1 Nirvana share to the Company share (any fraction from calculation shall be discarded) and (b) the two plots of lands with the transaction size of THB 1, million, totaling transaction size on asset disposal of approximately THB 3, which shall be made to the Company in an exchange of the issuance and allocation of newly issued ordinary shares of the Company to the Offeror. The issuance and allocation of newly issued ordinary shares of the Company shall be made to the Offeror in terms of private placement scheme. Part 1 - Page 1

7 The Offeror has an objective to entering to the transaction as the Offeror plan to consolidate business of Nirvana and the Company, which engage in business relating to construction services and construction materials. The Offeror is expected to benefit from transaction as follows: (1) Increase Nirvana construction capacity to support business expansion. (2) Value-added from vertical business integration with the Company. (3) The Company has experienced management team with expertise in constriction business. After the transaction, the Offeror holds stakes in the Company in an amount of 658,599,968 shares at the par value of THB 1.00 per share, or equivalent to percent of total issued ordinary shares of the Company in post transaction basis. In this regard, the Offeror is obliged to make a tender offer for total issued ordinary shares of the Company in accordance with the Notification of the Capital Market Supervisory Board No. ThorJor. 12/2554 Re: Rules, Conditions and Procedures for Acquisition of Securities for Business Takeover, dated 13 May 2011 (the Acquisition of Securities for Business Takeover Notification ), when all of the conditions as follows entirely occur; (1) The Shareholder Meeting of the Offeror passes the resolution approving the entering into transaction on an acquisition of newly issued ordinary shares of the Company, transaction on sale of the issued ordinary shares of Nirvana, transaction on sale of land, and transaction on a tender offer for total issued ordinary shares of the Company. (2) The Board of Directors of the Company passes the resolution approving the increase registered capital, private placement, business combination by entire business transfer method, and acquisition of land, etc. (3) Condition which will result in the Offeror completely acquiring newly issued ordinary shares of the Company which including but not limited to condition as stated in Share Subscription Agreement. (4) The Company must get approval from the Office of Securities and Exchange Commission (the SEC ) and relevant regulators in relation to allocation of newly issued ordinary shares to the Offeror by way of a private placement in accordance with the Notification of the Capital Market Supervisory Board No. TorChor. 72/2558 Re: Approval of Offering for Sale of Newly Issue Shares by Listed Companies to the Specific Persons dated 28 October B.E (as amended) and relevant rules (the PP Notification ) On 17 January 2017, all conditions has been occurred and the Company has received (a) Issued ordinary shares of Nirvana of 4,481,717 shares at the par value of THB per share, or percent of total issued ordinary shares of Nirvana, and (b) the two plots of lands, and the Company has issued and allocated newly issued ordinary shares of the Company to the Offeror in an amount of 658,599,968 shares at the par value of THB 1.00 per share, or equivalent to percent of total issued ordinary shares of the Company in post transaction basis. The shareholding portions held by the Offers triggered to make a tender offer for all securities of the Company pursuant to the Acquisition of Securities for Business Takeover Notification. Part 1 - Page 2

8 5. Type and class of securities offered to purchase As of the date of Tender Offer submission, the Company has only one type of securities which is the ordinary share. The Company has total paid-up ordinary shares of 1,180,599,978 shares with par value of THB 1.00 per share and 1 voting right per share. At the submission date of the Tender Offer, the Offeror holds 658,599,968 ordinary shares or percent of total issued ordinary shares of the Company, which is considered as 658,599,968 voting rights or percent of total voting rights of the Company. Therefore, the remaining ordinary shares to be purchased are 522,000,010 shares or percent of total issued ordinary shares of the Company and equal to 522,000,010 voting rights or percent of total voting rights of the Company. Under the condition specified in Warranty Agreement (the Warranty Agreement ), Dcorp Group Company Limited ( Dcorp ) state the intention to sell ordinary shares of the Company in an amount of 45,995,952 shares to the Company via the tender offer process and agree to not sell or transfer the remaining ordinary shares held by Dcorp, in which the expected shareholding by Dcorp is 1.78 percent of total issued ordinary shares of the Company in post transaction basis, for the period of 30 months after the transaction is executed for the benefit of DAII s management and operation in early period of investment by the Offeror. 6. Offering Price The offer price is THB 5.00 (Five Baht) per share (the Offering Price ). The payment shall be paid in cash. The Offerees are subject to a brokerage fee of 0.25 percent of the Offering Price and value added tax (VAT) of 7.00 percent of such brokerage fee. Therefore, the net offer price received by the Offerees will be THB (Four Point Nine Eight Eight Six Six Two Five Baht) per share (In case that the Company has announced the dividend payment and there is an ex-dividend rights during the tender offer period, the Offering Price shall be decreased by the amount of dividend paid per share). Such offering price is: ( / ) The final offer that shall not be changed (except as per the conditions specified in Part 1 Clause 8.) ( ) Not the final offer and may be changed by the Tender Offerors. Pursuant to the Revenue Code, unless specifically exempt under the terms of an applicable double tax treaty, in case the Offerees are foreign juristic person not operating business in Thailand and residing in the country that does not have double tax treaty with Thailand or residing in the country that has double tax treaty with Thailand but such treaty not exempted from withholding tax on capital gain from sale of shares in Thailand, such Offerees are subject to a 15 percent withholding tax on the difference between the Offering Price and the cost the Offerees originally paid for the tendered shares. The cost such Offerees originally paid for the tendered shares must then be declared to the Tender Offer Agent per details in Part 4. If the Offerees fail to declare their cost and submit proper evidence together with the cost declaration form, the Tender Offer Agent shall deduct the withholding tax based on the entire proceeds of share sale that the Offerees shall receive. Remark: Thai juristic person will be responsible to withhold 3.00 percent tax on the brokerage fee and must issue Withholding Tax Certificate to the Tender Offer Agent. Part 1 - Page 3

9 7. Tender Offer period The Tender Offer period will be a total of 25 business days from 30 January 2017 to 6 March 2017, during the office hour of the Tender Offer Agent from 9.00 a.m. to 4.00 p.m. Such offer period is ( / ) The final offer period that shall not be extended (except as per the conditions specified in Part 1 Clause 8). ( ) Not the final offer period and may be extended by the Tender Offeror. 8. Conditions for changes in the Tender Offer ( ) No Conditions ( / ) Conditions of change in the Tender Offer are as follows: ( / ) The Tender Offeror may lower the Offering Price and/or extend the tender offer period should there be any event or action giving rise to a material adverse effect on the Company s status or assets during the tender offer period. ( / ) The Tender Offeror may amend the offer terms and/or extend the tender offer period to compete against any person who submits a Tender Offer for such securities of the Company during the tender offer period. 9. Conditions for cancellation of the Tender Offer The Offeror may cancel the tender offer if there was any incident as follows: 9.1 Any event or action occurring after the submission of the Tender Offer to SEC but before the end of the Tender Offer period, which cause or may cause a material adverse effect on the Company s status or assets, and where such even or action is not the result of the Offeror s actions or actions under the Offeror s responsibility. 9.2 Any action performed by the Company after the submission of the Tender Offer to SEC but before the end of the Tender Offer period, which causes a significant decrease in the value of the Company s shares. 9.3 Any action performed by the Company which may affect the Tender Offer in accordance with the Notification of the Capital Market Supervisory Board No. ThorJor 14/2554 Re: Actions and exceptions of the actions that may impact the tender offer of a business dated 25 July B.E (as amend) 10. Offer period during which securities holders may cancel their intentions to sell The Offerees who do not irrevocably accept the offer may cancel their acceptance of Tender Offer at the Tender Offer Agent s office from 30 January 2017 to 27 February 2017, collectively 20 business days, during the hours of 9.00 a.m. to p.m. on every business day. Part 1 - Page 4

10 11. Allocation of purchase in case the number of securities so tendered is more or less than the number of securities so offered (only in case of partial tender offers pursuant to Chapter 5 of the SEC Notification No. ThorJor. 12/2011) - Not applicable in this case Sources of funds of the Tender Offeror In the event that existing shareholders other than the Offeror sell their shares, totaling 522,000,010 shares in the tender offer, the Offeror will require funds equal to THB 2,610,000,050. However, some Ex-Nirvana shareholders other than the Offeror agree not to sell their shareholding in the Company in an amount of 319,999,946 shares or percent of total issued ordinary shares of the Company in the tender offer. To do so, Mr.Sornsak Somwattana, the authorized person of some Ex-Nirvana shareholders other than the Offeror, has signed Letter of Confirmation not to sell shares in the Tender Offer with the details in Part 2 Clause Therefore, the remaining shares to be tendered are 202,000,064 shares or percent of total issued ordinary shares of the Company or equivalent to THB 1,010,000,320. For the source of funds in this tender offer, the Offeror plan to use internal cash flow and/or loan from financial institutional. In this regard, the Offeror has received letter from Kasikorn Bank Public Company Limited in which Kasikorn Bank Public Company Limited will provide loan to the Offeror in an amount not exceeding THB 2, million provided that the Offeror meets their regulation and requirement. (Please refer to Attachment 6) The Tender Offer Preparer has already reviewed the source of fund of the Offerors from internal cash flow and letter from Kasikorn Bank Public Company Limited, and thus opined that the Offeror have sufficient fund to conduct this Tender Offer. 13. Name of the Tender Offer Agent Name : Maybank Kim Eng Securities (Thailand) Public Company Limited Address for collection and : Investment Banking Department, The Offices at Central World, submission of Tender Offer 20 th Floor, 999/9 Rama 1 Road, Pathumwan, Bangkok Acceptance Form Contact : Mr.Atikom Sirichoompun or Mr.Papon Atthakitkanka Tel : Ext or 1721 Fax : Settlement Date : The offerees who do not revoke their intention to accepting the Tender Offer will receive payment on three business days after the end of the Tender Offer Period, which is on 9 March In the event that the Tender Offer period is extended, the settlement date shall be 3 rd business day following the last day of the extended Tender Offer Period Part 1 - Page 5

11 - Translation - Part 2 Details of the Tender Offeror 1. The Tender The Offeror Information 1.1 Basic Information Name : Singha Estate Public Company limited Registration Number : Address : 123 Suntowers Building B, 22 nd Floor, Vibhavadi-Rangsit Road, Chom Phon, Chatuchak, Bangkok, Telephone : Facsimile : Business Information and Other Relevant Information (1) Information relating to nature of business operations Residential Business The Company s policy for residence development, both high rise and low rise projects, is diverse in forms, namely single detached houses, townhomes, home offices, and condominiums, to satisfy the needs of middle-tier to upper-tier customers under different brands. The Company develops and manages sales either through subsidiaries in which it holds percent shares or through Nirvana, in which it holds percent shares. In developing residential projects, the Company and its subsidiaries secure land with good potential and suitability for project development; analyze project feasibility; control design and administration of construction; administer sales; and provide after-sale services. In 2016, the Company has 12 projects under Nirvana with total remaining project value of approximately THB 5,068 million as at 30 June 2016 Commercial Property Business Commercial Property, which includes shopping centers and office buildings for rent, has high growth potential and high returns on investment, and hence becomes one of the Company s core businesses under its five-year business plan. With a policy to grow this business through development and investment, core revenues from this business are space rents, service charge for utility, security systems, and other service fees. The development and investment will be considered based on location suitability; limitations for project development or expansion; demand and supply in the vicinity; returns on investment; and growth potential. Currently, the Company has 2 commercial property projects, which are The Lighthouse and the Suntowers Complex, and has 1 project under development, the Singha Complex Project. Part 2 - Page 1

12 - Translation - Hotel Business Belonging to another the Company s core business, the hotel business and the hotel management business have featured leapfrogging growth after business restructuring. The Company s policy is to grow this business through joint investments and acquisitions. The key considerations consist of location, demand and supply, assets quality, management team, returns on investment, and growth potential (room expansion, occupancy rate, and room rate). The Company operates business through a percent-owned subsidiary, which currently has 2 hotels under its wings, namely Santiburi Beach Resort and Spa and Phi Phi Island Village Beach Resort, and has 29 hotels in the United Kingdom under the management of joint-venture Jupiter Hotels Holdings Limited, in which the Company indirectly holds percent shares. (2) Registration and Paid-up Capital as of 19 January 2017 Registered Capital : 8,973,005,905 Baht Paid-up Capital : 6,453,719,295 Baht (3) List of the first 10 shareholders as of 1 November 2016 which is the date of close of share register book according to Section 225 of the Securities and Exchange Act BE 2535 (1992)(and revisions) No. Name No. of Shares Percent 1. Singha Property Management Co. Ltd. Group 3,232,701, Singha Property Management Co. Ltd. 2,417,458, Singha Property Management (Singapore) Pte. Ltd. 815,242, Mr.Santi Bhirombhakdi Group 1,879,710, Mr.Santi Bhirombhakdi 1,590,104, Morgan Stanley & Co. International Plc 1 289,606, UOB Kay Hian (Hong Kong) Limited Client Account 99,502, Thai NVDR Co., Ltd. 90,826, Morgan Stanley & Co. International Plc 77,288, CREDIT SUISSE INTERNATIONAL 67,325, CITIBANK NOMINEES SINGAPORE PTE LTD-S.A PBG CLIENTS SG 58,092, Mr.Jedsada Lertnanthapanya 46,297, Mr.Natthapong Churanggul 40,707, Mr.Kemchai Rasanon 32,070, Total 5,624,525, Note : 1 Shareholding thorugh Morgan Stanley & Co. International PLC by Mr.Santi Bhirombhakdi Part 2 - Page 2

13 - Translation - (4) Director of Singha Property as of 19 January 2017 No. Name Position 1. Mr.Chutinant Bhirombhakdi Chairman 2. Mrs.Napaporn Landy Independent director 3. Mr.Karoon Nuntileepong Independent director 4. Mr.Petipong Pungbun Na Ayudhya Independent director 5. Mr.Thanavath Phonvichai Independent director 6. Mr.Chayanin Debhakam Director 7. Mr.Naris Cheyklin Director 8. Mr.Longlom Bunnag Director 9. Mr.Nattavuth Mathayomchan Director (5) Summary of Financial Position and Performance of Singha Property For the period For the year ended (Audited) ended (Reviewed) Unit : THB million 31 December 31 December 31 December 30 September Total Assets 5, , , , Total Liabilities , , , Shareholders equity 5, , , , Registered capital 4, , , , Total revenue , , Total expenses (248.56) (642.62) (2,564.16) (2,033.21) Profit (loss) for the period (247.97) Earnings (loss) per share (0.05) 0.04 Dividend per share (Baht) 0.02 n.a. 1 n.a. 1 n.a. 1 Book value per share (Baht) Note : 1 Singha Estate did not pay the dividend in the period. Source : Financial statements and SETSMART (6) Material Obligation Singha Estate and its subsidiaries has material obligation including capital expenditure and expenditure according to contracts of property development which is binding but not yet recorded in financial statement as follows Unit : THB million As of 30 September 2016 Capital expenditure 1, Obligation under property development contract 2, Total 3, Part 2 - Page 3

14 - Translation - (7) Information relating to criminal records - None - (8) Pending legal disputes - None - 2. Tender Offer Preparer and Tender Offer Agent Information Name : Maybank Kim Eng Securities (Thailand) Public Company Limited Address to receive and file tender offer : 20 Floors, The Offices at Central World, 999/9, Rama 1 Road, Pathumwan Sub-District, Pathumwan District, Bangkok acceptance form Contact person : Mr.Atikom Sirichoompun or Mr.Papon Atthakitkanka Telephone : ext or 1721 Facsimile : Other Advisor Information Legal Advisor Name Address Telephone : Facsimile : : Baker and McKenzie Company Limited : 25 Floors, Abdulrahim Place, 990, Rama 4 Road, Silom Sub- District, Bangrak District, Bangkok Relationship between the Tender The Offeror and the Company, major shareholders or directors of the Company 4.1 Essence of the contract/agreement/memorandum of understanding entered into by the person making the announcement of intention prior to making the announcement, for the purpose of substantial trading of securities of the Company, regardless of whether or not such contract/agreement/memorandum of understanding is entered into for trading of securities in the tender offer Shares Subscription Agreement with condition precedents (1) Contract Parties Parties : Subscriber : Singha Estate Public Company Limited Issuer : Daii Group Public Company Limited Date : 12 October 2016 Price : The parties agreed to execute at THB 5.00 Part 2 - Page 4

15 - Translation - Key point : The Company will increase the capital and offer to subscribers by private placement not exceeding 658,599,968 shares. The subscribers will transfer (a) Nirvana s shares which held by the Offeror 4,481,717 shares, par value at THB 1.00, or 51.00% of total issued shares of Nirvana and Condition (b) two plots of land : 1. The Shareholder Meeting of the Offeror passes the resolution approving the entering into transaction on an acquisition of newly issued ordinary shares of the Company, transaction on sale of the issued ordinary shares of Nirvana, transaction on sale of land, and transaction on a tender offer for total issued ordinary shares of the Company. 2. The Board of Directors of the Company passes the resolution approving the increase registered capital, private placement, business combination by entire business transfer method, and acquisition of land, etc. 3. Condition which will result in the Offeror completely acquiring newly issued ordinary shares of the Company which including but not limited to condition as stated in Share Subscription Agreement. 4. The Company must get approval from the Office of Securities and Exchange Commission and relevant regulators in relation to allocation of newly issued ordinary shares to the Company by way of a private placement. Termination : The parties has the right to terminate the contract if the counter party violate the rule of the agreement which include one or many rules as follows: 1. The counterparty violate or exempt from conducting the agreement of this contract in which the counterparty cannot rectify the violation within 15 days upon receiving notification letter from the other party 2. There are law, regulation, mandate and/or ruling of the government agent which prohibit the transaction in this contract or prohibit the subscriber to purchase the share or prohibit the Company to sell the share 3. The party was filed for bankruptcy or there is any doubt for insolvency Advisor : Financial advisor Part 2 - Page 5

16 - Translation - Maybank Kim Eng Securities (Thailand) Public Company Limited Legal advisor Baker and McKenzie Company Limited (2) Warranty contract Parties : 1. Singha Estate Public Company Limited 2. Dcorp Group Company Limited Date : 12 October 2016 Key point : 1. Dcorp will conduct the deeds in order for the Company and subsidiaries to comply with the regulations determined in share subscription agreement with condition precedent 2. Dcorp agree to sell share of the Company not exceeding 45,995,952 shares without binding to the Offeror in the tender offer process 3. Dcorp agree not to sell the remaining shares for 30 months period after the transaction which is expected to remain 1.78% of total issued shares for management purpose of the Company in the beginning of Singha investment in the Company. Advisor : Financial advisor Maybank Kim Eng Securities (Thailand) Public Company Limited Legal advisor Baker and McKenzie Company Limited (3) Memorandum of Understanding Parties : 1. Singha Estate Public Company Limited 2. Mr.Tawat Meeprasertsakul Date : 5 January 2017 Key point : 1. After Singha Estate held share of the Company, it will appoint Mr.Tawat Meprasertsakul as an advisor of executive president at least for 3 years 2. After Singha Estate held share of the Company, it will manage to ensure that the Company will sell shares in Landy Development Company Limited notwithstanding whole shares or portion of shares to other parties. The Company will notify the offer to Mr.Tawat Meeprasertsakul in advance in form of Part 2 - Page 6

17 - Translation - writing and ensure that Mr.Tawat Meeprasertsakul of representative has the right to participate in the purchase. 3. The Company will revoke any obligation with Cost.Fit (the start-up business of the Company) before Singha Estate held shares of the Company Advisor : Financial advisor Maybank Kim Eng Securities (Thailand) Public Company Limited Legal advisor Baker and McKenzie Company Limited (4) Confirmation letter not to sell shares in tender offer Parties : 1. Singha Estate Public Company Limited 2. Nirvana shareholder apart from the Offeror 3. Maybank Kim Eng Securities (Thailand) Public Company Limited ( custodian ) Date : 12 January 2017 Key point : Some Nirvana shareholders apart from the Offeror agree to deposit their shares with custodian until the finish of tender offer from Singha Estate Public Company Limited Advisor : Financial advisor Maybank Kim Eng Securities (Thailand) Public Company Limited Legal advisor Baker and McKenzie Company Limited No. Name No. of Shares 1. Mrs.Wattana Somwattana 133,950, Mr.Sornsak Somwattana 71,718, Mr.Anuchart Angsumethangkul 34,439, Mr.Thanisorn Koosuwan 25,939, Mr.Vibul Raksaseri 10,503, Mr.Vichien Jiekjerm 7,009, Ms.Junthima Raksaseri 6,044, Mr.Krairuek Chobdham 5,309, Ms.Amornrawadee Yimphong 5,132, Ms.Kurisara Anngsumethakul 3,982, Mr.Pariwee Thatsanasarid 3,828, Mr.Payon Srinote 3,135,207 Part 2 - Page 7

18 - Translation - No. Name No. of Shares 13. Mrs.Juthamad Somwattana 3,111, Mr.Thanachai Triyasunant 759, Ms.Siriporn Lungcharoen 669, Ms.Natwipa Srimaphol 657, Mr.Chaiwat Choosithnontchai 561, Ms.Ampai Phombanyat 549, Inside Mind Company Limited 536, Mr.Thitivuth Wimoktanont 530, Mr.Veeraphol Phairatveth 446, Mr.Damrongrit Boongumpra 247, Mr.Manut Rasami 223, Mrs.Sunee Thamthavornvanich 211, Ms.Ketusarin Techaviseth 211, Ms.Wanphen Jamornwong 211, Mrs.Suaysom Suphapueng 80, Shareholding, whether direct or indirect by the the Offeror or its authorized representatives in the Company or the Company s major shareholders The Offeror holds shares of the Company amounting to 658,599,968 shares or 55.79% of the total issued shares. 4.3 Shareholding, whether direct or indirect by the Company, the Company s major shareholders, or director in the Offeror Shareholding in the Offeror by the Company - None Shareholding in the Offeror by the Company s major shareholders Mrs.Wattana Somwattana : 20,255,333 shares Shareholding in the Offeror by the Company s directoes Mr.Naris Cheyklin : 4,000,000 shares Mr.Theerachart Numanit : 2,681,010 shares (including person of section 258) Mr.Tawat Meeprasertsakul : 1,000,000 shares (including person of section 258) 4.4 Other Relationship The Company has transaction with the Offeror according to detail in art 3 no. 2.3 and the Company has set the policy for business separation to prevent conflict of interest according to detail in art 2 no and as of the tender offer submission, the Company and the Offeror have common director who is Mr.Naris Cheyklin. Part 2 - Page 8

19 - Translation - 5. Other Relevant Information for the Securities Holders Decision Making 5.1 Securities of the Company held by the offeror Shares Name Type of Shares Number of Shares % of Total Paid-up Capital % of Total Voting Right I. The Offeror Ordinary 658,599, II. Person in the same group of the the Offeror III. person according to section 258 of I and II IV. Other agreement resulting in additional acquisition of shares by I, II, III Total 658,599, Convertible Securities - None Source of funds used by the Offeror for the Tender Offer In the event that existing shareholders other than the Offeror sell their shares in the tender offer for 522,000,010 shares, the Offeror has to have funds for THB 2,610,000,050. However, some Nirvana shareholders apart from the Offeror has issue the confirmation letter to not sell share 319,999,946 shares or 27.10% of the total issued shares in tender offer. Some Nirvana shareholders apart from the Offeror will appoint tender offer preparer to be the depository of those shares to express intention that some Nirvana shareholders apart from the Offeror will not sell shares in the tender offer. Mr.Sornsak Somwattana, the authorized person of some Nirvana shareholders apart from the Offeror has signed the confirmation letter not to sell shares in the tender offer according to the detail in art 2 no , therefore, the shares to be tender offer is 202,000,064 shares or 17.11% of total issued shares, amounting to Baht 1,010,000,320. For the source of funds in this tender offer, the Offeror will utilize the fund from operation cash flow and/or the borrowing from financial institution. The Offeror has the credit line from Kasikorn Bank Public Company Limited to make the tender offer with the amount of THB 2,700 million on condition set out by Kasikorn Bank as shown in attachment 6. Part 2 - Page 9

20 - Translation - Tender Offer Preparer consider the source of funds from operating cash flow and the letter from Kasikorn Bank, thus has opinion that the Offeror has enough source of funds to make tender offer. 5.3 Plan to sell or purchase of Securities of Company At present, the Offeror might sell or transfer the Company s share which owned before or will be bought in this tender offer to other parties within 12 months after end of tender offer period if there are other interested investors including the Offeror has duty to act as specified by law or relevant rule or the Offeror has internally shareholding and/or business restructure or the Offeror manage its financial liquidity after this tender offer. The Offeror may sell or transfer Company s shares to any person including major shareholders, person according to section 258 of SEC Act (If any), or potential investors and such selling or transfer is subject to agreement. 5.4 Other necessary information Business separation to prevent conflict of interest After being the major shareholder of the Company, the Offeror will manage to set policy for business separation to prevent conflict of interest of the Offeror and the Company as follows: Business separation between the Company and the Offeror The Offeror Operates in 3 main businesses Residential property (condominium) focusing on luxury 1 and super luxury 2 clients and horizontal residential business, focusing on luxury clients Hospitality Commercial property The Company Operates in 2 main businesses : Residential property focusing on below luxury client Construction services Management Separate management and employee Separate management and employee Acquisition of land Not compete in the land acquisition No financial support Depend on its own ability to source fund Depend on its own ability to source fund Remark : Nirvana has plan to develop 1 condominium project focusing on super luxury client segment through Nirvana River Company Limited, which is the joint venture between Nirvana and BP Partner International Company Limited in proportion of 70 percent and 30 percent respectively. Part 2 - Page 10

21 - Translation - Nirvana does not have plan to develop other residential property focusing on luxury and super luxury client segment. 1. In general, Condominium focusing on luxury client segment means the condominium which has the selling price between THB 200,000 per sq.m, and THB 300,000 per sq.m. 2. In general, Condominium focusing on super luxury client segment means the condominium which has the selling price over THB 300,000 per sq.m. 3. In general, horizontal residential business focusing on luxury client segment means that the land and building which has the selling price from THB million per unit. The Company and the Offeror will revisit the classification of group and segment of the clients upon a completion of 1 year and after that, the Company will revisit such every 2 years, in order to make the classification of group and segment of the clients appropriate due to the market condition which may change in the future. Connected Transaction Policy 1. The connected transaction must be necessity and reasonableness. 2. The connected transaction must be conducted on arm-length basis and doesn t create conflict of interest 3. The acquisition and disposal of assets must be complied with the Notification of the Capital Market Supervisory Board No. ThorChor. 20/2551 Re: Rules on Entering into Material Transactions Deemed as Acquisition or Disposal of Assets dated 31 August 2008, and the Notification of the Board of Governors of the stock Exchange of Thailand Re: Disclosure of Information and other Acts of Listed Companies Concerning the Acquisition or Disposition of Assets B.E (2004) dated 29 October Other measures to prevent conflict of interest 1. The board of director of the Offeror and the Company will consider necessity and reasonableness of transaction and will follow, supervise, and audit to ensure that there isn t conflict of interest. If necessary, the Company will disclose important information to shareholders and investors. 2. If the Offeror decides to develop residential property outside the scope, the board of director of the Offeror and the Company will collectively discuss and decide whether the transaction is for the benefit of the Company. Part 2 - Page 11

22 - Transaction - Part 3 Information of the Company 1. Information of the Company English Name : Daii Group Public Company Limited Company Registration Number : Address 1 Gaopoonsub Building 7 th Floor, Soi Ladprao 19, Ladprao : Road, Jompon, Jathujak, Bangkok Tel : Fax : Business Description As of 17 January 2017, the Company has received the Nirvana shares in amount of 8,787,681 shares and two plots of land from Singha Estate according to business combination plan. The Company has (1) issued and allotted the Company s shares to Singha Estate in amount of 799,999,978 shares and other shareholders of Nirvana for consideration of Nirvana shares and (2) issued and allotted the Company s shares to Singha Estate in amount of 250,600,000 shares for consideration of two plots of land. After the transaction, the Company will have one additional business line which is property development business of Nirvana along with the three traditional business line of the Company, as a result, the Company operates in 4 business line as follows: (1) Fencing Business The Company is the manufacturer and distributor of prefabricated fencing comprises prefabricated fence sheet, prefabricated foundation, pillar and beam. The Company s product is designed to be waterproof, beautiful and has useful life more than 10 years. Moreover, it can be easily installed comparing to traditional fencing which reduces labor-shortage problem. The fencing products of the Company consist of 2 types as follows: (2) Home Construction Business The company operates a semi-finished home construction under the brand Deeji home Center, operated by Deeji Home Center Ltd and operates a finised home construction under the brand Ginza Home, which is operated by Ginza Home Ltd. The Company may consider to increase other brand name as appropriate to the business at that time. The company is engaged in home building, residential building and office with a maximum height of four floors, using walls, columns, beams that were manufactured from the Company s factory. (3) Aluminum Doors and Windows Business Aluminum doors and windows business was operated by Atech Enterprise Co., Ltd., a subsidiary of the Company. Atech Enterprise is a distributor of aluminum doors and windows under the brand ATECH, manufactured by Lixil (Thailand) Co., Ltd., the leading manufacturer of aluminum doors and windows in Japan. The product features was cut and assembled from Part 3 - Page 1

23 - Transaction - factory. It is a high quality product with unique features that distinguish it from conventional aluminum doors and windows in the aspect of 100% water protection with water conduit system and completely soundproof with durable plating system. The color does not fade throughout the lifespan and enhanced security system with a special lock and can also block sunlight, dust and wind. The product is manufactured according to the standards of exportable product to Japan with the certification ISO 9001: 2000, ISO 14001: 1996 and JIS. Additionally, the Company began selling products from other two manufactures, namely Vincent aluminum and AB & W Innovation who are the producers of lower grade of aluminum doors and windows. The Company aims to increase the variety of products to sell to medium segment of clients and projects. (4) Property Development The property development business of the Company will focus on clients segment below Luxury according to the detail in art 2 no Re: Business separation to prevent conflict of interest. The Company will focus on 2 stories home, 3 stories home, townhome, home office and condominium. The brand name of the project of the Company is BEYOND, ICON, COVER etc. The Company may consider to increase other brand names as appropriate at that time. 1.2 Summary of Financial Status and Performance of the Company For the period For the year ended (Audited) ended (Reviewed) Unit : THB million 31 December 31 December 31 December 30 September Total Assets Total Liabilities Shareholders equity Registered capital Total revenue Total expenses (270.86) (234.17) (264.32) (182.55) Profit (loss) for the period (10.38) Earnings (loss) per share (0.08) Dividend per share (Baht) n.a. 1 n.a Book value per share (Baht) Note : 1 The Company did not pay the dividend in the period. 2 Financial position and performance of the Company is before the conduct of transaction as of 17 January (Source: Financial statements and SETSMART) Part 3 - Page 2

24 - Transaction Shareholding Structure of the Company (1) List of the first 10 shareholders as of 1 November 2016 which is the date of close of share register book according to Section 225 of the Securities and Exchange Act BE 2535 (1992)(and revisions) No. Name No. of Shares Percent 1. Dcorp Group Company Limited 66,995, Thai NVDR Co.,Ltd. 6,808, Ms.Chayanunt Meeprasertsakul 3,570, Ms.Nidchaya Meeprasertsakul 3,235, Ms.Wachiraporn Sakulchan 2,472, Mr.Supakin Ardwongsa 1,658, Mr.Wongsakorn Panrattanamongkol 1,600, Mr.Piya Udomchan 1,500, Mr.Pipath Meeseang 1,481, Mr.Sakbaworn Pukkanasut 1,200, Others 39,479, Total 130,000, Dcorp Group Company Limited List of Shareholders as of 30 April 2016 No. Name No. of Shares Percent 1. Mr.Tawat Meeprasertsakul 5,900, Ms.Chayanunt Meeprasertsakul 2,000, Ms.Nidchaya Meeprasertsakul 2,000, Mr.Yuthana Chanaphuseth 100, Total 10,000, (2) List of the first 10 shareholders as of 1 November 2016 which is the date of close of share register book according to Section 225 of the Securities and Exchange Act BE 2535 (1992) (and revisions) adjusted by newly-issued shares as of 17 January 2017 No. Name No. of Shares Percent 1. Singha Estate Public Company Limited /2 658,599, Mrs.Wattana Somwattana 133,950, Walford United Holding Ltd. /3 72,000, Mr.Sornsak Somwattana 71,718, Dcorp Group Company Limited 66,995, Part 3 - Page 3

25 - Transaction - No. Name No. of Shares Percent 6. Mr.Anuchart Angsumethangkul 34,439, Mr.Thanisorn Koosuwan 25,939, Mr.Vibul Raksaseri 10,503, Mr.Vichien Jiekjerm 7,009, Thai NVDR Co., Ltd. 6,808, Other 92,635, รวม 1,180,599, Note: 1. The number of shares after the capital increase and allotment is prepared based on the assumption that shareholding structure of the Company and Nirvana have not changed from the latest Closing Date and the Company fully allot newly-issued ordinary shares to specific investors, and in case of there is the fraction of shares remaining, the Company will round down the shares. 2. The shares from selling of land for 250,600,000 shares and shares from selling of Nirvana s shares for 407,999,968 shares. 3. The shareholder of Walford United Holding Ltd. is Ms. Foong Kar Yian which has no relationship with the Company and is not a connected person. (3) List of the first 10 shareholders after the Tender Offer Only Dcorp accept the All shareholders accept Before tender offer No. Name tender offer the tender offer No. of shares Percent No. of shares Percent No. of shares Percent 1. Singha Estate Public Company Limited 658,599, ,595, ,159,599, Mrs.Wattana Somwattana 133,950, ,950, Walford United Holding Ltd. 72,000, ,000, Mr.Sornsak Somwattana 71,718, ,718, Dcorp Group Company Limited 66,995, ,000, ,000, Mr.Anuchart Angsumethangkul 34,439, ,439, Mr.Thanisorn Koosuwan 25,939, ,939, Mr.Vibul Raksaseri 10,503, ,503, Mr.Vichien Jiekjerm 7,009, ,009, Thai NVDR Co., Ltd. 6,808, ,808, Other 92,635, ,635, Total 1,180,599, ,180,599, ,180,599, Note : Dcorp Group Company Limited ( Dcorp ) has intention to sell the shares in tender offer not exceeding 45,995,952 shares. Part 3 - Page 4

26 - Transaction List of the Company s Board of Directors (1) Before the Tender Offer, as of 17 January 2017 after the Offeror acquired the Company s capital increase shares No. Name Position 1. Mr.Naris Cheyklin Director 2. Mr.Terachart Numanit Director 3. Mr.Sornsak Somwattana Director 4. Mr.Tawat Meeprasertsakul Director 5. Mr.Preeprem Nonthaleerak Audit Committee / Independent Director 6. Mr.Suthichai Sangkhamanee Audit Committee / Independent Director 7. Mrs.Phodjanarod Parinpatpakorn Audit Committee / Independent Director On 17 January 2017, six directors consisting of (1) Mr.Prasert Virasathienpornkul (2) Ms.Kanyada Bhusawang (3) Mr.Ekasit Siwakulrangsun (4) Mr.Pornsak Limboonyaprasert (5) Mr.Weerawit Sattayanond (6) Mr.Chaiyaporn resigned from the Company s Board of Directors and the Company s Board of Directors has resolved to approve new 6 directors consisting of (1) Mr.Naris Cheyklin (2) Mr.Terachart Numanit (3) Mr.Sornsak Somwattana (4) Mr.Preeprem Nonthaleerak (5) Mr.Suthichai Sangkhamanee (6) Mrs.Phodjanarod Parinpatpakorn where 2 directors who are 1) Mr.Naris Cheyklin (2) Mr.Terachart Numanit were nominated by the Offeror. (2) After the Tender Offer After the completion of Tender Offer, there might be change in the director structure in the future with proper consideration. Any changes shall be complied with the Company s article of association and rules and regulations of the Securities and Exchange Commission ( SEC ) and the Stock Exchange of Thailand ( SET ). 1.5 Share price during the past three years Year Quarter Maximum Minimum (Baht/share) (Baht/share) Note : The Company share s first day trading is 23 July 2015 Part 3 - Page 5

27 - Transaction - 2. Operational plan after the business takeover 2.1 The Company status After the Tender Offer, the Offeror have no plan to delist the Company s securities from the SET in the next 12 following months except that the Company has to comply with laws, regulations, compliances effective at that time. However, after the tender offer, the Company may have free float less than 15 percent which not meet the criteria for listed company. Nevertheless, the Company and the Offeror will determine tha plan to distribute the shares by appropriate mean and timeline to meet the free float criteria. 2.2 Policy and Business Plan Policy and business plan The Offeror, as an influential shareholder to the determination of the Company s policy, management or operation significantly, has no plan to change the Company objective significantly for the next 12 months after the finish of tender offer. However, the Company has to amend some corporate documents for entire business transfer plan of Nirvana which operates in property development business.. In the event of a significant change in the Company's business or other necessary changes, the Offeror may review and update operating policies of the Company, organization structure, staff structure, financial structure or dividend policy in the future in order to be suitable for the operation and financial position of the Company so as to avoid any adverse effects or to increase efficiency and competitiveness in the future Expand Capacity For the 12 months period after the finish of tender offer, the Offeror has no plan to expand capacity significantly that are not in line with the normal investment plan of the Company for the current business line and property development of Nirvana after the entire business transfer. The Offeror may collaboratively discuss with the Company to review the expansion plan as suitable to improve efficiency, management, business development and growth of the Company which is the best benefit of the Company at that time and the Company will comply with the relevant regulations Organization Structure After the share transfer, there is a change of management to be as follows Name Position 1. Mr.Sornsak Somwattana Managing Director and the president of executive 2. Ms.Petpailin Ruksuwachon Deputy director, marketing 3. Ms.Piyorot Raohacharoenyot Deputy director, Accounting and Finance 4. Ms.Kanyada Bhusawang Deputy director, Human Resource 5. Mr.Aekasit Siwakunlarangsan Deputy director, Factory Part 3 - Page 6

28 - Transaction - After the Tender Offer, the Offeror may change directors and/or management as appropriate; for example, resignation, expiration of terms, new appointment or reduction in number of directors, change of directors and/or management as suitable for strategy and business environment at that time Plan to acquire or dispose the Company s or its subsidiary s assets After the Tender Offer, the Offeror may consider transfer business between the Company and subsidiaries or companies in the group and/or investment and/or acquisition of assets or business depending on the study and economic feasibility including condition and related rules and regulation After the Tender Offer, the Company has plan to conduct entire business transfer of Nirvana which is the Company subsidiary and may dispose the share in Landy Development Company Limited, notwithstanding whole shares or portion of share to other investors in which Mr.Tawat Meeprasertsakul has the right to participate in the share purchase. The Company will comply with the acquisition and disposition notification and the Notification of and Notification of the Capital Market Supervisory Board No. Tor Jor.21/2551 Re: Rules on Connected Transactions, which refers to the Notification of the Board of Governors of the Stock Exchange of Thailand Re: Disclosure of information and other acts of listed companies concerning the Connected Transaction B.E (Collectively called the connected transaction notification ) Other than that, the Company may acquire or dispose the Company s and/or its subsidiaries assets as part of the Company s and/or its subsidiaries business that the Company will comply with the acquisition and disposition notification and the connected transaction notification and other regulations effective at that time Financial Structure The Offeror, together with the Company may review, restructure financial structure in order to be suitable for the operation and financial position of the Company, including the capital increase or borrowing suitable for the business at that time, and to avoid any adverse effects or to increase efficiency and competitiveness in the future Dividend Policy The Company will maintain current dividend policy by paying the dividend at least 50% of profit after tax, legal and other reserves. The dividend policy may be altered depending on the performance, expansion plan, liquidity as necessary or appropriate in the future. The Company will give the power to Board of Directors to determine for the best benefit of shareholders. Part 3 - Page 7

29 - Transaction Connected Transaction The Company has conducted related transactions which is in the normal course of business with policy and guidance same as non-related parties. The policy, guidance and approval process is set as the requirement of the SEC and SET to prevent the conflict of interest between the Company and subsidiaries, associates, joint venture and/or connected persons. The related transaction is as follows: Party/juristic person The Company and Landy Development Co.,Ltd. ( LANDY ) Qtcech Product Co.,Ltd. ( QTECH ) and DCorp Group Co.,Ltd. ( DCORP ) Transaction Description Rental and Service Fee Accured expenses Short-term loan Value (Baht) 9 Months period Year Ended Ended 31 Dec September ,226,057 2,419,543 35,800 Beg 7,000,000 Increase - Paid (7,000,000) End - 32,100 Beg - Increase - Paid (-) End - Necessary and Rationale The Company paid rental and service fee for head office building according to agreement with market price and condition. QTECH borrowed short-term loan from DCORP to use as working capital with 4% interest rate per annum. Ginza Home Co.,Ltd. ( GINZA ) and Ms.Nitchaya Meeprasertsakul Intereset Expenses from short-term loan Accrued interest from shortterm loan Revenue Cost of Sales 20,712 Beg 4,027 Increase 20,712 Paid (24,739) End - 2,670,473 2,196,173 Beg - Increase - Paid (-) End GINZA sold the home of the Ginza to Ms.Nitchaya Meeprasertsakul for 1 unit with market price and condition. QTECH Product Co.,Ltd. ( QTECH ) and Ms. Nitchaya Meeprasertsakul Revenue Cost of Sales 4,895,494 4,102, QTECH sold the land of the Ginza to Ms.Nitchaya Meeprasertsakul for 1 unit with market price and condition. Nirvana and Singha Estate Long-term loan Beg - Increase 108,792,000 Paid (-) End 108,792,000 Accrued interest long-term loan Beg - Increase 108,493 Paid (-) End 108,493 Beg 108,792,000 Increase - Paid (-) End 108,792,000 Beg 108,493 Increase 4,246,762 Paid (-) End 4,355,255 Interest Expenses 108,493 4,246,762 Nirvana borrowed long-term loan from Singha Estate which is due in 2017 with 5.20 interest rate p.a. Management Fee 2,703,701 6,019,878 Nirvana paid management fee according to agreement with Other Payables 1,089,796 2,515,179 market price and condition Part 3 - Page 8

30 - Transaction - Party/juristic person Value (Baht) Transaction Description 9 Months period Year Ended Ended Necessary and Rationale 31 Dec September 2016 Land Purchase 326,376,000 - Nirvana purchased land from Singha Estate for business with market price and condition Dividend paid 51,713,767 - Nirvana announce dividend in 2015 for THB per share Within 12 months period from the Tender Offer, the Offeror or the person under section 258 of the Offeror has no plan to significantly change the type and size of the connected transaction under related parties transaction policy. If the Offeror has to engage in transaction with the Company, for the present and the future, the Offeror and the Company will disclose as required by law, regulations, notification, mandate or other regulations effective at that day. The Company and the Offeror may has to conduct the related transaction for the best of the Company such as office rental or goods trade etc. Part 3 - Page 9

31 Part 4 Additional Details of the Tender Offer 1. Acceptance Procedure To accept the Tender Offer, shareholders who intend to tender their shares of the Company shall comply with Attachment 1.1 or Attachment 2.1, whichever the case may be, with the following steps 1.1 Completely fill in and sign, correctly and clearly, the Tender Offer Acceptance Form of Daii Group Public Company Limited as Attachment 1.2 or Attachment 2.2, whichever the case may be In the case of tendering the ordinary shares, use Tender Offer Acceptance Form for the Ordinary Shares as in Attachment In the case of offering the Non-Voting Depository Receipt ( NVDR ) use Tender Offer Acceptance Form for NVDR of Daii Group Public Company Limited as in Attachment Enclose the following supporting documents: If shares are held as certificate form, all of share certificate(s) must be endorsed with the signature of the Offerees in the column labeled Signature of the Transferor at the back of each share certificate. Submit the endorsed share certificate(s) and enclosing two copies of the duly signed documents stated in Clause or Clause The Tender Offer Agent requests for the Offerees cooperation to submit the Acceptance Form as in Clause 1.1 at least two business days prior to the final day of the tender offer period, unless the tender offer period is extended which the Offeror will notify accordingly, the Tender Offer Agent needs to further verify and deposit the share certificate with the Thailand Securities Depository Company Limited ( TSD ), the registrar. If in any case the share certificate is rejected by TSD, the Tender Offer Agent will notify the Offerees to collect such share certificate. - In case of name, title, or surname discrepancy between that appears on the share certificate and that appears on the Identification Card, Civil Servant Identification Card or the State Enterprise Official Identification Card, the Offerees have to fill in the Request Form to Rectifying Items in the Security Holder Record of TSD (as in Attachment 5) to be submitted with a copy of evidence of such correction issued by the government authority, certified as true copy. The new information must conform to the Identification. - In case of the Offerees are a trustee, the Offerees have to submit a copy of the court order evidencing the appointment of the trustee issued not more than 1 year from the submission date of the Acceptance Form, a copy of death certificate, a copy of Identification Card of the trustee, and a copy of house registration of the trustee, certified as true copies, together with the share certificate, certified as true copies and endorsed by the trustee. Part 4 - Page 1

32 In the case that the tendered share is held as share certificate, the Acceptance Form will be completed if and only if any share certificate is verified and deposited by TSD. If the certificate is rejected by TSD, the Tender Offer Agent will notify the Offerees to collect the rejected the share certificate If shares are held as scripless form and deposited with the TSD, the Offerees must contact the broker with which the Offerees deposited the shares and such broker must transfer the shares into the following account: - For Thai Shareholder Account Name: บร ษ ทหล กทร พย เมย แบงก ก มเอ ง (ประเทศไทย) จ าก ด (มหาชน) เพ Vอเทนเดอร Account Number: For Foreign Shareholder and a holder of NVDR Account Name: MAYBANK KIM ENG SECURITIES (THAILAND) PUBLIC COMPANY LIMITED FOR TENDER Account Number: The Offerees can submit the Tender Offer Acceptance Form together with the supporting documents to the broker of the Offerees and such broker will collect and deliver the Acceptance Form to the Tender Offer Agent. In case of NVDR, the Tender Offer Agent requests for the Offerees cooperation to submit the Tender Offer Acceptance Form and evidence of transferring NVDR, as specified in Clause 1.1, at least 2 business days prior to the final day of the tender offer period, unless the tender offer period is extended which the Offeror will notify accordingly, as the Tender Offer Agent has to transfer the ordinary shares and NVRD with Thai NVDR Company Limited in order to proceed with the acceptance procedure Where the Offerees are individuals, the documents required are as follows; For Thai Individual: A certified true copy of a valid Identification Card, Civil Servant Identification Card or State Enterprise Employee Card, (in case of a Civil Servant Identification Card or State Enterprise Employee Card, a certified true copy of the house registration is also required). Furthermore, Know Your Customer & Customer Due Diligence (KYC/CDD) has to be already conducted For Foreign Individual: A certified true copy of his/her valid Alien Certificate or Passport. Furthermore, Know Your Customer & Customer Due Diligence (KYC/CDD) has to be already conducted Where the Offerees are juristic person, the documents required are as follows; For a Thai juristic person: A copy of the affidavit issued by the Ministry of Commerce not more than one year prior to the last day of the tender offer period certified by authorized signatory(ies) Part 4 - Page 2

33 of the juristic person and affixed with a company seal (if any) together with a certified copy of each of the documents set out in Clause of the authorized signatory(ies). Furthermore, the authorized signatory(ies) must have already conducted Know Your Customer & Customer Due Diligence :KYC/CDD process For a foreign juristic person: A copy of the certificate of incorporation and the affidavit issued by an authorized officer of the juristic person or a regulatory body of the country where the juristic person is domiciled, which certifies the name of the juristic person, the person(s) authorized to bind the juristic person, head office location and any condition to the power of such authorized person(s) to bind the juristic person (which must have been issued not more than one year prior to the last day of the tender offer period); all of such documents must be certified by the authorized signatory(ies) of the juristic person; and a certified copy of each of the documents set out in Clause of the person(s) authorized to bind the juristic person; all of the foregoing documents must be certified by the notary public or any other authorized agency in the country where the documents were prepared and the authenticated by an official of the Thai Embassy or the Thai Consulate in the country where the documents were prepared or certified, all of which must be within one year prior to the last day of the tender offer period Furthermore, the authorized signatory(ies) must have already conducted Know Your Customer & Customer Due Diligence (KYC/CDD process) Where the Offerees are juristic persons carrying out business outside Thailand or residing in the country that does not have double tax treaty with Thailand or residing in the country that has double tax with Thailand but such treaty was not exempted from withholding tax on capital gain from the sale of shares in Thailand. The Offerees are required to declare the cost basis for the shares for withholding tax purpose by completing and submitting a Confirmation of Securities Cost Form in Attachment 4 for ordinary shares, together with evidence that demonstrates the cost basis. If the Offerees fail to declare the cost basis and to submit proper evidence of the cost basis, the Tender Offer Agent will determine the amount of the withholding tax on the basis of the entire proceeds from the sale of the securities and deduct the tax accordingly In the case the Offerees are unable to submit the Tender Offer Acceptance Form in person - For Ordinary Shares Submit the Power of Attorney for Tender Offer Acceptance Form as stated in Attachment 1.3 affixed with THB 30 stamp duty together with a certified true copy of document of the authorized representative and the Offerees as stated in Clause or Clause 1.2.4, whichever the case maybe. - For NVDR Part 4 - Page 3

34 Submit the Power of Attorney for Tender Offer Acceptance Form for NVDR as stated in Attachment 2.3 affixed with THB 30 stamp duty together with a certified true copy of document of the authorized representative and the Offerees as stated in Clause or Clause 1.2.4, whichever the case maybe In case the shares have been pledged, the Offerees are required to submit all documents necessary to release the pledged shares before responding to the Tender Offer Acceptance Procedure Other documents that the Tender Offeror and /or the Tender Offer Agent may require. Should there be any questions regarding the Acceptance Procedures, please contact the Tender Offer Agent by the address specified in the following table: Name : Maybank Kim Eng Securities (Thailand) Public Company Limited Address : The Offices at Central World, 20 th Floor, 999/9 Rama 1 Road, Pathumwan, Bangkok Contact : Mr.Atikom Sirichoompun or Mr.Papon Atthakitkanka Tel : Ext or 1721 Fax : Submit the completed Tender Offer Acceptance Form together with the required documents to: In case of shares certificate form Submit the complete Tender Offer Acceptance Form, as the case may be, as stated in Clause 1.1 together with the correctly and completely filled document stated in Clause 1.2 from 9.00 a.m. to 4.00 p.m. in every business day of the Tender Offer Agent during 30 January 2017 to 6 March 2017 to the Tender Offer Agent at the following address; Name : Maybank Kim Eng Securities (Thailand) Public Company Limited Address : Investment Banking Department, The Offices at Central World, 20 th Floor, 999/9 Rama 1 Road, Pathumwan, Bangkok Contact : Mr.Atikom Sirichoompun or Mr.Papon Atthakitkanka Tel : Ext or 1721 Fax : The Offerees must submit the documents at least 2 business days prior to the final day of tender offer period, unless the tender offer period is extended which the Offeror will notify accordingly. * The Tender Offer Agent will not accept any documents in connection with the Tender Offer submitted by post In case of scripless form Part 4 - Page 4

35 In case that the Offerees held shares in scripless form and deposited with TSD. The Offerees broker with which the Offerees deposited the shares shall collect and submit the Acceptance Form and the required documents to the Tender Offer Agent at the following address; Name : Maybank Kim Eng Securities (Thailand) Public Company Limited Address : Investment Banking Department, The Offices at Central World, 20 th Floor, 999/9 Rama 1 Road, Pathumwan, Bangkok Contact : Mr.Atikom Sirichoompun or Mr.Papon Atthakitkanka Tel : Ext or 1721 Fax : The Offerees can submit the Acceptance Form together with the required documents to said broker from 9.00 a.m. to p.m. in every business day of those brokers during 30 January 2017 to 6 March In case of NVDR The Tender Offerors must proceed in accordance with Tender Offer Acceptance Procedures for NVDR as specified in Attachment 2.1. The Tender Offer Agent requests for the NVDR holders cooperation to submit the Tender Offer Acceptance Form as in Clause 1.1 and the required documents in Clause 1.2 at least two business days prior to the final day of the Tender Offer period, unless the tender offer period is extended which the Offeror will notify accordingly. 1.4 In case the tendered shares of Daii Group Public Company Limited are pledged or held against any other guarantees/liabilities, the Offerees must take action to release the pledge or any other encumbrances before responding to the Tender Offer Acceptance Procedure as in Clause 1.1 to Clause In the case that the Offerees do not comply with the Tender Offer Acceptance Procedure or failed to summit the complete document that lead to problem, impediment, or restraint to the procedure, the Tender Offer Agent hereby reserve the right to change the Tender Offer Acceptance Procedure as appropriate in order to fairly facilitate the Offerees. 2. Procedure for the Purchase of Securities The Offeror express their interests to acquire all ordinary shares of the Company that is tendered by the Offerees in this Tender Offer, except for the instance when the Offeror cancel the Tender Offer as condition in Part 1 Clause Settlement and Payment Procedures Maybank Kim Eng Securities (Thailand) Public Company Limited, the Tender Offer Agent, will settle the payment to the Offerees on three business days after the end of the Tender Offer Period, which is on 9 March (The end of the Tender Offer Period is 6 March 2017) Part 4 - Page 5

36 The Offerees are able to choose the 3 payment alternatives as follows: Alternative 1: Transferring through the Auto Transfer System to account through Siam Commercial Bank Public Company Limited ( SCB ) The Offerees will receive payment via an automatic transfer to the Offerees saving account or current account through SCB only. The name of the account holder must be the same as that of the Offerees stated in the Acceptance Form. The Offerees must enclose a copy of a savings account bank book or a statement of current account, as the case may be, certify as true copy. The Offeror will transfer from 3.00 pm onwards on the Settlement Date In case that the Tender Offer Agent could not transfer cash to the Offerees, the Tender Offer Agent shall have rights to make a payment in cheque. The Tender Offer Agent shall send a notice to the Offerees to receive cheque later. In case of current account, the bank will record the transaction on the next day but the Offerees will receive payment on the Settlement Date. Alternative 2 : Cheque Self-Collection The Offerees or his/her authorized representative may choose to collect a cheque at Maybank Kim Eng Securities (Thailand) Public Company Limited from 9.00 a.m. to 4.00 p.m from settlement date at the following address: Name : Maybank Kim Eng Securities (Thailand) Public Company Limited Address : Investment Banking Department, The Offices at Central World, 20 th Floor, 999/9 Rama 1 Road, Pathumwan, Bangkok Contact : Mr.Atikom Sirichoompun or Mr.Papon Atthakitkanka Tel : Ext or 1721 Fax : If the Offerees or his/her authorized representative fails to collect the cheque by 29 March 2017 (14 business days from the settlement date), the Tender Offer Agent will send the cheque via registered mail to the address specified in the Tender Offer Acceptance Form. In the case where the Offerees wish to appoint another person to collect the check on the Offerees behalf, such person shall present a power of attorney to the Tender Offer Agent affixed with a THB 30 stamp duty and a certified true copy of each of the documents set out in Clause or Clause (as the case may be) on the date of the collection. Alternative 3 : Delivery cheque by registered mail to the address stated in Tender Offer Acceptance Form If the Offerees request to receive payment by registered mail, the Tender Offer Agent will send the cheque via post to the address specified in the Tender Offer Acceptance Form within the Settlement Date. Part 4 - Page 6

37 4. Rights of Securities Holders Who Have Expressed Their Intention to Tender Their Securities The Offerors will make payments to the Offerees via the Tender Offer Agent for all shares tendered according to the payment method selected by the Offerees in stated Part 4 Clause 3 above. If there is any event resulting in change in Offering Price as specified in Part 1 No. 8, the Offeror will proceed as follows; - In the event that lowering Offering Price, the Offeror will pay the reduced price to every Offerees. unless the shares have been tendered before the date that the Offeror s announcement, the Offeror will pay the original price before changing. - In the event that highering Offering Price, the Offeror will pay the increased price to every Offerees. 5. Conditions for Revocation of the Tender Offer Acceptance For the case that the Offerees wish to revoke the tendered shares, the Offerees can proceed as follows: 5.1 The last day for revocation of the Tender Offer Acceptance The Offerees can revoke the intention to tender the securities during the hours of 9.00 a.m. to 4.00 p.m. on business days during 30 January 2017 to 27 February 2017, collectively 20 business days. 5.2 Revocation Procedure The Offerees who intend to revoke the tender shares must comply with Tender Offer Revocation Procedures in Attachment 3.1 as follows: Completely fill in and correctly and clearly sign the Tender Offer Revocation Form of Daii Group Public Company Limited ( Revocation Form ) as enclosed in Attachment Enclose the following documents Evidence of the receipt of share certificate or transfer instruction in respect with the transfer of scripless share or the transfer of NVDR and Tender Offer Acceptance Form Where the Offerees wishing to cancel is an individual, the documents required are as follows: - For a Thai Individual A certified copy of his/her Identification Card, Civil Servant Identification Card or State Enterprise Employee Card; in case of the Civil Servant Identification Card or State Enterprise Employee Card, a certified copy of his/her house registration is also required. - For a Foreign Individual A certified copy of his/her Alien valid Certificate or passport Where the Offerees wishing to cancel is a Juristic Person, the documents required are as follows: - For a Thai Juristic Person Part 4 - Page 7

38 A copy of affidavit issued by the Ministry of Commerce not more than one year prior to the last day of the tender offer period certified by authorized signatory(ies) of the juristic person and affixed with a company seal (if any) together with a certified copy of each of the documents out in Clause of the authorized signatory(ies). - For a Foreign Juristic Person A copy of the certificate of incorporation and the affidavit issued by an authorized of the juristic person or a regulatory body of the country where the juristic person is domiciled, which certifies the name of the juristic person, the person(s) authorized to bind the juristic person, head office location and any condition to the power of such authorized person(s) to bind the juristic person (which must have been issued not more than one year prior to the last day of the tender offer period; all of such document must be certified by the authorized signatory(ies) of the juristic person; and a certified copy of each of the document set out in Clause of the person(s) authorized to bind the juristic person; all of the foregoing documents must be certified by the notary public or any other authorized agency in the county where the document were prepared and then authenticated by official of the Thai Embassy or Thai Consulate in the county where the document were prepared or certified Where the Offerees are represented by an authorized representative, the documents required are the Power of Attorney for Tender Offer Revocation Form appointing the authorized representative affixed with THB 30 stamp duty and a certified copy of the documents set out in Clause or of the securities holder and the authorized representative Submit the completed Tender Offer Revocation Form together with the required supporting documents set out in Clause Name : Maybank Kim Eng Securities (Thailand) Public Company Limited Address : Investment Banking Department, The Offices at Central World, 20 th Floor, 999/9 Rama 1 Road, Pathumwan, Bangkok Contact : Mr.Atikom Sirichoompun or Mr.Papon Atthakitkanka Tel : Ext or 1721 Fax : After receipt and verification of the completed Tender Offer Revocation Form and the required supporting documents set out in Clause 5.2.2, the Tender Offer Agent will proceed as follows: - In case of shares certificate form Part 4 - Page 8

39 The Offerees making revocation must complete and sign the required supporting documents set out in Clause The Tender Offer Agent will return the share certificate to the Offerees making the revocation or his/her authorized representative on the business day following the date of submission of the Tender Offer Revocation Form. The share certificate may be collected at office of the office of the Tender Offer Agent as set out in Clause The Offerees making revocation shall receive shares only in the form of share certificate/scripless, in which such shares were tendered and cannot request for a change in the form of shares. - In case of scripless form (to be transferred to the Offerees portfolio at a brokerage company) The Offerees making revocation must pay a transfer fee of THB 150 per transaction. The Tender Offer Agent will transfer the shares through TSD to the account as specified in the Tender Offer Revocation Form on the business day following the date of the submission of the Tender Offer Revocation Form by the Offerees or his/her authorized representative. The Offerees making revocation shall receive shares only in the form of share certificate/scripless, in which such shares were tendered and cannot request for a change in the form of shares. The Offerees who intends to tender the NVDR shares, the Offerees will receive the NVDR shares through TSD from Thai NVDR Company Limited. 6. Method of delivery for shares in case the Tender Offer is revoked 6.1 In the case that the Tender Offer is revoked as condition stated in Part 1 Clause 9, the Offeror will send the Tender Offer revocation letter along with the cause of revocation to each shareholder, whose name appeared on the shareholder register book dated 1 November 2016, within one business day after the final date of the tender offer period. Also, the Offeror will announce the revocation of the Tender Offer along with the cause of revocation via the Stock Exchange of Thailand. The Offerees, whose name does not appear on the shareholder register book dated 1 November 2016, can update such revocation of Tender Offer through the Stock Exchange of Thailand. 6.2 In the case that the Tender Offer is revoked as condition stated in Part 1 Clause 9, the Offeror will send the Tender Offer revocation letter along with the cause of revocation to each shareholder, whose name appeared on the shareholder register book dated 1 November 2016, within the next business day after the expiration period of which the SEC has the right to object the revocation of the Tender Offer (the SEC is able to object to cause of revocation to the Offeror within 3 business days after notifying the cause to the SEC). Also, the Offeror will announce the revocation of the Tender Offer along with the cause of revocation via the Stock Exchange of Thailand. The Offerees, whose name does not appear on the shareholder register book dated 1 Part 4 - Page 9

40 November 2016, can update such revocation of Tender Offer through the Stock Exchange of Thailand. After that, the Tender Offer Agent shall proceed as follows: - In the case of share certificate The Tender Offer Agent shall return the share certificate to the Offerees by letting the Offerees collect his/her share certificate from the date the Tender Offer was canceled and onwards at the Tender Offer Agent office as follows; Name : Maybank Kim Eng Securities (Thailand) Public Company Limited Address : Investment Banking Department, The Offices at Central World, 20 th Floor, 999/9 Rama 1 Road, Pathumwan, Bangkok Contact : Mr.Atikom Sirichoompun or Mr.Papon Atthakitkanka Tel : Ext or 1721 Fax : In the case of scripless and/or NVDR The Tender Offer Agent shall return the shares through TSD in order to deposit the shares to the Offerees broker account as specified in the Tender Offer Acceptance Form on the next business day after the date the Tender Offer was canceled. The Offerees shall receive shares only in the form of share certificate/scripless, in which such shares were tendered and cannot request for a change in the form of shares. The Offerees, who intended to tender the NVDR, shall receive the NVDR through TSD from Thai NVDR Company Limited. 7. Determination of Offering Price 7.1 Method of offering price determination The Offering price of the Company s share is THB 5.00 per share which is higher than the Company s share value appraised by Maybank Kim Eng Securities (Thailand) Public Company Limited, the Tender Offer Preparer, which is equal to THB 4.96 per share. As the two plots of land is assets and Nirvana s ordinary share is not listed securities, thus the highest acquisition price shall be calculated from fair value of two plots of land and fair value of Nirvana s ordinary share appraised by the Tender Offer Preparer, as the financial advisor of the Offeror. To appraise the value of two plots of land and Nirvana s ordinary share, the Tender Offer Preparer has appraised based on information at the date in which the Offeror s board of directors has pass the resolution to approve an investment in the Company (12 October 2016) in order to reflect information appeared which use to consider the investment Appraisal of Two Plots of Land To appraise the fair value of two plots of land, the Tender Offer Preparer applied appraisal method as follows: 1. Book Value Approach Part 4 - Page 10

41 2. Adjusted Book Value Approach Details of the appraisal 1. Book Value Approach To appraise the fair value of two plots of land by book value approach, the Tender Offer Preparer will consider the accounting book value of two plots of land in which the Offeror recorded in its financial statement. In this appraisal, the Tender Offer Preparer refers to accounting book value of two plots of land as of 30 June 2016 from the Offeror s management. The fair value appraisal details of two plots of land are as follow: Unit : THB million Land at Bangrakyai Land at Rattanathibhet Cost of Land 394,856, ,500, Add Development Cost 1 15,421, ,544, Add Financial Cost 17,373, ,352, Book Value of Land 427,651, ,396, Remark: 1. Development cost consists of design expenses and EIA preparation expenses etc. From the appraisal using book value approach, the fair value of land at Bangrakyai and Land at Rattanathibhet is equal to THB million and THB million, respectively. The appraisal of two plots of land using book value approach is only reflecting account book value of two plots of land at the certain point of time and reflect the cost of the Offeror. However, those values are not reflects market value of lands which are currently traded. Therefore, the Tender Offer Preparer opines that book value approach may not be appropriate. 2. Adjusted Book Value Approach To appraise the fair value of two plots of land by adjusted book value approach, the Tender Offer Preparer will adjust the accounting book value to reflect current market value. In this regard, the Offeror has appointed 15 Business Advisory Limited to appraise value of two plots of land. From the appraisal of 15 Business Advisory Limited, the fair value of land at Bangrakyai and Land at Rattanathibhet is equal to THB million and THB million, respectively. The details of the appraisal value comparing to accounting book value is as follows: Appraisal Value higher Unit : THB million Accounting Book Value Appraisal Value (lower) than Accounting Book Value Land at Bangrakyai 427,651, ,000, (13,651,265.76) Land at Rattanathibhet 824,396, ,000, ,603, Total 1,252,047, ,265,000, ,952, Appraisal of Nirvana s ordinary share To appraise the fair value of two Nirvana s ordinary share, the Tender Offer Preparer applied appraisal method as follows: Part 4 - Page 11

42 1. Book Value Approach 2. Adjusted Book Value Approach 3. Price-to-Earnings Ratio Approach 4. Price-to-Book Ratio Approach 5. Discounted Cash Flow Approach Details of the appraisal 1. Book Value Approach To appraise the fair value of Nirvana s ordinary share by book value approach, the Tender Offer Preparer will consider Nirvana s assets value deducted by total liabilities and non-controlling interest. In this appraisal, the Tender Offer Preparer refers assets and liabilities of Nirvana from financial statement for the sixmonth period ended 30 June 2016, audited by Mr. Teerayuth Panyathaveesup, Certified Public Accountant No.6553, Pricewaterhousecoopers ABAS Company Limited. The fair value appraisal details of Nirvana s ordinary share are as follow: Unit : THB million As of 30 June 2016 Unit Assets 4,446,350,903 THB Deduct Total Liabilities 2,883,072,392 THB Deduct Non-controlling Interest 91,095,427 THB Shareholders Equities Attribute to Parent Company 1,472,183,084 THB Divide Total Share Outstanding 8,787,681 Shares Book Value of Share THB per share From the appraisal using book value approach, the fair value of Nirvana s ordinary share is equal to THB 1, million or equivalent to THB per share. The appraisal of Nirvana s ordinary share using book value approach is only reflecting account book value of Nirvana at the certain point of time. Furthermore, that value is not account for Nirvana s future performance and growth which may not reflect Nirvana s ability to generate profit in future. Therefore, the Tender Offer Preparer opines that book value approach may not be appropriate. 2. Adjusted Book Value Approach To appraise the fair value of Nirvana s ordinary share by adjusted book value approach, the Tender Offer Preparer will consider Nirvana s assets value deducted by total liabilities and non-controlling interest then adjusted significant assets and liabilities to reflect fair value. In this appraisal, the Tender Offer Preparer refers assets and liabilities of Nirvana from financial statement for the six-month period ended 30 June 2016, audited by Mr. Teerayuth Panyathaveesup, Certified Public Accountant No.6553, Pricewaterhousecoopers ABAS Company Limited. For the adjustment, the Tender Offer Preparer adjust the cost of development which is significant assets of Nirvana and referring those value from 15 Business Advisory and Real Estate Appraisal Part 4 - Page 12

43 Company Limited, whose name appear on SEC s appraiser list. The details of the appraisal value comparing to accounting book value is as follows: Appraisal Value No. Assets Accounting Book higher (lower) Appraisal Value Value than Accounting Book Value 1 At Work Ramindra 373,330, ,100,000 3,769,070 2 Beyond Lite Rama 9 92,544, ,200,000 48,655,567 3 Beyond Kaset-Navamin Phase 1 69,292,364 75,500,000 6,207,636 4 Beyond Kaset-Navamin Phase 2 152,074, ,600,000 58,525,863 5 Beyond at Beach Pattaya 131,981, ,000,000 (1,981,275) 6 Beyond Srinakarin 311,954, ,000,000 7,045,503 7 Beyond Rama 2 925,076,239 1,361,000, ,923,761 8 Nirvana Icon Wong Wean Rama 9 75,643, ,000,000 25,356,772 9 The Tara 76,778,742 78,000,000 1,221, Intro 16,248,001 20,700,000 4,451, Clover 111,242, ,600,000 8,357, Cluster 71,683,661 61,000,000 (10,683,661) 13 Nirvana Park Sukkhumvit 77 24,051,481 14,500,000 (9,551,481) 14 Leasehold Rights on Ramkamheang 24 Road, Located next to Nirvana Beyond Rama 9 Ramkamheang (Nivana Define - 64,700,000 64,700,000 Rama 9) 15 Nirvana River 643,380, ,000, ,619, At Work Lertlar 373,202, ,000, ,797, Land located on Ramkamheang 24 Road, Located next to Nirvana Beyond Rama 9 Ramkamheang (Nivana Define Rama 9) 18 Vacant land (SD4), 9 Title Deeds, Located on Krungthep Kreeta Road 19 Vacant land (SD5), 14 Title Deeds, Located on Krungthep Kreeta Road 110,524, ,000,000 34,475,200 1,411,978,125 2,003,360, ,381,875 1,560,293,050 2,126,000, ,706,950 Total 6,531,280,289 8,730,260,000 2,198,979,711 Part 4 - Page 13

44 Remark: 1. Nirvana record leasehold Rights on ramkamheang 24 road, located new to Nirvana Beyond Rama 9 Ramkamheang, as expenses instead of assets. Therefore, there is not accounting book value of that right on 30 June Accounting book value of vacant land (SD4), 9 title deeds, and vacant land (SD), 14 title deeds, located on Krungthep Kreeta Road refer from consideration to be paid by Nirvana to acquire those lands as specified in land purchase agreement between Nirvana and Bangkok Land Public Company Limited The adjustment of Nirvana s accounting book value per statement of financial position as of 30 June 2016 has details as follows: Unit : THB million As of 30 June 2016 Unit Assets 4,446,350,903 THB Deduct Total Liabilities 2,883,072,392 THB Deduct Non-controlling Interest 91,095,427 THB Shareholders Equities Attribute to Parent 1,472,183,084 THB Company Add Assets Value Adjustment 2,198,979,711 THB Post-adjustment Value 3,671,162,795 THB Divide Total Share Outstanding 8,787,681 Shares Book Value of Share THB per share From the appraisal using adjusted book value approach, the fair value of Nirvana s ordinary share is equal to THB 3, million or equivalent to THB per share. The appraisal of Nirvana s ordinary share using adjusted book value approach is only reflecting value of Nirvana at the certain point of time. Furthermore, that value is not account for Nirvana s future performance and growth which may not reflect Nirvana s ability to generate profit in future. Therefore, the Tender Offer Preparer opines that book value approach may not be appropriate. 3. Price-to-Earnings Ratio Approach To appraise the fair value of Nirvana s ordinary share by price-to-earnings ratio approach, the Tender Offer Preparer will compare Nirvana with other companies that operate in similar business under the assumption that the comparison companies should have similar price-to-earnings ratio. However, the comparison companies may have difference characteristics e.g. source of revenues, size of company, financial structure, management policy, and accounting policy etc. which is the limitation of the price-to-earnings ratio approach. The Tender Offer Preparer considers the listed companies in the Stock Exchange of Thailand which operate in business similar to Nirvana i.e. company that develop horizontal residential property that has assets value between THB 3,000 million and THB 5,000 million, and have market capitalization between THB 3,000 million and THB 5,000 million. The Tender Offer Preparer found that there were seven companies as follows: 1. J.S.P. Property Public Company Limited ( JSP ) Part 4 - Page 14

45 J.S.P. Property Public Company Limited is the horizontal property developer which has strategy to sell product before construction is finished. JSP focus on townhome product under brand J City, J Villa, and J Town etc. 2. Lalin Property Public Company Limited ( LALIN ) Lalin Property Public Company Limited is the residential developer focus on single detached house, twin house and townhouse in Bangkok and vicinity under brand Lalin Green Ville, Baan Lalin in the Park, Baan Buriram, and Lanly Ville. 3. M.K. Real Estate Development Public Company Limited ( MK ) M.K. Real Estate Development Public Company Limited operate in real estate development focusing on horizontal residential property e.g. single detached house and twin house under brand Chuanchuen and Lireenhouse. The project located on the location that has public transportation and near past project e.g. Phathumthani, Ramindra, and Bangna etc. 4. N.C. Housing Public Company Limited ( NCH ) N.C. Housing Public Company Limited operates in real estate development under brand Baan Fah by focusing on unique design of each project. The project also located in prime location with public transportation e.g. Baan Fah Piyarom Baan Fah Greenery, and Baan Fah Green Park etc. 5. Richy Place 2002 Public Company Limited ( RICHY ) Richy Place hiih Public Company Limited operated in real estate development focusing on horizontal residential property e.g. single detached house, townhouse, and townhome. The company also emphasize on design and decoration to serve the customer lifestyle. The past project e.g. The Rich Ville Ratchapruek and The Rich Bizhome Sukkhumvit 105 etc. 6. Sammakorn Public Company Limited ( SAMCO ) Sammakorn Public Company Limited operates in residential property development focusing on Bangkok and vicinity area. Most of projects are single detached house located on prime area e.g. mass transit railway. The past project e.g. Sammakorn Chaiyapruek-Wongwean, Sammakorn Nimitmai, and Sammakorn Aqua Divina etc. 7. Sena Development Public Company Limited ( SENA ) Sena Development Public Company Limited operates in horizontal residential property development e.g. single detached house and townhome in Bangkok and vicinity area. Some of projects has install solar roof top under Sena Solar House idea. The example project e.g. Sena Park Ville Ramindra-Wongwean and Sena Ville Baromratchachonnani-Sai 5 etc. The Tender Offer Preparer has collected the price-to-earnings ratio of comparison companies from 12 October 2015 to 11 October 2016 which is the date that the Company s board of directors passed the resolution to approve acquisition and disposal transaction with the details as follows: As of 11 Historical data before 11 October 2016 Company Unit October 12 1 Month 3 Month 6 Month 9 Month 2016 Month JSP Times 14.44x 15.23x 14.18x 11.66x 9.95x 9.43x Part 4 - Page 15

46 Company Unit As of 11 October 2016 Historical data before 11 October Month 3 Month 6 Month 9 Month 12 Month LALIN Times 6.49x 6.59x 7.21x 7.59x 8.38x 9.01x MK Times 5.29x 5.45x 5.82x 6.06x 6.75x 7.59x NCH Times 20.16x 20.77x 21.94x 20.65x 17.79x 16.41x RICHY Times 18.81x 19.88x 22.96x 25.53x 21.74x 17.66x SAMCO Times 8.15x 8.57x 9.43x 10.62x 13.67x 16.97x SENA Times 5.52x 5.58x 7.95x 9.59x 9.53x 9.11x Average Times 11.27x 11.72x 12.78x 13.10x 12.54x 12.31x Source: SETSMART To appraise the fair value of Nirvana s ordinary share by price-to-earnings approach, the Tender Offer Preparer will multiply price-to-earnings ratio with net profit for the twelve month ended 30 June 2016 referred from financial statement for the fiscal year ended 31 December 2015, audited by Mr. Vichien Kingmontree, Certified Public Accountant No.3977, Pricewaterhousecoopers ABAS Company Limited, and financial statement for the six-month period ended 30 June 2016, audited by Mr. Teerayuth Panyathaveesup, Certified Public Accountant No.6553, Pricewaterhousecoopers ABAS Company Limited. The appraisal details are as follows: Company Net Profit for the twelve month ended 30 June 2016 Unit THB million As of 11 October Month Historical data before 11 October Month Month Month Month P/E Times 11.27x 11.72x 12.78x 13.10x 12.54x 12.31x Shareholders THB Equities Value million Divide Total Share Shares Outstanding 8,787,681 Shareholders THB per Equities Value share From the appraisal using price-to-earnings ratio approach, the fair value of Nirvana s ordinary share is between THB million and THB million or equivalent to between THB per share and THB per share. However, the price-to-earnings ratio approach has the limitation as the comparison companies may have difference characteristic from Nirvana e.g. source of revenues, size of company, financial structure, management policy, and accounting policy etc. Furthermore, this approach only compare historical Part 4 - Page 16

47 performance and not account for Nirvana s future performance and growth which may not reflect Nirvana s ability to generate profit in future. Therefore, the Tender Offer Preparer opines that price-to-earnings ratio approach may not be appropriate. 4. Price-to-Book Ratio Approach To appraise the fair value of Nirvana s ordinary share by price-to-book ratio approach, the Tender Offer Preparer will compare Nirvana with other companies that operate in similar business under the assumption that the comparison companies should have similar price-to-book ratio. However, the comparison companies may have difference characteristics e.g. source of revenues, size of company, financial structure, management policy, and accounting policy etc. which is the limitation of the price-to-book ratio approach. The Tender Offer Preparer has collected the price-to-book ratio of comparison companies from 12 October 2015 to 11 October 2016 which is the date that the Company s board of directors passed the resolution to approve acquisition and disposal transaction with the details as follows: Company Unit As of 11 October 2016 Part 4 - Page 17 Historical data before 11 October Month 3 Month 6 Month 9 Month 12 Month JSP Times 0.94x 0.99x 1.04x 1.01x 1.00x 1.03x LALIN Times 0.65x 0.66x 0.68x 0.67x 0.67x 0.68x MK Times 0.61x 0.63x 0.65x 0.65x 0.67x 0.70x NCH Times 0.57x 0.59x 0.65x 0.68x 0.70x 0.73x RICHY Times 0.73x 0.77x 0.85x 0.87x 0.80x 0.79x SAMCO Times 0.84x 0.88x 0.93x 0.93x 0.94x 0.97x SENA Times 0.96x 0.97x 1.04x 1.00x 0.96x 0.98x Average Times 0.76x 0.78x 0.83x 0.83x 0.82x 0.84x Source: SETSMART To appraise the fair value of Nirvana s ordinary share by price-to-book approach, the Tender Offer Preparer will multiply price-to-book ratio with book value as of 30 June 2016 referred from financial statement for the six-month period ended 30 June 2016, audited by Mr. Teerayuth Panyathaveesup, Certified Public Accountant No.6553, Pricewaterhousecoopers ABAS Company Limited. The appraisal details are as follows: Company Unit As of 11 October 2016 Historical data before 11 October Month 3 Month 6 Month 9 Month 12 Month Book Value as of 30 June 2016 THB million 1, P/BV Times 0.76x 0.78x 0.83x 0.83x 0.82x 0.84x Shareholders Equities Value THB million 1, , , , , , Divide Total Share Shares 8,787,681

48 Company Outstanding Shareholders Equities Value Unit THB per share As of 11 October 2016 Historical data before 11 October Month 3 Month 6 Month 9 Month Month From the appraisal using price-to-book ratio approach, the fair value of Nirvana s ordinary share is between THB 1, million and THB 1, million or equivalent to between THB per share and THB per share. However, the price-to-book ratio approach has the limitation as the comparison companies may have difference characteristic from Nirvana e.g. source of revenues, size of company, financial structure, management policy, and accounting policy etc. Furthermore, this approach only considers Nirvana current financial position without account for Nirvana s future performance and growth which may not reflect Nirvana s ability to generate profit in future. Therefore, the Tender Offer Preparer opines that price-to-book ratio approach may not be appropriate. 5. Discounted Cash Flow Approach Discounted cash flow approach is the method that derived net present value of future cash flow by discount rate. In this appraisal, the Tender Offer Preparer has prepared financial projection of Nirvana s projects which is current develop, 17 projects, and to be develop, 7 projects by referring information from financial statement for the six-month period ended 30 June 2016, management expectation, management interview relating to project detail, financial structure, sale plan, industry circumstance, and overall economic. The summary of assumption cash be described as follows: Cash Inflow Assumption Project Residual Value The Tender Offer Preparer considered project residual value from Nirvana s management e.g. sale plan, characteristic and location of project, appraisal report, and historical data and use those information to applied assumption. Project Residual Unit The Tender Offer Preparer considered project residual unit from Nirvana s management for finished unit or during construction unit and Nirvana s management, sale plan, characteristic and location of project, and appraisal report for the unit that have not constructed and use those information to applied assumption. Sale Projection Part 4 - Page 18

49 The Tender Offer Preparer considered sale projection from Nirvana s management e.g. sale plan, characteristic and location of project, appraisal report, and historical data and use those information to applied assumption. Payment Condition The Tender Offer Preparer considered payment condition from contract between Nirvana and customer, Nirvana s management, and historical data and use those information to applied assumption Cash Outflow Assumption Cost of sales and services The Tender Offer Preparer refer cost of land, cost of development, cost of construction, and other cost from accounting book value of those cost recorded in inventory, cost for development, and land for development as of 30 June 2016 and then consider future expenses from financial projection of Nirvana management, historical information, and appraisal report etc. and use those information to applied assumption. Selling and Administration Expenses - Marketing Expenses The Tender Offer Prepare applied marketing expenses at 3.00 percent of sale value in each month. Those assumptions are from financial projection of Nirvana management, historical information, and appraisal report etc. - Promotion Expenses The Tender Offer Prepare applied promotion expenses at 2.00 percent of sale value in each month. Those assumptions are from financial projection of Nirvana management, historical information, and appraisal report etc. - Project Management Expenses The Tender Offer Prepare applied project management expenses at 6.00 percent of cash inflow in each month. Those assumptions are from financial projection of Nirvana management, historical information, and appraisal report etc. - Transfer Fee The Tender Offer Prepare applied transfer fee at 1.00 percent of transfer value as specified in contract between Nirvana and customer (Total transfer fee at 2.00 percent in which Both Nirvana and customer pay 1.00 percent). - Special Business Tax The Tender Offer Prepare applied special business tax at 3.30 percent of transfer value per relevant regulation. Part 4 - Page 19

50 Financial Expenses - Project financial expenses As of 30 June 2016, Nirvana has loan with objective to develop project of THB 1, million. The Tender Offer Preparer applied financial cost assumption per specified in loan agreement which may differ by each agreements. - Common financial expenses As of 30 June 2016, Nirvana has loan other than loan with objective to develop project of THB 1, million. The Tender Offer Preparer applied financial cost at 5.05 percent from weighted average financial cost of Nirvana as of 30 June Corporate Income Tax The Tender Offer Preparer applied corporate income tax at percent throughout projection. Other Assumption Loan Drawdown - Loan with objective to develop project The Tender Offer Preparer applied assumption of loan drawdown per construction progress by referring to each loan agreements which may have differ condition by each agreements. - Loan which not have specific objective The Tender Offer Preparer applied assumption of loan drawdown per cash flow requirement in each month. Loan Repayment - Loan with objective to develop project The Tender Offer Preparer applied assumption of loan repayment per sale progress by referring to each loan agreements which may have differ condition by each agreements. - Loan which not have specific objective The Tender Offer Preparer applied assumption of loan repayment per cash inflow until all loan is fully repaid. Sale of Krungthep Kreeta Land From the interview with Nirvana s management, the Tender Offer Preparer found that Nirvana plan to sale part of land located at Krungthep Kreeta with the number of 34 Rai 2 Ngan 90.1 Sq.w. (Total land in the number of 237 Rai 3 Ngan 76.7 Sq.w.). The cost of those lands is THE 31,250 per sq.w. Nirvana plan to sale land with the number of 10 Rai 76 Sq.w. within 2016 and land with the number of 24 Rai 2 Ngan 14.1 Sq.w. within The Tender Offer Preparer refer selling price from contract that Nirvana has entered with the selling price THB 60,000 per sq.w., and then deduct transfer fee by 1.00 percent of selling price. Part 4 - Page 20

51 Advance of Krungthep Kreeta Land From the interview with Nirvana s management, the Tender Offer Preparer found that Nirvana has paid an advance to Bangkok Land Public Company Limited. As of 30 June 2016, Nirvana has total advance of THB million which Nirvana will received those amount after transfer the Land. Discount Rate The Tender Offer Preparer calculates discount rate from Capital Asset Pricing Model (CAPM) with the details as follows: K =R +β (R R ) By R f is risk free rate which refer from 10-year government bond as of 11 October 2016 which is equal to 2.28 percent (source: ThaiBMA). The Tender Offer Preparer refer risk free rate from 10-year government bond as the longer maturity has lower liquidity. βl is covariant coefficient between return of Nirvana s comparison companies, which has assets value between THB 3,000 million and THB 5,000 million, and have market capitalization between THB 3,000 million and THB 5,000 million, e.g. JSP, LALIN, MK, NCH, RICHY, SAMCO, and SENA. Then calculate βl from unlevered β then relevered to reflect Nirvana s financial structure. R m is market return referring from 30-year return of the Stock Exchange of Thailand that cover the investment cycle and may represent the expected market return. The 30-year return of the Stock Exchange of Thailand is 9.83 percent (source: SET). is cost of equity calculated from Capital Asset Pricing Model (CAPM). K e The Tender Offer Preparer calculates βl from Hamada Equation with the details as follows: β =β (1+(1 T) x (IBD/E)) By βl is covariant coefficient of return if there is funding from interest bearing debt, calculated from Hamada Equation βu is covariant coefficient of return if there is not funding from interest bearing debt. T is corporate income tax IBD/E is interest bearing debt to equity Summary of Nirvana s βl calculation βl T IBD E βu JSP 0.90x 20.00% 5, , x LALIN 0.66x 20.00% 2, , x MK 1.05x 20.00% 4, , x Part 4 - Page 21

52 βl T IBD E βu NCH 1.41x 20.00% 2, , x RICHY 0.90x 20.00% 5, , x SAMCO 0.66x 20.00% 2, , x Average 0.66x Summary of Nirvana s discount rate calculation 2H2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 Unlevered β 0.66x 0.66x 0.66x 0.66x 0.66x 0.66x 0.66x 0.66x 0.66x Interest Bearing Debt to Equity 2.45x 2.28x 0.86x 0.54x 0.37x 0.08x 0.00x 0.00x 0.00x Corporate Income Tax 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% Levered β 1.95x 1.86x 1.12x 0.95x 0.85x 0.70x 0.66x 0.66x 0.66x Risk Free Rate 2.28% 2.28% 2.28% 2.28% 2.28% 2.28% 2.28% 2.28% 2.28% Market Return 9.83% 9.83% 9.83% 9.83% 9.83% 9.83% 9.83% 9.83% 9.83% Cost of Equity (Discount Rate) 17.01% 16.33% 10.70% 9.43% 8.73% 7.60% 7.26% 7.26% 7.26% Source: SETSMART and Bloomberg Summary of project as of 30 June 2016 Total Number of Units Transferre d Has contract but not be transferred Part 4 - Page 22 Remaining Total Transferre d Project Value Has contract but not be transferred Remaining Beyond Kaset-Navamin Phase , Beyond Kaset-Navamin Phase Beyond Srinakarin Beyond Rama , ,754 Beyond Lite Rama Beyond at Beach Pattaya Nirvana Icon Rama Nirvana Icon Wong Wean Rama Intro The Tara Clover Cluster Nirvana Icon Pinklao Nirvana River , ,077 Nirvana Define Rama At Work Ramindra , ,100 At Work Lertlar , ,032 Beyond Lite Krungthep Kreeta Define Krungthep Kreeta , ,607 Nirvana Icon Krungthep Kreeta , ,328 Beond Krungthep Kreeta , ,881 Define (2) Krungthep Kreeta , ,880 At Work Krungthep Kreeta , ,366 Signature Krungthep Kreeta , ,608 Total Source: Nirvana

53 Summary of Cash Flow Unit : THB million 2H2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 Project Cash Inflow Beyond Kaset-Navamin Phase Beyond Kaset-Navamin Phase Beyond Srinakarin Beyond Rama Beyond Lite Rama Beyond at Beach Pattaya Nirvana Icon Rama Nirvana Icon Wong Wean Rama Intro The Tara Clover Cluster Nirvana Icon Pinklao Nirvana River , , Nirvana Define Rama At Work Ramindra At Work Lertlar Beyond Lite Krungthep Kreeta Define Krungthep Kreeta Nirvana Icon Krungthep Kreeta Beond Krungthep Kreeta Define (2) Krungthep Kreeta At Work Krungthep Kreeta Signature Krungthep Kreeta Total , , , , , , , Project Cash Outflow Beyond Kaset-Navamin Phase 1 (12.96) (21.88) Beyond Kaset-Navamin Phase 1 (71.60) (128.96) (34.00) Beyond Srinakarin (22.98) (143.30) (144.96) (68.45) (8.55) Beyond Rama 2 (100.73) (924.37) (429.69) (383.69) (116.70) Beyond Lite Rama 9 (10.29) (30.11) (10.89) Beyond at Beach Pattaya (39.01) (50.78) (60.85) (10.52) Nirvana Icon Rama 9 (1.56) (2.48) Nirvana Icon Wong Wean Rama 9 (7.27) (15.10) (2.79) Intro (0.28) (1.54) (1.05) The Tara (3.80) (23.00) (15.97) (0.98) Clover (12.62) (12.20) (0.53) Cluster (5.80) (7.47) (3.04) Nirvana Icon Pinklao (63.91) (97.86) (24.59) (11.87) (0.60) Nirvana River (161.16) (415.81) (1,822.60) (194.86) (109.69) Nirvana Define Rama 9 (41.22) (325.88) (53.01) At Work Ramindra (63.34) (425.85) (269.59) (12.36) At Work Lertlar (52.28) (608.67) (74.41) (28.09) Beyond Lite Krungthep Kreeta (78.46) (77.79) (279.84) (245.73) (62.05) (0.90) Define Krungthep Kreeta (106.35) (109.99) (426.14) (565.05) (89.14) (24.20) Nirvana Icon Krungthep Kreeta - - (292.09) (375.61) (707.06) (353.19) (128.76) (7.32) - Beond Krungthep Kreeta - - (182.24) (193.87) (574.09) (668.47) (337.26) (160.45) (11.09) Part 4 - Page 23

54 Unit : THB million 2H2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 Define (2) Krungthep Kreeta - - (144.86) (132.60) (578.14) (584.78) (79.45) (26.84) - At Work Krungthep Kreeta - - (69.83) (67.28) (183.96) (647.81) (98.88) (28.98) - Signature Krungthep Kreeta - - (186.01) (59.21) (215.36) (664.12) (717.97) (199.37) (64.40) Total (855.61) (3,423.03) (4,528.99) (2,350.14) (2,645.34) (2,943.48) (1,362.32) (422.96) (75.49) Total Cash Flow from Project (380.24) (301.63) 1, , , , , Gain from Land Sale Advance of Krungthep Kreeta Land (97.81) Financial expenses (33.24) (86.25) (64.51) (7.00) Corporate Income Tax (15.17) (34.49) (295.44) (173.34) (179.75) (146.49) (140.51) (97.02) (14.60) Drawdown / (Repay) Loan (1,174.95) (711.17) Free Cash Flow to Equity (28.80) , , Net Present Value of Cash Flow 3, Summary of share appraisal Unit : THB million As of 30 June 2016 Net Present Value of Cash Flow 3, Add Assets not included in Cash Flow Projection Deduct Liabilities not included in Cash Flow Projection (247.33) Nirvana s Shareholders Equities 3, Divide Total Share Outstanding 8,787,681 shares Nirvana s Share Value THB per share Remark : Information from Nirvana s financial for the six-month period ended 30 June 2016 From the appraisal using discounted cash flow approach, the fair value of Nirvana s ordinary share is equal to THB 3, million or equivalent to THB per share. Sensitivity Analysis As the appraisal of value of Nirvana s ordinary shares depended on the assumptions, therefore the Tender Offer Preparer analyze the impact from changing the significant assumptions to Nirvana s ordinary share value. The analysis can be described in following table: Discount Rate Increase Growth of Finish House Sale Price Increase/(Decrease) from Base Case /(Decrease) from Base Case (1.00%) (0.50%) 0.00% 0.50% 1.00% (1.00%) 3, , , , , (0.50%) 3, , , , , % 3, , , , , % 3, , , , , % 3, , , , , Part 4 - Page 24

55 From the sensitivity analysis, the fair value of Nirvana s ordinary share is between THB 3, million and THB 3, million or equivalent to between THB per share and THB per share Summary of Appraisal Two Plots of Land Unit : THB million Land at Bangrakyai Land at Rattanathibhet Total Book Value Approach , Adjusted Book Value Approach , Highest Value 1, Nirvana Development Company Limited Unit : THB million Book Value Approach 1, Adjusted Book Value Approach 3, Price-to-Earnings Ratio Approach Price-to-Book Ratio Approach 1, , Discounted Cash Flow Approach 3, , Highest Value 3, Portion Held by the Offeror percent Value of Portion Held by the Offeror 2, From the summary table above, the highest value that the Offeror transfer to the Company is THB 3, million from (1) two plots of land with the value of THB 1, million, and (2) Nirvana s ordinary shares held by the Offeror with the value of THB 2, million. The Offeror has been allotted the Company share in an amount of 658,599,968 shares which translate to the Offeror s acquisition cost at THB 4.96 per share. 7.2 The highest price at which the Tender Offeror or the persons pursuant to Section 258 has acquired during the period of 90 days before the submission of the Tender Offer to the SEC. The highest price in which the Offeror acquire during the period of 90 days before the submission of the Tender Offer to the SEC is THB 5.00 per share. Such price is the offering price of the Company s shares to compensate (a) Issued ordinary shares of Nirvana of 4,481,717 shares at the par value of THB per share, or percent of total issued ordinary shares of Nirvana, and (b) the two plots of lands. 8. Acquisition of Securities Prior to the Tender Offer (applicable only to the case of partial Tender Offer pursuant to Chapter 5 of the SEC Notification No. KorChor. 53/ Not applicable in this case - Part 4 - Page 25

56 Part 5 Certification of the Information I hereby certify that: (1) We truly intend to make this Tender Offer; (2) The tender offer price on this occasion complies with the provisions in the SEC Notification No. ThorJor. 12/2011; (3) We truly intend to proceed in compliance with the plans as specified in this tender offer; and (4) The statements set forth in this tender offer are complete and accurate without information that may be misleading and no concealment is made on any material information that should be disclosed. (Signature) - Chutinant Bhirombhakdi - Mr. Chutinant Bhirombhakdi Authorized Director (Signature) - Naris Cheyklin - Mr.Naris Cheyklin Authorized Director Singha Estate Public Company Limited The Tender Offeror Part 5 - Page 1

57 We, as the Tender Offer Preparer, have duly performed duties as prescribed in the SEC Notification governing the approval of financial advisors and scope of operation, and hereby certify that in the process of such duties, we: (1) have reviewed and consider that the information about the Tender Offeror disclosed in the Tender Offer is accurate and complete with no misleading content in any material respect, nor shall it conceal any material information which should be disclosed; (2) have reviewed the financial evidence and are of the view that the Tender Offeror are actually capable of proceeding with the foregoing tender offer; (3) have reviewed the business policy and plan of the Company as stated in Clause 2 of Part 3, Details of the Tender Offerors, and are of the view that: (A) The Tender Offerors are capable of implementing such business management policy and plan; (B) the assumptions used in the drafting of the business management policy and plan are (C) justifiably formulated; and the description of the impacts on the business and risks which may affect the business and the securities holders is clear and sufficient. (4) Based on the information and evidence on the acquisition of the Company s securities by the Tender Offerors or any related party prescribed in Section 258 during the period of 90 days prior to the date of submission of the Tender Offer and the tender offer price, there is no cause to believe that the tender offer price made on this occasion has not complied with the provisions under the SEC Notification No. ThorJor. 12/2011; and (5) have carefully and prudently studied and reviewed the completeness and accuracy of the information contained in this Tender Offer and view that the information is complete and correct and there is no information contained herein that may lead other persons to misunderstanding in material aspects and no concealment is made on any material information which should be disclosed. (Signature) - Mr.Montree Sornpaisarn - Mr.Montree Sornpaisarn Authorized Director (Signature) - Mr.Thaveesith Santatikul - Mr.Thaveesith Santatikul Operation Controller Maybank Kim Eng Securities (Thailand) Public Company Limited The Tender Offer Preparer Part 5 - Page 2

58 เอกสารแนบ 1 ว ธ ตอบร บค าเสนอซ อและแบบฟอร มส าหร บผ ถ อห น 1.1 ข นตอนในการตอบร บค าเสนอซ อหล กทร พย 1.2 แบบตอบร บค าเสนอซ อหล กทร พย 1.3 หน งส อมอบอ านาจส าหร บการตอบร บค าเสนอซ อหล กทร พย

59 ข นตอนในการตอบร บค าเสนอซ อหล กทร พย ของบร ษ ท ไดอ กร ป จ าก ด (มหาชน) ผ ถ อห นของบร ษ ท ไดอ กร ป จ าก ด (มหาชน) กรณ ส งมอบใบห น (Share Certificate) กรณ โอนห นผ านศ นย ร บฝากหล กทร พย (Scripless) 1. กรอกแบบตอบร บค าเสนอซ อหล กทร พย 1. กรอกแบบตอบร บค าเสนอซ อหล กทร พย 2. ลงลายม อช อสล กหล งใบห นเพ อโอนลอย 2. แจ งความประสงค ก บบร ษ ทหล กทร พย ท ท านม ห นและม บ ญช ซ อขาย หล กทร พย อย เพ อโอนหล กทร พย ท จะขายเพ อเข าบ ญช ด งน กรณ ผ ถ อห นส ญชาต ไทย (Thai Shareholder) บร ษ ทหล กทร พย เมย แบงก ก มเอ ง (ประเทศไทย) จ าก ด (มหาชน) เพ อเทนเดอร เลขท บ ญช กรณ ผ ถ อห นท ม ใช ส ญชาต ไทย (Foreign Shareholder) และ NVDR MAYBANK KIM ENG SECURITIES (THAILAND) PUBLIC COMPANY LIMITED FOR TENDER เลขท บ ญช แนบเอกสารประกอบแล วแต กรณ ซ งร บรองส าเนาถ กต อง ด งน 1) บ คคลธรรมดาส ญชาต ไทย 1.1 ส าเนาบ ตรประจ าต วประชาชน หร อ ส าเนาบ ตรข าราชการ หร อ ส าเนาบ ตรพน กงานร ฐว สาหก จ 1.2 ส าเนาทะเบ ยนบ าน เฉพาะกรณ ท เป นส าเนา บ ตรข าราชการหร อบ ตรพน กงานร ฐว สาหก จ 2) บ คคลธรรมดาท ม ใช ส ญชาต ไทย ส าเนาใบต างด าว หร อส าเนาหน งส อเด นทาง 3) น ต บ คคลท จ ดต งข นภายใต กฎหมายไทย 3.1 ส าเนาหน งส อร บรองกระทรวงพาณ ชย ท ม อาย ไม เก น 1 ป ก อนว นส นส ดการเสนอซ อ - ประท บตราส าค ญของบร ษ ท (ถ าม ) 3.2 ส าเนาเอกสารตามข อ 1) หร อ 2) แล วแต กรณ ของกรรมการ ผ ม อ านาจลงนามร บรองได พร อมลงนามในเอกสารตามข อ 3.1 4) น ต บ คคลท จ ดต งข นภายใต กฎหมายต างประเทศ 4.1 ส าเนาหน งส อร บรองการจดทะเบ ยนของน ต บ คคล และหน งส อร บรองท ออกโดยเจ าหน าท ของน ต บ คคลหร อหน วยงานหร อประเทศท น ต บ คคล ม ภ ม ล าเนา ซ ง ร บรองถ งช อน ต บ คคล ช อผ ม อ านาจลงลายม อช อผ กพ น น ต บ คคล ท ต งส าน กงานใหญ และอ านาจหร อเง อนไขในการลงลายม อ ช อผ กพ นน ต บ คคล (ท ออกให ไม เก น1 ป ก อนว นส ดท ายของระยะเวลา ร บซ อ) 4.2 ส าเนาเอกสารตามข อ 1) หร อ 2) แล วแต กรณ ของกรรมการผ ม อ านาจ ลงนามท ได ลงนามร บรองในเอกสารตามข อ 4.1 เอกสารตามข อ 4.1 และ 4.2 ต องได ร บการร บรองลายม อช อโดย เจ าหน าท Notary Publicและร บรองโดยสถานกงส ลไทย 5) กรณ ผ แสดงเจตนาขายเป นน ต บ คคลท จ ดต งข นตามกฎหมาย ต างประเทศและม ได ประกอบก จการในประเทศไทย ผ แสดงเจตนาขายต องกรอกรายละเอ ยดของราคาต นท นของห นท น ามา เสนอขายใน ใบแจ งราคาต นท นของหล กทร พย ท แสดงเจตนาขาย พร อม แนบหล กฐานแสดงราคาต นท น เพ อใช ในการห กภาษ ณ ท จ าย หากม ได ระบ ราคาต นท นหร อม ได แนบหล กฐานแสดงราคาต นท นมาพร อมก บใบแจ ง ราคาต นท นของหล กทร พย จ านวนเง นห กภาษ ณ ท จ าย จะถ กค ดค านวณ จากจ านวนเง นค าขายหล กทร พย ท งจ านวนท ผ แสดงเจตนาขายจะได ร บ เอกสารเพ มเต มกรณ มอบอ านาจให ผ อ นกระท าการแทน 1. หน งส อมอบอ านาจฉบ บจร ง (พร อมป ดอากรแสตมป 30 บาท) 2. ส าเนาบ ตรประจ าต วประชาชนของผ มอบอ านาจและผ ร บมอบอ านาจ (ร บรองส าเนาถ กต อง) **รายละเอ ยดเอกสารประกอบกร ณาด ในเอกสารค าเสนอซ อหล กทร พย ** 4. ย นเอกสารท งหมดท ค ณอธ คม ศ ร ช มพ นธ หร อ ค ณปพน อรรถก จการค า บร ษ ทหล กทร พย เมย แบงก ก มเอ ง (ประเทศไทย) จ าก ด (มหาชน) อาคาร ด ออฟฟ ศเศส แอท เซ นทร ล เว ลด ช น 20 เลขท 999/9 ถนนพระราม 1 แขวงปท มว น เขตปท มว น กร งเทพฯ โทรศ พท ต อ 1714 หร อ 1721 โทรสาร

60 แบบตอบร บค าเสนอซ อหล กทร พย ของบร ษ ท ไดอ กร ป จ าก ด (มหาชน) โดยบร ษ ท ส งห เอสเตท จ าก ด (มหาชน) เอกสารแนบ 1.2 ว นท... แบบตอบร บค าเสนอซ อ เลขท... เร ยน ผ ท าค าเสนอซ อและบร ษ ทหล กทร พย เมย แบงก ก มเอ ง (ประเทศไทย) จ าก ด (มหาชน) ( ต วแทนในการร บซ อหล กทร พย ) (โปรดกรอกต วบรรจง) ข าพเจ า (นาย/นาง/นางสาว/บร ษ ท)... ส ญชาต ท อย และท ส งเอกสาร รห สไปรษณ ย หมายเลขโทรศ พท หมายเลขโทรสาร โปรดระบ ประเภทผ แสดงเจตนาขายหล กทร พย บ คคลธรรมดาส ญชาต ไทย บ ตรประจ าต วประชาชน/บ ตรข าราชการ/บ ตรพน กงานร ฐว สาหก จ เลขท บ คคลธรรมดาท ม ใช ส ญชาต ไทย ใบต างด าว/หน งส อเด นทาง/เลขบ ตรประจ าต ว เลขท น ต บ คคลท จ ดต งข นภายใต กฎหมายไทย เลขทะเบ ยนบร ษ ท เลขท น ต บ คคลท จ ดต งข นภายใต กฎหมายต างประเทศท ประกอบก จกรรมในประเทศไทย เลขทะเบ ยนบร ษ ท เลขท น ต บ คคลท จ ดต งข นภายใต กฎหมายต างประเทศท ม ได ประกอบก จกรรมในประเทศไทย เลขทะเบ ยนบร ษ ท เลขท ขอเสนอขายหล กทร พย ของบร ษ ท ไดอ กร ป จ าก ด (มหาชน) จ านวน ห น ( ) ในราคาห นละ 5.00 บาท โดยห กค าธรรมเน ยมในการขายห นร อยละ 0.25 ของราคาเสนอซ อ และภาษ ม ลค าเพ มอ กร อยละ 7 ของค าธรรมเน ยมในการขายห น ค ดเป นราคาส ทธ ท ผ เสนอขายจะได ร บห นละ บาท รวมเป นจ านวนเง นท งส น...บาท ( ) ตามเง อนไขและข อก าหนดท ระบ ในค าเสนอซ อ หล กทร พย และจะไม ท าการเพ กถอนการเสนอขายด งกล าวไม ว าด วยประการใดๆ ก ตาม เว นแต เป นการปฏ เสธตามเง อนไขและข อก าหนดท ระบ ในค าเสนอซ อหล กทร พย และข าพเจ าตกลงท จะปฎ บ ต ตามเง อนไขและข อก าหนดตามค าเสนอซ อหล กทร พย ท กประการ ข าพเจ าขอมอบให บร ษ ทหล กทร พย เมย แบงก ก มเอ ง (ประเทศไทย) จ าก ด (มหาชน) เป นผ ร บมอบอ านาจของข าพเจ าในการขาย โอน และส งมอบห นของข าพเจ าตามรายละเอ ยดท กล าวข างล าง น รวมท งการร บช าระราคาค าขายห นด งกล าว ตลอดจนด าเน นการอ นใดท เก ยวข องก บการขายและการร บช าระราคาค าขายแทนข าพเจ า กรณ ส งมอบเป น ใบห น กรณ โอนห นผ านศ นย ร บฝาก จ านวนห น ช อผ ถ อห นตามทะเบ ยน ใบห นเลขท โอนจากบร ษ ทสมาช กศ นย ร บ ฝากหมายเลข เลขท โอน ว นท โอน รวม ว ธ การร บเง น โอนเง นเข าบ ญช (ระบ บ ญช ท เป ดก บธนาคารไทยพาณ ชย จ าก ด (มหาชน) เท าน น) ธนาคารไทยพาณ ชย จ าก ด (มหาชน) สาขา ประเภทบ ญช เลขท บ ญช (ต องเป นช อเด ยวก บผ แสดงเจตนาขายและ เป นบ ญช ในกร งเทพและปร มณฑล พร อมแนบส าเนาสม ดบ ญช ออมทร พย หร อส าเนา Bank Statement บ ญช กระแสรายว นท ร บรองส าเนาถ กต อง) มาร บเช คด วยต วเอง ให ส งเช คทางไปรษณ ย ตอบร บตามท อย ข างต น พร อมก นน ได มอบเอกสารเพ อเป นหล กฐานประกอบการด าเน นการมาด วย ด งน ใบห นท สล กหล งแล ว และ/หร อ เอกสารแสดงส ทธ ในหล กทร พย และ/หร อ หล กฐานการโอนห นสาม ญผ านศ นย ร บ ฝากหล กทร พย เข าบ ญช บร ษ ทหล กทร พย เมย แบงก ก มเอ ง (ประเทศไทย) จ าก ด (มหาชน) เพ อเทนเดอร เลขท บ ญช และส าเนาบ ตรประจ าต วประชาชนของผ ม ช อใน หล กทร พย และ/หร อส าเนาหน งส อร บรองการจดทะเบ ยนของบร ษ ท (กรณ เป นน ต บ คคล) มาด วยแล ว ข าพเจ าขอร บรองว าห นสาม ญท งหมดท แสดงเจตนาขายน ปราศจากภาระผ กพ นใดๆ ท งส น ลงช อ... ผ ร บมอบอ านาจ ลงช อ... ผ แสดงเจตนาขาย (...) (......) ผ ร บ ผ ค ย ผ ตรวจ ว นท หล กฐานการร บใบห น/ใบโอนห นผ านศ นย ร บฝากและแบบตอบร บค าเสนอซ อ แบบตอบร บค าเสนอซ อ เลขท... บร ษ ทหล กทร พย เมย แบงก ก มเอ ง (ประเทศไทย) จ าก ด (มหาชน) ได ร บแบบตอบร บค าเสนอซ อหล กทร พย บร ษ ท ส งห เอสเตท จ าก ด (มหาชน) และ ใบห นห นสาม ญ จ านวน ห น หล กฐานการโอนห นผ านศ นย ร บฝากเลขท จ านวน ห น จากนาย/นาง/นางสาว/บร ษ ท ไว เร ยบร อยแล ว โดยผ แสดงเจตนาขายแจ งความประสงค ขอร บเง นโดย: โอนเง นเข าบ ญช ธนาคารไทยพาณ ชย จ าก ด (มหาชน) มาร บเช คด วยต วเอง ร บเช คทางไปรษณ ย ลงช อ...เจ าหน าท ผ ม อ านาจลงนาม ว นท (รายละเอ ยดเพ มเต มโปรดต ดต อ ค ณอธ คม ศ ร ช มพ นธ หร อ ค ณปพน อรรถก จการค า บร ษ ทหล กทร พย เมย แบงก ก มเอ ง (ประเทศไทย) จ าก ด (มหาชน) อาคาร ด ออฟฟ ศเศส แอท เซ นทร ล เว ลด ช น 20 เลขท 999/9 ถนนพระราม 1 แขวงปท มว น เขตปท มว น กร งเทพฯ โทรศ พท ต อ 1714 หร อ 1721 โทรสาร

61 เอกสารแนบ 1.2 BROKER ผ ฝากเลขท / PARTICIPANT NO. ช อบร ษ ท / COMPANY NAME ผ ฝากเลขท / PARTICIPANT NO. 002 บร ษ ทหล กทร พย ท สโก จ าก ด TISCO SECURITIES COMPANY LIMITED บร ษ ทหล กทร พย ค นทร กร ป จ าก ด (มหาชน) COUNTRY GROUP SECURITIES PUBLIC COMPANY LIMITED บร ษ ทหล กทร พย ด บ เอส ว คเคอร ส (ประเทศไทย) จ าก ด DBS VICKERS SECURITIES (THAILAND) COMPANY LIMITED บร ษ ทหล กทร พย แลนด แอนด เฮ าส จ าก ด(มหาชน) LAND AND HOUSES SECURITIES PUBLIC COMPANY LIMITED บร ษ ทหล กทร พย ภ ทร จ าก ด (มหาชน) PHATRA SECURITIES PUBLIC COMPANY LIMITED บร ษ ทหล กทร พย ซ ไอเอ มบ (ประเทศไทย) จ าก ด CIMB SECURITIES (THAILAND) COMPANY LIMITED บร ษ ทหล กทร พย เอเซ ย พล ส จ าก ด ASIA PLUS SECURITIES COMPANY LIMITED บร ษ ทหล กทร พย เมอร ร ล ล นช (ประเทศไทย) จ าก ด MERRILL LYNCH SECURITIES (THAILAND) LIMITED บร ษ ทหล กทร พย กส กรไทย จ าก ด (มหาชน) KASIKORN SECURITIES PUBLIC COMPANY LIMITED บร ษ ทหล กทร พย เคจ ไอ (ประเทศไทย) จ าก ด (มหาชน) KGI SECURITIES (THAILAND) PUBLIC COMPANY LIMITED บร ษ ทหล กทร พย โนม ระ พ ฒนส น จ าก ด (มหาชน) CAPITAL NOMURA SECURITIES PUBLIC COMPANY LIMITED บร ษ ทหล กทร พย แอพเพ ล เวลธ จ าก ด (มหาชน) APPLE WEALTH SECURITIES PUBLIC COMPANY LIMITED บร ษ ทหล กทร พย ธนชาต จ าก ด (มหาชน) THANACHART SECURITIES PUBLIC COMPANY LIMITED บร ษ ทหล กทร พย เคเคเทรด จ าก ด KKTRADE SECURITIES COMPANY LIMITED บร ษ ทหล กทร พย ทร น ต จ าก ด TRINITY SECURITIES COMPANY LIMITED บร ษ ทหล กทร พย ไทยพาณ ชย จ าก ด SCB SECURITIES COMPANY LIMITED บร ษ ทหล กทร พย ย โอบ เคย เฮ ยน (ประเทศไทย) จ าก ด (มหาชน) UOB KAY HIAN SECURITIES (THAILAND) PUBLIC COMPANY LIMITED บร ษ ทหล กทร พย อาร เอชบ (ประเทศไทย) จ าก ด (มหาชน) RHB SECURITIES (THAILAND) PUBLIC COMPANY LIMITED 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 924 ช อบร ษ ท / COMPANY NAME บร ษ ทหล กทร พย ไอ ว โกลบอล จ าก ด (มหาชน) I 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 เอเอสแอล จ าก ด ASL SECURITIES COMPANY LIMITED บร ษ ทหล กทร พย เอสบ ไอ ไทย ออนไลน จ าก ด SBI THAI ONLINE SECURITIES 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 SUB BROKER 243 บร ษ ทหล กทร พย เพ อธ รก จหล กทร พย จ าก ด (มหาชน) TSFC SECURITIES PUBLIC COMPANY LIMITED 245 ธนาคารธนชาต จ าก ด (มหาชน) THANACHART BANK PUBLIC COMPANY LIMITED CUSTODIAN 329 ธนาคารทหารไทย จ าก ด (มหาชน) TMB BANK PUBLIC COMPANY LIMITED 330 ธนาคารฮ องกงและเซ ยงไฮ แบงก งคอร ปอเรช น จ าก ด (เพ อตราสารหน ) THE HONGKONG AND SHANGHAI BANKING CORP.,LTD.- BOND 334 บร ษ ทหล กทร พย เพ อธ รก จหล กทร พย จ าก ด (มหาชน) (ค สโตเด ยน) TSFC SECURITIES PUBLIC COMPANY LIMITED - CUSTODIAN 336 ธนาคารเก ยรต นาค น จ าก ด (มหาชน) KIATNAKIN BANK PUBLIC COMPANY LIMITED 337 ธนาคารทหารไทย จ าก ด (มหาชน) TMB BANK PUBLIC COMPANY LIMITED 339 ธนาคาร ท สโก จ าก ด (มหาชน) (เพ อร บฝากทร พย ส น) TISCO BANK PUBLIC COMPANY LIMITED (CUSTODIAN) 340 ธนาคาร เจพ มอร แกน เชส JPMORGAN CHASE BANK (BOND TRADING) 343 ธนาคารซ ไอเอ มบ ไทย จ าก ด (มหาชน) CIMB THAI BANK PUBLIC COMPANY LIMITED 345 ธนาคาร ธนชาต จ าก ด (มหาชน) THANACHART BANK PUBLIC COMPANY LIMITED 425 ธนาคารกร งไทย จ าก ด (มหาชน) (เพ อล กค า) KRUNG THAI BANK PUBLIC COMPANY LIMITED (FOR CUSTOMER)

62 อากรแสตมป * เอกสารแนบ 1.3 หน งส อมอบอ านาจ เข ยนท... ว นท... โดยหน งส อฉบ บน ข าพเจ า...อาย...ป ส ญชาต...ท อย เลขท (ท ต ดต อทางไปรษณ ย ได )......ประเทศ... ถ อห นของบร ษ ท ไดอ กร ป จ าก ด (มหาชน) เป นจ านวน...ห น ขอมอบอ านาจให...อาย...ป ส ญชาต...ท อย เลขท (ท ต ดต อทางไปรษณ ย ได )......ประเทศ... เป นผ ร บมอบอ านาจของข าพเจ า (สามารถเล อกได มากกว า 1 กรณ ) ในการ ขาย โอน และส งมอบห นของ บร ษ ท ไดอ กร ป จ าก ด (มหาชน) ในการร บช าระค าขายห นด งกล าว ในการขอยกเล กการแสดงเจตนาขายหล กทร พย ของบร ษ ท ไดอ กร ป จ าก ด (มหาชน) ท ข าพเจ าได แสดงเจตนาขายให แก บร ษ ท ส งห เอสเตท จ าก ด (มหาชน) ก จการใดท ผ ร บมอบอ านาจได กระท าการภายในขอบอ านาจด งกล าว ให ถ อเสม อนหน งว าข าพเจ าผ มอบ อ านาจได กระท าด วยตนเองท กประการ ลงช อ...ผ มอบอ านาจ ( ) ลงช อ...ผ ร บมอบอ านาจ ( ) ลงช อ...พยาน ( ) ลงช อ...พยาน ( ) หมายเหต โปรดแนบส าเนาบ ตรประชาชน หร อ หน งส อร บรองการจดทะเบ ยนน ต บ คคลของผ มอบอ านาจ และบ ตรประชาชนของผ ร บมอบอ านาจ ซ งลงลายม อช อร บรองส าเนาถ กต องมาพร อมหน งส อ มอบอ านาจน * อากรแสตมป ม ลค า 10 บาท กรณ ท ต องการมอบอ านาจให ย นแบบตอบร บค าเสนอซ ออย างเด ยว อากรแสตมป ม ลค า 30 บาท กรณ ท ต องการมอบอ านาจให ย นแบบตอบร บค าเสนอซ อและร บเช ค ช าระเง นหร อย นแบบยกเล กการแสดงเจตนาขายหล กทร พย

63 เอกสารแนบ 2 ว ธ ตอบร บค าเสนอซ อและแบบฟอร มส าหร บผ ถ อห น Non-Voting Depository Receipt ( NVDR ) (Tender Offer Procedures and Forms for NVDR) 2.1 ข นตอนในการตอบร บค าเสนอซ อหล กทร พย ส าหร บ NVDR (Tender Offer Acceptance Procedures for NVDR) 2.2 แบบตอบร บค าเสนอซ อหล กทร พย ส าหร บ NVDR (Tender Offer Acceptance Form for NVDR) 2.3 หน งส อมอบอ านาจส าหร บการตอบร บค าเสนอซ อหล กทร พย ส าหร บ NVDR (Power of Attorney)

64 Attachment 2.1 Tender Offer Acceptance Procedures for NVDR of Daii Group Public Company Limited NVDR Holders of Singha Estate Public Company Limited 1. Complete the Tender Offer Acceptance Form for NVDR 2. Advise your broker to transfer the Scripless NVDRs to the following account for the purpose of accepting the tender offer: MAYBANK KIM ENG SECURITIES (THAILAND) PUBLIC COMPANY LIMITED FOR TENDER Account Number: Enclose certified true copies of the following documents: 1) Thai Individual 1.1 A copy of ID Card; or A copy of Civil Servant ID Card; or A copy of State Enterprise Employee Card. 1.2 A copy of house registration (only in case of providing a Civil Servant ID Card or State Enterprise Employee Card). 2) Foreign Individual 2.1 A copy of Alien Certificate; or 2.2 A copy of Passport. 3) Thai Juristic Person 3.1 A copy of the Company Affidavit issued by MOC not more than one year prior to the last day of the Tender Offer period certified by authorized signatory(ies) of the juristic person and affixed with a company seal (if any). 3.2 A copy of documents stated in 1) or 2) of the duly authorized signatory(ies) of 3.1 above 4) Foreign Juristic Person 4.1 A copy of the certificate of incorporation and the constituent documents issued by the regulatory body of the country where the juristic person is domiciled which certifies the name of the juristic person, the person authorized to bind the juristic person, head office location and any condition to the power of such authorized person to bind the juristic person all such documents must be certified by the authorized signatory(ies) of the juristic person. 4.2 A copy of documents stated in 1) or 2) of the duly authorized signatory(ies) of 4.1 above All documents must be certified by a notary public or an authorized agency in the country where the documents were prepared and authenticated by an official of the Thai Embassy or the Thai Consulate in the country where the documents were prepared and issued not more than one year prior to the last day of the Tender Offer 5) Where the Offeree is a juristic person not carrying on business in Thailand, it is required to declare the cost base for the shares for withholding tax purposes by completing and submitting the Confirmation of Securities Cost Form together with evidence that demonstrates the cost base. If the Offeree fails to declare the cost base or fails to submit proper evidence of the cost base, the Tender Offer Agents will determine the amount of the withholding tax on the basis of the entire proceeds of the sale of the shares and deduct withholding tax accordingly. 6) In case of shareholder s authorized representative 6.1 An original power of Attorney affixed with stamp duty; and 6.2 A certified copy of identification documents of the appointor and authorized representative as specified above 4. Submit all documents to Khun Atikom Sirichoompun or Khun Papon Atthakitkanka, Maybank Kim Eng Securities (Thailand) Plc. The offices at Central World 20th Floor 999/9 Rama 1 Rd, Pathumwan, Bangkok, 10330, Thailand Tel: ext or 1721 Fax: Remark : All NVDR holders must submit the Tender Offer Acceptance Form within 2 business days before the last tender offer date.

65 Tender Offer Acceptance Form for NVDR of Daii Group Public Company Limited By Singha Estate Public Company Limited Date... Acceptance Form No.... To : the Tender Offeror ( the Offeror ) and Maybank Kim Eng Securities (Thailand) Public Company Limited ( Tender Offer Agent) Mr. / Mrs. / Ms. / Company... Nationality Contact Address Post Code Telephone No Facsimile No Please specific type of seller Thai Individual ID Card/ Civil Servant Card/ State Enterprise Card No.... Foreign Individual Alien Card/ Passport No Thai Juristic Person Company Registeration No..... Foreign Juristic Person that operate business in Thailand Company Registeration No Foreign Juristic Person that doesn t operate business in Thailand Company Registeration No I/We hereby accept to sell.. shares (.) NVDRs representing ordinary shares of Daii group Public Company Limited at a price of Baht 5.00 per share. I/We acknowledge that the sale is subject to a brokerage fee of 0.25% of the offer price and value added tax (VAT) at the rate of 7% of the brokerage fee. The net price received by the Offeree will be Baht per share, a total value of Baht (..) I/We acknowledge that the acceptance of the tender offer and the share sale is irrevocable subject to terms and conditions stated in the tender offer document. I/We hereby appoint Maybank Kim Eng Securities (Thailand) Public Company Limited as my/our proxy to sell, transfer, deliver shares, arrange the payment procedure and process and do any other thing necessary and relevant to my/our acceptance of the tender offer. Share certificate (attached) Thailand Securities Depository Number of shares Name of shareholder Name of shareholder (Registered) Certificate No. From broker no. Certificate No. From broker no. (Registered) Total Payment Method Transfer payment to my/our account at Siam Commercial Bank account Branch..Type of Account..Account No (The account name must be the same as the Offeree s name shown on this form and opened with a branch in Bangkok or its suburbs. Please attach a certified copy of the first page of the savings passbook or current account statement with this form.) I/We will collect a payment cheque in person Please send payment cheque to the above address by registered mail I/We attached the share certificate(s), and/or share depository certificate(s) and/or transfer slip through TSD for account of MAYBANK KIM ENG SECURITIES (THAILAND) PUBLIC COMPANY LIMITED FOR TENDER account number: and proof of identity in respect of the Offeree or proof of registered company (for juristic person) as set out in the Tender Offer Acceptance Procedure. I hereby certify that all shares offered for sale have no liabilities and are free from any mortgage, pledge, lien, preferential interest or other encumbrance Signature.Proxy Signature..Offeree ( ) (..) Receiver Initial Verify Date. Receipt of Share Certificate(s)/Transfer Slip and Acceptance Form Acceptance Form No... Maybank Kim Eng Securities (Thailand) Public Company Limited has received the Tender Offer Acceptance Form and Share Certificate(s) for a total of shares Transfer slip for a total of shares from Mr./Mrs./Miss./Company The Offeree will receive payment by Transfer through Siam Commercial Bank Plc Cheque collected in person Cheque sent by registered mail Signature... Recipient Date (For any inquiries, please contact Khun Atikom Sirichoompun or Khun Papon Atthakitkanka, Maybank Kim Eng Securities (Thailand) Plc. The offices at Central World 20th Floor 999/9 Rama 1 Rd, Pathumwan, Bangkok, 10330, Thailand Tel: ext or 1721 Fax: )

66 Duty Stamp * Attachment 2.3 Power of Attorney Made at Date.. I/we.Age. Nationality... residing at (address that can be reached by mail).... Country... Hold Daii Group Public Company Limited s NVDRs for.. I/we hereby authorize... Age. Nationality... residing at (address that can be reached by mail).... Country... To act as my/our proxy to : sell, transfer and deliver NVDRs of Daii Group Public Company Limited; collect the payment cheque; or cancel the Tender Offer Acceptance Form of securities of Daii Group Public Company Limited which I/we intended to sell to Singha Estate Public Company Limited Any act taken by my/our proxy shall be deemed to be taken by myself/ourselves in every respect. Appointor ( ) Proxy ( ) Witness ( ) Witness ( ) Remark: Certified true copies of ID or a Company Affidavit of the Appointor and ID of the authorized representative are required to be attached to this Power of Attorney. * Baht 10 in value for an authorized transaction for sale, transfer, or delivery of NVDRs Baht 30 in value for multiple authorized transactions for sale, transfer, or delivery of NVDRs / collection of the payment cheque / cancellation of the Tender Offer Acceptance Form

67 เอกสารแนบ 3 ว ธ ยกเล กการแสดงเจตนาขายหล กทร พย และแบบฟอร ม 3.1 ข นตอนในการยกเล กการแสดงเจตนาขายหล กทร พย 3.2 แบบค าขอยกเล กการแสดงเจตนาขายหล กทร พย 3.3 หน งส อมอบอ านาจส าหร บยกเล กการแสดงเจตนาขายหล กทร พย

68 เอกสารแนบ 3.1 ข นตอนในการยกเล กการแสดงเจตนาขายหล กทร พย ของบร ษ ท ไดอ กร ป จ าก ด (มหาชน) ผ ถ อห นของบร ษ ท ไดอ กร ป จ าก ด (มหาชน) 1. กรอกแบบค าขอยกเล กการแสดงเจตนาขายหล กทร พย 2. แนบเอกสารประกอบแล วแต กรณ ซ งร บรองส าเนาถ กต อง ด งน 1) บ คคลธรรมดาส ญชาต ไทย 1.1 ส าเนาบ ตรประจ าต วประชาชน หร อ ส าเนาบ ตรข าราชการ หร อ ส าเนาบ ตรพน กงานร ฐว สาหก จ 1.2 ส าเนาทะเบ ยนบ าน เฉพาะกรณ ท เป นส าเนา บ ตรข าราชการหร อบ ตรพน กงานร ฐว สาหก จ 2) บ คคลธรรมดาท ม ใช ส ญชาต ไทย ส าเนาใบต างด าว หร อส าเนาหน งส อเด นทาง 3) น ต บ คคลท จ ดต งข นภายใต กฎหมายไทย 3.1 ส าเนาหน งส อร บรองกระทรวงพาณ ชย ท ม อาย ไม เก น 1 ป ก อน ว นส นส ดการเสนอซ อ - ประท บตราส าค ญของบร ษ ท (ถ าม ) 3.2 ส าเนาเอกสารตามข อ 1) หร อ 2) แล วแต กรณ ของกรรมการ ผ ม อ านาจลงนามร บรองได พร อมลงนามในเอกสารตามข อ 3.1 4) น ต บ คคลท จ ดต งข นภายใต กฎหมายต างประเทศ 4.1 ส าเนาหน งส อร บรองการจดทะเบ ยนของน ต บ คคล และหน งส อร บรอง ท ออกโดยเจ าหน าท ของน ต บ คคลหร อหน วยงานหร อประเทศท น ต บ คคลม ภ ม ล าเนา ซ ง ร บรองถ งช อน ต บ คคล ช อผ ม อ านาจลงลายม อ ช อผ กพ นน ต บ คคล ท ต งส าน กงานใหญ และอ านาจหร อเง อนไขใน การลงลายม อช อผ กพ นน ต บ คคล (ท ออกให ไม เก น1 ป ก อนว น ส ดท ายของระยะเวลาร บซ อ) 4.2 ส าเนาเอกสารตามข อ 1) หร อ 2) แล วแต กรณ ของกรรมการผ ม อ านาจลงนามท ได ลงนามร บรองในเอกสารตามข อ 4.1 เอกสารตามข อ 4.1 และ 4.2 ต องได ร บการร บรองลายม อช อโดย เจ าหน าท Notary Public และร บรองโดยสถานกงส ลไทย เอกสารเพ มเต มกรณ มอบอ านาจให ผ อ นกระท าการแทน 1. หน งส อมอบอ านาจฉบ บจร ง (พร อมป ดอากรแสตมป 30 บาท) 2. ส าเนาบ ตรประจ าต วประชาชนของผ มอบอ านาจและผ ร บมอบอ านาจ (ร บรองส าเนาถ กต อง) ** รายละเอ ยดเอกสารประกอบกร ณาด ในเอกสารค าเสนอซ อหล กทร พย ** 3. ย นเอกสารท งหมดท ค ณอธ คม ศ ร ช มพ นธ หร อ ค ณปพน อรรถก จการค า บร ษ ทหล กทร พย เมย แบงก ก มเอ ง (ประเทศไทย) จ าก ด (มหาชน) อาคาร ด ออฟฟ ศเศส แอท เซ นทร ล เว ลด ช น 20 เลขท 999/9 ถนนพระราม 1 แขวงปท มว น เขตปท มว น กร งเทพฯ โทรศ พท ต อ 1714 หร อ 1721 โทรสาร

69 เอกสารแนบ 3.2 แบบค าขอยกเล กการแสดงเจตนาขายหล กทร พย ของบร ษ ท ไดอ กร ป จ าก ด (มหาชน) ให แก บร ษ ท ส งห เอสเตท จ าก ด (มหาชน) เลขท ใบค าขอยกเล ก... ว นท... (โปรดกรอกข อความต อไปน ให ครบถ วน ช ดเจนด วยต วบรรจง) เร ยน ผ ท าค าเสนอซ อหล กทร พย และ บร ษ ทหล กทร พย เมย แบงก ก มเอ ง (ประเทศไทย) จ าก ด (มหาชน) ( ต วแทนในการร บซ อหล กทร พย ) ข าพเจ า นาย/นาง/นางสาว/ บร ษ ท... ท อย เลขท (ต ดต อทางไปรษณ ย ได )......จ งหว ด...รห สไปรษณ ย... โทรศ พท ท ท างาน...โทรศ พท ท บ าน...ขอยกเล กการแสดงเจตนาขายหล กทร พย ของ บร ษ ท ไดอ กร ป จ าก ด (มหาชน) ตามเง อนไขการยกเล กท ระบ ในค าเสนอซ อหล กทร พย จ านวน...ห น หร อ NVDRs ท งน ข าพเจ าได ย นหล กฐานการร บแบบ ตอบร บค าเสนอซ อหล กทร พย ของบร ษ ท ไดอ กร ป จ าก ด (มหาชน) เม อว นท...เลขท แบบตอบร บ... ข าพเจ าขอร บห นค น โดยร บเป นแบบเด ยวก บท น ามาเสนอขาย ใบห น โดยมาร บใบห นด วยตนเอง (ภายในว นท าการถ ดจากว นท แจ งการยกเล กค าเสนอซ อ) ท บร ษ ทหล กทร พย เมย แบงก ก มเอ ง (ประเทศไทย) จ าก ด (มหาชน) Scripless หร อ NVDR โดยโอนห นผ านศ นย ร บฝากหล กทร พย ด วยการโอนเข าบ ญช ช อสมาช กผ ร บโอน... หมายเลขสมาช กผ ร บโอน... ช อบ ญช ผ ร บโอน... หมายเลขบ ญช ผ ร บโอน... พร อมก นน ได แนบเง นค าธรรมเน ยมในการโอนห นรายการละ 150 บาท ท งน บร ษ ทหล กทร พย เมย แบงก ก มเอ ง (ประเทศไทย) จ าก ด (มหาชน) จะโอนห น หร อ NVDR เข าบ ญช ข างต นภายในว นท าการถ ดจากว นท แจ งการยกเล กค า เสนอซ อ ข าพเจ ายอมร บในเง อนไขการยกเล ก และการร บห นค นข างต นท กประการ ลงช อ...ผ ยกเล กการแสดงเจตนาขาย (...) หล กฐานการร บแบบเล กการแสดงเจตนาขายหล กทร พย ของบร ษ ท ไดอ กร ป จ าก ด (มหาชน) บร ษ ทหล กทร พย เมย แบงก ก มเอ ง (ประเทศไทย) จ าก ด (มหาชน) เลขท ใบค าขอยกเล ก... ว นท... บร ษ ทหล กทร พย เมย แบงก ก มเอ ง (ประเทศไทย) จ าก ด (มหาชน) ในฐานะต วแทนในการร บซ อหล กทร พย ได ร บแบบยกเล กการแสดงเจตนาขายหล กทร พย ของ บร ษ ท ไดอ กร ป จ าก ด (มหาชน) จาก นาย/นาง/นางสาว/ บร ษ ท... จ านวนห นท ขอยกเล ก...ห น พร อมก บหล กฐานการร บแบบตอบร บค าเสนอซ อหล กทร พย เลขท... รวมท งค าธรรมเน ยมในการโอนห นรายการละ 150 บาท ห นท ท าการยกเล กจะโอนกล บโดยว ธ ใบห น โดยมาร บใบห นด วยตนเอง (ภายในว นท าการถ ดจากว นท แจ งการยกเล กค าเสนอซ อ) ท บร ษ ทหล กทร พย เมย แบงก ก มเอ ง (ประเทศไทย) จ าก ด (มหาชน) Scripless หร อ NVDR โดยโอนห นผ านศ นย ร บฝากหล กทร พย ด วยการโอนเข าบ ญช ช อสมาช กผ ร บโอน... หมายเลขสมาช กผ ร บโอน... ช อบ ญช ผ ร บโอน... หมายเลขบ ญช ผ ร บโอน... ท งน บร ษ ทหล กทร พย เมย แบงก ก มเอ ง (ประเทศไทย) จ าก ด (มหาชน) จะโอนห น หร อ NVDR เข าบ ญช ข างต นภายในว นท าการถ ดจากว นท แจ งการยกเล กค า เสนอซ อ ลงช อ...ผ ร บ (...)

70 อากรแสตมป * เอกสารแนบ 3.3 หน งส อมอบอ านาจ เข ยนท... ว นท... โดยหน งส อฉบ บน ข าพเจ า...อาย...ป ส ญชาต...ท อย เลขท (ท ต ดต อทางไปรษณ ย ได )......ประเทศ... ถ อห นของบร ษ ท ไดอ กร ป จ าก ด (มหาชน) เป นจ านวน...ห น ขอมอบอ านาจให...อาย...ป ส ญชาต...ท อย เลขท (ท ต ดต อทางไปรษณ ย ได )......ประเทศ... เป นผ ร บมอบอ านาจของข าพเจ า (สามารถเล อกได มากกว า 1 กรณ ) ในการ ขาย โอน และส งมอบห นของ บร ษ ท ไดอ กร ป จ าก ด (มหาชน) ในการร บช าระค าขายห นด งกล าว ในการขอยกเล กการแสดงเจตนาขายหล กทร พย ของบร ษ ท ไดอ กร ป จ าก ด (มหาชน) ท ข าพเจ าได แสดงเจตนาขายให แก บร ษ ท ส งห เอสเตท จ าก ด (มหาชน) ก จการใดท ผ ร บมอบอ านาจได กระท าการภายในขอบอ านาจด งกล าว ให ถ อเสม อนหน งว าข าพเจ าผ มอบ อ านาจได กระท าด วยตนเองท กประการ ลงช อ...ผ มอบอ านาจ ( ) ลงช อ...ผ ร บมอบอ านาจ ( ) ลงช อ...พยาน ( ) ลงช อ...พยาน ( ) หมายเหต โปรดแนบส าเนาบ ตรประชาชน หร อ หน งส อร บรองการจดทะเบ ยนน ต บ คคลของผ มอบอ านาจและบ ตร ประชาชนของผ ร บมอบอ านาจ ซ งลงลายม อช อร บรองส าเนาถ กต องมาพร อมหน งส อมอบอ านาจน * อากรแสตมป ม ลค า 10 บาท กรณ ท ต องการมอบอ านาจให ย นแบบตอบร บค าเสนอซ ออย างเด ยว อากรแสตมป ม ลค า 30 บาท กรณ ท ต องการมอบอ านาจให ย นแบบตอบร บค าเสนอซ อและร บเช ค ช าระเง น หร อย นแบบยกเล กการแสดงเจตนาขายหล กทร พย

71 เอกสารแนบ 4 แบบแจ งต นท นหล กทร พย ท แสดงเจตนาขาย

72 เอกสารแนบ 4 แบบแจ งต นท นหล กทร พย ท แสดงเจตนาขาย (เฉพาะน ต บ คคลต างประเทศท ไม ได ประกอบก จการในไทย) ว นท... เร ยน บร ษ ทหล กทร พย เมย แบงก ก มเอ ง (ประเทศไทย) จ าก ด (มหาชน) ( ต วแทนในการร บซ อหล กทร พย ) ข าพเจ า. ส ญชาต เลขประจ าต วผ เส ยภาษ (ถ าม ) ได ตกลงขายห นสาม ญของบร ษ ท ไดอ กร ป จ าก ด (มหาชน) จ านวน... ห น ตามค าเสนอซ อหล กทร พย โดยหน งส อฉบ บน ข าพเจ าขอแจ งข อม ลราคา ต นท นของหล กทร พย ท ได แสดงเจตนาในคร งน (ตามหล กฐานแนบ) เพ อเป นหล กฐานประกอบการห ก ภาษ ณ ท จ าย ด งน เลขท ใบห น/เลขท ใบโอน (ว นท โอน) ช อผ ถ อห นตามทะเบ ยน จ านวนห น ต นท นห นละ (บาท) รวมท งส น พร อมก นน ข าพเจ าได แนบ... รวม ฉบ บ เพ อเป นหล กฐานแสดงราคาต นท นของหล กทร พย ประกอบการห กภาษ ณ ท จ าย ณ ท น ข าพเจ าขอร บรองว ารายการด งกล าวข างต นถ กต องตรงตามความเป นจร งท กประการ ลงช อ...ผ แสดงเจตนาขาย ( ) หมายเหต หากผ แสดงเจตนาขายซ งเป นน ต บ คคลต างประเทศม ได ระบ ราคาต นท น หร อแนบหล กฐาน แสดงราคาต นท นมาพร อมก บใบย นย นราคาต นท นหล กทร พย ต วแทนในการร บซ อหล กทร พย จะห กภาษ ณ ท จ าย โดยค ดค านวณภาษ จากจ านวนเง น ค าขายหล กทร พย ท งจ านวนท ผ แสดง เจตนาขายจะได ร บ

73 Attachment 4 Confirmation of Securities Cost Form for NVDR (For Foreign Juristic Person Only) Date To Maybank Kim Eng Securities (Thailand) Plc. ( Tender Offer Agents ) I/We Nationality Tax Identification No. (if any) would like to declare the Securities cost base of Daii Group Public Company Limited NVDRs being offered for purchase as follows : NVDR certificate No./Transfer slip No. (Transfer date) No. of NVDRs Cost per NVDR (Baht) Total I/We hereby, attach Totaling calculating withholding tax , as evidence(s) of the cost of the NVDRs for I/We hereby certify that the above statements are true. Signature Offeree ( ) Remark: A Foreign Juristic Person must declare the cost base of NVDRs by submitting this Confirmation of Securities Cost Form with the evidence that demonstrates the cost base. If the Offeree fails to declare the cost base and to submit proper evidence of the cost base, withholding tax will be imposed on the entire proceeds of the sale.

74 เอกสารแนบ 5 แบบค าขอแก ไขข อม ลผ ถ อหล กทร พย

75 ก ก ก 10 (ก ) / /..... ก ก ( ) ก ( ก ) ก ก (ก ก ) ก ก ก ก ก ( ).. ก ก ก ก 5 ก ก ก ก ก ก ก ก ก ( ก ก / ) ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก... ก (...).... ก ก ก ก... ก (...) (...) ก ก ก...

76 ก ก ก ก ก ก 1. ก ก ก ก ก ก 2. ก ก ก ก ก / - ก ก ก,, ก, ก, ก ก ก ( ก ก ก ) ก ก ( ก ก ) 3. ก ( ก ก ) ก ก ก ก - ก ก ก ก ก * ก ( ) * ก ก ก ก ก ก ก ก ก / ( ก 90 ก ก ก ) - / * ก ก ( ก ) * ก ก ก - Notary Public ก ก Notary Public ก ก ก 1 - ก ( ) - / ก ก ( ก ) ก ( ก ก 1 ) ก ก ก 2. / / ก ก ก ก ก ( ก ) 1. ก ก ก 2. ก ก ก ก ก ก ก ก 3. ก ก ก ก ก ก ก ก ก 1. Notary Public ก ก ก ก ก ก Notary Public ก 2. ก ก ก Notary Public ก 1. ก ก ก 1