The year under review was a challenging one for the Company due to significant global economic turmoil affecting both international and domestic markets. The U.S. tariffs policy is expected to negatively impact the Thai economy amidst the ongoing war. These factors have contributed to a highly unpredictable economic environment and escalating trade tensions. The local economy is deteriorating, with increasing household debt and rising inflation. Furthermore, the declining tourism sector and the unexpected earthquake in Thailand have further affected investor confidence....Despite these difficulties and uncertainties, the Company successfully opened the MRT Pink Line extension including two stations: IMPACT Muang Thong Thani Station (MT01) and Lake Muang Thong Thani Station (MT02). This achievement will significantly enhance the asset value of the Company's ongoing investments in Muang Thong Thani and help alleviate traffic congestion during major events held at IMPACT Muang Thong Thani.

﹀

IMPACT Exhibition Management Co., Ltd., a wholly owned subsidiary of the Company, reported a total income of 1,914 million baht and a net profit of 399 million baht for the 2024/25 fiscal year. This marks a significant improvement from the 2023/24 fiscal year, ...when it recorded a total income of 1,767 million baht and a net loss of 46 million baht. These results represent an 8.3% increase in total income and an impressive 966.3% increase in net profit. Whereas IMPACT Growth REIT, in which the Company holds 49.33% of the REIT shares, reported a 22.5% increase in total income and 28.8% increase in net profit in the 2024/25 fiscal year compared to the 2023/24 fiscal year. The IMPACT Growth REIT also reported a dividend of 0.67 baht per unit in the 2024/25 fiscal year, compared to a dividend of 0.54 baht per unit in the 2023/24 fiscal year. The prospects for IMPACT remain positive, especially with the opening of the MRT Pink Line Extension to Muang Thong Thani, and I anticipate even better performance in the upcoming future.

﹀

The real estate market in the Nonthaburi area remains slow, with many unsold units due to rising household debt and banks becoming more stringent in approving new loans for potential buyers. Despite these challenges, I am pleased to report that...Mori Condominium Muang Thong Thani has now sold over 80% of its units and transferred ownership of 82% of the sold units. This success is due to the fact that Mori Condominium has remained attractive for a very competitive price with fully furnished modern design. The opening of the MRT Pink Line Extension to Muang Thong Thani, coupled with fully covered skywalks, has further enhanced the project's attractiveness.

﹀

Triple T Broadband Public Company Limited (3BB), a subsidiary of Advanced Info Services Public Company Limited (AIS), has officially signed a 9-year lease agreement for 11,117 sq.m. of office space at Cosmo Office Park. The contract is renewable every three years for...rate adjustments. 3BB anticipates commencing renovations in July 2025, with approximately 1,400 staff expected to begin moving in around September 2025. This lease will increase the occupancy rate of Cosmo Office Park to about 70%. As for the Bangkok Land building, occupancy rate remains at around 77%. Major tenants include TRUE IDC, which has signed contracts for 20 to 30 years. The contracts are renewable every three years for rate adjustments.

﹀

The Company's retail business continues to show a positive, upward growth trend for both BEEHIVE Lifestyle Mall and Cosmo Bazaar. This is due to the steadily growing population in Muang Thong Thani, especially with the influx of new government housing and offices...such as the Immigration Bureau and the Police Cyber Crime Unit. Additionally, the recent move-in of Mori Condominium residents has further boosted local retail demand. With the anticipated opening of 3BB offices with over 1,400 office workers in September 2025, the Company has decided to add another food court to Cosmo Bazaar, slated to open in July 2025. Furthermore, demand for Outlet Square is growing, and the Company has started construction of additional outlet shops, all of which are currently fully booked and scheduled to open by the end of 2025.

﹀

Both Novotel and ibis hotels performed well in the 2024/25 fiscal year compared to the 2023/24 fiscal year. Novotel Bangkok IMPACT's occupancy increased from 48% to 53.4%, while EBITDA increased from 59 to 80.5....Similarly, ibis Bangkok IMPACT experienced an occupancy increase from 45.5% to 48.5%, with EBITDA increasing from 54.2 to 92.0. This improved performance is mainly due to an increase in events held at IMPACT. With the direct skywalk connection to Lake Muang Thong Thani Station (MT02), I anticipate a steady growth for both hotels in the near future.

﹀

With the opening of the MRT Pink Line extension to Muang Thong Thani including two stations - IMPACT Muang Thong Thani Station (MT01) and Lake Muang Thong Thani Station (MT02) - on 20 May 2025, traveling to Muang Thong Thani has become easier than ever for visitors to...IMPACT, as well as for residents and office workers in the area. I believe this development will significantly elevate all our businesses and investments in Muang Thong Thani. The Company also retains substantial land banks in Muang Thong Thani, strategically connected to these new MRT stations, for future developments. Silpakorn University's City Campus at Muang Thong Thani will soon open a new building later this year, with an anticipated enrollment of 5,000 Thai and international students. This is expected to stimulate retail and residential demands, especially at the adjacent Cosmo Bazaar and nearby condominiums. It will also create opportunities for future developments on the Company's land bank surrounding the university Despite a volatile global economy, I still believe that the Company remains in a strong position with steadily growing recurring incomes from the rental of IMPACT and various commercial properties in Muang Thong Thani, which are expected to continue growing with the opening of the Pink Line stations. However, due to economic uncertainties, the Company will remain vigilant in future investments.

﹀