DEAR SHAREHOLDERS,

Despite the intense challenges we faced as a result of the Covid-19 pandemic, Malakoff remained true to our value creation ideals, and continued with its sustainability centredprogrammes and initiatives to create meaningful and tangible benefits for our ecosystem of stakeholders. Our sustainability agenda demonstrates our commitment towards being a business that practises the principles of sustainable development, in line with contributing to the United Nations’ Sustainable Development Goals (“SDGs”). Malakoff’s sustainability agenda is underlined by the global mega trends that are shaping the global power industry, most notably the energy transition shift towards clean energy sources in line with combating the impacts of climate change.

The future is rapidly shifting towards a world of electric vehicles, digitalisation and grid-scale energy storage, all key trends that are having an even greater impact on the power sector. The global move towards greener energy is being led by the adoption of new technologies that are enabling more sustainable power generation operations. These changes in power generation and consumption will in turn impact the energy value chain in terms of distribution, storage and protection.

Technological innovation, RE deployment, new energy regulations and changing consumer behaviour are driving national energy policies. Coupled with this are increasing stakeholder expectations for greater levels of disclosure in terms of corporate sustainability reporting and performance measurements, as investors, communities and other stakeholder groups gear towards a more sustainable and eco-friendly future.

Combating climate change, developing greener energy solutions and promoting the circular economy are all issues which are close to Malakoff’s heart, and represent the integral focus of our sustainability agenda. We have actualised our sustainability beliefs and commitment by embedding sustainability into our business strategy, as well as implementing concrete actions, programmes and measures throughout the Group. Additionally, we are deeply committed to helping communities with their journey towards a greener and more sustainable future, by providing them platforms they can use to contribute to eco-friendly and environmental initiatives.

I am pleased to present to you our account of our sustainability journey in FY2020 with our Sustainability Statement. This Statement provides a transparent narrative of how the Group is supporting the national Government’s agenda towards achieving 20.0% RE generation by 2025 and promoting the circular economy, as we maintain our focus on ensuring optimised operations that provide both reliable and continuous energy supply whilst we minimise our business’ impact on the environment. It also provides an account of our employee-facing initiatives, as well as the measures we have in place to build a strong and ethical governance culture Group-wide.

On behalf of the Group, I would like to express our collective appreciation to all our stakeholders for their continued interest and support towards our sustainability agenda.

Anwar Syahrin Abdul Ajib

Managing Director/Chief Executive Officer