approximately 1 year. The scope of service of S Hotels may include: 3 1) Project management and feasibility study 2) Design & Construction 3) Financing arrangement 4) Financial planning and financial operations 5

project. The Board of Directors, therefore, has assigned the management of the Company to conduct a study on impacts and possible solutions. Subsequently, the Board of Directors has received the result of

change in the project. The Board of Directors, therefore, has assigned the management of the Company to conduct a study on impacts and possible solutions. Subsequently, the Board of Directors has received

DCORP 025/2020 May 13, 2020 Subject: Management Discussion and Analysis – Explanation of net profit for the quarter ended March 31, 2020 and the increase in the overall operations of more than 20 percent

DCORP 041/2020 August 13, 2020 Subject Management Discussion and Analysis – Explanation of net profit for the quarter ended June 30, 2020 and the increase in the overall operations of more than 20 percent

working capital for the payment of the share acquisition. 9) Opinion of the Board of Directors on the transaction The Board of Directors has considered and conducted study on acquiring of UWT and deemed

of the Company to conduct a study on impacts and possible solutions. Subsequently, the Board of Directors has received the result of the management’s study on the chain of water receiving process of

for the use of IPO proceeds and the Country’s official economic and investment developing plan. The Board has authorized a special task force team to conduct feasibility study via any risks associated

a business in providing a technical or academic service; and to survey, study, research, analyze, and examine engineering materials and tools; and to design, evaluate, conclude, report, and control an

Management Discussion and Analysis For the Annual Operating Results 2017 Ended December 31, 2017 Note: This Management Discussion and Analysis (MD&A) was made to disclose information and the vision