KIFM Directors’ Statement and Financial Statements 2025

Momentum

Annual Report 2025

Directors' Statement

and Financial Statements Year ended December 31, 2025

Keppel Infrastructure Fund Management Pte. Ltd.

Registration No. 200803959H

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The directors present their statement together with the audited financial statements of the Company for the financial year ended 31 December 2025.

In the opinion of the directors,

1. the financial statements as set out on pages 5 to 21 are drawn up so as to give a true and fair view of the financial position of the Company as at 31 December 2025, and the financial performance, changes in equity and cash flows of the Company for the financial year covered by the financial statements; and

2. 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.

The directors of the Company in office at the date of this statement are:

Daniel Cuthbert Ee Hock Huat Susan Chong Suk Shien Adrian Chan Pengee Christina Tan Hua Mui

Ng Kin Sze Khor Poh Hwa

Eng Chin Chin (Appointed on 20 February 2025)

Neither at the end of nor at any time during the financial year was the Company a party to any arrangement whose object was to enable the directors of the Company to acquire benefits by means of the acquisition of shares in, or debentures, of the Company or any other body corporate.

The sole member of the Company has consented to this Statement not containing any information of interest in shares or debentures of the Company or its related corporations held by the directors holding office at the end of the financial year.

There were no options granted during the financial year to subscribe for unissued shares of the Company.

No shares have been issued during the financial year by virtue of the exercise of options to take up unissued shares of the Company.

There were no unissued shares of the Company under option as at the end of the financial year.

The independent auditor, PricewaterhouseCoopers LLP, has expressed its willingness to accept re-appointment.

On behalf of the Board

DANIEL CUTHBERT EE HOCK HUAT

Chairman

13 March 2026

CHRISTINA TAN HUA MUI

Director

In our opinion, the accompanying financial statements of Keppel Infrastructure Fund Management Pte. Ltd. (the "Company") are properly drawn up in accordance with the provisions of the Companies Act 1967 (the "Act"), Singapore Financial Reporting Standards (International) ("SFRS(I)s") and IFRS Accounting Standards so as to give a true and fair view of the financial position of the Company as at 31 December 2025 and of the financial performance, changes in equity and cash flows of the Company for the financial year ended on that date.

What we have audited

The financial statements of the Company comprise:

• the balance sheet as at 31 December 2025;

• the statement of comprehensive income for the financial year ended 31 December 2025;

• the statement of changes in equity for the financial year then ended;

• the statement of cash flows for the financial year then ended; and

• the notes to the financial statements, including material accounting policy information.

  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 believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

  Independence

  We are independent of the Company in accordance with the Accounting and Corporate Regulatory Authority 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.

  Other Information

  Management is responsible for the other information. The other information comprises the Directors' Statement but does not include the financial statements and our auditor's report thereon.

  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, SFRS(I)s and IFRS Accounting Standards, 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.

  Independent Auditor's Report to the Member of Keppel Infrastructure Fund Management Pte. Ltd. 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.

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.

PRICEWATERHOUSECOOPERS LLP

Public Accountants and Chartered Accountants

Singapore

13 March 2026

As at 31 December 2025

Year ended 31 December 2025

Year ended 31 December 2025

Year ended 31 December 2025

Year ended 31 December 2025

1. GENERAL

   The Company is incorporated and domiciled in Singapore. The address of the Company's registered office is 1 HarbourFront Avenue, #18-01 Keppel Bay Tower, Singapore 098632.

   The principal activity of the Company is that of trust management.

   The Company is the Trustee-Manager of Keppel Infrastructure Trust ("KIT" or the "Trust"), which was formerly known as CitySpring Infrastructure Trust, from May 18, 2015 onwards. The Trustee-Manager is responsible for safeguarding the interests of unitholders and for carrying out KIT's investments and financing strategies, asset acquisitions and disposal policies and for the overall management of KIT's assets.

   The financial statements of the Company for the year ended 31 December 2025 were authorised for issue by the Board of Directors of the Company on 13 March 2026.

2. MATERIAL ACCOUNTING POLICY INFORMATION
   1. Basis of preparation

      The financial statements have been prepared in accordance with the provisions of the Companies Act 1967, Singapore Financial Reporting Standards (International) ("SFRS(I)s") and IFRS Accounting Standards. All references to SFRS(I)s and IFRS Accounting Standards are referred to collectively as SFRS(I)s in these financial statements, unless specified otherwise.

      The financial statements have been prepared under the historical cost convention except as disclosed in the accounting policies below.

      The financial statements are expressed in Singapore Dollars, which is the Company's functional and presentation currency, except when otherwise indicated.

      The preparation of these financial statements in conformity with SFRS(I)s requires management to exercise its judgement in the process of applying the Company's accounting policies. It also requires the use of certain critical accounting estimates and assumptions. There are no areas involving a higher degree of judgement or complexity, or areas where estimates and assumptions are significant to the financial statements.

   2. Adoption of new and revised standards

      The Company has adopted the new/revised SFRS(I)s, SFRS(I) Interpretations and amendments to SFRS(I)s that are effective for annual periods beginning on or after 1 January 2025.

      The adoption of these new or amended SFRS(I)s, SFRS(I) Interpretations and amendments to SFRS(I)s did not result in changes to the accounting policies of the Company and had no material impact on the amounts reported for the current or prior years.

      2. MATERIAL ACCOUNTING POLICY INFORMATION (continued)
   3. Financial assets

      Financial assets include cash and cash equivalents, amounts due from related companies, and trade and other receivables.

      The Company classifies its financial assets in the measurement category "Amortised cost". The classification of debt instruments depends on the Company's business model for managing the financial assets as well as the contractual terms of the cash flows of the financial asset.

      The Company reclassifies its debt instruments when and only when its business model for managing those assets changes.

      At initial recognition, the Company measures a financial asset at its fair value plus transaction costs that are directly attributable to the acquisition of the financial asset.

      Debt instruments that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost subsequent to initial recognition.

      A gain or loss on a debt instrument that is subsequently measured at amortised cost and is not part of a hedging relationship is recognised in profit or loss when the asset is derecognised or impaired. Interest income from these financial assets is recognised using the effective interest rate method.

      Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Company has transferred substantially all risks and rewards of ownership.

      On disposal of a debt instrument, the difference between the carrying amount and the sale proceeds is recognised in profit or loss.

   4. Impairment of financial assets

      The Company assesses on a forward-looking basis the expected credit losses associated with its debt financial assets carried at amortised cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk.

      For trade receivables, the Company applied the simplified approach permitted by SFRS(I) 9, which requires lifetime losses to be recognised from initial recognition of the receivables. To measure the expected credit losses, the Company considers historical payment patterns and credit characteristics of each debtor and adjusts for forward looking information.

      Receivables are written off when there is no reasonable expectation of recovery, such as a debtor failing to engage in a repayment plan with the Company. Where receivables have been written off, the Company continues to engage in enforcement activity to attempt to recover the receivables due. Where recoveries are made, these are recognised in profit or loss.

      For cash and cash equivalents, amounts due to related companies, and debtors, the general 3 stage approach is applied. Credit loss allowance is based on 12-month expected credit loss if there is no significant increase in credit risk since initial recognition of the assets. If there is a significant increase in credit risk since initial recognition, lifetime expected credit loss will be calculated and recognised.

   5. Financial liabilities

      Financial liabilities comprise trade and other payables and amount due to related companies. They are initially recognised at fair value, and are subsequently measured at amortised cost, using the effective interest method except for short-term balances when the recognition of interest would be immaterial.

   6. Offsetting of financial instruments

      Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is a legally enforceable right to offset and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously.

   7. Revenue recognition

      Revenue is recognised at the fair value of the consideration received or receivable.

      Base Fee

      A base fee at a rate equal to 10% per annum of KIT Group's distributable income, before accounting for the base fee and performance fee for the relevant period.

      Performance Fee

      Performance fee is charge at a rate equal to 25% per annum of the increase (if any) in Distribution Per Unit (DPU) as declared by the Trustee-Manager in respect of a financial year as compared with the DPU in respect of the preceding financial year, multiplied by the weighted average number of units in issue for such financial year.

      Other fees

      In addition to the Base Fee and the Performance Fee, the Trustee-Manager (in its personal capacity) is also entitled to receive an Acquisition Fee in respect of any investment acquired by the Trust or such other special purpose vehicles holding or constituted to hold the Trust's investment and a Divestment Fee in respect of any investment sold or divested by the Trust or its special purpose vehicles. The Acquisition Fee and Divestment Fee are charged at 1% (or 0.5% for an acquisition from its sponsor group) on the enterprise value of the investment acquired and 0.5% for investment divested respectively.

      Interest income

      Interest income is accrued on a timely basis, by reference to the principal outstanding and at the effective interest rate applicable using the effective interest method.

   8. Employee benefits

      Employee leave entitlement

      Employee entitlements to annual leave are recognised when they accrue to employees. An accrual is made for the estimated liability for leave as a result of services rendered by employees up to the balance sheet date.

      Defined contribution plan

      Defined contribution plans are post-employment benefit plans under which the Company pays fixed contributions into separate entities such as The Central Provident Fund on a mandatory, contractual or voluntary basis. The Company has no further payment obligations once the contributions have been paid.

      Share-based compensation

      The Company has cash settled share-based and unit-based compensation plans. The fair value of the employee services received in exchange for the grant of share and units is recognised as an expense in the profit or loss account with

      a corresponding increase in the provision for employee share and unit plan over the vesting period. The total amount to be recognised over the vesting period is determined by reference to the fair values of the share and units granted on the respective dates of grant.

      At each balance sheet date, the Company revises its estimates of the number of share and units that are expected to become exercisable as well as share and unit plan awards that are expected to vest on the vesting dates and recognises the impact of the revision of the estimates in the profit or loss account, with a corresponding adjustment to the provision for employee share and unit plan over the remaining vesting period.

      No expense is recognised for share and unit plan awards that do not ultimately vest.

      2. MATERIAL ACCOUNTING POLICY INFORMATION (continued)
   9. Taxation

      Current income tax is recognised at the amount expected to be paid to or recovered from the tax authorities, using the tax rates (and tax laws) that have been enacted or substantively enacted by the balance sheet date.

      Deferred income tax assets/liabilities are recognised for deductible/taxable temporary differences arising between the tax bases of assets and liabilities and their carrying amounts. The principal temporary differences arises from future tax

      benefits from certain provisions not allowed for tax purposes until a later period. Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.

      Deferred income tax is measured at the tax rates that are expected to apply when the related deferred income tax asset/liability is realised/settled, based on tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date, and based on the tax consequence that will follow from the manner in which the Company expects, at the balance sheet date, to recover or settle the carrying amounts of its assets and liabilities.

      The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Company intends to settle its current tax assets and liabilities on a net basis.

      Current and deferred income taxes are recognised as an expense or income in profit or loss account, except when they relate to items credited or debited directly to equity, in which case the tax is also recognised directly in equity.

      The Company has applied the mandatory exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes. The Company accounts for Pillar Two income taxes as current tax when it

      is incurred.

   10. Cash and cash equivalents

       For the purpose of presentation in the statement of cash flows, cash and cash equivalents comprise short-term placements with a related company which functions as the central treasury of the Keppel group of companies. The Company assessed that the short-term placements with the central treasury, which has sound financial strength, are subject to an insignificant risk of changes in value. The nature of the placement is disclosed in Note 6.

   11. Currency translation

       Transactions in foreign currency during the period are translated at the exchange rates prevailing at transaction dates. Currency exchange differences resulting from the translation of monetary assets and liabilities denominated in foreign currencies at closing rate at the balance sheet date are recognised in profit or loss.

   12. Share capital

       Ordinary shares are classified as equity. Incremental costs directly attributable to the issuance of new ordinary shares are deducted against the share capital account. Dividends to the Company's shareholders are recognised when the dividends are approved for payment.

3. CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES
   1. Critical judgements in applying the Company's accounting policies

      In the process of applying the Company's accounting policies, the management is of the opinion that there are no instances of application of judgements which are expected to have a significant effect on the amounts recognised in the financial statements.

   2. Key sources of estimation uncertainty

      Management is of the opinion that there are no key sources of estimation uncertainty at the end of the reporting period that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

4. SHARE CAPITAL

   Number of ordinary shares
   	2025 '000	2024 '000	2025 $'000	2024 $'000
   Issued and paid up:
   At beginning and end of year	1,000	1,000	1,000	1,000

   The ordinary shares, which have no par value, carry one vote per share and carry a right to dividends as and when declared by the Company.

5. DEFERRED TAX ASSETS

   	2025 $'000	2024 $'000
   Deferred tax assets	164	422

   The movement in the net deferred income tax account is as follows:

   Provisions

   	2025 $'000	2024 $'000
   Beginning of financial year	422	-
   Tax (charged)/credited to profit or loss (Note 10)	(258)	422
   End of financial year	164	422

6. CASH AND CASH EQUIVALENTS

   	2025 $'000	2024 $'000
   Short-term placement with a related company	8,976	5,942

   Short-term placement with a related company bears interest ranging from 0.33% to 2.19% (2024: 1.22% to 1.50%) per annum and is repayable on demand. Short-term placement with a related company, which functions as the central treasury of the Keppel group of companies, is subject to an arrangement with a bank where bank balances above or below a preset amount are transferred to/from a bank account of the related company daily.

7. TRADE AND OTHER RECEIVABLES

   	2025 $'000	2024 $'000
   Trade receivables - from Trust	16,192	63,177
   Other receivables:
   Goods and services tax receivable	1,571	653
   Trust and its group of companies (non-trade)	215	113
   Prepayments	42	141
   	1,828	907
   Total	18,020	64,084

   For the financial year ended 31 December 2025 and 2024, all trade receivables are neither past due nor impaired. Other receivables due from Trust and its group of companies are unsecured, interest-free and repayable on demand. As at 1 January 2024, trade receivables amounted to $32,186,000 (non-current) and $9,662,000 (current).

8. AMOUNTS DUE FROM/TO RELATED COMPANIES

   The Company's immediate holding company is Keppel Capital Holdings Pte. Ltd. ("KCH"). The Company's ultimate holding company is Keppel Ltd. ("Keppel"). Keppel and KCH are incorporated in Singapore. Related companies in these financial statements refer to members of the ultimate holding company's group of companies.

   	2025 $'000	2024 $'000
   Amounts due from related companies
   Trade	1	-
   Other receivables	10	5
   	11	5
   Amounts due to related companies
   Trade	1,655	7,933
   Non-trade	399	291
   	2,054	8,224

   Amounts due from/to related companies are unsecured, interest-free and repayable on demand.

9. OTHER PAYABLES

   	2025 $'000	2024 $'000
   Current
   Accrued expenses	2,543	4,499
   Provisions for employee unit and share plans	221	306
   Other creditors	14	8
   	2,778	4,813
   Non-current
   Provisions for employee unit and share plans	804	820
   	804	820

10. TAXATION
    1. Income tax expense

       	2025 $'000	2024 $'000
       Current year tax	936	4,258
       Over provision of current tax in prior year	(127)	(99)
       Deferred tax assets (Note 5)	258	(422)
       Income tax expense recognised in profit or loss	1,067	3,737

       The income tax differs from the amount of income tax that would arise by applying the Singapore standard rate of income tax due to the following:

       	2025 $'000	2024 $'000
       Profit before taxation	9,336	35,552
       Tax calculated at a tax rate of 17% (2024: 17%)	1,587	6,044
       Over provision of current tax in prior year	(127)	(99)
       Tax-exempt income	(17)	(17)
       Tax incentive	(376)	(2,191)
       Net	1,067	3,737

       The Company received the Financial Sector Incentive Scheme ("FSI") award from 1 January 2022 until 31 December 2032. Under the FSI Scheme, fees derived from fund management or investment advisory services of qualifying funds will be taxed at a concessionary tax rate of 10% whilst fees from non-qualifying funds will be taxed at the Singapore income tax rate applicable for the relevant year of assessment.

    2. Movement in current income tax liabilities

    	2025 $'000	2024 $'000
    Beginning of financial year	4,273	4,150
    Income tax paid	(4,139)	(4,036)
    Tax expense	936	4,258
    Adjustment for prior year's tax	(127)	(99)
    End of financial year	943	4,273

    Pillar Two income taxes

    The Base Erosion and Profit Shifting (BEPS) Pillar Two model rules is applicable to the Company as the Company is part of a multinational enterprise group with consolidated revenue in excess of EUR 750 million. Singapore, where the Company's ultimate holding company is incorporated, has implemented the Domestic Top-up Tax and Income Inclusion Rule under Pillar Two model rules for in-scope businesses from financial year beginning on or after 1 January 2025.

    As at the balance sheet date, the Pillar Two legislation has been enacted or substantively enacted in Singapore where the Company is incorporated.

    Under the Pillar Two rules, the Pillar Two effective tax rate ("ETR") is assessed on a jurisdictional basis and Pillar Two top-up tax is payable if the jurisdictional ETR is below 15%. Transitional Country-by-Country Safe Harbour rules ("TCSH") have also been developed to provide temporary relief from compliance obligations during the initial implementation period. Under the TCSH, the Pillar Two top-up tax for such jurisdiction is deemed to be zero if certain tests can be met for the selected jurisdiction.

    As at 31 December 2025, Singapore has met the tests under TCSH. Accordingly, no Pillar Two top-up tax has been recognised for the financial year ended 31 December 2025.

11. REVENUE

    Revenue consists of the following fee income from the Trust and its group of companies:

    	2025 $'000	2024 $'000
    Trust and its group of companies
    Management fee income	27,724	23,728
    Performance fee income	-	12,984
    Acquisition fees income	2,600	16,168
    Divestment fees income	2,267	-
    Total	32,591	52,880
    Revenue
    At a point in time	4,867	16,168
    Over time	27,724	36,712
    Total	32,591	52,880

12. STAFF COSTS

    	2025 $'000	2024 $'000
    Salaries, bonus and short-term benefits	2,420	4,418
    Employer's contribution to Central Provident Fund	346	400
    Share-based payments recharged by related company	631	841
    Total	3,397	5,659

13. EMPLOYEE SHARE PLAN EXPENSE

1. The KIFM RUP and KIFM PUP were approved and administered by the Nominating and Remuneration Committee of the Company.

2. The Company is the trustee-manager of KIT. The awards granted by the Company will be settled in KIT Units. Details of the KIFM RUP and KIFM PUP are as follows:

   		KIFM RUP		KIFM PUP
   Plan Description		Award of fully-paid KIT Units, conditional on fulfilment of service requirements		Award of fully-paid KIT Units, conditional on achievement of pre-determined targets over a three-year performance period
   Performance Conditions		Nil
   Final Award		100% of the contingent award granted, subject to fulfilment of service requirements		0% to 150% of the contingent awards granted, depending on achievement of pre-determined targets
   Vesting Condition and Schedule		Awards will vest equally over three years subject to fulfilment of service requirements		If pre-determined targets are achieved, awards will vest at the end of the three-year performance period subject to fulfilment of service requirements

   1. Asset under Management Growth

   2. Absolute Total Unitholder's Return

   3. Distribution per Unit

3. For Year 2024, the Company granted contingent deferred awards of 656,974 KIT Units under KIFM RUP on 25 February 2025, to be vested equally over 3 years from 25 February 2025 onwards provided the employees remain in employment.

   For Year 2025, the contingent deferred units will be granted in 2026 after taking into consideration KIT's and individual performance. Subject to the fulfilment of service conditions at vesting, the contingent deferred units will vest equally over three years from February 2026 onwards.

4. On 30 April 2025, the Company granted contingent awards of 1,440,000 KIT Units under KIFM PUP. The estimated fair value of the KIT Units granted under KIFM PUP is $0.23. The fair values of the contingent awards are determined at the grant date using Monte Carlo simulation method which involves projection of future outcomes using statistical distributions of key random variables including share price and volatility. The significant inputs into the model are as follows:

   	2025		202		4
   	RUP	PUP	RUP		PUP
   Date of grant	25.02.25	30.04.25	15.02.24		30.04.24
   Prevailing unit price at date of grant	$0.440	$0.400	$0.500		$0.475
   Expected volatility
   Keppel Infrastructure Trust	13.061%	18.635%	12.203%		16.577%
   Expected term	0 - 2.00 years	2.88 years	0 - 2.00 years		2.83 years
   Risk-free rate	N/A - 2.756%	2.077%	N/A - 3.519%		3.395%

5. The expected volatilities are based on the historical volatilities of KIT's unit price and the FSTREI Index price over the previous 36 months immediately preceding the grant date. The expected term used in the model is based on the grant date and the expected vesting dates.

   As at 31 December 2025, the Company has updated the fair value of the KIT Units for the award granted but not yet vested using the market rate as at 11 December 2025 of $0.47.

6. The CEO and senior management of the Company, who are eligible for KIFM PUP, are required to hold a portion of the KIT Units released to them under a share ownership guideline which requires them to maintain a beneficial ownership stake in KIT thus further aligning their interests with the unitholders.

7. Movements in the number of KIT Units under KIFM RUP and KIFM PUP are as follows:

Under KIFM RUP, there were 514,465 (2024: 656,824) restricted KIT Units that were released but not vested as at 31 December 2025.

Under KIFM PUP, there were 2,530,700 (2024: 1,998,000) contingent awards of performance KIT Units that were granted but not released as at 31 December 2025. Depending on the achievement of pre-determined performance targets, the actual number of performance KIT Units to be released can range from 0% to 150% of the contingent awards granted.

1. EMPLOYEE SHARE PLAN EXPENSE (continued) Keppel Share Plans

   The Keppel Performance Share Plan ("Keppel PSP") and Keppel Restricted Share Plan ("Keppel RSP") were approved by Keppel's shareholders at the Extraordinary General Meeting of Keppel on 23 April 2010. The Keppel Performance Share Plan 2020 ("Keppel PSP 2020") and Keppel Restricted Share Plan 2020 ("Keppel RSP 2020") were approved by the Keppel's shareholders at the Annual General Meeting held on 2 June 2020, replacing the Keppel PSP and Keppel RSP respectively with effect from 2 June 2020. The Keppel PSP and Keppel RSP were terminated on the same day.

   Information on Keppel RSP 2020 - Deferred Shares, Keppel PSP 2020 and Keppel PSP 2020 Transformation Incentive Plan ("Keppel PSP 2020 TIP") are as follows.

   1. Keppel RSP 2020 - Deferred Shares

      Award of fully-paid ordinary shares of Keppel which will vest equally over three years subject to fulfilment of service requirements.

   2. Keppel PSP 2020

      Award of fully-paid ordinary shares of Keppel, conditional on achievement of pre-determined targets over a three-year performance period. The pre-determined targets for awards granted from Year 2020 to Year 2021 are absolute total shareholder's return, return on capital employed and net profit. The predetermined targets for awards granted from Year 2022 onwards are reduction in carbon emission, net profit, return on equity and absolute total shareholder's return. If the pre-determined targets are achieved, awards will vest at the end of the three-year performance period subject to fulfilment of service requirements.

   3. Keppel PSP 2020-TIP

      Award of fully-paid ordinary shares of the Keppel, conditional on the employee achieving the pre-determined individual performance target and Keppel Group achieving the pre-determined targets of absolute total shareholder's return, asset monetisation and cross-BU revenue targets and certain financial and non-financial measures over

      a five-year performance period. If pre-determined targets are achieved, awards will vest at the end of the five-year performance period subject to fulfilment of service requirements. Performance conditions may be subject to

      re-testing at the end of the five-year performance period.

      The fair value of the contingent award of shares for the above plans are determined at the grant date using Monte Carlo simulation method which involves projection of future outcomes using statistical distributions of key random variables including share price and volatility.

      On 25 February 2025, eligible employees were granted awards of 15,364 shares under the Keppel RSP 2020-Deferred Shares and the estimated fair values of the shares granted was $6.45.

      The significant inputs into the model are as follows:

      Keppel RSP 2020 - Deferred Shares
      	2025	2024
      Date of grant	25.02.2025	15.02.2024
      Prevailing share price at date of grant	$6.78	$7.37
      Expected volatility of Keppel	17.97%	17.47%
      Expected term	0.00 - 2.00 years	0.00 - 2.00 years
      Risk free rate	2.67% - 2.76%	3.22% - 3.52%
      Expected dividend yield	*	*

      * Expected dividend yield is based on management's forecast for Keppel group.

      The expected volatilities are based on the historical volatilities of Keppel's share price over the previous 36 months immediately preceding the grant date. The expected term used in the model is based on the grant date and the expected vesting dates.

2. OTHER OPERATING EXPENSES - NET

   	2025 $'000	2024 $'000
   Directors' fees	653	510
   General office support, corporate and outsourcing services (Note 17)	19,144	10,866
   Professional fees	113	71
   Auditor's remuneration	8	7
   Others	147	319
   Total	20,065	11,773

3. DIVIDENDS

   	2025 $'000	2024 $'000
   Interim tax exempt one-tier dividend payable in respect of the
   financial year of $40.00 (2024: $12.00) per share	40,000	12,000

4. FINANCIAL RISKS MANAGEMENT

1. Categories of Financial Instruments

   The following table sets out the financial instruments as at the end of the financial year:

   	2025 $'000	2024 $'000
   Financial assets, at amortised cost	25,394	69,237
   Financial liabilities, at amortised cost	5,636	13,857

   The carrying amounts of these financial assets and liabilities carried at amortised cost approximate their fair values.

2. Credit risk

   Credit risk refers to the risk that counterparty will default on its contractual obligations resulting in a financial loss to the Company. The maximum exposure to credit risk is the carrying amount of financial assets which are amounts due from related companies and cash and cash equivalents.

   As at 31 December 2025 and 31 December 2024, there is a significant concentration of credit risks with KIT, for the duration of the Trust Deed entered into. The Company has assessed that KIT has strong financial capacity to meet the contractual cash flow obligations in the near future and hence, does not expect significant credit losses arising from the obligations.

   The related companies have sound financial strength and bank balances and deposits are place with or entered into with reputable financial institutions. The directors of the Company have considered the financial standing of these counterparties and are of the opinion that the Company has no significant exposure to credit risk.

   1. FINANCIAL RISKS MANAGEMENT (continued)
3. Liquidity risk

   Liquidity risk is the risk that the Company will encounter difficulty in meeting financial obligations due to shortage of funds. The directors of the Company are of the view that liquidity risk is minimal.

4. Currency risk

   The Company's cash flows and financial assets and liabilities are mainly denominated in Singapore Dollars, its functional currency, and hence has no significant exposure to foreign currency risk.

5. Interest rate risk

   The Company is exposed to interest rate risk on short-term placements with a related company. No sensitivity analysis is prepared as the Company does not expect any material effect on profit or loss arising from the effects of fluctuations in interest rates on short-term placements with a related company.

6. Capital risk

The directors of the Company review its capital structure at least annually to ensure that the Company will be able to continue as a going concern. The capital structure of the Company comprises of share capital and revenue reserves. The Company's overall strategy remains unchanged from prior year.

1. SIGNIFICANT RELATED PARTY TRANSACTIONS

   In addition to the related party information disclosed elsewhere in the financial statements, the following significant transactions took place between the Company and its related parties during the financial year.

   Significant related party transactions are as follows:

   	2025 $'000	2024 $'000
   General office support, corporate and outsourcing services	(19,144)	(10,866)
   Interest income from a related company	207	104

   Compensation of directors and key management personnel:
   	2025 $'000	2024 $'000
   Short-term employee benefits	(1,443)	(1,509)
   Employer's contribution to Central Provident Fund	(53)	(61)
   Share-based payments	(508)	(232)
   Directors' fees	(717)	(656)

   During the year, the Company has elected to receive the management fee from KIT by a combination of both cash and issue of units. The units received of 1,646,787 (2024: 933,242) were used to settle the unit-based compensation plans for employees of 1,273,987 (2024: 668,242) and 30% (2024: 30%) of the total Directors' fees paid to the independent directors of 372,800

   (2024: 265,000).

2. NEW OR REVISED ACCOUNTING STANDARDS AND INTERPRETATIONS

Certain new accounting standards and interpretations have been published that are not mandatory for 31 December 2025 reporting periods and have not been early adopted by the Company. These standards are not expected to have a material impact on the Company in the current or future reporting periods and on foreseeable future transactions.

SFRS (I) 18 will replace SFRS (I) 1-1 Presentation of financial statements, introducing new requirements that will help to achieve comparability of the financial performance of similar entities and provide more relevant information and

transparency to users. Even though SFRS (I) 18 will not impact on the recognition or measurement of items in the financial statements, its impact on presentation and disclosure are expected to be pervasive, in particular those related to the statement of financial performance and providing management-defined performance measures within the financial statements.

Management is currently assessing the impact of the adoption of the above amendment on the primary financial statements and notes to the financial statements.

The amendments to SFRS (I) 9 and SFRS (I) 7 to respond to recent questions arising in practice, and to include new requirements not only for financial institutions but also for corporate entities. These amendments:

• clarify the date of recognition and derecognition of some financial assets and liabilities, with a new exception for some financial liabilities settled through an electronic cash transfer system;

• clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal and interest (SPPI) criterion;

• add new disclosures for certain instruments with contractual terms that can change cashflows (such as some financial instruments with features linked to the achievement of environment, social and governance targets); and

• update the disclosures for equity instruments designated at fair value through other comprehensive income (FVOCI).

  SFRS (I) 19 Subsidiaries without Public Accountability: Disclosures (effective for annual periods beginning on or after 1 January 2027)

  This new standard works alongside other SFRS (I) Accounting Standards. An eligible subsidiary applies the requirements in other SFRS (I) Accounting Standards except for the disclosure requirements and instead applies the reduced disclosure requirements in SFRS (I) 19. SFRS (I) 19's reduced disclosure requirements balance the information needs of the users

  of eligible subsidiaries' financial statements with cost savings for preparers. SFRS (I) 19 is a voluntary standard for eligible subsidiaries.

  A subsidiary is eligible if:

• it does not have public accountability; and

• it has an ultimate or intermediate parent that produces consolidated financial statements available for public use that comply with IFRS Accounting Standards.

Management anticipates that the adoption of the above amendments in future periods will not have a material impact on the financial statements of the Company in the period of their initial adoption.

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