MANAGING DIRECTOR

Dear Shareholders,

Stakeholders, and Friends of EKI Energy Services

"We do not inherit the earth from our ancestors, we borrow it from our children." - Native American Proverb.

When EKI began in 2008, it was to realize a vision of revitalizing our planet, enhancing its greenery, and protecting it from the threats of climate change. We held a vision of a flourishing Earth, resilient and thriving in the face of environmental shifts. Today after 16 years later, we proudly find ourselves in the future that we envisioned all those years ago and yet we strive to do so much more - i.e. Making a place for ourselves as the leader in sustainable decarbonization of economy and carbon neutrality for everyone, while uplifting the communities in need.

As we present our annual report for the fiscal year 2023-2024, I am proud to share the significant strides we've made at EKI Energy Services towards combating climate change and fostering sustainable development. This year has been both challenging and rewarding, reinforcing our commitment to creating a greener future.

The urgency of our job was underscored by the climatic events of 2023, the hottest year on record, , with greenhouse gas emissions reaching new heights, marked by several extreme weather events including wildfires, storms, hurricanes, and floods. These events have highlighted the critical need for immediate climate action and the role we must play in driving this change. These events were not just statistics but stark reminders of the imperative for immediate and sustained climate action.

EKI has always believed in leading by example, and this year was no different. We intensified our efforts in decarbonization and net zero services, while also continuing and innovating carbon credit trading, leveraging our expertise to create impactful and sustainable solutions. The emergence of carbon credits as a new asset class has fundamentally reshaped investment strategies, and we are at the forefront of this transformation.

In 2023, we saw a notable increase in the demand for carbon credits, reflecting a growing awareness and commitment among corporations to offset their carbon footprints. Our targeted carbon emission avoidance or absorption projects have been instrumental in this regard. This dual benefit system, where companies can balance their emissions while contributing to global efforts to mitigate climate change, has been a cornerstone of our strategy.

The global carbon market continues to evolve, driven by regulatory changes and increased market participation. The compliance market, underpinned by legally enforceable regulations, and the voluntary market, driven by corporate social responsibility, both play critical roles in this evolution.

One of the most significant developments in the carbon market was the advancement of the Paris Agreement's goals. We have seen stricter regulations in the European Union Emission Trading System (EU ETS) and the launch of China's national trading scheme, initially targeting the power sector. These developments, along with standardization efforts like CORSIA for aviation offsets and enhanced verification processes, are shaping a more robust and integrated global carbon market. We are confident

that COP29 will bring more clarity and concrete consensus on Article 6.2 and 6.4 of the Agreement.

India, our home country, has also made significant strides in this domain. The introduction of the Carbon Credit Trading Scheme (CCTS) 2023 by the Ministry of Power is a landmark in India's journey to aligning with global trends. It aims to establish a domestic market for tracking and trading carbon credits, reflecting India's unique economic structures and environmental challenges.

As we look to the future, we remain committed to innovation and sustainability. The next few years are critical for carbon markets, and we are prepared to navigate these stabilizing but still turbulent times with agility and foresight. Stronger policies, technological advancements, and a focus on market integrity will be key to making carbon markets a major tool in the fight against climate change.

I would like to extend my heartfelt gratitude to all our stakeholders - our employees, partners, investors, and the communities we serve. Together, we have not only withstood the turbulence but have also set our course toward a radiant future. As we embark on this journey, remember that in every challenge, there lies an opportunity, and EKI is primed to seize them all.

Thank you for your continued trust and commitment.