Supalai : Minutes of the 2024 Annual General Meeting of Shareholders

Minutes of the Annual General Meeting of Shareholders 2024

Supalai Public Company Limited

Tuesday, April 23, 2024

At Convention Room, 33rd Floor, Supalai Grand Tower,

1011 Rama III Road, Chong Nonsi Subdistrict, Yannawa District, Bangkok

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Meeting started at 2.00 p.m.

Dr.Prateep Tangmatitham, the Chairman of the Board of Directors, presided over the Meeting ("Chairman") and expressed the gratitude to shareholders who dedicated their time to attend the 2024 Annual General Meeting of Shareholders of the Company. The Meeting was informed that, according to the Articles of Association and the Public Limited Companies Act B.E. 2535 (1992), the Annual General Meeting shall be held within 4 months from the end of the Company's fiscal year. At the Board of Directors' Meeting No. 2/2024 held on Tuesday, February 20, 2024, the Meeting passed a resolution to approve the Annual General Meeting 2024 of Shareholders to be in a form of Onsite Meeting at the Convention Room, 33rd Floor, Supalai Grand Tower.

The Chairman assigned Mrs.Varunee Lapitananuvat, the Company Secretary, to summarize the number of shareholders attending the Meeting.

Presently, the Company has its registered capital in the amount of 1,955,666,261 baht and its paid-up capital in the amount of 1,953,054,03 0 baht with the par value of 1.00 baht per share. Today, there were 665 shareholders attending the Meeting in person, holding altogether 1,323,205,895 shares or

equivalent to 67.7506 % categorized as follows:
Present in person totaling	84	persons, holding altogether	609,944,848	shares.
Proxy totaling	581	persons, holding altogether	713,261,047	shares.

Therefore, the quorum was duly constituted according to the Company's Articles of Association and under the Public Limited Companies Act B.E. 2535 (1992), which requires not less than 25 shareholders presented in person or represented by proxy at the Meeting, with shareholding altogether of not less than one-third of issued shares.

For transparency and to be in accordance with the best practice guide on shareholders' Meeting of listed companies Assist. Prof. Dr. Sukulpat Khumpaisal was the minority shareholder volunteer to verify the voting.

In addition, there were representatives from the Thai Investors Association to observe the Shareholders' Meeting to see how well it is carried out. The representative from the Thai Investors Association was Ms. Kwanrutai Luesuwannatat

The Chairman declared that the Annual General Meeting of Shareholders 2024 opened, and then introduced members of the Company's Directors, Executive and Auditors presenting at the Meeting total 15 persons as follows:

1. Dr.Prateep	Tangmatitham	Chairman of the Board and Chief Executive Officer
2. Mrs.Ajchara	Tangmatitham	Director and Executive Vice President
3. Mr.Tritecha	Tangmatitham	Director and Managing Director
4. Mr.Anant	Gatepithaya	Independent Director and Chairman of the Audit
		Committee
5. Assoc.Prof.Dr.Virach	Aphimeteetamrong	Independent Director and Chairman of the
		Nomination and Compensation Committee
6. Assoc.Prof.Dr.Somjai	Phagaphasvivat	Independent Director and Chairman of the
		Corporate Governance and Sustainability
		Development Committee
7. Mr.Atip	Bijanonda	Director and Chairman of the Risk Management
		Committee
8. Assist.Prof.Aswin	Bijayayodhin	Independent Director
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9.	Mr.Prasas	Tangmatitam	Director
10. Mr.Krid	Chancharoensuk	Director
11.	Prof.Emeritus Dr.Sahas	Bunditkul	Advisor of the Board of Directors
12. Mrs.Siriporn	Wangsapar	Assistant Managing Director, Chief Financial Officer
13. Mrs.Varunee	Lapitananuvat	Company Secretary
14.	Ms.Krongkaew	Limkittikul	Audit Partner, EY Office Limited
15.	Ms.Salitta	Piyanonthaya	Audit Manager, EY Office Limited

There were 10 directors attending the Meeting from a total of 10 directors, representing 100%.

The Chairman informed the Meeting that the Company had offered opportunities to shareholders to participate in proposing meeting agenda items in advance prior to the Shareholders' Meeting from September 12, 2023 to November 13, 2023. However, it appeared that none of the shareholders proposed and nominated persons to the Company to be selected as directors. The Meeting agenda was also not proposed, including questions, in advance. The results had announced through the news system of the Stock Exchange of Thailand and published on the Company's website (www.supalai.com) on November 14, 2023. The Board of Directors considered and deemed appropriate to set 6 agendas items for this Meeting. The details were shown in the letter of invitation to the Meeting submitted to all shareholders. The Company had notified the date of the Shareholders' Meeting on the Company's website on February 20, 2024 and published the letter of invitation to the Meeting and the agenda on the Company's website (www.supalai.com) since March 22, 2024. The Meeting will be conducted in accordance with the agenda sequence specified in the letter of invitation to the Meeting and there is no additional agenda to consider. To ensure that the Meeting is in accordance with the guidelines of good corporate governance, the Company recorded this Annual General Meeting of Shareholders in the form of a video.

The Chairman assigned Mrs.Varunee Lapitananuvat, the Company Secretary, to explain the Meeting about the voting, vote counting process to Shareholders' Meeting and notification of the voting results. The details were as follows:

• The Company used barcode system to facilitate the vote-counting process and shareholders attending the Meeting.
• The Company had set the procedure for counting votes by separating the vote counting methods of those attending the Meeting and the proxy as follows:
• • Shareholders and the proxy had the right to vote according to the number of shares held, wherein one share was equal to one vote.
  • For each agenda item, each shareholder was eligible to cast his/her votes, to either approval, disapproval or abstention from voting. Vote splitting was disallowed.
  • In case the proxy was presented at the Meeting, in which the shareholder had pre-casted the vote and the vote was counted, the proxy did not get to vote. On the other hand, if the shareholder's voting decision was unspecified or unclear, then the proxy was granted the right to make an appropriate voting decision. Regarding any disapproval or abstention to any agenda, the voter was asked to raise his/her hand. The officer would pick up the ballot from the proxy, same policy applied if the shareholder attended the session in person.
• In order for the ballots to be counted as qualified votes, the ballot should be completely marked and signed. In the case that voters wanted to make changes to the vote, it was required to cross out the original mark and signed at all time. Voting that did not comply with the mentioned criteria would be considered as void and would not be counted as part of the votes for the agenda.
• For vote-counting, the Meeting would count votes of shareholders present at the Meeting and casted the votes, as well as of those appointed proxy as recorded by the Company at the time of registration of the Meeting. There shall be 3 types of vote-counting, " approval" , " disapproval" , and "abstention"
• 1. For the agenda 1,2,3, and 5 to be approved by the Meeting of shareholders by the majority votes of the shareholders attending and casting their votes at the Meeting, the Company officer shall count only the votes of the shareholders with voting right, who voted for approval and disapproval. In the event of voting tie, the Chairman of the Meeting must exercise a tie-breaking vote.

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• 1. For the agenda 4 to be approved, by the vote of not less than two-thirds of the total votes of the shareholders present at the Meeting. The Company shall count the votes of approval, disapproval, abstention and voided ballot.
  2. For the agenda 6 to be approved by the vote of not less than three-fourths of the total votes of shareholders attending the Meeting and having the right to vote at the Meeting. The Company shall count the votes of approval, disapproval and abstention.
  3. In case of the Meeting is closed for each agenda, Shareholders cannot vote in the past agendas.
• Shareholders would be requested to mark and sign in the voting cards indicating approval, disapproval, or abstention. The Company staff shall collect only voting cards with disapproval and abstention, in correspondence with each agenda. If the voting for each agenda has been closed, shareholders would not be able cast vote for the previous agenda. The voting cards with approval shall be collected all together after the Meeting.
• In the vote-counting process, the Company would deduct votes of the disapproval and abstention out of the total number of votes casted by the shareholders present at the Meeting. The rest shall be deemed as affirmative votes in favor of such agenda. The votes shall also be considered based on the intent stated in the letter of proxy by shareholders.
• As the counting of votes for each agenda shall be counted from the vote of shareholders attended the Meeting and with the right to vote, the numbers of shareholders and votes might not be equal, depending on the presence of shareholders at the time of cast of each agenda item.
• In case of any questions or comments, shareholders could raise their hands before the voting at the end of each agenda.
• The Company will announce the voting results of each agenda item after completing the final agenda item.

The Chairman asked the Meeting to express any other opinions, No one disputed. The Meeting agreed with the above voting - counting process.

Agenda 1To acknowledge the directors' report on the Company's performance and to approve the Financial Statements for the year ended December 31, 2023.

The Chairman assigned Mr.Tritecha Tangmatitham, Director and Managing Director to summarize Company's performance, including the 2024 action plan, are as follows:

Mr.Tritecha Tangmatitham, informed to the Meeting that in 2 0 2 3 , the overall economic condition of the Thai real estate market remained stable due to negative factors from rising interest rates. LTV (Loan to Value) measures were reintroduced, affecting the Thai real estate market. However, in 2024, the Company is expected that the overall market conditions are likely to be better as a result of the government's measures to reduce the ownership transfer fee and the mortgage registration fee for houses and condominiums worth no more than 7 million baht. Almost 90% of the Company's customers are in this group. Customers will benefit from this measure, which will cause a positive impact on the overall real estate market, including positive factors from the housing projects that receive BOI's tax incentives as well as the trend of stable and potentially lower interest rates.

Presales, total revenues, and new project launches in 2023

• Presales: It was 28,864 million baht, divided into 68%of low-rise projects and 32% of high- rise projects. Throughout the past period, the Company has expanded its markets to more major cities in other provinces. In 2024, the Company will develop projects in 29 provinces. As a result, in 2 0 2 3 , the Company achieved 4 7 % of sales in other provinces and became the leader among real estate companies with the most expansion to provincial cities, compared to other companies as follows:

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Proportion of Presales in 2023

Provinces	High-Rise Projects	Low-Rise Projects	Total
Bangkok Metropolitan	29%	24%	53%
Other provinces	3%	44%	47%

• Total revenue was 31,818 million baht.
• The value of new project launch was 29,640 million baht. In 2024, the project will been launched in 3 new provinces, namely, Lampang, Lopburi, and Ratchaburi.
• Product design: The Company has continuously developed and designed new houses in terms of beauty and living benefits and provided various facilities to create and deliver goods and products to meet customer needs, including maximum customer satisfaction, in the house styles, such as Romantic Charm Series, Tropical Modern Series, Modern Classic, etc.

Action plan, sales target, total revenue, and new project launches in 2024

The Company has set growth targets in all aspects. Details are as follows:

• Sales target: It is set at 36,000 million baht. The Company expects that the government's real estate measures will stimulate the overall real estate market to recover, which will be beneficial in many aspects for businesses related to the real estate market and help boost the Thai economy.

Proportion of sales target in 2024

Provinces	High-Rise Projects	Low-Rise Projects	Total
Bangkok Metropolitan	21%	30%	51%
Other provinces	3%	46%	49%

• Total revenue target: 36,000 million baht, which is a Record High of the Company
• Projects ready for ownership transfer in 2024: There are 5 projects as follows:
• 1. Supalai City Home Rayong Project: The project value is 30 0 million baht with sales of 22%. The transfer of ownership will commence in the first quarter of 2024.
  2. Supalai City Home Sanambinnam-RattanathibetProject:The project value is 730 million baht with sales of 32%. The transfer of ownership will commence in the second quarter of 2024.
  3. Supalai Icon Sathorn Project:The project value is 1 2 ,3 0 0 million baht with sales of 22%. The transfer of ownership will commence in the second quarter of 2024.
  4. Supalai Premier Samsen-RatchawatProject: The project value is 1,600 million baht with sales of 61%. The transfer of ownership will commence in the second quarter of 2024.
  5. Supalai Loft Phasi Charoen Station Project: The project value is 1,100 million baht with sales of 81%. The transfer of ownership will commence in the third quarter of 2024.

There are 5 new high-rise projects ready for ownership transfer, which its ownership transfer mostly will begin in the second and third quarters of 2024. The number of projects is higher than in 2023 when ownership of only two high-rise projects was transferred.

Investment budget in 2024

To allow the Company to achieve its sales and project launch targets, the Company has set a land purchase budget of 8,000 million baht and a construction budget of 12,500 million baht. This part is an investment to generate sales and revenues for the Company in the future.

New project launch plan

There are 42 projects with a total value of 50,000 million baht, divided into 87% of low-rise projects and 13% high-rise projects. In the first quarter of 2024, 15 low-rise projects were launched in Bangkok and other provinces.

The Chairman further clarified that, over the past 3 5 years, the Company has expanded its investment in major cities across 2 9 provinces, totaling 2 4 0 projects, including overseas investment, especially in Australia. The Chairman also assigned Mr.Prasas Tangmatitam, the director, to report the investment performance in Australia. Details were as follows:

Mr. Prasas Tangmatitam, reported to the Meeting that, over the past 10 years, the Company has continuously invested in 12 projects in Australia. Currently, it is the 11th year. The Company has expanded its investment in 12 more projects in 5 cities and 4 states, including;

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• 4 projects in Brisbane, Queensland
• 2 projects in Sydney and Wollongong, New South Wales
• 4 projects in Melbourne, Victoria
• 2 projects in Perth, Western Australia

New South Wales is a new location for the Company to invest in. Investment in these 12 new projects requires capital investment (according to the Company's shareholding proportion) amounting to A$ 530 million or equivalent to 12,600 million baht. The total project value (according to the Company's shareholding proportion) is approximately A$ 5,785 million or equivalent to 137,700 million baht.

There are 2 4 existing and new projects. At present, the Company's total investment (according to the Company's shareholding proportion) is A$ 945 million or equivalent to 22 ,300 million baht. The total project value (according to the Company's shareholding proportion) is approximately A$ 8 ,0 0 0 million or equivalent to 187,700 million baht.

The Chairman reported the performance and Environmental, Social and Governance (ESG) awards as follows:

Environmental, Social and Governance Operationsn (ESG)

Currently, the energy and climate crisis that the world is facing affects all lives. Climate change has led to the global warming crisis, which is a problem that all countries must coordinate to jointly reduce greenhouse gases and carbon dioxide as much as possible. The Company has set the goal to reduce greenhouse gases by 40% by 2030 in order to be able to operate its business sustainably and develop society and environment under the Project, Supalai "Srang Dee", to cover all stakeholders.

Environment

• "Supalai Grow Green" activity was held for the second year with partners from the Care The wild project of the Stock Exchange of Thailand and the Royal Forest Department, which jointly provided an additional 10 Rai of green areas to villagers of Ban Khok Phluang community, Chakkarat District, Nakhon Ratchasima Province, totaling 20 Rai of plantation.
• "Supalai Self-Proved" Campaign invites everyone to prove the results of eco-friendly construction innovations through Supalai Waste Meter, the meter for measuring the amount of construction waste from various projects of Supalai, to be less than the specified benchmark.
• Renewable Energy Home:
• • Using environmentally friendly materials
  • Supporting EV Charger installation
  • Installing a solar roof
• Environmentally friendly office Building
• • Installing a solar roof
  • Installing EV Charger
  • Reuse Reduce Recycle

Social

• The 2nd Glasses for Happiness activity provides vision test and glasses for construction workers.
• Big Brother Season 7 Project for 6 consecutive years, organized by the Thai Chamber of Commerce, serves as a mentor for SMEs by sharing experiences and providing business knowledge.
• Project of development of public utilities system and environment for neighboring communities.
• iCreator Conference 2023 Presented by Supalai provides a forum to share successful experiences in the world of communication under the theme of "The Power of NEXT Gen: The Power of the New Content World for the Future of Creators".

Governance

The Company is aware of and pays attention to the development of a good corporate governance system and proactively combats corruption, so such operations are carried out continuously. In 2023, there were major developments and performances as follows:

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• Improving the Corporate Governance Policy, related policies, and Code of Conduct for Directors, Executives, and Employees to be in accordance with good corporate governance principles and best practices of external regulatory agencies.
• Establishing guidelines in accordance with the Code of Conduct for Suppliers and managing the supply chain by organizing SPALI Supplier Day 2023 meeting to promote and support the Company's suppliers, providing the business practices that are in accordance with the guidelines for sustainable corporate management, taking into account Environmental, Social and Corporate Governance (ESG) issues.
• The Company has renewed its certification as a member of the Private Sector Collective Action Coalition Against Corruption (CAC) and received the CAC Change Agent Award 2023 for 2 consecutive times.
• Managing and following up complaints to build the confidence of stakeholders.
• Proactively meeting analysts and investors through various channels, providing opportunities to investors, analysts, and interested persons to ask questions, and disclosing the Company's public information accurately, completely, and promptly.
• The Company discloses environmental, social, and corporate governance information through the SET's platform.

In addition, the Company is proud to have received several honorary awards from leading organizations in the previous year, which confirmed its credibility, such as:

Corporate Governance

• Awarded with an 'AA' rating from SET ESG Ratings 2023 by the Stock Exchange of Thailand
• Excellent level for Corporate Governance Report of Thai Listed Company by Thai Institute of Directors Association for 11 consecutive years
• CAC Change Agent Awards 2023 for 2 consecutive years from Thai Private Sector Collective Action Against Corruption
• Passed the quality assessment of Annual General Meeting of Shareholders with a full score of 100 points for 11 consecutive years from the Thai Institute of Directors Association

Performance

• Best Public Company - Property and Construction Industry 2023 from Money and Banking Awards
• Listed in the list of "Forbes Asia's Best Under A Billion 2023"
• BEST NATURE HOME Awards for Supalai Tuscany Donkaew-Maerim Project from
  LIVINGINSIDER AWARDS 2023
• BCI Asia Top 10 Developers Awards 2023 for 13 consecutive years in the category of Top 10 Development of Thailand

Innovation

• House and Building with No. 5 Label Recognition Awards
• FIABCI - Thai Prix D' Excellence Awards 2023 in the category of Outstanding Real Estate Projects for 5 consecutive years

Social and Environmental

• Thailand Labor Management Excellence Awards
• Sustainability Disclosure Recognition Awards 2023" for 5 consecutive years
• "Commendation letter for Royal Forest Department Assistant" Award for being a part of the private sector participating in the Care the Wild project of the Stock Exchange of Thailand
• Awarded "Thailand Energy Award 2023" with energy conservation concept from the Department of Alternative Energy Development and Efficiency
• Awarded "Certificate of Residential Energy Efficiency Design" from the Department of Alternative Energy Development and Efficiency
• Awarded "Building Energy Code Award 2022" at very good level in the category of condominium from the Department of Alternative Energy Development and Efficiency

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The Chairman had assigned Mrs.Siriporn Wangsapar, Assistant Managing Director and Chief Financial Officer who clarified the past year performance.

Mrs.Siriporn Wangsapar informed the operating results for the year 2023 of the Company and its subsidiaries as follows:

Income Statement - Consolidated Financial Statements

	For year ended	Change
	(Million Baht)
	2023	2022	Million Baht		%
Total Revenues	31,818	35,501	(3,683)		(10%)
Revenues from Sale on Real Estate	30,836	34,222	(3,386)		(10%)
Gross Margin (%)	35.6%	39.0%
Selling and Administrative Expenses	3,857	4,029	(172)		(4%)
% S&A to Total Revenues	12.1%	11.4%
Share of Profit from Investments in Joint	247	390	(143)		(37%)
Venture and Associates
Finance Cost	467	277	190		69%
Earning before Tax	7,670	10,515	(2,845)		(27%)
% EBT to Total Revenues	24.1%	29.6%
Corporate Tax	1,586	2,212	(626)		(28%)
Effective Corporate Income Tax Rate (%)	20.7%	21.0%
Net Profit	5,989	8,173	(2,184)		(27%)
Net Profit Margin (%)	18.8%	23.0%
Basic Earnings per Share (Baht)	3.07	4.19	(1.12)		(27%)
Statement of Financial Position - Consolidated Financial Statements
	As at December 31	Change
	(Million Baht)
	2023	2022	Million Baht		%
Total Assets	86,126	79,924	6,202		8%
Loan from Financial Institutions	27,164	24,536	2,628		11%
- Project Loan	8,523	8,196	327		4%
- Debenture	13,673	12,358	1,315		11%
- Others	4,968	3,982	986		25%
Deposits & Advances Received from Customers	1,446	2,004	(558)		(28%)
Total Liabilities	34,661	32,461	2,200		7%
Total Shareholder's Equity	51,465	47,463	4,002		8%
Issued and Paid-up Share Capital	1,953	1,953
Net Gearing Ratio (%)	44%	49%
Average Cost of Fund	2.78%	1.78%

1. Total revenue amounted to 31,818 million baht, decreased by 3,683 million baht from the previous year, representing a decrease of 10%.
2. The revenue from sales of real estate amounted to 30,836 million Baht, decreased by 3,386 million Baht or 10% from the previous year. It was divided into the revenue from the transfer of ownership of detached houses and townhouses of 66% and the remaining 34% from the transfer of ownership of condominiums. Revenue from the transfer of ownership of low-rise projects grew by about 10%, but the revenue from the transfer of ownership of condominium projects decreased. This

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was because, in 2023, the Company had a total of 2 condominium projects that were completed and due for transfer of ownership, while in 2022, the Company had a total of 7 condominium projects that were completed and due for transfer of ownership.

1. Gross margin ratio amounted to 35.6%, decreased by 39% from the previous year or 3.4% due to an increase in the proportion of low-rise ownership transfers of 66%, compared to the same period last year with a proportion of low-rise ownership transfers of 54%. Therefore, gross margin decreased compared to the same period last year. However, gross margins remained at the high level of the industry segment.
2. Selling and administrative expenses to total revenue ratio amounted to was 12.1%, which was considered to be at the lowest level in the industry.
3. Share of profit from investments in joint ventures and associates amounted to 247 million baht, a decrease of 143 million baht from the previous year or a decrease of 37%. This was mainly due to the decline in revenue from sales of real estate of projects in Australia, which the transfers of ownership have been postponed to early 2024.
4. Finance cost amounted to 467 million baht, increased by 190 million baht from the previous year or an increase of 69%, because the policy rate increased since mid -2022.
5. Profit for the period amounted to 5,989 million baht, decreased by 2,184 million baht from the previous year, representing a decrease of 27%, due to a decrease in revenue from ownership transfer, a decrease in gross margin as well as a decrease in the share of profit from investments in joint ventures and associates and an increase in finance costs. As a result, basic earnings per share amounted to 3.07 baht per share, which decreased from the previous year at 4.19 baht per share.
6. Net profit margin amounted to 18.8% , decreased by 23% from the previous year or 4.2% . Net profit margins remained at the high level of the industry segment.
7. Total assets amounted to 86,126 million baht, increased by 8% from the previous year. The majority of the Company's and its subsidiaries' total assets were the cost of property development projects for waiting to be delivered.
8. Total liabilities were 34,661 million baht, increased by 7%. The increase in debt was mainly due to the fact that the Company and its subsidiaries were in the process of expanding their business. Therefore, it required more investments. Regarding the project loan proportion, as at December 31 , 2023, the Company had outstanding project loans of 8,500 million baht and the bank's credit line of up to 24,500 million baht for projects that have been approved which have not yet been draw down, which can be used for future construction.
9. Outstanding debentures, as at December 31, 2023, amounted to 13,673 million baht, with maturities in 2024 amounting to 7,220 million baht and in 2025 amounting to 6 ,800 million baht. During 2023, the Company paid debentures amounting to 8,600 million baht and issued additional debentures during the year amounting to 10,120 million baht. The debentures were issued with a maturity of 1 - 2 years and the average interest rate was between 2.47%-3.30%.
10. Shareholders' equity amounted to 51,465 million baht increased by 8% from 2023 mainly due to the Company's good operating results.
11. Net gearing ratio as at December 31, 2023 was 44%, decreased from 49% as at December 31, 2 0 2 2 , which was in the low level of the industry segment. As a result, the Company has very low financial risk.
12. Average cost of fund as at December 31, 2023 were 2.78%, which increased due to the Bank of Thailand's policy rate adjustment.

It can be seen that, during the past year, although it was not easy for the Company, the Company still had strong operating results. Its profitability was still very good, compared with companies in the same industry. The Company's low liabilities cause TRIS Rating to maintain at A Stable for the Company's credit rating due to the strength of its financial position, which is ready for future growth.

The Company Secretary invited shareholders to ask questions or more recommendations by the shareholders and summarized as follows:

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	Name			Recommendations and Questions
Mr.Nirun	Jitpragob	1. How much is the current inventory and what percentage is it?
Shareholder attending in person	2. What are the operating results of the first quarter in 2024?
(Question)
Mr.Tritecha	Tangmatitham	1. Inventory is divided into 2 parts as follows:
Maganing Director		•	Low-riseProject: It is under-construction products that
(Answer)				are pending to be delivered. For low-rise products, most
				customers want to buy a completed house and are ready to
				transfer ownership immediately. At present, the low-rise
				project consists of a finished inventory pending for sale of
				about 6,000 million baht. However, the Company has no
				concerns because it is the inventory to support sales within
				1-2 months.
			•	High-riseProject: Currently, it is worth about 13,000
				million baht, located across several regions in a variety of
				locations. Compared to each project, the proportion will be
				less than 100 million baht.
			In summary, the Company can manage its above-mentioned
			inventory volume.
		2. Operating Results of the first quarter in 2024
			•	Sales and operating results may not be very good because
				customers suffer from the loan application rejection
				problem. In 2023, the loan application rejection rate will be
				13-14%, mostly at the low level. In 2024, these problems
				remains exist. The interest rate is still high as well.
				However, operating results are expected to improve from
				the second quarter due to government measures to reduce
				ownership transfer fees and housing mortgage registration
				fees for houses of not exceeding 7 million baht.
Mr.Niti	Vanichjiratikal	•	What is the current progress of 12 new projects in Australia?
Shareholder attending in person	•	Please report revenue recognition trends of 12 new projects in
(Question)			Australia.
Mr.Prasas	Tangmatitam	For the 12 new projects in Australia, the Company signed the
Director		agreements on December 19, 2023, with the following project
(Answer)		revenue recognition conditions:
				• Revenues of projects in which the Company owns land
				will be recognized from January 1, 2024, onwards.
				• Revenues of projects in which the Company develops and
				sells land to landowners will be recognized from March
				31, 2024, onwards.
		The agreements are currently in the process of being reviewed
		by Australia's government agency, the Australian Competition
		and Consumer Commission (ACCC). It is expected to be
		completed in the middle of this June. Upon approval by
		government agencies, including the ACCC and the Foreign
		Investment Review Board (FIRB), the payment will be made
		under the agreements.
Mrs.Siriporn	Wangsapar	The Company will be able to recognize revenues upon
Assistant Managing Director,	completion of the process and payment under the agreements.
Chief Financial Officer
(Answer)
Ms.Mathuprot Chantorn	According to the government policy encouraging foreigners to
Shareholder attending in person	own real estate in Thailand, how does the Company see the
(Question)		chance in the future to hold market share among foreign
		customers, as the proportion of the Company selling to
		foreigners is still very small?

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	Name	Recommendations and Questions
Dr.Prateep	Tangmatitham	Very few foreigners live in Thailand, compared with other
Chairman of the Board	countries. However, the ratio of foreigners living in Thailand is
(Answer)		likely to continue increasing due to globalization and the current
		policy allowing foreigners to own condominiums up to 49%,
		foreigners married to Thai nationals, foreigners investing with
		the Board of Investment (BOI) eligible to own land with other
		rights, including a land or building lease policy, which can be
		leased for up to 30 years without limiting the rental rate. As
		such, there is confidence that more foreigners will buy products.
Mr.Tritecha	Tangmatitham	The government may has measures to allow foreigners to own
Maganing Director	more lands, but it is expected that it will take some time.
(Answer)		However, land ownership of foreigners is still being resisted in
		many ways, so it cannot happen at present. If the measures and
		policies are clear, the Company will evaluate how to proceed
		further.
Mr.BASANT KUMAR DUGAR	Congratulations to the Company for receiving the ESG Level AA
Shareholder attending in person	award, reflecting the cost of funds, which is 2.78%.This is a
(Question)		good news. The Company is classified in the Green Financing
		group, which will help reduce borrowing costs for the Company
		and become famous in the Stock Exchange of Thailand.
		Therefore, please continue maintaining this status.
		However, the Company can use the mechanism to issue
		Perpetual Bond. This will improve the Company's ratio and
		result in a further decrease in borrowing costs.
		Can the Company organize additional roadshows? This is
		because the Company's market capitalization does not reflect the
		existing positive aspects of the Company.
Mr.Tritecha	Tangmatitham	According to the volatile global situation, risk and reward
Maganing Director	balancing is one of the things that the Board of Directors has
(Answer)		continuously supervised and monitored.
		The Company understands that roadshows are an important
		activity of being a public company. Previously, the Company had
		continuously organized many investor meet-and-greet activities,
		including roadshows. In the next few months, the Company
		plans to organize an overseas roadshow.
Dr.Prateep	Tangmatitham	The Company's operating philosophy is Low Risk High Return, in
Chairman of the Board	which the Company is cautious of low risk in both financial and
(Answer)		operational aspects. Regarding the returns to shareholders, the
		Company's financial ratios can be compared with those of the
		industry group, in which the ratios of Supalai Public Company
		Limited is higher.
Mrs.Surassavadee Lertlerpongpat	What is the progress of the Supalai Loft Ratchada-Wongsawang
Shareholder attending in person	Project that had problems in 2023? What kind of operation is
(Question)		currently being performed with the surrounding communities?
		Can the construction continue as usual?
Mr.Tritecha	Tangmatitham	The Supalai Loft Ratchada-Wongsawang Project is still under
Maganing Director	consideration, but it is expected that, in mid-2024, the court's
(Answer)		judgment will be issued. This project is not very big and is partly
		sold. The Company has offered customers the chance to change
		to other projects of the Company.
		If the project cannot continue as a high-rise project, it will
		change the development to a low-rise project instead, which can
		generate good returns. Therefore, the risk is quite low.

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