News Release CapitaLand, SP Group and Sembcorp to Study Use of Integrated Energy Solutions to Green Data Centres CapitaLand’s data centre is the first to pilot in Singapore under SP’s Energy Partnership Programme Singapore, 5 November 2020 – CapitaLand, SP Group (SP) and Sembcorp Industries (Sembcorp) have signed a Memorandum of Understanding (MOU) to jointly study the use of integrated energy solutions to power data centres. CapitaLand’s data centre is the first to pilot in Singapore under SP’s Energy Partnership Programme. The integrated energy solutions will potentially include a combination of solar photovoltaic, green hydrogen and energy storage amongst others. These will be further enhanced with smart technologies to increase energy efficiency and effectiveness. CapitaLand’s drive for sustainability The study covered under the MOU will initially focus on developing solutions to power CapitaLand’s flagship data centre, 9 Tai Seng Drive with green energy. 9 Tai Seng Drive has been certified with the top rating of Green Mark Platinum for data centres by the Building and Construction Authority and Infocomm Media Development Authority. The feasibility study results planned for the second half of 2021, would potentially be applicable to benefit other data centres in Singapore. This initiative dovetails with CapitaLand’s 2030 Sustainability Master Plan to elevate its commitment to global sustainability. Among CapitaLand’s 2030 sustainability targets unveiled on 1 October 2020, it aims to reduce its carbon emissions intensity by 78% by 2030, reduce its energy consumption intensity at its operating properties by 35% and increase its proportion of total electricity consumption from renewable sources by 35% by 2030. CapitaLand also aims to green its entire global portfolio by 2030, including its data centres. Mr Kelvin Fong, Managing Director, Data Centre, CapitaLand Group, said: “As a responsible company, CapitaLand is partnering SP and Sembcorp to further enhance the sustainability of our data centres to support the growth of a clean digital economy. The ability to leverage smart energy solutions and tap renewable energy sources at our data centres will extend CapitaLand’s competitive advantage within the data centre industry while meeting our commitments towards global sustainability. Besides powering our data centres with renewable energy, we aim to offer energyefficient designs and facility operations at our data centres. CapitaLand remains committed to contribute to the environmental and social well-being of the communities we operate in.” SP’s Energy Partnership Programme This collaboration between CapitaLand, SP and Sembcorp is the first under SP’s Energy Partnership Programme. The programme aims to help corporates meet their green ambitions and overcome energy-related business challenges using integrated energy solutions. Leveraging SP’s technical expertise in smart energy solutions, research and testing will be undertaken at SP’s Concept Lab1 . Corporates enjoy the benefits of researching and testing the viability of sustainable solutions before advancing to real-world applications. Mr Chuah Kee Heng, Chief Executive Officer, Sustainable Energy Solutions, SP Group, said: “We are pleased to work with CapitaLand and Sembcorp to green CapitaLand’s data centres. Under SP Group’s Energy Partnership Programme, we provide expertise and a conducive environment to help corporates solve their energy challenges and contribute to a low carbon, smart energy Singapore.” Sembcorp harnesses the power of collaboration As an integrated energy player across the utilities and energy value chain, Sembcorp brings expertise in providing urban sustainability solutions to energy-intensive businesses with customised combinations of solar energy, energy storage, sustainable energy retail and other innovative energy solutions. One of the targeted outcomes for Sembcorp in this partnership is to determine how green hydrogen fuel cell technologies can be most efficiently deployed in Singapore to reduce the carbon footprint of data centres. Mr Lim Yeow Keong, Senior Vice President, Singapore and Southeast Asia (Energy), Sembcorp Industries, said: “Sembcorp looks forward to this collaboration with CapitaLand and SP. A key goal of this project is to find the most efficient way to lower the carbon footprint of data centres without compromising their operational resilience. With growing demand for data centres, finding carbonefficient solutions to power them is key to enable a sustainable future.” CapitaLand’s joint study with SP and Sembcorp is another of its efforts to strengthen the use of renewable energy and reduce its carbon footprint. In collaboration with Sembcorp, over 21,000 solar panels were installed atop CapitaLand’s six industrial properties2 held under Ascendas Real Estate Investment Trust (Ascendas Reit) in Singapore in 2019. It is the largest combined rooftop solar facility in Singapore by a real estate company. These solar farms can collectively generate around 10,292 megawatt hours of energy annually, equivalent to powering about 2,300 four-room HDB flats each year3. CapitaLand’s corporate offices in Singapore will be 100% powered by renewable energy. Three of its corporate offices will be 100% powered by renewable energy by end 2020 through Renewable Energy Certificates from the clean energy generated atop these industrial properties. Greening data centres for a low-carbon future The joint study is timely, given current trends in data network electricity use. According to a June 2020 report by the International Energy Agency, global data centre electricity demand in 2019 contributed close to one per cent of global demand4 . Demand for data services is expected to continue its exponential growth over the coming years, which in turn will lead to an accelerated growth in data centre loads. 1 SP’s Concept Lab is the group’s innovation space to test new concepts and technologies and develop solutions for its customers. 2 The six properties are LogisTech, 1 Changi Business Park Avenue 1, 9 Changi South Street 3, 2 Senoko South Road, 40 Penjuru Lane, and Techpoint. 3 Average annual electricity consumption of a four-room HDB household is based on Singapore’s Energy Market Authority’s 2019 Singapore Energy Statistics 4 Data Centres and Data Transmission Networks (https://www.iea.org/reports/data-centres-and-data-transmissionnetworks). Global data centre electricity demand in 2019 was approximately 200 TWh, which is equivalent to the annual consumption of about 47 million 4-room HDB flats and 83.76 million tonnes of carbon emissions.   About CapitaLand Limited (www.capitaland.com) CapitaLand Limited (CapitaLand) is one of Asia’s largest diversified real estate groups. Headquartered and listed in Singapore, it owns and manages a global portfolio worth about S$133.3 billion as at 30 September 2020. CapitaLand’s portfolio spans across diversified real estate classes which includes commercial, retail; business park, industrial and logistics; integrated development, urban development; as well as lodging and residential. With a presence across more than 220 cities in over 30 countries, the Group focuses on Singapore and China as its core markets, while it continues to expand in markets such as India, Vietnam, Australia, Europe and the USA. CapitaLand has one of the largest real estate investment management businesses globally. It manages six listed real estate investment trusts (REITs) and business trusts as well as over 20 private funds. CapitaLand launched Singapore’s first REIT in 2002 and today, its stable of REITs and business trusts comprises CapitaLand Integrated Commercial Trust, Ascendas Real Estate Investment Trust, Ascott Residence Trust, CapitaLand Retail China Trust, Ascendas India Trust and CapitaLand Malaysia Mall Trust. CapitaLand places sustainability at the core of what it does. As a responsible real estate company, CapitaLand contributes to the environmental and social well-being of the communities where it operates, as it delivers long-term economic value to its stakeholders. Follow @Capital and on social media Facebook: @capitaland / facebook.com/capitaland Instagram: @capitaland / instagram.com/capitaland Twitter: @capitaLand / twitter.com/capitaland Linkedin: linkedin.com/company/capitaland-limited YouTube: youtube.com/capitaland About SP Group (www.spgroup.com.sg) SP Group is a leading utilities group in the Asia Pacific, enabling a low-carbon, smart energy future for its customers. It owns and operates electricity and gas transmission and distribution businesses in Singapore and Australia, and sustainable energy solutions in Singapore and China. As Singapore’s national grid operator, about 1.6 million industrial, commercial and residential customers benefit from its world-class transmission, distribution and market support services. These networks are amongst the most reliable and cost-effective world-wide. Beyond traditional utilities services, SP Group provides a suite of sustainable energy solutions such as cooling and heating systems for business districts and residential townships, electric vehicle fast charging and green digital energy management tools for customers in Singapore and the region. For more information, please visit spgroup.com.sg or follow us on Facebook at fb.com/SPGroupSG, on LinkedIn at spgrp.sg/linkedin and on Twitter @SPGroupSG. About Sembcorp Industries (www.sembcorp.com) Sembcorp Industries (Sembcorp) is a leading energy and urban development player, driven by its purpose to do good and play its part in creating a sustainable future. Leveraging its sector expertise and global track record, Sembcorp delivers innovative energy and urban solutions that support the energy transition and sustainable development. Sembcorp has a balanced thermal and renewable energy portfolio of over 12,600MW, with more than 2,600MW of renewable energy capacity globally. The company also has a proven track record of transforming raw land into sustainable urban developments, with a project portfolio spanning over 12,000 hectares across Asia. Sembcorp is listed on the main board of the Singapore Exchange. It is a component stock of the Straits Times Index and sustainability indices including the FTSE4Good Index, the Dow Jones Sustainability Asia Pacific Index and the iEdge SG ESG indices. For more information, please visit www.sembcorp.com  

Natural Gas Connection Policy and Procedures Updated 1 April 24 Table of Contents 1. General Information ..................................................................................................................... 1 1.1 Purpose of this Document .......................................................................................... 1 1.2 Singapore Gas Transportation System ...................................................................... 1 1.3 Definitions ..................................................................................................................... 2 1.4 Codes of Practices and Regulatory Requirements .................................................. 3 1.5 Submission of Application .......................................................................................... 3 2. Procedures for Gas Connection and Gas Admittance ............................................................. 4 2.1 Apply for Gas Connection .......................................................................................... 4 2.2 Make Payment .............................................................................................................. 5 2.3 Engage DR for Consumer’s Gas Installation .............................................................. 6 2.4 Apply for Gas Admittance .......................................................................................... 7 2.5 Apply for Supply and Gas Turn On ............................................................................ 8 3. Guidelines for Other Applications .............................................................................................. 9 3.1 Apply for Replacement, Addition & Alteration Works ............................................. 9 3.2 Apply for Disconnection ............................................................................................. 9 3.3 Apply for Re-connection ............................................................................................. 9 3.4 Other Applications ....................................................................................................... 9 4. Charges ........................................................................................................................................ 10 4.1 Connection Policy ...................................................................................................... 10 4.2 Connection Charge ................................................................................................... 10 5. Unauthorised Connection and Supply of Gas ......................................................................... 11 6. Appendices ................................................................................................................................. 12 Appendix 1 – Demarcation of responsibility ................................................................................ 12 Appendix 2 – Transmission Connection Flow Chart................................................................... 13 Appendix 3 – Transmission Connection Application Forms ...................................................... 15 Appendix 4 – Distribution Connection Flow Chart ..................................................................... 16 Appendix 5 – Distribution Connection Application Forms ........................................................ 18 Appendix 6 – Reference Rates for Transmission Project ........................................................... 19 Appendix 7 – Reference Rates for Distribution Project .............................................................. 20 Appendix 8 – Deductible Component for Natural Gas Distribution Connection .................... 21 Natural Gas Connection Policy and Procedure Updated 1 Apr 24 Page 1 1. General Information 1.1 Purpose of this Document PowerGas is licensed by the Energy Market Authority (“Authority”) to be the Gas Transporter (“Transporter”) which owns, operates, and maintains the piped gas network in Singapore. SP PowerGrid (“SPPG”) is licensed by the Authority to be the Gas Transporter Agent to operate and maintain the piped gas network in Singapore on behalf of PowerGas. SPPG’s gas business is to plan, design, operate and maintain gas network assets in a manner that supports the delivery of safe, reliable, efficient, and quality services to customers. Under the Gas Transporter Licence, the Gas Transporter has to develop separate fees and charges for separate gas transportation services such as connection services and transportation services. This document sets out the connection policy and procedure for Natural Gas supply. 1.2 Singapore Gas Transportation System PowerGas owns an extensive gas transmission and distribution network throughout Singapore. The network is generally buried underground and transports natural gas to the western and northern parts of Singapore, and town gas to the whole of Singapore. The gas assets comprise the transmission network (operating at higher pressures), which forms the main reticulation backbone and the distribution network (operating at lower pressures). • Town gas is manufactured in Senoko Gasworks and delivered to approximately 900,000 customers in Singapore. The customers are made up of industrial, commercial, and residential gas users. Residential customers consist mainly of gas users from HDB, condominiums and landed premises. The town gas transmission network operates at 3 barg whereas the distribution network operates at pressure regimes ranging from 1 kPa to 50 kPa. Natural gas is supplied to about 200 customers and is imported from four sources (two submarine pipelines from Indonesia, one submarine pipeline from Malaysia and internationally through the Liquefied Natural Gas Terminal). Under the Gas Network Code, Gas Shippers/Retailers represent the customers that are connected to the natural gas networks. These natural gas customers are typically commercial or industrial and include all power stations. The natural gas transmission network operates mainly at two pressure regimes, 28 barg and 40 barg, and the distribution network operates at pressure regimes ranging from 3 barg to 6 barg. Natural Gas Connection Policy and Procedure Updated 1 Apr 24 Page 2 1.3 Definitions The following terms shall have the following meanings when used in this document. “Authority” means the Energy Market Authority of Singapore established under the Energy Market Authority of Singapore Act (Cap.92B); “Gas Transporter” or “Transporter” means a representative holding a gas transporter’s licence; “Gas Retailer” or “Retailer” means a person who supplies gas to Retail Customers and who holds a Retailer’s Licence; “Gas Shipper” or “Shipper” means a person holding a gas shipper’s licence; “Gas Network Code” refers to the Gas Network Code issued by the Authority, setting out common terms and conditions between the Gas Transporter and Shippers who engage the Gas Transporter to transport natural gas though the gas pipeline network; “DR” known as designated representative means a professional engineer or a licensed gas service worker appointed by the developer or a responsible person for the premises; “PE” known as professional engineer means any person who is registered as a professional engineer in the mechanical engineering discipline under the Professional Engineers Act (Cap. 253); “LGSW” known as licensed gas service worker” means a person who is licensed under section 12 (3) of the Gas Act (Chapter 116A); “gas service work” means any work carried out on any gas installation or gas appliance, in whole or in part, including any design, construction, installation, commissioning, erection, testing, repair, addition, alteration or maintenance work; “gas service isolation valve (“GSIV”)” means a valve, located at or near the boundary line of any property or the apron of any building, used by a gas transporter to isolate the supply of gas to that property or building; “gas service pipe” means a pipe or any part thereof, other than a gas main, used for the purpose of conveying gas from a gas main to a gas service isolation valve, and includes any pipe owned by, or under the management or control of, a gas transporter which is used for the purpose of conveying gas from the gas service isolation valve to the meter at a consumer’s premises as defined in the Gas Act (Chapter 116A); “gas fitting” includes any pipe, valve, meter, regulator or other device for the control, measurement and use of gas as defined in the Gas Act (Chapter 116A); Natural Gas Connection Policy and Procedure Updated 1 Apr 24 Page 3 “gas installation” means a discrete grouping of gas fittings linking a gas service pipe to a gas appliance as defined in the Gas Act (Chapter 116A); “Gas Meter Control Valve” means a valve at the inlet of any meter used for the purpose of turning on or off a supply of gas through such meter to any gas installation as defined in the Gas (Supply) Regulation; “Meter Installation” means any meter and its associated equipment and installation including associated pipework, filter, valve, pressure regulating equipment, seal, housing, mounting, telemetry equipment, gas chromatograph and flow computer 1.4 Codes of Practices and Regulatory Requirements This connection procedure shall be read in conjunction with the provisions in the Gas Act, Gas (Supply) Regulations, Gas (Metering) Regulations, Gas Supply Code, Gas Metering Code, Gas Network Code, Singapore Standard, SS608 (where applicable) – Code of Practice for Gas Installation and relevant Retailer’s Handbook of Gas Supply, where applicable. The demarcation of responsibility from the gas service pipe to the gas installation is provided in Appendix 1 for reference purpose. 1.5 Submission of Application Please submit all connection enquiries, applications for gas connection and admittance request via the Gas Shipper/Retailer on SP Group’s eBusiness Portal (“Portal”): https://ebiz.spgroup.com.sg/index.html For all other matters, please submit your request to: gasenquiry@spgroup.com.sg Natural Gas Connection Policy and Procedure Updated 1 Apr 24 Page 4 2. Procedures for Gas Connection and Gas Admittance Gas users, applicants for gas supply, are advised to apply through the Shipper/Retailers for connection to the gas main network. The Shipper/Retailer will liaise with the Transporter on behalf of the applicant for gas connection and admittance. The key steps for gas connection and gas admittance are outlined below. The detailed process flow chart and Natural Gas connections application forms can be found in Appendices 2 to 5. Apply for Gas Connection Make Payment Engage DR Apply for Gas Admittance Apply for Gas Supply and Turn On 2.1 Apply for Gas Connection Transmission Connection Consumer’s pressure requirement of at least 18 barg shall be eligible for connection to a transmission pipeline, subject to Gas Transporter’s assessment. The actual delivery pressure would vary depending on the location of the offtake point. Consumers requiring higher or lower pressure than the transmission network operating pressure shall at its own cost install the necessary equipment to achieve the required pressure. To apply for a natural gas transmission connection, the Shipper shall submit the following documents and information through the Portal: • Endorsed Form GT1 - “Application for Gas Transmission Connection”; and • A plan showing the connection point endorsed by the responsible person or applicant; and • Consumer Project Data Information. The Transporter shall seek the Authority’s approval for the proposed transmission connection and notify the Shipper on the outcome of the application within 21 days, after obtaining a reply from the Authority. If the application is successful, the connection charge and project lead time will also be made known to the Shipper. Natural Gas Connection Policy and Procedure Updated 1 Apr 24 Page 5 As the Transporter will need to determine the feasibility of the new connection and establish relevant procedures for the operational phase of the connection, Shippers are advised to request for a consultation through the Portal for the Transporter to arrange a site discussion with the Shipper and Applicant prior to sending in the application. Distribution Connection To apply for a natural gas distribution connection, the Retailer shall submit the following documents and information through the Portal: • Endorsed Form GD1 - “Application for Gas Distribution Connection”; and • Location / site plan showing the project site and proposed connection point(s) endorsed by the responsible person or applicant; and • Location of Meter Installation The Transporter shall notify the Retailer on the outcome of the application within 14 days from the date of receipt of the application. If the application is successful, the connection charge will also be made known to the Retailer. 2.2 Make Payment The Shipper/Retailer shall confirm the project by making payment for the connection charge. Transmission Connection The Shipper shall confirm the project by making payment for the connection charge and book firm capacity in accordance with the requirements set forth in the Gas Network Code (“GNC”). Upon project confirmation, the Transporter shall commence permit application, procurement and construction works to extend gas pipeline up to and including the gas service isolation valve (“GSIV”). Distribution Connection The Retailer shall confirm the project by making payment for the connection charge. The Retailer’s appointed Shipper shall subsequently, where necessary, book firm capacity in accordance with the requirements set forth in the GNC. Upon project confirmation, the Transporter shall commence permit application, procurement and construction works to extend gas pipeline up to and including the GSIV. Natural Gas Connection Policy and Procedure 2.3 Engage DR for Consumer’s Gas Installation Updated 1 Apr 24 Page 6 The applicant shall engage a PE or a LGSW, as the case may require, as the DR for the project. Transmission Connection The Shipper and the DR shall liaise with the Transporter on the connection point at the property boundary, and where applicable, the location of the Meter Installation within the premises, the work schedule and other related matters throughout the entire project until final commissioning. The DR is responsible for the design, procurement, and construction of the Gas Fittings from the GSIV to the appliance/equipment including the Meter Installation, where applicable, in accordance with the Gas Act and its subsidiary legislations and applicable Code(s). Distribution Connection The Retailer and the DR shall liaise with the Transporter on the connection point at the property boundary, the work schedule, the location of the Meter Installation within the consumer’s premises and other related matters throughout the entire project until commissioning. The DR is responsible for the design, procurement, and construction of the Gas Installation from the GSIV to the appliance/equipment, excluding the Meter Installation, in accordance with the Gas Act and its subsidiary legislations and applicable Code(s). Natural Gas Connection Policy and Procedure Updated 1 Apr 24 Page 7 2.4 Apply for Gas Admittance Transmission Connection The DR shall certify completion and successful testing of the Gas Fittings and the Meter Installation, where applicable. When the Gas Fittings, the Meter Installation and the site are ready to receive gas, the DR/applicant shall apply, through the Shipper, to the Transporter to connect and admit gas into the Gas Fittings up to the Meter Installation, where applicable, by submitting the following form: • Form GT2 - “Application for Admittance of Gas” The DR shall conduct the necessary proof test and complete Form GT3 “Certificate of Proof Test” prior to the Transporter interim admittance of gas into the Gas Fitting up to the Meter Installation. The Transporter shall carry out gas admittance from the GSIV up to the Meter Installation. Upon successful interim admittance of gas, the Transporter shall issue the “Statement of Interim Admittance of Gas”. Thereafter, the DR shall proceed to purge and commission the Gas Fittings up to the Meter Installation, where applicable. The Transporter shall issue the “Statement of Admittance of Gas” upon certification by the DR of successful purging and commissioning of the Gas Fittings up to the Meter Installation. The owner of Meter Installation shall liaise with the Applicant/DR and the Shipper to purge the Meter Installation. Distribution Connection The DR shall certify completion and successful testing of the Gas Installation. When the Gas Installation is ready to receive gas, the DR/applicant shall apply, through the Retailer, to the Transporter to connect and admit gas into the Gas Installation up to, but excluding, the Meter Installation by submitting the following form: • Form GD2 - “Application for Admittance of Gas” The DR shall conduct the necessary proof test and submit the completed Form GD3 “Certificate of Proof Test” and request for interim admittance of gas immediately prior to the Transporter connecting the Gas Installation to the gas pipeline network and admitting gas into the Gas Installation up to, but excluding, the Meter Installation. Upon successful interim admittance of gas, the Transporter shall issue the “Statement of Interim Admittance of Gas”. Thereafter, the DR shall proceed to purge and commission the Gas Installation up to, but excluding, the Meter Installation. Natural Gas Connection Policy and Procedure Updated 1 Apr 24 Page 8 The Transporter shall issue the “Statement of Admittance of Gas” upon certification by the DR of successful purging and commissioning of the Gas Installation up to the Meter Installation. 2.5 Apply for Supply and Gas Turn On The applicant shall liaise with the Shipper/Retailer to carry out gas turn-on when the installation/equipment and the site are ready to receive gas. Transmission Connection Where the Meter Installation is owned by the Transporter, the Applicant/DR shall submit Form GT4 “Authorisation to Turn on Gas Meter Control Valve” to instruct the Transporter to open the Gas Meter Control Valve for gas turn-on from the Meter Installation to the appliances/equipment. For purging of the Meter Installation and gas turn on, the Shipper shall nominate for gas flow in accordance to Gas Network Code. Distribution Connection The Retailer shall carry out gas turn-on from the Meter Installation up to the appliances/equipment. The applicant is advised to refer to the Retailer’s Handbook on Gas Supply for the latest procedures. A summary of the procedures is shown below. • The DR shall: • certify completion and successful testing of the Consumer’s Internal Pipe; and • apply to the Retailer for connection and gas turn-on up to the appliances/equipment when the Consumer’s Internal Pipe is ready to receive gas. • The Retailer shall: • ensure appropriate tests, before and after the installation of the meter, are performed on the gas installation from and including the meter to the gas appliance before the as supply is turned on at the relevant Gas Meter Control Valve; • arrange for the connection of the Consumer’s Internal Pipe to the outlet of the Meter Installation thereafter; and • issue the “Statement of Turn-on of gas” to the applicant. Natural Gas Connection Policy and Procedure 3. Guidelines for Other Applications 3.1 Apply for Replacement, Addition & Alteration Works Updated 1 Apr 24 Page 9 Any application for replacement of, or addition or alteration to, the gas installation or gas fitting located from the GSIV to (and including) the Meter Installation, where applicable, shall be made by the applicant through the Shipper/Retailer to the Transporter’s email address in Section 1.5. 3.2 Apply for Disconnection An application to disconnect a gas installation or gas fitting from a gas pipeline network shall be made by the responsible person to the Transporter in the following instances: • When the gas supply to the premises has been discontinued; or • When the supply of gas is no longer required; or • When the premised are undergoing renovation or demolition and gas supply has to be disconnected for safety reasons. Any application for the disconnection of the gas installation or gas fitting shall be made to the Transporter’s email address in Section 1.5. 3.3 Apply for Re-connection Any application for the re-connection of the gas installation or gas fitting shall be made to the gas transporter only when the applicant has rectified the defects on the gas installation/fitting. The application should be made through the Shipper/Retailer via the Transporter’s Portal. The Transporter shall respond to the Shipper/Retailer on the outcome of the application within 14 days from the date of receipt of the application. 3.4 Other Applications The applicant is advised to consult with the Transporter if it has a request for gas connection that has not been covered in the procedures above. The applicant shall send its request to the Transporter’s email address in Section 1.5. Natural Gas Connection Policy and Procedure Updated 1 Apr 24 Page 10 4. Charges 4.1 Connection Policy The cost to connect a customer’s gas installation or gas fitting to the Transporter’s gas pipeline network varies from case-to-case, due to the proximity of the customer’s location and the cost of the materials and services required for the gas connection. Where possible, the Transporter will envisage to propose the most cost-effective connection to the applicant. 4.2 Connection Charge The connection charge payable for all gas connection applications is the sum of the project cost less the deductible cost, subject to a minimum connection charge of zero. The description of each of the cost components are shown below. (1) Project cost All costs related to the provision of gas connection from the Transporter’s gas pipeline network to the GSIV, including the Meter Installation (where applicable). (2) Deductible cost The Transporter’s investment value based on the committed gas demand from the applicant for the new gas connection. For distribution connections, the investment value is derived based on the net present value of the 5-Year revenue of the average consumption for each consumption category (see Appendix 8). For transmission connections, the connection charges are calculated individually on a case-bycase basis. In addition, a Last Mile Connection Charge (“LMCC”) will be levied to recover the cost of the “last mile” connection of the gas installation to the GSIV from the applicant. The natural gas transmission/distribution connection deductible cost, LMCC and unit rates used in the determination of the transmission/distribution pipeline estimated capital investment shall be reviewed and adjusted when deemed necessary by the Transporter. The Transporter reserves the right to review the connection charge paid for any new connection and seek reimbursement for the first 5 years under-recovered revenue from the Shipper/Retailer if the actual gas consumption after 5 years of operation is more than 10% below the projected gas demand declared during application. Natural Gas Connection Policy and Procedure Updated 1 Apr 24 Page 11 5. Unauthorised Connection and Supply of Gas In accordance with the Gas Act, any person who: • lays or causes to be laid gas pipe or fitting to connect to the gas network belonging to or managed by the Transporter without consent of the Transporter; • fraudulently abstracts, uses or consumes the supply of gas; • tempers any gas meter shall be guilty of an offence and shall be liable on conviction to a fine or imprisonment, or both. The Transporter may disconnect the premises of, or the gas retailer may discontinue supply of gas to the premises of, the person. Natural Gas Connection Policy and Procedure Updated 1 Apr 24 Page 12 6. Appendices Appendix 1 – Demarcation of responsibility Natural Gas Connection Policy and Procedure Appendix 2 – Transmission Connection Flow Chart Updated 1 Apr 24 Page 13 Start Responsible person applies for connection through Shipper via e-Business portal • Form GT1 • Connection Point Plan • Customer Project Data Information Is there sufficient existing pipeline capacity? No Shipper may request for issuance of Open Season Invitation Yes Upon approval by EMA, Transporter issue quotation within 21 days, with the following information: • Connection charge • Project lead time Has Shipper paid connection charge? No Works shall not commence. If connection quotation expires, Responsible person to apply for connection again. Yes Project confirmed • Transporter commences permit application, procurement and construction • Consumer engages PE and commence design, procurement and construction • Shipper liaises with consumer and Transporter on the project • Shipper applies for transmission network offtake in accordance with GNC. a Yes Is Transporter building the Meter Installation? No b Natural Gas Connection Policy and Procedure Appendix 2 – Transmission Connection Flow Chart (Cont’d) Updated 1 Apr 24 Page 14 a b Transporter designs and constructs Meter Installation PE designs and constructs Gas Fitting and Meter Installation Gas Fitting and Meter Installation and site ready to receive gas Gas Fitting and Meter Installation and site ready to receive gas PE applies for gas admittance • Form GT2 PE applies for gas admittance • Form GT2 PE conducts proof test immediately prior to gas admittance • Form GT3 PE conducts proof test immediately prior to gas admittance • Form GT3 Transporter issues “Statement of Interim Admittance of Gas” and PE proceed to purge and commission up to, but excluding, the Meter Installation Transporter issues “Statement of Interim Admittance of Gas” and PE proceed to purge and commission up to, but excluding, the Meter Installation Transporter purges and commissions Meter Installation Transporter issues “Statement of Admittance of Gas” Transporter issues “Statement of Admittance of Gas” Consumer instruct Transporter to open Gas Meter Control Valve for gas turn on • Form GT4 Consumer proceed to perform gas turn on End Natural Gas Connection Policy and Procedure Appendix 3 – Transmission Connection Application Forms Updated 1 Apr 24 Page 15 S/No. Form No. Description 1 GT1 Application for Gas Transmission Connection 2 GT2 Application for Admittance of Gas 3 GT3 Certificate of Proof Test 4 GT4 Authorisation to Turn On Gas Meter Control Valve Natural Gas Connection Policy and Procedure Appendix 4 – Distribution Connection Flow Chart Updated 1 Apr 24 Page 16 Start Responsible person applies for connection through a Retailer • Form GD1 • Connection Point Plan Transporter notifies Retailer within 14 days, applicable connection charge, lead time and other relevant information Has Retailer paid connection charge? Yes No Works shall not commence. If connection quotation expires, Responsible person to apply for connection again. Project confirmed • Transporter commences permit application, procurement and construction • Retailer liaises with consumer/DR and Transporter on the project • Retailer’s appointed Shipper applies for distribution network offtake in accordance with GNC. • DR designs and constructs gas installation from GSIV to Meter Installation a Natural Gas Connection Policy and Procedure Appendix 4 – Distribution Connection Flow Chart (Cont’d) Updated 1 Apr 24 Page 17 a Gas Installation up to the Metering Installation and the site ready to receive gas DR/ Consumer applies for gas admittance • Form GD2 DR conducts proof test immediately prior to gas admittance • Form GD3 Transporter issues “Statement of Interim Admittance of Gas” and DR proceed to purge and commission up to, but excluding, the Meter Installation Transporter issues “Statement of Admittance of Gas” End During Gas Turn-on, where applicable, the Retailer may authorise the Transporter to operate the Meter Control Valve via Form GD4 Natural Gas Connection Policy and Procedure Appendix 5 – Distribution Connection Application Forms Updated 1 Apr 24 Page 18 S/No. Form No. Description 1 GD1 Application for Gas Distribution Connection 2 GD2 Application for Admittance of Gas 3 GD3 Certificate of Proof Test 4 GD4 Authorisation to Turn On Gas Meter Control Valve Natural Gas Connection Policy and Procedure Appendix 6 – Reference Rates for Transmission Project Updated 1 Apr 24 Page 19 This sets out a non-exhaustive list of the main cost drivers and the corresponding unit rates used in the estimation of the capital investment for a new transmission pipeline. For the avoidance of doubt, the information set out here is provided solely for reference only and is subject to changes in actual contract rates. S/No. Description Size 1 2 3 Laying of underground steel pipeline ($/m) Boring and installation of concrete pipe sleeve Pipe jacking and pipeline ($/m) Construction of jacking and receiving pit ($/pair) Unit Rate ($) excl. GST Unit Rate ($) incl. 9% GST 300mm 6,200 6,758 - 8,500 9,265 - 1,013,000 1,104,170 4 Installation of underground valve ($/set) 300mm 315,000 343,350 5 6 Electrical and Instrumentation Hot tapping works Installation of surveillance system, SCADA RTU and Security RTU ($/set) Tee-off from existing 700mm dia pipeline ($/job) - 787,000 857,830 300mm 177,000 192,930 Note: • The amount of LTA road opening charges may vary due to the scope of the transmission project. For better clarity, please refer to LTA’s website for the charging methodology for LTA road opening charges. • Figures may not reflect the full GST effect due to rounding. Natural Gas Connection Policy and Procedure Appendix 7 – Reference Rates for Distribution Project Updated 1 Apr 24 Page 20 This sets out a non-exhaustive list of the main cost drivers and the corresponding unit rates used in the estimation of the capital investment for a new distribution pipeline. For the avoidance of doubt, the information set out here is provided solely for reference only and is subject to changes in actual contract rates. S/N o. Description Size Unit Rate ($) excl. GST Unit Rate ($) incl. 9% GST 1 Supply and Laying of PE pipes and fittings ($/m) 315mm 860 938 2 Connection to existing pipes ($/job) 315mm 12,900 14,601 3 Installation of Valve ($/job) 300mm 7,800 8,502 4 Reinstatement of rigid pavement / concrete panel ($/m 2 ) 480 524 5 Milling and Patching of road (min 250m 2 ) ($/m 2 ) 31 34 Note: • The amount of LTA road opening charges may vary due to the scope of the transmission project. For better clarity, please refer to LTA’s website for the charging methodology for LTA road opening charges. • Figures may not reflect the full GST effect due to rounding. Natural Gas Connection Policy and Procedure Updated 1 Apr 24 Page 21 Appendix 8 – Deductible Component for Natural Gas Distribution Connection (wef 1 Apr 24) c = Consumption per Annum (MMBtu) Distribution connection within JIT ($) Distribution connection outside JIT ($) c ≤ 5,000 nil nil 5,000 < c ≤ 15,000 80,000 185,000 15,000 < c ≤ 25,000 160,000 365,000 25,000 < c ≤ 35,000 235,000 550,000 35,000 < c ≤ 45,000 315,000 735,000 45,000 < c ≤ 55,000 395,000 915,000 55,000 < c ≤ 65,000 475,000 1,100,000 65,000 < c ≤ 75,000 550,000 1,285,000 75,000 < c ≤ 85,000 630,000 1,465,000 85,000 < c ≤ 95,000 710,000 1,650,000 95,000 < c ≤ 105,000 790,000 1,835,000 105,000 < c ≤ 115,000 865,000 2,015,000 115,000 < c ≤ 125,000 945,000 2,200,000 125,000 < c ≤ 135,000 1,025,000 2,385,000 135,000 < c ≤ 145,000 1,105,000 2,565,000 145,000 < c ≤ 155,000 1,180,000 2,750,000 155,000 < c ≤ 165,000 1,260,000 2,935,000 Beyond 165,000 1,295,000 2,970,000

Media Release SP Group and Tenaga Nasional Berhad embark on feasibility study for a second power interconnection between Singapore and Peninsular Malaysia to enable energy transfer Singapore, 5 October 2023 – At the 41st ASEAN Ministers on Energy Meeting (AMEM) which took place in Bali, Indonesia between 22-26 August 2023, Singapore’s national grid operator SP Group (SP) signed a Memorandum of Understanding (MOU) with Tenaga Nasional Berhad (TNB), to jointly launch technical feasibility studies to explore constructing a second power interconnection facility linking Singapore and Peninsular Malaysia. SP and TNB will set up a joint committee to explore the technological and design options for the second power interconnector, while assessing various aspects of the project, including potential environmental implications. Mr Stanley Huang, Group Chief Executive Officer of SP Group, said, “SP Group is committed to upholding network reliability while preparing the grid for integration of sustainable energy sources. In supporting the energy transition, the joint committee will study the technical feasibility of enhancing regional connectivity to meet rising energy demand and enable greater access to renewable energy.” TNB's President and CEO, Dato’ Indera Ir. Baharin Din, said, "We are strongly optimistic about the MoU between TNB and SP, for its role in reinforcing Malaysia-Singapore energy relations and paving the way for a cohesive ASEAN Power Grid. The transformative potential of the second power interconnection facility, will enhance energy reliability, boost regional economic expansion, and promote a dynamic multilateral power trade ecosystem in ASEAN. This partnership underscores TNB's commitment to sustainable energy, regional cooperation, and a cleaner, more prosperous future." The 41st AMEM aims to deepen ASEAN's commitment to reduce the carbon emission and accelerate just and inclusive energy transition in the region. - Ends -

Media Release Electricity Tariff Revision For The Period 1 April to 30 June 2020 Singapore, 31 March 2020 - For the period from 1 April to 30 June 2020, electricity tariffs (before 7% GST] will decrease by an average of 5.1% or 1.22 cents per kWh compared with the previous quarter. This is due to lower energy costs compared with the previous quarter. For households, the electricity tariff (before 7% GST] will decrease from 24.24 to 23.02 cents per kWh for 1 April to 30 June 2020. The average monthly electricity bill for families living in four-room HDB flats will decrease by $3.89 (before 7% GST] [see Appendix 3 for the average monthly electricity bill for different household types]. *before 7% GST SP Group supports the government’s Resilience Budget 2020 measures to support businesses and manage costs. In the same spirit, SP Group will do its part to defer increasing its network cost to transport electricity through the power grid for 1 year. This will reduce electricity tariff for households by 2.5%. SP Group reviews the electricity tariffs quarterly based on guidelines set by the Energy Market Authority (EMA), the electricity industry regulator. The tariffs shown in Appendix 1 have been approved by the EMA. Appendix 1   Appendix 2 BREAKDOWN OF ELECTRICITY TARIFF 1. The electricity tariff consists of the following four components: Energy costs (paid to the generation companies): This component is adjusted quarterly to reflect changes in the cost of fuel and power generation. The fuel cost is the cost of imported natural gas, which is tied to oil prices by commercial contracts. The cost of power generation covers mainly the costs of operating the power stations, such as the manpower and maintenance costs, as well as the capital cost of the stations. Network costs (paid to SP PowerAssets): This fee is reviewed annually. This is to recover the cost of transporting electricity through the power grid. Market Support Services Fee (paid to SP Services): This fee is reviewed annually. This is to recover the costs of billing and meter reading, data management, retail market systems as well as for market development initiatives. Market Administration and Power System Operation Fee (paid to Energy Market Company and Power System Operator): This fee is reviewed annually to recover the costs of operating the electricity wholesale market and power system. Appendix 3

CPMS Annual Assessment FY22/23 (1 st April 2022– 31 st March 2023) For FY22/23, the top 5 contractors who obtained the highest overall Annual Score are as listed below in alphabetical order and not in any ranking sequence - Top 5 Contractors HIAP ENGINEERING & CONSTRUCTION PTE LTD HYUNDAI ENGINEERING & CONSTRUCTION CO., LTD LIH MING CONSTRUCTION PTE LTD MO GUAN CONSTRUCTION ENGINEERING PTE LTD YEW ANN CONSTRUCTION PTE LTD As per our CPMS Policy, the top 5 contractors for the assessment year will be given an incentive of 2% of the total annual value of their respective contracts capped at S$100,000.00 per year per contractor. The bottom 2 contractors (listed in alphabetical order) for the annual assessment are as shown below: Last 2 Contractors HI POWER PTE LTD TAIHAN CABLE & SOLUTION CO., LTD. With immediate effect, as per CPMS Policy 6.0, the 2 contractors with the lowest annual scores will be subjected to a penalty deduction to their PQS scores in all subsequent SP Group tenders published during the next Assessment Year. In addition, they would also have to comply with performance improvement requirements specified by SP Group to address areas of deficiency. SP Group 2 Kallang Sector, Singapore 349277, www.spgroup.com.sg

SPPowerAssets Limited AnnualReport Yearended31March2024 RegistrationNumber:200302108D Directors’ statement SP PowerAssets Limited Directors’ statement Year ended 31 March 2024 We are pleased to submit this annual report to the member of SP PowerAssets Limited (the “Company”) together with the audited financial statements for the financial year ended 31 March 2024. Opinion of the Directors In our opinion, (a) the financial statements set out are drawn up so as to give a true and fair view of the financial position of the Company as at 31 March 2024 and the financial performance, changes in equity and cash flows of the Company for the year ended on that date in accordance with the provisions of the Companies Act 1967 (the “Act”) and Singapore Financial Reporting Standards (International) (“SFRS(I)”); and (b) at the date of this statement, there are reasonable grounds to believe that the Company will be able to pay its debts as and when they fall due. Directors The directors in office at the date of this statement are as follows: Mr Stanley Huang Tian Guan Mrs Jeanne Cheng Mr Ong Teng Koon Ms Amelia Champion Ms Loong Hui Chee Mr Kenneth Soh Yew Chin Mr Steve Lee Hee Kwang Directors’ interests According to the register kept by the Company for the purposes of Section 164 of the Act, particulars of interests of directors who held office at the end of the financial year (including those held by their spouses and infant children) in shares, debentures, warrants and share options in the Company and in related corporations are as follows: Name of director and related corporations in which interests (fully paid ordinary shares unless otherwise stated) are held Holdings at beginning of the year Holdings at end of the year Mr Stanley Huang Tian Guan Paragon REIT – units 323,000 323,000 Singapore Airlines Limited 10,000 10,000 SIA Engineering Company Limited 10,000 10,000 Astrea 7 Pte Ltd - 4.125% Class A-1 Secured Bonds due 27 May 2032 (units) 40,000 40,000 CapitaLand China Trust – units 100,000 100,000 1 SP PowerAssets Limited Directors’ statement Year ended 31 March 2024 Name of director and related corporations in which interests (fully paid ordinary shares unless otherwise stated) are held Holdings at beginning of the year Holdings at end of the year Mrs Jeanne Cheng Singapore Telecommunications Limited 11,180 11,180 Singapore Technologies Engineering Ltd 10,000 10,000 Ms Amelia Champion Singapore Telecommunications Limited 1,430 1,430 CapitaLand Investment Limited 5,000 5,000 CapitaLand Integrated Commercial Trust – units 773 773 Paragon REIT – units 3,128 3,128 Mapletree Treasury Services Limited - MAPLSP 3.7% Perpetual Bond call date 12 Aug 2024 − S$250,000 Singapore Airlines Limited - 5.25% Bonds due 21 March 2034 − US$200,000 Ms Loong Hui Chee CapitaLand Ascendas Real Estate Investment Trust – units 14,615 14,615 CapitaLand Ascott Trust – units 159,248 160,388 CapitaLand Investment Limited 21,531 21,531 CapitaLand Integrated Commercial Trust – units 69,043 69,043 Mapletree Treasury Services Limited - 3.95% Perpetual Bond S$250,000 S$250,000 Singapore Airlines Limited 20,669 20,669 Singapore Technologies Engineering Ltd 1,495 1,495 Singapore Telecommunications Limited 117,108 117,108 Temasek Financial (IV) Private Limited - 2.70% T2023 Temasek S$ Bond due 25 October 2023 S$13,000 − Except as disclosed in this statement, no director who held office at the end of the financial year had interests in shares, debentures, warrants or share options of the Company, or of related corporations, either at the beginning of the financial year, or at the end of the financial year. Neither at the end of, nor at any time during the financial year, was the Company a party to any arrangement whose objects are, or one of whose objects is, to enable the directors of the Company to acquire benefits by means of the acquisition of shares or debentures of the Company or any other body corporate. 2 SP PowerAssets Limited Directors’ statement Year ended 31 March 2024 Share options During the financial year, there were: (i) (ii) no options granted by the Company to any person to take up unissued shares in the Company; and no shares issued by virtue of any exercise of option to take up unissued shares of the Company. As at the end of the financial year, there were no unissued shares of the Company under option. On behalf of the Board of Directors ──────────────────────── MR STANLEY HUANG TIAN GUAN Chairman ──────────────────────── MS LOONG HUI CHEE Director 28 May 2024 3 Independent Auditor’s Report For the financial year ended 31 March 2024 Independent Auditor’s Report to the Member of SP PowerAssets Limited Report on the Audit of the Financial Statements Opinion We have audited the accompanying financial statements of SP PowerAssets Limited (the “Company”) which comprise the balance sheet as at 31 March 2024, the income statement, statement of comprehensive income, statement of changes in equity and statement of cash flows for the financial year then ended, and notes to the financial statements, including a summary of material accounting policy information. In our opinion, the accompanying financial statements of the Company are properly drawn up in accordance with the provisions of the Companies Act 1967 (the “Act”) and Singapore Financial Reporting Standards (International) (“SFRS(I)”) so as to give a true and fair view of the financial position of the Company as at 31 March 2024 and of the financial performance, changes in equity and cash flows of the Company for the year ended on that date. Basis for Opinion We conducted our audit in accordance with Singapore Standards on Auditing (“SSAs”). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the Accounting and Corporate Regulatory Authority (“ACRA”) Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities (“ACRA Code”) together with the ethical requirements that are relevant to our audit of the financial statements in Singapore, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ACRA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Key Audit Matters Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. For the matter below, our description of how our audit addressed the matter is provided in that context. 4 SP PowerAssets Limited Independent auditor’s report Year ended 31 March 2024 We have fulfilled our responsibilities described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report, including in relation to the matter. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the financial statements. The results of our audit procedures, including the procedures performed to address the matter below, provide the basis for our audit opinion on the accompanying financial statements. Goodwill impairment review The Company has recorded an asset of $2,166.8 million which represents goodwill on the acquisition of the transmission business as discussed in Note 6. The goodwill balance is reviewed annually for impairment based on fair value which is determined by discounting expected future cash flows as discussed in Note 6. The assessment of fair value requires significant management judgement in establishing future cash flows, the terminal value and the discount rate. Our audit procedures included assessing the key assumptions used in arriving at the fair value, including the terminal value, forecast future cash flows, and the discount rate. In performing our audit procedures, we assessed the reasonableness of cash flow projections by assessing the reliability of management’s budgeting process, the Company’s own historical data and performance and the market and economic conditions prevailing at the reporting date. In relation to other key inputs, such as the terminal value and discount rate, we compared these inputs to externally available industry, economic and financial data. We further reviewed the adequacy of the disclosure in the financial statements in Note 6 of the financial statements. Other Information Management is responsible for other information. The other information comprises the directors’ statement. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of Management and Directors for the Financial Statements Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the provisions of the Act and SFRS(I), and for devising and maintaining a system of internal accounting controls sufficient to provide a reasonable assurance that assets are safeguarded against loss from unauthorised use or disposition; and transactions are properly authorised and that they are recorded as necessary to permit the preparation of true and fair financial statements and to maintain accountability of assets. In preparing the financial statements, management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. The directors’ responsibilities include overseeing the Company’s financial reporting process. 5 SP PowerAssets Limited Independent auditor’s report Year ended 31 March 2024 Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with SSAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. - Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with the directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide the directors with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. 6 SP PowerAssets Limited Independent auditor’s report Year ended 31 March 2024 From the matters communicated with the directors, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. Report on Other Legal and Regulatory Requirements In our opinion, the accounting and other records required by the Act to be kept by the Company have been properly kept in accordance with the provisions of the Act. The engagement partner on the audit resulting in this independent auditor’s report is Philip Ling Soon Hwa. Ernst & Young LLP Public Accountants and Chartered Accountants Singapore 28 May 2024 7 SP PowerAssets Limited Financial statements Year ended 31 March 2024 Balance sheet As at 31 March 2024 Note 2024 $ million 2023 $ million Non-current assets Property, plant and equipment 4 11,128.5 10,758.5 Intangible assets 6 2,177.2 2,171.0 Derivative assets 7 52.6 139.3 13,358.3 13,068.8 Current assets Inventories 8 31.4 37.3 Trade and other receivables 9 402.9 346.3 Derivative assets 7 27.7 0.4 Cash and cash equivalents 10 # 0.1 462.0 384.1 Total assets 13,820.3 13,452.9 Regulatory deferral accounts (“RDA”) debit balances 11 80.0 214.3 Total assets and RDA debit balances 13,900.3 13,667.2 Equity Share capital 12 2,512.4 2,512.4 Hedging reserve 13 47.5 93.1 Accumulated profits 2,828.5 2,694.6 Total equity 5,388.4 5,300.1 Non-current liabilities Debt obligations 14 2,068.7 2,281.2 Derivative liabilities 7 208.2 299.6 Deferred tax liabilities 15 1,474.9 1,469.4 Deferred income 16 115.9 124.9 Deferred construction cost compensation 17 256.2 256.2 Lease liabilities 5 0.2 4.2 4,124.1 4,435.5 Current liabilities Debt obligations 14 199.5 − Derivative liabilities 7 99.5 2.5 Current tax payable 119.3 82.0 Trade and other payables 18 3,952.0 3,807.1 Lease liabilities 5 3.9 3.6 4,374.2 3,895.2 Total liabilities 8,498.3 8,330.7 Total equity and liabilities 13,886.7 13,630.8 Regulatory deferral accounts (“RDA”) related deferred tax liabilities 11 13.6 36.4 Total equity, liabilities and RDA related deferred tax liabilities 13,900.3 13,667.2 # Less than $0.1 million The accompanying notes form an integral part of these financial statements. 8 SP PowerAssets Limited Financial statements Year ended 31 March 2024 Income statement Year ended 31 March 2024 Note 2024 2023 $ million $ million Revenue 19 1,960.7 1,721.6 Other income 20 80.0 88.2 Expenses - Depreciation of property, plant and equipment 4 (670.2) (661.6) - Amortisation of intangible assets 6 (1.1) (0.9) - Maintenance (122.1) (107.0) - Management fees (159.8) (159.3) - Property taxes (60.9) (50.8) - Agency fee (30.4) (28.9) - Support services (36.5) (33.8) - Other operating expenses (61.4) (59.4) Operating profit 898.3 708.1 Finance income 21 0.3 0.3 Finance costs 22 (147.6) (146.1) Profit before taxation 751.0 562.3 Tax expense 23 (134.6) (104.3) Profit for the year 24 616.4 458.0 Net movement in RDA balances related to profit or loss and the related deferred tax movement 11 (111.5) 4.4 Profit for the year and net movement in RDA balances 504.9 462.4 The accompanying notes form an integral part of these financial statements. 9 SP PowerAssets Limited Financial statements Year ended 31 March 2024 Statement of comprehensive income Year ended 31 March 2024 2024 $ million 2023 $ million Profit for the year and net movement in RDA balances 504.9 462.4 Other comprehensive income Items that are or may be reclassified subsequently to profit or loss: Effective portion of changes in fair value of cash flow hedges, net of tax 22.4 53.3 Net change in fair value of: - Cash flow hedges reclassified to profit or loss, net of tax (69.7) (43.2) - Cash flow hedges on recognition of the hedged items on balance sheet, net of tax 1.7 1.4 Other comprehensive income for the year, net of tax (45.6) 11.5 Total comprehensive income for the year 459.3 473.9 The accompanying notes form an integral part of these financial statements. 10 SP PowerAssets Limited Financial statements Year ended 31 March 2024 Statement of changes in equity Year ended 31 March 2024 Note Share Capital $ million Hedging reserve $ million Accumulated profits $ million Total equity $ million At 1 April 2022 2,512.4 81.6 2,595.4 5,189.4 Total comprehensive income for the year Profit for the year and net movement in RDA balances − − 462.4 462.4 Other comprehensive income Effective portion of changes in fair value of cash flow hedges, net of tax − 53.3 − 53.3 Net change in fair value of: - Cash flow hedges reclassified to profit or loss, net of tax − (43.2) − (43.2) - Cash flow hedges on recognition of the hedged items on balance sheet, net of tax − 1.4 − 1.4 Total other comprehensive income − 11.5 − 11.5 Total comprehensive income for the year − 11.5 462.4 473.9 Transaction with owner, recognised directly in equity Contributions by and distribution to owner Dividends declared 29 − − (363.2) (363.2) At 31 March 2023 2,512.4 93.1 2,694.6 5,300.1 The accompanying notes form an integral part of these financial statements. 11 SP PowerAssets Limited Financial statements Year ended 31 March 2024 Statement of changes in equity Year ended 31 March 2024 (cont'd) Note Share capital $ million Hedging reserve $ million Accumulated profits $ million Total Equity $ million At 1 April 2023 2,512.4 93.1 2,694.6 5,300.1 Total comprehensive income for the year Profit for the year and net movement in RDA balances − − 504.9 504.9 Other comprehensive income Effective portion of changes in fair value of cash flow hedges, net of tax − 22.4 − 22.4 Net change in fair value of: - Cash flow hedges reclassified to profit or loss, net of tax − (69.7) − (69.7) - Cash flow hedges on recognition of the hedged items on balance sheet, net of tax − 1.7 − 1.7 Total other comprehensive income − (45.6) − (45.6) Total comprehensive income for the year − (45.6) 504.9 459.3 Transaction with owner, recognised directly in equity Contributions by and distribution to owner Dividends declared 29 − − (371.0) (371.0) At 31 March 2024 2,512.4 47.5 2,828.5 5,388.4 The accompanying notes form an integral part of these financial statements. 12 SP PowerAssets Limited Financial statements Year ended 31 March 2024 Statement of cash flows Year ended 31 March 2024 Note 2024 $ million 2023 $ million Cash flows from operating activities Profit for the year and net movement in RDA balances 504.9 462.4 Adjustments for: Tax expense 23 134.6 104.3 Depreciation and amortisation 4,6 671.3 662.5 Loss/(gain) on disposal of property, plant and equipment and intangible assets 24 0.1 (0.8) Deferred income 16 (9.0) (9.1) Inventories written down, net 8 9.6 6.0 Write-back of allowance for expected credit loss on trade receivables, net 9 (1.4) (2.0) Finance income 21 (0.3) (0.3) Finance costs 22 147.6 146.1 Exchange (gain)/loss, net 24 (1.2) 0.6 Net movements in RDA balances related to profit or loss and the related deferred tax movement 11 111.5 (4.4) 1,567.7 1,365.3 Changes in working capital: Inventories (3.7) (8.5) Trade and other receivables (61.9) (3.6) Trade and other payables (41.7) 35.5 Funding for regulatory accounts 11 − 14.2 Cash generated from operations 1,460.4 1,402.9 Interest received 0.3 0.3 Income tax paid (82.4) (50.6) Net cash generated from operating activities 1,378.3 1,352.6 Cash flows from investing activities Purchase of property, plant and equipment (975.5) (798.5) Purchase of intangible assets (7.2) (2.6) Proceeds from disposal of property, plant and equipment and intangible assets 5.2 7.2 Net cash used in investing activities (977.5) (793.9) Cash flows from financing activities Interest paid (39.8) (47.5) Repayment of bond − (723.8) (Repayment of)/proceeds from related company loans (357.5) 215.9 Payment of principal portion of lease liabilities 5 (3.6) (3.4) Net cash used in financing activities (400.9) (558.8) Net decrease in cash and cash equivalents (0.1) (0.1) Cash and cash equivalents at beginning of the year 0.1 0.2 Cash and cash equivalents at end of the year 10 # 0.1 # Less than $0.1 million During the financial year, tax-exempt dividend declared to the immediate holding company in relation to the financial year ended 31 March 2023 of $371.0 million (2023: $363.2 million) were settled via loans from a related company. The accompanying notes form an integral part of these financial statements. 13 SP PowerAssets Limited Financial statements Year ended 31 March 2024 Notes to the financial statements These notes form an integral part of the financial statements. The financial statements were authorised for issue by the Board of Directors on 28 May 2024. 1 Domicile and activities SP PowerAssets Limited (the “Company”) is incorporated in the Republic of Singapore and has its registered office at 2 Kallang Sector, SP Group Building, Singapore 349277. The principal activities of the Company are those relating to the provision of services in connection with the transmission and distribution of electricity. The immediate and ultimate holding companies are Singapore Power Limited and Temasek Holdings (Private) Limited respectively. Both companies are incorporated in the Republic of Singapore. 2 Basis of preparation 2.1 Statement of compliance The financial statements have been prepared in accordance with the Singapore Financial Reporting Standards (International) (“SFRS(I)”). 2.2 Basis of measurement The financial statements have been prepared on the historical cost basis except as disclosed in the accounting policies set out below. 2.3 Functional and presentation currency The financial statements are presented in Singapore dollars, which is the Company’s functional currency. All financial information presented in Singapore dollars has been rounded to the nearest 0.1 million, unless otherwise stated. 2.4 Use of estimates and judgements The preparation of financial statements in conformity with SFRS(I) requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgements about carrying amounts of assets and liabilities that are not readily apparent from other sources. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected. 14 SP PowerAssets Limited Financial statements Year ended 31 March 2024 Information about critical judgements in applying accounting policies that have the most significant effect on the amounts recognised in the financial statements is discussed below: Impairment of goodwill and indefinite-lived intangible assets Impairment reviews in respect of goodwill and intangible assets are performed at least annually. More regular reviews are performed if changes in circumstances or the occurrence of events indicate potential impairment. The Company uses the present value of future cash flows to determine the recoverable amounts of the cash generating units. In calculating the recoverable amounts, significant management judgement is required in forecasting cash flows of the cash generating units, in estimating the terminal growth values and in selecting an appropriate discount rate. Details of key assumptions made are set out in Note 6. Regulatory deferral accounts Regulatory deferral account debit or credit balances represent timing differences between revenue recognised for financial reporting purposes (as set out in Note 3.13) and revenue earned for regulatory purposes. Revenue earned for regulatory purposes is estimated based on the revenue allowed by the Energy Market Authority (“EMA”) (in accordance with the price regulation framework), taking into consideration the services rendered and volume of electricity delivered to consumers. Note 3.11 sets out the accounting policy for regulatory deferral accounts. 2.5 Changes in accounting policies Adoption of new and revised SFRS(I)s and Interpretation to SFRS(I) The accounting policies adopted are consistent with those of the previous financial year except that in the current financial year, the Company has adopted all the new and revised standards which are effective for annual financial periods beginning on or after 1 April 2023. Other than the below, the application of the amendments to accounting standards and interpretations did not have a material effect on the financial statements. New accounting standards and amendments The Company has applied the following SFRS(I)s, amendments to and interpretations of SFRS(I) for the first time for the annual period beginning on 1 April 2023: Deferred tax related to assets and liabilities arising from a single transaction The Company has adopted Amendments to SFRS(I)1-12: Deferred Tax related to Assets and Liabilities arising from a Single Transaction from 1 April 2023. The amendments narrow the scope of the initial recognition exemption to exclude transactions that give rise to equal and offsetting temporary differences – e.g. leases The Company previously accounted for deferred tax on leases by applying the ‘integrally linked’ approach, resulting in a similar outcome as under the amendments, except that the deferred tax asset or liability was recognised on a net basis. Following the amendments, the Company has recognised a separate deferred tax asset in relation to its lease liabilities and a deferred tax liability in relation to its right-of-use assets. However, there was no impact on the balance sheets because the balances qualify for offset under paragraph 74 of SFRS(I) 1-12. There was also no impact on the opening retained earnings as at 1 April 2023 as a result of the change. The key impact for the Company relates to disclosure of the deferred tax assets and liabilities recognised in Note 15. 15 SP PowerAssets Limited Financial statements Year ended 31 March 2024 3 Material accounting policy information The accounting policies set out below have been applied consistently for all periods presented in these financial statements, and have been consistently applied by the Company, which addresses changes in accounting policies due to the adoption of new and revised standards. 3.1 Foreign currencies Foreign currency transactions Transactions in foreign currencies are translated to the functional currency of the Company at the exchange rate at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated to the functional currency at the exchange rate at the reporting date. The foreign currency gain or loss on monetary items is the difference between amortised cost in the functional currency at the beginning of the year, adjusted for effective interest and payments during the year, and the amortised cost in foreign currency translated at the exchange rate at the end of the year. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are translated to the functional currency at the exchange rate prevailing on the date which the fair value was determined. Non-monetary items in a foreign currency that are measured in terms of historical cost are translated using the exchange rate at the date of the transaction. Foreign currency differences arising on translation are recognised in profit or loss, except for differences arising on the translation of qualifying cash flow hedges, which are recognised in other comprehensive income. 3.2 Property, plant and equipment Recognition and measurement Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the asset. The cost of self-constructed assets includes the cost of materials and direct labour, any other costs directly attributable to bringing the asset to a working condition for their intended use, the costs of dismantling and removing the items and restoring the site on which they are located and capitalised borrowing cost. Capitalisation of borrowing costs will cease when the asset is ready for its intended use. Cost may also include transfers from equity of any gain or loss on qualifying cash flow hedges of foreign currency purchases of property, plant and equipment. Purchased software that is integral to the functionality of the related equipment is capitalised as part of that equipment. When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment. The gain or loss on disposal of an item of property, plant and equipment is determined by comparing the proceeds from disposal with the carrying amount of property, plant and equipment, and is recognised net within other income/other operating expenses in profit or loss. 16 SP PowerAssets Limited Financial statements Year ended 31 March 2024 Subsequent costs The cost of replacing a component of an item of property, plant and equipment is recognised in the carrying amount of the item if it is probable that the future economic benefits embodied within the component will flow to the Company, and its cost can be measured reliably. The carrying amount of the replaced component is derecognised. The costs of the day-to-day servicing of property, plant and equipment are recognised in profit or loss as incurred. Depreciation Depreciation is based on the cost of an asset less its residual value. Significant components of individual assets are assessed and if a component has a useful life that is different from the remainder of that asset, that component is depreciated separately. Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of each component of an item of property, plant and equipment. Freehold land and construction-in-progress are not depreciated. The estimated useful lives for the current and comparative periods are as follows: Leasehold land Over the term of the lease ranging from 20 to 99 years Buildings and tunnels 30 to 40 years or the lease term, if shorter Transformers and switchgear 30 years Other plant and machinery - Works and other equipment 3 to 10 years - Standby electricity generator and other machinery 15 to 30 years Mains 30 years Other fixed assets (principally meters and motor vehicles) 3 to 10 years Depreciation methods, useful lives and residual values are reviewed at each financial year end and adjusted if appropriate. 3.3 Intangible assets Goodwill Goodwill arising from acquisition represents the excess of the cost of acquisition over the fair value of identifiable net assets acquired. Subsequent measurement Goodwill is measured at cost less accumulated impairment losses and is tested for impairment on an annual basis as described in Note 3.5. 17 SP PowerAssets Limited Financial statements Year ended 31 March 2024 Other intangible assets Deferred expenditure relates mainly to contributions paid by the Company in accordance with regulatory requirements towards capital expenditure costs incurred by electricity generation companies, and is stated at cost less accumulated amortisation and accumulated impairment losses. Deferred expenditure is amortised on a straight-line basis over the period in which the Company derives benefits from the capital contribution payments, which is generally the useful life of the relevant equipment ranging from 7 to 23 years. Computer software is stated at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognised in profit or loss on a straight-line basis over the estimated useful life of 5 years. Computer software development in-progress is stated at cost. No amortisation is provided until it is ready for use. 3.4 Financial instruments Non-derivative financial assets Initial recognition and measurement Financial assets are recognised when, and only when the entity becomes party to the contractual provisions of the instruments. At initial recognition, the Company measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through profit or loss are expensed in profit or loss. Trade receivables are measured at the amount of consideration to which the Company expects to be entitled in exchange for transferring promised goods or services to a customer, excluding amounts collected on behalf of third party, if the trade receivables do not contain a significant financing component at initial recognition. Subsequent measurement Investments in debt instruments Subsequent measurement of debt instruments depends on the Company’s business model for managing the asset and the contractual cash flow characteristics of the asset. Financial assets that are held for the collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost. Financial assets are measured at amortised cost using the effective interest method, less impairment. Gains and losses are recognised in profit or loss when the assets are derecognised or impaired, and through the amortisation process. Derecognition The Company derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Company neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. 18 SP PowerAssets Limited Financial statements Year ended 31 March 2024 Cash and cash equivalents Cash and cash equivalents comprise cash balances and bank deposits. Non-derivative financial liabilities Initial recognition and measurement Financial liabilities are recognised when, and only when, the Company becomes a party to the contractual provisions of the financial instrument. The Company determines the classification of its financial liabilities at initial recognition. All financial liabilities are recognised initially at fair value plus in the case of financial liabilities not at fair value through profit or loss, directly attributable transaction costs. For financial liabilities at fair value through profit or loss, directly attributable transaction costs are recognised in profit or loss as incurred. Subsequent measurement After initial recognition, financial liabilities that are not carried at fair value through profit or loss are subsequently measured at amortised cost using the effective interest method. Gains and losses are recognised in profit or loss when the liabilities are derecognised, and through the amortisation process. Financial liabilities at fair value through profit or loss are measured at fair value and net gains and losses, including any interest expense, are recognised in profit or loss. Derecognition A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. On derecognition, the difference between the carrying amounts and the consideration paid is recognised in profit or loss. Offsetting Financial assets and liabilities are offset and the net amount presented on the balance sheet when, and only when, the Company has a legal right to offset the amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously. The rights of offset must not be contingent on a future event and must be enforceable in the event of bankruptcy or insolvency of all the counterparties to the contract. Ordinary shares Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognised as a deduction from equity, net of any tax effects. Derivative financial instruments and hedge accounting The Company holds derivative financial instruments to hedge its foreign currency and interest rate risk exposures. Embedded derivatives are separated from the host contract and accounted for separately if the host contract is not a financial asset and certain criteria are met. Derivatives are initially measured at fair value and any directly attributable transaction costs are recognised in profit or loss as incurred. Subsequent to initial recognition, derivatives are measured at fair value, and changes therein are generally recognised in profit or loss. 19 SP PowerAssets Limited Financial statements Year ended 31 March 2024 The Company designates certain derivatives and non-derivative financial instruments as hedging instruments in qualifying hedging relationships. At inception of designated hedging relationships, the Company documents the risk management objective and strategy for undertaking the hedge. The Company also documents the economic relationship between the hedged item and the hedging instrument, including whether the changes in cash flows of the hedged item and hedging instrument are expected to offset each other. The Company applies hedge accounting for certain hedging relationships which qualify for hedge accounting. For the purpose of hedge accounting, hedges are classified as: • cash flow hedges when hedging exposure to variability in cash flows that is either attributable to a particular risk associated with a recognised asset or liability or a highly probable forecast transaction or the foreign currency risk in an unrecognised firm commitment; or • fair value hedges when hedging the exposure to changes in fair value of a recognised asset or liability or an unrecognised firm commitment Cash flow hedges When a derivative is designated as the hedging instrument in a hedge of the variability in cash flows attributable to a particular risk associated with a recognised asset or liability or a highly probable forecast transaction that could affect profit or loss, the effective portion of changes in the fair value of the derivative is recognised in other comprehensive income and presented in the hedging reserve in equity. Any ineffective portion of changes in the fair value of the derivative is recognised immediately in profit or loss. When the hedged item is a non-financial asset, the amount accumulated in equity is included in the carrying amount of the asset when the asset is recognised. In other cases, the amount accumulated in equity is reclassified to profit and loss in the same period that the hedged item affects profit or loss. If the hedging instrument no longer meets the criteria for hedge accounting, expires or is sold, terminated or exercised, or the designation is revoked, then hedge accounting is discontinued prospectively. When a cash flow hedge is discontinued, the cumulative gain or loss previously recognised in other comprehensive income will remain in the cash flow hedge reserve until the future cash flows occur if the hedged future cash flows are still expected to occur or reclassified to profit or loss immediately if the hedged future cash flows are no longer expected to occur. Fair value hedges Changes in the fair value of a derivative hedging instrument designated as a fair value hedge are recognised in profit or loss. The hedged item is adjusted to reflect changes in its fair value in respect of the risk being hedged; the gain or loss attributable to the hedged risk is recognised in profit or loss with an adjustment to the carrying amount of the hedged item. Hedges directly affected by interest rate benchmark reform Phase 2 amendments: Replacement of interest rates – when there is no longer uncertainty arising from interest rate benchmark reform (policy applicable for financial year ended 31 March 2023) 20 SP PowerAssets Limited Financial statements Year ended 31 March 2024 When the basis for determining the contractual cash flows of the hedged item or the hedging instrument changes as a result of interest rate benchmark reform and therefore there is no longer uncertainty arising about the cash flows of the hedged item or the hedging instrument, the Company amends the hedged documentation of that hedging relationship to reflect the change(s) required by interest rate benchmark reform. A change in the basis for determining the contractual cash flows is required by interest rate benchmark reform if the following conditions are met: • the change is necessary as a direct consequence of the reform; and • the new basis for determining the contractual cash flow is economically equivalent to the previous basis – i.e. the basis immediately before the change. For this purpose, the hedge designation is amended only to make one or more of the following changes: • designating an alternative benchmark rate as the hedged risk; • updating the description of hedged item, including the description of the designated portion of the cash flows or fair value being hedged; or • updating the description of the hedging instrument. The Company amends the description of the hedging instrument only if the following conditions are met: • it makes a change required by interest rate benchmark reform by changing the basis for determining the contractual cash flows of the hedging instrument or using another approach that is economically equivalent to changing the basis for determining the contractual cash flows of the original hedging instrument; and • the original hedging instrument is not derecognised. The Company amends the formal hedge documentation by the end of the reporting period during which a change required by interest rate benchmark reform is made to the hedged risk, hedged item or hedging instrument. These amendments in the formal hedge documentation do not constitute the discontinuation of the hedging relationship or the designation of a new hedging relationship. If changes are made in addition to those changes required by interest rate benchmark reform described above, then the Company first considers whether those additional changes result in the discontinuation of the hedge accounting relationship. If the additional changes do not result in discontinuation of the hedge accounting relationship, then the Company amends the formal hedge documentation for changes required by interest rate benchmark reform as mentioned above. When the interest rate benchmark on which the hedged future cash flows had been based is changed as required by interest rate benchmark reform, for the purpose of determining whether the hedged future cash flows are expected to occur, the Company deems that the hedging reserve recognised in other comprehensive income for the hedging relationship is based on the alternative benchmark rate on which the hedged future cash flows will be based. 21 SP PowerAssets Limited Financial statements Year ended 31 March 2024 3.5 Impairment Non-derivative financial assets The Company recognises an allowance for expected credit losses (“ECLs”) for all debt instruments not held at fair value through profit or loss and financial guarantee contracts. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Company expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is recognised for credit losses expected over the remaining life of the exposure, irrespective of timing of the default (a lifetime ECL). For trade receivables and contract assets, the Company applies a simplified approach in calculating ECLs. Therefore, the Company does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Company has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. The Company considers a financial asset potentially in default when contractual payments are 180 days past due. However, in certain cases, the Company may also consider a financial asset to be in default when internal or external information indicates that the Company is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Company. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. Non-financial assets The carrying amounts of the Company’s non-financial assets, other than inventories and deferred tax assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, the asset’s recoverable amount is estimated. For goodwill and intangible assets that have indefinite useful lives or that are not yet available for use, recoverable amount is estimated each year at the same time. An impairment loss is recognised if the carrying amount of an asset or its related cash-generating unit (“CGU”) exceeds its estimated recoverable amount. The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or CGU. Subject to an operating segment ceiling test, for the purposes of goodwill impairment testing, CGUs to which goodwill has been allocated are aggregated so that the level at which impairment testing is performed reflects the lowest level at which goodwill is monitored for internal reporting purposes. 22 SP PowerAssets Limited Financial statements Year ended 31 March 2024 Impairment losses are recognised in profit or loss. Impairment losses recognised in respect of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to the CGU (group of CGUs), and then to reduce the carrying amounts of the other assets in the CGU (group of CGUs) on a pro rata basis. An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. Such reversal of impairment is recognised in profit or loss. 3.6 Accrued revenue Revenue accrual estimates are made to account for the unbilled amount at the reporting date. 3.7 Provisions A provision is recognised if, as a result of past event, the Company has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognised as finance cost. 3.8 Government grants Capital grants are recognised on a straight-line basis and taken to profit or loss over the periods necessary to match the depreciation of the assets purchased with the government grants. Operating grants are presented within other income and are taken to profit or loss on a systematic basis in the same periods in which the expenses are incurred. 3.9 Deferred construction cost compensation Deferred construction cost compensation received to defray costs relating to the construction of an asset are accounted for as a government grant. Note 3.8 sets out the government grant accounting policy. 3.10 Deferred income Deferred income comprises (i) government grant for the purchase of depreciable assets and (ii) contributions made by certain customers towards the cost of capital projects received prior to 1 July 2009. Government grants and customer contributions Deferred income is recognised on a straight-line basis and taken to profit or loss over the periods necessary to match the depreciation of the assets purchased with the government grants and customers’ contribution. 23 SP PowerAssets Limited Financial statements Year ended 31 March 2024 3.11 Regulatory deferral account (“RDA”) debit or credit balances Use of system charges Regulatory deferral account debit or credit balances represent timing differences between revenue recognised for financial reporting purposes and revenue earned for regulatory purposes. Movements in the regulatory deferral account debit or credit balances are recognised in profit or loss over the periods necessary to adjust revenue recognised for financial reporting purposes to revenue earned for regulatory purposes based on services rendered. At the end of each regulatory period, adjustments for amounts to be recovered or refunded are taken to profit or loss as net movement in regulatory deferral account balances. 3.12 Price regulation and licence The Company’s operations in Singapore are regulated under the Electricity Licence for Transmission Licensee issued by the EMA of Singapore. Allowed revenue to be earned from the transmission of electricity is regulated based on certain formulae and parameters set out in the licence, relevant acts and codes. Revenue recognised for financial reporting purposes may differ from revenue earned for regulatory purposes due to volume variances. This may result in adjustments that may increase or decrease tariffs in succeeding periods. Amounts to be recovered or refunded are brought to account as adjustments to net movement in regulatory deferral account debit or credit balances in the income statement in the period in which the Company becomes entitled to the recovery or liable for the refund. The Company’s capital expenditure may differ from its regulatory plan and is subject to a review by the EMA. The results of the variances in capital expenditure may be translated into price adjustments, if any, in the following reset period. The use of system charges are approved by the EMA for a 5-year regulatory period in accordance with the price regulation framework. 3.13 Revenue recognition Revenue is measured based on the consideration to which the Company expects to be entitled in exchange for transferring promised services to a customer, excluding amounts collected on behalf of third parties. Revenue is recognised when the Company satisfies a performance obligation by transferring the promised service to the customer, which is when the customer obtains control of the service. A performance obligation may be satisfied at a point in time or over time. The amount of revenue recognised is the amount allocated to the satisfied performance obligation. Use of system charges Revenue for financial reporting purposes is recognised over time based on tariff billings to customers when the volume of electricity is delivered. 24 SP PowerAssets Limited Financial statements Year ended 31 March 2024 3.14 Leases The Company assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. As lessor Leases in which the Company does not transfer substantially all the risks and rewards of ownership of the asset are classified as operating leases. Initial direct costs incurred in negotiating an operating lease are added to the carrying amount of the leased asset and recognised over the lease term. Rental income under operating leases are recognised in profit or loss over the term of the lease. As lessee The Company applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Company recognises lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets. (i) Right-of-use assets The Company recognises right-of-use assets at the commencement or on modification date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets. If ownership of the leased asset transfers to the Company at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. The right-of-use assets are also subject to impairment. Refer to Note 3.5 for the accounting policy. (ii) Lease liabilities At the commencement date of the lease, the Company recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Company and payments of penalties for terminating the lease, if the lease term reflects the Company exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs. 25 SP PowerAssets Limited Financial statements Year ended 31 March 2024 In calculating the present value of lease payments, the Company uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. (iii) Short-term leases The Company applies the short-term lease recognition exemption to its short-term leases of leasehold land (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). Lease payments on short-term leases are recognised as expense on a straight-line basis over the lease term. 3.15 Finance income and costs Finance income comprises interest income on funds invested. Interest income is recognised as it accrues, using the effective interest method. Finance costs comprise interest expense on borrowings, unwinding of the discount on provisions, fair value gains or losses on financial assets and liabilities at fair value through profit or loss, impairment losses recognised on financial assets (other than trade receivables), gains or losses on hedging instruments that are recognised in profit or loss, amortisation of transaction costs capitalised and interest expense on lease liabilities. Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are recognised in profit or loss using the effective interest method. 3.16 Tax expense Tax expense comprises current and deferred tax. Current and deferred taxes are recognised in profit or loss except to the extent that it relates to items recognised directly in equity or in the other comprehensive income. Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for: - temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and at the time of the transaction (i) affects neither accounting nor taxable profit or loss and (ii) does not give rise to equal taxable and deductible temporary differences; and - taxable temporary differences arising on the initial recognition of goodwill. 26 SP PowerAssets Limited Financial statements Year ended 31 March 2024 Deferred tax is measured at the tax rates that are expected to be applied to the temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. A deferred tax asset is recognised for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised. In determining the amount of current and deferred tax, the Company takes into account the impact of uncertain tax positions and whether additional taxes and interest may be due. The Company believes that its accruals for tax liabilities are adequate for all open tax years based on its assessment of many factors, including interpretations of tax law and prior experience. This assessment relies on estimates and assumptions and may involve a series of judgements about future events. New information may become available that causes the Company to change its judgement regarding the adequacy of existing tax liabilities; such changes to tax liabilities will impact tax expense in the period that such a determination is made. The movement in a deferred tax asset or liability that arises from the temporary differences created as a result of recognising regulatory deferral account balances are presented in the income statement net of the movement in regulatory deferral account balances related to profit or loss. 3.17 Segment reporting The Company determines and presents operating segments based on the information that is provided internally to the chief operating decision maker. The Company has only one operating segment – electricity transmission and distribution, and hence no separate disclosures are made in the financial statements. 3.18 New standards and interpretations not yet adopted A number of new amendments to standards that have been issued but not yet effective have not been early adopted in preparing these financial statements. The following amended standards are not expected to have a significant impact on the Company’s financial statements: • Amendments to SFRS(I) 1-1: Classification of Liabilities as Current or Non-current • Amendments to SFRS(I) 1-1: Non-current Liabilities with Covenants 27 SP PowerAssets Limited Financial statements Year ended 31 March 2024 4 Property, plant and equipment Freehold land Buildings and Leasehold land tunnels Switchgear Transformers Other plant and machinery Mains Other fixed assets Constructionin-progress Total $ million $ million $ million $ million $ million $ million $ million $ million $ million $ million Cost At 1 April 2022 0.3 504.0 1,854.3 3,445.9 1,896.8 503.7 7,454.6 275.0 1,614.9 17,549.5 Additions − − − − − 1.9 − 26.0 743.6 771.5 Lease Modification (Note 5) − − 7.4 − − − − − − 7.4 Disposals − − − (80.0) (28.4) (7.4) (106.7) (10.9) − (233.4) Reclassification − 0.2 17.8 137.5 69.1 123.4 447.7 1.1 (796.8) − At 31 March 2023 0.3 504.2 1,879.5 3,503.4 1,937.5 621.6 7,795.6 291.2 1,561.7 18,095.0 Additions − − − − − 2.9 − 25.6 1,017.0 1,045.5 Disposals − (48.4) (0.3) (61.4) (23.9) (52.1) (3.3) (6.6) − (196.0) Reclassification − 4.5 34.0 100.4 114.1 54.3 323.3 33.8 (664.4) − At 31 March 2024 0.3 460.3 1,913.2 3,542.4 2,027.7 626.7 8,115.6 344.0 1,914.3 18,944.5 Accumulated depreciation At 1 April 2022 − 182.8 744.0 1,844.7 723.2 328.4 2,927.6 151.1 − 6,901.8 Depreciation − 10.0 66.3 156.2 67.4 57.4 266.0 38.3 − 661.6 Disposals − − − (76.8) (25.3) (7.4) (106.8) (10.6) − (226.9) At 31 March 2023 − 192.8 810.3 1,924.1 765.3 378.4 3,086.8 178.8 − 7,336.5 Depreciation − 10.0 70.1 156.0 71.2 55.3 273.8 33.8 − 670.2 Disposals − (48.3) (0.3) (58.2) (22.0) (52.1) (3.3) (6.5) − (190.7) At 31 March 2024 − 154.5 880.1 2,021.9 814.5 381.6 3,357.3 206.1 − 7,816.0 Carrying amounts At 31 March 2023 0.3 311.4 1,069.2 1,579.3 1,172.2 243.2 4,708.8 112.4 1,561.7 10,758.5 At 31 March 2024 0.3 305.8 1,033.1 1,520.5 1,213.2 245.1 4,758.3 137.9 1,914.3 11,128.5 28 SP PowerAssets Limited Financial statements Year ended 31 March 2024 Expenses capitalised The following expenses were capitalised in property, plant and equipment during the year: 2024 $ million 2023 $ million Management fees (staff cost) 96.0 84.9 As at 31 March 2024, property, plant and equipment includes right-of-use assets of $309.8 million (2023: $319.2 million) relating to leasehold land, building and office under leasing arrangements. Details are presented in Note 5. 5 Right-of-use assets/ Lease liabilities Set out below are the carrying amounts of right-of-use assets recognised within property, plant and equipment and the movements during the year: Leasehold land $ million Buildings and tunnels $ million Total $ million At 1 April 2022 321.2 3.8 325.0 Lease modification − 7.4 7.4 Reclassification 0.2 − 0.2 Depreciation (10.0) (3.4) (13.4) At 31 March 2023 311.4 7.8 319.2 Disposals (0.1) − (0.1) Reclassification 4.5 − 4.5 Depreciation (10.0) (3.8) (13.8) At 31 March 2024 305.8 4.0 309.8 Set out below are the carrying amounts of lease liabilities (included under trade and other payables) and the movements during the year: 2024 $ million 2023 $ million At 1 April 7.8 3.8 Lease modification − 7.4 Accretion of interest 0.2 # Payments (3.9) (3.4) At 31 March 4.1 7.8 Current 3.9 3.6 Non-current 0.2 4.2 4.1 7.8 # Less than $0.1 million The maturity analysis of lease liabilities is disclosed in Note 26. 29 SP PowerAssets Limited Financial statements Year ended 31 March 2024 The following are the amounts recognised in profit or loss: 2024 $ million 2023 $ million Depreciation expense of right-of-use assets 13.8 13.4 Interest expense on lease liabilities 0.2 # Expenses relating to short-term leases (included in other operating expenses) 0.4 0.4 14.4 13.8 # Less than $0.1 million The Company had total cash outflow for leases of $4.3 million (2023: $3.8 million) for the financial year ended 31 March 2024. 6 Intangible assets Goodwill on acquisition $ million Deferred expenditure $ million Computer software $ million Computer software development in-progress $ million Total $ million Cost At 1 April 2022 2,166.8 110.9 40.0 0.1 2,317.8 Additions − 1.3 .− 1.3 2.6 At 31 March 2023 2,166.8 112.2 40.0 1.4 2,320.4 Additions − 0.7 .− 6.6 7.3 Disposals − − (0.1) .− (0.1) Reclassifications − − 0.2 (0.2) .− At 31 March 2024 2,166.8 112.9 40.1 7.8 2,327.6 Accumulated amortisation At 1 April 2022 − 109.6 38.9 .− 148.5 Amortisation − 0.4 0.5 .− 0.9 At 31 March 2023 − 110.0 39.4 .− 149.4 Amortisation − 0.6 0.5 .− 1.1 Disposals − − (0.1) .− (0.1) At 31 March 2024 − 110.6 39.8 .− 150.4 Carrying amounts At 31 March 2023 2,166.8 2.2 0.6 1.4 2,171.0 At 31 March 2024 2,166.8 2.3 0.3 7.8 2,177.2 30 SP PowerAssets Limited Financial statements Year ended 31 March 2024 Impairment test for goodwill The Company as a whole is considered a CGU. The recoverable amount of the CGU is based on the higher of fair value less costs to sell and value in use. The recoverable amount of the CGU is determined to be higher than its carrying amount hence no impairment is necessary. Fair value is determined by discounting future cash flows generated from the continuing use of the CGU and is based on the following key assumptions: 1. Cash flows are projected based on a 5-year business plan. 2. Cash flows are discounted using a pre-tax discount rate of 7.04% (2023: 6.89%) per annum that reflects current market assessments of the time value of money and risks specific to the CGU. 3. Terminal value is calculated based on a multiple of 1.3 times (2023: 1.3 times) of the carrying amounts of property, plant and equipment. Expenses capitalised The following expenses were capitalised in intangible assets during the year: 2024 $ million 2023 $ million Management fees (staff cost) 0.3 − 31 SP PowerAssets Limited Financial statements Year ended 31 March 2024 7 Derivative assets and liabilities 2024 2023 Outstanding Outstanding notional amounts $ million Assets $ million Liabilities $ million notional amounts $ million Assets $ million Liabilities $ million Current: Cross-currency interest rate swaps 229.9 .− (95.9) .− .− .− Interest rate swaps 1,188.5 25.9 (0.1) 100.0 .− (0.2) Foreign exchange forwards 218.4 1.8 (3.5) 171.4 0.4 (2.3) 27.7 (99.5) 0.4 (2.5) Non-current: Cross-currency interest rate swaps 1,919.1 .− (198.5) 2,149.1 .− (296.4) Interest rate swaps 1,560.7 52.5 (2.8) 2,749.1 139.2 (2.5) Foreign exchange forwards 72.7 0.1 (6.9) 56.5 0.1 (0.7) 52.6 (208.2) 139.3 (299.6) 32 SP PowerAssets Limited Financial statements Year ended 31 March 2024 Offsetting financial assets and financial liabilities The Company’s derivative transactions are entered into under International Swaps and Derivatives Association (“ISDA”) Master Agreements. The ISDA agreements create a right of set-off of recognised amounts that is enforceable only following an event of default, insolvency or bankruptcy of the Company or the counterparties. As such, these agreements do not meet the criteria for offsetting under SFRS(I) 1-32 Financial Instruments: Presentation. The Company and its counterparties do not intend to settle on a net basis or to realise the assets and settle the liabilities simultaneously but have the right to set off in the case of default and insolvency or bankruptcy. The Company’s financial assets and liabilities subject to an enforceable master netting arrangement that are not otherwise set-off are as follows: Types of financial assets / liabilities Gross amounts of recognised financial assets / liabilities Related amounts not offset in the balance sheet – financial instruments Net amounts $ million $ million $ million 2024 Derivative assets 80.3 (38.1) 42.2 2023 Derivative assets 139.7 (64.0) 75.7 2024 Derivative liabilities 307.7 (38.1) 269.6 2023 Derivative liabilities 302.1 (64.0) 238.1 33 SP PowerAssets Limited Financial statements Year ended 31 March 2024 Hedge Accounting As at 31 March 2024 and 2023, the Company held various types of derivative financial instruments and formally designated a portion of them in cash flow and fair value hedge relationships for accounting purposes, in accordance with the requirements of SFRS(I) 9. The following table summarises the derivative financial instruments in the balance sheet and the effects of hedge accounting on the Company’s financial position and performance. ---- Hedge instrument ---- ------------ Hedged item ----------- Outstanding Carrying amount of Financial statement line Accumulated amount of notional amounts Assets/ (liabilities) assets/ (liabilities) that includes the hedged fair value adjustments $ million $ million $ million item $ million Changes in fair value used for calculating --------------- hedge ineffectiveness ------------- Hedging instrument $ million Hedged Item $ million Hedge ineffectiveness recognised in profit or loss $ million Hedge rates Maturity (Year) 2024 Cash flow hedge Interest rate risk – Finance cost 4,473.2 69.4 − − − (63.5) 63.5 − 0.3900% - 1.3275% Up to 2027 Foreign exchange risk – Refer to Note 26 under Foreign currency risk 291.1 (8.5) − − − (5.2) 5.2 − CHF/SGD: 1.397 - 1.546 CNY/SGD: 0.186 - 0.193 EUR/SGD: 1.430 - 1.657 JPY/SGD: 0.009 - 0.013 MYR/SGD: 0.280 – 0.330 USD/SGD: 1.272 - 1.382 Up to 2025 Up to 2024 Up to 2028 Up to 2026 Up to 2024 Up to 2028 Fair value hedge Interest rate risk 425.0 (2.4) (423.1) Debt obligations 1.1 (0.9) 0.9 − 6 month Fall Back SOR/ SORA Up to 2032 Foreign exchange risk 2,149.1 (285.9) (1,845.1) Debt obligations 300.7 (9.4) 14.7 5.3 Refer to footnotes of Note 14 Up to 2027 34 SP PowerAssets Limited Financial statements Year ended 31 March 2024 ------ Hedge instrument --- --------------- Hedged item ---------------- Financial Carrying statement Accumulated Outstanding notional Assets/ amount of assets/ line that includes amount of fair value amounts $ million (liabilities) $ million (liabilities) $ million the hedged item adjustments $ million Changes in fair value used for calculating ------------- hedge ineffectiveness ----------- Hedging instrument $ million Hedged Item $ million Hedge ineffectiveness recognised in profit or loss $ million Hedge rates Maturity (Year) 2023 Cash flow hedge Interest rate risk – Finance cost 4,473.2 119.2 − − .− (43.3) 43.3 .− 0.3900% - 1.3275% Up to 2027 Foreign exchange risk – Refer to Note 26 under Foreign currency risk 227.9 (2.5) − − .− (0.8) 0.8 .− CHF/SGD: 1.397 - 1.524 CNY/SGD: 0.191 - 0.195 EUR/SGD: 1.424 - 1.656 JPY/SGD: 0.010 - 0.013 MYR/SGD: 0.303 USD/SGD: 1.292 - 1.462 Up to 2025 Up to 2023 Up to 2024 Up to 2024 Up to 2023 Up to 2026 Fair value hedge Interest rate risk 525.0 (1.5) (431.6) Debt obligations (7.5) (7.5) 7.6 0.1 6 month SOR/ SORA Up to 2032 Foreign exchange risk 2,149.1 (277.6) (1,849.6) Debt obligations 294.8 (77.3) 75.0 (2.3) Refer to footnotes of Note 14 Up to 2027 35 SP PowerAssets Limited Financial statements Year ended 31 March 2024 8 Inventories 2024 $ million 2023 $ million Cables 22.6 24.3 Transformers 1.8 3.3 Switchgear 5.2 7.6 Spare parts and accessories 1.8 2.1 31.4 37.3 In the financial year ended 31 March 2024, inventories recognised as an expense in the income statement amounted to $3.4 million (2023: $4.3 million). The write-down of inventories to net realisable value amounted to $9.6 million (2023: $6.0 million). The utilization of inventory obsolescence provision upon sale of the inventory items amounted to $0.7 million (2023: $2.2 million). 9 Trade and other receivables 2024 $ million 2023 $ million Trade receivables: - Third parties 113.8 121.4 - Related companies 70.7 52.4 - Immediate holding company − 5.0 184.5 178.8 Impairment loss (0.2) (4.5) 184.3 174.3 Accrued revenue 169.8 126.4 Deposits 0.4 0.4 354.5 301.1 Prepayments 48.4 45.2 402.9 346.3 Trade receivables The average credit term is between 8 to 30 calendar days (2023: between 8 to 30 calendar days). Collateral in the form of bank guarantees and deposits are obtained from counterparties where appropriate. There were no amounts called upon during the year. 36 SP PowerAssets Limited Financial statements Year ended 31 March 2024 The maximum exposure to credit risk for trade receivables at the reporting date by types of customer is as follows: 2024 $ million 2023 $ million Contestable transmission/ distribution customers 138.3 133.6 Non-contestable transmission/ distribution customers 14.0 10.1 Project-based customers 28.5 22.1 Others 3.5 8.5 184.3 174.3 The Company provides for lifetime expected credit losses for all trade receivables using a provision matrix. The provision rates are determined based on the evaluation of collectability and ageing analysis of trade receivables and on the estimation of the management. A considerable amount of estimation is required in assessing the ultimate realisation of these receivables, including the current creditworthiness and the past collection history of each customer. The Company categorises trade receivables for potential write-off on the overdue trade receivables of customers that have failed to make contractual payments for more than 180 days. Where trade receivables have been impaired or written off, the Company continues to engage enforcement activity to attempt to recover the receivable due. Where recoveries are made, these are recognised in profit or loss. The maximum exposure to credit risk for trade receivables by geographic region, relates mainly to Singapore at the reporting date. There is no significant concentration of credit risk of trade receivables. The Company has policies in place to monitor its credit risk. Contractual deposits are collected and sufficient collaterals are obtained to mitigate the risk of financial loss from defaults. The Company’s customers are spread across diverse industries and ongoing credit evaluation is performed on the financial condition of receivables to ensure minimal exposure to bad debts. The ageing of trade receivables at the reporting date is as follows: 2024 $ million 2023 $ million Not past due 177.3 162.9 Past due 0-30 days 2.5 5.1 Past due 31-90 days 0.6 1.6 Past due 91-180 days 1.2 0.8 Past due more than 180 days 2.9 8.4 184.5 178.8 37 SP PowerAssets Limited Financial statements Year ended 31 March 2024 Expected credit losses The movement in allowance for expected credit losses of trade receivables computed based on lifetime ECL are as follows: 2024 $ million 2023 $ million At 1 April 4.5 6.5 Impairment loss recognised 0.2 0.3 Impairment loss utilized (2.9) .− Impairment loss written back (1.6) (2.3) At 31 March 0.2 4.5 Trade and other receivables are denominated predominantly in the functional currency of the Company. 10 Cash and cash equivalents 2024 $ million 2023 $ million Cash at bank and in hand # 0.1 As at reporting date, cash and cash equivalents are denominated in the functional currency of the Company. # Less than $0.1 million 11 Regulatory deferral accounts 2024 $ million 2023 $ million Net movement in RDA balances related to profit or loss (134.3) 5.3 RDA related deferred tax movement 22.8 (0.9) Net movement in RDA balances related to profit or loss and the related deferred tax movement (111.5) 4.4 38 SP PowerAssets Limited Financial statements Year ended 31 March 2024 At 1 April 2023 $ million Net movement in RDA balances related ------------------ to profit or loss ----------------- Balances arising in the period (Recovery)/reversal $ million $ million At 31 March 2024 $ million RDA debit balances Deferral of revenue based on service rendered 274.6 (36.9) (157.0) 80.7 Over recovery of volume variance (60.3) (1.0) 60.6 (0.7) 214.3 (37.9) (96.4) 80.0 RDA related deferred tax liabilities RDA related deferred tax liabilities (36.4) 6.4 16.4 (13.6) At 1 April 2022 $ million Net movement in RDA balances related ---------------- to profit or loss --------------- Balances arising in the period $ million (Recovery)/reversal $ million Net movement in RDA balances related ------ to balance sheet ------ Funding $ million At 31 March 2023 $ million RDA debit balances Deferral of revenue based on service rendered 314.0 52.3 (77.5) (14.2) 274.6 Over recovery of volume variance (90.8) (47.9) 78.4 .− (60.3) 223.2 4.4 0.9 (14.2) 214.3 RDA related deferred tax liabilities RDA related deferred tax liabilities (37.9) (0.7) (0.2) 2.4 (36.4) The recovery/reversal period of RDA debit and credit balances are directed by EMA. The Company is currently the sole electricity transmission and distribution company in Singapore. The EMA may not terminate the Company’s Transmission Licence except by giving 25 years’ notice, or otherwise revoking the Transmission Licence in accordance with the Electricity Act (including where the EMA is satisfied that the Company has gone into compulsory liquidation or voluntary liquidation other than for the purpose of amalgamation or reconstruction, or the public interest or security of Singapore requires). The Company therefore considers the exposure on recovery of regulatory deferral debit balances to be minimal. In 2023, the EMA provided the Company with a funding of $14.2 million to offset the RDA debit balances. 39 SP PowerAssets Limited Financial statements Year ended 31 March 2024 12 Share capital 2024 No. of shares million 2023 No. of shares million Ordinary shares Issued and fully-paid, with no par value At 1 April and 31 March 2,512.4 2,512.4 The holder of ordinary shares is entitled to receive dividends as declared from time to time and is entitled to one vote per share at meetings of the Company. All shares rank equally with regard to the Company’s residual assets. 13 Hedging reserve The hedging reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedging instruments related to highly probable forecast transactions. 2024 $ million 2023 $ million Hedging reserves At beginning of year 93.1 81.6 Effective portion of changes in fair value of cash flow hedges: - Interest rate risks 28.4 55.4 - Foreign exchange risks (6.0) (2.1) Net change in fair value of cash flow hedges reclassified to profit or loss, net of tax: - Interest rate risks (69.7) (43.2) Net change in fair value of cash flow hedges, on recognition of the hedged items on balance sheet, net of tax: - Foreign exchange risks 1.7 1.4 At end of year 47.5 93.1 40 SP PowerAssets Limited Financial statements Year ended 31 March 2024 14 Debt obligations Principal amount Date of maturity 2024 $ million Fixed rate notes 2023 $ million JPY 15 billion (1) April 2024 123.2 156.8 SGD 75 million May 2024 76.3 84.7 USD 700 million (2) November 2025 905.4 861.9 JPY 7 billion (3) October 2026 59.8 69.6 USD 600 million (4) September 2027 756.8 761.3 SGD 100 million May 2029 98.2 96.8 SGD 250 million September 2032 248.5 250.1 2,268.2 2,281.2 Current 199.5 − Non-current 2,068.7 2,281.2 2,268.2 2,281.2 (1) JPY 15 billion swapped to SGD 230.0 million (2) USD 700 million swapped to SGD 996.0 million (3) JPY 7 billion swapped to SGD 114.7 million (4) USD 600 million swapped to SGD 808.5 million The debt obligations are on bullet repayment terms. Interest rates on debt obligations denominated in Singapore dollars range from 3.40% to 5.07% (2023: 3.40% to 5.07%) per annum. Interest rates on foreign currency debt obligations range from 1.95% to 3.25% (2023: 1.95% to 3.25%) per annum. 41 SP PowerAssets Limited Financial statements Year ended 31 March 2024 A reconciliation of liabilities arising from financing activities is as follows: 2023 -------------- Cash flows-------------- -----------------------------------Non-cash changes----------------------------------- 2024 Proceeds $ million Repayment $ million Interest paid $ million Additions $ million Foreign exchange movement $ million Changes in fair value $ million Interest $ million Reclassification $ million $ million $ million Debt obligations Current .− .− .− .− .− .− .− .− 199.5 199.5 Non-current 2,281.2 .− .− .− .− 1.1 (14.1) .− (199.5) 2,068.7 Interest payable 8.8 .− .− (38.9) .− .− .− 39.1 * .− 9.0 Loans from a related company Current 3,164.5 .− (357.5) (0.6) 371.0 .− .− 112.0 .− 3,289.4 Lease liabilities Current 3.6 .− (3.6) .− .− .− .− .− 3.9 3.9 Non-current 4.2 .− .− (0.3) .− .− .− 0.2 (3.9) 0.2 5,462.3 .− (361.1) (39.8) 371.0 1.1 (14.1) 151.3 .− 5,570.7 * Comprises interest on debt obligations and net change in fair value of cash flow hedges reclassified from equity as disclosed in Note 22. 42 SP PowerAssets Limited Financial statements Year ended 31 March 2024 2022 -------------- Cash flows-------------- ------------------------------------Non-cash changes------------------------------------ 2023 Proceeds $ million Repayment $ million Interest paid $ million Additions $ million Foreign exchange movement $ million Changes in fair value $ million Interest $ million Reclassification $ million $ million $ million Debt obligations Current 777.8 − (723.8) .− − (53.5) (0.5) .− .− .− Non-current 2,416.7 − .− .− − (55.1) (80.4) .− .− 2,281.2 Interest payable 9.5 − .− (46.0) − .− .− 45.3 * .− 8.8 Loans from a related company Current 2,490.0 215.9 .− (1.5) 363.2 .− .− 96.9 .− 3,164.5 Lease liabilities Current 3.4 − (3.4) . # − .− .− .− 3.6 3.6 Non-current 0.4 − .− .− 7.4 .− .− .− (3.6) 4.2 5,697.8 215.9 (727.2) (47.5) 370.6 (108.6) (80.9) 142.2 .− 5,462.3 * Comprises interest on debt obligations and net change in fair value of cash flow hedges reclassified from equity as disclosed in Note 22. # Less than $0.1 million 43 SP PowerAssets Limited Financial statements Year ended 31 March 2024 15 Deferred taxation Movements in deferred tax assets and liabilities during the year are as follows: Recognised in profit or loss (Note 23) Recognised in other comprehensive income (Note 23) Recognised in profit or loss (Note 23) Recognised in other comprehensive income (Note 23) At 31 March 2022 At 31 March 2023 At 31 March 2024 $ million $ million $ million $ million $ million $ million $ million Deferred tax liabilities *Restated *Restated *Restated Property, plant and equipment (1,447.9) (23.0) .– (1,470.9) (12.4) .– (1,483.3) Right-of-use assets (0.7) (0.7) .– (1.4) 0.7 .– (0.7) Intangible assets (0.4) (0.3) .– (0.7) (0.9) .– (1.6) Hedging reserve (16.8) .– (2.4) (19.2) .– 9.3 (9.9) (1,465.8) (24.0) (2.4) (1,492.2) (12.6) 9.3 (1,495.5) Set off of tax 23.5 22.8 20.6 Net deferred tax liabilities (1,442.3) (1,469.4) (1,474.9) Deferred tax assets Deferred income 22.8 (1.4) .– 21.4 (1.5) .– 19.9 Lease liabilities 0.7 0.7 .– 1.4 (0.7) .– 0.7 23.5 (0.7) .– 22.8 (2.2) .– 20.6 Set off of tax (23.5) (22.8) (20.6) Net deferred tax assets .– .– .– *Refer to Note 2.5 44 SP PowerAssets Limited Financial statements Year ended 31 March 2024 16 Deferred income 2024 $ million 2023 $ million Customers’ contributions 265.9 265.9 Government grant for depreciable assets 0.5 0.5 Accumulated accretion (150.5) (141.5) 115.9 124.9 Movements in accumulated accretion are as follows: At 1 April 141.5 132.4 Accretion for the year 9.0 9.1 At 31 March 150.5 141.5 17 Deferred construction cost compensation 2024 $ million 2023 $ million Deferred construction cost compensation 256.2 256.2 18 Trade and other payables 2024 $ million 2023 $ million Trade payables: - Third parties 64.5 64.0 - Related companies 44.0 35.3 - Immediate holding company 0.3 0.1 Interest payable 9.0 8.8 Deposits received 28.4 80.1 Advance receipts 167.8 185.5 Accrued operating expenditure 103.5 95.9 Accrued capital expenditure 245.1 172.9 Loans from a related company - Loan balances 3,205.6 3,082.4 - Interest payable 83.8 82.1 3,952.0 3,807.1 Payables denominated in currencies other than the Company’s functional currency comprise $7.3 million (2023: $7.8 million) of payables and accruals denominated in United States dollar (“USD”), $Nil (2023: $0.5 million) in Chinese Yuan (“CNY”), $2.2 million (2023: $1.1 million) in Japanese yen (“JPY”), $Nil (2023: $1.0 million) in Euro (“EUR”) and $Nil (2023: $0.9 million) in Malaysian Ringgit (“MYR”). As at 31 March 2024, the loans from a related company are unsecured, repayable on demand and bear interest at rates ranging from 2.37% to 4.22% (2023: 2.37% to 4.19%) per annum. 45 SP PowerAssets Limited Financial statements Year ended 31 March 2024 19 Revenue Revenue comprises use of system charges and the service is transferred over time. Transaction price allocated to remaining performance obligations The Company has applied the practical expedient not to disclose information about its remaining performance obligations as the Company recognises revenue in the amount to which the Company has a right to invoice customers in amounts that correspond directly with the value to the customer of the Company’s performance completed to date. 20 Other income 2024 $ million 2023 $ million Rental income 3.1 2.6 Leasing income 5.5 5.8 Disbursement recoverable jobs 27.0 29.9 Sale of scrap 26.4 24.8 Accretion of deferred income 9.0 9.1 Grant income 2.0 2.9 Others 7.0 13.1 80.0 88.2 21 Finance income 2024 $ million 2023 $ million Interest income receivable/received from banks 0.3 0.3 22 Finance costs 2024 $ million 2023 $ million Interest expense on loans from a related company 112.0 96.9 Interest expense on debt obligations 123.1 97.4 Net change in fair value of cash flow hedges reclassified from equity (84.0) (52.1) Loss/(gain) arising from financial assets/liabilities in a fair value hedge: - hedged items (15.7) (82.6) - hedging instruments 10.4 84.8 Amortisation of capitalised transaction costs 1.6 1.7 Interest expense on lease liabilities 0.2 . # 147.6 146.1 # Less than $0.1 million 46 SP PowerAssets Limited Financial statements Year ended 31 March 2024 23 Tax expense Tax recognised in profit or loss 2024 $ million 2023 $ million Current tax expense Current year 120.4 80.0 Over provision in respect of prior years (0.6) (0.4) 119.8 79.6 Deferred tax expense Origination and reversal of temporary differences 15.1 24.6 (Over)/under provision in respect of prior years (0.3) 0.1 14.8 24.7 Total tax expense 134.6 104.3 Tax recognised in other comprehensive income 2024 Tax 2023 Tax Before tax (expense)/ credit Net of tax Before tax (expense)/ credit Net of tax $ million $ million $ million $ million $ million $ million Effective portion of changes in fair value of cash flow hedges 27.0 (4.6) 22.4 64.2 (10.9) 53.3 Net change in fair value of: - Cash flow hedges reclassified to profit or loss (84.0) 14.3 (69.7) (52.0) 8.8 (43.2) - Cash flow hedges on recognition of the hedged items on balance sheet 2.1 (0.4) 1.7 1.7 (0.3) 1.4 (54.9) 9.3 (45.6) 13.9 (2.4) 11.5 Reconciliation of effective tax rate 2024 $ million 2023 $ million Profit before taxation 751.0 562.3 Tax calculated using Singapore tax rate of 17% (2023: 17%) 127.7 95.6 Non-deductible expenses 9.4 9.2 Non-taxable income (1.6) (0.2) (Over)/under provision in respect of prior years - current tax (0.6) (0.4) - deferred tax (0.3) 0.1 134.6 104.3 47 SP PowerAssets Limited Financial statements Year ended 31 March 2024 24 Profit for the year The following items have been included in arriving at profit for the year: 2024 $ million 2023 $ million Auditors of the Company - Audit fees 0.1 0.1 - Non-audit fees – Audit-related services . # . # Exchange gain/(loss), net 1.2 (0.6) (Loss)/gain on disposal of property, plant and equipment and intangible assets (0.1) 0.8 # Less than $0.1 million 25 Related parties For the purpose of the financial statements, parties are considered to be related to the Company if the Company has the ability, directly or indirectly, to control the party or exercise significant influence over the party in making financial and operating decisions, or vice versa, or where the Company and the party are subject to common control or common significant influence. Related parties may be individuals or other entities. The immediate and ultimate holding companies are Singapore Power Limited and Temasek Holdings (Private) Limited (“Temasek”) respectively. These companies are incorporated in the Republic of Singapore. Temasek is an investment company headquartered in Singapore with a diversified investment portfolio. Accordingly, all the subsidiaries of Temasek are related corporations and are subject to common control. The Company engages in a wide variety of transactions with related corporations in the normal course of business on terms similar to those available to other customers. Such transactions include but are not limited to sales and purchases of power, provision of consultancy and engineering services, leasing of cables and ducts, agency services and financial and banking services. The related party transactions are carried out on terms negotiated between the parties which are intended to reflect competitive terms. All electricity supplied to companies in the Temasek group are related party transactions. The Temasek group has extensive interests in a large number of companies. As the Company’s rates for electricity transmission and distribution are based on tariffs approved by the EMA, the Company has concluded that it is not meaningful to present information relating to such revenue. Other than as disclosed elsewhere in the financial statements, transactions with related parties are as follows: 48 SP PowerAssets Limited Financial statements Year ended 31 March 2024 2024 $ million 2023 $ million Related companies - management fee expenses (256.1) (244.1) - maintenance expenses (11.7) (3.4) - agency fee expenses (30.4) (28.9) - support service expenses (1.8) (1.7) - service expenses, including leases (5.2) (6.8) - leasing income 5.5 5.8 - service income 1.4 1.0 - trustee fee income 0.4 0.4 Immediate holding company - maintenance expenses (20.0) (18.1) - support service expenses (34.7) (32.1) 26 Financial risk management The Company’s activities expose it to foreign currency, interest rate, credit and liquidity risks which arise in the normal course of business. Generally, the Company’s overall objective is to manage and minimise exposure to such risks. The Company adopts the risk management policies and guidelines established by its immediate holding company, Singapore Power Limited, and has established processes for monitoring compliances with such policies. The Company uses forward foreign currency exchange contracts, interest rate swaps and cross currency interest rate swaps to manage its exposure to foreign currency and interest rate risks respectively. The Company does not enter into or trade financial instruments, including derivative financial instruments, for speculative purposes. The material financial risks associated with the Company’s activities are each described below, together with details of the Company’s policies for managing the risks. Foreign currency risk The Company is exposed to foreign currency risks from borrowing activities, purchase, supply and installation contracts, and trade creditors which are denominated in a currency other than Singapore dollars. The objective of the Company’s risk management policies is to mitigate foreign exchange risk by utilising various hedging instruments. The Company therefore considers avoidable currency risk exposure to be minimal for the Company. The Company enters into cross-currency interest rate swaps to manage exposures arising from foreign currency borrowings including the United States Dollar (“USD”) and Japanese Yen (“JPY”). Under cross-currency interest rate swaps, the Company agrees to exchange specified foreign currency principal and interest amounts at an agreed future date at a pre-determined exchange rate. Such contracts enable the Company to mitigate the risk of adverse movements in foreign exchange rates. Except where a foreign currency borrowing is taken with the intention of providing a natural hedge by matching the underlying cash flows, all foreign currency borrowings are swapped back to Singapore dollars. For foreign currency swaps that do not meet the requirements of hedge accounting, changes in fair value are recorded in profit or loss. 49 SP PowerAssets Limited Financial statements Year ended 31 March 2024 The Company uses forward foreign currency exchange contracts to substantially hedge foreign currency risk attributable to purchase transactions. The maturities of the forward foreign currency exchange contracts are intended to match the forecasted progress payments of the supply and installation contracts. Whenever necessary, the forward foreign exchange contracts are either rolled over at maturity or translated into foreign currency deposits, whichever is more cost efficient. As at 31 March 2024, the Company has outstanding forward foreign currency exchange contracts with notional amounts of approximately $291.1 million (2023: $227.9 million). The net fair value of forward foreign currency exchange contracts as at 31 March 2024 is $8.5 million net liabilities (2023: $2.5 million net liabilities) comprising assets of $1.9 million (2023: $0.5 million) and liabilities of $10.4 million (2023: $3.0 million). These amounts were recognised as derivative assets and liabilities respectively. Sensitivity analysis for foreign currency risk As at 31 March 2024 and 2023, if the functional currency of the Company had moved against each of the currencies as illustrated in the table below, with all other variables held constant, equity would have been affected as below: Equity (hedging reserve) $ million Judgements of reasonably possible movements - Increase/(decrease) 2024 USD Increase of the SGD by 5 per cent against US Dollar (4.1) Decrease of the SGD by 5 per cent against US Dollar 4.1 EUR Increase of the SGD by 9 per cent against EUR Dollar (5.0) Decrease of the SGD by 9 per cent against EUR Dollar 5.0 JPY Increase of the SGD by 16 per cent against Japanese Yen (11.4) Decrease of the SGD by 16 per cent against Japanese Yen 11.4 2023 USD Increase of the SGD by 5 per cent against US Dollar (5.2) Decrease of the SGD by 5 per cent against US Dollar 5.2 EUR Increase of the SGD by 9 per cent against EUR Dollar (4.3) Decrease of the SGD by 9 per cent against EUR Dollar 4.3 JPY Increase of the SGD by 15 per cent against Japanese Yen (3.5) Decrease of the SGD by 15 per cent against Japanese Yen 3.5 50 SP PowerAssets Limited Financial statements Year ended 31 March 2024 The judgements of reasonably possible movements were determined using statistical analysis of the 90 th percentile of the best and worst expected outcomes having regard to actual historical exchange rate data over the previous five years. Management considers that past movements are a reasonable basis for estimating possible movements in foreign currency exchange rates. Interest rate risk The Company manages its interest rate exposure by maintaining a significant portion of its debt at fixed interest rates. This is done by the (i) issuance of fixed rate debt; (ii) use of interest rate swaps to convert floating rate debt to fixed rate debt; or (iii) use of cross-currency interest rate swaps to convert fixed or floating rate nonfunctional currency denominated debt to fixed rate functional currency denominated debt. The use of derivative financial instruments relates directly to the underlying existing and anticipated indebtedness. Managing interbank offered rates reform and associated risks A fundamental reform of major interest rate benchmarks is being undertaken globally, to replace interbank offered rates (“IBORs”) with alternative nearly risk-free rates (referred to as “IBOR reform”). In the previous year, the Company holds interest rate swaps and cross-currency interest rate swaps indexed to the Singapore Swap Offer Rate (“SOR”) for risk management purposes which are designated in hedging relationships. SOR has ceased publication after 30 June 2023, and it has been replaced by the Singapore Overnight Rate Average (“SORA”) as the alternative interest rate benchmark in Singapore. For cross-currency interest rate swaps and interest rate swaps that extend beyond the anticipated cessation date of SOR, the Company has completed the transition agreement for the affected periods with counterparties in 2022. In addition, appropriate fallback provisions with counterparties are also in place and the Company will rely on the Fallback Rate SOR for transition. As at 31 March 2024, the Company has interest rate and cross-currency swaps with notional amount of $4,898.2 million (2023: $4,998.2 million). The Company classifies these swaps as cash flow and fair value hedges. The net fair value of swaps as at 31 March 2024 is $218.9 million net liabilities (2023: $159.9 million net assets) comprising assets of $78.4 million (2023: $139.2 million) and liabilities of $297.3 million (2023: $299.1 million). These amounts were recognised as derivative assets and liabilities respectively. The Company’s excess funds are principally invested in bank deposits of varying maturities to match its cash flow needs, or deposited with a related company. At the reporting date, if interest rates had moved as illustrated in the table below, with all other variables held constant, profit befo

Utility Bill Avg_With Gas Utility Bill Average ($) for households with gas Premises Types Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 HDB 1-Room 78.99 81.28 87.54 87.29 84.83 81.86 87.86 87.69 83.11 84.19 79.07 78.29 HDB 2-Room 91.78 94.78 103.49 102.84 98.53 96.07 102.96 101.39 96.90 97.62 92.27 91.27 HDB 3-Room 115.94 120.33 132.29 128.10 124.29 121.74 129.94 128.83 123.83 123.57 117.18 114.72 HDB 4-Room 137.04 142.66 156.01 153.34 147.42 143.11 152.92 152.86 146.17 146.88 140.21 135.59 HDB 5-Room 144.16 151.97 165.19 162.85 156.27 149.96 161.67 162.41 156.08 156.45 149.31 142.48 HDB Executive 160.98 168.72 184.59 180.19 172.48 168.80 178.86 180.50 172.04 172.61 163.45 157.40 Apartment 163.04 179.66 198.71 191.52 184.01 175.50 181.94 191.11 186.36 183.84 175.37 163.41 Terrace 270.34 290.38 311.38 286.03 283.33 283.80 289.68 301.49 291.00 290.49 277.89 263.67 Semi-Detached 335.52 370.67 392.95 372.29 354.71 361.00 367.73 385.46 366.17 370.19 349.08 335.83 Bungalow 619.13 718.02 776.44 731.30 675.72 711.32 685.95 762.28 719.32 712.26 661.91 659.36 Note: The figures exclude electricity charges for PAYU customers and customers who are not purchasing electricity at the regulated tariff. Utility Bill Avg_WO Gas Utility Bill Average ($) for households without gas Premises Types Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 HDB 1-Room 69.30 71.92 78.05 78.52 76.28 73.55 78.77 78.62 74.36 75.37 70.55 69.80 HDB 2-Room 82.23 85.21 93.42 93.59 89.84 87.41 93.80 92.26 88.22 88.72 83.62 82.58 HDB 3-Room 102.84 107.06 118.11 115.38 112.09 109.70 116.95 115.78 111.35 111.05 105.02 102.49 HDB 4-Room 120.97 126.03 138.53 137.64 132.74 128.46 137.02 136.76 130.76 131.35 125.25 120.76 HDB 5-Room 126.60 133.43 145.81 145.63 140.07 134.00 144.16 144.59 138.87 139.24 132.77 126.41 HDB Executive 142.35 149.14 163.91 161.79 155.45 151.54 160.36 161.59 153.95 154.44 146.15 140.37 Apartment 140.09 155.96 175.31 171.33 164.80 156.02 161.06 169.18 164.23 161.75 154.01 142.43 Terrace 243.21 259.98 282.50 262.69 259.01 258.83 264.59 274.69 263.93 263.37 250.88 239.06 Semi-Detached 305.12 337.24 359.90 342.81 328.12 331.78 338.46 354.82 336.52 340.26 319.77 307.20 Bungalow 570.77 662.48 717.39 678.65 633.29 661.40 638.62 711.71 667.03 661.57 617.06 610.72 Note: The figures exclude electricity charges for PAYU customers and customers who are not purchasing electricity at the regulated tariff.

Consumption_Water Average consumption of Water (CuM) Premises Types Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 HDB 1-Room 8.0 8.3 8.4 8.1 7.7 7.5 8.1 8.3 7.9 8.1 7.8 7.8 HDB 2-Room 9.3 9.7 10.0 9.5 8.7 8.7 9.4 9.5 9.2 9.3 9.0 9.0 HDB 3-Room 12.2 12.8 12.9 12.0 11.5 11.6 12.4 12.5 12.2 12.2 12.0 11.9 HDB 4-Room 15.5 16.2 16.3 15.3 14.7 14.6 15.6 15.7 15.3 15.5 15.1 14.9 HDB 5-Room 16.7 17.8 17.7 16.7 16.0 15.6 16.9 17.1 16.7 17.0 16.4 16.1 HDB Executive 18.8 19.9 19.7 18.6 17.7 17.7 18.8 19.1 18.5 18.8 18.1 17.9 Apartment 13.1 14.4 14.3 13.2 12.7 12.5 13.1 13.8 13.8 13.8 13.3 12.8 Terrace 25.8 28.0 28.4 24.2 24.1 24.7 25.7 26.7 25.9 26.2 25.6 24.7 Semi-Detached 30.7 34.9 34.6 30.2 28.3 30.0 31.5 33.4 31.4 32.2 30.9 30.4 Bungalow 46.3 59.5 58.1 50.4 42.1 49.6 48.1 54.7 52.4 52.4 50.2 49.8

Media Release Smart Building Solution by SP Group and 75F Helps Buildings Achieve More Than 30% Energy Savings Singapore, 5 December 2019 – SP Group (SP), a leading energy utilities group and 75F, a building intelligence solutions provider, are offering a micro-climate control solution that can save more than 30 per cent in energy consumption while improving occupant comfort. The solution uses applied Artificial Intelligence (A.I.) and Internet of Things (IoT) to reduce energy consumption in a building. It takes into consideration factors like occupancy and weather and optimises air-flow to evenly cool areas. SP partnered with 75F to customise and test the performance and viability of the solution for Singapore’s tropical environment. The solution was trialled for a year at Singapore Institute of Technology’s (SIT) campus at Dover, and the Mercatus Co-operative Limited’s corporate office at One Marina Boulevard in Raffles Place. Both locations achieved more than 30 per cent in energy savings, while improving comfort for occupants by ensuring that the indoor temperature, and air quality were optimal. With the validated outcomes, SP and 75F will offer the solution to customers in Singapore, China, Vietnam, Indonesia and Australia. Air-conditioning contributes 60 per cent of a building’s electricity consumption. With buildings consuming a third of Singapore’s total electricity consumption1 , this new solution will help Singapore reduce electricity consumption and support the goal of cutting national emissions intensity by 36 per cent below 2005 levels by 2030. Mr Brandon Chia, Head, Centre of Excellence, SP Group said: “SP Group has partnered with 75F on this micro-climate control solution that leverages A.I. and IoT. It enables customers to enjoy cooler comfort in buildings while lowering their carbon footprint. We look forward to developing more next-generation technologies to help customers in Singapore and the region save energy and cost.” The micro-climate control solution is a self-learning, intuitive building intelligence system that optimises and regulates air-conditioning in buildings to improve operational efficiency and occupant experience. The system’s central control unit divides large open spaces into smaller zones that balances the temperature, air flow, carbon dioxide (CO2) within each zone. It also optimises the air-conditioning operation by using the least amount of energy to achieve the required comfort. Gaurav Burman, APAC President, 75F said: “Both 75F and SP are committed to saving energy and reducing the carbon footprint of commercial buildings. The Asia Pacific market, especially Singapore, China, Vietnam, Indonesia and Australia, represent a huge opportunity given their economic growth, rising energy costs and the growing focus to improve occupant experience and operational efficiency. This partnership combines 75F’s award-winning technology with SP’s capabilities and track record in the region, allowing both companies to accelerate our growth.” SP’s partnership with 75F first started as part of SP’s Energy Advanced Research and Development (SPEAR) programme, under the SP Centre of Excellence (SP CoE). SP CoE is an initiative supported by the Singapore Economic Development Board (EDB), and drives the research, development, and integration of cutting-edge solutions and next-generation technologies for Singapore’s energy infrastructure network. -Ends- Notes to Editor: About SP Group SP Group is a leading energy utilities group in the Asia Pacific. It owns and operates electricity and gas transmission and distribution businesses in Singapore and Australia, and district cooling businesses in Singapore and China. SP Group is committed to providing customers with reliable and efficient energy utilities services. About 1.6 million industrial, commercial and residential customers in Singapore benefit from SP Group’s world-class transmission, distribution and market support services. These networks are amongst the most reliable and cost-effective world-wide. SP Group also drives digital solutions to empower customers to manage their utilities, reduce consumption and save cost. For more information, please visit spgroup.com.sg or for follow us on Facebook at fb.com/SPGroupSG and on Twitter @SPGroupSG. About SP Centre of Excellence The SP Centre of Excellence (CoE) is an initiative by SP Group (SP) to drive the innovation and commercialisation of next-generation energy network technologies for the greater reliability and efficiency of Singapore’s infrastructure. Supported by the Singapore Economic Development Board, the CoE aims to establish SP as a thought leader in the utility industry forefront and build future-ready energy networks and resource capabilities. This allows SP to stay ahead of global trends such as the drive for smarter and greener performance, and to sustainably meet evolving customer needs About 75F 75F is an award-winning, IoT and Machine Learning company taking a fresh approach to HVAC, lighting and controls in commercial buildings. Founded in 2012, 75F offers data-driven, proactive, predictive building intelligence and controls. 75F is backed by investment groups including billionaire-led Breakthrough Energy Ventures and Oil & Gas Climate Initiative. 75F has delivered hundreds of energy-efficient, comfortable and healthy spaces to enthusiastic customers who rave about the results. 75F launched its operations in India in August 2016 and has been growing steadily since with companies such as Firstsource Solutions, Flipkart, Bennett-Coleman Group, Mercedes Benz, Mapletree, HP, Shell, Smartworks and other leading brands in India, joining US customers such as HOM Furniture, Border Foods, Magnet 360, Rockler and Yoga Fit. 1 Source: The Building and Construction Authority (BCA) Super Low Energy Technology Roadmap Report

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| THE STRAITS TIMES | FRIDAY, JUNE 5, 2020 | Workers from SP Group doing cabling work on May 13 to prepare a building in Genting Lane to house quarantined Covid-19 patients. ST PHOTO: ALPHONSUS CHERN Power supply reinstated at more than 4,000 unused sites for Covid- 19 purposes A spokesman for SP Group said about 100 workers have been deployed since Dorscon orange to expedite the activation of electricity supply for these sites... Officers on the ground had to comply with safe distancing measures and twice-daily temperature checks. Vanessa Liu More than 4,000 sites have been reconnected to the national power grid since the coronavirus outbreak alert level was raised to orange in Singapore on Feb 7, according to national grid power operator SP Group. The sites have been used as government quarantine facilities, community recovery facilities and for other purposes related to the Covid- 19 outbreak. These premises include former dormitories, factories that are no longer in operation and Housing Board flats that had been vacated but not yet demolished under the Selective En bloc Redevelopment Scheme. The scheme allows HDB to buy back public housing sitting on land with high redevelopment potential from residents. In April, for instance, 21 HDB blocks in Redhill Close that were vacated in 2018 under the scheme were refurbished to house healthy foreign workers employed in essential services. Four vacant HDB blocks in Taman Jurong that formerly served as temporary homes for families waiting for their new Build- To- Order flats to be ready were also refurbished to provide interim housing for similar workers. Senior Minister Tharman Shanmugaratnam, who is MP for the Taman Jurong ward in Jurong GRC, had previously said there was a need for these workers to be temporarily housed away from existing worker dormitories, while the spread of Covid- 19 in their living quarters was being stemmed. Other sites that have also had their electricity supply reactivated include a cluster of six factory units in Genting Lane that could be used as community recovery facilities, and a dormitory in Jurong that has been converted to a quarantine facility. A spokesman for SP Group told The Straits Times that a site or unit is typically disconnected from the grid upon request by the occupant or owner, when the place is no longer in use. He added that about 100 workers have been deployed since Dorscon orange to expedite the activation of electricity supply for these sites that the Government identified to be used as community recovery facilities and accommodation. Officers on the ground had to comply with safe distancing measures and twice- daily temperature checks, said the spokesman. For quarantine facilities, they had to don personal protective equipment, goggles and face shields as a safety precaution, he added. liuxyv@sph.com.sg

News Release SP Group Inks MOU with BCG Energy to Invest in Renewables in Vietnam Singapore, Vietnam, 24 May 2021 – SP Group (SP) and BCG Energy Joint Stock Company (BCG Energy), a wholly owned subsidiary of Bamboo Capital JSC, signed a Memorandum of Understanding (MoU) to invest in renewable energy projects in Vietnam. The MOU also provides an exclusive right for SP to acquire up to 49 per cent of its subsidiary Skylar Joint Stock Company (Skylar).   Skylar currently has 61.1MWp of rooftop solar assets in operations. These assets are located across 14 provinces in Vietnam.  SP and BCG Energy will also jointly explore opportunities to invest in other solar power projects to enhance Vietnam’s electricity supply capacity and support Vietnam’s ambitious goal of increasing the rate of electricity produced from renewable energy sources to about 30% by 2030. Skylar specialises in rooftop solar and the development and deployment of solar rooftop assets on factories and industrial zones across Vietnam. BCG Energy is regarded as a pioneer developer in Vietnam’s renewable energy industry with a portfolio of renewable energy assets. In recent years, BCG Energy priority is on research and implementation of renewable energy projects to create an alternative supply. BCG Energy partners the world’s leading players in the solar industry on solutions, technology, infrastructure development, environmental solutions, as well as analysis and research of local energy needs. These partnerships have accelerated BCG Energy’s investments made in large renewable energy plants across Vietnam. BCG Energy Chief Executive Officer, Tuan Pham said, “Our vision is to become one of the market leaders in renewable energy in Vietnam and Asia. We aim to develop 1.5 GW by 2023 of solar farms and wind farms and an additional 500 MW rooftop solar on industrial zone and manufacturing facilities across Vietnam over the next few years”. SP’s Group Chief Executive Officer, Mr Stanley Huang, said, “Vietnam is a key strategic market for SP and this collaboration with BCG Energy will create a strong platform for us to invest in renewables projects by leveraging the strengths of both parties.” In November last year, SP established its Vietnam office located in Ho Chi Minh city. Leveraging its capabilities in sustainable energy and digital solutions, SP aims to create value-added solutions for its customers in Vietnam and establish SP’s position as a leading sustainable energy solutions player in Asia Pacific. About SP Group SP Group is a leading utilities group in the Asia Pacific, enabling a low-carbon, smart energy future for its customers. It owns and operates electricity and gas transmission and distribution businesses in Singapore and Australia, and sustainable energy solutions in Singapore and China. As Singapore’s national grid operator, about 1.6 million industrial, commercial and residential customers benefit from its world-class transmission, distribution and market support services. These networks are amongst the most reliable and cost-effective world-wide. Beyond traditional utilities services, SP Group provides a suite of renewable and sustainable energy solutions including solar energy solutions, microgrids, cooling and heating systems for business districts and residential townships, electric vehicle fast charging and green digital energy management tools for customers in Singapore and the region. For more information, please visit spgroup.com.sg or follow us on Facebook at fb.com/SPGroupSG, on LinkedIn at spgrp.sg/linkedin and on Twitter @SPGroupSG. About BCG Energy   BCG Energy is the holding company for renewable energy assets under Bamboo Capital JSC, a company listed on the Ho Chi Minh Stock Exchange. BCG Energy was founded in 2017 as a key pillar in BCG’s long-term growth strategy. Aligned with the Government’s directive for renewable power, BCG Energy focuses on development and operation of ground-mounted and rooftop solar assets in Vietnam. As part of its strategy to achieve 2.0 GW of capacity by 2023, BCG Energy also intends to diversify its portfolio into floating solar, wind power, and LNG projects in the future. About Skylar Joint Stock Company Skylar JSC – a subsidiary of BCG Energy concentrates on rooftop solar sector, provide professional services to maximize the benefits for our customers while minimize investment risks. In 2020, Skylar has installed nearly 50 MW of rooftop solar in many provinces and cities in Vietnam. In the period of 2021-2022, Skylar is expected to continue to install 250 MW of rooftop solar power in Vietnam.