Asset World Public : Notification of the progress of the establishment of the Investment Vehicle, the signing of a Joint Venture Agreement and the establishment of Joint Venture

	- Translation -
Ref No.:	SorLor. 030/2565
Date:	July 27, 2022
Subject:	Notification of the progress of the establishment of the Investment Vehicle, the signing of a
	Joint Venture Agreement and the establishment of Joint Venture
Attention:	President
	Stock Exchange of Thailand

Referring to the document no. 010/2565 that Asset World Corp Public Company Limited (the "Company") informed the resolutions of the Board of Directors Meeting No. 1/2022, convened on February 18, 2022, resolved to establish the investment vehicle (Investment Vehicle);

On July 15, 2022, the Company entered into a Joint Venture Agreement as per the approval of the Board of Director's Meeting that approved the Company to invest in the Investment Vehicle, and on July 22, 2022, established AWC Hospitality Development Co., Ltd., (a "Joint Venture") with structure and proportion of investment as follows;

Name of the Joint	AWC Hospitality Development Co., Ltd.
Venture
Registered Capital	1,000,000 THB
	(With capital increase plan to be at the total amount of 10,800,000,000 baht)
Shareholders'	Shareholders	Proportion
Structure	1.	Asset World Corp Public Company Limited	51 %
	2.	Investor	49 %

Directors' Structure The Joint Venture consists of at least 4 directors but not more than 10 persons, with each shareholder entitled to appoint directors in equal proportions.

The proportion of directors appointed by each party shall be always equal.

The Joint Venture will invest in high-potential hospitality projects in Thailand's key tourist destinations. The

Company will leverage on its strength as the leading lifestyle real estate developer, together with its network of world-class hotel brands and ability to strategically manage real estate effectively, to drive this Joint Venture which will foster sustainable tourism and accelerate the growth of the Thai economy.

This collaboration marks the first of its kind that the Company partnered with the global institutional investor with expertise and experience in investment management. The collaboration is the new business model that will help the Company to create the foundation for new sources of income, which are derived from management fees, including incentive fees based on project performance. This investment aims to invest in high-potential projects in prime locations in Thailand's top destinations.

In this regard, The Company has notified the size of the transaction regarding the establishment of this Investment Vehicle to the Stock Exchange of Thailand as per document no. 010/2565 that Asset World Corp Public Company Limited (the "Company") informed the resolutions of the Board of Directors Meeting No. 1/2022, convened on February 18, 2022, resolved to establish the investment vehicle (Investment Vehicle).

Thus, this Joint Venture is not classified as a "subsidiary" in accordance with accounting standards and in accordance with the definition set out in the Securities and Exchange Act B.E. 2535 (1992). Preparation of financial statements of this Joint Venture; the Company does not take the Joint Venture's financial statements into the consolidated financial statements of the Company, which is in accordance with Financial Reporting Standard No. 10 (Revised 2015) on "Consolidated Financial Statements". In addition, the management of this Joint Venture is an administrative operation with the two shareholders having joint control. Shareholders of both parties have agreed in the Joint Venture Agreement requiring both parties to jointly conduct the management of the Joint Venture. There will be no case in which any shareholder has sole control over the management of the Joint Venture and shall be no conditional agreement requiring any party of shareholders to have control over the management operations of the Joint Venture or have the right to discourage any of the shareholders from taking control of the work. Additionally, such Joint Venture Agreement requires that any decisions in the Joint Ventures shall be approved unanimously by shareholders of both parties.

Please be informed accordingly.

Sincerely yours,

-Wallapa Traisorat-

(Mrs. Wallapa Traisorat)

(Chief Executive Officer and President) Authorized Person for Publishing Information