Carabao Group Public Company Limited to notify with reference to the resolutions of the Board of Directors' meeting No. 2/2563 held on 10 March 2020 to consider and approve the establishment of a subsidiary in Thailand namely Asia Carabao Venture Company Limited, and in this connection approve ACV to enter into the joint venture agreements together with an unrelated Thai party namely Mr. Vuthithorn Milintachinda for the objectives of marketing and sales of functional drinks and/or other products under the trademark(s) developed by the JV company, with the initial investment equivalent to the amount of not exceeding THB 200 million (The "Project"). Resolutions relating thereto are set out below: a.) Approve the establishment of ACV under the Thai jurisdiction, with the initial capital equivalent to the amount of THB 20 million, to engage as a holding company. The Company will invest and hold 100% of the registered and paid-up capital. The Company will also provide ACV with financial support in the form of shareholders' loan equivalent to the amount of not exceeding THB 200 million; and b.) Approve ACV to enter into the joint venture agreements with Mr. Vuthithorn Milintachinda and so invest and hold share in A Woody Drink Company Limited (the "JV company" or "AWD") by making payments for shares at par value that is THB 100 per share. AWD is a newly established company under the Thai jurisdiction and has not conducted any commercial activities to date.