During the past year, Thailand was still facing the problem of economic slowdown caused by several factors, comprising a significant appreciation of Thai baht and trade wars that resulted in declining exports and foreign purchasing power, drought crises that affected the production in the agricultural industry, delays in budget approvals, and lacks of economic policies to stimulate domestic purchasing power and production capacity, which had a great impact on the confidence of consumers. When domestic and foreign purchasing power declined, many business sectors, including real estate, were inevitably affected.

Due to the economic slowdown mentioned above, it is essential for each business sector to develop readiness and possess adaptability to situational changes in order to sustain business operations. Thus, the Company has carefully revised its business plans and decided to delay the launch of new projects. As a result, only 5 new projects were launched in 2019. The Company has also planned to develop current projects by strictly adhering to the 4 key strategic pillars1 in order to release outstanding products, both condominium and low-rise projects, that are well received by customers. In 2020, the Company will continue to conduct its business according to economic conditions and surrounding factors in a concise and thoughtful manner.

Lastly, on behalf of Areeya Property Public Company Limited, I would like to express gratitude to the shareholders, investors, financial institutions, business partners, customers, and stakeholders for their continuous trust and support. My sincere appreciation is also conveyed to all management and staff members for their effort and contribution throughout the year. I would like to assure that the Company will continue to operate based on the principles of good corporate governance and social responsibility in order to make steady progress and achieve sustainable growth in the long run.

Mr. Wisit Laohapoonrungsee

Chairman and Chief Executive Officer