3) IFA's Opinion regarding the connected transaction of TTW

75,000,000 5.19 4. TMB Bank Plc. 72,044,700 4.98 5. Ms. Pranee Tongkittikul 55,362,420 3.83 6. Thai N.V.D.R. Co., Ltd. 52,940,000 3.66 7. Mr. Charnnarong Wongsinin 27,000,000 1.87 8. State Street Bank and Trust Company for London 26,600,000 1.84 9. Mr. Thaworn Trivisvavet 21,277,200 1.47 10. Mr. Plew Trivisvavet 20,847,620 1.44 11. Bangpa-In Land Co., Ltd. 18,935,000 1.31 12. Mr. Prasert Trivisvavet 11,600,048 0.80 13. Citibank Nominees Singapore Pte. Ltd. UBS AG London 10,039,200 0.69 Total 821,793,448 58.00 source : www.set.or.th 2/ Mitsui Water Holdings (Thailand) Co. Ltd. engages in investment in waste water treatment system business and tap water production and distribution business - The Board of Directors as of June 25, 2009 are as follows : Name Position 1. Mr. Kasusikea Catamura Director 2. Mr. Hidekuni Nakayama Director 3. Mr. Koeichi Vachana Director Source: www.bol.co.th - The shareholders of Mitsui Water Holdings (Thailand) Co. Ltd. as of July 31, 2008 are listed below: Name No. of shares % of paid-up capital 1. Mitsui & Co Limited 8,999,993 99.99 2. Ms. Jutarat anacthanakul 2 0.00 3. Mr. Komsan santeeraporn 1 0.00 4. Ms. Chadaporn Ruengtuvakul 1 0.00 5. Mr. Nattaphol Phadungkittimal 1 0.00 6. Ms. Tumawadee Auttawawuttichai 1 0.00 7. Mr. Yothin Intaraprasong 1 0.00 Total 9,000,000 100.00 Source: www.bol.co.th Page 86 of the total 92 pages The Opinion Report of the Independent Financial Advisor 3/ Bangkok Expressway Plc. engages in operating in construction and management in the second stage expressway system - The Board of Directors as of December 31, 2008 are as follows : Name Position 1. Dr. Virabongsa Ramangkura Chairman of the Board of Directors 2. Prof. Suphachai Phisitvanich Director and Chairman of the audit committee member 3. General Sampao Choosri Director and Audit Committee Member 4. Prof. Dr. Kanok Wongtrangan Director and Audit Committee Member 5. Mr. Plew Trivisvavet Director and Chairman of the Executive Board 6. Mr. Supong Chayutsahakij Director and Vice Chairman of the Executive Board 7. M.L. Prasobchai Kasemsant Director and Executive Director 8. Mr. Panit Dunnvatanachit Director and Executive Director 9. Ms. Arisara Dharamadhaj Director and Executive Director 10. Ms. Vallapa Posyanond Director and Executive Director 11. Mr. Sintop Sirisingha Director 12. Ms. Payao Marittanaporn Director and Executive Director & Managing Director Source : www.becl.co.th - The shareholders as of April 16, 2009 are listed below: Name No. of shares % of paid-up capital 1. CH Karnchang Holding Co., Ltd. 117,974,750 15.32 2. Bangkok Bank Plc. 55,295,390 7.18 3. Krungthai Bank Plc. 38,500,550 5.00 4. HSBC (Singapore) Nominees 33,743,227 4.38 5. Thai N.V.D.R. Co., Ltd. 25,116,853 3.26 6. Bangkok Life Assurance Plc. 22,000,000 2.86 7. TMB Bank Plc. 20,400,7 63 2.65 8. Mellon Nominees (UK) Ltd. 21,503,600 2.79 9. Norbax Inc., 13 16,181,600 2.10 10. UOB Bank Plc. 13,421,470 1.74 11. Ladawan Capital Co., Ltd. 13,592,500 1.77 12. CH. Karnchang Tokyu Construction Co., Ltd.5/ 9,551,140 1.24 13. Social Security Office (2 Case) 9,548,700 1.24 14. Bualuang Long-Term Equity Fund 9,339,800 1.21 15. Mr. Narit Jiapa 8,773,800 1.14 16. American International Assurance Co., Ltd. -APEX 8,665,800 1.13 Total 423,609,943 55.01 Source : www.set.or.th Page 87 of the total 92 pages The Opinion Report of the Independent Financial Advisor 4/ . CH Karnchang Holding Co., Ltd. engages in investment in equity and construction business - The Board of Directors as of April 27, 2009 are as follows : Name Position 1. Mr. Plew Trivisvavet Director 2. Mr. Prasert Trivisvavet Director 3. Mr. Thep Trivisvavet Director 4. Mr. Yim Trivisvavet Director 5. Mr. Kamthorn Trivisvavet Director Source : Affidavit of CH. Karnchang Holding Co., Ltd. - The shareholders as of April 29, 2008 are listed below: Name No. of shares % of paid-up capital 1. Mahasiri Siam Co., Ltd. 2,100,000 25.00 2. Chollavet Civil Co., Ltd.6/ 1,050,000 12.50 3. Mr. Nattapong Khummee 1,050,000 12.50 4. Tawornwong Co., Ltd. 7/ 1,050,000 12.50 5. Namphol Construction Co., Ltd.8/ 1,050,000 12.50 6. Vetprasert Co., Ltd. 9/ 1,050,000 12.50 7. Ekkamthorn Co., Ltd.10/ 1,050,000 12.50 Total 8,400,000 100.00 Source : www.bol.co.th 5/ CH Karnchang Tokyu Construction Co., Ltd. engages in construction and service business - The Board of Directors as of June 12, 2009 are as follows : Name Position 1. Mr. Plew Trivisvavet Director 2. Mr. Kamthorn Trivisvavet Director 3. Mr. Thep Trivisvavet Director 4. Mr. Yim Trivisvavet Director 5. Mr. Narong Sangsuriya Director 6. Mr. Prasert Marittanaporn Director 7. Mr. Masami Ichicawa Director 8. Mr. Hideo Miyakawa Director 9. Mr. Naoto Ocada Director 10. Mr. Kunito Sakai Director 11. Mr. Seiyiro Motomura Director Source : Affidavit of CH. Karnchang Tokyu Construction Co., Ltd. Page 88 of the total 92 pages The Opinion Report of the Independent Financial Advisor - The shareholders as of April 30, 2009 are listed below: Name No. of shares % of paid-up capital 1. CH. Karnchang Plc. 549,994 55.00 2. Tokyu Construction Co., Ltd. 450,000 45.00 3. Mr. Plew Trivisvavet 2 0.000002 4. Mr. Kamthorn Trivisvavet 1 0.000001 5. Mr. Thaworn Trivisvavet 1 0.000001 6. Mr. Thep Trivisvavet 1 0.000001 7. Mr. Prasert Trivisvavet 1 0.000001 Total 1,000,000 100.0000 Source : List of shareholders' name of CH. Karnchang Tokyu Co., Ltd. 6/ Chollavet Civil Co., Ltd. engage in investment business - The Board of Directors as of April 27, 2009 are as follows : Name Position 1. Mr. Plew Trivisvavet Director 2. Ms. Saikasem Trivisvavet Director 3. Mr. Charnnarong Wongsinin Director 4. Mr. Prasert Marittanaporn Director 5. Ms. Supamas Trivisvavet Director 6. Mr. Tanawat Trivisvavet Director Source : Affidavit of Chollavet Civil Co., Ltd. - The shareholders as of April 29, 2008 are listed below: Name No. of shares % of paid-up capital 1. Mr. Plew Trivisvavet 140,000 70.00 2. Ms. Saikasem Trivisvavet 59,550 29.78 3. Mr. Charnnarong Wongsinin 150 0.08 4. Ms. Tipvaree Autagrid 149 0.07 5. Mr. Prasert Marittanaporn 149 0.07 6. Ms. Pranee Tongkittikul 1 0.00 7. Ms. Piyaporn Setaolan 1 0.00 Total 200,000 100.00 Source : www.bol.co.th 7/ Tawornwong Co., Ltd. engage in investment and construction business - The Board of Directors as of April 27, 2009 are as follows : Page 89 of the total 92 pages The Opinion Report of the Independent Financial Advisor Name Position 1. Mr. Anugoon Tantimas Director 2. Ms. Sopida Trivisvavet Director 3. Mr. Kridsada Trivisvavet Director Source : Affidavit of Tawornwong Co., Ltd. - The shareholders as of April 30, 2005 are listed below: Name No. of shares % of paid-up capital 1. Mr. Tavorn Trivisvavet 120,000 60.00 2. Mr. Kridsada Trivisvavet 39,998 20.00 3. Ms. Sopida Trivisvavet 39,998 20.00 4. Mr. Krid Trivisvavet 1 0.00 5. Ms. Nantapas Trivisvavet 1 0.00 6. Ms. Maneerat Trivisvavet 1 0.00 7. Ms. Ratchanok Trivisvavet 1 0.00 Total 200,000 100.00 Source ; www.bol.co.th 8/ Namphol Construction Co., Ltd. engages in construction business - The Board of Directors as of April 27, 2009 are as follows : Name Position 1. Mr. Thep Trivisvavet Director 2. Mr. Sommart Trivisvavet Director 3. Mr. Sombat Trivisvavet Director Source : Affidavit of Namphol Construction Co., Ltd. - The shareholders as of April 29, 2008 are listed below: Name No. of shares % of paid-up capital 1. Mr. Thep Trivisvavet 80,000 40.00 2. Ms. Srivilai Trivisvavet 20,000 10.00 3. Ms. Siraporn Trivisvavet 20,000 10.00 4. Mr. Sombat Trivisvavet 20,000 10.00 5. Mr. Sommart Trivisvavet 20,000 10.00 6. Mr. Sorakhom Trivisvavet 20,000 10.00 7. Ms. Surattha Trivisvavet 20,000 10.00 Total 200,000 100.00 Source ; www.bol.co.th 9/ . Vetprasert Co., Ltd. engages in investment and construction business - The Board of Directors as of April 27, 2009 are as follows : Page 90 of the total 92 pages The Opinion Report of the Independent Financial Advisor Name Position 1. Mr. Prasert Trivisvavet Director 2. Ms. Pranee Tongkittikul Director 3. Mr. Somnuk Trivisvavet Director 4. Ms. Saijai Trivisvavet Director 5. Mr. Sittidet Trivisvavet Director 6. Ms. Korakod Trivisvavet Director Source : Affidavit of Vetprasert Co., Ltd. - The shareholders as of April 29, 2008 are listed below: Name No. of shares % of paid-up capital 1. Mr. Prasert Trivisvavet 100,000 50.00 2. Ms. Pranee Tongkittikul 20,000 10.00 3. Mr. Somnuk Trivisvavet 20,000 10.00 4. Ms. Saijai Trivisvavet 20,000 10.00 5. Mr. Sittidet Trivisvavet 20,000 10.00 6. Ms. Korakod Trivisvavet 19,999 10.00 7. Ms. Sunan Trivisvavet 1 0.00 Total 200,000 100.00 Source; www.bol.co.th 10/ Ekkamthorn Co., Ltd. engages in investment and construction business - The Board of Directors as of April 27, 2009 are as follows : Name Position 1. Mr. Kamthorn Trivisvavet Director 2. Ms. Onanong Trivisvavet Director 3. Mr. Kamthorn Trivisvavet Director Source : Affidavit of Ekkamthorn Co., Ltd. - The shareholders as of April 29, 2008 are listed below: Name No. of shares % of paid-up capital 1. Mr. Kamthorn Trivisvavet 120,000 60.00 2. Mr. Kamphol Trivisvavet 39,998 20.00 3. Ms. Onanong Trivisvavet 39,998 20.00 4. Ms. Tipvaree Autagrid 1 0.00 5. Mr. Prasert Marittanaporn 1 0.00 6. Ms. Marayart Korping 1 0.00 7. Mr. Yim Trivisvavet 1 0.00 Total 200,000 100.00 Source ; www.bol.co.th Page 91 of the total 92 pages The Opinion Report of the Independent Financial Advisor Appendix 4 The projected net cash flow using the base discount rate Unit: million Baht Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 EBIT 27.14 84.75 91.93 99.77 130.93 127.43 134.77 137.52 139.39 141.69 157.70 161.58 158.52 155.87 153.11 Less Tax (8.14) (25.43) (27.58) (29.93) (39.28) (38.23) (40.43) (41.26) (41.82) (42.51) (47.31) (48.48) (47.56) (46.76) (45.93) EBIT after Tax 19.00 59.33 64.35 69.84 91.65 89.20 94.34 96.27 97.57 99.18 110.39 113.11 110.96 109.11 107.18 Add Depreciation Expenses 0.11 0.34 0.36 0.38 0.46 0.47 0.49 0.50 0.51 0.53 0.54 0.54 0.54 0.54 0.54 Amortization Expenses 9.88 31.02 32.43 34.56 42.05 43.19 44.36 45.69 46.81 48.09 49.41 49.55 49.41 49.41 49.41 Change in Working Capital 396.16 (208.20) (200.87) (1.02) (3.70) (0.12) (0.67) (0.50) (0.40) (0.46) (1.94) (0.23) 0.17 0.11 0.12 Adjust Change in Working Capital in the last year Less CAPEX (15.38) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Acquisition of the Operating Right (1,400.00) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Free Cashflow to Firm (990.24) (117.51) (103.73) 103.76 130.46 132.75 138.51 141.96 144.50 147.34 158.41 162.97 161.09 159.18 157.25 Less Interest expense after tax (17.03) (61.32) (66.43) (60.18) (52.66) (45.14) (37.62) (30.09) (22.57) (15.05) (7.52) (0.00) (0.00) (0.00) (0.00) Loan Borrowing(Repayment) 1,000.00 100.00 77.78 (147.22) (147.22) (147.22) (147.22) (147.22) (147.22) (147.22) (147.22) 0.00 0.00 0.00 0.00 Free Cashflow to Equity (7.27) (78.83) (92.39) (103.65) (69.42) (59.61) (46.32) (35.35) (25.29) (14.93) 3.66 162.97 161.09 159.18 157.25 Discount Period 0.33 1.33 2.33 3.33 4.33 5.33 6.33 7.33 8.33 9.33 10.33 11.33 12.33 13.33 14.33 Discount Factor 0.97 0.87 0.78 0.70 0.63 0.57 0.51 0.46 0.41 0.37 0.33 0.30 0.27 0.24 0.22 NPV (7.02) (68.43) (72.11) (72.76) (43.82) (33.84) (23.65) (16.23) (10.44) (5.54) 1.22 48.93 43.50 38.65 34.34 Unit: million Baht Dec-24 Dec-25 Dec-26 Dec-27 Dec-28 Dec-29 Dec-30 Dec-31 Dec-32 Dec-33 Dec-34 Dec-35 Dec-36 Dec-37 Dec-38 Dec-39 EBIT 165.07 168.27 165.16 161.93 159.11 169.82 173.99 170.19 166.82 162.10 173.02 177.60 173.57 168.06 162.98 105.09 Less Tax (49.52) (50.48) (49.55) (48.58) (47.73) (50.95) (52.20) (51.06) (50.05) (48.63) (51.91) (53.28) (52.07) (50.42) (48.89) (31.53) EBIT after Tax 115.55 117.79 115.61 113.35 111.37 118.88 121.79 119.13 116.77 113.47 121.11 124.32 121.50 117.64 114.09 73.56 Add Depreciation Expenses 0.54 0.54 0.54 0.54 0.54 0.54 0.54 0.54 0.54 0.54 0.54 0.54 0.54 0.54 0.54 0.36 Amortization Expenses 49.55 49.41 49.41 49.41 49.55 49.41 49.41 49.41 49.55 49.41 49.41 49.41 49.55 49.41 49.41 32.94 Change in Working Capital (1.50) (0.13) 0.13 0.14 0.07 (1.43) (0.22) 0.16 0.09 0.24 (1.55) (0.24) 0.12 0.28 0.21 8.54 Adjust Change in Working Capital in the last year 17.65 Less CAPEX 0.00 0.00 (more)