1. Explain why the DCF method using simple discount rate as the public companys valuation may not work in valuing the start-up company during venture period especially in early financing rounds (2 points)

2. Explain whether these situations have positive/negative/none impacts on the value calculated by DCF method for a company with fully-funded by equity and why (in short answers)?

   a. Average return on equity market is lower (Market Premium is lower) (2 points)

   b. Thai government announces lower personal income tax in all brackets (2 points) 3) Explain how we can value a company by the comparable method, if the earning of the company to value is negative? (2 points)

3. Exit Strategy

   1) What is the most popular Exit Strategy Option for Venture Capital in general and Why is it? (2 points) 2) What is Underpricing in IPO process and explain if Dutch Auction used by Google could help lessen

   this problem? (2 points)

   3) Explain how SPAC works and why it is so popular, compared with traditional IPO? (2 points)

4. 1) Identify 1 key difference between Corporate Venture Capital (CVC) Fund and Traditional (or Financial) Venture Capital Fund (1 point)

   2) Why does Corporate Venture Capital dominate VC industry in Thailand while Traditional (or Financial) VCs tend to be the key players in other countries? (1 point)

5. What is the Live Platform set up by the Stock Exchange of Thailand? And what are the benefits from using this channel for startups to raise fund?