Proud Real Estate Public Company Limited passed resolution to establish a new subsidiary. Subsidiary registration date: In process. Name of the subsidiary: In process.

Investment objectives: Real estate services. Registered capital: THB 1,000,000. Number of shares: 10,000 common shares.

Par Value: THB 100 per share. Investment proportion - Proud Real Estate Public Company Limited = 99.99 % - Ordinary Person = 0.01%. Nature of business: Real estate services.

Name of Directors: Mr. Chuntorn Chuntratip; Ms. Natarin Paramawes; and Ms. Budsabong Pansawadi. Source of funds: Initial paid-up capital of THB 500,000 from the Company cash flow. Transaction size: Not subject to the need to report information in accordance with the Notification of the Capital Market Supervisory Board No.

Tor Jor. 20/2551.