TUAN SING HOLDINGS LIMITED

1 2 017 ANNUAL REPORT. TUAN SING HOLDINGS LIMITED . 2016 ANNUAL REPORT. 2017. (Company Registration No. 196900130M). 9 Oxley Rise | #03-02 The Oxley | Singapore 238697. Phone: (65) 6223 7211 | Fax: (65) 6224 1085. DISCLAIMER. Readers should note that legislation in Singapore governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. This Annual Report is provided for general information only and does not constitute an invitation to invest in the Company's shares. Except where you are a shareholder, this report is not, in particular, intended to confer any legal rights on you. Any decision you make by relying on this information is solely your responsibility.

2 The historical information given is as of the dates specified, is not updated and any forward-looking statement is made subject to the reservation specified in the following paragraphs. CAUTIONARY STATEMENT. This Annual Report provides readers with information that management believes is required to gain an understanding of Tuan Sing's results in the last financial year and BLUEPRINT. to assess the Company's future prospect. Accordingly, certain statements herein, including statements regarding future results and performance, are forward-looking statements based on current expectations. Words such as expects', anticipates', FOR GROWTH intends' or the negative use of these terms and other similar expressions of future performance or results and their negatives are intended to identify such forward- looking statements.

3 The design for this cover reflects the Company's PUBLISHING DETAILS These forward-looking statements are based upon current expectations and vision for sustainability, balancing the need to drive assumptions regarding anticipated developments and other factors affecting the Published by: profitability but taking care of the greater community Tuan Sing HOLDINGS LIMITED Group. They are not historical facts, nor are they guarantees of future performance or events. They involve assumptions, risks and uncertainties. The actual future and the planet. The growth of the Company is Compiled, written, translated, and edited by: performance or results may differ materially from those expressed or implied by multifaceted and through staying relevant today Tuan Sing In-house Team these forward looking statements as a result of various important factors.

4 These factors include but not LIMITED to, economic, political and social conditions in the and in the future, it was able to and will continue Copy deadline: geographic markets where the Group operates, interest rate and foreign currency to grow the business for the long term. The use of 9 March 2018 exchange rate movements, cost of capital and availability of capital, competition from other companies and venues for sale/manufacture/distribution of goods and clean, minimal, graphic lines against the white space Fiscal year: services, shift in demands, customers and partners, and changes in operating 1 January to 31 December 2017. echoes the Company's principles and values. costs. Further details of potential risks and uncertainties affecting the Group are Designed and printed by: discussed in Business Dynamics & Risk Factors Statement in this Annual Report.

5 Toppan Vite under ISO 9001 Unpredictable or unknown factors not discussed in this report could also have DESIGN CONCEPT for this year's Annual Report material adverse effects on forward-looking statements. Hard copies produced: 600 copies Readers are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date of this report. Except as required by Hard copies of this Annual Report may be requested any applicable law or regulation, the Group expressly disclaims any obligation or by contacting: undertaking to release publicly any updates or revision to any forward-looking Tuan Sing HOLDINGS LIMITED statements contained herein to reflect any change in the Group's expectations with Investor Relations regard thereto or any change in events, conditions or circumstances on which any Tel: +65 6223 7211 such statement is based.

6 Email: EXTERNAL/THIRD PARTY WEBSITES. For announcements, webcasts, presentation slides and other information, please visit our website at Information on or accessible through any third party or external website does not form part of and is not incorporated into this Annual Report. PAPERS USED GLOSSARY . In line with Tuan Sing's continuing efforts to promote Definitions, acronyms, and abbreviations as contained in the Glossary and their environmental sustainability, the papers used in translation in Chinese are intended solely to provide a useful and convenient guide this Annual Report are all certified by The Forest to readers. They should therefore not be relied upon as providing a definitive view of Stewardship Council TM ( FSC TM ) and made from the subject matter to which they relate.

7 Chlorine-free recycled and virgin pulps.. Cover Antartic Snow Cambric, 280 gsm . Review pages Cocoon Silk, 130 gsm Financial pages Green Forest, 100 gsm USE OF TERMS. In this Annual Report, unless the context otherwise requires, Tuan Sing', Soft copies of this Annual Report may be downloaded the Group', we', us', and our' refer to Tuan Sing HOLDINGS LIMITED and its from in the portable document consolidated entities, statement of financial position and balance sheet are used format (PDF) so as to reduce your paper consumption. interchangeably, and any reference to this Annual Report' is a reference to this Annual Report. For other terms used in this report, please refer to Glossary . Visit or scan this QR Code with your smart phone to learn more about Tuan Sing.

8 THE FOREST STEWARDSHIP COUNCIL . You will need to download a QR code scanner on your mobile phone in order to use this feature. The Forest Stewardship Council (FSC) is an international, non-governmental organisation dedicated FIGURES. to promoting responsible management of the world's Figures in parentheses in tables and in the Financial Statements are used to forests. FSC certification ensures that products come represent negative numbers. Financial data in this report are stated in Singapore dollars unless otherwise indicated. from well managed forests which allow consumers and businesses to make purchasing decisions that promote FEEDBACK. All information in this annual report is available for downloading as PDF files, in full or by sections, at our website.

9 Environmental, social and economic benefits. For more information, please visit The Annual Report is a key document in our communication with our shareholders In addition, our website contains financial information for downloading in Excel format and hyperlinks to other web pages and other stakeholders. If you have any questions or feedback, we would very which might be of interest to you. Quarterly financial results, webcasts, presentation slides and announcements are also much like to hear from you. Please contact us at available at our website. REDUCE, REUSE AND RECYCLE. You can do your part for the environment by recycling this Annual Report after reading. 2017 ANNUAL REPORT 01. OUR. VISION CREATING A CLEAR.

10 DISTINCTION.. OUR. MISSION BE A NUCLEUS OF. GROWTH , DEVELOPING. AND STRENGTHENING CORE. BUSINESSES TO CREATE VALUE. FOR ALL STAKEHOLDERS.. 02 TUAN SING HOLDINGS LIMITED . INSIDE. OUR REPORT. INSIDE OUR REPORT. Design Concept inner front cover COMPANY AND STRATEGY. Our Vision and Our Mission 01. Our Corporate Profile 04. Our Value Statement 05. Our Business Strategy 05. Our Competitive Edge 05. Our Business Philosophy 06. HIGHLIGHTS OF THE YEAR. Delivering Our Strategy 07. Key Events 08. Key Figures 09. Group Financial Highlights 10. Group Quarterly Results 11. Five-Year Performance 12. Portfolio Highlights 17. CORPORATE STEWARDSHIP. Message to Shareholders 19. CEO & CFO's Responsibility Statement 23.