Annual Reports and Related Documents::

Shaping

the Golden Years

in New Asia

ECON Healthcare (Asia) Limited

Annual Report 2021

Our Philosophy

Our ECON Philosophy is symbolised by the caring of a Bonsai - an art requiring passion, dedication, patience and skill. With care, the Bonsai grows and blossoms beautifully. We believe that by caring from the heart, seniors will flourish as they age and live their fullest potential. We are here to journey together, uncover, celebrate and live out that potential with seniors and families.

Our Vision

To be a premium and leading brand in healthcare services in the Asia-Pacific region, recognised by our customers for our holistic approach, personal touch and technological advancement.

Our Mission

We are dedicated to providing high quality and customer-focused healthcare services.

Customer Needs:

Being sensitive to our customers' needs

Research & Development:

Improving our services through constant research and skills development

Quality System:

Continuing to be highly systematic and organised in our service delivery and quality control

Networking:

Building up our local and international network with our partners in healthcare

People Development:

Caring and grooming our people to set and achieve higher goals

Contents

1. Chairman's Message

1. The Year in Review

1. Financial Highlights

1. Financial Performance Summary
2. Geographical Presence
3. Our People
4. Awards & Accolades
5. Board of Directors

1. Other Key Management Team
2. Organisation Chart
3. Corporate Information
4. Corporate Governance

1. Financial Statements

1. Statistics of Shareholding

1. Notice of Annual General Meeting
   Proxy Form

2 ECON Healthcare (Asia) Limited Annual Report 2021

Chairman's Message

Mr Ong Chu Poh

Executive Chairman and

Group Chief Executive Officer

Dear Shareholders,

I would like to thank our shareholders for supporting ECON's vision to care for the region's seniors. Your trust in us has spurred us on in the expansion of our services in Singapore, Malaysia, and China. We look forward to your continued support as we scale our operations to reach many more families across the region.

Encouragements from many of you in the past years has been especially heartening as we battled COVID-19 as a nation. Singapore's whole-of-government efforts, including that of the Ministry of Health and Agency for Integrated Care, have led us through much of this pandemic. We are immensely grateful for the government's leadership and support rendered. The unity and resilience of the sector were also exemplified during this crisis. To fellow sector leaders, thank you for the camaraderie.

TO ECON

I salute all members of our ECON team. You have worked tirelessly to keep our nursing homes safe. You have cared selflessly for our vulnerable elderly. You have put others and your profession first, often going beyond yourselves. Together, our team has crossed hurdles and advanced together. You have risen to stand valiantly in this war against COVID-19. Thank you for being One ECON.

OUR FIRST 30 YEARS - ESTABLISHING ECON AND BUILDING OUR FOUNDATION

In 1987, ECON started humbly at Telok Kurau with 17 beds*. Today, we are recognised as the largest private nursing home operator in Singapore and Malaysia, with a total capacity of over 1,400 beds across Singapore, Malaysia, and China, serving more than 3,000 seniors and families each year.

To provide holistic care and support for families, we have expanded our services offerings over the years. Today, ECON offers a comprehensive suite of senior care services including home-based care, elder day care, rehabilitation services, Traditional Chinese Medicine (TCM), and caregiver healthcare training.

ECON's foundation was built by many past and present ECON members. We greatly appreciate our pioneering team, current ECON members, and many community partners, including government agencies and restructured hospitals, that have made ECON what it is today.

• Source: https://www.econhealthcare.com/about/brand-story/

3

ECON'S NEXT PHASE OF GROWTH - A REGIONAL BRAND

ECON's public listing on 19 April 2021 marks a new chapter in our journey of caring for seniors. Being listed on the Singapore Exchange (SGX) will support us in our next stage of growth, as we go from strength to strength in our mission of being a Family Caring for Families.

In December 2020, our third nursing home in Malaysia started operations in the town of Puchong. In the first half of 2021, our first nursing home in China commenced operations in Chongqing. Located in the Jiefangbei area, the central business district of Yuzhong District in Chongqing, China, the Home is housed in a 4-storey newly renovated building. With the signing of the shareholders' agreement for our second nursing home in China, our 280- bed facility in Chongqing (Changshou) is expected to be operational in 2022.

Our China growth plans are on track. We plan to achieve a capacity of up to 5,000 beds within the next three to five

years as we scale our know-how and expertise across the region.

FY2021 PERFORMANCE AND FUTURE PIPELINE

The Group continued to be resilient and performed well in FY2021 despite the COVID-19 pandemic. We turned in a healthy performance which saw a rise in our aggregate revenue and operating subvention grants to S$37.9 million and delivered an increase in net profit year- on-year to S$5.4 million.

In the near term, our eighth Singapore nursing home located at Henderson will commence operations with up to 236 beds in 2022. Co-located with an urban farm and childcare operator, we look forward to collaborating on various programmes that will bring joy and life to our seniors. Our upcoming ninth Singapore nursing home, the largest in Singapore thus far, with up to 732 beds, will commence operations in 2025. Co-located with the new Jurong Polyclinic, we are co-planning initiatives that will bolster the quality of care of

nursing home residents. At ECON,

we continuously explore and implement various partnerships and collaborations that improve our care quality.

APPRECIATION

Our heartfelt thanks goes to all customers and families who have entrusted us with the care of your loved ones. We are committed to caring from the heart and giving the best care and attention always. To our people, thank you for overcoming this COVID-19 pandemic as one ECON family. To Board members and shareholders, thank you for your unwavering support. Together, we will shape the golden years of seniors in Asia.

I wish all of you good health and joy always.

Ong Chu Poh

Executive Chairman and

Group Chief Executive Officer

Encouragements from many of you in the past years has been especially heartening as we battled COVID-19 as a nation. Singapore's whole-of-government efforts, including that of the Ministry of Health and Agency for Integrated Care, have led us through much of this pandemic. We are immensely grateful for the government's leadership and support rendered. The unity and resilience of the sector were also exemplified during this crisis. To fellow sector leaders, thank you for the camaraderie.

Since 1987, we have served more than 8,000 families as a homegrown brand and have grown from strength to strength in our mission of being a Family Caring for Families.