Dear Shareholders,

I am happy to report another year of growth for your Company (including its subsidiaries, collectively referred to as the Group?) for the financial year ended 31 March 2015 (FY2015?). As part of our strategy to build a diversified portfolio of businesses in Myanmar, we are witnessing a greater contribution from our non-real estate business segments during the past year as we intensify our efforts to nurture them. The growth potential of our non-real estate business units looks promising as the domestic market opens up and opportunities abound. We shall continue to work diligently towards our 2020 vision of having at least half our revenue being contributed from non-real estate businesses.

As we move into the new financial year, the biggest upcoming event in Myanmar will be the general elections that will be held in November 2015. Naturally there is an air of anticipation on the ground, as well as internationally, concerning the general elections, with differing political opinions being espoused. Notwithstanding this, we are of the view that the policies of economic reforms are likely to continue regardless and this bodes well for the economy and the private sector.

The Myanmar government has taken steps to show its commitment to a free and fair election by inviting the US-based Carter Center, the European Union and other governments to monitor the general election proceedings. This was followed by an agreement to sign the landmark nationwide ceasefire accord between the Myanmar government and 16 ethnic groups on 31 March 2015. Government budget allocations in agriculture, health and education have also increased to help promote sustainable growth and the governments active engagement with multilateral agencies on multiple issues including those of transparency and governance suggest that the government is determined to oversee both medium and long term sustainable growth in Myanmar.

The factors that help spur foreign investment remain intact. Numerous improvements have been made to ?hard infrastructure such as telecommunications and other important infrastructure developments such as power generation. Improvements to ?soft infrastructure including the provision of more clarity to laws were also made. Consequently, the country attracted a record US$8 billion in foreign direct investments in FY2014/151, doubling the preceding years figure.

Myanmar continues to enhance its economic ties with the surrounding ASEAN countries in preparation for Asean Economic Cooperation (AEC?) which will come into effect in January 2016. For instance, the Joint Ministerial Working Committee between Singapore and Myanmar, which was originally established in 1995 and halted in 2001, will be restarted this year to promote trade and investment, finance and law between the two countries.

The ADBs recent report forecasted an 8.3% growth for Myanmar for the financial year 2015/2016 and this forecast has been echoed by many other independent authorities. This is undeniably very positive for your Company and the Group, providing us with a solid and strong footing to grow our businesses.

ADB US$100 Million Loan

We are honoured to be the recipient of an ADB loan of up to US$100 million for projects to improve connectivity infrastructure which is essential for sustainable economic growth in Myanmar.

Investment in connectivity infrastructure is a key factor to creating better economic opportunities, reducing costs, promoting trade, and attracting private investment into Myanmars diverse geographic areas and sectors. The ADB loan will help to bridge the gap for long-term commercial debt for infrastructure projects designed to enhance connectivity.

We aim to leverage on the ADB loan to support individual infrastructure projects with our partners in the areas of telecommunication infrastructure, cold storage logistics, transportation, distribution and other sectors.

Maintaining Our Competitive Edge in the Real Estate Market Through Innovation

Real estate continues to be our core business and we remain focused on growing this business and maintaining our position as one of the leading developers in Myanmar. As the economy develops and income levels rise supported by the growing population, coupled with the increase in demand from the influx of expatriates as well as returning countrymen, we are of the opinion that the real estate sector will continue to expand over the coming years. Supply on the other hand is also certain to increase, thereby bringing stiffer competition in this sector in the medium to long term. Nevertheless, we are confident of our competitive edge due to our years of experience and our ability to innovate in terms of design and improve building standards, offering our clients a superior product for own-occupation or investment.

We are also building up a portfolio of rental properties that will provide us with a meaningful and steady source of recurring income and cash flows for the future. We target to have at least half of our real estate income coming from rental by 2020 and we believe that our Pun Hlaing Golf estate (PHGE?), Star City and Landmark Development projects will be ideal opportunities for us to achieve this goal, as we expand our product offerings across residential, commercial and hotel sectors to reach a broader market.

Scaling Up Our Consumer Platform

We have been actively strengthening our non-real estate pillars by focusing on projects that are scalable and that would allow us to be a market leader in that industry. With the number of middle-class consumers in Myanmar expected to double by 2020, according to Euromonitor, there is already strong demand in Myanmar for consumer goods and services that are in short supply while consumer expenditure is expected to grow exponentially over the next decade. We are very excited about the recent launch of our first KFC store in Myanmar and intend to build a sizable and sustainable long term business with our partner, Yum! Brands.

Several other consumer services businesses are in the early planning stages and I look forward to sharing more concrete information on them in the near future.

Talent and Succession Planning

We made on a conscious decision three years ago that in order to capitalise on the emerging opportunities in Myanmar we needed to build capacity in terms of human resources and brain power. We believe in investing in training and development and getting the right people to manage and grow our various businesses. Today this investment has benefited us with a strong competitive edge and has made us partner of choice for many global corporations and brands looking to expand into Myanmar. We have also begun a process of strategic workforce planning including succession planning to ensure we have the future capabilities that we need. Besides cultivating a team that strives for excellence, we believe that succession planning and localisation is an integral part of our talent strategy to ensure continuity and leadership to help us achieve our strategic objectives.

Strong Emphasis on Corporate Governance

Our achievements over the recent years would not have happened if good corporate governance had not been a cornerstone of the Group. We have always believed from day one that responsible business practices are the key to sustainable growth, especially in an emerging market like Myanmar. As part of our commitment to raising the awareness and standards of responsible business practices in the country, we have conducted seminars and workshops on responsible business practices to small and medium enterprises around Myanmar.

I am pleased to note that our efforts have been recognised with Yoma Strategic being ranked 18th among the 100 largest Singapore-listed companies in the ASEAN Corporate Governance Scorecard 2014. This is the second year that we have been selected for the Singapore portion of the ASEAN Corporate Governance Scorecard.

More recently, your Company is very honoured to receive the Best Managed Board Award (Silver) from the Singapore Corporate Awards (SCA?) for companies with market capitalisation of S$300 million to S$1 billion. The SCA represents the highest accolade in Corporate Governance for Singapore listed companies. This prestigious recognition reinforces our continuous commitment to achieving high standards of corporate governance and will encourage us to strive for excellence.

Second Shareholders Trip

During FY2015, we hosted our second annual Shareholders Trip to Yangon from 20 to 22 March 2015. A group of 76 shareholders from various countries, namely, Singapore, Malaysia, Belgium, France, Germany and the United States participated in this trip, compared to 63 participants in the previous year.

The participants visited our flagship property development projects - Star City and PHGE - and were given briefings on the Landmark Development site, and the Retail, F&B and Automotive businesses, allowing them to deepen their understanding of the Group. The management team was also on hand to answer the numerous questions from the participants at formal briefings as well as during meal times.

I would like to sincerely thank our shareholders for their overwhelming support in making these shareholders trips so successful and meaningful as it allows us to better appreciate their concerns. We are pleased that at the end of the trip, they were able to develop a better understanding of Yoma Strategic as it also provides an opportunity for them to see for themselves what is happening on the ground.

Acknowledgements

On behalf of the board, I would like to take this opportunity to express our deep appreciation to Mr. Andrew Rickards who will be stepping down as Yoma Strategics Chief executive officer at the forthcoming annual general meeting on 27 July 2015 but will remain as an Adviser to the Company until 31 December 2015.

Under Mr. Rickards leadership over the past three years, the Company has achieved many milestones, especially towards establishing a solid reputation both in Myanmar and internationally. On a personal level, I have had the pleasant opportunity to work closely with a highly professional individual who professes a wealth of experience in corporate development and governance, from which the Group has benefitted immensely. I would therefore wish to register my personal gratitude to Mr. Rickards for his tenure of service.

I would also like to welcome Mr. Melvyn Pun, who will be appointed as an executive Director as well as assume the position of Chief executive officer on 27 July 2015. In addition, we welcome the appointment of Mr. JR Ching as our Chief Financial officer. I am fully convinced that our talented and growing management team is well placed to chart the future of the Company and the Group, as we pursue continuous improvement and operating excellence on a daily basis.

As a final word, I would like to express my appreciation to our Board of Directors and all staff for another year of strong performance. I would also like to thank our shareholders and business associates for their support as we continue to grow in Myanmar.

Mr. Serge Pun @ Theim Wai
Executive Chairman

1 Myanmar Investment Commission