Directors Meeting of the Business No. 8/2019, convened on 15 March 2019 has resolved to approve that the 2019 Annual General Meeting of shareholders, which will be held on 23 April 2019, appoint Mr. Chawalit

, the Company is required to appoint Finnex Advisory Company Limited as the Independent Financial Advisor (“IFA”) who is approved by SEC and express an opinion on the transaction Resolution of the Board

memorandum. In order to approve this connected transaction from shareholders, the Company is required to appoint Finnex Advisory Company Limited as the Financial Advisor (“IFA”) who is approved by SEC and

new directors to hold more than half of the board seat, and will appoint executives to hold key managerial positions, including the Chief Executive Officer (CEO) of the Company. The said Allocation and

more than half of the board seat, and will appoint executives to hold key managerial positions, including the Chief Executive Officer (CEO) of the Company. The said Allocation and Offering of the Newly

[ii] assign others apart from the REIT manager, it has to be clearly specified such matters. In this regard, such matters shall not have the materiality contary to or in contrast to the Notification of

period of sale and allocation. 2. Appoint financial advisors and / or underwriters and / or credit rating agencies of issuers of securities and / or securities and / or any other persons in the event that

trustee shall appoint the settlor as the trust manager”. (b) “this trust is not a juristic person but a pool of assets registered under the name of the trustee and subject to the management thereof; (c

and Hotel Management Agreements and the investment in the Target Group Hotels and Resorts through the purchase of equity in the Target Company; and Page 4 of 18 (5) to appoint and designate other

Business Development Advisory Service Agreement; (5) to appoint and assign any appropriate person to be a sub-attorney to act as mentioned above. Sincerely yours, Singha Estate Public Company Limited