Message from Chairman and President & CEO

Dear Shareholders,

The year 2020 was a remarkably challenging year as the world economy suffered a significant adverse impact from the coronavirus ("COVID-19") crisis. The Board and senior management have worked closely together to safeguard the health, safety and welfare of our employees as well as to ensure that businesses continue to operate effectively and without stoppage.

Maintaining Competitive Edge

With effective business contingency plans to face the market under unexpected circumstances with over 100-year’s expertise, the Shipping Segment of Thoresen Shipping maintained its outstanding position; TCE rate outperformed the net market TC rate by 22%. Thoresen Shipping also acquired two second hand vessels to prepare for an increase in shipping demand in the future.

The Offshore Service Segment of Mermaid Maritime Public Company Limited ("Mermaid") strived forward to maintain its competitive position in subsea services. Key achievement included the partnership between Mermaid and AI & Robotics Ventures ("ARV"), a subsidiary of PTT Exploration and Production Public Company Limited ("PTTEP") to establish Zeaquest Company Limited to develop robotics and artificial intelligence ("AI") technology to provide commercial subsea engineering services to oil and gas companies, as well as renewable energy corporates operating in offshore businesses, both in Asia and other regions.

The Agrochemical Segment has not been significantly impacted by COVID-19 as fertilizer is essential for agricultural products. PM Thoresen Asia Holdings Pubic Company Limited ("PMTA") has continued to be profitable and maintain its market position. Total fertilizer sales volume grew by 9 % year over year to 206.6 KTons from a strong growth and high export sales volume

Nevertheless, to emerge stronger through challenging times, our senior management put much more efforts to adapt business models and reallocate resources to high-profit businesses in order to capture market needs and to expand customer bases. In view of several unforeseen scenarios that impacted business operations of all subsidiaries, TTA unfortunately ended the year with a normalized net loss of Baht 503.1 million, and a consolidated net loss of Baht 1,944.6 million, primarily from the extraordinary non-cash loss from the sale of shares of its associate in the drilling business. However, TTA earned a positive EBITDA of Baht 704.2 million in 2020 and continues to have low net interestbearing debt to equity at 0.08 times, reflecting robust capital structure.

Stay Strong Amid Uncertainty

We believed that the worst impacts of the COVID-19 pandemic may have passed. Dry bulk trade expects a rebound to growth of 4% in tons. In response to rising market demand, Thoresen Shipping plans to acquire 2-3 additional vessels in 2021.

The outlook for subsea service providers continues to be positive on a longer term basis as new projects will be sanctioned. Mermaid has no dry docking plan in 2021 and has more opportunities to provide commercial subsea engineering services to national oil and gas corporates in Asia and other regions.

The Agrochemical Segment is confident to remain profitable and maintain its market position in 2021 by focusing on key high-margin products and export markets.

As the Food and Beverage business segment, Pizza Hut has 169 outlets nationwide while Taco Bell has opened 8 outlets in the Bangkok Metropolitan Area. TTA plans to continue to expand more Pizza Hut and Taco Bell outlets in 2021 in order to serve an increasing number of customers nationwide and from delivery service channels.

Seeding Sustainable Development

Once the COVID-19 pandemic is controlled, TTA plans to review and renew business continuity plans ("BCP"). New internal guidelines may be put in place based on lessons learned, as well as solid contingency plans to build resilience and to better respond to future crises.

Further to that, in 2021 TTA will focus on seeding sustainability of our core businesses with "Consolidation & Integration" strategies to enhance stakeholder value.

Strengthen core performance

of TTA’ subsidiaries by increasing sales & market share, improving profitability, driving cost optimization, maximizing asset utilization and maximizing investment returns.

Push towards more group integration

by reorganizing business and organizational structure with an aim to extract synergies, pursue optimal cost structure options, develop standard policies and procedures as well as integrate key shared platform e.g. human resources and IT system.

Build platform of sustainability

by giving priority to good corporate governance, transparency and sustainable development. TTA intends to retain an "Excellent Five Star Corporate Governance Score" by the Thai Institute of Directors and to be certified by Thailand’s Private Sector Collective Action Against Corruption ("CAC").

This is also the second year that we have adopted a Sustainability Report based on the Global Reporting Initiative ("GRI") Framework which complies with the SET requirement. We will continue to realign the relationship between business and sustainability, by managing the impact businesses have on the environment and the society.

Driven by TTA’s senior management team, we are confident that our sustainability efforts will create opportunities for long-term growth for TTA’ business portfolios.

Words of Gratitude

Enduring the COVID-19 pandemic and overcome all challenges in 2020 required the invaluable support of all stakeholders.

On behalf of the Board of Directors, we would like to thank the management team and employees for their commitment, dedication as well as incomparable efforts which led to business continuity in the past year. We would like to express our sincere gratitude to all shareholders, customers and business partners for their relentless support and confidence in TTA. In return, we will remain focused on our goals and dedicate our efforts towards achieving higher profitability & sustainability in the future.

Lastly, our continued thoughts are with all those who have been impacted by COVID-19, and we join together to salute the courage and dedication of essential frontline workers and the healthcare community in Thailand and worldwide.

Prasert Bunsumpun

Chairman of the Board of Directors

Chalermchai Mahagitsiri

President & Chief Executive Officer