City Developments Limited - Annual Report 2021

OVERVIEW c G E T R E V I T A L I S E D C I TY DEVELOPMENTS L IMI TED ANNUAL REPORT 2021

OVERVIEW 1 City Developments Limited (CDL) is a leading global real estate company with a network spanning 104 locations in 29 countries and regions. Listed on the Singapore Exchange, the Group is one of the largest companies by market capitalisation. Its income-stable and geographically-diverse portfolio comprises residences, offices, hotels, serviced apartments, shopping malls and integrated developments. With a proven track record of over 55 years in real estate development, investment and management, the Group has developed over 48,000 homes and owns around 23 million square feet of gross floor area in residential for lease, commercial and hospitality assets globally. Its diversified global landbank offers 3.3 million square feet of land area. Along with its wholly-owned hotel subsidiary, Millennium & Copthorne Hotels Limited (M&C), the Group has over 130 hotels and over 40,000 rooms worldwide, many in key gateway cities. Leveraging its deep expertise in developing and managing a diversified asset base, the Group is focused on enhancing the performance of its portfolio and strengthening its recurring income streams to deliver long-term sustainable value to shareholders. The Group is also developing a fund management business and targets to achieve US$5 billion in Assets Under Management (AUM) by 2023. C O R P O R A T E P R O F I L E Artist's Impression CITY DEVELOPMENTS LIMITED ANNUAL REPORT 2021 GET REVITALISED 2021 marked the continuation of a ‘new normal’ as global economies, businesses and communities adapted to a vastly different environment, all the while traversing the continued and ever-evolving disruption from the COVID-19 pandemic. Embracing resilience, agility, adaptability and an innovative spirit that is the core to our DNA, we navigated the headwinds decisively and made a return to profitabi l ity. Today, backed by strong fundamentals, we are well-positioned for a full business recovery. In the past two years, we have gained new perspectives and insights. These, together with the many lessons learnt from the pandemic, will shape our growth story – and pave the way for greater business sustainability. OVERVIEW 2021 Highlights 5-Year Financial Highlights Chairman’s Statement Group CEO’s Statement Corporate Network Corporate Structure Highlights of the Year Awards & Accolades Corporate Directory CORPORATE GOVERNANCE Board of Directors Key Management Corporate Governance Risk Management Investor Relations Calendar of Financial Events SUSTAINABILITY Sustainability Board Statement BUSINESS OVERVIEW Financial Review Operations and Market Review PROPERTY PORTFOLIO Property Portfolio Analysis Major Properties FINANCIALS Statutory Reports & Accounts OTHER INFORMATION Statistics of Ordinary Shareholdings Statistics of Preference Shareholdings Share Transaction Statistics Notice of Annual General Meeting Additional Information on Directors Seeking Election/Re-Election Proxy Form 12 13 14 16 18 19 20 22 23 24 30 32 57 63 64 65 79 81 86 89 99 270 272 273 274 284 Cover and right: CanningHill Piers I Singapore

CITY DEVELOPMENTS LIMITED ANNUAL REPORT 2021 OVERVIEW 2 3 G R O W T H In 2021, we continued to build our development pipeline and recurring income streams, driving portfolio growth in Singapore and our key overseas markets. With two highly successful residential launches in Singapore and sustained sales of our existing inventory, we achieved a new record for the highest annual property sales in our Group’s history. Overseas, we launched a mixed-use project in Melbourne and also acquired a development site in Brisbane that can yield 97 units. The Group continued to broaden our Private Rented Sector (PRS) portfolio, growing our footprint to enhance our recurring income segment. In 2021, we grew our global Private Rented Sector (PRS) portfolio through strategic acquisitions in the UK and Japan, which includes a 250-year leasehold site in Birmingham for the development of the 370-unit The Octagon, which will be the world’s tallest pure octagonal residential skyscraper when completed in 2025. RESHAPING CITYSCAPES Building a diversified portfolio RESIDENTIAL LAUNCH PIPELINE ~2,350 UNITS in Singapore NEW LAUNCHES Singapore IRWELL HILL RESIDENCES (540 units) & CANNINGHILL PIERS (696 units) Australia FITZROY FITZROY (Melbourne) (62 units) GLOBAL PRS PORTFOLIO (Operational & Under Development) 1,734 UNITS in the UK, Japan and the US PROPERTY DEVELOPMENT SINGAPORE RECORD $4.3 BILLION Irwell Hill Residences I Singapore Artist’s Impression * Includes Executive Condominiums (ECs) and share of joint venture (JV) partners. Property sales value achieved for 2,185 UNITS sold*

CITY DEVELOPMENTS LIMITED ANNUAL REPORT 2021 OVERVIEW 4 5 E N H A N C E M E N T RETHINKING SPACES Revitalising assets to propel future value As part of our active asset management strategy, we continue to focus on portfolio rejuvenation and Asset Enhancement Initiatives to reposition our assets, unlock value, drive operational efficiency and returns. In 2021, we unveiled the redevelopment of the former Liang Court site at Clarke Quay into one of the largest integrated redevelopment projects in the Central Area, with the launch of CanningHill Piers – the iconic 696-unit residence along the Singapore River. We have also embarked on another two large-scale rejuvenation projects in the area: the former Fuji Xerox Towers, Central Mall and Central Square sites will be transformed into mixed-used developments and enjoy Gross Floor Area (GFA) uplifts through redevelopment incentive schemes. 80 Anson Road I Singapore Artist’s Impression ASSET REJUVENATION Redevelopment of mature assets CANNINGHILL PIERS (former Liang Court site) Part of one of the largest integrated redevelopment projects in the Central Area with residential, retail and F&B, a hotel and serviced residence 80 ANSON ROAD (former Fuji Xerox Towers) Potential GFA uplift by 25% to ~655,000 sq ft under CBD Incentive Scheme CENTRAL MALL & CENTRAL SQUARE Potential GFA uplift by 67% to ~735,500 sq ft under Strategic Development Incentive Scheme GLOBAL PORTFOLIO ~23 MILLION SQ FT Total GFA of residential for lease, commercial and hotel space ASSET ENHANCEMENT INITIATIVES Singapore : Palais Renaissance, King's Centre and Tower Club – Ba Xian Dining Thailand : Jungceylon UK : Aldgate House and 125 Old Broad Street

CITY DEVELOPMENTS LIMITED ANNUAL REPORT 2021 OVERVIEW 6 7 T R A N S F O R M A T I O N REINFORCING STRENGTHS Capitalising on strategic investments, new platforms and innovation STRATEGIC INVESTMENT IN IREIT GLOBAL 76% INCREASE in AUM to €889.7MM since the Group’s investment in April 2019 FUND MANAGEMENT US$5 BILLION AUM target by 2023 GROUP’S TOTAL ASSETS $23.9 BILLION The Octagon I Birmingham, UK Artist’s Impression To future-proof our business, we have embarked on platform initiatives for portfolio diversification and transformation. We are actively pursuing growth of our fund management business organically and via mergers and acquisitions, with plans to establish a Singapore-listed REIT with UK commercial assets. Since our strategic investment into Singapore-listed IREIT Global in April 2019, we now hold a 21% stake in its units and a 50% stake in the REIT Manager. IREIT Global’s portfolio has also grown from five properties to 37 properties, with a 76% increase in Assets Under Management (AUM) today. Keeping pace with an ever-changing world, we continue to embrace innovation and digitalisation for business optimisation and operational efficiency. Our push into new economy and technology ventures will revolutionise our product offerings, enhance our value proposition and elevate customer experience. Through exploring growth platforms, new economy and technology ventures, we are positioned to propel our business forward for the future.

CITY DEVELOPMENTS LIMITED ANNUAL REPORT 2021 OVERVIEW 8 9 T R A N S F O R M A T I O N M Social Hotel Paris Opera I Paris, France Enhancing efficiencies through asset reviews ACTIVE CAPITAL RECYCLING FOCUS Unlock deep value of investment assets with KRW1.1 TRILLION divestment of Millennium Hilton Seoul & adjoining land GLOBAL HOSPITALITY PORTFOLIO >130 HOTELS, >40,000 ROOMS HOTEL REPOSITIONING Completed 2 asset refurbishments: M SOCIAL HOTEL TIMES SQUARE NEW YORK First M Social property in the US M SOCIAL HOTEL PARIS OPERA First M Social property in Europe PORTFOLIO RESTRUCTURING - AS A COMMITTED SPONSOR & LARGEST UNITHOLDER OF CDLHT Proposed special distribution in specie of 144.3 MILLION STAPLED SECURITIES in CDL Hospitality Trusts (CDLHT) on a pro-rata basis to reward shareholders and unlock value through accounting deconsolidation Following our privatisation of Millennium& Copthorne Hotels Limited (M&C) in 2019, we have undertaken a holistic reviewof our hospitality portfolio to recycle capital, reposition assets and reorganise processes for synergies. We have since made several opportunistic asset divestments to unlock value and reallocate capital for growth, including the strategic divestment of Millennium Hilton Seoul which completed on 24 February 2022. In 2021, we also completed the refurbishment of two hotel assets in the US and Europe –M Social Hotel Times Square New York and M Social Hotel Paris Opera – which reopened in May and September respectively. With the hospitality sector on the cusp of an imminent rebound, led by pent-up demand for tourism and corporate travel, our hotels are well-positioned to ride a new growth trajectory. REBALANCING PORTFOLIOS

CITY DEVELOPMENTS LIMITED ANNUAL REPORT 2021 OVERVIEW 10 11 S U S T A I N A B I L I T Y Changing the present to protect the future REIMAGINING TOMORROW 114 BCA GREEN MARK Certifications for its developments and office interiors. Most-awarded BCA Green Mark Platinum listed developer NET ZERO OPERATIONAL CARBON BY 2030 First Singapore real estate developer to sign World Green Building Council (WorldGBC)’s Net Zero Carbon Buildings Commitment CDL is well placed to navigate the ever-evolving sustainability landscape global ly and local ly. For the past two decades, Environmental, Social and Governance (ESG) integration has been a fundamental aspect of CDL’s business strategy. By holding true to our corporate ethos of “Conserving as we Construct”, we continue to drive long-term sustainability and value creation for our businesses and stakeholders, building a climate-resilient future. As a demonstration of our commitment, in February 2021, we pledged to achieve net zero in operational carbon by 2030, and expanded this commitment towards a net-zero whole life carbonbuilt environment in November 2021. In December 2021, we also aligned ourselves with even more ambitious SBTi-validated carbon emissions reduction targets that are aligned with a 1.5°C warmer scenario. Through these goals, we boldly pave the way ahead for a greener built environment. ACHIEVED ENERGY SAVINGS OF >$34 MILLION across all managed properties from 2012 to 2021 SINGAPORE GOVERNANCE AND TRANSPARENCY INDEX 2021 #4 out of 519 companies >$3 BILLION in sustainable financing secured since 2017 via a green bond, various green loans and a sustainability-linked loan CDL Green Gallery I Singapore Ranked world's top real estate management and development company for four consecutive years, and only Singapore company listed for 13 consecutive years RANKED ON 13 LEADING GLOBAL SUSTAINABILITY RATINGS AND RANKINGS Only Singapore real estate company listed since 2018 One of 45 global companies and only Singapore recipient of the Terra Carta Seal from His Royal Highness (HRH) The Prince of Wales Only company in Southeast Asia and Hong Kong to achieve double 'A' honour for both climate change and water security for 3rd consecutive year

CITY DEVELOPMENTS LIMITED ANNUAL REPORT 2021 OVERVIEW 12 13 Notes: (1) 2017 comparative figureswere adjusted to take into account retrospective adjustments arising fromthe adoption of Singapore Financial Reporting Standards (International) (SFRS(I)) and International Financial Reporting Standards framework as well as SFRS(I) 9 - Financial Instruments and SFRS(I) 15 - Revenue from Contracts with Customers. (2) Final and special final tax-exempt (one-tier) ordinary dividends proposed for financial year ended 31 December 2021 will be subject to the approval of the ordinary shareholders at the forthcoming Annual General Meeting. (3) Excludes fair value gains on investment properties as the Group’s accounting policy is to state its investment properties at cost less accumulated depreciation and accumulated impairment losses. (4) Excluding non-cash impairment losses on investment properties and property, plant and equipment, and net loss from Sincere Property Group. (5) Excluding non-cash reversal of impairment losses on investment properties and property, plant and equipment, net loss from Sincere Property Group, and negative goodwill on acquisition of subsidiaries. (6) Illustrative valuation based on CDLHT unit price of $1.20. * Including only fair value gains on investment properties. ^ Excluding non-cash reversal of impairment losses on investment properties and property, plant and equipment, net loss from Sincere Property Group and negative goodwill on acquisition of subsidiaries. # Illustrative valuation based on CDLHT unit price of $1.20. 2021 HIGHLIGHTS 5-YEAR FINANCIAL HIGHLIGHTS REVENUE $2.6 BILLION $2.1 billion in 2020 NET GEARING RATIO* 61% 62% in 2020 INTEREST COVER 3.0X^ 3.4x in 2020 TOTAL ASSETS $23.9 BILLION $23.7 billion in 2020 CASH AND AVAILABLE COMMITTED CREDIT FACILITIES $3.9 BILLION $5.2 billion in 2020 BASIC EARNINGS PER SHARE 9.3 CENTS (212.8) cents in 2020 NET ASSET VALUE PER SHARE $9.28 $9.38 in 2020 EBITDA $706.9 MILLION $466 million^ in 2020 PATMI $97.7 MILLION ($1.9) billion in 2020 REVALUED NAV (RNAV) PER SHARE* $15.70 $14.26 in 2020 DISTRIBUTIONS IN CASH AND IN SPECIE 12.0 CENTS 19.1 CENTS# 31.1 CENTS# CLOSING SHARE PRICE $6.81 $7.97 in 2020 Year 2017 (1) 2018 2019 2020 2021 For the financial year ($’million) Revenue 3,829 4,223 3,429 2,108 2,626 Profit before tax 763 876 754 (1,791) 228 Profit for the year attributable to owners of the Company (PATMI) 522 557 565 (1,917) 98 At 31 December ($’million) Property, plant and equipment 4,999 5,013 5,462 5,526 5,362 Investment properties 2,449 3,741 4,410 4,569 3,997 Development properties 4,308 5,704 5,156 5,391 5,839 Cash and bank balances (including restricted deposits in other non-current assets and bank balances in assets held for sale) 3,990 2,512 3,084 3,237 2,191 Other assets 3,618 3,916 5,088 4,954 6,504 Total assets 19,364 20,886 23,200 23,677 23,893 Equity attributable to owners of the Company 9,391 10,041 10,520 8,502 8,414 Non-controlling interests 2,255 2,233 746 740 918 Borrowings 5,022 6,327 9,711 11,555 11,140 Other liabilities 2,696 2,285 2,223 2,880 3,421 Total equity and liabilities 19,364 20,886 23,200 23,677 23,893 Per share Basic earnings (cents) 56.0 59.9 60.8 (212.8) 9.3 Net asset value ($) 10.33 11.07 11.60 9.38 9.28 Dividends (cents) a) Ordinary dividend (gross) – final 8.0 8.0 8.0 8.0 8.0 (2) – special interim 4.0 6.0 6.0 – 3.0 – special final 6.0 6.0 6.0 4.0 1.0 (2) b) Distribution in specie – – – – 19.1 (6) c) Preference dividend (net) 3.9 3.9 3.9 3.9 3.9 Financial ratios Return on equity (%) 5.6 5.6 5.4 (22.5) 1.2 Net gearing ratio (%) (3) 9 31 61 93 99 Net gearing ratio if fair value gains on investment properties are taken into consideration (%) 7 23 43 62 61 Interest cover ratios (times) 13.5 14.9 14.0 3.4 (4) 3.0 (5) in cash in specie in total 12.0 cents (in cash) in 2020

CITY DEVELOPMENTS LIMITED ANNUAL REPORT 2021 OVERVIEW 14 15 CHAIRMAN’S STATEMENT REVITALISING OUR GROWTH STORY 2022 startedwith the optimismof a global economic recovery, with many countries easing international travel restrictions and streaml ining border controls. Despite the impact of the Russia-Ukraine conflict, which remains unpredictable, we stay focused on repositioning and growing our business, pushing ahead on our path towards full financial recovery. One of our Group’s key engines for growth is our hospitality arm. Since the 1970s, we have amassed a portfolio of valuable assets through strategic acquisitions and geographical expansion. Many of these assets have been held at book value for decades. Today, our Group is a sizeable hotel owner and operator, with over 130 hotels and more than 40,000 rooms worldwide. Since the start of the COVID-19 outbreak in 2020, the hospitality industry has been among the sectors hardest hit. Our prescient move to privatise our hotel arm, Millennium & Copthorne Hotels Limited (M&C) in November 2019 placed us in a strong position to restructure the business and steer it decisively through the operational challenges. It also enabled us greater flexibility in unlocking the deep value of M&C’s portfolio at the right time. Divestments In December, we announced the divestment of Millennium Hilton Seoul and its adjoining land for KRW 1.1 trillion ($1.25 billion). I led the acquisition of this asset in the late 1990s, and since then, we have steadfastly invested in the hotel, driven optimal performance and extracted good value from the property. I have always believed that thiswould be an asset that could provide tremendous value to shareholders at the right time and at the right price. The successful divestment of this property (whichwas completed on 24 February 2022), at a significant premium to book value, will enable the Group to realise a substantial gain estimated at $528.8 million. The sale of the Seoul assets marks the Group’s third hotel divestment since the M&C privatisation and themost significant hotel divestment todate. The previous two M&C hotel divestments completed were MillenniumHotel Cincinnati andCopthorne Hotel Birmingham. Apart from hotel divestments, the Group can also benefit from the sale of M&C’s interest in other commercial assets that have been held for longterm investment, such as Tangl in Shopping Centre. Through King’s Tanglin Shopping Pte Ltd, M&C’s wholly-owned subsidiary, we acquired our interest in the property in 1981 and currently own about 34.6% of share value and 60.2% of strata area. A public tender for the collective sale of Tanglin Shopping Centre closed on 22 February 2022 and received a top bid of $868 million, a premium of 10% over the reserve price. Upon completion of the transaction, we will realise a significant capital gain from our investment. Repositioning and Enhancements We have also taken steps to reposition our assets to improve their performance and returns. In 2021, we expanded the footprint of our lifestyle hotel brand, MSocial, with the debut of two properties in the US and Europe – M Social Hotel Times Square New York (M Social NY) and M Social Hotel Paris Opera (M Social Paris). Previously the Novotel New York Times Square, M Social NY opened in May 2021 and the property has turned in a strong performance and has been GOP positive. In September 2021, the former Millennium Hotel Paris Opera opened fol lowing a rebranding as M Social Paris, marking the first M Social property in Europe. We will continue the rollout of the M Social brand, with a second outpost in Europe planned in London’s Knightsbridge and other markets like Phuket and Suzhou. The Group continues to progress with other refurbishmentworks to enhance our assets and prepare themfor the imminent recovery in the global hospitality sector. New Developments In Sunnyvale, California, the headquarters of many technology companies, we completed Phase 1 – a 250-uni t residential development, which is over 80% leased. This asset is part of our Group’s Private Rented Sector (PRS) portfolio, contributing to our recurring income stream. The remaining phase is the 263-roomM Social Sunnyvale hotel. The Group will also be completing the 295-room M Social Suzhou in 2023. Located in the heart of Suzhou Industrial Park and adjacent to the beautiful Jinji Lake, it will be our fifth M Social hotel in the world. Restructuring The Proposed Distribution in specie of units in CDL Hospitality Trusts (CDLHT) will reward CDL shareholders for their steadfast support of our Group and result in the accounting deconsolidation of CDLHT from the Group. With the deconsolidation, the Group would have the potential to book gains on any future sale of assets to CDLHT should the transaction value exceed the carrying book value of the assets. The Group will continue to be CDLHT’s largest unitholder and its committed sponsor following the exercise. In addition to our hotel operations, our strong residential launch pipeline in Singapore and overseas, asset enhancements and redevelopment plans of our existing properties, and our fund management aspirations will be drivers of our growth plans. Our Group CEO has elaborated on our GET strategy in his statement. Since 2010, the Group embarked on our strategic diversification push to build our overseas property development platforms, complementing our core Singapore market. Today, we have an enviable global portfol io with total assets amounting to $23.9 billion, with 45% of the assets in Singapore and the remaining spread across our key overseas markets – China, the UK, Japan and Australia. Going forward, we are committed to renewing, optimising and transforming our asset portfolio to unlock latent value. As at 31 December 2021, the Group has cash reserves of $2.2 billion and total cash and available undrawn committed bank facilities totalling $3.9 billion. Complemented by our capital recycling efforts, we have adequate firepower for expansion. The Group will exercise discipline in our investments and temper our growth ambitions with prudence to maintain a strong liquidity position. Dear Shareholders, The Group returned to profitability with a net profit of $97.7 million and registered a 24.5% increase in revenue to $2.6 billion for FY 2021. Revenue contribution was led by the robust sales performance of our property deve l opmen t segmen t , wh i ch contributed 48% to total revenue. Our hotel operations segment marked a turnaround,with revenue fromall regions – particularly in the US and Europe – showing a strong increase in 2H 2021. Whilst the COVID-19 pandemic persists and geopol itical tensions present uncertainties, the resumption of travel, opening of borders and an overal l resolution to push ahead to open economies provide cause for a positive global outlook. The Group’s hotel operations segment is poised for a long-awaited rebound, boosted by imminent pent-up demand for tourism and corporate travel. In 2022, the Board and Management wi l l swiftly execute our Growth, Enhancement and Transformation (GET) strategy anddeliver onour commitment to enhancing shareholder value. We wi l l continue reviewing and optimising our hospitality portfolio through operational improvements, por t fo l i o res t ruc tur i ng , asset repositioning and strategic divestments to extract value. We will be agile and opportunistic in redeploying our capital to acquire assets in resilient sectors to enhance growth and generate sustainable returns for shareholders. With the Group’s solid underlying fundamentals, a geographical ly diversified portfolio and a healthy balance sheet, wewill continue to chart our post- COVID-19 corporate recovery. APPRECIATION On behalf of the Board, I would like to thank all our shareholders, customers, business associates and partners for your unwavering support. We bade farewell to two Independent Non-Executive Directors during the year, Mr Tan Poay Seng who retired at the 2021 AGM, and Ms Jenny Lim Yin Nee. We also welcomed our new Independent Non-Executive Director, Mrs Wong Ai Ai, who brings fresh insights and strong legal expertise. To my fellow Directors, I amgrateful for your invaluable stewardship, counsel and guidance as we strive to unleash our Group’s fullest potential. To our shareholders, thank you for your confidence in our Group and for journeying with us through the challenging period. For FY 2021, the Board has recommended a final ordinary dividend of 8.0 cents per share and a special final dividend of 1.0 cent per share. Additionally, the Board proposes to reward shareholders with a special distribution in specie of 144,300,000 stapled securities in CDLHT on a pro rata basis, estimated to be valued at 19.1 cents per share. Together with the special interimdividend of 3.0 cents per share declared in mid2021, the total full-year distribution to shareholders is expected to be 31.1 cents per share1. Finally, to the management and staff, thank you for your steadfast dedication and diligence. The resilience and tenacity you have shown in navigating the business challenges truly reflect the Group’s spirit and core values. We successfully weathered one of the worst storms in our past 59 years. Together, we achieved a remarkable turnaround in our financial performance and built strength and resilience from the many lessons learnt. With the Group’s solid underlying fundamentals, a geographically diversified portfolio and a healthy balance sheet, we will continue to chart our growth trajectory with renewed vigour and revitalised perspectives. Kwek Leng Beng Executive Chairman Kwek Leng Beng Executive Chairman 1 Illustrative valuation based on CDLHT unit price of $1.20.

CITY DEVELOPMENTS LIMITED ANNUAL REPORT 2021 OVERVIEW 16 17 GROUP CEO’S STATEMENT Dear Shareholders, 2021 continued to be a challenging year for the CDL Group but it was marked by resilience and recovery. We battled numerous challenges to overcome the disruption from the prolonged COVID-19 pandemic and the stringent cooling measures in China’s property market. Embracing the resilient spirit that is core to our DNA, we navigated the headwinds resolutely and returned to profitability. The Group is wel l-posi t ioned to redeploy capital to higher growth assets and expand our diversified portfol io. Revital ised by the new perspectives we have gained over the past two years, along with the improving macroeconomic conditions and a brighter outlook, we resume our growth journey with renewed confidence, backed by resiliency and strong fundamentals. Building a Solid Development Pipeline In 2021, we completed a series of strategic acquisitions and investments. In Singapore, we secured two land sites – located at Northumberland Road and Tengah Garden Walk – in 1H 2021 through the Government Land Sales (GLS) programme with our joint venture (JV) partner MCL Land. In November, we also entered into an off-market agreement to acquire a residential development parcel at 798 and 800 Upper Bukit Timah Road. With the completion of this transaction in 1H 2022, along with a recent GLS site acquisition at Jalan Tembusu in January 2022 and our other existing development sites, we have built a significant launch pipeline of around 2,350 units. In the UK, we expanded our Private Rented Sector (PRS) portfolio with the acquisition of a 250-year leasehold site in Birmingham’s vibrant Paradise precinct, on which we will develop The Octagon, an iconic 49-storey residential tower with 370 units, that will be the world’s tal lest pure octagonal resident ial skyscraper when completed in 2025. Our other PRS project in the UK, the 665-unit The Junction in Leeds, will be completing in phases commencing in late 2022. Over in Australia, we replenished our landbank with the acquisition of Kenmore Treetops, a 97-unit residential JV project in Br isbane, wi th Br isbane-based developer Metro Group. To ensure a stable launch pipeline and optimal inventory levels, the Group will continue to actively replenish our landbank through the GLS programme or selective private acquisitions. We will also enhance our recurring income portfolio, focusing on the Living Sector comprising asset classes such as the PRS, senior housing, workers’ dormitories and student accommodations, which offer income stabi l i ty and strong growth potential. Rejuvenating our Asset Portfolio Recent macroeconomic events, especially the pandemic and the ongoing Ukraine crisis, are fitting reminders that we cannot be overly reliant on a specific geography or asset class. We must continue to build a diversified portfolio, which will enable us to tap on various sustainable income streams to weather cyclical headwinds. Asset rejuvenat ion and por t fol io enhancement are key pillars of our GET strategy. The Group forged ahead with several of such initiatives for 2021, including Asset Enhancement Initiatives (AEIs) as well as redevelopment opportunities that wi l l al low us to unlock asset value and capitalise on incentive schemes. In December, the Group announced our plans for our Central Mall properties into a large-scale mixed-use project following the acquisition of Central Square. The enlarged site, comprising office, retail, hospitality and potentially a residential component, will be redeveloped under the Urban Redevelopment Authority (URA)’s Strategic Development Incentive Scheme. This exciting rejuvenation complements the revitalisation of the Singapore River planning area and is anticipated to yield a significant GFA uplift. We also continued to progress with our redevelopment plans for our mature freehold asset at 80 Anson Road (former Fuji Xerox Towers) under the URA CBD Incentive Scheme. Demolition works have started and construction is expected to begin in late 2022. The development is the first to achieve the Building and Construction Authority’s Green Mark Platinum Super Low Energy (SLE) certification, with SLE certification for the residential, serviced apartments, office and retail categories. Apart from these two large-scale redevelopment projects, the Group has also embarked on AEIs to reposition and refresh our asset portfolio. In 2021, we commenced an AEI for our mall located at Orchard Road, Palais Renaissance, to upgrade the common areas and increase its F&B provision, which is expected to fully complete by 1H 2022. With the AEI, committed occupancy for the retail space has improved to above 90%. Over in the UK, AEIs at both Aldgate House and 125 Old Broad Street are underway and these initiatives are expected to bolster rental rates. In Thailand, we will embark on a major AEI of the Jungceylon retail complex in Patong, Phuket, to increase the net lettable area with exciting new-to-market concepts and a refreshed trade mix. Forging Ahead with Transformation Since we pr ivat ised Mi l lennium & Copthorne Hotels Limited (M&C) in 2019, we have undertaken a holistic review of our entire hospitality portfolio. Our ongoing portfolio review is centred on a three-pronged approach: capital recycling to streamline the portfolio and unlock value through opportunistic divestments, portfolio restructuring and asset repositioning to improve performance, and driving operational efficiency through the reorganisation of structures and processes. Ou r cap i t a l recyc l i ng focus , as demonstrated by the divestment of Millennium Hilton Seoul for KRW 1.1 trillion ($1.25 billion) in 2021, and more recently, of our interest in the stratatitled Tanglin Shopping Centre through a collective sale tender that closed i n February 2022 , a l l ows us to unlock the deep value of these two investment assets, which have been held for several decades. The Proposed Distribution in specie of CDL Hospitality Trusts (CDLHT) units to our shareholders is another positive outcome of the strategic review of our hospitality portfolio. Its completion would reward shareholders for their support and result in an accounting deconsol idation of CDLHT from the Group. Apart from strengthening our balance sheet, the Group wi l l also be wel l-positioned to unlock value from our hospitality portfolio through future value-accretive transactions with CDLHT. Shareholders wi l l also have the opportunity to participate in the growth of the hospitality sector, which is on the cusp of a strong postpandemic recovery. EMERGING STRONGER In 2021, we made the difficult decision to divest our entire equity interest in Sincere Property Group. This was to mitigate the Group frombeing engaged in a long, drawn out bankruptcy reorganisation of Sincere Property Group and we will continue to actively pursue our rights as a creditor. Barring further disruptions from the pandemic, we look forward to the workforce gradually returning to the office in 2022. Collaboration at the office still plays a pivotal role in nurturing stronger teamwork and enhanced productivity, and allows for more effective mentorship and knowledge growth. Since the start of 2022, geopolitical conflicts have cast a shadow on global recovery. These events are a stark reminder that the future is marked with unpredictability and the business environment is also changing rapidly. We must be better prepared for unforeseen events and strengthen our resilience. APPRECIATION On behalf of Senior Management, I wish to express our heartfelt gratitude to our shareholders, customers, business assoc iates and partners for your unwavering support throughout the turbulent year. We are also grateful to our Board of Directors for their guidance and counsel. To our valued employees, I am humbled by your loyalty and resilience in pushing through the storm. Your steadfast commitment has been integral to our growth and recovery plans. We have a renewed focus to revitalise our business. Together, we will push forward to bring our plans to fruition, with the aim of delivering excellence and maximising value for all our stakeholders. Sherman Kwek Group Chief Executive Officer Sherman Kwek Group Chief Executive Officer GROWTH Build a development pipeline and recurring income streams ENHANCEMENT Enhance asset portfolio and drive operational efficiency TRANSFORMATION Transform via strategic investments, new platforms and innovation G E T R E V I T A L I S E D Despite the turbulent conditions we faced in 2021, the Group continues to execute on our GET (Growth, Enhancement and Transformation) strategy to renew and reposition our business, sharpen our value proposition and expand our asset portfolio.

CITY DEVELOPMENTS LIMITED ANNUAL REPORT 2021 OVERVIEW 18 19 104 Locations in 29 Countries & Regions GLOBAL NETWORK over 600 subsidiaries & associated companies 6 Companies listed on stock exchanges in Singapore, New Zealand and Philippines ASIA China • Beijing • Chengdu • Chongqing • Dongguan • Fujian • Fuqing • Guizhou • Hangzhou • Hong Kong • Shanghai • Shenzhen • Suzhou • Wenjiang • Wuxi • Xiamen Indonesia • Jakarta Japan • Tokyo • Osaka • Yokohama Malaysia • Cameron Highlands • Johor Bahru • Kuala Lumpur • Malacca Maldives • Meradhoo Island • Velavaru Island Singapore • Singapore South Korea • Seoul Taiwan • Taichung • Taipei Thailand • Bangkok • Phuket Philippines • Manila AUSTRALASIA Australia • Brisbane • Melbourne • Perth New Zealand • Auckland • Bay of Islands • Dunedin • Greymouth • Masterton • New Plymouth • Paihia • Palmerston North • Queenstown • Rotorua • Taupo • Te Anau • Wanganui • Wellington MIDDLE EAST Iraq • Sulaymaniyah Jordan • Amman Kuwait • Al Jahra • Al Kuwayt • Al Salmiya Oman • Muscat • Mussanah • Salalah Palestine • Ramallah Qatar • Doha Saudi Arabia • Hail • Madinah • Makkah • Gizan • Tabouk Turkey • Istanbul United Arab Emirates • Abu Dhabi • Dubai • Sharjah EUROPE France • Paris Georgia • Tbilisi Germany • Munich Italy • Rome • Florence Russia • Moscow The Netherlands • Amsterdam • Utrecht United Kingdom • Aberdeen • Birmingham • Cambridge • Cardiff • Dudley • Gatwick • Glasgow • Leeds • Liverpool • London • Manchester • Newcastle • Plymouth • Slough-Windsor NORTH AMERICA United States • Anchorage • Avon • Boston • Buffalo • Chagrin Falls • Chicago • Durham • Kissimmee • Los Angeles • Minneapolis • Nashville • New York • Scottsdale • Sunnyvale Owns around 23 MILLION SQ FT of gross floor area of office, industrial, retail, residential for lease and hotel space globally Targets US$5 BILLION in Assets Under Management (AUM) by 2023 COMMERCIAL HOTELS FUND MANAGEMENT Developed over 48,000 residences globally RESIDENTIAL 253 SUBSIDIARY COMPANIES 6 LIMITED PARTNERSHIPS 13 TRUSTS 70 ASSOCIATES AND JOINT VENTURES 100% M I L L E N N I U M & C O P T H O R N E H O T E L S L I M I T E D HONG L EONG GROUP S I NGA POR E * Listed Companies/Trust. 41 Subsidiary Companies 1 General Partnership EUROPE 3 18 Subsidiary Companies Subsidiary Companies Subsidiary Company MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED* (75.8%) CDL INVESTMENTS NEW ZEALAND LIMITED* (66.3%) NEW ZEALAND / AUSTRALIA 1 34 Subsidiary Companies 12 Limited Partnerships 18 Limited Liability Companies General Partnership NORTH AMERICA 1 53 Subsidiary Companies 64 Subsidiary Companies (include a private trust) 7 Joint Ventures Associated Company 12 Associated Companies 60 Associated Companies (include a private trust) Joint Venture Partnership GRAND PLAZA HOTEL CORPORATION* (65.6%) 51 Subsidiary Companies 5 Trusts CDL HOSPITALITY TRUSTS* (38.7%) FIRST SPONSOR GROUP LIMITED* (35.3%) ASIA 1 1 C I T Y D E V E L O P M E N T S L I M I T E D * ~49% Global footprint of over 130 hotels 40,000 rooms CORPORATE NETWORK CORPORATE STRUCTURE AS AT 28 FEBRUARY 2022 AS AT 28 FEBRUARY 2022

CITY DEVELOPMENTS LIMITED ANNUAL REPORT 2021 OVERVIEW 20 21 HIGHLIGHTS OF THE YEAR 1ST QUARTER (JANUARY – MARCH) • CDL emerged the world’s top real estate company and top ranked Singapore company in the 2021 Global 100 Most Sustainable Corporations in the World by Corporate Knights, the first and only Singapore company listed for 12 consecutive years. It also maintained its listing on the Bloomberg Gender-Equality Index 2021 for the fourth consecutive year – and was the only Singapore real estate company listed. • Raising the bar on decarbonisation efforts, CDL was the first real estate developer in Singapore and Southeast Asia to sign the World Green Building Council (WorldGBC)’s Net Zero Carbon Buildings Commitment, pledging to achieve net zero operational carbon by 2030 for new and wholly-owned assets and developments under direct operational and management control. • In February, CDL announced i ts acquisition of a col lective 84.6% interest in Shenzhen Tus incere Technology Park Development Co. Ltd. (Shenzhen Tusincere), which holds a 65% equity interest in Shenzhen Longgang Tusincere Tech Park (深圳龙岗区启迪协信科技园), from Sincere Property Group (Sincere Property) and two third parties, for a consideration of RMB 850 million (approximately $174 million), together with the assumption of proportionate existing shareholder loans. Following the transaction, the Group holds an effective 55% majority stake in the large-scale tech park in China’s highgrowth “Silicon Valley”. • The Tapestry, the Group’s fully sold 861-unit project at Tampines Avenue 10, obtained its Temporary Occupation Permit (TOP) in February. 2ND QUARTER (APRIL – JUNE) • In April, CDL launched Irwell Hill Residences, an iconic 540-unit luxury residential development in District 9. On its launch weekend, 278 units (over 50%) were sold at an average price of $2,700 per square foot (psf), including a four-bedroom Sky Penthouse which was sold for over $9 million. • CDL, together with its 50% JV partner MCL Land, secured two 99-year leasehold development sites through Government Land Sales (GLS) tenders: - April: Piccadilly Grand (94,000 sq ft site at Northumberland Road): $445.9 million - May: Tengah Garden Walk Executive Condominium (EC) (237,032 sq ft site): $400.3 million • In April, CDL’s JV company, South Beach Consortium, secured a fiveyear green loan totalling $1.22 billion for the refinancing of the South Beach development, marking one of Singapore’s largest green loans to date. • In the US, the Group welcomed its first M Social property, M Social Hotel Times Square New York, in end May 2021. The 480-room lifestyle hotel is within walking distance to New York’s best attractions, including Broadway, the Theatre District, Central Park and Fifth Avenue. 3RD QUARTER (JULY – SEPTEMER) • In August, CDL and its JV partner MCL Land successful ly secured green loans amounting to $847 million for the financing of two upcoming developments – Piccadi l ly Grand (Northumberland Road) and Tengah Garden Walk EC – in Singapore. • M Social Hotel Paris Opera opened in September 2021, marking M Social’s first outpost in Europe. The rebranded 163-room hotel merges the elegance of the historical Parisian lifestyle with contemporary design, vibrant art and inviting rooms. • The Group announced the divestment of its 51.01% joint controlling interest in Sincere Property in September. The transaction comprises the sale of its 63.75% interest in HCP Chongqing Property Development Co., Ltd (HCP Cayman), which holds 80.01% equity interest in Sincere Property, to Sure Spread Limited, an unrelated third party incorporated in the Republic of Seychelles. Concurrently, the Group entered into an agreement for the transfer of 15.4% interest in Shenzhen Tusincere from Sincere Property as partial repayment for an outstanding loan owed by Sincere Property. Fol lowing the completion of this transfer, Shenzhen Tusincere is now a wholly-owned subsidiary of the Group and the Group holds a 65% effective stake in Shenzhen Longgang Tusincere Tech Park. 4TH QUARTER (OCTOBER – DECEMBER) • In October, the Group launched Fitzroy Fitzroy, a 62-unit mixed-use JV development in Melbourne, Australia. • In November, CDL and its JV partner, CapitaLand Development, launched the 696-unit CanningHill Piers. The landmark residence is Singapore’s tallest residential development by the Singapore River and is part of an integrated development that is directly linked to Fort Canning MRT station. On its launch weekend, 538 units (77%) were sold with a total sales value of over $1.18 billion, making it the bestselling project launch in the Central Area for 2021. • CDL was awarded the inaugural 2021 Terra Carta Seal by His Royal Highness The Prince ofWales – the only Singapore company out of 45 global companies to be awarded. • CDLwas also recognisedwithdouble ‘A’s for the 2021 CDP A List for corporate climate action and water security for the third consecutive year. • At COP26, CDL joined 44 companies to step up its ambition as a signatory to the WorldGBC’s updated Net Zero Carbon Buildings Commitment, taking sector-leading action on whole life carbon emissions. • In December, CDL raised its Science Based Targets initiative (SBTi) carbon emission intensity reduction targets to align with 1.5°C warmer scenario. • CDL announced the proposed acquisition of Central Square for a purchase consideration of $315million, alongwith plans to amalgamate the site with its neighbouring CentralMall properties into a large-scale mixed-use development under the Urban Redevelopment Authority (URA) Strategic Development Incentive Scheme. • CDL entered into an agreement to divest the Millennium Hilton Seoul hotel and its adjoining land to IGIS Asset Management for KRW 1.1 trillion (approximately $1.25 billion), a significant premium to book value. The divestment was completed on 24 February 2022. • In the UK, CDL expanded its Private Rented Sector (PRS) portfolio with the acquisition of a 250-year leasehold site in Birmingham from Paradise Circus Limited Partnership (PCLP) for a purchase consideration of £6.5 million (approximately $11.8 million). The 16,760 sq ft site will be developed into an iconic 155-metre-tall residential tower named The Octagon, with 370 build-to-rent units. Piccadilly Grand I Singapore Artist’s Impression Millennium Hilton Seoul I Korea The Tapestry I Singapore

CITY DEVELOPMENTS LIMITED ANNUAL REPORT 2021 OVERVIEW 22 23 * Not exhaustive. For a full listing of CDL corporate and project awards, please refer to www.cdl.com.sg. ^ Not exhaustive. For a full listing of CDL sustainability awards, please refer to www.cdlsustainability.com. Irwell Hill Residences I Singapore Artist’s Impression • Bloomberg Gender-Equality Index (GEI) 2021 • DADs for Life & Centre for Fathering – Great Companies for Dads Awards • Equileap Gender Equality 2021 Global Report and Ranking • Euromoney Real Estate Survey – Best Residential Real Estate Developer (Singapore), Ranked #1 • IDC Future Enterprise Awards 2021 – Best in Future of Connectedness • HR Asia Best Companies to Work for in Asia 2021 • HRD Awards Asia 2021 – Excellence Awardee • Best Leadership Development Program • Best Reward & Recognition Programe • Best Workplace Diversity & Inclusion Program • Employer of Choice (100 - 999 Employees) • HRD Asia 5-Star Employer of Choice 2021 • Singapore Governance and Transparency Index (SGTI) 2021 ‒ – #4 out of 519 companies • Asia Sustainability Reporting Awards – Asia’s Best Integrated Report Award (Gold) ‒ – Asia’s Best Integrated Report Design Award (Gold) ‒ – Asia’s Best Carbon Disclosure (Gold) ‒ – Asia’s Best Materiality Reporting (Gold) ‒ – Asia’s Best Environmental Reporting (Silver) • CDP – A List for corporate climate action – A List for water security • Dow Jones Sustainability Indices (World and Asia Pacific) 2021 • FTSE4Good Index Series • Global 100 Most Sustainable Corporations in the World 2021 • Global Real Estate Sustainability Benchmark (GRESB) 2021 – Global Sector Leader (Diversified-Office/Retail) ‒ – Overall Regional Sector Leader (Diversified-Office/Retail) • His Royal Highness The Prince of Wales’ Terra Carta Seal • MSCI ESG Leaders Indexes 2021 ‒ – ‘AAA’ rating • Royal Society for the Prevention of Accidents (RoSPA) Awards 2021 – Order of Distinction • Sustainable Business Awards 2020/21 ‒ – Overall Winner (Large Corporations) ‒ – Winner  • Sustainable Strategy  • Energy Management  • Water Management  • Waste Productivity and Materiality  • Climate Change & Emissions  • Stakeholder Management ‒ – Significant Achievement  • Business Ethics and Responsibility  • UN SDGs • S&P The Sustainability Yearbook 2021 • STOXX® Global ESG Leaders Indices 2021 • Workplace Safety and Health Awards 2021 ‒ – Developer Award (Winner) • Building and Construction Authority (BCA) Awards 2021 – Quality Excellence Award - Quality Champion (Platinum) ‒ – Green Mark Super Low Energy - Platinum 80 Anson Road (Residential) ‒ – Green Mark Commercial and Residential - Platinum South Beach (Recertified) – Green Mark - GoldPlus CanningHill Piers ‒ – Universal Design Mark - Platinum City Square Mall (Renewal) ‒ – Universal Design Mark - GoldPlus The Tapestry Forest Woods ‒ – Universal Design Mark - Gold (Design) Amber Park • EdgeProp Excellence Awards 2021 – Top Developer ‒ – Top Development Irwell Hill Residences The Tapestry Forest Woods ‒ – Design Excellence The Tapestry ‒ – Landscape Excellence The Tapestry ‒ – Sustainability Excellence The Tapestry BOARD OF DIRECTORS Executive Directors Kwek Leng Beng, Executive Chairman Sherman Kwek Eik Tse, Group Chief Executive Officer Lead Independent Director Lee Jee Cheng Philip Non-Executive Directors Philip Yeo Liat Kok, Non-Independent Ong Lian Jin Colin, Independent Daniel Marie Ghislain Desbaillets, Independent Chong Yoon Chou, Independent Chan Swee Liang Carolina (Carol Fong), Independent Tang Ai Ai Mrs Wong Ai Ai, Independent AUDIT & RISK COMMITTEE Lee Jee Cheng Philip, Chairman Chong Yoon Chou Chan Swee Liang Carolina (Carol Fong) NOMINATING COMMITTEE Ong Lian Jin Colin, Chairman Kwek Leng Beng Chong Yoon Chou Lee Jee Cheng Philip Tang Ai Ai Mrs Wong Ai Ai REMUNERATION COMMITTEE Chan Swee Liang Carolina (Carol Fong), Chairman Ong Lian Jin Colin Lee Jee Cheng Philip Daniel Marie Ghislain Desbaillets BOARD SUSTAINABILITY COMMITTEE Sherman Kwek Eik Tse, Chairman Chong Yoon Chou Daniel Marie Ghislain Desbaillets Tang Ai Ai Mrs Wong Ai Ai COMPANY SECRETARIES Yeo Swee Gim, Joanne Enid Ling Peek Fong SHARE REGISTRAR & SHARE TRANSFER OFFICE M & C Services Private Limited 112 Robinson Road, #05-01 Singapore 068902 Tel : +65 6227 6660 Fax : +65 6225 1452 Email : [email protected] REGISTERED OFFICE 9 Raffles Place #12-01 Republic Plaza Singapore 048619 Tel : +65 6877 8228 Fax : +65 6223 2746 Email : [email protected] INVESTOR RELATIONS Belinda Lee Head, Investor Relations & Corporate Communications Email : [email protected] AUDITORS KPMG LLP Public Accountants and Chartered Accountants, Singapore 16 Raffles Quay #22-00 Hong Leong Building Singapore 048581 (Partner-in-charge: Lo Mun Wai, appointment commenced from the audit of the financial statements for the year ended 31 December 2020) PRINCIPAL BANKERS Agricultural Bank of China Bank of America Merrill Lynch Bank of China Limited Bank of Communications Co., Ltd BNP Paribas China Construction Bank Crédit Agricole Corporate & Investment Bank Crédit Industriel et Commercial CTBC Bank Co., Ltd. DBS Bank Ltd. Hang Seng Bank Limited Industrial and Commercial Bank of China Limited Malayan Banking Berhad Mizuho Bank, Ltd. MUFG Bank, Ltd. Oversea-Chinese Banking Corporation Limited Standard Chartered Bank Sumitomo Mitsui Banking Corporation The Hongkong and Shanghai Banking Corporation Limited United Overseas Bank Limited AWARDS & ACCOLADES CORPORATE DIRECTORY BUSINESS & PERFORMANCE* SUSTAINABILITY^ PRODUCT*

CITY DEVELOPMENTS LIMITED ANNUAL REPORT 2021 CORPORATE GOVERNANCE 24 25 BOARD OF DIRECTORS KWEK LENG BENG Executive Chairman PHILIP YEO LIAT KOK Non-Independent Non-Executive Director ONG LIAN JIN COLIN Independent Non-Executive Director DANIEL MARIE GHISLAIN DESBAILLETS Independent Non-Executive Director CHONG YOON CHOU Independent Non-Executive Director SHERMAN KWEK EIK TSE Executive Director Group Chief Executive Officer LEE JEE CHENG PHILIP Lead Independent Director CHAN SWEE LIANG CAROLINA (CAROL FONG) Independent Non-Executive Director TANG AI AI MRS WONG AI AI Independent Non-Executive Director KWEK LENG BENG, 81 Executive Chairman First appointment as Director 1 October 1969 Appointment as Executive Chairman 1 January 1995 Last re-election as Director 24 June 2020 (Will be seeking re-election at the 2022 Annual General Meeting) Board committees • Nominating Committee (Member) Present directorships in other listed companies* and principal commitments • Hong Leong Finance Limited* (Chairman/Managing Director) • Hong Leong Investment Holdings Pte. Ltd. (Executive Chairman) • Millennium & Copthorne Hotels Limited (Executive Chairman) Other appointments • Singapore Hotel Association (Member) • Singapore Institute of Directors (Fellow) Past directorships in other listed companies* and principal commitments held in the preceding five years • Hong Leong Asia Ltd.* (Non-Executive Chairman) • Millennium & Copthorne Hotels plc* (Non-Executive Chairman) (delisted and privatised in 2019 and now known as Millennium & Copthorne Hotels Limited) Mr Kwek has extensive experience in the real estate business, having joined City Developments Limited (CDL) in the late 1960s and since then has contributed significantly to building CDL’s more than five decades of track record. He grew the Group’s hospitality arm and has been actively involved in its development into Singapore’s largest international hotel group and one of the largest hotel owners and operators in the world. He also has extensive exper ience i n t he f i nance bus i ness , hav i ng grown from day one with the original Hong Leong Finance Limited which has since merged its finance business with Singapore Finance Limited (now known as Hong Leong Finance Limited). He is also experienced in the trading and manufacturing sectors. Mr Kwek has rece i ved numerous accolades. In 1997, he was named “Businessman of the Year 1996” by Singapore Business Awards, organised by The Business Times and DHL. In 2012, he was jointly awarded the “Partners in the Office of the CEO” award in the Brendan Wood International – Securities Investors Association Singapore (SIAS) TopGun CEO Designation Award with the late Mr Kwek Leng Joo (former Deputy Chairman of CDL). This award is given to CEOs who are best in class as rated by shareholders. In 2014, he received the inaugural Real Estate Developers’ Association of Singapore (REDAS) Lifetime Achievement Award which honours a pioneering group of real estate leaders. He received the Singapore Chinese Chamber of Commerce and Industry (SCCCI ) SG50 Outstanding Chinese Business Pioneers Award in 2015. The award honours the Republ ic’s outstanding Chinese business pioneers and their exemplary contributions to nation-building. That same year, he was accorded the Lifetime Achievement Awa r d f r om Ho t e l I n v e s tme n t Conference Asia Pacific (HICAP). This accolade honours exceptional individuals who have distinguished themselves t h r o u g h a c c omp l i s hme n t s a n d contributions to the hotel industry. I n 2017 , he was present ed the Lifetime Achievement Award at the Asia Pacific Entrepreneurship Awards organised by Enterprise Asia, a regional non-gove r nmen t a l o r gan i sa t i on for ent repreneurship. The award was in recognition of outstanding achievements, visionary leadership and steadfast dedication that led to the successful growth of the Hong Leong Group for over five decades. That same year, he clinched the inaugural Global Blue Ocean Shift Award, given at the Global Entrepreneurship Community Summit in Kuala Lumpur. Mr Kwek was awarded the Singapore Tatler Diamond Award (Lifetime Achievement) 2018, in recognition of his exceptional leadership that led Hong Leong Group to grow into a globally diversified enterprise. In 2020, Mr Kwek received on behalf of Hong Leong Group, the EY Family Bus iness Award of Excel lence. I t celebrated the Group’s successful , sustainable and long-term oriented strategy, effective and transparent corporate governance approach, and significant socio-economic contributions. Mr Kwek holds a law degree, LL.B. (London) and is also a fellow of The Institute of Chartered Secretaries and Administrators. He was also conferred an Honorary Doctorate of Business Administration in Hospital ity from Johnson & Wales University (Rhode Island, US) and an Honorary Doctorate from Oxford Brookes University (UK). Note: Hong Leong Investment Holdings Pte. Ltd. is the immediate and ultimate holding company of CDL. Hong Leong Finance Limited and Hong Leong Asia Ltd. are related companies under the Hong Leong Group of companies. Millennium & Copthorne Hotels Limited and CDL China Limited are subsidiaries of CDL.

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