Proposed Investment in, and Subsequent Funding of, Global Marine Group, a Leading Subsea Cable Services Provider

Proposed Investment in, and Subsequent Funding of, Global Marine Group, a Leading Subsea Cable Services Provider

22 October 2025

Transaction Overview

• Proposed acquisition by KIT of c.46.7% interest in Global Marine Group ("GMG") from Keppel Infrastructure Fund ("KIF")

• The Total Investment Amount of approximately US$91.7 million comprises the Subscription Consideration1 of approximately US$86.6 million, which does not include any premium; and the Ticker Amount of approximately US$5.1 million2

• Following completion, KIT and KIF will each have an equal stake of c.46.7% and the remaining c.6.7% will be held by Co-investor

• The Proposed Transaction2 will be funded via a combination of internal sources of funds and/or external borrowings

  Proposed

  Transaction (Ordinary Resolution 1)

  Proposed Subscription

  For 46.7% effective interest

  ~US$91.7 million (~S$119.2 million)

  &

  KIT Equity Commitment

  To support GMG growth plans

  ~US$52.6 million

  (~S$68.4 million)

  
  
  Conditional upon passing of Ordinary Resolution 1,

  Future Capital Injection (Ordinary Resolution 2)

• Post-Completion, JVCo3 may require further capital to support the continued growth of GMG and for working capital

  
  
  

  Funding

  Up to US$100.0 million (~S$130.0 million)

  Contributed in

  1 or more tranches

  Within

  5 years

• KIT may, but is not obliged to, participate in such Future Capital Injection

1. The Subscription Consideration was determined on a pari passu basis based on KIT's interest of 46.7% in JVCo which comprised (i) the proportionate share of the equity value of GMG after adjusting for the acquisition financing and related costs of approximately US$76.7 million (approximately S$99.7 million); and (ii) KIT Subscriber's relevant portion of the aggregate total transaction costs incurred by JVCo and/or any of its affiliates in connection with the Initial GMG Acquisition of approximately US$9.9 million (approximately S$12.9 million), in each case without any premium. The aforementioned transaction costs refer to acquisition-related costs, including various due diligence costs and transaction documentation costs, which are in line with costs typically incurred by KIT in other acquisitions.

2. The terms "Total Investment Amount", "Subscription Consideration", "Ticker Amount" and "Proposed Transaction" have the same meaning attributed to them in the circular dated 22 October 2025 ("Circular"). 3

3. The term "JVCo" has the same meaning attributed to it in the Circular. Please refer to slide 18 for further details.

Overview of Global Marine Group

• One of the world's largest independent subsea cable solutions providers with highly predictable and defensive cash flows

• Headquartered in the United Kingdom, GMG provides mission-critical maintenance and installation services for subsea cable infrastructure

• c.80% of GMG's revenue1 is backed by long-term maintenance zone contracts and charter contracts

  25%

  OceanlQ

  Proprietary database and "real- orld" applied advisory services

  
  
  

  2%

  UJ2 and Ancillary Services

  Essential industry-standard UJ to repair products and services

  
  
  

  11%

  Installation

  Regional short-haul installation projects

  
  
  

  7%

• Broad base of top-tier customers, including telecommunications companies, hyperscalers, and global equipment suppliers

Business lines

% of FY 2024

Revenue3

Maintenance

Vessel standby and recurring

repair activities

55%

Charter

Value-added, long-term charter partnerships

Service description

• Serves 3 consortium maintenance zones under long-term contracts

• Dedicated vessels and subsea specialists to repair compromised cables within each zone

• Depots strategically located

• Multi-year charters of vessels that include highly specialised crew

• Turnkey installation of regional short-haul cable systems

• GMG's UJ kits are used in subsea cable jointing and for repairment of most subsea fibre-optic cable types

• Utilised within GMG's maintenance business and sold externally

• Broad advisory and consulting services with proprietary database (survey, route engineering and permitting services)

Contract

nature

• 5- to 7- year long term contracts with stable cash flows

• 2- to 4-year take or pay

contracts

• Project-based contracts

• Ad hoc provision of UJ

products and services

• Mixture of subscription and

project-based contracts

1. For financial year ended 31 December 2024

2. Universal Joint ("UJ"). 4

3. Based on FY 2024 audited accounts.

Key Investment Highlights

Global Marine Group

Key Investment Highlights

Strategic investment underpinned by strong fundamentals

1. Strong market fundamentals with favourable demand and supply dynamics
2. Market-leading positions across a complementary suite of subsea services
3. Recurring revenue from long-term contracts with cost pass-through
4. High barriers to entry and strong customer relationships

5

Entry into digital infrastructure segment aligned with KIT's investment focus

6

1. Strong Market Fundamentals with Favourable Demand and Supply Dynamics

   1 Global structural themes are driving industry tailwinds …

   
   
   

   2 … leading to the expected growth of …

   
   
   Global Installed Subsea Cable Base Length Fast-growing cloud spending / adoption due to efficiencies and cost optimisation factors
   
   
   

   (units: thousands km)

   6%

   CAGR1

   3 … which is further intensified by limited cable vessel supply

   
   
   Accelerating global data consumption and rapid adoption

   of cloud infrastructure and artificial intelligence

   
   
   

   2024E 2029E

   Substantial cable infrastructure investments from global

   technology companies and hyperscalers

   Limited Supply	Cable Vessels Retiring	Significant Lead Time
   54 Vessels available globally1	6 Vessels expected to retire within 5-7 years1	Significant lead time to build new specialised cable vessels

   
   
   Supportive government digitalisation initiatives worldwide
   
   
   

   Scarcity of specialised cable vessels ensure a highly favourable

   competitive landscape for established players like GMG

   7

   1. As per Hardiman Commercial Due Dilligence Report dated 14 May 2024

2. Market-leading Positions Across a Complementary Suite of Subsea Services

   • Scale and Operational Excellence: GMG has collectively installed >320,000 km and maintains >450,000 km of subsea cables globally
   • Operational Versatility: capabilities in shallow and deep-water environments and spanning diverse geographic regions, enabled by a fleet of purpose-built cable vessels with specialised equipment

     31% of global maintained

     subsea cable length4

     1

     Maintenance

     • Offers maintenance solutions across critical regions including the ACMA1, SEAIOCMA2 and NAZ3 zones

     • Long-term contracts with high barriers to entry, inflation adjustments and operational costs pass-through

     3

     OceanIQ & Consultancy Services

     • Data-as-a-Service ("DaaS") and proprietary database, providing insights into subsea cable asset topography for pre-project planning

     1. Maintenance Capabilities

     2. Charter and

     Installation

     3

     OceanIQ & Consultancy Services

     4 UJ Solutions

     Planning

     Installation

     Maintenance

     20%of global installed subsea

     cable base length5

     2

     Charter and Installation

     • Addresses the installation market through value-added charter with full suite of installation capabilities

     • Charter contracts provide for defined annual payments regardless of vessel utilisation

     4

     UJ Solutions

     • All-in-one provider of UJ solutions, providing essential cable repair components to the maintenance zones

     
     
     
     
     
     

     1. Atlantic Cable Maintenance Agreement.

     2. South East Asia and Indian Ocean Cable Maintenance Agreement.

     3. North American Zone.

     4. Based on 450,000 kilometres of subsea cables maintained by GMG, along with its partners, and the estimated global maintained subsea cable length as of 2024, as per Hardiman Commercial Due Diligence Report.

     5. Based on 320,000 kilometres of subsea cables installed by GMG, and the estimated global installed subsea cable base length as of 2024, as per Hardiman Commercial Due Diligence Report.

     Market leading position

     8

     Contracted revenue base

3. Recurring Revenue from Long-term Contracts with Cost Pass-through

   Contractual inflation

   adjustments for some agreements

   Related

   operational costs pass-through

   Contracted

   revenue

   • Long-term agreements for a period of 5-7 years with risk

     sharing across consortium members

   • Stable cash flows through fixed annual standby fees and recurring repair revenues
   • Protection against inflationary pressures through contractual inflation adjustments

   Maintenance Zone Contracts

Track record of partnerships with

blue-chip customers

• Utilises allowable off-hire time to complete profitable

  regional short-haul projects

• Global installation backlog provides medium-term cashflow visibility

• UJ Technology: Continued uptake in essential cable

  jointing products and services

• OceanIQ: Strong growth in recurring Data-as-a-Service ("DaaS") business backed by proprietary subsea cable database

Fast growing, high value-add service

Related operational

costs pass-through

Contracted

revenue

• Contracts provide for defined annual payments

  regardless of actual vessel utilisation, leading to high visibility on cashflows
• 2- to 4-year take-or-pay contracts for provision of cable vessels and specialist crew, with options to extend

• Provides exposure to tailwinds in cable installation market

9

1. Based on FY 2024 audited accounts.

1. High Barriers to Entry and Strong Customer Relationships

Fostered strong customer relationships in existing maintenance zones,

underscoring its reputation for reliability and proven ability to renew maintenance contracts

NAZ

(North America Zone)

ACMA

(Atlantic Cable Maintenance Agreement)

SEAIOCMA

(Southeast Asia and Indian Ocean Cable Maintenance Agreement)

1. Based on average of ACMA, SEAIOCMA and NAZ. 10

2. SEAIOCMA spans the area between Djibouti in the west, Perth in the south, Guam in the east and the northern tip of Taiwan.