TEAM Consulting Engineering and Management Public Company Limited ("The Company") has set up a joint venture company namely, Chula District Cooling Company Limited ("Joint Venture Company"), with 2 investors i. e. (1) BCPG Public Company Limited and (2) Keppel DHCS Pte. Ltd. to enter into a District Cooling Project Agreement of Commercial Area in Suanluang - Samyan ("District Cooling Project Agreement") with Chulalongkorn University. Currently, the Joint Venture Company has the registered capital of THB 50,000,000 (fifty million) with 500,000 (five hundred thousand) shares having a par value of THB 100 (one hundred) per share.

The Company's shareholding in the Joint Venture Company is 70,000 shares (14%); BCPG Public Company Limited's shareholding is 300,000 shares (60%) and Keppel DHCS Pte. Ltd.'s shareholding is 130,000 shares (26%). The Joint Venture Company has the objective to operate the business of installing and managing the District Cooling system for the distribution of chilled water in the commercial area of Suanluang - Samyan to buildings in such area of Chulalongkorn University.

The source of funds will be cash flow from the operation and loan from financial institution. In this regard, on 28 December 2020, the Joint Venture Company has already entered into the District Cooling Project Agreement with Chulalongkorn University. This project is within the authority of the Executive Committee.

Therefore, no Board Resolution is required.