4.5% 4.5% Risk-free interest rate** 3.4% 3.4% 2.2% 2.4% 1.7% 2.1% Grant date 30 April 2019 30 April 2019 6 July 2020 6 July 2020 27 July 2020 27 July 2020 Vesting date 30 April 2022 30 April 2022 28 April 2023 - Tranche 1 5 June 2020 N/A 13 July 2020 N/A 27 May 2021 N/A - Tranche 2 27 May 2021 N/A 27 May 2021 N/A 18 July 2022 N/A - Tranche 3 18 July 2022 N/A 18 July 2022 N/A 15 June 2023 N/A Group and Company LTIP 7 LTIP 8 RS Grant PS Grant RS Grant PS Grant Fair value at grant date RM8.78 - RM9.60 RM7.90^ RM6.88 - RM7.55 RM6.46^ Share price at grant date RM9.93 RM9.93 RM7.93 RM7.93 Expected volatility* 22.5% 22.5% 21.0%21.0% Expected dividend yield 4.0% 4.0% 5.3% 5.3% Risk-free interest rate** 2.1% 2.6% 3.2% 3.5% Grant date 25 May 2021 25 May 2021 20 July 2022 20 July 2022 Vesting date 25 June 2024 30 April 2025 - Tranche 1 18 July 2022 N/A 15 June 2023 N/A - Tranche 2 15 June 2023 N/A 28 June 2024 N/A - Tranche 3 30 April 2024 N/A 30 April 2025 N/A ^ Market considerations have been included in the consideration of fair value. * Expected volatility is based on TNB’s 3-year average daily historical volatility. ** Risk-free interest is based on Malaysian Government Securities yield. NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 TENAGA NASIONAL BERHAD Integrated Annual Report 2023 290 Accounting Policy Other operating income are the non-core revenue received for sales of goods and services rendered by the Group and the Company. Leasing income is accrued, unless collectability is in doubt. Dividend income is recognised when the shareholders’ rights to receive payment is established. Interest on late payments is the 1.0% late payment interest charge imposed if payment of electricity bill is made later than 30 days after the bill date in accordance with the Licensee Supply Regulations 1990. Accounting policy on gain on disposals of PPE and ROU are disclosed in Note 5 and Note 6 respectively. All others are recognised upon completion of the rendering of services or sales of goods not in the ordinary course of the