KENANGA ANNUAL REPORT 2024

INTEGRATED ANNUAL REPORT 2024

Supplementary information is available on our website: https://www.kenanga.com.my OUR REPORTS The Integrated Annual Report 2024, Corporate Governance Report 2024 and Sustainability Report 2024 are our primary reports. Integrated Annual Report Provides an overview of Kenanga Group’s financial performance, as well as business highlights of the year. Corporate Governance Report Provides an overview of Kenanga Group’s corporate governance and how it facilitates effective management to deliver long-term value for the Company. Sustainability Report Provides an understanding of Kenanga Group’s sustainability ambitions, initiatives and progress, as well as how it is integrated across the business. Kenanga is committed to making a difference in the environment. Play your part by opting to download a softcopy of our reports at https:// www.kenanga. com.my/investor-relations/AGM2025/ or by scanning the QR code above. 51ST ANNUAL GENERAL MEETING Thursday, 29 May 2025 11:00 a.m. The Grand Ballroom, InterContinental Kuala Lumpur 165, Jalan Ampang 50450 Kuala Lumpur, Wilayah Persekutuan, Malaysia INSIDE THIS REPORT 1. WE ARE KENANGA 2 Kenanga at a Glance 4 Who We Are 5 Our Notable Recognitions in 2024 7 Corporate Structure 8 Corporate Information 7. SHAREHOLDERS’ INFORMATION 367 Analysis of Shareholdings 368 List of Thirty (30) Largest Shareholders 369 Substantial Shareholders’, Directors’ and Group Managing Director’s Interest in Securities 8. ADDITIONAL INFORMATION 370 Notice of 51st Annual General Meeting 378 Statement Accompanying Notice of 51st Annual General Meeting 379 Corporate Directory • Proxy Form 6. FINANCIAL STATEMENTS 141 Five (5)-Year Group Financial Summary 141 Five (5)-Year Group Financial Highlights 142 Directors’ Report 149 Statement by Directors 149 Statutory Declaration 150 Independent Auditors’ Report 156 Shariah Committee’s Report 157 Consolidated Statement of Financial Position 158 Statement of Financial Position 159 Statements of Profit or Loss and Other Comprehensive Income 161 Consolidated Statements of Changes in Equity 163 Statements of Changes in Equity 165 Statements of Cash Flow 167 Notes to the Financial Statements 2. LEADERSHIP STATEMENT 10 Chairman’s Message 14 Group Managing Director’s Management, Discussion and Analysis 4. OUR SUSTAINABILITY APPROACH 36 Sustainability Statement 56 Bursa Malaysia Sustainability Reporting Disclosures 5. HOW WE ARE GOVERNED 60 Founder Emeritus and Adviser’s Profile 62 Profiles of Directors 71 Group Managing Director’s Profile 72 Senior Management’s Profiles 80 Corporate Governance Overview Statement 116 Ethics and Compliance Statement 126 Statement on Risk Management and Internal Control 131 Audit Committee Report 3. OUR VALUE CREATION APPROACH 23 Our Strategy 24 Economic Review 26 Key Risks and Mitigation 32 Value Creation Model 34 Stakeholder Engagement 35 Material Matters COVER RATIONALE At Kenanga, our core values—agility, collaboration, trustworthiness, and future-facing—continue to guide us as we evolve in a fastpaced and competitive financial landscape. These values anchor our commitment to delivering performance with integrity, while embracing innovation and growth. The bamboo shoots on this year’s cover symbolise strength, adaptability, and steady progress—mirroring our growth journey and resilience in navigating change. It reflects our continued market leadership across all core businesses and our unwavering focus on creating sustainable value for our shareholders. Reference to pagination Reference to website The interactive PDF allows you to access information easily, search for a speci c item, view website or navigate between pages, sections and links. Previous Page Next Page Content List Search

3 WE ARE KENANGA OUR SUSTAINABILITY APPROACH LEADERSHIP STATEMENT HOW WE ARE GOVERNED FINANCIAL STATEMENTS SHAREHOLDERS’ INFORMATION ADDITIONAL INFORMATION OUR VALUE CREATION APPROACH KENANGA INVESTMENT BANK BERHAD INTEGRATED ANNUAL REPORT 2024 2 KENANGA AT A GLANCE Today, Kenanga Investment Bank Berhad (“KIBB” or “Kenanga”) is the country’s leading independent investment bank with a continuous commitment towards driving collaboration, innovation, digitalisation and sustainability in the marketplace. Its ambitions include building a robust digital ecosystem that meets the needs of its clients and businesses. Some of its gamechanging products include Malaysia’s fully online digital stockbroking platform, Rakuten Trade Sdn Bhd (“Rakuten Trade”) and a fully artificial intelligence (“AI”) robo-advisor, Kenanga Digital Investing. In 2024, the Group introduced KDi GO, an all-in-one Malaysia’s first Wealth SuperApp designed to transform the way individuals manage their finances. 2017 2016 2019 2020 2021 2022 2023 2024 Rakuten Joint Venture Kenanga entered into a joint venture with Japanese internet giant Rakuten Securities, Inc. Launch of Remisier Portal Kenanga launched a new portal to enable remisiers to work remotely. Launch of KDi GO Kenanga launched KDi GO, an all-inone Malaysia’s first Wealth SuperApp, aimed at redefining how individuals manage their finances. Launch of Rakuten Trade Kenanga and Rakuten Securities, Inc. jointly launched Rakuten Trade, Malaysia’s first fully digital equity broker. Back Office Digitalisation Kenanga completed back office digitalisation to enhance efficiencies. e-Wallet Launch with Merchantrade Asia Sdn Bhd (“Merchantrade”) Kenanga launched Kenanga Money, Malaysia’s first stockbroker e-wallet, with Merchantrade and later acquired a stake in the company. Partnership with Bay Group Holdings Sdn Bhd (“CapBay”) Kenanga entered into a partnership with CapBay to digitalise first-inMalaysia factoring solution, unifying both, private and public sector’s receivables under one (1) platform. A Stake in Tokenize Technology (M) Sdn Bhd Kenanga received approval from the Securities Commission Malaysia to acquire a stake in Digital Asset Exchange Platform, Tokenize Xchange. Launch of a Robo-Advisory Platform Kenanga launched a fully AI-driven robo-advisory platform, Kenanga Digital Investing. on 9 June 2023 Signed Memorandum of Understanding with Ant Group Kenanga entered into a collaboration with Ant Group to develop Malaysia’s first Wealth SuperApp, geared to revolutionise wealth generation and management. KENANGA’S DIGITAL JOURNEY Over 500,000 clients Over 6,100 licensed representatives Over 1,300 employees RM23.5 BILLION Assets Under Administration

5 WE ARE KENANGA OUR SUSTAINABILITY APPROACH LEADERSHIP STATEMENT HOW WE ARE GOVERNED FINANCIAL STATEMENTS SHAREHOLDERS’ INFORMATION ADDITIONAL INFORMATION OUR VALUE CREATION APPROACH KENANGA INVESTMENT BANK BERHAD INTEGRATED ANNUAL REPORT 2024 4 Bursa Excellence Awards 2024 • Best Retail Equities Participating Organisation (Investment Bank) (Champion) • Best Structured Warrants Issuer (Equity Warrants) (Champion) • Best Structured Warrants Issuer (Index Warrants) (Champion) • Chu Yee Seng @ Chew Yee Seng – Best Remisier (Champion) Global Banking & Finance Awards 2024 • Best Investment Bank Malaysia 2024 • Best Equity Broker Malaysia 2024 • Excellence in Innovation – Best Warrants Issuer Malaysia 2024 The Digital Banker Awards 2024 • Outstanding Retail Sales Across Digital Channels (Highly Acclaimed) • Loan Offering of the Year (Highly Acclaimed) FinanceAsia Awards 2024 • Most Innovative Use of Technology – Banks Marketing Interactive’s The Loyalty & Engagement Awards 2024 • Best Use of Social Media – Bronze Malaysian Rating Corporation Berhad’s Lead Managers’ League Table Awards 2023 • 2nd Runner-Up in the Issue Count (Conventional & Islamic) Category The Edge Best Call Awards 2024 • Lim Sin Kiat – Icon Offshore Berhad (“Do not accept bid”), Keyfield International Berhad (“Buy”) • Wan Musataqim Wan Ab Aziz – Hong Leong Industries Berhad (“Buy”) The Minority Shareholders Watch Group’s National Corporate Governance and Sustainability Awards 2024 • Overall Excellence Award • Niche Cap Excellence Award Euromoney Securities Houses Awards 2024 • Best Securities House for ESG in Malaysia 2024 The Star ESG Positive Impact Awards 2023 • Silver Award (Large Companies Tier) for DEI UN Global Compact Malaysia-Brunei Forward Faster Sustainability Awards 2024 • Sustainability Awareness and Employee Engagement • Chuah Sze Phing, Group Chief Sustainability Officer and Head of Group Marketing & Communications – Faster Forward Chief Sustainability Officer 2024 Malaysian Investment Banking Association Annual Games 2024 • Overall Champion FinanceAsia Achievement Awards 2024 • Datuk Chay Wai Leong, Group Managing Director – Best Investment Banker – Southeast Asia – Dealmaker Poll 2024 The BrandLaureate Brand ICON Leadership Awards 2024 • YM Tan Sri Dato’ Paduka Tengku Noor Zakiah Tengku Ismail, Founder Emeritus & Adviser – Legendary ICON – Pride of the Nation Brand Icon Leadership Award Asian Business Review’s Malaysia Management Excellence Awards 2024 • Datuk Chay Wai Leong, Group Managing Director – Executive of the Year – Financial Services Alpha Southeast Asia 18th Annual Best Deal & Solution Awards • Best Islamic Finance Deal in Southeast Asia & Best Green Sukuk 2024 • Best Small-Cap Equity Deal of the Year in Malaysia WHO WE ARE OUR NOTABLE RECOGNITIONS IN 2024 Established for over fifty (50) years, Kenanga is a financial group in Malaysia with extensive experience in equity broking, investment banking, treasury, Islamic banking, listed derivatives, investment management, asset and wealth management, money lending, as well as robo-advisory. OUR BRAND VALUES We are nimble and quick to respond with creative, customised solutions to meet our stakeholders’ needs, both externally and internally. We are supported by an integrated network of colleagues and partners. We believe in consolidating our knowledge and working together for the best solutions. We are fully committed to ethical practices and strive to always maintain credibility in all that we do. Professionalism, integrity and transparency are values we hold dear. We are constantly pushing boundaries. Our pursuit of digital innovations will drive financial inclusion and create opportunities and possibilities for our stakeholders. Agility Collaboration Trustworthiness Future-Facing KENANGA INVESTMENT BANK BERHAD

7 WE ARE KENANGA OUR SUSTAINABILITY APPROACH LEADERSHIP STATEMENT HOW WE ARE GOVERNED FINANCIAL STATEMENTS SHAREHOLDERS’ INFORMATION ADDITIONAL INFORMATION OUR VALUE CREATION APPROACH KENANGA INVESTMENT BANK BERHAD INTEGRATED ANNUAL REPORT 2024 6 Malaysia Best Impact Investing Manager Kenanga Investors Group Malaysia Best Retail Asset Management Company Kenanga Investors Group Malaysia Best Equity Manager Kenanga Investors Group Malaysia Best Alternatives Manager Kenanga Investors Group Malaysia Best ESG Engagement Initiative Kenanga Investors Group Malaysia Fund Launch of the Year Kenanga Investors Group Malaysia CEO of the Year Datuk Wira Ismitz Matthew De Alwis Chief Executive Officer/ Executive Director Malaysia CIO of the Year Lee Sook Yee Chief Investment Officer Best Impact Investing Manager in ASEAN Kenanga Investors Group KENANGA INVESTORS BERHAD Asia Asset Management’s 2025 Best of the Best Awards Equity Malaysia Diversified – Malaysia Funds Over 3 Years Kenanga DividendEXTRA Fund Equity Malaysia Diversified – Malaysia Provident Funds Over 10 Years Kenanga Malaysian Inc Fund Mixed Asset MYR Balanced – Malaysia Provident Funds Over 10 Years Kenanga Balanced Fund Mixed Asset MYR Flexible – Malaysia Provident Funds Over 10 Years Kenanga Managed Growth Fund Mixed Asset MYR Balanced – Malaysia Islamic Funds Awards Over 10 Years Kenanga SyariahEXTRA Fund LSEG Lipper Fund Awards 2025 Sector Equity – Malaysia Focused Kenanga Growth Fund Series 2 FSMOne Recommended Unit Trust Awards 2024/2025 Special Award – Thought Leadership Eq8 Capital Sdn Bhd Bursa Excellence Awards 2024 Best Malaysia Large-Cap Equity Fund Kenanga Blue Chip Fund Morningstar Awards 2025 Financial Planning Educational Impact and Outreach in Malaysia Kenanga Investors Berhad MFPC Excellence in Financial Planning Advancement Award Brand of the Year – Wealth Management & Investment Solutions Kenanga Investors Berhad The BrandLaureate BestBrands Awards 2024 KENANGA FUTURES SDN BHD Future & Options World Asia Pacific Awards 2024 Azila Abdul Aziz, Chief Executive Officer/ Executive Director & Head of Listed Derivatives – Chief Executive of the Year CME Retail Broker Appreciation Dinner 2024 • Futures & Options Nurturer • Broker Program Key Partner OUR NOTABLE RECOGNITIONS IN 2024 CORPORATE STRUCTURE Kenanga Investment Bank Berhad Registration No. 197301002193 (15678-H) 100% Kenanga Capital Sdn Bhd Registration No. 199701024604 (440102-V) 20% Kenanga Capital Islamic Sdn Bhd Registration No. 201101010778 (938908-X) 100% Kenanga Private Equity Sdn Bhd Registration No. 199701007563 (423059-P) 100% Kenanga Management & Services Sdn Bhd Registration No. 198001007478 (61262-V) 100% Kenanga Nominees (Tempatan) Sdn Bhd Registration No. 197301003326 (16778-M) 100% Kenanga Nominees (Asing) Sdn Bhd Registration No. 199301025305 (280043-U) ECML Berhad Registration No. 193001000016 (682-X) 100% 100% Kenanga Digital Sdn Bhd Registration No. 193801000015 (938-T) 29.6% Al Wasatah Al Maliah Company (Incorporated in the Kingdom of Saudi Arabia) Registration No. 1010241832 100% K & N Kenanga Holdings Berhad Registration No. 199401017181 (302859-X) 50% Rakuten Trade Sdn Bhd Registration No. 199301011963 (266701-P) 100% Avenue Kestrel Sdn Bhd Registration No. 198301001914 (97150-A) 19% Tokenize Technology (M) Sdn Bhd Registration No. 201801010657 (1272672-M) 100% Kenanga Futures Sdn Bhd Registration No. 199501024398 (353603-X) 100% SSSB Management Services Sdn Bhd Registration No. 199101009010 (219322-W) 100% Rakuten Trade Singapore Pte Ltd (Incorporated in Singapore) Registration No. 201433886E 100% Kenanga Investors Berhad Registration No. 199501024358 (353563-P) 100% Eq8 Capital Sdn Bhd Registration No. 200701034939 (792968-D) 100% KUT Nominees (Asing) Sdn Bhd Registration No. 200201001939 (569602-K) 100% KUT Nominees (Tempatan) Sdn Bhd Registration No. 200201001942 (569605-D) 100% Kenanga Islamic Investors Berhad Registration No. 199701036457 (451957-D) Kenanga Trustees Berhad Registration No. 200301017657 (620077-K) Note: All the above companies are incorporated in Malaysia, except for Al Wasatah Al Maliah Company and Rakuten Trade Singapore Pte Ltd 20% 20% 20% 20% 20% Bursa Excellence Awards 2024 • Best Overall Derivatives Trading Participant (Champion) • Best Institutional Derivatives Trading Participant (Champion) • Best Trading Participant: Commodity Derivatives (Champion) • Best Trading Participant: Equity & Financial Derivatives (Champion)

9 WE ARE KENANGA OUR SUSTAINABILITY APPROACH LEADERSHIP STATEMENT HOW WE ARE GOVERNED FINANCIAL STATEMENTS SHAREHOLDERS’ INFORMATION ADDITIONAL INFORMATION OUR VALUE CREATION APPROACH KENANGA INVESTMENT BANK BERHAD INTEGRATED ANNUAL REPORT 2024 8 CORPORATE INFORMATION YAM TAN SRI DATO’ SERI SYED ZAINOL ANWAR IBNI SYED PUTRA JAMALULLAIL (“YAM Tan Sri Dato’ Seri Syed Anwar Jamalullail”) Chairman/ Independent Non-Executive Director ISMAIL HARITH MERICAN Non-Independent Non-Executive Director KANAGARAJ LORENZ Independent Non-Executive Director LUK WAI HONG, WILLIAM Non-Independent Non-Executive Director CHOY KHAI CHOON Non-Independent Non-Executive Director JEREMY NASRULHAQ Senior Independent Non-Executive Director CHIN SIEW SIEW Independent Non-Executive Director NORAZIAN AHMAD TAJUDDIN Independent Non-Executive Director ANGELINE-ONG SU MING Independent Non-Executive Director JEREMY NASRULHAQ Chairman CHIN SIEW SIEW Chairman • Kanagaraj Lorenz • Norazian Ahmad Tajuddin Members NORAZIAN AHMAD TAJUDDIN Chairman • Luk Wai Hong, William • Kanagaraj Lorenz • Choy Khai Choon • Angeline-Ong Su Ming Members DR. GHAZALI JAAPAR Chairman • Dr. Mohammad Firdaus Mohammad Hatta • Dr. Fadillah Mansor Members CHIN SIEW SIEW Chairman • Jeremy Nasrulhaq • Ismail Harith Merican • Norazian Ahmad Tajuddin • Choy Khai Choon Members KANAGARAJ LORENZ Chairman • Luk Wai Hong, William • Jeremy Nasrulhaq • Choy Khai Choon • Chin Siew Siew Members • Norazian Ahmad Tajuddin • Jeremy Nasrulhaq Members GROUP GOVERNANCE, NOMINATION & COMPENSATION COMMITTEE GROUP BOARD DIGITAL INNOVATION & TECHNOLOGY COMMITTEE BOARD OF DIRECTORS AUDIT COMMITTEE GROUP BOARD RISK COMMITTEE SHARIAH COMMITTEE EMPLOYEES’ SHARE SCHEME COMMITTEE DATUK CHAY WAI LEONG Group Managing Director Kenanga Investment Bank Berhad DATUK LEE KOK KHEE Executive Director, Head of Group Equity Business Kenanga Investment Bank Berhad DATUK ROSLAN HJ TIK Executive Director, Head of Group Investment Banking and Islamic Banking Kenanga Investment Bank Berhad DATUK WIRA ISMITZ MATTHEW DE ALWIS Chief Executive Officer/ Executive Director Kenanga Investors Berhad CYNTHIA WOON CHENG YEE Head of Group Treasury Kenanga Investment Bank Berhad AZILA ABDUL AZIZ Chief Executive Officer/ Executive Director and Head of Listed Derivatives Kenanga Futures Sdn Bhd CHEONG BOON KAK Group Chief Financial and Operations Officer Kenanga Investment Bank Berhad MAHESWARI KANNIAH Group Chief Regulatory and Compliance Officer Kenanga Investment Bank Berhad NIK HASNIZA NIK IBRAHIM Group Chief Human Resource Officer Kenanga Investment Bank Berhad TAI YAN FEE Group Chief Risk Officer Kenanga Investment Bank Berhad WOO KING HUAT Chief Credit Officer Kenanga Investment Bank Berhad VAITHIYANATHAN MADAVAN Chief Operations Officer Kenanga Investment Bank Berhad LOW JIA YEE Chief Technology Officer Kenanga Investment Bank Berhad GROUP EXECUTIVE COMMITTEE JEREMY NASRULHAQ Email: jeremyn@kenanga.com.my SENIOR INDEPENDENT NON-EXECUTIVE DIRECTOR NORLIZA ABD SAMAD (CCM PC NO.: 201908002139) (MAICSA 7011089) GROUP COMPANY SECRETARY KENANGA INVESTMENT BANK BERHAD Registration Number: 197301002193 (15678-H) Level 17, Kenanga Tower 237, Jalan Tun Razak 50400 Kuala Lumpur Wilayah Persekutuan Malaysia Tel : +603-2172 2888 Fax : +603-2172 2999 URL : https://www.kenanga.com.my E-mail : kenanga@kenanga.com.my REGISTERED OFFICE BOARDROOM SHARE REGISTRARS SDN BHD Registration Number: 199601006647 (378993-D) 11th Floor, Menara Symphony No. 5, Jalan Prof. Khoo Kay Kim Seksyen 13 46200 Petaling Jaya Selangor Darul Ehsan Malaysia Tel : +603-7890 4700 Fax : +603-7890 4670 E-mail : BSR.Helpdesk@boardroomlimited.com Website : https://www.boardroomlimited.com SHARE REGISTRAR ERNST & YOUNG PLT (202006000003 (LLP0022760-LCA) & AF 0039) Chartered Accountants Level 23A, Menara Milenium Jalan Damanlela Pusat Bandar Damansara 50490 Kuala Lumpur Wilayah Persekutuan Malaysia AUDITORS BURSA MALAYSIA SECURITIES BERHAD Main Market: Financial Services Stock Name: KENANGA Stock Code: 6483 Listing Date: 2 November 2016 STOCK EXCHANGE LISTING AmBank (M) Berhad CIMB Bank Berhad Malayan Banking Berhad RHB Bank Berhad PRINCIPAL BANKERS Standard Chartered Bank (Malaysia) Berhad Public Bank Berhad Citibank Berhad CORPORATE INFORMATION

KENANGA INVESTMENT BANK BERHAD INTEGRATED ANNUAL REPORT 2024 WE ARE KENANGA OUR SUSTAINABILITY APPROACH LEADERSHIP STATEMENT HOW WE ARE GOVERNED FINANCIAL STATEMENTS SHAREHOLDERS’ INFORMATION ADDITIONAL INFORMATION OUR VALUE CREATION APPROACH 13 12 CHAIRMAN’S MESSAGE CHAIRMAN’S MESSAGE Our efforts to promote DEI was further acknowledged at The Star ESG Positive Impact Awards 2023, where we received industry recognition for our initiatives. This accolade underscores the tangible impact of our initiatives, including being a signatory of the UN Women’s Empowerment Principles (WEPs) since 2023 and our continued adherence to these principles. Our strategic partnerships with organisations such as LeadWomen to enhance female representation, along with various internal campaigns to foster inclusivity, are pivotal in shaping a culture that celebrates diversity. Beyond gender, we also work to foster age diversity, embrace diverse cultural backgrounds, and leverage a broad range of expertise and experiences to fortify our organisation for the future, while creating pathways for everyone to thrive. Investing in People and Communities At Kenanga Group, we recognise that our people and the communities we serve are the cornerstone of our success. Our 2024 initiatives were designed not only to empower our employees but to also create-lasting, positive change in society. Employee well-being remains a priority, and this year we introduced Employee Health Day—a holistic approach to promoting mental, physical, and emotional health. This initiative is a reflection of our belief that a healthy, engaged workforce is the foundation of a resilient business. By creating an environment where employees can thrive personally and professionally, we are ensuring they have the tools to contribute meaningfully to the Group’s long-term objectives. Beyond health, we also deepened our commitment to inclusivity. The Empathy Workshop, held in collaboration with Dialogue Includes All, a social enterprise dedicated to bridging the gap between abled and disabled communities, empowered employees to better understand the challenges faced by marginalised groups. By engaging directly with issues like visual impairment, employees gained critical insights while contributing to a more compassionate and diverse corporate culture. Additionally, we continued our steadfast support for Silent Teddies Bakery, a social enterprise run by hearing-impaired youth. This year, our employees volunteered in refurbishing the bakery’s space, which will soon reopen as a fully functional café. By providing both financial support and hands-on assistance, we are helping to empower a group that represents the intersection of social responsibility and entrepreneurial spirit. Furthermore, our community outreach efforts also included direct support to thousands of individuals, offering aid, educational resources, and opportunities to those in need, reflecting our commitment to creating a positive, lasting impact both within and beyond our organisation. Outlook As we look to 2025 and beyond, Kenanga Group remains steadfast in our commitment to executing our strategic vision, which is grounded in innovation, sustainability, and operational excellence. We recognise that the global landscape continues to evolve, with economic uncertainties, geopolitical tensions, and ongoing market disruptions. However, our proactive approach to governance, stakeholder engagement, and continuous adaptation positions us to navigate these challenges effectively. Looking ahead, we will continue to focus on strengthening our core capabilities, further embedding sustainability into our business practices, and building resilience in our operations. While headwinds may persist, we are confident that the investments we have made in technology, talent, and governance will enable us to seize emerging opportunities and continue to drive value for our stakeholders. Board Movement We are delighted to welcome Ms. Angeline-Ong Su Ming, who joined our Board in June 2024. With over two (2) decades of experience in wholesale banking, including expertise in corporate finance, market risk management, derivatives sales and structuring, and liquidity solutions, she brings invaluable knowledge and perspective to the Board. Her leadership roles in both local and regional markets, coupled with her strong academic credentials, position her to make significant contributions to the Group’s strategic direction, and we look forward to benefiting from her insights as we continue to grow and deliver value to our stakeholders. Acknowledgements On behalf of the Board of Directors, I extend my deepest gratitude to our Founder Emeritus and Adviser, YM Tan Sri Dato’ Paduka Tengku Noor Zakiah Tengku Ismail, whose vision and leadership continue to inspire our journey. I also thank my fellow Board members for their guidance and dedication throughout the year. To our Management team and employees, your dedication, and unwavering commitment to excellence have been key to our continued success. Your collective efforts, resilience, and adaptability in the face of evolving challenges have enabled us to make meaningful progress toward our goals. It is your passion and hard work that drive Kenanga Group forward, and for that, I am truly grateful. To our esteemed clients, business partners, suppliers and shareholders, thank you for your continued trust and confidence in us. Your support strengthens our resolve to deliver sustainable value and achieve our shared aspirations. I also extend my gratitude to our regulators, including Bank Negara Malaysia, Bursa Malaysia Berhad and the Securities Commission Malaysia, for their steadfast guidance and collaboration. Together, we will continue to chart a course for Kenanga Group that embraces innovation, sustainability, and growth. TAN SRI DATO’ SERI SYED ANWAR JAMALULLAIL CHAIRMAN

KENANGA INVESTMENT BANK BERHAD INTEGRATED ANNUAL REPORT 2024 WE ARE KENANGA OUR SUSTAINABILITY APPROACH LEADERSHIP STATEMENT HOW WE ARE GOVERNED FINANCIAL STATEMENTS SHAREHOLDERS’ INFORMATION ADDITIONAL INFORMATION OUR VALUE CREATION APPROACH 15 14 GROUP MANAGING DIRECTOR’S MANAGEMENT, DISCUSSION AND ANALYSIS GROUP MANAGING DIRECTOR’S MANAGEMENT, DISCUSSION AND ANALYSIS The year 2024 was a testament to the resilience, adaptability, and forward momentum of Kenanga Investment Bank Berhad (“Kenanga” or “KIBB” or “the Company”) and its Group of Companies (“Kenanga Group” or “the Group”). DEAR SHAREHOLDERS, In a rapidly evolving market landscape, we remained steadfast in our commitment to delivering value, achieving key milestones that reinforced our ability to navigate complexity while positioning ourselves for continued growth. Each of our core business pillars—Stockbroking, Investment Banking, Asset and Wealth Management, and Listed Derivatives— played a vital role in driving our performance and strengthening our foundation for the future. Global and domestic markets faced significant headwinds throughout the year. Inflationary pressures, geopolitical tensions, and shifting monetary policies contributed to heightened market volatility. Central banks, particularly in developed economies, walked a fine line between controlling inflation and supporting economic growth. The US Federal Reserve’s interest rate decisions shaped capital flows worldwide, while trade uncertainties— including US-China relations and regional conflicts—added layers of unpredictability to the global economic landscape. In Malaysia, despite these challenges, the economy demonstrated remarkable strength. Gross Domestic Product (“GDP”) grew 5.1%, supported by strong domestic demand, higher investment and steady exports in key sectors such as electronics and palm oil. Government policies, including subsidies and price controls, helped contain inflation at a manageable 1.8%, while unemployment fell to a record low of 3.1% at the end of 2024, signalling a stable job market. However, currency fluctuations and intensifying competition in core industries mirrored broader regional trends. In this environment, Kenanga Group continued to build on its momentum, leveraging both our robust business strategies and the resilience of our people to deliver exceptional performance. We have made notable strides in multiple DATUK CHAY WAI LEONG Group Managing Director Revenue RM1.0 billion Operating Profit RM155.5 million Profit Before Tax RM117.2 million Dividend Declared 8.0 sen SEGMENTAL REVIEW Stockbroking Listed Derivatives Business Page 18 Page 18 Page 19 Page 20 Investment Banking Asset and Wealth Management fronts—digital transformation, sustainability, and product innovation. As we lay the groundwork for our next phase of growth, our forward-thinking approach positions us to continue contributing to the future of financial services. Overview Amidst a volatile market landscape in 2024, I am pleased to report that Kenanga Group delivered one of our strongest financial performances to date. For the Financial Year Ended 31 December 2024 (“FY2024”), we achieved record-breaking results, with Revenue reaching RM1.0 billion and Operating Profit surging to RM155.5 million—the highest in a decade. Profit Before Tax (“PBT”) climbed to RM117.2 million, while Net Profit stood at RM95.8 million. This result was driven by a significant revaluation gain on strategic investments through our Private Equity arm, along with the outstanding performance of our Listed Derivatives subsidiary, recording a 44% increase in contract volume and delivering its strongest performance in ten (10) years. The momentum was reinforced by the resilience of our Stockbroking division, which defended its retail market share of 25.3% amid heightened market volatility and intensifying competition, as well as the strength of our Investment Banking division, capitalising on a vibrant capital markets environment marked by renewed investor confidence, increased dealmaking activity, and stronger liquidity flows. Our Asset and Wealth Management arm, Kenanga Investors Group, further solidified its position as one of Malaysia’s top asset managers, expanding its product suite and leveraging its fast-growing agency force. Assets Under Administration grew to RM23.5 billion despite challenging market conditions. Each of these businesses plays a distinct and indispensable role in Kenanga’s ecosystem— like interlocking pieces of a larger puzzle. It is this synergy, built over decades, that has allowed us to demonstrate a diversified earnings base, weather market cycles, seize opportunities, and consistently create longterm value for our shareholders. This same spirit of collaboration and solidarity, allowed us to clinch the overall Champion title at the Malaysian Investment Banking Key Highlights from 2024

KENANGA INVESTMENT BANK BERHAD INTEGRATED ANNUAL REPORT 2024 WE ARE KENANGA OUR SUSTAINABILITY APPROACH LEADERSHIP STATEMENT HOW WE ARE GOVERNED FINANCIAL STATEMENTS SHAREHOLDERS’ INFORMATION ADDITIONAL INFORMATION OUR VALUE CREATION APPROACH 17 16 GROUP MANAGING DIRECTOR’S MANAGEMENT, DISCUSSION AND ANALYSIS GROUP MANAGING DIRECTOR’S MANAGEMENT, DISCUSSION AND ANALYSIS Association Annual Games 2024, a first for us. Competing against our industry peers, this victory is more than just a sporting achievement—it exemplified the same competitive drive, teamwork, and discipline that define our organisation. We are incredibly proud of our employees, whose excellence—both on and off the field— embodies the commitment that drives our success. I would like to take this opportunity to express my sincere gratitude to our shareholders, employees, clients, and regulators for their unwavering support throughout the year. It is through your trust and collaboration that we have been able to achieve our goals and continue to evolve in line with our long-term vision. Together, we will navigate the opportunities and challenges ahead, striving for excellence in all that we do. Advancing Our Digital Ecosystem A key milestone in our digitalisation journey was the launch of KDi GO in 2024—an all-in-one Wealth SuperApp designed to revolutionise how individuals engage with their finances. More than just a platform, KDi GO represents our vision of democratising access to wealth management, breaking down traditional barriers to financial services, and fostering greater financial inclusion. For the first time, investors can seamlessly access a full spectrum of financial solutions—from AI-driven robo-advisory tools to retail payments and money remittance—all within a single, intuitive application. By integrating equities, cash management, roboadvisory, and even alternative assets such as cryptocurrencies, KDi GO empowers users to take control of their financial future with ease and confidence. Looking ahead, Phase 2 of KDi GO will introduce advanced AI-driven personalisation, refining the user experience and deepening customer engagement. This next evolution of the platform will harness data-driven intelligence to offer tailored investment strategies, intuitive financial planning tools, and an even more seamless digital experience. With KDi GO, we are not just building a platform—we are shaping the future of finance. Our commitment remains clear: to make investing smarter, financial management simpler, and wealth creation accessible to all. Beyond the SuperApp, we continued to push the boundaries of digital innovation, empowering both clients and intermediaries. In 2024, we introduced significant enhancements to the Remisier portal, ensuring our remisiers have the tools needed to thrive in an increasingly digital and fast-moving landscape. With the largest network of remisiers in Malaysia, we remain dedicated to equipping our business partners with cutting-edge solutions that enable them to better serve clients and stay competitive in a fastevolving market. Another key milestone in 2024 was the successful consolidation of our customer database, a pivotal step in enhancing data intelligence, streamlining data management and deepening our insights into client behaviour and market trends. This integration augments our ability to deliver hyper-personalised, targeted engagement, optimise service delivery, and create seamless digital experiences that resonate with client needs. This initiative is instrumental in shaping the next phase of our digital journey, enabling a fundamental shift toward a more agile, and customercentric digital ecosystem. From the launch of KDi GO to the transformation of the Remisier portal, and the strengthening of our data ecosystem, we are laying the groundwork for a future where finance is more accessible and seamless. As the industry evolves, our commitment remains steadfast: to lead with innovation, drive financial inclusion, and redefine how Malaysians engage with financial services. Commitment to Sustainability In 2024, we continued to advance our sustainability agenda, focusing on delivering meaningful and measurable impact. A landmark achievement was the launch of the world’s first Waqffeatured exchange-traded fund (“ETF”), uniquely integrating financial returns with social impact. Beyond product innovation, we have also made significant strides with the development of a Decarbonisation Roadmap—a comprehensive framework to guide our transition to low-carbon economy. Part of our efforts was the establishment of a baseline for Scope 3 emissions from our investment activities, providing the critical foundation needed to manage climate-related risks and align with evolving regulatory and investor expectations on responsible investing. At the operational level, we took tangible steps to reduce our emissions. The adoption of the Green Electricity Tariff enabled over 90% of Kenanga Tower’s electricity to be sourced from renewable energy, reinforcing our commitment to sustainability while supporting Malaysia’s broader decarbonisation goals. These efforts, alongside our commitment to sustainability and responsible business practices were reaffirmed as Kenanga Group maintained its place on the FTSE4Good Bursa Malaysia Index, ranking in the 92nd percentile among Malaysian public listed companies. Our progress was further reinforced by multiple prestigious accolades. At the Euromoney Securities Houses Awards 2024, Kenanga was named Best Securities House for ESG in Malaysia. Our commitment to fostering a purpose-driven corporate culture was recognised at the United Nations Global Compact MalaysiaBrunei Forward Faster Sustainability Awards 2024, where we received the Sustainability Awareness and Employee Engagement Award. Kenanga Investors Group continued to lead in impact investing, earning the titles of Malaysia’s Best Impact Investing Manager and Best Impact Investing Manager in ASEAN at the Asia Asset Management 2025 Best of the Best Awards. The firm was also awarded the Malaysia Best ESG Engagement Initiative title. Kenanga Group was also honoured at the prestigious National Corporate Governance and Sustainability Awards 2024, organised by the Minority Shareholder Watchdog Group. We were awarded the Top 20 Overall Excellence Award and the Niche Cap Excellence Award, placing us among the Top 20 out of 854 Malaysian public listed companies. As a financial institution, governance is more than just compliance—it is the foundation of trust, resilience, and longterm value creation. In an industry where fiduciary responsibility and risk management are paramount, these awards underscore the rigour of our governance framework, the strength of our risk controls, and our commitment to transparency and accountability. They validate the principles that have guided Kenanga for over five decades: acting in the best interests of our stakeholders, upholding the highest ethical standards, and ensuring responsible stewardship of our corporation. Beyond payments, we continued to invest in high-impact digital businesses that align with the Group’s long-term strategy. In 2024, we made a strategic investment in Helicap Pte Ltd (“Helicap”), a leading Singapore-based fintech firm, through a fund managed by Kenanga Investors Group. Collectively, we have taken an 8% stake in Helicap, with plans to further increase our stake to approximately 10% in the near future, making us the largest institutional investor in the company. This partnership broadens our regional footprint, providing access to Helicap’s extensive investor network and opening new opportunities in offshore capital, co-origination, and syndication efforts across Malaysia and Singapore. As we accelerate our expansion in digital finance, our focus remains on driving innovation, strengthening market relevance, and unlocking new avenues for growth. Through strategic investments and technology-driven partnerships, we are reinforcing Kenanga’s role as a key player in this region’s evolving financial landscape. Financial Position As at 31 December 2024, the Group and Company maintained strong Total Capital Ratios of 23.0% and 24.7%, respectively, well above Bank Negara Malaysia’s minimum regulatory requirement of 10.5%, which includes a capital conservation buffer of 2.5% if imposed. Our liquidity position remained robust, with a Liquidity Coverage Ratio of 185.4%, exceeding the 100% regulatory threshold, while our Net Stable Funding Ratio stood at 111.3%, also surpassing the mandatory minimum. The Group sustained its A+ and MARC-1 ratings from the Malaysian Rating Corporation Berhad (“MARC”), with a positive long-term rating outlook, reflecting our ongoing efforts to strengthen financial resilience and maintain our standing in the market. Additionally, our subsidiaries, Kenanga Investors Berhad and Kenanga Islamic Investors Berhad, retained their MARC IMR-2 ratings, underscoring our disciplined investment processes and sound risk management practices. Corporate Highlights In 2024, we increased our equity stake in Merchantrade Asia Sdn Bhd (“Merchantrade”)—Malaysia’s largest Money Services Business operator—from 4.7% to 19.9%, making Kenanga its second-largest shareholder. This strategic move deepens our foothold in the digital payments space, leveraging Merchantrade’s platform to drive co-development of innovative products, such as the Kenanga Money e-wallet, one of the core offerings available on the KDi Go Wealth SuperApp. For a more detailed account of our sustainability efforts, please refer to our Sustainability Report 2024.

KENANGA INVESTMENT BANK BERHAD INTEGRATED ANNUAL REPORT 2024 WE ARE KENANGA OUR SUSTAINABILITY APPROACH LEADERSHIP STATEMENT HOW WE ARE GOVERNED FINANCIAL STATEMENTS SHAREHOLDERS’ INFORMATION ADDITIONAL INFORMATION OUR VALUE CREATION APPROACH 19 18 The Group’s Stockbroking division demonstrated strength in 2024, navigating periods of heightened market volatility, including the January market sell-off and the sharp fluctuations in Hong Kong equities in October. Despite these challenges, the division performed commendably, supported by strong recovery efforts and disciplined cost management, enabling it to adapt and maintain stability throughout the year. While credit losses were incurred due to these market events, effective recovery measures and disciplined cost controls allowed the division to achieve a PBT of RM15.4 million in 2024, compared to RM16.1 million in the previous year. It also maintained an overall market share of 9.6%, with a 25.3% share in the retail segment, reinforcing its position as a key player in Malaysia’s brokerage industry despite increasing competition from new entrants. The Equity Derivatives business delivered a strong performance, maintaining its leadership as the largest issuer of warrants in Malaysia and holding the highest market share in warrant participation. Demand for Over-the-Counter solutions, particularly among corporate clients, also increased significantly, broadening the division’s product offerings. Its success in this space was recognised with multiple accolades from regional financial organisations such as Most Innovative Use of Technology – NagaWarrants By Kenanga by FinanceAsia Awards 2024, and Best Use of Social Media – Bronze by The Loyalty & Engagement The Group’s Asset and Wealth Management (“GAWM”) arm comprises Kenanga Investors Group (“KIG”), which includes Kenanga Investors Berhad (“KIB”), Kenanga Islamic Investors Berhad (“KIIB”), Eq8 Capital Sdn Bhd (“Eq8 Capital”), and the newly established Kenanga Trustees Berhad (“KTB”). Complementing KIG is the KIBB Digital Investment Management arm, and together they form the GAWM division. In 2024, GAWM reported a PBT of RM47.0 million, compared to RM58.7 million in the previous year. The results reflect provisions incurred during the year, as well as the company capitalising on shifts in market sentiment, implementing strategic initiatives to support future growth and strengthen business resilience. GAWM remains focused on expanding its distribution reach, new market segments and a comprehensive suite of offerings encompassing conventional collective investment schemes, robo-advisory services, portfolio management, and a spectrum of alternative investments. Through these capabilities, GAWM is able to diversify and grow its client base, catering to mass-retail, middle-high-income, and ultra-high-net-worth investors locally and regionally. Building on this foundation, KIG has prioritised innovation, introducing new investment solutions to meet evolving investor needs. During the year, KIG launched the Kenanga Alternative Series, a suite of funds designed to address investors’ evolving needs while capitalising on emerging opportunities in dynamic market segments. As part of this launch, the Kenanga Alternative Series: Income Opportunities Fund was introduced, aiming to generate stable and attractive returns by investing in an openended Asian private credit fund specialising in the alternative lending sector managed by Helicap, a leader in alternative lending. Kenanga Group’s Investment Banking division delivered a solid performance in 2024, with PBT rising to RM6.2 million from RM5.7 million in the previous year. Despite impact of provisions, the division demonstrated its ability to navigate complex market conditions, capitalising on strategic advisory mandates and well-structured transactions. The Corporate Finance and Equity Capital Markets (“ECM”) teams successfully executed a series of Initial Public Offerings (“IPO”) across diverse industries, reinforcing its position as a key player in Malaysia’s capital market. Notable transactions included the listing of Well Chip Group Berhad, marking Malaysia’s third successful pawnbroking IPO, and Kucingko Berhad, the country’s first public listed animation company. The division also served as Principal Adviser, Sponsor, Underwriter, and Placement Agent for Vetece Holdings Berhad, as well as played a critical role in the successful transition of Supreme Consolidated Resources Berhad from the LEAP Market to the ACE Market. In addition, the ECM team acted as the Joint Underwriter and Joint Placement Agent for MKH Oil Palm (East Kalimantan) Berhad’s IPO exercise. Beyond IPOs, the division further strengthened its position as a trusted advisor in advisory transactions as well as in fundraising, supporting transactions such as the mandatory takeover of Ranhill Utilities Berhad by SIPP Power Sdn Bhd, a subsidiary of YTL Power International Berhad. It was also the independent advisor to Icon Offshore Berhad on its acquisition of maritime assets. Its ability to deliver tailored financing solutions was demonstrated in Magma Group Berhad’s RM100 million redeemable convertible notes issuance, designed to enhance its capital structure. In Debt Capital Markets, the division facilitated several landmark Sukuk issuances, including Prasarana Malaysia Berhad’s RM1.4 billion Sukuk under its RM17 billion Sukuk Murabahah BUSINESS SEGMENTAL REVIEW Stockbroking Asset and Wealth Management Investment Banking Awards 2024, further solidifying its leadership in the sector. Complementing the division’s performance, Rakuten Trade Sdn Bhd, the Group’s joint venture partnership with Rakuten Securities Inc., sustained its growth trajectory with Assets Under Administration reaching RM4.6 billion by December 2024—a 12% year-on-year increase. It also maintained a 5.5% share of the retail market, reinforcing its role in Malaysia’s digital investment landscape. Its contribution to fintech-driven investing were recognised with the DigiTech Awards 2024 for Fintech-Digital Investments & Trading Solutions, underscoring its impact on the evolution of online trading solutions. The division’s commitment to excellence was also recognised when it received the Best Retail Equities Participating Organisation (Investment Bank) (Champion), Best Structured Warrants Issuer (Equity Warrants) (Champion) and Best Structured Warrants Issuer (Index Warrants) (Champion) awards from Bursa Malaysia, reflecting its consistent industry leadership. Building on this momentum, the division remains focused on strengthening its retail presence by introducing innovative investment solutions, such as algorithmic trading platforms. Enhanced marketing strategies will continue to drive product awareness and engagement, further solidifying its market leadership in a competitive brokerage landscape. Programme, which was oversubscribed by 1.8 times. It also managed Berjaya Yokohama Sdn Bhd’s RM1 billion Sukuk programme for overseas expansion and structured financing solutions such as the RM100 million Wira Pertiwi Sdn Bhd’s Sukuk programme, backed by Istana Negara’s facilities management concession, and the RM200 million asset-backed securities programme under Qiradh Capital Sdn Bhd. Its Islamic Markets team further strengthened its leadership in Shariahcompliant finance, advising on Islamic funds and integrating ESG principles into Islamic investment frameworks. On the Corporate Banking front, the division’s loan book grew to RM707.2 million by year-end. Despite compressed net interest margins due to competitive funding costs, it remained focused on structuring tailored financial solutions to meet client needs. Furthermore, Group Treasury delivered an exceptional turnaround, achieving a PBT of RM3.7 million, a sharp recovery from the RM1.8 million loss recorded the previous year. This was driven by stronger trading income and improved profitability from the foreign exchange business. Fixed income securities business also performed well, supported by Bank Negara Malaysia’s accommodative stance and stable Overnight Policy Rate (“OPR”). Moving forward, Group Treasury will continue diversifying its product portfolio and refining its strategy to build a more consistent and stable income stream. With a strong foundation across Corporate Finance, Debt Capital Markets, Corporate Banking, and Treasury, the division remains focused on delivering innovative financial solutions, deepening client relationships, and strengthening Malaysia’s capital markets with agility and expertise. Another key addition was the Kenanga Alternative Series: Islamic Global Responsible Strategies Fund, which provides exposure to Shariah-compliant global equities by leveraging AI-driven investment strategies. Meanwhile, the Kenanga Alternative Series: Strategic (SEA) Fund was introduced as a close-ended fund, to provide capital growth to high-net-worth investors over the medium term. The fund will invest regionally in equities and equityrelated securities of companies that have established leadership positions in the financial technology space and are on a path towards readiness for an IPO or merger and acquisition event. KIG also continued to expand its presence in the ETF market through Eq8 Capital, which unveiled a new corporate identity and enhanced access to EQ8US50, its best-performing ETF. A major milestone was the listing of the world’s first Waqf-featured ETF, the Eq8 FTSE Malaysia Enhanced Dividend Waqf ETF, on Bursa Malaysia, reflecting its commitment to innovation in socially responsible investing. The Waqf ETF aims to distribute income annually with half of the income distribution to be allocated as Waqf assets and the remaining half payable to unitholders. In recognition of its efforts, Eq8 Capital clinched the Special Award – Thought Leadership at the Bursa Malaysia Excellence Awards 2024. In 2024, KIG expanded into legacy planning with the launch of KTB and its Kenanga Will Series, as well as Kenanga Wasiat Series, simplifying estate planning for clients across different financial backgrounds. Meanwhile, Private Client Advisory Service continued to offer tailored wealth management solutions for high-net-worth individuals, reinforcing KIG’s role as a trusted partner in succession and estate planning across different segments of the Malaysian population. GROUP MANAGING DIRECTOR’S MANAGEMENT, DISCUSSION AND ANALYSIS GROUP MANAGING DIRECTOR’S MANAGEMENT, DISCUSSION AND ANALYSIS

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