1. Annual Registration Statement / Annual Report 2025 (Form 56-1 One Report)

1. Organizational structure and operation of the group of companies

1. Policy and business overview

   For over 36 years, Supalai has remained steadfast in the conviction that every home should be built to support the "real lives" of everyone through rigorous quality standards. We have never defined a "quality home" merely by its exterior appearance; rather, we believe that "a good home must begin with internal quality." Consequently, we pay meticulous attention to every detail from the foundation and materials to functional designs that truly cater to everyday living.

   
   
   

   True quality does not begin with what meets the eye... but from what is deeply embedded within. Supalai Public Company Limited, therefore, launches the "Quality Begins Inside" advertising campaign to reinforce the core philosophy the brand has upheld for over 36 years. A good home is not measured merely by its exterior beauty, but is the result of intention and meticulous care in every square meter and every stage of the internal process from the very beginning.

   "A good Supalai home must be cared for starting from its internal quality.

   Even in the things unseen, we never overlook thembecause that is the true heart of quality."

   
   
   Structural integrity is our promise of safety. Every residence is engineered to the highest technical standards because we believe safety must transcend "reliability" to provide absolute "certainty."
   
   
   
   High-specification materials are the fundamental building blocks of a home that is acoustically insulated, thermally efficient, and truly comfortable. Supalai handpicks premium materials from trusted industry partners, recognizing that the quality of building componentsfrom wall systems and flooring to ceilings and glazingis the primary driver for a home that feels "effortlessly livable."
   
   
   
   Functionality designed for real life: with spacious, airy areas that welcome natural light and ventilation. Our designs ensure that a home is more than just a beautiful image in a brochure; it is built for the everyday life of a familyfrom the rush of a weekday morning to a weekend evening filled with laughter.
   
   
   
   

   A team that truly understands you: we do not just sell houses; we build relationships. Every team at Supalai from sales and engineering to after-sales service and digital supportis trained with a shared philosophy: 'The homes we sell represent a person's life, and they deserve our utmost care.' This commitment drives our prompt, sincere, and reliable after-sales service, ensuring no resident is ever left to face a problem alone. We want our residents to always feel that they have a dedicated partner by their side.

   We extend our gratitude to our partners for their collaboration in establishing the new benchmarks of quality that we take pride in.

   "Supalai has extended its sincere gratitude through a formal letter to 18 key partners for their collaboration in creating high-quality, eco-conscious products. This partnership reflects a shared conviction that 'true quality' must originate at the sourceencompassing materials, processes, and the collective mindset of all stakeholders. Beyond internal operations, this extends to the entire network of partners walking alongside us. Supalai believes that building exceptional homes requires synergy across all dimensions, and these partners are instrumental in fulfilling our commitment to 'Quality from Within'."

   
   
   

   "'Quality Begins Inside' is not merely a marketing slogan; it serves to reinforce that the meticulous attention to detail we invest in every home is the true foundation of Supalai's quality. Through sustainable excellence and meaningful differentiation, we invite you to experience authentic quality with Supalai houses and condominiums at our projects nationwide."

   
   
   

   "The 'Quality Begins Inside' brand film is now available for viewing on our YouTube channel: https://youtu.be/ RGTs0c7Zq8A. For more information and the latest updates, please visit our website at https://www.supalai.com or follow us on our official Facebook page: Supalai."

   Various locations in 29 provinces nationwide

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   Chanthaburi

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   Bangkok

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   Saraburi

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   Llakhon Si Thammarat

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   Supalai Public Company Limited 1011 Supalai GrancJ Tower, Rama III,

   Chang Nonsi, Yannawa, Bangkok IO12O

   
   
   

   Call: 1720

   feed office: 0 2 725 8888

   Diversity of Living Styles High - Rise Building Projects

   
   
   

   We develop high-rise residential projects ranging from Standard and Medium to Luxury segments to ensure accessibility for all customer groups. Each project boasts distinct architectural excellence that reflects the unique identity of its residents. We have further elevated our floor plan designs to offer the most diverse options, from Studios for the younger generation and 1-3 Bedroom units for families, to premium Penthouses. A key highlight is the inclusion of "Multi-Purpose Rooms," designed with the flexibility to be transformed into a Home Office (WFH), a private studio, or a Walk-in Closet, tailored to individual needs. Our approach integrates diverse technologies with nature through energy-efficient building designs that harmonize with natural wind and sunlight. We also incorporate forward-looking functions such as EV Chargers and health-friendly materials to promote well-being for residents of all ages. Our diversity extends to strategic locations, spanning from the Central Business District (CBD) near mass transit lines to emerging high-potential areas with comprehensive amenities, ensuring a seamless connection for every lifestyle whether for working professionals or families.

   Supalai prioritizes the development of condominiums that are safe and equally accessible to "Everyone." We adhere to Universal Design principles in common areas, featuring ramps and seamless surfaces to facilitate wheelchair users and the elderly. Our Accessible Parking provides designated spots for the disabled and elderly near elevator halls, complete with clear signage and lateral clearance for ease of entry and exit. Elevators are wheelchair-accessible with reachable control panels, and Accessible Restrooms are designed with ample turning space, sturdy grab bars, and user-friendly fixtures for maximum safety. Furthermore, to align with modern lifestyles, Supalai has enhanced common areas to better support delivery logistics. This includes dedicated, hygienic, and secure zones for food delivery, as well as modern parcel management systems designed to systematically handle the high volume of online shopping.

   Diverse Low - Rise Development Projects

   Our horizontal residential developments are engineered to meet authentic needs for a sustainable quality of life. The Company remains steadfast in its policy of developing housing that harmonizes with the prevailing economic and social contexts of every era. We place a strategic emphasis on analyzing locational potential and addressing "Real Demand" to create a diverse and comprehensive range of products.

   Single - Detached House

   
   
   

   Our paramount flagship product is the development of single-detached houses, meticulously crafted through a comprehensive analytical process. This encompasses both locational dimensions spanning from urban centers to suburban expansions and economic dimensions, ensuring that customers receive high-quality products at an affordable price. The design focuses on the seamless harmony of real-life utility, reflecting exceptional value and perfectly fulfilling the lifestyles of modern families.

   Duplex Houses

   
   
   

   "Single-Detached Functionality in Accessible Locations and Price Points" To cater to the rising demand in today's market, the Company has elevated the "Twin House" (Semi-Detached) model as a strategic residential alternative. Our design philosophy focuses on delivering spacious, well-proportioned living areas equivalent to those of a single-detached house, but with significantly greater pricing flexibility. Especially in high-potential or prime urban locations where land costs are a major constraint, the Company has introduced a Variety of Designs to create a perfect equilibrium between economic value, relaxation, and a quality community. This ensures we precisely meet the needs of customers seeking urban living without compromise.

   Townhomes

   
   
   

   "A New Definition of Urban Living: Flexible and Boundless" The Company is committed to transcending the limitations of traditional townhomes by introducing a visionary residential innovation centered on "Flexibility." Our interior spaces are meticulously engineered to be adaptable, catering to the dynamic lifestyles of the New Generation. Especially in urban locations, our spatial planning prioritizes Maximum Space Utilization in harmony with architectural aesthetics, ensuring a residence that is comprehensive in both functionality and design excellence.

   Landscape

   
   
   

   In terms of landscape and common area design, the Company ensures that every project harmonizes with its local context and offers a diverse range of facilities to cater to residents of all generations. Accessibility is prioritized through integrated ramps throughout the garden areas, which feature playgrounds, sports courts, outdoor fitness zones, and activity plazas. Our swimming pools are also designed for multi-generational use, equipped with stairs, grab bars, and "beach-entry" slopes for easy access to children's pools, adult pools, and Jacuzzi seating.

   We remain committed to preserving the original identity of each site by prioritizing the conservation of existing trees and selecting native flora for our landscapes. Our garden decorations are sourced from local products to minimize environmental impact and maintain the natural ecosystem as much as possible, including the preservation of wetlands and natural watercourses within the project. Furthermore, we design spaces that foster meaningful relationships within and between families. Functional areas are purposefully allocated to promote community engagement, such as dedicated Pet Parks and communal Edible Gardens (Kitchen Gardens).

   Awards and Honors

   Operational Excellence and Management Capabilities

   "Outstanding CEO" Award (Property Development Category) IAA Awards for Listed Companies 2025
   	"This prestigious award is presented to executives who demonstrate excellence in business management, reflecting their visionary leadership and pivotal role in driving the organization toward success and sustainable growth. Furthermore, it recognizes their significant contributions to the development of Thailand's economy and capital markets as a whole."
   THAILAND TOP CEO OF THE YEAR 2025 Organized by ARIP Public Company Limited in collaboration with the Faculty of Commerce and Accountancy, Thammasat University.
   	A prestigious tribute honoring the nation's top executives, recognizing the 'Best Corporate Leader of the Year' in the Real Estate Industry. This award reflects visionary leadership, strategic management excellence, and the exceptional capability to drive an organization toward stable and sustainable growth amidst the complexities of today's rapidly changing global landscape.
   Affirmed an "A" Rating with a "Stable" Outlook for the 12th consecutive year by TRIS Rating Co., Ltd.
   	"This award reflects our robust operational performance, consistent profitability, and highly efficient financial management. Operating under the principles of transparent and sustainable corporate governance, the Company maintains a low financial leverage and strong liquidity. This formidable market position ensures our readiness to pursue continuous investment opportunities, both domestically and internationally."

   Commitment to Sustainability: ESG Framework (Environment, Social and Governance)

   "AA" SET ESG Rating 2025 - Awarded by the Stock Exchange of Thailand (SET)
   	This award reflects the Company's steadfast commitment to developing sustainable real estate projects through innovative design and eco-friendly construction. We are dedicated to driving our business forward in tandem with continuous, multi-dimensional sustainable development, encompassing: Environmental: Prioritizing eco-conscious habitats and green innovations. Social: Enhancing quality of life and fostering inclusive communities. Governance: Operating with integrity under robust corporate governance principles.
   Recognized with an "Excellent" (5-Star) Corporate Governance Rating (CGR) for the 13th consecutive year, according to the assessment by the Thai Institute of Directors (IOD)
   	This award reflects the Company's unwavering commitment to continuously enhancing good corporate governance in tandem with our business operations. Our goal is to instill confidence among all stakeholders and lead the organization toward resilient and sustainable growth.
   Recognized as an "ASEAN Asset Class PLC" at the 2024 ASEAN Corporate Governance Scorecard (ACGS) Awards
   	The Company achieved an 'Excellent' rating in the 2024 ASEAN Corporate Governance Scorecard (ACGS) assessment, earning the 'ASEAN Asset Class PLCs' award. We are honored to be recognized as one of only 74 Thai listed companies to receive this prestigious regional distinction.
   CAC Change Agent Award 2025 (4th Consecutive Year) - Awarded by the Thai Private Sector Collective Action Against Corruption (CAC)

   	This award reflects the Company's commitment to not only operating with transparency but also actively expanding a network of integrity to our business partners and SMEs. By encouraging them to join the collective declaration against corruption, we aim to strengthen the foundation of good corporate governance in Thailand. This collaborative effort ensures that the entire supply chain drives forward with stability and sustainable growth together.
   Thai Chamber of Commerce (TCC) Business Ethics Award 2025
   	This award reflects Supalai's vision, which prioritizes 'Ethics' as the cornerstone of our business strategy. It aligns with our 'Big Quick Win through Ethics' concept, focusing on achieving a sustainable competitive advantage through transparency, integrity, and anti-corruption. These values remain at the heart of building trust among consumers and investors amidst current economic challenges.

   Innovation in Product, Service, and Work Process Design

   Recipient of the Best Affordable Quality and Best Concept Design Awards at the LivingInsider Thailand Developer Awards 2025
   	Supalai Prima Villa Utthayan Road Honored with the Best Affordable Quality award, recognizing excellence in high-quality residential development and exceptional value that perfectly meets the lifestyle needs of its residents. Supalai Blue Sathorn-Ratchaphruek Honored with the Best Concept Design award for its outstanding architectural vision and superior convenience, inspired by the concept "BLUniverse of Yourself - Designing your favorite universe to revolve around you.
   Recipient of the ELITE WINNER Award at the HUBEX
   	Recipient of the Elite Winner Award the highest honor bestowed upon organizations that have secured a Top 10 Developer title more than 10 times over the past 20 years. This accolade reflects an unwavering commitment, visionary leadership, and an exceptional standard of business excellence

   Finalist: The 13th Thailand Social Awards
   	Best Brand Performance on Social Media (Residential Real Estate) An award honoring brands with outstanding communication across social media platforms within the residential real estate sector. The winner is selected through an in-depth Social Metric analysis, covering reach, consumer engagement, and content performance across all social media channels.
   Distinguished with the 'Contribution to Thailand's Real Estate Industry' Prestige Award, alongside the World's Best Real Estate Award for the 6th consecutive year at the FIABCI-Thai Prix d'Excellence Awards 2025
   	Recognized for Supalai's pivotal role in the continuous development of residential housing, condominiums, office buildings, and hotels for over 36 years. Furthermore, the company remains deeply committed to social and environmental development, complemented by management practices that adhere to the highest international standards
   Winner Masterplan for Thailand - Asia Pacific Property Awards 2025, presented by IPAX Asia Pacific
   	Supalai Lagoon Hua Hin has secured the prestigious Masterplan award for large-scale projects in Thailand. The development is recognized for its systematic master planning, which effectively zones residential and communal spaces. The homes are strategically oriented to capture natural breezes year-round, following Passive Design principles to maximize cooling and enhance overall energy efficiency
   Recipient of the prestigious 'Business+ Product of the Year Awards 2025'a major accolade recognizing excellence in products and services. The award is presented by Business+ Magazine in collaboration with the College of Management, Mahidol University (CMMU)
   	Supalai Elite Sukhumvit 39" has solidified its success within the Construction Materials and Real Estate sector by delivering high-quality residential development that perfectly meets customer needs. Demonstrating exceptional market demand and resident satisfaction, the project achieved a remarkable 100% Sold Out on its very first day
   Recipient of 'The Most Corporate Transformation' and 'The Most Innovation' Awards at the Future Trends Awards

   The Most Corporate Transformation Award: Reflects the organization's ability to modernize, maintain agility, and effectively adapt to evolving market dynamics. The Most Innovation Award: Reflects a commitment to pioneering and developing innovations that not only deliver exceptional customer experiences but also enhance the internal work environment and organizational efficiency.

   Commitment to Sustainability through ESG Principles

   Awarded a Plaque of Honor from the Electricity Generating Authority of Thailand (EGAT), reaffirming Supalai's leadership in energy-efficient housing and its steadfast commitment to achieving Carbon Neutrality
   	Achieving Net Zero Greenhouse Gas Emissions (Carbon Neutrality) by 2050. Recognized as a leading developer of energy-efficient and eco-friendly housing, Supalai consistently participates in EGAT's Energy-Saving Home Program. With an extensive portfolio of Label No. 5 Energy-Efficient Homes, the company ranks among the nation's top developers in delivering sustainable residential units that meet the highest conservation standards.
   Plaque of Honor for 'Label No. 5' Energy-Efficient Homes and Buildings, reinforcing Supalai's leadership in Smart Energy-Saving Housing, presented by the Electricity Generating Authority of Thailand (EGAT)
   	Supalai Tuscany Rama 2-Wongwaen" was honored with a prestigious plaque for its residential collection, achieving a remarkable sweep across all seven house models: MONTANA, ROSSELLA, GROSSO, JASMINE, GRANDINO, REGINA, and RICCO. This success is anchored by the core philosophy: "Quality Begins Inside.
   Recipient of the 'Green Innovation: Eco-Innovation for the Future' Award, presented by Thammasorn Group
   	A strategic collaboration between Supalai and DOS LIFE to co-develop sustainable innovations that meet the needs of modern lifestyles. This partnership drives progress toward achieving Net Zero Emissionsa core mission shared by both organizations.

   1. Overview of the vision, objectives, goals and business strategies

      Message from the chairman Dear Shareholders

      Over the past 36 years, Supalai has navigated through countless economic cycles. We have witnessed both the

      pinnacles of prosperity and the most challenging of times. If the past year, 2025, were to be likened to an "Economic Earthquake" that violently shook the confidence of the Thai real estate industry, Supalai has proven that our "Real Estate Expertise" and deeply rooted "Financial Discipline" served as a formidable shield. These strengths enabled us to traverse that volatile year and emerge into a "Year of Strength," suc

      cessfully closing sales for 21 projects with a total value exceeding 35,470 million baht.

      This success was by no means accidental; rather, it is the result of our unwavering commitment to the business objective of building 'Financial Strength'. While the market grappled with liquidity constraints, Supalai continued to command high investor confidence. We successfully issued debentures at a remarkably low interest rate of merely 1.72%, significantly below the industry average. This advantage in cost of funds serves as a "Weapon", empowering us to sustain profitability and positioning us to further expand our market share.

      For the year 2026, Supalai envisions the future with strategic confidence grounded in data analysisdefined as 'Rational Optimism.' Although economic challenges persist, we see a glimmer of hope as the policy interest rate trends downward trend, reaching approximately 1%, alongside the low-to-negative inflation observed last year. This signifies a 'Golden Opportunity' for consumers with regular income and financial discipline to own homes at the most valuable prices seen in decades.

      While many businesses are downsizing, the Company has leveraged the strength of its 'A' Credit Rating, maintained for over 12 consecutive years, synergized with a new standard of product development under the concept 'Supalai Inspire Aesthetics of Life.' We are not merely building houses; we are crafting 'The Aesthetics of Living' through Double Volume high-ceiling designs that offer airy comfort, and by creating communities amidst nature featuring large lakes in high-potential locations such as Chanthaburi and Korat, as well as other landmark projects. Our ultimate goal is to deliver a quality of life where customers feel 'More Comfortable' from the very first day and 'Proud' in the long term.

      For 2026, Supalai has set challenging targets: Total Presales of 45,000 million baht and Total Revenue of 37,500 million baht. The core of our strategy lies in 'Portfolio Balancing' to effectively diversify risks, as follows:

      Thailand Market (Presales Target: 30,000 million baht): We are set to launch 28 new projects worth 35,000 million baht, extending our footprint to cover 30 provinces nationwide. This expansion includes pioneering new potential locations such as Suphan Buri Province and Koh Samui. Key revenue drivers will be realized from 3 major ready-to-transfer condominium projects: Supalai Parc Ekkamai-Pattanakarn, Supalai Sense Srinakarin, and Supalai Kram
      
      

      Khao Tao.

      Australia Market (Presales Target: 15,000 million baht): Australia has emerged as an effective 'Risk Hedge' against domestic household debt concerns. With a robust portfolio of 25 projects across 4 states, carrying a total value of
      
      

      176,500 million baht (based on Supalai's shareholding proportion), our growth is bolstered by Australian

      government initiatives, such as the 5% down payment scheme and the 'Shared Equity' program of up to 40%. These factors propelled our sales performance last year to achieve leapfrog growth, setting a record increase of over 370%.

      Supalai is fully transitioning into a data-driven 'Digital Organization'. For us, data is the 'New Rare Earth', a massive source of energy aggregated within 'The Data Frontier' (Central Brain) by processing insights through over 250 Analytical Dashboards. We are empowered to make precise strategic decisions within a remarkably short timeframe

      Furthermore, we aim to achieve 100,000 downloads for the 'SABAI' Application this year, introducing new features such as a Marketplace offering curated quality products from our partners, and a Smart Village system utilizing AI Security and Smart Gardening to ensure maximum safety and convenience. This technological trajectory is intricately woven into our 'Sustainability Driven' mission, as we firmly believe that business operations must not burden future

      generations. Consequently, Supalai is marching towards Carbon Neutrality by 2030, with an interim goal to reduce greenhouse gas emissions by 40% within the same year. This is achieved through 'Green Operation' across our entire value chain, from upstream to downstream.

      From the lessons of the Tom Yum Kung crisis, which saw interest rates skyrocket to 27-28%, to the recent 'Earthquake' of the past year, Supalai has surmounted these obstacles through unwavering determination and strict financial discipline. Today, we stand ready to move forward with stability, fully equipped with both intellectual wisdom and financial power.

      On behalf of the Board of Directors, I would like to express my heartfelt gratitude to our shareholders, customers, business partners, and all employees who serve as the vital cogs driving Supalai. We pledge to forge ahead in creating a new standard of living filled with aesthetics and sustainability, ensuring Supalai remains a trusted organization where we are poised to grow together endlessly.

      Dr. Prateep Tangmatitham Chairman of the Board of Directors

      Image Message from the chairman

      
      
      

      Vision

      Leader in sustainable real estate development with contributions to social and environmental improvement.
      
      

      Mission

      To continuously create and develop innovative products and services that bring the most value in the interests of our stakeholders, society, environment, and governance.
      
      

      Core Value

      Growth Mindset	Self-development, idea development for mutual benefits
      Dynamic	Agile, adaptable to all situations
      Win-Win	Win together
      Innovation	Innovate, share, listen, and try new things
      Customer Centric	Respect and create customer satisfaction and responsibility for stakeholders, society, and the environment
      Legal and Corporate Governance	Emphasizing on legality, ethics and code of conduct

      Management Philosophy

      For the quality society of "Supalai Residents," the Company is committed to developing quality residences and continuing to innovate its products and services, while improving resident safety and comfortability and striving to deliver professional and premium service in order to maximize customer satisfaction by adhering to the principles of management philosophy as follows:

      S (Superiority)	Excellence in terms of products, services, and good management
      P (Profitability)	Consider the benefits for all parties involved, such as customers, shareholders, employees, contractors, partners, and society
      L (Longevity)	Operation of a sustainable and stable business

      Organizational Culture

      S (Support/Sponsor)	Cooperate and assist one another in a way that senior employees teach younger ones
      P (Planning)	Establish a plan and a clear target
      A (Attitude)	Have a positive attitude and sacrifice personal interests for the common good or the benefit of others, and don't be selfish
      L (Legal and Regulation)	Comply with applicable laws, rules, and regulations, as well as requirements for each operational stage of the Company's ISO systems
      I (Integrity)	Be honest and adhere to moral standards. Never take advantage of customers and colleagues

      Good Corporate Governance Motto

      G (Good)	To think good, speak good, and do good are the foundation of positive thinking, which can be applied to work and problem-solving. This also helps reduce conflicts while enhancing smooth and successful interpersonal communication
      R (Responsibility)	Act consciously Operate the business with determination and dedication with all our ability Always learn to enhance capabilities
      E (Equitable Treatment & Ethics)	Treat all relevant parties equally Adhere to moral standards and conduct business with fairness Taking into account all stakeholders, including the community, society, and the environment Treat stakeholders equally and respect human rights
      A (Accountability)	Fulfill duties with the utmost attention Be consciously aware and carry out our tasks cautiously Bravely accept the consequences of our actions Adhere to and abide by applicable laws, rules, and regulations
      T (Transparency)	Operate business with transparency, disclosure of information and accountability Being committed to conducting business and driving sustainable operations All pieces of evidence and references can be traceable and accountable

      Objectives

      Supalai Public Company is principally engaged in property development. Goals

      Long - Term Strategic Goals

      Supalai Public Company Limited has been steadfast in developing residential and commercial real estate under the principle of sustainable growth for over 36 years. We integrate Environmental, Social, and Governance (ESG) principles into our corporate strategy and operational processes across the entire value chain. Our focus remains on developing products that comprehensively meet customer needs, encompassing quality, living experience, and sustainability. Supalai prioritizes innovation in design, construction, and high-quality material selection to enhance resource efficiency, minimize environmental impact, and create long-term added value. This approach ensures a sustainable balance between business growth, economic value, and accountability to all stakeholders.

      Environmental Dimension

      Supalai emphasizes mitigating environmental impact from the very beginning of the project development process. The Company implements comprehensive waste management across all construction phases to maximize resource utility. We develop and apply innovative design and construction techniques to reduce material usage, energy consumption, and resource depletion at every step. Furthermore, we prioritize eco-friendly materials and foster collaborations with partners to elevate sustainable production processes. Under this framework, the Company has set a target to reduce Scope 1 and Scope 2 Greenhouse Gas Emissions (Carbon Footprint of Organization) by 40% compared to the Business As Usual (BAU) scenario by 2030, driving the organization toward long-term sustainable growth.

      Social Dimension

      The Company places great importance on all stakeholders throughout the value chain by developing residential products that adhere to the highest engineering, safety, and long-term living standards. We meticulously select quality materials and maintain rigorous oversight of every construction phase to deliver homes that instill absolute confidence in our customers. Beyond our residents, we are committed to community development, leveraging our expertise to enhance the quality of life in surrounding areas and promote collective sustainable growth. Additionally, Supalai invests in the continuous potential development of our personnel to adapt to future changes, while sharing sustainability knowledge with our partners to strengthen the value chain and instill ESG mindsets across all business-related sectors.

      Governance Dimension

      Supalai operates with a firm commitment to good governance, transparency, and accountability. These principles serve as the framework for defining policies, strategies, and management systems at every level to ensure efficient, clear, and auditable operations. Our governance covers all aspects of operational management and standard-setting while carefully considering the impacts and expectations of all stakeholders, including shareholders, customers, employees, partners, and communities. By ensuring balanced and appropriate business decisions, the Company strengthens its stability and growth potential. This foundation of transparency and ethics is the cornerstone of our long-term sustainable development.

      Business strategies

      Strategic Concept "Supalai Inspire Aesthetics of Life"

      The Company operates under the core concept "Supalai Inspire Aesthetics of Life," reflecting a residential

      development philosophy that goes beyond mere physical construction. We prioritize creating an "Aesthetics of Life"a holistic living experience encompassing physical comfort, emotional well-being, and long-term quality of life.

      This vision is anchored by two fundamental pillars: "Built for Real Life"addressing the practical needs of modern consumersand "Built Sustainably"conducting business with profound responsibility toward the environment and society. This strategic framework is integrated into every facet of our operations, from design and product development to project management and the creation of sustainable value for all stakeholders. We are committed to developing

      projects that harmonize aesthetic beauty, practical functionality, and long-term value while optimizing resource

      efficiency to elevate the quality of life for today's residents without compromising the future of the next generation.

      
      
      

      Translating the "Supalai Inspire Aesthetics of Live "Strategic Concept into Concrete Action" 1.Introduction : Strategic Dynamics under the "Aesthetics of Live" Concept

      Amidst the current volatility of the real estate market and prevailing economic headwinds, the "Supalai Inspire Aesthetics of Life" concept is far more than a mere marketing slogan. It serves as our "Strategic Compass," precisely navigating the company's trajectory. The core driver for Supalai in this era is the transformation of "Aesthetics" into "Long-term Value"a critical asset that consumers prioritize during economic decelerations.

      Aligning this vision with our operational strategy is paramount to sustainable success. We have established a unique intersection between a development philosophy focused on beauty and emotion (Aesthetics of Life) and the demand for practical functionality (Built for Real Life). Harmonizing these elements forms the bedrock of value creation, which will be further amplified through the key strategic pillars detailed below.

      1. Deciphering the Core Concept: The Foundations of Sustainability (The Core Pillars)

         To ensure the strategic vision is translated into precise action, the Company has established three core elements that serve as the "Brand DNA":

         Aesthetics of Life: Viewing residences as more than physical structures, we strive to balance living spaces with emotional well-being to elevate long-term quality of life.
         
         Built for Real Life: A
         
         

         customer-centric

         approach focused on developing projects that offer practical utility,

         exceptional value, and alignment with contemporary lifestyles.

         Built Sustainably: Managing resources with maximum efficiency, driven by a mission to grow "without compromising the future of the next generation."
         
         

         If these three pillars represent the DNA defining Supalai's identity, the following five strategic initiatives are the "muscles" that will propel this DNA toward achieving tangible, high-impact results.

      2. The Strategic Bridge: Translating Vision into Action

         To transform an abstract vision into tangible reality, a systematic strategic alignment mechanism is required, structured as follows:

         1. Resilient Growth Strategy

            Our growth strategy clearly reflects the "Built Sustainably" DNA through unwavering financial discipline and prudent expansion, designed to withstand the volatility of economic and real estate cycles. Supalai leverages its deep industry expertise combined with financial strength as a vital shield against severe economic uncertainty. This enables the Company to maintain profitability while seizing growth opportunities even during crises. Operating on a foundation of Rational Optimism, our forward-looking approach is rooted in data-driven decision-making, prudence, and accountability to all stakeholders.

            Under the "Supalai Inspire Aesthetics of Life" concept, we prioritize long-term quality and value over mere quantitative expansion. With over 36 years of experience, Supalai has consistently maintained performance continuity and investor confidenceevidenced by our "A" credit rating for over 12 consecutive years. Our ability to access capital at competitive costs further strengthens our financial stability, ensuring we develop projects that truly elevate residents' quality of life and create enduring value.

         2. Portfolio Balancing and Risk Diversification Strategy

            This strategy translates the "Built for Real Life" and "Built Sustainably" DNA into a robust and flexible business structure. Supalai focuses on balanced portfolio management by diversifying investments across domestic and international markets (notably Australia) to mitigate risks from economic cycles, shifting consumer behaviors, and macroeconomic factors such as household debt.

            In Thailand, we plan to launch projects across multiple price points and regions, expanding into new high-potential locations to ensure steady revenue streams. Simultaneously, our international investments act as a crucial Risk Hedge, supported by favorable government policies and long-term housing demand. This global presence significantly enhances our growth potential and our ability to meet the "real life" needs of customers across diverse contexts sustainably.

         3. Product Development and Long-term Value Creation Strategy

            Product development is the heart of our brand DNA. We view a residence not just as a physical structure, but as a space that fosters long-term emotion, well-being, and pride. Guided by the "Supalai Inspire Aesthetics of Life" philosophy, we harmonize aesthetic beauty, practical functionality, and living comfort to authentically enhance our customers' quality of life.

            Creating an "Aesthetics of Life" encompasses everything from airy, functional spatial design and premium material selection to the cultivation of healthy living environments. Our iconic projects in prime locations reflect a "timeless living value" that transcends trends. This strategy not only secures long-term asset appreciation but also creates a qualitative competitive advantage, reinforcing our position as a developer dedicated to sustainable, real-world living solutions.

         4. Data-Driven, Digital and Customer Experience Strategy

            This strategy serves as the "Muscle" connecting our "Built for Real Life" DNA with the digital frontier. Supalai is systematically evolving into a Digital Organization, utilizing data as the primary engine for strategic decision-making. Through a Central Data Platform and analytical dashboards, we enhance speed, precision, and management efficiency, allowing us to respond to modern consumer needs in real-time.

            Furthermore, we are developing digital platforms and Smart Living solutions to elevate the customer experience, such as the "SABAI" application, Smart Village systems, and AI integration for enhanced security and convenience. These initiatives foster deep customer engagement, add living value, and support long-term business growth on a sustainable technological foundation.

         5. Sustainability and Shared Value Strategy

      This strategy solidifies our "Built Sustainably" DNA. We integrate sustainability into every operational processfrom resource efficiency and green operations to reducing environmental impact and carbon footprints. Our long-term goal is to achieve Carbon Neutrality under a framework that ensures the "Aesthetics of Life" does not become a burden for future generations.

      Our growth is not measured by financial returns alone but by aligning business goals with social and environmental responsibility. By designing projects that benefit both residents and surrounding communities, we create Shared Value for customers, society, and all stakeholders, reaffirming our mission to grow sustainably without compromising the future.

      Company Background

      Supalai Public Company Limited (the "Company") was established on June 26, 1989, with a steadfast commitment to becoming a leader in creating high-quality residential properties. Starting with an initial registered capital of THB 100 million, the Company began its journey by developing low-rise projects, including single-detached houses and townhomes. Over the years, we have continuously expanded our expertise into condominiums, office buildings, as well as hotels and resorts.

      Built upon a solid foundation, the Company transitioned into a public limited company in 1992 and was officially listed on the Stock Exchange of Thailand on November 17, 1993. For over three decades, Supalai has reinforced its professionalism through the development of both low-rise and high-rise residential projects in high-potential locations nationwide. As of the present, the Company's total paid-up capital stands at THB 1,953.05 million.

      Business Overview of the Company and its Subsidiaries

      Supalai Group operates in the real estate development sector, focusing on residential and commercial properties under the core concept: "Creating high-quality housing for a quality society of the Supalai family." We are committed to developing products that meet functional needs, utilizing international standard materials, and providing excellence in both pre-sale and after-sales services to ensure maximum customer satisfaction and a safe, warm living environment for our residents.

      Core Strategies and Operations:

      Diversified Products and Strategic Locations: The Group develops a comprehensive range of residential projects, including single-detached houses, twin houses, townhomes, and condominiums. These projects are strategically located in high-potential areas throughout Bangkok, its vicinity, and major provinces across the country.

      Target Market Penetration: Our primary focus is on middle-to-high income segments. The "Supalai" brand serves as our flagship brand to instill confidence and trust, complemented by project names that reflect unique identities and diverse lifestyles of our target customers.

      Risk Diversification and International Expansion: The Company continuously seeks new growth opportunities. Since 2014, we have expanded our investment into Australia through joint ventures with strong local partnersa pivotal milestone in elevating our business to an international level. In December 2023, the Company achieved a significant breakthrough: Supalai Australia Holdings Pty Ltd entered into a joint venture with Stockland Communities Partnership HoldCo Pty Ltd (a subsidiary of Stockland Corporation Ltd, one of Australia's largest real estate companies). By acquiring a 49.9% stake in a portfolio from Lendlease Corporation Limited, comprising 12 projects, Supalai Group now boasts a robust international portfolio of 24 projects across 4 states and 6 major cities in Australia.

      Domestic Leadership: In Thailand, the Company has aggressively expanded its development footprint to cover 29 provinces. We are at the forefront of the industry by integrating "Green Design & Innovation" and energy-efficient home designs. Our mission is to remain a leading sustainable real estate developer that consistently evolves to meet the needs of our customers.

   2. Material changes and developments

      Details regarding material changes and developments

      years	Material changes and developments
      2025	Launching 22 new projects totaling 29,470 million Baht, divided into 4 condominium projects and 18 housing projects. Issuing debentures to Institutional Investors four times totaling 14,500 million Baht.
      2024	Launching 41 new projects totaling 52,380 million Baht, divided into 4 condominium projects and 37 housing projects. Issuing debentures to Institutional Investors three times totaling 11,000 million Baht.
      2023	Launching 26 new projects totaling 29,640 million, divided into 3 condominium projects and 23 housing projects. Issuing debentures to Institutional Investors four times, totaling 10,120 million Baht. In December 2023, The Company's Board of Directors' meeting passed a resolution to approve an investment by Supalai Australia Holdings Pty Ltd in SSRCP Holdco Pty Ltd, which is newly incorporated in Australia. Currently, the subsidiary has signed the joint agreement. It will pay the called-up capital of this joint venture in 2024.

   3. Spending of the raised fund to serve the objectives declared in the registration statement for securities offering