The Board of Directors Meeting of Property Perfect Public Company Limited held on 14 May 2019 resolved for approval of the joint venture in PF Forestry Co. Ltd. between Property Perfect Public Company Limited and Sumitomo Forestry Singapore Ltd. which is a company in the group of Sumitomo Forestry Co. Ltd. After both parties have already executed the joint venture agreement, PF Forestry Co. Ltd., the subsidiary company which PF holds the shares in proportion of 100%, will increase the registered capital from the existing amount of THB 15,000,000 to THB 500,000,000, divided into 5,000,000 shares, with par value of THB 100 each. And after the joint venture company has already increased the registered capital of THB 500,000,000, PF will sell the ordinary shares held in the JV Company in the number of 2,450,000 shares with the par value of THB 100 per share, paid-up of THB 100 per share, equivalent to 49% of the total number of shares of the JV Company to Sumitomo, at the price of THB 100 per share, totaling of THB 245,000,000.