Thailand has been faced with the economic slowdown since the latter part of 2008. This is mainly due to the
domestic political problems as well as the spread of the 2009 H1N1 flu virus which have significantly affected several
sectors of the Thai economy. Noteworthy are the impacts on the service industry and the tourism sector which experience
drastic decline. The world economy as a whole has also been hard hit by the “HAMBURGER CRISIS” in the United
States. Its ripple effect has reached other parts of the world including Thailand. Many businesses have to downsize
or close down. However, MBK Public Company Limited (MBK) is still able to continue its business operations with
acceptable performance.

                    The overall performance of MBK Public Company Limited and its subsidiaries for the period ended at June 30,
2009 was acceptable. Its total revenues amounted to Baht 6,287.15 million, representing an increase of 2.79 percent from
the previous fiscal year 2007/2008. On the other hand, its net profit amounted to Baht 1,308.38 million, representing a
decrease of 6.66 percent. This was mainly due to the weak performance of the Group’s hotel business which was directly
affected by the global financial crisis and the domestic political problems. It was also due to the performance of its
rice production and distribution business which was weak in line with the market conditions. In terms of the financial
status as at June 30, 2009, the Group’s total assets amounted to Baht 24,653.74 million, representing an increase of
18.04 percent. Its total liabilities amounted to Baht 12,455.83 million representing an increase of 17.82 percent, while
its shareholders equity amounted to Baht 12,197.91 million, representing an increase of 18.25 percent.

                    The Company and its subsidiaries have major development to maintain its growth with details as follows:
                    MBK Center, the core of the Group’s shopping center business, organizes sales promotion activities continuously
with new formats. In addition, the center is regularly renovated and modernized. It also continues trying to search out
new interesting tenants as replacements since they are expected to attract more visitors to the center. As well, the
Company has entered into joint ventures for managing other shopping centers. In September 2008, a joint venture was
entered into with Siam Piwat Company Limited to acquire an equity stake in Seri Center Management Company Limited
which operated a shopping mall called Seri Center. The objective is to increase its income from the shopping center
business. In this regard, the Company plans to carry out extensive renovations to the mall. The renovation project is
expected to be completed in the mid of 2010. The new name of the shopping mall will be Paradise Park.

                    Furthermore, the Company is implementing a land development project on a 14-rai plot of land along Rama
IX Road for the construction of a community mall with an estimated value of Baht 1,000 million. The development will
take about one year and is scheduled to be completed by 2010.

                    As for the Group’s hotel business, Pathumwan Princess Hotel is also carrying out extensive renovations to its
455 hotel rooms. The related investment costs about Baht 500 million. The renovation work is expected to be completed
toward the latter part of 2009. In addition, the Company plans to construct a hotel within the compound of Loch Palm
Golf Course in Phuket Province. Applying the model of golf lodges, the new hotel will consist of 49 units. The project
will use an investment budget of about Baht 60 million. The construction is expected to be completed within about one
year. In relation to the development of a resort hotel on Koh Samui Island, the Company has delayed the implementation
of the project, mainly because the current investment conditions are not conducive to such development. If the situation
returns to normalcy, the Company is prepared to resume the project implementation as a feasibility study of the project
has already been properly conducted.

                    As regards the real estate development business undertaken by Plan Estate Company Limited (“PST”) and its
subsidiaries, their business slowed down last year in line with the economic condition. However, PST’s development
project will not be a burden for MBK. The investment in the construction of housing under the project has to be based
on real customer demand. The objective is to prevent PST from running into an oversupply problem.

                    On the golf course development business, the Company is currently implementing a golf course development
project in Pathumthani province, which is a standard 18-hole golf course. The project is expected to be completed in
early 2010. A budget of about Baht 350 million has been earmarked for the construction of the golf course and a club
house. Moreover, there are vacant plots of land around the golf course that can be developed into a residential project
beside the golf course. The Company plans to implement this project in the next phase.

                    As regards the rice business which is operated by Patum Rice Mill and Granary Public Company Limited
(PRG), last year the Company cooperated with the Food Products Development and Research Institute of Kasetsart
University in researching and developing Jasmine germinated brown rice (or NUTRA GABA RICE) under the brand name
“MAH BOONKRONG PLUS”.

                    In conducting the Company’s business, apart from the determination to develop and expand various businesses,
the Company and its subsidiaries place strong emphasis on the good corporate governance (GCG) as well as the corporate
social responsibility (CSR). Moreover, the Group recognizes the importance of developing its human resources. The
main purpose of the human resource development is to enable its staff to enhance the efficiency of the Group’s internal
administration and management systems.

                    In my capacity as Chairman of the Board of Directors, I would like to express my sincere appreciation to all
shareholders, investors, customers, fellow members of the Board, executives and employees as well as all supporters
who have placed your trust in and given your support to the Company’s business operations. Thanks to your trust and
support, not only the Company is always able to sustain its favorable performance, but it is also able to achieve its
established visions and targets as well as implementing its policies successfully.

Mr. Banterng Tantivit
Chairman of the Board of Directors