HUTCHISON PORT HOLDINGS TRUST 114 CORPORATE GOVERNANCE REPORT Audit Committee Principle 10 The AC comprised three Independent Non-executive Directors who possess recent and relevant business, accounting and/or fi nancial management experience and skills to understand fi nancial statements and contribute to the fi nancial governance, internal controls and risk management of HPH Trust. All AC members, including the AC chairperson, are non-executive and independent. It is currently chaired by Ms. Seah Bee Eng (alias Jennifer Loh) with Prof. Chan Fan-cheong, Tony and Ms. Im Man Ieng as members. The AC held four meetings in 2025 with 100% attendance. All members attended the AC meetings held in 2025. NAME OF MEMBER ATTENDED / ELIGIBLE TO ATTEND Ms. Seah Bee Eng (alias Jennifer Loh) (Chairperson) 4/4 Prof. Chan Fan-cheong, Tony 4/4 Ms. Im Man Ieng 4/4 In 2025, the AC performed the duties and responsibilities under its terms of reference and other duties of the Code, the BTA, the BTR and the SGX-ST Listing Manual. Acting in accordance with its terms of reference, throughout the year the AC oversees the relationship between the Trustee-Manager and its external auditor and external audit process, reviews the Group’s half-yearly and full-year results and fi nancial statements, and formal announcements relating to the Group’s fi nancial performance, oversees the Group’s internal control and risk management function, monitors compliance with statutory and the SGX-ST Listing Manual requirements, reviews the scope, extent and effectiveness of the activities of the Group’s internal audit function (including the adequacy and eff ectiveness of the Trust’s internal controls and risk management systems), and also oversees interested person transactions of the Group. Under its terms of reference, the AC is also required to report to the Board any inadequacies or defi ciencies or matters of concern within its terms of reference and engage independent legal and other advisers and perform investigations as it determines to be necessary. The AC reviews the adequacy, effectiveness, independence scope and results of the external auditors. The AC considers and makes recommendations to the Board on the appointment, re-appointment and removal of the external auditors, their remuneration and terms of engagement. The AC meets with the CEO and CFO and other senior management of the Group from time to time to review the assurance from the CEO and the CFO on the fi nancial records and fi nancial statements, the half-yearly and full-year results and fi nancial statements, and any formal fi nancial performance-related announcements and other fi nancial, internal control, corporate governance and risk management matters of the Group. It receives, considers and discusses the reports and presentations of the Management, the Group’s internal and external auditors, PricewaterhouseCoopers LLP (“PwC”), to ensure that the Group’s consolidated fi nancial statements are prepared in accordance with accounting principles generally accepted in Hong Kong and Singapore and comply with the applicable disclosure requirements of the BTA and the BTR, and for such internal control as the Directors determine is necessary to enable the preparation of fi nancial statements that are free from material misstatement, whether due to fraud or error. It also meets at least four times a year with PwC to consider their reports on the scope, strategy, progress and outcome of its independent review of the half-yearly fi nancial information, its annual audit of the consolidated fi nancial statements as well as to discuss other matters arising from their audit of the Group. In addition, the AC holds regular private meetings with PwC, the CFO and the internal auditor separately without the presence of the CEO and other Management. During these meetings, the following key audit matters as reported by the external auditor for the year ended 31 December 2025 were addressed as follows: Signifi cant Matters How the AC reviewed these matters Asset impairment The AC discussed with the Management on the approach, valuation methodology and key assumptions applied to the asset impairment assessment. The AC also discussed with the external auditor and took into consideration the audit procedures undertaken to address such matter. Revenue recognition The AC had discussion with the Management on tariffs applied and the adequacy and appropriateness of the revenue provision. They also discussed with the external auditor on their work performed, including their assessment of the key controls over revenue recognition.
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