Dear Valued Shareholders,

On behalf of the Board of Directors of YNH Property Berhad, it is my honour to present to you the Annual Report and Audited Consolidated Financial Statements of the Company and its subsidiaries ("Group") for the financial period ended 30 June 2023.

During the financial period, YNH continued to build on the growing township development in Manjung District, Perak for stable revenue contribution, while The OOAK serviced apartments and The OOAK Suites of Kiara 163 and Solasta Dutamas also contributed to our earnings. The Group's FY2023 revenue (18 months) is RM307,516,997 while profit before taxation is RM20,416,799.

The Solasta Dutamas is a freehold serviced apartment located within the Mont Kiara Neighbourhood. Solasta Dutamas consists of 3 blocks of serviced apartments with a total of 1,159 units. The project's strategic location in a matured neighbourhood, being less than 10 km away from Kuala Lumpur City Centre, efficient unit layouts and competitive pricing will attract young working executives who are buying their first homes and customers who prefer to stay nearer to their work places for convenience.

Construction of the project is undertaken by our wholly owned subsidiary YNH Construction Sdn Bhd. Construction works has reached 25% as at 30th September 2023.

The Company has in the final quarter of 2008 acquired 95 acres of strategic development land bank in Genting Highlands. The Genting land is located strategically next to the Genting Highland Resort and was acquired for RM16.05 million. The advantage of this land bank is that the purchase consideration is very low and it comes with infrastructure. The land has already been converted to building title. The proximity to the existing Genting Highland Resort is an advantage as the proposed development will complement the existing infrastructure. Other plus point for this development is that it is located in a cool environment and yet only 45 minutes drive from the Kuala Lumpur city centre.

The proposed development for this 95 acres land includes commercial units, bungalows, condominium, retail units which will be targeted at both local and foreign investors. The estimated gross development value for this future development is RM1.96 billion and it is expected to contribute to the Group's earnings in the next 20 years.

The 1st phase of the proposed development is a 35-storey serviced apartment building consisting of 908 units. The proposed phase 1 will have an estimated GDV of about RM700 million. Phase 1 of Genting Highlands Development is in its final stages of planning, and we are targeting to launch the project end 2024, subject to the prevailing market conditions, and final approvals from relevant authorities.

I am also pleased to announce that the Group have obtained a development order from the Kuala Pilah District Council (Majlis Daerah Kuala Pilah or MDKP) in early 2023 for a 2,200 units of mixed development township located in the heart of Negeri Sembilan.

The township, located within proximity of Kuala Pilah town and Bahau town, will have access to readily available amenities such as Lotus's and Giant hypermarkets, hospitals, restaurants, banks and much more. The township is envisioned to become an economic growth catalyst for the area, while catering to the strong demand for quality yet affordable homes. The total Gross Development Value of the township is estimated at RM600 million.

The development of the Kuala Pilah township is expected to contribute positively to the Group's performance over the next five years.

The Manjung Point Township has provided the Group with consistent revenue over the years. The Group targets to generate RM100 million revenue every year with both residential and commercial project launches in the coming years utilizing a portion of the undeveloped land bank in the Manjung Point Township.

The remaining 700 acres of undeveloped land bank in Seri Manjung is expected to contribute to the Group's revenue for another 50 years to come.

The Board is proud to announce that we have obtained the approval from shareholders for the Proposed Disposal via EGM conducted on 1st March 2023 pursuant to the fund raising proposal via the ABS announced in 22nd September 2022.

The Company obtained shareholders approval to dispose of the assets. As this is a related party transaction, the major shareholders have abstained from voting.

Separately, as per Company announcements, the Group is in the midst of land disposal as part of the Company's plans to raise cash and reduce borrowings.

On behalf of the Board, I would like to extend our heartfelt appreciation to Dato' Robert Lim @ Lim Git Hooi, Mr Ching Nye Mi @ Chieng Ngie Chay and Mr Ding Ming Hea who resigned as Independent and Non-Executive Director of the Company on 31st March 2023 and 31st May 2023 respectively, after serving as Independent and Non-Executive Director of the Company for more than 12 years. Their wisdom and diligence has ensured the Group's continuous success over the years.

I would also like to take this opportunity to welcome Madam Oon Seow Ling, Mr Khong Kam Hou and Mr Ching Lee Fong who has joined the Company as Independent and Non-Executive Director on 31 March 2023. We look forward to their esteemed contribution to the Group with their knowledge and experience in their respective fields.

I would like to thank the management team and all our employees for their tireless and continuous effort in ensuring the Group's success. I would also like to take the opportunity to express my gratitude to our customers, bankers and business associates for their unwavering support all these years. My heartfelt appreciation also extended to our customers for always believing in us.