EINDEC CORPORATION LIMITED ANNUAL

Letter to Shareholders

LETTER TO SHAREHOLDERS INNOVATING FOR THE BETTER FUTURE ACKNOWLEDGMENTS AND APPRECIATION The global economy is expected to continue to confront I acknowledge and appreciate the invaluable guidance challenges such as moderate growth and elevated inflation, and contribution of my fellow directors in the past year. with a mild slowdown expected from 2.9% in 2023 to 2.7% in 2024(2). While the long-term economic outlook for China On behalf of the Board of Directors, I would like to convey and Asia is relatively optimistic, we remain mindful of the our appreciation to our management and staff for their inflationary pressure on our business operations in China, commitment and efforts in the past year. We are also Malaysia, and Singapore. We will continue to deploy our appreciative and thankful for the unwavering support of resources and explore opportunities prudently to enhance our shareholders, business partners, and customers. our business performance and sustainability for the long term. Building on our foundation and competence in the clean air environmental solutions and products, we believe our We are motivated to improve the designs and technical persistence to rise above challenges and deliver stable specifications of our current portfolio of products within and sustainable value for our stakeholders, will continue to the HVAC and CRE segments, with the aim to achieve motivate the Group forward. cost efficiency in the materials used in production and engineering advancements for our proprietary branded products. We believe our innovation initiative is mutually ZHANG WEI beneficial for our customers and the Group, which could Executive Chairman and Chief Executive Officer potentially strengthen our core business segments as well as our market presence in key markets. Post-COVID-19 pandemic saw the gradual easing on global chip shortages(3), as well as expansion plans in the technology sector in Malaysia, both of which bodes well for our CRE segment. Meanwhile, the prospects for our HVAC segment is bolstered by the Building and Construction Authority of Singapore’s recent announcement that between S$32 billion and S$38 billion worth of contracts are expected to be awarded in 2024. These contracts stem from new residential developments, the expansion of the two integrated resorts, and the redevelopment of commercial premises, as well as the development of mix