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Tycoons Worldwide Group (Thailand) Plc.

9. Internal control and Connected transactions
9.1 Internal control
At the company’s Board of Director meeting No.1/2025 on February 27, 2025 which was
attended by the three independent directors and the audit committee members, the board review
the opinion of board of the audit committee and evaluated the internal controls of the company by
asking certain information of management. The board reviewed the company’s internal controls in
five key areas:

(1) Organization and environment;
(2) Risk management;
(3) Management control;
(4) Information technology and communication measures;
(5) Follow-up systems.

After such review, the board members were of the opinion that the company had adequate
controls in place. The company has policies in place to regulate business transactions with major
shareholders, directors and executive management so as to avoid conflicts of interest and to
preserve its best interests. Further, the audit committee was of the opinion that the internal control
system regarding connected transactions with interested parties (i.e. majority shareholders,
directors, management and related persons aforementioned) is sufficient, which opinion was
approved by the Board of Directors

Chief of internal auditor of the Company

(1) Name of chief of internal auditor: Miss Huang Tsai - Ting

(2) Opinion of Board of audit committee to the qualifications of chief of internal auditor
Board of audit committee considered the qualifications of education、experience of the
chief of internal auditor who can perform internal audit positions effectively.

(3) Appointment, transfer and dismissal of the chief of internal auditor must be
approved by the Board of audit committee.

Internal Control/Audit System
The company has developed the internal control system to monitor and audit the area
including finance and operation to ensure that they comply with the law and regulations. It would
provide the balancing mechanism for the company to protect the shareholders’ investment and the
company asset. The company established internal auditing unit to audit and ensure that all
departments are operated in accordance with the regulations, and moreover to assess the
efficiency of the auditing work. The board of directors ensured that the internal auditing unit is
independent and can serve as balancing mechanism. In 2024, the internal auditor has presented
the report on the efficiency of the control system to the board of audit committee and board of
directors for review.

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