Keppel Infrastructure Trust · SGX:A7RU
Keppel Infrastructure Trust — Merger or Acquisition (May 2026)
12 slides from Keppel Infrastructure Trust's merger presentation, May 4, 2026
Slide 1: Proposed Acquisition of an Additional 39% Interest in Keppel Merlimau Cogen (KMC)
Proposed Acquisition of an Additional 39% Interest in Keppel Merlimau Cogen (KMC) 4 May 2026
Slide 2: Important Notice
Important Notice The information contained in this presentation is for information purposes only and does not constitute or form part of, and should not be construed as, any offer or invitation to sell or issue or any solicitation of any offer or invitation to purchase or subscribe for any units in
Slide 3: Agenda
Agenda Transaction Overview 4 Information on KMC 5 Rationale for the Proposed Transaction 6 Independent Valuation 11 3
Slide 4: Transaction Overview
Transaction Overview Key terms and structure of the Proposed Transaction Keppel Infrastructure Trust (“KIT”) had on 30 June 2015 acquired a 51% direct interest in Keppel Merlimau Cogen Pte Ltd (“KMC”) from Keppel Energy Pte. Ltd. (“Keppel Energy”). Proposed acquisition by KIT of an additional 39
Slide 5: Information on KMC
Information on KMC Upgraded and hydrogen-ready combined cycle gas turbine power plant in Singapore Located on Jurong Island and connected to Singapore’s electricity transmission network, the KMC Plant is well positioned to meet the electricity requirements of surrounding industrial customers, unde
Slide 6: Rationale for the Proposed Transaction
Rationale for the Proposed Transaction Positioned to deliver value to KIT and its unitholders 1 Increase Ownership in an Existing Asset with Strong Operating Track Record Strong and Stable Cash Flow Generation Underpinned by Robust Long-term 2 Contracts with Well-mitigated Risks Increase KIT’s Expos
Slide 7: Increase Ownership in an Existing Asset with Strong Operating Track Record
1 Increase Ownership in an Existing Asset with Strong Operating Track Record Leveraging on KIT’s extensive deep knowledge of KMC Follow-On Acquisition Anchored by 10 Years of Experience in Managing the Asset Historical contractual availability of KMC averaged c.98% in the last 10 years 100% 80% 60%
Slide 8: Strong and Stable Cash Flow Generation Underpinned by Robust Long-term Contracts with Well-mitigated Risks
2 Strong and Stable Cash Flow Generation Underpinned by Robust Long-term Contracts with Well-mitigated Risks Reinforcing the asset’s stability and downside resilience Long-Term Availability-Based Contract Capacity-based revenues from Keppel Electric, contingent on the plant remaining operational and
Slide 9: Increase KIT's Exposure to an Essential Infrastructure Asset Supporting Singapore's Long-term Energy Security
3 Increase KIT’s Exposure to an Essential Infrastructure Asset Supporting Singapore’s Long-term Energy Security Enhancing electricity supply reliability and readiness for future energy transitions Important Role in Supporting High Operational Efficiency High Operational National Energy Security Effi
Slide 10: Accretive Acquisition that strengthens Portfolio Resiliency
4 Accretive Acquisition that strengthens Portfolio Resiliency FY 2025 pro forma1 Distribution per Unit (DPU) accretion of approximately 6% Pro forma Financial Effects of FFO DPU the Proposed Transaction (S$ mn) (S$ cents) 8% Actual 326 3.94 Pro forma Funds from Operations Adjusted for the Proposed 3
Slide 11: Independent Valuation
Independent Valuation Cost of 39% equity interest within range of indicative market value of S$106.5 mn and S$118.1 mn Market Valuation Range KIT, through its Trustee-Manager, has S$ Mn commissioned Deloitte Singapore SR&T Low High Pte. Ltd. (“Deloitte”) to perform an Indicative Business Enterprise
Slide 12: Thank You
THANK YOU For enquiries, please contact: KIT Investor Relations Email: investor.relations@kepinfratrust.com Follow KIT on LinkedIn to receive updates on the company www.kepinfratrust.com Keppel Merlimau Cogen Combined Cycle Gas Turbine Power Plant
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