BSR – Brief – [NONRATED] – Reactivating the ethanol plant and finding strategic investors for divesting

We believe that BSR-BF has strong potential to quickly maximize its capacity after the official policy about E10 gasoline is implemented thanks to exponential growth in ethanol demand, yet we think the impacts on BSR business results is limited. Management also indicated that BSR is in discussions with potential strategic investors, though it emphasized that no concrete plans have been finalized at this stage.