case of false statement or particular, or lack of any material information that should have been disclosed, any unitholder who purchases the REIT units within one year since the Registration Statement

there is any change in exercise price and exercise ratio under the circumstances as defined by the notifications of Capital Market Supervisory Board. The Company may adjust the exercise price and exercise

(MACO-W2) (the “Terms and Conditions of MACO-W2”), the condition of the adjustment of rights under the MACO-W2 states that the Company shall adjust the exercise price and/or the exercise ratio to purchase

-W2) (the “Terms and Conditions of MACO-W2”), the condition of the adjustment of rights under the MACO-W2 states that the Company shall adjust the exercise price and/or the exercise ratio to purchase

Warrants Adjustment of Warrants The Company will be required to adjust the exercise price and/or ratio upon the occurrence of any of the following events; (1) in case of a change in par value of the

recovering consistently since the beginning of 2018, reporting 4.0% growth in 20181. Once again, Out-of-Home (OOH) and online advertising, in particular reported rigorous growth of 23.0% and 21.0

47.7% in 2019 due to (1) the cost of food and beverages of new brands, in particular Khiang, requiring promotional discounts to increase traffic and create brand awareness during the initial opening

%) 5,757 5,117 (11.1%) Note (1) Based on the weighted average number of keys for the year. In particular, the Company added 19 newly built pool villas to Santiburi Koh Samui in May 2018, thereby increasing

% going forward and the ratio should gradually decline as a result of cost synergies in through restructuring, in particular in digital operations. In light of tangible improvement in gross profit, VGI

into any transaction for a client with any particular counterparty more often than necessary. Chapter 2 Additional Rules on Transactions for Clients with Intermediaries or Connected Persons