Report of the Investment and Finance Committee

Dear Shareholders,

The Investment and Finance Committee (IFC) comprises of three directors appointed by the Board of Directors. The Chairman of the IFC is an independent director. All members bring extensive knowledge and professional experience relevant to the IFC's purpose, which are to assist and advise the Board on (1) investments, divestments, and capital allocation and management as well as financing activities, (2) structuring the balance sheets at the level of parent company and operating company, and (3) developing and overseeing all Group’s policies and directives related to investment and financial management.

The IFC has fulfilled its responsibilities in accordance with its charter and aligned with the business priorities approved by the Board of Directors. In 2024, the IFC held six meetings. All members attended the first four meetings, while the following two were attended by two members following the resignation of one director, effective 19th August 2024, with a replacement yet to be elected.

IFC’s key activities were summarized below:

1. Financial Performance: Reviewed 2024 quarterly and yearly financial performance, noting improvements in Operating EBITDA, Net Income, Balance sheet and Cash flows compared to the budgeted targets, despite challenges like softer demand and price competition.

2. Free Operating Cash Flow, Credit Management, liquidity, and FX risk exposure:

   • Acknowledged a strong liquidity position with sufficient cash balances and sufficient banking credit facilities of both the undrawn committed credit and the available uncommitted credit lines.
   • Acknowledged FX exposure analysis and recommended to continue using natural hedge, Foreign Currency Deposit (FCD), and Forward Contact (FWC) as tools to manage and mitigate FX risks.

3. CAPEX Management

   • Reviewed 2024 CAPEX including business rationale, feasibility study as well as financial return e.g., IRR, MIRR prioritizing based on projects offering the highest return on investment.
   • Reviewed 2025 CAPEX request benchmarking it with similar company focusing on maintenance, selective rationalization and expansion emphasizing that Management to ensure timely CAPEX implementation and avoid significant delay caused by new CAPEX requests. While reviewing CAPEX strategy, IFC ensured a good balance between cash generation, gearing and dividends.

4. Directors and Officers Liability Insurance (D&O Insurance): Reviewed D&O insurance with a discounted premium condition and recommended the renewal of D&O insurance to the Board of Directors.

5. Investor Relations Strategy and actions for effective investor communication: Acknowledged investor relations activities i.e., quarterly analyst meeting and reviewed earning releases every quarter.

The IFC's actions in 2024 exemplify a balanced strategy focused on financial performance, operational efficiency, strategic growth, and shareholder returns while effectively navigating external uncertainties. In conclusion, we believe our support in assisting the Board of Directors in reviewing these critical areas contributed to prudent management oversight. This ensured that the Company's resources were allocated wisely to benefit all shareholders and stakeholders, aligning with our vision of delivering optimal value and fostering a sustainable future for everyone involved.