Mr. Paiboon Damrongchaitham Chairman

Ms. Boosaba Daorueng Group Chief Executive Officer

Dear Shareholders,

First of all, the company would like to express its sincere gratitude to all shareholders for your trust in investing with the company this year 2023. The overall Thai economy has shown some recovery, particularly in the tourism sector which has gained more interest from both domestic and international tourists compared to the previous year. In the music industry, technological advancements have fully ushered businesses into the digital era. We have witnessed the continued and robust growth of the music streaming business, known as the "Music Second Wave." For the company's overall business this year, we have restructured our music business to enhance sustainability and agility in management in order to maintain and increase our competitiveness, including seeking business partners to generate long-term returns for shareholders. From this restructuring, the company has transitioned from an operating company to a holding company, where our core businesses of music, home shopping, and media are operated through subsidiaries and associated companies, while the company itself does not significantly operate any business on its own.

In the home shopping business, despite intense competition and declining purchasing power, GMM O Shopping has been able to maintain its customer base and expand its distribution channels effectively. It has also developed House Brand products to cater to new customer groups. In the film business, the company released 4 movies, including the Netflix original series DELETE, aiming to expand our content reach to a wider audience group, which is an interesting new growth area.

Additionally, the company places great importance on conducting business under the principles of good corporate governance and business ethics. We have received the highest "Excellent" corporate governance rating, or 5 stars, from the Thai Institute of Directors (IOD) for 13 consecutive years. All of this is a result of the dedication and efforts of every staff member in the company who has worked to their full capability to drive the organization's sustainable growth. On behalf of the Board of Directors of GMM Grammy Public Company Limited, we would like to thank everyone involved, and be assured that we will operate with responsibility for the benefit of all stakeholders.