and opportunities by including financial data aligned with the Taskforce for Climate-related Financial Disclosures (“TCFD”) framework. This year, we have enhanced the TCFD report by adding a qualitative scenario analysis to examine potential impacts under the Net-Zero Emissions by 2050 scenario and current policies scenario. Additionally, the United Nations Sustainable Development Goals (“UN SDGs”) highlight the Group’s contributions to sustainable growth. The report complies with Singapore Exchange Securities Trading Limited (“SGX-ST”) Listing Rules 711A and 711B. International Financial Reporting Standards Sustainability Disclosure Standards (“IFRS SDS”) are effective for annual reporting periods beginning on or after 1 January 2024. As announced by the Singapore Government on 28 February 2024, mandatory climate-related disclosures will be introduced in a phased approach. From FY2025, all listed issuers will be required to report and file annual climate-related disclosures, using requirements aligned with the International Sustainability Standards Board (“ISSB”) standards. Whilst the mandate in Singapore has not come into force, this report incorporates the climaterelated requirements of the IFRS SDS, where applicable. Where full alignment has not yet been achieved, transition relief has been applied, and efforts are underway to enhance our reporting capabilities. This early adoption ensures preparedness for upcoming changes in listing requirements related to ISSB-aligned climate reporting and future regulatory mandates. The Board of Directors (“Board”) has reviewed and approved the reported information, including the material topics. Reporting Scope This SR presents an overview of the Group, encompassing its Singapore headquarters and subsidiaries LPA and MOL in Norway and Oman respectively, where there is currently oil production. ESG performance data is not included for other operations, joint ventures, or partnerships where the Group does not maintain management and/or operational control. As for greenhouse gas (“GHG”) emissions, GHG emissions are reported in line with the GHG Protocol, with emissions data disclosed using the equity-share approach. The report excludes the Benin subsidiary Akrake, as production has not commenced at the Sèmè Field as of FY2024, and the German subsidiary, as ownership of the German assets became effective only from 1 January 2025. Restatements In FY2024, we have restated our Scope 2 GHG emissions for FY2023, reflecting updated calculations for both location-based and market-based methods. We have also restated our FY2023 water metrics to correct errors in unit conversions. Internal Review and External Assurance The Group has established internal controls and verification mechanisms to ensure the accuracy and reliability of the narratives and data disclosed within this SR. We have also considered the recommendations of an external ESG consultant for the selection of material topics as well as compliance with GRI Standards, SGX-ST Listing Rules, and alignment to TCFD recommendations. Under Rule 711B (3) of the SGX Listing Rules, the Group has subjected the sustainability reporting process to Internal Audit review. No material issues were identified through this review. The Board has assessed that external assurance is not required for the SR at this juncture. Forward-looking Statements This report includes certain “forward-looking statements” that represent Rex’s perspectives on future events, considering its current and anticipated sustainability strategies as well as the operating environment. These statements inherently involve risks, uncertainties, and assumptions, which may result in actual outcomes differing significantly from those expressed or implied in such forward-looking statements or financial information. Rex disclaims any obligation to publicly update or revise forward-looking statements to reflect changes in expectations, conditions, or circumstances. Availability & Feedback This report is available online at SGXNet and the Company's website www.rexih.com. Stakeholders may send their feedback on this SR to info@rexih.com. Annual Report 2024 6 2
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