Dear Shareholders,

The year 2024 has been marked by numerous significant events both domestically and globally, particularly in the economic sector, which continues to face volatility from multiple factors. These include geopolitical conflicts between Russia-Ukraine and in the Middle East, high inflation leading to tighter monetary policies in many countries, trade tensions between the United States and China, the U.S. presidential election and its potential global implications, as well as political shifts within Thailand. Additionally, the global focus on technology advancements and Environmental, Social, and Governance (ESG) standards continues to shape innovation, enhance business efficiency, and drive sustainable growth. Organizations and businesses worldwide are now placing greater emphasis on balancing profitability with sustainability, taking into account environmental and social impacts more seriously.

For the Group Company, 2024 has been a year of adaptation and transformation to align with the evolving digital landscape and changing consumer behavior driven by the rise of online platforms. This shift has allowed us to diversify our channels to reach consumers more effectively. We remain committed to delivering high-quality content and creating new experiences for our audience. Moreover, integrating ESG principles and technology into our operations is a key focus, ensuring sustainable growth while staying resilient in an ever-changing environment.

This year, the Company has undergone a major structural transformation into a full-fledged holding company. Our core businesses, which are operated through subsidiaries and affiliated companies, encompass the music industry, home shopping, and media.

In the music business, the Company operates through GMM Music Public Company Limited (“GMM”), a flagship subsidiary. GMM has pursued strategic expansion through partnerships with leading global players such as Tencent and Tencent Music Entertainment from China, as well as Warner Music Asia from the United States. These collaborations mark a significant milestone in strengthening the Company’s position and expanding its presence in the international market.

In the home shopping business, while shifting consumer purchasing behavior across various platforms has impacted sales, GMM O Shopping remains dedicated to maintaining its customer base and continuously expanding distribution channels in line with market trends. Additionally, the company has introduced house brand products to cater to new customer segments.

In the film industry, the Company released 3 movies in 2024 that received positive responses both domestically and internationally: How to Make Millions Before Grandma Dies (Lahn Mah), The Paradise Of Thorns and 404 Sukhiniran…Run Run. Notably, Lahn Mah became a box office phenomenon, grossing over 300 million THB in Thailand and more than 2,000 million THB worldwide. The film also made history by securing a spot in the final 15 nominees for Best International Feature Film at the 97^th Academy Awards.

Beyond business performance, the Company remains committed to operating under strong corporate governance and ethical business practices. This dedication has been recognized with the highest “Excellent” (5-star) rating for corporate governance of Thai listed companies for the 14^th consecutive year by the Thai Institute of Directors Association (IOD). Such achievements reflect the dedication and hard work of our entire team in driving sustainable growth.

On behalf of the Board of Directors and the management of GMM Grammy Public Company Limited, we extend our sincere gratitude to our investors and all stakeholders for their continued trust and support. We reaffirm our commitment to ensuring the Company’s sustained growth and adaptability to future changes while maximizing value for all stakeholders.

Respectfully yours,