Energy Earth PCL : Progress report on business rehabilitation process of Energy Earth Public Company Limited (revise)

14 January 2018

Subject:Progress report on business rehabilitation process of Energy Earth Public Company Limited

Attention: President

Stock Exchange of Thailand

Reference is made to the fact that, on 21 September 2017, the Central Bankruptcy Court issued an order for approval of the business rehabilitation of Energy Earth Public Company Limited (the "Company") and appointed EY Corporate Advisory Services Ltd. as the Planner (the " Planner"), and the appointment of the Planner was subsequently announced in the Royal Gazette on 24 October 2017.

The Planner hereby informs you that, according to the law, all creditors of the Company, whose debt obligations incurred prior to the date on which the Court issued an order for approval of the business rehabilitation, shall be required to apply for debt repayment with the official receiver within the period of one month from the announcement of the appointment of the Planner in the Royal Gazette (i.e., by 24 November 2017). Notwithstanding the foregoing, it appears that after the specified period for application for debt repayment 2,433 creditors have applied for debt repayment in the total amount of THB 152,518,232,670.07. Such debts comprise loan from financial institutions, bill of exchange, debenture, debts incurred from creditors who had guaranteed the Company against debt repayment to financial institutions (guarantor-creditors), damage claims and other accounts payable, whereas the debt obligations of the creditors and such guarantor-creditors were not included in the accounts and financial statements of the Company, therefore, the Planner then filed an objection against such applications for debt repayment. In this regard, the official receiver will verify the details with respect to the applications for debt repayment, as well as relevant supporting documents. In the case where any indebtedness amount for which the creditor applied does not correspond to the amount recorded by the Company, the official receiver shall consider the relevant documents and then issue an order specifying whether what the indebted amount should be paid and what the indebted amount should be. Any amount to be paid to the creditors and the method of repayment shall be in accordance with the requirements of the business rehabilitation plan.

Under the law, the Planner has a three-month period to prepare the business rehabilitation plan from the appointment of the Planner in the Royal Gazette (i.e., by 24 January 2018). In the case where the plan is not completed within such specified period, the Planner may request for an extension with the Court for not more than two times, each for a period of one month. After the Planner proposes the business rehabilitation plan to the official receiver, the official receiver shall deliver the business rehabilitation plan to all creditors who apply for the debt repayment and convene a meeting of the creditors in order for the creditors to pass a resolution whether or not they will accept the business rehabilitation plan. If the creditors resolve to accept the plan (by a number of creditors and criteria prescribed by law), the official receiver shall again propose the business rehabilitation plan to the Central Bankruptcy Court for consideration. If the Court approves the business rehabilitation plan, the person specified in the plan as the Planner shall proceed with the debt repayment to the creditors in accordance with the requirements of the business rehabilitation plan.

At present, the Planner is in the process of reviewing and collecting information for the purposes of preparing the business rehabilitation plan of the Company. If the business rehabilitation plan is completed, the Planner shall inform you of the progress accordingly.

Sincerely yours,

EY Corporate Advisory Services Limited

By Chutima Panjapokakit

As the Planner of Energy Earth Public Company Limited