strengthening sustainability governance across the Group. OUTLOOK Looking ahead for Malaysia, economic growth is expected to track upwards to 4-5% in 2024, from the 3.7% recorded in 2023, driven by the recovery in exports and resilient domestic expenditure, according to Bank Negara Malaysia. Growth will be supported by a solid labour market, enhanced household spending and improvements in tourist arrivals. In addition, sustained investment activities propelled by ongoing multi-year projects in both the private and public sectors, as well as the execution of catalytic initiatives under national master plans provides further upside. Fuel prices are also expected to ease in 2024. We see further upside for TNB going forward especially with the government’s robust efforts to drive the decarbonisation agenda. With policies supporting the expanding adoption of EVs andEV infrastructure, EV sales are expected to more than double in 2024, according to forecasts made by the Malaysian Automotive Association. The other catalyst is Malaysia’s growing prominence as a preferred destination for data centres which will drive the demand for renewable energy (RE). T o support this, TNB has established the Green Lane Pathway programme to streamline the on-boarding process for data centres, expedite approvals and facilitate the smooth setting up of data centres in Malaysia. In addition, the government’s plan to establish a regional green energy exchange bodes well for increased activity in RE export deals, in which we expect to be a key player. We take cognisance of the latest development in the Sabah electricity supply industry in which, the Sabah state government through the Energy Commission of Sabah (ECoS) has officially taken over regulatory authority of the state’s electricity supply in January 2024. TNB will continue to support the government through the 7-year transformation programme of Sabah Electricity Sdn. Bhd. into becoming a financially viable and sustainable utility, while simultaneously improving the state’s power