Dear, Shareholders of Univentures PCL. The overall Thai economic conditions for 2015 revealed a growth of merely 2.8% from the prior year, caused by both the internal and external impacts. In the first half of the 2015, the Thai economy experienced stagnation due largely to depressed agricultural incomes and a continued decline in consumer sentiment, particularly in relation to consumer income perception. This together with financial institution's caution over household credit and indebtedness, suppressed the local growth trend. Slowdown in exports caused by economic declines in the countries of key trade partners, especially China and other ASEAN nations, inflicted further declines in their purchase orders for Thai exports. During the second half of 2015, the Thai economy showed a considerable sign of recovery, supported mainly by the government stimulus packages and its ramp up in public spending. The stimulus plans included support for low­ income families, subsidy for agricultural sectors, drought relief measures, supportive measures for small and medium-sized enterprises (SMEs), easing of credit approval process for housing loans, and reduction in property transfer fees. In addition, the said stimulus plans also included an individual income tax exemption of up to 20% per year for a period of 5 years of the purchase value for first-time home buyers of self-dwelling property with avalue of less than Baht 3 million. Inaddition, the government's yearend measure which covered the tax deduction for shopping during the festive season from December 25-31, 2015 and the speed up in automobile purchase before the new vehicle excise duty would come into effect in 2016, also contributed to a notable improvement in private consumption during the second half of the year.
Despite the adverse economic environment which generally curbed the continued growth inthe local property development industry, in 2015, the Company and the Univentures Group continued to show stronger growth with a 45% surge in its consolidated operating revenues and a 47% jump in net operating profit on the Company's own account. All these successes resulted from its cautious business policies and its ability to accordingly adapt to changing economic circumstances and other uncertainties, while maintaining its commitment towards sustainable development and sound financial stand.
Inthe past year,the Company also expanded its business scope by requesting the shareholder resolution from an Extraordinary General Meeting of Shareholders No. 1/2015 held on December 17, 2015 to approve an asset acquisition and an undertaking of related party transaction by Golden Land Properties Development PLC which involved an increase in its registered share capital and the allocation and sales of this share capital increase to Fraser Property Holdings (Thailand) Co., Ltd. (FPHT), a subsidiary of the Frasers Centrepoint Limited (FCL), a leading Singaporean property company. The sales of this capital increase of 685.7 million shares to FPHT at Bahl 7.25 per share accounted for Bahl 4,971 million in total. The shareholders also resolved to allow Golden Land Properties Development PLC to co-invest with Tip Phattana Arcade Company Limited in the Sam Yan Project, which is a mixed-used development valued at over Baht 8,500 million. Golden Land Properties
Development PLC will benefit from this business alliance with FCL which is a leading Singaporean property development firm with international operations and integrated business chains.
The Company recognizes the importance of good corporate governance and believes that good corporate governance is beneficial for its business operations, while inthe long-term adds valueto its corporation and provides higher returns to its shareholders.
Governance practices help improve the trust and confidence of shareholders, investors and related parties. The Board of Directors had reviewed, updated and amended the Company's Corporate Governance Policy and Code of Conduct to assure their completeness, clarity, and timeliness, as well as their compliance with the Principles of Good Corporate Governance for Listed Companies ,prescribed bythe Stock Exchangeof Thailand (SET).

It also set up an internal monitoring system to assure that the Company's employees and staffs abide by the Company's Good Corporate Governance and Code of Conduct Manuals, aiming to develop good and sustainable organizational culture. The Company also put the Company's Corporate Governance Policy and Code of Conduct as an agenda item in the orientation for its new recruits. All employees are also required to put their signature for endorsement of their pledge to comply with and abide by the Company's Code of Conduct. The Company received the full assessment score of 100 for the quality assessment for the arrangement of its 2015 Annual General Meeting of the Shareholders from the Thai Investors Association. It has enjoyed this "excellence" status with full marks for five consecutive years from 2011 to 2015.
For corporate social responsibility, the Company still commits to pay full attention to all its business processes that may directly or indirectly cause potential impact to the environment and society. Concurrently, it encourages all its stakeholders to be aware and be responsible for the natural environment and society via its campaign activities such as:
• Toxic waste knowledge which includes waste sorting and special handling of hazardous waste for building tenants and visitors,
• Energy saving via an "Are you energy efficient"campaign which promotes
energy saving behavior among building tenants and visitors, provides relevant knowledge on environmental crisis and energy saving guidelines,
• Fund raising for the Foundation for Environmental Education for Sustainable Development (Thailand): FEED THAILAND which promotes the promising future of mankind and environment via learning how to live in harmony with nature, and provide integrated knowledge of the nature to youth and young adults of the new generation. The campaign activity is called "MELT VENTURES" program.
On behalf of the Board of Directors of Univentures PCL, we would like to thank all our executives and employees, who have dedicatedly worked hard throughout the whole past year to provide the Company with its best achievement. These people are the important success factors that drive the growth and create the accomplishment of the Univentures Group.We would also like to express our sincere gratitude to allour clients, business alliances, and all our shareholders who have always demonstrated their support and confidence in the Company and the Univentures Group.We assure all our shareholders that we are committed to conduct our business and duties under the principles of good governance,with openness and transparency, to ensure growth and prosperity of the Company and the Univentures Group, as well as to create sustainable returns for all our shareholders.