Thoresen Thai Agencies : Sustainability Development Report Year 2023

• 002 Honorary Chairman Statement

• 003 Message from Chairman and President & Chief Executive Officer

• 006 Driving Business for Sustainability

• 018 Impact Management on Stakeholders in the Value Chain

• 026 TTA Group's Sustainability Materiality Assessment

• 029 Sustainability Management in Environment Dimension

• 048 Sustainability Management in Social Dimension

• 073 Sustainability Management in Governance and Economic Dimension

• 097 GRI Content Index

Sustainability continues to redefine business strategy and decision - making on our new investment.

Prayudh Mahagitsiri

Honorary Chairman

Message from Chairman and President & Chief Executive Officer

Dear Shareholders,

Ensuring the well-being and quality of life of future generations remains a key commitment for TTA, and the measures we have implemented during the past year clearly reflect our prioritization of the need to safeguard our environment for our collective futures.

Sustainability Development

In the context of fostering a sustainable international shipping industry, the European Union (EU) aims to achieve climate neutrality by 2050. This objective is central to the European Green Deal and aligns with the EU's commitment to global climate action under the Paris Agreement. As an intermediate step towards the 2050 target, the EU has established the objective of reducing greenhouse gas (GHG) emissions by at least 55 percent by 2030.

In July 2023, Member States of the International Maritime Organization (IMO), the global regulatory body for shipping, adopted the Revised Greenhouse Gas (GHG) Strategy that sets a sectoral target of net-zero emissions by or around 2050. This is not only a crucial step for shipping, a sector that is excluded from the Paris Agreement, but for the international climate collaboration and the global economy.

Importantly, the Revised Strategy does not only set a 2050 target, it also sets indicative emission reduction targets for 2030 (20 percent emissions reduction, striving for 30 percent) and 2040 (70 percent emissions reduction, striving for 80 percent), taking all greenhouse gas emissions from the full life cycle, i.e., from production to the combustion of fuels, into account. These targets combined set a clear pathway for the industry and provide a signal that immediate action is needed-2030 is just around the corner.

TTA has proactively accelerated the implementation of policies and regulatory compliance standards in response to these goals. We are committed to meeting these targets by adapting our strategy and refining our business operations to address these challenges, thereby enhancing our competitiveness and sustainability for the benefit of all our employees, business partners, shareholders and all group of stakeholders. For this reason, TTA joined the Thailand Business Council for Sustainable Development (TBCSD) since 2021 with the goal of supporting environmentally-friendly business practices to achieve a low-carbon society.

In addition, TTA strives to comply with all applicable regulations and integrate environmental, social, and governance andeconomic (ESG) principles into our business practices to foster stable and sustainable growth across all dimensions. Firstly, our core business operations are geared towards expansion through the enhancement of competitiveness via the development of value-added goods and services. Secondly, we continuously explore new investment opportunities to ensure informed decision-making aligned with future trends and market demands. Thirdly, we prioritize the conservation of natural resources to ensure sustainability for the benefit of future generations.

Our Shipping Group and Offshore Services Group diligently adhere to the MARPOL 2023 guidelines, the International Maritime Organization (IMO) 2023 requirements and Ballast Water Management regulations.

Various initiatives aimed at reducing environmental impact and accomplishing greenhouse gas reduction have been implemented. These efforts include 1) modernizing the vessel fleets, which leads to improvements in vessel performance, 2) employing state-of-the-art technologies to reduce the carbon footprint from operations and reduce the discharge of wastewater into the sea and 3) conducting a careful management of fuel consumption to improve voyage efficiency.

Furthermore, smart growth and sustainability approaches become key factors in making new investment decisions. TTA has penetrated into green businesses such as solar rooftop, electric motorcycles, and electric boats since then.

In terms of social impact, TTA places a strong emphasis on employee health and safety initiatives, as well as human rights and community relations. Our employees are covered by an occupational health and safety management system based on legal requirements and recognized standards guidelines. TTA maintains a zero-tolerance policy towards workplace harassment, discrimination, and bullying. Moreover, giving back to society and communities is inherent in our mission statement.

Therefore, TTA is pleased to announce that it has been selected as one of the 170 Thai listed companies to be included in the Stock Exchange of Thailand's Thailand Sustainability Investment (THSI or ESG ratings), with "AA" rating for the second consecutive year. This recognition underscores TTA's unwavering commitment to advancing its Environmental, Social, and Governance and Economic (ESG) practices.

Additionally, TTA has achieved an "Excellent" CG score, equivalent to "5 stars," in the 2023 Corporate Governance Report of Thai Listed Companies (CGR) for an impressive five consecutive years. This accolade, based on a survey conducted by the Thai Institute of Directors Association (IOD) in collaboration with the Stock Exchange of Thailand,

underlines TTA's dedication to maintaining exemplary corporate governance standards.

Lastly, on behalf of the Board of Directors, we extend our heartfelt appreciation to the management team and employees whose dedication has propelled TTA through yet another significant challenge. We also express our sincere gratitude to our shareholders, business partners, and all groups of stakeholders for their continued trust and collaborative efforts in exploring solutions and creating sustainable benefits for our world. TTA remains steadfast in our mission to contribute to a cleaner and healthier environment for future generations.

Mr. Prasert Bunsumpun

Chairman of the Board of Directors

Mr. Chalermchai Mahagitsiri

President & Chief Executive Officer

Driving Business for Sustainability

TTA Group or the Group strives to achieve sustainable business growth and be able to adapt for future changes, while delivering the maximum value for its shareholders constantly through strategic investments with a balanced portfolio, diversified both locally and internationally. The Company has developed a clear framework for investment consideration, business management, and expansion in the portfolio. Currently, there are 5 main business segments in the Company's investment portfolio, including Shipping, Offshore Services, Agrochemical, Food and Beverage, and Other Investment, including importation of coals and water resources management. The Group conducts its operations with all 3 dimensions of sustainable development in mind, namely environment, social, and governance and economic. The Group will add value to the economic section by becoming the most trusted Asian investment group, while reducing the negative impacts of business operations on society and environment by taking into account the expectation and delivery of good experience continuously to all groups of stakeholders. Moreover, the Group also focuses on reducing potential impacts on natural resources and environment from business operations, driving the organization towards sustainable growth.

Sustainability Policy, Strategy, and Operational Framework

Establishment of the Sustainable Development

Committee(2-12,2-13)

The Board of Directors approved the appointment of the Sustainable Development Committee (SDC) and its Charter. The SDC consists of a Board member chairing the committee, and executive members from each business unit and related departments of the Company. The role and responsibilities of the SDC committee towards the Group include establishing the sustainable development framework such as formulating the policies and strategies, driving forth sustainability plans to be aligned with business operations in terms of environment, society, and governance and economic, as well as monitoring climate change. The committee aims to create value for all groups of stakeholders while encouraging action as well as internal and external collaboration under the sustainable development framework. Moreover, the SDC must continuously report the progress of its operations to the Board of Directors.

The SDC appointed the Sustainable Development Working Group, which consists of representatives from each business unit, to ensure the implementation of sustainable development mandate throughout the organization and alignment with sustainable development policies and strategies established by the SDC.

ChiefExecutive,

Asia Infrastructure Management (Thailand) CompanyLimited

(AIM)

(Other Investments Group-Water

Resource Management)

ChiefExecutive, UniqueMining ServicesPublic CompanyLimited (UMS)(Other Investments Group-Importationof

Coals)

The Board of

Directors

The Sustainable Development

Committee (SDC)

Chairman of the Sustainable

Development Committee

Sustainable Development Governance Structure(2-9)

Secretary of Sustainable Development Committee

PublicCompany (PHC)(Foodand Limited(PMTA) BeverageGroup) (Agrochemical

Sustainable Development Working Group

("SD Working Group")

Sustainable Development Policy(2-23,2-24)

With the strong determination to be the most trusted Asian investment group while consistently and constantly delivering an enhanced experience to all groups of stakeholders for sustainable development, TTA must develop the organization with social and environmental responsibility in mind by encouraging personnel across the organization to recognize the value and significance of various activities that demonstrate the responsibility towards environment and society, and operating in accordance with the established vision and mission. TTA will operate the business ethically and responsibly and comply with relevant laws and regulations. Therefore, to build stakeholder confidence and trust, the Board of Directors has established a Sustainable Development Policy as a framework for operating within TTA group with 3 principles as detailed below:

Access full details of the Sustainable

Development Policy athttps://www.thoresen.com/storage/download/corporate-documents/20221220-tta-sustainable-development-policy-en.pdf

The Company focuses on environmental sustainability by promoting natural resource conservation, efficient usage of resources, and energy management. It contributes to restoring, preventing, and reducing the amount of pollution, waste, and effluent management. It consequently reduces the effects of global warming on business operations, with extension to environmental assessments in the value chain. The Company enhances cooperation with the community for a sustainable environment management and strictly complies with environmental laws.

Environment

Social

The Company values and gives precedence to human rights and non-discriminatory practices across the Group. It emphasizes the equal and fair treatment of employees by adhering to the principles of labor law and employment ethics while encouraging good health and workplace safety, providing development of skills and knowledge, and enhancing the quality of life of employees. The Company dissents all forms of corruption and adheres to responsibility and accountability to customers and all groups of stakeholders. The integrity of information security and data privacy of customers shall be maintained. Customer data shall not be used for personal or any other purposes without permission. The Company provides stakeholders access to technology and information in all circumstances, which helps create shared values between business sectors and society in several ways to promote community and social development for sustainable growth.

Governance and Economic

The Company adheres to the principles of good governance in accordance with Good Corporate Governance Policy, Code of Business Conduct, and risk management principles, including investment in new businesses, in accordance with relevant laws and regulations. The Company promotes action against corruption and bribery while ensuring transparency and traceability and supporting fair trade. Furthermore, it endorses long-term value creation through technological innovations, working processes, and business models to meet the demand of customers and stakeholders, and subsequently promotes collaboration with suppliers and business partners for sustainable growth.

Sustainable Strategy and Operational Framework(2-22)

The SDC endorses a sustainable business development strategy according to vision, goals, and values of the organization. The SDC also defines the direction of operations to support the Sustainable Development Goals (SDGs) of the United Nations, which is reflected in 3 dimensions of sustainability, namely environment, social, and governance and economic. The sustainability strategy that the Group has developed will align with all the material topics which will help to define a clear framework for the business of the Group and its affiliates. In this regard, establishing a strategic framework will serve as a model for sustainable management practices to support the Group's determination towards continuous and sustainable business growth. Moreover, it will assist the Group to build and maintain good relationships with stakeholders, communities, and society by reducing negative impacts of business operations on society and environment while increasing positive value for stakeholders throughout business processes.

Sustainable Strategy of TTA Group

TTA will be the most trusted Asian investment group, consistently and constantly delivering an enhanced experience to all group of stakeholders towards sustainable development.

Stability People

Environment

Improve the efficiency of resource utilization and waste management to reduce the environmental impact while complying with relevant laws and regulations and conducting internal monitoring and auditing to achieve the Company's sustainablity goals.

Sustainability

Planet

Social

Improve workplace safety management and elevate employee well-being, raising human rights awareness throughout the value chain, and cultivating talented employees through a learning culture to drive the organization towards a sustainable future.

Futuristic Investment

Prosperity

Governance & Economic

Enhance the efficiency of risk management covering ESG and information technology by implementing innovation in supply chain to improve quality and safety along with introducing new products or services to increase customer satisfaction and reduce complaints.