ASTI : Sustainability Report FY2022

Content Page

1.	Board Statement	3
2.	About this Report	4
	2.1.	Reporting Scope and Period	4
	2.2.	Framework	4
	2.3.	Feedback	4
3.	Sustainability Governance	5
	3.1.	Sustainability Strategy	5
	3.2.	Sustainability Governance Structure	5
	3.3.	Stakeholder Engagement	6
4.	Materiality Assessment	7
	4.1.	Overview of Material Factors	8
	4.2.	Environmental	9
	4.2.1.	Energy and Emissions	9
	4.3.	Economic	11
	4.3.1.	Economic Performance	11
	4.4.	Social	11
	4.4.1.	Talent Attraction and Retention	11
	4.4.2.	Diversity and Equal Opportunities	13
	4.4.3.	Training and Education	14
	4.4.4.	Occupational Health and Safety	16
	4.4.5.	Customer Health and Safety	17
	4.4.6.	Supplier Assessment	17
	4.4.7.	Compliance with Laws and Regulations	18
	4.4.8.	Environmental Compliance	18
	4.4.9.	Cyber security	19
	4.5.	Governance	20
	4.5.1.	Anti-corruption	20
	4.5.2.	Corporate Governance	21
5.	TCFD Content Index	22
6.	GRI Content Index	24

1. Board Statement

We are pleased to present our sixth Sustainability Report for the financial year ended 31 December 2022 ("FY2022"). In FY2022, ASTI emerged stronger with a profit of SGD 3 million attributable to our strong revenue performance and cost management measures.

On 6 June 2022, the SGX-ST had directed the Company to be delisted, and trading in the Company's shares were suspended from 5 July 2022 until the completion of an exit offer. The Company's positive performance in FY2022 puts it in a stronger position to secure a fair and reasonable exit offer for shareholders as part of its directed delisting. This remains the Board's immediate priority, and it is currently in discussions with a potential investor for a potential exit offer.

While the COVID-19 pandemic subsided, we continue to face challenges posed by political tensions, inflation, escalating interest rates, rising business costs and also the ongoing threat - climate change. We are conscious of our responsibilities as a corporate citizen and recognize the importance of our contribution towards climate and the environment we operate in.

This report details our efforts and the challenges we are faced with in meeting our sustainability goals and targets during FY2022. The report details our approach, practices, and performance around the material factors we have identified.

We endeavour to consider sustainability in all our strategic decisions and will continue to engage our stakeholders and monitor the environment, social and governance ("ESG") factors that are material to the continuity of our business. We seek your support as we continue this sustainable journey to pivot our business and emerge stronger.

3 | Sustainability Report FY2022

2. About this Report

2.1. Reporting Scope and Period

This report, published annually, covers the company's policies, practices, initiatives, performance, and goals in relation to material Environmental, Social and Governance ("ESG") factors for the period of 1 January to 31 December 2022 and includes data and information from said period relating to ASTI, its subsidiaries and their services and products.

Our operations are located in Southeast Asia, Greater China, the United States of America, and the United Kingdom. As at the date of this report, Telford Industries Pte Ltd ("Telford") continues to have the highest impact on sustainability amongst ASTI other businesses. The focus of this report is on Telford business in Philippines instead of Telford Singapore as the majority of Telford operations are now based off the Philippines office ("Telford Philippines"). Prior year statistics of Telford Philippines operations are included in this report for comparison.

2.2. Framework

This report is written in compliance with the requirements of SGX-ST Listing Rules 711A and 711B and has been prepared with reference to the Global Reporting Initiative ("GRI") Standards 2021. Further details regarding the respective GRI Standards disclosures selected can be found in the GRI Content Index provided at the end of this report.

Additionally, we adopt a phased approach as we continue our efforts in managing climate related risks. This report includes ASTI's climate-related disclosures according to the recommendation of the Task Force on Climate-related Financial Disclosures ("TCFD") based on our efforts to date. Further details regarding the alignment of ASTI's climate-related disclosures with the respective TCFD recommendations can be found in the TCFD Content Index provided at the end of this report.

We have reviewed SGX Core ESG Metrics and included the metrics relating to the material topics identified wherever relevant.

2.3. Feedback

For any enquires, comments or feedback regarding both our sustainability performance and report, please send them to [e-mail].

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1. Sustainability Governance

1. Sustainability Strategy

The Board and Management recognizes the importance and the growing expectations on sustainability and strive to consider sustainability in the strategic decisions we make as well as the day-to-day operations of the business amidst the challenges we face.

3.2. Sustainability Governance Structure

Board of Directors (the "Board")

The Board oversees the sustainability performance of ASTI, with support from the Sustainability Steering Committee ("SSC"). Sustainability related matters are considered by the Board as it reviews the strategic plans for ASTI in the longer term.

Sustainability Steering Committee ("SSC")Our sustainability strategy is headed by our Sustainability Steering Committee ("SSC"). The SSC provides strong direction coupled with an effective sustainability governance framework to identify, assess, and manage the ESG issues that are important to us and our stakeholders.

The SSC is led by Acting CEO and CFO and supported by Senior Management of ASTI (including Telford). They provide advice and assistance to the Board in ensuring that policies and procedures related to ESG issues are aligned with ASTI's business strategy.

Sustainability Task Force ("STF")

The SSC is supported by the STF, which is responsible for driving sustainability initiatives and programmes across ASTI. STF comprises of management personnel involved in various divisions including Finance and Information Technology.

5 | Sustainability Report FY2022