Directors and Audit Committee’s opinion The Board of director and Audit committee considered and agreed that the rental rate is reasonable compare to changing the rental location which has the cost of

given opinion that the connected transaction is reasonable and it is a normal operation business of the Subsidiary. (Translation) The opinion of the Audit Committee and/or the directors that different

rate is reasonable compare to changing the rental location which has the cost of decorating, moving, including the continuity of business operations due to the main office is located at the same building

the future prediction that is believed to be reasonable in the present situation and compared to the carrying amount of assets related to the licenses. In addition, the Group has adjusted and restated

revenue and the reasonable market price.) Shareholding structure after the completion of shares selling: 1) UBM Hotels holds shares in proportion of 50 percent 2) VI holds shares in proportion of 50 percent

considered as business promotion with is reasonable and beneficial to the company. Anyhow, the Audit committee had no different opinion from the Board. Please be informed accordingly and disclosed to

Committee: Approval to engage the transaction of short-term rental real estate for not more than 3 years as per the above information. As this transaction is normal business practice, it’s reasonable in term

reasonable. The leased price is related to the market price in the same area. The Board of Directors has therefore adopted a resolution approving the entry into the said transaction. 8. The Audit Committee

with is reasonable and beneficial to the company. Anyhow, the Audit committee had no different opinion from the Board. Please be informed accordingly and disclosed to shareholders and investors for

mentioned above. This transaction is also considered as business promotion with is reasonable and beneficial to the company. Anyhow, the Audit committee had no different opinion from the Board. Please be