Broker Name: CGS International Securities
Date of Report: October 2, 2025

Excerpt from CGS International Securities report.

Report Summary:

• Keppel Ltd’s Bifrost subsea cable has achieved Ready for Service status, positioning Keppel and Singapore as key players in the regional digital hub space and supporting growth in AI/cloud workloads.
• The investment is expected to deliver strong returns (>30% IRR), plug the gap left by the divestment of M1, and generate over S\$200m per fiber pair in operational and maintenance fees over 25 years, with additional gains anticipated as more fiber pairs are sold.

Above is an excerpt from a report by CGS International Securities. Clients of CGS International Securities can be the first to access the full report from the CGS International Securities website: https://www.cgsi.com/