Executive Chairman's Message

Dear Valued Shareholders,

On behalf of the Board and management, it is my pleasure to present to you the Annual Report of Uni-Asia Group Limited and its subsidiaries (the "Group" or "Uni-Asia") for the financial year ended 31 December 2024 ("FY2024").

In FY2024, the Group made a loss of US$28.2 million because the Group had recognised the full fair valuation loss for Hong Kong property investments. This is the greatest loss the Group has suffered since our founding. Notwithstanding, the Group had a profit of US$2.8 million for FY2024 excluding the fair valuation loss and is proposing a final dividend of S$0.02 per share for FY2024 to be paid on 30 May 2025.

The Group recognises that we must do more, and our Chief Executive Officer, Mr. Iwabuchi, will elaborate on his initiative in his message.

Meanwhile, I would like to talk about our Group's leadership renewal which started in FY2023 and has since picked up pace.

I have held the position of Executive Chairman since April 2014. With the changing corporate governance landscape, I believe it is time for Uni-Asia's Board be chaired by a non-executive director and thus paving the way for my eventual retirement. As such, I will relinquish my Executive Chairman position upon the conclusion of our AGM on 30 April 2025. However, I will continue to be an Executive Director of the Group.

As announced on 28 February 2025, our Group's Lead Independent Director and Audit Committee Chairman, Mr. Lee Gee Aik will retire as a Board member upon the conclusion of our AGM on 30 April 2025, having served the Group for nine fruitful years. During Mr. Lee's tenure, he encouraged members of the audit committee to provide input, while at the same time, he raised pertinent points to improve the Group's accounting and risk management process. The Group is grateful for his contributions.

On 3 February 2025, the Group appointed Mr. Chong Teck Sin as an Independent Non-Executive Director of the Group. Mr. Chong has extensive experience as independent director and has a good understanding of shipping and property business, and we look forward to his contributions to the Board.

Following the above, upon the conclusion of our AGM on 30 April 2025, Mr. Philip Chan Kam Loon will relinquish his role as Nominating Committee Chairman and be appointed as Non-Executive Chairman and Audit Committee Chairman, while Mr. Chong Teck Sin will be appointed as the Nominating Committee Chairman. Ms Juliana Lee will continue her role as Remuneration Committee Chairman. Following Mr. Chan's appointment as Non-Executive Chairman, there will not be a lead independent director.

Mr. Lim Kai Ching, who has been our Group Chief Financial Officer since 2015, has been appointed as our new Executive Director from 28 February 2025. He relinquished his role as Group Chief Financial Officer on 1 April 2025. Mr. Lim has been instrumental in rolling out the various accounting, operating and risk management initiatives within the Group. In 2024, Mr. Lim obtained ISCA Sustainability Professional Certification. Mr. Lim will therefore be tasked as the Executive Director overseeing the Group's sustainability initiatives, in addition to his other responsibilities, demonstrating the Group's commitment to sustainability at the highest level.

Ms. Rachel Choo, previously a General Manager of Accounting, was appointed Chief Financial Officer on 1 April 2025. Ms. Choo has been with the Group since 2012 and is highly experienced in finance and accounting. She will play a key role in our Group's next phase of growth.

In addition, as announced on 31 May 2024, Mr. Takeshi Iritono was appointed as President of our Japan operation, Uni-Asia Capital (Japan) Ltd ("UACJ"), following the retirement of Mr. Toda as President of UACJ. Since Mr. Iritono's appointment, he has rolled out several initiatives within UACJ to steer UACJ towards investing in longer term investments with recurring income while strengthening UACJ's shorter term development projects with strong returns.

The above changes are part of the Group's growth plan. It allows younger leaders within the Group to step up, while having more experienced hands to guide them. This ensures that the Group can stay focused on the business development goals and deliver value to shareholders in the long run.

However, we cannot materialise our plan if we do not have the support of our stakeholders. We recognise that our share price is undervalued now vis-à-vis our net asset value, and we believe that our initiatives will unlock value for shareholders in the near future. We will consider embarking on corporate actions in the short term to boost our market value if necessary, but it will be unwise if we do not persevere towards expanding our business base with the expertise that the Group has built up over the years. Therefore, we hope all other shareholders will support us in our business transformation journey.

We would like to thank all our shareholders, financiers, employees and business partners for your support for the past years. We seek your support for coming years to build a better Uni-Asia.