I hope this letter finds you in good health and high spirits. As always, I want to start by thanking you for your trust and commitment to THiS Group. We are extremely grateful that you have chosen to invest in our company, and we are doing everything we can to live up to your expectations.

It has been an eventful year for THiS Group, with several important developments that I want to discuss in this letter. I will begin by telling you about the acquisition of Posterton at the beginning of the year. This was an important deal for us, as it strengthens our lifestyle segment and gives us access to Posterton's expertise and network in this industry. The integration of their business into THiS Group has gone very well, and we are already seeing clear synergies with the help of our existing partners around the world. We are very pleased with this acquisition and look forward to continuing to develop our lifestyle segment.

I recently visited Dubai to discuss potential solutions for Sureka, as well as chocolate mass and sugar substitutes, and also to talk about YR Skin Care, a skincare line created by Yvonne Ryding. We plan to launch Yvonne Ryding's products on several other continents, which is an important part of our strategy to expand our range and reach new markets. During our stay in Dubai, we met with many potential customers, investors, and partners. We have initiated collaborations with some of them and hope that the process will lead to positive results so that we can soon expand our operations in West Asia.

I am pleased to announce that everyone who has requested conversion of their A-shares has now had these converted to B-shares in the share register. This has been an important part of initiating the listing process, and I would like to thank everyone involved for their work and patience. Note that only B-shares will be subject to listing and not A-shares. Please contact us as soon as possible if you have not yet converted your shares but intend to do so.

We have also taken significant steps in the listing process, which is our top priority right now and something we are working hard on. Unfortunately, the recent capital raising process and acquisition of Posterton have taken some time, which has delayed the listing process somewhat. But I want to emphasize that we take this very seriously and are working intensively to make a successful listing as quickly as possible. We have several advisors involved in the process, including a Certified Adviser, lawyers, and other advisors necessary to complete the listing. Currently, we are working on a preliminary schedule estimating to complete the listing in June. Of course, this assumes that no significant changes occur that could delay the process. Currently, the customary due diligence process is underway in parallel with the preparation of the listing memorandum, which will form the basis for approval by the chosen exchange. Shortly, the share register will also be transferred to Euroclear. For those who have not previously provided a deposit account number, we will ask for that information from you soon. The targeted issue that we previously announced will end on March 31, and after that, the formal application to the marketplace can begin. We have a lot of work ahead of us, but everyone is working hard to make it as good and successful as possible. We will provide more information on this as it approaches. We are grateful for your patience and support during this process.

After three years of hard work, we can now announce that the infrastructure we have been working on is completed, resulting in positive outcomes from our investments. In 2023, we will focus on achieving revenue targets for all companies within the THiS Group. Each company will eventually be led by its own management team, with less central control from the THiS Group. The group has also been strengthened with new hires in roles such as CFO, CHRO, and CIO. Additionally, the group will have access to a CIO office, where all internal strategic and operational projects in digitalization, e-commerce, and security will be led. The CIO office will collaborate directly with the group's leadership. The presentation of the new leadership will be launched in the coming weeks.

As I have previously mentioned, the global situation has been unstable over the past year. The strained relations between China and the US have affected business in Asia to some extent, but we still believe that there are significant business opportunities in the region. We have therefore initiated several collaborations and dialogues with companies in Asia to strengthen our presence and increase our business opportunities there. To further strengthen our presence in China, John Jiang, CEO of Karuu, and Lucy Dahlgren will represent THiS Group's products during March. They will participate in several events and exhibitions to increase our visibility and create more business opportunities.

We have appointed Lucy Dahlgren as CEO of THiS Less-is-More Val Health Food AB, which is our subsidiary that includes our well-known brand Sureka. This is an additional investment in the Sureka brand, which is of strategic importance to us because it represents our DNA and is what Lucy once started in Bayn. It is the journey that ultimately created the THiS Group. THiS Val has several discussions underway regarding larger deals, and we hope to be able to present these shortly.

I want to end this letter by thanking all of our shareholders and partners for your continued support and confidence. We have had an eventful time over the past year and I am confident that we will continue to grow and strengthen our position in the market. We look forward to continuing to create value for our shareholders and customers.

Best regards,
Ali Farmandeh
CEO, THiS Less-is-more Group AB (publ)