Project of State Railway of Thailand , etc. -2- The total operating expenses in 2021 increased from 2020 at a lower rate than the increased rate in revenue. Mostly because the project's gross margin in 2021
shares, and holders of ordinary shares. 25. Important warnings: State important warnings relating to investment in the structured notes offered for sale, for example: - The structured notes are low
oversubscribed shares shall be done in accordance with the following principles: 3.1.1 In case the number of remaining unallotted shares is higher than the number of oversubscribed shares The Company shall allot
for sale of the corporate bonds and for continuous credit rating throughout the maturity date. The credit rating shall be done in any of the following manners, unless for short-term corporate bonds that
the return shall not be relied on any other underlying, the applicant shall comply with only this Notification; (2) the offering of structured notes in other manners than (1) can only be done by the
foreign entity shall be in accordance with the following rules: (1) an offer for sale of the debt securities to high net worth investors shall be done upon approval from the SEC Office in accordance with