The opinions of the Independent Financial Advisor on the connected transaction (For the purpose of translation only) 0 The opinions of the Independent Financial Advisor on the connected transaction

-2338-3000 Fax: 0-2338-3334 www.nationgroup.com 25 May 2020 Subject : Notification on Resolution of the Board of Directors’ Meeting No. 6/2020, Change of Directors and Directors’ Power, Entering into

Exchange of Thailand (“SET”) in compliance with conditions of disclosing investment information, including information on asset acquisition transaction and related transactions as per the rules, regulations

, through MACO Outdoor Sdn. Bhd., a wholly owned subsidiary of MACO. The VGM Share Sale Transaction will allow management integration of the media business in Malaysia, strengthen the bargaining power with

expense approximately by Baht 510 - 940 Million through the concession agreement period. 2. On June 28, 2018, the Company sold all 7.5 percent of investment in Xayaburi Power Company Limited (XPCL) to CK

money received from the IPO after deducting the actual expenses 4. Acquisition of all ordinary shares of Modern Pharma Company Limited, "Modern Company", which is a transaction concerning asset

a result of shrinking in purchasing power. Financial Operating Results In 2017, total cost of sales and operating expenses were Baht 3,615.0 million, decreased by Baht 239.3 million from Baht 3,854.3

{C} , who at the time of committing the offense, was the branch manager of the branch where Mr. Pattarawut Thunyajaroen was working. {C} affixed her signature on a cash withdrawal transaction of 9

and acquisition of shares from the existing shareholder (the “Share Acquisition Transaction”. Details of the Share Acquisition Transaction are as follows: 1. The subscription of newly issued shares of

voting right of the Company’s shareholders meeting, as the three shareholders of SUTGH are acting in concert and having a controlling power over SUTGH prior to the Entire Business Transfer Transaction. The