3Q & 9M 2023 Business Update Media & Analysts Conference Call Q&A

Good evening, analysts and friends from the media. We have issued the media release and slides for our 3Q and 9M 2023 voluntary business update, which we will take as read. Let me highlight a few key points before we take questions. We continued to improve on earnings in the third quarter and for the first nine months of the year. Our net profit for 3Q 2023 was stronger year on year, with all three horizontal segments — Infrastructure, Real Estate and Connectivity — registering improvements. Keppel’s revenue also improved to S$5,274 million in 9M 2023, about 5% higher than S$5,016 million a year ago. I would like to highlight, in particular, our Infrastructure Division which continued to record strong earnings growth in 3Q and 9M 2023 underpinned by our robust integrated power business. As at end-September 2023, 100% of Keppel’s customers were locked in with fixed or indexed electricity price plans for the next two years. In 9M 2023, the Infrastructure Division also secured more than S$1.3 billion of new Energy-as-a- Service (EaaS) contracts, bringing our long-term supply & services contract backlog to S$4.1 billion, with earnings visibility over 10-15 years. We have exceeded our asset monetisation target ahead of schedule. Since the start of our programme in October 2020, we have announced about S$5.3 billion in asset monetisation. Of this, some S$865 million of assets were announced in the year to date, including the distribution of Keppel REIT units in specie, which was approved by Keppel Corporation’s shareholders yesterday. We are now working towards our next target of achieving a cumulative S$10- S$12 billion in asset monetisation by the end of 2026. As at end-September 2023, our net gearing increased slightly to 0.89x from 0.86x as at end-June 2023, mainly due to the payment of the interim dividends. Amid a high interest rate environment, we continued to strengthen our business resilience. As at end-September 2023, about 61% of our borrowings were on fixed rates, with an average interest cost of 3.71%1 and a weighted tenor of about three years. In 9M 2023, our private funds and listed trusts generated a total of S$178 million 2 in asset management fees. They collectively raised about S$1.0 billion in equity, as well as made S$1.7 billion in acquisitions during the same period. Of these acquisitions, about S$600 million were in 3Q 2023. Over the past few months, we have also seen an increase in activity across our fund platforms and asset classes such as infrastructure, commercial real estate, education assets and private credit. We made good progress on our two flagship funds, namely KCIF, the Keppel Core Infrastructure Fund, and KSURF, the Keppel Sustainable Urban Renewal Fund. KCIF has achieved its first close of US$575 million, out of an initial target size of US$2.5 billion. Meanwhile, KSURF is gaining good traction and we are working towards making the first closing soon. Earlier today, we announced the closing of RMB 1.6 billion (or about S$300 million) for our China-focused SUR programme, whose AUM can potentially grow to RMB 3.9 billion (or about S$728 million) when fully leveraged and invested. Looking ahead, with more than five new funds in the process of fundraising and being planned for launch in the next two years, we will continue to pursue our robust deal flow pipeline of more than S$13 billion. Next, I will run through a few key updates in the Operating Platform. Our Infrastructure Division is actively expanding its energy portfolio with renewables and low carbon solutions. In addition to the new EaaS contracts, which I mentioned earlier, we have more recently secured a contract to design, build, own and operate a major solar project in Singapore with generation capacity of 43 MWp and contract period of 25 years. In line with our pivot towards providing asset-light solutions, our Real Estate Division is implementing sustainable urban renewal initiatives across eight commercial projects in Singapore and the region, with a combined asset value of S$7.2 billion3. Our Real Estate Division is also leveraging its operating platform capabilities to offer senior living management services to third party investors in Asia. Notwithstanding the current challenging conditions in China, we continue to see potential in the Chinese market over the medium to long term. We have recently refreshed our China strategy to position Keppel to seize opportunities and create value in China, focusing on sustainability-related solutions in sectors benefiting from tailwinds and government support, and where Keppel has strong differentiation and value add. These include our focus areas across the energy transition, sustainable urban renewal, senior living and data centres. 1 For reference, the 3-year Singapore SORA-OIS rate was 3.52% as at end-September 2023. 2 Includes 100% fees from subsidiary managers, joint ventures and associated entities, as well as share of fees based on shareholding stake in associate with which Keppel has strategic alliance. 3 Sustainable Urban Renewal applied / to be applied to Keppel Bay Tower, Ocean Financial Centre, The Kube, Saigon Centre, INNO88 Tower (fka Samhwan Building), Kohinoor, Keppel South Central and Park Avenue Central. Asset values as of 30 September 2023. Our Data Centres and Networks Division is currently pursuing a robust pipeline of data centre projects across Asia-Pacific and Europe. We have completed about 30% of the cable laying operations for the Bifrost Cable System, which is expected to be ready for service in 4Q 2024. M1 reported higher year-on-year revenue of S$908 million in 9M 2023, with improved contributions from mobile and enterprise services. It is on track to complete the migration of customers to its new cloud native digital platform by end-2023, which would allow subscribers to better enjoy M1’s 5G plans and cloud services, while improving its customer acquisition and lowering its cost to serve. Conclusion To sum up, we will continue to push ahead with Keppel’s transformation. Since the unveiling of our latest Vision 2030 plans in May, we have made significant progress across different fronts, with the Company’s different divisions working together under a new governance model, having harmonised processes, and sharing one common identity and purpose. Our transformation has been welcomed by employees. In the latest 2023 Employee Engagement Survey, 89% of respondents indicated that they understand and support Keppel’s transformation. At our EGM yesterday, our shareholders also approved the Company’s name change to “Keppel Ltd.”, with effect from 1 January 2024, further reinforcing our efforts to shed Keppel’s conglomerate structure to become one integrated company. We will continue building on the strong momentum to advance Keppel’s growth as a global asset manager and operator. Let me now open the floor to questions. Question & Answer session