TIH T55

Original report: PDF p. 26 ↗

Five calendar financial years ended 31 December 2021–2025. Monetary statements are in Singapore dollars thousands; basic/diluted EPS is in Singapore cents per share. Group comprehensive income and cash flows; Group and Company financial position and changes in equity. Separate Company income and cash-flow statements are not disclosed.

TIH is an investment entity. Note3.1 (current annual physical page32) measures controlled subsidiary investments without investment-related services at FVTPL; the subsidiary providing investment-related services is consolidated. A controlled portfolio/SPE investment is not automatically an entity consolidated line by line.

Annual changes in equity show profit or loss followed by total comprehensive income or deficit with the same amounts. Both source rows are retained; the repeated comprehensive subtotal is counted once in roll-forward identities. There is no separate OCI amount in these primary statements.

FY2024 profit before tax is S$2,281 thousand and income tax is a positive S$15,434 thousand, giving S$17,715 thousand profit. FY2025 profit before tax is S$9,898 thousand and income tax is a positive S$41 thousand, giving S$9,939 thousand profit. Printed tax credits are not changed to negative expense or treated as ordinary investment income.

FY2024 subsidiary dividends recognised in income are S$15,252 thousand, while subsidiary cash dividends received in the cash-flow statement are S$1,150 thousand. Recognised income and cash receipts are retained separately; no equality or invented cash transaction is assumed.

FY2023 Group financial position originally prints S$423 thousand due from subsidiaries. The FY2024 comparative splits it into S$421 thousand due from subsidiaries and S$2 thousand due from related parties; current and total assets are unchanged. The original Group statement is retained separately. No further cause is inferred.

FY2022 cash-flow working-capital caption is Amounts due from related parties in its original report, but Amounts due from subsidiaries in the FY2023 comparative, with the same printed amounts. Both original captions and tables are retained; no new cash transaction or legal-entity transfer is inferred.

FY2025 ended 31 December 2025; KPMG LLP issued an unmodified true-and-fair opinion signed by Hong Cho Hor Ian on 16 March 2026. The key audit matter concerns S$138,027,000 investment valuations. This is the auditor opinion, separate from directors or manager assurances.

Statements are in Singapore dollars thousands, with EPS in Singapore cents. Group consolidated income and cash flows, Group and Company financial position and changes in equity are disclosed. No separate Company income or cash-flow statement is provided.

The Company expressly does not have a CEO or direct employees. TIH Investment Management Pte. Ltd. manages the day-to-day business. Wang Ya-Lun Allen (Allen Wang) is the investment-manager CEO and a deemed executive issuer director; Kin Chan is deemed executive Chairman, not an issuer CEO. No named manager CFO is supplied in the cited assurance disclosure.

Seven substantive annual Board directors are distinct from two alternates, a Company Secretary and manager personnel. Thanathip Vidhayasirinun retired on 23 April 2026; Wong Ka Lok joined on 21 May 2026. Warren Lee became Audit Committee Chairman and Wong became Nominating/Remuneration Chairman. Later offices are separately dated, preserving the annual snapshot.

Kin Chan and Wang Ya-Lun Allen were re-elected and KPMG LLP re-appointed at the 23 April 2026 AGM. The meeting approved the FY2025 final dividend of S$0.01 per share. Annual proposed dividends and later approvals are separate dates.

Investment-entity scope is explicit: controlled subsidiary investments without investment-related services are measured at FVTPL. TIH Investment Management is the separately consolidated service subsidiary, measured at Company cost less impairment. Portfolio funds or SPE subsidiaries are not automatically consolidated line by line.

K2 Venture Capital Company Limited is a controlled subsidiary at 50% effective interest. Note8 attributes this to Killian Court exposure to variable returns and power to affect them. It is not relabelled a joint venture merely because the percentage is 50%.

The FVTPL subsidiary schedule has fifteen rows including TIHT Investment Holdings II with current dash/prior55%; fourteen are current investments. TIHIM is one additional consolidated subsidiary. Killian Court completed disposal of its entire55% TIHTII stake during2H2025 for fully paid S$1.00; negative book NAV S$20,837,698.04 is not a newly inferred consolidated gain.

Ten largest portfolio investments are separate from the subsidiary legal-entity list. Portfolio cost S$124,587 thousand and carrying amount S$132,959 thousand represent approximately96.33% of S$138,027 thousand equity/debt FVTPL investments. Their shareholding percentages, underlying earnings, book net assets and distributions retain separate units and source management-account/LP-statement basis.

Fortune Crane (formerly Fortune Code) cost56,830 and carrying43,387 S$thousand include interest-bearing debt; its7.95% shareholding is not an assertion that the entire carrying amount is equity. The disclosed indirect OUE exposure is a portfolio investment, not an extra consolidated OUE subsidiary.

FY2024 tax is positive S$15,434 thousand in primary income; Note20 expense-style table prints (15,434). It includes reversal of a prior foreign tax provision S$15,532 thousand, after legal advice that the risk of tax materialising was remote. FY2024 pretax2,281 plus15,434 equals net17,715. FY2025 pretax9,898 plus41 tax credit equals9,939. Printed signs and convention are retained, not turned into operating gains.

FY2024 subsidiary dividend income15,252 comprises cash1,150 plus dividend-in-specie14,102 S$thousand. The noncash transfer of an unquoted fund is disclosed in the FY2024 original Note7 and current Level3 reconciliation. It is not a missing cash receipt, and the later fund carrying value10,717 is not the original dividend-in-specie amount.

FY2025 gross equity investment fair-value gain about S$5.64 million is reduced by S$2.4 million dividend distributions to net fair-value gain S$3.24 million (primary3,239 thousand). The separate income statement dividend2,401 plus net fair-value3,239 explains this presentation; no second5.64million gain is added.

FY2023 Group due-from-subsidiaries is423 S$thousand in its original statement, but the FY2024 comparative splits it into421 due from subsidiaries plus2 due from related parties. Current and total assets are unchanged. The original Group financial position is retained; no unsupported underlying transaction or fuller explanation is invented.

The FY2022 original cash-flow working-capital caption Amounts due from related parties becomes Amounts due from subsidiaries in the FY2023 comparative, with unchanged amounts. Both original and comparative tables are retained; no legal-entity transfer or new cash movement is inferred from the caption alone.

Changes in equity repeat each profit/loss as total comprehensive income/deficit. Both printed rows are retained, and the repeated comprehensive subtotal is counted once in the annual roll-forward; no separate OCI amount is invented.

Annual ownership register is dated9March2026, distinct from FY2025 closing. Exact241,685,638 shares and paid-up capital S$56,650,307.76 are separate from financial-statement rounded thousands. The twenty accounts sum201,944,619 shares and83.56% from the exact denominator; individually rounded row percentages sum83.55%.

Twenty-two annual substantial-holder rows are overlapping direct/deemed positions, not additive blocks. Thirteen96,473,203-share chain rows and Alexandra Road56,460,089-share chain are retained with their source at-least20% and holding-company links. Custodian links are used only where expressly stated; no remaining nominee shares are assigned to ultimate owners.

Kaiser Union annual table places96,473,203 under deemed interest, while footnote2 says it holds these shares registered through CGS. The later Lippo form describes KUL direct interest. All dated source descriptions are retained; the annual column is not silently moved from deemed to direct.

On8May2026 Songren Road acquired a deemed security interest over16,000,000 shares (6.62%) through a fixed share charge. ASMHL and V-Nee Yeh deemed interests become72,460,089 (29.98%) from56,460,089 (23.36%); Kin Chan and Angie Li give the same separately named updates. A share charge is not a completed purchase of the charged shares.

Songren Road Limited and Skyscraper Realty Limited are different entities even though both source disclosures abbreviate them SRL. No combined shareholder identity is created.

Lippo Limited ceased to have a deemed96,473,203-share interest on29May2026 after distributing Skyscraper Realty shares in specie. Its post-event TIH interest is0. This is a change in an intermediate ownership chain, not evidence that Kaiser Union disposed of the underlying TIH shares.

The27-page 2026 result attachment is condensed interim statements for six months ended30June2026. It is not a newer full-year annual report, so FY2025 remains the selected annual source.

The 23 April 2026 AGM attendance list expressly names Emily Ang as Chief Financial Officer of Investment Manager TIH Investment Management Pte. Ltd. This separately dated named manager office supplements the unnamed annual CFO assurance; it is not an issuer CFO appointment.

Original report: PDF p. 25 ↗

Five calendar financial years ended 31 December 2021–2025. Monetary statements are in Singapore dollars thousands; basic/diluted EPS is in Singapore cents per share. Group comprehensive income and cash flows; Group and Company financial position and changes in equity. Separate Company income and cash-flow statements are not disclosed.

TIH is an investment entity. Note3.1 (current annual physical page32) measures controlled subsidiary investments without investment-related services at FVTPL; the subsidiary providing investment-related services is consolidated. A controlled portfolio/SPE investment is not automatically an entity consolidated line by line.

Annual changes in equity show profit or loss followed by total comprehensive income or deficit with the same amounts. Both source rows are retained; the repeated comprehensive subtotal is counted once in roll-forward identities. There is no separate OCI amount in these primary statements.

FY2024 profit before tax is S$2,281 thousand and income tax is a positive S$15,434 thousand, giving S$17,715 thousand profit. FY2025 profit before tax is S$9,898 thousand and income tax is a positive S$41 thousand, giving S$9,939 thousand profit. Printed tax credits are not changed to negative expense or treated as ordinary investment income.

FY2024 subsidiary dividends recognised in income are S$15,252 thousand, while subsidiary cash dividends received in the cash-flow statement are S$1,150 thousand. Recognised income and cash receipts are retained separately; no equality or invented cash transaction is assumed.

FY2023 Group financial position originally prints S$423 thousand due from subsidiaries. The FY2024 comparative splits it into S$421 thousand due from subsidiaries and S$2 thousand due from related parties; current and total assets are unchanged. The original Group statement is retained separately. No further cause is inferred.

FY2022 cash-flow working-capital caption is Amounts due from related parties in its original report, but Amounts due from subsidiaries in the FY2023 comparative, with the same printed amounts. Both original captions and tables are retained; no new cash transaction or legal-entity transfer is inferred.

FY2025 ended 31 December 2025; KPMG LLP issued an unmodified true-and-fair opinion signed by Hong Cho Hor Ian on 16 March 2026. The key audit matter concerns S$138,027,000 investment valuations. This is the auditor opinion, separate from directors or manager assurances.

Statements are in Singapore dollars thousands, with EPS in Singapore cents. Group consolidated income and cash flows, Group and Company financial position and changes in equity are disclosed. No separate Company income or cash-flow statement is provided.

The Company expressly does not have a CEO or direct employees. TIH Investment Management Pte. Ltd. manages the day-to-day business. Wang Ya-Lun Allen (Allen Wang) is the investment-manager CEO and a deemed executive issuer director; Kin Chan is deemed executive Chairman, not an issuer CEO. No named manager CFO is supplied in the cited assurance disclosure.

Seven substantive annual Board directors are distinct from two alternates, a Company Secretary and manager personnel. Thanathip Vidhayasirinun retired on 23 April 2026; Wong Ka Lok joined on 21 May 2026. Warren Lee became Audit Committee Chairman and Wong became Nominating/Remuneration Chairman. Later offices are separately dated, preserving the annual snapshot.

Kin Chan and Wang Ya-Lun Allen were re-elected and KPMG LLP re-appointed at the 23 April 2026 AGM. The meeting approved the FY2025 final dividend of S$0.01 per share. Annual proposed dividends and later approvals are separate dates.

Investment-entity scope is explicit: controlled subsidiary investments without investment-related services are measured at FVTPL. TIH Investment Management is the separately consolidated service subsidiary, measured at Company cost less impairment. Portfolio funds or SPE subsidiaries are not automatically consolidated line by line.

K2 Venture Capital Company Limited is a controlled subsidiary at 50% effective interest. Note8 attributes this to Killian Court exposure to variable returns and power to affect them. It is not relabelled a joint venture merely because the percentage is 50%.

The FVTPL subsidiary schedule has fifteen rows including TIHT Investment Holdings II with current dash/prior55%; fourteen are current investments. TIHIM is one additional consolidated subsidiary. Killian Court completed disposal of its entire55% TIHTII stake during2H2025 for fully paid S$1.00; negative book NAV S$20,837,698.04 is not a newly inferred consolidated gain.

Ten largest portfolio investments are separate from the subsidiary legal-entity list. Portfolio cost S$124,587 thousand and carrying amount S$132,959 thousand represent approximately96.33% of S$138,027 thousand equity/debt FVTPL investments. Their shareholding percentages, underlying earnings, book net assets and distributions retain separate units and source management-account/LP-statement basis.

Fortune Crane (formerly Fortune Code) cost56,830 and carrying43,387 S$thousand include interest-bearing debt; its7.95% shareholding is not an assertion that the entire carrying amount is equity. The disclosed indirect OUE exposure is a portfolio investment, not an extra consolidated OUE subsidiary.

FY2024 tax is positive S$15,434 thousand in primary income; Note20 expense-style table prints (15,434). It includes reversal of a prior foreign tax provision S$15,532 thousand, after legal advice that the risk of tax materialising was remote. FY2024 pretax2,281 plus15,434 equals net17,715. FY2025 pretax9,898 plus41 tax credit equals9,939. Printed signs and convention are retained, not turned into operating gains.

FY2024 subsidiary dividend income15,252 comprises cash1,150 plus dividend-in-specie14,102 S$thousand. The noncash transfer of an unquoted fund is disclosed in the FY2024 original Note7 and current Level3 reconciliation. It is not a missing cash receipt, and the later fund carrying value10,717 is not the original dividend-in-specie amount.

FY2025 gross equity investment fair-value gain about S$5.64 million is reduced by S$2.4 million dividend distributions to net fair-value gain S$3.24 million (primary3,239 thousand). The separate income statement dividend2,401 plus net fair-value3,239 explains this presentation; no second5.64million gain is added.

FY2023 Group due-from-subsidiaries is423 S$thousand in its original statement, but the FY2024 comparative splits it into421 due from subsidiaries plus2 due from related parties. Current and total assets are unchanged. The original Group financial position is retained; no unsupported underlying transaction or fuller explanation is invented.

The FY2022 original cash-flow working-capital caption Amounts due from related parties becomes Amounts due from subsidiaries in the FY2023 comparative, with unchanged amounts. Both original and comparative tables are retained; no legal-entity transfer or new cash movement is inferred from the caption alone.

Changes in equity repeat each profit/loss as total comprehensive income/deficit. Both printed rows are retained, and the repeated comprehensive subtotal is counted once in the annual roll-forward; no separate OCI amount is invented.

Annual ownership register is dated9March2026, distinct from FY2025 closing. Exact241,685,638 shares and paid-up capital S$56,650,307.76 are separate from financial-statement rounded thousands. The twenty accounts sum201,944,619 shares and83.56% from the exact denominator; individually rounded row percentages sum83.55%.

Twenty-two annual substantial-holder rows are overlapping direct/deemed positions, not additive blocks. Thirteen96,473,203-share chain rows and Alexandra Road56,460,089-share chain are retained with their source at-least20% and holding-company links. Custodian links are used only where expressly stated; no remaining nominee shares are assigned to ultimate owners.

Kaiser Union annual table places96,473,203 under deemed interest, while footnote2 says it holds these shares registered through CGS. The later Lippo form describes KUL direct interest. All dated source descriptions are retained; the annual column is not silently moved from deemed to direct.

On8May2026 Songren Road acquired a deemed security interest over16,000,000 shares (6.62%) through a fixed share charge. ASMHL and V-Nee Yeh deemed interests become72,460,089 (29.98%) from56,460,089 (23.36%); Kin Chan and Angie Li give the same separately named updates. A share charge is not a completed purchase of the charged shares.

Songren Road Limited and Skyscraper Realty Limited are different entities even though both source disclosures abbreviate them SRL. No combined shareholder identity is created.

Lippo Limited ceased to have a deemed96,473,203-share interest on29May2026 after distributing Skyscraper Realty shares in specie. Its post-event TIH interest is0. This is a change in an intermediate ownership chain, not evidence that Kaiser Union disposed of the underlying TIH shares.

The27-page 2026 result attachment is condensed interim statements for six months ended30June2026. It is not a newer full-year annual report, so FY2025 remains the selected annual source.

The 23 April 2026 AGM attendance list expressly names Emily Ang as Chief Financial Officer of Investment Manager TIH Investment Management Pte. Ltd. This separately dated named manager office supplements the unnamed annual CFO assurance; it is not an issuer CFO appointment.

Original report: PDF p. 25 ↗

Five calendar financial years ended 31 December 2021–2025. Monetary statements are in Singapore dollars thousands; basic/diluted EPS is in Singapore cents per share. Group comprehensive income and cash flows; Group and Company financial position and changes in equity. Separate Company income and cash-flow statements are not disclosed.

TIH is an investment entity. Note3.1 (current annual physical page32) measures controlled subsidiary investments without investment-related services at FVTPL; the subsidiary providing investment-related services is consolidated. A controlled portfolio/SPE investment is not automatically an entity consolidated line by line.

Annual changes in equity show profit or loss followed by total comprehensive income or deficit with the same amounts. Both source rows are retained; the repeated comprehensive subtotal is counted once in roll-forward identities. There is no separate OCI amount in these primary statements.

FY2024 profit before tax is S$2,281 thousand and income tax is a positive S$15,434 thousand, giving S$17,715 thousand profit. FY2025 profit before tax is S$9,898 thousand and income tax is a positive S$41 thousand, giving S$9,939 thousand profit. Printed tax credits are not changed to negative expense or treated as ordinary investment income.

FY2024 subsidiary dividends recognised in income are S$15,252 thousand, while subsidiary cash dividends received in the cash-flow statement are S$1,150 thousand. Recognised income and cash receipts are retained separately; no equality or invented cash transaction is assumed.

FY2023 Group financial position originally prints S$423 thousand due from subsidiaries. The FY2024 comparative splits it into S$421 thousand due from subsidiaries and S$2 thousand due from related parties; current and total assets are unchanged. The original Group statement is retained separately. No further cause is inferred.

FY2022 cash-flow working-capital caption is Amounts due from related parties in its original report, but Amounts due from subsidiaries in the FY2023 comparative, with the same printed amounts. Both original captions and tables are retained; no new cash transaction or legal-entity transfer is inferred.

FY2025 ended 31 December 2025; KPMG LLP issued an unmodified true-and-fair opinion signed by Hong Cho Hor Ian on 16 March 2026. The key audit matter concerns S$138,027,000 investment valuations. This is the auditor opinion, separate from directors or manager assurances.

Statements are in Singapore dollars thousands, with EPS in Singapore cents. Group consolidated income and cash flows, Group and Company financial position and changes in equity are disclosed. No separate Company income or cash-flow statement is provided.

The Company expressly does not have a CEO or direct employees. TIH Investment Management Pte. Ltd. manages the day-to-day business. Wang Ya-Lun Allen (Allen Wang) is the investment-manager CEO and a deemed executive issuer director; Kin Chan is deemed executive Chairman, not an issuer CEO. No named manager CFO is supplied in the cited assurance disclosure.

Seven substantive annual Board directors are distinct from two alternates, a Company Secretary and manager personnel. Thanathip Vidhayasirinun retired on 23 April 2026; Wong Ka Lok joined on 21 May 2026. Warren Lee became Audit Committee Chairman and Wong became Nominating/Remuneration Chairman. Later offices are separately dated, preserving the annual snapshot.

Kin Chan and Wang Ya-Lun Allen were re-elected and KPMG LLP re-appointed at the 23 April 2026 AGM. The meeting approved the FY2025 final dividend of S$0.01 per share. Annual proposed dividends and later approvals are separate dates.

Investment-entity scope is explicit: controlled subsidiary investments without investment-related services are measured at FVTPL. TIH Investment Management is the separately consolidated service subsidiary, measured at Company cost less impairment. Portfolio funds or SPE subsidiaries are not automatically consolidated line by line.

K2 Venture Capital Company Limited is a controlled subsidiary at 50% effective interest. Note8 attributes this to Killian Court exposure to variable returns and power to affect them. It is not relabelled a joint venture merely because the percentage is 50%.

The FVTPL subsidiary schedule has fifteen rows including TIHT Investment Holdings II with current dash/prior55%; fourteen are current investments. TIHIM is one additional consolidated subsidiary. Killian Court completed disposal of its entire55% TIHTII stake during2H2025 for fully paid S$1.00; negative book NAV S$20,837,698.04 is not a newly inferred consolidated gain.

Ten largest portfolio investments are separate from the subsidiary legal-entity list. Portfolio cost S$124,587 thousand and carrying amount S$132,959 thousand represent approximately96.33% of S$138,027 thousand equity/debt FVTPL investments. Their shareholding percentages, underlying earnings, book net assets and distributions retain separate units and source management-account/LP-statement basis.

Fortune Crane (formerly Fortune Code) cost56,830 and carrying43,387 S$thousand include interest-bearing debt; its7.95% shareholding is not an assertion that the entire carrying amount is equity. The disclosed indirect OUE exposure is a portfolio investment, not an extra consolidated OUE subsidiary.

FY2024 tax is positive S$15,434 thousand in primary income; Note20 expense-style table prints (15,434). It includes reversal of a prior foreign tax provision S$15,532 thousand, after legal advice that the risk of tax materialising was remote. FY2024 pretax2,281 plus15,434 equals net17,715. FY2025 pretax9,898 plus41 tax credit equals9,939. Printed signs and convention are retained, not turned into operating gains.

FY2024 subsidiary dividend income15,252 comprises cash1,150 plus dividend-in-specie14,102 S$thousand. The noncash transfer of an unquoted fund is disclosed in the FY2024 original Note7 and current Level3 reconciliation. It is not a missing cash receipt, and the later fund carrying value10,717 is not the original dividend-in-specie amount.

FY2025 gross equity investment fair-value gain about S$5.64 million is reduced by S$2.4 million dividend distributions to net fair-value gain S$3.24 million (primary3,239 thousand). The separate income statement dividend2,401 plus net fair-value3,239 explains this presentation; no second5.64million gain is added.

FY2023 Group due-from-subsidiaries is423 S$thousand in its original statement, but the FY2024 comparative splits it into421 due from subsidiaries plus2 due from related parties. Current and total assets are unchanged. The original Group financial position is retained; no unsupported underlying transaction or fuller explanation is invented.

The FY2022 original cash-flow working-capital caption Amounts due from related parties becomes Amounts due from subsidiaries in the FY2023 comparative, with unchanged amounts. Both original and comparative tables are retained; no legal-entity transfer or new cash movement is inferred from the caption alone.

Changes in equity repeat each profit/loss as total comprehensive income/deficit. Both printed rows are retained, and the repeated comprehensive subtotal is counted once in the annual roll-forward; no separate OCI amount is invented.

Annual ownership register is dated9March2026, distinct from FY2025 closing. Exact241,685,638 shares and paid-up capital S$56,650,307.76 are separate from financial-statement rounded thousands. The twenty accounts sum201,944,619 shares and83.56% from the exact denominator; individually rounded row percentages sum83.55%.

Twenty-two annual substantial-holder rows are overlapping direct/deemed positions, not additive blocks. Thirteen96,473,203-share chain rows and Alexandra Road56,460,089-share chain are retained with their source at-least20% and holding-company links. Custodian links are used only where expressly stated; no remaining nominee shares are assigned to ultimate owners.

Kaiser Union annual table places96,473,203 under deemed interest, while footnote2 says it holds these shares registered through CGS. The later Lippo form describes KUL direct interest. All dated source descriptions are retained; the annual column is not silently moved from deemed to direct.

On8May2026 Songren Road acquired a deemed security interest over16,000,000 shares (6.62%) through a fixed share charge. ASMHL and V-Nee Yeh deemed interests become72,460,089 (29.98%) from56,460,089 (23.36%); Kin Chan and Angie Li give the same separately named updates. A share charge is not a completed purchase of the charged shares.

Songren Road Limited and Skyscraper Realty Limited are different entities even though both source disclosures abbreviate them SRL. No combined shareholder identity is created.

Lippo Limited ceased to have a deemed96,473,203-share interest on29May2026 after distributing Skyscraper Realty shares in specie. Its post-event TIH interest is0. This is a change in an intermediate ownership chain, not evidence that Kaiser Union disposed of the underlying TIH shares.

The27-page 2026 result attachment is condensed interim statements for six months ended30June2026. It is not a newer full-year annual report, so FY2025 remains the selected annual source.

The 23 April 2026 AGM attendance list expressly names Emily Ang as Chief Financial Officer of Investment Manager TIH Investment Management Pte. Ltd. This separately dated named manager office supplements the unnamed annual CFO assurance; it is not an issuer CFO appointment.

Original report: PDF p. 27 ↗

Five calendar financial years ended 31 December 2021–2025. Monetary statements are in Singapore dollars thousands; basic/diluted EPS is in Singapore cents per share. Group comprehensive income and cash flows; Group and Company financial position and changes in equity. Separate Company income and cash-flow statements are not disclosed.

TIH is an investment entity. Note3.1 (current annual physical page32) measures controlled subsidiary investments without investment-related services at FVTPL; the subsidiary providing investment-related services is consolidated. A controlled portfolio/SPE investment is not automatically an entity consolidated line by line.

Annual changes in equity show profit or loss followed by total comprehensive income or deficit with the same amounts. Both source rows are retained; the repeated comprehensive subtotal is counted once in roll-forward identities. There is no separate OCI amount in these primary statements.

FY2024 profit before tax is S$2,281 thousand and income tax is a positive S$15,434 thousand, giving S$17,715 thousand profit. FY2025 profit before tax is S$9,898 thousand and income tax is a positive S$41 thousand, giving S$9,939 thousand profit. Printed tax credits are not changed to negative expense or treated as ordinary investment income.

FY2024 subsidiary dividends recognised in income are S$15,252 thousand, while subsidiary cash dividends received in the cash-flow statement are S$1,150 thousand. Recognised income and cash receipts are retained separately; no equality or invented cash transaction is assumed.

FY2023 Group financial position originally prints S$423 thousand due from subsidiaries. The FY2024 comparative splits it into S$421 thousand due from subsidiaries and S$2 thousand due from related parties; current and total assets are unchanged. The original Group statement is retained separately. No further cause is inferred.

FY2022 cash-flow working-capital caption is Amounts due from related parties in its original report, but Amounts due from subsidiaries in the FY2023 comparative, with the same printed amounts. Both original captions and tables are retained; no new cash transaction or legal-entity transfer is inferred.

FY2025 ended 31 December 2025; KPMG LLP issued an unmodified true-and-fair opinion signed by Hong Cho Hor Ian on 16 March 2026. The key audit matter concerns S$138,027,000 investment valuations. This is the auditor opinion, separate from directors or manager assurances.

Statements are in Singapore dollars thousands, with EPS in Singapore cents. Group consolidated income and cash flows, Group and Company financial position and changes in equity are disclosed. No separate Company income or cash-flow statement is provided.

The Company expressly does not have a CEO or direct employees. TIH Investment Management Pte. Ltd. manages the day-to-day business. Wang Ya-Lun Allen (Allen Wang) is the investment-manager CEO and a deemed executive issuer director; Kin Chan is deemed executive Chairman, not an issuer CEO. No named manager CFO is supplied in the cited assurance disclosure.

Seven substantive annual Board directors are distinct from two alternates, a Company Secretary and manager personnel. Thanathip Vidhayasirinun retired on 23 April 2026; Wong Ka Lok joined on 21 May 2026. Warren Lee became Audit Committee Chairman and Wong became Nominating/Remuneration Chairman. Later offices are separately dated, preserving the annual snapshot.

Kin Chan and Wang Ya-Lun Allen were re-elected and KPMG LLP re-appointed at the 23 April 2026 AGM. The meeting approved the FY2025 final dividend of S$0.01 per share. Annual proposed dividends and later approvals are separate dates.

Investment-entity scope is explicit: controlled subsidiary investments without investment-related services are measured at FVTPL. TIH Investment Management is the separately consolidated service subsidiary, measured at Company cost less impairment. Portfolio funds or SPE subsidiaries are not automatically consolidated line by line.

K2 Venture Capital Company Limited is a controlled subsidiary at 50% effective interest. Note8 attributes this to Killian Court exposure to variable returns and power to affect them. It is not relabelled a joint venture merely because the percentage is 50%.

The FVTPL subsidiary schedule has fifteen rows including TIHT Investment Holdings II with current dash/prior55%; fourteen are current investments. TIHIM is one additional consolidated subsidiary. Killian Court completed disposal of its entire55% TIHTII stake during2H2025 for fully paid S$1.00; negative book NAV S$20,837,698.04 is not a newly inferred consolidated gain.

Ten largest portfolio investments are separate from the subsidiary legal-entity list. Portfolio cost S$124,587 thousand and carrying amount S$132,959 thousand represent approximately96.33% of S$138,027 thousand equity/debt FVTPL investments. Their shareholding percentages, underlying earnings, book net assets and distributions retain separate units and source management-account/LP-statement basis.

Fortune Crane (formerly Fortune Code) cost56,830 and carrying43,387 S$thousand include interest-bearing debt; its7.95% shareholding is not an assertion that the entire carrying amount is equity. The disclosed indirect OUE exposure is a portfolio investment, not an extra consolidated OUE subsidiary.

FY2024 tax is positive S$15,434 thousand in primary income; Note20 expense-style table prints (15,434). It includes reversal of a prior foreign tax provision S$15,532 thousand, after legal advice that the risk of tax materialising was remote. FY2024 pretax2,281 plus15,434 equals net17,715. FY2025 pretax9,898 plus41 tax credit equals9,939. Printed signs and convention are retained, not turned into operating gains.

FY2024 subsidiary dividend income15,252 comprises cash1,150 plus dividend-in-specie14,102 S$thousand. The noncash transfer of an unquoted fund is disclosed in the FY2024 original Note7 and current Level3 reconciliation. It is not a missing cash receipt, and the later fund carrying value10,717 is not the original dividend-in-specie amount.

FY2025 gross equity investment fair-value gain about S$5.64 million is reduced by S$2.4 million dividend distributions to net fair-value gain S$3.24 million (primary3,239 thousand). The separate income statement dividend2,401 plus net fair-value3,239 explains this presentation; no second5.64million gain is added.

FY2023 Group due-from-subsidiaries is423 S$thousand in its original statement, but the FY2024 comparative splits it into421 due from subsidiaries plus2 due from related parties. Current and total assets are unchanged. The original Group financial position is retained; no unsupported underlying transaction or fuller explanation is invented.

The FY2022 original cash-flow working-capital caption Amounts due from related parties becomes Amounts due from subsidiaries in the FY2023 comparative, with unchanged amounts. Both original and comparative tables are retained; no legal-entity transfer or new cash movement is inferred from the caption alone.

Changes in equity repeat each profit/loss as total comprehensive income/deficit. Both printed rows are retained, and the repeated comprehensive subtotal is counted once in the annual roll-forward; no separate OCI amount is invented.

Annual ownership register is dated9March2026, distinct from FY2025 closing. Exact241,685,638 shares and paid-up capital S$56,650,307.76 are separate from financial-statement rounded thousands. The twenty accounts sum201,944,619 shares and83.56% from the exact denominator; individually rounded row percentages sum83.55%.

Twenty-two annual substantial-holder rows are overlapping direct/deemed positions, not additive blocks. Thirteen96,473,203-share chain rows and Alexandra Road56,460,089-share chain are retained with their source at-least20% and holding-company links. Custodian links are used only where expressly stated; no remaining nominee shares are assigned to ultimate owners.

Kaiser Union annual table places96,473,203 under deemed interest, while footnote2 says it holds these shares registered through CGS. The later Lippo form describes KUL direct interest. All dated source descriptions are retained; the annual column is not silently moved from deemed to direct.

On8May2026 Songren Road acquired a deemed security interest over16,000,000 shares (6.62%) through a fixed share charge. ASMHL and V-Nee Yeh deemed interests become72,460,089 (29.98%) from56,460,089 (23.36%); Kin Chan and Angie Li give the same separately named updates. A share charge is not a completed purchase of the charged shares.

Songren Road Limited and Skyscraper Realty Limited are different entities even though both source disclosures abbreviate them SRL. No combined shareholder identity is created.

Lippo Limited ceased to have a deemed96,473,203-share interest on29May2026 after distributing Skyscraper Realty shares in specie. Its post-event TIH interest is0. This is a change in an intermediate ownership chain, not evidence that Kaiser Union disposed of the underlying TIH shares.

The27-page 2026 result attachment is condensed interim statements for six months ended30June2026. It is not a newer full-year annual report, so FY2025 remains the selected annual source.

The 23 April 2026 AGM attendance list expressly names Emily Ang as Chief Financial Officer of Investment Manager TIH Investment Management Pte. Ltd. This separately dated named manager office supplements the unnamed annual CFO assurance; it is not an issuer CFO appointment.

Original report: PDF p. 28 ↗

Five calendar financial years ended 31 December 2021–2025. Monetary statements are in Singapore dollars thousands; basic/diluted EPS is in Singapore cents per share. Group comprehensive income and cash flows; Group and Company financial position and changes in equity. Separate Company income and cash-flow statements are not disclosed.

TIH is an investment entity. Note3.1 (current annual physical page32) measures controlled subsidiary investments without investment-related services at FVTPL; the subsidiary providing investment-related services is consolidated. A controlled portfolio/SPE investment is not automatically an entity consolidated line by line.

Annual changes in equity show profit or loss followed by total comprehensive income or deficit with the same amounts. Both source rows are retained; the repeated comprehensive subtotal is counted once in roll-forward identities. There is no separate OCI amount in these primary statements.

FY2024 profit before tax is S$2,281 thousand and income tax is a positive S$15,434 thousand, giving S$17,715 thousand profit. FY2025 profit before tax is S$9,898 thousand and income tax is a positive S$41 thousand, giving S$9,939 thousand profit. Printed tax credits are not changed to negative expense or treated as ordinary investment income.

FY2024 subsidiary dividends recognised in income are S$15,252 thousand, while subsidiary cash dividends received in the cash-flow statement are S$1,150 thousand. Recognised income and cash receipts are retained separately; no equality or invented cash transaction is assumed.

FY2023 Group financial position originally prints S$423 thousand due from subsidiaries. The FY2024 comparative splits it into S$421 thousand due from subsidiaries and S$2 thousand due from related parties; current and total assets are unchanged. The original Group statement is retained separately. No further cause is inferred.

FY2022 cash-flow working-capital caption is Amounts due from related parties in its original report, but Amounts due from subsidiaries in the FY2023 comparative, with the same printed amounts. Both original captions and tables are retained; no new cash transaction or legal-entity transfer is inferred.

FY2025 ended 31 December 2025; KPMG LLP issued an unmodified true-and-fair opinion signed by Hong Cho Hor Ian on 16 March 2026. The key audit matter concerns S$138,027,000 investment valuations. This is the auditor opinion, separate from directors or manager assurances.

Statements are in Singapore dollars thousands, with EPS in Singapore cents. Group consolidated income and cash flows, Group and Company financial position and changes in equity are disclosed. No separate Company income or cash-flow statement is provided.

The Company expressly does not have a CEO or direct employees. TIH Investment Management Pte. Ltd. manages the day-to-day business. Wang Ya-Lun Allen (Allen Wang) is the investment-manager CEO and a deemed executive issuer director; Kin Chan is deemed executive Chairman, not an issuer CEO. No named manager CFO is supplied in the cited assurance disclosure.

Seven substantive annual Board directors are distinct from two alternates, a Company Secretary and manager personnel. Thanathip Vidhayasirinun retired on 23 April 2026; Wong Ka Lok joined on 21 May 2026. Warren Lee became Audit Committee Chairman and Wong became Nominating/Remuneration Chairman. Later offices are separately dated, preserving the annual snapshot.

Kin Chan and Wang Ya-Lun Allen were re-elected and KPMG LLP re-appointed at the 23 April 2026 AGM. The meeting approved the FY2025 final dividend of S$0.01 per share. Annual proposed dividends and later approvals are separate dates.

Investment-entity scope is explicit: controlled subsidiary investments without investment-related services are measured at FVTPL. TIH Investment Management is the separately consolidated service subsidiary, measured at Company cost less impairment. Portfolio funds or SPE subsidiaries are not automatically consolidated line by line.

K2 Venture Capital Company Limited is a controlled subsidiary at 50% effective interest. Note8 attributes this to Killian Court exposure to variable returns and power to affect them. It is not relabelled a joint venture merely because the percentage is 50%.

The FVTPL subsidiary schedule has fifteen rows including TIHT Investment Holdings II with current dash/prior55%; fourteen are current investments. TIHIM is one additional consolidated subsidiary. Killian Court completed disposal of its entire55% TIHTII stake during2H2025 for fully paid S$1.00; negative book NAV S$20,837,698.04 is not a newly inferred consolidated gain.

Ten largest portfolio investments are separate from the subsidiary legal-entity list. Portfolio cost S$124,587 thousand and carrying amount S$132,959 thousand represent approximately96.33% of S$138,027 thousand equity/debt FVTPL investments. Their shareholding percentages, underlying earnings, book net assets and distributions retain separate units and source management-account/LP-statement basis.

Fortune Crane (formerly Fortune Code) cost56,830 and carrying43,387 S$thousand include interest-bearing debt; its7.95% shareholding is not an assertion that the entire carrying amount is equity. The disclosed indirect OUE exposure is a portfolio investment, not an extra consolidated OUE subsidiary.

FY2024 tax is positive S$15,434 thousand in primary income; Note20 expense-style table prints (15,434). It includes reversal of a prior foreign tax provision S$15,532 thousand, after legal advice that the risk of tax materialising was remote. FY2024 pretax2,281 plus15,434 equals net17,715. FY2025 pretax9,898 plus41 tax credit equals9,939. Printed signs and convention are retained, not turned into operating gains.

FY2024 subsidiary dividend income15,252 comprises cash1,150 plus dividend-in-specie14,102 S$thousand. The noncash transfer of an unquoted fund is disclosed in the FY2024 original Note7 and current Level3 reconciliation. It is not a missing cash receipt, and the later fund carrying value10,717 is not the original dividend-in-specie amount.

FY2025 gross equity investment fair-value gain about S$5.64 million is reduced by S$2.4 million dividend distributions to net fair-value gain S$3.24 million (primary3,239 thousand). The separate income statement dividend2,401 plus net fair-value3,239 explains this presentation; no second5.64million gain is added.

FY2023 Group due-from-subsidiaries is423 S$thousand in its original statement, but the FY2024 comparative splits it into421 due from subsidiaries plus2 due from related parties. Current and total assets are unchanged. The original Group financial position is retained; no unsupported underlying transaction or fuller explanation is invented.

The FY2022 original cash-flow working-capital caption Amounts due from related parties becomes Amounts due from subsidiaries in the FY2023 comparative, with unchanged amounts. Both original and comparative tables are retained; no legal-entity transfer or new cash movement is inferred from the caption alone.

Changes in equity repeat each profit/loss as total comprehensive income/deficit. Both printed rows are retained, and the repeated comprehensive subtotal is counted once in the annual roll-forward; no separate OCI amount is invented.

Annual ownership register is dated9March2026, distinct from FY2025 closing. Exact241,685,638 shares and paid-up capital S$56,650,307.76 are separate from financial-statement rounded thousands. The twenty accounts sum201,944,619 shares and83.56% from the exact denominator; individually rounded row percentages sum83.55%.

Twenty-two annual substantial-holder rows are overlapping direct/deemed positions, not additive blocks. Thirteen96,473,203-share chain rows and Alexandra Road56,460,089-share chain are retained with their source at-least20% and holding-company links. Custodian links are used only where expressly stated; no remaining nominee shares are assigned to ultimate owners.

Kaiser Union annual table places96,473,203 under deemed interest, while footnote2 says it holds these shares registered through CGS. The later Lippo form describes KUL direct interest. All dated source descriptions are retained; the annual column is not silently moved from deemed to direct.

On8May2026 Songren Road acquired a deemed security interest over16,000,000 shares (6.62%) through a fixed share charge. ASMHL and V-Nee Yeh deemed interests become72,460,089 (29.98%) from56,460,089 (23.36%); Kin Chan and Angie Li give the same separately named updates. A share charge is not a completed purchase of the charged shares.

Songren Road Limited and Skyscraper Realty Limited are different entities even though both source disclosures abbreviate them SRL. No combined shareholder identity is created.

Lippo Limited ceased to have a deemed96,473,203-share interest on29May2026 after distributing Skyscraper Realty shares in specie. Its post-event TIH interest is0. This is a change in an intermediate ownership chain, not evidence that Kaiser Union disposed of the underlying TIH shares.

The27-page 2026 result attachment is condensed interim statements for six months ended30June2026. It is not a newer full-year annual report, so FY2025 remains the selected annual source.

The 23 April 2026 AGM attendance list expressly names Emily Ang as Chief Financial Officer of Investment Manager TIH Investment Management Pte. Ltd. This separately dated named manager office supplements the unnamed annual CFO assurance; it is not an issuer CFO appointment.

Original report: PDF p. 27 ↗

Five calendar financial years ended 31 December 2021–2025. Monetary statements are in Singapore dollars thousands; basic/diluted EPS is in Singapore cents per share. Group comprehensive income and cash flows; Group and Company financial position and changes in equity. Separate Company income and cash-flow statements are not disclosed.

TIH is an investment entity. Note3.1 (current annual physical page32) measures controlled subsidiary investments without investment-related services at FVTPL; the subsidiary providing investment-related services is consolidated. A controlled portfolio/SPE investment is not automatically an entity consolidated line by line.

Annual changes in equity show profit or loss followed by total comprehensive income or deficit with the same amounts. Both source rows are retained; the repeated comprehensive subtotal is counted once in roll-forward identities. There is no separate OCI amount in these primary statements.

FY2024 profit before tax is S$2,281 thousand and income tax is a positive S$15,434 thousand, giving S$17,715 thousand profit. FY2025 profit before tax is S$9,898 thousand and income tax is a positive S$41 thousand, giving S$9,939 thousand profit. Printed tax credits are not changed to negative expense or treated as ordinary investment income.

FY2024 subsidiary dividends recognised in income are S$15,252 thousand, while subsidiary cash dividends received in the cash-flow statement are S$1,150 thousand. Recognised income and cash receipts are retained separately; no equality or invented cash transaction is assumed.

FY2023 Group financial position originally prints S$423 thousand due from subsidiaries. The FY2024 comparative splits it into S$421 thousand due from subsidiaries and S$2 thousand due from related parties; current and total assets are unchanged. The original Group statement is retained separately. No further cause is inferred.

FY2022 cash-flow working-capital caption is Amounts due from related parties in its original report, but Amounts due from subsidiaries in the FY2023 comparative, with the same printed amounts. Both original captions and tables are retained; no new cash transaction or legal-entity transfer is inferred.

FY2025 ended 31 December 2025; KPMG LLP issued an unmodified true-and-fair opinion signed by Hong Cho Hor Ian on 16 March 2026. The key audit matter concerns S$138,027,000 investment valuations. This is the auditor opinion, separate from directors or manager assurances.

Statements are in Singapore dollars thousands, with EPS in Singapore cents. Group consolidated income and cash flows, Group and Company financial position and changes in equity are disclosed. No separate Company income or cash-flow statement is provided.

The Company expressly does not have a CEO or direct employees. TIH Investment Management Pte. Ltd. manages the day-to-day business. Wang Ya-Lun Allen (Allen Wang) is the investment-manager CEO and a deemed executive issuer director; Kin Chan is deemed executive Chairman, not an issuer CEO. No named manager CFO is supplied in the cited assurance disclosure.

Seven substantive annual Board directors are distinct from two alternates, a Company Secretary and manager personnel. Thanathip Vidhayasirinun retired on 23 April 2026; Wong Ka Lok joined on 21 May 2026. Warren Lee became Audit Committee Chairman and Wong became Nominating/Remuneration Chairman. Later offices are separately dated, preserving the annual snapshot.

Kin Chan and Wang Ya-Lun Allen were re-elected and KPMG LLP re-appointed at the 23 April 2026 AGM. The meeting approved the FY2025 final dividend of S$0.01 per share. Annual proposed dividends and later approvals are separate dates.

Investment-entity scope is explicit: controlled subsidiary investments without investment-related services are measured at FVTPL. TIH Investment Management is the separately consolidated service subsidiary, measured at Company cost less impairment. Portfolio funds or SPE subsidiaries are not automatically consolidated line by line.

K2 Venture Capital Company Limited is a controlled subsidiary at 50% effective interest. Note8 attributes this to Killian Court exposure to variable returns and power to affect them. It is not relabelled a joint venture merely because the percentage is 50%.

The FVTPL subsidiary schedule has fifteen rows including TIHT Investment Holdings II with current dash/prior55%; fourteen are current investments. TIHIM is one additional consolidated subsidiary. Killian Court completed disposal of its entire55% TIHTII stake during2H2025 for fully paid S$1.00; negative book NAV S$20,837,698.04 is not a newly inferred consolidated gain.

Ten largest portfolio investments are separate from the subsidiary legal-entity list. Portfolio cost S$124,587 thousand and carrying amount S$132,959 thousand represent approximately96.33% of S$138,027 thousand equity/debt FVTPL investments. Their shareholding percentages, underlying earnings, book net assets and distributions retain separate units and source management-account/LP-statement basis.

Fortune Crane (formerly Fortune Code) cost56,830 and carrying43,387 S$thousand include interest-bearing debt; its7.95% shareholding is not an assertion that the entire carrying amount is equity. The disclosed indirect OUE exposure is a portfolio investment, not an extra consolidated OUE subsidiary.

FY2024 tax is positive S$15,434 thousand in primary income; Note20 expense-style table prints (15,434). It includes reversal of a prior foreign tax provision S$15,532 thousand, after legal advice that the risk of tax materialising was remote. FY2024 pretax2,281 plus15,434 equals net17,715. FY2025 pretax9,898 plus41 tax credit equals9,939. Printed signs and convention are retained, not turned into operating gains.

FY2024 subsidiary dividend income15,252 comprises cash1,150 plus dividend-in-specie14,102 S$thousand. The noncash transfer of an unquoted fund is disclosed in the FY2024 original Note7 and current Level3 reconciliation. It is not a missing cash receipt, and the later fund carrying value10,717 is not the original dividend-in-specie amount.

FY2025 gross equity investment fair-value gain about S$5.64 million is reduced by S$2.4 million dividend distributions to net fair-value gain S$3.24 million (primary3,239 thousand). The separate income statement dividend2,401 plus net fair-value3,239 explains this presentation; no second5.64million gain is added.

FY2023 Group due-from-subsidiaries is423 S$thousand in its original statement, but the FY2024 comparative splits it into421 due from subsidiaries plus2 due from related parties. Current and total assets are unchanged. The original Group financial position is retained; no unsupported underlying transaction or fuller explanation is invented.

The FY2022 original cash-flow working-capital caption Amounts due from related parties becomes Amounts due from subsidiaries in the FY2023 comparative, with unchanged amounts. Both original and comparative tables are retained; no legal-entity transfer or new cash movement is inferred from the caption alone.

Changes in equity repeat each profit/loss as total comprehensive income/deficit. Both printed rows are retained, and the repeated comprehensive subtotal is counted once in the annual roll-forward; no separate OCI amount is invented.

Annual ownership register is dated9March2026, distinct from FY2025 closing. Exact241,685,638 shares and paid-up capital S$56,650,307.76 are separate from financial-statement rounded thousands. The twenty accounts sum201,944,619 shares and83.56% from the exact denominator; individually rounded row percentages sum83.55%.

Twenty-two annual substantial-holder rows are overlapping direct/deemed positions, not additive blocks. Thirteen96,473,203-share chain rows and Alexandra Road56,460,089-share chain are retained with their source at-least20% and holding-company links. Custodian links are used only where expressly stated; no remaining nominee shares are assigned to ultimate owners.

Kaiser Union annual table places96,473,203 under deemed interest, while footnote2 says it holds these shares registered through CGS. The later Lippo form describes KUL direct interest. All dated source descriptions are retained; the annual column is not silently moved from deemed to direct.

On8May2026 Songren Road acquired a deemed security interest over16,000,000 shares (6.62%) through a fixed share charge. ASMHL and V-Nee Yeh deemed interests become72,460,089 (29.98%) from56,460,089 (23.36%); Kin Chan and Angie Li give the same separately named updates. A share charge is not a completed purchase of the charged shares.

Songren Road Limited and Skyscraper Realty Limited are different entities even though both source disclosures abbreviate them SRL. No combined shareholder identity is created.

Lippo Limited ceased to have a deemed96,473,203-share interest on29May2026 after distributing Skyscraper Realty shares in specie. Its post-event TIH interest is0. This is a change in an intermediate ownership chain, not evidence that Kaiser Union disposed of the underlying TIH shares.

The27-page 2026 result attachment is condensed interim statements for six months ended30June2026. It is not a newer full-year annual report, so FY2025 remains the selected annual source.

The 23 April 2026 AGM attendance list expressly names Emily Ang as Chief Financial Officer of Investment Manager TIH Investment Management Pte. Ltd. This separately dated named manager office supplements the unnamed annual CFO assurance; it is not an issuer CFO appointment.

Original report: PDF p. 28 ↗

Five calendar financial years ended 31 December 2021–2025. Monetary statements are in Singapore dollars thousands; basic/diluted EPS is in Singapore cents per share. Group comprehensive income and cash flows; Group and Company financial position and changes in equity. Separate Company income and cash-flow statements are not disclosed.

TIH is an investment entity. Note3.1 (current annual physical page32) measures controlled subsidiary investments without investment-related services at FVTPL; the subsidiary providing investment-related services is consolidated. A controlled portfolio/SPE investment is not automatically an entity consolidated line by line.

Annual changes in equity show profit or loss followed by total comprehensive income or deficit with the same amounts. Both source rows are retained; the repeated comprehensive subtotal is counted once in roll-forward identities. There is no separate OCI amount in these primary statements.

FY2024 profit before tax is S$2,281 thousand and income tax is a positive S$15,434 thousand, giving S$17,715 thousand profit. FY2025 profit before tax is S$9,898 thousand and income tax is a positive S$41 thousand, giving S$9,939 thousand profit. Printed tax credits are not changed to negative expense or treated as ordinary investment income.

FY2024 subsidiary dividends recognised in income are S$15,252 thousand, while subsidiary cash dividends received in the cash-flow statement are S$1,150 thousand. Recognised income and cash receipts are retained separately; no equality or invented cash transaction is assumed.

FY2023 Group financial position originally prints S$423 thousand due from subsidiaries. The FY2024 comparative splits it into S$421 thousand due from subsidiaries and S$2 thousand due from related parties; current and total assets are unchanged. The original Group statement is retained separately. No further cause is inferred.

FY2022 cash-flow working-capital caption is Amounts due from related parties in its original report, but Amounts due from subsidiaries in the FY2023 comparative, with the same printed amounts. Both original captions and tables are retained; no new cash transaction or legal-entity transfer is inferred.

FY2025 ended 31 December 2025; KPMG LLP issued an unmodified true-and-fair opinion signed by Hong Cho Hor Ian on 16 March 2026. The key audit matter concerns S$138,027,000 investment valuations. This is the auditor opinion, separate from directors or manager assurances.

Statements are in Singapore dollars thousands, with EPS in Singapore cents. Group consolidated income and cash flows, Group and Company financial position and changes in equity are disclosed. No separate Company income or cash-flow statement is provided.

The Company expressly does not have a CEO or direct employees. TIH Investment Management Pte. Ltd. manages the day-to-day business. Wang Ya-Lun Allen (Allen Wang) is the investment-manager CEO and a deemed executive issuer director; Kin Chan is deemed executive Chairman, not an issuer CEO. No named manager CFO is supplied in the cited assurance disclosure.

Seven substantive annual Board directors are distinct from two alternates, a Company Secretary and manager personnel. Thanathip Vidhayasirinun retired on 23 April 2026; Wong Ka Lok joined on 21 May 2026. Warren Lee became Audit Committee Chairman and Wong became Nominating/Remuneration Chairman. Later offices are separately dated, preserving the annual snapshot.

Kin Chan and Wang Ya-Lun Allen were re-elected and KPMG LLP re-appointed at the 23 April 2026 AGM. The meeting approved the FY2025 final dividend of S$0.01 per share. Annual proposed dividends and later approvals are separate dates.

Investment-entity scope is explicit: controlled subsidiary investments without investment-related services are measured at FVTPL. TIH Investment Management is the separately consolidated service subsidiary, measured at Company cost less impairment. Portfolio funds or SPE subsidiaries are not automatically consolidated line by line.

K2 Venture Capital Company Limited is a controlled subsidiary at 50% effective interest. Note8 attributes this to Killian Court exposure to variable returns and power to affect them. It is not relabelled a joint venture merely because the percentage is 50%.

The FVTPL subsidiary schedule has fifteen rows including TIHT Investment Holdings II with current dash/prior55%; fourteen are current investments. TIHIM is one additional consolidated subsidiary. Killian Court completed disposal of its entire55% TIHTII stake during2H2025 for fully paid S$1.00; negative book NAV S$20,837,698.04 is not a newly inferred consolidated gain.

Ten largest portfolio investments are separate from the subsidiary legal-entity list. Portfolio cost S$124,587 thousand and carrying amount S$132,959 thousand represent approximately96.33% of S$138,027 thousand equity/debt FVTPL investments. Their shareholding percentages, underlying earnings, book net assets and distributions retain separate units and source management-account/LP-statement basis.

Fortune Crane (formerly Fortune Code) cost56,830 and carrying43,387 S$thousand include interest-bearing debt; its7.95% shareholding is not an assertion that the entire carrying amount is equity. The disclosed indirect OUE exposure is a portfolio investment, not an extra consolidated OUE subsidiary.

FY2024 tax is positive S$15,434 thousand in primary income; Note20 expense-style table prints (15,434). It includes reversal of a prior foreign tax provision S$15,532 thousand, after legal advice that the risk of tax materialising was remote. FY2024 pretax2,281 plus15,434 equals net17,715. FY2025 pretax9,898 plus41 tax credit equals9,939. Printed signs and convention are retained, not turned into operating gains.

FY2024 subsidiary dividend income15,252 comprises cash1,150 plus dividend-in-specie14,102 S$thousand. The noncash transfer of an unquoted fund is disclosed in the FY2024 original Note7 and current Level3 reconciliation. It is not a missing cash receipt, and the later fund carrying value10,717 is not the original dividend-in-specie amount.

FY2025 gross equity investment fair-value gain about S$5.64 million is reduced by S$2.4 million dividend distributions to net fair-value gain S$3.24 million (primary3,239 thousand). The separate income statement dividend2,401 plus net fair-value3,239 explains this presentation; no second5.64million gain is added.

FY2023 Group due-from-subsidiaries is423 S$thousand in its original statement, but the FY2024 comparative splits it into421 due from subsidiaries plus2 due from related parties. Current and total assets are unchanged. The original Group financial position is retained; no unsupported underlying transaction or fuller explanation is invented.

The FY2022 original cash-flow working-capital caption Amounts due from related parties becomes Amounts due from subsidiaries in the FY2023 comparative, with unchanged amounts. Both original and comparative tables are retained; no legal-entity transfer or new cash movement is inferred from the caption alone.

Changes in equity repeat each profit/loss as total comprehensive income/deficit. Both printed rows are retained, and the repeated comprehensive subtotal is counted once in the annual roll-forward; no separate OCI amount is invented.

Annual ownership register is dated9March2026, distinct from FY2025 closing. Exact241,685,638 shares and paid-up capital S$56,650,307.76 are separate from financial-statement rounded thousands. The twenty accounts sum201,944,619 shares and83.56% from the exact denominator; individually rounded row percentages sum83.55%.

Twenty-two annual substantial-holder rows are overlapping direct/deemed positions, not additive blocks. Thirteen96,473,203-share chain rows and Alexandra Road56,460,089-share chain are retained with their source at-least20% and holding-company links. Custodian links are used only where expressly stated; no remaining nominee shares are assigned to ultimate owners.

Kaiser Union annual table places96,473,203 under deemed interest, while footnote2 says it holds these shares registered through CGS. The later Lippo form describes KUL direct interest. All dated source descriptions are retained; the annual column is not silently moved from deemed to direct.

On8May2026 Songren Road acquired a deemed security interest over16,000,000 shares (6.62%) through a fixed share charge. ASMHL and V-Nee Yeh deemed interests become72,460,089 (29.98%) from56,460,089 (23.36%); Kin Chan and Angie Li give the same separately named updates. A share charge is not a completed purchase of the charged shares.

Songren Road Limited and Skyscraper Realty Limited are different entities even though both source disclosures abbreviate them SRL. No combined shareholder identity is created.

Lippo Limited ceased to have a deemed96,473,203-share interest on29May2026 after distributing Skyscraper Realty shares in specie. Its post-event TIH interest is0. This is a change in an intermediate ownership chain, not evidence that Kaiser Union disposed of the underlying TIH shares.

The27-page 2026 result attachment is condensed interim statements for six months ended30June2026. It is not a newer full-year annual report, so FY2025 remains the selected annual source.

The 23 April 2026 AGM attendance list expressly names Emily Ang as Chief Financial Officer of Investment Manager TIH Investment Management Pte. Ltd. This separately dated named manager office supplements the unnamed annual CFO assurance; it is not an issuer CFO appointment.

Original report: PDF p. 29 ↗

Five calendar financial years ended 31 December 2021–2025. Monetary statements are in Singapore dollars thousands; basic/diluted EPS is in Singapore cents per share. Group comprehensive income and cash flows; Group and Company financial position and changes in equity. Separate Company income and cash-flow statements are not disclosed.

TIH is an investment entity. Note3.1 (current annual physical page32) measures controlled subsidiary investments without investment-related services at FVTPL; the subsidiary providing investment-related services is consolidated. A controlled portfolio/SPE investment is not automatically an entity consolidated line by line.

Annual changes in equity show profit or loss followed by total comprehensive income or deficit with the same amounts. Both source rows are retained; the repeated comprehensive subtotal is counted once in roll-forward identities. There is no separate OCI amount in these primary statements.

FY2024 profit before tax is S$2,281 thousand and income tax is a positive S$15,434 thousand, giving S$17,715 thousand profit. FY2025 profit before tax is S$9,898 thousand and income tax is a positive S$41 thousand, giving S$9,939 thousand profit. Printed tax credits are not changed to negative expense or treated as ordinary investment income.

FY2024 subsidiary dividends recognised in income are S$15,252 thousand, while subsidiary cash dividends received in the cash-flow statement are S$1,150 thousand. Recognised income and cash receipts are retained separately; no equality or invented cash transaction is assumed.

FY2023 Group financial position originally prints S$423 thousand due from subsidiaries. The FY2024 comparative splits it into S$421 thousand due from subsidiaries and S$2 thousand due from related parties; current and total assets are unchanged. The original Group statement is retained separately. No further cause is inferred.

FY2022 cash-flow working-capital caption is Amounts due from related parties in its original report, but Amounts due from subsidiaries in the FY2023 comparative, with the same printed amounts. Both original captions and tables are retained; no new cash transaction or legal-entity transfer is inferred.

FY2025 ended 31 December 2025; KPMG LLP issued an unmodified true-and-fair opinion signed by Hong Cho Hor Ian on 16 March 2026. The key audit matter concerns S$138,027,000 investment valuations. This is the auditor opinion, separate from directors or manager assurances.

Statements are in Singapore dollars thousands, with EPS in Singapore cents. Group consolidated income and cash flows, Group and Company financial position and changes in equity are disclosed. No separate Company income or cash-flow statement is provided.

The Company expressly does not have a CEO or direct employees. TIH Investment Management Pte. Ltd. manages the day-to-day business. Wang Ya-Lun Allen (Allen Wang) is the investment-manager CEO and a deemed executive issuer director; Kin Chan is deemed executive Chairman, not an issuer CEO. No named manager CFO is supplied in the cited assurance disclosure.

Seven substantive annual Board directors are distinct from two alternates, a Company Secretary and manager personnel. Thanathip Vidhayasirinun retired on 23 April 2026; Wong Ka Lok joined on 21 May 2026. Warren Lee became Audit Committee Chairman and Wong became Nominating/Remuneration Chairman. Later offices are separately dated, preserving the annual snapshot.

Kin Chan and Wang Ya-Lun Allen were re-elected and KPMG LLP re-appointed at the 23 April 2026 AGM. The meeting approved the FY2025 final dividend of S$0.01 per share. Annual proposed dividends and later approvals are separate dates.

Investment-entity scope is explicit: controlled subsidiary investments without investment-related services are measured at FVTPL. TIH Investment Management is the separately consolidated service subsidiary, measured at Company cost less impairment. Portfolio funds or SPE subsidiaries are not automatically consolidated line by line.

K2 Venture Capital Company Limited is a controlled subsidiary at 50% effective interest. Note8 attributes this to Killian Court exposure to variable returns and power to affect them. It is not relabelled a joint venture merely because the percentage is 50%.

The FVTPL subsidiary schedule has fifteen rows including TIHT Investment Holdings II with current dash/prior55%; fourteen are current investments. TIHIM is one additional consolidated subsidiary. Killian Court completed disposal of its entire55% TIHTII stake during2H2025 for fully paid S$1.00; negative book NAV S$20,837,698.04 is not a newly inferred consolidated gain.

Ten largest portfolio investments are separate from the subsidiary legal-entity list. Portfolio cost S$124,587 thousand and carrying amount S$132,959 thousand represent approximately96.33% of S$138,027 thousand equity/debt FVTPL investments. Their shareholding percentages, underlying earnings, book net assets and distributions retain separate units and source management-account/LP-statement basis.

Fortune Crane (formerly Fortune Code) cost56,830 and carrying43,387 S$thousand include interest-bearing debt; its7.95% shareholding is not an assertion that the entire carrying amount is equity. The disclosed indirect OUE exposure is a portfolio investment, not an extra consolidated OUE subsidiary.

FY2024 tax is positive S$15,434 thousand in primary income; Note20 expense-style table prints (15,434). It includes reversal of a prior foreign tax provision S$15,532 thousand, after legal advice that the risk of tax materialising was remote. FY2024 pretax2,281 plus15,434 equals net17,715. FY2025 pretax9,898 plus41 tax credit equals9,939. Printed signs and convention are retained, not turned into operating gains.

FY2024 subsidiary dividend income15,252 comprises cash1,150 plus dividend-in-specie14,102 S$thousand. The noncash transfer of an unquoted fund is disclosed in the FY2024 original Note7 and current Level3 reconciliation. It is not a missing cash receipt, and the later fund carrying value10,717 is not the original dividend-in-specie amount.

FY2025 gross equity investment fair-value gain about S$5.64 million is reduced by S$2.4 million dividend distributions to net fair-value gain S$3.24 million (primary3,239 thousand). The separate income statement dividend2,401 plus net fair-value3,239 explains this presentation; no second5.64million gain is added.

FY2023 Group due-from-subsidiaries is423 S$thousand in its original statement, but the FY2024 comparative splits it into421 due from subsidiaries plus2 due from related parties. Current and total assets are unchanged. The original Group financial position is retained; no unsupported underlying transaction or fuller explanation is invented.

The FY2022 original cash-flow working-capital caption Amounts due from related parties becomes Amounts due from subsidiaries in the FY2023 comparative, with unchanged amounts. Both original and comparative tables are retained; no legal-entity transfer or new cash movement is inferred from the caption alone.

Changes in equity repeat each profit/loss as total comprehensive income/deficit. Both printed rows are retained, and the repeated comprehensive subtotal is counted once in the annual roll-forward; no separate OCI amount is invented.

Annual ownership register is dated9March2026, distinct from FY2025 closing. Exact241,685,638 shares and paid-up capital S$56,650,307.76 are separate from financial-statement rounded thousands. The twenty accounts sum201,944,619 shares and83.56% from the exact denominator; individually rounded row percentages sum83.55%.

Twenty-two annual substantial-holder rows are overlapping direct/deemed positions, not additive blocks. Thirteen96,473,203-share chain rows and Alexandra Road56,460,089-share chain are retained with their source at-least20% and holding-company links. Custodian links are used only where expressly stated; no remaining nominee shares are assigned to ultimate owners.

Kaiser Union annual table places96,473,203 under deemed interest, while footnote2 says it holds these shares registered through CGS. The later Lippo form describes KUL direct interest. All dated source descriptions are retained; the annual column is not silently moved from deemed to direct.

On8May2026 Songren Road acquired a deemed security interest over16,000,000 shares (6.62%) through a fixed share charge. ASMHL and V-Nee Yeh deemed interests become72,460,089 (29.98%) from56,460,089 (23.36%); Kin Chan and Angie Li give the same separately named updates. A share charge is not a completed purchase of the charged shares.

Songren Road Limited and Skyscraper Realty Limited are different entities even though both source disclosures abbreviate them SRL. No combined shareholder identity is created.

Lippo Limited ceased to have a deemed96,473,203-share interest on29May2026 after distributing Skyscraper Realty shares in specie. Its post-event TIH interest is0. This is a change in an intermediate ownership chain, not evidence that Kaiser Union disposed of the underlying TIH shares.

The27-page 2026 result attachment is condensed interim statements for six months ended30June2026. It is not a newer full-year annual report, so FY2025 remains the selected annual source.

The 23 April 2026 AGM attendance list expressly names Emily Ang as Chief Financial Officer of Investment Manager TIH Investment Management Pte. Ltd. This separately dated named manager office supplements the unnamed annual CFO assurance; it is not an issuer CFO appointment.

Original report: PDF p. 25 ↗

Five calendar financial years ended 31 December 2021–2025. Monetary statements are in Singapore dollars thousands; basic/diluted EPS is in Singapore cents per share. Group comprehensive income and cash flows; Group and Company financial position and changes in equity. Separate Company income and cash-flow statements are not disclosed.

TIH is an investment entity. Note3.1 (current annual physical page32) measures controlled subsidiary investments without investment-related services at FVTPL; the subsidiary providing investment-related services is consolidated. A controlled portfolio/SPE investment is not automatically an entity consolidated line by line.

Annual changes in equity show profit or loss followed by total comprehensive income or deficit with the same amounts. Both source rows are retained; the repeated comprehensive subtotal is counted once in roll-forward identities. There is no separate OCI amount in these primary statements.

FY2024 profit before tax is S$2,281 thousand and income tax is a positive S$15,434 thousand, giving S$17,715 thousand profit. FY2025 profit before tax is S$9,898 thousand and income tax is a positive S$41 thousand, giving S$9,939 thousand profit. Printed tax credits are not changed to negative expense or treated as ordinary investment income.

FY2024 subsidiary dividends recognised in income are S$15,252 thousand, while subsidiary cash dividends received in the cash-flow statement are S$1,150 thousand. Recognised income and cash receipts are retained separately; no equality or invented cash transaction is assumed.

FY2023 Group financial position originally prints S$423 thousand due from subsidiaries. The FY2024 comparative splits it into S$421 thousand due from subsidiaries and S$2 thousand due from related parties; current and total assets are unchanged. The original Group statement is retained separately. No further cause is inferred.

FY2022 cash-flow working-capital caption is Amounts due from related parties in its original report, but Amounts due from subsidiaries in the FY2023 comparative, with the same printed amounts. Both original captions and tables are retained; no new cash transaction or legal-entity transfer is inferred.

FY2025 ended 31 December 2025; KPMG LLP issued an unmodified true-and-fair opinion signed by Hong Cho Hor Ian on 16 March 2026. The key audit matter concerns S$138,027,000 investment valuations. This is the auditor opinion, separate from directors or manager assurances.

Statements are in Singapore dollars thousands, with EPS in Singapore cents. Group consolidated income and cash flows, Group and Company financial position and changes in equity are disclosed. No separate Company income or cash-flow statement is provided.

The Company expressly does not have a CEO or direct employees. TIH Investment Management Pte. Ltd. manages the day-to-day business. Wang Ya-Lun Allen (Allen Wang) is the investment-manager CEO and a deemed executive issuer director; Kin Chan is deemed executive Chairman, not an issuer CEO. No named manager CFO is supplied in the cited assurance disclosure.

Seven substantive annual Board directors are distinct from two alternates, a Company Secretary and manager personnel. Thanathip Vidhayasirinun retired on 23 April 2026; Wong Ka Lok joined on 21 May 2026. Warren Lee became Audit Committee Chairman and Wong became Nominating/Remuneration Chairman. Later offices are separately dated, preserving the annual snapshot.

Kin Chan and Wang Ya-Lun Allen were re-elected and KPMG LLP re-appointed at the 23 April 2026 AGM. The meeting approved the FY2025 final dividend of S$0.01 per share. Annual proposed dividends and later approvals are separate dates.

Investment-entity scope is explicit: controlled subsidiary investments without investment-related services are measured at FVTPL. TIH Investment Management is the separately consolidated service subsidiary, measured at Company cost less impairment. Portfolio funds or SPE subsidiaries are not automatically consolidated line by line.

K2 Venture Capital Company Limited is a controlled subsidiary at 50% effective interest. Note8 attributes this to Killian Court exposure to variable returns and power to affect them. It is not relabelled a joint venture merely because the percentage is 50%.

The FVTPL subsidiary schedule has fifteen rows including TIHT Investment Holdings II with current dash/prior55%; fourteen are current investments. TIHIM is one additional consolidated subsidiary. Killian Court completed disposal of its entire55% TIHTII stake during2H2025 for fully paid S$1.00; negative book NAV S$20,837,698.04 is not a newly inferred consolidated gain.

Ten largest portfolio investments are separate from the subsidiary legal-entity list. Portfolio cost S$124,587 thousand and carrying amount S$132,959 thousand represent approximately96.33% of S$138,027 thousand equity/debt FVTPL investments. Their shareholding percentages, underlying earnings, book net assets and distributions retain separate units and source management-account/LP-statement basis.

Fortune Crane (formerly Fortune Code) cost56,830 and carrying43,387 S$thousand include interest-bearing debt; its7.95% shareholding is not an assertion that the entire carrying amount is equity. The disclosed indirect OUE exposure is a portfolio investment, not an extra consolidated OUE subsidiary.

FY2024 tax is positive S$15,434 thousand in primary income; Note20 expense-style table prints (15,434). It includes reversal of a prior foreign tax provision S$15,532 thousand, after legal advice that the risk of tax materialising was remote. FY2024 pretax2,281 plus15,434 equals net17,715. FY2025 pretax9,898 plus41 tax credit equals9,939. Printed signs and convention are retained, not turned into operating gains.

FY2024 subsidiary dividend income15,252 comprises cash1,150 plus dividend-in-specie14,102 S$thousand. The noncash transfer of an unquoted fund is disclosed in the FY2024 original Note7 and current Level3 reconciliation. It is not a missing cash receipt, and the later fund carrying value10,717 is not the original dividend-in-specie amount.

FY2025 gross equity investment fair-value gain about S$5.64 million is reduced by S$2.4 million dividend distributions to net fair-value gain S$3.24 million (primary3,239 thousand). The separate income statement dividend2,401 plus net fair-value3,239 explains this presentation; no second5.64million gain is added.

FY2023 Group due-from-subsidiaries is423 S$thousand in its original statement, but the FY2024 comparative splits it into421 due from subsidiaries plus2 due from related parties. Current and total assets are unchanged. The original Group financial position is retained; no unsupported underlying transaction or fuller explanation is invented.

The FY2022 original cash-flow working-capital caption Amounts due from related parties becomes Amounts due from subsidiaries in the FY2023 comparative, with unchanged amounts. Both original and comparative tables are retained; no legal-entity transfer or new cash movement is inferred from the caption alone.

Changes in equity repeat each profit/loss as total comprehensive income/deficit. Both printed rows are retained, and the repeated comprehensive subtotal is counted once in the annual roll-forward; no separate OCI amount is invented.

Annual ownership register is dated9March2026, distinct from FY2025 closing. Exact241,685,638 shares and paid-up capital S$56,650,307.76 are separate from financial-statement rounded thousands. The twenty accounts sum201,944,619 shares and83.56% from the exact denominator; individually rounded row percentages sum83.55%.

Twenty-two annual substantial-holder rows are overlapping direct/deemed positions, not additive blocks. Thirteen96,473,203-share chain rows and Alexandra Road56,460,089-share chain are retained with their source at-least20% and holding-company links. Custodian links are used only where expressly stated; no remaining nominee shares are assigned to ultimate owners.

Kaiser Union annual table places96,473,203 under deemed interest, while footnote2 says it holds these shares registered through CGS. The later Lippo form describes KUL direct interest. All dated source descriptions are retained; the annual column is not silently moved from deemed to direct.

On8May2026 Songren Road acquired a deemed security interest over16,000,000 shares (6.62%) through a fixed share charge. ASMHL and V-Nee Yeh deemed interests become72,460,089 (29.98%) from56,460,089 (23.36%); Kin Chan and Angie Li give the same separately named updates. A share charge is not a completed purchase of the charged shares.

Songren Road Limited and Skyscraper Realty Limited are different entities even though both source disclosures abbreviate them SRL. No combined shareholder identity is created.

Lippo Limited ceased to have a deemed96,473,203-share interest on29May2026 after distributing Skyscraper Realty shares in specie. Its post-event TIH interest is0. This is a change in an intermediate ownership chain, not evidence that Kaiser Union disposed of the underlying TIH shares.

The27-page 2026 result attachment is condensed interim statements for six months ended30June2026. It is not a newer full-year annual report, so FY2025 remains the selected annual source.

The 23 April 2026 AGM attendance list expressly names Emily Ang as Chief Financial Officer of Investment Manager TIH Investment Management Pte. Ltd. This separately dated named manager office supplements the unnamed annual CFO assurance; it is not an issuer CFO appointment.

Original report: PDF p. 24 ↗

Five calendar financial years ended 31 December 2021–2025. Monetary statements are in Singapore dollars thousands; basic/diluted EPS is in Singapore cents per share. Group comprehensive income and cash flows; Group and Company financial position and changes in equity. Separate Company income and cash-flow statements are not disclosed.

TIH is an investment entity. Note3.1 (current annual physical page32) measures controlled subsidiary investments without investment-related services at FVTPL; the subsidiary providing investment-related services is consolidated. A controlled portfolio/SPE investment is not automatically an entity consolidated line by line.

Annual changes in equity show profit or loss followed by total comprehensive income or deficit with the same amounts. Both source rows are retained; the repeated comprehensive subtotal is counted once in roll-forward identities. There is no separate OCI amount in these primary statements.

FY2024 profit before tax is S$2,281 thousand and income tax is a positive S$15,434 thousand, giving S$17,715 thousand profit. FY2025 profit before tax is S$9,898 thousand and income tax is a positive S$41 thousand, giving S$9,939 thousand profit. Printed tax credits are not changed to negative expense or treated as ordinary investment income.

FY2024 subsidiary dividends recognised in income are S$15,252 thousand, while subsidiary cash dividends received in the cash-flow statement are S$1,150 thousand. Recognised income and cash receipts are retained separately; no equality or invented cash transaction is assumed.

FY2023 Group financial position originally prints S$423 thousand due from subsidiaries. The FY2024 comparative splits it into S$421 thousand due from subsidiaries and S$2 thousand due from related parties; current and total assets are unchanged. The original Group statement is retained separately. No further cause is inferred.

FY2022 cash-flow working-capital caption is Amounts due from related parties in its original report, but Amounts due from subsidiaries in the FY2023 comparative, with the same printed amounts. Both original captions and tables are retained; no new cash transaction or legal-entity transfer is inferred.

FY2025 ended 31 December 2025; KPMG LLP issued an unmodified true-and-fair opinion signed by Hong Cho Hor Ian on 16 March 2026. The key audit matter concerns S$138,027,000 investment valuations. This is the auditor opinion, separate from directors or manager assurances.

Statements are in Singapore dollars thousands, with EPS in Singapore cents. Group consolidated income and cash flows, Group and Company financial position and changes in equity are disclosed. No separate Company income or cash-flow statement is provided.

The Company expressly does not have a CEO or direct employees. TIH Investment Management Pte. Ltd. manages the day-to-day business. Wang Ya-Lun Allen (Allen Wang) is the investment-manager CEO and a deemed executive issuer director; Kin Chan is deemed executive Chairman, not an issuer CEO. No named manager CFO is supplied in the cited assurance disclosure.

Seven substantive annual Board directors are distinct from two alternates, a Company Secretary and manager personnel. Thanathip Vidhayasirinun retired on 23 April 2026; Wong Ka Lok joined on 21 May 2026. Warren Lee became Audit Committee Chairman and Wong became Nominating/Remuneration Chairman. Later offices are separately dated, preserving the annual snapshot.

Kin Chan and Wang Ya-Lun Allen were re-elected and KPMG LLP re-appointed at the 23 April 2026 AGM. The meeting approved the FY2025 final dividend of S$0.01 per share. Annual proposed dividends and later approvals are separate dates.

Investment-entity scope is explicit: controlled subsidiary investments without investment-related services are measured at FVTPL. TIH Investment Management is the separately consolidated service subsidiary, measured at Company cost less impairment. Portfolio funds or SPE subsidiaries are not automatically consolidated line by line.

K2 Venture Capital Company Limited is a controlled subsidiary at 50% effective interest. Note8 attributes this to Killian Court exposure to variable returns and power to affect them. It is not relabelled a joint venture merely because the percentage is 50%.

The FVTPL subsidiary schedule has fifteen rows including TIHT Investment Holdings II with current dash/prior55%; fourteen are current investments. TIHIM is one additional consolidated subsidiary. Killian Court completed disposal of its entire55% TIHTII stake during2H2025 for fully paid S$1.00; negative book NAV S$20,837,698.04 is not a newly inferred consolidated gain.

Ten largest portfolio investments are separate from the subsidiary legal-entity list. Portfolio cost S$124,587 thousand and carrying amount S$132,959 thousand represent approximately96.33% of S$138,027 thousand equity/debt FVTPL investments. Their shareholding percentages, underlying earnings, book net assets and distributions retain separate units and source management-account/LP-statement basis.

Fortune Crane (formerly Fortune Code) cost56,830 and carrying43,387 S$thousand include interest-bearing debt; its7.95% shareholding is not an assertion that the entire carrying amount is equity. The disclosed indirect OUE exposure is a portfolio investment, not an extra consolidated OUE subsidiary.

FY2024 tax is positive S$15,434 thousand in primary income; Note20 expense-style table prints (15,434). It includes reversal of a prior foreign tax provision S$15,532 thousand, after legal advice that the risk of tax materialising was remote. FY2024 pretax2,281 plus15,434 equals net17,715. FY2025 pretax9,898 plus41 tax credit equals9,939. Printed signs and convention are retained, not turned into operating gains.

FY2024 subsidiary dividend income15,252 comprises cash1,150 plus dividend-in-specie14,102 S$thousand. The noncash transfer of an unquoted fund is disclosed in the FY2024 original Note7 and current Level3 reconciliation. It is not a missing cash receipt, and the later fund carrying value10,717 is not the original dividend-in-specie amount.

FY2025 gross equity investment fair-value gain about S$5.64 million is reduced by S$2.4 million dividend distributions to net fair-value gain S$3.24 million (primary3,239 thousand). The separate income statement dividend2,401 plus net fair-value3,239 explains this presentation; no second5.64million gain is added.

FY2023 Group due-from-subsidiaries is423 S$thousand in its original statement, but the FY2024 comparative splits it into421 due from subsidiaries plus2 due from related parties. Current and total assets are unchanged. The original Group financial position is retained; no unsupported underlying transaction or fuller explanation is invented.

The FY2022 original cash-flow working-capital caption Amounts due from related parties becomes Amounts due from subsidiaries in the FY2023 comparative, with unchanged amounts. Both original and comparative tables are retained; no legal-entity transfer or new cash movement is inferred from the caption alone.

Changes in equity repeat each profit/loss as total comprehensive income/deficit. Both printed rows are retained, and the repeated comprehensive subtotal is counted once in the annual roll-forward; no separate OCI amount is invented.

Annual ownership register is dated9March2026, distinct from FY2025 closing. Exact241,685,638 shares and paid-up capital S$56,650,307.76 are separate from financial-statement rounded thousands. The twenty accounts sum201,944,619 shares and83.56% from the exact denominator; individually rounded row percentages sum83.55%.

Twenty-two annual substantial-holder rows are overlapping direct/deemed positions, not additive blocks. Thirteen96,473,203-share chain rows and Alexandra Road56,460,089-share chain are retained with their source at-least20% and holding-company links. Custodian links are used only where expressly stated; no remaining nominee shares are assigned to ultimate owners.

Kaiser Union annual table places96,473,203 under deemed interest, while footnote2 says it holds these shares registered through CGS. The later Lippo form describes KUL direct interest. All dated source descriptions are retained; the annual column is not silently moved from deemed to direct.

On8May2026 Songren Road acquired a deemed security interest over16,000,000 shares (6.62%) through a fixed share charge. ASMHL and V-Nee Yeh deemed interests become72,460,089 (29.98%) from56,460,089 (23.36%); Kin Chan and Angie Li give the same separately named updates. A share charge is not a completed purchase of the charged shares.

Songren Road Limited and Skyscraper Realty Limited are different entities even though both source disclosures abbreviate them SRL. No combined shareholder identity is created.

Lippo Limited ceased to have a deemed96,473,203-share interest on29May2026 after distributing Skyscraper Realty shares in specie. Its post-event TIH interest is0. This is a change in an intermediate ownership chain, not evidence that Kaiser Union disposed of the underlying TIH shares.

The27-page 2026 result attachment is condensed interim statements for six months ended30June2026. It is not a newer full-year annual report, so FY2025 remains the selected annual source.

The 23 April 2026 AGM attendance list expressly names Emily Ang as Chief Financial Officer of Investment Manager TIH Investment Management Pte. Ltd. This separately dated named manager office supplements the unnamed annual CFO assurance; it is not an issuer CFO appointment.

Original report: PDF p. 24 ↗

Five calendar financial years ended 31 December 2021–2025. Monetary statements are in Singapore dollars thousands; basic/diluted EPS is in Singapore cents per share. Group comprehensive income and cash flows; Group and Company financial position and changes in equity. Separate Company income and cash-flow statements are not disclosed.

TIH is an investment entity. Note3.1 (current annual physical page32) measures controlled subsidiary investments without investment-related services at FVTPL; the subsidiary providing investment-related services is consolidated. A controlled portfolio/SPE investment is not automatically an entity consolidated line by line.

Annual changes in equity show profit or loss followed by total comprehensive income or deficit with the same amounts. Both source rows are retained; the repeated comprehensive subtotal is counted once in roll-forward identities. There is no separate OCI amount in these primary statements.

FY2024 profit before tax is S$2,281 thousand and income tax is a positive S$15,434 thousand, giving S$17,715 thousand profit. FY2025 profit before tax is S$9,898 thousand and income tax is a positive S$41 thousand, giving S$9,939 thousand profit. Printed tax credits are not changed to negative expense or treated as ordinary investment income.

FY2024 subsidiary dividends recognised in income are S$15,252 thousand, while subsidiary cash dividends received in the cash-flow statement are S$1,150 thousand. Recognised income and cash receipts are retained separately; no equality or invented cash transaction is assumed.

FY2023 Group financial position originally prints S$423 thousand due from subsidiaries. The FY2024 comparative splits it into S$421 thousand due from subsidiaries and S$2 thousand due from related parties; current and total assets are unchanged. The original Group statement is retained separately. No further cause is inferred.

FY2022 cash-flow working-capital caption is Amounts due from related parties in its original report, but Amounts due from subsidiaries in the FY2023 comparative, with the same printed amounts. Both original captions and tables are retained; no new cash transaction or legal-entity transfer is inferred.

FY2025 ended 31 December 2025; KPMG LLP issued an unmodified true-and-fair opinion signed by Hong Cho Hor Ian on 16 March 2026. The key audit matter concerns S$138,027,000 investment valuations. This is the auditor opinion, separate from directors or manager assurances.

Statements are in Singapore dollars thousands, with EPS in Singapore cents. Group consolidated income and cash flows, Group and Company financial position and changes in equity are disclosed. No separate Company income or cash-flow statement is provided.

The Company expressly does not have a CEO or direct employees. TIH Investment Management Pte. Ltd. manages the day-to-day business. Wang Ya-Lun Allen (Allen Wang) is the investment-manager CEO and a deemed executive issuer director; Kin Chan is deemed executive Chairman, not an issuer CEO. No named manager CFO is supplied in the cited assurance disclosure.

Seven substantive annual Board directors are distinct from two alternates, a Company Secretary and manager personnel. Thanathip Vidhayasirinun retired on 23 April 2026; Wong Ka Lok joined on 21 May 2026. Warren Lee became Audit Committee Chairman and Wong became Nominating/Remuneration Chairman. Later offices are separately dated, preserving the annual snapshot.

Kin Chan and Wang Ya-Lun Allen were re-elected and KPMG LLP re-appointed at the 23 April 2026 AGM. The meeting approved the FY2025 final dividend of S$0.01 per share. Annual proposed dividends and later approvals are separate dates.

Investment-entity scope is explicit: controlled subsidiary investments without investment-related services are measured at FVTPL. TIH Investment Management is the separately consolidated service subsidiary, measured at Company cost less impairment. Portfolio funds or SPE subsidiaries are not automatically consolidated line by line.

K2 Venture Capital Company Limited is a controlled subsidiary at 50% effective interest. Note8 attributes this to Killian Court exposure to variable returns and power to affect them. It is not relabelled a joint venture merely because the percentage is 50%.

The FVTPL subsidiary schedule has fifteen rows including TIHT Investment Holdings II with current dash/prior55%; fourteen are current investments. TIHIM is one additional consolidated subsidiary. Killian Court completed disposal of its entire55% TIHTII stake during2H2025 for fully paid S$1.00; negative book NAV S$20,837,698.04 is not a newly inferred consolidated gain.

Ten largest portfolio investments are separate from the subsidiary legal-entity list. Portfolio cost S$124,587 thousand and carrying amount S$132,959 thousand represent approximately96.33% of S$138,027 thousand equity/debt FVTPL investments. Their shareholding percentages, underlying earnings, book net assets and distributions retain separate units and source management-account/LP-statement basis.

Fortune Crane (formerly Fortune Code) cost56,830 and carrying43,387 S$thousand include interest-bearing debt; its7.95% shareholding is not an assertion that the entire carrying amount is equity. The disclosed indirect OUE exposure is a portfolio investment, not an extra consolidated OUE subsidiary.

FY2024 tax is positive S$15,434 thousand in primary income; Note20 expense-style table prints (15,434). It includes reversal of a prior foreign tax provision S$15,532 thousand, after legal advice that the risk of tax materialising was remote. FY2024 pretax2,281 plus15,434 equals net17,715. FY2025 pretax9,898 plus41 tax credit equals9,939. Printed signs and convention are retained, not turned into operating gains.

FY2024 subsidiary dividend income15,252 comprises cash1,150 plus dividend-in-specie14,102 S$thousand. The noncash transfer of an unquoted fund is disclosed in the FY2024 original Note7 and current Level3 reconciliation. It is not a missing cash receipt, and the later fund carrying value10,717 is not the original dividend-in-specie amount.

FY2025 gross equity investment fair-value gain about S$5.64 million is reduced by S$2.4 million dividend distributions to net fair-value gain S$3.24 million (primary3,239 thousand). The separate income statement dividend2,401 plus net fair-value3,239 explains this presentation; no second5.64million gain is added.

FY2023 Group due-from-subsidiaries is423 S$thousand in its original statement, but the FY2024 comparative splits it into421 due from subsidiaries plus2 due from related parties. Current and total assets are unchanged. The original Group financial position is retained; no unsupported underlying transaction or fuller explanation is invented.

The FY2022 original cash-flow working-capital caption Amounts due from related parties becomes Amounts due from subsidiaries in the FY2023 comparative, with unchanged amounts. Both original and comparative tables are retained; no legal-entity transfer or new cash movement is inferred from the caption alone.

Changes in equity repeat each profit/loss as total comprehensive income/deficit. Both printed rows are retained, and the repeated comprehensive subtotal is counted once in the annual roll-forward; no separate OCI amount is invented.

Annual ownership register is dated9March2026, distinct from FY2025 closing. Exact241,685,638 shares and paid-up capital S$56,650,307.76 are separate from financial-statement rounded thousands. The twenty accounts sum201,944,619 shares and83.56% from the exact denominator; individually rounded row percentages sum83.55%.

Twenty-two annual substantial-holder rows are overlapping direct/deemed positions, not additive blocks. Thirteen96,473,203-share chain rows and Alexandra Road56,460,089-share chain are retained with their source at-least20% and holding-company links. Custodian links are used only where expressly stated; no remaining nominee shares are assigned to ultimate owners.

Kaiser Union annual table places96,473,203 under deemed interest, while footnote2 says it holds these shares registered through CGS. The later Lippo form describes KUL direct interest. All dated source descriptions are retained; the annual column is not silently moved from deemed to direct.

On8May2026 Songren Road acquired a deemed security interest over16,000,000 shares (6.62%) through a fixed share charge. ASMHL and V-Nee Yeh deemed interests become72,460,089 (29.98%) from56,460,089 (23.36%); Kin Chan and Angie Li give the same separately named updates. A share charge is not a completed purchase of the charged shares.

Songren Road Limited and Skyscraper Realty Limited are different entities even though both source disclosures abbreviate them SRL. No combined shareholder identity is created.

Lippo Limited ceased to have a deemed96,473,203-share interest on29May2026 after distributing Skyscraper Realty shares in specie. Its post-event TIH interest is0. This is a change in an intermediate ownership chain, not evidence that Kaiser Union disposed of the underlying TIH shares.

The27-page 2026 result attachment is condensed interim statements for six months ended30June2026. It is not a newer full-year annual report, so FY2025 remains the selected annual source.

The 23 April 2026 AGM attendance list expressly names Emily Ang as Chief Financial Officer of Investment Manager TIH Investment Management Pte. Ltd. This separately dated named manager office supplements the unnamed annual CFO assurance; it is not an issuer CFO appointment.

Original report: PDF p. 26 ↗

Five calendar financial years ended 31 December 2021–2025. Monetary statements are in Singapore dollars thousands; basic/diluted EPS is in Singapore cents per share. Group comprehensive income and cash flows; Group and Company financial position and changes in equity. Separate Company income and cash-flow statements are not disclosed.

TIH is an investment entity. Note3.1 (current annual physical page32) measures controlled subsidiary investments without investment-related services at FVTPL; the subsidiary providing investment-related services is consolidated. A controlled portfolio/SPE investment is not automatically an entity consolidated line by line.

Annual changes in equity show profit or loss followed by total comprehensive income or deficit with the same amounts. Both source rows are retained; the repeated comprehensive subtotal is counted once in roll-forward identities. There is no separate OCI amount in these primary statements.

FY2024 profit before tax is S$2,281 thousand and income tax is a positive S$15,434 thousand, giving S$17,715 thousand profit. FY2025 profit before tax is S$9,898 thousand and income tax is a positive S$41 thousand, giving S$9,939 thousand profit. Printed tax credits are not changed to negative expense or treated as ordinary investment income.

FY2024 subsidiary dividends recognised in income are S$15,252 thousand, while subsidiary cash dividends received in the cash-flow statement are S$1,150 thousand. Recognised income and cash receipts are retained separately; no equality or invented cash transaction is assumed.

FY2023 Group financial position originally prints S$423 thousand due from subsidiaries. The FY2024 comparative splits it into S$421 thousand due from subsidiaries and S$2 thousand due from related parties; current and total assets are unchanged. The original Group statement is retained separately. No further cause is inferred.

FY2022 cash-flow working-capital caption is Amounts due from related parties in its original report, but Amounts due from subsidiaries in the FY2023 comparative, with the same printed amounts. Both original captions and tables are retained; no new cash transaction or legal-entity transfer is inferred.

FY2025 ended 31 December 2025; KPMG LLP issued an unmodified true-and-fair opinion signed by Hong Cho Hor Ian on 16 March 2026. The key audit matter concerns S$138,027,000 investment valuations. This is the auditor opinion, separate from directors or manager assurances.

Statements are in Singapore dollars thousands, with EPS in Singapore cents. Group consolidated income and cash flows, Group and Company financial position and changes in equity are disclosed. No separate Company income or cash-flow statement is provided.

The Company expressly does not have a CEO or direct employees. TIH Investment Management Pte. Ltd. manages the day-to-day business. Wang Ya-Lun Allen (Allen Wang) is the investment-manager CEO and a deemed executive issuer director; Kin Chan is deemed executive Chairman, not an issuer CEO. No named manager CFO is supplied in the cited assurance disclosure.

Seven substantive annual Board directors are distinct from two alternates, a Company Secretary and manager personnel. Thanathip Vidhayasirinun retired on 23 April 2026; Wong Ka Lok joined on 21 May 2026. Warren Lee became Audit Committee Chairman and Wong became Nominating/Remuneration Chairman. Later offices are separately dated, preserving the annual snapshot.

Kin Chan and Wang Ya-Lun Allen were re-elected and KPMG LLP re-appointed at the 23 April 2026 AGM. The meeting approved the FY2025 final dividend of S$0.01 per share. Annual proposed dividends and later approvals are separate dates.

Investment-entity scope is explicit: controlled subsidiary investments without investment-related services are measured at FVTPL. TIH Investment Management is the separately consolidated service subsidiary, measured at Company cost less impairment. Portfolio funds or SPE subsidiaries are not automatically consolidated line by line.

K2 Venture Capital Company Limited is a controlled subsidiary at 50% effective interest. Note8 attributes this to Killian Court exposure to variable returns and power to affect them. It is not relabelled a joint venture merely because the percentage is 50%.

The FVTPL subsidiary schedule has fifteen rows including TIHT Investment Holdings II with current dash/prior55%; fourteen are current investments. TIHIM is one additional consolidated subsidiary. Killian Court completed disposal of its entire55% TIHTII stake during2H2025 for fully paid S$1.00; negative book NAV S$20,837,698.04 is not a newly inferred consolidated gain.

Ten largest portfolio investments are separate from the subsidiary legal-entity list. Portfolio cost S$124,587 thousand and carrying amount S$132,959 thousand represent approximately96.33% of S$138,027 thousand equity/debt FVTPL investments. Their shareholding percentages, underlying earnings, book net assets and distributions retain separate units and source management-account/LP-statement basis.

Fortune Crane (formerly Fortune Code) cost56,830 and carrying43,387 S$thousand include interest-bearing debt; its7.95% shareholding is not an assertion that the entire carrying amount is equity. The disclosed indirect OUE exposure is a portfolio investment, not an extra consolidated OUE subsidiary.

FY2024 tax is positive S$15,434 thousand in primary income; Note20 expense-style table prints (15,434). It includes reversal of a prior foreign tax provision S$15,532 thousand, after legal advice that the risk of tax materialising was remote. FY2024 pretax2,281 plus15,434 equals net17,715. FY2025 pretax9,898 plus41 tax credit equals9,939. Printed signs and convention are retained, not turned into operating gains.

FY2024 subsidiary dividend income15,252 comprises cash1,150 plus dividend-in-specie14,102 S$thousand. The noncash transfer of an unquoted fund is disclosed in the FY2024 original Note7 and current Level3 reconciliation. It is not a missing cash receipt, and the later fund carrying value10,717 is not the original dividend-in-specie amount.

FY2025 gross equity investment fair-value gain about S$5.64 million is reduced by S$2.4 million dividend distributions to net fair-value gain S$3.24 million (primary3,239 thousand). The separate income statement dividend2,401 plus net fair-value3,239 explains this presentation; no second5.64million gain is added.

FY2023 Group due-from-subsidiaries is423 S$thousand in its original statement, but the FY2024 comparative splits it into421 due from subsidiaries plus2 due from related parties. Current and total assets are unchanged. The original Group financial position is retained; no unsupported underlying transaction or fuller explanation is invented.

The FY2022 original cash-flow working-capital caption Amounts due from related parties becomes Amounts due from subsidiaries in the FY2023 comparative, with unchanged amounts. Both original and comparative tables are retained; no legal-entity transfer or new cash movement is inferred from the caption alone.

Changes in equity repeat each profit/loss as total comprehensive income/deficit. Both printed rows are retained, and the repeated comprehensive subtotal is counted once in the annual roll-forward; no separate OCI amount is invented.

Annual ownership register is dated9March2026, distinct from FY2025 closing. Exact241,685,638 shares and paid-up capital S$56,650,307.76 are separate from financial-statement rounded thousands. The twenty accounts sum201,944,619 shares and83.56% from the exact denominator; individually rounded row percentages sum83.55%.

Twenty-two annual substantial-holder rows are overlapping direct/deemed positions, not additive blocks. Thirteen96,473,203-share chain rows and Alexandra Road56,460,089-share chain are retained with their source at-least20% and holding-company links. Custodian links are used only where expressly stated; no remaining nominee shares are assigned to ultimate owners.

Kaiser Union annual table places96,473,203 under deemed interest, while footnote2 says it holds these shares registered through CGS. The later Lippo form describes KUL direct interest. All dated source descriptions are retained; the annual column is not silently moved from deemed to direct.

On8May2026 Songren Road acquired a deemed security interest over16,000,000 shares (6.62%) through a fixed share charge. ASMHL and V-Nee Yeh deemed interests become72,460,089 (29.98%) from56,460,089 (23.36%); Kin Chan and Angie Li give the same separately named updates. A share charge is not a completed purchase of the charged shares.

Songren Road Limited and Skyscraper Realty Limited are different entities even though both source disclosures abbreviate them SRL. No combined shareholder identity is created.

Lippo Limited ceased to have a deemed96,473,203-share interest on29May2026 after distributing Skyscraper Realty shares in specie. Its post-event TIH interest is0. This is a change in an intermediate ownership chain, not evidence that Kaiser Union disposed of the underlying TIH shares.

The27-page 2026 result attachment is condensed interim statements for six months ended30June2026. It is not a newer full-year annual report, so FY2025 remains the selected annual source.

The 23 April 2026 AGM attendance list expressly names Emily Ang as Chief Financial Officer of Investment Manager TIH Investment Management Pte. Ltd. This separately dated named manager office supplements the unnamed annual CFO assurance; it is not an issuer CFO appointment.

Original report: PDF p. 27 ↗

Five calendar financial years ended 31 December 2021–2025. Monetary statements are in Singapore dollars thousands; basic/diluted EPS is in Singapore cents per share. Group comprehensive income and cash flows; Group and Company financial position and changes in equity. Separate Company income and cash-flow statements are not disclosed.

TIH is an investment entity. Note3.1 (current annual physical page32) measures controlled subsidiary investments without investment-related services at FVTPL; the subsidiary providing investment-related services is consolidated. A controlled portfolio/SPE investment is not automatically an entity consolidated line by line.

Annual changes in equity show profit or loss followed by total comprehensive income or deficit with the same amounts. Both source rows are retained; the repeated comprehensive subtotal is counted once in roll-forward identities. There is no separate OCI amount in these primary statements.

FY2024 profit before tax is S$2,281 thousand and income tax is a positive S$15,434 thousand, giving S$17,715 thousand profit. FY2025 profit before tax is S$9,898 thousand and income tax is a positive S$41 thousand, giving S$9,939 thousand profit. Printed tax credits are not changed to negative expense or treated as ordinary investment income.

FY2024 subsidiary dividends recognised in income are S$15,252 thousand, while subsidiary cash dividends received in the cash-flow statement are S$1,150 thousand. Recognised income and cash receipts are retained separately; no equality or invented cash transaction is assumed.

FY2023 Group financial position originally prints S$423 thousand due from subsidiaries. The FY2024 comparative splits it into S$421 thousand due from subsidiaries and S$2 thousand due from related parties; current and total assets are unchanged. The original Group statement is retained separately. No further cause is inferred.

FY2022 cash-flow working-capital caption is Amounts due from related parties in its original report, but Amounts due from subsidiaries in the FY2023 comparative, with the same printed amounts. Both original captions and tables are retained; no new cash transaction or legal-entity transfer is inferred.

FY2025 ended 31 December 2025; KPMG LLP issued an unmodified true-and-fair opinion signed by Hong Cho Hor Ian on 16 March 2026. The key audit matter concerns S$138,027,000 investment valuations. This is the auditor opinion, separate from directors or manager assurances.

Statements are in Singapore dollars thousands, with EPS in Singapore cents. Group consolidated income and cash flows, Group and Company financial position and changes in equity are disclosed. No separate Company income or cash-flow statement is provided.

The Company expressly does not have a CEO or direct employees. TIH Investment Management Pte. Ltd. manages the day-to-day business. Wang Ya-Lun Allen (Allen Wang) is the investment-manager CEO and a deemed executive issuer director; Kin Chan is deemed executive Chairman, not an issuer CEO. No named manager CFO is supplied in the cited assurance disclosure.

Seven substantive annual Board directors are distinct from two alternates, a Company Secretary and manager personnel. Thanathip Vidhayasirinun retired on 23 April 2026; Wong Ka Lok joined on 21 May 2026. Warren Lee became Audit Committee Chairman and Wong became Nominating/Remuneration Chairman. Later offices are separately dated, preserving the annual snapshot.

Kin Chan and Wang Ya-Lun Allen were re-elected and KPMG LLP re-appointed at the 23 April 2026 AGM. The meeting approved the FY2025 final dividend of S$0.01 per share. Annual proposed dividends and later approvals are separate dates.

Investment-entity scope is explicit: controlled subsidiary investments without investment-related services are measured at FVTPL. TIH Investment Management is the separately consolidated service subsidiary, measured at Company cost less impairment. Portfolio funds or SPE subsidiaries are not automatically consolidated line by line.

K2 Venture Capital Company Limited is a controlled subsidiary at 50% effective interest. Note8 attributes this to Killian Court exposure to variable returns and power to affect them. It is not relabelled a joint venture merely because the percentage is 50%.

The FVTPL subsidiary schedule has fifteen rows including TIHT Investment Holdings II with current dash/prior55%; fourteen are current investments. TIHIM is one additional consolidated subsidiary. Killian Court completed disposal of its entire55% TIHTII stake during2H2025 for fully paid S$1.00; negative book NAV S$20,837,698.04 is not a newly inferred consolidated gain.

Ten largest portfolio investments are separate from the subsidiary legal-entity list. Portfolio cost S$124,587 thousand and carrying amount S$132,959 thousand represent approximately96.33% of S$138,027 thousand equity/debt FVTPL investments. Their shareholding percentages, underlying earnings, book net assets and distributions retain separate units and source management-account/LP-statement basis.

Fortune Crane (formerly Fortune Code) cost56,830 and carrying43,387 S$thousand include interest-bearing debt; its7.95% shareholding is not an assertion that the entire carrying amount is equity. The disclosed indirect OUE exposure is a portfolio investment, not an extra consolidated OUE subsidiary.

FY2024 tax is positive S$15,434 thousand in primary income; Note20 expense-style table prints (15,434). It includes reversal of a prior foreign tax provision S$15,532 thousand, after legal advice that the risk of tax materialising was remote. FY2024 pretax2,281 plus15,434 equals net17,715. FY2025 pretax9,898 plus41 tax credit equals9,939. Printed signs and convention are retained, not turned into operating gains.

FY2024 subsidiary dividend income15,252 comprises cash1,150 plus dividend-in-specie14,102 S$thousand. The noncash transfer of an unquoted fund is disclosed in the FY2024 original Note7 and current Level3 reconciliation. It is not a missing cash receipt, and the later fund carrying value10,717 is not the original dividend-in-specie amount.

FY2025 gross equity investment fair-value gain about S$5.64 million is reduced by S$2.4 million dividend distributions to net fair-value gain S$3.24 million (primary3,239 thousand). The separate income statement dividend2,401 plus net fair-value3,239 explains this presentation; no second5.64million gain is added.

FY2023 Group due-from-subsidiaries is423 S$thousand in its original statement, but the FY2024 comparative splits it into421 due from subsidiaries plus2 due from related parties. Current and total assets are unchanged. The original Group financial position is retained; no unsupported underlying transaction or fuller explanation is invented.

The FY2022 original cash-flow working-capital caption Amounts due from related parties becomes Amounts due from subsidiaries in the FY2023 comparative, with unchanged amounts. Both original and comparative tables are retained; no legal-entity transfer or new cash movement is inferred from the caption alone.

Changes in equity repeat each profit/loss as total comprehensive income/deficit. Both printed rows are retained, and the repeated comprehensive subtotal is counted once in the annual roll-forward; no separate OCI amount is invented.

Annual ownership register is dated9March2026, distinct from FY2025 closing. Exact241,685,638 shares and paid-up capital S$56,650,307.76 are separate from financial-statement rounded thousands. The twenty accounts sum201,944,619 shares and83.56% from the exact denominator; individually rounded row percentages sum83.55%.

Twenty-two annual substantial-holder rows are overlapping direct/deemed positions, not additive blocks. Thirteen96,473,203-share chain rows and Alexandra Road56,460,089-share chain are retained with their source at-least20% and holding-company links. Custodian links are used only where expressly stated; no remaining nominee shares are assigned to ultimate owners.

Kaiser Union annual table places96,473,203 under deemed interest, while footnote2 says it holds these shares registered through CGS. The later Lippo form describes KUL direct interest. All dated source descriptions are retained; the annual column is not silently moved from deemed to direct.

On8May2026 Songren Road acquired a deemed security interest over16,000,000 shares (6.62%) through a fixed share charge. ASMHL and V-Nee Yeh deemed interests become72,460,089 (29.98%) from56,460,089 (23.36%); Kin Chan and Angie Li give the same separately named updates. A share charge is not a completed purchase of the charged shares.

Songren Road Limited and Skyscraper Realty Limited are different entities even though both source disclosures abbreviate them SRL. No combined shareholder identity is created.

Lippo Limited ceased to have a deemed96,473,203-share interest on29May2026 after distributing Skyscraper Realty shares in specie. Its post-event TIH interest is0. This is a change in an intermediate ownership chain, not evidence that Kaiser Union disposed of the underlying TIH shares.

The27-page 2026 result attachment is condensed interim statements for six months ended30June2026. It is not a newer full-year annual report, so FY2025 remains the selected annual source.

The 23 April 2026 AGM attendance list expressly names Emily Ang as Chief Financial Officer of Investment Manager TIH Investment Management Pte. Ltd. This separately dated named manager office supplements the unnamed annual CFO assurance; it is not an issuer CFO appointment.

Original report: PDF p. 28 ↗

Five calendar financial years ended 31 December 2021–2025. Monetary statements are in Singapore dollars thousands; basic/diluted EPS is in Singapore cents per share. Group comprehensive income and cash flows; Group and Company financial position and changes in equity. Separate Company income and cash-flow statements are not disclosed.

TIH is an investment entity. Note3.1 (current annual physical page32) measures controlled subsidiary investments without investment-related services at FVTPL; the subsidiary providing investment-related services is consolidated. A controlled portfolio/SPE investment is not automatically an entity consolidated line by line.

Annual changes in equity show profit or loss followed by total comprehensive income or deficit with the same amounts. Both source rows are retained; the repeated comprehensive subtotal is counted once in roll-forward identities. There is no separate OCI amount in these primary statements.

FY2024 profit before tax is S$2,281 thousand and income tax is a positive S$15,434 thousand, giving S$17,715 thousand profit. FY2025 profit before tax is S$9,898 thousand and income tax is a positive S$41 thousand, giving S$9,939 thousand profit. Printed tax credits are not changed to negative expense or treated as ordinary investment income.

FY2024 subsidiary dividends recognised in income are S$15,252 thousand, while subsidiary cash dividends received in the cash-flow statement are S$1,150 thousand. Recognised income and cash receipts are retained separately; no equality or invented cash transaction is assumed.

FY2023 Group financial position originally prints S$423 thousand due from subsidiaries. The FY2024 comparative splits it into S$421 thousand due from subsidiaries and S$2 thousand due from related parties; current and total assets are unchanged. The original Group statement is retained separately. No further cause is inferred.

FY2022 cash-flow working-capital caption is Amounts due from related parties in its original report, but Amounts due from subsidiaries in the FY2023 comparative, with the same printed amounts. Both original captions and tables are retained; no new cash transaction or legal-entity transfer is inferred.

FY2025 ended 31 December 2025; KPMG LLP issued an unmodified true-and-fair opinion signed by Hong Cho Hor Ian on 16 March 2026. The key audit matter concerns S$138,027,000 investment valuations. This is the auditor opinion, separate from directors or manager assurances.

Statements are in Singapore dollars thousands, with EPS in Singapore cents. Group consolidated income and cash flows, Group and Company financial position and changes in equity are disclosed. No separate Company income or cash-flow statement is provided.

The Company expressly does not have a CEO or direct employees. TIH Investment Management Pte. Ltd. manages the day-to-day business. Wang Ya-Lun Allen (Allen Wang) is the investment-manager CEO and a deemed executive issuer director; Kin Chan is deemed executive Chairman, not an issuer CEO. No named manager CFO is supplied in the cited assurance disclosure.

Seven substantive annual Board directors are distinct from two alternates, a Company Secretary and manager personnel. Thanathip Vidhayasirinun retired on 23 April 2026; Wong Ka Lok joined on 21 May 2026. Warren Lee became Audit Committee Chairman and Wong became Nominating/Remuneration Chairman. Later offices are separately dated, preserving the annual snapshot.

Kin Chan and Wang Ya-Lun Allen were re-elected and KPMG LLP re-appointed at the 23 April 2026 AGM. The meeting approved the FY2025 final dividend of S$0.01 per share. Annual proposed dividends and later approvals are separate dates.

Investment-entity scope is explicit: controlled subsidiary investments without investment-related services are measured at FVTPL. TIH Investment Management is the separately consolidated service subsidiary, measured at Company cost less impairment. Portfolio funds or SPE subsidiaries are not automatically consolidated line by line.

K2 Venture Capital Company Limited is a controlled subsidiary at 50% effective interest. Note8 attributes this to Killian Court exposure to variable returns and power to affect them. It is not relabelled a joint venture merely because the percentage is 50%.

The FVTPL subsidiary schedule has fifteen rows including TIHT Investment Holdings II with current dash/prior55%; fourteen are current investments. TIHIM is one additional consolidated subsidiary. Killian Court completed disposal of its entire55% TIHTII stake during2H2025 for fully paid S$1.00; negative book NAV S$20,837,698.04 is not a newly inferred consolidated gain.

Ten largest portfolio investments are separate from the subsidiary legal-entity list. Portfolio cost S$124,587 thousand and carrying amount S$132,959 thousand represent approximately96.33% of S$138,027 thousand equity/debt FVTPL investments. Their shareholding percentages, underlying earnings, book net assets and distributions retain separate units and source management-account/LP-statement basis.

Fortune Crane (formerly Fortune Code) cost56,830 and carrying43,387 S$thousand include interest-bearing debt; its7.95% shareholding is not an assertion that the entire carrying amount is equity. The disclosed indirect OUE exposure is a portfolio investment, not an extra consolidated OUE subsidiary.

FY2024 tax is positive S$15,434 thousand in primary income; Note20 expense-style table prints (15,434). It includes reversal of a prior foreign tax provision S$15,532 thousand, after legal advice that the risk of tax materialising was remote. FY2024 pretax2,281 plus15,434 equals net17,715. FY2025 pretax9,898 plus41 tax credit equals9,939. Printed signs and convention are retained, not turned into operating gains.

FY2024 subsidiary dividend income15,252 comprises cash1,150 plus dividend-in-specie14,102 S$thousand. The noncash transfer of an unquoted fund is disclosed in the FY2024 original Note7 and current Level3 reconciliation. It is not a missing cash receipt, and the later fund carrying value10,717 is not the original dividend-in-specie amount.

FY2025 gross equity investment fair-value gain about S$5.64 million is reduced by S$2.4 million dividend distributions to net fair-value gain S$3.24 million (primary3,239 thousand). The separate income statement dividend2,401 plus net fair-value3,239 explains this presentation; no second5.64million gain is added.

FY2023 Group due-from-subsidiaries is423 S$thousand in its original statement, but the FY2024 comparative splits it into421 due from subsidiaries plus2 due from related parties. Current and total assets are unchanged. The original Group financial position is retained; no unsupported underlying transaction or fuller explanation is invented.

The FY2022 original cash-flow working-capital caption Amounts due from related parties becomes Amounts due from subsidiaries in the FY2023 comparative, with unchanged amounts. Both original and comparative tables are retained; no legal-entity transfer or new cash movement is inferred from the caption alone.

Changes in equity repeat each profit/loss as total comprehensive income/deficit. Both printed rows are retained, and the repeated comprehensive subtotal is counted once in the annual roll-forward; no separate OCI amount is invented.

Annual ownership register is dated9March2026, distinct from FY2025 closing. Exact241,685,638 shares and paid-up capital S$56,650,307.76 are separate from financial-statement rounded thousands. The twenty accounts sum201,944,619 shares and83.56% from the exact denominator; individually rounded row percentages sum83.55%.

Twenty-two annual substantial-holder rows are overlapping direct/deemed positions, not additive blocks. Thirteen96,473,203-share chain rows and Alexandra Road56,460,089-share chain are retained with their source at-least20% and holding-company links. Custodian links are used only where expressly stated; no remaining nominee shares are assigned to ultimate owners.

Kaiser Union annual table places96,473,203 under deemed interest, while footnote2 says it holds these shares registered through CGS. The later Lippo form describes KUL direct interest. All dated source descriptions are retained; the annual column is not silently moved from deemed to direct.

On8May2026 Songren Road acquired a deemed security interest over16,000,000 shares (6.62%) through a fixed share charge. ASMHL and V-Nee Yeh deemed interests become72,460,089 (29.98%) from56,460,089 (23.36%); Kin Chan and Angie Li give the same separately named updates. A share charge is not a completed purchase of the charged shares.

Songren Road Limited and Skyscraper Realty Limited are different entities even though both source disclosures abbreviate them SRL. No combined shareholder identity is created.

Lippo Limited ceased to have a deemed96,473,203-share interest on29May2026 after distributing Skyscraper Realty shares in specie. Its post-event TIH interest is0. This is a change in an intermediate ownership chain, not evidence that Kaiser Union disposed of the underlying TIH shares.

The27-page 2026 result attachment is condensed interim statements for six months ended30June2026. It is not a newer full-year annual report, so FY2025 remains the selected annual source.

The 23 April 2026 AGM attendance list expressly names Emily Ang as Chief Financial Officer of Investment Manager TIH Investment Management Pte. Ltd. This separately dated named manager office supplements the unnamed annual CFO assurance; it is not an issuer CFO appointment.

Original report: PDF p. 25 ↗

Five calendar financial years ended 31 December 2021–2025. Monetary statements are in Singapore dollars thousands; basic/diluted EPS is in Singapore cents per share. Group comprehensive income and cash flows; Group and Company financial position and changes in equity. Separate Company income and cash-flow statements are not disclosed.

TIH is an investment entity. Note3.1 (current annual physical page32) measures controlled subsidiary investments without investment-related services at FVTPL; the subsidiary providing investment-related services is consolidated. A controlled portfolio/SPE investment is not automatically an entity consolidated line by line.

Annual changes in equity show profit or loss followed by total comprehensive income or deficit with the same amounts. Both source rows are retained; the repeated comprehensive subtotal is counted once in roll-forward identities. There is no separate OCI amount in these primary statements.

FY2024 profit before tax is S$2,281 thousand and income tax is a positive S$15,434 thousand, giving S$17,715 thousand profit. FY2025 profit before tax is S$9,898 thousand and income tax is a positive S$41 thousand, giving S$9,939 thousand profit. Printed tax credits are not changed to negative expense or treated as ordinary investment income.

FY2024 subsidiary dividends recognised in income are S$15,252 thousand, while subsidiary cash dividends received in the cash-flow statement are S$1,150 thousand. Recognised income and cash receipts are retained separately; no equality or invented cash transaction is assumed.

FY2023 Group financial position originally prints S$423 thousand due from subsidiaries. The FY2024 comparative splits it into S$421 thousand due from subsidiaries and S$2 thousand due from related parties; current and total assets are unchanged. The original Group statement is retained separately. No further cause is inferred.

FY2022 cash-flow working-capital caption is Amounts due from related parties in its original report, but Amounts due from subsidiaries in the FY2023 comparative, with the same printed amounts. Both original captions and tables are retained; no new cash transaction or legal-entity transfer is inferred.

FY2025 ended 31 December 2025; KPMG LLP issued an unmodified true-and-fair opinion signed by Hong Cho Hor Ian on 16 March 2026. The key audit matter concerns S$138,027,000 investment valuations. This is the auditor opinion, separate from directors or manager assurances.

Statements are in Singapore dollars thousands, with EPS in Singapore cents. Group consolidated income and cash flows, Group and Company financial position and changes in equity are disclosed. No separate Company income or cash-flow statement is provided.

The Company expressly does not have a CEO or direct employees. TIH Investment Management Pte. Ltd. manages the day-to-day business. Wang Ya-Lun Allen (Allen Wang) is the investment-manager CEO and a deemed executive issuer director; Kin Chan is deemed executive Chairman, not an issuer CEO. No named manager CFO is supplied in the cited assurance disclosure.

Seven substantive annual Board directors are distinct from two alternates, a Company Secretary and manager personnel. Thanathip Vidhayasirinun retired on 23 April 2026; Wong Ka Lok joined on 21 May 2026. Warren Lee became Audit Committee Chairman and Wong became Nominating/Remuneration Chairman. Later offices are separately dated, preserving the annual snapshot.

Kin Chan and Wang Ya-Lun Allen were re-elected and KPMG LLP re-appointed at the 23 April 2026 AGM. The meeting approved the FY2025 final dividend of S$0.01 per share. Annual proposed dividends and later approvals are separate dates.

Investment-entity scope is explicit: controlled subsidiary investments without investment-related services are measured at FVTPL. TIH Investment Management is the separately consolidated service subsidiary, measured at Company cost less impairment. Portfolio funds or SPE subsidiaries are not automatically consolidated line by line.

K2 Venture Capital Company Limited is a controlled subsidiary at 50% effective interest. Note8 attributes this to Killian Court exposure to variable returns and power to affect them. It is not relabelled a joint venture merely because the percentage is 50%.

The FVTPL subsidiary schedule has fifteen rows including TIHT Investment Holdings II with current dash/prior55%; fourteen are current investments. TIHIM is one additional consolidated subsidiary. Killian Court completed disposal of its entire55% TIHTII stake during2H2025 for fully paid S$1.00; negative book NAV S$20,837,698.04 is not a newly inferred consolidated gain.

Ten largest portfolio investments are separate from the subsidiary legal-entity list. Portfolio cost S$124,587 thousand and carrying amount S$132,959 thousand represent approximately96.33% of S$138,027 thousand equity/debt FVTPL investments. Their shareholding percentages, underlying earnings, book net assets and distributions retain separate units and source management-account/LP-statement basis.

Fortune Crane (formerly Fortune Code) cost56,830 and carrying43,387 S$thousand include interest-bearing debt; its7.95% shareholding is not an assertion that the entire carrying amount is equity. The disclosed indirect OUE exposure is a portfolio investment, not an extra consolidated OUE subsidiary.

FY2024 tax is positive S$15,434 thousand in primary income; Note20 expense-style table prints (15,434). It includes reversal of a prior foreign tax provision S$15,532 thousand, after legal advice that the risk of tax materialising was remote. FY2024 pretax2,281 plus15,434 equals net17,715. FY2025 pretax9,898 plus41 tax credit equals9,939. Printed signs and convention are retained, not turned into operating gains.

FY2024 subsidiary dividend income15,252 comprises cash1,150 plus dividend-in-specie14,102 S$thousand. The noncash transfer of an unquoted fund is disclosed in the FY2024 original Note7 and current Level3 reconciliation. It is not a missing cash receipt, and the later fund carrying value10,717 is not the original dividend-in-specie amount.

FY2025 gross equity investment fair-value gain about S$5.64 million is reduced by S$2.4 million dividend distributions to net fair-value gain S$3.24 million (primary3,239 thousand). The separate income statement dividend2,401 plus net fair-value3,239 explains this presentation; no second5.64million gain is added.

FY2023 Group due-from-subsidiaries is423 S$thousand in its original statement, but the FY2024 comparative splits it into421 due from subsidiaries plus2 due from related parties. Current and total assets are unchanged. The original Group financial position is retained; no unsupported underlying transaction or fuller explanation is invented.

The FY2022 original cash-flow working-capital caption Amounts due from related parties becomes Amounts due from subsidiaries in the FY2023 comparative, with unchanged amounts. Both original and comparative tables are retained; no legal-entity transfer or new cash movement is inferred from the caption alone.

Changes in equity repeat each profit/loss as total comprehensive income/deficit. Both printed rows are retained, and the repeated comprehensive subtotal is counted once in the annual roll-forward; no separate OCI amount is invented.

Annual ownership register is dated9March2026, distinct from FY2025 closing. Exact241,685,638 shares and paid-up capital S$56,650,307.76 are separate from financial-statement rounded thousands. The twenty accounts sum201,944,619 shares and83.56% from the exact denominator; individually rounded row percentages sum83.55%.

Twenty-two annual substantial-holder rows are overlapping direct/deemed positions, not additive blocks. Thirteen96,473,203-share chain rows and Alexandra Road56,460,089-share chain are retained with their source at-least20% and holding-company links. Custodian links are used only where expressly stated; no remaining nominee shares are assigned to ultimate owners.

Kaiser Union annual table places96,473,203 under deemed interest, while footnote2 says it holds these shares registered through CGS. The later Lippo form describes KUL direct interest. All dated source descriptions are retained; the annual column is not silently moved from deemed to direct.

On8May2026 Songren Road acquired a deemed security interest over16,000,000 shares (6.62%) through a fixed share charge. ASMHL and V-Nee Yeh deemed interests become72,460,089 (29.98%) from56,460,089 (23.36%); Kin Chan and Angie Li give the same separately named updates. A share charge is not a completed purchase of the charged shares.

Songren Road Limited and Skyscraper Realty Limited are different entities even though both source disclosures abbreviate them SRL. No combined shareholder identity is created.

Lippo Limited ceased to have a deemed96,473,203-share interest on29May2026 after distributing Skyscraper Realty shares in specie. Its post-event TIH interest is0. This is a change in an intermediate ownership chain, not evidence that Kaiser Union disposed of the underlying TIH shares.

The27-page 2026 result attachment is condensed interim statements for six months ended30June2026. It is not a newer full-year annual report, so FY2025 remains the selected annual source.

The 23 April 2026 AGM attendance list expressly names Emily Ang as Chief Financial Officer of Investment Manager TIH Investment Management Pte. Ltd. This separately dated named manager office supplements the unnamed annual CFO assurance; it is not an issuer CFO appointment.

Original report: PDF p. 24 ↗

Five calendar financial years ended 31 December 2021–2025. Monetary statements are in Singapore dollars thousands; basic/diluted EPS is in Singapore cents per share. Group comprehensive income and cash flows; Group and Company financial position and changes in equity. Separate Company income and cash-flow statements are not disclosed.

TIH is an investment entity. Note3.1 (current annual physical page32) measures controlled subsidiary investments without investment-related services at FVTPL; the subsidiary providing investment-related services is consolidated. A controlled portfolio/SPE investment is not automatically an entity consolidated line by line.

Annual changes in equity show profit or loss followed by total comprehensive income or deficit with the same amounts. Both source rows are retained; the repeated comprehensive subtotal is counted once in roll-forward identities. There is no separate OCI amount in these primary statements.

FY2024 profit before tax is S$2,281 thousand and income tax is a positive S$15,434 thousand, giving S$17,715 thousand profit. FY2025 profit before tax is S$9,898 thousand and income tax is a positive S$41 thousand, giving S$9,939 thousand profit. Printed tax credits are not changed to negative expense or treated as ordinary investment income.

FY2024 subsidiary dividends recognised in income are S$15,252 thousand, while subsidiary cash dividends received in the cash-flow statement are S$1,150 thousand. Recognised income and cash receipts are retained separately; no equality or invented cash transaction is assumed.

FY2023 Group financial position originally prints S$423 thousand due from subsidiaries. The FY2024 comparative splits it into S$421 thousand due from subsidiaries and S$2 thousand due from related parties; current and total assets are unchanged. The original Group statement is retained separately. No further cause is inferred.

FY2022 cash-flow working-capital caption is Amounts due from related parties in its original report, but Amounts due from subsidiaries in the FY2023 comparative, with the same printed amounts. Both original captions and tables are retained; no new cash transaction or legal-entity transfer is inferred.

FY2025 ended 31 December 2025; KPMG LLP issued an unmodified true-and-fair opinion signed by Hong Cho Hor Ian on 16 March 2026. The key audit matter concerns S$138,027,000 investment valuations. This is the auditor opinion, separate from directors or manager assurances.

Statements are in Singapore dollars thousands, with EPS in Singapore cents. Group consolidated income and cash flows, Group and Company financial position and changes in equity are disclosed. No separate Company income or cash-flow statement is provided.

The Company expressly does not have a CEO or direct employees. TIH Investment Management Pte. Ltd. manages the day-to-day business. Wang Ya-Lun Allen (Allen Wang) is the investment-manager CEO and a deemed executive issuer director; Kin Chan is deemed executive Chairman, not an issuer CEO. No named manager CFO is supplied in the cited assurance disclosure.

Seven substantive annual Board directors are distinct from two alternates, a Company Secretary and manager personnel. Thanathip Vidhayasirinun retired on 23 April 2026; Wong Ka Lok joined on 21 May 2026. Warren Lee became Audit Committee Chairman and Wong became Nominating/Remuneration Chairman. Later offices are separately dated, preserving the annual snapshot.

Kin Chan and Wang Ya-Lun Allen were re-elected and KPMG LLP re-appointed at the 23 April 2026 AGM. The meeting approved the FY2025 final dividend of S$0.01 per share. Annual proposed dividends and later approvals are separate dates.

Investment-entity scope is explicit: controlled subsidiary investments without investment-related services are measured at FVTPL. TIH Investment Management is the separately consolidated service subsidiary, measured at Company cost less impairment. Portfolio funds or SPE subsidiaries are not automatically consolidated line by line.

K2 Venture Capital Company Limited is a controlled subsidiary at 50% effective interest. Note8 attributes this to Killian Court exposure to variable returns and power to affect them. It is not relabelled a joint venture merely because the percentage is 50%.

The FVTPL subsidiary schedule has fifteen rows including TIHT Investment Holdings II with current dash/prior55%; fourteen are current investments. TIHIM is one additional consolidated subsidiary. Killian Court completed disposal of its entire55% TIHTII stake during2H2025 for fully paid S$1.00; negative book NAV S$20,837,698.04 is not a newly inferred consolidated gain.

Ten largest portfolio investments are separate from the subsidiary legal-entity list. Portfolio cost S$124,587 thousand and carrying amount S$132,959 thousand represent approximately96.33% of S$138,027 thousand equity/debt FVTPL investments. Their shareholding percentages, underlying earnings, book net assets and distributions retain separate units and source management-account/LP-statement basis.

Fortune Crane (formerly Fortune Code) cost56,830 and carrying43,387 S$thousand include interest-bearing debt; its7.95% shareholding is not an assertion that the entire carrying amount is equity. The disclosed indirect OUE exposure is a portfolio investment, not an extra consolidated OUE subsidiary.

FY2024 tax is positive S$15,434 thousand in primary income; Note20 expense-style table prints (15,434). It includes reversal of a prior foreign tax provision S$15,532 thousand, after legal advice that the risk of tax materialising was remote. FY2024 pretax2,281 plus15,434 equals net17,715. FY2025 pretax9,898 plus41 tax credit equals9,939. Printed signs and convention are retained, not turned into operating gains.

FY2024 subsidiary dividend income15,252 comprises cash1,150 plus dividend-in-specie14,102 S$thousand. The noncash transfer of an unquoted fund is disclosed in the FY2024 original Note7 and current Level3 reconciliation. It is not a missing cash receipt, and the later fund carrying value10,717 is not the original dividend-in-specie amount.

FY2025 gross equity investment fair-value gain about S$5.64 million is reduced by S$2.4 million dividend distributions to net fair-value gain S$3.24 million (primary3,239 thousand). The separate income statement dividend2,401 plus net fair-value3,239 explains this presentation; no second5.64million gain is added.

FY2023 Group due-from-subsidiaries is423 S$thousand in its original statement, but the FY2024 comparative splits it into421 due from subsidiaries plus2 due from related parties. Current and total assets are unchanged. The original Group financial position is retained; no unsupported underlying transaction or fuller explanation is invented.

The FY2022 original cash-flow working-capital caption Amounts due from related parties becomes Amounts due from subsidiaries in the FY2023 comparative, with unchanged amounts. Both original and comparative tables are retained; no legal-entity transfer or new cash movement is inferred from the caption alone.

Changes in equity repeat each profit/loss as total comprehensive income/deficit. Both printed rows are retained, and the repeated comprehensive subtotal is counted once in the annual roll-forward; no separate OCI amount is invented.

Annual ownership register is dated9March2026, distinct from FY2025 closing. Exact241,685,638 shares and paid-up capital S$56,650,307.76 are separate from financial-statement rounded thousands. The twenty accounts sum201,944,619 shares and83.56% from the exact denominator; individually rounded row percentages sum83.55%.

Twenty-two annual substantial-holder rows are overlapping direct/deemed positions, not additive blocks. Thirteen96,473,203-share chain rows and Alexandra Road56,460,089-share chain are retained with their source at-least20% and holding-company links. Custodian links are used only where expressly stated; no remaining nominee shares are assigned to ultimate owners.

Kaiser Union annual table places96,473,203 under deemed interest, while footnote2 says it holds these shares registered through CGS. The later Lippo form describes KUL direct interest. All dated source descriptions are retained; the annual column is not silently moved from deemed to direct.

On8May2026 Songren Road acquired a deemed security interest over16,000,000 shares (6.62%) through a fixed share charge. ASMHL and V-Nee Yeh deemed interests become72,460,089 (29.98%) from56,460,089 (23.36%); Kin Chan and Angie Li give the same separately named updates. A share charge is not a completed purchase of the charged shares.

Songren Road Limited and Skyscraper Realty Limited are different entities even though both source disclosures abbreviate them SRL. No combined shareholder identity is created.

Lippo Limited ceased to have a deemed96,473,203-share interest on29May2026 after distributing Skyscraper Realty shares in specie. Its post-event TIH interest is0. This is a change in an intermediate ownership chain, not evidence that Kaiser Union disposed of the underlying TIH shares.

The27-page 2026 result attachment is condensed interim statements for six months ended30June2026. It is not a newer full-year annual report, so FY2025 remains the selected annual source.

The 23 April 2026 AGM attendance list expressly names Emily Ang as Chief Financial Officer of Investment Manager TIH Investment Management Pte. Ltd. This separately dated named manager office supplements the unnamed annual CFO assurance; it is not an issuer CFO appointment.

Original report: PDF p. 24 ↗

Five calendar financial years ended 31 December 2021–2025. Monetary statements are in Singapore dollars thousands; basic/diluted EPS is in Singapore cents per share. Group comprehensive income and cash flows; Group and Company financial position and changes in equity. Separate Company income and cash-flow statements are not disclosed.

TIH is an investment entity. Note3.1 (current annual physical page32) measures controlled subsidiary investments without investment-related services at FVTPL; the subsidiary providing investment-related services is consolidated. A controlled portfolio/SPE investment is not automatically an entity consolidated line by line.

Annual changes in equity show profit or loss followed by total comprehensive income or deficit with the same amounts. Both source rows are retained; the repeated comprehensive subtotal is counted once in roll-forward identities. There is no separate OCI amount in these primary statements.

FY2024 profit before tax is S$2,281 thousand and income tax is a positive S$15,434 thousand, giving S$17,715 thousand profit. FY2025 profit before tax is S$9,898 thousand and income tax is a positive S$41 thousand, giving S$9,939 thousand profit. Printed tax credits are not changed to negative expense or treated as ordinary investment income.

FY2024 subsidiary dividends recognised in income are S$15,252 thousand, while subsidiary cash dividends received in the cash-flow statement are S$1,150 thousand. Recognised income and cash receipts are retained separately; no equality or invented cash transaction is assumed.

FY2023 Group financial position originally prints S$423 thousand due from subsidiaries. The FY2024 comparative splits it into S$421 thousand due from subsidiaries and S$2 thousand due from related parties; current and total assets are unchanged. The original Group statement is retained separately. No further cause is inferred.

FY2022 cash-flow working-capital caption is Amounts due from related parties in its original report, but Amounts due from subsidiaries in the FY2023 comparative, with the same printed amounts. Both original captions and tables are retained; no new cash transaction or legal-entity transfer is inferred.

FY2025 ended 31 December 2025; KPMG LLP issued an unmodified true-and-fair opinion signed by Hong Cho Hor Ian on 16 March 2026. The key audit matter concerns S$138,027,000 investment valuations. This is the auditor opinion, separate from directors or manager assurances.

Statements are in Singapore dollars thousands, with EPS in Singapore cents. Group consolidated income and cash flows, Group and Company financial position and changes in equity are disclosed. No separate Company income or cash-flow statement is provided.

The Company expressly does not have a CEO or direct employees. TIH Investment Management Pte. Ltd. manages the day-to-day business. Wang Ya-Lun Allen (Allen Wang) is the investment-manager CEO and a deemed executive issuer director; Kin Chan is deemed executive Chairman, not an issuer CEO. No named manager CFO is supplied in the cited assurance disclosure.

Seven substantive annual Board directors are distinct from two alternates, a Company Secretary and manager personnel. Thanathip Vidhayasirinun retired on 23 April 2026; Wong Ka Lok joined on 21 May 2026. Warren Lee became Audit Committee Chairman and Wong became Nominating/Remuneration Chairman. Later offices are separately dated, preserving the annual snapshot.

Kin Chan and Wang Ya-Lun Allen were re-elected and KPMG LLP re-appointed at the 23 April 2026 AGM. The meeting approved the FY2025 final dividend of S$0.01 per share. Annual proposed dividends and later approvals are separate dates.

Investment-entity scope is explicit: controlled subsidiary investments without investment-related services are measured at FVTPL. TIH Investment Management is the separately consolidated service subsidiary, measured at Company cost less impairment. Portfolio funds or SPE subsidiaries are not automatically consolidated line by line.

K2 Venture Capital Company Limited is a controlled subsidiary at 50% effective interest. Note8 attributes this to Killian Court exposure to variable returns and power to affect them. It is not relabelled a joint venture merely because the percentage is 50%.

The FVTPL subsidiary schedule has fifteen rows including TIHT Investment Holdings II with current dash/prior55%; fourteen are current investments. TIHIM is one additional consolidated subsidiary. Killian Court completed disposal of its entire55% TIHTII stake during2H2025 for fully paid S$1.00; negative book NAV S$20,837,698.04 is not a newly inferred consolidated gain.

Ten largest portfolio investments are separate from the subsidiary legal-entity list. Portfolio cost S$124,587 thousand and carrying amount S$132,959 thousand represent approximately96.33% of S$138,027 thousand equity/debt FVTPL investments. Their shareholding percentages, underlying earnings, book net assets and distributions retain separate units and source management-account/LP-statement basis.

Fortune Crane (formerly Fortune Code) cost56,830 and carrying43,387 S$thousand include interest-bearing debt; its7.95% shareholding is not an assertion that the entire carrying amount is equity. The disclosed indirect OUE exposure is a portfolio investment, not an extra consolidated OUE subsidiary.

FY2024 tax is positive S$15,434 thousand in primary income; Note20 expense-style table prints (15,434). It includes reversal of a prior foreign tax provision S$15,532 thousand, after legal advice that the risk of tax materialising was remote. FY2024 pretax2,281 plus15,434 equals net17,715. FY2025 pretax9,898 plus41 tax credit equals9,939. Printed signs and convention are retained, not turned into operating gains.

FY2024 subsidiary dividend income15,252 comprises cash1,150 plus dividend-in-specie14,102 S$thousand. The noncash transfer of an unquoted fund is disclosed in the FY2024 original Note7 and current Level3 reconciliation. It is not a missing cash receipt, and the later fund carrying value10,717 is not the original dividend-in-specie amount.

FY2025 gross equity investment fair-value gain about S$5.64 million is reduced by S$2.4 million dividend distributions to net fair-value gain S$3.24 million (primary3,239 thousand). The separate income statement dividend2,401 plus net fair-value3,239 explains this presentation; no second5.64million gain is added.

FY2023 Group due-from-subsidiaries is423 S$thousand in its original statement, but the FY2024 comparative splits it into421 due from subsidiaries plus2 due from related parties. Current and total assets are unchanged. The original Group financial position is retained; no unsupported underlying transaction or fuller explanation is invented.

The FY2022 original cash-flow working-capital caption Amounts due from related parties becomes Amounts due from subsidiaries in the FY2023 comparative, with unchanged amounts. Both original and comparative tables are retained; no legal-entity transfer or new cash movement is inferred from the caption alone.

Changes in equity repeat each profit/loss as total comprehensive income/deficit. Both printed rows are retained, and the repeated comprehensive subtotal is counted once in the annual roll-forward; no separate OCI amount is invented.

Annual ownership register is dated9March2026, distinct from FY2025 closing. Exact241,685,638 shares and paid-up capital S$56,650,307.76 are separate from financial-statement rounded thousands. The twenty accounts sum201,944,619 shares and83.56% from the exact denominator; individually rounded row percentages sum83.55%.

Twenty-two annual substantial-holder rows are overlapping direct/deemed positions, not additive blocks. Thirteen96,473,203-share chain rows and Alexandra Road56,460,089-share chain are retained with their source at-least20% and holding-company links. Custodian links are used only where expressly stated; no remaining nominee shares are assigned to ultimate owners.

Kaiser Union annual table places96,473,203 under deemed interest, while footnote2 says it holds these shares registered through CGS. The later Lippo form describes KUL direct interest. All dated source descriptions are retained; the annual column is not silently moved from deemed to direct.

On8May2026 Songren Road acquired a deemed security interest over16,000,000 shares (6.62%) through a fixed share charge. ASMHL and V-Nee Yeh deemed interests become72,460,089 (29.98%) from56,460,089 (23.36%); Kin Chan and Angie Li give the same separately named updates. A share charge is not a completed purchase of the charged shares.

Songren Road Limited and Skyscraper Realty Limited are different entities even though both source disclosures abbreviate them SRL. No combined shareholder identity is created.

Lippo Limited ceased to have a deemed96,473,203-share interest on29May2026 after distributing Skyscraper Realty shares in specie. Its post-event TIH interest is0. This is a change in an intermediate ownership chain, not evidence that Kaiser Union disposed of the underlying TIH shares.

The27-page 2026 result attachment is condensed interim statements for six months ended30June2026. It is not a newer full-year annual report, so FY2025 remains the selected annual source.

The 23 April 2026 AGM attendance list expressly names Emily Ang as Chief Financial Officer of Investment Manager TIH Investment Management Pte. Ltd. This separately dated named manager office supplements the unnamed annual CFO assurance; it is not an issuer CFO appointment.

Original report: PDF p. 26 ↗

Five calendar financial years ended 31 December 2021–2025. Monetary statements are in Singapore dollars thousands; basic/diluted EPS is in Singapore cents per share. Group comprehensive income and cash flows; Group and Company financial position and changes in equity. Separate Company income and cash-flow statements are not disclosed.

TIH is an investment entity. Note3.1 (current annual physical page32) measures controlled subsidiary investments without investment-related services at FVTPL; the subsidiary providing investment-related services is consolidated. A controlled portfolio/SPE investment is not automatically an entity consolidated line by line.

Annual changes in equity show profit or loss followed by total comprehensive income or deficit with the same amounts. Both source rows are retained; the repeated comprehensive subtotal is counted once in roll-forward identities. There is no separate OCI amount in these primary statements.

FY2024 profit before tax is S$2,281 thousand and income tax is a positive S$15,434 thousand, giving S$17,715 thousand profit. FY2025 profit before tax is S$9,898 thousand and income tax is a positive S$41 thousand, giving S$9,939 thousand profit. Printed tax credits are not changed to negative expense or treated as ordinary investment income.

FY2024 subsidiary dividends recognised in income are S$15,252 thousand, while subsidiary cash dividends received in the cash-flow statement are S$1,150 thousand. Recognised income and cash receipts are retained separately; no equality or invented cash transaction is assumed.

FY2023 Group financial position originally prints S$423 thousand due from subsidiaries. The FY2024 comparative splits it into S$421 thousand due from subsidiaries and S$2 thousand due from related parties; current and total assets are unchanged. The original Group statement is retained separately. No further cause is inferred.

FY2022 cash-flow working-capital caption is Amounts due from related parties in its original report, but Amounts due from subsidiaries in the FY2023 comparative, with the same printed amounts. Both original captions and tables are retained; no new cash transaction or legal-entity transfer is inferred.

FY2025 ended 31 December 2025; KPMG LLP issued an unmodified true-and-fair opinion signed by Hong Cho Hor Ian on 16 March 2026. The key audit matter concerns S$138,027,000 investment valuations. This is the auditor opinion, separate from directors or manager assurances.

Statements are in Singapore dollars thousands, with EPS in Singapore cents. Group consolidated income and cash flows, Group and Company financial position and changes in equity are disclosed. No separate Company income or cash-flow statement is provided.

The Company expressly does not have a CEO or direct employees. TIH Investment Management Pte. Ltd. manages the day-to-day business. Wang Ya-Lun Allen (Allen Wang) is the investment-manager CEO and a deemed executive issuer director; Kin Chan is deemed executive Chairman, not an issuer CEO. No named manager CFO is supplied in the cited assurance disclosure.

Seven substantive annual Board directors are distinct from two alternates, a Company Secretary and manager personnel. Thanathip Vidhayasirinun retired on 23 April 2026; Wong Ka Lok joined on 21 May 2026. Warren Lee became Audit Committee Chairman and Wong became Nominating/Remuneration Chairman. Later offices are separately dated, preserving the annual snapshot.

Kin Chan and Wang Ya-Lun Allen were re-elected and KPMG LLP re-appointed at the 23 April 2026 AGM. The meeting approved the FY2025 final dividend of S$0.01 per share. Annual proposed dividends and later approvals are separate dates.

Investment-entity scope is explicit: controlled subsidiary investments without investment-related services are measured at FVTPL. TIH Investment Management is the separately consolidated service subsidiary, measured at Company cost less impairment. Portfolio funds or SPE subsidiaries are not automatically consolidated line by line.

K2 Venture Capital Company Limited is a controlled subsidiary at 50% effective interest. Note8 attributes this to Killian Court exposure to variable returns and power to affect them. It is not relabelled a joint venture merely because the percentage is 50%.

The FVTPL subsidiary schedule has fifteen rows including TIHT Investment Holdings II with current dash/prior55%; fourteen are current investments. TIHIM is one additional consolidated subsidiary. Killian Court completed disposal of its entire55% TIHTII stake during2H2025 for fully paid S$1.00; negative book NAV S$20,837,698.04 is not a newly inferred consolidated gain.

Ten largest portfolio investments are separate from the subsidiary legal-entity list. Portfolio cost S$124,587 thousand and carrying amount S$132,959 thousand represent approximately96.33% of S$138,027 thousand equity/debt FVTPL investments. Their shareholding percentages, underlying earnings, book net assets and distributions retain separate units and source management-account/LP-statement basis.

Fortune Crane (formerly Fortune Code) cost56,830 and carrying43,387 S$thousand include interest-bearing debt; its7.95% shareholding is not an assertion that the entire carrying amount is equity. The disclosed indirect OUE exposure is a portfolio investment, not an extra consolidated OUE subsidiary.

FY2024 tax is positive S$15,434 thousand in primary income; Note20 expense-style table prints (15,434). It includes reversal of a prior foreign tax provision S$15,532 thousand, after legal advice that the risk of tax materialising was remote. FY2024 pretax2,281 plus15,434 equals net17,715. FY2025 pretax9,898 plus41 tax credit equals9,939. Printed signs and convention are retained, not turned into operating gains.

FY2024 subsidiary dividend income15,252 comprises cash1,150 plus dividend-in-specie14,102 S$thousand. The noncash transfer of an unquoted fund is disclosed in the FY2024 original Note7 and current Level3 reconciliation. It is not a missing cash receipt, and the later fund carrying value10,717 is not the original dividend-in-specie amount.

FY2025 gross equity investment fair-value gain about S$5.64 million is reduced by S$2.4 million dividend distributions to net fair-value gain S$3.24 million (primary3,239 thousand). The separate income statement dividend2,401 plus net fair-value3,239 explains this presentation; no second5.64million gain is added.

FY2023 Group due-from-subsidiaries is423 S$thousand in its original statement, but the FY2024 comparative splits it into421 due from subsidiaries plus2 due from related parties. Current and total assets are unchanged. The original Group financial position is retained; no unsupported underlying transaction or fuller explanation is invented.

The FY2022 original cash-flow working-capital caption Amounts due from related parties becomes Amounts due from subsidiaries in the FY2023 comparative, with unchanged amounts. Both original and comparative tables are retained; no legal-entity transfer or new cash movement is inferred from the caption alone.

Changes in equity repeat each profit/loss as total comprehensive income/deficit. Both printed rows are retained, and the repeated comprehensive subtotal is counted once in the annual roll-forward; no separate OCI amount is invented.

Annual ownership register is dated9March2026, distinct from FY2025 closing. Exact241,685,638 shares and paid-up capital S$56,650,307.76 are separate from financial-statement rounded thousands. The twenty accounts sum201,944,619 shares and83.56% from the exact denominator; individually rounded row percentages sum83.55%.

Twenty-two annual substantial-holder rows are overlapping direct/deemed positions, not additive blocks. Thirteen96,473,203-share chain rows and Alexandra Road56,460,089-share chain are retained with their source at-least20% and holding-company links. Custodian links are used only where expressly stated; no remaining nominee shares are assigned to ultimate owners.

Kaiser Union annual table places96,473,203 under deemed interest, while footnote2 says it holds these shares registered through CGS. The later Lippo form describes KUL direct interest. All dated source descriptions are retained; the annual column is not silently moved from deemed to direct.

On8May2026 Songren Road acquired a deemed security interest over16,000,000 shares (6.62%) through a fixed share charge. ASMHL and V-Nee Yeh deemed interests become72,460,089 (29.98%) from56,460,089 (23.36%); Kin Chan and Angie Li give the same separately named updates. A share charge is not a completed purchase of the charged shares.

Songren Road Limited and Skyscraper Realty Limited are different entities even though both source disclosures abbreviate them SRL. No combined shareholder identity is created.

Lippo Limited ceased to have a deemed96,473,203-share interest on29May2026 after distributing Skyscraper Realty shares in specie. Its post-event TIH interest is0. This is a change in an intermediate ownership chain, not evidence that Kaiser Union disposed of the underlying TIH shares.

The27-page 2026 result attachment is condensed interim statements for six months ended30June2026. It is not a newer full-year annual report, so FY2025 remains the selected annual source.

The 23 April 2026 AGM attendance list expressly names Emily Ang as Chief Financial Officer of Investment Manager TIH Investment Management Pte. Ltd. This separately dated named manager office supplements the unnamed annual CFO assurance; it is not an issuer CFO appointment.

Original report: PDF p. 27 ↗

Five calendar financial years ended 31 December 2021–2025. Monetary statements are in Singapore dollars thousands; basic/diluted EPS is in Singapore cents per share. Group comprehensive income and cash flows; Group and Company financial position and changes in equity. Separate Company income and cash-flow statements are not disclosed.

TIH is an investment entity. Note3.1 (current annual physical page32) measures controlled subsidiary investments without investment-related services at FVTPL; the subsidiary providing investment-related services is consolidated. A controlled portfolio/SPE investment is not automatically an entity consolidated line by line.

Annual changes in equity show profit or loss followed by total comprehensive income or deficit with the same amounts. Both source rows are retained; the repeated comprehensive subtotal is counted once in roll-forward identities. There is no separate OCI amount in these primary statements.

FY2024 profit before tax is S$2,281 thousand and income tax is a positive S$15,434 thousand, giving S$17,715 thousand profit. FY2025 profit before tax is S$9,898 thousand and income tax is a positive S$41 thousand, giving S$9,939 thousand profit. Printed tax credits are not changed to negative expense or treated as ordinary investment income.

FY2024 subsidiary dividends recognised in income are S$15,252 thousand, while subsidiary cash dividends received in the cash-flow statement are S$1,150 thousand. Recognised income and cash receipts are retained separately; no equality or invented cash transaction is assumed.

FY2023 Group financial position originally prints S$423 thousand due from subsidiaries. The FY2024 comparative splits it into S$421 thousand due from subsidiaries and S$2 thousand due from related parties; current and total assets are unchanged. The original Group statement is retained separately. No further cause is inferred.

FY2022 cash-flow working-capital caption is Amounts due from related parties in its original report, but Amounts due from subsidiaries in the FY2023 comparative, with the same printed amounts. Both original captions and tables are retained; no new cash transaction or legal-entity transfer is inferred.

FY2025 ended 31 December 2025; KPMG LLP issued an unmodified true-and-fair opinion signed by Hong Cho Hor Ian on 16 March 2026. The key audit matter concerns S$138,027,000 investment valuations. This is the auditor opinion, separate from directors or manager assurances.

Statements are in Singapore dollars thousands, with EPS in Singapore cents. Group consolidated income and cash flows, Group and Company financial position and changes in equity are disclosed. No separate Company income or cash-flow statement is provided.

The Company expressly does not have a CEO or direct employees. TIH Investment Management Pte. Ltd. manages the day-to-day business. Wang Ya-Lun Allen (Allen Wang) is the investment-manager CEO and a deemed executive issuer director; Kin Chan is deemed executive Chairman, not an issuer CEO. No named manager CFO is supplied in the cited assurance disclosure.

Seven substantive annual Board directors are distinct from two alternates, a Company Secretary and manager personnel. Thanathip Vidhayasirinun retired on 23 April 2026; Wong Ka Lok joined on 21 May 2026. Warren Lee became Audit Committee Chairman and Wong became Nominating/Remuneration Chairman. Later offices are separately dated, preserving the annual snapshot.

Kin Chan and Wang Ya-Lun Allen were re-elected and KPMG LLP re-appointed at the 23 April 2026 AGM. The meeting approved the FY2025 final dividend of S$0.01 per share. Annual proposed dividends and later approvals are separate dates.

Investment-entity scope is explicit: controlled subsidiary investments without investment-related services are measured at FVTPL. TIH Investment Management is the separately consolidated service subsidiary, measured at Company cost less impairment. Portfolio funds or SPE subsidiaries are not automatically consolidated line by line.

K2 Venture Capital Company Limited is a controlled subsidiary at 50% effective interest. Note8 attributes this to Killian Court exposure to variable returns and power to affect them. It is not relabelled a joint venture merely because the percentage is 50%.

The FVTPL subsidiary schedule has fifteen rows including TIHT Investment Holdings II with current dash/prior55%; fourteen are current investments. TIHIM is one additional consolidated subsidiary. Killian Court completed disposal of its entire55% TIHTII stake during2H2025 for fully paid S$1.00; negative book NAV S$20,837,698.04 is not a newly inferred consolidated gain.

Ten largest portfolio investments are separate from the subsidiary legal-entity list. Portfolio cost S$124,587 thousand and carrying amount S$132,959 thousand represent approximately96.33% of S$138,027 thousand equity/debt FVTPL investments. Their shareholding percentages, underlying earnings, book net assets and distributions retain separate units and source management-account/LP-statement basis.

Fortune Crane (formerly Fortune Code) cost56,830 and carrying43,387 S$thousand include interest-bearing debt; its7.95% shareholding is not an assertion that the entire carrying amount is equity. The disclosed indirect OUE exposure is a portfolio investment, not an extra consolidated OUE subsidiary.

FY2024 tax is positive S$15,434 thousand in primary income; Note20 expense-style table prints (15,434). It includes reversal of a prior foreign tax provision S$15,532 thousand, after legal advice that the risk of tax materialising was remote. FY2024 pretax2,281 plus15,434 equals net17,715. FY2025 pretax9,898 plus41 tax credit equals9,939. Printed signs and convention are retained, not turned into operating gains.

FY2024 subsidiary dividend income15,252 comprises cash1,150 plus dividend-in-specie14,102 S$thousand. The noncash transfer of an unquoted fund is disclosed in the FY2024 original Note7 and current Level3 reconciliation. It is not a missing cash receipt, and the later fund carrying value10,717 is not the original dividend-in-specie amount.

FY2025 gross equity investment fair-value gain about S$5.64 million is reduced by S$2.4 million dividend distributions to net fair-value gain S$3.24 million (primary3,239 thousand). The separate income statement dividend2,401 plus net fair-value3,239 explains this presentation; no second5.64million gain is added.

FY2023 Group due-from-subsidiaries is423 S$thousand in its original statement, but the FY2024 comparative splits it into421 due from subsidiaries plus2 due from related parties. Current and total assets are unchanged. The original Group financial position is retained; no unsupported underlying transaction or fuller explanation is invented.

The FY2022 original cash-flow working-capital caption Amounts due from related parties becomes Amounts due from subsidiaries in the FY2023 comparative, with unchanged amounts. Both original and comparative tables are retained; no legal-entity transfer or new cash movement is inferred from the caption alone.

Changes in equity repeat each profit/loss as total comprehensive income/deficit. Both printed rows are retained, and the repeated comprehensive subtotal is counted once in the annual roll-forward; no separate OCI amount is invented.

Annual ownership register is dated9March2026, distinct from FY2025 closing. Exact241,685,638 shares and paid-up capital S$56,650,307.76 are separate from financial-statement rounded thousands. The twenty accounts sum201,944,619 shares and83.56% from the exact denominator; individually rounded row percentages sum83.55%.

Twenty-two annual substantial-holder rows are overlapping direct/deemed positions, not additive blocks. Thirteen96,473,203-share chain rows and Alexandra Road56,460,089-share chain are retained with their source at-least20% and holding-company links. Custodian links are used only where expressly stated; no remaining nominee shares are assigned to ultimate owners.

Kaiser Union annual table places96,473,203 under deemed interest, while footnote2 says it holds these shares registered through CGS. The later Lippo form describes KUL direct interest. All dated source descriptions are retained; the annual column is not silently moved from deemed to direct.

On8May2026 Songren Road acquired a deemed security interest over16,000,000 shares (6.62%) through a fixed share charge. ASMHL and V-Nee Yeh deemed interests become72,460,089 (29.98%) from56,460,089 (23.36%); Kin Chan and Angie Li give the same separately named updates. A share charge is not a completed purchase of the charged shares.

Songren Road Limited and Skyscraper Realty Limited are different entities even though both source disclosures abbreviate them SRL. No combined shareholder identity is created.

Lippo Limited ceased to have a deemed96,473,203-share interest on29May2026 after distributing Skyscraper Realty shares in specie. Its post-event TIH interest is0. This is a change in an intermediate ownership chain, not evidence that Kaiser Union disposed of the underlying TIH shares.

The27-page 2026 result attachment is condensed interim statements for six months ended30June2026. It is not a newer full-year annual report, so FY2025 remains the selected annual source.

The 23 April 2026 AGM attendance list expressly names Emily Ang as Chief Financial Officer of Investment Manager TIH Investment Management Pte. Ltd. This separately dated named manager office supplements the unnamed annual CFO assurance; it is not an issuer CFO appointment.

Original report: PDF p. 28 ↗

Five calendar financial years ended 31 December 2021–2025. Monetary statements are in Singapore dollars thousands; basic/diluted EPS is in Singapore cents per share. Group comprehensive income and cash flows; Group and Company financial position and changes in equity. Separate Company income and cash-flow statements are not disclosed.

TIH is an investment entity. Note3.1 (current annual physical page32) measures controlled subsidiary investments without investment-related services at FVTPL; the subsidiary providing investment-related services is consolidated. A controlled portfolio/SPE investment is not automatically an entity consolidated line by line.

Annual changes in equity show profit or loss followed by total comprehensive income or deficit with the same amounts. Both source rows are retained; the repeated comprehensive subtotal is counted once in roll-forward identities. There is no separate OCI amount in these primary statements.

FY2024 profit before tax is S$2,281 thousand and income tax is a positive S$15,434 thousand, giving S$17,715 thousand profit. FY2025 profit before tax is S$9,898 thousand and income tax is a positive S$41 thousand, giving S$9,939 thousand profit. Printed tax credits are not changed to negative expense or treated as ordinary investment income.

FY2024 subsidiary dividends recognised in income are S$15,252 thousand, while subsidiary cash dividends received in the cash-flow statement are S$1,150 thousand. Recognised income and cash receipts are retained separately; no equality or invented cash transaction is assumed.

FY2023 Group financial position originally prints S$423 thousand due from subsidiaries. The FY2024 comparative splits it into S$421 thousand due from subsidiaries and S$2 thousand due from related parties; current and total assets are unchanged. The original Group statement is retained separately. No further cause is inferred.

FY2022 cash-flow working-capital caption is Amounts due from related parties in its original report, but Amounts due from subsidiaries in the FY2023 comparative, with the same printed amounts. Both original captions and tables are retained; no new cash transaction or legal-entity transfer is inferred.

FY2025 ended 31 December 2025; KPMG LLP issued an unmodified true-and-fair opinion signed by Hong Cho Hor Ian on 16 March 2026. The key audit matter concerns S$138,027,000 investment valuations. This is the auditor opinion, separate from directors or manager assurances.

Statements are in Singapore dollars thousands, with EPS in Singapore cents. Group consolidated income and cash flows, Group and Company financial position and changes in equity are disclosed. No separate Company income or cash-flow statement is provided.

The Company expressly does not have a CEO or direct employees. TIH Investment Management Pte. Ltd. manages the day-to-day business. Wang Ya-Lun Allen (Allen Wang) is the investment-manager CEO and a deemed executive issuer director; Kin Chan is deemed executive Chairman, not an issuer CEO. No named manager CFO is supplied in the cited assurance disclosure.

Seven substantive annual Board directors are distinct from two alternates, a Company Secretary and manager personnel. Thanathip Vidhayasirinun retired on 23 April 2026; Wong Ka Lok joined on 21 May 2026. Warren Lee became Audit Committee Chairman and Wong became Nominating/Remuneration Chairman. Later offices are separately dated, preserving the annual snapshot.

Kin Chan and Wang Ya-Lun Allen were re-elected and KPMG LLP re-appointed at the 23 April 2026 AGM. The meeting approved the FY2025 final dividend of S$0.01 per share. Annual proposed dividends and later approvals are separate dates.

Investment-entity scope is explicit: controlled subsidiary investments without investment-related services are measured at FVTPL. TIH Investment Management is the separately consolidated service subsidiary, measured at Company cost less impairment. Portfolio funds or SPE subsidiaries are not automatically consolidated line by line.

K2 Venture Capital Company Limited is a controlled subsidiary at 50% effective interest. Note8 attributes this to Killian Court exposure to variable returns and power to affect them. It is not relabelled a joint venture merely because the percentage is 50%.

The FVTPL subsidiary schedule has fifteen rows including TIHT Investment Holdings II with current dash/prior55%; fourteen are current investments. TIHIM is one additional consolidated subsidiary. Killian Court completed disposal of its entire55% TIHTII stake during2H2025 for fully paid S$1.00; negative book NAV S$20,837,698.04 is not a newly inferred consolidated gain.

Ten largest portfolio investments are separate from the subsidiary legal-entity list. Portfolio cost S$124,587 thousand and carrying amount S$132,959 thousand represent approximately96.33% of S$138,027 thousand equity/debt FVTPL investments. Their shareholding percentages, underlying earnings, book net assets and distributions retain separate units and source management-account/LP-statement basis.

Fortune Crane (formerly Fortune Code) cost56,830 and carrying43,387 S$thousand include interest-bearing debt; its7.95% shareholding is not an assertion that the entire carrying amount is equity. The disclosed indirect OUE exposure is a portfolio investment, not an extra consolidated OUE subsidiary.

FY2024 tax is positive S$15,434 thousand in primary income; Note20 expense-style table prints (15,434). It includes reversal of a prior foreign tax provision S$15,532 thousand, after legal advice that the risk of tax materialising was remote. FY2024 pretax2,281 plus15,434 equals net17,715. FY2025 pretax9,898 plus41 tax credit equals9,939. Printed signs and convention are retained, not turned into operating gains.

FY2024 subsidiary dividend income15,252 comprises cash1,150 plus dividend-in-specie14,102 S$thousand. The noncash transfer of an unquoted fund is disclosed in the FY2024 original Note7 and current Level3 reconciliation. It is not a missing cash receipt, and the later fund carrying value10,717 is not the original dividend-in-specie amount.

FY2025 gross equity investment fair-value gain about S$5.64 million is reduced by S$2.4 million dividend distributions to net fair-value gain S$3.24 million (primary3,239 thousand). The separate income statement dividend2,401 plus net fair-value3,239 explains this presentation; no second5.64million gain is added.

FY2023 Group due-from-subsidiaries is423 S$thousand in its original statement, but the FY2024 comparative splits it into421 due from subsidiaries plus2 due from related parties. Current and total assets are unchanged. The original Group financial position is retained; no unsupported underlying transaction or fuller explanation is invented.

The FY2022 original cash-flow working-capital caption Amounts due from related parties becomes Amounts due from subsidiaries in the FY2023 comparative, with unchanged amounts. Both original and comparative tables are retained; no legal-entity transfer or new cash movement is inferred from the caption alone.

Changes in equity repeat each profit/loss as total comprehensive income/deficit. Both printed rows are retained, and the repeated comprehensive subtotal is counted once in the annual roll-forward; no separate OCI amount is invented.

Annual ownership register is dated9March2026, distinct from FY2025 closing. Exact241,685,638 shares and paid-up capital S$56,650,307.76 are separate from financial-statement rounded thousands. The twenty accounts sum201,944,619 shares and83.56% from the exact denominator; individually rounded row percentages sum83.55%.

Twenty-two annual substantial-holder rows are overlapping direct/deemed positions, not additive blocks. Thirteen96,473,203-share chain rows and Alexandra Road56,460,089-share chain are retained with their source at-least20% and holding-company links. Custodian links are used only where expressly stated; no remaining nominee shares are assigned to ultimate owners.

Kaiser Union annual table places96,473,203 under deemed interest, while footnote2 says it holds these shares registered through CGS. The later Lippo form describes KUL direct interest. All dated source descriptions are retained; the annual column is not silently moved from deemed to direct.

On8May2026 Songren Road acquired a deemed security interest over16,000,000 shares (6.62%) through a fixed share charge. ASMHL and V-Nee Yeh deemed interests become72,460,089 (29.98%) from56,460,089 (23.36%); Kin Chan and Angie Li give the same separately named updates. A share charge is not a completed purchase of the charged shares.

Songren Road Limited and Skyscraper Realty Limited are different entities even though both source disclosures abbreviate them SRL. No combined shareholder identity is created.

Lippo Limited ceased to have a deemed96,473,203-share interest on29May2026 after distributing Skyscraper Realty shares in specie. Its post-event TIH interest is0. This is a change in an intermediate ownership chain, not evidence that Kaiser Union disposed of the underlying TIH shares.

The27-page 2026 result attachment is condensed interim statements for six months ended30June2026. It is not a newer full-year annual report, so FY2025 remains the selected annual source.

The 23 April 2026 AGM attendance list expressly names Emily Ang as Chief Financial Officer of Investment Manager TIH Investment Management Pte. Ltd. This separately dated named manager office supplements the unnamed annual CFO assurance; it is not an issuer CFO appointment.

Original report: PDF p. 27 ↗

Five calendar financial years ended 31 December 2021–2025. Monetary statements are in Singapore dollars thousands; basic/diluted EPS is in Singapore cents per share. Group comprehensive income and cash flows; Group and Company financial position and changes in equity. Separate Company income and cash-flow statements are not disclosed.

TIH is an investment entity. Note3.1 (current annual physical page32) measures controlled subsidiary investments without investment-related services at FVTPL; the subsidiary providing investment-related services is consolidated. A controlled portfolio/SPE investment is not automatically an entity consolidated line by line.

Annual changes in equity show profit or loss followed by total comprehensive income or deficit with the same amounts. Both source rows are retained; the repeated comprehensive subtotal is counted once in roll-forward identities. There is no separate OCI amount in these primary statements.

FY2024 profit before tax is S$2,281 thousand and income tax is a positive S$15,434 thousand, giving S$17,715 thousand profit. FY2025 profit before tax is S$9,898 thousand and income tax is a positive S$41 thousand, giving S$9,939 thousand profit. Printed tax credits are not changed to negative expense or treated as ordinary investment income.

FY2024 subsidiary dividends recognised in income are S$15,252 thousand, while subsidiary cash dividends received in the cash-flow statement are S$1,150 thousand. Recognised income and cash receipts are retained separately; no equality or invented cash transaction is assumed.

FY2023 Group financial position originally prints S$423 thousand due from subsidiaries. The FY2024 comparative splits it into S$421 thousand due from subsidiaries and S$2 thousand due from related parties; current and total assets are unchanged. The original Group statement is retained separately. No further cause is inferred.

FY2022 cash-flow working-capital caption is Amounts due from related parties in its original report, but Amounts due from subsidiaries in the FY2023 comparative, with the same printed amounts. Both original captions and tables are retained; no new cash transaction or legal-entity transfer is inferred.

FY2025 ended 31 December 2025; KPMG LLP issued an unmodified true-and-fair opinion signed by Hong Cho Hor Ian on 16 March 2026. The key audit matter concerns S$138,027,000 investment valuations. This is the auditor opinion, separate from directors or manager assurances.

Statements are in Singapore dollars thousands, with EPS in Singapore cents. Group consolidated income and cash flows, Group and Company financial position and changes in equity are disclosed. No separate Company income or cash-flow statement is provided.

The Company expressly does not have a CEO or direct employees. TIH Investment Management Pte. Ltd. manages the day-to-day business. Wang Ya-Lun Allen (Allen Wang) is the investment-manager CEO and a deemed executive issuer director; Kin Chan is deemed executive Chairman, not an issuer CEO. No named manager CFO is supplied in the cited assurance disclosure.

Seven substantive annual Board directors are distinct from two alternates, a Company Secretary and manager personnel. Thanathip Vidhayasirinun retired on 23 April 2026; Wong Ka Lok joined on 21 May 2026. Warren Lee became Audit Committee Chairman and Wong became Nominating/Remuneration Chairman. Later offices are separately dated, preserving the annual snapshot.

Kin Chan and Wang Ya-Lun Allen were re-elected and KPMG LLP re-appointed at the 23 April 2026 AGM. The meeting approved the FY2025 final dividend of S$0.01 per share. Annual proposed dividends and later approvals are separate dates.

Investment-entity scope is explicit: controlled subsidiary investments without investment-related services are measured at FVTPL. TIH Investment Management is the separately consolidated service subsidiary, measured at Company cost less impairment. Portfolio funds or SPE subsidiaries are not automatically consolidated line by line.

K2 Venture Capital Company Limited is a controlled subsidiary at 50% effective interest. Note8 attributes this to Killian Court exposure to variable returns and power to affect them. It is not relabelled a joint venture merely because the percentage is 50%.

The FVTPL subsidiary schedule has fifteen rows including TIHT Investment Holdings II with current dash/prior55%; fourteen are current investments. TIHIM is one additional consolidated subsidiary. Killian Court completed disposal of its entire55% TIHTII stake during2H2025 for fully paid S$1.00; negative book NAV S$20,837,698.04 is not a newly inferred consolidated gain.

Ten largest portfolio investments are separate from the subsidiary legal-entity list. Portfolio cost S$124,587 thousand and carrying amount S$132,959 thousand represent approximately96.33% of S$138,027 thousand equity/debt FVTPL investments. Their shareholding percentages, underlying earnings, book net assets and distributions retain separate units and source management-account/LP-statement basis.

Fortune Crane (formerly Fortune Code) cost56,830 and carrying43,387 S$thousand include interest-bearing debt; its7.95% shareholding is not an assertion that the entire carrying amount is equity. The disclosed indirect OUE exposure is a portfolio investment, not an extra consolidated OUE subsidiary.

FY2024 tax is positive S$15,434 thousand in primary income; Note20 expense-style table prints (15,434). It includes reversal of a prior foreign tax provision S$15,532 thousand, after legal advice that the risk of tax materialising was remote. FY2024 pretax2,281 plus15,434 equals net17,715. FY2025 pretax9,898 plus41 tax credit equals9,939. Printed signs and convention are retained, not turned into operating gains.

FY2024 subsidiary dividend income15,252 comprises cash1,150 plus dividend-in-specie14,102 S$thousand. The noncash transfer of an unquoted fund is disclosed in the FY2024 original Note7 and current Level3 reconciliation. It is not a missing cash receipt, and the later fund carrying value10,717 is not the original dividend-in-specie amount.

FY2025 gross equity investment fair-value gain about S$5.64 million is reduced by S$2.4 million dividend distributions to net fair-value gain S$3.24 million (primary3,239 thousand). The separate income statement dividend2,401 plus net fair-value3,239 explains this presentation; no second5.64million gain is added.

FY2023 Group due-from-subsidiaries is423 S$thousand in its original statement, but the FY2024 comparative splits it into421 due from subsidiaries plus2 due from related parties. Current and total assets are unchanged. The original Group financial position is retained; no unsupported underlying transaction or fuller explanation is invented.

The FY2022 original cash-flow working-capital caption Amounts due from related parties becomes Amounts due from subsidiaries in the FY2023 comparative, with unchanged amounts. Both original and comparative tables are retained; no legal-entity transfer or new cash movement is inferred from the caption alone.

Changes in equity repeat each profit/loss as total comprehensive income/deficit. Both printed rows are retained, and the repeated comprehensive subtotal is counted once in the annual roll-forward; no separate OCI amount is invented.

Annual ownership register is dated9March2026, distinct from FY2025 closing. Exact241,685,638 shares and paid-up capital S$56,650,307.76 are separate from financial-statement rounded thousands. The twenty accounts sum201,944,619 shares and83.56% from the exact denominator; individually rounded row percentages sum83.55%.

Twenty-two annual substantial-holder rows are overlapping direct/deemed positions, not additive blocks. Thirteen96,473,203-share chain rows and Alexandra Road56,460,089-share chain are retained with their source at-least20% and holding-company links. Custodian links are used only where expressly stated; no remaining nominee shares are assigned to ultimate owners.

Kaiser Union annual table places96,473,203 under deemed interest, while footnote2 says it holds these shares registered through CGS. The later Lippo form describes KUL direct interest. All dated source descriptions are retained; the annual column is not silently moved from deemed to direct.

On8May2026 Songren Road acquired a deemed security interest over16,000,000 shares (6.62%) through a fixed share charge. ASMHL and V-Nee Yeh deemed interests become72,460,089 (29.98%) from56,460,089 (23.36%); Kin Chan and Angie Li give the same separately named updates. A share charge is not a completed purchase of the charged shares.

Songren Road Limited and Skyscraper Realty Limited are different entities even though both source disclosures abbreviate them SRL. No combined shareholder identity is created.

Lippo Limited ceased to have a deemed96,473,203-share interest on29May2026 after distributing Skyscraper Realty shares in specie. Its post-event TIH interest is0. This is a change in an intermediate ownership chain, not evidence that Kaiser Union disposed of the underlying TIH shares.

The27-page 2026 result attachment is condensed interim statements for six months ended30June2026. It is not a newer full-year annual report, so FY2025 remains the selected annual source.

The 23 April 2026 AGM attendance list expressly names Emily Ang as Chief Financial Officer of Investment Manager TIH Investment Management Pte. Ltd. This separately dated named manager office supplements the unnamed annual CFO assurance; it is not an issuer CFO appointment.

Original report: PDF p. 26 ↗

Five calendar financial years ended 31 December 2021–2025. Monetary statements are in Singapore dollars thousands; basic/diluted EPS is in Singapore cents per share. Group comprehensive income and cash flows; Group and Company financial position and changes in equity. Separate Company income and cash-flow statements are not disclosed.

TIH is an investment entity. Note3.1 (current annual physical page32) measures controlled subsidiary investments without investment-related services at FVTPL; the subsidiary providing investment-related services is consolidated. A controlled portfolio/SPE investment is not automatically an entity consolidated line by line.

Annual changes in equity show profit or loss followed by total comprehensive income or deficit with the same amounts. Both source rows are retained; the repeated comprehensive subtotal is counted once in roll-forward identities. There is no separate OCI amount in these primary statements.

FY2024 profit before tax is S$2,281 thousand and income tax is a positive S$15,434 thousand, giving S$17,715 thousand profit. FY2025 profit before tax is S$9,898 thousand and income tax is a positive S$41 thousand, giving S$9,939 thousand profit. Printed tax credits are not changed to negative expense or treated as ordinary investment income.

FY2024 subsidiary dividends recognised in income are S$15,252 thousand, while subsidiary cash dividends received in the cash-flow statement are S$1,150 thousand. Recognised income and cash receipts are retained separately; no equality or invented cash transaction is assumed.

FY2023 Group financial position originally prints S$423 thousand due from subsidiaries. The FY2024 comparative splits it into S$421 thousand due from subsidiaries and S$2 thousand due from related parties; current and total assets are unchanged. The original Group statement is retained separately. No further cause is inferred.

FY2022 cash-flow working-capital caption is Amounts due from related parties in its original report, but Amounts due from subsidiaries in the FY2023 comparative, with the same printed amounts. Both original captions and tables are retained; no new cash transaction or legal-entity transfer is inferred.

FY2025 ended 31 December 2025; KPMG LLP issued an unmodified true-and-fair opinion signed by Hong Cho Hor Ian on 16 March 2026. The key audit matter concerns S$138,027,000 investment valuations. This is the auditor opinion, separate from directors or manager assurances.

Statements are in Singapore dollars thousands, with EPS in Singapore cents. Group consolidated income and cash flows, Group and Company financial position and changes in equity are disclosed. No separate Company income or cash-flow statement is provided.

The Company expressly does not have a CEO or direct employees. TIH Investment Management Pte. Ltd. manages the day-to-day business. Wang Ya-Lun Allen (Allen Wang) is the investment-manager CEO and a deemed executive issuer director; Kin Chan is deemed executive Chairman, not an issuer CEO. No named manager CFO is supplied in the cited assurance disclosure.

Seven substantive annual Board directors are distinct from two alternates, a Company Secretary and manager personnel. Thanathip Vidhayasirinun retired on 23 April 2026; Wong Ka Lok joined on 21 May 2026. Warren Lee became Audit Committee Chairman and Wong became Nominating/Remuneration Chairman. Later offices are separately dated, preserving the annual snapshot.

Kin Chan and Wang Ya-Lun Allen were re-elected and KPMG LLP re-appointed at the 23 April 2026 AGM. The meeting approved the FY2025 final dividend of S$0.01 per share. Annual proposed dividends and later approvals are separate dates.

Investment-entity scope is explicit: controlled subsidiary investments without investment-related services are measured at FVTPL. TIH Investment Management is the separately consolidated service subsidiary, measured at Company cost less impairment. Portfolio funds or SPE subsidiaries are not automatically consolidated line by line.

K2 Venture Capital Company Limited is a controlled subsidiary at 50% effective interest. Note8 attributes this to Killian Court exposure to variable returns and power to affect them. It is not relabelled a joint venture merely because the percentage is 50%.

The FVTPL subsidiary schedule has fifteen rows including TIHT Investment Holdings II with current dash/prior55%; fourteen are current investments. TIHIM is one additional consolidated subsidiary. Killian Court completed disposal of its entire55% TIHTII stake during2H2025 for fully paid S$1.00; negative book NAV S$20,837,698.04 is not a newly inferred consolidated gain.

Ten largest portfolio investments are separate from the subsidiary legal-entity list. Portfolio cost S$124,587 thousand and carrying amount S$132,959 thousand represent approximately96.33% of S$138,027 thousand equity/debt FVTPL investments. Their shareholding percentages, underlying earnings, book net assets and distributions retain separate units and source management-account/LP-statement basis.

Fortune Crane (formerly Fortune Code) cost56,830 and carrying43,387 S$thousand include interest-bearing debt; its7.95% shareholding is not an assertion that the entire carrying amount is equity. The disclosed indirect OUE exposure is a portfolio investment, not an extra consolidated OUE subsidiary.

FY2024 tax is positive S$15,434 thousand in primary income; Note20 expense-style table prints (15,434). It includes reversal of a prior foreign tax provision S$15,532 thousand, after legal advice that the risk of tax materialising was remote. FY2024 pretax2,281 plus15,434 equals net17,715. FY2025 pretax9,898 plus41 tax credit equals9,939. Printed signs and convention are retained, not turned into operating gains.

FY2024 subsidiary dividend income15,252 comprises cash1,150 plus dividend-in-specie14,102 S$thousand. The noncash transfer of an unquoted fund is disclosed in the FY2024 original Note7 and current Level3 reconciliation. It is not a missing cash receipt, and the later fund carrying value10,717 is not the original dividend-in-specie amount.

FY2025 gross equity investment fair-value gain about S$5.64 million is reduced by S$2.4 million dividend distributions to net fair-value gain S$3.24 million (primary3,239 thousand). The separate income statement dividend2,401 plus net fair-value3,239 explains this presentation; no second5.64million gain is added.

FY2023 Group due-from-subsidiaries is423 S$thousand in its original statement, but the FY2024 comparative splits it into421 due from subsidiaries plus2 due from related parties. Current and total assets are unchanged. The original Group financial position is retained; no unsupported underlying transaction or fuller explanation is invented.

The FY2022 original cash-flow working-capital caption Amounts due from related parties becomes Amounts due from subsidiaries in the FY2023 comparative, with unchanged amounts. Both original and comparative tables are retained; no legal-entity transfer or new cash movement is inferred from the caption alone.

Changes in equity repeat each profit/loss as total comprehensive income/deficit. Both printed rows are retained, and the repeated comprehensive subtotal is counted once in the annual roll-forward; no separate OCI amount is invented.

Annual ownership register is dated9March2026, distinct from FY2025 closing. Exact241,685,638 shares and paid-up capital S$56,650,307.76 are separate from financial-statement rounded thousands. The twenty accounts sum201,944,619 shares and83.56% from the exact denominator; individually rounded row percentages sum83.55%.

Twenty-two annual substantial-holder rows are overlapping direct/deemed positions, not additive blocks. Thirteen96,473,203-share chain rows and Alexandra Road56,460,089-share chain are retained with their source at-least20% and holding-company links. Custodian links are used only where expressly stated; no remaining nominee shares are assigned to ultimate owners.

Kaiser Union annual table places96,473,203 under deemed interest, while footnote2 says it holds these shares registered through CGS. The later Lippo form describes KUL direct interest. All dated source descriptions are retained; the annual column is not silently moved from deemed to direct.

On8May2026 Songren Road acquired a deemed security interest over16,000,000 shares (6.62%) through a fixed share charge. ASMHL and V-Nee Yeh deemed interests become72,460,089 (29.98%) from56,460,089 (23.36%); Kin Chan and Angie Li give the same separately named updates. A share charge is not a completed purchase of the charged shares.

Songren Road Limited and Skyscraper Realty Limited are different entities even though both source disclosures abbreviate them SRL. No combined shareholder identity is created.

Lippo Limited ceased to have a deemed96,473,203-share interest on29May2026 after distributing Skyscraper Realty shares in specie. Its post-event TIH interest is0. This is a change in an intermediate ownership chain, not evidence that Kaiser Union disposed of the underlying TIH shares.

The27-page 2026 result attachment is condensed interim statements for six months ended30June2026. It is not a newer full-year annual report, so FY2025 remains the selected annual source.

The 23 April 2026 AGM attendance list expressly names Emily Ang as Chief Financial Officer of Investment Manager TIH Investment Management Pte. Ltd. This separately dated named manager office supplements the unnamed annual CFO assurance; it is not an issuer CFO appointment.

Original report: PDF p. 26 ↗

Five calendar financial years ended 31 December 2021–2025. Monetary statements are in Singapore dollars thousands; basic/diluted EPS is in Singapore cents per share. Group comprehensive income and cash flows; Group and Company financial position and changes in equity. Separate Company income and cash-flow statements are not disclosed.

TIH is an investment entity. Note3.1 (current annual physical page32) measures controlled subsidiary investments without investment-related services at FVTPL; the subsidiary providing investment-related services is consolidated. A controlled portfolio/SPE investment is not automatically an entity consolidated line by line.

Annual changes in equity show profit or loss followed by total comprehensive income or deficit with the same amounts. Both source rows are retained; the repeated comprehensive subtotal is counted once in roll-forward identities. There is no separate OCI amount in these primary statements.

FY2024 profit before tax is S$2,281 thousand and income tax is a positive S$15,434 thousand, giving S$17,715 thousand profit. FY2025 profit before tax is S$9,898 thousand and income tax is a positive S$41 thousand, giving S$9,939 thousand profit. Printed tax credits are not changed to negative expense or treated as ordinary investment income.

FY2024 subsidiary dividends recognised in income are S$15,252 thousand, while subsidiary cash dividends received in the cash-flow statement are S$1,150 thousand. Recognised income and cash receipts are retained separately; no equality or invented cash transaction is assumed.

FY2023 Group financial position originally prints S$423 thousand due from subsidiaries. The FY2024 comparative splits it into S$421 thousand due from subsidiaries and S$2 thousand due from related parties; current and total assets are unchanged. The original Group statement is retained separately. No further cause is inferred.

FY2022 cash-flow working-capital caption is Amounts due from related parties in its original report, but Amounts due from subsidiaries in the FY2023 comparative, with the same printed amounts. Both original captions and tables are retained; no new cash transaction or legal-entity transfer is inferred.

FY2025 ended 31 December 2025; KPMG LLP issued an unmodified true-and-fair opinion signed by Hong Cho Hor Ian on 16 March 2026. The key audit matter concerns S$138,027,000 investment valuations. This is the auditor opinion, separate from directors or manager assurances.

Statements are in Singapore dollars thousands, with EPS in Singapore cents. Group consolidated income and cash flows, Group and Company financial position and changes in equity are disclosed. No separate Company income or cash-flow statement is provided.

The Company expressly does not have a CEO or direct employees. TIH Investment Management Pte. Ltd. manages the day-to-day business. Wang Ya-Lun Allen (Allen Wang) is the investment-manager CEO and a deemed executive issuer director; Kin Chan is deemed executive Chairman, not an issuer CEO. No named manager CFO is supplied in the cited assurance disclosure.

Seven substantive annual Board directors are distinct from two alternates, a Company Secretary and manager personnel. Thanathip Vidhayasirinun retired on 23 April 2026; Wong Ka Lok joined on 21 May 2026. Warren Lee became Audit Committee Chairman and Wong became Nominating/Remuneration Chairman. Later offices are separately dated, preserving the annual snapshot.

Kin Chan and Wang Ya-Lun Allen were re-elected and KPMG LLP re-appointed at the 23 April 2026 AGM. The meeting approved the FY2025 final dividend of S$0.01 per share. Annual proposed dividends and later approvals are separate dates.

Investment-entity scope is explicit: controlled subsidiary investments without investment-related services are measured at FVTPL. TIH Investment Management is the separately consolidated service subsidiary, measured at Company cost less impairment. Portfolio funds or SPE subsidiaries are not automatically consolidated line by line.

K2 Venture Capital Company Limited is a controlled subsidiary at 50% effective interest. Note8 attributes this to Killian Court exposure to variable returns and power to affect them. It is not relabelled a joint venture merely because the percentage is 50%.

The FVTPL subsidiary schedule has fifteen rows including TIHT Investment Holdings II with current dash/prior55%; fourteen are current investments. TIHIM is one additional consolidated subsidiary. Killian Court completed disposal of its entire55% TIHTII stake during2H2025 for fully paid S$1.00; negative book NAV S$20,837,698.04 is not a newly inferred consolidated gain.

Ten largest portfolio investments are separate from the subsidiary legal-entity list. Portfolio cost S$124,587 thousand and carrying amount S$132,959 thousand represent approximately96.33% of S$138,027 thousand equity/debt FVTPL investments. Their shareholding percentages, underlying earnings, book net assets and distributions retain separate units and source management-account/LP-statement basis.

Fortune Crane (formerly Fortune Code) cost56,830 and carrying43,387 S$thousand include interest-bearing debt; its7.95% shareholding is not an assertion that the entire carrying amount is equity. The disclosed indirect OUE exposure is a portfolio investment, not an extra consolidated OUE subsidiary.

FY2024 tax is positive S$15,434 thousand in primary income; Note20 expense-style table prints (15,434). It includes reversal of a prior foreign tax provision S$15,532 thousand, after legal advice that the risk of tax materialising was remote. FY2024 pretax2,281 plus15,434 equals net17,715. FY2025 pretax9,898 plus41 tax credit equals9,939. Printed signs and convention are retained, not turned into operating gains.

FY2024 subsidiary dividend income15,252 comprises cash1,150 plus dividend-in-specie14,102 S$thousand. The noncash transfer of an unquoted fund is disclosed in the FY2024 original Note7 and current Level3 reconciliation. It is not a missing cash receipt, and the later fund carrying value10,717 is not the original dividend-in-specie amount.

FY2025 gross equity investment fair-value gain about S$5.64 million is reduced by S$2.4 million dividend distributions to net fair-value gain S$3.24 million (primary3,239 thousand). The separate income statement dividend2,401 plus net fair-value3,239 explains this presentation; no second5.64million gain is added.

FY2023 Group due-from-subsidiaries is423 S$thousand in its original statement, but the FY2024 comparative splits it into421 due from subsidiaries plus2 due from related parties. Current and total assets are unchanged. The original Group financial position is retained; no unsupported underlying transaction or fuller explanation is invented.

The FY2022 original cash-flow working-capital caption Amounts due from related parties becomes Amounts due from subsidiaries in the FY2023 comparative, with unchanged amounts. Both original and comparative tables are retained; no legal-entity transfer or new cash movement is inferred from the caption alone.

Changes in equity repeat each profit/loss as total comprehensive income/deficit. Both printed rows are retained, and the repeated comprehensive subtotal is counted once in the annual roll-forward; no separate OCI amount is invented.

Annual ownership register is dated9March2026, distinct from FY2025 closing. Exact241,685,638 shares and paid-up capital S$56,650,307.76 are separate from financial-statement rounded thousands. The twenty accounts sum201,944,619 shares and83.56% from the exact denominator; individually rounded row percentages sum83.55%.

Twenty-two annual substantial-holder rows are overlapping direct/deemed positions, not additive blocks. Thirteen96,473,203-share chain rows and Alexandra Road56,460,089-share chain are retained with their source at-least20% and holding-company links. Custodian links are used only where expressly stated; no remaining nominee shares are assigned to ultimate owners.

Kaiser Union annual table places96,473,203 under deemed interest, while footnote2 says it holds these shares registered through CGS. The later Lippo form describes KUL direct interest. All dated source descriptions are retained; the annual column is not silently moved from deemed to direct.

On8May2026 Songren Road acquired a deemed security interest over16,000,000 shares (6.62%) through a fixed share charge. ASMHL and V-Nee Yeh deemed interests become72,460,089 (29.98%) from56,460,089 (23.36%); Kin Chan and Angie Li give the same separately named updates. A share charge is not a completed purchase of the charged shares.

Songren Road Limited and Skyscraper Realty Limited are different entities even though both source disclosures abbreviate them SRL. No combined shareholder identity is created.

Lippo Limited ceased to have a deemed96,473,203-share interest on29May2026 after distributing Skyscraper Realty shares in specie. Its post-event TIH interest is0. This is a change in an intermediate ownership chain, not evidence that Kaiser Union disposed of the underlying TIH shares.

The27-page 2026 result attachment is condensed interim statements for six months ended30June2026. It is not a newer full-year annual report, so FY2025 remains the selected annual source.

The 23 April 2026 AGM attendance list expressly names Emily Ang as Chief Financial Officer of Investment Manager TIH Investment Management Pte. Ltd. This separately dated named manager office supplements the unnamed annual CFO assurance; it is not an issuer CFO appointment.

Original report: PDF p. 28 ↗

Five calendar financial years ended 31 December 2021–2025. Monetary statements are in Singapore dollars thousands; basic/diluted EPS is in Singapore cents per share. Group comprehensive income and cash flows; Group and Company financial position and changes in equity. Separate Company income and cash-flow statements are not disclosed.

TIH is an investment entity. Note3.1 (current annual physical page32) measures controlled subsidiary investments without investment-related services at FVTPL; the subsidiary providing investment-related services is consolidated. A controlled portfolio/SPE investment is not automatically an entity consolidated line by line.

Annual changes in equity show profit or loss followed by total comprehensive income or deficit with the same amounts. Both source rows are retained; the repeated comprehensive subtotal is counted once in roll-forward identities. There is no separate OCI amount in these primary statements.

FY2024 profit before tax is S$2,281 thousand and income tax is a positive S$15,434 thousand, giving S$17,715 thousand profit. FY2025 profit before tax is S$9,898 thousand and income tax is a positive S$41 thousand, giving S$9,939 thousand profit. Printed tax credits are not changed to negative expense or treated as ordinary investment income.

FY2024 subsidiary dividends recognised in income are S$15,252 thousand, while subsidiary cash dividends received in the cash-flow statement are S$1,150 thousand. Recognised income and cash receipts are retained separately; no equality or invented cash transaction is assumed.

FY2023 Group financial position originally prints S$423 thousand due from subsidiaries. The FY2024 comparative splits it into S$421 thousand due from subsidiaries and S$2 thousand due from related parties; current and total assets are unchanged. The original Group statement is retained separately. No further cause is inferred.

FY2022 cash-flow working-capital caption is Amounts due from related parties in its original report, but Amounts due from subsidiaries in the FY2023 comparative, with the same printed amounts. Both original captions and tables are retained; no new cash transaction or legal-entity transfer is inferred.

FY2025 ended 31 December 2025; KPMG LLP issued an unmodified true-and-fair opinion signed by Hong Cho Hor Ian on 16 March 2026. The key audit matter concerns S$138,027,000 investment valuations. This is the auditor opinion, separate from directors or manager assurances.

Statements are in Singapore dollars thousands, with EPS in Singapore cents. Group consolidated income and cash flows, Group and Company financial position and changes in equity are disclosed. No separate Company income or cash-flow statement is provided.

The Company expressly does not have a CEO or direct employees. TIH Investment Management Pte. Ltd. manages the day-to-day business. Wang Ya-Lun Allen (Allen Wang) is the investment-manager CEO and a deemed executive issuer director; Kin Chan is deemed executive Chairman, not an issuer CEO. No named manager CFO is supplied in the cited assurance disclosure.

Seven substantive annual Board directors are distinct from two alternates, a Company Secretary and manager personnel. Thanathip Vidhayasirinun retired on 23 April 2026; Wong Ka Lok joined on 21 May 2026. Warren Lee became Audit Committee Chairman and Wong became Nominating/Remuneration Chairman. Later offices are separately dated, preserving the annual snapshot.

Kin Chan and Wang Ya-Lun Allen were re-elected and KPMG LLP re-appointed at the 23 April 2026 AGM. The meeting approved the FY2025 final dividend of S$0.01 per share. Annual proposed dividends and later approvals are separate dates.

Investment-entity scope is explicit: controlled subsidiary investments without investment-related services are measured at FVTPL. TIH Investment Management is the separately consolidated service subsidiary, measured at Company cost less impairment. Portfolio funds or SPE subsidiaries are not automatically consolidated line by line.

K2 Venture Capital Company Limited is a controlled subsidiary at 50% effective interest. Note8 attributes this to Killian Court exposure to variable returns and power to affect them. It is not relabelled a joint venture merely because the percentage is 50%.

The FVTPL subsidiary schedule has fifteen rows including TIHT Investment Holdings II with current dash/prior55%; fourteen are current investments. TIHIM is one additional consolidated subsidiary. Killian Court completed disposal of its entire55% TIHTII stake during2H2025 for fully paid S$1.00; negative book NAV S$20,837,698.04 is not a newly inferred consolidated gain.

Ten largest portfolio investments are separate from the subsidiary legal-entity list. Portfolio cost S$124,587 thousand and carrying amount S$132,959 thousand represent approximately96.33% of S$138,027 thousand equity/debt FVTPL investments. Their shareholding percentages, underlying earnings, book net assets and distributions retain separate units and source management-account/LP-statement basis.

Fortune Crane (formerly Fortune Code) cost56,830 and carrying43,387 S$thousand include interest-bearing debt; its7.95% shareholding is not an assertion that the entire carrying amount is equity. The disclosed indirect OUE exposure is a portfolio investment, not an extra consolidated OUE subsidiary.

FY2024 tax is positive S$15,434 thousand in primary income; Note20 expense-style table prints (15,434). It includes reversal of a prior foreign tax provision S$15,532 thousand, after legal advice that the risk of tax materialising was remote. FY2024 pretax2,281 plus15,434 equals net17,715. FY2025 pretax9,898 plus41 tax credit equals9,939. Printed signs and convention are retained, not turned into operating gains.

FY2024 subsidiary dividend income15,252 comprises cash1,150 plus dividend-in-specie14,102 S$thousand. The noncash transfer of an unquoted fund is disclosed in the FY2024 original Note7 and current Level3 reconciliation. It is not a missing cash receipt, and the later fund carrying value10,717 is not the original dividend-in-specie amount.

FY2025 gross equity investment fair-value gain about S$5.64 million is reduced by S$2.4 million dividend distributions to net fair-value gain S$3.24 million (primary3,239 thousand). The separate income statement dividend2,401 plus net fair-value3,239 explains this presentation; no second5.64million gain is added.

FY2023 Group due-from-subsidiaries is423 S$thousand in its original statement, but the FY2024 comparative splits it into421 due from subsidiaries plus2 due from related parties. Current and total assets are unchanged. The original Group financial position is retained; no unsupported underlying transaction or fuller explanation is invented.

The FY2022 original cash-flow working-capital caption Amounts due from related parties becomes Amounts due from subsidiaries in the FY2023 comparative, with unchanged amounts. Both original and comparative tables are retained; no legal-entity transfer or new cash movement is inferred from the caption alone.

Changes in equity repeat each profit/loss as total comprehensive income/deficit. Both printed rows are retained, and the repeated comprehensive subtotal is counted once in the annual roll-forward; no separate OCI amount is invented.

Annual ownership register is dated9March2026, distinct from FY2025 closing. Exact241,685,638 shares and paid-up capital S$56,650,307.76 are separate from financial-statement rounded thousands. The twenty accounts sum201,944,619 shares and83.56% from the exact denominator; individually rounded row percentages sum83.55%.

Twenty-two annual substantial-holder rows are overlapping direct/deemed positions, not additive blocks. Thirteen96,473,203-share chain rows and Alexandra Road56,460,089-share chain are retained with their source at-least20% and holding-company links. Custodian links are used only where expressly stated; no remaining nominee shares are assigned to ultimate owners.

Kaiser Union annual table places96,473,203 under deemed interest, while footnote2 says it holds these shares registered through CGS. The later Lippo form describes KUL direct interest. All dated source descriptions are retained; the annual column is not silently moved from deemed to direct.

On8May2026 Songren Road acquired a deemed security interest over16,000,000 shares (6.62%) through a fixed share charge. ASMHL and V-Nee Yeh deemed interests become72,460,089 (29.98%) from56,460,089 (23.36%); Kin Chan and Angie Li give the same separately named updates. A share charge is not a completed purchase of the charged shares.

Songren Road Limited and Skyscraper Realty Limited are different entities even though both source disclosures abbreviate them SRL. No combined shareholder identity is created.

Lippo Limited ceased to have a deemed96,473,203-share interest on29May2026 after distributing Skyscraper Realty shares in specie. Its post-event TIH interest is0. This is a change in an intermediate ownership chain, not evidence that Kaiser Union disposed of the underlying TIH shares.

The27-page 2026 result attachment is condensed interim statements for six months ended30June2026. It is not a newer full-year annual report, so FY2025 remains the selected annual source.

The 23 April 2026 AGM attendance list expressly names Emily Ang as Chief Financial Officer of Investment Manager TIH Investment Management Pte. Ltd. This separately dated named manager office supplements the unnamed annual CFO assurance; it is not an issuer CFO appointment.

Original report: PDF p. 29 ↗

Five calendar financial years ended 31 December 2021–2025. Monetary statements are in Singapore dollars thousands; basic/diluted EPS is in Singapore cents per share. Group comprehensive income and cash flows; Group and Company financial position and changes in equity. Separate Company income and cash-flow statements are not disclosed.

TIH is an investment entity. Note3.1 (current annual physical page32) measures controlled subsidiary investments without investment-related services at FVTPL; the subsidiary providing investment-related services is consolidated. A controlled portfolio/SPE investment is not automatically an entity consolidated line by line.

Annual changes in equity show profit or loss followed by total comprehensive income or deficit with the same amounts. Both source rows are retained; the repeated comprehensive subtotal is counted once in roll-forward identities. There is no separate OCI amount in these primary statements.

FY2024 profit before tax is S$2,281 thousand and income tax is a positive S$15,434 thousand, giving S$17,715 thousand profit. FY2025 profit before tax is S$9,898 thousand and income tax is a positive S$41 thousand, giving S$9,939 thousand profit. Printed tax credits are not changed to negative expense or treated as ordinary investment income.

FY2024 subsidiary dividends recognised in income are S$15,252 thousand, while subsidiary cash dividends received in the cash-flow statement are S$1,150 thousand. Recognised income and cash receipts are retained separately; no equality or invented cash transaction is assumed.

FY2023 Group financial position originally prints S$423 thousand due from subsidiaries. The FY2024 comparative splits it into S$421 thousand due from subsidiaries and S$2 thousand due from related parties; current and total assets are unchanged. The original Group statement is retained separately. No further cause is inferred.

FY2022 cash-flow working-capital caption is Amounts due from related parties in its original report, but Amounts due from subsidiaries in the FY2023 comparative, with the same printed amounts. Both original captions and tables are retained; no new cash transaction or legal-entity transfer is inferred.

FY2025 ended 31 December 2025; KPMG LLP issued an unmodified true-and-fair opinion signed by Hong Cho Hor Ian on 16 March 2026. The key audit matter concerns S$138,027,000 investment valuations. This is the auditor opinion, separate from directors or manager assurances.

Statements are in Singapore dollars thousands, with EPS in Singapore cents. Group consolidated income and cash flows, Group and Company financial position and changes in equity are disclosed. No separate Company income or cash-flow statement is provided.

The Company expressly does not have a CEO or direct employees. TIH Investment Management Pte. Ltd. manages the day-to-day business. Wang Ya-Lun Allen (Allen Wang) is the investment-manager CEO and a deemed executive issuer director; Kin Chan is deemed executive Chairman, not an issuer CEO. No named manager CFO is supplied in the cited assurance disclosure.

Seven substantive annual Board directors are distinct from two alternates, a Company Secretary and manager personnel. Thanathip Vidhayasirinun retired on 23 April 2026; Wong Ka Lok joined on 21 May 2026. Warren Lee became Audit Committee Chairman and Wong became Nominating/Remuneration Chairman. Later offices are separately dated, preserving the annual snapshot.

Kin Chan and Wang Ya-Lun Allen were re-elected and KPMG LLP re-appointed at the 23 April 2026 AGM. The meeting approved the FY2025 final dividend of S$0.01 per share. Annual proposed dividends and later approvals are separate dates.

Investment-entity scope is explicit: controlled subsidiary investments without investment-related services are measured at FVTPL. TIH Investment Management is the separately consolidated service subsidiary, measured at Company cost less impairment. Portfolio funds or SPE subsidiaries are not automatically consolidated line by line.

K2 Venture Capital Company Limited is a controlled subsidiary at 50% effective interest. Note8 attributes this to Killian Court exposure to variable returns and power to affect them. It is not relabelled a joint venture merely because the percentage is 50%.

The FVTPL subsidiary schedule has fifteen rows including TIHT Investment Holdings II with current dash/prior55%; fourteen are current investments. TIHIM is one additional consolidated subsidiary. Killian Court completed disposal of its entire55% TIHTII stake during2H2025 for fully paid S$1.00; negative book NAV S$20,837,698.04 is not a newly inferred consolidated gain.

Ten largest portfolio investments are separate from the subsidiary legal-entity list. Portfolio cost S$124,587 thousand and carrying amount S$132,959 thousand represent approximately96.33% of S$138,027 thousand equity/debt FVTPL investments. Their shareholding percentages, underlying earnings, book net assets and distributions retain separate units and source management-account/LP-statement basis.

Fortune Crane (formerly Fortune Code) cost56,830 and carrying43,387 S$thousand include interest-bearing debt; its7.95% shareholding is not an assertion that the entire carrying amount is equity. The disclosed indirect OUE exposure is a portfolio investment, not an extra consolidated OUE subsidiary.

FY2024 tax is positive S$15,434 thousand in primary income; Note20 expense-style table prints (15,434). It includes reversal of a prior foreign tax provision S$15,532 thousand, after legal advice that the risk of tax materialising was remote. FY2024 pretax2,281 plus15,434 equals net17,715. FY2025 pretax9,898 plus41 tax credit equals9,939. Printed signs and convention are retained, not turned into operating gains.

FY2024 subsidiary dividend income15,252 comprises cash1,150 plus dividend-in-specie14,102 S$thousand. The noncash transfer of an unquoted fund is disclosed in the FY2024 original Note7 and current Level3 reconciliation. It is not a missing cash receipt, and the later fund carrying value10,717 is not the original dividend-in-specie amount.

FY2025 gross equity investment fair-value gain about S$5.64 million is reduced by S$2.4 million dividend distributions to net fair-value gain S$3.24 million (primary3,239 thousand). The separate income statement dividend2,401 plus net fair-value3,239 explains this presentation; no second5.64million gain is added.

FY2023 Group due-from-subsidiaries is423 S$thousand in its original statement, but the FY2024 comparative splits it into421 due from subsidiaries plus2 due from related parties. Current and total assets are unchanged. The original Group financial position is retained; no unsupported underlying transaction or fuller explanation is invented.

The FY2022 original cash-flow working-capital caption Amounts due from related parties becomes Amounts due from subsidiaries in the FY2023 comparative, with unchanged amounts. Both original and comparative tables are retained; no legal-entity transfer or new cash movement is inferred from the caption alone.

Changes in equity repeat each profit/loss as total comprehensive income/deficit. Both printed rows are retained, and the repeated comprehensive subtotal is counted once in the annual roll-forward; no separate OCI amount is invented.

Annual ownership register is dated9March2026, distinct from FY2025 closing. Exact241,685,638 shares and paid-up capital S$56,650,307.76 are separate from financial-statement rounded thousands. The twenty accounts sum201,944,619 shares and83.56% from the exact denominator; individually rounded row percentages sum83.55%.

Twenty-two annual substantial-holder rows are overlapping direct/deemed positions, not additive blocks. Thirteen96,473,203-share chain rows and Alexandra Road56,460,089-share chain are retained with their source at-least20% and holding-company links. Custodian links are used only where expressly stated; no remaining nominee shares are assigned to ultimate owners.

Kaiser Union annual table places96,473,203 under deemed interest, while footnote2 says it holds these shares registered through CGS. The later Lippo form describes KUL direct interest. All dated source descriptions are retained; the annual column is not silently moved from deemed to direct.

On8May2026 Songren Road acquired a deemed security interest over16,000,000 shares (6.62%) through a fixed share charge. ASMHL and V-Nee Yeh deemed interests become72,460,089 (29.98%) from56,460,089 (23.36%); Kin Chan and Angie Li give the same separately named updates. A share charge is not a completed purchase of the charged shares.

Songren Road Limited and Skyscraper Realty Limited are different entities even though both source disclosures abbreviate them SRL. No combined shareholder identity is created.

Lippo Limited ceased to have a deemed96,473,203-share interest on29May2026 after distributing Skyscraper Realty shares in specie. Its post-event TIH interest is0. This is a change in an intermediate ownership chain, not evidence that Kaiser Union disposed of the underlying TIH shares.

The27-page 2026 result attachment is condensed interim statements for six months ended30June2026. It is not a newer full-year annual report, so FY2025 remains the selected annual source.

The 23 April 2026 AGM attendance list expressly names Emily Ang as Chief Financial Officer of Investment Manager TIH Investment Management Pte. Ltd. This separately dated named manager office supplements the unnamed annual CFO assurance; it is not an issuer CFO appointment.

Original report: PDF p. 30 ↗

Five calendar financial years ended 31 December 2021–2025. Monetary statements are in Singapore dollars thousands; basic/diluted EPS is in Singapore cents per share. Group comprehensive income and cash flows; Group and Company financial position and changes in equity. Separate Company income and cash-flow statements are not disclosed.

TIH is an investment entity. Note3.1 (current annual physical page32) measures controlled subsidiary investments without investment-related services at FVTPL; the subsidiary providing investment-related services is consolidated. A controlled portfolio/SPE investment is not automatically an entity consolidated line by line.

Annual changes in equity show profit or loss followed by total comprehensive income or deficit with the same amounts. Both source rows are retained; the repeated comprehensive subtotal is counted once in roll-forward identities. There is no separate OCI amount in these primary statements.

FY2024 profit before tax is S$2,281 thousand and income tax is a positive S$15,434 thousand, giving S$17,715 thousand profit. FY2025 profit before tax is S$9,898 thousand and income tax is a positive S$41 thousand, giving S$9,939 thousand profit. Printed tax credits are not changed to negative expense or treated as ordinary investment income.

FY2024 subsidiary dividends recognised in income are S$15,252 thousand, while subsidiary cash dividends received in the cash-flow statement are S$1,150 thousand. Recognised income and cash receipts are retained separately; no equality or invented cash transaction is assumed.

FY2023 Group financial position originally prints S$423 thousand due from subsidiaries. The FY2024 comparative splits it into S$421 thousand due from subsidiaries and S$2 thousand due from related parties; current and total assets are unchanged. The original Group statement is retained separately. No further cause is inferred.

FY2022 cash-flow working-capital caption is Amounts due from related parties in its original report, but Amounts due from subsidiaries in the FY2023 comparative, with the same printed amounts. Both original captions and tables are retained; no new cash transaction or legal-entity transfer is inferred.

FY2025 ended 31 December 2025; KPMG LLP issued an unmodified true-and-fair opinion signed by Hong Cho Hor Ian on 16 March 2026. The key audit matter concerns S$138,027,000 investment valuations. This is the auditor opinion, separate from directors or manager assurances.

Statements are in Singapore dollars thousands, with EPS in Singapore cents. Group consolidated income and cash flows, Group and Company financial position and changes in equity are disclosed. No separate Company income or cash-flow statement is provided.

The Company expressly does not have a CEO or direct employees. TIH Investment Management Pte. Ltd. manages the day-to-day business. Wang Ya-Lun Allen (Allen Wang) is the investment-manager CEO and a deemed executive issuer director; Kin Chan is deemed executive Chairman, not an issuer CEO. No named manager CFO is supplied in the cited assurance disclosure.

Seven substantive annual Board directors are distinct from two alternates, a Company Secretary and manager personnel. Thanathip Vidhayasirinun retired on 23 April 2026; Wong Ka Lok joined on 21 May 2026. Warren Lee became Audit Committee Chairman and Wong became Nominating/Remuneration Chairman. Later offices are separately dated, preserving the annual snapshot.

Kin Chan and Wang Ya-Lun Allen were re-elected and KPMG LLP re-appointed at the 23 April 2026 AGM. The meeting approved the FY2025 final dividend of S$0.01 per share. Annual proposed dividends and later approvals are separate dates.

Investment-entity scope is explicit: controlled subsidiary investments without investment-related services are measured at FVTPL. TIH Investment Management is the separately consolidated service subsidiary, measured at Company cost less impairment. Portfolio funds or SPE subsidiaries are not automatically consolidated line by line.

K2 Venture Capital Company Limited is a controlled subsidiary at 50% effective interest. Note8 attributes this to Killian Court exposure to variable returns and power to affect them. It is not relabelled a joint venture merely because the percentage is 50%.

The FVTPL subsidiary schedule has fifteen rows including TIHT Investment Holdings II with current dash/prior55%; fourteen are current investments. TIHIM is one additional consolidated subsidiary. Killian Court completed disposal of its entire55% TIHTII stake during2H2025 for fully paid S$1.00; negative book NAV S$20,837,698.04 is not a newly inferred consolidated gain.

Ten largest portfolio investments are separate from the subsidiary legal-entity list. Portfolio cost S$124,587 thousand and carrying amount S$132,959 thousand represent approximately96.33% of S$138,027 thousand equity/debt FVTPL investments. Their shareholding percentages, underlying earnings, book net assets and distributions retain separate units and source management-account/LP-statement basis.

Fortune Crane (formerly Fortune Code) cost56,830 and carrying43,387 S$thousand include interest-bearing debt; its7.95% shareholding is not an assertion that the entire carrying amount is equity. The disclosed indirect OUE exposure is a portfolio investment, not an extra consolidated OUE subsidiary.

FY2024 tax is positive S$15,434 thousand in primary income; Note20 expense-style table prints (15,434). It includes reversal of a prior foreign tax provision S$15,532 thousand, after legal advice that the risk of tax materialising was remote. FY2024 pretax2,281 plus15,434 equals net17,715. FY2025 pretax9,898 plus41 tax credit equals9,939. Printed signs and convention are retained, not turned into operating gains.

FY2024 subsidiary dividend income15,252 comprises cash1,150 plus dividend-in-specie14,102 S$thousand. The noncash transfer of an unquoted fund is disclosed in the FY2024 original Note7 and current Level3 reconciliation. It is not a missing cash receipt, and the later fund carrying value10,717 is not the original dividend-in-specie amount.

FY2025 gross equity investment fair-value gain about S$5.64 million is reduced by S$2.4 million dividend distributions to net fair-value gain S$3.24 million (primary3,239 thousand). The separate income statement dividend2,401 plus net fair-value3,239 explains this presentation; no second5.64million gain is added.

FY2023 Group due-from-subsidiaries is423 S$thousand in its original statement, but the FY2024 comparative splits it into421 due from subsidiaries plus2 due from related parties. Current and total assets are unchanged. The original Group financial position is retained; no unsupported underlying transaction or fuller explanation is invented.

The FY2022 original cash-flow working-capital caption Amounts due from related parties becomes Amounts due from subsidiaries in the FY2023 comparative, with unchanged amounts. Both original and comparative tables are retained; no legal-entity transfer or new cash movement is inferred from the caption alone.

Changes in equity repeat each profit/loss as total comprehensive income/deficit. Both printed rows are retained, and the repeated comprehensive subtotal is counted once in the annual roll-forward; no separate OCI amount is invented.

Annual ownership register is dated9March2026, distinct from FY2025 closing. Exact241,685,638 shares and paid-up capital S$56,650,307.76 are separate from financial-statement rounded thousands. The twenty accounts sum201,944,619 shares and83.56% from the exact denominator; individually rounded row percentages sum83.55%.

Twenty-two annual substantial-holder rows are overlapping direct/deemed positions, not additive blocks. Thirteen96,473,203-share chain rows and Alexandra Road56,460,089-share chain are retained with their source at-least20% and holding-company links. Custodian links are used only where expressly stated; no remaining nominee shares are assigned to ultimate owners.

Kaiser Union annual table places96,473,203 under deemed interest, while footnote2 says it holds these shares registered through CGS. The later Lippo form describes KUL direct interest. All dated source descriptions are retained; the annual column is not silently moved from deemed to direct.

On8May2026 Songren Road acquired a deemed security interest over16,000,000 shares (6.62%) through a fixed share charge. ASMHL and V-Nee Yeh deemed interests become72,460,089 (29.98%) from56,460,089 (23.36%); Kin Chan and Angie Li give the same separately named updates. A share charge is not a completed purchase of the charged shares.

Songren Road Limited and Skyscraper Realty Limited are different entities even though both source disclosures abbreviate them SRL. No combined shareholder identity is created.

Lippo Limited ceased to have a deemed96,473,203-share interest on29May2026 after distributing Skyscraper Realty shares in specie. Its post-event TIH interest is0. This is a change in an intermediate ownership chain, not evidence that Kaiser Union disposed of the underlying TIH shares.

The27-page 2026 result attachment is condensed interim statements for six months ended30June2026. It is not a newer full-year annual report, so FY2025 remains the selected annual source.

The 23 April 2026 AGM attendance list expressly names Emily Ang as Chief Financial Officer of Investment Manager TIH Investment Management Pte. Ltd. This separately dated named manager office supplements the unnamed annual CFO assurance; it is not an issuer CFO appointment.

Original report: PDF p. 24 ↗

Five calendar financial years ended 31 December 2021–2025. Monetary statements are in Singapore dollars thousands; basic/diluted EPS is in Singapore cents per share. Group comprehensive income and cash flows; Group and Company financial position and changes in equity. Separate Company income and cash-flow statements are not disclosed.

TIH is an investment entity. Note3.1 (current annual physical page32) measures controlled subsidiary investments without investment-related services at FVTPL; the subsidiary providing investment-related services is consolidated. A controlled portfolio/SPE investment is not automatically an entity consolidated line by line.

Annual changes in equity show profit or loss followed by total comprehensive income or deficit with the same amounts. Both source rows are retained; the repeated comprehensive subtotal is counted once in roll-forward identities. There is no separate OCI amount in these primary statements.

FY2024 profit before tax is S$2,281 thousand and income tax is a positive S$15,434 thousand, giving S$17,715 thousand profit. FY2025 profit before tax is S$9,898 thousand and income tax is a positive S$41 thousand, giving S$9,939 thousand profit. Printed tax credits are not changed to negative expense or treated as ordinary investment income.

FY2024 subsidiary dividends recognised in income are S$15,252 thousand, while subsidiary cash dividends received in the cash-flow statement are S$1,150 thousand. Recognised income and cash receipts are retained separately; no equality or invented cash transaction is assumed.

FY2023 Group financial position originally prints S$423 thousand due from subsidiaries. The FY2024 comparative splits it into S$421 thousand due from subsidiaries and S$2 thousand due from related parties; current and total assets are unchanged. The original Group statement is retained separately. No further cause is inferred.

FY2022 cash-flow working-capital caption is Amounts due from related parties in its original report, but Amounts due from subsidiaries in the FY2023 comparative, with the same printed amounts. Both original captions and tables are retained; no new cash transaction or legal-entity transfer is inferred.

FY2025 ended 31 December 2025; KPMG LLP issued an unmodified true-and-fair opinion signed by Hong Cho Hor Ian on 16 March 2026. The key audit matter concerns S$138,027,000 investment valuations. This is the auditor opinion, separate from directors or manager assurances.

Statements are in Singapore dollars thousands, with EPS in Singapore cents. Group consolidated income and cash flows, Group and Company financial position and changes in equity are disclosed. No separate Company income or cash-flow statement is provided.

The Company expressly does not have a CEO or direct employees. TIH Investment Management Pte. Ltd. manages the day-to-day business. Wang Ya-Lun Allen (Allen Wang) is the investment-manager CEO and a deemed executive issuer director; Kin Chan is deemed executive Chairman, not an issuer CEO. No named manager CFO is supplied in the cited assurance disclosure.

Seven substantive annual Board directors are distinct from two alternates, a Company Secretary and manager personnel. Thanathip Vidhayasirinun retired on 23 April 2026; Wong Ka Lok joined on 21 May 2026. Warren Lee became Audit Committee Chairman and Wong became Nominating/Remuneration Chairman. Later offices are separately dated, preserving the annual snapshot.

Kin Chan and Wang Ya-Lun Allen were re-elected and KPMG LLP re-appointed at the 23 April 2026 AGM. The meeting approved the FY2025 final dividend of S$0.01 per share. Annual proposed dividends and later approvals are separate dates.

Investment-entity scope is explicit: controlled subsidiary investments without investment-related services are measured at FVTPL. TIH Investment Management is the separately consolidated service subsidiary, measured at Company cost less impairment. Portfolio funds or SPE subsidiaries are not automatically consolidated line by line.

K2 Venture Capital Company Limited is a controlled subsidiary at 50% effective interest. Note8 attributes this to Killian Court exposure to variable returns and power to affect them. It is not relabelled a joint venture merely because the percentage is 50%.

The FVTPL subsidiary schedule has fifteen rows including TIHT Investment Holdings II with current dash/prior55%; fourteen are current investments. TIHIM is one additional consolidated subsidiary. Killian Court completed disposal of its entire55% TIHTII stake during2H2025 for fully paid S$1.00; negative book NAV S$20,837,698.04 is not a newly inferred consolidated gain.

Ten largest portfolio investments are separate from the subsidiary legal-entity list. Portfolio cost S$124,587 thousand and carrying amount S$132,959 thousand represent approximately96.33% of S$138,027 thousand equity/debt FVTPL investments. Their shareholding percentages, underlying earnings, book net assets and distributions retain separate units and source management-account/LP-statement basis.

Fortune Crane (formerly Fortune Code) cost56,830 and carrying43,387 S$thousand include interest-bearing debt; its7.95% shareholding is not an assertion that the entire carrying amount is equity. The disclosed indirect OUE exposure is a portfolio investment, not an extra consolidated OUE subsidiary.

FY2024 tax is positive S$15,434 thousand in primary income; Note20 expense-style table prints (15,434). It includes reversal of a prior foreign tax provision S$15,532 thousand, after legal advice that the risk of tax materialising was remote. FY2024 pretax2,281 plus15,434 equals net17,715. FY2025 pretax9,898 plus41 tax credit equals9,939. Printed signs and convention are retained, not turned into operating gains.

FY2024 subsidiary dividend income15,252 comprises cash1,150 plus dividend-in-specie14,102 S$thousand. The noncash transfer of an unquoted fund is disclosed in the FY2024 original Note7 and current Level3 reconciliation. It is not a missing cash receipt, and the later fund carrying value10,717 is not the original dividend-in-specie amount.

FY2025 gross equity investment fair-value gain about S$5.64 million is reduced by S$2.4 million dividend distributions to net fair-value gain S$3.24 million (primary3,239 thousand). The separate income statement dividend2,401 plus net fair-value3,239 explains this presentation; no second5.64million gain is added.

FY2023 Group due-from-subsidiaries is423 S$thousand in its original statement, but the FY2024 comparative splits it into421 due from subsidiaries plus2 due from related parties. Current and total assets are unchanged. The original Group financial position is retained; no unsupported underlying transaction or fuller explanation is invented.

The FY2022 original cash-flow working-capital caption Amounts due from related parties becomes Amounts due from subsidiaries in the FY2023 comparative, with unchanged amounts. Both original and comparative tables are retained; no legal-entity transfer or new cash movement is inferred from the caption alone.

Changes in equity repeat each profit/loss as total comprehensive income/deficit. Both printed rows are retained, and the repeated comprehensive subtotal is counted once in the annual roll-forward; no separate OCI amount is invented.

Annual ownership register is dated9March2026, distinct from FY2025 closing. Exact241,685,638 shares and paid-up capital S$56,650,307.76 are separate from financial-statement rounded thousands. The twenty accounts sum201,944,619 shares and83.56% from the exact denominator; individually rounded row percentages sum83.55%.

Twenty-two annual substantial-holder rows are overlapping direct/deemed positions, not additive blocks. Thirteen96,473,203-share chain rows and Alexandra Road56,460,089-share chain are retained with their source at-least20% and holding-company links. Custodian links are used only where expressly stated; no remaining nominee shares are assigned to ultimate owners.

Kaiser Union annual table places96,473,203 under deemed interest, while footnote2 says it holds these shares registered through CGS. The later Lippo form describes KUL direct interest. All dated source descriptions are retained; the annual column is not silently moved from deemed to direct.

On8May2026 Songren Road acquired a deemed security interest over16,000,000 shares (6.62%) through a fixed share charge. ASMHL and V-Nee Yeh deemed interests become72,460,089 (29.98%) from56,460,089 (23.36%); Kin Chan and Angie Li give the same separately named updates. A share charge is not a completed purchase of the charged shares.

Songren Road Limited and Skyscraper Realty Limited are different entities even though both source disclosures abbreviate them SRL. No combined shareholder identity is created.

Lippo Limited ceased to have a deemed96,473,203-share interest on29May2026 after distributing Skyscraper Realty shares in specie. Its post-event TIH interest is0. This is a change in an intermediate ownership chain, not evidence that Kaiser Union disposed of the underlying TIH shares.

The27-page 2026 result attachment is condensed interim statements for six months ended30June2026. It is not a newer full-year annual report, so FY2025 remains the selected annual source.

The 23 April 2026 AGM attendance list expressly names Emily Ang as Chief Financial Officer of Investment Manager TIH Investment Management Pte. Ltd. This separately dated named manager office supplements the unnamed annual CFO assurance; it is not an issuer CFO appointment.

Original report: PDF p. 30 ↗

Five calendar financial years ended 31 December 2021–2025. Monetary statements are in Singapore dollars thousands; basic/diluted EPS is in Singapore cents per share. Group comprehensive income and cash flows; Group and Company financial position and changes in equity. Separate Company income and cash-flow statements are not disclosed.

TIH is an investment entity. Note3.1 (current annual physical page32) measures controlled subsidiary investments without investment-related services at FVTPL; the subsidiary providing investment-related services is consolidated. A controlled portfolio/SPE investment is not automatically an entity consolidated line by line.

Annual changes in equity show profit or loss followed by total comprehensive income or deficit with the same amounts. Both source rows are retained; the repeated comprehensive subtotal is counted once in roll-forward identities. There is no separate OCI amount in these primary statements.

FY2024 profit before tax is S$2,281 thousand and income tax is a positive S$15,434 thousand, giving S$17,715 thousand profit. FY2025 profit before tax is S$9,898 thousand and income tax is a positive S$41 thousand, giving S$9,939 thousand profit. Printed tax credits are not changed to negative expense or treated as ordinary investment income.

FY2024 subsidiary dividends recognised in income are S$15,252 thousand, while subsidiary cash dividends received in the cash-flow statement are S$1,150 thousand. Recognised income and cash receipts are retained separately; no equality or invented cash transaction is assumed.

FY2023 Group financial position originally prints S$423 thousand due from subsidiaries. The FY2024 comparative splits it into S$421 thousand due from subsidiaries and S$2 thousand due from related parties; current and total assets are unchanged. The original Group statement is retained separately. No further cause is inferred.

FY2022 cash-flow working-capital caption is Amounts due from related parties in its original report, but Amounts due from subsidiaries in the FY2023 comparative, with the same printed amounts. Both original captions and tables are retained; no new cash transaction or legal-entity transfer is inferred.

FY2025 ended 31 December 2025; KPMG LLP issued an unmodified true-and-fair opinion signed by Hong Cho Hor Ian on 16 March 2026. The key audit matter concerns S$138,027,000 investment valuations. This is the auditor opinion, separate from directors or manager assurances.

Statements are in Singapore dollars thousands, with EPS in Singapore cents. Group consolidated income and cash flows, Group and Company financial position and changes in equity are disclosed. No separate Company income or cash-flow statement is provided.

The Company expressly does not have a CEO or direct employees. TIH Investment Management Pte. Ltd. manages the day-to-day business. Wang Ya-Lun Allen (Allen Wang) is the investment-manager CEO and a deemed executive issuer director; Kin Chan is deemed executive Chairman, not an issuer CEO. No named manager CFO is supplied in the cited assurance disclosure.

Seven substantive annual Board directors are distinct from two alternates, a Company Secretary and manager personnel. Thanathip Vidhayasirinun retired on 23 April 2026; Wong Ka Lok joined on 21 May 2026. Warren Lee became Audit Committee Chairman and Wong became Nominating/Remuneration Chairman. Later offices are separately dated, preserving the annual snapshot.

Kin Chan and Wang Ya-Lun Allen were re-elected and KPMG LLP re-appointed at the 23 April 2026 AGM. The meeting approved the FY2025 final dividend of S$0.01 per share. Annual proposed dividends and later approvals are separate dates.

Investment-entity scope is explicit: controlled subsidiary investments without investment-related services are measured at FVTPL. TIH Investment Management is the separately consolidated service subsidiary, measured at Company cost less impairment. Portfolio funds or SPE subsidiaries are not automatically consolidated line by line.

K2 Venture Capital Company Limited is a controlled subsidiary at 50% effective interest. Note8 attributes this to Killian Court exposure to variable returns and power to affect them. It is not relabelled a joint venture merely because the percentage is 50%.

The FVTPL subsidiary schedule has fifteen rows including TIHT Investment Holdings II with current dash/prior55%; fourteen are current investments. TIHIM is one additional consolidated subsidiary. Killian Court completed disposal of its entire55% TIHTII stake during2H2025 for fully paid S$1.00; negative book NAV S$20,837,698.04 is not a newly inferred consolidated gain.

Ten largest portfolio investments are separate from the subsidiary legal-entity list. Portfolio cost S$124,587 thousand and carrying amount S$132,959 thousand represent approximately96.33% of S$138,027 thousand equity/debt FVTPL investments. Their shareholding percentages, underlying earnings, book net assets and distributions retain separate units and source management-account/LP-statement basis.

Fortune Crane (formerly Fortune Code) cost56,830 and carrying43,387 S$thousand include interest-bearing debt; its7.95% shareholding is not an assertion that the entire carrying amount is equity. The disclosed indirect OUE exposure is a portfolio investment, not an extra consolidated OUE subsidiary.

FY2024 tax is positive S$15,434 thousand in primary income; Note20 expense-style table prints (15,434). It includes reversal of a prior foreign tax provision S$15,532 thousand, after legal advice that the risk of tax materialising was remote. FY2024 pretax2,281 plus15,434 equals net17,715. FY2025 pretax9,898 plus41 tax credit equals9,939. Printed signs and convention are retained, not turned into operating gains.

FY2024 subsidiary dividend income15,252 comprises cash1,150 plus dividend-in-specie14,102 S$thousand. The noncash transfer of an unquoted fund is disclosed in the FY2024 original Note7 and current Level3 reconciliation. It is not a missing cash receipt, and the later fund carrying value10,717 is not the original dividend-in-specie amount.

FY2025 gross equity investment fair-value gain about S$5.64 million is reduced by S$2.4 million dividend distributions to net fair-value gain S$3.24 million (primary3,239 thousand). The separate income statement dividend2,401 plus net fair-value3,239 explains this presentation; no second5.64million gain is added.

FY2023 Group due-from-subsidiaries is423 S$thousand in its original statement, but the FY2024 comparative splits it into421 due from subsidiaries plus2 due from related parties. Current and total assets are unchanged. The original Group financial position is retained; no unsupported underlying transaction or fuller explanation is invented.

The FY2022 original cash-flow working-capital caption Amounts due from related parties becomes Amounts due from subsidiaries in the FY2023 comparative, with unchanged amounts. Both original and comparative tables are retained; no legal-entity transfer or new cash movement is inferred from the caption alone.

Changes in equity repeat each profit/loss as total comprehensive income/deficit. Both printed rows are retained, and the repeated comprehensive subtotal is counted once in the annual roll-forward; no separate OCI amount is invented.

Annual ownership register is dated9March2026, distinct from FY2025 closing. Exact241,685,638 shares and paid-up capital S$56,650,307.76 are separate from financial-statement rounded thousands. The twenty accounts sum201,944,619 shares and83.56% from the exact denominator; individually rounded row percentages sum83.55%.

Twenty-two annual substantial-holder rows are overlapping direct/deemed positions, not additive blocks. Thirteen96,473,203-share chain rows and Alexandra Road56,460,089-share chain are retained with their source at-least20% and holding-company links. Custodian links are used only where expressly stated; no remaining nominee shares are assigned to ultimate owners.

Kaiser Union annual table places96,473,203 under deemed interest, while footnote2 says it holds these shares registered through CGS. The later Lippo form describes KUL direct interest. All dated source descriptions are retained; the annual column is not silently moved from deemed to direct.

On8May2026 Songren Road acquired a deemed security interest over16,000,000 shares (6.62%) through a fixed share charge. ASMHL and V-Nee Yeh deemed interests become72,460,089 (29.98%) from56,460,089 (23.36%); Kin Chan and Angie Li give the same separately named updates. A share charge is not a completed purchase of the charged shares.

Songren Road Limited and Skyscraper Realty Limited are different entities even though both source disclosures abbreviate them SRL. No combined shareholder identity is created.

Lippo Limited ceased to have a deemed96,473,203-share interest on29May2026 after distributing Skyscraper Realty shares in specie. Its post-event TIH interest is0. This is a change in an intermediate ownership chain, not evidence that Kaiser Union disposed of the underlying TIH shares.

The27-page 2026 result attachment is condensed interim statements for six months ended30June2026. It is not a newer full-year annual report, so FY2025 remains the selected annual source.

The 23 April 2026 AGM attendance list expressly names Emily Ang as Chief Financial Officer of Investment Manager TIH Investment Management Pte. Ltd. This separately dated named manager office supplements the unnamed annual CFO assurance; it is not an issuer CFO appointment.