Boustead Singapore : FY2023 Longevity Report

01 BOUSTEAD SINGAPORE LIMITED FY2023 LONGEVITY REPORT

CORPORATE PROFILE

Established in 1828, Boustead Singapore Limited (SGX:F9D) is a progressive global Infrastructure- Related Engineering and Technology Group listed on the SGX Mainboard.

As Singapore's oldest continuous business organisation, we focus on the niche engineering and development of key infrastructure to support sustainable shared socio-economic growth. Our strong suite of engineering services under our Energy Engineering Division and Real Estate Division centres on energy infrastructure and smart, eco-sustainable and future-ready real estate developments.

In addition, we provide technology- driven transformative solutions to improve the quality of life for all walks of life. Our Geospatial Division provides professional services and exclusively distributes Esri ArcGIS technology - the world's leading geographic information system, smart mapping and location analytics enterprise platform - to major markets in the Asia Pacific. The enterprise platform creates digital infrastructure solutions and digital twins that enable smart nations, smart cities and smart communities to solve the world's most complex problems. More effective planning and management

of key infrastructure and resources

are critical for economic sustainability, environmental protection and social responsibility. Our Healthcare Division provides innovative medical solutions that address age-related chronic diseases and mobility issues, with a focus on rehabilitative care and sports science in the Asia Pacific.

With a vast global network stretching across Asia, Australia, Europe, Africa and the Americas, we are ready to serve the world. To date, we have undertaken projects in 93 countries and territories globally.

Over the years, we have been a recipient of many reputable awards including the prestigious Forbes Asia 200 Best Under A Billion Award. In 2019, we were awarded the Most Transparent Company Award and Sustainability Award (Runner-Up) by the Securities Investors Association (Singapore). Between 2020 to 2023, we also ranked among Singapore's Best Employers, Singapore's Fastest Growing Companies and Asia-PacificHigh-Growth Companies. We were also honoured with the Corporate Excellence & Resilience Award at the Singapore Corporate Awards 2021 Special Edition.

Visit us at www.boustead.sg.

1. A long individual life; great duration of individual life.
2. The length or duration of life.
3. Length of service, tenure; seniority.

- Dictionary.com1

Welcome to the Boustead Singapore Limited FY2023 Longevity Report.

With our time-honoured age of close to two centuries, our reference to sustainability reporting as 'Longevity Reporting' is deeply rooted in our all- encompassing, holistic approach to business and how we view our place in the world. As an organisation, we have enjoyed not only a long history but also a long life in service. This past year, we continued to tackle the lingering effects of the COVID-19 pandemic, inflationary pressures, supply chain disruptions,

and significant climate, geoeconomic and geopolitical tensions, representing challenges to the longevity and well- being of the world.

Nonetheless, regardless of how major crises may change the way we operate, one thing is indelible - our distinct brand of entrepreneurialism, institutionalised in a corporate culture that links back to Boustead's earliest days of trading. Our embrace of the Boustead Way prioritises the pursuit of business with a greater purpose.

It is about creating sustainable

shared socio-economic value instead of maximising short-term profit; promoting adaptability and resilience; and favouring longevity over sentimentality. It is also a position, a value, a commercial sensibility that runs through every layer of our organisation.

In this report, we hope that you gain an in-depth understanding of how we are fundamentally robust, remain progressive and resilient, ensure our longevity and protect the viability and long-term value of our businesses and the wider ecosystem that we are

interconnected with. We also share how this translates to delivering sustainable shared socio-economic value and progress to key stakeholders, along with the communities that we reside in and our collective home - Planet Earth. Our performance, policies and practices on material economic, environmental, social and governance topics are explained. As a trustworthy global corporate citizen, we are highly contemplative about how our actions 'ripple upon the pond of life'.

Dear Fellow Stakeholders,

It gives me great pleasure to present to you the Boustead Singapore Limited FY2023 Longevity Report for the financial year ended 31 March 2023.

FY2023 represented a period of recovery and progression from the worst of the COVID-19 pandemic. In the past three years, the world endured multiple disruptions and lockdowns, while many grappled with the loss of lives and livelihoods. With the end of COVID-19 as a global health emergency during the past year, economies

have reopened with a resurgence of business activities - a promising sign that the world has overcome the most challenging of times brought on by COVID-19.

FY2023 - Progressive Agility Although the world is now in a better position exiting the pandemic, the past year has not been devoid of

significant challenges for the Group, as the business environment continues to be plagued by high inflation, rising interest rates, volatile global economic conditions and geopolitical tensions. This year, 'Progressive Agility' best represents the Group's adaptive mindset, resilience and agile posture to adapt to rapidly evolving circumstances. This mindset assumes that complexity, uncertainty and volatility can only be overcome where agility of mindset moves beyond formulaic approaches to truly comprehend the business context and design ecosystem solutions that readily benefit people and planet. Indeed, thanks to this mindset, the Group has prevailed over the challenges and delivered a credible performance for FY2023.

Strengthening Our Business - To Help Build a Better World Forward

The Group's steadfast performance in FY2023 will never be a reason for us to rest on our laurels but a reminder

that we need to be well-prepared for more volatility ahead. We continue to refine our strategies, leverage market opportunities and optimise operational efficiencies to strengthen our business. While prioritising innovation and deepening existing domain expertise, we also continue to search for synergistic partnerships that will further enhance our capabilities and broaden revenue streams to drive long-term growth while creating sustainable shared socio-economic value for our key stakeholders.

The global energy sector is facing a 'trilemma' of concerns - one that demands a delicate balance between energy security, accessibility and environmental sustainability. Heightened concerns over high commodity prices and energy security, exacerbated by geopolitical tensions, have accelerated the pace of the energy transition. On this note, our diversification efforts to move beyond the traditional oil & gas sector are beginning to bear fruits. Among such projects by Boustead International Heaters ("BIH"), our Energy Engineering Division's largest subsidiary, is an innovative project for the design and delivery of a thermal treatment system for a newly developed process that recycles end-of-life and hard-to-recycle plastic waste into chemical feedstock for the production of recycled plastic or other petrochemicals, contributing to a

circular economy and thereby reducing environmental impacts. Since BIH's inception, they have secured contracts for 230 heat recovery systems which are expected to generate annual thermal energy recovery of 52.8 terawatt-hours, equivalent to reducing 86.5 million barrels of oil consumed or saving approximately S$4.8 billion in industrial gas tariffs.

As a leading provider of innovative real estate solutions, Boustead Projects continues to advance and shape Asia's landscape with smart, eco-sustainable and future-ready developments. In addition to driving construction and real estate technology - ConTech and PropTech - Boustead Projects is also working on fostering a data-driven culture to improve the quality and speed of decision-making through data and data visualisation, critical moves that will help to sharpen their competitive advantage and reduce reliance on labour. In FY2023, Boustead Projects completed JTC Kranji Green, Singapore's national landmark project for recycling waste streams, playing a role in advancing Singapore's vision

of a circular economy and Zero Waste Master Plan. Boustead Projects also delivered Takeda Singapore Biologics Manufacturing Support Facility - their first ever Green Mark Platinum Positive Energy ("GMP PE") Building and

also Singapore's first GMP PE in the biomedical and pharmaceutical sector.

Capable of operating without drawing electricity from the national grid, this project is a hallmark of technology adoption, with 95% of its construction documentation and processes digitalised - a rare feat in Singapore's real estate sector.

Separately, Boustead Projects undertook the rigorous EcoVadis sustainability assessment and achieved a Silver EcoVadis Medal, ranking Boustead Projects in the 88th percentile for sustainability among rated corporations globally. EcoVadis is not only the world's largest and most trusted provider of business sustainability ratings with a global network of more than 100,000 corporations rated across over 200 sectors and 175 countries but is also used as the cornerstone of over 1,000 sustainable procurement programmes of multinational corporations.

The Geospatial Division delivered the implementation of a 3D digital twin of Australia's largest energy infrastructure network for Energy Queensland ("EQ"). The digital twin maps EQ's network over the 1.8 million square kilometre state (both above and below ground) with assets including 178,000 kilometres

of overhead power lines, 153,000 substations and 33 power stations. Not only is this project the world's largest

implementation of Esri Utility Network, it also achieves real-time management and promotes superior network resilience, while being ready to support future energy integration of renewable energy sources: hydro, solar, wind and thermal.

A Commitment to People

Development

Given how important geospatial technology has become to data analytics underpinning everything from smart cities to Internet of Things to climate change, promising long-term prospects abound for the sector. Yet, I cannot help but feel that our Geospatial Division's growth has not matched up with our expectations and more can be done to help the division to achieve a quantum leap to success.

The global geospatial sector now faces the challenge of a lack of skilled talent. Customer requirements have become increasingly complex and a capable workforce is needed to keep pace with this change. While there will be growth factors for the sector, a lack of talent will be an impediment to realising its fullest growth potential. Despite the obvious strong demand for geospatial talent, there is no education institution so far that specifically provides geospatial education and training in the Asia Pacific where we operate. This has

motivated us to work together with the University of New South Wales ("UNSW") to develop a geospatial innovation and learning centre that links training to high-impact industry research. We are glad to be partnering with UNSW in this meaningful endeavour, sharing in a commitment to ensuring the long-term success

of the industry. Our subsidiary, Esri Australia, a dominant player in the Asia Pacific, is equally committed to driving technological innovation and promoting workforce development together with UNSW.

Our people have been our greatest asset and the driving force behind our success. This year, I am happy to share that Boustead has, for the third time, been recognised as one of Singapore's best employers in an extensive survey conducted by Statista and The Straits Times, placing 5th in our category and 155th overall. Separately, Boustead Projects was also awarded the SkillsFuture Employer Award (Gold), an honour given to exemplary employers who are strong advocates of continuous learning and supporters of national manpower objectives.

This report is intended to give you an in-depth understanding of how we remain progressive and resilient, ensure our longevity and protect the viability

and long-term value of our businesses and the wider ecosystem that that we are interconnected with. We also share how this translates to delivering sustainable shared socio-economic value and progress to key stakeholders, along with the communities that we reside in and our collective home

• Planet Earth. When reviewed in conjunction with our financial performance, you should come away with a holistic impression of not only Boustead but the ecosystems - small and large - that we are an integral part of.

Thank you for entrusting us with the role of being a responsible global corporate citizen, one which we hope to honour for many more centuries to come. This journey is an ultramarathon, one which we will continue running and hope to have you join, even if only for part of the way. Thank you for supporting the Boustead Way. Have an enjoyable and insightful read.

I wish you and your loved ones good health, wellness and peace.

Wong Fong Fui

Chairman &

Group Chief Executive Officer