Declaration for Condition 8

DECLARATION FOR THE WAIVER OF CONDITION 8 OF BIDA BRANCH OFFICE PERMISSION LETTER I AM MITSUHIRO TORII GENERAL MANAGER OF TOA CORPORATION (BANGLADESH BRANCH OFFICE) AND LEGAL POWER OF ATTORNEY HOLDER OF THE BANGLADESH BRANCH OFFICE GIVEN BY THE BOARD OF DIRECTORS OF TOA CORPORATION (JAPAN). BY THE ORDER OF THE BOARD: I AM SINCERELY DECLARING THAT; the Office Permission of TOA Corporation (Bangladesh Branch Office) has been extended for 2 years which is effective from 15.11.2022. (BIDA Permission Ref No: OPE-11Sep2022-00002) and issued on 16 October 2022. Additionally reporting to Bangladesh bank has been completed and the 18B intimation letter has already been issued on 03.11.2022 (Ref. no.: FEID/Branch/729/B-1727/2022-3971). The branch office has also got the approval of waiver of condition 7 on 18.06.2022 (Ref. No.: 03.219.343.01.00.480.2020-316) after the first office permission obtaining. It is mentionable that, TOA CORPORATION is working on Land Development works for Bangladesh Special Economic Zone under Foreign Direct Investment Promotion Project (FDIPP); Bangabandhu Sheikh Mujib railway Bridge Construction Project and Construction of Production Facility for Singer Bangladesh Ltd. at Bangladesh Special Economic Zone at Araihazar, Narayanganj. The company is generating income from the local source and meeting up all operational expenses from the Branch office income. It is mentionable that TOA CORPORATION (Branch office) is earning profit locally and the necessary expenditure of the company in Bangladesh is meeting up with that profit. There are some surplus amounts after the expenditures. And the management is willing to resend the money to the principal office (Japan) but as per condition no. 8 of the permission letter, outward remittance of any kind from Bangladesh sources will not be allowed. But the headquarter of TOA CORPORATION is willing to take the profit which is generated by the Branch Office. In the last financial year (01 April 2020 to 31 March 2021) and the net profit after tax was BDT. 13,37,95,868.00 And the amount was fully earned locally. Hence, the company needs the exemption of condition no. 8 of the Branch Office permission letter. Now the company will apply for seeking the approval of waiver of condition 8 in pursuance to condition 9 For TOA CORPORATION 🗸 _______________ Mitsuhiro Torii General Manager TOA CORPORATION (Bangladesh Branch Office)