Letter to our Shareholders

Dear fellow Shareholders,

2019 was an exceptional year in exceptional times. We are happy and
proud to present the results of our efforts. We were determined to
improve both the performance and organizational health of MACE, and we
have made significant progress in both dimensions. All these successes
are the result of a team effort. We are grateful to all our employees
and shareholders, especially our U.S. shareholders, for not only showing
your appreciation by believing in and purchasing our products, but also
recommending them to your friends and families. We would not be able to
enter the Philippine market without your time and effort. We
believe that a fundamental measure of our success will be the
shareholder value we create over the long term. This value will be a
direct result of our ability to extend our current market position. We
are still in the early stages of learning how to bring new value to our
customers through internet commerce and merchandising. Our goal remains
to continue to extend our brand and customer base. This requires
sustained investment in systems and infrastructure to support
outstanding customer convenience, selection, and service while we grow.

We feel good about what we have done, and more excited about what we
want to do.

We at Mace Corporation are grateful to our customers for their business
and trust, to each other for our hard work, and to our shareholders for
their support and encouragement. We truly do appreciate everyone’s
efforts and time, and we hope this New Year brings success in achieving our
dreams and goals.

Happy New Year
Mace Corporation
Management Team
12/31/2019