LEADERSHIP COMMITMENT & TRACK RECORD

Group CEO's Statement

Dear Stakeholders,

The world is facing a full-blown climate emergency. Scientific assessments and reports increasingly warn that critical planetary boundaries are being breached and that global warming is pushing natural systems towards a “danger zone,” with many near tipping points. UNEP data confirmed that the window to keep global warming to just 1.5°C above pre-industrial levels has closed, and that under current climate policies, the world is on track to warm by between 2°C and 3°C.¹ Asia, which is home to almost 60% of the world’s population and generates over 50% of global greenhouse gas emissions, making it the world’s largest contributor to climate change.² These implications are particularly profound, and the region’s response will shape our resilience and the global trajectory toward sustainability.

Against this backdrop the real estate sector must shift from being a contributor to the problem to instead being a primary architect of the solution. As a long-term advocate for sustainable development, CDL recognises that we possess opportunities to lead the transition towards a low-carbon, resilient and nature-positive built environment. This commitment is reflected in our 19^th CDL Integrated Sustainability Report, titled “Time for Impact – Future-Proofing Planet, People and Prosperity”.

FUTURE-PROOFING PLANET, PEOPLE AND PROSPERITY

Since 1995, our corporate ethos of “Conserving as We Construct” has guided how we build, manage and operate. We have embedded sustainability at the core of our Growth, Enhancement, and Transformation (GET) strategy, integrating practical and forwardlooking solutions across our portfolio.

Anchored on four strategic pillars: Integration, Innovation, Investment, and Impact to achieve four strategic deliverables – Decarbonisation, Digitalisation and Innovation, Disclosure and Communication, and Defence through Risk Mitigation and Adaptation, sustainability is a cornerstone of CDL’s business strategy. It strengthens our risk management and creates long-term value through proactive adaptation, innovation, partnerships and transparent reporting.

Integration: Advancing ESG Governance and Strategic Resilience
CDL is committed to the triple bottom line, focusing on financial performance while mitigating the environmental impact of our business operations on the planet and people. We have integrated environmental and social responsibility into our operations, working closely with our stakeholders to build resilience and create shared values amid climate, economic and social transitions.

With the International Sustainability Standards Board (ISSB)’s International Financial Reporting Standards (IFRS) S1 and S2 standards taking effect for STI constituents in 2025³, CDL has been taking steps towards full adoption of this global baseline standard. We enhanced internal reporting and expanded ESG data coverage to reflect CDL’s value chain. To foster industry collaboration, CDL cohosted the “In Conversation with ISSB” dialogue with the Singapore Institute of Directors, engaging with senior ISSB representatives, financiers and sustainability practitioners. These efforts exemplify CDL’s commitment to Singapore’s evolving sustainability reporting landscape to transform into a green economy, in line with the Singapore Green Plan 2030.

In 2025, we embarked on a Group-wide quantitative study to assess CDL’s current and anticipated financial impacts from our climate-related risks and opportunities. This exercise has helped us advance our alignment with the IFRS S1 and S2 standards and enhanced our understanding of our ESG-related business risks and opportunities through a financial lens.

We started conducting our ESG materiality assessments in 2014 and have continued to review and prioritise the ESG issues of relevance to our business and stakeholders. The top five issues ranked highest on both impact and financial materiality for FY2025 are: “Decarbonisation – Energy Efficiency & Adoption of Renewables”, “Cyberreadiness, Security and Data Privacy”, “Green and Healthy Buildings – Product/Service Quality and Responsibility”, “Occupational Health, Safety and Well-being”, and “Governance and Business Conduct”. The findings will guide us in refining our sustainability strategy and priorities.

Innovation: Utilising Technology and Championing Nature-based Solutions to Cool Urban Spaces
To meet our 2021 pledge to WorldGBC’S Net Zero Carbon Buildings Commitment, we have made progress in decarbonising our buildings and operations through various innovations.

In 2025, we implemented an IoT-based Optimisation and Energy Monitoring Platform at the Group’s Jungceylon Shopping Center in Phuket, enhancing operational efficiency and enabling real-time, proactive fault detection. With further integration across other building systems, the platform is expected to achieve energy savings of 5% to 10%.

On-site solar photovoltaic (PV) systems were also deployed across selected retail, office and industrial assets under a Solar Power Purchase Agreement (PPA) model in 2025. These PV systems supply renewable energy and are estimated to save approximately 80,000-100,000 kWh, equivalent to about 200 4-room HDB flats per annum. The Solar PPA was implemented at City Square Mall, Quayside Isle, King’s Centre, Palais Renaissance and City Industrial Building in 2025.

Heat is a “silent killer”, causing more fatalities than all other extreme weather events combined. The urban heat island effect can cause temperature differences of up to 7°C between densely built urban areas and less developed rural areas. In fact, Singapore is heating up twice as fast as the global average.

Aligned with our commitment to nature-positive development, CDL has scaled up the use of naturebased solutions and greenery across our properties. We actively engaged in discussions on heat, health and the importance of nature-based and biophilic solutions for cooling urban spaces.

In March 2025, we launched the research-driven CDL MicroForest, in partnership with the National University of Singapore (NUS) and National Parks Board (NParks), to ascertain that cooling through greening is viable. The data collected at the CDL MicroForest will be analysed to understand its impact on mitigating rising temperatures, reducing surface heat absorption, enhancing biodiversity and strengthening ecological resilience.

Building on the success of the CDL MicroForest, we have expanded it by adding another 2,800 square feet (sq ft) of regenerative tropical plants, with over 80% of the plants native to the region. This expansion will provide many benefits including improved air quality, enhanced biodiversity and better wellness for building users.

At our corporate office at Republic Plaza, we completed the installation of hybrid cooling fans, to balance occupant comfort and energy efficiency. This complements the raised indoor air-conditioning temperature of 25°C and is aligned with Singapore’s Go 25 movement, which promotes sustainable cooling practices.

These initiatives are part of our broader Future Value 2030 Sustainability Blueprint, which guides us in shaping a future where business growth aligns with positive environmental and social impact. By harnessing crosssector partnerships, we aim to accelerate progress toward the UN Sustainable Development Goals (SDGs) and global climate goals.

Investment: Continual Mobilisation of Sustainable Finance to Accelerate Action
Sustainable finance is a key enabler for embedding ESG into business models. In 2024, companies in Asia issued approximately US$145 billion in sustainable bonds, representing about 28% of the global corporate sustainable bond issuance.⁴ The sustainable finance market is expected to grow from US$13.4 trillion in 2025 to US$15.06 trillion in 2026.⁵

This trend in capital flows reflects a shift in investor expectations towards sustainability. By linking financing and credit terms to sustainability outcomes, sustainable finance aligns the incentive structure for businesses to manage climate, regulatory and reputational risks, positioning it as a strategic long-term growth lever.

Since 2017, CDL has secured over S$11 billion in sustainable finance, leveraging its strong sustainability performance and credibility, validated by global ESG rankings like FTSE4Good, MSCI ESG Ratings, and the CDP A List. These recognitions boost investor confidence, providing CDL with access to sustainable capital at competitive terms and underscoring the financial value of ESG stewardship.

In today’s climate of heightened scrutiny and evolving global ESG standards, reliable and verifiable data is crucial for business resilience. CDL is integrating a new ESG data platform to enhance the transparency, consistency and accuracy of its sustainability reporting. This commitment to data integrity and robust disclosure strengthens investor confidence, streamlines compliance and builds long-term resilience in a data-driven sustainability landscape.

Impact: Consistent Sustainability Practices for Positive Impact
With the recent ESG pullback, corporates will be tested on their commitment to sustainability practices. CDL remains dedicated to sustainable development and ESG best practices, earning recognition in leading global ESG ratings and rankings for the past three decades. For a complete listing of CDL’s ESG leadership, please refer to pages 10-11 of this report.

Some of our key achievements in the year under review include:

• Global 100 Most Sustainable Corporations in the World by Corporate Knights: Ranked 69^th in 2026 – the only Singapore company on the global ranking, and CDL is the only Singapore company listed for 17 consecutive years since 2010
• CDP: The only Singapore company to achieve double ‘A’s for Climate Change and Water Security in the 2025 CDP A List for 7 consecutive years
• MSCI ESG Ratings: ‘AAA’ rating since 2010
• Sustainalytics: Regional and Industry Top-rated in 2025
• TIME World’s Most Sustainable Companies: 2024-2025
• Financial Times – Statista Asia-Pacific Climate Leaders 2025: Recognised for the third consecutive year
• The Asset Triple A Sustainable Finance Awards 2025: Conferred Best Sustainability-Linked Loan – Real Estate
• Gender Equality Report & Ranking 2026 –Developed Markets Edition: Ranked 93^rd

As a pioneering green developer in Singapore, CDL has achieved 130 BCA Green Mark certifications for our developments and office interiors since the scheme’s launch in 2005. In 2025, our luxury 706-unit Zyon Grand residential project near the prime River Valley enclave received the BCA Green Mark Platinum Super Low Energy (SLE) award as well as the BCA Health and Wellbeing, Maintainability, and Whole Life Carbon badges. Zyon Grand is CDL’s 12^th Green Mark SLE certification. Our longstanding green building efforts have saved approximately S$49 million in energy savings from energy-efficient retrofitting and initiatives in our locally managed buildings from 2012 to 2025.

In 2025, nine CDL properties in Singapore maintained the WELL Health-Safety Rating, a globally recognised evidence-based, third-party verified rating that assesses building performance relating to the health and safety of building users.

Additionally, in December 2025, we completed our fourth climate change scenario study, facilitated by an independent consultant. This study expanded our coverage and methodologies to better assess CDL’s readiness for physical and transitional risks, with expanded timeframes to include short-, mediumand long-term impacts until 2050. Japan, one of the Group’s key markets, was also added to provide a more comprehensive assessment of the risks and opportunities across the Group’s overseas portfolio.

FORGING AHEAD: ACCELERATING COLLABORATION FOR A LOW-CARBON AND NATURE-POSITIVE FUTURE

Empowering Supply Chain with Carbon Accounting and Decarbonisation Capability
As we look toward 2026, CDL remains dedicated to integrating sustainability to enhance business and financial value. Our leadership in green building, sustainability practices, disclosures and reporting, relies on the support of our supply chain, in particular SMEs, which form the backbone of Singapore’s economy and contribute significantly to overall emissions across sectors such as construction, manufacturing and services.

To achieve our decarbonisation targets, including managing and reporting our embodied carbon and Scope 3 emissions, we must support our SMEs through capability-building and access to low-carbon solutions. In October 2025, we celebrated a key milestone in our SME Supplier Decarbonisation Queen Bee Programme with the graduation of the first 42 local SMEs. CDL is the first real estate company in Singapore to lead a dedicated programme equipping SME suppliers with knowledge and skills to manage their carbon footprint and reporting. This collaboration with Enterprise Singapore, Global Green Connect and DBS Bank strengthens supply chain

resilience and ensures that smaller businesses remain competitive in a rapidly evolving low-carbon economy, where Scope 3 reporting has become integral.

Active Tenant Engagement to Accelerate Decarbonisation
CDL continued to engage tenants in our green building efforts. In 2025, we concluded the City Green Tenant Bonus (CGTB) Programme, a pioneering decarbonisation initiative launched in 2024, targeting tenants of Republic Plaza, the Group’s flagship Grade A office building, to reduce Scope 3 carbon emissions. Building on our Green Lease initiative, this programme incentivised tenants to adopt sustainable practices and reduce energy consumption. In August 2025, CDL co-hosted the Go 25 event with the Singapore Green Building Council (SGBC), along with the CGTB Programme Awards Ceremony. The event celebrated the achievements of 20 CDL tenants in advancing energy efficiency and sustainability within their premises.

Extensive Community Outreach at SSA as a Hub for Climate and SDG Action
2025 saw a rapid growth of SDG-aligned capacity building and climate and nature-related advocacy efforts at the Singapore Sustainability Academy (SSA) and SSA Annex, convening over 220 events with more than 11,500 participants. These efforts brought together government agencies, global organisations and NGOs including the UN Principles for Responsible Investment, UN Global Compact Network Singapore, Global Reporting Initiative, World Wide Fund for Nature, World Green Building Council, National Environment Agency, Singapore Environment Council, Courage Chapter, and many others – underscoring the extensive network of partnerships formed.

Since its inception in 2017 and 2024 respectively, the SSA and SSA Annex have hosted over 1,500 events and training sessions, engaging more than 55,900 stakeholders.

Expanding Global Climate Summit to National Levels through Ground-up Initiatives
Advancing climate action means moving beyond the annual COP (Conference of Parties) Summit to year-round, national and community-led initiatives as envisioned by AlterCOP, launched at the SSA in 2024. AlterCOP 30, held in November 2025, marked CDL’s second year of partnership with The Matcha Initiative and The Transmutation Principle to host an independent platform designed to complement the COP process, by bridging global climate discussions with local perspectives and action. Over two years, AlterCOP grew from six to twelve participating countries, attracting over 3,400 attendees and 320 speakers at over 180 sessions held locally and 280 across the region. This reflects a strong and growing appetite for deeper climate discourse, accessible knowledge sharing and cross-sector collaboration. CDL aims to support AlterCOP 31’s goal of expanding to 20 countries or cities this year.

Nurturing Youth and Children to be a Force for Change
In line with our commitment to nurturing a sustainabilityminded community, CDL continues to support youthfocused programmes. In 2025, we held the 6^th “We Love Our Planet” Storytelling Contest, the 15^th CDL-GCNS Young SDG Leaders Award, the CDL E-Generation Challenge (launched since 2017) and the 8^th Youth4Climate Festival. These youth programmes were made possible through strong commitment and partnerships with public and people sectors organisations.

The pioneering CDL EcoTrain saw an overwhelming response from the public, welcoming over 57,000 visitors mostly children from four years old and up, since its opening in March in 2025. We look forward to refreshing the content in the EcoTrain in Q2 2026, with new exhibits centred on polar regions and the ocean – topics that align with our CDL Green Gallery exhibition.

Continual Efforts to Raise Awareness of Impact of Biodiversity Loss and Melting Glaciers
Marking the 22nd exhibition at the CDL Green Gallery, “We Love Our Planet” was organised in partnership with NParks, the Jane Goodall Institute (Singapore), and Ocean Geographic and ran from 10 December 2024 to 1 June 2025. Attracting nearly 22,000 local and international visitors, the exhibition highlighted the vital role of nature and biodiversity in sustaining ecosystem resilience and tackling the climate crisis.

Launched in February 2026, the second “Melting Ice, Sinking Cities – the Arctic Impact” Climate Exhibition invites visitors to confront the climate emergency in the polar region through the findings of 2025 Bears Ice Glaciers Arctic Climate Expedition. The expedition captures the silent warnings from fast-melting glaciers, wildlife and vulnerable communities, reminding us that the consequences of inaction are global.

A Lighthouse for the Built Environment Ecosystem
To navigate the challenges of climate change and an evolving macroeconomic landscape, we will continue to build resilient communities and create sustainable value through responsible development and disciplined execution. Our actions today are guided by a longterm commitment to leave a positive legacy for future generations.

As we advance in our three-decade sustainability journey, CDL aims to navigate the challenges of global change. We strive to be the lighthouse that guides the built environment ecosystem towards a future where planetary health and economic prosperity go hand in hand.

Sherman Kwek
Group Chief Executive Officer