VCPLUS LIMITED — Environmental & Social Information 2025

Apr 15, 2025

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Empowering Your Finance Journey S U S T A I N A B I L I T Y R E P O R T 2 0 2 4

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2 SUSTAINABILITY REPORT 2024 | VCPLUS LIMITED
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CONTENTS

• 02 04 05 06 14 18 27 30 31 34 35

ABOUT THIS REPORT

COMPANY BACKGROUND

VCPlus Limited (“ VCPlus ” or “the Company ”) was listed on the Catalist Board of the SGX-ST.

The businesses of the Company and its subsidiaries (collectively, the “ Group ”) currently comprise: -

• (i) The provision of advisory, consultancy and/or management services on the adoption of technology by small and medium enterprises offered by APEC Solutions Pte. Ltd. (the “ APEC Business ”); and

• (ii) The provision of custodian services for digital assets currently offered by Custody Plus Pte. Ltd. (the “ Digital Assets Business ”, collectively with the APEC Business known as the “ FinTech Business ”).

The diagram below depicts the group structure of the Group and its subsidiaries.

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Custody APEC
Plus Solutions
Pte. Ltd. Pte. Ltd.
CPlus
Clikz
Digital
Pte. Ltd.
Pte. Ltd.
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The Group’s operating companies comprise the Company (investment holding company) and APEC Solutions Pte. Ltd. ( APEC Solutions ”), while the other companies currently do not have any material operations. All employees of the Group are located in Singapore.

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SUSTAINABILITY REPORT 2024 | VCPLUS LIMITED

ABOUT THIS REPORT

OVERVIEW OF THE REPORT

This report summarises the Group’s performance, initiatives, and impact of its operations in key Environment, Social, and Governance (“ ESG ”) aspect of the Group for the period from 1 January 2024 to 31 December 2024 (“ FY2024 ”) (“ Sustainability Report 2024 ”).

The Sustainability Report 2024 covers data and information for FY2024 and has been prepared with reference to the following standards and disclosures:

• (i) Global Reporting Initiative (“ GRI ”) Standards

This Report has been prepared with reference to the GRI 2021 Universal Standards, an internationally recognised sustainability reporting framework that provides comprehensive guidance for businesses to communicate their impact on people and the planet in a common global language. The GRI Content Index included in the Sustainability Report 2024 indicates the location of all relevant disclosures within the Sustainability Report 2024. Please refer to Appendix B for the GRI content index.

• (ii) SGX Listing Rules 711A and 711B

This Report is issued pursuant to SGX Listing Rules 711A, 711B and Practice Note 7F of the SGX-ST Listing Manual Section B: Rules of Catalist (“ Catalist Rules ”), with the inclusion of the primary components in our annual sustainability reporting on a ‘comply or explain’ basis.

• (iii) Task Force on Climate-related Financial Disclosures (“ TCFD ”)

The Group currently is not materially exposed to climate-related risks or opportunities due to the nature of its business and we will monitor any emerging climate-related risks or opportunities as the Group’s business evolves. Please refer to Appendix C for the TCFD recommendations content index.

The Sustainability Report 2024 should also be read in conjunction with VCPlus’ annual report for FY2024 (“ Annual Report 2024 ”).

The data disclosed for the FY2023 average training hours per employee was restated to correct inaccuracies identified in the previous data collection process, resulting in an increase of 1 hour to a total of 14 hours.

ASSURANCE

VCPlus is bound by SGX requirement 711B, which states that the issuer’s sustainability reporting process must be subject to internal review. The issuer may additionally commission an independent external assurance on the sustainability report.

Internal reviews on the sustainability reporting process are incorporated as part of our internal audit review cycle and we will work towards external assurance for our future sustainability reports subjected to market trends and regulatory requirements.

FEEDBACK

As we progress and grow, the Group values any feedback from our stakeholders on how we can improve our sustainability reporting. Please send your feedback to enquiry@vcplus.sg.

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SUSTAINABILITY REPORT 2024 | VCPLUS LIMITED

BOARD STATEMENT

Dear Stakeholders,

On behalf of the Board of Directors, I am pleased to present the Company’s sustainability report for the financial year ended 31 December 2024. This report reflects our ongoing commitment to integrating ESG principles into our business strategy while strengthening our financial, organisational, social, and environmental resilience.

FY2024 marked our second full year operating as a financial technology (“ FinTech ”) and digital assets company. Despite a challenging global landscape, characterised by economic uncertainty, inflationary pressures, rising interest rates, and geopolitical tensions, VCPlus remained focused on driving innovation and sustainable growth. While our business model has a relatively low direct environmental footprint, we strongly believe that strong corporate governance along with responsible business practices is fundamental to long-term success. The Board is fully committed to embedding sustainability into our operations, ensuring we proactively monitor, manage, and address material ESG factors as they arise.

We are proud to share that in FY2024, we made meaningful progress in our sustainability efforts. Compared to FY2023, we successfully reduced our electricity consumption by 5%, water consumption by 54%, and carbon footprint by 6%.

Beyond environmental impact, we strengthened our social engagement by actively participating in industry and community engagements. VCPlus actively participated in the SMEICC 2024 roadshow, organised by the Singapore Chinese Chamber of Commerce & Industry (SCCCI) and the Employment and Employability Institute. This event brought together industry leaders and key government agencies and corporations, allowing us to exchange insights and explore opportunities for collaboration. Additionally, we hosted middle school students from Stamford American International School, offering them an interactive learning experience on digital marketing and digital assets, equipping the next generation with essential knowledge in the evolving digital economy.

This report outlines the initiatives we have undertaken to ensure a sustainable future that benefits our business, stakeholders, and the wider community.

We sincerely thank our stakeholders for their unwavering support in our sustainability journey, and we look forward to working together towards a more sustainable and innovative future.

On behalf of the Board of Directors,

Ms. Tang Zhengming

Executive Chairperson and Chief Executive Officer

15 April 2025

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SUSTAINABILITY GOVERNANCE STRUCTURE

VCPlus supports ethical and sustainable business practices leading to a healthy corporate culture. We recognise the importance of a strong sustainability governance structure. Our sustainability governance structure is as depicted below.

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Board of
Directors
Sustainability
Committee
Sustainability
Working Team
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Duties of the SC comprise: -

• (i) Review sustainability risks and opportunities and recommend changes as appropriate to the Company’s sustainability strategy and policy, considering the Company’s strategy, purpose and culture and ensuring standards of business behaviour are up to date and reflect the best business practices in this area. Ensure the required actions to implement this strategy are appropriately resourced by management.

• (ii) Assess the Company’s performance in implementing the sustainability strategy and policy and setting of sustainability action plans and targets, by receiving and considering updates from the Company’s businesses and internal and external experts. Prepare sustainability contents for the Annual Report and the annual Sustainability Report, and to ensure the completeness and accuracy of such contents in those reports.

The roles of each level of the structure are as follows:

BOARD

The Board of Directors (“ Board ”) considers sustainability issues in the Group’s business and strategy, and oversees the formation of strategies (including the management and monitoring of material sustainability factors) and their implementation.

• (iii) Monitor and review changes in the Company’s reputation and stakeholders’ sustainability expectations, and ensure the Board is kept appropriately informed.

• (iv) Bring best-practice thinking and ongoing awareness of global developments in sustainability.

SUSTAINABILITY COMMITTEE

SUSTAINABILITY WORKING TEAM

The Board has established the Sustainability Committee (“ SC ”) to assist in fulfilling its oversight responsibilities in relation to ESG matters relating to the Group as well as embedding sustainability practices into the businesses. The Board has approved the Terms of Reference, which are to be adopted by the SC. The SC shall review and reassess these Terms of Reference at appropriate intervals, and at least annually, and recommend proposed changes to the Board for approval. The SC consists of the head of each business unit and head of finance.

VCPlus’ sustainability working team is led by the Executive Chairperson and Chief Executive Officer, supported by the other members of the SC. Sustainability action plans and targets set by the SC will be shared with various heads of department for implementation and executions.

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SUSTAINABILITY REPORT 2024 | VCPLUS LIMITED

SUSTAINABILITY FRAMEWORK

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Reporting
Planning
and Scoping
Collection
of Data
Stakeholders
Engagement
Materiality
Assessment
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KEY STAKEHOLDERS’ ENGAGEMENT

VCPlus noted that different stakeholders are important to the Group to varying degrees. While some stakeholders can influence the actions of the Group, there are also others that have less influence on the Group and yet are impacted by the actions of the Group. VCPlus considers it to be important that the Group actively engage all stakeholders and receive feedback on the impacts or potential impacts of the Group’s actions.

Having assessed the stakeholders in terms of their impact on the Group as well as the impact or potential impacts upon the stakeholders by the actions of the Group, VCPlus identified the key stakeholders, the methods of engagement and addressed their concerns as tabulated below.

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Method of Engagement & Key Concerns addressed in
Stakeholder Key Concerns
Frequency the following sections
Government / Authorities • Meetings when necessary • Compliance with • Governance
/ Regulators / Municipals & • Correspondences regulations • Environmental
other Government Linked • Group’s Announcements • Anti-corruption
Bodies • Website • Governance
• Environmental impact
Throughout the year
Shareholders • General Meeting • Financial performance • Annual Report 2024
• Annual Reports • Economic performance
• Group’s Announcements • Business sustainability
• Website • Governance
Throughout the year
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SUSTAINABILITY REPORT 2024 | VCPLUS LIMITED

SUSTAINABILITY FRAMEWORK

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Method of Engagement & Key Concerns addressed in
Stakeholder Key Concerns
Frequency the following sections
Employees • Meetings, hybrid of • Professional development • Social
physical and online • Employee benefits and
meetings compensation
• Health and Safety • Work-life balance and
Activities company culture
• Correspondence • Workplace health and
safety
Throughout the year • Employee diversity
Customers /Business • Meetings, hybrid of • Pricing and quality of • Governance
Partners / Vendors physical and online products and services
meetings • Compliance with
• Communications through regulations
emails and phone calls • Increased market
• Events presence
• Website • Local & oversea
procurement with
Throughout the year quotation requests
• Environmental impact
Local Community • Corporate Social • Social outreach • Corporate Social
Responsibility (“CSR”) programmes and Responsibility
Activities activities Management
• Implementing CSR
Throughout the year programmes
• Encourage employee
volunteerism
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MATERIALITY ASSESSMENT

VCPlus, in the study and identification of the material topics, is guided by the GRI reporting framework and reflects the Group’s commitments. The interests of the stakeholders were considered along with the overall operations of the Group.

In this reporting period of FY2024, VCPlus performed a materiality review by analysing its business context, operating environment and the feedback received from the stakeholders to assess matters that have a material impact on the business. VCPlus determined the materiality of its sustainability topics based on the level of its impact on the environmental, social and governance aspects of its area of operation and surroundings.

The materiality assessment process is outlined below:

Identification

• The key stakeholder groups were identified and prioritised to ensure their interests and concerns are reflected in the relevant material matters.

• An inventory of matters was created based on internal and external sources of information to determine the sustainability context and common definitions were agreed on across stakeholders.

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SUSTAINABILITY FRAMEWORK

Rating and Prioritisation

• Material sustainability matters were shortlisted and prioritised according to the importance of each matter to key stakeholders and the Group.

Validation

• The material matters were presented to the senior management for their endorsement and were thereafter validated by the Board.

Due to the nature of the Group’s business as a provider of services, this report may cover aspects beyond the GRI reporting scope, and important materiality issues covered by GRI may not be entirely relevant to the Group.

Based on the assessment exercise above, presented below is a summary of our material topics and approach aligned with the GRI Standard Topics and SGX Core ESG Topics, along with their relevance to the United Nation Sustainable Development Goals as detailed in the table below:

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Operations where it
GRI Standard Topics SGX Core ESG Topics Management approach SDGs
is material
ENVIRONMENTAL
GRI 302: Energy 2016 Energy Consumption Electricity Improve energy efficiency
consumption in and implement energy-saving
office measures.
GRI 303: Water and Water Consumption Water Reduce water usages through
Effluents 2018 consumption in water saving measures.
office
GRI 305: Emissions Greenhouse Gas Electricity Reduce emissions through
2016 (“GHG”) Emissions consumption in improving energy efficiency and
office energy-saving measures.
SOCIAL
GRI 401: Employment Employment Human resources Nurture a fair and inclusive
2016 management and workplace and invest in developing
practices people.
GRI 404: Training and
Education 2016 Development and
Training
GRI 403: Occupational Health & All business Implement occupational health
Occupational Health Safety operations and safety practices to minimise
& Safety 2018 workplace accidents and injuries.
GRI 405: Diversity and Gender Diversity All business Nurture a fair and inclusive
Equal Opportunity operations workplace and invest in developing
2016 people.
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SUSTAINABILITY REPORT 2024 | VCPLUS LIMITED

SUSTAINABILITY FRAMEWORK

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Operations where it
GRI Standard Topics SGX Core ESG Topics Management approach SDGs
is material
GRI 406: Non- Age-based Diversity All business Nurture a fair and inclusive
discrimination 2016 operations workplace and invest in developing
people.
General Disclosure Board Composition Board Refer to the section on Corporate
2-9 Governance Governance in the Annual Report
structure and 2024.
composition
Management Diversity Management team Nurture a fair and inclusive
workplace and invest in developing
people.
GRI 413: Local Not applicable All business Engage with stakeholders to assess
Communities 2016 operations the impacts and review policies to
continuously improve practice.
GRI 417: Marketing Not applicable All business Implement strict marketing codes to
and Labeling 2016 operations ensure that all marketing activities
comply with the various laws and
guidelines.
GOVERNANCE
GRI 205: Anti- Ethical Behaviour All business Comply with all applicable laws
corruption 2016 operations and regulations. Maintain a zero-
tolerance stance against corruption.
GRI 418 Customer Not applicable All business Handling of personal data with
Privacy 2016 operations applicable rules and regulations.
GRI, TCFD, SGX-ST Alignment with All business Refer to section on Overview of the
Listing Rules (Catalist) Frameworks operations Report.
711A and 711B,
Practice Note 7F Assurance Refer to section on Assurance.
All business
operations
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SUSTAINABILITY REPORT 2024 | VCPLUS LIMITED

SUSTAINABILITY FRAMEWORK

CLIMATE-RELATED SCENARIO ANALYSIS

VCPlus recognises the importance of understanding climate risks and opportunities in an evolving global landscape. Climate-related scenario analysis allows us to assess how different climate trajectories may impact our business operations, investment strategies, and long-term resilience. In line with the Paris Agreement’s goal of limiting global temperature rise, we evaluate multiple climate scenarios to align with Singapore’s netzero ambitions and the broader transition toward a low-carbon economy. This approach ensures that VCPlus remains adaptive to regulatory shifts, technological advancements, and market changes, reinforcing our commitment to sustainable and responsible growth.

The table below outlines climate-related scenario analysis.

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Scenario: 2°C or Lower
In order to limit the rise of global temperature to 2°C or lower in line with the Paris Agreement, we believe
that the government will enforce stricter climate regulations and expand carbon pricing mechanisms to
Description cool global emissions and push industries toward low-carbon solutions. As a result, businesses will need
to adapt to evolving regulatory requirements, higher operational costs, and shifting market expectations
while integrating sustainability into their long-term strategies.
To stay in compliance with stricter climate disclosure requirements could increase reporting complexity
Potential risk
and costs of the Group.
Potential opportunity [Growing demand for green finance solutions presents opportunities for VCPlus to integrate ESG-focused ]
digital asset products.
• Strengthen climate-related disclosures to align with international ESG reporting frameworks.
Mitigation measures
• Integrate green finance solutions into digital asset offerings.
Scenario: 4°C
Assuming global temperature rise of 4°C due to insufficient mitigation efforts, we believe that this would
Description lead to frequent extreme weather events, rising temperatures, and resource scarcity, which could cause
supply chain disruptions and higher energy infrastructure costs, impacting business continuity.
• Extreme weather events could disrupt the Group’s cloud infrastructure, impacting business
continuity and data security.
Potential risks
• Higher temperatures and energy demands could lead to increased electricity costs, impacting data
storage and processing expenses
• Investing in low-energy consumption technologies can reduce exposure to rising energy costs.
Potential
• Improving cloud security and working with resilient service providers help ensure business
opportunities
continuity.
Develop a climate risk contingency plan for cloud disruptions.
Mitigation measures Invest in energy-efficient IT solutions to reduce electricity consumption.
Diversify data storage locations to minimize climate-related disruptions.
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Identifying and Managing Climate-related ESG Risks

The Board is responsible for overseeing risk management, including ESG and climate-related risks. The Sustainability Committee plays a key role in supporting the Board by assessing and addressing these risks as part of our broader corporate strategy. Recognising the increasing impact of climate change and sustainability factors on businesses, we are committed to integrating ESG and climate-related risks into our overall risk management approach.

The Group takes a structured approach to identifying and managing ESG risks. Through materiality assessments, we evaluate and prioritise the environmental, social, and governance factors that have the most significant impact on our business. To strengthen our climate risk management, we have also implemented climate scenario analysis , guided by the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD).

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SUSTAINABILITY FRAMEWORK

Climate risks have the potential to affect various aspects of our business, from revenue stability and operational resilience to investor confidence. Beyond physical climate threats, we also anticipate regulatory developments such as stricter emissions reporting requirements, mandatory climate risk disclosures, and increased energy costs driven by carbon pricing policies.

Recognising these factors, our strategy focuses on mitigating climate risks, adapting to evolving regulations, and identifying opportunities in the transition to a low-carbon economy. By embedding climate resilience into our operations, VCPlus remains committed to sustainable growth while aligning with Singapore’s net-zero targets and the broader goals of the Paris Agreement.

CLIMATE-RELATED RISKS AND OPPORTUNITIES

The table below outlines an overview of our risks and opportunities assessment.

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Risks
Transition Risk: Stricter Climate Regulations
Increasing regulatory requirements on climate disclosures, sustainable finance, and carbon accounting
Descriptions may require additional compliance efforts and financial reporting changes. As regulators tighten climate
policies, companies must align with ESG reporting frameworks.
Likelihood [1] Certain
Impacts Increased compliance costs, risk of non-compliance fines, reputational impact
Time Period [2] Medium-term
• Align sustainability reporting with international frameworks (TCFD, GRI and others applicable
VCPlus’ response standard)
• Develop internal policies to track and disclose climate-related risks.
Risks
Physical Risk: Climate-Related Disruptions to Cloud Services
Extreme weather events, such as heatwaves, storms, and floods, could disrupt cloud services that power
Descriptions the Group’s operations, leading to system outages, financial losses, and reputational risks.
Likelihood [1] Likely
Impacts Business continuity risk, increased costs for disaster recovery
Time Period [2] Medium-term
• Partners with cloud providers that use renewable energy and climate-resilient infrastructure.
VCPlus’ response • Develop a climate risk contingency plan for data security and operational continuity.
• Diversify data storage across multiple low-risk geographic locations.
Risks
Market Risk: Changing Investor and Consumer Preferences
Investors and clients are increasingly prioritising companies with strong climate commitments. Firms
Descriptions that fail to integrate sustainability into their offerings may lose competitiveness and investment
opportunities.
Likelihood [1] Likely
Impacts Loss of market share, reduced investor confidence
Time Period [2] Medium-term
VCPlus’ response • Maintain transparency in climate-related disclosures to build trust.
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SUSTAINABILITY REPORT 2024 | VCPLUS LIMITED 11

SUSTAINABILITY FRAMEWORK

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Opportunities
Energy Management
Implementing advanced energy management systems and adopting energy-efficient technologies can
Descriptions
result in significant cost savings and reduced GHG emissions.
Likelihood [1] Likely
Reduced energy and operational expenses through efficiency gains, reduced exposure to GHG and less
Impacts
sensitivity to changes in cost of carbon
Time Period [2] Medium and long-term
• Implementation of more energy efficient measures and processes to reduce electricity consumption
and lower emissions.
VCPlus’ response
• Keep track of advancements in low-carbon and energy-efficient technologies for the sector and
assess potential adoption opportunities where appropriate.
Opportunities
Sustainable Investment & Financing Opportunities
The rise of sustainable finance and ESG-focused investment funds presents an opportunity for FinTech
Descriptions
firms to facilitate green financing solutions, such as digital platforms for climate-focused investments.
Likelihood [1] Likely
Impacts Access to new investor segments, increased financial product offerings
Time Period [2] Medium-term
• Ensure alignment with sustainable finance frameworks.
VCPlus’ response
• Integrate ESG-friendly investment products into our services and solutions.
Opportunities
Adoption of Low-Carbon Digital Infrastructure
The shift towards energy-efficient digital infrastructure that reduces operational costs while supporting
Descriptions sustainability goals. Companies that transition to green technology will benefit from lower emissions
and regulatory incentives.
Likelihood [1] Likely
Impacts Cost savings, enhanced sustainability credentials
Time Period [2] Medium-term
• Transition to cloud providers that use renewable energy.
VCPlus’ response • Optimise software and data storage for energy efficiency.
• Explore blockchain-based solutions with lower energy consumption.
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1 Two categories of likelihood have been used in this Report: (i) Certain – once or more in 2 years (ii) Likely - once in 2 to 25 years. 2 Definition of time period used in this Report: Medium: 2 – 10 years and Long: more than 10 years.

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SUSTAINABILITY FRAMEWORK

VCPLUS MATERIALITY MATRIX

The Group has incorporated feedback from employees, suppliers and customers in identifying the material sustainability aspects covered in this Sustainability Report 2024. Based on the assessment, water consumption and marketing and labelling have been added, as they were not previously included in the materiality matrix. Additionally, non-compliance with environmental law and regulations has been removed, as it is not deemed material to the Group.

The Group’s materiality matrix is presented as follows: -

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MATERIALITY MATRIX
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GRI305:
Greenhouse
Gas Emissions
GRI205: GRI418:
Anti-Corruption Customer
Privacy
GRI403:
Occupational
GRI303: GRI401: Health &
Water and Employment Safety
GRI406: Non- GRI413: Local Effluents
discrimination Communities
GRI405:
Diversity
GRI404: and Equal
Training and Opportunity
Education
GRI302:
GRI417: Energy
Marketing and Consumption
Labeling
Low Medium High
High
Medium
Important to Stakeholders
Low
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Significance of economic, social and governance impact

Environment Social Governance

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SUSTAINABILITY REPORT 2024 | VCPLUS LIMITED

KEY MATERIAL TOPICS

ENVIRONMENTAL

VCPlus is committed to minimising the environmental impact of our operations and continuously improving our sustainability efforts to reduce our carbon footprint. As a FinTech company, our business operations have a minimal direct impact on the environment. However, electricity consumption remains our primary environmental consideration.

ENERGY – ELECTRICITY

The Group currently has a team of 7 staff working in an office unit in Singapore, with no physical presence overseas. In FY2024, our electricity consumption totaled 25.84 MWh, with an electricity consumption intensity of 33.51 MWh per S$1 million in revenue. The diagrams below depict the monthly electricity consumption in FY2024.

Through our electricity-saving initiatives, the Group successfully reduced electricity consumption in FY2024. Moving forward, we will continue to refine our best practices, including increasing awareness of minimising electricity usage in the workplace, optimising our air conditioning and lightings system and implementing additional measures to drive sustainable energy use.

ELECTRICITY USAGE 2024

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2500
2000
1500
1000
500
0
Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24
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ELECTRICITY USAGE

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27.19 25.84
2023 2024
68.32 33.51
Electricity Consumption (MWhs) Electricity Consumption (MWhs)
Electricity Revenue Intensity (MWh/S$1 million in revenue) Electricity Revenue Intensity (MWh/S$1 million in revenue)
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KEY MATERIAL TOPICS

WATER CONSUMPTION

Although the Group’s operations do not consume a significant amount of water for it to be a material issue, we recognise its importance as a valuable resource in Singapore. As a part of our commitment to sustainability, we have successfully reduced water consumption through targeted initiatives , such as reducing the frequency of office cleaning from five times to once or twice a week. This initiative helps to minimise water usage, as professional cleaning often involves significant water usage. Additionally, we encouraged employees to maintain the cleanliness of their own workspace and common areas to reduce the need for daily cleaning services. We will continue to implement additional measures to drive sustainable water consumption.

In FY2024, our total office water consumption amounted to approximately 4.2 M[3] , with a consumption intensity of 5.45 M[3] per S$1 million in revenue. The diagram below depicts the water consumption in FY2024: -

WATER CONSUMPTION

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9.2
4.2
2023 2024
5.45
23.12
Total water consumption (M [3] )
[[3]] )
Water consumption intensity (M [3] per S$1 million in revenue)
[[3]]
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Total water consumption (M [[3]] )
Water consumption intensity (M [[3]] per S$1 million in revenue)
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GREENHOUSE GAS (“GHG”) EMISSIONS

The Group’s primary source of indirect GHG emissions (Scope 2) comes from electricity consumption in our office while we have no direct (Scope 1) emissions. In alignment with the TCFD recommendations and our commitment to energy conservation, we began tracking Scope 3 GHG emissions in FY2024.

In FY2024, our Scope 2 carbon emissions from purchased electricity amounted to approximately 10.64 mt CO₂e, with a carbon intensity of approximately 13.80 mt CO₂ e per S$1 million revenue. Compared to FY2023, we successfully reduced our absolute Scope 2 carbon emissions, highlighting the effectiveness of our energy-saving initiatives and commitment to reducing our carbon footprint. The GHG emission factor is derived from the latest Electricity Grid Emission Factor and Upstream Fugitive Methane Emission Factor released by Energy Market Authority[1] .

To build on this progress, we remain committed to optimising energy usage, implementing efficiency measures, and fostering sustainable practices across our operations.

The diagram below depicts the Scope 2 carbon emission in FY2024: -

CARBON FOOTPRINT EMISSIONS

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11.33
2023
28.47
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Scope 2 Carbon Emission (mt CO₂e) Carbon Emission Intensity (mt CO₂e/S$1 million in revenue)

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10.64
2024
13.80
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Scope 2 Carbon Emission (mt CO₂e) Carbon Emission Intensity (mt CO₂e/S$1 million in revenue)

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SUSTAINABILITY REPORT 2024 | VCPLUS LIMITED

KEY MATERIAL TOPICS

The Group recognises the importance of Scope 3 emissions and aims to improve the assessment of indirect emissions across the value chain. While our current business operations have a limited Scope 3 impact, we are actively exploring ways to enhance data collection and identify opportunities to further reduce emissions. As the Group began tracking Scope 3 carbon emissions in FY2024, no historical data is available for comparison. Currently, the identified relevant Scope 3 include Category 6 – Business Travel and Category 7 – Employee Commuting, with emissions recorded at 14.67 mt CO₂e and 0.01 mt CO₂e respectively which translate to carbon intensity of approximately 19.02 mt CO₂e and 0.01 mt CO₂e per S$1 million revenue respectively . The GHG emissions factor for Category 6 is derived from International Civil Aviation Organization[2] , while the factor for Category 7 is sourced from NetZeroHub[3] .

The diagram below depicts the Scope 3 carbon emission in FY2024: -

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Carbon Carbon Emission
Scope 3 Carbon
Footprint Category Coverage Intensity (mt CO₂e /S$1
Emission (mt CO₂e)
Emission million in revenue)
2023 Not reported
2024 Category 6: Business Flight taken by 14.67 19.02
Travel employees for business
purposes
Category 7: Employee Transportation of 0.01 0.01
Commuting employees between
their homes and their
workplaces
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(1) https://www.ema.gov.sg/content/dam/corporate/resources/singapore-energy-statistics/excel/SES_Public_2023.xlsx.coredownload. xlsx

(2) https://www.icao.int/

(3) https://sefr.netzerohub.sg/

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Environmental Performances in FY2024
FY2024 Targets FY2024 Performance Updates
Compliance of Environmental Law and Regulation
• We targeted to continue to fully comply with all • Zero breach in all environmental rules and
environmental rules and regulations. regulations.
Water Consumption
• We targeted to maintain or reduce water • Water consumption reduced from 9.2 M [3] to 4.2 M [3] in
consumption in FY2024. FY2024.
GHG Emission
• We targeted to maintain or reduce the GHG • Scope 2 GHG emission reduced from 11.33 mt CO₂e
emissions in FY2024. to 10.64 mt CO₂e in FY2024. Begin collecting data on
Scope 3 emissions sources which includes employee
commuting and business travel.
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16 SUSTAINABILITY REPORT 2024 | VCPLUS LIMITED

KEY MATERIAL TOPICS

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Environmental Targets in FY2025
Targets [1] Action Plans
Energy Consumption and GHG Emission
(Scope 2 and 3)
Short-term target On-going
• We target to maintain or reduce energy • Implement energy-saving measures such as automatic
consumption and GHG emissions in FY2025. power-down settings for office equipment, optimised
air-conditioning usage, and LED lighting.
• Promote energy-conscious behaviors among
Medium-term target
employees through internal campaigns and training.
• We target to reduce energy consumption and GHG
• Begin collecting data on employee commuting, business
emissions by 10% from the FY2024 base year.
travel, and other relevant Scope 3 emissions sources.
Long-term target
Medium and long-term
• We target to reduce energy consumption and GHG
• Prioritise energy-efficient IT equipment and office
emissions by 20% from the FY2024 base year.
appliances to reduce overall power usage.
• Expand remote work options to reduce office energy
demand.
• Explore partnerships with cloud providers using
renewable energy to host FinTech services.
Water Consumption
Short-term target On-going
• We target to maintain or reduce water • Implement water saving initiatives.
consumption in FY2025. • Promote employees with on water conservation
practices and integrate these principles into office
culture.
Medium-term target • The finance department will monitor utility bills to
• We target to reduce water consumption by 55%
measure water usage.
from the FY2023 base year.
Medium and long-term
Long-term target • Ensure that all water-consuming appliances are water-
• We target to reduce water consumption by 60% efficient models.
from the FY2023 base year. • Install smart water management systems which
will provide an alert when consumption exceeds set
thresholds.
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1Definition of time period used in this Report: Short-term: within 1 year, Medium-term: 2 – 10 years and Long-term: more than 10 years. Please refer to Appendix A for the sustainability scorecard

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KEY MATERIAL TOPICS

SOCIAL

Employment

VCPlus is committed to fostering an inclusive workplace and providing equal opportunities for all employees, regardless of gender, ethnicity, race, religion, age, or nationality. Our commitment extends to all aspects of employment, including recruitment, compensation, promotions, rewards, and access to training opportunities. We strive to maintain a work environment that prioritises safety, health, and well-being for all our staff.

To support this commitment, we have implemented relevant policies that reflect our people-oriented management approach. The VCPlus Employee Handbook outlines key areas such as employment terms, performance evaluations, working hours, and employee welfare. These policies are reviewed regularly to ensure that they are in line with prevailing fair employment practices.

In FY2024, all the employees of the Group were based in Singapore, in line with the operations of the Group. As of 1 January 2024, the Group’s total headcount was 13. By the end of 2024, the headcount reduced to 7 as part of a strategic decision to streamline the workforce to optimise operational efficiency and adapt to the challenging business environment, driven by factors such as economic uncertainty, rising inflation, increasing interest rates, and geopolitical instability.

Diversity And Equal Opportunity / Discrimination

The Group believes in the merits of a diverse workforce, where a wide range of expertise and perspectives can be brought together to drive the Group’s growth. We will continue to uphold an equal employment opportunity policy and remain committed to complying with all applicable government laws and regulations related to safety, health and environmental. We strive to establish systems that provide a safe and healthy workplace for employees.

VCPlus aspires to create a work environment where employees remain engaged, providing them with growth and learning opportunities to support retention. We implement and adhere to best practices regarding employee engagement, including fair remuneration, employee benefits, training and development programs. We comply with local labour regulations and our employees are remunerated above minimum wage.

In addition, VCPlus recognises that timely and effective performance evaluation empowers employees to give their best. As such, managers and their team members meet at least once a year to review their performance.

Grievance-handling channels are also available to employees who believe that they have been subjected to discriminatory behaviour to raise their concerns, and such complaints will be investigated, with the Human Resource department determining the appropriate immediate and/or follow-up actions to be taken. In FY2024, the Group did not receive any complaint concerning employee dissatisfaction, incident of discrimination or breaches of employment regulations.

The graphs below depict the employee profiles by gender, age group, and residency and its percentage as of 31 December 2024 as compared to 1 January 2024.

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KEY MATERIAL TOPICS

EMPLOYEE DIVERSITY

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15
13
12
9 8
7
6 5 5
3 2
0
Male Female Total
1 Jan 2024 31 Dec 2024
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EMPLOYEE AGING PROFILE

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15
12
9
7
6
4 4 4
3 4 2 2
1 1 0
0
0
≤30 31 – 40 41 – 50 51 – 60 >60
1 Jan 2024 31 Dec 2024
EMPLOYEE RESIDENCY
15
12
12
9
6
6
3
1 1
0
Local Non-Local
1 Jan 2024 31 Dec 2024
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Note: Local is defined as Singaporean and Singapore permanent resident.

SUSTAINABILITY REPORT 2024 | VCPLUS LIMITED 19

KEY MATERIAL TOPICS

BOARD DIVERSITY

The Board recognises that board diversity is an important element which will better support the Group’s achievement of its strategic objectives for sustainable development by enhancing the decision-making process of the Board through varied perspectives, skills, experience, gender, age, knowledge and professional qualifications. To this end, the Group adopted the Board Diversity Policy to solidify the Group’s commitment to diversity.

Under the Board Diversity Policy, the Board strives to have one member with relevant experience in the Group’s businesses or markets; and one member with a professional qualification in accounting or other professional background or discipline as may be determined by the Board to be necessary and/or beneficial to the Group. The Board also strives to have at least one female Board member, in cognisance that gender is an important aspect of diversity. Please refer to the Corporate Governance Report in the Group’s Annual Report 2024 for more information on the Group’s Board Diversity Policy.

As at 31 December 2024, the Company has four directors comprising one executive director and three independent directors. A breakdown of the age and gender diversity of our Board of Directors as of 31 December 2024 is set out below.

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Age and Gender Profile Male Female Total
Under 50 years old 2 0 2
Over 50 years old 1 1 2
Sub-total 3 1 4
Percentage (%) 75 25 100
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MANAGEMENT DIVERSITY

The Group views management team diversity as a key driver essential for driving the business, implementing key strategies, and ensuring sustainable growth. The management team, which comprises of the Group’s CEO, the General Manager of APEC Solutions, and the Head of Finance, plays a pivotal role not only in ensuring long-term success but also in driving the adoption of the Group’s sustainability framework and maintaining sustainability across all our operations.

As of 31 December 2024, a breakdown in the age and gender diversity of our management team is set out below.

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Age Group Male Female Total
Under 50 years old 1 0 1
Over 50 years old 1 1 2
Sub-total 2 1 3
Percentage (%) 67 33 100
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KEY MATERIAL TOPICS

NEW EMPLOYEE HIRES AND TURNOVER

We foster a positive work environment through competitive compensation, growth opportunities, and open communication. Our recognition programs and exit interviews provide valuable insights, while turnover monitoring helps us proactively address challenges.

As of 31 December 2024, a breakdown of new employee hires and turnover by gender and age is provided below.

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New Employee Hires FY2024 FY2023
New hires number 2 2
New hires rate (%) [1] 20 14
Gender Male Female Male Female
New hires by gender (%) 50 50 50 50
Age group ≤30 31-40 41-50 51-60 ≥61 ≤30 31-40 41-50 51-60 ≥61
New hires by age (%) 0 0 0 100 0 100 0 0 0 0
Employee Turnover FY2024 FY2023
Turnover number 8 5
Turnover rate (%) [2] 80 34
Gender Male Female Male Female
Turnover by gender (%) 50 50 60 40
Age group ≤30 31-40 41-50 51-60 ≥61 ≤30 31-40 41-50 51-60 ≥61
Turnover by age (%) 25 12.5 12.5 37.5 12.5 20 60 0 20 0
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Notes:

• (1) New hires rate is calculated based on total new hires during the year divided by the average number of employees as at the end of the current and previous year.

(2) Turnover rate is calculated based on total turnover during the year divided by the average number of employees as at the end of the current and previous year.

21

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KEY MATERIAL TOPICS

TRAINING AND EDUCATION

VCPlus encourages continuous self-development and aims to provide all employees with equal opportunities for training and upgrading. We believe that learning and training opportunities are important, and that self-development is a continuous and life-long process so that employees are equipped with the competencies needed to meet current and future business needs. This could include having employees attend workshops, seminars, conferences, in-house company training and on-the-job training as well as external training providers. By engaging external providers, we ensure that our employees gain new insights and skills from diverse perspectives. VCPlus encourages its staff to participate in business and industry events to engage with other stakeholders.

In FY2024, the Group took a proactive step to enhance sustainability knowledge by partnering with Nanyang Polytechnic to offer a one-day course on sustainability for our employees. This initiative is part of our broader commitment to equip our workforce with the skills needed to support the company’s sustainability goals.

The Group had met the target of an average training hour per employee of 8 hours in FY2024. However, the overall average training hours per employee declined in FY2024 due to a reduction in headcount which resulted in fewer employees available to attend training sessions.

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Gender Group FY2023 FY2024
Male
Total training hours 168 26
Average training hours 21 5
Female
Total training hours 20 31
Average training hours 4 16
Average training hours per employees 14 (restated) 8
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OCCUPATIONAL HEALTH AND SAFETY

The health and safety of our people is the highest priority of all our operations and throughout the company. We believe that fostering a strong safety culture is essential to protecting our most valuable resource – our people. To ensure their well-being, we provide a safe working environment by strictly adhering to local safety laws and regulations. Occupational health and safety measures are in place to safeguard our team members and provide assurance to our customers. We take responsibility for the well-being of our employees by offering comprehensive healthcare benefits, including hospitalisation, surgical insurance, and medical coverage. We are committed to continuously improving our safety policies, procedures, and the implementation of safety measures, and will regularly provide safety education and training to ensure a safe workplace.

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KEY MATERIAL TOPICS

Our workplace safety and health records are as follows:

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FY2023 FY2024
Fatalities
Number of fatalities as a result of work-related injury 0 0
High consequence injuries [1]
Number of high-consequence work-related injuries 0 0
Recordable injuries [2]
Number of recordable work-related injuries 0 0
Recordable work-related ill health cases [2]
Number of recordable work-related ill health cases 0 0
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1 Under GRI, high consequence injuries refer to injuries where the worker cannot, do not, or is not expected to fully recover to pre-injury health status within 6 months.

2 Under GRI, recordable work-related injury or ill health that results in any of the following: death, days away from work, restricted work or transfer to another job, medical treatment beyond first aid, or loss of consciousness; or significant injury or ill health diagnosed by a physician or other licensed healthcare professional, even if it does not result in death, days away from work, restricted work or job transfer, medical treatment beyond first aid, or loss of consciousness

MARKETING AND LABELLING

VCPlus recognises that fair marketing practices and being transparent in the way we communicate can build trust and loyalty among our customers/business partners and suppliers. We have put in place strict marketing codes to ensure that all marketing activities comply with the various laws and guidelines such as the Singapore Code of Advertising Practice, the Info-communications Media Development Authority’s Codes of Practice and Guidelines, and the Personal Data Protection Act 2012 (“ PDPA ”).

In FY2024, there were no known instances of any non-compliance with regulations and/or voluntary codes concerning information and labelling, or marketing communications including advertising, promotion and sponsorships in relation to products and services that we offer.

Moving forward, we strive to maintain the quality of our products and services by choosing the right type of products and services to fit our business model. Quality checks will also be continuously deployed by our staff to ensure compliance with applicable regulations relating to marketing and labelling in the markets we operate.

CORPORATE SOCIAL RESPONSIBILITY MANAGEMENT

We recognise the importance of building strong relationships with our local communities and contributing to their development.

VCPlus participated in the SMEICC 2024 roadshow event in October 2024, organised by the Singapore Chinese Chamber of Commerce & Industry (SCCCI) and the Employment and Employability Institute. This event brought together key industry players, various government entities, and both local and international companies. Our participation allowed us to engage with the business community, share insights, and explore opportunities for collaboration.

SUSTAINABILITY REPORT 2024 | VCPLUS LIMITED 23

KEY MATERIAL TOPICS

Additionally, we hosted middle school students from Stamford American International School, providing them with an enriching learning experience on digital marketing and digital assets. Through this initiative, we aimed to inspire and educate the next generation on the evolving digital landscape, equipping them with valuable knowledge for the future.

As we continue to expand our corporate social responsibility initiatives, we remain committed to engaging with local communities, supporting educational opportunities, and contributing to a more inclusive and sustainable society.

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Social Performances in FY2024
FY2024 Targets FY2024 Performance Updates
Employment
• VCPlus aimed to increase employee retention rates. • There is a reduction in headcount to streamline the
workforce to optimise operational efficiency and
adapt to the challenging business environment,
driven by factors such as economic uncertainty,
rising inflation, increasing interest rates, and
geopolitical instability.
Diversity and Equal Opportunity / Discrimination
• VCPlus aimed to provide equal opportunities and merit- • The Group continued to uphold an equal
based rewards regardless of age, gender, ethnicity, employment opportunity policy. As at 31 December
cultural background. 2024, the Group has 29% female employees and
• VCPlus aimed to achieve zero complaints concerning 71% male employees.
employee dissatisfaction, incidents of discrimination or • The Group achieved zero complaints concerning
breaches of employment regulations. employee dissatisfaction, incidents of
discrimination or breaches of employment
regulations.
Board and Management Team Diversity
• VCPlus targets to promote diversity across the Board • The Board composition met the targets set under
and management team. the Board Diversity Policy.
• 1/3 of the management team is female staff.
Training and Education
• VCPlus aimed to encourage staff training of an average • Target met with an average of 8 hours of training
of 8 hours for each staff continuous professional per employee .
development.
Occupational Health & Safety
• VCPlus targets to achieve zero fatality, high- • Achieved zero fatality, high-consequence injuries,
consequence injuries, recordable injuries, and recordable injuries, and recordable work-related ill
recordable work-related ill health cases. health cases for FY2024.
Marketing and Labelling
• VCPlus seeks to maintain zero non-compliance • Achieved zero non-compliance concerning
concerning marketing and labelling. marketing and labelling.
Corporate Social Responsibility Management
• No target was set forth for FY2024. • Participated in corporate and educational initiatives,
including the SMEICC 2024 roadshow event and a
hosting session for middle school students from
Stamford American International School.
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KEY MATERIAL TOPICS

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Social Targets
Targets [1] Action Plans
Employment
Short-term target On-going
• VCPlus aims to increase employee retention rates. • Frequently communicate with employees on how to
better meet their needs and expectations.
Medium-term target
• Maintain high employee satisfaction and retention Medium and long-term
rates. • Implement employee well-being programs
by focusing on mental health support, holistic
Long-term target development, and overall work-life balance.
• Achieve industry-recognised certifications for • Review and revise recruitment processes to ensure
workplace excellence. they are inclusive, with a clear focus on attracting
candidates from diverse backgrounds, including
gender, ethnicity, disability and age groups.
Diversity and Equal Opportunity/ Discrimination
Short-term target On-going
• We target to improve gender balance from the base • Review and enhance recruitment policies to ensure
year of FY2024. they promote equal opportunity and prevent
• We target to maintain zero complaints concerning discrimination.
employee dissatisfaction, incidents of discrimination
or breaches of employment regulations
Medium and long-term
• Ensure that diversity and equal opportunity are
Medium and long-term target
embedded in all business processes, including
• Achieve external recognition for our diversity and promotions, performance evaluations, and
equal opportunity efforts by receiving certifications
succession planning.
or awards that acknowledge our commitment to
fostering a workforce that is inclusive of all genders,
ethnicities, abilities, and backgrounds.
Board and Management Team Diversity
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Short, medium and long-term target

• We target to maintain a diversified Board and management team.

On-going

• Review the current composition of the Board and management team to assess diversity gaps.

• • Adhere to the established diversity policy for the Board and management team to ensure a continuous commitment to diversity in leadership roles.

Medium and long-term

• Continue to develop and implement recruitment strategies aimed at increasing diverse gender, ethnicities, leadership, backgrounds and abilities.

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KEY MATERIAL TOPICS

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Social Targets
Targets [1] Action Plans
Training and Education
Short-term target On-going
• VCPlus aims to promote and provide staff training and • Facilitate internal training across different business
self-learning activities, with an average of 10 hours divisions to promote knowledge exchange, while also
for each staff member’s continuous professional enabling staff to participate in training sessions with
development. external providers.
Medium-term target Medium and long-term
• VCPlus aims to promote and provide staff training and • Introducing Incentives for Learning and Development.
self-learning activities, with an average of 12 hours • Establish Employee Development Awards.
for each staff member’s continuous professional • Expand Reward Systems Based on Learning
development. Milestones.
Long-term target
• VCPlus aims to promote and provide staff training and
self-learning activities, with an average of 14 hours
for each staff member’s continuous professional
development.
Occupational Health & Safety
Short, Medium and Long-term target On-going
• VCPlus targets to maintain zero fatality, high- • Promote awareness of health and safety culture at
consequence injuries, recordable injuries, and workplace and provide a safety work environment
recordable work-related ill health cases. for employees.
Medium and long-term
• Provide health check-ups and ergonomic support to
prevent work-related illness and injuries.
Marketing and Labelling
Short, Medium and Long-term target On-going
• VCPlus targets to maintain zero non-compliance • Adhere to the strict marketing codes to ensure that
concerning marketing and labelling. all marketing activities comply with the various laws
and guidelines.
Medium and long-term
• Conduct annual internal audits to identify and
address compliance gaps.
Corporate Social Responsibility Management
Short-term target On-going
• VCPlus aims to increase participation in community • Participate in at least one major industry event.
and educational initiatives. • Host an educational session for students on relevant
industry topics.
Medium-term target
• VCPlus aims to strengthen relationships with local Medium and long-term
communities and expand outreach efforts. • Launch an ongoing community engagement initiative.
• Build long-term partnerships with schools, NGOs,
Long-term target and industry associations.
• Establish VCPlus as a key contributor to community
development and education.
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1 Definition of time period used in this Report: Short-term: within 1 year, Medium-term: 2 – 10 years and Long-term: more than 10 years. Please refer to Appendix A for the sustainability scorecard

26 SUSTAINABILITY REPORT 2024 | VCPLUS LIMITED

KEY MATERIAL TOPICS

GOVERNANCE

BUSINESS ETHICS AND ANTI-CORRUPTION

VCPlus adheres to a zero-tolerance policy on fraud and unethical conduct including corruption and bribery. Our Board of Directors mandates a high standard of integrity for all its members and the Group. We operate our business in line with the highest ethical standards and in compliance with all applicable anti-corruption legal requirements.

The Group’s Code of Conduct sets out, inter alia, the guidelines for acceptable codes of ethics in the workplace and for dealings with suppliers and customers. This policy, which is included in the Group’s Employee Handbook, applies across our entire organisation as well as to any individual or entity authorised to do work on our behalf. All directors, officers, and employees are required to acknowledge that they have read and understand this policy. The Group’s Code of Conduct has been communicated during formal and informal communications to all employees. If there is any non-compliance with the Code of Conduct, employees will be required to disclose the details of such non-compliance.

In addition, the Group has a whistleblowing policy (“ Whistleblowing Policy ”) in place to promote good ethical standards, integrity and governance in the corporate conduct and business practices of the Group. The Whistleblowing Policy provides an avenue for our employees to raise, in confidence, concerns about actual or suspected improprieties, including but not limited to financial reporting, internal controls, corruption, bribery and fraud, and offers assurance that employees raising such concerns in good faith will be protected from reprisals for whistleblowing. The Audit Committee of the Group are responsible for oversight and monitoring of whistleblowing, including investigation of whistleblowing reports which are made in good faith. Whistleblowing concerns received will be handled in accordance with the procedures set out in the Whistleblowing Policy and will be reported to Mr. Thomas Lam, the Chairman of the Audit Committee, via email to whistleblowing@ vcplus.sg or by mail at 223 Mountbatten Road, #03-10 Singapore 398008. Please refer to our Whistleblowing Policy as described in our Corporate Governance Report.

There was no reported incident of corruption in the reporting period of FY2024.

INTERNAL ACCESS CONTROL AND IT SECURITY POLICIES

VCPlus is committed to upholding a high degree of cybersecurity to protect and safeguard its stakeholders’ interests, including customers, employees, business partners and the Group and committed to promote a culture of security.

To ensure that data access is only provided on a need to-know basis, and to protect the Group’s system from unauthorised access, stringent internal access controls have been established where employees are only granted access to specific information based on their assigned duties, and a strict approval process including proper authorisation to grant access control has been enacted. The IT department reviews internal access control at regular intervals, helping the different departments to determine their data sensitivity while advising them on the controls available. The IT department also advises other departments within the Group pertaining to information security.

SUSTAINABILITY REPORT 2024 | VCPLUS LIMITED 27

KEY MATERIAL TOPICS

The Group has established IT security policies to detect unauthorised information processing activities, the systems in place are also regularly monitored, while information security events are logged to facilitate prompt detection of unauthorised or malicious activities by internal and external parties. The IT department uses various monitoring tools to perform checks on various devices and systems in the Group. Investigations will be conducted immediately should suspicious or malicious threats be identified and reported by the monitoring tools.

In FY2024, there were no incidents of cybersecurity breaches. The Group will continue to strengthen its cybersecurity system to protect its customers from cybersecurity risks and threats.

DATA PROTECTION

VCPlus is committed to safeguarding personal data and upholding high standards of data privacy in our operations. We recognise the importance of protecting the information entrusted to us by our employees, customers, and business partners, ensuring compliance with relevant data protection regulations.

• I. Establishing and maintaining policies for handling personal data in both electronic and non-electronic formats.

• II. Ensuring all employees understand their roles in safeguarding personal data and adhering to internal data protection processes.

• III. Addressing queries and concerns related to data privacy from customers and business partners.

• IV. Implementing remedial measures and response plans in the event of data breach.

In compliance with PDPA regulations, the Group has made the DPO’s name and contact details publicly available on the Accounting and Corporate Regulatory Authority (ACRA) Business Profile, ensuring transparency and accessibility for stakeholders.

In FY2024, the Group did not receive any complaints concerning breaches of customer privacy, or any leaks, thefts, and loss of customer data.

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Governance Performances in FY2024
FY2024 Targets FY2024 Performance Updates
Business Ethics and Anti-Corruption
• VCPlus aims to continue achieving zero fraudulent Zero fraudulent activity was reported in FY2024.
activities in FY2024.
Internal Access Control and IT Security Policies
• VCPlus aims for zero breach on cybersecurity in Zero breach on cybersecurity was reported in FY2024.
FY2024.
Data Protection
• VCPlus targets for zero breaches of customer Zero breaches of customer privacy, or any leaks, thefts,
privacy, or any leaks, thefts, and loss of customer and loss of customer data in FY2024.
data in FY2024.
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KEY MATERIAL TOPICS

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Governance Targets
Targets [1] Action Plans
Business Ethics and Anti-Corruption
Short, medium and long-term target On-going
• VCPlus is committed to maintaining zero fraudulent • Enforce a whistleblowing policy for reporting
activities throughout the lifespan of its business. suspicious activities.
Medium and long-term
• Conduct regular anti-fraud training for employees.
• Leverage data analytics and AI for fraud detection.
Internal Access Control and IT Security Policies
Short, medium and long-term target On-going
• VCPlus is committed to maintaining zero breach on • Implement multi-layered cybersecurity measures,
cybersecurity throughout the lifespan of its business. including firewalls and encryption.
• Conduct regular penetration testing and vulnerability
assessments.
Medium and long-term
• Adopt advanced threat detection and incident
response systems.
• Continuously upgrade infrastructure to counter new
cyber threats.
Data Protection
Short, medium and long-term target On-going
• VCPlus is committed to zero data breach throughout • Establish incident response procedures for potential
the lifespan of its business. breaches.
Medium and long-term
• Implement AI-driven data loss prevention tools.
• Continuously enhance data security infrastructure.
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1 Definition of time period used in this Report: Short-term: within 1 year, Medium-term: 2 – 10 years and Long-term: more than 10 years. Please refer to Appendix A for the sustainability scorecard.

29

SUSTAINABILITY REPORT 2024 | VCPLUS LIMITED

APPENDIX A: SUSTAINABILITY SCORECARD

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Environment Performance Indicator Units FY2024 FY2023
Total Electricity Consumption MWh 25.84 27.19
Electricity Usage Intensity MWh / S$1 million in revenue 33.51 68.32
Total Water Consumption M [3] 4.2 9.2
Water Consumption Intensity M [3] / S$1 million in revenue 5.45 23.12
Total Carbon Footprint
i. Scope 2 – indirect emission mt CO2e 10.64 11.33
mt CO₂e 14.68 Not reported
ii. Scope 3 – indirect emission
Carbon Footprint Intensity
i. Scope 2 – indirect emission mt CO2e / S$ 1 million in revenue 13.80 28.47
mt CO₂e / S$ 1 million in revenue 19.03 Not reported
ii. Scope 3 – indirect emission
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Social Performance Indicator Units FY2024 FY2023
M: 5 (71%) M: 8 (62%)
Current Employees by Gender Number (%)
F: 2 (29%) F: 5 (38%)
<30: 1 (14%) <30: 4 (31%)
31 - 40: 4 (57%) 31 - 40: 4 (31%)
Current Employees by Age Number (%) 41 – 50: 0 (0%) 41 – 50: 1 (8%)
51-60: 2 (29%) 51-60: 2 (15%)
> 60: 0 (0%) > 60: 2 (15%)
Average Training Hour per Employee Number 8 14 (Restated)
Average Training Hour per Employee by M: 5 M: 21
Number
Gender F: 16 F: 4
Incident of Fatalities, High-Consequence
Injuries, Recordable Injuries and Number 0 0
Recordable work-related ill health cases
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Governance Performance Indicator Units FY2024 FY2023
Independent Directors Number (%) 3 (75%) 4 (57%)
Female on the Board of Directors Number (%) 1 (25%) 1 (14%)
Female in the management team Number (%) 1 (33%) 2 (50%)
Employees communicated on Number (%)
7 (100%) 13 (100%)
whistleblowing policy and code of conduct
Whistleblowing complaints Number 0 0
Employees that received anti-corruption Number
0 0
training
Cybersecurity breach Number 0 0
Data Privacy breach Number 0 0
Confirmed incidents of corruption Number 0 0
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30 SUSTAINABILITY REPORT 2024 | VCPLUS LIMITED

APPENDIX B: GRI CONTENT INDEX

STATEMENT OF USE	VCPlus Limited has reported with reference to the GRI Standards for the period 1 January 2024 to 31 December 2024
GRI 1 USED	GRI 1: Foundation 2021

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GRI STANDARDS DISCLOSURE TITLE PAGE REFERENCE
General Disclosures
2-1 Organisational details 2
2-2 Entities included in the organisation’s sustainability reporting 2
2-3 Reporting period, frequency and contact point 3
2-4 Restatements of information 3
2-5 External assurance 3
2-6 Activities, value chain and other business relationships 2
2-7 Employees 18 - 19
2-8 Workers who are not employees Not applicable
2-9 Governance structure and composition AR: 16 - 18
2-10 Nomination and selection of the highest governance body AR: 19 - 20
2-11 Chair of the highest governance body AR: 18 - 19
2-12 Role of the highest governance body in overseeing the
AR: 14
management of impacts
2-13 Delegation of responsibility for managing impacts 5
2-14 Role of the highest governance body in sustainability reporting 5
2-15 Conflicts of interest AR: 42
GRI 2: General
Disclosures 2021 2-16 Communication of critical concerns 6 - 7
2-17 Collective knowledge of the highest governance body 5
2-18 Evaluation of the performance of the highest governance body AR: 23 - 24
2-19 Remuneration policies AR: 24 - 25
2-20 Process to determine remuneration AR: 25 - 26
2-21 Annual total compensation ratio Undisclosed
due to sensitive
information
2-22 Statement on sustainable development strategy 5
2-23 Policy commitments 7 - 9
2-24 Embedding policy commitments 7 - 9
2-25 Processes to remediate negative impacts 11 - 12
2-26 Mechanisms for seeking advice and raising concerns 6 - 7
2-27 Compliance with laws and regulations 3
2-28 Membership associations Not applicable
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APPENDIX B: GRI CONTENT INDEX

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GRI STANDARDS DISCLOSURE TITLE PAGE REFERENCE
2-29 Approach to stakeholder engagement 6 - 7
2-30 Collective bargaining agreements Employees are
not covered
by collective
bargaining
agreements.
Material Topics
3-1 Process to determine material topics 7 - 9
GRI 3: Material
3-2 List of material topics 8 - 9
Topics 2021
3-3 Management of material topics 8 - 9
Economic Performance
GRI 201: Economic
201-1 Direct economic value generated and distributed AR: 7
Performance 2016
Market Presence
Our senior
management
GRI 202: Market
202-2 Proportion of senior management hired from local community is 100% hired
Presence 2016
from the local
community
Anti-Corruption
205-1 Operations assessed for risks related to corruption 27
GRI 205: Anti- 205-2 Communication and training about anti-corruption policies and
27
Corruption 2016 procedures
205-3 Confirmed incidents of corruption and actions taken 27
Energy
302-1 Energy consumption within the organisation 14
GRI 302: Energy
2016 302-3 Energy intensity 14
Water
GRI 303: Water and
303-5 Water consumption within the organisation 15
Effluents
Emission
305-2 Energy indirect (Scope 2) GHG emissions 15 - 16
GRI 305: Emission
305-3 Other indirect (Scope 3) GHG emissions 15 - 16
2016
305-4 GHG emissions intensity 15 - 16
Employment
GRI 401:
401-1 New employee hires and employee turnover 21
Employment 2016
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APPENDIX B: GRI CONTENT INDEX

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GRI STANDARDS DISCLOSURE TITLE PAGE REFERENCE
Occupational Health and Safety
403-1 Occupational health and safety management system 22 - 23
GRI 403: 403-4 Worker participation, consultation, and communication on 22 - 23
occupational health and safety
Occupational
Health and Safety 403-5 Worker training on occupational health and safety 22 - 23
2018
403-6 Promotion of worker health 22 - 23
403-9 Work-related injuries 22 - 23
Training and Education
GRI 404: Training 401-1 Average hours of training per year per employee 22
and Education
404-2 Programs for upgrading employee skills and transition
22
2016 assistance programs
Diversity and Equal Opportunity
GRI 405: Diversity
and Equal 405-1 Diversity of governance bodies and employees 20
Opportunity 2016
Non-discrimination
GRI 406: Non-
discrimination 2016 [406-1 Incidents of discrimination and corrective actions taken] 18
Local Communities
GRI 413: Local
Communities 413-1 Operations with local community engagement, impact 23 - 24
assessments, and development programs
2016
Customer Privacy
GRI 418 Customer 418-1 Substantiated complaints concerning breaches of customer
27 - 28
Policy 2016 privacy and losses of customer data
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APPENDIX C: TCFD RECOMMENDATIONS CONTENT INDEX

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TCFD Thematic Areas Recommended Disclosures Reference and Remarks
Governance
Disclose the organisation’s (a) Describe the board’s oversight The Group currently has in place
governance around of climate-related risks and governance mechanisms to address
climate-related risks and opportunities. climate-related risks and opportunities.
opportunities (b) Describe management’s role in Please refer to the “Sustainability
assessing and managing climate- Governance Structure” section of
related risks and opportunities. this Sustainability Report for more
information on the governance
mechanism.
Strategy
Disclose the actual and (a) Describe the climate-related risks The Group has disclosed its climate-
potential impacts of and opportunities the organisation related risks. Please refer to the “Climate-
climate-related risks has identified over the short, medium, Related Risks And Opportunities” and
and opportunities on the and long term. “Climate-Related Scenario Analysis”
organisation’s businesses, (b) Describe the impact of climate- section of this Sustainability Report for
strategy, and financial related risks and opportunities on the more information.
planning where such organisation’s business, strategy, and
information is material financial planning
(c) Describe the resilience of the
organisation’s strategy, taking into
consideration different climate-
related scenarios, including a 2°C or
lower scenario.
Risk Management
Disclose how the (a) Describe the organisation’s processes The Group has disclosed its climate-
organisation identifies, for identifying and assessing climate- related risk management. Please
assesses, and manages related risks. refer to the “Identifying and Managing
climate-related risks (b) Describe the organisation’s processes Climate-related ESG Risks” and
for managing climate-related risks. “VCPlus Materiality Matrix” section
(c) Describe how processes for of this Sustainability Report for more
identifying, assessing, and managing information.
climate-related risks are integrated
into the organisation’s overall risk
management.
Metrics and Targets
Disclose the metrics and (a) Disclose the metrics used by the The Group does not generate any Scope
targets used to assess organisation to assess climate- 1 GHG emissions. We have disclosed our
and manage relevant related risks and opportunities in line Scope 2 and Scope 3 GHG emissions.
climate-related risks and with its strategy and risk management For more details, please refer to the
opportunities where such process. "Greenhouse Gas (GHG) Emissions"
information is material. (b) Disclose Scope 1, Scope 2, and if section.
appropriate, Scope 3 greenhouse
gas (GHG) emissions, and the related
risks.
(c) Describe the targets used by the
organisation to manage climate-
related risks and opportunities and
performance against targets.
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34 SUSTAINABILITY REPORT 2024 | VCPLUS LIMITED

CORPORATE SOCIAL RESPONSIBILITY POLICY STATEMENT

1. Social Responsibility Policy

The Group is committed to being responsible corporate citizens and considering the physical and human environment when making our business decisions. We endeavor to have a positive impact on the communities in the areas where we operate both socially and economically.

We uphold the following principles and responsibilities of good corporate citizenship in realizing our commitments:

• Provide our staff with comfortable and responsible working conditions and treat them with dignity and respects.

• Strive to achieve a high degree of trust with all stakeholders and would conduct our business honestly and ethically. This includes complying with all applicable laws in places we conduct our business.

• Strive to protect human health and preservation of the environment in each phase of our operating activity by implementing high standard of environment, health and safety policy.

• Contribute to the local community by providing working opportunities, donating to the less fortunate local residents and participating in local community projects.

• Provide sufficient resources to train and develop our staff.

2. Environment, Health and Safety Policy

The Group intends to achieve a high standard of compliance with regard to environment, health and safety matters. In achieving this we are committed to the following:

• Apply safety management in design, planning and development of all project developments and operations.

• Develop and implement safe working procedures.

• Ensure compliance with all applicable laws related to the environment, health and safety.

• Provide continuous training for all staff to elevate their alertness to issues related to the environment, health and safety.

• Ensure installation of an appropriate system and all chemicals are discharged in safe manner and will not bring harm to the environment.

• Conduct audit to ensure that policies and procedures related to the environment, health and safety are being adhered to by both internal staff and external contractors.

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