ANNOUNCEMENT

9 June 2017

Dear Members,

It is with deep regret that we announce the closure of our operations in Thailand. All True Fitness, True Spa and True ‘Est centres in Thailand have ceased operations on 9 June 2017.

In Thailand, the past years have proved challenging, and unfortunately the businesses are no longer financially viable due to evolving market conditions. Despite our best efforts, we were unable to sustain operations in Thailand due to the challenging market conditions.

We had several suitors to take over our businesses in Thailand but our landlords did not agree to have other operators take over the businesses and in some instances insisted on substantially higher rents. We had tried several attempts to rejuvenate the businesses but have not been able to get sufficient flexibility from our landlords and creditors to enable us to restructure the businesses in time and the decision by our creditors to shut us down left us with no option but to close down our operations till we find suitable operators to take over the businesses.

Despite the above, we are still open to looking for a suitable fitness and wellness operator who is willing to take over the business and we hope that this will happen soon.

We thank you for your support during this time.

The Management of True Fitness, True Spa and True ‘Est

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