A Publication of Keppel Corporation

ISSUE 02 2021

www.kepcorp.com/ekeppelite

Global Building Strengthening Keppelites water connectivity Forum 2021 resilience

MCI (P) 031/01/2021 24 16 22 Contents

1 Editor’s Note GETTING TO KNOW YOU Editorial Advisor 2 Keppel Corporation Business Updates Ho Tong Yen In conversation 34 Spotlight on: Mr Tan Boon Leng 11 Keppel REIT Key Business and Operational Updates 36 Refreshed retail spaces Editor Sue-Ann Huang 12 Keppel DC REIT at i12 Katong Key Business and Operational Updates 37 Strategic partnership 13 Keppel Pacific Oak US REIT for global expansion Copy Editors Key Business and Operational Updates Robust health and safety Ariel Tee, Fiona Aw 14 Changes to Keppel Corporation’s Board management 16 Global Keppelites Forum 2021 38 Leadership appointments 20 Positioned for the future with Vision 2030 Going green Editorial Team 21 Building a sustainable future Ang Lai Lee, Brian Lee, Casey Chiang, 22 Building water resilience HSE MATTERS Dorothy Lim, Elizabeth Widjaja, Frances Teh, 24 Strengthening the Grace Chia, Guo Xiao Rong, Ivana Chua, connectivity business 39 Strengthening safety culture Lee Wan Jun, Loh Jing Ting, Nikki Lam, 26 New world of opportunities with 5G Roy Tan, Serena Toh, Tang Yi Bing, Victor Heng, 27 M1 unveils new brand identity 40 Sustainability accolades Woon Pek Yong, Yolanda Guo 28 Charging into the future 41 Enhancing capabilities Email: [email protected] 29 Versatile partner 42 Celebrating women Website: kepcorp.com/ekeppelite 30 Delivery of second LNG carrier 44 Standing tall in the Philippines  linkedin.com/company/keppel 31 Asia’s first ship-to-containership 45 Engaging Keppelites youtube.com/KeppelCorporationLtd LNG operation 46 Connecting seniors 32 Keppel Capital launches 47 Empowering lives Keppelite is a publication of Keppel China logistics property fund 48 Caring for the community Corporation, and is published quarterly Alpha secures 50 Paying it forward by the Group Corporate Communications separate account mandate 51 Doing good in China Division. All rights reserved. Permission from 33 Driving the Eco-City’s development 52 Making a stand for Mother Earth the publisher is required for reproduction by any means in whole or in part.

Cover image: Keppel is strengthening its connectivity business through a joint build agreement to jointly own and develop the Bifrost Cable System, the world’s first subsea cable system that directly connects Singapore to the west coast of North America, which is expected to be completed in 2024 and span more than 15,000 km. 1 EDITOR'S NOTE

Editor’s Note

2021 started on a positive note with develop, own and operate electric obstacles that could stand in the way Keppel Corporation announcing that vehicle (EV) charging infrastructure of achieving Vision 2030, and called on net profit for 1Q was slightly higher in Singapore, as well as pursue other all staff to work together as OneKeppel, year-on-year, with all key businesses EV-related opportunities in the region accelerate the execution of our common profitable, apart from Keppel Offshore (page 28). Separately, Keppel O&M vision and transform Keppel into a & Marine (Keppel O&M). However, continued to pursue opportunities in powerhouse of solutions for sustainable Keppel O&M has returned to positive renewables and gas-related solutions, urbanisation. EBITDA in 1Q 2021, as it continues with securing approximately $66 million of its transformation plans (pages 2 to 6). contracts to upgrade and repair wind Keppel continued to be rated highly turbine installation and gas-related vessels. on international benchmarks for its Keppel continued to focus on executing sustainability performance, and has Vision 2030, and has announced new Following close to 12 years as Chairman retained the highest triple-A rating in initiatives such as the development of of Keppel Corporation, Dr Lee Boon Yang the Morgan Stanley Capital International the Bifrost Cable System, the world’s has retired as non-executive Chairman (MSCI) environmental, social and first subsea cable system that directly and Director of the Company. Dr Lee governance (ESG) ratings, a rating it has connects Singapore to the west coast has been succeeded by Mr Danny Teoh, held since February 2020 (page 40). of North America via Indonesia through a longstanding director of the Company, the Java Sea and Celebes Sea (pages and formerly Chairman of the Audit The Group also continued to give back to 24 and 25), as well as M1’s unveiling of Committee (pages 14 and 15). We would the community and brighten lives through its refreshed brand identity, supported like to express our deep appreciation various outreach initiatives, including by a full digital transformation (page 27). to Dr Lee for his many valuable helping low-income seniors to be more Keppel Land also completed the contributions to the Group, and welcome connected with their communities using divestment of three projects across Mr Teoh in his new role. digital tools and distributing festive China, Vietnam and the UK, while its goodie bags to underprivileged families home sales also improved, tripling In his message at Global Keppelites over the Lunar New Year. Joining the fight year-on-year to 1,360 units in 1Q 2021. Forum 2020, the annual Group-wide against COVID-19, Keppelites volunteered global townhall, Mr Loh Chin Hua, to support the roll out of COVID-19 Advancing the Group’s ambition CEO of Keppel Corporation, spoke about vaccination for frontline staff and migrant to make sustainability its business, Keppel’s Vision 2030 roadmap, and workers in the offshore & marine sector Keppel Infrastructure and PUB officially emphasised that sustainability will be at (pages 46 to 51). opened the iconic Keppel Marina East the core of Keppel’s strategy, with the Desalination Plant in February 2021 goal to “not just operate a sustainable We hope you enjoy your read of (pages 22 and 23). Keppel Infrastructure business, but to make sustainability our Keppelite. also announced plans to form a joint business” (pages 16 to 19). Mr Loh also venture with StarCharge to invest in, cautioned Keppelites about the potential Keppelite Editor 2 3

Keppel Corporation Business Updates Keppel Corporation provides 1Q 2021 Business Update

Keppel Corporation recorded a net business units including Keppel Data (Keppel T&T) announced an investment profit in the first quarter of 2021, which Centres, M1 and Keppel Capital.” of $467 million in a joint build agreement was slightly higher year-on-year. All with Facebook and Telkom Indonesia key business units apart from Keppel In the Energy & Environment segment, to jointly own and develop the world’s Offshore & Marine (Keppel O&M) were Keppel O&M returned to positive EBITDA first subsea cable system that directly profitable. Nevertheless, Keppel O&M’s in 1Q 2021, as a result of quarter-on- connects Singapore to the west coast performance has also improved quarter- quarter improvements in margins and of North America via Indonesia through on-quarter with EBITDA for 1Q 2021 productivity. Apart from $66 million of new the Java Sea and Celebes Sea. A binding turning positive due to improving margins contracts secured in 1Q 2021 for various term sheet has been signed with leading and productivity. ​ upgrading and repair projects including Philippine fibre broadband provider wind turbine installation and gas-related Converge Information & Communications The Group’s revenue was $1,889 million vessels, Keppel O&M is presently in Technology Solutions, Inc. (Converge) to for 1Q 2021, which was stable compared advanced discussions with Petrobras on the grant Converge an Indefeasible Right of to $1,857 million a year ago, mainly due P-78 floating production storage offloading Use (IRU) for one fibre pair on the main to higher contributions from the Urban (FPSO) vessel project. Keppel Corporation trunk of the Bifrost Cable System. Development and Asset Management continues to make good progress with the segments, offset by lower revenues from organic transformation of Keppel O&M and In the Asset Management segment, Energy & Environment. is also exploring inorganic options. Keppel Capital continues to grow with the launch of a China logistics property fund The Group’s net gearing was lower at Keppel Infrastructure continues to make with an initial equity commitment of about 0.88x as at 31 March 2021, compared to good progress on its environmental RMB1.4 billion, and the securing of a $360 0.91x as at 31 December 2020, mainly projects in Hong Kong and Singapore, million separate account mandate from due to higher equity. The divestment and has announced plans to form a joint Dutch pension fund manager, PGGM. of Keppel Bay Tower, which is targeted venture with StarCharge to invest in, for completion in 2Q 2021, would have develop, own and operate electric vehicle Separately, KrisEnergy announced on further reduced the Group’s net gearing (EV) charging infrastructure in Singapore, 20 April 2021 that its restructuring plan to 0.83x as at 31 March 2021 had it been as well as pursue other EV-related was no longer viable and that material completed in 1Q 2021. opportunities in the region. uncertainty existed over its ability to continue as a going concern, given the Mr Loh Chin Hua, CEO of Keppel In the Urban Development segment, significantly lower estimated ultimate Corporation, said, “Keppel’s business units Keppel Land’s home sales tripled year- recovery and cashflow from the Apsara made creditable progress in the first quarter on-year to 1,360 units, underpinned by Mini Phase 1A development. Keppel of 2021, against the backdrop of a gradual stronger performance in China, Vietnam Corporation had announced on the recovery from the pandemic. In line with and Singapore​. Keppel Land also same day that it is, together with its Vision 2030, we have continued to launch completed three divestments in China, financial advisor, evaluating the impact new initiatives, such as the Bifrost Cable Vietnam and the UK during the quarter. of KrisEnergy’s announcement and System, which will grow our Connectivity Artist’s impression of the Reef at King’s Dock determining the best course of action for business and provide an important platform In the Connectivity segment, Keppel Keppel. A further update will be provided to harness synergies across various Telecommunications & Transportation 80% of the 429 units at the Reef at King’s Dock have been sold as at end-March 2021. when the financial impact is ascertained. 4 5

Updates on business segments

Energy & Environment is also in advanced discussions with Infrastructure continued to execute Keppel O&M’s EBITDA turned positive Petrobras on the P-78 FPSO project. As on its integrated waste management quarter-on-quarter with improving at end-March 2021, Keppel O&M’s net facility projects in Hong Kong and margins and productivity, though it orderbook stood at $3.0 billion, about Singapore, which were about 29% and remained loss-making in 1Q 2021. ​Keppel 80% of which comprised renewables 7% completed respectively by the end of O&M operated at close to full capacity in and gas-related solutions. Keppel O&M March 2021. ​ 1Q 2021 with safe management measures is actively engaging potential buyers and in place. In Singapore, a workforce of charterers of rig assets. Advancing the Group’s sustainable about 19,000 has returned to the yards solutions, Keppel Infrastructure and offices. Keppel Infrastructure’s overall has signed a Memorandum of performance was steady in 1Q 2021. Understanding with StarCharge to In the first quarter of the year, Keppel Revenue was $635 million, as compared form a joint venture that will invest in, O&M secured approximately $66 million to $651 million for 1Q 2020.​ Keppel develop, own and operate EV charging of contracts to upgrade and repair wind Infrastructure’s EBITDA was $31 million infrastructure in Singapore, as well as turbine installation and gas-related for 1Q 2021 compared to $43 million pursue other EV-related opportunities in vessels, among others.​ Keppel O&M for 1Q 2020. During the quarter, Keppel the region.

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Urban Development Over in China, SSTEC, the master 1. Keppel Infrastructure continued to execute on 1 its integrated waste management facility project Keppel Land’s performance in 1Q developer of the Sino-Singapore in Hong Kong, which was about 29% completed 2021 improved over the previous year, Tianjin Eco-City, continued to drive at the end of the first quarter in 2021. bolstered by higher contributions from the development of the Eco-City 2. M1 unveiled its new brand identity with China and Vietnam property trading with the sale of a commercial and made-to-measure offerings and enhanced projects, as well as divestment gains. ​ residential land plot in the Eco-City in customer experience, supported by Singapore’s Notably, Keppel Land’s home sales in 1Q March 2021 for about RMB1.5 billion. first-of-its-kind cloud native digital platform. 2021 tripled year-on-year to 1,360 units, underpinned by stronger performance Connectivity in China, Vietnam and Singapore​. In March 2021, Keppel T&T announced an investment of $467 During the quarter, Keppel million in a joint build agreement with Land completed divestments of three Facebook and Telkom Indonesia to projects across China, Vietnam and the jointly own and develop the Bifrost UK and also acquired the remaining Cable System. Bifrost is the world’s 25% stake in Riviera Point, Vietnam​. The first subsea cable system that directly divestment of Keppel Bay Tower, which is connects Singapore to the west expected to be completed in 2Q 2021, will coast of North America via Indonesia further unlock cash of about $600 million, through the Java Sea and Celebes which can be redeployed for various uses Sea, and is a complementary growth across the Group including investments area identified under Keppel’s Vision into growth opportunities. 2 0 3 0 ​. 6

Bifrost presents many potential areas the Lanshi Port, and is working towards for synergy across Keppel’s business liquidation. units including offering enhanced connectivity for Keppel Data Centres and M1’s 1Q 2021 performance was lower year M1, and can leverage Keppel Capital to on year, mainly due to lower roaming and secure third-party funding. Keppel T&T prepaid revenues​. Its EBITDA was has since been awarded a Facilities- $55 million for 1Q 2021 compared to Based Operator licence by IMDA to $73 million for 1Q 2020. ​During the quarter, provide services in connection with M1 established new partnerships with Bifrost. The company is in advanced Continental and JTC for 5G Standalone discussions with potential partners and Autonomous Mobile Robots operations, customers, who could co-own or lease and launched a new brand identity with Keppel’s fibre-pairs and has signed personalised offerings and enhanced a binding term sheet with leading customer experience backed by Philippine fibre broadband provider Singapore’s first-of-its-kind cloud native Converge to grant the latter an IRU for digital platform. one fibre pair on the main trunk of the Bifrost Cable System. In addition, Keppel Asset Management T&T and Converge will jointly develop a Keppel Capital performed better year- branch on the Bifrost Cable System that on-year, mainly due to stronger operating will land in Davao, the Philippines, with results as well as mark-to-market gains Converge also being granted an IRU on of investments​. The company’s asset the entire Davao branch. management fees1 grew to $42 million for 1Q 2021, compared to $35 million ​for 1Q 2020. During the quarter, Keppel T&T made progress on the planned During the quarter, Keppel Capital divestment of its logistics and channel launched a China logistics property management business. The bidders fund with a global institutional investor, have been shortlisted and are currently achieving initial equity commitment of conducting due diligence. Meanwhile, about RMB1.4 billion, and secured a Keppel Logistics Foshan reached an $360 million separate account mandate agreement with local authorities in from Dutch pension fund manager, PGGM, Foshan, China to receive compensation to tap commercial real estate opportunities of up to RMB438 million for closure of in Japan, China and Singapore.

Footnote: 1. Includes 100% fees from subsidiary managers, joint ventures and associated entities, as well as share of fees based on the shareholding stake in an associate with which Keppel has strategic alliance. 7

Keppel Corporation Business Updates In conversation

Keppelite features highlights of the Q&A session that Keppel Corporation’s management had with media and analysts at the Company’s 1Q 2021 business update.

Q: On the P-78 Floating Production arrangement. As you have heard from excellence and convert that to the bottom Storage Offloading (FPSO) project, Chris, we have a very credible partner line. It will take some time, but I think we industry journals have mooted the that can build the hull. The other thing have a good system in place, and are contract value to be in the range of I want to say is that this is on milestone focused on doing that. about US$2.3 billion. In your strategic payments, so this is quite attractive to review, you mentioned that moving us. The team has also been working LCH: I think quarter-on-quarter, our forward, the Op Co will be asset-light very hard in terms of identifying the risks net losses for Keppel O&M have also as fabrication is outsourced. How big associated with playing the role as the narrowed. In this particular quarter, a portion of this sizeable contract integrator, and we have developed a very we also had a share of losses from an value will be attributable to the comprehensive plan to make sure that associate. If you look at just Keppel O&M, subcontractor? Can you provide some this project can be executed safely, on the performance, even at the net profit colour on the scope and complexity of time and on budget. level, is improving. But our goal is to reach works involved, and how they will be a point where we can breakeven. That divided up for the new build project? Q: On the Offshore & Marine (O&M) was what we achieved in the first quarter business, given what you have on your of last year, when we had a net profit for CO: First things first, we are still under orderbook and any potential contract Keppel O&M. Of course, with COVID-19, negotiations, so we cannot divulge wins, will we see O&M’s EBITDA being that created a huge problem last year. But too many details. But to answer your able to cover your interest expense that you can see that things are improving, question, this is in line with our asset- sits on O&M? and I think the key for us is really getting light, people-light strategy, because we the orderbook back in shape. Also, as have a very capable partner that we have CO: Your question is actually on the what Chris said earlier, the quality of approached the tender with, and they will challenges facing the O&M market. I do the orderbook is very important as well. be working mainly on the hull side. The not think that we are isolated in facing this Most of our orderbook is now in gas and contracting party will be Keppel Shipyard, challenge. But that is precisely why we renewables, and more importantly, they and the majority of the scope will be announced Keppel Offshore & Marine’s are also based on milestone payments. under Keppel Shipyard. (Keppel O&M) organic transformation plan. The interest and expenses were not Q: At the last gathering, you talked The partners have been announced. From just localised on the orderbook. At the end about exploring inorganic options for there, you can roughly understand where of the day, it is about the legacy assets, the O&M business. Are these discussions the split would be. For more details on which we now have a focused team to still ongoing, and are they with the same where each portion would go, we would look at, to get an offtake or cashflow on parties versus a quarter ago? have to wait for the award. the assets. That will address the issue. LCH: There is not much more I can add. LCH: This is in line with what we had The other issue is for the Op Co to As we said in January, our focus is on an announced, that we want to be an operate profitably for the projects on organic option that we are executing, but integrator, taking more of an EPC hand. For the additions to the orderbook, we remain open to an inorganic option, approach. Given the yards that we have, what is important is the quality of the so we continue to explore inorganic it will be difficult for us to build the hull projects that we are getting, and on top options fairly actively. I cannot disclose ourselves, so this is actually a good of that, to be able to carry out operational more than that. 8

Q: On renewables, can you please Q: On your push towards green energy CO: I believe you are also asking update us on the Harlin solar farm in the offshore wind energy industry, about the O&M side of the business. development in Australia – what stage geographically, where exactly do you see Keppel O&M is also expanding our are we at? Are there any near-term opportunities? What are the margins for portfolio in terms of EPC and designs projects or countries you are looking at your EPC projects for the wind turbine for WTIVs. for further renewable investments? installation vessels (WTIV)? On where the geographies are: CO: Currently, we are pending approval LCH: Green energy is quite an interesting traditionally for the O&M business, from the Foreign Investment Review area. This is one of the major pushes for us our reach to international customers Board in Australia. There are no known under Vision 2030. Keppel not only wants is quite wide. Right now, in the yard, issues, and we are progressing along. to be a sustainable business, but we see we have a substation for Taiwan, we Financial close is expected to be in sustainability as our business. We are quite have a High Voltage Direct Current 1Q 2022. serious about this 7GW target. Initially, our (HVDC) platform for Germany, and focus would be in the region. You have the team is working hard for green In terms of opportunities, renewable heard about Australia. The dynamics there energy solutions in different parts of energy is an area that is very relevant in terms of the feed-in tariffs etc. are quite the world. to our Vision 2030. We are working interesting. Of course, in the longer term, very hard, but not only on the Keppel there is also the opportunity not just to For WTIVs, we have the Dominion Renewable Energy front. We are also sell the green electrons in Australia, but Energy project, which is playing a working with the other parts of the potentially when the hydrogen economy part in the Jones Act market in the Keppel Group, like the Keppel Asia becomes technically more feasible and US. That is one segment that we are Infrastructure Fund, and also some of our more viable some years down the road, quite excited about, and we have a internal stakeholders. We have a stream Keppel can also play a part in that. We are presence in the US. On the margins, of potential projects, including greenfield also looking around the region, nearer to it is definitely something that we are and also operating assets. The team will home, whether it is in Indonesia, comfortable with. We are quite firm be working hard to achieve our 7GW Malaysia, Vietnam, and also, to a certain with the cost. We would only take on target by 2030. extent, India. projects that add value for us.

IndoKeppel Data Centre 1 is being developed over three phases, with Phase 1A operationally ready. 9

Q: On electric vehicle (EV) related LCH: In terms of Keppel Electric, our Q: On Bifrost, what are the specific opportunities, you mentioned that you customers are also quite stable. There are revenue opportunities? Are subsea cable are looking at things other than charging some acquisition costs when there is a lot projects an area that Keppel is targeting infrastructure. What exactly in the EV of churn. But that has been quite stable, to do more of? value chain are you looking at in addition so that will also help improve our margins. to charging? As a start, what is the size of TP: There are many ways we can monetise the investment you will be making? CL: To add on, the Commercial & the assets. We can sell them outright for Industrial customer base for Keppel a premium, or we can enter into long- CL: We look at the EV charging infrastructure Electric is about 3,000 plus. In terms of term leases with our customers through as a pathway towards decarbonisation. This market share for the Open Electricity Indefeasible Right of Use (or IRU) contracts. is very aligned with our Vision 2030 drive Market, we remain as the leading Hence, this could be in terms of outright of putting sustainability at the heart of our electricity retailer with about 23% to 24% sales where you sell the assets first, or business. In terms of the roll-out of plans in of the total market share. it can be broken up into IRUs to sell to Singapore and the region, as you have read different customers. We will look at all the in the media, the Singapore Government Q: Can you provide an update on the different models in monetising this asset. has launched its Green Plan 2030. By 2030, home sales for 19 Nassim? the target number of EV charge points As we have seen in the past one year in Singapore will be more than doubled. LL: To date, we have sold two out of the of the pandemic, the digital push has Suffice to say, Keppel will target to seize a 101 units. It must be noted though, that accelerated. There will be more data that meaningful market share. In terms of the the viewing is strictly by appointment so will be produced and moved around. investment to be deployed, our investments far, so we have not really been pushing. The launch of 5G in many markets will will keep pace with the EV adoption and We are confident that we will be able to generate a lot more traffic. There will be utilisation rate for Singapore. sell out the project before the revised more opportunities from the need to link Additional Buyer’s Stamp Duty (ABSD) up across continents. Singapore, being a Q: On your gas and electricity businesses deadline of March 2024. very natural hub for the digital economy - in Singapore, can you comment on the we will have opportunities to create more level of competition among the power Generally, the central region has been a fibre systems, using Singapore as a hub, generators, and whether there has been little bit softer than the Outside Central to different continents. We will work on any improvement in the margins related Region (OCR) and the Rest of Central this. This is a good start, and we will work to your electricity business? Region (RCR). As mentioned before, harder to bring on more projects. we have sold all but three units of The CL: You would be able to gather from the Garden Residences, and we have sold to LCH: The key there is also linking up energy market that the bulk of the gas date 82% of The Reef at King’s Dock. these cable systems together with our contracting will expire in 2023, so a lot of data centres and also our M1 offerings. the market outlook will depend on how Q: On the Bifrost Cable System (Bifrost), The funding can come from Keppel the gencos contract for gas. But suffice to you talked about opportunities to Capital. This is another way that Keppel say, we see improvement in the high-sulfur secure third party funding through can hunt as a pack. We believe that fuel oil (HSFO) pricing, so the gas and Keppel Capital. How should we think Connectivity is going to be a very electricity market for Keppel Electric and about these opportunities? Is there any important segment for us. As assets Keppel Energy on the whole looks stable. potential fee income that can be earned become smart, they also have to be out of that? connected. 5G is going to transform not We are also working actively on just the way we consume the data, but improving the energy efficiency of our CT: Our private funds are looking at there will be an impact on industries generating feed. Decarbonisation and Bifrost. We work closely with Keppel T&T and businesses as well. These are quite energy efficiency for our energy and and Keppel DC to look at the projects. It exciting times. We are glad that we have environmental businesses remain as is an interesting asset for the funds, and all the different business units that can one of our strongest calling cards and another real asset that will produce good work together, collaborate and create new missions for Keppel Infrastructure. long-term cashflows for our investors. profit pools for the Group. 10

Q: On the data centre business, will the data centres in a more carbon-friendly LCH – Mr Loh Chin Hua, moratorium be lifted soon so that growth manner. We are also working potentially CEO of Keppel Corporation plans can accelerate? Where does the with Keppel Infrastructure, to look at renewable power come from? In addition, energy efficient district cooling. Keppel DC CT – Ms Christina Tan, what are your thoughts on the timing of has also been very progressive in looking CEO of Keppel Capital the divestments? You have mentioned that at different ways of creating more energy Phase 1A for IndoKeppel Data Centre 1 is efficient data centres, such as high-rise CO – Mr Chris Ong, operationally ready, does that mean that it data centres, tropical data centres, and CEO of Keppel Offshore & Marine is ready to be sold to Keppel DC REIT? floating data centre parks. LL – Mr Louis Lim, TP: The IndoKeppel Data Centre 1 has only In the longer term, we are also looking at CEO of Keppel Land started leasing. It is not fully occupied yet. potentially using feedstock that is carbon We will try to lease out quickly, and once neutral, such as hydrogen. These are all CL – Ms Cindy Lim, it has reached a certain level, we will then things that we are doing, which puts us in CEO of Keppel Infrastructure offer it. Keppel DC REIT can potentially be a unique space. We are probably one of the a buyer for that asset. On the moratorium in only data centre operators or owners in the TP – Mr Thomas Pang, Singapore, the government has not made any world that can link up this value chain. This CEO of Keppel Telecommunications & announcement yet. This will be something is something that will have applications not Transportation that we look towards. We have a very large just in Singapore, but also in other parts project in Singapore that is currently under of the world. Data centres are going to MSM – Mr Manjot Singh Mann, construction in Genting Lane, under a joint grow, and the more they grow, the more CEO of M1 venture with SPH. We will have significant regulators will look closely at the carbon capacity to sell in the next few years. footprint. We will have to do our part to make sure that we can create greener Going forward, to address the issue on data centres, in order to get the regulators renewable energy, we can bring in green to approve their development, and more electrons or green molecules, so it does not importantly, to get our customers to come necessarily need to be tied to assets. More in, because they are also looking to go into importantly, the opportunities are not just in carbon neutral data centres. Singapore. We see the Asia Pacific having the largest growth in terms of data centre Q: On M1, how is the 5G standalone and demand in these five years, even larger non-standalone roll-out going in terms than the North America market. There will of coverage so far, and when will you be opportunities in other parts of South budget for commercial services? East Asia and North Asia. Singapore is a very important market, but not the only MSM: Right now, all three operators market. The team at Keppel DC and Keppel are looking at 5G non-standalone that Capital, our funding partner, are sourcing we have rolled out so far. But that is not for projects that we will be announcing in the future that we want to run with. The the coming quarters. intention is to roll out 5G standalone network this year. As you know, we have LCH: Regardless of when the government a joint venture with Starhub that we are decides to lift the moratorium, the fact rolling out 5G with, and this becomes remains that the customers of these data more cost effective for us to roll out centres are also very consumed by the network quicker. The intention is to need to be carbon neutral. deploy our capex more on standalone architecture than on non-standalone. In the Keppel Group, not just at Keppel DC, we are working on quite a number of On the exact date of launch, we may not be initiatives. First, with Keppel Renewable able to give you the date of launch yet. But Energy, we are looking at how we can suffice to say that it will be in the middle of create the green electrons that we can the year. That is the timeframe that we are bring in, so that we can use it to run the looking at for the standalone launch. 11

Keppel REIT Key Business and Operational Updates Resilient income

Footnotes: Keppel REIT has achieved The proposed acquisition of a 100% 1. Includes advanced distribution of distributable income from operations interest in Keppel Bay Tower was $32.2m (0.94 cents per Unit) for of $51.6 million1 for 1Q 2021, a 22% approved by Unitholders at the the period from 1 January 2021 to 28 February 2021 that was increase year-on-year due mainly Extraordinary General Meeting on paid to eligible Unitholders on to contributions from Victoria Police 24 February 2021. Post completion of 31 March 2021, in connection with Centre in Melbourne and Pinnacle acquisition, which is targeted in 2Q the private placement launched on 18 February 2021. Distribution Office Park in Sydney, higher one-off 2021, the addition of the Grade A office for the period from 1 March 2021 income as well as lower borrowing building strategically located in the to 30 June 2021, as well as any costs, and partially offset by the impact Keppel Bay waterfront precinct of the distribution of capital gains for 1H 2021 will be disclosed at the of slightly lower portfolio occupancy. HarbourFront/Alexandra submarket 1H 2021 results announcement. will complement Keppel REIT’s core On 18 February 2021, the Manager CBD offering. Keppel Bay Tower, which 2. Assuming the acquisition of Keppel Bay Tower was completed successfully launched a $270 was certified by the Building and as at 31 March 2021, the aggregate million private placement that was Construction Authority as Singapore’s leverage would have been 39.4%. approximately 4.6 times covered, and first Green Mark Platinum (Zero Energy) saw strong participation from new and commercial building that is fully existing institutional, accredited and powered by renewable energy, will also other investors. Part of the proceeds augment Keppel REIT’s green footprint. from the placement will be used to partially fund the acquisition of Keppel As at 31 March 2021, Keppel REIT’s Bay Tower. portfolio committed occupancy was 96.5%, while portfolio and top 10 tenants’ As at 31 March 2021, green loans weighted average lease expiry remained represented approximately 25% of long at approximately 6.7 years and 11.8 Keppel REIT’s attributable share of total years respectively. borrowings, including the additional A$50 million green loan facility obtained Additional tenant relief measures granted in 1Q 2021. The Manager has also in 1Q 2021 amounted to approximately obtained loan facilities to refinance all $0.1 million. As at 31 March 2021, rental outstanding loans that are maturing collection remained healthy at 99%, in 2021. Keppel REIT’s all-in interest while total outstanding rent deferrals rate was reduced to 2.01% per annum was reduced to $1.2 million as tenants for the quarter ended 31 March 2021 progressively repay their deferred rent. compared to 2.58% per annum a year ago. Aggregate leverage remained low The Manager will continue to optimise at 35.2%2 with a weighted average term Keppel REIT’s portfolio and calibrate its to maturity of 3 years. Interest coverage leasing strategy to meet tenants’ evolving ratio was 3.7 times. business needs. 12 13

Keppel Pacific Oak US REIT Key Business and Operational Updates 1 Stable performance

Keppel Pacific Oak US REIT (KORE) has The Manager continues to maintain Ms Wortmann is based in Ontario, achieved a distributable income of its prudent approach towards capital California, and is currently a Senior Vice US$14.9 million for 1Q 2021, 3.6% above management. As at 31 March 2021, President in JLL Industrial Services that of 1Q 2020. The improved year-on-year KORE had a low gearing of 37.5% Group. She joined JLL in 2017, and her performance was supported by new and with no long-term refinancing areas of specialisation include landlord expansion leases from the technology hubs requirements until November 2022. and tenant leasing representation, joint of Seattle – Bellevue/Redmond and Denver. All-in average cost of debt was 2.82% per venture equity sourcing and structuring annum, with interest coverage ratio at 4.8 as well as investment and portfolio The Manager leased approximately times. Cash and undrawn facilities stood at sales advisory. She has more than 30 128,000 sf of space in 1Q 2021, equivalent US$93.5 million as at 31 March 2021. years of experience in the real estate

2 to 2.7% of its portfolio net lettable sector. area. The leasing activities were driven As economic recovery continues apace mainly by demand from tenants in in the US, KORE is well positioned to Mr Peter McMillan III, Chairman the professional services, finance and benefit from COVID-19 accelerated trends of Keppel Pacific Oak US REIT insurance, as well as technology sectors. including growth in the technology and Management, said, “We are pleased to For 1Q 2021, KORE had positive rental medical and healthcare sectors, as well have Sharon join our Board. We believe reversion of 5.7%, driven by rent growth as demographic shifts and corporate that having a diverse Board is pivotal to in Seattle – Bellevue/Redmond and relocations into key growth markets good governance and KORE’s long- Austin. As at 31 March 2021, KORE’s which KORE has presence in. term sustainable performance. With Keppel DC REIT Key Business and Operational Updates portfolio committed occupancy and Sharon’s deep experience in the real weighted average lease expiry by cash Separately, Ms Sharon Riley Wortmann estate sector, KORE will benefit from rental income remained healthy at 91.6% was appointed as an independent non- her perspectives and insights, as we Delivering healthy financial performance and 3.7 years respectively. A built-in executive director of Keppel Pacific Oak continue to work towards providing average annual rent escalation of 2.6% US REIT Management with effect from 20 sustainable distributions and strong provides organic growth for the REIT. April 2021. total returns for Unitholders.”

Keppel DC REIT delivered a 17.5% Park precinct in Sydney, Australia, is borrowings in Euros. Keppel DC REIT year-on-year growth in distributable progressing as planned and expected to also continues to mitigate the impact income to $42.03 million for 1Q achieve development completion in of currency fluctuations by hedging 1. DC1 (pictured), located just outside the 2021. The increase was supported 2Q 2021. forecasted foreign-sourced distributions 3 Woodlands Regional Centre, has been leased by accretive acquisitions and asset till 2H 2022, with foreign currency to 1-Net Singapore on a fully-fitted basis. enhancement initiatives in 2020. This As of 31 March 2021, Keppel DC REIT forward contracts. 2. Global data centre demand continues to translated to a distribution per unit achieved its highest portfolio occupancy be strong, underpinned by factors such as (DPU) of 2.462 cents for 1Q 2021, a of 97.8% since its listing in December As we enter 2021, the data centre growing cloud migration, e-commerce, internet traffic, smart technologies and roll-out of 5G. 18.1% increase year-on-year. 2014. Weighted average lease expiry industry remains on a solid footing, remained healthy at 6.6 years. driven by the rapid adoption and 3. For 1Q 2021, KORE had positive rental The Manager shared that asset proliferation of technology across reversion of 5.7%, driven by rent growth in Seattle – Bellevue/Redmond, where The Plaza enhancement works at two data centres, The Manager continues to exercise areas such as big-data analytics, 5G Buildings (pictured) is located, and Austin. Keppel DC Dublin 2 in Ireland and DC1 prudent capital management, with Keppel deployment, remote collaboration and in Singapore were completed in 1Q 2021. DC REIT average cost of debt at 1.5% per digital entertainment. These are part of Keppel DC REIT’s annum, and interest coverage ratio at portfolio optimisation efforts to drive 13.1 times. Aggregate leverage as at 31 Leveraging the Keppel Group’s long-term returns for Unitholders. March 2021 was 37.2%. innovation platforms and capabilities in design, development and management Meanwhile, the development of 67% of Keppel DC REIT’s borrowings of data centres, Keppel DC REIT is Intellicentre 3 East Data Centre, which are hedged with floating-to-fixed interest well position to capitalise on growth is within the Macquarie Business rate swaps, with the remaining unhedged opportunities in the data centre industry. 14 15

Changes to Keppel Corporation’s Board

and risk management, will provide Mr Teoh was first appointed to Keppel Dr Lee Boon Yang effective leadership to the Board and Corporation’s Board on 1 October (left) retired as non-executive management as the Group continues its 2010. Before that, Mr Teoh spent 27 Chairman and Director growth and transformation.” years in KPMG LLP, Singapore and of Keppel Corporation over the years, had held various as of 23 April 2021, and is succeeded by Mr Danny Teoh said, “On behalf of leadership positions in the firm. He Mr Danny Teoh (right) the Board and management, I would was the Managing Partner of KPMG as non-executive like to thank Boon Yang for his strong LLP, Singapore from 2005 until his Chairman. leadership and invaluable contributions retirement from KPMG in September to Keppel, and for laying robust 2010. Mr Teoh qualified as a Chartered foundations for the Company’s next Accountant in the UK in 1981 and is an phase of growth. I am honoured to be associate member of the Institute of appointed Chairman of the Board, and Chartered Accountants of England and look forward to working very closely with Wales. Mr Teoh is also the Chairman of the Board and management to continue M1 Limited. growing the Company as we pursue Vision 2030.” Mr Alvin Yeo, non-executive and independent director since 1 June 2009, Mr Loh Chin Hua, CEO and Executive and Mr Tan Ek Kia, non-executive and Director of Keppel Corporation, said, independent director since 1 October “Boon Yang has been a pillar of strength 2010, also retired and stepped down for Keppel and was pivotal in driving the from Keppel’s Board on the same date. Dr Lee Boon Yang has retired as and growing new businesses, while more than $5 million to support efforts Company’s strategic direction over the Non-executive and non-independent non-executive Chairman and Director enhancing compliance and controls, by Singapore and the international past 12 years. I would like to express my director Mr Teo Siong Seng succeeded of the Company with effect from and increasing the Company’s community to fight the COVID-19 deep appreciation to Boon Yang for his Mr Tan as Chairman of the Board 23 April 2021, immediately after the focus on environmental, social pandemic. strong support and wise counsel, which Safety Committee. Company’s Annual General Meeting and governance issues. Under Dr helped Keppel to remain resilient and (AGM), having served as Chairman of Lee’s watch, Keppel has undergone Dr Lee Boon Yang said, “Keppel is grow from strength to strength. In appreciation of their service, then- Keppel Corporation for close to 12 years. significant transformation, as it readies a flagship Singapore company with Chairman Dr Lee said, “On behalf of the Mr Danny Teoh, 65, who was formerly itself for the future. This includes the a celebrated international profile. Its “As a longstanding Director, Chairman Board, I would like to thank Alvin and the Chairman of the Audit Committee unveiling in May 2020 of Keppel’s development and progress mirrored of the Audit Committee and a member Ek Kia for their invaluable contributions. succeeded Dr Lee as non-executive Vision 2030, a long-term strategy to the growth of modern Singapore for of the Remuneration and Board Risk We are grateful to Alvin for his close to Chairman with effect from the same date. guide the Company’s growth as an more than five decades. It has been Committees, Danny has played key 12 years of distinguished service and Mr Danny Teoh is also currently a member integrated company providing solutions my great honour and privilege to roles in shaping Keppel’s strategy and wise counsel, and Ek Kia, whose of the Nominating, Remuneration and for sustainable urbanisation, with serve Keppel for the past 12 years. It policies. The Board and management extensive experience in the energy Board Safety Committees. sustainability at the core of its strategy. has also been an immensely exciting look forward to Danny’s leadership and business and the field of HSE (health, journey. I am deeply grateful for the guidance as we accelerate the execution safety and the environment) has greatly As Chairman of Keppel Corporation During Dr Lee’s tenure, Keppel also opportunity to have worked with the of Vision 2030 and create value for all our benefitted the Board and Company for since July 2009, Dr Lee presided stepped up its contributions to the many outstanding Board members stakeholders.” almost 11 years.” over the Board through ups and community, with the launch of the and dedicated Keppelites to build on downs in the international business Group’s philanthropic arm, Keppel the Keppel story. We enjoyed many environment, including the sharp Care Foundation, in 2012. Since its years of great success but also suffered downturn in the offshore & marine establishment, the Foundation has some setbacks. Inspired by a deeply sector starting from 2015, and more disbursed more than $47 million in embedded Can-Do spirit, Keppel has recently the COVID-19 pandemic. support of education and the arts, always emerged stronger and fitter from Amidst a challenging landscape, environmental conservation and caring adversity. I am confident that Danny, Keppel has remained resilient, for the underprivileged, among other with his sharp business acumen and harnessing the synergies of the Group causes. In 2020, Keppel also committed deep expertise in governance, finance 16

Mr Loh Chin Hua, CEO of Keppel Corporation, engaged Keppelites around the world at the Global Keppelites Forum 2021.

Global Keppelites Forum 2021

At the Global Keppelites Forum 2021, Mr Loh Chin Hua, CEO of Keppel Corporation, provided an overview of Keppel’s progress and plans for the future. He also spoke about Keppel’s Vision 2030 roadmap, and called on Keppelites to work together, accelerate the execution of Vision 2030, and transform Keppel into a powerhouse of solutions for sustainable urbanisation.

The seventh annual Group-wide townhall, the shifting global economic and political Mr Loh emphasised that sustainability will be the Global Keppelites Forum (GKF), was landscapes, the impact of the COVID-19 at the core of Keppel’s strategy with the goal to held on 5 February 2021 at the Keppel pandemic on businesses, as well as the “not just operate a sustainable business, but to Leadership Institute, with a small live Group’s Vision 2030 roadmap. make sustainability our business”. Mr Loh said, audience on site in compliance with safe “I see Keppel as being a company synonymous management measures, and more than Sustainability as our business with technology and sustainability, where we 2,000 Keppelites in Singapore and around 2020 was a transformative year for provide solutions to fight and mitigate the the world tuning in via live webcast. Keppel as the Group unveiled Vision effects of climate change”. 2030, a long-term strategy to guide the In his address, Mr Loh Chin Hua, CEO Group’s growth from a conglomerate Asset light business model of Keppel Corporation, spoke on the of unrelated parts into one integrated Mr Loh shared that Vision 2030 is also about challenges and opportunities created by business. exercising discipline in capital allocation and 17

that hard work was required to realise the cost enhancement, people and culture, “Keppel has a strong culture founded full potential of Keppel as one integrated monetisation and restructuring. on our rich heritage. This is one of business. Keppel’s strengths, but it can also have He highlighted that Keppel’s 100- the unintended effect of making some He elaborated on the steps in the Group’s day plan, which was introduced in Keppelites more resistant to change.” He Vision 2030 roadmap, including an asset September 2020 to invigorate Keppelites encouraged all Keppelites to be agile and monetisation plan to recycle capital with the excitement and urgency work together and with customers to try to fund new growth opportunities and of a Day 1 company, had been very new ideas and experiment in today’s maximise value to shareholders. successful with many targets met. fast-changing world.

On the timeline of the Vision, Mr Loh Mr Loh also underscored the importance He said, “Keppel has many strengths. We highlighted that 2030 was chosen to give of collaboration and building trust as should recognise and build on them, harness Keppel’s younger leaders a longer runway Keppelites and their respective business technology and embrace new business to boldly re-imagine a Future Keppel, units work alongside each other. models to take us to the next level.” unencumbered by the current areas of businesses. He said, “It is not our intention “Diversity strengthens us. We need group Strong workforce to take a decade to execute the Vision. synergies to build new business models Mr Loh highlighted that a talented and Now that we have determined our future and create new profit pools. Let’s work committed workforce with the right skillset direction, we will accelerate the execution together to develop and harness the and mindset will be key to realising Vision of our Vision with the internal rallying cry power of OneKeppel, One Business and 2030. He said, “We will continue to train, of “2030 by 2025”.” One Ecosystem,” he said. upskill and develop our people, at the same time supplementing our bench strength To drive the execution of Vision 2030, the Overcoming obstacles with mid-career talents who bring new Group has established a Transformation Mr Loh cautioned about the potential perspectives and skills. Most importantly, Office covering six workstreams: growth obstacles that could hold Keppel back we need agile minds to do things differently initiatives, technology and innovation, from achieving Vision 2030. He said, to help Keppel stay relevant.”

Mr Loh Chin Hua, CEO of Keppel Corporation (top row, centre) joined by younger business leaders from across the Group, responded to questions posed by Keppelites. The live Q&A session was moderated by Mr Francois van Raemdonck, Director of Group Strategy and Development. 18

Valuable insights Q: What are some of Keppel O&M’s strengths that can help it compete in the renewables industry?

Following Mr Loh’s address was a Q&A segment, CO: Keppel O&M’s engineering, procurement and where Mr Loh and some of the younger business construction capabilities, as well as track record enable leaders who were involved in the preparation of us to provide end-to-end solutions to new customers the Vision 2030 responded to questions posed in the renewables industry and offshore energy space. Keppel O&M is also able to harness strengths and tap by Keppelites through the Yammer platform. on capabilities across the Group as we collaborate with other business units to develop joint infrastructure Keppelite shares highlights of the Q&A segment, projects. which was moderated by Mr Francois van Q: For the incoming business unit leaders, what Raemdonck (FVR), Director of Group Strategy new ideas or changes do you intend to implement and Development and Managing Director of amidst the challenging economic outlook and the Keppel Technology & Innovation. continuing COVID-19 pandemic?

LL: In line with the Group’s Vision 2030, we have articulated Keppel Land’s vision to redefine urban spaces for a sustainable future. The pandemic has transformed the way we live, work and play, and Getting to know you we will focus on customer centricity to address the needs of our building users. We are focused on Mr Francois van Raemdonck began the session by posing seizing opportunities in macrotrends including the some ice-breaker questions to the younger business leaders: energy transition and digitalisation, to make us a Q: To Louis, what is one thing the panelists on stage do not real estate company of the future. know about you? CL: Project execution at Hong Kong and Tuas Nexus’ Integrated Waste Management Facilities, LL: My wife recently started taking DJ classes, and she has as well as new wins in the cooling businesses, will a DJ box at home. And in my spare time, I will tinker with the be priorities for Keppel Infrastructure. We must box as well and try to mix up my own beats. be razor-sharp focused in executing our projects Q: To Cindy, did you pick up any new hobby during Circuit safely, on time and within budget. Concurrently, Breaker? we want to accelerate growth in three new pillars. Firstly, to pursue gas and power opportunities beyond Singapore, where regulatory frameworks CL: While I did not pick up any new hobby during this period, allow us to play. Secondly, to leverage our strong I got trained and certified as a COVID-19 swabber and track record in waste-to-energy technology to volunteered as one. provide solutions for waste management overseas,

Q: To Chris, what is your way of unwinding after a day’s both in developed and fast-urbanising cities. Lastly, work? to pursue new energy solutions that drive energy efficiency and decarbonisation at scale. We look forward to working with the Group to capture new CO: Going back home and spending quality time with my opportunities. family is important. One of my favourite hobbies is to go for walks with my wife. Q: How will Keppel Capital face the challenges of COVID-19 in 2021, in terms of business Q: To Bridget, if you could have a superpower, what would development and people management? it be?

BL: Keppel Capital performed well last year in securing BL: As an avid golfer, I would like to be able to hit the golf ball new funding to support the Group’s businesses, and very far, and score a hole in one. adapting to limitations of the pandemic with online collaboration tools. We also have overseas teams who 19

are able to conduct on-site due diligence for Q: What are the plans to integrate M1 our deals. Teamwork will be the focus as we or other Keppel subsidiaries into driving strategically expand our resources in select Keppel’s Smart City projects? OneKeppel Convivium areas where there are opportunities to strengthen our capital-raising abilities. LL: Keppel Land is very much planning To promote collaboration across the to integrate M1 in its endeavours, in Group as part of the Vision 2030 Q: How can we boost engine 2 with line with our smart building, smart roadmap, Keppelites involved in four engine 1? What is the fundamental home and smart city objectives. exemplary projects, namely Saigon connection between engine 1 and These projects could be large precinct Sports City, Floating Data Centre, engine 2? developments where 5G and Internet the Keppel Bay Tower Solar Project of Things come into play. Connectivity and Keppel DC Singapore 4, were FVR: For engine 1 drivers, which are was a big reason why Keppel took invited to a “OneKeppel Convivium” existing core businesses that Keppel will ownership of M1 to begin with, and we panel discussion to share insights continue to build, Keppel Technology & see it as a big part in delivering the and learnings from their collaborative Innovation has stepped up its efforts to sustainable urbanisation objective we efforts and innovative solutions. The assist major business units with their digital have set for ourselves. projects are part of a set of case transformation, contributing expertise and studies by the Singapore Management guidance on data analytics and automation Q: How do you imagine Global University (SMU) on “OneKeppel towards strategic projects such as the Keppelites Forum 2022 to be? Transformation” and “Asset Keppel Marina East Desalination Plant. Management, Financial Twin strategy”. Engine 2 encompasses emerging business LCH: Over the last few years, we iniatitives such as Keppel Land’s office have been talking about charting Dr Havovi Joshi, Director, Centre for of the future and Keppel O&M’s yard our vision. We now have Vision 2030. Management Practice at SMU and of the future, which cater to customers The environment is going to be quite editor-in-chief of Asian Management of the future. There is also an engine 3, challenging in 2021, but it is important Insights facilitated the discussion which refers to the next wave of new that we start to execute on this vision with the panelists from Keppel potential growth areas such as hydrogen and make good progress over the Infrastructure, Keppel Land, Keppel and nearshore developments. Sustaining next 12 months. I hope that when I am Data Centres and Keppel Capital. growth in engine 1 while nurturing and standing here a year from now, I will be The panel discussed best practices effectively scaling engine 2 drivers will sharing about all the progress we have in collaboration and lessons learnt enable Keppel to sustain growth into the made, and maybe I will be saying “Vision from the key strategic decisions. future. 2030 by 2023”!

LCH - Mr Loh Chin Hua, At the OneKeppel Convivium, Keppelites involved in the Saigon Sports City, Floating Data Centre, CEO of Keppel Corporation the Keppel Bay Tower Solar Project and Keppel DC Singapore 4 projects shared their insights on collaborating across the Group.

CO - Mr Chris Ong, CEO of Keppel Offshore & Marine

LL - Mr Louis Lim, CEO of Keppel Land (with effect from 15 February 2021)

CL - Ms Cindy Lim, CEO of Keppel Infrastructure (with effect from 15 February 2021)

BL - Ms Bridget Lee, COO of Keppel Capital (with effect from 15 February 2021) and CEO of Keppel Capital Alternative Asset 20

Positioned for the future with Vision 2030

Minister for Trade and Industry, Mr Chan Data Centre Parks (FDCP), sustainable different suite of products and services in Chun Sing, together with senior officials and climate resilient nearshore 10 years,” Minister Chan added. from the Ministry of Trade and Industry urban developments, and how 5G’s (MTI) and the Economic Development hyperconnectivity can be harnessed to Connectivity is one of Keppel’s focus Board (EDB), visited Keppel Corporation’s provide smarter and better solutions for areas as part of Vision 2030. As the world headquarters on 23 March 2021. industrial, commercial and consumer becomes more digitalised and connected, applications. demand for connectivity solutions is Mr Loh Chin Hua, CEO of Keppel expected to continue to grow rapidly. Corporation, together with other Keppel In an interview with the Singapore media During the visit, Minister Chan viewed business unit leaders, briefed Minister during the visit, Minister Chan highlighted exhibits of some of Keppel’s new and Chan on Keppel’s Vision 2030, Keppel’s Keppel as an example of a big company innovative data centre solutions such as growth and transformation plans as that was able to ‘pivot, grow new energy-efficient FDCP and High-Rise a provider of solutions for sustainable capabilities and seek new markets’. He Green Data Centres, both of which draw urbanisation, and how Keppel is also urged all companies in Singapore, on Keppel’s engineering nous and diverse contributing to Singapore’s economic big and small, to do likewise in order to capabilities to create greener solutions. development and sustainability agenda, ‘keep pace with market developments as well as to the creation of opportunities and technology changes’. Also on showcase were some possible for SMEs and higher value-adding jobs in applications of 5G technology that will help to Singapore. “Today, Keppel is very different from the drive Singapore’s digital future. These include Keppel 10 years ago, and from what I how M1’s 5G technology can enhance The topics discussed during the visit have heard about Keppel’s plans, I am interactivity and immersive experiences, and include renewables and new energy very confident that Keppel will be a safety through the use of wearables such as solutions, energy-efficient Floating very different company providing a very intelligent glasses and smart watches.

Looking at Keppel’s unique data centre solutions such as a floating data centre park and a high-rise green data centre are (left to right): Executive Vice President, EDB, Mr Tan Kong Hwee; Permanent Secretary, MTI, Mr Gabriel Lim; CEO, Keppel Corporation, Mr Loh Chin Hua; Minister Chan Chun Sing; CEO, Keppel Data Centres, Mr Wong Wai Meng and CEO, Keppel Telecommunications and Transportation, Mr Thomas Pang. 21

Building a sustainable future

Keppel’s vision is to be a trusted global company building a sustainable future, with a mission to deliver solutions for sustainable urbanisation safely, responsibly, and profitably.

With the common theme of ‘Building a Sustainable Future’, the Group’s FY 2020 annual reports provide an overview of the performance and strategic milestones of Keppel Corporation as well as the three REITs managed by Keppel Capital.

Keppel Corporation’s FY 2020 annual report highlighted how, despite the challenges brought about by COVID-19 and the disruptions in the oil industry, the Company unveiled Vision 2030, a roadmap to drive the Group’s long-term strategy and transformation as one integrated business, providing end-to-end solutions for sustainable urbanisation, with an asset management arm to fund the Group’s growth and provide a platform for capital recycling. As part of Vision 2030, Keppel will put sustainability firmly at the core of its strategy, and harness the strengths and expertise of the Group to develop solutions for sustainable urbanisation that are good for the planet, for people and for Keppel.

In their respective annual reports, the Group’s listed REITs not only reported on their performance in FY 2020 but also discussed how they were creating value for stakeholders and contributing towards sustainable urbanisation through their portfolios comprising high quality and efficient commercial real estate and data centre assets. 22 23

1. Guest of Honour, Prime Minister Lee 2 Hsien Loong (third from left); Minister for Sustainability and the Environment, Ms Grace Fu (fourth from right); then-Chairman of Keppel Corporation, Dr Lee Boon Yang (first from left); Chairman of PUB, Mr Chiang Chie Foo (third from right); CEO of Keppel Corporation, Mr Loh Chin Hua (fourth from left); Chief Executive of PUB, Mr Ng Joo Hee (first from right); then-CEO of Keppel Infrastructure, Dr Ong Tiong Guan (second from left); and Permanent Secretary of the Ministry of Sustainability and the Environment, Mr Albert Chua (second from right), toured the green roof of KMEDP, which spans nearly 20,000 sm.

2. Guest of Honour, Prime Minister Lee Hsien Loong; Minister for Sustainability and the Environment, Ms Grace Fu; then-Chairman of Keppel Corporation, Dr Lee Boon Yang; and senior representatives from the Ministry of Sustainability and the Environment, PUB, and Keppel, touring the treatment facilities of KMEDP.

3. Guest of Honour, Prime Minister Lee Hsien 3 Loong; Minister for Sustainability and the Environment, Ms Grace Fu; then-Chairman of Keppel Corporation, Dr Lee Boon Yang; 1 Chairman of PUB, Mr Chiang Chie Foo; CEO of Keppel Corporation, Mr Loh Chin Hua; Chief Executive of PUB, Mr Ng Joo Hee; and then-CEO of Keppel Infrastructure, Dr Ong Tiong Guan, officially opened KMEDP and toasted with desalinated water straight from Building water resilience the plant.

Keppel Infrastructure and PUB, Singapore’s 30 million gallons) of fresh drinking source. It is also weather-resistant and National Water Agency, officially opened water per day. The plant commenced always available, rain or shine, as a the Keppel Marina East Desalination Plant commercial operations from 29 June 2020 source of life-giving water. The availability (KMEDP), Singapore’s fourth desalination and is operated by Marina East Water Pte of desalination makes Singapore’s plant, on 4 February 2021. Ltd, a wholly owned subsidiary of Keppel water supply immensely resilient. And Infrastructure, for a 25-year concession the KMEDP coming online further The ceremony was officiated by Guest of period from 2020 to 2045, under the strengthens Singapore’s water security.” Honour, Prime Minister Lee Hsien Loong, Design, Build, Own and Operate (DBOO) as well as Minister for Sustainability and arrangement with PUB. Dr Ong commented, “Keppel is the Environment, Ms Grace Fu; then- pleased to mark the official opening Chairman of Keppel Corporation, Dr Lee Located at Marina East, KMEDP can of KMEDP and support the Singapore Boon Yang; Chairman of PUB, Mr Chiang either treat seawater or rainwater drawn Government in strengthening the resilience of Keppel and PUB, and our gallery. For its outstanding design features ultrafiltration (UF) and reverse Chie Foo; CEO of Keppel Corporation, from the Marina Reservoir, depending on resilience of Singapore’s water supply. strong partnership, which has grown from and exceptional Active, Beautiful, Clean osmosis (RO) systems, where Mr Loh Chin Hua; Chief Executive of the prevailing weather conditions, thus The development and operation of the strength to strength.” (ABC) standards, KMEDP became the first water filtered from the upstream PUB, Mr Ng Joo Hee; and then-CEO strengthening Singapore’s water supply KMEDP is very much in line with Keppel’s industrial plant in Singapore to be awarded UF process is fed directly to of Keppel Infrastructure, Dr Ong Tiong resilience. Vision 2030, which envisages the Group Seamlessly integrated with the surrounding the ABC Waters Certification (Gold) by PUB the downstream RO process, Guan. providing environmental solutions to greenery, KMEDP features nearly in October 2019. eliminating intermediate break Mr Ng said, “Seawater desalination is one contribute to sustainable urbanisation. 20,000 sm of open green rooftop space tanks and pumping stages, resulting KMEDP, Singapore’s first large-scale, of Singapore’s ‘four national taps’. Unlike The completion of the plant within budget for community activity and recreation. KMEDP is also the first desalination in significant cost and space saving, dual-mode desalination plant, is capable the other three taps – imports, rainfall and and on schedule during the COVID-19 The plant’s treatment facilities are situated plant in Singapore to feature the and making the process up to 15% of producing 137,000 cubic metres (about recycled water – it is a practically limitless pandemic is a further testament to the underground, viewable via a private viewing energy-efficient direct coupling of the more energy-efficient. 24 25

Strengthening the connectivity business

On 29 March 2021, Keppel asset-light model, we can also collaborate Mr Pang added, “Securing the FBO Telecommunications & Transportation with funds managed by Keppel Capital to licence is an important milestone for (Keppel T&T), through a wholly owned help provide funding for the project.” Keppel as it marks the start of our subsidiary, Keppel Midgard Holdings subsea cable business in Singapore. The (KMH), Facebook and Telin entered into With global data bandwidth demands Bifrost project is in line with Keppel’s a joint build agreement to jointly own reaching unprecedented levels, surging Vision 2030 roadmap, which includes and develop the Bifrost Cable System, cloud adoption, exponential growth in growing our connectivity platform, and the world’s first subsea cable system that mobile device usage and 5G deployment, will strategically strengthen and broaden directly connects Singapore to the west the surging demand for more bandwidth the Group’s play across the spectrum coast of North America via Indonesia highlights the critical impact subsea cables of data communications, from network through the Java Sea and Celebes Sea. have on global connectivity. In addition, infrastructure, data centres to wireless 5G there has been an increasing demand for connectivity. It can give rise to potential Expected to be completed in 2024, the more capacity through the Pacific region opportunities for cross selling or creating Bifrost Cable System will span over 15,000 due to the significance and the growth new profit pools across Keppel’s different km and connect Singapore, Indonesia, the of Asian markets. In Asia Pacific alone, connectivity businesses, for example by Philippines, Guam and the west coast of according to the Cisco Annual Internet leveraging Keppel Data Centres’ network North America. When fully commissioned, Report (2018 – 2023), the number of of data centres as potential points of the multiple fibre paired, high performance internet users is expected to hit 3.1 billion presence. We may also collaborate with Bifrost Cable System will also be the users by 2023, from 2.1 billion users in 2018. funds managed by Keppel Capital to help largest capacity high-speed transmission provide funding for the project. Drawing cable across the Pacific Ocean. This open cable system will cater to the from our experience in Bifrost, we will burgeoning connectivity needs of the also explore other opportunities in subsea KMH’s share of the total project costs as Southeast Asia region by providing not cables.” a joint build partner will be approximately only seamless direct connectivity to US$350 million (approximately $467 North America, and low latency, but also Binding term sheet with Converge million). Keppel T&T, Facebook and network diversity. KMH has subsequently signed a binding Telin have appointed Alcatel Submarine term sheet with leading Philippine fibre Networks for the supply and installation The Bifrost cable system will incorporate broadband provider Converge Information works of the cable system. state-of-the-art optical submarine & Communications Technology Solutions, transmission equipment, benefitting Inc. (Converge) to grant Converge an Mr Thomas Pang, CEO of Keppel T&T, the region’s governments and Indefeasible Right of Use (IRU) for one said, “One key component of Keppel’s businesses, including cloud operators, fibre pair on the main trunk of Bifrost Vision 2030 is our connectivity business. telecommunications operators, network Cable System. With the development of the Bifrost providers, over-the-top (OTT) providers, Cable System, we take a significant step data centres, governments, enterprises, and In addition, KMH and Converge will jointly towards strengthening and broadening our consumers by offering them competitive develop a branch on the Bifrost Cable connectivity platform by building a new pricing and capacity resilience. System that will land in Davao, Philippines, adjacent and complementary business to with Converge also being granted an IRU our data centre business. FBO licence on the entire Davao branch. Converge will In addition, in April 2021, KMH was be engaged as the landing party for the “We are happy to collaborate with our granted a Facilities-Based Operator Davao branch segment. consortium partners, Facebook and Telin, (FBO) licence by the Infocomm Media for the Bifrost Cable System project as this Development Authority of Singapore The additional branch will significantly will be a transnational critical infrastructure (IMDA). The FBO licence will allow KMH increase internet speeds and network which will enhance Singapore’s role as to own, maintain and operate telecoms diversity for businesses and consumers in a digital hub, as well as support and infrastructure in Singapore and to the Philippines. Converge will invest over accelerate the region’s growing digital provide telecommunications services in US$100 million (around PhP5 billion) for connectivity needs. In line with Keppel’s connection with the Bifrost Cable System. the whole project.

26 27

1. Minister Iswaran (second from right), together with (from left to right) Mr Lew 2 New world of opportunities with 5G Chuen Hong, Chief Executive of IMDA, Mr Loh Chin Hua, CEO of Keppel Corporation, and Mr Manjot Singh Mann, CEO of M1, interacting with a 5G-powered hologram of Mr Khoo See Kiang, Deputy Director, On 8 April 2021, Minister for the Keppel Group is harnessing M1’s 5G In his Facebook post, Minister Iswaran Corporate Sales and Solutions, M1. Communications and Information, hyper connectivity to provide solutions said, “Glad to see progress on a 2. M1 unveils a new brand identity with made- Mr S Iswaran, accompanied by for sustainable urbanisation in line with number of their (Keppel’s) 5G-related to-measure offerings and an enhanced Chief Executive of Infocomm Media Keppel’s Vision 2030. In particular, the projects and the Bifrost Cable System, customer experience that is part of its Development Authority (IMDA), Mr Lew 5G SA (standalone) network will spur which, when ready around 2024, digital transformation journey. Chuen Hong, and senior officials from advancements for industries such as media, will be a world’s first (subsea high- the Ministry of Communications and tourism, manufacturing and e-sports, speed transmission cable system) Information, visited Keppel Corporation contributing to Singapore’s digital economy. to directly connect Singapore to the to view the company’s 5G technology west coast of North America. Keppel demonstrations, and find out more about The demonstrations showcased how M1’s is also working together with M1’s 5G Keppel’s Vision 2030. 5G technology can enhance the remote hyper connectivity to enhance its suite operations of robots, cyber security, the of offerings, including applications Mr Loh Chin Hua, CEO of Keppel use of holograms for communication, of remote operations of robots, Corporation, together with Mr Thomas smart wearables like intelligent glasses unmanned aerial vehicles and the Pang, CEO of Keppel Telecommunications together with real-time analytics to use of holograms for communication. & Transportation, Mr Manjot Singh Mann, improve workplace operations and safety, As Singapore pushes ahead in our CEO of M1, and Mr Wong Wai Meng, CEO as well as the use of mobile phones to 5G drive, I believe the technology will of Keppel Data Centres, briefed Minister broadcast professional quality video with yield tangible opportunities for our on M1’s connectivity solutions, and how augmented reality. companies and our people.” M1 unveils new brand identity

In February 2021, M1 unveiled a refreshed represents the heart of the new brand, Enhanced digital experience brand identity, supported by a full digital which is ‘Made-to-Measure’. It reinforces M1 is also revamping its digital transformation that will change Singapore’s M1’s commitment to being a customer- experience across all touchpoints. way of telecommunications. This marks centric company, delivering bespoke 1 The new interactive lifestyle My M1+ the rebirth of M1 with a reinvigorated goal products that are tailored to meet the app not only allows customers to to become Singapore’s first digital network specific needs of its customers. manage their plans, but also enables operator, and transform the way customers customers to self-serve with a few engage with M1. “Our new brand and promise to deliver clicks. This lifestyle app encompasses individualised experiences, coupled with everything from mobile and This transformation is part of a two-year long our advanced digital capabilities, will keep entertainment services to daily needs, journey which saw M1 working closely with M1 at the forefront of building Singapore’s as part of M1’s broader plan to enhance its key shareholder, Keppel Corporation, to digital economy while driving real value the customer experience. digitally overhaul all of M1’s processes and to our customers,” said Mr Manjot Singh offerings, with a customer-first approach. Mann, CEO of M1. Future-proof and first-of-its-kind M1 is a key pillar of Keppel’s connectivity digital platform business and plays an important role in Made-to-measure offerings M1’s digital transformation is enabled Keppel’s Vision 2030, which includes tapping M1’s newest Bespoke mobile plans aim by its future-proof new technology M1’s digital solutions and 5G network to to take personalisation to greater heights. stack which is able to integrate all enhance the Group’s suite of solutions for The made-to-measure plans – Bespoke aspects of its systems onto one digital sustainable urbanisation. Flexi, Bespoke Contract and Bespoke SIM platform. Working with some of the – can be customised in just three simple best leading technology service New Brand Promise steps to fit every user’s individual needs. providers to integrate the systems, Inspired by the magical golden hour of Powered by deep revolutionary changes this first-of-its-kind digital platform in the day, the refreshed corporate colour to its technology stack, M1 is the only Singapore will radically simplify the symbolises that the best time is here telco in Singapore that is able to offer this way M1 operates while providing real for M1, while the ‘M’ in the new M1 logo degree of personalisation to its customers. value to customers. 28

Charging into the future

Keppel Infrastructure (KI), through its to support vehicle electrification. The charging infrastructure opportunities wholly-owned subsidiary Keppel Volt Singapore Government has committed in Singapore and selected markets in Pte Ltd (Keppel Volt), and Wanbang to phase out internal combustion the Asia Pacific region. We are bullish Digital Energy Pte Ltd (StarCharge), engine vehicles by 2040, and intends to about the outlook for EV adoption have inked a non-binding Memorandum strengthen national sustainability efforts globally, especially in the Asia Pacific of Understanding (MOU) to explore under its Singapore Green Plan 2030 region, and therefore believe there will investing in, developing, owning and with initiatives such as requiring all new be tremendous opportunities for the operating electric vehicle (EV) charging car registrations to be cleaner-energy deployment of supporting charging infrastructure in Singapore through a models by 2030, and more than doubling infrastructure. As one of the largest joint venture to be established, as well as the targeted number of EV charging players in China in the EV charging pursue other EV-related opportunities in points in public carparks and private infrastructure space, with deep Singapore and selected markets in the premises by 2030, from 28,000 to 60,000. capabilities across the entire value Asia Pacific region. chain including design, manufacturing, Ms Cindy Lim, CEO, KI, said, “There and software platform development, The JV will offer innovative end-to-end is a strong market for EV-related we believe we can bring along our integrated EV charging solutions, from opportunities, as the world moves to expertise from serving the Chinese electricity production, charge point reduce carbon emissions and adopt market to develop cost competitive hardware design and deployment, cleaner transport options. As an and user-friendly solutions in the global software platform development, to integrated energy player with strong track markets we venture into. Wanbang expertise in operations and maintenance. record in development, execution and constantly strives towards our mission of The collaboration will bring together KI’s operations, and as one of the leading promoting the electrification of vehicular capabilities as a developer and operator Open Electricity Market retailers in transportation and positioning ourselves of large-scale sustainable infrastructure Singapore, KI is well-placed to capture as a leader for the digitalisation of global projects, and its experience as a leading such opportunities brought about energy. We are firmly committed to Open Electricity Market retailer through by the global energy transition and provide a cleaner and better life for all.” Keppel Electric, and StarCharge’s decarbonisation efforts. Moving into expertise in manufacturing and deploying the transport electrification business Keppel had earlier announced its Vision EV charging infrastructure, as well as is a natural step for us to tap on our 2030, which places sustainability firmly developing and managing front- and capabilities and an opportunity to carve at the core of its strategy, and sees back-end software platforms. out a new complementary business the Group as an integrated business segment. This is also in line with the providing solutions that are good The transition towards EV adoption is Keppel Group’s Vision 2030 which for the planet, for people and for the at a tipping point, sparked by stringent envisions us providing solutions for Company. Beyond running its business emission regulations, price reductions sustainable urbanisation.” in a sustainable and environmentally in EV powertrains and advancements responsible manner, Keppel is also in battery technology. The expected Ms Echo Shao, Founder and Chairman, making sustainability its business, by strong growth in global EV sales will Wanbang Digital Energy Co. (parent providing solutions that help businesses pave the way for an upsurge in demand company of StarCharge), said, “We and communities become more for EV charging infrastructure required are pleased to partner KI to pursue EV sustainable. 29

Vox Ariane (pictured) is the first of three dredgers that Keppel is building for Van Oord.

Versatile partner

Keppel Offshore & Marine (Keppel This milestone was followed by the keel February 2021 for the SBM Offshore O&M) is a world leader in providing laying for the second TSHD, Vox Alexia, Prosperity FPSO. Keppel O&M’s scope of total solutions in the offshore, marine on 31 March 2021. work includes the fabrication, installation and energy industries. Over the and integration of topside modules, riser past few months, it marked several To date, Keppel O&M has delivered five balconies and spread mooring support milestones with various customers for dredgers with hopper capacities ranging structures, as well as supporting the its ongoing projects. from 3500m3 to 6000m3. customer on pre-commissioning and commissioning work. First dual-fuel dredger Offshore wind farm substations On 28 January 2021, Keppel O&M Keppel O&M marked 3 million manhours The unit will be the third FPSO operating successfully launched the Vox Ariane, without lost time incidents on 11 March in the waters of Guyana, following the the first of three 10,500m3 Trailing 2021 for the two offshore wind farm Liza Destiny and Liza Unity. Keppel O&M Suction Hopper Dredgers (TSHD) that substations that it is building for Ørsted, delivered the Liza Destiny, Guyana’s first Keppel is building for Van Oord. It is also a Danish renewable energy company. FPSO, in 2019. It is currently also working the first dual-fuel dredger to be built in on the integration of topside modules for Singapore. When completed, the substations will be the Liza Unity, after having installed its deployed in Ørsted’s Greater Changhua riser, mooring and umbilical structures. The launch ceremony was attended offshore wind sites in Taiwan and have a by Guest-of-Honour Her Excellency total potential capacity of 2.4 GW. Similar to the Liza Unity, the Prosperity Margriet Vonno, Ambassador of the FPSO will be dry docked at Keppel O&M’s Netherlands to Singapore, as well as Floating Production Storage and Admiral Dock, tapping on Keppel O&M’s senior management from Van Oord and Offloading vessel (FPSO) ability to leverage combined facilities and Keppel O&M. Keppel O&M struck first steel in utilise resources across its divisions. 30 31

1. Avenir Accolade is designed to support 1 small-scale LNG distribution and bunkering, and will be chartered to LNG Asia’s first ship-to-containership Power Limited to deliver LNG to various ports across Brazil. LNG operation 2. From left to right: Ms Quah Ley Hoon, Chief Executive of MPA; Mr Chris Ong, Chairman of FueLNG and CEO of Keppel O&M; Mr Loh Chin Hua, CEO of Keppel Corporation and Chairman The first ship-to-containership Liquefied Affairs was the Guest-of-Honour at the aims to provide a total of about 30 of Keppel O&M; Guest-of-Honour Mr Chee Hong Tat, Singapore’s Senior Natural Gas (LNG) bunkering operation launch of the bunkering operation. He to 50 STS LNG bunkering operations Minister of State for Transport and Foreign in Asia was undertaken on 24 March said, “As a global bunkering hub, today’s in 2021, extending its track record of Affairs; Mr Tan Chong Meng, Group 2021 by FueLNG, a joint venture between milestone follows MPA’s partnership with over 300 truck-to-ship LNG bunkering CEO of PSA International; Mr Stephane Courquin, CEO of CMA CGM Asia Pacific; Keppel Offshore & Marine (Keppel O&M) CMA CGM, FueLNG, Keppel O&M and operations, and strengthening Keppel Mr Cyril Ducau, CEO of Eastern Pacific and Shell Eastern Petroleum, CMA CGM, Shell Eastern Petroleum, to provide more O&M’s offerings in gas-related Shipping; and Ms Aw Kah Peng, Chairman, a world leader in shipping and logistics, sustainable bunkering solutions for the solutions. Shell Companies in Singapore, at the launch of the LNG bunkering operation. and the Maritime and Port Authority of shipping industry.” Singapore (MPA). The CMA CGM SCANDOLA is the first Mr Chris Ong, Chairman of FueLNG of six new 15,000-TEU LNG-powered The containership, CMA CGM and CEO of Keppel O&M, added, containerships which CMA CGM Group SCANDOLA, was fuelled with 7,100m3 of “We have a number of ships lined up has lined up to be bunkered in Singapore LNG from FueLNG Bellina, Singapore’s for FueLNG Bellina’s next bunkering this year. These ships will be deployed on first LNG bunkering vessel. CMA CGM operations, reflecting the strong demand CMA CGM’s MEX 1 service between Asia SCANDOLA is also the first vessel in for LNG bunkering in Singapore. LNG and the Mediterranean. Asia to conduct simultaneous container is an important part of the clean energy loading and discharging operations transition and this is in line with Keppel’s According to Shell’s LNG Outlook alongside LNG bunkering operations, Vision 2030 to pursue greener energy report, global LNG bunkering demand shortening port stay time. This is also developments.” is estimated to grow to 30 to 50 million the first ship-to-ship (STS) operation for tonnes per annum (MTPA) by 2040. FueLNG Bellina. Designed and built by Keppel O&M, the Presently there are about 400 LNG- 7,500m3 FueLNG Bellina provides more fuelled vessels in operation or on order, Mr Chee Hong Tat, Singapore’s Senior options for shipowners and operators with an expected demand of LNG as Minister of State for Transport and Foreign to bunker LNG in Singapore. FueLNG marine fuel of nearly 3.5 MTPA.

Delivery of second LNG carrier 2

On 10 March 2021, Keppel Offshore reinforces Keppel’s Vision 2030, which Keppel O&M has a strong track record & Marine (Keppel O&M) successfully includes seizing opportunities in cleaner in developing a suite of solutions for delivered its second newbuild fuel solutions like LNG. both the demand and supply of LNG as Liquefied Natural Gas (LNG) carrier, fuel. It previously delivered the Avenir the Avenir Accolade to its owner, a Similar to the first vessel delivered Advantage, South East Asia’s first LBV, as subsidiary of Avenir LNG Limited to Avenir LNG, the 7,500m3 Avenir well as the FueLNG Bellina, Singapore’s (Avenir LNG). The LNG carrier can also Accolade was built at Keppel Nantong first LBV, and is currently building dual- function as an LNG bunkering vessel Shipyard in China, and is equipped fuel vessels such as containerships, (LBV), making it the third LBV that with engines that can run on both dredgers and LBVs. Keppel O&M is Keppel has delivered. diesel and LNG. Keppel O&M’s also promoting LNG as a marine fuel technology arm, Offshore Technology through FueLNG, its joint venture with The dual-fuel Avenir Accolade attests Development (OTD), also installed Shell Eastern Petroleum (Pte) Ltd, which to Keppel’s growing track record in and commissioned the vessel’s Ballast provides safe truck and vessel LNG solutions for the gas value chain and Water Treatment System. bunkering solutions in Singapore. 32

Keppel Capital launches China logistics property fund

Keppel Capital, together with a global institutional investor, announced in February “Driven by rising domestic 2021 that it has launched its inaugural China-focused logistics property fund to invest in developing high-quality logistics assets in key logistics hubs in China. consumption as well as e-commerce, China’s The fund has an initial total equity commitment of around RMB1,400 million, demand for quality logistics with an option to upsize by a similar amount by the end of 2021. Keppel Capital’s facilities is expanding rapidly. wholly-owned subsidiary, Keppel Capital China (SG), will serve as the fund’s investment manager. Through the fund and our collaboration with our local The launch of the fund is in line with Keppel’s Vision 2030, which envisages logistics property partner, Keppel harnessing its asset management arm to tap third party funds for growth and provide a platform for capital recycling as Keppel provides solutions for we look forward to delivering sustainable urbanisation. modern logistics facilities for key cities in the Chinese The fund will leverage the experience, network and expertise of the Keppel Group as well as a leading Chinese logistics developer and operator, to market, while also generating undertake the development and the operations of Grade-A logistics facilities attractive risk-adjusted across China’s key logistics hubs such as those in Greater Beijing, Greater returns for our investors.” Shanghai and the Greater Bay Area. A pipeline of potential assets has been identified for the collaboration between the fund and the Chinese logistics Ms Christina Tan, CEO of Keppel Capital property developer.

Alpha secures separate account mandate

On 1 April 2021, Alpha Investment in commercial real estate in key cities in have in Alpha’s capabilities in delivering Partners (Alpha), a private fund Japan and China, as well as in Singapore. sound returns for our investors.” management arm of Keppel Capital, announced that it has been awarded a Mr Alvin Mah, CEO of Alpha, said, “We “Following the success of our previous $360 million separate account mandate are heartened by the continued trust investments with Alpha we are from PGGM, a cooperative Dutch pension that PGGM has placed in us, especially delighted to be able to expand our fund service provider. The Alpha Asia in the current challenging environment. relationship. This investment reflects Separate Account (the Fund) includes a We are pleased to extend our long- our confidence in Asia’s long term top-up option of up to $320 million, which standing partnership with PGGM, which growth prospects and Alpha’s ability would bring the aggregate commitment has invested in various Alpha-managed to identify attractive opportunities to $680 million if the top-up option were funds for over 15 years. The new in these markets,” said Jikke de Wit fully exercised. The Fund will focus on investment mandate bears testimony to and Ping Ip from PGGM Private Real core-plus opportunities predominantly the confidence that institutional investors Estate. 33

An aerial view of the green and vibrant South District of the Eco-City.

Driving the Eco-City’s development

On 24 March 2021, a commercial and Central District, such as the Sino-Singapore the importance of leveraging the residential land plot in the Sino-Singapore Friendship Library, Ganlu Creek Park, and Singapore Centre as a platform to network, Tianjin Eco-City’s (Eco-City) South the upcoming Sino-Singapore Friendship communicate and explore opportunities District was successfully sold by the Garden. The well-situated plot is also close related to green and smart urbanisation. Sino-Singapore Tianjin Eco-City to the upcoming Binhai Subway Line 2 Investment and Development Co., Ltd. (Z4 line) station. TECIBA is a strategic partnership between (SSTEC) through public bidding for about SSTEC and other companies including RMB1.51 billion. Separately, the Tianjin Eco-City United Overseas Bank (China) Ltd. and International Business Alliance (TECIBA) OCBC Wing Hang Bank (China) Ltd., which The 20-ha plot will be developed into held its inaugural meeting at the seeks to support Singapore companies a green and liveable community with Singapore Centre in the Eco-City on the and international businesses looking to residential, commercial and educational same day. The Singapore Centre is a make inroads into the Eco-City. The alliance facilities, including Wanda Plaza, a new one-stop shared office platform was formalised on 1 December 2020 at shopping and recreational space for established by SSTEC to offer Singapore the 9th Singapore-Tianjin Economic and residents and visitors. and Singapore-based companies a Trade Council meeting, which was co- platform to facilitate their entry into the chaired by Singapore’s Minister for National Residents will be able to enjoy cultural Tianjin and North China markets. At the Development, Mr Desmond Lee, and and recreational facilities in the nearby meeting, the TECIBA members reaffirmed Tianjin Mayor, Mr Liao Guoxun. 34 GETTING TO KNOW YOU

Spotlight on: Mr Tan Boon Leng

Keppelite speaks with Mr Tan Boon Leng, the Managing Director, Project Development and Corporate Office of Keppel Infrastructure (KI) who has spent more than two decades with Keppel. He shares how KI is poised to grow its capabilities, how his team has overcome challenges in project execution and how he applies his personal passion for design into some of KI’s projects.

Q: You have been part of KI, before and development there. The rules in the Q: With sustainability at the heart that with Keppel Energy, for quite a new liberalised market were still being of Vision 2030, how do you see KI while now. What are some of your developed, entire project development contributing to Vision 2030? career highlights with Keppel? process was a little protracted. We had to evaluate and calibrate the size In line with Vision 2030 and the direction I joined Keppel in 2000 from a of the plant to enable us to compete from the new CEO of KI, I am taking US utility company, into the then- competitively in the market. It took us on a new role to manage quality and Keppel Energy that was formed to some time, we finally were able to scope sustainability issues for KI, including look at the different opportunities an attractive and bankable project which overseeing major projects and HSE. I that were arising from the gradual enabled us to compete effectively in the am excited about the new roles. On the liberalisation of the Singapore then-nascent liberalised market. sustainability front, a key focus would be energy market. We applied for two licenses, as a retailer and as a generator, and secured them both.

Things were difficult then as there were already existing major players in the market, and regulatory frameworks and new entrants to the market were also emerging. Despite the challenges, Keppel Electric managed to be the second in the Singapore electricity retail market to secure a customer, a large American energy company. I am proud to say that we have grown Keppel Electric to be one of the biggest electricity retailers in Singapore now.

Interestingly, the name Keppel Merlimau Cogen (KMC) is a misnomer, as the plant is located in Jurong Island’s Tembusu sector, instead of Merlimau sector. Back then, EDB worked closely with us and persuaded us to locate our plant at the Tembusu sector so that it would be in a position to support the growth 35 GETTING TO KNOW YOU

for us to look for ways to reduce carbon health, and figure out how the tail end management expertise, which will help emissions. Singapore is naturally deficient of the commissioning works could still us to grow and expand our business in in energy resources, and for now the proceed despite the lockdowns. We the future. country remains reliant on carbon-based obtained a permit from the Singapore energy sources. But going forward, we authorities to continue works with a Q: If you are not in your current need to find ways to further reduce our very lean workforce, and implemented profession, you would be? carbon footprint. strict split teams, to minimise risks of the disease spreading. We also converted Maybe I would be in public service or Q: Communities are increasingly the site office into temporary living even politics! Before Keppel, my first job looking to manage their growing waste quarters for the staff, and housed the after graduation was in the civil service, volumes by building waste-to-energy subcontractors and workers doing because I have always wanted to serve (WTE) facilities with larger capacities. nearshore works for KMEDP on floating the people and improve people’s lives. In addition, these facilities are also able barges, so they were isolated. There was I started in the Management Services to treat different types of waste. How a lot of coordination and preparation unit in Ministry of Finance, which was do you think KI is placed to meet these needed to pull off these contingency subsequently corporatised, where we emerging needs? What differentiates plans, but we worked very closely with provided consulting services for the Keppel’s WTE solutions from others in PUB and our other stakeholders and Singapore Government as well as foreign the market? I am very proud of the team as we state-owned enterprises funded by managed to pull through to complete the multilateral organisations. KI is known to be one of the best WTE commissioning works and commence technology solutions provider in the commercial operations in June 2020. Some projects I handled back in market. We have been selected for the 90s included helping a Chinese some of the biggest integrated waste Q: As you transit into your new role bank strengthen its internal financial management projects in the world, for as the Managing Director of Project management, as it was trying to take its example in Hong Kong and Singapore. Development, can you share with us first loan from the Asian Development How we differentiate ourselves is that your new focus? Bank, and the last one was a financial we are not only a developer, but we are feasibility study for an infrastructure also the operations and maintenance My current focus is for KI to successfully project. That started my involvement service provider. We are able to complete deliver our two very big ongoing in the infrastructure business, which the feedback loop – meaning we are projects – the Hong Kong Integrated felt like a very natural step, because to able to apply real-life operations know- Waste Management Facility (HKIWMF), give people better lives, you need good how to improve the performance and the Tuas Nexus Integrated Waste infrastructure, the backbone of a strong of the plant. This is a compelling Management Facility in Singapore along economy. This career transition into the differentiator, because, for waste, the fuel with our consortium partners – through infrastructure business eventually brought characteristics are ever changing, so we which we are further expanding KI’s me to Keppel Infrastructure, where we are able to improve our technology to capabilities to design and fabricate key continue to contribute to improving lives. directly address these, in order to offer WTE technology modules. even more competitive and effective Q: What is one fact about you that not a waste management solutions to our With HKIWMF, we are pushing our lot of people know? customers. technical boundaries with modularisation, which is an innovative approach of I like to design and wanted to be an Q: Despite the lockdown due to constructing the WTE plant off-site in architect, though I eventually ended COVID-19 in 2020, KI achieved another modules, and then transporting them by up studying Computer Science which milestone with the Keppel Marina sea to the island for installation. This is was then the in-thing, and my final year East Desalination Plant (KMEDP) quite a major undertaking, but if we can project was the development of a speech commencing commercial operations in achieve modularisation on that scale, it recognition software. In my 20 years of June 2020. Could you share with us what will allow us more flexibility in design and work with Keppel, although I didn’t get was the most challenging aspect of this delivery of WTE technology solutions. to design houses, I contributed to the project? designs of our industrial plants like KMC, The Singapore project is complex with and more recently worked with architects We were just a few months to handover many different parties undertaking of KMEDP and HKIWMF in the design when COVID-19 struck. Our first priority different parts of the project, so that and conceptual stages. I enjoy such work was to ensure our workers’ safety and is further strengthening our project very much. 36 37

1. The refreshed i12 Katong will 1 feature an eclectic selection of retail offerings and three new Strategic partnership for global expansion specially curated zones.

2. Ocean Financial Centre has become Singapore’s first commercial building to achieve On 19 February 2021, Keppel Land and overseas offices – Singapore Enterprise Mr Ben Lee, COO, Keppel Land, said, the WELL Health-Safety Rating the Singapore Business Federation (SBF) Centre@Ho Chi Minh City and Singapore “We are glad to partner SBF to offer by the International WELL Building Institute for its robust entered into a strategic partnership Enterprise Centre@Jakarta, which are flexible space solutions and support health and safety management. agreement to cooperate on the located in KLOUD serviced co-offices the growth of Singapore companies as GlobalConnect@SBF initiative1. located in Saigon Centre in Ho Chi Minh they expand their presence overseas. The agreement recognises Keppel Land City and International Financial Centre As tenants look for more flexible as a strategic partner of SBF, for all of Jakarta respectively. lease tenures and adaptable spaces Keppel Land’s existing KLOUD serviced amid COVID-19, Keppel Land is well- co-offices located in Singapore and Singapore’s Minister for Trade and positioned to offer such core-and-flex other ASEAN countries. As part of the Industry, Mr Chan Chun Sing, was the space solutions under our KLOUD partnership, SBF has established two Guest-of-Honour at the signing ceremony. brand.”

Footnote: 1. GlobalConnect@SBF is an initiative by SBF and supported by Enterprise Singapore to help businesses expand globally. It also provides Free Trade Agreement (FTA) education and outreach for Singapore businesses to leverage Singapore’s extensive FTA network for global competitiveness.

Robust health and 2 safety management

On 8 March 2021, Ocean Financial Centre became Singapore’s first commercial building to achieve the WELL Health-Safety Rating by Refreshed retail spaces at i12 Katong the International WELL Building Institute (IWBI) for its robust health and safety management. Keppel REIT owns a majority stake in Ocean Financial Centre. The property is managed by Keppel Land. i12 Katong, Keppel Land’s 210,000-sf retail as inspire personal connections with In line with Keppel Land’s vision to be a Mr Paul Tham, CEO of Keppel REIT Management, the Manager of mall located in Eastern Singapore, has the Katong way of life. The mall will leader in redefining urban spaces for a Keppel REIT, said, “Protecting the health and safety of our stakeholders unveiled its updated brand positioning, also see the addition of dynamic new sustainable future, the refreshed i12 Katong has always been our top priority, especially amidst the pandemic. latest mall features, as well as a curated retail tenants, a modernised interior will also include features to support the Ocean Financial Centre, as the first commercial building in Singapore mix of new and returning retail tenants and upgraded amenities. With six reinvention of retail concepts and offer to achieve the WELL Health-Safety Rating, is a testament to our strong that will form an all-encompassing levels of holistic experiential offerings, solutions to address challenges faced in the commitment to operational excellence at Keppel REIT’s properties. exciting lifestyle experience that shoppers the refreshed i12 Katong aims to serve traditional retail space, such as those brought We are heartened by IWBI’s recognition of our efforts in ensuring a can look forward to. The mall closed as a hub for the local community and on by digital disruptions, the growing trend of safe and conducive work environment for our building occupants at its doors in early 2020 for major asset provide visitors with a social platform for personalisation and multi-channel marketing. Ocean Financial Centre, including through the proactive adoption of enhancement works to transform into a discovery and connection. For example, digital technology such as LED technology and having the best-in-class infrastructure.” future-ready retail hub that will shape the screens will provide enriching storytelling increasingly “phygital” connected world. Enhancement works to the mall include and creative content targeted at families. Since the onset of the COVID-19 pandemic, strict safe management It is set to reopen in Q4 2021. the expansion and relocation of the main In line with Keppel’s focus on sustainability, measures have been implemented to safeguard Keppel REIT’s building atrium from level 2 to level 1, as well as the energy efficient designs, technologies and occupants. Ocean Financial Centre strives to be pandemic-ready and The refreshed i12 Katong will offer addition of escalators and lifts to improve environmentally sustainable management annual safety exercises such as pandemic drills are conducted at the bespoke experiences and services for circulation and visibility of the shopfronts, systems such as electric vehicle charging building. Amid the pandemic, the Manager has continued to engage shoppers who desire a seamless and bringing about greater convenience and points at the carpark, will be incorporated at its key stakeholders, including tenants, to keep them abreast of the personalised retail experience, as well accessibility. i12 Katong, where feasible. situation on the ground and its response amid the pandemic. 38

Leadership appointments

Mr Teo Eng Cheong, 54, has been of International Enterprise Singapore effective leadership to SSTEC in the next designated as Chief Executive Officer (now ESG), CEO of the Competition phase of the Eco-City’s development.” of the Sino-Singapore Tianjin Eco-City Commission of Singapore (now CCCS), Investment and Development Co., Ltd. Director-General of Singapore Customs, “I would also like to express my (SSTEC) and will take over from outgoing and other positions in the Economic appreciation to Lim Heng for his valuable CEO Mr Tay Lim Heng with effect from Development Board (EDB), Monetary contributions to the Eco-City since 2016. 1 June 2021. Mr Tay will be appointed Authority of Singapore and the then Over the past few years, the Eco-City Managing Director of Keppel Urban Ministry of Community Development, has made significant progress, not only Solutions on the same day. Mr Teo will Youth and Sports. He was also posted as a model for smart and sustainable hold a concurrent appointment as Advisor as the EDB Centre Director in Suzhou, development, but to become a steady on Eco-City matters in the Singapore China, in 1996-1998, to support the first and important contributor to the Keppel Ministry of National Development. Government-to-Government project Group.” between Singapore and China – the Mr Teo has been Director, Corporate China-Singapore Suzhou Industrial Park. Mr Loh added, “With his experience in Office, at Keppel Corporation since 1 SSTEC, and previously in the Group’s January 2021. Before joining Keppel, Mr Mr Loh Chin Hua, CEO of Keppel infrastructure business, Lim Heng is Teo was CEO International (Singapore, Corporation, said, “Eng Cheong has a well-placed to further grow Keppel South-East Asia, North Asia) of Surbana wealth of experience from the Singapore Urban Solutions as an integrated master Jurong Group, and prior to that, had Government and private sector, including developer, and collaborate with other held various leadership positions in the deep knowledge of the Chinese market. parts of the Group in pursuit of Keppel’s Singapore Government, including CEO I am confident that he would provide Vision 2030.”

Going green

In March 2021, Keppel Offshore & Marine and will assess the supply of ammonia “There are multiple routes to the (Keppel O&M) signed a Memorandum of including potential synergies with Liquefied decarbonisation of the marine industry Understanding with A.P. Moller - Maersk Petroleum Gas as a starting point. and we are pleased to be able to leverage A/S, Fleet Management Limited, Maersk our expertise in engineering and bunkering

Mc-Kinney Moller Center for Zero Carbon Emitting zero carbon dioxide (CO2) when to spearhead the development of cleaner Shipping, Sumitomo Corporation and Yara combusted, ammonia has long been marine fuels such as ammonia. This International ASA to conduct a feasibility considered as one of the most promising includes the design of ammonia bunkering study with the aim of establishing a alternative marine fuels to reduce and ammonia-powered vessels, as well comprehensive and a competitive supply greenhouse gas emissions within the as developing the value chain necessary chain for green ammonia ship-to-ship shipping industry. Green ammonia also for the adoption of ammonia. This is in line bunkering at the Port of Singapore. The possesses great potential as it is produced with Keppel’s Vision 2030, which includes study aims to cover the entire end-to- from only renewable electricity, water and seizing opportunities in new energy.” said end supply chain of ammonia bunkering air with no CO2 emissions. Mr Chris Ong, CEO of Keppel O&M. 39 HSE MATTERS

Strengthening safety culture

Keppel is committed to safety and The application will be rolled out It is a key aspect that is incorporated continuous efforts are taken to strengthen progressively across the Group. Basic in Keppel’s local and overseas projects the safety culture across the Group. This modules such as hazards reporting to ensure the safety and health of includes utilising technology, providing and safety inspections will be launched stakeholders before, during and after regular training opportunities, as well as in business units in Singapore by the construction of the project. reviewing and improving safety standards. end of June 2021. ISO 45001 Digital transformation Design for safety training As part of the Group’s efforts to To improve the Group’s safety Over 20 Keppelites from across the continually enhance safety standards, performance, Keppel is leveraging Group participated in the first Design several of Keppel’s business units technology through the GoArc mobile for Safety (DfS) training conducted for have achieved the ISO 45001 app to document safety processes, such Professionals, Managers and Executives Occupational Health and Safety as hazards reporting, safety inspections in March 2021. Management System certification, and audits, as well as permit-to-work which provides a robust set of application. Users will also be able to The course gave participants a better processes for improving safety in access e-learning modules and keep appreciation of the concept of DfS global supply chains. track of their training progress. and the importance of proactive management of risk, such as preventing To date, these business units include The integrated app will capture and the spread of diseases. Keppel Infrastructure, Keppel Offshore utilise this data to provide in-depth & Marine’s yards in Singapore, Brazil, predictive analyses to eliminate or DfS is the process of identifying China and the Philippines, Keppel reduce risks involved in operations and reducing safety and health risks Land’s divisions in Singapore, China and improve the safety awareness of through good design at the conceptual and Vietnam, as well as Keppel Data stakeholders. and planning phases of a project. Centre’s five data centres in Singapore.

“In general, the e-Permit to Work system has helped us a lot. It addressed a lot of problems that we had and greatly reduces our paperwork. It has also given our stakeholders a lot of clarity and visibility as we are able to clearly identify hazards in specific worksites.”

Fung Zhengkang, Project Superintendent at Keppel FELS

The GoArc application (pictured) allows users to document safety processes, such as hazards reporting, safety inspections and audits, as well as permit-to- work application. 40

Sustainability accolades

Following the latest review by Morgan Mr Loh Chin Hua, CEO of Keppel • Included in S&P Global’s Sustainability Stanley Capital International (MSCI) Corporation, said, “We are proud to have Yearbook 2021 and achieved the in February 2021, Keppel Corporation Keppel’s sustainability efforts recognised Industry Mover Award for the Industrial retained the highest triple-A rating in by MSCI and various other international Conglomerates category; the MSCI environmental, social and platforms. As part of Keppel’s Vision governance (ESG) ratings, a rating it has 2030, we have put sustainability firmly • Achieved a score of A- for CDP’s held since February 2020. at the core of the Company’s strategy. Climate Change Assessment, and Beyond running our business in a recognised as one of the Most Improved Keppel Corporation is ranked among the sustainable manner, we believe in making Companies for 2020, in the Hong Kong, top 8% of global industrial conglomerates, sustainability our business. With a strong Macau and Southeast Asia region; based on ESG criteria, in the MSCI track record in providing sustainable All Country World Index (ACWI). The urbanisation solutions, Keppel can • Recognised by Corporate Knight’s company was also rated an ESG leader contribute to advancing the international Clean 200 as one of the companies in the areas of corporate governance, sustainability agenda and a cleaner and leading the way in the transition to a labour management, and opportunities in better future.” cleaner energy future; and clean tech. Keppel Corporation is also a constituent on the MSCI ACWI and World In recognition of the Company’s • Listed as an index component in the ESG Leaders Indexes, and has been sustainability efforts, Keppel Corporation FTSE4Good, iEdge SG ESG Leaders, included on the MSCI ESG Leaders Index was also included or retained in several iEdge SG ESG Transparency, and since 2014. other global sustainability benchmarks: Euronext Vigeo World 120 indexes.

1 41

1. Keppel is committed to contribute to a cleaner and better future. Keppel Bay Tower (pictured) where Keppel Corporation’s headquarters is located, is fully powered by clean energy.

2. Members of Keppel’s senior management gave their leadership perspectives and insights during the Emerging Leaders Programme.

2

Enhancing capabilities

Staying prepared in responding to a cyber incident, “Regular exercises such In line with Keppel’s aim to encourage attendees were put through different as this cybersecurity learning and build capabilities while training scenarios. strengthening risk preparedness, two incident tabletop training and development sessions were Building leadership capabilities simulation exercise organised for Keppelites in February 2021. 32 Keppelites across Keppel’s business help to strengthen units attended the Emerging Leaders 140 Keppelites, comprising Keppel’s Programme (ELP) from 5-9 April 2021, Keppel’s cyber incident directors and senior management, a five-day leadership development management process, attended a talk by Dr William Thomas, programme that was co-designed by and allow us to be better Director of the Economist Corporate Keppel People Services and Nanyang Network (SEA), and Peter Kiernan, Lead Technological University (NTU) through its prepared to respond to Analyst in Energy from the Economist Nanyang Business School. any potential cyber crisis.” Intelligence Unit. They provided insights to topics such as the global political, The programme focused on experiential Mr Martin Ling, economic and business outlook, risks to learning, and involved a range of teaching GM of Group Cyber Security, Keppel Corporation global growth, COVID-influenced trends methods including dynamic discussions, such as acceleration of technological case studies, contextualised application adoption and shifts to domestic industries through workshops, and an online for growth, as well as the global energy business simulation game. It covered outlook in light of the increased emphasis topics that aim to develop participants’ on climate change. strategic thinking and build competence to transit from operational leadership Separately, to prepare Keppel against the to strategic leadership. At the end of threat of cyberattacks, a cybersecurity the programme, teams presented their incident tabletop simulation exercise winning strategies for their business was conducted for the CEOs of Keppel’s simulation game to a panel of judges business units and the Keppel Group comprising Keppel’s senior management. Business Continuity Management The senior management team also team. The exercise was facilitated by shared their perspectives and insights cybersecurity firm, Mandiant/FireEye. To during a panel discussion facilitated by validate the readiness of the participants NTU faculty members. 42 43

Celebrating women “People form an organisation. I have Women have long played a pivotal part in been fortunate to have the Keppel story. Keppel is proud to have good mentors, as well women in all business units and at all levels of the Group, running its business as dedicated colleagues. and driving its growth around the world. They keep me going.”

On International Women’s Day on Ms Tok Soo Hwa, 8 March 2021, Keppel launched GM, Group Control & Accounts, the #WomenLeadersofKeppel series on Keppel Corporation Keppel Corporation’s LinkedIn page to showcase ten of its women leaders and share their perspectives and experiences.

This coincides with the UN International Women’s Day 2021 theme of “Women in Leadership: Achieving an equal future in a COVID-19 world” and Singapore’s “Trust is the most valuable currency in business. We dedication of 2021 as the “Year of constantly remind our staff and new hires that while Celebrating SG Women”, both of which we may have ambitious growth plans, our fiduciary salute the contributions, progress and potential of women across society. duties should always be carried out with integrity.”

Keppelites reproduces excerpts from Ms Christina Tan, some of these posts. CEO, Keppel Capital

“Do not let anyone define you and what “As a multi-business you can achieve. company, Keppel offers Embrace opportunities its staff varied, interesting and push your limits.” career options, allowing them to grow, develop Ms Adeline Seah, GM, Keppel Sea Scan diverse capabilities and contribute in different ways.”

Ms Cindy Lim, CEO, Keppel Infrastructure 44 45

1. Outside of work, Fadley enjoys Standing tall in the Philippines spending quality time exploring nature in the Philippines with his wife and children. It is hard to miss Muhammad Fadley Bin That said, the journey was not all smooth During his time in the Philippines, Mohd Amin at the shipyard given his sailing. Fadley and his colleagues also had Fadley has built strong rapport with 2. In celebration of International towering presence. At 193cm, he stands to overcome various challenges, such as his Filipino colleagues and adapted to Women’s out above the rest – literally – during his natural calamities like the Taal Volcano the local Filipino culture. He regularly Day, Keppel routine yard walkthroughs. eruption in early 2020, earthquakes, participates in volunteer events with Infrastructure’s female senior typhoons, as well as community lockdowns his colleagues and converses in management As President of Keppel Batangas during the COVID-19 pandemic. Tagalog, albeit with a Singaporean engaged 38 female Shipyard (KBS), which is his first accent. employees for a discussion on topics overseas assignment, Fadley ensures “During the Taal Volcano eruption, including working in the growth and competitiveness of KBS affected families near the danger zone Fadley’s wife, two sons and daughter a male-dominated amidst the headwinds in the offshore & sought shelter in the evacuation centres. joined him on his posting to the environment, career planning and marine (O&M) industry and the global The local community, including Keppel Philippines. On weekends, Fadley managing work and energy transition. He started as an Batangas Shipyard, helped in the relief enjoys spending quality time family commitments. Electrical Engineer in Keppel Shipyard efforts and some of the evacuees were with his family, including visiting 2 in 2008, before steadily rising through accommodated at the Keppel GK Eco children theme parks, exploring the the ranks to become the Operations Village”, recounted Fadley. Due to the natural environment in Batangas Manager of Alpine Engineering Services yard’s distance from the volcano, its and shopping at the malls in Metro prior to his posting in the Philippines in operations were unaffected. Manila. August 2018.

Fadley’s current position challenges 1 him to take on new roles which require different skill sets from his previous project work management experience. To bring in business for KBS, Fadley has to forge strong business networks, which he does by personally leading and managing the shipyard’s sales and marketing initiatives, as well as visiting Engaging Keppelites local clients and foreign shipowners.

Building on Keppel O&M’s strong engineering capabilities and track record Celebrating Lunar New Year lohei segments that kept the festive spirit Centres” series, which featured leaders in execution, the yard has clinched In February 2021, business units across high despite employees not being able to sharing their thoughts on IWD, why many major contracts in the past two the Group held virtual celebrations to meet in person. female leadership matters and how years, including the repair of a Philippine usher in the Lunar New Year. gender equality is championed in the Navy sealift vessel BRP Tarlac, and Commemorating International workplace. the Japanese Pure Car Carrier Hoegh Employees from Keppel Corporation, Women’s Day (IWD) Sydney, whose vessel size has not been Keppel Land in Singapore and In celebration of IWD on 8 March Enhancing employees’ financial drydocked in the yard for over 15 years. Vietnam, Keppel Infrastructure, Keppel 2021, Keppel Infrastructure’s female wellbeing The yard also recently undertook its first Capital, Keppel Telecommunications & senior management engaged 38 To promote care for the holistic Ballast Water Treatment System (BWTS) Transportation, Keppel Technology and female employees in operations and well-being of employees, March was retrofit project, laying the milestone Innovation, Keppel Urban Solutions, technical roles, for a discussion on topics dedicated to the theme of financial and track record for future projects. A Keppel Rewards, Keppel Renewable including working in a male-dominated wellbeing. A four-part webinar series was BWTS is designed to remove biological Energy and Keppel Business Solutions environment, career planning and organised to better equip Keppelites with organisms from a vessel’s ballast water, gathered during virtual celebrations managing work and family commitments. resources and helpful tips in managing thus contributing to environmental featuring fun games and quizzes, Keppel Data Centres also ran a three- their personal finances. On average, over conservation. performances by staff, and creative virtual part “Empowering Women in Data 200 Keppelites attended the webinars. 46

Connecting seniors

Keppel Corporation has made a $300,000 voluntary contributions made by well-being. The seniors can also more donation to the Digital for Life Fund set directors, management and staff of the easily maintain contact with their relatives up by the Infocomm Media Development Keppel Group, with matching donations and friends, and brighten their lives Authority (IMDA). Through the donation, from Keppel Corporation. through accessing diverse digital content Keppel aims to promote digital inclusion through their smartphones.” and help low-income seniors, many of Keppel’s donation to the Digital for whom have become more isolated during Life Fund is expected to benefit more Mr Lew Chuen Hong, Chief Executive, the pandemic, to be more connected with than 2,000 seniors across Singapore. IMDA, said, “Digital for Life is the national their communities using digital tools. The donation will be used to support effort for all Singaporeans to move together initiatives under the Digital for Life to the digital future. We are encouraged The Digital for Life Fund was launched by movement, and provide fully subsidised to see like-minded partners like Keppel President Halimah Yacob on 8 February smartphones and mobile plans for needy stepping up to help seniors and others 2021 in conjunction with the launch of seniors, including those under IMDA’s become digitally ready. We welcome more President’s Challenge 2021. At the IMDA Mobile Access for Seniors Scheme, of partners to step forward to work with us, to Partners’ Appreciation event on which M1, a subsidiary of the Keppel help all segments of society embrace digital 30 March 2021 at Suntec Hybrid Group, is a participant. as a lifelong pursuit, and to enrich their lives Experience Centre, Mr Loh Chin Hua, through digital.” CEO of Keppel Corporation, presented Mr Loh Chin Hua, CEO of Keppel Keppel’s donation to the fund, which Corporation, said, “During the COVID-19 Beyond Keppel’s financial contribution, was received by President Halimah, and pandemic, restrictions on group activities Keppel Volunteers will also work with witnessed by Mr S Iswaran, Minister for have accentuated the social isolation IMDA and social service agencies to Communications and Information. experienced by low-income seniors, conduct digital learning programmes for many of whom live alone. Providing seniors. Through a series of in-person Keppel’s donation is part of its these seniors with smartphones and coaching sessions, Keppel Volunteers will $4.2 million care package which the fully subsidised mobile data plans guide seniors to access basic smartphone company had announced in 2020 would allow social service agencies functions, including communications tools to support communities affected by and community organisations to better and digital contact tracing tools such as COVID-19. The package comprises engage these seniors and monitor their TraceTogether.

President Halimah Yacob (centre), accompanied by Minister for Communications and Information Mr S Iswaran (right), received a donation of $300,000 for the Digital for Life Fund from Keppel Corporation, represented by Keppel Corporation CEO Mr Loh Chin Hua (left). 47

Empowering lives

Keppel aims to make a positive impact with access to quality education by easing to the communities where we operate. In the financial burden on their families, $21m engaging and nurturing our communities, allowing the students to focus on their we contribute to building a sustainable studies and benefit from a more holistic Disbursed to future together. educational journey. fund bond-free scholarships, Keppel invests in worthy causes that In Singapore, KCF’s key partners academic awards, resonate with the company’s values. This in education include the Institute of bursaries and includes collaborating with partners to Technical Education, National University study grants for invest in inclusive, quality education to of Singapore, Nanyang Technological deserving students enable disadvantaged children and youth University (NTU), Singapore University of from low-income to forge a brighter future for themselves Technology and Design (SUTD), and the families. and their families. Singapore Institute of Technology.

Keppel Care Foundation (KCF), the To date, 683 bond-free scholarships, philanthropic arm of the Keppel Group, academic awards, bursaries and study works closely with charities and grants have been awarded with the support educational institutions to advance the of KCF, including 137 awarded in 2020. cause of education. Most recently, in line with Keppel’s focus Scholarships and bursaries on sustainability and to advance the Since its inception in 2012, KCF has study of environmental sciences, Keppel disbursed over $21 million to educational partnered with the NTU to establish causes, which includes scholarships the Keppel Environmental Studies Gold and bursaries for students from local Medals. Starting this year, the Medals universities and institutes of higher will be awarded to the top graduating learning. The disbursements provide students of NTU’s Bachelor of Science in students from disadvantaged backgrounds Environmental Earth Systems Science.

“I would like to express my heartfelt thanks for being awarded the Keppel Bursary. My education at SUTD has allowed me to witness firsthand the positive impact that engineering and automation can bring to our daily lives. I have been inspired to carve a career in this field, and contribute towards developing new innovations to improve lives.”

Quek Jian Wei, a Keppel Bursary recipient and recent Engineering Product Development graduate of SUTD 48 49

Caring for the community 3 “The COVID-19 pandemic has made it harder for me to socialise with others. I am glad to have met the volunteers from Keppel Land today, and I enjoyed the art Keppelites continue to do good in communities wherever we operate, caring for the less privileged and music activities very much. I love doing as well as supporting those who continue to be affected by the COVID-19 pandemic. handicraft, as it helps to keep my mind off things. During these difficult times, it is great to have such company.” 1. To spread the joy of Lunar New Year, some 40 Keppel volunteers, led by 1 Mr Loh Chin Hua (left), CEO of Keppel Mdm Ng Ah Moi, age 78, Corporation, together with Mr Ong Ye senior from Lions Befrienders’ Senior Activity Centre Kung (centre), Minister for Transport and at Ghim Moh Adviser to Sembawang Central Grassroots Organisations, distributed festive goodie bags to 330 underprivileged families at Sembawang Central.

2. Keppel has partnered the North West 4 Community Development Council for its festive goodie bag distribution programme for residents in need for the fifth consecutive year.

3. Keppel Land partnered the Lions Befrienders Service Association (Singapore) to bring cheer to seniors living in Ghim Moh, including Mdm Ng Ah Moi (left), through art and music activities. Keppel Land volunteers led by Mr Louis Lim (second from right), CEO of Keppel Land, engaged the seniors through various on-site and virtual activities. Mr Lim also distributed care packs containing supermarket vouchers, surgical masks, lunch boxes and other grocery items to the seniors.

4. In February, 22 Keppel Volunteers in Wuxi, China actively participated in a blood donation drive and donated over 3,000 millilitres of blood.

5. Close to 80 children from New Life Community Services, a social service 5 agency, enjoyed a fun day out at Gardens by the Bay in Singapore during the March “I was given the opportunity to lead holidays, along with volunteers from the Keppel Internship Programme. This activity the planning of the Gardens by was also meaningful as interns from the the Bay excursion for the children Keppel Internship Programme were given exposure to the company’s community from New Life, which has made efforts for a holistic experience, beyond learning about the company’s business my internship experience at Keppel operations. even more meaningful. It was also encouraging to see that the children enjoyed themselves immensely!”

Sherle Tan, Resourcing Intern, Keppel Internship Programme 2 50

“I really appreciate this platform for us to share our stories. It was heartening to see the genuine interest from the Keppel Capital volunteers in wanting to hear and learn more about muscular dystrophy and MDAS.”

Boon Keng, MDAS beneficiary

23 volunteers from Keppel Capital participated in the “Human Library” initiative with the Muscular Dystrophy Association (Singapore) (MDAS), where MDAS beneficiaries candidly shared their life stories and experiences with muscular dystrophy, as well as their challenges with daily activities and the COVID-19 pandemic.

Paying it forward

Keppel is committed to uplifting and the Maritime Port Authority of Keppel’s volunteers included migrant communities wherever it operates, Singapore, the exercise enabled more workers who also helped to translate and supporting the global fight against than 4000 personnel from over 200 information on the vaccination to fellow COVID-19. In February and March, over companies to receive their vaccinations. migrant workers. 50 volunteers from Keppel Offshore & Marine (Keppel O&M) helped with The volunteers assisted with logistical The Keppelites volunteered a total of the COVID-19 vaccination exercise for matters such as managing queues to over 1,400 hours for the entire exercise. frontline staff and migrant workers in ensure safe management measures Apart from this exercise, Keppel O&M is the offshore & marine (O&M) sector. were adhered to, and managing traffic also working with Singapore government Organised by the Singapore Economic at the bus bays to help ease traffic agencies to roll out vaccinations for the Development Board, Ministry of Health, congestion at the vaccination site. O&M sector.

“Keppel has taken good care of our health and safety and I have already been vaccinated, so I want to help others in whatever way I can. When I helped to translate the instructions to my fellow workers in their native language, they understand better and feel safer. I am happy to do my part to contribute.”

Hossain Md Forhad, foreman who has been working at Keppel O&M in Singapore since 2004 51

Over 400 participants gathered for a walkathon in the Sino- Singapore Tianjin Eco-City, which was held to promote environmental protection.

Doing good in China

On 29 January 2021, Keppel Land China of Keppel’s CSR efforts, but also an stationery packs to underprivileged was conferred the “2020 CSR Industry encouragement for Keppelites to continue children. Exemplary Award” at the 10th China doing good.” Charity Festival, in recognition of its Over in the Sino-Singapore Tianjin contributions to communities in China. In 2020, the Keppel Group, through Eco-City (Eco-City), Keppel Land China Keppel Land China, made a RMB3 jointly organised a walkathon with Mr Ben Lee, President of Keppel Land million donation to the Shanghai Charity the China-Singapore Tianjin Eco-City China and concurrently COO of Foundation to support the nationwide Administrative Committee (ECAC) Social Keppel Land, said, “Keppel Land China efforts to fight COVID-19 in China. Bureau on 18 April 2021. The walk aimed is committed to delivering innovative Volunteers from Keppel Land China also to promote awareness of environmental solutions that enrich people and actively stepped up to help, including protection. The event saw over 400 sign- communities. Although 2020 was a distributing masks to several hospitals ups on the Eco-City’s online volunteer difficult year, Keppel continued making in Shanghai when masks were in short service platform, which was established active contributions to the communities. supply at the peak of the pandemic, by Keppel Land China and the ECAC’s This repeated recognition by the China donating blood, delivering nutritious food Tianjin Eco-City Volunteer Association. Charity Festival is not only an affirmation items to senior homes and donating 52

Making a stand for Mother Earth

Keppel places sustainability firmly at Separately, several Keppel properties across The Keppel Marina the core of the company’s strategy, in the globe turned off non-essential lights for East Desalination Plant, Singapore’s first line with its Vision 2030. This year, the one hour to celebrate Earth Hour on dual-mode desalination Group supported both the annual World 27 March 2021. The Sino-Singapore Tianjin plant, was lit up in Water Day and Earth Hour, which aimed Eco-City Investment and Development Co., blue to commemorate World Water Day. to promote the importance of water Ltd. (SSTEC) also launched an online activity conservation and raise environmental “Speak Up for the Earth and Connect awareness respectively. to Nature – SSTEC’s 2021 Earth Hour Quiz” to raise awareness of biodiversity Ocean Financial Centre and the Keppel conservation and cultivate environmental Marina East Desalination Plant (KMEDP) responsibility among the public, so that were among the record number of 44 efforts to protect the environment can landmarks around Singapore which were be sustained beyond Earth Hour. An lit up in blue on World Water Day on interactive feature also allowed participants 22 March 2021 in support of Singapore’s to view the Sino-Singapore Tianjin Eco- National Water Agency PUB’s signature City in its original state and witness its “City Turns Blue” event to symbolise their metamorphosis after ecological restoration commitment towards water sustainability. and development.

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