The business direction in 2024 is centered on harnessing innovation to drive expansion and expedite the advancement of future energy and food products.

Ubon Bio Ethanol Public Company Limited or UBE released its operating results for the fourth quarter of 2023, reporting an income of 1,651.5 million baht and a net profit of 15.4 million baht. As for the total annual income amounted to 5,838.0 million baht, with a net loss of 96.6 million baht. Moving forward, UBE is committed to executing its business plan for 2024 in line with the "UBEYOND" concept, aimed at fostering broader and sustainable growth through integration of innovation to propel the development of high-value energy and food products. UBE is keen on capitalizing on seizing opportunities presented by the increasing demand for clean, sustainable energy and healthy food consumption in the global market.

Ms. Sureeyot Khowsurat, Chief Executive Officer of UBE, the largest well-integrated tapioca player in the northeast region of Thailand using cassava roots as raw materials, its primary products, including ethanol, tapioca starch and cassava flour, and other organic items, showcased the overall performance of the company in the fourth quarter of 2023. The income from the ethanol business exhibited a slight improvement compared to the previous quarter, buoyed by the continued benefits from the tourist season, resulting in a sustained high selling price. However, the sales volume of industrial-grade ethanol declined as the COVID-19 situation eased. Conversely, the tapioca starch and cassava flour business is poised for a sales recovery, with an accompanying increase in selling price. Consequently, the company's total revenue for Q4/2023 amounted to 1,651.5 million baht, reflecting a 15.1% growth from the previous quarter (QoQ), with a net profit of 15.4 million baht. For the entire year of 2023, the company's total income reached 5,838.0 million baht, a 19% decrease from the previous year, attributed primarily to the impact of end-of-year floods in 2022, resulting in raw material shortages and a decrease in sales volume of high-margin products.

"In the year 2023, we faced ongoing challenges amidst the global economic recovery, which was slower than anticipated, compounded by natural disasters affecting raw material availability. Despite these obstacles, our ethanol, tapioca starch and cassava flour, and agricultural businesses experienced a decline in operating results compared to the previous year. However, we maintained our market share by closely monitoring the situation and continuously adjusting our business plan, coupled with effective cost control and improved work efficiency. To lay a strong foundation for future growth, we have implemented an innovation strategy spanning upstream, midstream, and downstream activities, enhancing our research department and fostering collaboration with external agencies, both governmental and private. This focus aims to develop high-quality, value-added products for our customers. Furthermore, we emphasize conducting business with principles of good corporate governance to ensure sustainability across all dimensions, a core aspect of our company's ethos. As a testament to our commitment to excellence, we are pleased to announce that this year, we achieved an "Excellent" CG rating, earning 5 stars, and attained an "A" rating in SET ESG Ratings in the second year of evaluation by the Stock Exchange of Thailand." Ms. Sureeyot revealed

Regarding the business direction for 2024, we anticipate several challenges, including the continued slowdown of the global economic situation and the persistent high prices of cassava raw materials. Additionally, fluctuations in weather conditions may lead to a decrease in cassava production, exacerbated by shortages of cuttings and plant disease outbreaks. However, despite these challenges, UBE Group remains committed to advancing its business concept, "UBEYOND." We are adapting our strategies to align with the economic landscape while also responding to the increasing demand for clean energy and healthy consumption trends in the global market. Innovation remains at the core of our efforts as we strive to achieve broader growth and position ourselves as leaders in energy and food products across three key areas:

Beyond the challenges: Our business plan for 2024 encompasses several key strategies, to overcome these challenges by 1) Maintain our Market Share in existing businesses while increasing the revenue share of the tapioca starch and cassava flour business and exploring opportunities in new ventures. Our focus remains on enhancing production efficiency in the ethanol business and exploring the feasibility of expanding into high-value products. Additionally, we are preparing for the development of sustainable energy and advocating for the liberalization of ethanol usage in other industries. In the tapioca starch and cassava flour business, our strategy involves selling high-value products to existing customers and penetrating new markets abroad, particularly in the United States, Europe, and Asia. We will continue to market our products domestically under the Tasuko brand, expanding distribution channels through Modern Trade and collaborating with distribution partners. Marketing activities, including sponsoring world-class cooking competitions, will also be intensified. Research and development efforts will be prioritized to explore new applications. 2) Effective Raw Material Management: By focusing on promoting farmers' potential through initiatives such as promoting irrigation systems and improving cassava cultivation processes through research and development. Innovative technologies will be introduced to reduce costs, increase productivity, and establish a reliable network of oil fields to ensure an adequate supply of raw materials for production. 3) Seeking New Business Opportunities: To sustain the growth of our existing businesses and create new avenues for growth in the future. This may involve collaborating to develop efficient products and production processes. 4) Improving Internal Operations: Through stringent cost control measures and the implementation of Digital Transformation strategies to streamline processes and enhance productivity.

Beyond through Innovation: Through research and development relevant to UBE Group's business activities. This involves tapping into both internal research units and establishing robust partnerships with external institutions, spanning the public and private sectors. Our journey begins with the establishment of a vision and strategic plan for innovation, laying the groundwork for the Food Innovation Center, Phase 1. This initiative integrates collaborations with research agencies and external educational institutions, propelling innovation projects across three core groups: 1) Future Food, 2) Biological Chemicals, and 3) Plantation Agricultural Development. These initiatives aim to enhance consumer quality of life and create sustainable value for the organization.

Beyond Sustainability: Entering an organization committed to holistic sustainability, we prioritize conducting business in alignment with ESG (Environmental, Social, Governance) principles. This entails addressing environmental, social, and governance aspects to uphold robust corporate governance, transparency, and accountability. We demonstrate our commitment by fostering transparency and care for society and the environment throughout the product lifecycle. Initiatives range from empowering upstream farmers through projects like the Northeast S2 Model Project (formerly Ubon Model), a collaborative effort with public and private sectors, to implementing production processes with minimal environmental impact and transforming by-products into valuable agricultural products (Zero Waste). Additionally, we spearhead the Carbon Footprint for Organization (CFO) project while ensuring the welfare of all stakeholders through initiatives such as the UBE CARE project, which focuses on community, societal, and environmental welfare.

UBE is poised to advance as a frontrunner in energy products and healthy food derived from agricultural raw materials, leveraging innovation and research and development as key drivers in creating high-value products on the global stage. Central to our operations is the adherence to principles of good corporate governance, with a sustainability management process that emphasizes creating shared value and fostering equal participation among all stakeholder groups. Our approach revolves around striking a balance between three core factors: driving business profitability (Profit), environmental stewardship (Planet), and supporting the local social community and organizational employees (People). This ethos lays a robust foundation for the company to expand comprehensively, aligning with our vision of transitioning into a Food Tech Company in accordance with our long-term strategic plan.