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Debt Securities Analysis
Planet Energy Holdings Pte. Ltd.

5 May 2020
?
Basic Information
Planet Energy Holdings Pte. Ltd. ("PEH")
Date of Company Establishment and Registration    :    11 April 2014
Location of Head Office    :    1 Raffles Places # 28-02 One Raffles Place, Singapore 
048616
Nationality    :    Singapore
Authorized Capital    :    USD 113.997 million
Paid-up Capital
    :
    USD 113.997 million
It is divided into 50,000 ordinary shares.
Conducting Business     :    PEH is engaged in holding shares of other companies. The 
controlling person and ultimate shareholder are the shareholder of Green Earth
Power (Thailand) Co., Ltd ("GEP") both directly and indirectly, accounted for
28% of the total paid-up shares. GEP is currently engaged in business of
designing and consulting on engineering infrastructure, renewable energy
business and generating solar power for distribution to both public and private
sectors. PEH is holding 6.72 % of the total shares sold of META Corporation Pcl.
("META"), which is engaged in the engineering, procurement and construction, as
 well as investments in renewable energy.
The Board of Directors of PEH
No.    List of Directors    Nationality    Position
1    Tan Lian Kiow Chai Bak Hua    Singapore    Authorized Director Signature
2    Aung Thita (Mr. Aung Thiha)    Burma    Authorized Director Signature
3    Mr. Supasit Pokinjarurat    Thai    Authorized Director Signature

Major Shareholder of PEH
No.    List of Shareholders    Nationality    Number of shares    Proportion
1    AVA Asia Ltd.    British Virgin Islands    50,000    100%





Company Group Structure
















The structure of the Group Noble Planet Pte. Ltd. ("NBP") is a Holding Company 
with Singapore Wealthy Capital Consulting Ltd., as a major shareholder only
totaling 50,000 shares with the registered capital of USD 61.67 million and also
the Board of Directors in the same group as PEH. However, The NBP is a company
that holds ordinary shares of GEP in the same order as PEH and a stake in GEP
28.00 % of total shares sold.

Analysis of PEH Subsidiaries

As PEH and NBP have the same group of ultimate shareholders, the NBP subsidiary 
is analyzed GEP, which operates in the form of holding shares of other
companies. Currently, GEP is engaged in business of designing and consulting on
engineering infrastructure, renewable energy business and generating solar power
for distribution to both public and private sectors by holding shares of GEP
(Myanmar) Co., Ltd. ("GEPM") in a proportion of 100 % of the total shares sold
which is a source of income for GEP with the details as follows.

Green Earth Power (Thailand) Co., Ltd. ("GEP")
Date of Company Establishment and Registration    :    30 April 1985
Location of Head Office    :    33/4 Towers Grand Rama 9, 36th Fl., Huaykwang 
Subdistrict, Huaykwang District, Bangkok 10310
Authorized Capital    :    215.76 million baht
It is divided into ordinary shares of 2,157,558 shares with a par value of 100 
baht per share.
Paid-up Capital    :    215.76 million baht
Conducting Business     :    PEH is engaged in holding shares of other companies and 
no business of their own, holding 100% of the total shares sold of GEP (Myanmar)
 Company Limited ("GEPM").


GEP (Myanmar) Co., Ltd. ("GEPM")
Date of Company Establishment and Registration    :    16 February 2016
Nationality    :    Myanmar
Location of Head Office    :    Suite 213, 2nd Floor, Pearl Condo. Kabar Aye Pagoda 
Road, Bahan Township, Yangon, Myanmar
Authorized Capital    :    USD 500 million
It is divided into ordinary shares of 500 shares with a par value of USD 1 per 
share.
Paid-up Capital        USD 7.64 million
Conducting Business     :    GEPM, a subsidiary of GEP was established by law in 
Myanmar. At present, GEPM operates the business as follows:
1.    Business related to electricity generators and equipment to generate 
electricity from clean and renewable energy such as solar and wind power,
including consulting, installation, inspection, repair and maintenance and
related services.
2.    Operation of electricity for distribution to agencies, both public and 
private in the domestic and foreign.
?
    The GEPM (a subsidiary of GEP) is under process of developing a ground-mounted 
solar power plant project in Minbu City, Magway District, Republic of the Union
of Myanmar ("Minbu Power Plant Project" or "Project"). The total installed
capacity of 220 megawatts (direct current) power generation to 170 megawatts
(alternating current).    
    However, GEPM had entered into a power purchase agreement with the government 
agencies of the Republic of the Union of Myanmar governing the production and
distribution of electricity including Electric Power Generation Enterprise
("EPGE") on 20 March 2016 and every phase of the project had received MIC Permit
dated 12 April 2017. The agreement had been granted in the form of BOT
(Built-Operate-Transfer) with a term of 30 years from the date of commencement
of commercial operation of electricity distribution (COD) of Phase 1 and the
power purchase rate at USD 0.1275 per kilowatt - hour.
    The GEPM began commercial electricity sales (Commercial Operation Date: COD) of
solar power projects Phase 1 with capacity of 50 megawatts (direct current) in
Minbu City, Myanmar on 27 September 2019. In this regard, GEPM received an
official notice letter starting the commercial electricity distribution (COD)
from the Electric Power Generation Enterprise ("EPGE") on 15 November 2019. In
the aforementioned letter, the GEP can begin to recognize revenue immediately,
with retroactive effect from 27 September 2019. GEP has currently revenues of
approximately USD 9 million per month for the Phase 1 project and predicted that
once the construction is completed, then all will be able to recognize revenue
from electricity sales for the full year of approximately USD 40.79 million and
an average net profit of USD 15.80.

GEP stock valuation
The valuation GEP shares had analyzed based on the estimated fair value of GEP, 
which report was prepared by a financial advisor approved by the Office of the
Securities and Exchange Commission in February 2020.
With reference to the financial advisor, the value of GEP has been assessed by 
the discounted cash flow approach which calculates the present value of
estimated net cash flow from operations with appropriate discount rate. In
consideration of the implementation of GEP in the future based on the assumption
that make by the financial advisor, GEP fair value of net cash flows received
from the META not be responsible to raise funds for the investment of GEP. With
regard to the agreement between the shareholders is equal to 3,928.81 million
baht,  the PEH and NBP have a stake in GEP 28.00 % of the total shares sold1.
The value of ordinary shares is therefore equal to 1,100.07 million baht.
Additional information concerning the financial status of authorized control 
person and ultimate shareholder of PEH
Currently, Mr. Supasit Pokinjarurat and Mr. Aung Thiha are the controlling 
person and the ultimate shareholder, both directly and indirectly in equal
proportion to 50.00% of the authorized and paid-up capital of AVA Asia Ltd. and
Wealthy Capital Consulting Ltd. which is a company that holds all shares of PEH
and NBP respectively. In any case, the PEH and NBP stake in GEP together
accounted for 28.00 % of the total shares sold.
In the second quarter of 2015, Meta Corporation Pcl. ("META") (formerly Vintage 
Engineering Pcl.) had invested in GEP ordinary shares of the proportion to 12.00
% of the total shares sold by GEP. META issued 85,637,713 newly issued ordinary
shares to pay for such investment to PEH shareholders. PEH had a stake in the
META accounted for 6.72 % of the total shares sold2 as of 25 March 2020.
During the second quarter of 2017, PEH and NBP sold GEP's ordinary shares to 
QTCGP and ECF-Power in the proportion to 15% and 20 % of the total shares sold,
respectively. However, QTCGP had exercised the right to sell the ordinary shares
back to the seller in the proportion to 15.00 % of the total shares sold of GEP
on 31 January 2018. PEH sold GEP's ordinary shares to Scan Inter Pcl. ("SCN")
in the proportion to 30 % of the GEP's total shares sold in the second quarter
of 2018. PEH and the NBP had a stake in GEP combination accounted for 28.00 % of
 the total shares sold.





1 Since on 31 January 2018, QTCGP had exercised its right to sell ordinary 
shares to 15% of the total shares sold of GEP return to seller. Therefore, PEH
and the NBP had increased its stake from 53.00% to 68.00% of the total shares
sold of GEP. With reference to the shareholding proportion after entering into
the transaction information regarding ECF Acquisition of Assets Re: Acquisition
Shares of GEP as of 11 May 2017 and document of exercise notice for share sales
by 15 % in GEP return to the seller (Amended version) as of 31 January 2018, the
SCN had bought ordinary shares for 30 % of the total shares sold by GEP
referencing information from the of assets acquisition of SCN Re: The
Acquisition of GEP's shares as of 11 May 2018. The SCN had bought a 10 % share
of the total shares sold of GEP from NBP according to the additional
clarification document on the acquisition of additional shares in GEP (Amended
version) as of 24 December 2019.
2 The referral information from shareholding proportion of PEH in META as of 29 
April 2020 from SETSMART.
Thus, the assets of Mr. Supasit Pokinjarurat and Mr. Aung together can be 
summarized as follows.
No.    Description    Value (Million Baht)
1.    The value of META's ordinary shares in the proportion 6.72%    86.923
2.    The value of GEP's ordinary shares in the proportion 28.00%    1,100.074
    Total    1,186.99
In addition, the controlling person and ultimate shareholder have cash from the 
sale of GEP's ordinary shares to ECF Power and SCN equal to 310.05 and 313.72
million baht, totaling 623.77 million baht5, which is reinvested in the
development of GEP solar power plant projects.
Opinion of Analysis Department

For evaluating the assets of controlling person and ultimate shareholder of PEH 
and NBP, which consists of the value of META and GEP ordinary shares and cash
received from the sale of GEP ordinary shares to ECF-Power and SCN.
In terms of META ordinary shares valuation, the analysis had been based on a 
market capitalization as of 29 April 2020 and the proportion holding of PEH to
6.72 % of the total shares sold of META. Therefore, the value of META ordinary
shares held by the controlling person and PEH's ultimate shareholder which is
6.72 % of the total shares sold, equal to 86.92 million baht.
The valuation of ordinary shares in GEP was analyzed by reference to GEP's fair 
valuation report which had been prepared by a financial advisor with the
approval of the Office of the Securities and Exchange Commission in February
2020. The Securities and Exchange Commission had carefully evaluated on
reasonable assumptions and using the net present value of cash flows by the
Analytical Department of the opinion that it is appropriate. Therefore, the
value of GEP ordinary shares which the controlling person and the ultimate
shareholder of PEH and NBP are holding to 28.00% of the total shares sold, it is
 equal to 1,100.07 million baht.
3 Calculated by multiplying the number of META shares at PEH holdings with a 
weighted average price (VWAP) dating back 365 day (Between 2 November 2018 - 28
April 2019) with reference to the shareholding proportion as of 29 April 2020
and the volume and value of shares traded from SETSMART.
4 The value of GEP's ordinary shares is derived from the fair valuation report 
which had been prepared by a financial advisor with the approval of the Office
of the Securities and Exchange Commission in February 2020.
5 PEH's short-term bond or bill of exchange (B / E) value at AQ Estate Pcl. 
("AQ") approved renewal of the bill of exchange as of April 24, 2020 (Source:
AQ).
In addition, the controlling person and ultimate shareholder of PEH and NBP also
receive cash from the sale of GEP's ordinary shares to the ECF-Power and SCN
equal to 623.77 million baht, which is reinvested to develop the GEP solar power
plant project. Thus, the controlling person and ultimate shareholder of PEH and
NBP assets have the total assets of 1,810.76 million baht. The conclusion for
assets value of the controlling person and ultimate shareholder of PEH and NBP
are sufficiently higher to settle short-term debt instruments or bills of
exchange (B/E) issued by PEH which equals 1,072.16 million baht5, representing
approximately 1.69 times the value of short-term debt or bills of exchange
(B/E). Therefore, the analytical department believes that investors in such
short-term debt instruments may consider gradual partial repayment due to the
frequent restructuring of PEH and NBP.

















Minbu Power Plant Project Photos

















Debt Securities Analysis
Planet Energy Holdings Pte. Ltd.

5 May 2020
?
Basic Information
Planet Energy Holdings Pte. Ltd. ("PEH")
Date of Company Establishment and Registration    :    11 April 2014
Location of Head Office    :    1 Raffles Places # 28-02 One Raffles Place, Singapore 
048616
Nationality    :    Singapore
Authorized Capital    :    USD 113.997 million
Paid-up Capital
    :
    USD 113.997 million
It is divided into 50,000 ordinary shares.
Conducting Business     :    PEH is engaged in holding shares of other companies. The 
controlling person and ultimate shareholder are the shareholder of Green Earth
Power (Thailand) Co., Ltd ("GEP") both directly and indirectly, accounted for
28% of the total paid-up shares. GEP is currently engaged in business of
designing and consulting on engineering infrastructure, renewable energy
business and generating solar power for distribution to both public and private
sectors. PEH is holding 6.72 % of the total shares sold of META Corporation Pcl.
("META"), which is engaged in the engineering, procurement and construction, as
 well as investments in renewable energy.
The Board of Directors of PEH
No.    List of Directors    Nationality    Position
1    Tan Lian Kiow Chai Bak Hua    Singapore    Authorized Director Signature
2    Aung Thita (Mr. Aung Thiha)    Burma    Authorized Director Signature
3    Mr. Supasit Pokinjarurat    Thai    Authorized Director Signature

Major Shareholder of PEH
No.    List of Shareholders    Nationality    Number of shares    Proportion
1    AVA Asia Ltd.    British Virgin Islands    50,000    100%





Company Group Structure
















The structure of the Group Noble Planet Pte. Ltd. ("NBP") is a Holding Company 
with Singapore Wealthy Capital Consulting Ltd., as a major shareholder only
totaling 50,000 shares with the registered capital of USD 61.67 million and also
the Board of Directors in the same group as PEH. However, The NBP is a company
that holds ordinary shares of GEP in the same order as PEH and a stake in GEP
28.00 % of total shares sold.

Analysis of PEH Subsidiaries

As PEH and NBP have the same group of ultimate shareholders, the NBP subsidiary 
is analyzed GEP, which operates in the form of holding shares of other
companies. Currently, GEP is engaged in business of designing and consulting on
engineering infrastructure, renewable energy business and generating solar power
for distribution to both public and private sectors by holding shares of GEP
(Myanmar) Co., Ltd. ("GEPM") in a proportion of 100 % of the total shares sold
which is a source of income for GEP with the details as follows.

Green Earth Power (Thailand) Co., Ltd. ("GEP")
Date of Company Establishment and Registration    :    30 April 1985
Location of Head Office    :    33/4 Towers Grand Rama 9, 36th Fl., Huaykwang 
Subdistrict, Huaykwang District, Bangkok 10310
Authorized Capital    :    215.76 million baht
It is divided into ordinary shares of 2,157,558 shares with a par value of 100 
baht per share.
Paid-up Capital    :    215.76 million baht
Conducting Business     :    PEH is engaged in holding shares of other companies and 
no business of their own, holding 100% of the total shares sold of GEP (Myanmar)
 Company Limited ("GEPM").


GEP (Myanmar) Co., Ltd. ("GEPM")
Date of Company Establishment and Registration    :    16 February 2016
Nationality    :    Myanmar
Location of Head Office    :    Suite 213, 2nd Floor, Pearl Condo. Kabar Aye Pagoda 
Road, Bahan Township, Yangon, Myanmar
Authorized Capital    :    USD 500 million
It is divided into ordinary shares of 500 shares with a par value of USD 1 per 
share.
Paid-up Capital        USD 7.64 million
Conducting Business     :    GEPM, a subsidiary of GEP was established by law in 
Myanmar. At present, GEPM operates the business as follows:
1.    Business related to electricity generators and equipment to generate 
electricity from clean and renewable energy such as solar and wind power,
including consulting, installation, inspection, repair and maintenance and
related services.
2.    Operation of electricity for distribution to agencies, both public and 
private in the domestic and foreign.
?
    The GEPM (a subsidiary of GEP) is under process of developing a ground-mounted 
solar power plant project in Minbu City, Magway District, Republic of the Union
of Myanmar ("Minbu Power Plant Project" or "Project"). The total installed
capacity of 220 megawatts (direct current) power generation to 170 megawatts
(alternating current).    
    However, GEPM had entered into a power purchase agreement with the government 
agencies of the Republic of the Union of Myanmar governing the production and
distribution of electricity including Electric Power Generation Enterprise
("EPGE") on 20 March 2016 and every phase of the project had received MIC Permit
dated 12 April 2017. The agreement had been granted in the form of BOT
(Built-Operate-Transfer) with a term of 30 years from the date of commencement
of commercial operation of electricity distribution (COD) of Phase 1 and the
power purchase rate at USD 0.1275 per kilowatt - hour.
    The GEPM began commercial electricity sales (Commercial Operation Date: COD) of
solar power projects Phase 1 with capacity of 50 megawatts (direct current) in
Minbu City, Myanmar on 27 September 2019. In this regard, GEPM received an
official notice letter starting the commercial electricity distribution (COD)
from the Electric Power Generation Enterprise ("EPGE") on 15 November 2019. In
the aforementioned letter, the GEP can begin to recognize revenue immediately,
with retroactive effect from 27 September 2019. GEP has currently revenues of
approximately USD 9 million per month for the Phase 1 project and predicted that
once the construction is completed, then all will be able to recognize revenue
from electricity sales for the full year of approximately USD 40.79 million and
an average net profit of USD 15.80.

GEP stock valuation
The valuation GEP shares had analyzed based on the estimated fair value of GEP, 
which report was prepared by a financial advisor approved by the Office of the
Securities and Exchange Commission in February 2020.
With reference to the financial advisor, the value of GEP has been assessed by 
the discounted cash flow approach which calculates the present value of
estimated net cash flow from operations with appropriate discount rate. In
consideration of the implementation of GEP in the future based on the assumption
that make by the financial advisor, GEP fair value of net cash flows received
from the META not be responsible to raise funds for the investment of GEP. With
regard to the agreement between the shareholders is equal to 3,928.81 million
baht,  the PEH and NBP have a stake in GEP 28.00 % of the total shares sold1.
The value of ordinary shares is therefore equal to 1,100.07 million baht.
Additional information concerning the financial status of authorized control 
person and ultimate shareholder of PEH
Currently, Mr. Supasit Pokinjarurat and Mr. Aung Thiha are the controlling 
person and the ultimate shareholder, both directly and indirectly in equal
proportion to 50.00% of the authorized and paid-up capital of AVA Asia Ltd. and
Wealthy Capital Consulting Ltd. which is a company that holds all shares of PEH
and NBP respectively. In any case, the PEH and NBP stake in GEP together
accounted for 28.00 % of the total shares sold.
In the second quarter of 2015, Meta Corporation Pcl. ("META") (formerly Vintage 
Engineering Pcl.) had invested in GEP ordinary shares of the proportion to 12.00
% of the total shares sold by GEP. META issued 85,637,713 newly issued ordinary
shares to pay for such investment to PEH shareholders. PEH had a stake in the
META accounted for 6.72 % of the total shares sold2 as of 25 March 2020.
During the second quarter of 2017, PEH and NBP sold GEP's ordinary shares to 
QTCGP and ECF-Power in the proportion to 15% and 20 % of the total shares sold,
respectively. However, QTCGP had exercised the right to sell the ordinary shares
back to the seller in the proportion to 15.00 % of the total shares sold of GEP
on 31 January 2018. PEH sold GEP's ordinary shares to Scan Inter Pcl. ("SCN")
in the proportion to 30 % of the GEP's total shares sold in the second quarter
of 2018. PEH and the NBP had a stake in GEP combination accounted for 28.00 % of
 the total shares sold.





1 Since on 31 January 2018, QTCGP had exercised its right to sell ordinary 
shares to 15% of the total shares sold of GEP return to seller. Therefore, PEH
and the NBP had increased its stake from 53.00% to 68.00% of the total shares
sold of GEP. With reference to the shareholding proportion after entering into
the transaction information regarding ECF Acquisition of Assets Re: Acquisition
Shares of GEP as of 11 May 2017 and document of exercise notice for share sales
by 15 % in GEP return to the seller (Amended version) as of 31 January 2018, the
SCN had bought ordinary shares for 30 % of the total shares sold by GEP
referencing information from the of assets acquisition of SCN Re: The
Acquisition of GEP's shares as of 11 May 2018. The SCN had bought a 10 % share
of the total shares sold of GEP from NBP according to the additional
clarification document on the acquisition of additional shares in GEP (Amended
version) as of 24 December 2019.
2 The referral information from shareholding proportion of PEH in META as of 29 
April 2020 from SETSMART.
Thus, the assets of Mr. Supasit Pokinjarurat and Mr. Aung together can be 
summarized as follows.
No.    Description    Value (Million Baht)
1.    The value of META's ordinary shares in the proportion 6.72%    86.923
2.    The value of GEP's ordinary shares in the proportion 28.00%    1,100.074
    Total    1,186.99
In addition, the controlling person and ultimate shareholder have cash from the 
sale of GEP's ordinary shares to ECF Power and SCN equal to 310.05 and 313.72
million baht, totaling 623.77 million baht5, which is reinvested in the
development of GEP solar power plant projects.
Opinion of Analysis Department

For evaluating the assets of controlling person and ultimate shareholder of PEH 
and NBP, which consists of the value of META and GEP ordinary shares and cash
received from the sale of GEP ordinary shares to ECF-Power and SCN.
In terms of META ordinary shares valuation, the analysis had been based on a 
market capitalization as of 29 April 2020 and the proportion holding of PEH to
6.72 % of the total shares sold of META. Therefore, the value of META ordinary
shares held by the controlling person and PEH's ultimate shareholder which is
6.72 % of the total shares sold, equal to 86.92 million baht.
The valuation of ordinary shares in GEP was analyzed by reference to GEP's fair 
valuation report which had been prepared by a financial advisor with the
approval of the Office of the Securities and Exchange Commission in February
2020. The Securities and Exchange Commission had carefully evaluated on
reasonable assumptions and using the net present value of cash flows by the
Analytical Department of the opinion that it is appropriate. Therefore, the
value of GEP ordinary shares which the controlling person and the ultimate
shareholder of PEH and NBP are holding to 28.00% of the total shares sold, it is
 equal to 1,100.07 million baht.
3 Calculated by multiplying the number of META shares at PEH holdings with a 
weighted average price (VWAP) dating back 365 day (Between 2 November 2018 - 28
April 2019) with reference to the shareholding proportion as of 29 April 2020
and the volume and value of shares traded from SETSMART.
4 The value of GEP's ordinary shares is derived from the fair valuation report 
which had been prepared by a financial advisor with the approval of the Office
of the Securities and Exchange Commission in February 2020.
5 PEH's short-term bond or bill of exchange (B / E) value at AQ Estate Pcl. 
("AQ") approved renewal of the bill of exchange as of April 24, 2020 (Source:
AQ).
In addition, the controlling person and ultimate shareholder of PEH and NBP also
receive cash from the sale of GEP's ordinary shares to the ECF-Power and SCN
equal to 623.77 million baht, which is reinvested to develop the GEP solar power
plant project. Thus, the controlling person and ultimate shareholder of PEH and
NBP assets have the total assets of 1,810.76 million baht. The conclusion for
assets value of the controlling person and ultimate shareholder of PEH and NBP
are sufficiently higher to settle short-term debt instruments or bills of
exchange (B/E) issued by PEH which equals 1,072.16 million baht5, representing
approximately 1.69 times the value of short-term debt or bills of exchange
(B/E). Therefore, the analytical department believes that investors in such
short-term debt instruments may consider gradual partial repayment due to the
frequent restructuring of PEH and NBP.

















Minbu Power Plant Project Photos























Debt Securities Analysis
Planet Energy Holdings Pte. Ltd.

5 May 2020
?
Basic Information
Planet Energy Holdings Pte. Ltd. ("PEH")
Date of Company Establishment and Registration    :    11 April 2014
Location of Head Office    :    1 Raffles Places # 28-02 One Raffles Place, Singapore 
048616
Nationality    :    Singapore
Authorized Capital    :    USD 113.997 million
Paid-up Capital
    :
    USD 113.997 million
It is divided into 50,000 ordinary shares.
Conducting Business     :    PEH is engaged in holding shares of other companies. The 
controlling person and ultimate shareholder are the shareholder of Green Earth
Power (Thailand) Co., Ltd ("GEP") both directly and indirectly, accounted for
28% of the total paid-up shares. GEP is currently engaged in business of
designing and consulting on engineering infrastructure, renewable energy
business and generating solar power for distribution to both public and private
sectors. PEH is holding 6.72 % of the total shares sold of META Corporation Pcl.
("META"), which is engaged in the engineering, procurement and construction, as
 well as investments in renewable energy.
The Board of Directors of PEH
No.    List of Directors    Nationality    Position
1    Tan Lian Kiow Chai Bak Hua    Singapore    Authorized Director Signature
2    Aung Thita (Mr. Aung Thiha)    Burma    Authorized Director Signature
3    Mr. Supasit Pokinjarurat    Thai    Authorized Director Signature

Major Shareholder of PEH
No.    List of Shareholders    Nationality    Number of shares    Proportion
1    AVA Asia Ltd.    British Virgin Islands    50,000    100%





Company Group Structure
















The structure of the Group Noble Planet Pte. Ltd. ("NBP") is a Holding Company 
with Singapore Wealthy Capital Consulting Ltd., as a major shareholder only
totaling 50,000 shares with the registered capital of USD 61.67 million and also
the Board of Directors in the same group as PEH. However, The NBP is a company
that holds ordinary shares of GEP in the same order as PEH and a stake in GEP
28.00 % of total shares sold.

Analysis of PEH Subsidiaries

As PEH and NBP have the same group of ultimate shareholders, the NBP subsidiary 
is analyzed GEP, which operates in the form of holding shares of other
companies. Currently, GEP is engaged in business of designing and consulting on
engineering infrastructure, renewable energy business and generating solar power
for distribution to both public and private sectors by holding shares of GEP
(Myanmar) Co., Ltd. ("GEPM") in a proportion of 100 % of the total shares sold
which is a source of income for GEP with the details as follows.

Green Earth Power (Thailand) Co., Ltd. ("GEP")
Date of Company Establishment and Registration    :    30 April 1985
Location of Head Office    :    33/4 Towers Grand Rama 9, 36th Fl., Huaykwang 
Subdistrict, Huaykwang District, Bangkok 10310
Authorized Capital    :    215.76 million baht
It is divided into ordinary shares of 2,157,558 shares with a par value of 100 
baht per share.
Paid-up Capital    :    215.76 million baht
Conducting Business     :    PEH is engaged in holding shares of other companies and 
no business of their own, holding 100% of the total shares sold of GEP (Myanmar)
 Company Limited ("GEPM").


GEP (Myanmar) Co., Ltd. ("GEPM")
Date of Company Establishment and Registration    :    16 February 2016
Nationality    :    Myanmar
Location of Head Office    :    Suite 213, 2nd Floor, Pearl Condo. Kabar Aye Pagoda 
Road, Bahan Township, Yangon, Myanmar
Authorized Capital    :    USD 500 million
It is divided into ordinary shares of 500 shares with a par value of USD 1 per 
share.
Paid-up Capital        USD 7.64 million
Conducting Business     :    GEPM, a subsidiary of GEP was established by law in 
Myanmar. At present, GEPM operates the business as follows:
1.    Business related to electricity generators and equipment to generate 
electricity from clean and renewable energy such as solar and wind power,
including consulting, installation, inspection, repair and maintenance and
related services.
2.    Operation of electricity for distribution to agencies, both public and 
private in the domestic and foreign.
?
    The GEPM (a subsidiary of GEP) is under process of developing a ground-mounted 
solar power plant project in Minbu City, Magway District, Republic of the Union
of Myanmar ("Minbu Power Plant Project" or "Project"). The total installed
capacity of 220 megawatts (direct current) power generation to 170 megawatts
(alternating current).    
    However, GEPM had entered into a power purchase agreement with the government 
agencies of the Republic of the Union of Myanmar governing the production and
distribution of electricity including Electric Power Generation Enterprise
("EPGE") on 20 March 2016 and every phase of the project had received MIC Permit
dated 12 April 2017. The agreement had been granted in the form of BOT
(Built-Operate-Transfer) with a term of 30 years from the date of commencement
of commercial operation of electricity distribution (COD) of Phase 1 and the
power purchase rate at USD 0.1275 per kilowatt - hour.
    The GEPM began commercial electricity sales (Commercial Operation Date: COD) of
solar power projects Phase 1 with capacity of 50 megawatts (direct current) in
Minbu City, Myanmar on 27 September 2019. In this regard, GEPM received an
official notice letter starting the commercial electricity distribution (COD)
from the Electric Power Generation Enterprise ("EPGE") on 15 November 2019. In
the aforementioned letter, the GEP can begin to recognize revenue immediately,
with retroactive effect from 27 September 2019. GEP has currently revenues of
approximately USD 9 million per month for the Phase 1 project and predicted that
once the construction is completed, then all will be able to recognize revenue
from electricity sales for the full year of approximately USD 40.79 million and
an average net profit of USD 15.80.

GEP stock valuation
The valuation GEP shares had analyzed based on the estimated fair value of GEP, 
which report was prepared by a financial advisor approved by the Office of the
Securities and Exchange Commission in February 2020.
With reference to the financial advisor, the value of GEP has been assessed by 
the discounted cash flow approach which calculates the present value of
estimated net cash flow from operations with appropriate discount rate. In
consideration of the implementation of GEP in the future based on the assumption
that make by the financial advisor, GEP fair value of net cash flows received
from the META not be responsible to raise funds for the investment of GEP. With
regard to the agreement between the shareholders is equal to 3,928.81 million
baht,  the PEH and NBP have a stake in GEP 28.00 % of the total shares sold1.
The value of ordinary shares is therefore equal to 1,100.07 million baht.
Additional information concerning the financial status of authorized control 
person and ultimate shareholder of PEH
Currently, Mr. Supasit Pokinjarurat and Mr. Aung Thiha are the controlling 
person and the ultimate shareholder, both directly and indirectly in equal
proportion to 50.00% of the authorized and paid-up capital of AVA Asia Ltd. and
Wealthy Capital Consulting Ltd. which is a company that holds all shares of PEH
and NBP respectively. In any case, the PEH and NBP stake in GEP together
accounted for 28.00 % of the total shares sold.
In the second quarter of 2015, Meta Corporation Pcl. ("META") (formerly Vintage 
Engineering Pcl.) had invested in GEP ordinary shares of the proportion to 12.00
% of the total shares sold by GEP. META issued 85,637,713 newly issued ordinary
shares to pay for such investment to PEH shareholders. PEH had a stake in the
META accounted for 6.72 % of the total shares sold2 as of 25 March 2020.
During the second quarter of 2017, PEH and NBP sold GEP's ordinary shares to 
QTCGP and ECF-Power in the proportion to 15% and 20 % of the total shares sold,
respectively. However, QTCGP had exercised the right to sell the ordinary shares
back to the seller in the proportion to 15.00 % of the total shares sold of GEP
on 31 January 2018. PEH sold GEP's ordinary shares to Scan Inter Pcl. ("SCN")
in the proportion to 30 % of the GEP's total shares sold in the second quarter
of 2018. PEH and the NBP had a stake in GEP combination accounted for 28.00 % of
 the total shares sold.





1 Since on 31 January 2018, QTCGP had exercised its right to sell ordinary 
shares to 15% of the total shares sold of GEP return to seller. Therefore, PEH
and the NBP had increased its stake from 53.00% to 68.00% of the total shares
sold of GEP. With reference to the shareholding proportion after entering into
the transaction information regarding ECF Acquisition of Assets Re: Acquisition
Shares of GEP as of 11 May 2017 and document of exercise notice for share sales
by 15 % in GEP return to the seller (Amended version) as of 31 January 2018, the
SCN had bought ordinary shares for 30 % of the total shares sold by GEP
referencing information from the of assets acquisition of SCN Re: The
Acquisition of GEP's shares as of 11 May 2018. The SCN had bought a 10 % share
of the total shares sold of GEP from NBP according to the additional
clarification document on the acquisition of additional shares in GEP (Amended
version) as of 24 December 2019.
2 The referral information from shareholding proportion of PEH in META as of 29 
April 2020 from SETSMART.
Thus, the assets of Mr. Supasit Pokinjarurat and Mr. Aung together can be 
summarized as follows.
No.    Description    Value (Million Baht)
1.    The value of META's ordinary shares in the proportion 6.72%    86.923
2.    The value of GEP's ordinary shares in the proportion 28.00%    1,100.074
    Total    1,186.99
In addition, the controlling person and ultimate shareholder have cash from the 
sale of GEP's ordinary shares to ECF Power and SCN equal to 310.05 and 313.72
million baht, totaling 623.77 million baht5, which is reinvested in the
development of GEP solar power plant projects.
Opinion of Analysis Department

For evaluating the assets of controlling person and ultimate shareholder of PEH 
and NBP, which consists of the value of META and GEP ordinary shares and cash
received from the sale of GEP ordinary shares to ECF-Power and SCN.
In terms of META ordinary shares valuation, the analysis had been based on a 
market capitalization as of 29 April 2020 and the proportion holding of PEH to
6.72 % of the total shares sold of META. Therefore, the value of META ordinary
shares held by the controlling person and PEH's ultimate shareholder which is
6.72 % of the total shares sold, equal to 86.92 million baht.
The valuation of ordinary shares in GEP was analyzed by reference to GEP's fair 
valuation report which had been prepared by a financial advisor with the
approval of the Office of the Securities and Exchange Commission in February
2020. The Securities and Exchange Commission had carefully evaluated on
reasonable assumptions and using the net present value of cash flows by the
Analytical Department of the opinion that it is appropriate. Therefore, the
value of GEP ordinary shares which the controlling person and the ultimate
shareholder of PEH and NBP are holding to 28.00% of the total shares sold, it is
 equal to 1,100.07 million baht.
3 Calculated by multiplying the number of META shares at PEH holdings with a 
weighted average price (VWAP) dating back 365 day (Between 2 November 2018 - 28
April 2019) with reference to the shareholding proportion as of 29 April 2020
and the volume and value of shares traded from SETSMART.
4 The value of GEP's ordinary shares is derived from the fair valuation report 
which had been prepared by a financial advisor with the approval of the Office
of the Securities and Exchange Commission in February 2020.
5 PEH's short-term bond or bill of exchange (B / E) value at AQ Estate Pcl. 
("AQ") approved renewal of the bill of exchange as of April 24, 2020 (Source:
AQ).
In addition, the controlling person and ultimate shareholder of PEH and NBP also
receive cash from the sale of GEP's ordinary shares to the ECF-Power and SCN
equal to 623.77 million baht, which is reinvested to develop the GEP solar power
plant project. Thus, the controlling person and ultimate shareholder of PEH and
NBP assets have the total assets of 1,810.76 million baht. The conclusion for
assets value of the controlling person and ultimate shareholder of PEH and NBP
are sufficiently higher to settle short-term debt instruments or bills of
exchange (B/E) issued by PEH which equals 1,072.16 million baht5, representing
approximately 1.69 times the value of short-term debt or bills of exchange
(B/E). Therefore, the analytical department believes that investors in such
short-term debt instruments may consider gradual partial repayment due to the
frequent restructuring of PEH and NBP.

















Minbu Power Plant Project Photos


                         Signature ___________________________
                                    ( Mr.Suthad Chankingthong    Ms.Ranchana 
Rajatanavin )
                                    Director     Director
                         Authorized to sign on behalf of the company

______________________________________________________________________
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