Dear Shareholders,

During the past 2-3 years have been a time for all of us to work hard to deal with the Coronavirus 2019 crisis and the combat in Ukraine at the beginning of the year 2022 that has impact in affecting the whole world. However, every problem that arises must have the time to be resolved just like the COVID-19 epidemic that has begun to ease. Many countries have allowed citizens to enter and exit the country normally without the need to show the vaccination results and without quarantine. These factors make the journey more active and the tourism-related business recover including airline business, hotel, restaurant, etc. For Thailand, we see that increase in foreign tourists coming to travel. The global economic climate also appears to be ready for a new start to develop several parts of their countries back to their original stage.

I would like to inform you that in 2022, all executives and employees have worked hard to solve various problems that occurred, but with everyone's determination, the Company was able to get through the difficult period of times.

From the fact that Thailand is now open for travelers to travel in and out of the country as usual, therefore I am confident that in 2023, the Company's industrial estate business will be able to sell much more land to investors, thus will make the Company's performance better than last year. Even though there are other variables that seem to have problems in the national economy as a whole such as the rising interest rates, the occurrence of wars and political conflicts between countries. I would like to inform that for businesses related to the industrial estates in the fourth quarter of 2022, there was an increase in demand for factories to rent or to buy land and build factories from the first three quarters which can be recognized from the value of applying for and issuing investment promotion certificates from the government sector including the contact of investors who are interested in investing in the business in Thailand by selecting the land in TFD Industrial Estate 2 as the factory location.

The Company would like to thank all shareholders, customers and business partners who have given confidence and supported the Company's operations all along. Together with the determination and cooperation of the management team and employees to develop the business to be successful, it is believed that the Company will be able to move forward with strength, stability and growth as the Company has intended.