Ichinoseki Solar Power Project Update

GPSC GPSC uses floating rate as reference of project's interest rate in which GPSC has secured interest at lower than 2% 6-month BIBOR vs. 6-month LIBOR (JPY) 3.5 3 2.5 2 1.5 1 0.5 0 Jan-12 Jan-13 Jan-14 Unit: % Jan-15 • Over the past years, 6M LIBOR (JPY) is much lower than 6M BIBOR • Whereas GPSC has secured interest rate at 6M LIBOR (JPY) plus margin which is below 2% for 20 years Source: Bank of Thailand Remark: BIBOR is Bangkok Interbank Offered Rate LIBOR is London Interbank Offered Rate (Japanese Yen) 6 .6M BIBOR 6M LIBOR (JPY) GPSC interest rate is below 2% Jan-16 Knowledge Sharing

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