Annual Reports and Related Documents::

EDUCATE.

INSPIRE.

GROW.

AR/SR 2021

CONTENTS

Corporate Profile	2
Corporate Structure	3
Chairman's Message	4
Board of Directors	5
Operations Review	7
Corporate Information	8
Sustainability Report	9
Corporate Governance Report	20
Financial Statements	38
Utilisation of Proceeds from Rights Issue	102
Analysis of Shareholdings	104
Analysis of Warrantholdings	105
Substantial Shareholders	106
Notice of Annual General Meeting	107
Proxy Form

VISION

To be a global leader in providing quality

MISSION education. To educate global

citizens to contribute

to society.

ANNUAL REPORT | SUSTAINABILITY REPORT 2021

1

OUR

VALUES

STUDENT-

CENTRIC

We put our students first.

INNOVATION

We encourage creativity and drive innovation.

PEOPLE

We empower our people.

SOCIAL

RESPONSIBILITY

We strive to be socially responsible citizens.

2 EDUCATE. INSPIRE. GROW.

CORPORATE

PROFILE

Over the last 38 years, it has evolved with the global education landscape and built a strong track record as a quality global education provider laying the foundation and boosting the careers of over 1,000,000 students worldwide. It currently operates a diverse range of education programmes:

• Informatics Education Hong Kong, its training solutions provider, and
• NCC Education UK, its globally recognised awarding institution, that licences its British qualifications to over 180 accredited partner centres in 50 countries worldwide.

IT courses are offered at foundation, diploma, undergraduate and postgraduate levels to students from as young as pre-school age to mature learners. Focusing its core competency of Computing related disciplines, courses are offered at higher education levels with pathways to university degree and masters qualification. To accommodate the varied lifestyles and needs of individuals, institutions and corporations, courses are offered via diverse learning modes from traditional classroom with capabilities to offer to e-learning.

Informatics Education was founded in 1983 in response to the demands for skilled Information Technology (IT) manpower and knowledge- based workers arising from Asia's rapid economic growth. In May 1993, it became the first private lifelong learning company to obtain a listing on SGX Mainboard.

ANNUAL REPORT | SUSTAINABILITY REPORT 2021

3

CORPORATE

STRUCTURE

INFORMATICS

EDUCATION

CAMPUS	TRAINING
Informatics Academy	CENTRE
Singapore
(Undergoing teach-out, ceased	Informatics Education
accepting new students with	Hong Kong
effect from 1 April 2021)
	INTERNATIONAL
	CENTRES
	NCC Education

4 EDUCATE. INSPIRE. GROW.

CHAIRMAN'S MESSAGE

ANNUAL REPORT | SUSTAINABILITY REPORT 2021

5

BOARD OF

DIRECTORS

Dear Shareholders,

During the financial year ended 30 June 2021 ("FY2021"), the Group continued to be impacted by the ongoing challenges presented by the COVID-19 pandemic. The pandemic has had an effect on all parts of the business and the Group has managed these in different ways, depending on the circumstances, and what is in the best interests of the shareholders and the Group. Many of the previous strategies and plans had to either be modified, deferred or ceased, to ensure continuity of the Group's operations.

The Group made the difficult decision to cease operations in Singapore at Informatics Academy after over 37 years, due to the adverse impact from the COVID-19 pandemic, but mainly due to the loss of the 4-year EduTrust award so crucial to recruiting overseas students. Informatics Academy was a loss-making business and burning cash, therefore the Group decided to focus on its overseas operations.

The dedication and commitment from the global staff in NCC Education and Informatics Education Hong Kong has enabled the two businesses to continue during the pandemic and have adapted all nature of operations accordingly. Solid financial performance considered in these operations outside Singapore and continue to be positioned to enter a growth phase post-pandemic.

For FY2021, the Group recorded total revenue of $7.1 million, representing an 18% decrease against the annualised revenue for the financial period from 1 April 2019 to 30 June 2020 ("FY2020"). The Group reported a loss before tax of $1.5 million for FY2021 (FY2020: $0.5 million), including redundancies for the Singapore operations. Whilst the Group is still in a loss position, the executive education business in Hong Kong maintained healthy profit margins and NCC Education continues near-profitability level. Much of the losses are contributed by Informatics Academy in Singapore, despite Government pandemic support.

Once again, on behalf of the Group, I would like to record my appreciation to the directors, staff, partners, students and shareholders for their continued support. In particular, I would like to record my gratitude for the support of the Governments of Singapore, United Kingdom and Hong Kong, whose business-friendly financial stimulus measures have supported us to mitigate some of the impact of the pandemic to the Group's business

DATO' SRI ROBIN TAN YEONG CHING

Non-Executive Chairman

DATO' SRI ROBIN TAN YEONG CHING

Non-Executive Chairman

Dato' Sri Robin Tan graduated with a Bachelor of Social Science degree in Accounting/Law from the University of Southampton in the United Kingdom in 1995. He joined Berjaya Group Berhad in 1995 as an Executive and subsequently became the Chief Executive Officer of Berjaya Corporation Berhad in 2011. He joined the Board as Chairman in June 2011.

Currently, he is the Non-Executive Deputy Chairman of Berjaya Corporation Berhad, Executive Chairman of Berjaya Sports Toto Berhad, the Chairman of Berjaya Media Berhad and a Director of Atlan Holdings Bhd and KDE Recreation Berhad. He is also an Executive Director of Berjaya Hartanah Berhad (formerly known as Berjaya Golf Resort Berhad), Bukit Kiara Resort Berhad and Staffield Country Resort Berhad. He also holds directorships in several other private limited companies in the Berjaya Corporation group of companies.

MS YAU SU PENG

Executive Director

Ms Yau Su Peng currently holds the position of Director, Retail and Innovation at Berjaya Corporation Berhad and oversees businesses in the sectors of education, digital transformation and innovation.

Ms Yau has a wealth of experience in retail, financial payments, law, marketing and communications from both the government and private sectors. She served as Alternate Director to Dato' Sri Robin Tan Yeong Ching from 25 April 2012 to 23 November 2012 and was appointed to the Board in November 2012 as a Non-Executive Director. She was re-designated as Executive Director in October 2014.

She joined the Berjaya group from MasterCard Worldwide, where she was Vice President of Marketing and Sales.

She qualified as a lawyer from the University of Melbourne, and originally practiced law in both Melbourne and Kuala Lumpur. In the last few years, Ms Yau has been building Berjaya Group's capability to digitally transform including in the areas of next-generation retail experience design, mobile payments and the use of advanced analytics to power data-led enterprises.

6 EDUCATE. INSPIRE. GROW.

BOARD OF

DIRECTORS

MR PHILIP YEAP

Independent Director

Mr Philip Yeap is the Vice-President of Marketing at APJ Pure Storage. He joined the Board as an Independent Director in July 2018.

Graduating from the National University of Singapore with a Bachelors of Arts in Political Science, Mr Philip Yeap rose to become Director of Industry and Services Marketing/Industry Operations (Asia Pacific) at IBM. He then moved to Cisco Systems Asia Pacific as Head of Marketing, where he helped transform the marketing team by developing innovative leading-edge marketing processes and marketing systems to drive an aggressive pipeline for Cisco. From 2004 to 2015, Mr Philip Yeap was Vice-President of Marketing (Asia-Pacific/Japan) at Symantec. He was Vice-President of Worldwide Field Marketing and Global Channel Marketing with Veritas Technologies LLC.

In addition to his Bachelors Degree, Mr Philip Yeap holds a Graduate Diploma in Marketing Management from the Singapore Institute of Management. His more recent education qualifications includes a stint with the Stanford University Graduate Business School (SEP) in 2010.

PROFESSOR LAI KIM FATT

Independent Director

Professor Lai Kim Fatt is currently the Regional Senior Advisor to both Sensetime International Pte Ltd, China's leading artificial intelligence company, as well as DXC Technology, a world-leadingend-to-end IT services provider. He joined the Informatics Board in July 2018 as an Independent Director.

Professor Lai brings with him a deep understanding of and extensive experience in leadership roles in the Information Technology and IT Services sector. He was the Consulting Government Programs Leader at IBM Singapore and was Vice-President of Business Integration at Singtel. He also served as Chief of Business Solutions at NCS and as Chief Information Officer at Defence Science & Technology Agency.

Apart from graduating from the United States Air Force Institute of Technology with a Masters of Science (Systems Management), Professor Lai holds an honours degree in Civil Engineering from the Japan Defence Academy and attended the Program for Management Development at Harvard Business School in 1997. In 2004, he was awarded "IT Person of the Year" by the Singapore Computer Society. Professor Lai is actively serving on numerous boards and advisory committees, including the management committees of SoC-NUS, Institute of Systems Science, the Singapore Discovery Centre and Integrated Health Information Systems Pte Ltd.

OPERATIONS

REVIEW

INFORMATICS ACADEMY

Informatics Academy Pte Ltd (IAPL) is a wholly-owned subsidiary of Informatics Education Ltd. It is registered with the Committee for Private Education (CPE) under the Enhanced Registration Frame­work (ERF) valid until May 2022.

For the first half of the financial year, IAPL was operating in a COVID-19 safe environment and under the restrictions that accompanied this, curriculum delivery continued via online platform. Notwithstanding introduction of blended learning mode for its academic programmes, recruitment of new international students from overseas was significantly hampered as the borders in Singapore were closed.

Additional to the impact from COVID-19, CPE undertook a review of the company's registration for renewal beyond March 2021, granting only a one-year provisional EduTrust award to IAPL. This left the management with no choice but to cease operations in Singapore, and complete the teach-out of existing students. Existing students in the Oxford Brookes University programmes were to be taught out to completion by IAPL, while students on other pathway programmes were passed through to another Private Education Institution in Singapore. The teach-out of existing students is expected to complete by early 2022.

NCC EDUCATION

A subsidiary of Informatics Education Ltd, NCC Education, is an awarding body that works in partnership with over 200 Accredited Partner Centres and universities in more than 50 countries to offer flexible and cost-effective ways for individuals to join and exit study programmes with an appropriate British qualification as an outcome, from Foundation Level 3 to Masters Level 7. Additionally, NCC Education is now a significant player in the primary and secondary schools market with its Digi computer science programme, in compliance with the UK national curriculum, for 5-16 year olds, inclusive of Level 2.

This is achieved by sustaining differentiation in the marketplace through the provision of Computing and Business access pathways to British Higher Education for those who choose to study in their home country, or have a desire to complete university programmes on campus, particularly in the United Kingdom. NCC Education offers in-country and on-campus options as well as online completion of the final year of degree studies for students.

NCC Education continued to sustain its business and support of global partner centres, despite challenges caused by the COVID-19 pandemic, which impacted all countries where NCC Education operates. By offering flexible delivery and assessment options and monitoring remotely as required, business and student progress was able to continue, albeit in a modified environment that met all academic standards. This also included recruitment of a number of new partner centres and also introducing more programmes options online, including the Level 7 Diploma in Business Management and online Master Top-Up programmes.

INFORMATICS EDUCATION (HK) LTD

A wholly-owned subsidiary of Informatics Education Ltd, Informatics Education (HK) Ltd (IEHK) is one of the leading education and training centres in Hong Kong, having built a strong track record for quality programmes and training services for individuals, multinational corporations and government departments since 1992.

IEHK focuses on professional training for executives at all stages of their career. Over

the last 12 months, IEHK continued to be the leader in providing Project Management Professional (PMP)® training. Being the Official Authorized Training Partner (ATP) of the Project Management Institute (PMI)®, IEHK has since trained more than 8,000 PMP® students which constitute the majority of the Project Management Professionals in the Hong Kong market, and consistently maintained a commendable track record with over 95% examination pass rate. To strengthen IEHK's leader role in Hong Kong market, IEHK newly launched series of Project Management programmes, including Project Management Institute Agile Certified Practitioner® (PMI-ACP), IEHK has trained more than 200 PMI-ACP® students, which steadily expanded and continued to boost positive growth.

INFORMATICS GLOBAL CAMPUS

Informatics Global Campus Pte Ltd (IGC) is

1. wholly-ownedsubsidiary of Informatics Education Ltd and offers diploma and degree courses through online platforms. During FY 2018, to enable greater efficiency and operational effectiveness, IGC ceased further enrolments and teach out all existing programmes to completion, and develop such programmes through Informatics Academy. IGC was dormant throughout FY2021

INFORMATICS INTERNATIONAL

Informatics International has been dormant for all of FY2021. In order to create greater organisation efficiency, all existing and new franchise and licensing business activity is operated through Informatics Education Ltd.