Going on its strategy. According to the latest analyst meeting, BCP are still marching forward with its strategy and
investment plan. In turn, its 3E project, a refinery upgrading project, is still ongoing with the schedule. The marketing business
is continuing on network expansion plan, which additional 40 service stations are expected to take place in 2015. Meanwhile,
in order to augment an EBITDA portion of the green business, BCP is now considering to bid or acquire additional renewable
power plant projects apart from its current 118-MW solar farms, which such matter should be concluded within the rest of this
year. For the petroleum exploration and production (E&P) business, BCP has eventually acquired 81.41% of total stakes of
NIDO Petroleum at the end of the offering period, with the total investment of Bt3.3bn. As the holding in NIDO is greater than
50%, BCP has to fully consolidate NIDO’s operating results in its financial reports starting from 4Q14 onwards. BCP,
furthermore, currently interests to participate in the upcoming Thailand 21st bidding of the petroleum concessions through the
management of NIDO. However, such matter is just in the consideration. BCP maintains its 2014 adjusted EBITDA target at
around Bt10.0bn, which is still in line with our projection, while the 2015 adjusted EBITDA has been expected to increase 10%
YoY to Bt11.0bn, mainly thanks to the full-year of operation for both the renewable business and E&P business.