Singapore Institute of Power and Gas Requirements and Implementation of Electric Vehicle Charging System Course Code: NEV03 COURSE OBJECTIVES This course refers to the Technical Reference for Electric Vehicle Charging System (TR 25-1:2022) Upon completion of this course, participants will be able to: • Explain the setup of an EV charging system • Highlight the EV charging system requirements stated in TR 25 • Understand the role and responsibilities of a Skilled Person and Equipment Specialist • Describe the procedures in installation, testing, and commissioning of EV charging systems MAIN CONTENTS • Setup of EV charging system o Components of EV Supply Equipment (EVSE) o Types and charging modes of EV charging system • EV charging system standard TR 25 o Classification and functions of EV charging system o Technical and safety requirements for EV charging system • Understand the role and responsibilities of Skilled Person and Equipment Specialist • Installation of EV charging system o Project planning and implementation o Technical and safety considerations • Testing and Commissioning of EV charging system o Tests and checks to be conducted o Documentation to be prepared METHODOLOGY Lecture and practical session TARGET AUDIENCE Engineering and technical staff involved in the installation, commissioning, operation and maintenance of EV charging stations COURSE DETAILS Duration : 7 hours Instructional Method : Face-to-face or Synchronous E-learning Certification : SIPG Certificate of Completion PDU by PE Board : Pending Additional Requirement/s : NIL COURSE FEES Full Course Fee : S$700 (before GST) For Singapore Citizens/PR/LTVP+* : S$210 (before GST) For Singapore Citizens (40 years old and above) : S$70 (before GST) Singapore Institute of Power and Gas Pte Ltd UEN: 201427065Z 2 Kallang Sector, Singapore 349277 Ver 4.0_0523 Singapore Institute of Power and Gas ADDITIONAL REMARKS • Trainee must attain at least 75% attendance rate and pass the assessment to receive Certificate of Completion and funding grant (if applicable). • Subsidy of up to 70% is applicable for Singapore Citizens, Permanent Residents or Long-Term Visitor Pass Plus (LTVP+) Holders, subject to funding agency’s approval. • Enhanced subsidy of up to 90% is applicable for Singapore Citizens aged 40 years and above, subject to funding agency’s approval. Note that GST payable will be computed from fee after 70% funding. • Professional Development Unit (PDU) is applicable for Professional Engineers registered under the Professional Engineers (PE) Board only. • All published fees are subject to prevailing GST. CONTACT US For more information, please contact SIPG at +65 6916 7930 or email training-institute@spgroup.com.sg. OTHER SIPG COURSES For more courses, visit our website at: https://www.spgroup.com.sg/about-us/training or Scan the QR code below: Singapore Institute of Power and Gas Pte Ltd UEN: 201427065Z 2 Kallang Sector, Singapore 349277 Ver 4.0_0523

新 能 源 展 开 电 动 车 入 网 测 试 推 动 电 动 车 在 本 地 普 及 化 新 能 源 电 网 总 裁 邱 秀 金 为 具 有 V2G 功 能 的 日 产 Leaf 纯 电 动 车 充 电 。 ( 新 能 源 集 团 提 供 ) 新 能 源 集 团 展 开 电 动 车 入 网 (Vehicle-to-grid, 简 称 V2G) 技 术 测 试 , 探 讨 利 用 储 存 在 电 动 车 电 池 内 的 电 源 来 加 强 电 网 的 可 靠 性 , 推 动 电 动 车 在 本 地 的 发 展 与 普 及 化 。 通 过 V2G 技 术 , 电 源 能 够 从 电 网 和 电 动 车 的 锂 离 子 电 池 双 向 流 动 。 电 动 车 除 了 能 使 用 电 网 充 电 , 当 太 阳 能 等 可 再 生 能 源 因 天 气 状 况 而 出 现 波 动 时 , 储 存 在 电 动 车 电 池 内 的 电 源 也 能 输 出 至 电 网 , 用 来 平 衡 电 网 的 电 量 。 新 能 源 集 团 (SP Group) 在 文 告 中 说 , 集 团 将 提 供 四 个 充 电 设 施 , 以 进 行 V2G 技 术 的 测 试 。 这 项 测 试 将 探 讨 V2G 的 功 能 与 应 用 如 频 率 调 节 、 从 电 动 车 输 出 电 源 以 减 少 传 统 电 源 的 需 求 、 减 轻 配 电 系 统 中 电 压 过 高 或 过 低 的 问 题 , 以 及 在 尖 峰 和 非 尖 峰 时 段 的 电 动 车 充 电 能 力 。 测 试 工 作 预 计 将 在 明 年 6 月 完 成 。 新 能 源 集 团 指 出 , 若 V2G 技 术 可 行 , 这 将 是 个 具 有 成 本 效 益 的 方 案 , 能 解 决 电 源 间 歇 性 的 问 题 。 同 时 , 在 必 要 时 使 用 储 存 在 电 动 车 电 池 内 的 电 源 , 车 主 或 也 能 获 得 一 笔 费 用 。 新 能 源 集 团 总 裁 黄 天 源 说 : “ 作 为 全 国 电 网 的 经 营 者 , 我 们 必 须 建 造 可 靠 、 智 能 的 电 网 , 以 确 保 我 们 的 电 源 系 统 能 应 付 日 后 因 使 用 电 动 车 , 所 带 来 的 负 荷 增 加 。 为 推 动 可 持 续 性 的 能 源 , 我 们 也 积 极 投 资 并 使 用 智 能 能 源 方 案 , 加 强 电 网 使 用 可 再 生 能 源 的 能 力 。”

Free N95 masks in kits for every home BY ADRIAN LIM E VERY household here will receive three N95 face masks, as part of a nation-wide push to get individuals to think about being prepared for emergencies, such as haze crises and flu pandemics. The 3M brand foldable masks are packed in a “Stay Prepared” kit that will also contain instructions in four languages on how to put them on, and useful emergency contact numbers. A total of 1.2 million kits will be delivered to homes between today and next Monday. The initiative is led by Temasek Cares, a non-profit philantrophic arm under Temasek Holdings, in partnership with Singapore Power and Singapore Post. Temasek Cares will be pumping in $4 million from its $40 million war chest, called the Temasek Emergency Preparedness Fund, for the mask distribution programme. The fund was set up earlier this year to help Singaporeans prepare and deal with emergencies. Last month, a $1.5 million project to train 60 therapists to help children deal with traumatic situations, such as accidents, was also launched. Richard Magnus, chairman of Temasek Cares, said the kits will give households an “initial stock” of masks to encourage them to plan their own contingencies. “It’s a habit of mind we want to prompt... Last June, there was a severe haze that impacted Singapore... we need to be prepared,” said Mr Magnus. The Asean Specialised Meteorological Centre expects this year’s haze to be worse than last year’s. This is because of lower than usual rainfall expected from now till October in parts of the region and the El Nino weather pattern, which is linked to drought, said reports. Being prepared earlier will also prevent a repeat of last June, when people scrambled to stock up on face masks. An additional 17,000 kits will also be delivered to over 140 charity homes, and another 300,000 have been prepared on standby for needy families. Mary Abishagam, 57, a senior administrative assistant with Singapore Power, said she will be volunteering an extra three hours every day, on top of her regular work, to help pack the kits for delivery. “It’s going to be challenging, but we will manage... We are getting people prepared and not many people have thought of keeping masks in their homes,” she said cheerily. Members of the public who wish to get more information about the delivery of the kits can call a hotline, 1800-738-2000, from today until May 24, between 8am and 8pm daily. adrianl@sph.com.sg

__________________________________________________________________________________ SPSRM User Guide __________________________________________________________________________________ (Version 1.04, Apr 2022) S SRM User Guide Version 1.04 (Apr 2022) TABLE OF CONTENTS 1. GENERAL INFORMATION .................................................................................................. 5 1.1. Purpose of User Guide ............................................................................................ 5 1.2. SPSRM Portal URL ................................................................................................... 5 1.3. Contact Us .............................................................................................................. 5 2. SYSTEM REQUIREMENTS .................................................................................................. 6 3. IMPORTANT POINTS TO NOTE .......................................................................................... 7 3.1. Avoid last minute submissions ................................................................................ 7 3.2. Do NOT log in at multiple locations with a User ID ................................................... 7 3.3. Always close ALL browser windows after logging out of SRM ................................... 7 3.4. Updating document content (Refresh) .................................................................... 7 3.5. Avoid use of browser’s Close button ....................................................................... 8 3.6. Verify Transaction was successful............................................................................ 9 3.7. System messages .................................................................................................... 9 3.7.1. Error messages .................................................................................................... 9 3.7.2. Warning messages ............................................................................................ 10 3.7.3. Informational messages .................................................................................... 10 4. ACCESS & LOGON ........................................................................................................... 11 4.1. Accessing the Portal .............................................................................................. 11 4.1.1. Direct with SPSRM URL ..................................................................................... 11 4.1.2. From SP Group Corporate website ................................................................... 11 4.2. Log in to the SRM Portal ....................................................................................... 12 5. SUPPLIER SELF-SERVICE .................................................................................................. 13 5.1. Account Types ...................................................................................................... 13 5.1.1. Authorised Representative ............................................................................... 13 5.1.2. Contact Person .................................................................................................. 13 5.1.3. Summary of Authorised Representative and Contact Person Privileges .......... 13 5.2. Self-Service Activities ............................................................................................ 14 5.2.1. Company Data ................................................................................................... 15 5.2.2. Create User [Restricted to Authorised Representative] ................................... 17 5.2.3. Find User [Restricted to Authorised Representative] ....................................... 19 5.2.4. Own Data .......................................................................................................... 25 5.3. Forgot User ID ...................................................................................................... 25 Page 2 of 78 S SRM User Guide Version 1.04 (Apr 2022) 5.3.1. Authorised Representative Account ................................................................. 25 5.3.2. Contact Person Account .................................................................................... 25 5.4. Forgot Password / Reset Password ........................................................................ 26 5.4.1. Before registration of MFA device .................................................................... 27 5.4.2. After registration of MFA device....................................................................... 28 6. VIEW OPPORTUNITIES .................................................................................................... 30 6.1. Before Logging In .................................................................................................. 30 6.1.1. Display List of Public RFx ................................................................................... 30 6.1.2. Display RFx’s Eligibility and Site Showround ..................................................... 31 6.2. After Logging In .................................................................................................... 33 7. DISPLAYING RFX ............................................................................................................. 34 7.1. RFx Overview ....................................................................................................... 34 7.1.1. Active Queries ................................................................................................... 34 7.1.2. Quick Criteria Maintenance .............................................................................. 35 7.1.3. RFx List Area ...................................................................................................... 36 7.2. Display RFx document ........................................................................................... 38 7.2.1. Display RFx: Method 1 ...................................................................................... 38 7.2.2. Display RFx: Method 2 ...................................................................................... 39 7.3. Understanding RFx/RFx Response Interface .......................................................... 40 7.4. Register Interest & Indicate Participation Intent .................................................... 41 7.4.1. Register Interest ................................................................................................ 41 7.4.2. Indicate Participation Intent ............................................................................. 42 7.5. RFx Header tabs .................................................................................................... 43 7.5.1. RFx Information tab .......................................................................................... 43 7.5.2. RFx Items tab ..................................................................................................... 43 7.5.3. Notes and Attachments tab .............................................................................. 45 8. RFX RESPONSE – CREATE/SAVE/SUBMIT/EDIT/DELETE/WITHDRAW ................................ 47 8.1. Create RFx Response ............................................................................................. 47 8.1.1. Method 1: At RFx Overview .............................................................................. 47 8.1.2. Method 2: From RFx ......................................................................................... 49 8.2. Save vs Submit RFx Response ................................................................................ 51 8.2.1. Save RFx Response ............................................................................................ 51 8.2.2. Submit RFx Response ........................................................................................ 52 8.3. Edit RFx Response ................................................................................................. 54 Page 3 of 78 S SRM User Guide Version 1.04 (Apr 2022) 8.4. Delete RFx Response............................................................................................. 55 8.5. Withdraw RFx Response ....................................................................................... 57 9. RFX RESPONSE – ENTERING DATA ................................................................................... 60 9.1. Information tab .................................................................................................... 60 9.2. Items tab .............................................................................................................. 61 9.2.1. Enter Price/Selection of Reason for 0.00 value response ................................. 61 9.2.2. Add Item ............................................................................................................ 67 9.2.3. Delete Item ....................................................................................................... 73 9.3. Notes and Attachments tab .................................................................................. 74 9.3.1. Notes ................................................................................................................. 74 9.3.2. Attachments ...................................................................................................... 75 Page 4 of 78 S SRM User Guide Version 1.04 (Apr 2022) 1. GENERAL INFORMATION SPSRM refers to SP Supplier Relationship Management System, a structured electronic system operated by SP Group via the Internet which facilitates the procurement of goods and/or services by SP Group through electronic means. __________________________________________________________________________________ 1.1. PURPOSE OF USER GUIDE This Guide is intended to guide SPSRM Suppliers on the following: • Logging in to SPSRM • Supplier Self-Service • Display opportunities • Bid submission __________________________________________________________________________________ 1.2. SPSRM PORTAL URL URL to SPSRM Portal: https://srm.spgroup.com.sg __________________________________________________________________________________ 1.3. CONTACT US If you have any enquiries, please contact us at: SRM Support Telephone: 65 6916 8839 E-mail address: srmsupport@spgroup.com.sg Operating hours (Singapore Time): - Mon to Fri: 8:30am to 12:30pm; 1:30pm to 5:00pm - Closed on Sat, Sun & Public Holidays __________________________________________________________________________________ Page 5 of 78 S SRM User Guide Version 1.04 (Apr 2022) 2. SYSTEM REQUIREMENTS The following are required to access and perform activities on SPSRM portal. • Internet connection • Computer with the following web browser: o Windows Operating System: Chrome or Edge o Mac Operating System: Safari • Browser settings: o Pop-up blocker must be disabled/turned off o Zoom is set to 100% Page 6 of 78 S SRM User Guide Version 1.04 (Apr 2022) 3. IMPORTANT POINTS TO NOTE 3.1. AVOID LAST MINUTE SUBMISSIONS Suppliers are encouraged to familiarise themselves with the SPSRM System when they are granted access by way of a User ID and password. Early bid submissions are strongly encouraged. Last minute submissions may induce panic and this increases risk of failure to submit on time. Moreover, if Suppliers encounter any issues while submitting their bids and need to seek our assistance (Contact Us), there may not be sufficient time for us to provide help. Bid submissions after the submission deadline will not be accepted. __________________________________________________________________________________ 3.2. DO NOT LOG IN AT MULTIPLE LOCATIONS WITH A USER ID Do not log in at multiple locations* with a User ID at the same time. *The following are examples of multiple locations login: e.g.1: At two or more computers and logged in at all respective computers’ browser e.g.2: On a single computer but logged in at two or more different browsers (e.g. Chrome and Safari) Multiple logins with a single User ID may trigger the security feature to lock down the User ID, preventing activities within SPSRM. The time-out for the User ID to be unlocked may take up to 15 minutes from the last activity performed with the User ID. __________________________________________________________________________________ 3.3. ALWAYS CLOSE ALL BROWSER WINDOWS AFTER LOGGING OUT OF SRM Suppliers are recommended to close all browser windows after logging out of SRM. This will ensure the session’s cookies/cache is fully cleared. __________________________________________________________________________________ 3.4. UPDATING DOCUMENT CONTENT (REFRESH) The Refresh button may be used to update content in a particular area or the entire document. For faster update processing, it is recommended to use the Refresh button if it is available within the window (avoid using the browser’s refresh function). The Refresh button may be displayed in icon or in text: __________________________________________________________________________________ Page 7 of 78 S SRM User Guide Version 1.04 (Apr 2022) 3.5. AVOID USE OF BROWSER’S CLOSE BUTTON Note: Use the browser’s Close button only if there is no Close button within the window. Using the browser’s Close button may terminate the system’s processing prematurely. As the processing was interrupted, the system may not recognise the activity has been completed and this will lock the SPSRM document that was closed with the browser’s Close button. It may take up to 15 minutes for the lock to time out. To prevent this, use the Close button within the window if available. The pop-up box on the right will be displayed in two scenarios: i. The document in edit mode is already opened in another browser window. Solution: Check through the browser windows for the same document and continue with the required activities at that window. ii. The document was previously closed with the browser’s Close button. Solution: Check that there was no other opened browser window for the document. If so, wait for 15 minutes for the lock to time out before proceeding with the required activities again. __________________________________________________________________________________ Page 8 of 78 S SRM User Guide Version 1.04 (Apr 2022) 3.6. VERIFY TRANSACTION WAS SUCCESSFUL To detect unexpected error/failure, for important transactions, please verify the transaction was successful. For example: Response submission, please refresh the RFx List and check that the Response Number column against the RFx has a number and the Response Status is “Submitted”. Successful submissions will have RFx Response number with “Submitted” status __________________________________________________________________________________ 3.7. SYSTEM MESSAGES System messages are displayed at the top of the screen. __________________________________________________________________________________ 3.7.1. Error messages Error messages are indicated with the red icon . All errors in the document must be resolved before submission is allowed. Example of error message __________________________________________________________________________________ Page 9 of 78 S SRM User Guide Version 1.04 (Apr 2022) 3.7.2. Warning messages Warning messages are indicated with the yellow icon . The warning message is an alert to check the areas indicated. Please review/check the areas indicated and proceed if no issues found. Submission is allowed regardless the presence of warning message(s). Example of warning message __________________________________________________________________________________ 3.7.3. Informational messages Informational messages are indicated with the green icon . This is for information which requires no action to be taken. Example of informational message __________________________________________________________________________________ Page 10 of 78 S SRM User Guide Version 1.04 (Apr 2022) 4. ACCESS & LOGON 4.1. ACCESSING THE PORTAL 4.1.1. Direct with SPSRM URL SPSRM Portal may be accessed directly with URL https://srm.spgroup.com.sg. __________________________________________________________________________________ 4.1.2. From SP Group Corporate website Alternatively, go to SP Group Corporate website with URL https://www.spgroup.com.sg. At the homepage, click on Login. At the pop-up box, click on Supplier Relationship Management System (SRM). The SPSRM Portal will be displayed in a separate window/tab (depending on your browser settings). Page 11 of 78 S SRM User Guide Version 1.04 (Apr 2022) 4.2. LOG IN TO THE SRM PORTAL With effect from 21 March 2022, the mandatory Multi-Factor Authentication (MFA) has been enabled for login to SRM portal. All Users must be authenticated with their password and the passcode generated from their registered mobile device before they can be logged in to the SRM portal. Refer to the SPSRM MFA User Guide or the SPSRM MFA Quick Start Guide available at https://www.spgroup.com.sg/resources?page=1&category=Procurement __________________________________________________________________________________ Page 12 of 78 S SRM User Guide Version 1.04 (Apr 2022) 5. SUPPLIER SELF-SERVICE 5.1. ACCOUNT TYPES There are two account types for SRM: Authorised Representative; Contact Person. For each entity, only one (1) Authorised Representative account is issued (refer to SPSRM Supplier Registration Guide for details on the registration process). The maximum number of Contact Person accounts allowed for each entity is ninety-nine (99). __________________________________________________________________________________________ 5.1.1. Authorised Representative The Authorised Representative is assigned with Administrator rights to perform the following activities in SPSRM System: • Maintain Company Data (Product Category selection) • Create Contact Person Account • Maintain Contact Person Data (Name, Phone/Fax Numbers, E-mail Address) • Lock / Unlock Contact Person Account • View RFx • RFx Response related activities (e.g. Create, Submit, etc) Note: Please Contact Us if there are updates needed to the Company Data (e.g. address change) or to the Authorised Representative (e.g. change of Authorised Representative’s particulars). __________________________________________________________________________________________ 5.1.2. Contact Person Contact Person Account is a non-Administrator role which will only have basic rights such as display Company/Own Data and bidding activities (e.g. View RFx, RFx Response related activities). __________________________________________________________________________________________ 5.1.3. Summary of Authorised Representative and Contact Person Privileges Activity Description Reset Own Password Create Contact Person Account Display Company Data Edit Company Data: Product Category Edit Company Data: Company Details, Address Data, Contact Data Display Own Data Edit Own Data Display Other Contact Person Data Edit Other Contact Person Data Lock/Unlock Contact Person Account Display RFx Create/Display/Edit RFx Response Authorised Representative Account Contact Person Account Page 13 of 78 S SRM User Guide Version 1.04 (Apr 2022) 5.2. SELF-SERVICE ACTIVITIES Suppliers may experience a pop-up at the bottom of the screen for allowing an add-on. Please note that this add-on is NOT REQUIRED for SRM. Suppliers may click on the grey “X” to close the pop-up notice whenever it appears. Note: If the add-on was allowed and enabled, Suppliers may experience a time lag of up to 10 seconds when navigating between the links/performing activities under the Supplier Data tab. Page 14 of 78 S SRM User Guide Version 1.04 (Apr 2022) 5.2.1. Company Data Company data pertaining to address and contact details cannot be changed by the Authorised Representative. Please Contact Us if there are updates needed to the Company Data (e.g. address change). The data under Company Details, Address Data and Contact Data cannot be edited. Page 15 of 78 S SRM User Guide Version 1.04 (Apr 2022) Scroll down the page to view the Product Categories section. Selection updates can only be done by the Authorised Representative. Notifications will be sent to the Authorised Representative’s e-mail address when there are opportunities published that matches the selected category. Page 16 of 78 S SRM User Guide Version 1.04 (Apr 2022) __________________________________________________________________________________________ 5.2.2. Create User [Restricted to Authorised Representative] This allows the Authorised Representative to create the Contact Person. The User ID and password will be sent to the Contact Person’s e-mail address upon successful creation. Page 17 of 78 S SRM User Guide Version 1.04 (Apr 2022) Page 18 of 78 S SRM User Guide Version 1.04 (Apr 2022) 5.2.3. Find User [Restricted to Authorised Representative] Administrative maintenance (update Contact Person data; lock/unlock Contact Person) of Contact Person accounts may be done using this function. Page 19 of 78 S SRM User Guide Version 1.04 (Apr 2022) Status User Status: Active User Status: Inactive Lock Status: Locked Lock Status: Not Locked What it means User has successfully logged in to SPSRM User has never logged in to SPSRM since creation of User User has been locked and cannot log into SPSRM User can log in to SPSRM and perform RFx related activities Page 20 of 78 S SRM User Guide Version 1.04 (Apr 2022) 5.2.3.1. Display Selected Contact Person’s details Page 21 of 78 S SRM User Guide Version 1.04 (Apr 2022) 5.2.3.2. Edit Selected Contact Person’s details Page 22 of 78 S SRM User Guide Version 1.04 (Apr 2022) 5.2.3.3. Lock/Unlock selected Contact Person Contact Person accounts that are no longer active may be locked. The locked Contact Person account will not be able to log into the SRM portal. A locked Contact Person account may be unlocked any time by clicking on the Unlock button. Lock Contact Person Page 23 of 78 S SRM User Guide Version 1.04 (Apr 2022) Unlock Contact Person Page 24 of 78 S SRM User Guide Version 1.04 (Apr 2022) 5.2.4. Own Data Authorised Representatives/Contact Persons may view their own details here. Please Contact Us if there are updates needed to the Authorised Representative’s data (e.g. change of e-mail address). Contact Person’s data may be updated by the Authorised Representative. Please refer to 5.2.3.2 Edit Selected Contact Person’s details. __________________________________________________________________________________________ 5.3. FORGOT USER ID 5.3.1. Authorised Representative Account Please send e-mail to srmsupport@spgroup.com.sg with the Authorised Representative’s e-mail address containing: E-mail Subject E-mail Content Request for Authorised Representative’s User ID Full Company Name: [Supplier to insert] Company’s Unique Entity Number: [Supplier to insert] Authorised Representative’s Name: [Supplier to insert] Note: Please Contact Us at our hotline if you are in urgent need of the User ID. __________________________________________________________________________________________ 5.3.2. Contact Person Account Please approach your Authorised Representative to obtain your Contact Person User ID. Authorised Representative account possesses administrator rights to retrieve all Contact Persons created for the Company. Please refer to 5.2.3 Find User. Page 25 of 78 S SRM User Guide Version 1.04 (Apr 2022) 5.4. FORGOT PASSWORD / RESET PASSWORD MFA Registration This website is best experienced on Chrome or Edge or Safari Page 26 of 78 S SRM User Guide Version 1.04 (Apr 2022) Sample of password reset email __________________________________________________________________________________________ 5.4.1. Before registration of MFA device Proceed to MFA registration page at https://srm.spgroup.com.sg/otp. 1 Enter User ID 3 Click Log On button 2 Enter password indicated in the email Page 27 of 78 S SRM User Guide Version 1.04 (Apr 2022) Prompt to change password. User will be logged in to the MFA registration screen once the password is successfully changed. User may proceed to set up the mobile device. Once mobile is successfully set up, User can log in to SRM portal with the password and passcode (generated from the SAP Authenticator App on the mobile device). 1 Enter password indicated in the email 3 Click Change button to confirm password 2 Enter password of your choice. Repeat the password at Confirm Password __________________________________________________________________________________________ 5.4.2. After registration of MFA device Proceed to SRM login at https://srm.spgroup.com.sg. 2 Enter password indicated in the email Page 28 of 78 S SRM User Guide Version 1.04 (Apr 2022) Prompt to enter the PASSCODE from the SAP Authenticator App on the registered mobile device. 1 Enter passcode generated from the SAP Authenticator App on the registered mobile device 2 Click on Log On button Prompt to change password. User will be logged in to the SRM portal once the password is successfully changed. 1 Enter password indicated in the email __________________________________________________________________________________ Page 29 of 78 S SRM User Guide Version 1.04 (Apr 2022) 6. VIEW OPPORTUNITIES Opportunities are referred to as “RFx” (Request For x). Header Name What it means 1. Event Number RFx reference number 2. Event Description Description of the purchase 3. Start Date / Start Time Date and time the RFx was published 4. End Date / End Time Closing date and time of the RFx (Submission Deadline) __________________________________________________________________________________ 6.1. BEFORE LOGGING IN Suppliers may display all active public opportunities prior to logging in. Note: Public viewing of RFx details (i.e. before logging in to the portal with User ID) is limited to the Site Showround and Eligibility. 6.1.1. Display List of Public RFx Enter this URL in the browser’s address field: https://srm.spgroup.com.sg/irj/portal/anonymous Page 30 of 78 S SRM User Guide Version 1.04 (Apr 2022) ____________________________________________________________________________________________________ 6.1.2. Display RFx’s Eligibility and Site Showround Page 31 of 78 S SRM User Guide Version 1.04 (Apr 2022) Example of Site Showround pop-up box displaying the RFx’s site showround details: Example of Eligibility pop-up box displaying the RFx’s eligibility details: Page 32 of 78 S SRM User Guide Version 1.04 (Apr 2022) 6.2. AFTER LOGGING IN After logging in, Suppliers will be able to display all details of RFxs. Note: RFxs that have closed (i.e. Submission Deadline already over) will only be displayed if Suppliers had saved/submitted RFx Response for the RFx. MFA Registration This website is best experienced on Chrome or Edge or Safari RFx Overview screen will be displayed after clicking on the RFx tab. The Overview screen displays the list of RFxs. Page 33 of 78 S SRM User Guide Version 1.04 (Apr 2022) From Section 7 onwards, Suppliers must be logged in to SPSRM for the functions to be available 7. DISPLAYING RFX 7.1. RFX OVERVIEW __________________________________________________________________________________ 7.1.1. Active Queries The query is defaulted to eRFxs All. All Published Ended Completed All queries under eAuctions Lists all RFxs (Published, Ended and Completed) Lists active RFxs (i.e. submission deadline not over) Lists RFxs which submission deadline is over (must have RFx Response created) Lists RFxs which submission deadline is over (must have RFx Response created with Event Status: Transaction Completed Not applicable Page 34 of 78 S SRM User Guide Version 1.04 (Apr 2022) 7.1.2. Quick Criteria Maintenance This is an optional feature which allows Supplier to further filter RFxs based on the criteria selection. Note: Event Status is the same function as 7.1.1 Active Queries Suppliers are recommended to use the following Search Criteria: Event Number Deadline Date Flag Status (of RFx Response) Enter RFx Reference Number. It should be 10 characters in length. Wildcard search is possible by including asterisks (e.g. QO118*). Possible selections: • Today: Lists RFxs ending on the current date • Next 7 Days: Lists RFxs ending within the next 7 days • Next 30 Days: Lists RFxs ending within the next 30 days • Next 90 Days: Lists RFxs ending within the next 90 days • Next 12 Month: Lists RFxs ending within the next 12 months Possible selections: • Saved: Lists RFxs with RFx Response having Saved status • Bid Submitted: Lists RFxs with RFx Response having Submitted status • Bid Rejected: Lists RFxs with RFx Response having Rejected status • Bid Accepted: Lists RFxs with RFx Response having Accepted status • Transaction Completed: Lists RFxs with RFx Response having Transaction Completed status • Deleted: Not applicable • Bid returned: Not applicable Page 35 of 78 S SRM User Guide Version 1.04 (Apr 2022) 7.1.3. RFx List Area For better visibility, the RFx List Area will be presented in two parts. Part 1 Note: Other than Refresh and Export buttons, the rest of the buttons will become active only when RFx is selected Button Action A new window will pop-up displaying the RFx Response window in edit mode Note: This action is only active if there is NO existing RFx Response created for the selected RFx (i.e. Response Number field does not contain any RFx Response Number) A new window will pop-up displaying the selected RFx A new window will pop-up displaying the RFx Response window in display mode Note: This action is only active if there is existing RFx Response created for the selected RFx (i.e. Response Number field contains RFx Response Number) Generates a pdf extract of the Response Note: This action is only active if there is existing RFx Response created for the selected RFx (i.e. Response Number field contains RFx Response Number) Refreshes the RFx listing Exports the current listing of RFxs into an excel file Header Name Event Number Event Description Event Status Start Date End Date Response Number What it means RFx reference number Description of the purchase Status of RFx Date the RFx was published Closing date of the RFx (Submission Deadline) Supplier’s RFx Response reference number (e.g. 62xxxxxxxx) Note: This field will be empty unless RFx Response has been created and saved and/or submitted Page 36 of 78 S SRM User Guide Version 1.04 (Apr 2022) Part 2 Header Name Response Status Event Version Response Version Q&A Start Time End Time RFx Long Description What it means Status of RFx Response RFx version (i.e. number of changes to RFx) RFx Response version (i.e. number of changes to RFx Response) Not applicable Time the RFx was published Closing time of the RFx (Submission Deadline) Detailed description of the purchase Note: It is possible for this field to be blank if detailed description is unnecessary for the RFx Page 37 of 78 S SRM User Guide Version 1.04 (Apr 2022) 7.2. DISPLAY RFX DOCUMENT 7.2.1. Display RFx: Method 1 Page 38 of 78 S SRM User Guide Version 1.04 (Apr 2022) 7.2.2. Display RFx: Method 2 Page 39 of 78 S SRM User Guide Version 1.04 (Apr 2022) 7.3. UNDERSTANDING RFX/RFX RESPONSE INTERFACE RFx and RFx Response are presented in a similar layout as detailed below: 1. Document Description - Document Mode: Display or Edit - Document Type: RFx or RFx Response 2. Header Buttons Buttons for activities relating to the document are displayed here 3. Header Document Info Provides a brief of key information (e.g. RFx Number, Submission Deadline, etc) 4. Header tabs Tab separators for different Header areas 5. Item tabs Tab separators for different area of Item details 1. Document Description 2. Header Buttons 3. Header Document Info 4. Header tabs 5. Item tabs Items tab: Click on Details button or Line Number hyperlink to display the Item Details area Item overview table Display Item Details: Click Details or Line Number hyperlink Page 40 of 78 S SRM User Guide Version 1.04 (Apr 2022) 7.4. REGISTER INTEREST & INDICATE PARTICIPATION INTENT 7.4.1. Register Interest • Registration is only applicable for public RFxs; not required for closed RFxs • Registration is mandatory before a RFx Response can be created for public RFxs Suppliers who have registered interest for a RFx will be kept informed of updates (if any) to the RFx. The e-mail notification will be sent to the e-mail address of the User ID used in the RFx registration. Page 41 of 78 S SRM User Guide Version 1.04 (Apr 2022) 7.4.2. Indicate Participation Intent Suppliers may indicate their participation intent at the RFx. The selected participation intent may be changed any time before the RFx’s submission deadline. Example: Supplier is interested to submit a Response, clicks on the Participate button. Subsequently, due to some reason, Supplier is now unable to submit a Response. Therefore, Supplier displays the RFx and clicks on the Do Not Participate button to change participation intent. Page 42 of 78 S SRM User Guide Version 1.04 (Apr 2022) 7.5. RFX HEADER TABS 7.5.1. RFx Information tab RFx information tab contains vital information pertaining to the RFx. Suppliers are reminded to take note of the dates stated herein when preparing for the RFx Response submission. Note: For avoidance of doubt, all date and time displayed are subject to Supplier’s computer’s Time Zone in the Date and Time settings. Singapore time zone is displayed with UTC+8. __________________________________________________________________________________ 7.5.2. RFx Items tab RFx Items tab contains item(s) which will be copied over to the RFx Response. Supplier will need to enter the applicable rate/price for the item. Note: For certain RFxs (e.g. Offer is to be made in Percentage Variation on the established Schedule of Rates/Prices; etc), Suppliers may be required to enter a mock value of S$1.00 in order to submit the RFx Response. Page 43 of 78 S SRM User Guide Version 1.04 (Apr 2022) Page 44 of 78 S SRM User Guide Version 1.04 (Apr 2022) 7.5.3. Notes and Attachments tab __________________________________________________________________________________ 7.5.3.1. Notes Notes contains Site showround/Briefing Detail and Tender Eligibility. To display either of the notes, click on the relevant note’s hyperlink to view the complete details. Page 45 of 78 S SRM User Guide Version 1.04 (Apr 2022) __________________________________________________________________________________ 7.5.3.2. Attachments The RFx Documents (e.g. Specifications; Schedules; Conditions of Contract; etc) will be available for download under this section. Page 46 of 78 S SRM User Guide Version 1.04 (Apr 2022) 8. RFX RESPONSE – CREATE/SAVE/SUBMIT/EDIT/DELETE/WITHDRAW To respond to a RFx, RFx Response must be submitted. The RFx Response allows Suppliers to enter their offer and upload attachments. 8.1. CREATE RFX RESPONSE • Supplier must have already registered interest for the RFx to be able to see the “Create Response” button (See 7.4.1) • “Create Response” button is available only within the Submission Deadline date and time 8.1.1. Method 1: At RFx Overview Page 47 of 78 S SRM User Guide Version 1.04 (Apr 2022) Page 48 of 78 S SRM User Guide Version 1.04 (Apr 2022) 8.1.2. Method 2: From RFx Page 49 of 78 S SRM User Guide Version 1.04 (Apr 2022) __________________________________________________________________________________ Page 50 of 78 S SRM User Guide Version 1.04 (Apr 2022) 8.2. SAVE VS SUBMIT RFX RESPONSE 8.2.1. Save RFx Response RFx Response may be saved any time after the creation. RFx Response in “Saved” status is a draft version which is only available to the Supplier; SP Group will not be able to receive/view it. • RFx Response in “Saved” status is a draft version which is viewable only by Supplier; SP Group will not be able to receive/view the RFx Response • Saving is possible only within the Submission Deadline date and time After a RFx Response is created (see 8.1) or edited (see 8.3), Supplier may save it any time by clicking the Save button. This allows the changes/updates to the RFx Response thus far to be saved and Supplier may edit the saved RFx Response any time as long as it’s done before the Submission Deadline. Note: Suppliers are encouraged to save their edits to the RFx Response to prevent any loss due to system time-out (occurs when there’s inactivity of 15 mins) or disruption to internet connectivity. Page 51 of 78 S SRM User Guide Version 1.04 (Apr 2022) 8.2.2. Submit RFx Response RFx Response must be submitted prior to the Submission Deadline for SP Group to receive and view the RFx Response after the Submission Deadline. • Supplier MUST submit their RFx Response so that after the Submission Deadline, SP Group is able to receive and view the RFx Response • No one other than Supplier is able to view their RFx Response (in any status) before the Submission Deadline • Submission is possible only within the Submission Deadline date and time Once Supplier is satisfied with the RFx Response and ready to submit it, click on the Submit button. Page 52 of 78 S SRM User Guide Version 1.04 (Apr 2022) If the RFx Response was previously saved, the Submit button is available only when the RFx Response is in the edit mode (i.e. click the Edit button). Page 53 of 78 S SRM User Guide Version 1.04 (Apr 2022) 8.3. EDIT RFX RESPONSE • There must be an existing RFx Response to edit it • RFx Response with “Submitted” status may be edited (before Submission Deadline) but the updated RFx Response must be submitted again • Edit is possible only within the Submission Deadline date and time Page 54 of 78 S SRM User Guide Version 1.04 (Apr 2022) 8.4. DELETE RFX RESPONSE Suppliers may use this function (before the Submission Deadline) to delete a RFx Response that is no longer required. • Delete is available for RFx Response that was not submitted (i.e. RFx Response does not have any prior active version in “Submitted” status) • Deletion is possible only within the Submission Deadline date and time Page 55 of 78 S SRM User Guide Version 1.04 (Apr 2022) __________________________________________________________________________________ Page 56 of 78 S SRM User Guide Version 1.04 (Apr 2022) 8.5. WITHDRAW RFX RESPONSE Suppliers may use this function (before the Submission Deadline) to retract their RFx Response if they are no longer able to offer the goods/services. When the RFx Response is in the “Withdrawn” status, SP Group will not be able to view Supplier’s RFx Response nor any of the attachment(s) in it. • Withdraw can only be done for RFx Response that was submitted • Withdraw is possible only within the Submission Deadline date and time • Suppliers may re-submit RFx Response after withdraw, but it must be done within the Submission Deadline date and time Page 57 of 78 S SRM User Guide Version 1.04 (Apr 2022) Withdraw activities completed, this window may be closed. Re-submit RFx Response: Page 58 of 78 S SRM User Guide Version 1.04 (Apr 2022) __________________________________________________________________________________ Page 59 of 78 S SRM User Guide Version 1.04 (Apr 2022) 9. RFX RESPONSE – ENTERING DATA To submit an RFx Response, the key tabs for data entry are Information, Items and Notes and Attachments. The other tabs are for information purposes (e.g. Summary; Tracking) or not in use (e.g. Business Workspace; Business Attachments). 9.1. INFORMATION TAB Field Name Action required? 1. Currency This field will be in display mode if selection of foreign currency is not activated for the RFx. If foreign currency selection has been activated, Suppliers may select the required currency as available from the dropdown list. 2. Target Value of RFx Response Note: Currency should be left in Singapore Dollars if the RFx Response contains mix of various currencies (e.g. Item 1 offered in SGD, Item 2 offered in USD) No entry required from Supplier. Offer value should be completed in the Form of Base/Alternative Tender/Quotation, whichever applicable (available in the RFx Documents). Note: This field may not be visible for some RFxs 3. Terms of Payment No entry required and Supplier may disregard this field. Terms of Payment shall be as per specified in the Conditions of Contract (available in the RFx Documents). 4. Incoterm No entry required from Supplier. Incoterm (if applicable) shall be specified in Supplier’s bid document that should be uploaded under the Attachments section (see xxx). 5. Supplier’s Contact Person Data 6. Bidder Defect Liability Period Optional entry. Contact Person to be entered in event SP Group needs to contact Supplier on matters pertaining to the RFx. These fields are optional as the Contact Person and contact details may be specified in Supplier’s bid document that should be uploaded under the Attachments section (see xxx). This field is defaulted to the Defect Liability Period required by SP Group but it may be updated by the Supplier as required. Page 60 of 78 S SRM User Guide Version 1.04 (Apr 2022) 9.2. ITEMS TAB Item(s) is/are copied over from the RFx upon creation of the RFx Response. Suppliers are required to enter their offer rate(s)/price(s) for the item(s). Note: For certain RFxs (e.g. Offer is to be made in Percentage Variation on the established Schedule of Rates/Prices; etc), Suppliers may be required to enter a mock value of S$1.00 in order to submit the RFx Response. __________________________________________________________________________________ 9.2.1. Enter Price/Selection of Reason for 0.00 value response 9.2.1.1. Material Material Items can be identified by this icon under the “Line Number” column. i. Foreign Currency selection DEACTIVATED Item Overview table: Unit Rate/Price may be entered in the “Price” field for the item. OR Page 61 of 78 S SRM User Guide Version 1.04 (Apr 2022) Item Data tab: Unit Rate/Price may be entered in the “Price” field for the item. For selection of the reason for 0.00 value, scroll down the window, it will be available below the Delivery Days field: Page 62 of 78 S SRM User Guide Version 1.04 (Apr 2022) ii. Foreign Currency selection ACTIVATED Item Overview table: Entry of Unit Rate/Price is not allowed. Page 63 of 78 S SRM User Guide Version 1.04 (Apr 2022) __________________________________________________________________________________ 9.2.1.2. Service (under Outline) Under the “Line Number” column: - Outline Items identified by this icon . Price cannot be entered for Outline Items. - Service Items identified by this icon . Price must be entered at Service Items. Page 64 of 78 S SRM User Guide Version 1.04 (Apr 2022) __________________________________________________________________________________ i. Foreign Currency selection DEACTIVATED Item Overview table: Unit Rate/Price may be entered in the “Price” field for the Service Item. Item Data tab: Unit Rate/Price may be entered in the “Price” field for the Service Item. OR Page 65 of 78 S SRM User Guide Version 1.04 (Apr 2022) __________________________________________________________________________________ ii. Foreign Currency selection ACTIVATED Item Overview table: Entry of Unit Rate/Price is not allowed. Page 66 of 78 S SRM User Guide Version 1.04 (Apr 2022) __________________________________________________________________________________ 9.2.2. Add Item • If the “Add New” button in the RFx Response is inactive, this function is not available 9.2.2.1. Add New Item This function may be used to add new items into the RFx Response. Page 67 of 78 S SRM User Guide Version 1.04 (Apr 2022) __________________________________________________________________________________ 9.2.2.2. Add Alternative Item This function may be used to add alternative items to SP Group Buyer’s created items into the RFx Response. E.g. Supplier offers value “1.00” for Item A and there is an alternative offer for Item A at “0.90”. Use this function to add the alternative “0.90” offer for Item A. Page 68 of 78 S SRM User Guide Version 1.04 (Apr 2022) __________________________________________________________________________________ Page 69 of 78 S SRM User Guide Version 1.04 (Apr 2022) 9.2.2.3. Add Substitute Item This function may be used to add substitute items to SP Group Buyer’s created items into the RFx Response. E.g. Supplier has no offer for Item A, however, there is a substitution item which may function the same as Item A at “1.00”. Use this function to add the substitute item at “1.00” offer for Item A. Page 70 of 78 S SRM User Guide Version 1.04 (Apr 2022) __________________________________________________________________________________ 9.2.2.4. Add Supplement Item This function may be used to add supplement items to SP Group Buyer’s created items into the RFx Response. E.g. Supplier has offer for Item A and in addition to that, there are supplementary items which SP Group Buyer may wish to consider along with Item A. Use this function to add the supplementary item for Item A. Page 71 of 78 S SRM User Guide Version 1.04 (Apr 2022) __________________________________________________________________________________ Page 72 of 78 S SRM User Guide Version 1.04 (Apr 2022) 9.2.3. Delete Item Only items added by Suppliers may be deleted. __________________________________________________________________________________ Page 73 of 78 S SRM User Guide Version 1.04 (Apr 2022) 9.3. NOTES AND ATTACHMENTS TAB 9.3.1. Notes Suppliers may add remarks for their RFx Response using this function. However, Suppliers are encouraged to enter offer-related remarks in their proposal/write-up submission in the attachments. Page 74 of 78 S SRM User Guide Version 1.04 (Apr 2022) __________________________________________________________________________________ 9.3.2. Attachments • Maximum file size is limited to 20MB per file • Allowed file types: .bmp, .doc, .docx, .jpeg, .jpg, .ods, .odt, .pdf, .png, .ppt, .pptx, .rtf, .xls, .xlsx, .zip • Files encrypted with password cannot be uploaded • Suppliers are encouraged to zip up the files (not exceeding 20MB per zip file) for ease of upload Proposals, brochures, etc in softcopy may be added to the RFx Response under this section. 9.3.2.1. Add Attachment Page 75 of 78 S SRM User Guide Version 1.04 (Apr 2022) Page 76 of 78 S SRM User Guide Version 1.04 (Apr 2022) 9.3.2.2. Delete Attachment Page 77 of 78 S SRM User Guide Version 1.04 (Apr 2022) __________________________________________________________________________________ - End of Document - Page 78 of 78

Consumption_Elect Average consumption of Electricity (kWh) Premises Types Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 HDB 1-Room 127 142 152 147 145 143 146 144 135 126 126 132 150 152 149 140 151 148 139 142 128 127 121 119 HDB 2-Room 166 185 202 190 190 189 190 188 176 164 167 173 199 199 195 183 198 192 183 186 166 168 161 156 HDB 3-Room 242 270 288 271 272 269 274 269 247 236 241 250 292 285 277 264 283 277 266 266 243 238 231 231 HDB 4-Room 326 367 391 371 371 367 374 370 342 321 330 342 398 396 383 360 385 381 363 365 338 327 320 309 HDB 5-Room 381 428 456 437 434 427 437 436 401 367 381 399 463 466 448 416 447 446 427 429 397 379 374 359 HDB Executive 473 528 561 531 536 528 541 530 478 456 474 489 575 568 544 515 546 548 520 523 481 462 458 445 Apartment 465 543 585 546 514 515 537 541 483 430 435 486 578 573 543 500 513 539 523 519 486 446 419 417 Terrace 756 867 902 868 866 859 890 881 804 740 794 821 957 900 872 838 847 885 851 851 785 747 744 714 Semi-Detached 1,024 1,182 1,233 1,159 1,134 1,150 1,187 1,174 1,065 1,019 1,038 1,109 1,254 1,224 1,170 1,128 1,126 1,168 1,137 1,141 1,056 1,000 974 960 Bungalow 2,016 2,303 2,482 2,320 2,219 2,298 2,308 2,358 2,075 2,106 1,951 2,146 2,432 2,360 2,266 2,220 2,121 2,347 2,192 2,190 2,012 2,004 1,872 1,904

Gas Distribution Connection Forms Updated 1 Apr 25 Gas Distribution Connection Forms 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 FORM GD1 - APPLICATION FOR GAS DISTRIBUTION CONNECTION To: PowerGas Ltd c/o HOS (Gas Distribution Planning) SP PowerGrid Ltd Through Retailer ____________________________ Signature, Name & Designation of Retailer Representative ____________________________ Name of Retailer GAS CONNECTION TO: _______________________________________________________ (Project Name) _______________________________________________________ (Address of Gas Installation) I would like to apply for connection to the PowerGas’ gas distribution pipeline network for the above project. I hereby submit the following documents and certify that the information provided is correct: a. Consumer Project Data Sheet (GD1 Appendix 1). b. Location / site plan showing: i. The project site; ii. Proposed connection point(s), including the demarcation of the responsibility, PE end fittings at/from the connection point and any transition joint c. Location of Meter Installation & indicative pipe route from property boundary to the Meter Installation (Applicable for Natural Gas connections only). Name of Applicant : ______________________ Designation : ___________________________ Company : _____________________________ Signature/ Date: _________________________ GD1 (0425) GD1 Appendix 1 CONSUMER PROJECT DATA SHEET Consumer Information Project Name : Address of Premises / Development : Request Type : New supply connection / Retailer switch (NG only) * Consumption Information Type of Gas : Town Gas / Natural Gas * Consumer Type : Residential / Non-residential * Application of Gas : Co-Gen / Tri-Gen / Boiler / Cooking / Water Heating / Others * If Others, please specify : ___________________________ (NG only) Retailer Name : (NG only) Injection Point : Gas Consumption Duration per Day : Expected Gas Admittance Date : Gas Usage : 8 / 12 / 24 * hours or otherwise, please specify : ____________ If gas supply is meant for interim use (less than 5 yrs), please specify duration of gas usage in years : ____________ (DD/MM/YY) Delivery Pressure and Flowrate Year 1 mmBtu / year Year 2 mmBtu / year Applicable to NG projects only * Load profile Year 3 Year 4 Year 5 mmBtu / year mmBtu / year mmBtu / year Applicable to TG projects only * Design pressure of gas installation : Maximum Instantaneous Flowrate : Minimum Flowrate : Average Monthly Consumption : Maximum Instantaneous Flowrate : Sm 3 /hr Sm 3 /hr kWh/mth Sm 3 /hr barg Submitted by Applicant Confirmation by Retailer Name of Company : Name of Retailer : Name of Officer : Name of Officer : Designation : Designation : Date : Date : Signature : Signature : I agree with the above information provided by the applicant. Note : The above is for information purposes only. PowerGas may not be able and/or obliged to fulfil any of the above requirements. The minimum committed delivery pressure at the outlet of the GSIV 1barg (NG projects), 10kPa (TG LPB projects) and 1kPa (TG LP projects). However, the gas user may receive higher than the minimum committed pressure which is based on the prevailing network supply pressure. *Delete where applicable GD1 (0425) FORM GD2 - APPLICATION FOR ADMITTANCE OF GAS PowerGas Ltd c/o HOS (Gas Distribution Projects) SP PowerGrid Ltd Through Retailer _______________________________ Signature, Name & Designation of Retailer Representative ____________________________ Name of Retailer ________________________________________ (Project Name) ________________________________________ (Address of Premises / Development) (A) I, the Designated Representative (DR) of the above project, certify that, i. The gas installation from the GSIV up to the Meter Installation (excluding GSIV and Meter) is ready to receive gas. ii. iii. iv. The consumer internal pipe is not connected to the meter installation. I attached the following forms for your reference please: - GD2 Appendix 1 - “Certificate of Completion” - GD2 Appendix 2 - “Certificate of Final Pressure Test” All end points are capped / blanked / plugged off. v. I undertake to conduct Proof Test and submit GD3 immediately prior to the connection. - GD3 “Certificate of Proof Test” ____________________________ Signature and Stamp of DR / Date Name : _______________________________ PE / LGSW * No. : ______________________ ___________________________________________________________________________ (B) I hereby request for admittance of gas to the gas installation up to, but excluding, the Meter Installation on _______________. _____________________________ Signature of Applicant / Date Name : _____________________________ To the Retailer: This is to confirm gas admittance shall be carried out on ______________ (date) at _____________ (time). Please notify all relevant personnel to be present on site. Designation : ________________________ _____________________ SPPG Officer-in-charge GD2 (0425) CERTIFICATE OF COMPLETION GD2 Appendix 1 PowerGas Ltd c/o HOS (Gas Distribution Projects) SP PowerGrid Ltd Through Retailer _______________________________ Signature, Name & Designation of Retailer Representative ____________________________ Name of Retailer __________________________________________ (Project Name) ___________________________________________ (Address of Premises / Development) I, the Designated Representative (DR) of the above project, hereby certify that the Gas Installation for the above project from the GSIV up to the Meter Installation (excluding GSIV and Meter) have been designed and constructed in compliance with the requirements of the latest revision of the following, where applicable: • Gas Act (Cap 116A); • Gas (Supply) Regulations; • Gas Supply Code; • Singapore Standard, SS 608 – Code of Practice for gas Installation; • Other relevant code / standard : ______________________ • All relevant acts, regulations and rules which are applicable to the gas installation; • All statutory and relevant codes which are applicable to the gas installation; • All statutory requirements in government laws and relevant regulations of government departments. 2. The design pressure of the Gas Installation is __________ barg. ____________________________ Signature and Stamp of DR / Date Name : _______________________________ PE / LGSW * No. : ______________________ GD2 (0425) CERTIFICATE OF FINAL PRESSURE TEST GD2 Appendix 2 PowerGas Ltd c/o HOS (Gas Distribution Projects) SP PowerGrid Ltd Through Retailer _______________________________ Signature, Name & Designation of Retailer Representative ____________________________ Name of Retailer ___________________________________________ (Project Name) ___________________________________________ (Address of Premises / Development) 1. I, Designated Representative (DR) of the above project, hereby certify that the Gas Installation from the GSIV up to the Meter Installation (excluding GSIV and Meter) has been successfully tested and passed the final pressure test in accordance with the requirements of: Codes / Standards □ □ (Please tick below where applicable) Singapore Standard, SS 608 – Code of Practice for Gas Installation; or Other relevant code / standard: Pressure Test □ □ □ Test Pressure (Barg) Duration (Hour) Date Passed First test Second test Other test 2. I hereby declare that the design pressure and maximum instantaneous flowrate for the above Gas Installation is in accordance the submission stated in our GD1 form. Should there be changes to the parameters, the DR shall inform Gas Distribution Planning Section (through the gas retailer) to evaluate changes before they are implemented. 3. I shall notify all parties concerned that the Gas Installation has been completed and pressure tested. _______________________________ Signature and Stamp of DR / Date Name : _______________________________ PE / LGSW * No. : ______________________ * Delete where applicable GD2 (0425) PowerGas Ltd c/o HOS (Gas Distribution Projects) SP PowerGrid Ltd Through Retailer FORM GD3 - CERTIFICATE OF PROOF TEST _______________________________ Signature, Name & Designation of Retailer Representative ____________________________ Name of Retailer ___________________________________________ (Project Name) ___________________________________________ (Address of Premises / Development) I, Designated Representative (DR) of the above project, hereby certify that the Gas Installation for the above project from the GSIV up to the Meter Installation (excluding GSIV and Meter) have been tested and successfully passed the proof test 1 on _____________ (date). 2. I further certify that the test pressure has been released and the said Gas Installation is currently at atmospheric pressure. Accordingly, I hereby request to proceed with the connection and gas admittance. 3. I shall undertake to purge and commission the Gas Installation from the GSIV up to the Meter Installation (excluding GSIV and Meter) immediately after the gas admittance. _______________________________ Signature and Stamp of DR / Date Name : _______________________________ PE / LGSW * No. : ______________________ 1 Proof test shall be conducted in accordance with the requirements of Singapore Standard SS 608 for installation designed to operate up to 50 kPa or 20 kPa respectively, otherwise, proof test shall be carried out at 100 kPa or the operating pressure, whichever is lower, for a period of 30mins. REQUEST FOR INTERIM ADMITTANCE OF GAS I, Designated Representative (DR) of the above project, hereby certify that the Gas Installation for the above project from the GSIV up to the Meter Installation (excluding GSIV and Meter) have been prepared and is ready for purging and commissioning. Please proceed to admit gas for the purpose of purging and commissioning. ______________________________ Signature and Stamp of DR / Date Name : _______________________________ PE / LGSW * No. : ______________________ * Delete where applicable GD3 (0425) FORM GD4 - AUTHORISATION TO TURN ON GAS METER CONTROL VALVE Date : ________________ PowerGas Ltd c/o HOS (Gas Distribution Projects) SP PowerGrid Ltd ________________________________________ (Project Name) ________________________________________ (Address of Premises / Development) I, Project Coordinator (PC) of the above project, certify that all legal requirements pertaining to gas safety have been complied with, including (but not limited to) (*) Regulation 3(4)(b) of the Gas (Supply) Regulations. 2. I hereby authorise PowerGas to turn on the Gas Meter Control Valve on my behalf now on ____________ (date) at ______________ (time). ____________________________________ Signature of PC Name : _____________________________ Designation : ________________________ Name of Retailer : ____________________ * Regulation 3(4)(b) of the Gas (Supply) Regulations states that – where an application for a supply of gas (or for an increase to an existing supply) is made to a gas retailer – the relevant gas retailer shall prior to turning on the gas supply at the relevant gas meter control valve, ensure that the appropriate test as specified in the Gas Supply Code is conducted on the gas appliance and the consumer’s internal pipe including the meter installation to ascertain that it is safe to turn on the gas supply. GD4 (0425)

16 June 2020 FACTSHEET Households’ Electricity Consumption During the Circuit-Breaker Period Singapore households’ electricity consumption typically increases from April through August. This is because the weather tends to be hotter in these months, and households use more electricity to power their fans or air-conditioners to stay cool. 2 During the Circuit Breaker (CB) period, most Singaporeans have been staying, working, or studying from home. This, coupled with the hotter weather, has led to higher electricity usage as well. For example, we saw an average increase of 22% in daily household electricity consumption in May 2020, compared to February 2020. How Households Are Billed During the Circuit-Breaker Period 3 Under normal circumstances, SP Group will send meter readers to visit households to record their electricity, water and gas consumption every alternate month. From 7 April to 1 June 2020, SP Group suspended physical meter reading services in line with the safe distancing measures to minimise the transmission of Covid-19. 4 For households who do not have advanced electricity meters and also did not submit their own meter readings, their April and May consumption were estimated based on previous months’ consumption data. This would result in an underestimation of their bills for these months. When SP Group resumed its pre-CB physical meter reading routine from 2 June 2020, the accumulated underestimated amount of consumption will be adjusted in the June or July bill. Therefore, the June or July utility bills could be higher than the April and May bills. See below for the illustration. Illustration: For consumers whose electricity meters are read during odd months Page 1 of 3 5 About 300,000 households have advanced electricity meters, and their electricity consumption is read remotely. They would be billed based on their actual consumption for April and May. Support to Households 6 As part of the Budget 2020 Care and Support Package, eligible HDB households will receive double their regular GST Voucher U-Save this year, through a one-off GST Voucher U-Save Special Payment. Eligible households with five or more members will receive an additional GST Voucher – U-Save rebate. The next round of disbursement of the regular GST Voucher U-Save rebate and GST Voucher U-Save Special Payment will be in July 2020. The first disbursement of the additional GST Voucher U-Save rebate for eligible larger households with five or more members will be in October 2020. For more information, visit www.gstvoucher.gov.sg. 7 As part of the recently announced Fortitude Budget, each household with at least one Singapore Citizen will receive a one-off $100 Solidarity Utilities Credit for doing their part in staying home during the CB period. This amount will be credited in the July or August utilities bill with SP Group and covers all property types. 8 In support of the Government’s Resilience Budget 2020 measures to freeze all government fees and charges for one year, SP Group has deferred grid charges amounting to S$343 million and maintained its grid fee to customers. What Households Can Do to Be Billed According to Actual Consumption 9 Households are encouraged to submit their own meter readings so as to be billed based on their actual consumption. 10 They can submit their meter readings via the following channels: a) SP Utilities app - Download the app from spgrp.sg/mobileapp. Go to “Explore” and select “Submit Meter”. b) SP Utilities Portal - Log on to SP Utilities Portal at spgrp.sg/UPortal. Go to “Usage” and select “Submit Meter Readings”. c) WhatsApp - Take a photo of the meter (with the meter number and meter reading clearly shown) and send to 8482 8636. d) Email – Email the meter readings to customerreading@spgroup.com.sg. e) Automated Phone System – Call 1800 222 2333 to submit meter readings via the automated option. Page 2 of 3 11 Households can refer to their SP bills for their meter submission period (refer to image below). They can submit their meter readings up to three days (by 5pm) from the scheduled meter reading date. For those who have downloaded the SP Utilities app, they can also set an alert for their meter reading submission period. Page 3 of 3

Appendix 1 CPMS Quarterly Assessment Q2 FY25/26 CPMS Quarter Assessment Q2 FY25/26 (01 Jul 2025 – 30 Sep 2025) Results Q2 FY2526 CPMS Quarter Assessment 20 15 18 13 10 5 4 5 0 0 0 Grade A (≥90) Grade B (80 - 89) Grade C (70 - 79) Grade D (60 - 69) Grade E (50-59) Grade F (0-49) We have completed our second quarter for CPMS assessment based on the contracts that are CPMS applicable rendered to your respective company based on the following four (4) areas: (a) Safety; (b) Quality of Work; (c) Project & Risk Management; and (d) Value Added Services The contractors involved in CPMS with their respective grades are shown as below table. SP Group 2 Kallang Sector, Singapore 349277, www.spgroup.com.sg Appendix 1 CPMS Quarter Assessment Q2 FY25/26 (01 Jul 2025 – 30 Sep 2025) Results The list of the contractors below is arranged in alphabetical order and not in any particular ranking sequence. Contractor Grade CHINA INTERNATIONAL WATER & ELECTRIC CORPORATION (S) PTE LTD CITI CONSTRUCTION & ENGINEERING PTE. LTD. DOSK CONTRACT SERVICES PTE. LTD. HAO DA PTE LTD HUAT BENG ENGINEERING CONSTRUCTION PTE LTD KEN-PAL (S) PTE. LTD. LIH MING CONSTRUCTION PTE. LTD. LONG ZHOU ENGINEERING PTE. LTD. MACBUILD CONSTRUCTION PTE. LTD. PACIFIC CENTRAL TEKNIK PTE LTD POWERCOM ENGINEERING WORKS PTE. LTD. SAM LAIN EQUIPMENT SERVICES PTE LTD SANGEETH CONSTRUCTION PTE LTD SER CHUAN CONSTRUCTION PTE LTD SING TEC DEVELOPMENT PTE. LTD. TAIHAN CABLE & SOLUTION CO., LTD. U GUAN CONSTRUCTION PTE. LTD. WENG GUAN TECHNOLOGY PTE LTD B SP Group 2 Kallang Sector, Singapore 349277, www.spgroup.com.sg Appendix 1 Contractor Grade CHUAN LIM CONSTRUCTION PTE LTD FURUKAWA ELECTRIC ENGINEERING SINGAPORE PTE LTD HANAKO CONSTRUCTION PTE. LTD. HSC PIPELINE ENGINEERING PTE LTD HYNERGY CORPORATION PTE. LTD. ILJIN ELECTRIC CO., LTD SINGAPORE BRANCH JIN CHOON CIVIL ENGINEERING PTE. LTD. LEY CHOON CONSTRUCTIONS AND ENGINEERING PTE LTD MR. BERG PTE. LTD. NECTRIC ENGINEERING PTE. LTD. SIGMA CABLE COMPANY (PRIVATE) LIMITED TECIVIL ENGINEERING PTE. LTD. VISTEK PTE. LTD. C CHIN KUAN ENGINEERING & CONTRACTORS PTE LTD HI POWER PTE. LTD. HYUNDAI ENGINEERING & CONSTRUCTION CO. LTD K.H. LEE ENGINEERING & CONSTRUCTION PTE LTD TEACLY (S) PTE. LTD. D LIANG & HOW CONTRACTOR PTE. LTD. LS CABLE & SYSTEM LTD SINGAPORE BRANCH SL LINK ENGINEERING PTE. LTD. UNITED ASPHALT PTE. LTD. E SP Group 2 Kallang Sector, Singapore 349277, www.spgroup.com.sg Appendix 1 CPMS Quarterly Assessment Q1 FY25/26 CPMS Quarter Assessment Q1 FY25/26 (01 Apr 2025 – 30 Jun 2025) Results Q1 FY2526 CPMS Quarter Assessment 23 25 20 15 10 5 1 8 7 4 1 0 Grade A (≥90) Grade B (80 - 89) Grade C (70 - 79) Grade D (60 - 69) Grade E (50-59) Grade F (0-49) We have completed our first quarter for CPMS assessment based on the contracts that are CPMS applicable rendered to your respective company based on the following four (4) areas: (a) Safety; (b) Quality of Work; (c) Project & Risk Management; and (d) Value Added Services The contractors involved in CPMS with their respective grades are shown as below table. SP Group 2 Kallang Sector, Singapore 349277, www.spgroup.com.sg Appendix 1 CPMS Quarter Assessment Q1 FY25/26 (01 Apr 2025 – 30 Jun 2025) Results The list of the contractors below is arranged in alphabetical order and not in any particular ranking sequence. Contractor Grade HUAT BENG ENGINEERING CONSTRUCTION PTE LTD A AVENUE ENGINEERING PTE LTD CHINA INTERNATIONAL WATER & ELECTRIC CORPORATION (S) PTE LTD CHUAN LIM CONSTRUCTION PTE LTD CITI CONSTRUCTION & ENGINEERING PTE. LTD. FURUKAWA ELECTRIC ENGINEERING SINGAPORE PTE LTD HAO DA PTE LTD HSC PIPELINE ENGINEERING PTE LTD J&CO ENGINEERING PTE. LTD. K.H. LEE ENGINEERING & CONSTRUCTION PTE LTD KEN-PAL (S) PTE. LTD. LEY CHOON CONSTRUCTIONS AND ENGINEERING PTE LTD LIANG & HOW CONTRACTOR PTE. LTD. LIH MING CONSTRUCTION PTE. LTD. LONG ZHOU ENGINEERING PTE. LTD. MACBUILD CONSTRUCTION PTE. LTD. NECTRIC ENGINEERING PTE. LTD. SAM LAIN EQUIPMENT SERVICES PTE LTD SANGEETH CONSTRUCTION PTE LTD SER CHUAN CONSTRUCTION PTE LTD SING TEC DEVELOPMENT PTE. LTD. TECIVIL ENGINEERING PTE. LTD. U GUAN CONSTRUCTION PTE. LTD. YUAN JI ENTERPRISES PTE LTD B SP Group 2 Kallang Sector, Singapore 349277, www.spgroup.com.sg Appendix 1 Contractor Grade DOSK CONTRACT SERVICES PTE. LTD. HANAKO CONSTRUCTION PTE. LTD. LS CABLE & SYSTEM LTD SINGAPORE BRANCH MR. BERG PTE. LTD. SING & SAN CONSTRUCTION PTE LTD SL LINK ENGINEERING PTE. LTD. UNIGLORY CONSTRUCTION PTE LTD VISTEK PTE. LTD. C HI POWER PTE. LTD. HYUNDAI ENGINEERING & CONSTRUCTION CO. LTD ILJIN ELECTRIC CO., LTD SINGAPORE BRANCH POWERCOM ENGINEERING WORKS PTE. LTD. SIGMA CABLE COMPANY (PRIVATE) LIMITED TAIHAN CABLE & SOLUTION CO., LTD. TEACLY (S) PTE. LTD. D CHIN KUAN ENGINEERING & CONTRACTORS PTE LTD JIN CHOON CIVIL ENGINEERING PTE. LTD. UK ENGINEERING & CONSTRUCTION PTE. LTD. UNITED ASPHALT PTE. LTD. E HYNERGY CORPORATION PTE. LTD. F SP Group 2 Kallang Sector, Singapore 349277, www.spgroup.com.sg

SPPowerAssets Limited AnnualReport Yearended31March2025 RegistrationNumber:200302108D Directors’ statement SP PowerAssets Limited Directors’ statement Year ended 31 March 2025 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 2025. Opinion of the Directors In our opinion, (a) (b) 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 2025 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 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 Ms Amelia Champion Ms Loong Hui Chee Mr Kenneth Soh Yew Chin Mr Lee Choon Kwee (appointed on 1 April 2025) 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 Astrea 8 Pte Ltd - 4.35% Class A-1 Secured Bonds due 19 July 2039 − S$38,000 Mapletree Industrial Trust – units − 150,000 1 SP PowerAssets Limited Directors’ statement Year ended 31 March 2025 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 Astrea 8 Pte Ltd - 6.35% Class A-2 Secured Bonds due 19 July 2039 − US$30,000 Ms Amelia Champion CapitaLand Ascott Trust – units 285 285 CapitaLand Investment Limited 5,000 5,000 CapitaLand Integrated Commercial Trust – units 773 3,900 Paragon REIT – units 3,128 3,128 Mapletree Treasury Services Limited - MAPLSP 3.7% Perpetual Bond S$250,000 S$250,000 Singapore Airlines Limited - 5.25% Bonds due 21 March 2034 US$200,000 US$200,000 Singapore Telecommunications Limited 1,430 1,430 Ms Loong Hui Chee Astrea 8 Pte Ltd - 4.35% Class A-1 Secured Bonds due 19 July 2039 − S$100,000 CapitaLand Ascendas Real Estate Investment Trust – units 14,615 14,615 CapitaLand Ascott Trust – units 160,388 160,388 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 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 2025 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 23 May 2025 3 Independent Auditor’s Report For the financial year ended 31 March 2025 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 2025, 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 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 2025 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 2025 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. 5 SP PowerAssets Limited Independent auditor’s report Year ended 31 March 2025 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. 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. 6 SP PowerAssets Limited Independent auditor’s report Year ended 31 March 2025 • 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. 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 23 May 2025 7 SP PowerAssets Limited Financial statements Year ended 31 March 2025 Balance sheet As at 31 March 2025 Note 2025 2024 $ million $ million Non-current assets Property, plant and equipment 4 11,623.8 11,128.5 Intangible assets 6 2,177.6 2,177.2 Derivative assets 7 10.7 52.6 13,812.1 13,358.3 Current assets Inventories 8 34.1 31.4 Trade and other receivables 9 430.6 402.9 Derivative assets 7 14.9 27.7 Cash and cash equivalents 10 # # 479.6 462.0 Total assets 14,291.7 13,820.3 Regulatory deferral accounts (“RDA”) debit balances and related deferred tax assets 11 18.3 80.0 Total assets and RDA debit balances 14,310.0 13,900.3 Equity Share capital 12 2,512.4 2,512.4 Hedging reserve 13 (5.7) 47.5 Accumulated profits 3,033.6 2,828.5 Total equity 5,540.3 5,388.4 Non-current liabilities Debt obligations 14 1,192.1 2,068.7 Derivative liabilities 7 100.0 208.2 Deferred tax liabilities 15 1,464.6 1,474.9 Deferred income 16 107.1 115.9 Deferred construction cost compensation 17 256.2 256.2 Lease liabilities 5 0.1 0.2 3,120.1 4,124.1 Current liabilities Debt obligations 14 927.5 199.5 Derivative liabilities 7 73.0 99.5 Current tax payable 164.9 119.3 Trade and other payables 18 4,376.3 3,952.0 Lease liabilities 5 0.1 3.9 5,541.8 4,374.2 Total liabilities 8,661.9 8,498.3 Total equity and liabilities 14,202.2 13,886.7 RDA credit balances and related deferred tax liabilities 11 107.8 13.6 Total equity, liabilities and RDA related deferred tax liabilities 14,310.0 13,900.3 # 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 2025 Income statement Year ended 31 March 2025 Note 2025 2024 $ million $ million Revenue 19 2,185.8 1,960.7 Other income 20 101.5 80.0 Expenses - Depreciation of property, plant and equipment 4 (723.9) (670.2) - Amortisation of intangible assets 6 (1.6) (1.1) - Maintenance (130.5) (122.1) - Management fees (166.6) (159.8) - Property taxes (66.4) (60.9) - Agency fee (31.9) (30.4) - Support services (35.1) (36.5) - Other operating expenses (64.0) (61.4) Operating profit 1,067.3 898.3 Finance income 21 5.7 0.3 Finance costs 22 (169.3) (147.6) Profit before taxation 903.7 751.0 Tax expense 23 (165.6) (134.6) Profit for the year 24 738.1 616.4 Net movement in RDA balances related to profit or loss and the related deferred tax movement 11 (155.9) (111.5) Profit for the year and net movement in RDA balances 582.2 504.9 The accompanying notes form an integral part of these financial statements. 9 SP PowerAssets Limited Financial statements Year ended 31 March 2025 Statement of comprehensive income Year ended 31 March 2025 2025 2024 $ million $ million Profit for the year and net movement in RDA balances 582.2 504.9 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 (6.0) 22.4 Net change in fair value of: - Cash flow hedges reclassified to profit or loss, net of tax (51.5) (69.7) - Cash flow hedges on recognition of the hedged items on balance sheet, net of tax 4.3 1.7 Other comprehensive income for the year, net of tax (53.2) (45.6) Total comprehensive income for the year 529.0 459.3 The accompanying notes form an integral part of these financial statements. 10 SP PowerAssets Limited Financial statements Year ended 31 March 2025 Statement of changes in equity Year ended 31 March 2025 Share Hedging Accumulated Total capital reserve profits equity Note $ million $ million $ million $ 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. 11 SP PowerAssets Limited Financial statements Year ended 31 March 2025 Statement of changes in equity Year ended 31 March 2025 (cont'd) Share Hedging Accumulated Total capital reserve profits equity Note $ million $ million $ million $ million At 1 April 2024 2,512.4 47.5 2,828.5 5,388.4 Total comprehensive income for the year Profit for the year and net movement in RDA balances − − 582.2 582.2 Other comprehensive income Effective portion of changes in fair value of cash flow hedges, net of tax − (6.0) − (6.0) Net change in fair value of: - Cash flow hedges reclassified to profit or loss, net of tax − (51.5) − (51.5) - Cash flow hedges on recognition of the hedged items on balance sheet, net of tax − 4.3 − 4.3 Total other comprehensive income − (53.2) − (53.2) Total comprehensive income for the year − (53.2) 582.2 529.0 Transaction with owner, recognised directly in equity Contributions by and distribution to owner Dividends declared 29 − − (377.1) (377.1) At 31 March 2025 2,512.4 (5.7) 3,033.6 5,540.3 The accompanying notes form an integral part of these financial statements. 12 SP PowerAssets Limited Financial statements Year ended 31 March 2025 Statement of cash flows Year ended 31 March 2025 2025 2024 Note $ million $ million Cash flows from operating activities Profit for the year and net movement in RDA balances 582.2 504.9 Adjustments for: Tax expense 23 165.6 134.6 Depreciation and amortisation 4,6 725.5 671.3 (Gain)/loss on disposal of property, plant and equipment and intangible assets 24 (0.1) 0.1 Deferred income 16 (8.8) (9.0) Inventories written down, net 8 3.7 9.6 Write-back of allowance for expected credit loss on trade receivables, net 9 − (1.4) Finance income 21 (5.7) (0.3) Finance costs 22 169.3 147.6 Exchange loss/(gain), net 24 1.2 (1.2) Net movements in RDA balances related to profit or loss and the related deferred tax movement 11 155.9 111.5 1,788.8 1,567.7 Changes in working capital: Inventories (6.4) (3.7) Trade and other receivables (31.2) (61.9) Trade and other payables 25.5 (41.7) Cash generated from operations 1,776.7 1,460.4 Interest received 0.2 0.3 Income tax paid (119.4) (82.4) Net cash generated from operating activities 1,657.5 1,378.3 Cash flows from investing activities Purchase of property, plant and equipment (1,159.4) (975.5) Purchase of intangible assets (2.0) (7.2) Proceeds from disposal of property, plant and equipment and intangible assets 1.2 5.2 Net cash used in investing activities (1,160.2) (977.5) Cash flows from financing activities Interest paid (37.8) (39.8) Repayment of bond (305.0) − (Repayment of)/proceeds from related company loans 226.5 (357.5) Dividend paid 29 (377.1) − Payment of principal portion of lease liabilities 5 (3.9) (3.6) Net cash used in financing activities (497.3) (400.9) Net decrease in cash and cash equivalents # (0.1) Cash and cash equivalents at beginning of the year # 0.1 Cash and cash equivalents at end of the year 10 # # # Less than $0.1 million In 2024, tax-exempt dividend declared to the immediate holding company in relation to the financial year ended 31 March 2023 of $371.0 million was 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 2025 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 23 May 2025. 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 2025 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 2024. The adoption of these standards did not have a material effect on the financial performance or position of the Company. 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. 15 SP PowerAssets Limited Financial statements Year ended 31 March 2025 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. Nonmonetary 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 2025 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 constructionin-progress are not depreciated. The estimated useful lives for the current and comparative periods are as follows: Leasehold land Buildings and tunnels Transformers and switchgear 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 Over the term of the lease ranging from 20 to 99 years 30 to 40 years or the lease term, if shorter 30 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. Other intangible assets 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. 17 SP PowerAssets Limited Financial statements Year ended 31 March 2025 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. Cash and cash equivalents Cash and cash equivalents comprise cash balances and bank deposits. Non-derivative financial liabilities Initial recognition and measurement 18 SP PowerAssets Limited Financial statements Year ended 31 March 2025 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. 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. 19 SP PowerAssets Limited Financial statements Year ended 31 March 2025 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. 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. 20 SP PowerAssets Limited Financial statements Year ended 31 March 2025 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. 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. 21 SP PowerAssets Limited Financial statements Year ended 31 March 2025 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. 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. 22 SP PowerAssets Limited Financial statements Year ended 31 March 2025 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. 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. 23 SP PowerAssets Limited Financial statements Year ended 31 March 2025 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. 24 SP PowerAssets Limited Financial statements Year ended 31 March 2025 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. 25 SP PowerAssets Limited Financial statements Year ended 31 March 2025 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. 26 SP PowerAssets Limited Financial statements Year ended 31 March 2025 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. Other than as described below, the new standards, amendments to standards and interpretations to SFRS(I)s are not expected to have a significant impact on the Company’s financial statements. SFRS(I) 18: Presentation and Disclosure in Financial Statements SFRS(I) 18 will replace SFRS(I) 1-1 Presentation of Financial Statements and applies for annual reporting periods beginning on or after 1 January 2027. The new standard introduces the following key new requirements: • Entities are required to classify all income and expenses into five categories in the statement of profit or loss, namely the operating, investing, financing, discontinued operations and income tax categories. Entities are also required to present a newly-defined operating profit subtotal. Entities’ net profit will not change. • Management-defined performance measures (MPMs) are disclosed in a single note in the financial statements. • Enhanced guidance is provided on how to group information in the financial statements. In addition, all entities are required to use the operating profit subtotal as the starting point for the statement of cash flows when presenting operating cash flows under the indirect method. The Company is still in the process of assessing the impact of the new standard on the primary financial statements and notes to the financial statements. 27 SP PowerAssets Limited Financial statements Year ended 31 March 2025 4 Property, plant and equipment Freehold land Leasehold land Buildings and tunnels Switchgear Transformers Other plant and machinery Mains Other fixed assets Construction -in-progress Total $ million $ million $ million $ million $ million $ million $ million $ million $ million $ million Cost At 1 April 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 Additions − 0.3 − 0.2 − 2.1 − 59.7 1,154.9 1,217.2 Disposals − − (7.1) (144.2) (15.9) (5.9) (196.0) (18.9) − (388.0) Transfers − − − 96.5 − − − − − 96.5 Reclassification − 14.8 144.3 331.4 219.0 66.0 674.5 4.3 (1,454.3) − At 31 March 2025 0.3 475.4 2,050.4 3,826.3 2,230.8 688.9 8,594.1 389.1 1,614.9 19,870.2 Accumulated depreciation At 1 April 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 Depreciation − 11.0 81.1 164.0 86.1 59.4 287.5 34.8 − 723.9 Disposals − − (7.1) (143.8) (15.6) (5.6) (196.0) (18.8) − (386.9) Transfers − − − 93.4 − − − − − 93.4 At 31 March 2025 − 165.5 954.1 2,135.5 885.0 435.4 3,448.8 222.1 − 8,246.4 Carrying amounts 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 At 31 March 2025 0.3 309.9 1,096.3 1,690.8 1,345.8 253.5 5,145.3 167.0 1,614.9 11,623.8 28 SP PowerAssets Limited Financial statements Year ended 31 March 2025 Expenses capitalised The following expenses were capitalised in property, plant and equipment during the year: 2025 2024 $ million $ million Management fees (staff cost) 103.5 96.0 As at 31 March 2025, property, plant and equipment includes right-of-use assets of $310.1 million (2024: $309.8 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 Buildings and land tunnels Total $ million $ million $ million At 1 April 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 Additions 0.3 − 0.3 Reclassification 14.8 − 14.8 Depreciation (11.0) (3.8) (14.8) At 31 March 2025 309.9 0.2 310.1 Set out below are the carrying amounts of lease liabilities (included under trade and other payables) and the movements during the year: 2025 2024 $ million $ million At 1 April 4.1 7.8 Lease modification − − Accretion of interest 0.1 0.2 Payments (4.0) (3.9) At 31 March 0.2 4.1 Current 0.1 3.9 Non-current 0.1 0.2 0.2 4.1 The maturity analysis of lease liabilities is disclosed in Note 26. 29 SP PowerAssets Limited Financial statements Year ended 31 March 2025 The following are the amounts recognised in profit or loss: 2025 2024 $ million $ million Depreciation expense of right-of-use assets 14.8 13.8 Interest expense on lease liabilities 0.1 0.2 Expenses relating to short-term leases (included in other operating expenses) 0.3 0.4 15.2 14.4 The Company had total cash outflow for leases of $4.3 million (2024: $4.3 million) for the financial year ended 31 March 2025. 6 Intangible assets Goodwill on acquisition Deferred expenditure Computer software Computer software development in-progress Total $ million $ million $ million $ million $ million Cost At 1 April 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 Additions − 1.6 − 3.5 5.1 Disposals − (17.9) − − (17.9) Transfers − (96.6) 0.1 − (96.5) Reclassifications − − 3.5 (3.5) − At 31 March 2025 2,166.8 − 43.7 7.8 2,218.3 Accumulated amortisation At 1 April 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 Amortisation − 0.8 0.8 − 1.6 Disposals − (17.9) − − (17.9) Transfers − (93.5) 0.1 − (93.4) At 31 March 2025 − − 40.7 − 40.7 Carrying amounts At 31 March 2024 2,166.8 2.3 0.3 7.8 2,177.2 At 31 March 2025 2,166.8 − 3.0 7.8 2,177.6 30 SP PowerAssets Limited Financial statements Year ended 31 March 2025 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% (2024: 7.04%) 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 (2024: 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: 2025 2024 $ million $ million Management fees (staff cost) 0.4 0.3 31 SP PowerAssets Limited Financial statements Year ended 31 March 2025 7 Derivative assets and liabilities 2025 2024 Outstanding Outstanding notional amounts Assets Liabilities notional amounts Assets Liabilities $ million $ million $ million $ million $ million $ million Current: Cross-currency interest rate swaps 996.0 − (69.4) 230.0 − (95.9) Interest rate swaps 1,210.7 13.1 − 1,188.5 25.9 (0.1) Foreign exchange forwards 187.8 1.8 (3.6) 218.4 1.8 (3.5) 14.9 (73.0) 27.7 (99.5) Non-current: Cross-currency interest rate swaps 923.2 − (89.2) 1,919.2 − (198.5) Interest rate swaps 1,623.2 10.7 (8.1) 1,560.7 52.5 (2.8) Foreign exchange forwards 45.2 # (2.7) 72.7 0.1 (6.9) 10.7 (100.0) 52.6 (208.2) # Less than $0.1 million 32 SP PowerAssets Limited Financial statements Year ended 31 March 2025 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 2025 Derivative assets 25.6 (12.7) 12.9 2024 Derivative assets 80.3 (38.1) 42.2 2025 Derivative liabilities 173.0 (12.7) 160.3 2024 Derivative liabilities 307.7 (38.1) 269.6 33 SP PowerAssets Limited Financial statements Year ended 31 March 2025 Hedge Accounting As at 31 March 2025 and 2024, 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. Changes in fair value used for calculating ---- Hedge instrument ---- ----------------- Hedged item ----------------- ------------ hedge ineffectiveness ------------ Financial Carrying statement line Accumulated Hedge Outstanding amount of that includes amount of ineffectiveness notional Assets/ assets/ the hedged fair value Hedging Hedged recognised in amounts (liabilities) (liabilities) item adjustments instrument item profit or loss $ million $ million $ million $ million $ million $ million $ million Hedge rates Maturity (Year) 2025 Cash flow hedge Interest rate risk – Finance cost 4,403.1 (0.5) − − − 73.6 (73.6) − 0.4640% - 2.5450% Up to 2030 Foreign exchange risk – Refer to Note 26 under Foreign currency risk 233.0 (4.5) − − − 5.8 (5.8) − CHF/SGD: 1.471 - 1.577 CNY/SGD: 0.186 EUR/SGD: 1.409 - 1.653 JPY/SGD: 0.009 - 0.010 USD/SGD: 1.272 - 1.382 Up to 2026 Up to 2025 Up to 2028 Up to 2027 Up to 2028 Fair value hedge Interest rate risk 350.0 10.4 (359.7) Debt obligations (10.5) 12.8 (11.6) 1.2 6 month SORA Up to 2032 Foreign exchange risk 1,919.2 (152.8) (1,759.9) Debt obligations 157.4 48.3 (58.5) (10.2) Refer to footnotes of Note 14 Up to 2027 34 SP PowerAssets Limited Financial statements Year ended 31 March 2025 Changes in fair value used for calculating ----- Hedge instrument ---- ----------------- Hedged item ----------------- ------------ hedge ineffectiveness ------------ Financial Carrying statement line Accumulated Hedge Outstanding amount of that includes amount of ineffectiveness notional Assets/ assets/ the hedged fair value Hedging Hedged recognised in amounts (liabilities) (liabilities) item adjustments instrument item profit or loss $ million $ million $ million $ million $ million $ million $ million Hedge rates Maturity (Year) 2024 Cash flow hedge Interest rate risk – Finance cost 4,473.4 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 2,149.2 (285.9) (1,845.1) Debt obligations 300.7 (9.4) 14.7 5.3 Refer to footnotes of Note 14 Up to 2027 35 SP PowerAssets Limited Financial statements Year ended 31 March 2025 8 Inventories 2025 2024 $ million $ million Cables 27.7 22.6 Transformers 0.6 1.8 Switchgear 3.8 5.2 Spare parts and accessories 2.0 1.8 34.1 31.4 In the financial year ended 31 March 2025, inventories recognised as an expense in the income statement amounted to $3.8 million (2024: $3.4 million). The write-down of inventories to net realisable value amounted to $3.7 million (2024: $9.6 million). The utilization of inventory obsolescence provision upon sale of the inventory items amounted to $2.3 million (2024: $0.7 million). 9 Trade and other receivables 2025 2024 $ million $ million Trade receivables: - Third parties 105.7 113.8 - Related companies 82.4 70.7 - Immediate holding company 7.5 − 195.6 184.5 Impairment loss (0.2) (0.2) 195.4 184.3 Accrued revenue 176.3 169.8 Deposits 0.2 0.4 371.9 354.5 Prepayments 58.7 48.4 430.6 402.9 Trade receivables The average credit term is between 8 to 30 calendar days (2024: 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 2025 The maximum exposure to credit risk for trade receivables at the reporting date by types of customer is as follows: 2025 2024 $ million $ million Contestable transmission/ distribution customers 149.5 138.3 Non-contestable transmission/ distribution customers 14.3 14.0 Project-based customers 22.3 28.5 Others 9.3 3.5 195.4 184.3 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: 2025 2024 $ million $ million Not past due 192.5 177.3 Past due 0-30 days 0.8 2.5 Past due 31-90 days 0.8 0.6 Past due 91-180 days 0.4 1.2 Past due more than 180 days 1.1 2.9 195.6 184.5 37 SP PowerAssets Limited Financial statements Year ended 31 March 2025 Expected credit losses The movement in allowance for expected credit losses of trade receivables computed based on lifetime ECL are as follows: 2025 2024 $ million $ million At 1 April 0.2 4.5 Impairment loss recognised 0.2 0.2 Impairment loss utilized − (2.9) Impairment loss written back (0.2) (1.6) At 31 March 0.2 0.2 Trade and other receivables are denominated predominantly in the functional currency of the Company. 10 Cash and cash equivalents 2025 2024 $ million $ million Cash at bank and in hand # # 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 2025 2024 $ million $ million Net movement in RDA balances related to profit or loss (187.8) (134.3) RDA related deferred tax movement 31.9 22.8 Net movement in RDA balances related to profit or loss and the related deferred tax movement (155.9) (111.5) 38 SP PowerAssets Limited Financial statements Year ended 31 March 2025 RDA debit balances and related deferred tax assets At 1 April 2024 $ million Reclassification $ million Balances arising in the period $ million (Recovery)/ reversal $ million At 31 March 2025 $ million Deferral of revenue based on service rendered 80.7 (80.7) – – – Under recovery of volume variance (0.7) 0.7 – – – RDA related deferred tax assets – (13.6) (15.3) 47.2 18.3 80.0 (93.6) (15.3) 47.2 18.3 RDA credit balances and related deferred tax liabilities Deferral of revenue based on service rendered – 80.7 87.2 (276.8) (108.9) Under recovery of volume variance – (0.7) 2.9 (1.1) 1.1 RDA related deferred tax liabilities (13.6) 13.6 – – – (13.6) 93.6 90.1 (277.9) (107.8) At 1 April 2023 $ million Balances arising in the period $ million (Recovery)/ reversal $ 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) 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. 39 SP PowerAssets Limited Financial statements Year ended 31 March 2025 12 Share capital 2025 2024 No. of shares No. of shares million 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. 2025 2024 $ million $ million Hedging reserves At beginning of year 47.5 93.1 Effective portion of changes in fair value of cash flow hedges: - Interest rate risks (6.5) 28.4 - Foreign exchange risks 0.5 (6.0) Net change in fair value of cash flow hedges reclassified to profit or loss, net of tax: - Interest rate risks (51.5) (69.7) Net change in fair value of cash flow hedges, on recognition of the hedged items on balance sheet, net of tax: - Foreign exchange risks 4.3 1.7 At end of year (5.7) 47.5 40 SP PowerAssets Limited Financial statements Year ended 31 March 2025 14 Debt obligations Principal amount Date of maturity 2025 2024 $ million $ million Fixed rate notes JPY 15 billion (1) April 2024 − 123.2 SGD 75 million May 2024 − 76.3 USD 700 million (2) November 2025 927.5 905.4 JPY 7 billion (3) October 2026 58.8 59.8 USD 600 million (4) September 2027 773.6 756.8 SGD 100 million May 2029 101.5 98.2 SGD 250 million September 2032 258.2 248.5 2,119.6 2,268.2 Current 927.5 199.5 Non-current 1,192.1 2,068.7 2,119.6 2,268.2 (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% (2024: 3.40% to 5.07%) per annum. Interest rates on foreign currency debt obligations range from 1.95% to 3.25% (2024: 1.95% to 3.25%) per annum. 41 SP PowerAssets Limited Financial statements Year ended 31 March 2025 A reconciliation of liabilities arising from financing activities is as follows: 2024 --------------- Cash flows--------------- -----------------------------------------Non-cash changes----------------------------------------- 2025 Proceeds $ million Repayment $ million Interest paid $ million Additions $ million Repayment $ million Foreign exchange movement $ million Changes in fair value $ million Interest $ million Reclassification $ million $ million $ million Debt obligations Current 199.5 − (305.0) − − − 40.3 (2.8) − 995.5 927.5 Non-current 2,068.7 − − − − − 44.5 74.4 − (995.5) 1,192.1 Interest payable 9.0 − (36.8) − − − − 35.2 * − 7.4 Loans from a related company Current 3,289.4 226.5 − (0.9) − (5.5) − − 123.5 − 3,633.0 Lease liabilities Current 3.9 − (3.9) (0.1) − − − − 0.1 0.1 0.1 Non-current 0.2 − − − − − − − − (0.1) 0.1 5,570.7 226.5 (308.9) (37.8) − (5.5) 84.8 71.6 158.8 − 5,760.2 * 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 2025 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. 43 SP PowerAssets Limited Financial statements Year ended 31 March 2025 15 Deferred taxation Movements in deferred tax assets and liabilities during the year are as follows: At 31 March 2023 Recognised in profit or loss (Note 23) Recognised in other comprehensive income (Note 23) At 31 March 2024 Recognised in profit or loss (Note 23) Recognised in other comprehensive income (Note 23) At 31 March 2025 $ million $ million $ million $ million $ million $ million $ million Deferred tax liabilities Property, plant and (1,470.9) (12.4) – (1,483.3) 1.0 – equipment (1,482.3) Right-of-use assets (1.4) 0.7 – (0.7) 0.7 – – Intangible assets (0.7) (0.9) – (1.6) (0.1) – (1.7) Hedging reserve (19.2) – 9.3 (9.9) – 10.9 1.0 (1,492.2) (12.6) 9.3 (1,495.5) 1.6 10.9 (1,483.0) Set off of tax 22.8 20.6 18.4 Net deferred tax liabilities (1,469.4) (1,474.9) (1,464.6) Deferred tax assets Deferred income 21.4 (1.5) – 19.9 (1.5) – 18.4 Lease liabilities 1.4 (0.7) – 0.7 (0.7) – – 22.8 (2.2) – 20.6 (2.2) – 18.4 Set off of tax (22.8) (20.6) (18.4) Net deferred tax assets – – – 16 Deferred income 2025 2024 $ million $ million Customers’ contributions 265.9 265.9 Government grant for depreciable assets 0.5 0.5 Accumulated accretion (159.3) (150.5) 107.1 115.9 Movements in accumulated accretion are as follows: At 1 April 150.5 141.5 Accretion for the year 8.8 9.0 At 31 March 159.3 150.5 17 Deferred construction cost compensation 2025 2024 $ million $ million Deferred construction cost compensation 256.2 256.2 44 SP PowerAssets Limited Financial statements Year ended 31 March 2025 18 Trade and other payables 2025 2024 $ million $ million Trade payables: - Third parties 101.0 64.5 - Related companies 56.4 44.0 - Immediate holding company 0.5 0.3 Interest payable 7.4 9.0 Deposits received 18.5 28.4 Advance receipts 165.7 167.8 Accrued operating expenditure 108.9 103.5 Accrued capital expenditure 284.9 245.1 Loans from a related company - Loan balances 3,536.5 3,205.6 - Interest payable 96.5 83.8 4,376.3 3,952.0 Payables denominated in currencies other than the Company’s functional currency comprise $15.2 million (2024: $7.3 million) of payables and accruals denominated in United States dollar (“USD”), $1.9 million (2024: $2.2 million) in Japanese yen (“JPY”), $5.8 million (2024: $nil million) in Euro (“EUR”) and $5.4 million (2024: $nil million) in Swiss Franc (“CHF”). As at 31 March 2025, the loans from a related company are unsecured, repayable on demand and bear interest at rates ranging from 2.37% to 4.19% (2024: 2.37% to 4.22%) per annum. 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. 45 SP PowerAssets Limited Financial statements Year ended 31 March 2025 20 Other income 2025 2024 $ million $ million Rental income 4.7 3.1 Leasing income 4.1 5.5 Disbursement recoverable jobs 37.4 27.0 Sale of scrap 31.0 26.4 Accretion of deferred income 8.8 9.0 Grant income 6.8 2.0 Others 8.7 7.0 101.5 80.0 21 Finance income 2025 2024 $ million $ million Interest income receivable/received from related company 5.5 − Interest income receivable/received from banks 0.2 0.3 5.7 0.3 22 Finance costs 2025 2024 $ million $ million Interest expense on loans from a related company 123.5 112.0 Interest expense on debt obligations 97.3 123.1 Net change in fair value of cash flow hedges reclassified from equity (62.1) (84.0) Loss/(gain) arising from financial assets/liabilities in a fair value hedge: - hedged items 70.1 (15.7) - hedging instruments (61.1) 10.4 Amortisation of capitalised transaction costs 1.5 1.6 Interest expense on lease liabilities 0.1 0.2 169.3 147.6 46 SP PowerAssets Limited Financial statements Year ended 31 March 2025 23 Tax expense Tax recognised in profit or loss 2025 2024 $ million $ million Current tax expense Current year 165.7 120.4 Over provision in respect of prior years (0.7) (0.6) 165.0 119.8 Deferred tax expense Origination and reversal of temporary differences 0.3 15.1 Under/(over) provision in respect of prior years 0.3 (0.3) 0.6 14.8 Total tax expense 165.6 134.6 Tax recognised in other comprehensive income 2025 2024 Before Tax (expense)/ Net of Before Tax (expense)/ Net of tax credit tax tax credit tax $ million $ million $ million $ million $ million $ million Effective portion of changes in fair value of cash flow hedges (7.2) 1.2 (6.0) 27.0 (4.6) 22.4 Net change in fair value of: - Cash flow hedges reclassified to profit or loss (62.1) 10.6 (51.5) (84.0) 14.3 (69.7) - Cash flow hedges on recognition of the hedged items on balance sheet 5.2 (0.9) 4.3 2.1 (0.4) 1.7 (64.1) 10.9 (53.2) (54.9) 9.3 (45.6) Reconciliation of effective tax rate 2025 2024 $ million $ million Profit before taxation 903.7 751.0 Tax calculated using Singapore tax rate of 17% (2024: 17%) 153.6 127.7 Non-deductible expenses 12.9 9.4 Non-taxable income (0.5) (1.6) (Over)/under provision in respect of prior years current tax (0.7) (0.6) deferred tax 0.3 (0.3) 165.6 134.6 47 SP PowerAssets Limited Financial statements Year ended 31 March 2025 24 Profit for the year The following items have been included in arriving at profit for the year: 2025 2024 $ million $ million Auditors of the Company - Audit fees 0.1 0.1 - Non-audit fees – Audit-related services 0.2 # Exchange (loss)/gain, net (1.2) 1.2 Gain/(loss) on disposal of property, plant and equipment and intangible assets 0.1 (0.1) # 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 2025 2025 2024 $ million $ million Related companies - management fee expenses (270.5) (256.1) - maintenance expenses (16.2) (11.7) - agency fee expenses (31.9) (30.4) - support service expenses (1.8) (1.8) - service expenses, including leases (4.5) (5.2) - leasing income 4.1 5.5 - service income 2.7 1.4 - trustee fee income 0.3 0.4 Immediate holding company - maintenance expenses (19.2) (20.0) - support service expenses (33.3) (34.7) 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 crosscurrency 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 2025 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 2025, the Company has outstanding forward foreign currency exchange contracts with notional amounts of approximately $233.0 million (2024: $291.1 million). The net fair value of forward foreign currency exchange contracts as at 31 March 2025 is $4.5 million net liabilities (2024: $8.5 million net liabilities) comprising assets of $1.8 million (2024: $1.9 million) and liabilities of $6.3 million (2024: $10.4 million). These amounts were recognised as derivative assets and liabilities respectively. Sensitivity analysis for foreign currency risk As at 31 March 2025 and 2024, 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) 2025 USD Increase of the SGD by 5 per cent against US Dollar (3.1) Decrease of the SGD by 5 per cent against US Dollar 3.1 EUR Increase of the SGD by 9 per cent against EUR Dollar (4.4) Decrease of the SGD by 9 per cent against EUR Dollar 4.4 JPY Increase of the SGD by 14 per cent against Japanese Yen (7.5) Decrease of the SGD by 14 per cent against Japanese Yen 7.5 CHF Increase of the SGD by 6 per cent against Swiss Franc (1.8) Decrease of the SGD by 6 per cent against Swiss Franc 1.8 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 50 SP PowerAssets Limited Financial statements Year ended 31 March 2025 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 non-functional 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. As at 31 March 2025, the Company has interest rate and cross-currency swaps with notional amount of $4,753.1 million (2024: $4,898.4 million). The Company classifies these swaps as cash flow and fair value hedges. The net fair value of swaps as at 31 March 2025 is $142.9 million net liabilities (2024: $218.9 million net liabilities) comprising assets of $23.8 million (2024: $78.4 million) and liabilities of $166.7 million (2024: $297.3 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 before taxation and equity would have been affected as follows: Profit before taxation Equity (hedging reserve) $ million $ million Judgements of reasonably possible movements – increase/(decrease) 2025 Increase with all other variables held constant (4.1) 72.5 Decrease with all other variables held constant 4.0 (78.3) 2024 Increase with all other variables held constant (13.3) 47.7 Decrease with all other variables held constant 13.3 (49.4) 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 interest rate data over the previous five years based on the six month Singapore Overnight Rate Average, three month USD Secured Overnight Financing Rate and six month JPY Tokyo Overnight Average Rate. Management considers that past movements are a reasonable basis for determining possible movements in interest rates. 51 SP PowerAssets Limited Financial statements Year ended 31 March 2025 As at 31 March 2025, the movements in interest rates used in the table above are as follows: • Singapore interest rates – 211 basis points (2024: 197 basis points) • United States interest rates – 324 basis points (2024: 325 basis points) • Japan interest rates – 21 basis points (2024: 6 basis points) Credit risk Credit risk is the risk of financial loss to the Company if a customer or a counterparty to a financial instrument fails to meet its contractual obligations. This arises principally from the Company’s financial assets, comprising cash and cash equivalents, trade and other receivables and derivative assets. The Company provides for lifetime ECL for all trade receivables using a provision matrix as disclosed in Note 9. For other receivables, the Company considers the probability of default upon initial recognition of an asset and whether there has been a significant increase in credit risk on an ongoing basis throughout each reporting period. As at 31 March 2025 and 2024, other receivables have been assessed to be subject to immaterial ECL. Surplus funds are invested in interest bearing deposits with financial institutions with good credit ratings assigned by international credit rating agencies. Counterparty risks are managed by limiting exposure to any individual counterparty. The Company’s portfolio of financial instruments is entered into with a number of creditworthy counterparties, thereby mitigating concentration of credit risk. The Company held cash and cash equivalents of less than $0.1 million (2024: less than $0.1 million) which represents its maximum exposure on these assets. Counterparty risks on derivatives are generally restricted to any gain or loss when marked to market, and not on the notional amount transacted. As a prudent measure, the Company enters into derivatives only with financial institutions with good credit ratings assigned by international credit rating agencies. Therefore, the possibility of a material loss arising from the non-performance by a counterparty is considered remote. There is no significant concentration of credit risk of trade receivables. The credit quality of trade and other receivables that are not past due or impaired at the reporting date is of acceptable risk. In addition to customers’ deposits, the Company holds guarantees from creditworthy financial institutions to secure the obligations of certain customers. At reporting date, the Company has significant receivables arising from amounts due from related corporations. Management considers the probability of default remote. Liquidity risk Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company adopts prudent liquidity risk management by maintaining sufficient cash and liquid financial assets, and ensures the availability of funding through an adequate level of bank credit lines. Intercompany borrowings are obtained when necessary to meet its working capital requirements. The following are the expected contractual undiscounted cash flows of financial liabilities, including interest payments and excluding the impact of netting agreements. 52 SP PowerAssets Limited Financial statements Year ended 31 March 2025 For swap hedging instruments that are cash flow hedges, the tables below indicate the periods that they are expected to impact profit or loss. Carrying amount Contractual cash flows Within 1 year 1 – 2 years 2 – 5 years More than 5 years $ million $ million $ million $ million $ million $ million 2025 Non-derivative financial liabilities Trade and other payables* (4,210.6) (4,210.6) (4,210.6) – – – Lease liabilities (0.2) (0.2) (0.1) (0.1) – – Debt obligations - current (927.5) (958.3) (958.3) – – – - non-current (1,192.1) (1,334.9) (38.6) (102.6) (922.4) (271.3) Derivatives Derivative assets Interest rate swaps/crosscurrency interest rate swaps 23.8 35.2 25.5 2.4 5.3 2

Media Coverage Catch the latest news on SP All Years 30 Oct 2018 The Business Times - SP Group unveils blockchain-powered green energy platform Source: The Business Times © Singapore Press Holdings Limited. Permission required for reproduction. 30 Oct 2018 The Straits Times - Easier for small producers to sell 'green credits' Source: The Straits Times © Singapore Press Holdings Limited. Permission required for reproduction. 29 Oct 2018 Singapore Tonight - Platform to Trade "Green Credits" Launched Source: Channel NewsAsia 26 Oct 2018 The Straits Times - SP Group to install 1,000 electric vehicle charging points Source: The Straits Times © Singapore Press Holdings Limited. Permission required for reproduction. 26 Oct 2018 Lianhe Zaobao - SP Group to set up 1,000 charging points for HDT's electric taxis Source: Lianhe Zaobao © Singapore Press Holdings Limited. Permission required for reproduction. 18 Oct 2018 Talking Point - Powering Singapore Back Up Source: Channel NewsAsia 12 Sep 2018 The Business Times - SP Group tees off for a good course, raises S$628,888 Source: The Business Times © Singapore Press Holdings Limited. Permission required for reproduction. 24 Aug 2018 The Straits Times - 200 electric cars up for Grab from next year Source: The Straits Times © Singapore Press Holdings Limited. Permission required for reproduction. 24 Aug 2018 The New Paper - Grab teams up with SP Group to bring in 200 new electric cars from next year Source: The New Paper © Singapore Press Holdings Limited. Permission required for reproduction. 24 Aug 2018 The Business Times - Grab to launch 200 EVs under SP Group partnership from next year Source: The Business Times © Singapore Press Holdings Limited. Permission required for reproduction. 1 ... 27 28 29 ... 47

Search Average-Water-Consumption--CuM-_May-23-to-Apr-24.xlsxhttps://www.spgroup.com.sg/dam/spgroup/docs/our-services/utilities/tariff-information/Average-Water-Consumption--CuM-_May-23-to-Apr-24.xlsx Consumption_Water Average consumption of Water (CuM) Premises Types May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 HDB 1-Room 8.0 8.1 8.0 7.9 8.0 8.0 8.0 7.8 7.8 8.0 8.3 8.4 HDB 2-Room 9.6 9.7 9.4 9.5 9.5 9.5 9.6 9.3 9.3 9.3 9.7 10.0 HDB 3-Room 12.2 12.5 12.1 12.4 12.4 12.4 12.3 12.0 12.0 12.2 12.8 12.9 HDB 4-Room 15.4 15.6 15.1 15.5 15.7 15.7 15.5 15.1 15.0 15.5 16.2 16.3 HDB 5-Room 16.7 16.9 16.3 16.8 17.1 17.1 16.9 16.4 16.1 16.7 17.8 17.7 HDB Executive 18.6 18.8 18.2 18.9 19.0 19.2 18.8 18.1 18.1 18.8 19.9 19.7 Apartment 13.7 13.7 13.2 13.3 13.7 13.9 13.7 13.1 12.8 13.1 14.4 14.3 Terrace 25.3 26.0 25.5 25.9 26.0 26.5 26.5 25.2 24.3 25.8 28.0 28.4 Semi-Detached 30.7 30.9 30.7 31.5 31.6 32.9 31.9 30.4 30.0 30.7 34.9 34.6 Bungalow 50.9 48.1 48.0 48.5 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SP Group eyes more links with region to tap clean power NEW YORK • Singapore’s stateowned power grid operator wants to build more connections to neighbouring countries to tap their greater potential for renewable energy. Countries such as Malaysia and Indonesia have ample spare land for solar panels and enough wind to power turbines, both things that Singapore is lacking, SP Group chief executive Wong Kim Yin said in an interview recently. Building transmission lines to connect the countries and using renewable energy credits to facilitate power trading can allow the island nation to use clean power even if it cannot produce it. “One of the possible ways of tapping renewable resources is actually working with our neighbours,” Mr Wong said on Bloomberg Television. “Some physical regional interconnects will help Singapore in that department.” Singapore faces two challenges in getting more green power. The first is that producing clean energy for its densely populated urban areas requires a large amount of open land, a problem shared by grids globally as they Source: The Straits Times © Singapore Press Holdings Limited. Permission required for reproduction. SP Group’s underground transmission cable tunnel system that brings electricity to consumers. The power grid operator is looking to build transmission lines to neighbouring countries and using renewable energy credits for power trading to obtain green power for Singapore’s use. ST PHOTO: ONG WEE JIN seek more carbon-free electricity. The second, which is unique to its city-state status, is that its borders are national boundaries. The idea of connecting power plants and customers across Southeast Asia has been pursued for more than 20 years, but stymied by issues including lack of government coordination and infrastructure funding. However, that could be changing. Minister for Trade and Industry Chan Chun Sing last Tuesday included regional power grids as one of four measures that Singapore will explore to help decarbonise its power sector, which is almost entirely reliant on imported natural gas. Also last week, Malaysian Energy Minister Yeo Bee Yin said that the country is in discussions with Singapore on cross-border power supplies, and expects to complete 550MW of new grid connection capacity this year and a similar amount next year. Mr Wong said that legislation limits the use of Singapore and Malaysia’s existing power connections to only emergencies. A bilateral government agreement could immediately allow trading across those lines and start a movement towards wider international connections, he added. Malaysia already has links to Thailand, which is also connected to Laos, so eventually Singapore could invest in hydropower dams in Laos and use renewable energy credits to receive the same amount of electricity from Malaysia, he said. Even if the power Singapore receives is not necessarily generated by renewables, the net effect for the region would be more carbonfree electricity. Mr Wong also discussed a few other green proposals. SP Group is trying to speed up the transition to electric vehicles in Singapore by building 1,000 charging stations by the end of next year, from about 200 now. The company is focusing on large fleet owners, as electric vehicles are more cost-efficient than traditional ones, even without subsidies, if they travel at least 80km daily, Mr Wong said. In the long run, technologies including nuclear fusion and hydrogen might be able to provide more carbon-free energy for Singapore, Mr Wong added. He sees them as potential options in 15 years or more, but both need more development to make them safer and cost effective. BLOOMBERG