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Sustainability Is At The
Core Of Everything We Do
We will grow in a responsible manner, deliver long-term
economic value, and contribute to the environmental
and social well-being of our communities.
Core Values:
Winning
Enterprising Respect Integrity
Mindset
We create great customer We deliver sustainable

value and experiences shareholder returns and
through high-quality build a strong global network
products and services. of capital partners.
For our For our

CUSTOMERS INVESTORS
Commitment
To Our
Stakeholders
We develop We care for and
high-performing contribute to the
people and teams through economic, environmental
rewarding opportunities. and social development
of communities.
For our For our

PEOPLE COMMUNITIES
ii
A Sustainability Early Mover
Over 20 years from the formation of CapitaLand and counting...
2000 2006 2010 2011 2013

CapitaLand started CapitaLand Green Committee First Singapore listed External assurance of External assurance
environmental & formed, which spearheaded company to publish a annual GSR (FY2010) elevated to AA1000
philanthropic activities Groupwide initiatives globally Global Sustainability Assurance Standard
reporting and established environment Report (GSR) (FY2009)
& social key performance referencing Global
indicators Reporting Initiative (GRI)
2019 2018 2017 2015

Appointed as Obtained 1st and Voluntarily aligned Became signatory
member of ASEAN largest sustainability- to Task Force on to United Nations
GRI Consortium linked loan in Asia Climate-Related Global Compact
Financial Disclosures
Pledged support (TCFD), providing
for TCFD disclosures of 4 TCFD
pillars in GSR (FY2016)
2020 2021 2022 2023

Launched CapitaLand Science-based Implemented Launched S$50 million CapitaLand Investment CLI became signatory
2030 Sustainability targets approved internal carbon price CapitaLand Innovation (CLI) committed to to the Principles
Master Plan (SMP) Fund for sustainability Net Zero by 2050 for Responsible
Integrated the CSXC - Piloted 6 and other high-tech Investment (PRI)
Launched CapitaLand Environment, Health, selected innovations at solutions Held 2nd edition,
Sustainability X Challenge and Safety Impact CapitaLand properties CSXC 2022- 10 innovations Refreshed
(CSXC) – 1st global Assessment for all chosen for piloting at CLI 2030 SMP
sustainability innovation new investments selected CapitaLand
platform by a real properties Signed the Institute
estate company of Limited Partners
Association (ILPA)
Diversity in Action
initiative
Logistech, Singapore iii

2022 Performance Highlights
Accolades
Net Zero 15% >85 22%
by 2050 carbon emissions
intensity reduction1
nationalities in CLI's
global workforce
women on the
CLI board
commitment for since 2019
scope 1 & 2 emissions
• Dow Jones Sustainability World

Index for 11th consecutive year
• Dow Jones Sustainability APAC
Index for 14th consecutive year
• 1st and longest standing company
in Singapore to be listed
• MSCI World ESG Leaders Index
1.5°C-aligned 15% ~40% ~90% for 9th consecutive year
• AAA MSCI ESG rating
global 2030 target validated energy consumption of women in of staff attended
by Science Based Targets intensity reduction since senior management Fraud, Bribery &
initiative (SBTi) 2019 & 42% since 2008 Corruption awareness
online training2
• Constituent for 14th year
58% 24% >37 100% • 1st and longest standing company

in Singapore to be listed
of global portfolio 3
water consumption training hours of contractors & vendors • 5-star rating for 7 years
achieved green building intensity reduction since per staff committed to abide and achieved A for
certification 2019 & 52% since 2008 by Supply Chain Code Public Disclosure
of Conduct
• Constituent for 11th year
Internal >83% Zero S$4.7 billion Carbon Clean 200TM

carbon price of staff attended at staff work-related fatality raised in sustainable by Corporate Knights
least 1 ESG training or permanent disability finance by CLI & its
implemented for
listed REITs & As You Sow
new investments &
acquisitions • Constituent for 9th consecutive year • Constituent for 5th year
1
One driver of intensity reduction against baseline years of 2019 and 2008 was the drop in activity at some of CLI properties amid COVID-19.
2
Based on ending staff strength as at 31 Aug 2022. iv
3
Percentage by m2 of CLI’s owned and operationally-managed properties.
Pushing the boundaries for a
sustainable built environment
CSXC 2022:
with innovation >340 entries 20* 24* 5*

The CapitaLand Sustainability X Challenge (CSXC) is a global platform to
>50
from countries
projects being
piloted or
sites within
CapitaLand
countries
advance innovation and collaboration in sustainability within the built (>270 entries from planned at properties in
environment. Through CSXC, CapitaLand aims to source for emerging 25 countries in 2021)
solutions and technologies globally to solve sustainability challenges
impacting the built environment. * As at 30 April 2023
Successful CSXC 2022 Pilots

CSXC 2021 Pilot CLEANAIR.AI SUNMAN ENERGY ECOFLOW
ALVI CleanAir Safety SystemTM: sensors & World's first glass-free, lightweight & flexible solar Air-compression valve to improve
active polarisation provide buildings with panel, can be used on roofs that are unable to watermeter accuracy
HEPA-class air quality support glass modules for structural reasons
Trialling in Trialling in
Trialling in
› United States of America › Singapore
› China
› Singapore › Thailand
› 10% improvement in IAQ

IN PROGRESS
› Comparable performance to
TO TO TO
TEST › Up to 6,000kWh TEST
standard glass solar panel with
TEST › 10% water cost
energy savings per AHU 70% reduced weight of panel
HYDROLEAP SLIDELUVRE WI.PLAT

On-site electro-oxidation to reduce Smart voltaic louvres Intelligent building leak
cooling tower blowdown detection system
Trialling in Trialling in Trialling in

› Singapore › Singapore › Singapore
TO
› 40% blowdown water TO
› Solar energy yield up to
TO › More than 2 detection &
TEST TEST 200 kWhe/m2 slat area/year TEST locations of unobserved water leaks
New Generation Bio

ENEXOR BIOENERGY PASSIVE EDGE TECH LOH AND SONS PAINT CO MAINI RENEWABLES
Water Saving Stick Renewable energy system: converts organic, biomass, Phase-change material (In partnership with SolCold) Efficient micro wind
or plastic waste into onsite renewable electricity & for thermal control and Nanoparticle material using turbine
I N PLAN N I N G
Irrigation via transfer thermal power while offsetting significant volumes of storage sunlight for active cooling
carbon dioxide
of humidity from air
to ground
Trialling in
One landscape zone › India
in Aperia, Singapore
Trialling in
(Integrated Development) › Singapore
up to TO
› 20% energy and waste cost TO › 25% airconditioning TO › 10% energy TO › 15,000 kWh energy
33%
TEST TEST energy consumption TEST consumption TEST generation
ACHIEVED
Note:
Irrigation water Targets as provided by innovators & CLI is currently working with them to establish the respective innovations' pilot savings targets for the testbedding in CapitaLand assets. Depending on nature of innovation & control/comparisons
savings required, not all innovations are initially tested at full building or project level.
v
Singapore China India
Under the #LoveOurSeniors initiative, volunteers Through over 30 activities, CapitaLand in China rallied CHF contributed INR 50 million towards a school
participated in meal and bread deliveries, packed over 1,000 staff, tenant and community volunteers to building construction at the second school in
and delivered essential care packs, as well as helped support over 10,000 seniors and children in 30 cities. Bangalore under the CapitaLand Hope School
seniors settle in their new homes. Volunteers also Programme.
helped build resilience and environmental awareness They also improved lives of seniors via home visits,
CLI’s global of children through the Camp Cacti and CapitaLand smartphone workshops and spring cleaning.
Environmental Education Programme respectively.
community
Across 60 activities 'My Schoolbag' Over 1,700 children
Programme: received educational
Over 2,000 staff,
school kits in both
tenant and community 2,400 students from
investment
Bangalore schools under
volunteers 37 schools received
CHF's programme and
schoolbags
Over 6,000 beneficiaries government schools
(children, youth and in Hyderabad
initiatives seniors)
To make a positive Indonesia Malaysia Philippines

impact by enriching
lives and uplifting Ascott Indonesia distributed food and drinks to Launched in October 2022, the second edition of Ascott Philippines in partnership with Gawad Kalinga
vulnerable families during Ramadan. #GivingBersama initiative brought together staff (GK) Community Development Foundation, aims to
communities where volunteers in Malaysia to pack and distribute daily provide nutrition and livelihood security through GK's
Tauzia Ascott Limited also raised IDR 500 million for necessities and school essentials to beneficiaries Feeding Programme and Food Shed Farming Enterprise
CLI operates the Indonesian Street Children Organisation (ISCO), from orphanage homes or schools. Project respectively.
and conducted a resume and interview simulation
workshop for youth from ISCO.
Over 280 staff Over 1,200 beneficiaries Over 100 staff volunteers
across 15 cities across 36 orphanage
More than 900 children
homes or schools
Distributed over and families benefitted
2,000 sets of food and
drinks prepared by
>11,000
its restaurants
volunteering hours
United Kingdom United States Vietnam

In support of the homeless, Rallying staff, tenants and the community, CapitaLand CapitaLand in Vietnam rolled out Nutrition Project
volunteers from the in US participated in the March for Babies charity walk. under the CapitaLand Hope School Support Programme.
CLI contributed CapitaLand International Students would receive monthly milk packets until the
>S$3.3million team in London participated

in SleepOut, where they Over US$200,000 raised in support of families throughout
end of the school year in May 2023 under the initiative
to supplement their nutritional needs essential for their
to CHF and CHF India braved a cold night to their pregnancy journey and advocacy work developmental growth.
understand challenges faced
by the homeless and raised Hot meals delivered 50 staff volunteers
funds. In December, together to 45 homeless seniors distributed milk and
at Manhattan’s upper 1,400 sets of healthy
with the Singapore team,
west side snacks to students
a food donation drive for the
Whitechapel Mission and Donated US$25,000 to in October
North London Action for the Meals on Wheels America
Homeless contributed over
80kg of food for the homeless.
vi
CLI 2030 Sustainability Master Plan (SMP)
Build Enable Steward

Portfolio Resilience and Resource Efficiency Thriving and Future-Adaptive Communities Responsible Business Conduct and Governance
Low Carbon Transition Social Impact Corporate Governance
• Achieve Net Zero emissions by 2050 for scope 1 • Contribute to communities’ social well-being • Ensure sustainability targets integrated
and 2 greenhouse gas (GHG) emissions through outreach initiatives by staff and into CLI Performance Share Plan &
• Reduce: CapitaLand Group’s philanthropic arm, CapitaLand Balanced Scorecard framework to
Hope Foundation (CHF) determine executive remuneration
and KPIs
Absolute scope Carbon Energy
1 & 2 GHG emissions consumption Human Capital Development • At least 85% staff to attend
emissions by intensity by intensity by 1 compliance related training
46% 1
72% 1
15% 1
Transparent Reporting
• Achieve 45% of total electricity

40% 80% 85%
consumption from renewable sources
• ESG reporting aligned and externally
• Work towards setting new scope 3
Female Staff Staff to assured to international standards
carbon emissions reduction target representation engagement attend
in senior score2 1 ESG training
management
Water Conservation and Resilience ESG Risk Management
Health and Wellness
• Identify, assess, and manage
Reduce water consumption intensity • Foster a safety culture with zero fatality, permanent sustainability risks and opportunities
in our day-to-day operations by disability, major injury
15% 1
• Incorporate social integration design
• Ensure sustainability risks and
opportunities are managed in line
features in properties with overall risk appetite and strategy
Waste Management and Circular Economy • Implement wellness related initiatives
and certifications for physical assets
Reduce waste Achieve Customer and Supplier Partnerships

intensity in our
day-to-day
operations by
25% • Green leases for new and renewal of leases; work with
recycling rate in
tenants to improve their sustainability performance
20% 1 our day-to-day
operations
• Achieve high level of customer satisfaction
• Contractors and vendors to abide by CLI's Supply
Chain Code of Conduct
• Zero tolerance to child labour/forced labour
Note that the Enable and Steward targets are intended to reflect the organisation-wide goals set by CLI on a group basis, and are intended to be implemented subject to and taking into account
(i) fair and equitable employment practices and principles under applicable laws and market practice and (ii) the business and operational needs of the company and the organisation, as applicable.
1
Using 2019 as the base year.
2
Staff engagement with at least 85% participation.
vii
CLI 2030 SMP Pathways

Portfolio Resilience and Resource Efficiency Thriving and Future-Adaptive Communities Responsible Business Conduct and Governance
Integrate sustainability in the entire CapitaLand Hope Foundation as a vehicle to Ensure robust ESG governance structure,
real estate life cycle. amplify the social impact of our contribution where CLI's Board through its committees
In particular, factoring Environment Health & Safety to the communities by collaborating with ecosystem oversees sustainability strategy,
impact assessments and Internal Carbon Price in partners to support key underserved needs of and CLI's top management and business
investment process. children, youth and seniors through donations, leaders own the execution on the ground
volunteerism and thought leadership. through cross-team collaboration.
Source climate-technology solutions

through the global CapitaLand Sustainability X Build a culture of volunteerism Monitor and report to ensure transparency
Challenge for piloting and among staff and leveraging its ecosystem of sustainability progress.
adoption throughout the portfolio. to rally customers and business partners Continue to validate performance
to do good together. by external assurance and align Global
Use data analytics and digitalisation
Sustainability Report to international
to track and analyse trends in environment
standards and frameworks.
parameters and use the insights for
portfolio optimisation.
Develop capability and build a culture

of sustainability
throughout the organisation. Integrate ESG into Balanced
Scorecard Framework
Strengthen innovation and collaboration Empower staff
and sustainability targets embedded
by tapping on S$50 million CapitaLand Innovation with relevant knowledge and skillsets
in policies, processes, best practices,
Fund, to drive sustainability by sourcing globally to make decisions that align with
and key performance indicators.
and within CLI for new ideas and technologies our sustainability goals.
to meet our bold sustainability ambitions.
Work with partners to create shared values
that benefit the wider real estate community
through partnerships and mentorships.
Cultivate stakeholder engagement
through thought leadership and advocacy,
towards ensuring CapitaLand as a sustainable
brand that cares for the environment
and communities it serves.
Raise capital through sustainable
finance instruments
by embracing sustainable finance initiatives
that demonstrate our sustainability leadership.
Interest rate savings can be channelled back
into our decarbonisation efforts.
viii
About Us
Headquartered and listed in Singapore, CapitaLand Investment Limited (CLI) is a leading global real estate
investment manager (REIM) with a strong Asia foothold. As at 31 December 2022, CLI had S$132 billion of real estate
assets under management, and S$88 billion of real estate funds under management (FUM) held via six listed real
estate investment trusts and business trusts, and more than 30 private vehicles across Asia Pacific, Europe and
USA. Its diversified real estate asset classes cover retail, office, lodging, business parks, industrial, logistics and
data centres.
CLI aims to scale its FUM and fee-related earnings through fund management, lodging management and its full
stack of operating capabilities, and maintain effective capital management. As the investment management arm
of CapitaLand Group, CLI has access to the development capabilities of and pipeline investment opportunities from
CapitaLand’s development arm.
As a responsible company, CLI places sustainability at the core of what it does and has committed to achieve Net
Zero emissions (scope 1 and 2) by 2050. CLI contributes to the environmental and social well-being of the communities
where it operates, as it delivers long-term economic value to its stakeholders.
Contents
Introduction
1 Group CEO’s Message

3 About This Global Report
5 Managing Sustainability
Environmental Social Governance
13 Environmental And 35 Human Capital 60 Organisational Capital

Manufactured Capital 53 Social And Relationship 69 Financial Capital
Capital
Appendix
71 TCFD Recommendations 82 SASB Disclosure Index 91 ISO 26000 Guidance On

76 Material Topics And 84 GRI Content Index Social Responsibility
Boundaries 90 United Nations Global 92 Independent Assurance
77 Key ESG Data Summary Compact Statement
Group CEO’s Message
Dear stakeholders,
‘Permacrisis’ has become the defining word for 2022, as the world stumbled from one crisis to the next. From the
aftermath of the COVID-19 pandemic, heightened geopolitical tensions, to inflationary and interest rate pressures
not seen in decades, crises took their turns to create chaos globally. Dialing up the heat was the fifth warmest
temperature recorded last year, according to NASA (National Aeronautics and Space Administration).
Amidst these storms, strong and steady hands are needed to keep an organisation on course. For CLI, we believe
that maintaining focus on our pursuit of sustainability in our strategy and business, is the way forward.
In 2020, we introduced our CLI 2030 Sustainability Master Plan (SMP) as a strategic blueprint to chart our journey
towards our ambitious sustainability targets. Mindful of the continuously evolving environment and CLI’s business,
we reviewed our SMP in 2022 to strengthen our ESG (Environment, Social and Governance) pillars; we are stepping
up our Net Zero initiatives, deepening our social efforts, and increasing our governance focus. The revised SMP
also provides greater clarity on our pathways to reach our targets. As CLI continues our transformation to become
a leading real estate investment manager, we signed the United Nations Principles for Responsible Investment1
in 2023, committing to adhere to its six principles of incorporating ESG issues into investment practice. We remain
committed to the United Nations Global Compact’s (UNGC) universal principles on human rights, labour, the
environment and anti-corruption. CLI is a UNGC signatory and prioritises eight of the 17 United Nations Sustainable
Development Goals (UN SDGs) that are most aligned with our revised 2030 Sustainability Master Plan targets.
STRENGTHENING OUR SOCIAL EFFORTS
Our diverse and dynamic workforce, coupled with a strong winning and enterprising mindset, are critical to the
implementation of our 2030 SMP and CLI’s success. Hence, we signed the Institute of Limited Partners Association
(ILPA) Diversity in Action initiative in 2023, pledging to advance our Diversity, Equality and Inclusiveness practices.
CLI’s revised SMP now includes our group-level female diversity and training targets. I am glad to report that
women make up about 40% of our leadership team and our global CLI staff strength comprises over 85 nationalities.
To ensure a future-ready workforce in the ever-evolving environment, in 2022 our staff also clocked in over 370,000
training hours, with more than 83% of our staff attending at least one ESG training.
We expanded our revised SMP to include the social impact that CLI makes on our communities via CapitaLand
Hope Foundation (CHF), CapitaLand Group’s philanthropic arm. In 2022, CLI contributed more than S$3.3 million to
CHF and CHF India and over 1,100 CLI staff globally contributed close to 11,000 volunteer hours for various activities
across the globe.
To further strengthen our supply chain management, we undertook a pilot ESG due diligence screening of close
to 500 CLI critical suppliers, to enable us to better monitor and engage our suppliers on their ESG performance.
We are glad to note that through this third-party platform, 17 of our critical suppliers were rated with high ESG scores.
Collective action is necessary to effect meaningful change, and our stakeholders’ involvement is integral in our
Net Zero journey. We continue to engage our diverse customer base such as tenants, shoppers, guests and the
general public, taking proactive steps to improve the service levels rendered at our properties, and encouraging
them to lead more sustainable lifestyles through various stakeholder engagement initiatives.
INCREASING OUR GOVERNANCE FOCUS
Underpinning our CLI 2030 SMP is our third focus pillar to steward responsible business conduct and governance.
CLI has processes to identify, assess and manage our sustainability risks and opportunities. Our sustainability
targets are embedded into our key performance indicators to which our compensation is tied. We have a
dedicated CLI Strategy and Sustainability Committee, chaired by our Lead Independent Director, Mr Anthony Lim,
to oversee sustainability strategies and goals. CLI’s sustainability performance and key ESG material topics are
an integral part of the regular senior management and board deliberations.
1
This is an investor initiative in partnership with United Nations Environment Programme Finance Initiative (UNEP FI) and the UNGC. As at
December 2022, the UN PRI has 5,319 signatories, representing US$121 trillion of assets under management, signalling a rapidly accelerating
transition towards sustainable assets.
CapitaLand Investment Limited Global Sustainability Report 2022 1

Group CEO’s Message
STEPPING UP OUR ENVIRONMENTAL INITIATIVES
Urgent action is needed to combat climate change. In 2022, CLI elevated our sustainability goals to align to our
commitment to achieve Net Zero by 2050. Our 2030 carbon emissions reduction targets for scope 1 and 2 were
validated by the Science Based Targets initiative (SBTi) for the 1.5°C scenario, in line with the goals of the Paris
Agreement.
We have increased our target for the use of renewable energy from 35% to 45% in our revised SMP and will intensify
energy efficiency and renewable energy integration at our properties. In 2022, 58%2 of buildings across CLI’s global
portfolio were green rated.
We advanced our innovation drive through the 2nd CapitaLand Sustainability X Challenge (CSXC), where we
crowdsource sustainable building solutions to accelerate our progress towards meeting our SMP targets. Eight of
the 10 shortlisted innovations from CSXC 2022 are being piloted in five countries. We will scale the successful pilots
across our portfolio. The third CSXC was launched in March 2023 and it has already attracted over 400 entries from
close to 70 countries.
We continue to align CLI’s efforts with the national level goals in the markets we have presence in, and remain
steadfast in advancing our low-carbon transition efforts. In 2022, we expanded our use of green energy with
26 properties in Singapore, China, India, Australia, Belgium and the United Kingdom powered by renewable energy,
mitigating about 33,500 tonnes of carbon emissions (equivalent to annual emissions of 7,400 petrol-powered cars3).
Sustainable financing remains an important lever to achieve our sustainability targets. CLI and our listed real estate
investment trusts and business trusts secured over S$4.7 billion4 in sustainable financing in 2022. Our leadership
in renowned sustainability indices and consistent sustainability performance have allowed us to expand and
deepen our pool of financing partners and engender trust in our sustainability leadership. CLI also reaps interest
savings from our sustainability-linked loans which are channeled back into decarbonisation investments.
DECADE-LONG LEADERSHIP IN GLOBAL SUSTAINABILITY RECOGNISED
In recognition of our continued global leadership in sustainability, we were listed for the 11th year on the Global
100 Most Sustainable Corporations in the World and on the Dow Jones Sustainability World Index. We retained our
5 Star rating for GRESB as well as our ‘AAA’ leader rating by MSCI ESG Research.
Achieving our sustainability targets during these challenging

times will be an uphill task. It requires a global and ecosystem
approach alongside multiple stakeholder collaborations.
At CLI, sustainability will remain at the heart of our business,
as we deliver measurable sustainable value and uphold our
reputation as a trusted partner.
We thank our staff for their hard work and dedication as

well as all our stakeholders for their continued support.
Together, we believe we can Think Big, Do Right and Make It
Last, and Make A Positive Impact in the communities in which
we operate.
LEE CHEE KOON Mr Lee Chee Koon, CapitaLand Investment’s Group

Group Chief Executive Officer Chief Executive Officer, leading a safety inspection
CapitaLand Investment at a CLI integrated development in Singapore.
2
This refers to CLI-owned and operationally-managed properties by per m2.
3
This assumes that a typical passenger vehicle emits about 4.5 tonnes of CO2e per year. Source: https://www.epa.gov/energy/greenhouse-
gases-equivalencies-calculator-calculations-and-references#vehicles.
4
Close to S$11.6 billion raised in sustainable finance by CLI and its listed REITs and business trusts as at 31 December 2022 since 2018.

About This Global Report
CapitaLand Investment Limited (CLI) was listed on the Singapore Exchange on 20 September 2021 following the
restructuring of CapitaLand Limited into two distinct business entities – CLI, the listed real estate investment
management business and CapitaLand Development, the privatised property development arm. Building on
CapitaLand Limited’s sustainability efforts, this 14th Global Sustainability Report (GSR) reinforces CLI’s commitment
to sustainability.1
The report outlines CLI’s approach in integrating sustainability into its policies, structure, management and
operations. The report also documents CLI’s sustainability journey and provides insights into its strategies. It further
highlights the economic, environmental, social and governance aspects of CLI’s global operations. Through this
report, CLI hopes to share its sustainability commitment with its various stakeholders, including staff, investors,
customers, business partners, supply chain partners and contractors, the community, and local authorities.
>9,700 >380 Diversified real 6

staff in over
20 countries
operational properties2
in over 20 countries, estate classes listed funds
including assets held which include retail,

directly by CLI as well as office, lodging, business
assets managed through parks, industrial, logistics
our global lodging and data centres
platform
Global Reporting Scope And Period
This report covers CLI’s global portfolio and staff in over 20 countries, including its six listed real estate investment
trusts and business trusts, CapitaLand Integrated Commercial Trust, CapitaLand Ascendas REIT, CapitaLand
Ascott Trust, CapitaLand China Trust, CapitaLand India Trust and CapitaLand Malaysia Trust, from 1 January
to 31 December 2022 unless otherwise indicated. The reporting period aligns with the Group’s financial year.
This report is to be read in conjunction with CLI’s Annual Report 2022 and other sustainability-related disclosures
which can be found at www.capitalandinvest.com. In line with CLI’s continued commitment to environmental
sustainability, no hard copies of this GSR have been printed.
This report and previous editions are available online at: https://www.capitalandinvest.com/sustainability.html
1
The previous Global Sustainability Reports (GSR) were published under CapitaLand Limited.
2
Refers to properties operationally managed by CLI, and excludes properties owned by CLI but managed by third party.

About This Global Report
International Standards And Guidelines
CapitaLand Limited was one of the first companies in Singapore to voluntarily publish its annual Global Sustainability
Report (GSR) and adopt the internationally recognised Global Reporting Initiative (GRI) reporting framework. As CLI,
it continues to adopt this framework for this GSR. This report has been prepared in accordance with the updated GRI
Universal Standards 2021 which came into effect for reports published on or after 1 January 2023.
It continues to apply the Guiding Principles of the International Integrated Reporting Framework, ISO 26000:2010
Guidance on Social Responsibility, and reference the United Nations (UN) Sustainable Development Goals. It also
references the Sustainability Accounting Standards Board (SASB) real estate sector-specific standards.
CapitaLand Investment Limited is a signatory to the UN Global Compact and committed to the 10 Principles.
Its Communication on Progress (COP) will be made available at www.unglobalcompact.org. In February 2023,
it also became a signatory of the UN-supported Principles for Responsible Investment (UN PRI), and the Institutional
Limited Partners Association (ILPA) Diversity in Action initiative.
CLI will continue to participate in the annual CDP (Carbon Disclosure Project) Climate Change Programme and
its carbon footprint is calculated in accordance with the Greenhouse Gas (GHG) Protocol3 (operational control
approach). CLI has actively aligned its climate-related disclosures with Task Force on Climate-related Financial
Disclosures (TCFD) in the four key areas of governance, strategy, risk management, and metrics and targets.
Independent Assurance Feedback

To enhance data credibility and instil confidence in readers, CLI has Feedback from CLI’s stakeholders
externally assured its GSR, a practice which started since the 2010 GSR is welcome as it enables continual
under CapitaLand Limited. CLI appointed an independent third party, improvement in the Group’s
a consulting company specialising in business sustainability, to provide sustainability policies, processes
independent assurance for this report. The assurance covers the entire and performance. Please send
report and is focused on all figures, statements and claims related to your comments and suggestions
sustainability during the reporting period of 1 January to 31 December via https://www.capitalandinvest.
2022. The accuracy and reliability of the report’s statements and figures com/contact-us.html
are also validated.
CapitaLand Investment Limited
The assurance engagement was conducted in accordance with the 168 Robinson Road
International Standard on Assurance Engagements 3000 (ISAE 3000). #30-01 Capital Tower
The assurance included the evaluation of the Group’s sustainability Singapore 068912
behaviour and performance, based on the latest AA1000 Assurance
Tel +65 6713 2888
Standard 2020. All underlying systems and processes that support the
Group’s sustainability framework were reviewed, in adherence to the www.capitalandinvest.com
AA1000 Account Ability Principles of inclusivity, materiality, responsiveness (Reg No. 200308451M)
and impact. The assurance also covers the report’s overall compliance to
the Singapore Exchange’s principles and rules on sustainability reporting.
The independent assurance statement provides a summary of the audit
report findings.
3
This is developed by the World Resources Institute and World Business Council for Sustainable Development, which sets the global standard
on how to measure, manage and report greenhouse gas emissions.

Managing Sustainability
Board Statement
At CapitaLand Investment, sustainability is at the core of everything we do. We are committed to growing in a
responsible manner, delivering long-term economic value, and contributing to the environmental and social well-
being of our communities. The material environmental, social and governance (ESG) factors have been identified
and encapsulated in the CapitaLand 2030 Sustainability Master Plan (SMP), which was launched in 2020, and will be
reviewed by the Board of Directors together with Management every two years.
The CapitaLand 2030 Sustainability Master Plan steers our efforts on a common course to maximise impact
through building a resilient and resource efficient real estate portfolio, enabling thriving and future-adaptive
communities, and accelerating sustainability innovation and collaboration. Ambitious ESG targets have been set
which include carbon emissions reduction targets validated by the Science Based Targets initiative (SBTi). During
the first scheduled review in 2022, CapitaLand Investment revised its SMP targets to elevate its SBTi-approved
targets in line with a 1.5ºC scenario, incorporate its Net Zero commitment, and enhance focus on social indicators.
The Board is responsible for overseeing the Company’s sustainability efforts, and takes ESG factors into
consideration in determining its strategic direction and priorities. The Board also approves the executive
compensation framework based on the principle of linking pay to performance. The Group’s business plans are
translated to both quantitative and qualitative performance targets, including sustainable corporate practices
and are cascaded throughout the organisation.
Our sustainability performance has consistently been highly ranked by globally recognised indices such as Dow
Jones Sustainability World Index and GRESB. As an industry leader, CapitaLand Investment will continue to push
the boundaries to adopt meaningful ESG practices and enhance sustainability in the real estate sector.
SUSTAINABILITY COMMITMENT
CapitaLand’s 2030 Sustainability Master Plan was unveiled in 2020 to elevate the Group’s commitment to global
sustainability in the built environment. It is being reviewed every two years and adjusted where necessary to
complement the CLI’s business strategy and in line with climate science.
During the first scheduled review in 2022, CLI refreshed its SMP framework and refocused on three key pillars to
drive its sustainability efforts in the ESG pillars. The SMP sets CLI’s sustainability approach to creating a larger
positive impact for the environment and society, across its business and in the communities in which it operates.
CLI revised its SMP targets to elevate its SBTi-approved targets in line with a 1.5ºC scenario, incorporate its Net Zero
commitment, and enhance focus on social indicators. For each pillar and focus area, CLI had identified specific
pathways to achieve its sustainability objectives and will adapt its strategies as technologies evolve and new
scientific data become available.

CLI’s 2030 Sustainability Master Plan Focus Areas

Portfolio Resilience Thriving and Responsible
and Resource Future-Adaptive Business Conduct
Efficiency Communities and Governance
Low Carbon Transition Social Impact Corporate Governance

Water Conservation and Human Capital Development Transparent Reporting
Resilience Health and Wellness ESG Risk Management
Waste Management and Customer and Supplier
Circular Economy Partnerships
Push Boundaries of Change
CLI will transit to a low-carbon business that is aligned with climate science. In 2022, CapitaLand Group elevated
its scope 1 and 2 carbon emissions reduction targets which were validated by SBTi to be in line with a 1.5°C
trajectory4, currently the most ambitious designation available through the SBTi process. Aligned with the Group’s
elevated science-based target, CLI commits to reducing its absolute scope 1 and 2 emissions by 46% by 2030
from a 2019 base year and aims to achieve Net Zero by 2050 for its scope 1 and 2 emissions, consistent with the
effort required to limit global temperature increase to below 1.5°C.
CapitaLand launched the CapitaLand Sustainability X Challenge (CSXC) in 2020 to source for innovative
sustainability solutions globally and collaborate with like-minded parties to accelerate its sustainability efforts and
meet its 2030 Sustainability Master Plan targets. From the submissions received through CapitaLand Sustainability
X Challenge 2021 and 2022, 20 innovative projects are being piloted or planned at 24 sites within CapitaLand
properties in Singapore, China, India, Thailand, and the United States of America, with focus on improving building
energy and water efficiency as well as indoor air quality. The CSXC is now in its third edition.
CLI aims to be a leader in sustainable finance. As at 31 December 2022, CLI and its listed real estate investment
trusts (REITs) and business trusts had obtained over S$4.7 billion5 in sustainable financing in the year. The interest
rate savings from CLI’s efforts in sustainable finance are used to drive more sustainability initiatives and
innovations within the company.
Recognition by Global Benchmarks
CapitaLand Limited was one of the first companies in Singapore to voluntarily publish an annual Global
Sustainability Report (GSR) and externally assure the entire report. Benchmarking against international standards
and frameworks that are externally validated helps to overcome the challenges in sustainability reporting that
may arise from its portfolio of diverse asset types and geographical presence globally. CLI remains guided by
these frameworks and benchmarks for this GSR.
CLI is also a signatory to the United Nations (UN) Global Compact. Its Communication on Progress will be made
available at www.unglobalcompact.org when published. In February 2023, it also became a signatory of the
UN-supported Principles for Responsible Investment (UN PRI), and the Institutional Limited Partners Association
(ILPA) Diversity in Action initiative.
For our efforts, CLI continues to be listed on the Dow Jones Sustainability World Index and Asia-Pacific Index,
GRESB, FTSE4Good Index Series, MSCI Global Sustainability Indexes, Global 100 Most Sustainable Corporations
Index, and The Sustainability Yearbook.
4
The carbon emissions reduction target in line with a 1.5°C trajectory was elevated from its target of a “well-below 2°C” trajectory set in 2020.
5
Close to S$11.6 billion raised in sustainable finance by CLI business units, stable of Real Estate Investment Trusts (REITs) and business trusts as
at 31 December 2022 since 2018.

BOARD, TOP MANAGEMENT AND STAFF COMMITMENT AND INVOLVEMENT
The CLI Board recognises the importance of sustainability as a business imperative, and ensures that sustainability
considerations are factored into CLI’s strategy development to ensure CLI remains competitive and resilient in
an increasingly challenging business environment.
The Board is kept informed on a regular basis through the Strategy and Sustainability Committee (SSC)6 on the
Group’s sustainability management performance, key material issues identified by stakeholders, and the planned
follow-up measures. Additionally, the Board is typically updated by the Risk Committee and Audit Committee
at least once a year and at ad hoc Board meetings on matters relating to sustainability risks, and relevant
performance metrics, which include carbon emissions performance, progress on achieving the reduction targets,
green certification, human capital development, as well as stakeholders’ expectations on climate change and/or
other social matters. They are also informed of any work-related safety incidents, business malpractice incidents
and environmental incidents, which may include climate-related damage or disruptions.
Lead Independent Director Mr Anthony Lim chairs the SSC which is a Board Committee. The SSC is responsible for
overseeing CLI’s sustainability strategies and goals, including providing guidance to Management and monitoring
progress against achieving the goals of sustainability initiatives. The SSC typically meets twice a year, with
additional meetings convened as necessary. These responsibilities are also detailed under Corporate Governance
Board Matters Principle 1 in page 99 and 105 of the CapitaLand Investment Limited (CLI) Annual Report 2022.
The sustainability work teams comprise representatives from CLI business units and corporate functions.
Each business unit has its own Environmental, Health and Safety (EHS) Committee to drive initiatives in countries
where it operates with support from various departments.
CLI Sustainability Management Structure
CLI Board of Directors Serve as sustainability

Provide strategic
oversight of ESG champions
policies and (accountable for
integration Strategy and Sustainability Committee business unit (BU)/REIT
(Board Committee) performance)
Business
CLI Senior Leadership Council
(Comprising Senior Management)
Unit / REIT
Provide CEOs
management
oversight of ESG
CLI Sustainability Management Committee
implementation
(Comprising selected Senior Management)
Various Sustainability Work

Teams/Committees
including
Business
Drive
Business units and corporate departments Unit / REIT
implementation of covering Sustainability
Sustainability
initiatives under Committees
Environment, Stakeholder work teams
ESG pillars include (BU)/REIT
Health and Safety* Engagement
representatives
Investments, Asset
Innovation
Management
Enterprise Risk Human Resource,

Management Group Procurement,
others
Staff
* Includes EHS Internal Audit Committee and Environment Tracking System (ETS) Committee
6
With effect from 1 January 2023, the CapitaLand Investment Board Committee, Strategy Committee, was renamed to Strategy and
Sustainability Committee.

CREATING VALUE AND ALIGNMENT TO UNITED NATIONS SUSTAINABLE DEVELOPMENT

GOALS (UN SDGS)
CLI’s sustainability reporting has evolved into a uniquely hybrid model using the Global Reporting Initiative (GRI)
Standards and GHG Protocol (operational control method) since 2009, CDP since 2010, GRESB since 2013, Value
Reporting Foundation’s Integrated Reporting Framework since 2015, UN SDG Reporting since 2016, Taskforce for
Climate-related Financial Disclosures (TCFD) framework since 2017, and Sustainability Accounting Standards
Board (SASB) Standards since 2020.
CLI’s material ESG issues and the value created, aligned to CapitaLand’s 2030 Sustainability Master Plan focus areas
and commitments, are mapped to six Capitals – Environmental, Manufactured, Human, Social and Relationship,
Organisational, and Financial. This is further mapped against eight UN SDGs that are most aligned with CapitaLand’s
2030 Sustainability Master Plan focus areas, and where CLI can achieve the greatest positive impact.
The UN SDGs call on companies everywhere to advance sustainable development through the investments they make,
the solutions they develop, and the business practices they adopt. In doing so, the goals encourage companies to
reduce their negative impacts while enhancing their positive contributions to the sustainable development agenda.
Environment
Our Commitments 2022 Value Created
• Transit to low-carbon business and reduce • 15.3% reduction in carbon emissions Environmental
energy consumption through improved intensity since 20197. Capital
energy efficiency and increased use of • 14.7% and 24.0% energy and water
renewable energy. reduction (per m2 from base year 2019) Manufactured
• Reduce water consumption, reuse water respectively. Capital
and prevent water pollution, especially in • Achieved green building certifications
countries where the availability of clean for 58% of global portfolio8.
water and sanitation are of concern. • Continued to implement the
• Green its global operational portfolio by 2030. recommendations of the TCFD and
• Strengthen its portfolio’s climate resilience improve TCFD reporting. In the midst
by addressing climate related risks and of conducting detailed climate risk
opportunities throughout the real estate assessment and scenario analysis for
lifecycle. CLI portfolio.
• Actively embrace innovation to ensure • From the submissions received through
commercial viability without compromising CapitaLand Sustainability X Challenge
the environment for future generations. 2021 and 2022, 20 innovative projects
• Influence its supply chain to operate are being piloted or planned at
responsibly in the area of environmental 24 sites within CapitaLand properties
management through CLI's Supply Chain in Singapore, China, India, Thailand,
Code of Conduct. and the United States of America, with
focus on improving building energy and
water efficiency as well as indoor air
quality.
• Retained ISO 14001 certification in
15 countries for more than a decade.
7
CLI revised its carbon, energy and water intensity reduction baselines from 2008 to 2019 to operationalise its SBTI-approved carbon emissions
targets for scope 1 and 2 carbon emissions.
8
Covers CLI owned and operationally-managed properties (by m2).

Social

• CLI believes staff can make a significant • Global workforce (more than 9,700 staff). Human
contribution based on their talent, expertise - More than 85 nationalities working Capital
and experience, regardless of ethnicity, age within the Group.
or gender. We adopt consistent, equitable, - Males and females at a ratio of about Social and
and fair labour policies and practices in 47:53. Relationship
rewarding as well as developing staff under - About 69% of CLI's global workforce Capital
CLI's direct hire. was aged between 30 and 50.
• CLI aims to provide a safe work environment • About 40% of Senior Management were Manufactured
that contributes to the general well-being of women. Capital
our staff, tenants, contractors, suppliers and • 83% staff engagement score, with 91%
the communities that use our properties. survey participation.
• CLI’s Supply Chain Code of Conduct • Over 37 training hours per staff.
influences its supply chain to operate • More than 83% staff attended at least
responsibly in the areas of human rights, and 1 ESG training.
health and safety. • Zero staff work-related fatality and
• CLI is committed to activities that are aligned permanent disability.
with our focus on community investment. • One contractor work-related fatality9
We engage our stakeholders to raise and zero contractor work-related
awareness in the areas of philanthropy, permanent disability.
environment, health and safety, as well as • No reported incidents relating to
promote sustainability within the tenant discrimination, child labour or forced
community. labour in CLI.
• Retained ISO 45001 certification in
15 countries for more than a decade.
9
Despite CapitaLand's best efforts to assure site safety, there was one workplace fatality involving CLI’s contractor staff in Singapore. Detailed
investigations were undertaken, and remedial, as well as improvement actions, were implemented by the contractor. Lessons learnt from the
incident were shared across business units globally, and the Group’s commitment to strengthen its safety standards was further reinforced.

Governance

• CLI has in place a Board Diversity Policy • 22% of the Board were women. Organisational
which provides for the Board to comprise • Close to 90%10 of staff attended Fraud, Capital
talented and dedicated Directors with a wide Bribery & Corruption awareness online
mix of expertise (including industry, domain training. Human
and functional expertise), skills, experience • More than 80%11 of staff attended Capital
(including international experience) and Whistle-blowing training.
perspectives, with due consideration to • More than 60% of staff attended
diversity in gender, age, tenure, ethnicity Cybersecurity training.
and culture, and geographical background • 100%12 of CLI’s supply chain agreed to
including nationality, as well as any other abide by CLI's Supply Chain Code of
relevant aspects of diversity. Conduct.
• CLI is committed to meeting high standards
of risk management in the way it conducts
its business. All employees are required to
understand and be responsible for ensuring
that risks are managed effectively in their
day-to-day work.
• CLI requires third-party service providers
and vendors to adhere to anti-bribery and
anti-corruption provisions.
• CLI’s Supply Chain Code of Conduct
influences its supply chain to operate
responsibly in the area of anti-corruption.
Economic

• Integrate CLI’s ESG performance with • CLI and its listed REITs and business Financial
financial metrics. trusts raised S$4.7 billion of sustainable Capital
financing in FY 2022.
• Please refer to the following sections in
the CLI Annual Report 2022:
- Performance Highlights, page 7
- Three-Year Financial Summary &
Performance Review, pages 33 to 37
- Value Added Statement, page 276
10
Based on ending staff strength as at 30 Sep 2022.
11
Based on ending staff strength as at 31 Aug 2022.
12
Property maintenance and project related contracts for owned and operationally-managed properties and projects. This includes supply
chain complying with their own code of conduct which is equivalent or more stringent than CapitaLand’s Supply Chain Code of Conduct.

STAKEHOLDER ENGAGEMENT
Stakeholders are groups which CLI’s business has a significant impact on and groups who have a vested interest
in the CLI operations. Key stakeholders include staff, investors/shareholders, customers, business associates,
builders and suppliers, and the local community. Other groups include regulators and key government agencies,
non-governmental organisations (NGOs), representatives of the capital market and the media. They are mapped
into categories based on their impact on CLI. Through the various engagement channels, CLI seeks to understand
its stakeholders’ views, communicate effectively with them and respond to their concerns.
Commitment to our
Stakeholders Engagement Channel Topics Capitals
People • Regular dialogue sessions with senior management • Work-life • Human
(Staff) • Regular staff engagement surveys balance Capital
We develop high- • Recreation club activities • Remuneration • Social and
performing people and • Volunteer programmes and benefits Relationship
teams through rewarding • Staff welfare Capital
opportunities.
Investors • Annual general meetings • Operational • Organisational

(Investors, analysts, • Half yearly financial results announcements efficiency, Capital
media) • Media releases and interviews monetary • Financial
We deliver sustainable • Annual reports and sustainability reports savings, cost Capital
shareholder returns and • Company website avoidance • Social and
build a strong global • Regular analyst and investor meetings • Return on Relationship
network of capital • Responses to sustainability surveys equity, earnings, Capital
partners. business
strategy, market
outlook
• ESG risks and
opportunities
Customers • Residents: activities including exercise and volunteer • Facilities • Environmental

(Residents, tenants, events management Capital
shoppers) • Tenants: surveys, green fit-out guide, green lease, • Customer • Social and
We create great customer enrichment events such as Biz+ events experience Relationship
value and experiences • Shoppers: mall campaigns, exhibitions, social media Capital
through high-quality campaigns
products and services. • CLI’s social media channels
Community • CapitaLand’s Supply Chain Code of Conduct • Occupational • Environmental

(Supply chain partners • Environmental, Health and Safety (EHS) management health and Capital
– contractors, vendors, system safety practices • Human
suppliers) • Quarterly EHS monitoring • Workers’ welfare Capital
• Vendor evaluation, events, meetings and training and well-being • Social and
• Active engagement with supply chain • Environmental Relationship
compliance Capital
Community • Senior management representation on boards of • Stakeholder • Social and

(Government/ various industry bodies and sustainability-related programmes Relationship
national agencies/ public discussions to advocate Capital
Community and NGOs) • Regulatory readiness to support Singapore sustainable
We care for and Government’s commitment to manage carbon tenant/ guest/
contribute to the emissions customer
economic, environmental • Longstanding partner to various national programmes behaviours
and social development • Sustainability reports • Advocacy of
of communities. • Participation in external conferences/forums/ best practices
workgroups to express thought leadership, share • Sustainability
experience and collaborate with government officials, innovation and
academics, NGOs, business associations collaboration
• CapitaLand Sustainability X Challenge

MATERIALITY
CLI identifies and prioritises the management of material ESG issues that are most relevant and significant to the
company and its stakeholders. The company adopts a double materiality approach, considering issues which are
material from either the impact perspective or financial perspective13 or both.
Potentially material ESG issues arising from activities across CLI’s value chain (including potential risks and
opportunities in the immediate and longer term) are primarily identified via ongoing engagement with CLI’s business
units and external stakeholders, and reviews of sources including ESG surveys, benchmarks, and frameworks such
as DJSI, GRESB and SASB. By engaging with CLI’s business units, the views of key external stakeholders are also
considered.
In addition, CLI has a regular review, assessment and feedback process in relation to ESG topics. The annual
Group-wide Risk and Control Self-Assessment (RCSA) exercise is a key component of this process, as it helps to
identify, assess and document material risks and the corresponding internal controls to manage those risks.
These material risks include fraud and corruption, environmental (e.g. climate change), health and safety, and
human capital risks which are ESG-relevant. For more information on CLI’s Group-wide RCSA exercise and risk
management processes, please refer to the CapitaLand Investment Limited Annual Report 2022 page 92-96 and
the Organisational Capital section of this report.
Identified material ESG issues are then prioritised based on the likelihood and potential impact of issues affecting
the business continuity of CLI. For external stakeholders, priority is given to issues important to the community and
applicable to CLI. In FY 2022, the ESG material topics are confirmed by the Strategy and Sustainability Committee14.
In FY 2022, the material issue "Compliance" was expanded and changed to “Risk management”, which includes
compliance, economic performance, cybersecurity topics.
Prioritisation of ESG Material Issues
Environment Social Governance
Critical
• Climate change and carbon • Occupational health and safety • Risk management
reduction • Human capital • Business ethics
• Energy efficiency • Stakeholder engagement
• Water management • Products and services
• Supply chain management
• Diversity (Board and staff)
Moderate and emerging

• Waste management • Human rights
• Biodiversity
13
To identify ESG issues which are potentially financially material, CLI takes reference from the SASB Standards for Real Estate and Real Estate
Services, which identify sustainability factors that are material to short, medium, and long-term enterprise value for the industry.
14
Strategy and Sustainability Committee was formerly named CLI Strategy Committee.

Environmental And Manufactured Capital
COMMITMENT TO MINIMISING ENVIRONMENTAL IMPACT
CLI is committed to minimising its environmental impact by building a resilient and resource-efficient portfolio.
Fostering an innovative culture is key in this journey as it seeks to create sustainable value for its stakeholders as
a global real estate investment manager.
CLI incorporates environmental sustainability throughout the life cycle of its real estate investments, from the
acquisition, design, procurement, construction and operations, to redevelopment stages. It closely monitors and
takes actions to mitigate the environmental impact of its business operations. The efficient use of environmental
resources, such as energy and water, contributes to the operational efficiency and long-term sustainability of the
Company, as well as enhances resilience to climate change.
The following framework outlines the material environmental aspects of CLI’s business functions including
investment, property management and corporate office management.
Framework
Material Issues
Climate Change Water Waste Biodiversity

and Energy • Water scarcity, • Waste generation at • Interdependence between
• Global greenhouse accessibility and security unsustainable rates the natural environment
gas (GHG) emissions at • Cost pressure from and well-being of the
unsustainable level resource scarcity community
• Cost pressure from rising
demand for energy
Policy and Objectives

• Reduce carbon emissions and transit to low-carbon operations
• Build resilience for its portfolio against the physical impact of climate change and prepare for changing regulations toward
a low-carbon economy
• Reduce energy consumption and transit to renewable energy sources
• Reduce water consumption and encourage the use of treated/recycled water and rainwater harvesting
• Minimise the generation of waste and increase rate of recycling
• Manage biodiversity to contribute positively to the natural environment
• Engage stakeholders to adopt environmentally sustainable behaviours
Accountability
• Chief Executive Officers (CEO) of respective business units (BU) within CLI are Sustainability Champions
• ISO 14001-certified Environmental Management System ensures accountability to all staff
• Key performance indicators (KPIs) are linked to remuneration for all staff; performance is tracked regularly
Method/Action Plan
Environmental Management System (EMS) KPIs and Performance-linked Remuneration
• Ensure legal compliance • Set green rating for new acquisitions and major
• Identify environmental aspects and manage impact refurbishments
• Adopt Sustainable Building Guidelines (SBG) - including the • Green existing property portfolio
Environment, Health and Safety Impact Assessment (EHSIA) - • Set eco-efficiency targets and improve performance
in consultation with stakeholders through tracking of energy and water usage, waste
• Require and indicate preference for ISO 14001 contractors/ generation and carbon emissions
vendors and set environment targets/requirements in the
procurement of products and services
• Ensure environmentally sustainable operations - implement
EMS Standard Operating Procedures
Stakeholder Engagement
• Be involved in national policymaking and collaborate with non-governmental organisations
• Encourage end users, including tenants, shoppers, guests and the general community, to adopt environmentally sustainable
habits

MANAGING CLIMATE RELATED RISKS AND OPPORTUNITIES
According to the Global Risks Report 2023 by the World Economic Forum (WEF), environmental risks in the next
two years include natural disasters and extreme weather events, failure to mitigate climate change, large scale
environmental damage incidents and natural resources crises, with the additional risk of biodiversity loss and
ecosystem collapse in the next 10 years. The report also flagged economic, geopolitical, societal and technological
risks. In highlighting the multiple areas where the world is at a critical inflection point, the report called for action
“to collectively prepare for the next crisis the world may face, and in doing so, shape a pathway to a more stable
and resilient world”.
At CLI, climate change risks and opportunities are identified and managed through CLI’s Enterprise Risk
Management Framework and the externally certified ISO 14001 EMS. CLI is focused on low-carbon transition to
mitigate transition risks, and on climate change adaption to build portfolio resilience against the physical impacts
of climate change.
Climate Resilience - Taskforce on Climate-related Financial Disclosure (TCFD1)
CapitaLand has pledged its support for the recommendations by the TCFD since 2019 and has voluntarily
disclosed since 2017 some of its climate-related financial disclosures in four key areas (i. governance, ii. strategy,
iii. risk management, and iv. metric and targets) as recommended by the TCFD. For more details, please refer to
TCFD Recommendations in the Appendix of this report. CLI is in the final stages of finalising its climate scenario
analysis for its global portfolio and will publish a separate TCFD report in the later part of 2023.
CLI recognises the risks and opportunities that climate change can have on its global portfolio and the opportunities
arising thereby, and aims to better understand and respond to physical risks, such as extreme weather events and
rising temperature, as well as transition risks towards a low-carbon economy. CLI’s strategy to identify and address
climate-related risks and opportunities spans across its entire real estate life cycle, from the earliest stage of the
investment process to operations. CLI supports low-carbon investments and factors climate-related costs and
opportunities into its evaluation of new investments or capital expenditure (CAPEX) through the incorporation of
an internal carbon price implemented since 2021. All new investments into operational assets and development
projects undergo the EHSIA during due diligence to identify any environmental (including climate change) risks
and opportunities related to the asset/project site and its surroundings. The assessment also covers performance
metrics such as energy efficiency, as well as transitional and physical risk and opportunity considerations.
The EHSIA also captures the performance gap of the potential investment against the CLI 2030 SMP targets,
and outlines measures to close any gap identified. This provides CLI the opportunity to build resilience throughout
its operations as well as to future-proof its real estate portfolio.
CLI’s revised 2030 SMP outlines the targets and pathways for transition to a low-carbon business that is aligned with
climate science. Targets to reduce energy and water usage and carbon emissions, as well as green certification
targets are set for its operational assets. Initiatives are put in place to improve the environmental performance,
resilience and durability of its assets through system upgrades, system optimisation, effective maintenance and
changes to user behaviour. The continued achievement of high green building ratings as well as energy and water
efficiency measures put in place to achieve the reduction targets would help to mitigate the impact of changing
weather conditions.
1
TCFD was created by the Financial Stability Board, an international body set up by the G20. It recommended a framework to give investors,
lenders and underwriters greater clarity on how to future-proof a company and is an attempt to move climate-related issues into the
mainstream of financial filings.

The Singapore Exchange mandates from December 2021 that all issuers must provide climate reporting that is
aligned to the recommendations of TCFD on a ‘comply or explain’ basis in their sustainability reports from the
financial year (FY) commencing 2022. Climate reporting will be mandatory for the materials and buildings industry
from FY 2024. CLI aims to comply ahead of the timeline as it has adopted TCFD reporting since 2017, ahead of the
SGX timeline, and has since been consistently expanding its level of disclosure.
CLI’s diversified portfolio requires it to understand the unique environmental exposure of each asset class in its
key geographic locations of Singapore, China, India and the rest of the world.
CLI and its real estate investment trusts (REITs) and business trusts commenced a climate scenario analysis in
2022 for its global portfolio to understand how the identified climate-related risks and opportunities could impact
future operations. This analysis considers scenarios based on the latest global and scientific developments
(scenarios from 1.5 ̊C to 3 ̊C for current to long-term time frames), to draw conclusions on the financially material
physical and transition risks and to validate its current strategy. CLI and its REITs and business trusts will then
review their mitigation and adaptation plans, and identify opportunities that align with CLI’s 2030 SMP. The SMP
was designed to enable CLI to build resilience throughout its operations and future-proof its real estate portfolio
to guard against climate change risks, avoid premature obsolescence and adopt available opportunities. This will
also present new opportunities in differentiating the Company in the markets where it has a presence in.
Scenario Analysis on Future Climate-Related Risks and Opportunities
The climate scenario analysis for its global portfolio considered the parameters listed below:
Key Physical Risk Scenarios NGFS[a] | 1.5°C | Orderly

NGFS | 2°C | Orderly
NGFS | 3°C | Hot House World (NDC[b])
Key Transition Risk and CRREM[c] | 1.5°C
Opportunities Scenarios CRREM | 2°C
NGFS | 3°C | SSP2[d] | Hot House World
Time Horizon 2050 and 2100
Geographical coverage All assets* within operating regions.
(This includes portfolios of More than 400 properties across more 20 countries including:
CLI REITs and business trusts**) Singapore, China, India, Japan, Korea, Australia, United States and
countries in Europe
* CLI owned properties, as of 31 December 2022.
** Climate scenario studies will be conducted for each CLI REIT and business trust.
[a] The Network of Central Banks and Supervisors for Greening the Financial System (NGFS)
[b] Nationally Determined Contributions (NDC)
[c] Carbon Risk Real Estate Monitor (CRREM)
[d] Shared Socioeconomic Pathways (SSP)
The analysis includes both quantitative and qualitative assessments. The quantitative assessments of potential
financial impacts are being conducted based on available climate-related projections and assumptions under
the abovementioned scenarios. Six physical risks, including fluvial flooding, coastal flooding, extreme heat,
tropical cyclones, wildfires and extreme cold, and one transition risk on shifts in carbon price, were assessed
during the process. For other material risks which are difficult to quantify, such as changes in consumer and
investor preferences, a qualitative assessment is conducted based on internal stakeholder consultation within CLI.
Potential impacts of climate-related risks and opportunities assessed across the portfolio are identified under
different scenarios. CLI faces more exposure to physical risks under the 3°C scenario in the long term, as minimal
transition policies are expected to be in place while the development of low-carbon technology or related market
changes may be slower. Under the 1.5°C and 2°C scenarios, it faces higher levels of transition risks as more stringent
climate-related policies are expected to be introduced and implemented.
The insights on both quantitative and qualitative assessments of the risks identified provide a basis for the next
steps in understanding the severity of risk impacts across time horizons. More details of the assessments and
results will be published in a standalone TCFD report by end 2023.

Committing to Net Zero by 2050 and Elevating CapitaLand’s Carbon Emissions Reduction
Target to 1.5°C Scenario
In 2022, CapitaLand elevated its scope 1 and 2 carbon emissions reduction targets which were validated by the
Science Based Targets initiative (SBTi) to be in line with a 1.5°C trajectory2, currently the most ambitious designation
available through the SBTi process. This will translate to Net Zero by 2050.
Aligned with the Group’s elevated science-based target, CLI commits to reducing its absolute scope 1 and 2
emissions by 46% by 2030 from a 2019 base year and aims to achieve Net Zero by 2050, consistent with the efforts
required to limit global temperature increase to below 1.5°C.
To operationalise its SBTi-approved carbon emissions reduction target for scope 1 and 2 emissions, CLI reviewed
its carbon intensity reduction targets and other environment targets, including changing reference to 2019 as the
base year instead of 20083, and elevating its renewable energy target. CLI also aims to conduct a comprehensive
review of its scope 3 emissions to better track and disclose its material scope 3 emissions, and is committed to
developing scope 3 emission goals aligned to science-based targets.
Over the next decade, as part of CLI’s roadmap towards Net Zero, CLI will prioritise the decarbonisation levers
below. It will continue to source globally for new ideas and technologies to achieve higher energy efficiency
and intensify its renewable energy integration efforts. CLI acknowledges that carbon offsets will be required to
address any residual carbon after direct carbon-abatement initiatives have been exhausted, and aims to develop
a carbon offset strategy to support its goal of Net Zero by 2050.
CLI Carbon Mitigation Hierarchy
• Natural ventilation to reduce cooling demands

Low Consumption • Use of sun shades and cool paints to reduce heat gain
Design • Use of daylight/light shelves to reduce the need for artificial lighting
• Use of low embodied carbon material in construction and fit-outs
Avoid
• More energy efficient heating, ventilation and air-conditioning (HVAC)

and lighting equipment
High Energy • Zoning of air-conditioning systems; zoned lighting systems
Efficiency • High-efficiency boilers and heat pumps
• District cooling systems in selected properties where feasible
• Intelligent Building Platform (cloud-based; IOT driven) that enables centralised

monitoring and data analytics-based insights towards optimising equipment
Control, Metering performance
and Monitoring • Sub-metering and motion sensors for centralised monitoring, control and
predictive analysis
• Regular energy audits at properties to improve energy efficiency
Reduce
• Solar photovoltaic (PV) on building rooftops wherever feasible for onsite

On-site renewable energy generation
Renewables • Explore and pilot new technologies and innovations like micro-wind turbines,
waste-to-energy solutions, building integrated PV etc
Green Power • Power Purchase Agreements with offsite solar, wind and hydro farms in geographies where
Procurement it is technically and regulatory-wise feasible
Renewable
• Lower priority solution to be utilised only in cases where no further onsite renewable
Energy
or offsite green power procurement is feasible
Certificates
Replace
• Last-mile option to address any residual carbon after all direct carbon-abatement
Carbon
initiatives have been exhausted; Quality and governance control of projects are
Offsets extremely critical
Compensate
2
The carbon emissions reduction target in line with a 1.5°C trajectory was elevated from its target of a “well-below 2°C” trajectory set in 2020.
3
It is reviewed as part of the scheduled review of CLI’s 2030 SMP in 2022.

Innovation as a Key Lever
CLI recognises that innovation and partnerships can accelerate its sustainability efforts to achieve CLI long-term
targets and objectives. The CapitaLand Innovation Fund was launched in 2021 as an internal platform to drive
ideas and innovation culture within CapitaLand. This included organising the CapitaLand Innovation Xchange
with external and internal speakers to promote innovation, and funding of in-house shortlisted innovations from
CLI’s global operations teams.
CapitaLand Sustainability X Challenge (CSXC) is an external platform where CLI globally crowdsources sustainable
building solutions to accelerate its progress towards meeting its 2030 SMP targets. Its focus areas are: low carbon
transition, water conservation and resilience, waste management and circular economy; and health, safety and
wellness in buildings. For more information, please refer to page v of this report.
CLI also continues to be part of the SBTi Expert Advisory Group that contributes to the development of science-
based target setting methodologies, tools and guidance for companies in the building sector and other
stakeholders.
COLLABORATION TO ADVANCE NET ZERO MOVEMENT IN INDIA THROUGH FIRST NET ZERO
BUSINESS PARK IN INDIA
In 2022, CLI signed a Memorandum of Understanding (MoU) with the Confederation of Indian Industry
– Indian Green Building Council (IGBC) to further the Net Zero movement in India, and augment CLI’s
commitment to achieving Net Zero emissions by 2050.
Under the partnership, IGBC will train CLI’s professionals to build resource capabilities in implementing
Net Zero concepts at its properties across India. CLI and IGBC will also collaborate to spread awareness
among industry stakeholders. IGBC will support CLI to achieve Net Zero results in energy and water usage,
waste management, and carbon emissions in its properties.
IGBC has recognised CLI’s International Tech Park Chennai - Radial Road (ITPC-RR) which is under
development, as the first Net Zero business park in India. The provisional Net Zero certification for ITPC-RR
extends across various environmental parameters including energy efficiency, water conservation and
waste management.
Artist's impression of ITPC-RR, the first IGBC Net Zero business park in India.

KEY PERFORMANCE INDICATORS (KPIS) TIED TO REMUNERATION
CLI’s revised 2030 Sustainability Master Plan outlined the Group’s 2030 targets and pathways to transit to a
low-carbon business, improve resource use and enable a circular economy.
To measure its performance, CLI has incorporated KPIs, most of which are linked to remuneration for its staff,
including top management.
2030 Sustainability Master Plan (SMP) Targets and Performance
2030 Target 2022 Performance4

Low-carbon Achieve science-based target of • 6.8% reduction against 2019
Transition reducing carbon emissions by 46%
from 2019 baseline
Reduce carbon emissions intensity by • 15.3% reduction against 2019
72% from 2019 baseline
Reduce energy consumption intensity • 14.7% reduction against 2019
by 15% from 2019 baseline (35% from • 42% reduction against 2008
2008 baseline)
45% of electricity consumption from • 5%
renewable sources
100% of existing buildings5 to achieve • 58%
a minimum green rating
Water Conservation Reduce water consumption intensity • 24% reduction against 2019
and Resilience by 15% from 2019 baseline (45% from • 51.7% reduction against 2008
2008 baseline)
Waste Management Reduce waste intensity by 20% • 44.4% reduction against 2019
and Circular from 2019 baseline
Economy
Achieve 25% recycling rate in its • 8.6%
day-to-day operations
Annual Target
Sustainable ISO 14001 certification for its EMS • Retained ISO 14001 certification
Operation in 15 countries
Excellence
Manage risks of environmental • Its EMS is externally audited
impact annually, providing assurance to top
management and external investors
on CLI’s compliance and alignment
to best practices
Legend
Achieved/Exceeded Targets
In progress towards meeting 2030 targets
4
One driver of intensity reduction against baseline years of 2019 and 2008 was the drop in activity at some of CLI properties amid COVID-19.
5
Refers to CLI-owned and operationally-managed properties and includes all its real estate classes such as retail, office, lodging, business
parks, industrial, and logistics.

MANAGING ITS ENVIRONMENTAL FOOTPRINT
CLI’s EMS is a key tool in managing its environmental footprint across its global and diverse portfolio. The EMS is
integrated with CLI’s Occupational, Health and Safety Management System (OHSMS) to form CLI’s EHSMS. CLI’s
EHSMS is audited by a third-party accredited certification body to ISO 14001 and ISO 45001 standards. ISO 14001
and ISO 45001 are internationally recognised standards for the environmental management of businesses and
occupational health and safety management of businesses, respectively.
CLI’s Environmental, Health and Safety (EHS) Committee and its BUs' EHS Committees are responsible for
implementing the EHSMS.
CapitaLand EHS Policy

As an international corporate social citizen, CapitaLand is committed to protecting the environment and upholding
the occupational health and safety of everyone in the workplace*, and will:
Carry out exemplary EHS Seek continual Comply with pertinent Implement the
practices to minimise improvement on its EHS legislations and other CapitaLand Sustainable
pollution and health performance requirements Building Guidelines and
and safety risks Occupational Health and
Safety programmes
This policy is readily available to all staff, suppliers, service providers and partners.
* This includes implementing the EHSMS.
Since 2012, the Company has achieved ISO 14001 certification for its EMS in 15 countries – Singapore, Australia,
Belgium, China, France, Germany, India, Indonesia, Japan, Malaysia, Philippines, Spain, Thailand, United Kingdom
(UK) and Vietnam. This encompasses all business functions including property development, property management
as well as corporate management and operations. In 2022, it prepared for the expansion of ISO 14001 certification
for its EMS in South Korea and targets to complete the certification of this new market in 2023.
Top Management Commitment and Staff Involvement
The CapitaLand EHS Committee helps maintain the CLI EHS Management System. Each BU also has its own EHS
Committee to drive initiatives in countries where they operate with support from various departments. The EHS
Committee supports the work of CLI’s Sustainability Management Committee. Please refer to the Introduction
in this report for details on the Sustainability Management Structure. All staff are involved in reducing CLI’s
environmental footprint. They are encouraged to be forthcoming and to report all incidences of environmental-
related issues and complaints, as well as incidences of non-compliances and non-conformities.
Risk Management of Environmental Aspects and Impact
CLI’s EMS provides a systematic process to manage its portfolio’s environmental impact and to continuously
improve its environmental performance. It is key to identify and manage significant environmental aspects of
its business operations that can potentially have a negative impact on the environment. The significance level
of each environmental aspect and impact is assessed using a risk assessment technique based on factors
comprising the likelihood of occurrence, severity of the impact and control measures to be implemented.

As part of the ISO 14001-certified EMS, new or updated legal requirements are reviewed quarterly and compliance
is evaluated annually.
CLI strives to minimise impacts such as resource depletion, carbon emissions and waste generation. This is done
by setting environmental targets such as green building rating targets; carbon emissions, energy, water and waste
reduction targets; stakeholder engagement activities; as well as implementing various measures to achieve them.
The targets are linked to the remuneration for top management and staff. For more details, please refer to the
table on “2022 Key Performance Indicators” above.
Training
To facilitate the effective implementation of its EMSMS, training and awareness programmes are organised for all staff.
Please refer to the Human Capital chapter of this report for more details on EHS training and awareness programmes.
Global Internal and External Audits
CLI has an internal and external audit system in place to ensure EHS conformance and effective implementation
aligned to the ISO 14001 and ISO 45001 standards. Please refer to the Human Capital chapter of this report for
more details.
HIGH PERFORMANCE SUSTAINABLE ASSETS
Green building ratings and certifications help assure and demonstrate the quality of CLI’s portfolio. These ratings
serve as an external validation that key environmental aspects have been considered and incorporated in new
acquisitions, refurbishment, development6 and operations.
Green Building Rating
CLI targets to green all its existing properties by 2030 with each property achieving a minimum certification level
by a green rating system administered by a national government ministry/agency or the World Green Building
Council. In 2022, 58% of CLI’s global portfolio (by m2) achieved a green rating7.
58% of global portfolio

achieved green rating
43% certified LEED Gold and

above or equivalent China
42%
green rated
Singapore
87%
green rated
India
16 buildings achieved
80% Building and Construction
green rated Authority (BCA) Green
Mark Platinum (including
24 business park BCA Green Mark Super
Lodging properties buildings achieved Low Energy for one of the
LEED Platinum or logistics buildings)
globally IGBC Platinum
35%
green rated
6
Green building rating targets are determined at the outset of CLI projects. The minimum target for new buildings and major renovations is a
certification by a green rating system administered by a national government ministry/agency or a Green Building Council recognised by the
World Green Building Council.
7
This refers to CLI-owned and operationally-managed properties by per m2.

GREEN OPPORTUNITIES FROM RETROFITTING HERITAGE BUILDINGS - SINGAPORE
In August 2022, CQ @ Clarke Quay underwent an asset enhancement initiative (AEI) to transform into a
day-and-night destination. The AEI is expected to be completed by 3Q 2023.
Improving operational efficiency and integrating more sustainable building features accounts for about
34% of the total project cost. Retaining the cultural identity and social value of the heritage site while
improving environmental performance is also a focus of the AEI. Its sustainable features will include:
• Upgrading of chiller to make it 30% more efficient, achieving the industry best practice of better than
0.6kW/RT.
• Upgrading of existing canopies to better-performing ethylene tetrafluoroethylene (ETFE) membrane
canopies, which will further reduce solar heat gain by approximately 70% as compared to the existing
version to enhance the daytime comfort of the outdoor areas. The iconic bluebell-shaped canopies
along the river promenade will also be fitted with enhanced polytetrafluoroethylene (PTFE) membranes to
improve thermal comfort.
• New omni-directional fans will replace the existing single-directional fans to further enhance air circulation,
while reducing energy consumption by approximately 50%. The new fans will be equipped with nozzles to
release evaporative cooling mists, which targets to lower ambient temperatures by approximately 2°C.
• Existing steel and concrete structures in the canopies were retained and in extending the operational
lifespan of these components, about 1,000 tonnes of embodied carbon that will be used in building of
new structures was potentially avoided.
• As a conserved heritage site, profiling its rich history is part of the AEI as well. Upgraded steps that
double up as seats will be added to the landing of Read Bridge which was historically a social gathering
place for storytelling, alongside a new accessibility ramp with lookout points. Heritage panels, cast iron
manhole covers and bronze plate tiles narrating the history of the Clarke Quay precinct will be displayed
throughout the area to engage visitors.
The BCA Green Mark certification of CQ @ Clarke Quay was elevated to Green Mark GoldPLUS.
Artist’s impression of the improved ETFE membrane Completed upgrading of the outdoor refreshment area
canopies lining the inner streets along Singapore River
1,030,000 S$120,000 ~34%

kWh/year of cost avoidance of total project cost
energy savings annually dedicated to green features

GREEN OPPORTUNITIES FROM RETROFITTING EXISTING BUILDINGS - INDIA
Six buildings across four business parks, with a total gross floor area of more than 230,000 sqm, elevated
their existing building ratings after various AEIs. Buildings in Aurum Q Parc and International Tech Park
Hyderabad obtained the US Green Building Council LEED Platinum rating, and buildings in International
Tech Park Bangalore (ITPB) and International Tech Park Chennai (ITPC) obtained IGBC Platinum rating.
Approximately 1,245,000 kWh of energy savings per year will potentially be achieved by the above
mentioned business parks through energy efficiency initiatives implemented in 2022 that includes an
innovative district cooling network8, intelligent building management systems that allow for advanced
HVAC control logics such as demand-based ventilation, energy-conserving air-handling unit (AHU),
pressure independent control valves and magnetic bearing chillers.
Electricity for the business parks is generated onsite as well as procured from offsite renewable sources.
ITPB’s rooftop solar PV and offsite renewable energy provided for over 90% of its total annual energy
consumption.
Installation of water efficient fixtures estimated to reduce 24,000m3 of water consumption across four
buildings in ITPB and ITPC. Approximately 40-50% of rainwater was harvested either for recharging ground
water or for further use across the buildings. 100% of wastewater generated continues to be treated onsite.
In ITPB, a first of its kind, fully-automated waste segregation system called “Trash Bot” was implemented to
segregate waste into biodegradable and non-biodegradable for recycling. Biodegradable waste is further
processed in an organic waste converter into compost for landscaping while non-biodegradable waste is
collected by external certified vendors and recycled.
International Tech Park Chennai Aurum Q Parc
1,245,000 24,000 S$144,000

kWh/year of m /year of
3
cost avoidance
energy savings water savings annually
8
For more details, refer to the section on Enhancing Operational Efficiency Through Innovative Reconfiguration of Chiller Systems

GREEN OPPORTUNITIES FOR EXISTING MALLS - CHINA
CapitaMall Wangjing in Beijing and Rock Square in Guangzhou underwent AEIs and achieved the US Green
Building Council LEED Gold certification in September 2022.
CapitaMall Wangjing’s building automation (BA) system automatically controls various equipment such as
AHUs and lighting fixtures, which optimises operational and energy efficiency. The heat recovery system
of its fresh air unit modulates air temperature to reduce energy consumption, with a heat recovery rate of
60% in typical conditions. Along with new LED (light-emitting diode) lighting fixtures installed throughout the
building, these features are estimated to reduce 250,000 kWh/year of energy consumption. Water-efficient
fixtures, such as motion-activated faucets, low-flow faucets, and dual flush closets were also installed.
Rock Square achieved estimated water savings of 55%9 from the installation of high-efficiency water
fixtures as part of its AEI. In addition, a roof garden on the mall boasts over 70 species of vegetation,
alleviating the urban heat island effect during summer while promoting public appreciation of biodiversity.
CapitaMall Wangjing Roof garden at Rock Square
250,000 15,000 S$60,000

kWh/year of m /year of
3
cost avoidance
energy savings water savings annually
9
Savings are compared against conventional buildings.

COLLABORATION IN DEVELOPING GREEN BUILDING CERTIFICATION
In 2018, CLI’s wholly-owned lodging arm, The Ascott Limited (Ascott), signed a MoU with International
Finance Corporation (IFC), a member of the World Bank Group, to pioneer a green certification for the
serviced residence industry, as part of the IFC’s Excellence in Design for Greater Efficiencies (EDGE)10
programme. Since then, Ascott has obtained EDGE certifications for nine properties across Asia and
Europe, two of which obtained the EDGE Advanced certification11.
Somerset Central TD Hai Phong City in Vietnam achieved

the EDGE certification in 2022. The serviced residence
was designed to be resource-efficient and had achieved
the BCA Green Mark Gold award for new buildings in
2017. It has green features such as an energy efficient
air-conditioning system, LED light fittings, and lighting
controls in the corridors. It also adopted water-efficient
fixtures, such as low-flow faucets and dual flush closets
in guest rooms and water-efficient kitchen faucets.
These features are estimated to reduce energy and
water consumption by 27% (726,000 kWh/year) and 47%
(11,680 m3/year) respectively, as compared to the base
case in the EDGE assessment tool. The annual utility cost
avoidance is estimated to be S$70,000. Somerset Central TD Hai Phong City
27%
more energy
47%
more water
S$70,000
cost avoidance
efficient efficient annually
Green Lease
Beyond operating environmentally sustainable properties, CLI understands the important role that end-users
of its buildings play. Collaboration with tenants is becoming more important, to influence and support their
sustainability goals. CLI implemented a green lease programme at its properties in Singapore, where minimum
equipment and lighting efficiency requirements are stipulated to tenants. The green lease programme was also
rolled out at its properties in China in 2022. More than 110 properties12 in Singapore and China have implemented
green leases. As of end 2022, about 43%13 of its tenants in Singapore and China have signed the leases. For its
other properties globally, a green fit-out guide is provided to new tenants to encourage them to adopt greener
fit-outs and promote green practices and behaviour. CLI aims to expand its green lease programme to its other
properties globally and work with its tenants to improve their sustainability performance.
10
To qualify for EDGE certification, a building must achieve a 20% reduction in energy and water usage, and embodied energy in materials
compared to a conventional building. EDGE works for a variety of residential and commercial buildings in over 160 countries, including homes
and apartments, hotels and resorts, office buildings, health care facilities, and retail establishments. EDGE online assessment tool provides
country specific advice and can be utilised by competent building professionals.
11
A building must achieve at least 40% predicted energy savings in addition to at least 20% predicted (or estimated) savings in water and
embodied energy (or embodied carbon) in materials to qualify for EDGE Advanced certification. The savings are compared to the base case
in the EDGE assessment tool.
12
Refers to number of CLI's owned and operationally-managed retail, office, business parks, industrial and logistics properties in Singapore and
China that have rolled out green leases for their new and renewed leases. For its integrated developments in China, green leases have been
implemented for the retail tenants in 2022 and will be extended to offices’ tenants.
13
Percentage coverage computed based on net lettable area of CLI-owned and operationally-managed commercial, retail, business park,
industrial and logistics properties in Singapore and China.

LIFE CYCLE MANAGEMENT: CAPITALAND’S SUSTAINABLE BUILDING GUIDELINES (SBG)
CapitaLand’s SBG is an in-house guide developed since 2007 to ensure environmental considerations are factored
in all stages of a project, from feasibility, design, procurement, construction, operations to redevelopment. It covers
new acquisitions, developments and refurbishments by CLI, as well as joint venture developments where CLI has
management control and the largest stake. The SBG is regularly reviewed to ensure continuous improvement,
with a focus on four key objectives of minimising carbon footprint and energy consumption, water management,
reducing the generation of waste, and promoting biodiversity in the real estate life cycle.
Environment Health and Safety Impact Assessment (EHSIA)
A key component of the SBG is the mandatory EHSIA. An EHSIA is carried out during the feasibility study of CLI’s
investment in operational assets or development projects as part of its due diligence14. This involves establishing the
baseline environmental performance such as energy efficiency and comparing it against CLI’s 2030 sustainability
targets. The assessment also includes transition and physical risk and opportunity considerations, as well as the
application of an internal carbon price. This assessment would guide the businesses to consider EHS risks and
opportunities upfront and identify mitigation measures earlier. The significant findings of the EHSIA and their cost
implications are incorporated in the investment paper submitted to CLI’s Board for approval.
Biodiversity
The WEF Global Risks Report 2022 identified biodiversity loss and ecosystem collapse as one of the top
10 highest likelihood risks of the next decade. In 2022, the global focus on nature loss and biodiversity retention
has accelerated with the release of the Taskforce on Nature-related Financial Disclosure beta framework and
science-based targets for nature. CLI recognises its role in protecting the natural environment and is committed
to preserving the biodiversity of its sites as well as the wider area wherever possible.
Most CLI properties are located in urban and built-up areas. There are no sites located within protected areas and
hence no material biodiversity risk is identified. CLI incorporates greenery within its properties as it enhances the
wellness of its end-users and the vitality of the surrounding communities over the long term. CLI’s SBG encourages
the use of certified wood (e.g. wood products with Forest Stewardship Council, Program for the Endorsement of
Forest Certification certifications) and other more sustainable wood materials and products such as composite
wood, engineered wood and bamboo. As part of its EMS, CLI ensures wastewater is responsibly disposed of via
municipal facilities to prevent water pollution and impact to biodiversity.
14
This includes pre-purchase, acquisition, and investment of new properties.

Integrating Sustainability in CLI’s Real Estate Life Cycle
Embedding targets for low carbon transition, waste management and circular
economy, water conservation and resilience, accessibility, healthy and safe building
and supply chain management throughout the real estate life cycle
#1 Investment
• Align with CLI 2030SMP
ENT • Conduct EHSIA including an internal carbon price
STM • Quantify proprietary Return on Sustainability (ROS)
V E
IN
#2 Operations
• Align asset planning with 2030 SMP targets
OPERATIONS
• Sustainable operational excellence including

SBG
sustainable procurement practices to meet
and
2030 SMP targets
SMP • Testbed innovations and collaborate with partners
NT
• Track, evaluate and disclose performance

E
PM
O
L #3 (Re) Development
VE • Design in accordance with CapitaLand SBGs to meet
(RE) DE
2030 SMP targets
• Testbed innovations and collaborate with partners
• Track, evaluate and disclose performance
Training of Staff
TRACKING ITS ENVIRONMENTAL RESULTS
Environment Tracking System
CLI has been tracking the energy and water usage, waste generation and carbon emissions of its managed
and owned operational properties via an online Environmental Tracking System (ETS) since 2008. CLI’s ETS covers
its global portfolio of integrated developments, retail, office, lodging, business parks, industrial, logistics and
data centres. The ETS also tracks the energy and paper consumption of CLI’s corporate offices in Singapore and
overseas. CLI leverages this platform to survey the various environmental initiatives implemented at its properties
globally including energy and water efficiency measures, biodiversity and habitat risks, as well as physical risks,
including flood risk and water management initiatives.
As a cloud-based platform, the ETS facilitates benchmarking on consumption patterns and helps identify
opportunities for further operational efficiency improvements. It allows each property to conduct analysis against
set targets and past trends to understand consumption patterns, compare against properties within the region,
and identify areas for improvement. The consolidated data is also analysed at the BU- and CLI-levels against
reduction targets. This facilitates a better understanding of consumption patterns and identification of areas
for eco-efficiency improvements for its global portfolio. Regular desktop audits are conducted to ensure data
completeness and accuracy. In 2022, properties which were third-party managed were included into the ETS to
expand the performance tracking of its properties against the 2030 SMP targets.

Carbon Emissions Reduction
The built environment consumes an estimated 30% of the world’s energy

and is responsible for around 27% of global operational-related carbon
emissions15. Reducing carbon emissions is a key part of CLI’s strategy to Carbon Emissions
mitigate transitional risks for a low-carbon economy. CLI is committed to Intensity:
15.3%
reduce carbon emissions of its operations that aligns with a 1.5°C trajectory,
with an aim to be Net Zero by 2050.
In 2022, CLI’s total scope 1 and 2 carbon emissions16 was 681 ktonnes CO2e. reduction from 2019
It reduced its carbon emissions intensity to 40.7 kg CO 2e/m 2, a 15.3%
reduction compared to 2019 baseline intensity.
CLI recognises the importance of monitoring and addressing its indirect scope 3 emissions as well. With the
restructuring of CapitaLand into CLI and CapitaLand Development (CLD), embodied carbon and construction
emissions from its development projects are mostly tracked by CLD while CLI aims to better track and disclose its
other material scope 3 emissions. Emissions from tenant energy consumption have been disclosed since the 2021
Global Sustainability Report, and emissions by third-party managed assets are additionally disclosed in this report.
SUPPORTING LOW-CARBON TRANSPORTATION
The transport sector accounted for 37% of CO2 emissions

from end-use sectors in 202117. It is also a main cause of
air pollution in cities. Decarbonising transport is therefore
instrumental for countries to achieve their commitments
set out in the Paris Agreement.
As of end-2022, more than 1,400 electric vehicle (EV) charging

stations were installed at 82 CLI-operationally managed
properties globally. These EV charging stations can be found New EV charging stations installed at CLI
across Singapore, China, India, Malaysia and Europe. business parks in India
Over 95% of CLI’s properties worldwide are conveniently located close to public transport hubs such as bus
stops and train/subway stations. This allows for easy access to its properties without the use of privately-
owned vehicles. More than 21,000 bicycle parking facilities are available at over 140 of its properties18.
Energy Efficiency and Renewables
Emissions from CLI’s operational portfolio form the majority of its scope
1 and 2 emissions. Improving energy efficiency and implementing onsite
and offsite renewables are the most impactful and cost-effective ways to Energy Intensity:
14.7%
mitigate those emissions.
In 2022, the total energy consumption of CLI’s operational properties was

1,538 GWh. Despite an increase in total energy use due to the expansion of reduction from 2019
its operational portfolio and continued recovery from COVID-19, CLI reduced
its energy intensity measured in kWh per m2 by 14.7% from base year 2019.
The reduction in energy intensity or energy usage per m2 is computed at the property and BU level. Reduction
targets are set as KPIs for property managers, BU CEOs and REIT and business trust CEOs.
15
“2022 Global Status Report for Buildings and Construction – Towards a zero-emission, efficient, and resilient buildings and construction sector”,
United Nations Environment Programme.
16
This is computed mostly from purchased energy consumption under scope 2, and some direct energy consumption under scope 1 (mainly
natural gas, and other fuels such as diesel, petrol and LPG) as defined by the GHG Protocol (operational control approach) and using individual
country CO2e emission factors retrieved from the International Energy Agency Statistics – CO2 emission factors from fuel combustion.
17
IEA: https://www.iea.org/topics/transport.
18
Refers to CLI's owned and operationally-managed properties. End-of-trip facilities are also provided for tenants who cycle to work in some
properties, where they can enjoy the convenience of bicycle parking, basic bicycle maintenance and shower facilities.

CLI continues to implement various energy conservation measures, some of which are listed below. It also focuses
on innovation to reduce energy consumption.
Focus Initiatives
Consumption Reduction • Natural ventilation to reduce cooling demands
• Use of sun shades and cool paints to reduce heat gain
• Use of daylight, sun pipes/light shelves to reduce the need for artificial lighting
Energy Efficiency • Upgrade to more efficient air-conditioning equipment
• Use more efficient lighting such as LED, integrated with smart controls
• Install high-efficiency boiler and heat pump
• Adopt district cooling systems in selected properties in Singapore and China.
CLI was one of the pioneers to join Singapore’s first brownfield distributed
district cooling network through Tampines Mall
Control, Metering and • Conduct energy audits at the properties to improve energy efficiency
Monitoring • Building management system and sub-metering
• Implement IoT platform in properties in Singapore, China and India, which
enables centralised monitoring and data analytics-based insights towards
optimising equipment performance
Renewable energy • Elevated its renewable electricity consumption target to 45% by 2030 to
catalyse the transition to a low-carbon economy through onsite installation
of renewable energy generation and purchase of green power
• Install solar PVs on building rooftops and purchase green power wherever
feasible
DIGITALISATION AND IOT FOR OPTIMIZING

ENERGY CONSUMPTION
CLI implemented IoT platform in properties in

Singapore, China and India, which enables
centralised monitoring and data analytics-based
insights towards optimising equipment performance.
This includes central monitoring of key equipment
efficiency, such as the chiller plant, as well as provide
early fault detection and rectification.

ENHANCING OPERATIONAL EFFICIENCY THROUGH INNOVATIVE RECONFIGURATION OF

CHILLER SYSTEMS
Air-conditioning accounts for approximately 70% of landlord-controlled energy consumption in CLI’s India
business parks. When the chillers at Inventor Building at ITBP were due for replacement, instead of direct
chiller replacements for aging equipment, CLI explored the feasibility of interconnecting chilled water
header pipes of a few chiller plant rooms in certain buildings within ITBP.
Two clusters, comprising five buildings within ITPB, were found suitable for the implementation.
Interconnection of chilled water header pipelines was implemented within each cluster. This converted
the standalone chiller systems at the five buildings to two “district cooling network” within ITPB, hence
achieving energy optimisation with about 2% improvement in energy consumption and a corresponding
cost avoidance of about S$24,000. This also resulted in a cost avoidance of S$1.1 million from the estimated
cost to replace old chillers, as well as avoidance of embodied carbon from lower equipment replacement
requirements. There is also expected reduction in manpower and maintenance costs, from originally
having to maintain standalone chiller systems at the five buildings, to two “district cooling network” with
fewer chillers now. Owing to the success of the district cooling network, it was implemented in another
cluster at ITPB comprising two buildings. This allowed additional energy optimisation which resulted in
cost avoidance of S$16,000, bringing the overall annual energy savings to S$40,000.
The team is reviewing the feasibility of implementing this district cooling network to enhance energy
efficiency at its other business parks.
Chiller plant rooms with interconnecting chilled water header pipes
S$40,000
cost avoidance annually
S$1.1M
CAPEX avoidance
(estimated from the
2% efficiency improvement)

Onsite and Other Renewable Energy Solutions
While energy efficiency is the most cost-effective and material way for CLI to reduce carbon emissions,
the urgent need to transition to a low-carbon economy can be expedited by utilising renewable energy to
further avoid emissions. However, this remains challenging due to limited rooftop spaces at CLI properties where
renewable sources of energy such as solar energy could be optimally generated. Green power remains limited in
various markets, e.g. in Singapore, and is generally more expensive.
In 2022, about 5% (58,000 MWh) of CLI’s total electricity use was from renewable energy sources19, which helped
to mitigate about 33,500 tonnes of carbon emissions. This was attributed to the 26 properties in Singapore,
China, Australia, Belgium, Germany, India, UK and 10 business parks in India that were fully or partially powered
by renewable energy via onsite renewable energy systems or the purchase of full green power or partial green
power. CLI’s corporate offices in Singapore are also fully powered by renewable energy. CLI continues to explore
renewable energy options for its global portfolio, including opportunities to purchase green power and carry out
feasibility studies to install solar panels across its portfolio.
Europe
• Ascott’s serviced residences China
in Belgium, Germany and • Installation of rooftop solar panels
UK procured 100% of their at a Kunshan Bacheng Logistics
electricity from renewable Park which is expected to generate
sources 92 MWh of electricity annually
Carbon avoidance:
1,900 tonnes
• Four co-location data

centres in Europe and one
business park in UK procured
100% of their electricity20
from renewable sources
India
• Onsite generated and purchased
solar energy accounted for ~40%
of the total electricity consumption Singapore
by business parks
• Rooftop solar panels totaling • >15 MWp of rooftop solar panels
3.8 MWp in capacity were installed generating ~18,000 MWh of
across eight business parks energy on 19 properties*, with
plans to extend this initiative to
• Ascott’s serviced
more properties in 2023
residences source >90%
of their electricity from Carbon avoidance:
an offsite wind farm 7,000 tonnes
Carbon avoidance:
26,100 tonnes • CLI’s corporate office has been
powered by 100% renewable
energy since 2020
Carbon avoidance:
375 tonnes
* Installation of rooftop solar panels on these properties is in a partnership with Sembcorp Industries and Terrenus Energy Commercial Solutions.
19
Refers to CLI operationally managed properties.
20
Refers to green power procured by third party property managers and excluded electricity separately purchased by the tenants. This helps
to avoid 1,570 tonnes of CLI scope 3 emissions.

Water Conservation and Resilience
CLI takes a strategic approach to water management in its real estate portfolio. CLI is committed to reducing
water consumption, reusing water and preventing water pollution, especially in countries where the availability
of clean water and sanitation are of concern. A regular survey is conducted to better understand water source
and discharge for each property. At almost all of CLI’s operational properties, water consumption is derived from
municipal supplies21 and wastewater is responsibly disposed of via municipal facilities. Based on studies by World
Resources Institute Aqueduct Projected Water Stress Country Rankings22, Singapore, China and India are among
the top 50 most water-stressed countries by 2040. To reduce reliance on potable water, CLI’s properties in India
have wastewater recycling facilities onsite and reuse the wastewater for non-potable uses where possible.
In 2022, CLI’s operational properties’ total water usage was about

12.4 million m3. The increase in water used is largely attributed to higher
occupancy at its properties resulting from the recovery post-COVID-19.
The majority of its water usage comes from cooling towers, toilets, washing Water Intensity:
24%
activities and landscaping.
CLI reduced its water intensity measured in m3 /m2 by 24% from base year
2019. In addition, 1.4 million m3 of freshwater consumption was avoided reduction from 2019
with the use of water recycled on-site and via NEWater23. The reduction in
water usage per m2 is computed at the property and BU level. This forms a
critical part of the KPIs for the property managers and the BU CEOs.
CLI continues to implement initiatives to ensure efficient operations and minimise water wastage, some of which
are listed below.
Focus Initiatives
Consumption Reduction • Flow regulators; self-closing delayed action faucets/motion-activated
faucets; dual flush/low flush toilets
• Choice of local plant species and drought resistance plants; irrigate
plants in the morning or late afternoon to minimise evaporation loss
Control, Metering and Monitoring • Water audit; sub-metering to track consumption and early leak
detection
Recycling and Reducing Reliance • Grey water recycling24; condensate recovery
on Potable Water • Rainwater harvesting for landscape irrigation
21
Three properties extract groundwater for use with the appropriate treatment system in place. Meters are installed to monitor water usage.
This usage accounts for 1% of CLI’s total water usage. Surface water extraction due to rainwater harvesting accounts for about 0.01% of its
total water usage.
22
Water stress measures total annual water withdrawals (municipal, industrial, and agricultural) expressed as a percentage of the total annual
available water.
23
NEWater is treated wastewater produced by PUB, the national water agency of Singapore, which has been further purified using advanced
membrane technologies and ultraviolet disinfection, as well as recycled water from on-site wastewater treatment.
24
In 2022, on-site grey water recycling reduced almost 0.36 milion m3 of potable water consumption.

Waste Management and Circular Economy
According to the WEF Circular Economy Initiative, over 92 billion tonnes of materials were extracted and processed,
contributing to about half of global carbon emissions in 2019, with the resulting waste taking its toll on the
environment and human health. Achieving this transition to a circular economy would require unprecedented
collaboration given that in 2019, only 8.6% of the world was deemed circular.
CLI aims to manage waste at its properties responsibly. As waste generated at its operational properties is mostly
from its tenants, guests and the general public, CLI engages its stakeholders through various means to reduce
and recycle waste. For example, recycling bins are available at its properties for its tenants, shoppers and guests.
CLI implements waste management strategies as part of its EMS. However, data in certain countries and properties
is not readily available or cannot be consolidated due to local supply chain challenges. CLI aims to improve
tracking of waste data at its properties and will continue implementing measures to reduce waste generation
from its day-to-day operations. It aims to reduce waste generation (kg/m2) by 20% from its 2019 baseline and
achieve 25% recycling rate by 2030. In 2022, more than 8,100 tonnes of waste25 was collected for recycling from 274
properties in 18 countries, achieving a recycling rate of 8.6%.
HOLISTIC APPROACH TO NET ZERO WASTE IN INDIA
International Tech Park Chennai, Taramani (ITPC Taramani) comprising three buildings – Pinnacle, Crest,
and Zenith – achieved the certification of Net Zero Waste at Operation Phase by IGBC. This certification
recognises ITPC Taramani as a business park that comprehensively manages its waste through a
multi-pronged approach to eliminate waste being sent to landfill.
The waste generated per person at ITPC Taramani is 25% lower than average26. ITPC Taramani has various
types of waste segregation bins across the business park, such as for organic waste, mixed recycling,
plastic, and e-waste. This facilitates the diversion of over 98% of the business park’s waste from landfill.
Its organic waste (food and garden waste) is recycled by an organic waste converter onsite into compost,
which is then used for gardening purposes within the business park. ITPC Taramani also has agreements
with various recycling vendors for non-biodegradable dry waste such as paper, plastic and mixed waste.
ITPC Taramani further encourages circularity across its value chain. An effective green procurement policy is
in place, which includes sourcing of closed-loop products such as recycled paper and biodegradable trash
bags. The business park engages various stakeholders on waste management, including conducting regular
training sessions with facilities teams and raising awareness with tenants through emails and signages.
International Tech Park Chennai, Taramani
25
Whilst recycling facilities are made available at CLI’s properties, not all public waste collectors are able to furnish the recycled waste collected
in weight as requested for reporting purposes. In 2022, about 86,652 tonnes of waste was generated at 313 properties.
26
Baseline average as defined by India Green Building Council.

PROMOTING WASTE RECYCLING THROUGH MULTIPLE INITIATIVES IN SINGAPORE
The Singapore government implemented a Zero Waste Masterplan since 2019 with specific targets to
reduce national waste generation and improve recycling rates as it transits towards a circular economy.
At CLI properties in Singapore, beyond the ongoing recycling programmes implemented, CLI continuously
pilots new initiatives to further encourage recycling by tenants and shoppers.
CLI has implemented e-waste recycling initiatives at its properties in Singapore since 2014. It ensures
proper disposal and recycling through the appointment of certified e-waste vendors. In 2022, it also
worked with a waste management services provider to provide e-waste recycling bins at its business parks
and industrial properties to make e-waste recycling more accessible to its tenants. More than 33 tonnes
of e-waste was collected at its 59 properties in Singapore in 2022.
To expand its recycling efforts, it has embarked on two food

waste management trials at its shopping malls, Funan and
Tampines Mall. At Funan, a food waste biodigester has been
installed to convert raw and cooked foods into grey water
and compost without the use of chemicals. The innovative
environmental technology uses an aerobic process to accelerate
the decomposition of food waste. Separately, compact recycling
machines that can convert food waste into natural, bio-organic
fertilisers with low-energy usage and at high-processing speeds,
will be installed at Tampines Mall. The property management teams
at both properties have been actively engaging tenants such as
supermarket and food court operators to participate in the trials.
There are other ongoing pilots to improve recycling rate and

reduce recycling contamination, such as a paper recycling
station, reverse vending machines for bottles and cans, as well as Food waste biodigester installed at Funan
collaboration with Nestle Nespresso on coffee capsule recycling. which commenced its pilot in late 2022

Carbon Emissions (Scope 1 + 2) (ktonnes CO2e) Carbon Intensity (kgCO2e/m2)
800 150
730
681
638
700
631
604
558
600
489
466
100 86
500 83
411
71
400 67 63
318
61
300 48
50 40 40 41
200
100
0 0
2008 2010 2012 2014 2016 2018 2019 2020 2021 2022 2008 2010 2012 2014 2016 2018 2019 2020 2021 2022
Energy Usage (GWh) Energy Intensity (kWh/m2)

1,616
1,538
1,800 250
1,461
1,432
1,600
1,285
1,400 200
1,062
1,200 148
136
150 127
894
1,000 121 120 122

816
101
681
800 86
100 83 84
541
600
400 50
200
0 0
2008 2010 2012 2014 2016 2018 2019 2020 2021 2022 2008 2010 2012 2014 2016 2018 2019 2020 2021 2022
Water Usage (million m3) Water Intensity (m3/m2)
16.0 2.5
13.7
12.4
14.0
12.0
11.3
11.3
2.0
10.5
12.0
1.6
1.5
10.0
8.8
1.5 1.3
8.1
1.2 1.3 1.3

6.9
8.0
1.0
5.8
6.0 1.0
0.8 0.8 0.8
4.0
0.5
2.0
0 0
2008 2010 2012 2014 2016 2018 2019 2020 2021 2022 2008 2010 2012 2014 2016 2018 2019 2020 2021 2022
Singapore CLI Average

China Integrated Developments
India Malls
Other Asia Lodging
International Business Park, Industrial & Logistics
Offices
Notes:
a) The number of operational properties increased from 142 in 2008 to 353 in 2019, 353 in 2020, 359 in 2021, and 386 in 2022.
b) Intensity figures are computed for operational properties with full year data, and exclude new properties which have been in operation for
less than 12 months, properties undergoing AEI and corporate offices. Achieved significant reduction in energy, water and carbon emissions
intensities in 2022 as compared to base year of 2019 - likely due to a drop in activities at its properties amid COVID-19. Slight increase in energy
and water intensities in 2022 due to continued recovery of business activities from COVID-19 as compared to 2021.
c) District heating and district cooling energy consumption are included in the computation of carbon intensity and energy intensity figures
from 2019 onwards.
d) Data centre is reported as part of business parks, industrial and logistics asset class.

Human Capital
COMMITMENT TO A HEALTHY AND SAFE WORKPLACE
The occupational health and safety (OHS) of CLI staff, tenants, supply chain partners, and the communities which
use its properties, is of utmost importance to CLI. Effective OHS management elevates safety and enhances
staff productivity and morale. CLI’s OHS framework includes identifying material issues, developing action plans,
setting policies, ensuring accountability within the company and engaging stakeholders.
Framework
Material Issues, Context and Business Case
Occupational Health and safety of OHS in

health and safety stakeholders on its properties. Supply Chain
of CLI staff Stakeholders include shoppers, Management
tenants, guests and the public
Effective OHS management is part of risk management which elevates safety and enhances staff productivity
and morale
Policy and Objectives

• Promote the culture of individual ownership and responsibility for OHS management from CLI’s top management
and staff, to stakeholders including tenants and supply chain partners such as vendors, service providers and
main contractors
• Actively participate in industry and national programmes to raise OHS standards
• Reduce occupational injury rates to achieve zero harm
• Continually strengthen the robust OHS Management System to meet and exceed OHS legal requirements
Accountability
• CEOs are accountable for OHS performance
• Managers and staff are accountable for OHS performance and implementation through the International
Organisation for Standardisation (ISO) 45001 certified OHS Management System
• Key performance indicators (KPIs) are linked to remuneration of all CLI staff
Method/Action Plan
OHS Management System KPIs
• Legal compliance • OHS performance of CLI’s staff and contractors
• Identification of hazards and risk assessment • Stakeholder engagement
• Sustainable Building Guidelines – Design for Safety • Give preference to ISO 45001 certified vendors/
• Environment, Health and Safety Impact service providers; attainment of national
Assessment (EHSIA) certification may be accepted e.g. bizSAFE Level 3
• Safe operations – OHS Standard Operating and above for Singapore
Procedures (SOPs) • Appointment of ISO 45001 certified main
contractors, or require OHS legal compliance audit
• Be part of national policy-making
• Share CapitaLand Environmental, Health and Safety (EHS) policy with supply chain partners
• Engagement with supply chain partners on OHS matters
• Educate key stakeholders, including shoppers, tenants, guests, and the public

Human Capital
TOP MANAGEMENT COMMITMENT AND STAFF INVOLVEMENT
CLI champions OHS with commitment from the top management and staff participation through an integrated
EHS Management System as well as stakeholder engagement activities. CEOs are accountable for the OHS
performance of their business units (BUs). Supplementing this management system is a Group Safety Council
established since 2020 comprising members from the CLI Leadership Council. The Council reviews major OHS
incidents and helps to reinforce a strong culture of safety. Safety continues to be an important agenda item in
CLI’s top management meetings.
Staff are required to take personal responsibility for their OHS and are encouraged to be forthcoming in reporting
OHS-related incidents, including non-compliances and non-conformities to the relevant BU management
representatives. The list of BU representatives is updated on CapitaLand’s intranet.
Key Performance Indicators (KPIs) Tied to Remuneration
CLI incorporates OHS KPIs that are linked to the remuneration of all CLI staff, including its top management.
ROBUST OHS MANAGEMENT SYSTEM
CLI’s approach to health and safety is guided by its OHS Management System. Established in Singapore since 2009
under the former CapitaLand Limited, it covers countries such as Australia, Belgium, China, France, Germany, India,
Indonesia, Japan, Malaysia, Philippines, Spain, Thailand, the United Kingdom (UK), and Vietnam. CapitaLand’s EHS
policy outlines the company’s commitment to manage OHS issues. Please refer to the EHS policy outlined in the
Environmental Capital chapter of this report.
Certified to International Standards
The OHS Management System has been externally audited to recognised international standards for OHS
Management Systems since 2009 by third-party accredited certification bodies. The Group has achieved ISO
45001 OHS Management System certification in 15 countries1. This encompasses all business functions including
property management and operations, project development and corporate office management.
Global Internal and External Audits
CLI has an internal audit system to assure EHS conformance and effective implementation that is aligned to the
ISO 14001 and 45001 standards.
Internal audits are scheduled at least once a year across 15 countries, covering 50% of the sites in each country.
In addition, external audits are scheduled annually with an accredited third-party certification body. The annual
EHS Management System (EHSMS) audits provide assurance to top management and external investors of CLI’s EHS
legal compliance and commitment to best practices. Despite the impact of COVID-19 and the strict compliance to
local COVID-19 requirements on its global properties, CLI successfully completed the external and internal audits
within the Group’s portfolio. This accomplishment was driven by CLI’s commitment to strong EHSMS, enabled
by alternative audit modes such as virtual and a hybrid of virtual and physical site audits. In 2022, CLI’s wholly
owned lodging business unit, The Ascott Limited, extended the implementation of the EHSMS to countries such as
Bahrain, the United Arab Emirates and South Korea. They will be externally audited to recognised international
standards for OHS Management Systems by 2023.
Compliance
Legal requirements are reviewed on a quarterly basis, and compliance to these requirements are evaluated
annually. Despite best efforts to ensure compliance, Singapore, China and US incurred 12 non-compliant incidents
relating to fire safety, workplace safety and health. Root causes were identified through investigations, and
corrective actions were taken immediately. Lessons learnt from the incidents were shared across BUs and CLI's
commitment to strengthen its safety culture was reinforced.
1
CLI staff located in these 15 countries account for 99% of CLI’s total staff strength.

Human Capital
Risk Management of OHS Hazards
Identifying OHS hazards and assessing their risks are key components in CLI’s OHS Management System and
CLI strives to eliminate or minimise such risks. Hazards Identification and Risk Assessments (HIRA) are reviewed
annually, or following an incident, or a significant change in processes. OHS hazards are identified from the
administration, development and operational functions of CLI’s businesses, and their risks are assessed. Examples
of hazards include slip, trip and fall, fall from height and falling objects. The BUs have established SOPs to minimise
the occurrence of such hazards.
Since October 2020, the EHSIA was made mandatory when evaluating new investments. The results of the EHSIA enable
the investment teams to consider OHS risks and opportunities upfront and to identify early mitigating measures.
Training and Awareness
To facilitate the effective implementation of its EHSMS, training and

awareness programmes are organised as part of the integrated EHSMS
training for CLI staff. New staff are briefed on CapitaLand’s EHS policy
and the roles of each staff. Heads of departments in administration,
operations, and project development, including heads of operating
properties, design managers and project managers, undergo more
detailed training programmes. In 2022, about 41% of CLI staff attended
at least one EHS-related training amounting to more than 45,000
training hours. These include first-aid, chemical handing, safety, EHS
incident and emergency response training.
To overcome the challenge of its growing international portfolio, CLI Singapore retail operations team
CLI continued to put in place the “Train-the-Trainer” initiative for its undergoing First Aid Training
“EHS Implementor Training Programme”. This expands the reach of
trainers to countries where CLI operates.
REINFORCING OHS AWARENESS

In Singapore, Safety Time-Out Inspections were conducted for all
retail and workspace properties to identify and rectify potential
safety hazards. Some items in the checklist included: ensuring warning
signages were in the right locations, proper access platforms were
available for building maintenance, safety railings were secure,
lighting levels were adequate, and that fire escape routes were
unobstructed.
Senior management and colleagues from the non-operational teams

such as leasing departments were also engaged in this initiative.
CEO of Retail and Workspace
Safety briefings and awareness training sessions were also (Singapore and Malaysia) at the safety
organised for CLI staff and CLI vendors. More than 250 CLI Singapore time-out inspection at CapitaSky,
operations staff participated. Singapore
CLI China deployed digital solutions in its EHS-related

inspections, recording observations and EHS scores for
each inspection and utilised Power BI to analyse them.
Not only did this improve the team’s efficiency, it also
enabled the management to have a holistic view of all
observations and take appropriate actions to address
any concerns on a portfolio basis.
Digitising EHS related inspections in China

Human Capital
Measures to Mitigate Risks of Serious Diseases
CLI has established measures to mitigate the threat of serious diseases in a timely manner. This includes the
dissemination of medical and travel advisories to provide staff with safer travel planning. Information on pandemic
planning is also made readily available to all staff on-demand through the company’s intranet.
Measuring Our Safety Performance
CLI’s OHS performance monitoring extends to all staff (both full-time and part-time) and contractors involved in
the daily operations. In 2022, there were 31 work-related injuries involving CLI staff, mostly from the operations
teams. Root causes were identified, and corrective actions were taken. To continually lift OHS performance,
CLI continues to monitor its OHS performance, reinforce OHS standards, and improve its SOPs.
2022 2021 2020
Group Group Group

Rest of the Overall Overall Overall
CLI Staff Singapore China World (Global) (Global) (Global)
Lost-day injuries 12 4 15 31 31 42
Fatalities 0 0 0 0 1 0
Injury rate 2.3 0.5 2 1.5 1.4 1.6
(number of injuries per million hours worked)
Lost day rate 21.3 3.3 37.2 19.8 53.6 112.7

(number of lost man-days per million hours worked)
Absentee rate2 2.2 1.2 2.5 1.9 1.9 1.1

(% of total workdays scheduled)
2
Absentee rate was based on medical leave taken by CLI staff, regardless of whether it was a work-related illness or not. The Group Overall
Absentee Rate was 1.2% of scheduled workdays in 2019.

Human Capital
OHS AND WELLNESS OF STAKEHOLDERS
CLI understands the important role that end-users of its buildings and its supply chain play. It actively engages its
staff, tenants, supply chain partners as well as the wider community to promote total well-being, health and safety.
Staff Wellness
CLI aims to provide a work environment that is safe and contributes to the well-being of its staff. CapitaLand
implemented a "Total Well-Being Programme", which included an annual free health screening in Singapore
and China. In 2022, more than 970 staff in Singapore and more than 2,000 staff in China participated in this
complimentary health screening.
CLI continues to offer financial assistance, employee assistance, and healthcare hotlines as part of the staff
well-being programmes. In 2022, more than 28 staff well-being programmes and initiatives were held, with
participation from 640 unique staff attendees across 13 countries. These programmes focused on nurturing
employees’ well-being and mental health. In addition, workout sessions, financial and retirement planning talks
and personal grooming workshops were also organised.
The CapitaLand Core Values Ambassador Awards was organised globally to recognise inspiring individuals
who have strongly displayed CapitaLand’s Core Values. A Mental Wellness Ambassadors committee comprising
11 representatives across various BUs and functions was created in Singapore to support the mental wellness of
staff. More importantly, the initiative enabled CLI staff to take charge in achieving mental wellness as one.
EMPOWERING WOMEN THROUGH SELF DEFENSE
Across India, over 15 CLI female staff took part in a

demonstration class to learn about tips and techniques on
self defense including counterattacks against assaulters,
and associated fears related to assault. This helped to
improve their confidence in dealing with potential attacks.
National Policy Making (Government Agencies and Regulators)
CLI actively participates in national OHS efforts. In Singapore, this includes being members of the Workplace
Safety and Health (WSH) Council (Construction and Landscape) Committee, WSH Council (Facilities Management)
Committee, and the Tripartite Oversight Committee on Workplace Safety and Health.
Since 2019, CLI has continued to support the annual National Safety Week in India by organising activities to raise
awareness of and promote commitment to work safety within the CLI eco-system.
In 2022, more than 4,000 internal and external stakeholders across five cities in 11 business parks joined in CLI
India's celebration of the 51st National Safety Week, participating in various activities including safety oath taking,
training, seminars, quizzes and competitions, mock drills, safety equipment demonstrations and fire relay race.
For more information on the programmes and initiatives organised for staff and supply chain, please refer to the
Staff Wellness and Supply Chain Management segment in the Human Capital chapter.

Human Capital
Tenants and Community
As part of CLI’s OHS Management System, emergency response procedures are in place to address potential
OHS risks. Periodic briefings and annual evacuation drills are conducted to continually familiarise tenants with
the emergency response actions.
ENGAGING TENANTS AND SHOPPERS

IN CHINA
In China, CLI continued to collaborate with more

than 100 local fire departments, government
agencies, and associations to organise fire drills at
59 malls, offices and business parks. This created
greater safety awareness among over 29,000
participants, including tenants and shoppers. The
fire drills included fire outbreak simulation involving
the local fire departments and were well-received
by the local authorities. CLI also organised other
emergency response drills on lift, escalator
rescues, and anti-riot exercises that involved
more than 5,400 participants, including tenants.
A nationwide lift and escalator safety awareness
campaign was conducted at CapitaLand malls
in China, with safety posters displayed and guide
books distributed to promote safe use of lifts and Clockwise from top left:
Training session on the use of fire extinguishers at
escalators among the public.
Minhang Plaza, China. Safety briefing to a member
of public in LuOne, China. Promoting the safe use
of lifts and escalators to shoppers in Hongkou
Plaza, China.
ENGAGING CONTRACTORS AND TENANTS

IN MALAYSIA
Fire drills were jointly organised with the local fire

and rescue authority in five malls and one office
building in Malaysia, with more than 1,500 CLI
staff, contractors and tenants participating in the
drills to familiarise themselves with the evacuation From left to right:
procedures during an emergency. Full dress evacuation drill. Desktop simulation of
rescue operations.
ENGAGING CLI’S LODGING RESIDENTS

GLOBALLY
Regular emergency drills were conducted at CLI’s

lodging properties globally and residents were
encouraged to participate in the drills. To test the
effectiveness of the emergency plans, the property
teams developed various emergency scenarios
such as break-in rescue and fire extinguishing to
simulate real life emergencies.
From left to right:
Full dress fire drill conducted at Citadines Bay City
Manila, Philippines. In-room resident rescue exercise
conducted at Citadines Zhuankou Wuhan, China.

Human Capital
Supply Chain Management

CLI works closely with its contractors and suppliers who are committed to high quality EHS standards. To influence
supply chain partners to operate responsibly in the areas of anti-corruption, human rights, health and safety, as
well as environmental management, the CLI Procurement Policy3 and the CLI Supply Chain Code of Conduct4 form
the basis of CLI’s engagement with them. Through a structured procurement process, contracts are awarded after
rigorous tender selection that includes a balanced evaluation of financial and non-financial criteria, including
safety requirements.
Contractors are only appointed upon meeting these stringent environmental, health and safety and other
business-related requirements. CLI’s in-house contractor management guidelines require all contractors to
comply with local government and other legal requirements. Preference is given to ISO 14001 and ISO 45001
certified companies or equivalent.
In 2022, 100%5 of CLI’s supply chain agreed to abide by the CLI Supply Chain Code of Conduct.
REVIEW AND ENGAGEMENT OF CLI’S SUPPLY CHAIN
In a 2020 supply chain baseline study conducted by CapitaLand, BUs were surveyed on the importance of
influencing its supply chain on sustainability matters for its entire operational portfolio and development
sites. The objective was also to better understand the presence of migrant workers within CapitaLand’s
supply chain, and the onsite provision of facilities for its contractors’ workers6.
The study found that migrant workers were present in some markets within CapitaLand’s supply chain.
For operational properties in the lodging portfolio, there was a high percentage of migrant workers among
the vendors and service providers (e.g. security, cleaning, landscaping services) in countries such as
Malaysia, Germany, and UK. These properties are part of CLI’s OHS Management System which is externally
assured to ISO 45001 for occupational health and safety. For CLI’s operational properties, 95% have a
dedicated rest area for contractor staff.
Supply Chain Contractors in Operational Properties
CLI’s contractor management guidelines require all contractors to comply with local government and other legal
requirements. Vendors and service providers are required to submit a copy of their risk assessments of activities
that may affect the OHS of CLI staff or visitors.
CLI provides contractors with a copy of its EHS Policy. They are required to ensure that their staff are sufficiently trained
or are briefed on EHS measures and abide to contractor house rules stipulating requirements such as the deployment
of personal protective equipment, the reporting of accidents, and proper disposal of debris and toxic waste.
Since 2012, CLI properties in Singapore have aimed to appoint contractors who are at least bizSAFE 7 Level
3-certified. A valid bizSAFE certification is also required when renewing contracts. Where applicable, CLI stipulates
similar requirements for its overseas offices. In 2022, about 95% of CLI appointed contractors8 in Singapore were
at least bizSAFE Level 3-certified.
3
This policy was approved by the CLI Top Management.
4
An extract of the CLI Supply Chain Code of Conduct is available on https://www.capitaland.com/en/about-capitaland/sustainability.
html#tab-0-social.
5
chain complying with their own code of conduct which is equivalent or more stringent than CLI Supply Chain Code of Conduct.
6
This study referenced the International Labour Organisation (ILO) definitions of migrant worker and provision of rest areas/facilities for
outsourced workers, as well as the Singapore Tripartite Advisory on rest spaces.
7
The bizSAFE programme is advocated by the WSH Council in Singapore to promote workplace safety and health in small and medium enterprises.
8
This refers to term contractors where their work is on-site at CLI properties or offices.

Human Capital
Despite CLI's best efforts to assure site safety, there was one workplace fatality involving CLI’s contractor staff
in Singapore in 2022. Detailed investigations were undertaken, and remedial as well as improvement actions
were implemented by the contractor. Lessons learnt from the incident were shared across BUs globally, and CLI’s
commitment to strengthen its safety standards was further reinforced.
CLI identified its cleaning and security contractors at its operational properties to be critical suppliers, and
tracked their health and safety performance at its properties globally. In 2022, the injury and lost day rate for
CLI’s cleaning and security contractors9 was 0.2 cases per million hours worked and 7.3 days lost per million hours
worked respectively.
IMPROVING STAKEHOLDER SAFETY AWARENESS IN CHINA, INDIA AND SINGAPORE
CLI China organised an annual nationwide safety awareness programme to promote safer workplaces
for all. The programme features safety awareness activities and engages stakeholders such as CLI staff,
contractors, tenants, and shoppers. CLI staff and contractors underwent training on workplace hazards
identification, safety controls and measures, safe work procedure inductions, and EHS legal compliance.
In 2022, 58 malls, offices and business parks rolled out various safety programmes, achieving an average
participation rate of over 95% from cleaning, security, and engineering contractor staff.
CLI India organised progammes for its contractors’ staff to better deal with fire emergencies and safe
chemical handling. More than 600 contractor staff from the facilities management teams underwent fire
safety training to familiarise themselves with the use of fire extinguishers, fire hoses, and hydrants, and
on how to restore or maintain operations, minimise losses during any fire emergency and safe evacuation
during fire emergencies.
At International Tech Park Pune, Hinjewadi, a fire and safety relay

race was held to test the emergency readiness of the Emergency
Response Team (ERT) comprising CLI staff and contractor staff,
as well as motivate and built confidence in the ERT team through
practice. About 45 contractor staff completed various game stations
which included wrapping up a fire hose, putting on personal
protection equipment within a stipulated time, transporting a
casualty on a stretcher, extinguishing a fire, using the hydrant
system and more.
Fire and safety relay race for ERT team

in India
CLI Singapore continued to roll out the work safety trainings

for its staff and contractors. An EHS virtual training session was
conducted for its office and business park contractors in charge
of its mechanical and electrical trade maintenance, cleaning,
as well as security. More than 450 contractor staff participated in
the session which included topics on high-risk work activities such
as work at height, hazards on fragile surfaces and, slip, trip and
fall. In addition, monthly OHS messages including OHS procedures
and accident advisories were also disseminated.
These videos that were part of the

virtual training session covered high-
risk work activities including working
at height, hazards on fragile surfaces
and, slip, trip and fall.
9
This refers to assets operationally managed by CLI in Singapore, China, India business parks, as well as the global lodging portfolio.

Human Capital
HUMAN RIGHTS
CLI has an integrated human capital strategy to recruit, develop and motivate staff. Key performance indicators
(KPIs) for both the business and people development are in place to align staff’s performance goals with business
objectives. CLI provides staff with the appropriate training opportunities to perform well in their job.
CLI has a Social Charter1 approved by top management. It sets out commitments to support the preservation of
human dignity and self-respect of every individual, covering topics on human rights, child labour, forced labour,
human trafficking, code of conduct, diversity and inclusion, and healthy work-life balance. Other human rights-
related policies such as grievance handling and harassment policies are also in place. The Social Charter is
applicable to all CLI staff and guides the company towards ensuring a supportive and respectful environment for
individuals across all aspects of CLI’s business and operations.
Anti-Child Labour and Anti-Forced Labour
With a global workforce of more than 9,700 staff, CLI is committed to being a workplace of choice. CLI is a signatory
of the United Nations Global Compact (UNGC) and is committed to the 10 principles in the areas of human
rights, labour, environment and anti-corruption. These 10 Principles of the UNGC are derived from the Universal
Declaration of Human Rights, the International Labour Organisation’s Declaration on Fundamental Principles and
Rights at Work, the Rio Declaration on Environment and Development, and the United Nations Convention against
Corruption.
In Singapore, CapitaLand Group signed the Employers Pledge for Fair

Employment Practices with the Tripartite Alliance for Fair and Progressive
0
Employment Practices (TAFEP2) and is committed to the five key principles
of fair employment 3. CLI also actively participates in national efforts
promoting harmonious labour-management relations in the Tripartism
in Singapore led by Singapore Ministry of Manpower, and partners from
the National Trades Union Congress and Singapore National Employers reported incidents relating
Federation. to unlawful discrimination,
child labour or forced
labour in 2022
CLI adopts a zero-tolerance stance regarding child labour, forced labour
and unlawful discrimination, and had no reported incidents of such in 2022.
There was no CLI staff below the age of 16.
1
CLI Social Charter is available on https://www.capitaland.com/en/about-capitaland/sustainability.html#tab-0-social.
2
The Tripartite Alliance for Fair and Progressive Employment Practices (TAFEP) was formed in May 2006 to promote non-discriminatory
employment practices and to shift mindsets among employers, staff and the general public towards fair and progressive employment
practices for all workers in Singapore. Members include employer representatives, union leaders and government officials.
3
The five key principles of fair employment are:
› Recruit and select staff based on merit, such as skills, experience and ability, regardless of age, race, gender, religion or family status.
› Treat staff fairly and with respect and implement progressive human resource management systems.
› Provide staff with equal opportunities for training and development based on their strengths and needs, to help them achieve their full
potential.
› Reward staff fairly based on their ability, performance, contribution and experience.
› Abide by labour laws and adopt Tripartite Guidelines which promote fair employment practices.

Human Capital
Diversity, Equity and Inclusion (DEI) Global Staff by Nationality
As a global company, CLI embraces diversity, equity

and inclusivity regardless of age, religion, gender,
race, nationality and family status. CLI believes that Singapore 19%
staff can make significant contributions based on China 41%
India 4%
their talent, expertise and experience. Having a gender
Rest of World 36%
diverse mix of staff is also a target in CLI’s revised 2030 (Including Australia,
Europe, United States,
Sustainability Master Plan. Performance is tracked Middle East)
and reported to relevant stakeholders periodically. In
2022, there were more than 85 nationalities working
within the Group.
Global Staff4 by Gender, Age and Region
Gender Age Region
Singapore 24%
China 41%
<30 years 17% India 5%
Female 53%
30-50 years 69% Rest of World 30%
Male 47% (Including
>50 years 14%
Australia, Europe,
United States,
Middle East)
CLI adopts a localisation strategy for its overseas operations where reasonable and practical. This ensures
that the teams on the ground have a good grasp of the local socio-political and cultural sensitivities to help
deliver targeted business outcomes for the Group. In 2022, locals accounted for close to 80% of the staff based
in Singapore, more than 99% of staff based in China, and more than 82% of staff based in India. Of these locals,
more than 45%, 18% and 59% held managerial and senior management positions in Singapore, China and India
respectively.
CLI identifies talent internally and externally to build bench strength as well as talent pipeline for leadership
succession planning. CLI recruits talent through a network of local and overseas universities, and also attracts
young talent with less than two years of working experience through its Graduate Development Programme. Apart
from fresh graduates, CLI also employs experienced and mid-career professionals as well as industry veterans.
CLI’s vibrant, motivated, and qualified workforce has given the Group a competitive edge. Close to 70% of CLI’s
global workforce is aged 30 to 50 years old, consistent with the past three years.
In 2022, HR continued to organise talks relating to DEI. More than 290 staff attended human rights and diversity-
related talks, and training on ways to manage unconscious or implicit bias at the workplace, understand and
appreciate multiculturalism, and harness the benefits of a diverse and multigenerational workforce.
CLI organised training sessions for change management resilience and mental-wellness related topics. There were
more than 2,200 staff participants clocking in over 9,000 hours to the sessions.
4
Based on global full-time staff count of 9,599, which accounts for more than 99% of CLI's global workforce.

Human Capital
Gender Diversity and Pay Parity
According to the Global Gender Gap Report 2022 by the World Economic Forum, while some progress has
been made, it will take another 132 years to reach full parity. Despite more women moving into paid work and
increasingly leadership positions, the report highlighted continued headwinds such as societal expectations,
employers’ policies, the legal environment and the availability of care infrastructure. These are exacerbated by
the economic and social consequences of the pandemic and geopolitical conflict. The report calls for strategies
and policies that emphasise inclusive hiring, internal mobility and flexibility.
CLI’s global workforce comprises an almost equal proportion of males and females, at a ratio of 47:53. More than
50% of the managerial staff were female in the past three years. In 2022, about 40% of senior management were
female with 10 of them holding C-suite appointments within the Group. Over the past three years, between 36%
and 40% of the senior management were female.
CLI rewards men and women fairly based on merit, ability, and experience for comparable roles across the
company’s hierarchy. Its incentive system focuses on performance and is gender-agnostic.
Global Staff by Seniority and Gender
Non-Executive Executive Management
Female 45% Female 63% Female 52%

Male 55% Male 37% Male 48%
Job Creation and Employment
CLI is committed to providing meaningful jobs and talent mobility where staff are given opportunities to rotate
across different job functions, subject to skills or competency requirements and business needs. This is in line with
the revised Tripartite Guidelines on Managing Excess Manpower and Responsible Retrenchment issued by the
Singapore Ministry of Manpower together with its tripartite partners, Singapore National Employers Federation
and the National Trades Union Congress.
CLI has a re-employment policy of extending employment to staff who have reached the mandatory retirement
age but are still able and willing to continue contributing to CLI5. This policy is applicable to all staff globally.
In 2022, there were 116 staff above the retirement age6, and all were rehired post-retirement.
5
The Singapore government implemented the retirement and re-employment legislation in 2012 to enable more people to work beyond the
current statutory retirement age of 62, up to 67 years old. However, even before the legislation, CLI already had a re-employment policy in place.
6
This is based on the retirement age in the respective countries.

Human Capital
In 2022, new hires represented 30% of the total headcount of 2022 and 9% of the positions opened for recruitment
were filled by internal candidates.
New Hires by Gender, Age and Region
Gender Age Region
Singapore 22%
China 18%
Female 54%
Male 46% (Including
>50 years 5%
Australia, Europe,
United States,
Middle East)
In 2022, the turnover7 rate in Singapore was 21%, which was close to the national average of 20.4%8. In China, the
turnover rate was 23%, which was above the national average of 19%9. Given CLI’s business in the labour-intensive
hospitality industry through its lodging business unit, The Ascott Limited, and a large number of non-executive
staff, this staff movement is deemed normal. In 2022, there were no major layoffs in the company.
Voluntary Turnover by Gender, Age and Region
Gender Age Region
Singapore 24%
China 30%
Female 58%
Male 42% (Including
>50 years 8%
Australia, Europe,
United States,
Middle East)
Respect for Freedom of Association
CLI respects its staff’s right to freedom of association and membership in trade unions. In Singapore, CLI is guided
by the Industrial Relations Act that allows the representation of staff by trade unions for collective bargaining,
thus providing them with an avenue to seek redress for any industrial disputes. CLI and the unions enjoy a cordial
working relationship, promoting positive working conditions and improving productivity for the mutual benefit of
staff and the company.
About 58% of CLI’s workforce in Singapore10 and more than 25% of the global workforce are covered by collective
agreements. Notwithstanding this, all other CLI staff not covered by collective bargaining agreements will also
continue to have their key employment terms aligned to the relevant collective bargaining agreements in the
countries.
7
This refers to voluntary turnover and does not include figures attributable to internal transfers from one entity to another entity, non-renewal
of contracts, etc.
8
Data by Ministry of Manpower, Singapore.
9
Data by an external human capital and management company.
10
This represents 100% of our bargainable workforce (staff who are entitled to join unions) in Singapore.

Human Capital
Talent Management
CLI seeks innovative, dynamic and talented staff to take the company into its next phase of growth and adopts a
multi-pronged approach to manpower planning, i.e. developing internal talent and hiring young talent, mid-career
professionals and industry veterans. CLI continuously builds its management bench strength by identifying high
potential talent as part of its regular succession planning process.
The CLI Board’s Executive Resource and Compensation Committee (ERCC) regularly reviews the succession
plans for the key positions in the company including Group Chief Executive Officer (Group CEO) and other key
management personnel in CLI. On an annual basis, CLI identifies and reviews suitably qualified candidates from
both within and outside of the Group who could be considered for key positions when the need arises in the
immediate, medium, and long term.
CLI also utilises a People Analytics Tool since late 2018 to offer insights into staff demographics, talent identification,
promotion and transfer anomalies, staff performance, hiring and predictive attrition for better decision making.
Positive Work Environment
CLI recognises that a positive work environment is essential to attract, motivate and retain talent. Its overall
well-being programme promotes personal development, health and work-life harmony. Initiatives include a
flexible medical and benefits plan such as childcare contributions, gym membership, flexible work arrangements,
and staff engagement initiatives. Part-time staff are also entitled to the same benefits on a pro-rata basis. Its
robust performance management system also ensures that all staff receive regular performance and career
development reviews.
All CLI staff are entitled to parental leave. In 2022, 211 eligible female staff went on maternity leave and 16811 returned
to work. CLI also provides paid paternity leave to all male staff in Singapore and other countries where practicable.
In 2022, 68 out of 69 eligible male staff who took paternity leave in 2022 returned to work12. CLI also provides Family
Event13 and Extended Child Care Leave for staff to care for their loved ones, including children, spouses, parents,
parents-in-law, or siblings. This is over and above the legal requirement. CLI also provides three days of Volunteer
Leave for staff to participate in volunteering activities to encourage them to give back to the society.
CLI adheres to the respective social security contribution or pension plan obligations of the countries where
it operates in. In Singapore, the Central Provident Fund (CPF) is a comprehensive social security savings plan
introduced by the Singapore government to enforce savings by salaried workers for a more secure retirement.
Under the CPF scheme, CLI and its staff make monthly contributions to the staff’s CPF account in accordance with
the prevailing regulations.
Three years after the emergence of the COVID-19 pandemic, CLI continued to support its staff group-wide through
various proactive measures such as a flexible working arrangement to empower staff with the autonomy of
managing their schedules to achieve work-life harmony. Hybrid staff town hall meetings were also held where
staff could hear from top management and at the same time have their questions answered. Staff also receive
regular email updates on CLI’s response to the pandemic as society moves towards an endemic new norm, as well
as activities such as virtual fitness classes and e-learning on how to maintain workplace connections and team
cohesion. Various mental health awareness programme and initiatives were also organised to support CLI’s staff
well-being. More details can be found in the Staff Wellness and Staff Engagement sections of this report.
11
This figure excludes staff whose paternity/maternity leave crossed over into 2023 and hence have not returned to work in 2022.
12
In 2021, 179 female and 64 male staff who took parental leave (maternity and paternity leave) continued to work in CLI 12 months after they
returned from parental leave.
13
Applicable to the core markets of CLI: Singapore, China and India.

Human Capital
Fair Remuneration
All staff have signed employment contracts with key employment terms and conditions clearly defined. This allows
staff to understand both their rights and obligations, as well as those of the company, thus minimising potential
employment disputes in the future. Key employment terms specified in the employment contract include the job title
and description, duration of employment, working hours, salary and allowances, statutory contributions/deductions,
leave entitlements, probation and notice periods, and key insurance and medical benefits etc.
To ensure that CLI remains competitive and continues to attract and retain the right talent, CLI engages external
independent remuneration consultants to benchmark the company’s compensation packages against the relevant
talent markets. Salaries are reviewed against the benchmarks, and the specific job scope and responsibilities
of each staff are taken into consideration. All regular full-time staff will undergo an annual performance review
where there is an open discussion on the staff’s performance, areas for improvement, developmental needs and
career plans.
CLI rewards and motivates staff with a comprehensive and competitive compensation package and benefits
programme. It observes a pay-for-performance philosophy that rewards laudable performance, aligning staff and
shareholder interests to deliver business results. Sustainability targets were integrated into CLI Performance Share
Plan and Balance Scorecard framework, which are used to determine individual remuneration outcomes (financial
and non-financial). CLI’s overall annual variable bonus pool is determined based on the Group’s achievement
against a holistic set of quantitative and qualitative targets in the Balanced Scorecard dimensions of Financials,
Execution, Future Growth, Talent Management and Sustainability (including Environment, Social and Governance
factors). These are cascaded throughout the company, creating alignment across the Group.
The amount of bonus awarded to staff are further based on their relative contributions and individual performance.
Staff at managerial grades are also eligible to receive performance-based long-term share awards. The share
awards will vest over three years and are subjected to the achievement of pre-determined Group profitability and
shareholder return targets. The performance and remuneration of key management executives are based on both
quantitative and qualitative targets within the Balanced Scorecard framework, including their efforts in building
management bench strength and talent.
Staff pay is also benchmarked against the market based on job roles using gender-neutral pay surveys provided
by independent remuneration consultants. From the 2022 exercise, no major pay gap14 was shown. There remains
a lower representation of women at the more senior levels of the organisation15.
Close to 50% of staff globally have been with the Group for five years or longer. The company also interviews
resigning staff as part of its continuing efforts to improve its retention policies and initiatives.
14
Reference the 2023 Organisation for Economic Co-operation and Development (OECD) gender wage gap the average gender pay gap is 12%.
OECD covers more than 140 countries such as France, Japan, UK, USA, etc where CLI has a presence in.
15
The average gender pay gap (comparison is for base salary and other cash incentives) is about 8% in favour of females at non-executive
levels; 1% in favour of females at executive levels; and 4% in favour of males at middle management levels. More details can be found in the
appendix. At senior management levels with female representation, the average pay gap is 17.5% in favour of male. There are two levels of
senior management with no female representation.

Human Capital
Upskilling The Workforce For The Future
CLI is committed to empowering its future-ready workforce, investing over S$1.7 million towards Learning and
Development globally, delivering over 370,000 hours of training. Overall, about 92% of CLI’s global staff attended
at least one learning session, and the average training hours completed by each staff for the year was more than
37 hours16. More than 83% of staff attended at least one ESG training in 2022.
Global Staff Training by Gender and Staff Category
>370,000 Gender Staff Category

Total training
hours in 2022
37
Non-Executive 52%
Female 50%
Executive 31%
Male 50%
Management 17%
Average training
hours per staff
in 2022
The evolution of technology has brought significant changes to all industries on

a global scale. In recognition of the impact of these changes in the workplace,
CLI implemented the “Building Capability Framework” (BCF) since 2019 to build
a future ready workforce which is knowledgeable, competent and adaptable.
Under this framework, staff chart their own development path by choosing over
50 Core, Functional, Adaptive and Digital programmes. In 2022, approximately 92%
of staff attended at least one programme under the BCF. 73% of staff attended
at least one digital-related training such as Data Analytics Begins with Me
and Introduction to Coding using Python, which amounted to more than 65,000
digital-related training hours.
FUTURE ECONOMY SKILLS (FES)
The BCF continues to adapt to the rapidly changing work

environment. In response, CLI introduced a series of courses
called "Future Economy Skills” (FES) under the BCF since 2021.
These courses are curated to help staff stay relevant by managing
oneself effectively and paying close attention to work and living
trends that impact the strategies, direction, and motivation for
technical skill development.
Staff from all over the world were encouraged to attend the FES
courses and more than 75%17 of staff in Singapore attended at
least one FES course.
16
Average training hours was computed using total learning hours divided by average staff strength in the year.
17
This refers to staff with executive and above grade.

Human Capital
LEARNING CARENIVAL (CARING, AGILITY, RESILIENT AND EVER-READY)
SInce 2017, CLI has organised the annual Learning Festival to promote continuous learning among all
staff. It features bite-sized talks that are centered on the latest trends and developments in the industry,
digital awareness as well as soft skills. The theme for 2022 was ‘Foster Resilience. Sustain Growth’; 36 talks
were curated across four categories focusing on digital, well-being, power skills for career resilience and
sustainability.
To reach a wider global audience and increase learning opportunities within, the frequency of the Learning
CARENival was increased to every quarter and included collaborations with colleagues in India and China.
More than 3,330 staff from 18 countries participated in the Learning CAREnival virtually and in-person,
with the highest participation from Singapore, Vietnam, India and Malaysia.
Clockwise from
top left:
The Pyramid
Principle: A Guide to
Structured Thinking
and Effective
Communication,
Overview of
Technologies in
Smart Buildings,
Digital Era: Being a
Digital Native and
Digitally Fluent and
How Do You Become
an Innovator?
TRAINING THE RANK AND FILE
To ensure that the rank and file staff stay current on

the latest trends, CLI formed a Training Committee
comprising the Singapore union to identify relevant
courses to upskill this group in Singapore. In 2022,
more than 200 technicians and administrative
assistants attended the course “Solve Problems and
Make Decisions” to improve their decision-making
skills.
Through gamified activities,

staff deepened their
understanding on problem
identification, root cause analysis,
generating ideas and evaluating
alternative solutions.

Human Capital
STAFF ENGAGEMENT
CLI actively engages its staff through various avenues, including regular communication sessions held by senior
management for effective flow of information and alignment of business goals and objectives across all levels of
the workforce.
It is often said that the human capital is the top asset for any company. This holds true for CLI as it continues to
strengthen the foundation for its purpose-driven initiatives that aim to make a positive and meaningful impact.
CLI holds steadfast in its shared vision and mission that drives the company to endeavour to think big, to do right
by its people, communities and investors, and to make CLI’s concerted efforts last. CLI is guided by core values
which include a winning mindset, enterprising spirit, respect for one another and uncompromised integrity that
serve as the bedrock of its high-performing and diverse teams.
Riding on the wave of recovery following the COVID-19 pandemic, CLI focused on elevating its staff experience
globally, ensuring that its people are at the centre of all activities.
Quarterly staff communication sessions by the Group CEO allow the Group’s
senior management team to engage and interact with staff. These sessions
are webcasted live to CLI’s offices globally, and recordings are available
to those who miss the sessions. During these staff communication sessions,
information on the Group’s financial results and key business focus are
shared with staff. Staff can pose questions via an online platform prior to
the session or ask in real-time during the Q&A session.
CLI practises an open-door policy, allowing all staff to obtain a fair review
and a prompt response to problems or concerns relating to any aspect
CapitaLand’s top management
of their employment with the Group. This includes harassment, grievance-
engaging staff at the hybrid
handling and whistle-blowing policies applicable to all staff. Staff can
staff communication session
also raise their concerns to a higher level of management or to the Human
Resource (HR) department. In 2022, 28 staff attended training on Managing
Workplace Harassment.
CLI continues to emphasise on staff’s well-being and mental health with

a refreshed CapitaLand Wellbeing Programme, providing a more holistic
focus on six dimensions of wellness. These are emotional (mental), financial,
purposeful (community involvement), social, career and physical wellness. IMAGE LOW-RES
CLI integrates these six dimensions in its staff engagement and wellness
events, both in-person and virtually, that are available to its global staff.
The launch of Voice of Employees (VoE) provides its staff a platform to give Well-being programmes such
their feedback on any work-related topics, confidentially if required. Since its as Tackling Workplace Mental
launch in March 2022, 98 responses were received. Health
Since 2021, CLI implemented a global network of Mental Wellness

Ambassadors as well as the “Guarding Your Mental Wellness and Your
Peers’ Too” Programme, with 100 of its staff in Singapore and globally trained
to date.
To recognise inspiring CLI staff and teams who demonstrated CLI’s core
values of Winning Mindset, Integrity, Respect and Enterprise, CLI initiated the
CapitaLand Core Values Ambassador Awards globally that garnered over
300 inspiring CLI staff stories.
CapitaLand Core Values

Ambassador Awards 2022

Human Capital
2022 Employee Engagement Survey
In 2022, CLI launched a 360º Leadership Survey to gather feedback on its senior leadership team. The survey allows
the management to gain invaluable insights into how their peers and direct subordinates perceive them. CLI also
conducted a company-wide Employee Engagement Survey that measured staff well-being, amongst other
factors. CLI recorded a global participation rate of 91% and an engagement score of 83%. Following the survey,
the HR Business Partners will be working with the respective CEOs to address the key issues within their business
units. On the Group level, initiatives will be rolled out to address concerns, where applicable.
2030 SUSTAINABILITY MASTER PLAN TARGETS AND PERFORMANCE
CapitaLand’s 2030 Sustainability Master Plan outlined the Group’s 2030 targets and pathways to maximise impact
through building a resilient and resource efficient real estate portfolio, enabling thriving and future-adaptive
communities, and accelerating sustainability innovation and collaboration. To measure its performance, CLI has
incorporated KPIs, most of which are linked to remuneration for its staff including top management.
2030 Target18 2022 Performance

Diversity At least 40% female representation in 40% female representation
Senior Management Level
Human Capital Staff engagement score of at least 80% • 83% engagement rate
Development (with at least 85% participation) • 91% participation rate
At least 85% of CLI’s staff to attend one • 83% of CLI’s staff attended at least
ESG training programme and be future- one ESG programme
ready and productive staff through CLI • 92% of CLI Staff attended at least one
Building Capability Framework (BCF) programme under BCF
Supply Chain Contractors and vendors to abide by 100%19 of CLI’s supply chain agreed to
Management CLI's Supply Chain Code of Conduct abide by CLI's Supply Chain Code of
Conduct
Perpetual Target
Human Rights Zero tolerance of child/forced labour Zero child/forced labour
Occupational Maintain ISO 45001 certification for its Retained ISO 45001 certification in
Health & Safety OHS Management System 15 countries
Zero incident resulting in CLI staff • Zero CLI staff fatality
fatality and permanent disability • Zero CLI staff permanent disability
Zero incident resulting in contractor • One contractor staff fatality
staff fatality and permanent disability • Zero contractor staff permanent
disability
Legend
Did not achieve
18
These targets are intended to reflect the organisation-wide goals set by CLI on a group basis, and are intended to be implemented subject
to and taking into account (i) fair and equitable employment practices and principles under applicable laws and market practice and (ii) the
business and operational needs of the company and the organisation, as applicable.
19

Social And Relationship Capital
CLI’s social and relationship capital are built through our community. Over the long term, this strengthens CLI’s
social license to operate and ability to deliver sustainable value to its stakeholders.
Stakeholders are groups that CLI’s business has a significant impact on and those with a vested interest in
its operations. CLI’s key stakeholders include staff, investors/shareholders, customers, business associates,
contractors and suppliers, and the local community. Other stakeholders include regulators and key government
agencies, non-governmental organisations (NGOs), representatives of the capital market and the media.
CLI seeks to understand its stakeholders’ views, communicate effectively with them and respond to their concerns
through various engagement channels. Issues that are of interest to its different stakeholders are outlined in the
following sections.
STAKEHOLDER ENGAGEMENT
STAFF
CLI actively engages its staff through various avenues, including regular staff communication sessions held
by senior management, to facilitate effective exchange of information and ensure alignment of business
goals and objectives across all levels of the workforce.
CLI advocates staff volunteerism as an integral part of building a caring and inclusive community. It grants
staff up to three days of Volunteer Service Leave (VSL) per calendar year and staff are encouraged to
contribute their time and talent for approved charitable causes with the Group’s philanthropic arm,
CapitaLand Hope Foundation or on their own. Staff who utilise all three days of VSL are eligible to nominate
a registered charity to receive a donation from CHF, as part of its recognition and appreciation for staff
volunteers.
In 2022, over 1,100 CLI staff tapped on the VSL to contribute close to 11,000 hours for various activities.
The estimated salary cost to CLI in 2022 based on VSL taken was over S$400,0001. In 2022, 95 CLI staff
qualified for the donation incentive and CHF pledged to donate about S$47,200 to registered charities
nominated by staff.
INVESTORS
CLI maintains high levels of engagement with its shareholders and the investor community at large,
to provide timely access to accurate information. This helps them to make sound judgements about the
Company, developing trust and confidence in CLI. CLI manages this engagement via multiple touchpoints.
For more information on CLI’s investor engagement efforts, please refer to Our Stakeholders section,
pages 69 to 75 in the CapitaLand Investment Limited Annual Report 2022.
CLI’s Investor Relations policy provides more information on its communications framework, and the policy
is available on its website at www.capitalandinvest.com.
1
CLI calculates the estimated salary cost to CLI for VSL based on leave taken during office hours.

CUSTOMERS
CLI conducts regular satisfaction surveys at its shopping malls, office buildings, business parks and
lodging properties. The feedback obtained is reviewed and relevant follow-up actions are taken to improve
the experience and service levels rendered to shoppers, tenants and guests at CLI’s properties.
CLI’s wholly-owned lodging arm, The Ascott Limited (Ascott), tracks and monitors its properties’ service
performance via a Guest Rating Score™ (GRS™). GRS is an independent assessment of the individual
properties’ quality rating based on more than 100 million consumer reviews in 40 languages from more
than 100 leading online travel agencies and review sites. This allows Ascott to benchmark and respond by
making the necessary operational and service improvements to create a better customer experience for
its guests. For the past three years, the guest satisfaction rate achieved ranged between 90% and 91.5%.
A tenant satisfaction survey was conducted at over 110 CLI-owned and/or managed malls, offices,
business parks and logistics properties in China. About 94% of retail mall tenants, 47% of office tenants,
60% of business park tenants and 100% of logistics tenants participated. CLI garnered feedback on matters
pertaining to cleanliness, security, ambience and comfort, adequacy of car park lots, and frequency of
building maintenance. Close to 97%, 72%, 78% and 97% of respondents in malls, office, business parks and
logistics properties respectively were satisfied with the services rendered.
In Malaysia, the tenant survey was rolled out to seven retail malls, with participation from about 86% of the
tenants. 90% of the respondents rated CLI with Average or Good performance.
2022 Performance - Satisfaction Rate
BUSINESS PARK
RETAIL OFFICE2 LODGING
AND LOGISTICS2
China Malaysia China China China Global

97% 90% 72% (business park) (logistics)
90%
78% 97%
GLOBAL ACCESS TO HEALTH AND WELL-BEING SERVICES FOR ASCOTT GUESTS
Ascott is the first hospitality company in the world to offer its

guests global access to a comprehensive suite of complimentary
telehealth, telecounselling and travel security advisory services
through a global partnership with International SOS (ISOS). Since
its launch in 2021, ISOS has handled more than 250 assistance
calls from Ascott guests.
2
Singapore office, business park and logistics tenant surveys are conducted bi-annually. In 2021, the satisfaction rates were 77% and 63%
respectively.

GOVERNMENT AGENCIES AND REGULATORS
CLI participates in stakeholder consultations organised by key government agencies to provide feedback
on proposed regulatory changes that may impact the company’s business. This allows CLI to plan and
prepare ahead for any upcoming updates to regulations. Engaging regulators and relevant industry
bodies have also allowed CLI to better manage the latest industry challenges, placing the Company in
a better position to leverage existing and future opportunities for growth.
CLI is committed to regulatory compliance. Procedures are in place to ensure that its activities and
operations comply with existing regulatory requirements through regular monitoring, evaluation and audit
of the CLI EHS management systems.
For more details, please refer to the Environmental and Manufactured, and Human Capital chapters.
SUPPLY CHAIN
CLI incorporated sustainable procurement principles in the CLI Procurement Policy. This is in alignment with
the company’s sustainability commitments as a signatory to the United Nations Global Compact (UNGC).
Its supply chain providers (suppliers) are assessed during the admission and pre-qualification stage for
demonstrated ability to align with CLI’s sustainability practices. The appointed suppliers are evaluated
periodically on their performance to ensure their continuous compliance with procurement policy.
Non-compliances will be flagged out for correction and high sustainability risk suppliers with performance
issues will be monitored closely for improvement. Suppliers that contravened or attempted to contravene
any Anti-Corruption Laws will be subject to termination of the contract.
CLI continued to screen its supply chain to ensure that relevant business and ESG risks are being managed
appropriately. CLI identified critical suppliers as high-spend suppliers, non-substitutable suppliers
or critical business component suppliers such as term contractors providing facility maintenance
and property management services, IT service providers, and contractors for construction works.
Approximately 13,600 critical suppliers were engaged in 2022. The sustainability performance of critical
suppliers especially in terms of workplace safety are monitored and disclosed. A high proportion of goods
and services are sourced locally in most of CLI’s operations. CLI also procures goods and services from a
diversified network of supply chain providers. In 2022, close to 60% of the appointed supply chain providers
were in Singapore, China and India, the core markets of CLI. For more information on the supplier type and
spend, please refer to Key ESG Data Summary in appendix.
In 2022, to further strengthen CLI supply chain management, CLI subscribed to an external platform which
will conduct an ESG due diligence screening on CLI suppliers based on publicly available information.
Suppliers are screened and rated based on the risk and resilience of each ESG factor, which include
corruption, human rights, politically exposed parties, sanctions, safety, environmental regulation breaches,
etc. CLI piloted the screening of close to 500 critical suppliers in Singapore, China and India. A total of
17 suppliers were rated high ESG scores. This pilot enables CLI to monitor its suppliers’ ESG performance
and potentially establish a capacity building programme for improvement.
Number of suppliers Singapore: India:

China:
in core markets
(As at 31 December 2022) ~9,100 ~4,400 ~3,200
For more information on the monitoring of safety performance monitoring of CLI contractors and suppliers,
please refer to the Supply Chain Management segment in the Human Capital chapter.

SUPPLY CHAIN MANAGEMENT
CLI works closely with its contractors and suppliers who are committed to high quality environmental,
health and safety standards. To influence supply chain partners to operate responsibly in the areas
of anti-corruption, human rights, health and safety, as well as environmental management, the CLI
Procurement Policy3 and the CLI Supply Chain Code of Conduct form the basis of CLI’s engagement with
them. Through a structured procurement process, contracts are awarded after rigorous tender selection
that includes a balanced evaluation of financial and non-financial criteria, including safety requirements.
Contractors are only appointed upon meeting these stringent, environmental, health and safety and
other business-related requirements. CLI’s in-house contractor management guidelines require all
contractors to comply with local government and other legal requirements. Preference is given to
ISO 14001 and ISO 45001 certified companies or equivalent.
In 2022, 100%4 of CLI’s supply chain acknowledged to abide by the CLI Supply Chain Code of Conduct.
COMMUNITY/NGOS
CLI is a signatory to the United Nations Global Compact (UNGC) and the United Nations Principles of
Responsible Investment (UNPRI). It is a member of the Global Compact Network Singapore, and a consortium
member of the GRI ASEAN Hub. It is a founding member of the Singapore Green Building Council, and a
supporter of the Task Force on Climate-Related Financial Disclosure (TCFD) and World Wide Fund for Nature’s
(WWF) Earth Hour campaign.
CLI organises activities that are aligned with its focus on community investment, raising awareness and
stakeholder engagement in the areas of philanthropy, environment, health and safety. In Singapore, CLI offers
venue sponsorship for events in collaboration with national agency Health Promotion Board to promote better
health and wellness. Members of the public and tenants can sign up for these events at CLI’s malls and office
buildings. The social capital generated in these focus areas supports CLI’s business and sustained growth.
CLI actively invests into the local communities in which it operates, by identifying suitable causes with local
stakeholders and involving CLI staff. For more information on CLI’s global community investment initiatives,
please refer to page v of this CLI GSR.
CapitaLand Hope Foundation (CHF), the philanthropic arm of CapitaLand, focuses on nurturing and inspiring
the young, improving the quality of life of seniors, and protecting the environment for future generations.
In 2022, CLI contributed more than S$3.3 million to CHF and CHF India5. CHF donated over S$4.2 million6
globally in 2022.
Over the years, CHF has successfully launched several flagship programmes such as CapitaLand Hope
School Programme, #LoveOurSeniors Programme and CapitaLand-Bright Horizons Fund Ready for School
Programme. For more details on the CHF programmes and social impact details, please refer to the CHF
Social Impact Report 2022 at http://www.capitalandhopefoundation.com
3
The Policy is approved by the CLI top management.
4
5
CapitaLand Hope Foundation (India) (‘CHFI’) is a non-government, private, unlisted Section 8 company, incorporated in April 2019 along with
necessary registration under Indian Income Tax (IT) Act to carry out CSR activities that qualify as CSR expenditure under Indian Companies
Act, 2013. CHFI also adopted CapitaLand’s corporate governance framework including internal policies, procedures and codes of business
conduct (e.g. anti-corruption and whistle-blowing policies) and CHFI constitution also states that no grant or assistance shall be given in aid
of any political organisation or purpose.
6
This amount included donations made under CHF India which is a separate entity from CHF as well as CapitaLand Development.

CAPITALAND HOPE SCHOOL PROGRAMME
The CapitaLand Hope School programme was started in 2005 to provide a safe and conducive learning
environment and improve children’s access to education. The schools are equipped with various facilities
such as a hostel, kitchen, and canteen to improve the students’ well-being. Scholarships are offered
for further studies and thus improving children’s access to better career opportunities. To date, more
than 30 schools across China, India and Vietnam have received support. CLI staff volunteers make trips
periodically to the schools to provide school essentials and conduct activities for the children.
Government Kannada and English Medium Higher CapitaLand Volunteer Day at CapitaLand Le Xa
Primary School second CapitaLand Hope School in Kindergarten, Tien Lu, Vietnam
Bangalore, India
#LOVEOURSENIORS
#LoveOurSeniors is an initiative in Singapore which aims to improve the quality of life of seniors through
better nutrition, enhanced well-being and improved living conditions so that they can age in place.
Through partnerships with like-minded partners and volunteers, CHF hopes to provide a platform for
greater collaboration in better supporting the needs of seniors in the community to drive positive impact
collectively. Though the CapitaLand Silver Empowerment Fund, CHF funds projects to support vulnerable
seniors aged 60 and above in Singapore with facilities for learning, interest-based activities, and
community interaction to promote active ageing and healthy and meaningful lifestyles.
Majestic Smart Seniors Applied Learning Centre AWWA (Asian Women’s Welfare Association)
launched in 2022 to help seniors learn about digital Community Garden launched in 2022 to provide an
technology and integrate it into their daily lives inclusive space for seniors
CAPITALAND-BRIGHT HORIZON FUND READY FOR

SCHOOL PROGRAMME
This programme, under NTUC First Campus, supports pre-schoolers

from low-income families and aids them in preparing for Primary 1
education.
The programme includes language, literacy and numeracy

capability building, and provision of schooling essentials such
as school bags, stationery sets, storybooks and lunch boxes. Virtual Environment Education for
It also instills in children the importance of protecting the planet preschoolers delivered by CLI Staff
through environmental education. volunteers

SOCIAL INTEGRATION AT CLI PROPERTIES
The world’s population is ageing rapidly. Living arrangements and family support for seniors have become
increasingly important for policymakers, especially in countries at advanced stages of population ageing,
according to the World Population Ageing Report 20207. Understanding the interconnections between the living
arrangements of seniors and their health and well-being is particularly relevant in light of the pledge that no one
will be left behind, made by governments in the 2030 Agenda for Sustainable Development.
By 2050, those aged 65 years or above will double from 2020 to over 1.5 billion persons, with women as a majority.
In this regard, CLI has taken the lead in implementing designs to promote social integration into its Sustainable
Building Guidelines (SBG) to ensure that they are considered in new buildings and major renovations.
CLI is committed to managing safe, accessible, vibrant and quality real estate to enhance the lives of its shoppers,
tenants, guests and members of the community. Its social integration criteria in its SBG include:
• Ensuring accessibility in the built environment for people of different age groups and varying abilities;
• Providing connectivity to public transport, roads, amenities and between buildings; and
• Providing community spaces as public gathering points.
Universal Design (UD) considerations also help to ensure that public spaces in CLI properties are accessible to
users of different age groups and varying abilities. These include:
• Seamless connectivity to the external surroundings, e.g. bus stops, adjacent buildings, streets and sidewalks;
• Accessible (handicapped) parking lots and family lots;
• Barrier-free access from accessible (handicapped) parking lots and family lots to lift lobbies;
• Sheltered and barrier-free drop-off areas;
• Designated pedestrian lanes in carparks; and
• Amenities such as accessible handicapped toilets, lifts and nursing rooms.
CLI’s overseas properties are to comply with local UD/barrier-free codes and guidelines, and are encouraged to
adopt Singapore’s Building & Construction Authority (BCA) UD Guide in the absence of local codes and guidelines
when undergoing asset enhancement.
The following key figures represent CLI’s overall alignment to the social integration criteria and are based on the
floor area of its owned and operationally-managed properties8.
Location and • ~95% of CLI’s properties worldwide are conveniently located near transport
Green Transportation hubs such as bus stops and train/subway stations. This allows for easy access
to the nearby communities and facilities.
• Bicycle parking facilities are also provided at many of its properties. Some of
its properties in Singapore offer electric car-sharing option in partnership
with BlueSG.
Universal Design and • ~95% of CLI’s properties worldwide have at least one access-enabled facility
Community Access for the disabled. These facilities include accessible alighting and boarding
bays, lifts, parking lots and public toilets. Its office buildings and shopping
malls in Singapore are also guide dog-friendly.
• ~89% of CLI’s shopping malls, office buildings and integrated developments
have atrium event spaces and/or children play areas. These communal spaces
promote community engagement. Family or nursing rooms are also common
features at CLI’s shopping malls.
7
By the United Nations Department of Economic and Social Affairs.
8
Percentage computed based on gross floor area of CLI’s owned and operationally-managed properties.

INNOVATIVE COMMUNITY SPACES
CLI aims to take the lead in creating innovative community spaces at its properties. In Singapore, CLI was
the first company to partner National Council of Social Services to offer rent-free office space to volunteer
welfare organisations (VWO) in 2005. It also tapped on the Urban Redevelopment Authority Community/
Sports Facilities Scheme which promotes the integration of community facilities at its properties. These
include facilities for the office tower with VWO tenants at Junction 8, Singapore Dance Theatre’s dance
studios and supporting facilities in Bugis+, the Westgate Wonderland – a thematic outdoor playground
touted as the largest rooftop mall playground in Singapore at Westgate, and Singapore theatre company,
Wild Rice’s performing arts complex at Funan.
In addition to community spaces at its shopping malls, office buildings and integrated developments,
social spaces and experiential programmes at Ascott’s co-living properties enable its guests to forge
connections as a community and immerse in the local culture.
CAPITASPRING, SINGAPORE
BCA Universal Design GoldPLUS Award
CapitaSpring is an integrated development located in

Singapore’s central business district. The 51-storey building
comprises Grade A office spaces, Citadines Raffles Place
Singapore, a serviced residence managed by Ascott, ancillary
retail space, as well as a food centre occupying two floors in
the development that offers family-friendly tables and seats.
The building’s namesake draws from the development’s Green

Oasis, an open-air garden at 100 metres above ground that
occupies levels 17 to 20 of the development. The Green Oasis
mimics the plant hierarchy of tropical rainforests, with native
plants and shade-tolerant plants used for landscaping.
The Sky Garden at the rooftop features a 5,000-sq ft urban
farm to supply the building’s restaurants with fresh produce.
These green spaces offer a reconnection with nature in the
middle of the city, and provide a social space for the building
occupants and public. There is also an amphitheatre at the
Sky Garden, which can be used for community activities,
lifestyle events and live band performances.
In support of the government’s drive toward a car-lite society

and to promote healthy living, CapitaSpring has amenities
including a cycling path around its perimeter, 165 bicycle lots
and end-of-trip facilities for users. There is sheltered access
from CapitaSpring to three train lines via Raffles Place MRT
interchange and Telok Ayer MRT station.
CapitaSpring has clear directional signages, Braille signages

as well as handrails with Braille indicators. It is guide dog-
friendly and facial recognition technology is used at the office
entrance gantry to facilitate access. Family-friendly amenities
such as nursing and family rooms, a diaper changing station,
restrooms with child-friendly seats and wash basins, senior-
friendly restrooms with grab bars, and family rooms at the
From top to bottom: food centre are available in the building.
Green Oasis, Sky Garden, Urban farm,
Bicycle lot and end-of-trip facilities

Organisational Capital
CLI has strived, where applicable, to align its policies, practices and reporting to regional and international
standards, surveys or indices including:
• ISO 14001 – Environmental Management
• ISO 45001 – Occupational Health and Safety Management
• ISO 26000 – Guidance on Social Responsibility
• Dow Jones Sustainability Indices (DJSI)
• GRESB
• Carbon Disclosure Project (CDP)
• FTSE4Good Index Series
• MSCI ESG
In February 2023, the International Sustainability Standards Board (ISSB)1 announced the approval of the final
versions of ISSB’s first two standards: IFRS S1, General Requirements for Disclosure of Sustainability-related
Financial Information, and IFRS S2, Climate-related Disclosures, which will be released by the end of 2Q 2023,
and effective 1 January 2024. CLI is reviewing the exposure drafts and has incorporated some elements of the
requirements of these two standards in this report.
CORPORATE GOVERNANCE
CLI, together with its subsidiaries, REITs and business trusts, embraces the tenets of sound corporate governance
including accountability, transparency and sustainability. It is committed to enhancing value for its stakeholders
with the appropriate people, processes and structure to direct and manage the business and affairs of CLI,
achieve operational excellence and deliver CLI’s long-term strategic objectives.
The values, ethics and practices of CLI provide the foundation for a trusted and respected business enterprise.
CLI’s Board of Directors (Board) is responsible for and plays a key role in setting CLI’s corporate governance
standards and policies. This sets the tone from the top and underscores the importance of strong corporate
governance to CLI.
The Corporate Governance Report in the CapitaLand Investment Limited Annual Report 2022 sets out the
corporate governance practices for financial year (FY) 2022, benchmarked against the Code of Corporate
Governance 2018 (Code).
For detailed disclosure on the CapitaLand Governance Framework and application of its corporate governance
practices with reference to the Code, please refer to the Corporate Governance Report on pages 97-142 in the
CapitaLand Investment Limited Annual Report 2022.
Board Independence, Diversity and Performance
The Nominating Committee (NC) and the Board review from time to time the size and composition of the Board
and Board Committees and whether it is appropriate in facilitating effective decision-making. The review takes
into account the scope and nature of CLI’s operations, the evolving external environment and the competition
the Company faces.
CLI recognises the importance of maintaining an appropriate level of independence and diversity of thought
and background in the Board composition to enable the Board to make decisions in the best interests of CLI.
The Board considers that the current Board and Board Committees’ compositions reflect diversity of thought and
background. Its Board Charter provides that at least one-third of the Board shall comprise independent Directors.
The Board Charter also provides that, in the event that the Chairman is not an independent Director, CLI will
appoint a Lead Independent Director and ensure that the Board comprises a majority of independent Directors.
1
The International Sustainability Standards Board (ISSB) is a standard-setting body established in 2021 under the IFRS Foundation, whose
mandate is the creation and development of sustainability-related financial reporting standards to meet investors' needs for sustainability
reporting. The ISSB builds on the work of market-led investor-focused reporting initiatives—including the Climate Disclosure Standards Board,
Task Force on Climate-related Financial Disclosures (TCFD), the Value Reporting Foundation’s Integrated Reporting Framework and industry-
based Sustainability Accounting Standards Board (SASB) Standards, as well as the World Economic Forum’s Stakeholder Capitalism Metrics.

CLI has a significant majority of independent Directors – 8 out of 10 Directors2 are non-executive independent
Directors. The non-executive Chairman and the Group CEO are the only non-independent Directors. This exceeds
the requirements in the Listing Manual, the Code and the Board Charter.
Other than the Group CEO who is the only executive Director on the Board, non-executive Directors make up the
rest of the Board.
As the Chairman is non-independent, a Lead Independent Director was appointed, whose main duties are to
facilitate the functioning of, and provide leadership to, the Board if circumstances arise in which the Chairman
may be (or is perceived to be) in conflict. The Lead Independent Director also supports effective Board objectivity
in business judgement and oversight, and serves as an independent leadership contact for shareholders, Directors
and Management especially where contact through the normal channels of communication with the Chairman
or Management (as the case may be) is inappropriate or inadequate.
The Board, taking into account the views of the NC, assesses annually (and additionally as and when circumstances
require) the independence of each Director, in accordance with the requirements of the Listing Manual of the
SGX-ST, the Code and where relevant, the recommendations set out in the Practice Guidance accompanying
the Code, that are relevant in the determination as to whether a Director is independent. A Director is considered
independent if he/she has no relationship with CLI, its related corporations, its substantial shareholders or its
officers that could interfere, or be reasonably perceived to interfere with the exercise of his/her independent
business judgement in the best interests of CLI.
CLI follows a rigorous process to evaluate the independence of the Directors who it considers as independent.
For more details, please refer to the Corporate Governance Report in CapitaLand Investment Limited Annual
Report 2022 pages 105-109.
CLI embraces diversity and has in place a Board Diversity Policy which provides for the Board to comprise talented
and dedicated Directors with a wide mix of expertise (including industry, domain and functional expertise), skills,
experience (including international experience) and perspectives, with due consideration to diversity in gender,
age, tenure, ethnicity and culture, and geographical background including nationality, as well as any other
relevant aspects of diversity. The Board values the benefits that diversity can bring to the Board in its deliberations
by avoiding groupthink and fostering constructive debate. Diversity enhances the Board’s decision-making
capability and ensures that CLI has the opportunity to benefit from all available talent and perspectives, which is
essential to effective business governance and for ensuring long-term sustainable growth.
CLI’s diversity targets, plans, timelines, and progress towards achieving these targets are described in the following
table. Further information on the progress achieved during FY 2022 can be found at “Board Composition and
Renewal” under Principle 4 of the Corporate Governance Report in CapitaLand Investment Limited Annual Report
2022 pages 113-115.
2
There were 10 directors as at 15 March 2023. Tan Sri Abdul Farid bin Alias was appointed as a Director on 1 January 2023. We have aligned
this disclosure with the Corporate Governance Report in CapitaLand Investment Limited Annual Report 2022. For data as at 31 December
2022, please refer to the Key ESG Data Summary (Governance data) in the Appendix.

Board Diversity
Diversity Targets, Plans and Timelines Targets Achieved/Progress Towards Achieving Targets
Gender To have at least 2 female Directors on As at the end of FY 2022, 2 out of 9 Directors are
the Board during the period leading female. This represents 22% of the Board.
up to 2025.
CLI believes in achieving an optimum

mix of men and women on the Board
to provide different approaches and
perspectives.
Age To ensure that the Board comprises As at the end of FY 2022, the Board comprises
Directors across the following age Directors across all 3 age groups.
groups:
In particular, 2 Directors are below 50 years of
(a) 50 and below; age, 2 Directors are between 50 to 60 years old,
(b) 51 to 60; and and 5 Directors are 60 years old and above.
(c) 61 and above,
and to maintain such level of age

diversity during the period leading
up to 2025.
CLI believes that age diversity would

provide a broad spectrum of thoughts
and views in the Board’s and Board
Committee’s deliberations.
Tenure To ensure that the Board comprises As at the end of FY 2022, the Board comprises
Directors across the following tenure Directors across all 3 tenure groups.
groups:
In particular, 3 Directors have been on the Board
(a) less than 3 years; for less than 3 years, 5 Directors have been on
(b) 3 to 6 years; and the Board for 3 to 6 years and 1 Director has
(c) more than 6 years, been on the Board for more than 6 years^.
and to maintain such level of tenure ^ This takes into account the Directors’ respective tenures on
the Board of CL (now known as CapitaLand Group Pte. Ltd.
diversity during the period leading (CLG)), if any. As disclosed on page 158 of the Company’s
up to 2025. Introductory Document dated 17 July 2021, in view that the
appointment of the relevant independent directors of CL
(now known as CLG) as CLI’s independent directors was
CLI believes that tenure diversity
a natural transition from such directors’ appointments as
would facilitate Board renewal independent directors of CL, for the purposes of compliance
progressively and in an orderly with Rule 210(5)(d)(iii) of the Listing Manual (repealed on
manner, while ensuring continuity 11 January 2023), the period served by such directors as
independent directors of CL should be counted towards,
in knowledge about the Company and treated as part of, the cumulative period that such
and its business operations directors will serve as the CLI’s independent directors.
and sustainability of corporate
performance.

Diversity Targets, Plans and Timelines Targets Achieved/Progress Towards Achieving Targets
Skills & To ensure that the Directors, as a As at the end of FY 2022, the Board comprises
Experience group, possess: Directors who, as a group, possess a significant
majority of the identified core skills and
(a) a variety of skill sets, including
experience. There are opportunities to strengthen
in core competencies, domain
certain skill sets including fund and investment
knowledge and other fields
management and technology.
of expertise, such as finance,
banking, real estate, fund and
In terms of skill sets, the Board comprises
investment management and
Directors with a variety of skills and expertise in
technology; and
areas including finance, banking, real estate,
(b) a mix of industry experience,
fund management, international capital markets
management experience, business
and technology.
acumen and listed company
board experience, particularly
In terms of experience, the Board comprises
on organisational development,
Directors who are corporate and business
sustainability and environmental,
leaders and who collectively have experience
social and governance (ESG)
in general business management, have served
matters,
on public listed company boards and have
international or regional experience.
by 2025, or (if applicable) to maintain
such level of diversity in skill sets and
In terms of industry experience, the Directors
experience during the period leading
collectively have exposure in various sectors and
up to 2025.
markets, including the venture capital industry,
the China market and the international capital
CLI believes that diversity in skill sets
markets networks.
would support the work of the Board
and Board Committees and needs
of CLI, and that an optimal mix of
experience would help shape CLI’s
strategic objectives and provide
effective guidance and oversight of
Management and CLI’s operations.
CLI continually endeavours to deepen

the bench strength of the Board
with complementary and relevant
expertise, including in the areas of
fund and investment management,
organisational development,
sustainability and ESG matters.
Legend
CLI is committed to maintaining diversity in the Board and will continue to disclose any future progress made
towards attaining the targets in future Corporate Governance Reports as appropriate.
The NC, in carrying out its duties of determining the optimal composition of the Board in its Board renewal
process and addressing Board vacancies, considers candidates that bring a diversity of background and
opinion with the appropriate background and industry or related expertise and experience. In identifying
possible candidates and making recommendations of Board appointments to the Board, the NC’s considerations
include achieving an appropriate level of diversity in the Board composition with regards to diversity factors
such as skills, experience, gender, age, tenure, ethnicity, culture, geographical background and nationality,
as well as educational, business and professional background of its members. CLI Board, taking into account the
views of the NC, is of the opinion that the Board’s current size is appropriate with an appropriate balance and
diversity of skills, experience, gender, age, tenure, ethnicity, culture, and geographical background including
nationality, taking into account CLI’s diversity targets, plans and timelines and objectives of the Board Diversity
Policy and the Company’s business needs and plans, for effective decision-making, quality discussions and
constructive debate. For more information, please refer to the Corporate Governance Report in CapitaLand
Investment Limited Annual Report 2022 pages 110-111.

In respect of individual Directors, a formal evaluation is also carried out on an annual basis. For FY 2022, the Board
Chairman and NC Chairman jointly evaluated each individual Director using an agreed evaluation framework
as a guide. The evaluation criteria include Director’s duties, contributions and conduct. Feedback from selected
Senior Management members was also sought as part of the process. The NC Chairman also held one-to-one
conversations with each of the Directors to discuss strengths and opportunities, with the sessions being received
positively by the Directors. Formal evaluation is also carried out by the NC when a Director is due for retirement
by rotation and is seeking reelection. The NC also considers the contributions and performance of individual
Directors when it reviews Board composition.
The Board is committed to ethics and integrity of action and has adopted a Board Code of Business Conduct
and Ethics which provides for every Director to, among other things, adhere to the highest standards of ethical
conduct. All Directors are required to comply with the Board Code of Business Conduct and Ethics. This sets the
appropriate tone at the top in respect of the desired organisational culture of ethics and integrity, and ensures
proper accountability within the Company. In line with this, the Board has incorporated in the Board Code of
Business Conduct and Ethics a standing policy that each Director must not allow himself/herself to get into a
situation where his/her duty to the Company conflicts with his/her own interests. The Company also has a policy
that it does not provide loans to Directors.
Fraud, Bribery and Corruption Risk Management Framework
CLI adopts a zero-tolerance stance against any Fraud, Bribery and Corruption3 (FBC) in the conduct of its business
activities and expects all its employees to be committed to the highest standards of integrity in their work and
business dealings. The FBC Risk Management Framework has been set in place to manage FBC risks in an
integrated, systematic and consistent manner.
FBC Risk Management Framework

Board Oversight and Senior Management Involvement
The Board, with the support of the Audit Committee, Risk Committee and Senior Management, is responsible for
the oversight and governance of FBC Risk Management.
FBC Risk Management Strategy
Prevention Detection and Monitoring Response

• Process-specific Controls • Detection of Irregularities • Investigation
• Risk Assessment • Monitoring of Fraud Risk Profile • Insurance & Recovery
• Knowing and Managing • Independent Review & Audit • Protocol to observe when
Third Parties • Report Fraud Incident contacted by Authorities
• Managing Conflicts of Interest • Disclosure to Authorities
• Hiring and Media
• Disciplinary Actions
• Review of Controls
Risk-Aware Culture
A risk-aware culture, underpinned by the Group’s organisational culture, values and practices, sets the
foundation for effective management of FBC risks.
3
(a) Fraud is the use of deception with the intention of obtaining an advantage, or avoiding an obligation or causing loss to
another party. Fraud can be perpetuated by employees, third parties or a collusion between employees and third parties.
(b) Bribery and Corruption is the offering, promising, giving, accepting or soliciting of an undue advantage of any value
(which could be financial or non-financial), directly or indirectly, and irrespective of location, in violation of applicable law.
These are usually made as an inducement or reward for a person acting or refraining from acting in relation to the performance of that
person’s duties.

Together with various CLI policies and procedures, the FBC Risk Management Policy is published on CLI’s intranet
and is accessible by staff. The policies implemented aim to help detect and prevent FBC by:
• Offering a fair compensation package to staff, based on practices of pay-for-performance and promotion
based on merit; and providing various healthcare subsidies and financial assistance schemes to alleviate the
common financial pressures faced by its staff.
• Documenting policies and work procedures which incorporate internal controls to ensure that adequate checks
and balances are in place. Periodic audits are also conducted to evaluate the efficacy of these internal controls.
• Building and maintaining the right organisational culture through its core values, and educating its staff on
business conduct and ethical values.
In addition, these various policies and guidelines call upon the staff to observe ethical principles in the conduct
of business activities which include:
• Abiding by CLI’s Ethics and Code of Business Conduct Policies which deal with matters such as confidentiality,
conduct and work discipline, corporate gifts and concessionary offers. Clear policies and guidelines on how to
handle workplace harassment and grievances are also in place4. Donations are not to be made to any political
causes through CLI and/or the Group’s philanthropic arm, CapitaLand Hope Foundation (CHF).
• Abiding by the Anti-Money Laundering and Countering the Financing of Terrorism Policy;
• Acting professionally and with integrity;
• Practising fair competition;
• Honouring contractual commitments made;
• Not making inaccurate or misleading statements;
• Making decisions or representations only when duly authorised;
• Ensuring appropriateness of frequency and venue when conducting business activities;
• Maintaining security and confidentiality of data and information;
• Not manipulating business relationships for personal gains or interests.
CLI’s zero-tolerance policy on FBC extends to its business dealings with third parties (including contractors,
subcontractors, consultants, agents, representatives and others performing work or services for or on behalf of CLI).
Pursuant to this policy, it requires that certain agreements of the Company incorporate anti-corruption provisions.
Staff Supply Chain / Partners

Communication/ • FBC Risk Management Policy • FBC Risk Management Policy
Signing of Code • Annual declaration through the • CLI Supply Chain Code of Conduct,
of Conduct “CLI Pledge” to uphold CapitaLand’s and anti-corruption clause in key
core values, and not to engage in any contracts
corrupt practices
• Relevant training
Feedback Channels • Whistle-blowing reporting • Whistle-blowing reporting
A whistle-blowing policy and other procedures, including grievance handling, are in place to provide CLI’s staff
and external parties who have dealings with the Company, with a well-defined, accessible and trusted channel
to report grievances, suspected FBC, dishonest practices or other improprieties in the workplace. It also allows for
the independent investigation of any reported incidents and determination of appropriate actions for follow up.
The objective of the whistle-blowing policy is to encourage the reporting of such matters – that staff or external
parties making any report in good faith will be able to do so with confidence, that they will be treated fairly, and
to the furthest extent possible, be protected from reprisal if any.
4
This includes the Securities Dealing Policy. It sets out prohibitions against dealings in the Company’s securities (i) while in possession of
material unpublished price-sensitive information, (ii) during the one month preceding, and up to the time of announcement of the Company’s
results for the full financial year. Directors and/or staff are also required to refrain from dealing in securities of the Company and other
relevant listed entities in the Group if they are in possession of unpublished price-sensitive information of the Company and other listed
entities by virtue of their status as Directors and/or staff. As and when appropriate, they would be issued an advisory to refrain from dealing
in the relevant securities. Under the policy, Directors and staff are also discouraged from trading on short-term or speculative considerations.
They are also prohibited from using any information with respect to other companies or entities obtained in the course of their employment,
in connection with securities transactions of such companies or entities.

The Board, with the assistance of the Audit Committee (AC) and Risk
0
Committee (RC), as well as support from Senior Management, is responsible
for the oversight and governance of FBC Risk Management. In conjunction
with the assessment by the RC, the AC assesses the adequacy and
effectiveness of the internal controls (including financial, operational,
compliance and information technology controls) and risk management substantiated cases
systems established by management to manage risks. involving anti-competition
or money laundering
behaviour in 2022
Substantiated cases are reported quarterly to both the AC and RC and
shared with the risk management champions regularly. Actions taken
can include termination of the staff’s contract, and/or reporting to the
appropriate external authorities. In 2022, eight cases were substantiated5.
0
CLI staff involved in five of these cases had their employment terminated.
Some had also resigned on their own accord. There were no cases involving
anti-competition or money laundering behaviour.
donations to political
CLI made no payment and donation to politicians or political parties as it parties and causes in 2022
expects to be judged on its own merits. CHF’s constitution also states that
no grant or assistance shall be given in aid of any political organisation or
purpose.
Other Ethical Management Issues
CLI is committed to best practices and complies with the relevant legislations and requirements. Marketing
activities relating to shopping malls and office spaces, such as advertisements and promotions (A&P), are generally
guided by external A&P consultants, and are in compliance with local marketing requirements as stipulated
by CLI.
Training
CLI implemented initiatives to ensure that all staff understand CLI’s core values and principles that shape the
way CLI works and functions. This is a compulsory component in the onboarding training for new staff as part
of the CLI Immersion Programme (CIP), a staff orientation for new staff from various countries. For existing staff,
there are dedicated training courses in Singapore where specific examples and applications of CLI core values
in the workplace are shared. As the majority of CLI’s staff are based in China, this training component is also
offered there.
In 2022,
• Close to 90% (>8,500) of CLI staff clocked in over • 63% (>6,000) of CLI staff attended cyber
11,000 hours of training pertaining to ethics awareness training to acquire and refresh their
and code of conduct, such as anti-corruption, knowledge on how to detect potential cyber
preventing and detecting fraud, money breaches, especially with the increased reliance
laundering, profiling and investigation techniques on digital services.
through the aid of FBC e-learning courses.
• More than 80%6 (>7,500) of CLI staff attended a • At least 1,200 CLI staff underwent
whistle-blowing e-Learning session to strengthen training on CLI’s core values and
awareness of internal policies and equip them principles.
with the knowledge to exercise professional
judgment and/or obligations regarding when to
whistle-blow through scenarios illustration.
5
These cases were disclosed regardless of the financial amount, and even if there were no loss to the Company. The financial amounts were
insignificant.
6
Based on ending staff strength as at 31 Aug 2022.

Enterprise Risk Management (ERM)
Risk management is an integral part of CLI’s business at both the strategic and operational levels. Its objective
is not risk minimisation, but rather the optimisation of opportunities within the known and agreed risk appetite
levels set by the Board. CLI takes measured risks in a prudent manner for justifiable business reasons. Its Board of
Directors is responsible for the governance of risks across the Company.
CLI’s ERM Framework is adapted from the ISO 31000 International Risk Management Standards. It is also guided by
the Committee of Sponsoring Organizations of the Treadway Commission Internal Control-Integrated Framework
and other relevant best practices and guidelines. It specifies the required environmental and organisational
components needed to manage risks in an integrated, systematic and consistent manner. The ERM Framework
and related risk management policies are reviewed annually.
A robust internal control system and an effective, independent review and audit process underpin the Company’s
ERM Framework. While line management is responsible for the design and implementation of effective internal
controls using a risk-based approach, the Internal Audit function reviews such design and implementation to
provide reasonable assurance to the AC on the adequacy and effectiveness of the risk management and internal
control systems.
Annually, the Group Risk Management (GRM) coordinates a group-wide Risk and Control Self-Assessment (RCSA)
exercise that requires business units and corporate functions to identify, assess and document material risks
which include ESG-related risks, along with their key controls and mitigating measures. Material risks and their
associated controls are consolidated and reviewed at the CLI level before they are presented to the RC, AC and
the CLI Board.
Awareness and preparedness for potential risks affecting its business continuity help CLI minimise the impact
of disruption to its business operations. CLI has a Business Continuity Management Policy to guide the business
units in the implementation of business continuity plans. Periodic exercises have been conducted with the results
recorded for continual improvements to be made.
CLI has in place group-wide policies and procedures which set out the governance and controls of IT/cyber security
risks. This is under the purview of Group Technology and overseen by a member of the CLI Management Council.
Ongoing digitalisation of the business exposes CLI to information technology (IT)-related threats, which may
result in compromising the confidentiality, integrity and availability of the Company’s information, assets and/or
systems. This could also have a negative impact on customer experience, financial and/or regulatory compliance.
To build a cyber resilient infrastructure and network, and to harness the full potential of innovation and digital
transformation of CLI’s business processes, CLI has in place the following key mitigation actions:
• Execute CLI’s Cyber Security Strategy through ongoing review against existing/evolving threat landscapes
and institute measures to minimise exposure to vulnerability and manage threat vectors;
• Roll out ongoing staff IT Security Awareness Training to reduce the probability of staff being targeted by cyber
(for information, please refer to Human Capital chapter) ;
• Periodically review and update group-wide IT Security Policy and Data Protection Framework to ensure
relevancy;
• Maintain and test IT Security Incident Management Procedure to ensure prompt response and timely
remediation of cyber security incident;
• Conduct annual Disaster Recovery Plan exercise to ensure timely recoverability of business-critical IT systems;
• Engage independent security service providers to conduct vulnerability assessments to further strengthen the
IT systems;
• Regularly update the RC on the state of cyber security risk activities and key control improvements.
CLI believes that having the right risk culture and people with the right attitude, values and knowledge are
fundamental to the Company’s success. Therefore, the GRM continues to proactively enhance risk management
knowledge by conducting regular workshops targeted at different management levels and functions. It also
promotes a culture of risk awareness which embeds risk management principles in decision-making and business
processes. The ESG risks identified include FBC risk, environmental risk, health and safety risk as well as regulatory
and compliance risk.
For more information regarding Enterprise Risk Assessment, please refer to the CapitaLand Investment Limited
Annual Report 2022 pages 92-96.

2030 SUSTAINABILITY MASTER PLAN (SMP) TARGETS AND PERFORMANCE
CLI’s revised 2030 Sustainability Master Plan reflects the Group’s 2030 targets and pathways to steward responsible
business conduct and governance.
2030 Target7 2022 Performance

Corporate At least 85% of CLI staff to • Close to 90%8 of staff attended FBC awareness online
Governance attend one compliance training.
related training. • More than 80%9 of staff attended whistle-blowing
training.
• 63% of staff attended Cybersecurity training.
Ensure sustainability targets • Under the Balanced Scorecard framework, CLI’s
are integrated into CLI strategy and goals are translated to performance
Performance Share Plan outcomes comprising both quantitative and
and Balanced Scorecard qualitative targets in various dimensions including
framework to determine sustainability. These are cascaded down throughout
executive remuneration and the organisation, thereby creating alignment
Business Units’ KPIs. across CLI.
• For more information regarding executive
remuneration, please refer to the CapitaLand
Investment Limited Annual Report 2022 pages 122-125.
Transparent Ensure reporting is aligned • CLI’s sustainability reporting has been aligned to
Reporting to international standards GRI Standards and Greenhouse Gas (GHG) Protocol
such as TCFD and GRI (operational control method) since 2009, CDP since
with disciplined internal 2010, GRESB since 2013, VRF’s Integrated Reporting
checks as well as external Framework since 2015, UN SDG Reporting since 2016,
assurance of data by TCFD framework since 2017, and SASB Standards
accredited bodies. since 2020.
• CLI’s Global Sustainability Report has been externally
assured since 2010. Please refer to the appendix of
this report for the Independent Assurance Statement.
Risk Reporting Ensure processes to identify, • Annual group-wide RCSA exercise requires business
assess, and manage units and corporate functions to identify, assess and
sustainability risks and document material risks which include ESG-related
opportunities in the short-, risks and opportunities, along with their key controls
medium-, and long-term and mitigating measures.
are integrated into overall • For more information on CLI’s RCSA exercise and
enterprise risk management risk management processes, please refer to the
processes. CapitaLand Investment Limited Annual Report 2022
pages 92-96.
Ensure sustainability risks • CLI’s revised 2030 SMP was launched in May 2023
and opportunities are after a regular review to ensure that it remains
managed in line with overall relevant to CLI’s business strategy and is aligned
risk appetite and strategy. with climate science.
• Performance against CLI SMP targets and Balanced
Scorecard targets is tracked and reported to CLI
Management and Board at least annually.
Legend
7
These targets are intended to reflect the organisation-wide goals set by CLI on a group basis, and are intended to be implemented subject
to and taking into account (i) fair and equitable employment practices and principles under applicable laws and market practice and (ii) the
business and operational needs of the Company and the organisation, as applicable.
8
Based on staff strength as at 30 September 2022.
9
Based on staff strength as at 31 August 2022.

Financial Capital
In FY 2022, CLI achieved a 5.5% return on equity with PATMI of S$861 million, comprising Operating PATMI of
S$609 million, portfolio gains of S$222 million and revaluation gains from investment properties of S$30 million.
CLI’s Operating PATMI for FY 2022 of S$609 million was 23% higher than the S$497 million from FY 2021. This was mainly
attributable to better performance in the fee income-related business (FRB) and recovery in the lodging business
as demand for global travel resumes and contributions from new management contracts. CLI is strengthening its
pivot to become a global real estate investment manager with a focus on driving fee income.
Amidst the challenging macroeconomic conditions, CLI registered lower portfolio gains of S$222 million, 64% lower
than the exceptional gains of S$616 million recorded in FY 2021 due to lower volume of asset recycling activities
and the absence of a significant gain of S$274 million from the restructuring of CLI’s interests in the six Raffles City
properties in China. In terms of revaluation of investment properties, the portfolio valuation was largely stable.
However, when compared to FY 2021, the gains from revaluation of investment properties of S$30 million were 87%
lower than FY 2021. This was mainly attributable to lower gains from properties in developed countries.
Year 2022 2021

Revenue under management (S$ million)1 7,557 6,706
Revenue (S$ million)2 2,876 2,293
Earnings before interest, tax, depreciation 1,966 2,469
and amortisation (EBITDA) (S$ million)
Profit/(Loss) attributable to shareholders 861 1,349
(PATMI) (S$ million)
Operating PATMI (S$ million) 609 497
Earnings per share (cents) 16.8 38.3
Net Tangible Assets per Share (S$) 2.74 2.93
Return on Equity (ROE) (%) 5.5 8.7
Ordinary dividend per share (cents) 12.0 12.0
Special dividend per share (cents) 3
6.1 3.0
Total dividend per share (cents) 18.1 15.0
Sound risk management coupled with good corporate governance policies and practices are vital in driving CLI’s
long-term sustainable growth and shareholder value.
CLI maintains a prudent capital structure and actively reviews its cashflows, debt maturity profile and overall liquidity
position on an ongoing basis. The main sources of the Group’s operating cashflows are derived from fees and rental
income from its commercial, business parks, integrated developments, shopping malls, fund management and
lodging businesses. To support its funding requirements, investment needs and growth plans, CLI actively diversifies
its funding sources by putting in place a combination of bank facilities and capital market issuances.
1
Revenue under management includes full revenue of CLI’s global portfolio, including revenue of its non-consolidated funds and its six
listed real estate investment trusts and business trusts - CapitaLand Integrated Commercial Trust (CICT), CapitaLand Ascendas REIT (CLAR),
CapitaLand Ascott Trust (CLAS), CapitaLand China Trust (CLCT), CapitaLand India Trust (CLINT) and CapitaLand Malaysia Trust (CLMT).
This aligns with the reporting scope of the CLI Global Sustainability Report 2022.
2
Revenue in CLI’s consolidated financial statements excludes revenue from the non-consolidated funds, and four listed real estate investment
trusts and business trusts, namely CICT, CLCT, CLAR, and CLINT. In the financial statements, the Group equity accounted for its investment
in CICT, CLCT, CLAR and CLINT as associates, in accordance with the Singapore Financial Reporting Standards (International) (SFRS(I)) and
International Financial Reporting Standards (IFRS).
3
Special dividend per share for FY 2022 was based on the closing market price of S$1.07 per CLAS Unit on 11 May 2023 multiplied against the
distribution ratio of 0.057013 CLAS Units per Share.

Financial Capital
CLI continued to explore new ways to improve its financial flexibility and resilience through sustainable finance
instruments, reinforcing CLI’s commitment towards responsible growth. In FY 2022, CLI and its listed real estate
investment trusts (REITs) and business trusts obtained over S$4.7 billion5 in sustainable financing, which included
sustainability-linked loans tied to CLI’s achievements in GRESB. With CLI maintaining its listing on the Dow Jones
Sustainability World Index and GRESB performance, along with the achievement of other environment, social
and governance (ESG) indicators in 2022, CLI continued to achieve savings from the reduced interest rates on
its sustainability-linked loans. The savings would be redeployed to support CLI’s ESG initiatives, spurring better
sustainability outcomes. CLI’s listed REITs and business trusts have also secured sustainability-linked loans and
bonds, green loans, green bonds and perpetual securities.
LEVERAGING SUSTAINABLE FINANCE FOR DECARBONISATION
Since 2018, over S$11.6 billion has been raised in sustainable finance by CLI including its listed REITs and
business trusts.
1st
and largest sustainability-linked
1st
loan facility agreement
loan (SLL) in Asia’s real estate referencing Singapore Overnight Rate
sector at that time (2018) Average in Singapore (2020)
Diverse product types… …pegged to specific targets

• Performance ratings on global
Sustainability-linked Loan 51% ESG indices like GRESB and DJSI
Sustainability-linked Bond 3% • Minimum green building
Green Loan 37% certification level of the
Green Bond 6%
underlying portfolio
Green Perpetual Securities 3%
• Specific targets for reduction
in carbon, energy and water
intensities as per SMP 2030
Benefits of Sustainable Financing

• Interest rate savings from SLLs that can be channelled back into decarbonisation investments
• Expanding and deepening the pool of financing partners across geographies
• Demonstrate CLI’s sustainability leadership in the industry
For a detailed breakdown of CLI’s FY 2022 financial results, three-year financial summary, economic value-added
statement, and value-added statement, please refer to the following sections in the CapitaLand Investment
Limited Annual Report 2022:
• Performance Highlights, page 7
• Three-Year Financial Summary & Performance Review, pages 33-37
• Value-Added Statement, page 276
5
Close to S$11.6 billion raised in sustainable finance by CLI and its listed REITs and business trusts as at 31 December 2022 since 2018.

Appendix
TCFD Recommendations
TCFD DISCLOSURE
CLI is making a 2022 progress update of its climate-related disclosure in line with Taskforce for Climate-related
Financial Disclosure (TCFD) recommendations. CapitaLand has pledged its support for the recommendations by
the TCFD since 2019 and voluntarily disclosed since 2017 some of its climate-related financial disclosures in four key
areas (i. governance, ii. strategy, iii. risk management, and iv. metrics and targets) as recommended by the TCFD.
GOVERNANCE
The CLI Board (the Board) considers sustainability issues as part of its strategic formulation, confirms the material
ESG factors and oversees the management and monitoring of the material ESG factors.
The Board sets CLI’s risk appetite, which determines the nature and extent of material risks that CLI is willing
to take to achieve their strategic and business objectives. As part of the material risk issues being highlighted,
climate change has been identified as critical. The Board regularly reviews climate change risks as part of the CLI
Enterprise Risk Management (ERM) Framework.
The Board is actively involved in discussions on climate-related initiatives. It is updated at least twice a year at the
quarterly or ad hoc Board meetings on relevant climate-related topics including CLI’s 2030 Sustainability Master
Plan (SMP), green capital expenditure plan and review to sustain green rating of the properties, performance
metrics such as carbon emissions performance and progress on the carbon emissions reduction targets,
as well as stakeholders’ expectations, if any, on climate related topics. Environmental incidents, which may include
climate-related damages or disruptions, are also reported to the Board. As Environment, Health and Safety (EHS)
factors are considered as part of the asset investment evaluation process and strategy, they are presented to
the Board where relevant.
CLI groupwide sustainability management comes under the purview of a CLI Board Committee, the Strategy and
Sustainability Committee. The CLI Strategy and Sustainability Committee, chaired by Lead Independent Director,
is responsible for overseeing sustainability strategies and goals including providing guidance to management
and monitoring progress against achieving the goals of any sustainability initiatives in 2022. It is supported by the
Group Sustainability Office and various work teams to drive continued progress and improvement in the areas of
ESG. This governance is cascaded through the Leadership Council and Sustainability Management Committee at
senior management levels, to the various work teams that comprise representatives from CLI business units and
corporate functions. Please refer to the Introduction chapter for more details on CLI Sustainability Management
Structure.
CLI Group CEO is responsible for CLI’s climate change-related targets. A key objective of CLI’s senior management
is to transit CLI to a low-carbon business that is aligned with climate science and to build a resilient and resource
efficient portfolio. As part of these efforts, members of CLI’s senior management and relevant stakeholders
will undergo annual training to further build capacity with respect to climate-related risk and opportunity
management. The frequency and content of these capacity-building training sessions will be regularly reviewed
to incorporate emerging issues relating to environmental risk management.
STRATEGY
CLI’s identified ESG material issues have been deemed most relevant and significant to CLI’s businesses, operations
and stakeholders. The selection of these issues is guided by CLI’s regular review, assessment and feedback process
in relation to ESG topics.
Climate change and emissions reduction are key ESG material issues identified as relevant and critical for CLI.
This has been confirmed with this year’s CLI ESG factors materiality review. Climate change risk has also been
identified as a key risk as part of the ERM Framework, and includes both physical and transition risks. Physical
risks include consideration of rising sea levels, violent storms, long intense heat waves, flash floods and freshwater
depletion. Transition risks include potentially more stringent regulations and increased expectations from
customers and stakeholders.

Appendix
CLI’s strategy to identify and address climate-related risks and opportunities spans all areas of its real estate
life cycle, from the earliest stage of the investment process to design, procurement, construction, operations and
redevelopment or divestment.
• All new investments into operational assets and development projects undergo the EHS Impact Assessment
(EHSIA) during due diligence to identify any environmental (including climate change) risks and opportunities
related to the asset/project site and its surroundings. The assessment covers performance metrics such as
energy efficiency, as well as transitional and physical risk and opportunity considerations. An internal carbon
price is also applied. Environment, Health and Safety (EHS) factors are considered as part of the asset investment
evaluation process and strategy. Significant findings from the assessment would be incorporated in the
investment paper submitted to CLI’s Group Investment Management Committee and/or Board for approval.
• Through the implementation of the CLI’s SBG, it aims to identify and address the risks and opportunities of
climate change right from the design stage. The local context of each project will be studied in detail, and
appropriate measures will be taken into consideration with regards to adaptation of climate change. SBG also
sets guidelines for buildings to be more energy efficient, e.g. setting green rating targets, specifying minimum
equipment efficiency, and requiring the use of onsite renewable energy whenever possible.
• At the operational asset level, the Group’s Environment, Health and Safety Management System (EHSMS), which
is audited by a third-party accredited certification body to ISO 14001 standard, serves to monitor transition risks
relating to climate regulations via EHS legal registers updates and regular stakeholder engagement. Operational
issues pertaining to climate change, energy and water are also identified and managed through the EHSMS
to strengthen the climate resilience of its portfolio.
• CLI’s revised 2030 Sustainability Master Plan (SMP) further outlines the targets and pathways for transition to a
low-carbon business that is aligned with climate science. Targets to reduce energy and water usage and carbon
emissions, as well as green certification targets, are set for its operational assets. Initiatives are put in place to
improve the environmental performance, resilience and durability of its assets through system upgrades, system
optimization, effective maintenance and changes to user behaviour. The newly elevated renewable energy
target, continued achievement of high green building ratings as well as energy and water efficiency measures
put in place to achieve the reduction targets would help to mitigate the impact of changing weather conditions,
and is a key part of CLI’s sustainability strategy.
As part of the revised CLI 2030 Sustainability Master Plan formulation, CLI generally considers medium term time
frames to be until 2030, and long term beyond 2030 in relation to the identification of climate-related risks and
opportunities.
CLI has piloted various physical risk platforms with sample global assets to prepare for its global portfolio
scenario analysis study. In 2022, CLI and its real estate investment trusts (REITs) and business trusts commenced
a climate scenario analysis for its global portfolio to understand how the identified climate-related risks and
opportunities could impact future operations. This analysis considers scenarios based on the latest global
and scientific developments (scenarios from 1.5 ̊ C to 3 ̊ C for current to long-term time frames), to draw
conclusions on the financially material physical and transition risks and to validate its current strategy. CLI and
its REITs and business trusts are reviewing their mitigation and adaptation plans, and identify opportunities that
align with CLI’s 2030 SMP. The SMP was designed to enable CLI to build resilience throughout its operations and
future-proof its real estate portfolio to guard against climate change risks, avoid premature obsolescence and
adopt available opportunities. This will also present new opportunities in differentiating the company in the
markets where it has a presence in.

Appendix
Scenario Analysis on Future Climate-Related Risks and Opportunities
The climate scenario analysis for its global portfolio considered the parameters listed below:
Key Physical Risk Scenarios NGFS[a] | 1.5°C | Orderly

NGFS | 2°C | Orderly
NGFS | 3°C | Hot House World (NDC[b])
Key Transition Risk and Opportunities Scenarios CRREM[c] | 1.5°C
CRREM | 2°C
NGFS | 3°C | SSP2[d] | Hot House World
Time Horizon 2050 and 2100
Geographical coverage All assets* within operating regions.
(This includes portfolios of CLI REITs and business trusts**) More than 400 properties across more 20 countries including: Singapore, China,
India, Japan, Korea, Australia, United States and countries in Europe
* CLI owned properties, as of 31 December 2022.

** Climate scenario studies will be conducted for each CLI REIT and business trust.
[a]
The Network of Central Banks and Supervisors for Greening the Financial System (NGFS)
[b]
Nationally Determined Contributions (NDC)
[c]
Carbon Risk Real Estate Monitor (CRREM)
[d]
Shared Socioeconomic Pathways (SSP)
The analysis includes both quantitative and qualitative assessments. The quantitative assessments of potential
financial impacts are based on available climate-related projections and assumptions under the abovementioned
scenarios. Six physical risks, including fluvial flooding, coastal flooding, extreme heat, tropical cyclones, wildfires
and extreme cold, and one transition risk on shifts in carbon price, were assessed during this process. CLI is
also working with external parties to quantify financial impact from other transition risks and opportunities. For
other material risks which are more difficult to quantify, such as changes in consumer and investor preferences,
a qualitative assessment is conducted based on internal stakeholder consultation within CLI. Please refer to Table
1 and 2 for the list of physical and transition risks assessed.
Potential impacts of climate-related risks and opportunities assessed across the portfolio are identified under
different scenarios. CLI faces more exposure to physical risks under the 3°C scenario in the long term, as minimal
transition policies are expected to be in place while the development of low-carbon technology or related market
changes may be slower. Under the 1.5°C and 2°C scenarios, CLI faces higher levels of transition risks as more
stringent climate-related policies are expected to be introduced and implemented.
The insights on both quantitative and qualitative assessments of the risks identified provide a basis for the next
steps in understanding the severity of risk impacts across time horizons. More details on the assessments and
results will be published in a standalone TCFD report by end 2023.
Table 1: Material physical risks assessed under the 3°C scenario
Risk Type Primary Risk Driver Potential Impacts

Coastal flooding Properties in coastal areas may be exposed to • Increase in assets exposed to coastal flooding
steady and continuous sea level rise • Increase in capital expenditures to construct coastal
defense and flood control infrastructure
Tropical cyclones Properties may face more frequent and severe • Higher chance of damage in specific asset locations that
tropical cyclones are tropical cyclone-prone
• Increase in operating costs (e.g. business interruption)
Fluvial flooding Water level rise in rivers could occur due to • Increase in assets exposed to growing severity
excessive rain or snow melt of river floods
• Increase in operating costs (e.g. repair costs, business
interruption)
Extreme heat Hot days and extreme heat could become • Increase in cooling demand leading to higher electricity
more common and/or severe costs
Wildfires Risk of wildfires could increase in extremely dry • Increase in assets exposed to wildfires
conditions, such as drought, and during high • Increase in operating costs (e.g. filtration demand, business
winds interruption)
Extreme cold Cold days and extreme cold could become • Increase in warming demand leading to higher electricity
more common and/or severe costs

Appendix
Table 2: Material transition risks and opportunities assessed under the 1.5°C scenario
Risk Type Primary Risk Driver Potential Impacts

Shifts in carbon prices Carbon emissions are being priced through • Increase in operational costs associated with carbon
taxation or emissions trading schemes pricing
Changes in regulator Regulators with more stringent polices and • More comprehensive disclosures expected on climate
expectations regulations around climate change for the real change actions and metrics
estate sector
Changes in customer Consumer preferences could change and shift • Increase in number of tenants and guests seeking assets
expectations and increased towards low emissions products and services, with green credentials
demand for green products such as greener buildings • Increase in revenue by tapping on the green rental premium
and services created by increased demand for sustainable buildings
• Increase in asset value for low carbon buildings
Shifts in electricity prices Growing adoption of renewable energy could • Increase in capital investment in renewable energy
drive changes in electricity costs • Fluctuations in operating costs from electricity price
variability
Use of new technologies Investment in technologies for improving • Reduced exposure to carbon price, electricity price and
energy and water water price increases
• Reduction in operating costs
Increased demand for green Shift in consumer preferences and • Increase in revenue by tapping on the green rental premium
products and services development of low emissions goods and created by increased demand for sustainable buildings
services • Increase in asset value for low carbon buildings
As an ongoing process, CLI will review and update, if appropriate, the processes associated with risk management
in order to account for the material environmental and climate-related risks identified.
RISK MANAGEMENT
CLI conducts an annual group-wide Risk and Control Self-Assessment (RCSA) exercise that requires business units
and corporate functions to identify, assess and document material risk which includes relevant ESG risks, along
with their key controls and mitigating measures. Material risks and their associated controls are consolidated
and reviewed before they are presented to CLI’s Risk Committee, Audit Committee and CLI’s Board. This exercise
is based on CLI’s annual group-wide RCSA exercise, review of the Risk Appetite Statement and Key Risk Indicator
on Climate Change and Environmental Risk. Such climate-related risks and opportunities are identified and
mitigated through CLI’s ERM Framework and its externally certified ISO 14001 Environmental Management System
(EMS).
CLI’s risk management process to address its key risks and uncertainties, including climate change, is discussed
further in its Annual Report, under Enterprise Risk Management.
Climate-related risks and opportunities are identified and mitigated through CLI’s ERM Framework. CLI prioritises
material ESG issues based on the likelihood and potential impact of the issues affecting business continuity and
development. Notably, CLI is cognizant of the risk posed by existing and emerging regulatory requirements with
relation to climate change as it is outlined in CLI’s ERM Framework as a transitional climate change risk. Some of
these risks include:
• Regulatory or compliance risk, prompted by certain regulations in the countries of operation. These include
but are not limited to the Environmental Risk Management Guidelines introduced by the Monetary Authority of
Singapore (MAS) in 2020 requiring financial institutions and asset managers to place greater emphasis on both
physical and transition environmental risks; and the Singapore Exchange mandate introduced in December
2021 that all issuers must provide climate reporting that is aligned to the recommendations of the TCFD in their
sustainability reports from the financial year commencing 2024 for the materials and buildings industry. For now,
this requirement is on a ‘comply or explain’ basis for CLI. Another development to keep in view is the International
Sustainability Standards Board (ISSB), which aims to form a comprehensive global baseline of sustainability
disclosures and a harmonized set of standards for reporting on sustainability performance.
• Market risks, including shifts in carbon and electricity prices, or customer expectations, prompted by the
conclusions of conferences, such as COP27 in November 2022, where it was further stressed that urgent action
is needed to combat global warming, and this can only be done through global action from governments and
businesses. Other developments, such as Singapore’s Green Plan 2030 that charts ambitious and concrete
targets that will strengthen Singapore’s commitments under the United Nation’s 2030 Sustainable Development
Agenda and Paris Agreement, and position Singapore to achieve its long-term net zero emissions aspiration by
2050, are also monitored as they affect the day-to-day operations and practices of CLI.

Appendix
Physical risks are observed through the regular monitoring of incidents across the portfolio, for example the cases
of floods. In 2020, CLI conducted a global portfolio baseline study to better understand its portfolio’s physical
climate risk in relation to floods. This included insights into whether the properties were located in low-lying plains,
encountered flooding in previous years, had equipment located in the basement, etc. Globally, most of CLI’s
properties already have flood control features/measures in place, such as flood barriers, sensors, water level
pumps and flood emergency response plans.
Climate-related physical risks occurring as extreme weather events, for example cases of floods, and changing
climate patterns are regularly monitored across the portfolio. In addition, through CLI’s ERM Framework and
the implementation of the EHSIA for all new investments, certain physical risks are identified and prioritised;
e.g., floods are highlighted in the due diligence reports, and plans to integrate climate change resilience and
adaptation considerations into the design, development and management of properties are identified. To further
strengthen climate resilience to flood risk, CLI will regularly engage its business units to ensure flood emergency
response plans are implemented across its portfolio.
METRICS AND TARGETS
CLI has tracked and reduced the carbon emissions of its managed and owned operational properties via its
cloud-based Environmental Tracking System. All related metrics have been regularly disclosed in its annual Global
Sustainability Report. Since 2010, CapitaLand has been disclosing scope 1, 2 and 3 GHG emissions of its global
portfolio and the data has been externally assured.
Furthermore, CapitaLand had its carbon emissions reduction targets for scope 1 and 2, approved by the Science
Based Targets initiative (SBTi) for a 1.5 ̊C scenario in 2022. This target is in line with the goals of the Paris Agreement
to keep global temperature rise to 1.5 ̊C in this century. CLI also committed to Net Zero by 2050 for its scope 1 and
2 emissions.
To calculate its carbon emissions, CLI takes guidance from the operational control approach as defined by
the GHG Protocol Corporate Standard. For more information, please refer to the Environmental and Manufactured
Capital Chapter. CLI also performs annual independent external assurance which covers the entire report,
including carbon emissions figures. The accuracy and reliability of the report’s statements and figures are validated.
For more details of CLI’s carbon-related performance, please refer to the Environmental and Manufactured
Capital Chapter.
CLI sets sustainability and climate-related performance metrics and targets that are linked to the remuneration
policies for members of senior management, such as the Balance Scorecard (BSC) framework for FY2022
which included both quantitative and qualitative targets relating to climate change. The BSC was cascaded
group-wide. Since FY2021, carbon emissions intensity reduction was introduced as a performance measure in CLI’s
Performance Share Plan Awards, which was granted to members of senior management.
CLI also implemented an internal carbon price since 2021 to quantify climate-related risks and opportunities
for its new investments. It also continues to develop its propriety metric, Return on Sustainability, in addition
to the regular financial return to measure its ESG impact. This metric aims to redirect investments towards
lower-carbon solutions, and renewable energy projects across CLI’s businesses and operations. As such, returns on
investments are assessed against environmental impacts such as carbon emission implication. This enables CLI’s
senior management to have a more holistic assessment of potential investment and projects, thus leading them to
make a decision that will seek to achieve CLI’s long-term goals. CLI supports low-carbon investments and factors
climate-related costs and opportunities into its evaluation of new investments or capital expenditure through the
incorporation of its internal carbon price and application of its Return on Sustainability metric, which provides
CLI the opportunity to build resilience throughout its operations as well as to future-proof its real estate portfolio.
CLI will continue to explore new metrics to measure climate-related risks and opportunities.

Appendix
Material Topics And Boundaries
Material Topics Topic Boundary: Internal and External

ECONOMIC AND GOVERNANCE
Economic Performance CapitaLand Investment (CLI)
Market Presence CLI, investors
Indirect Economic Impacts CLI, community
Anti-Corruption CLI, investors, customers, communities
Public Policy CLI
ENVIRONMENTAL
Energy CLI
Water and Effluents CLI, contractors
Biodiversity Relevant to the communities where CLI operates
Emissions CLI
Waste CLI, contractors and suppliers
Supplier Environmental Assessment CLI, contractors and suppliers
SOCIAL
Employment CLI
Labour/Management Relations CLI
Occupational Health and Safety CLI, contractors
Training and Education CLI
Diversity and Equal Opportunity CLI
Non-Discrimination CLI
Child Labour CLI, contractors
Forced or Compulsory Labour CLI, contractors
Local Communities CLI, communities
Supplier Social Assessment CLI, contractors
Customer Health and Safety CLI, tenants, contractors, suppliers, and communities
Marketing and Labelling CLI, customers
Customer Privacy CLI, customers, investors

Appendix
Key ESG Data Summary
The report’s ESG data summary list is aligned with SGX recommendations on a common and standardised set of
ESG metrics.
ENVIRONMENTAL DATA
Metric Unit 2019 2020 2021 2022
GREENHOUSE GAS EMISSIONS 1
Scope 1 t CO2e 34,795 23,300 24,862 28,941

Scope 2 t CO2e 695,525 607,547 613,314 651,786
Scope 3 comprising the following:
Corporate air travel (originating from t CO2e 1,155 83 52 504
Singapore headquarters)
Tenants’ energy consumption2 t CO2e - - 676,606 810,445
Construction activities t CO2e 22,200 18,693 2,199 2,628
Third party-managed properties’ energy t CO2e - - - 66,203
consumption3
Waste generated4 t CO2e - - - 44,039
Emission intensity by GFA, Scope 1 and Scope 25 kgCO2e/m2 48.0 39.7 39.7 40.7
Emission intensity by revenue6, Scope 1 and t CO2e/S$ million - - 95 90
Scope 2
ENERGY CONSUMPTION (landlord-controlled areas for CLI operationally-managed properties)
Total energy consumption million MJ 5,819 5,155 5,260 5,538
GWh 1,616 1,432 1,461 1,538
Direct fuel combustion million MJ 659 445 476 555
GWh 183 124 132 154
Natural gas % of Total Energy 10.1 8.0 8.5 9.4
Diesel fuel % of Total Energy 1.0 0.5 0.5 0.5
Other fuels (petrol, LPG) % of Total Energy 0.2 0.2 0.1 0.2
Purchased energy million MJ 5,160 4,711 4,784 4,983
GWh 1,433 1,309 1,329 1,384
Electricity % of Total Energy 77.3 76.2 76.0 76.5
Heat/steam/chilled water % of Total Energy 11.4 15.2 15.0 13.4
Proportion of electricity from renewables % of electricity 2.0 3.2 4.3 5.0
Energy consumption intensity kWh/m2 100.7 82.7 84.1 85.9
WATER WITHDRAWAL (landlord-controlled areas for CLI operationally-managed properties)
Total water withdrawal million m3 13.7 11.3 12.0 12.4
(or ‘000 megaliters)
Municipal water supply7 % 99.3 99.6 99.6 99.0
Harvested rainwater % 0.04 0.01 0.01 0.01
Groundwater % 0.6 0.4 0.4 1.0
On-site grey water recycling million m3 0.90 0.42 0.19 0.36
(or ‘000 megaliters)
Water consumption intensity m3/m2 1.01 0.76 0.76 0.77
1
Scope 1 and 2 is computed from direct fuel combustion and purchased energy. Scope 3 comprises of scope 3 categories deemed to be
material and/or optical to CLI, and is based on currently available data. CLI aims to conduct a comprehensive review of its scope 3 emissions
to better track and disclose its material scope 3 emissions.
2
2022 data is based on tenant data of 233 properties operationally-managed by CLI and 13 single-leased buildings where tenants had
shared data.
3
Based on 102 properties in eight countries, including US, UK, Netherlands, and Australia, for landlord-controlled areas and shared services of
these third party-managed properties.
4
Carbon emissions from waste incineration in Singapore and waste disposal to landfill in China, India and other countries. Estimated using
conversion factors from Singapore’s Fourth National Communication and Third Biennial Update Report and US EPA Emission Factors Hub.
5
2019 emission intensity figure updated to align with its science-based target baseline.
6
Revenue under management for FY2021 and FY2022 is S$6,706 million and S$7,557 million respectively. These values include revenue from
CLI’s six listed real estate investment trusts and business trusts (CICT, CLCT, CLAR, CLAS, CLMT and CLINT).
7
This includes the purchase of NEWater. NEWater is treated wastewater produced by PUB, the national water agency of Singapore,
which has been further purified using advanced membrane technologies and ultraviolet disinfection, as well as recycled water from
on-site wastewater treatment.

Appendix
Metric Unit 2019 2020 2021 2022

WASTE AND RECYCLING
Total waste generated tonnes 122,100 103,880 99,895 94,796
Waste disposed 8
tonnes 117,400 98,500 90,825 86,652
Recycling tonnes 4,700 5,380 8,070 8,144
% of total waste 3.8 5.2 8.1 8.6
Waste intensity kg/m 2
11.3 - - 6.2
SOCIAL DATA
Metric Unit 2020 2021 2022
EMPLOYMENT
Total number of staff Number 12,343 9,934 9,7319
Total new hire rate % (number) 13% 25% 30% (2,905)
Total turnover rate % (number) 22% 28% 29% (2,829)
(includes voluntary and involuntary)
No. of incidents relating to unlawful No. of cases 0 0 0
discrimination
No. of incidents relating to child/forced labour No. of cases 0 0 0
DIVERSITY (Gender, Age, Region & Seniority)
Total staff at year-end
Male % (number) 47% 47% 47% (4,559)
Female % (number) 53% 53% 53% (5,137)
<30 years old % (number) 19% 17% 17% (1,618)
30 - 50 years old % (number) 70% 70% 69% (6,719)
>50 years old % (number) 12% 13% 14% (1,382)
Singapore Number - - 2,281
China Number - - 3,957
India Number - - 444
Rest of World Number - - 3,049
Women in junior management % - - 59%
Women in top/senior management % - 40% 40%
Women in management in % - - 57%
revenue-generating functions
Women in science, technology, engineering, % - - 15%
and mathematics position
Full-Time Staff
Male Number - - 4,510
Female Number - - 5,055
Part-Time/Non-Guaranteed Hours Staff
Male Number - - 49
Female Number - - 82
Singapore Number - - 6
China Number - - 5
India Number - - 0
Rest of World Number - - 121
8
Includes waste to energy disposal in Singapore.
9
Total global staff count includes employees who did not disclose their birth year and/or gender. This amounts to less than 1% of staff. As such,
gender and age group breakdown may not add up precisely to the total staff count.

Appendix
Metric Unit 2020 2021 2022

DIVERSITY (Gender, Age, Region & Seniority)
Permanent Staff
Contract/Temporary Staff
Singapore Number - - 209
India Number - - 0
Rest of World Number - - 562
RATIO OF BASIC SALARY & REMUNERATION OF WOMEN TO MEN (Seniority, Region)
Non-Executives Group % - 13% in favour of 8% in favour of
female female
Singapore % - 8% in favour of 10% in favour of
male male
China % - 8% in favour of 7% in favour of
male male
Executive Group % - 6% in favour of 1% in favour of
female female
Singapore % - 2% in favour of 0.1% in favour of
female male
male male
Managerial Group % - 9% in favour of 4% in favour of
male male
Singapore % - 11% in favour of 14% in favour of
male male
male male
NEW HIRES RATE (Gender, Age & Region)10
Male % (number) 12% 23% 29% (1,317)
Female % (number) 13% 26% 30% (1,542)
<30 years old % (number) 29% 61% 74% (1,197)
30 – 50 years old % (number) 9% 18% 23% (1,550)
>50 years old % (number) 5% 9% 11% (146)
Singapore % (number) - - 28% (629)
China % (number) - - 13% (512)
India % (number) - - 36% (161)
Rest of World % (number) - - 53% (1,603)
Average Hiring Cost S$/staff - - >S$1,500
VOLUNTARY TURNOVER RATE (Gender, Age & Region)11
Overall Rate % (number) 13% 20% 20% (1,987)
Male % (number) 13% 19% 18% (822)
Female % (number) 14% 21% 22% (1,152)
<30 years old % (number) 25% 37% 37% (593)
30 - 50 years old % (number) 12% 18% 18% (1,222)
>50 years old % (number) 7% 9% 12% (167)
10
This % is against total headcount of the respective breakdown at year-end.
11

Appendix
Metric Unit 2020 2021 2022

VOLUNTARY TURNOVER RATE (Gender, Age & Region)11
Singapore % (number) - - 21% (480)
China % (number) - - 15% (600)
India % (number) - - 25% (110)
Rest of World % (number) - - 26% (797)
DEVELOPMENT & TRAINING
Average training hours12 Hours/staff 43 41 37
Training hours by gender, age, staff category
& nationality13
Male Hours/staff - 44 37
Female Hours/staff - 39 33
<30 years old Hours/staff - - 31
30 - 50 years old Hours/staff - - 37
>50 years old Hours/staff - - 30
Non-Executive Hours/staff - - 42
Executive Hours/staff - - 33
Management Hours/staff - - 25
Singapore Hours/staff - - 22
China Hours/staff - - 63
India Hours/staff - - 21
Rest of World Hours/staff - - 14
EMPLOYEE ENGAGEMENT SURVEY ENGAGEMENT SCORE (Gender, Age & Seniority)
Male % - - 86%
Female % - - 81%
<30 years old % - - 80-85%
30 - 50 years old % - - 82-83%
>50 years old % - - 84-94%
Non-Executive % - - 90%
Executive % - - 83%
Management % - - 77-82%
OCCUPATIONAL HEALTH & SAFETY
Staff
Fatalities Number of cases 0 0 0
High-consequence injuries Number of cases 0 0 0
(Injuries resulting in permanent disability)
Recordable injuries Number of cases 42 31 31
Recordable work-related ill health cases Number of cases 0 0 0
(Occupational disease)
Contractors
Fatalities Number of cases 5 0 1
High-consequence injuries Number of cases 0 0 0
(Injuries resulting in permanent disability)
SUPPLY CHAIN
Total Tier-114 suppliers Number - - >20,000
Total Tier-1 significant suppliers Number - - >6,000
% spend on Tier-1 significant suppliers % - - >20%
Total significant suppliers Number - - ~13,000
(Tier-1 and non Tier-115)
11
12
Average training hours per staff is computed using total learning hours (of current employees and staff who resigned in the year) divided by
average staff strength.
13
Due to unavailability of data, in contrast, average training hours broken down by gender, age group and nationality is computed using total
learning hours of current employees only divided by ending staff strength.
14
This refers to suppliers that directly supply goods, materials, or services to the company.
15
Non-tier 1 suppliers are located beyond Tier 1 suppliers.

Appendix
GOVERNANCE DATA
Metric Unit 2020 2021 2022
BOARD COMPOSITION
Board independence % 82% 82% 78%
Women on the board % 9% 27% 22%
Management Diversity
Women in the management team % 36% 40% 40%
Ethical Behaviour
Anti-corruption disclosures Discussion and number of CL Global CLI Global CLI Global
standards Sustainability Sustainability Sustainability
Report 2020 Report 2021 Report 2022
– Pg 56-58 – Pg 49-51 – Pg 64-66
Anti-corruption training for employees % (number) 15% (>1,800) 88% (>8,750) 88% (>8,500)

Appendix
SASB Disclosure Index
SASB REAL ESTATE INDUSTRY DISCLOSURE
CapitaLand Investment (CLI) seeks to provide material sustainability information in line with the recommendations
of the Sustainability Accounting Standards Board (SASB). It considered SASB’s Real Estate Sustainability
Accounting Standards in developing the following table of key sustainability metrics for its global managed
properties, it is aligned to the reporting scope as detailed in CapitaLand Investment Global Sustainability Report
(CLI GSR) page 4, which includes coverage of over 380 operating properties in over 20 countries, covering all asset
types including commercial, shopping malls, business parks, industrial and logistics, integrated development and
serviced residences.
SASB Code Accounting Metric CapitaLand Information and Page Reference

ENERGY MANAGEMENT
IF-RE-130a.1 Energy consumption data 100% coverage of CLI owned and operationally-managed properties, as aligned to CLI
coverage as a percentage of GSR reporting scope. (pg 4)
total floor area, by property
subsector
IF-RE-130a.2 (1) Total energy consumed Total energy consumed by CLI’s global portfolio was 5,522 million MJ in 2022, of which
by portfolio area with data grid electricity accounted for 77% and percentage renewable was 3.7% of total energy.
coverage,
(2) percentage grid electricity, % Total energy % Total
and Total energy from grid energy from
(3) percentage renewable, (million MJ) electricity renewable
by property subsector Commercial 237 75% 0.1%
Shopping malls 1,549 83% 0.5%
Serviced residences 1,408 80% 3.5%
Integrated development 1,372 65% 0.0%
Business park, industrial and logistics 955 79% 15.7%
IF-RE-130a.3 Like-for-like percentage Like-for-like change in energy consumption is 0.9% for 2021-2022. Increase due to
change in energy further recovery from COVID-19 impact in 2022 vs 2021. Like-for-like percentage change
consumption for the portfolio by property subsector will be reported when performance is comparable against a
area with data coverage, normal operating year.
by property subsector
IF-RE-130a.5 Description of how building CLI integrates energy management considerations in all stages of the real estate
energy management lifecycle, from investment, design, development to operation.
considerations are integrated
into property investment
analysis and operational
strategy
WATER MANAGEMENT
IF-RE-140a.1 Water withdrawal data 100% coverage of CLI owned and operationally-managed properties as aligned to CLI
coverage as a percentage of GSR reporting scope. (pg 4)
(1) total floor area and (2) floor CLI notes that Singapore, China and India will be among the top 50 most water-stressed
area in regions with High or countries by 2040.
Extremely High Baseline Water
Stress, by property subsector
IF-RE-140a.3 Like-for-like percentage CLI monitors its total water consumption, including water extraction and recycled
change in water withdrawn water. Like-for-like change in water consumption is -1.2% for 2021-2022. Slight reduction
for portfolio area with data partly due to COVID-19 impact in 2022 of closure of properties in China. Like-for-like
coverage, by property percentage change by property subsector will be reported when performance is
subsector comparable against a normal operating year.
IF-RE-140a.4 Description of water CLI takes a strategic approach to water management to enhance the efficiency,
management risks and resilience and long-term value of the Group’s portfolio. (pg 31)
discussion of strategies and
practices to mitigate those
risks
MANAGEMENT OF TENANT SUSTAINABILITY IMPACTS
IF-RE-410a.3 Discussion of approach to CLI aims to work together with its tenants to improve their sustainability performance.
measuring, incentivizing, Green lease is implemented at its business park tenants, office and retail tenants in
and improving sustainability Singapore. For its other properties in Singapore and globally, a green fit-out guide is
impacts of tenants given to new tenants to encourage tenants to adopt green fit out and promote green
practices and behaviour. (pg 24)

Appendix
SASB Disclosure Index
SASB Code Accounting Metric CapitaLand Information and Page Reference

CLIMATE CHANGE ADAPTATION
IF-RE-450a.1 Area of properties located CLI and its REITs commenced on a climate scenario analysis in 2022 for its global
in 100-year flood zones, by portfolio, which assessed asset-level exposure to fluvial and coastal flooding as part
property subsector of its physical risk analysis. This analysis considered 1.5 C
̊ to 3 C
̊ scenarios for current to
long term time frames. CLI and the REITs will review the current and planned flood risk
mitigation and adaptation measures to understand the severity of risk impacts across
time horizons.
IF-RE-450a.2 Description of climate change CLI has pledged its support for Task Force on Climate-Related Financial Disclosure
risk exposure analysis, degree (TCFD) recommendations and has voluntarily disclosed some of its climate-related
of systematic portfolio financial disclosures in four key areas as recommended by the TCFD since 2017.
exposure, and strategies for (pg 71-75)
mitigating risks

Appendix
GRI Content Index
CapitaLand Investment Limited has reported in accordance with the GRI Standards for the period 1 January 2022
to 31 December 2022. The GRI Content Index references CapitaLand Investment Limited Sustainability Report 2022
and the Annual Report 2022 (AR).
External
Disclosure Assurance1
GRI Standards Number Disclosure Title Page Reference and Remarks (pg 92-96)
GRI 1: Foundation 2021 (GRI 1 does not include any disclosures)
GENERAL DISCLOSURES
GRI 2: 2-1 Organisational details About Us
General Disclosures Introduction (pg 3)
2021 AR (pg 2-5)
2-2 Entities included in the organisation’s Introduction (pg 3)
sustainability reporting Financial Capital (pg 69)
2-3 Reporting period, frequency and Reporting period is FY 1 January to
contact point 31 December 2022
This report was published on 29 May 2023
Introduction (pg 3-4)
2-4 Restatements of information Not applicable - No restatements
2-5 External assurance Introduction (pg 4)
Independent Assurance Statement (pg 92-96)
2-6 Activities, value chain and other About Us
business relationships Introduction (pg 11)
AR (pg 2-9, 33-68)
2-7 Employees Human Capital (pg 44)
2-8 Workers who are not employees Social and Relationship Capital (pg 41)
As at 31 December 2022, there were
approximately 12,000 cleaning and security
workers working in operationally managed
properties by CLI in Singapore, China, India
business parks, as well the global lodging
portfolio. Due to absence of granular data,
global lodging workers include engineering
contractors. The number of workers is
computed using full-time equivalents based
on the service contracts.
2-9 Governance structure and composition AR (pg 14-29, 99, 115)
2-10 Nomination and selection of the highest AR (pg 105-117)
governance body
2-11 Chair of the highest governance body AR (pg 112)
2-12 Role of the highest governance body Introduction (pg 5, 7)
in overseeing the management of
impacts
2-13 Delegation of responsibility for Introduction (pg 7)
managing impacts
2-14 Role of the highest governance body in Introduction (pg 5, 12)
sustainability reporting
2-15 Conflicts of interest AR (pg 105-109, 151-152, 260-261, 277-287)
2-16 Communication of critical concerns Organisational Capital (pg 64-66)
2-17 Collective knowledge of the highest AR (pg 100-101)
governance body
2-18 Evaluation of the performance of the AR (pg 118-120)
highest governance body
2-19 Remuneration policies AR (pg 120-128)
2-20 Process to determine remuneration AR (pg 120-128)
2-21 Annual total compensation ratio Undisclosed due to confidentiality
constraints.
2-22 Statement on sustainable development Introduction (pg 1-2, 5)
strategy
1
External assurance is only for this Global Sustainability Report pg 1 to 83, and does not cover CapitaLand Investment Limited Annual
Report 2022.

Appendix
GRI Content Index
External
GRI 1: Foundation 2021 (GRI 1 does not include any disclosures)
GENERAL DISCLOSURES
2-23 Policy commitments Environmental and Manufactured Capital
(pg 13)
Human Capital (pg 35, 41, 43)
Social and Relationship Capital (pg 58)
Organisational Capital (pg 64)
United Nations Global Compact
CLI's policy commitments are also available
on its website:
https://www.capitaland.com/en/about-
capitaland/sustainability.html#tab-0-
environment-health-and-safety,
https://www.capitaland.com/en/about-
capitaland/sustainability.html#tab-0-social
Policy commitments are approved by the
Board, relevant Board Committee, or top
management.
2-24 Embedding policy commitments Environmental and Manufactured Capital
(pg 13-34)
Human Capital (pg 35-52)
Social and Relationship Capital (pg 53-59)
Organisational Capital (pg 60-68)
2-25 Processes to remediate negative Human Capital (pg 42)
impacts Organisational Capital (pg 65)
The CLI Audit Committee is responsible for
oversight and monitoring of whistle-blowing.
2-26 Mechanisms for seeking advice and Organisational capital (pg 65)
raising concerns
2-27 Compliance with laws and regulations Environmental Compliance
In 2022, CLI complied with the environmental
laws and regulations in Australia, Belgium,
France, Germany, India, Indonesia, Japan,
Malaysia, Philippines, Spain, Thailand, Vietnam
and UK. There were seven non-compliances
which resulted in fines amounting to more than
S$130,000 in Singapore, China, India and USA
(These incidents include mosquito breeding,
water test exceeding limit, and permits.).
Health & Safety Compliance
There were 12 non-compliant incidents relating
to fire safety, workplace safety, and health
which resulted in fines amounting to more than
S$54,000 in Singapore, China, and US.
Others
Please refer to GRI 205-3, 417-3 and 418-1 in
this GRI content index.
2-28 Membership associations Introduction (pg 4, 6)
Environmental and Manufactured Capital
(pg 17)
Human Capital (pg 43)
Organisational Capital (pg 60)
2-29 Approach to stakeholder engagement Introduction (pg 11)
2-30 Collective bargaining agreements Human Capital (pg 46)
MATERIAL TOPICS
GRI 3: 3-1 Process to determine material topics Introduction (pg 12)
Material Topics 2021
3-2 List of material topics Introduction (pg 12)
1
Report 2022.

Appendix
GRI Content Index
External
TOPIC-SPECIFIC STANDARDS
Economic Performance and Benefit to Stakeholders
GRI 3: 3-3 Management of material topics Financial Capital (pg 69-70)
GRI 201: Economic 201-1 Direct economic value generated and Financial Capital (pg 69-70)
Performance 2016 distributed AR (pg 33-37, 159-160)
GRI 202: 202-2 Proportion of senior management hired Human Capital (pg 44)
Market Presence from local community
2016
GRI 203: 203-1 Infrastructure investments and services Environmental and Manufactured Capital
Indirect Economic supported (pg 27, 33)
Impacts 2016 Social and Relationship Capital (pg 58-59)
Business Ethics and Risk Management
GRI 3: 3-3 Management of material topics Organisational Capital (pg 60-68)
GRI 205: 205-1 Operations assessed for risks related to Organisational Capital (pg 64)
Anti-Corruption 2016 corruption
205-2 Communication and training on Organisational Capital (pg 64-66)
anti-corruption policies and procedures
205-3 Confirmed incidents of corruption and Organisational Capital (pg 66)
actions taken
GRI 415: 415-1 Political contributions Organisational Capital (pg 66)
Public Policy 2016
GRI 417: 417-3 Incidents of non-compliance No instances of non-compliance with
Marketing and concerning marketing communications regulations and voluntary codes concerning
Labeling 2016 product and service information and
labelling during the reporting period.
GRI 418: 418-1 Substantiated complaints regarding No substantiated complaints regarding
Customer Privacy breaches of customer privacy and breaches of customer privacy and losses of
2016 losses of customer data customer data.
Energy Efficiency
GRI 3: 3-3 Management of material topics Environmental and Manufactured Capital
Material Topics 2021 (pg 13-26)
GRI 302: 302-1 Energy consumption within the Environmental and Manufactured Capital
Energy 2016 organisation (pg 27, 34)
302-3 Energy intensity Environmental and Manufactured Capital
(pg 27, 34)
302-4 Reduction of energy consumption Environmental and Manufactured Capital
(pg 18, 21-24, 27-29, 34)
302-5 Reductions in energy requirements of Environmental and Manufactured Capital
products and services (pg 21-24, 29)
Water Management
GRI 303: 303-1 Interactions with water as a shared Environmental and Manufactured Capital
Water and Effluents resource (pg 13, 18-20, 31)
2018
303-2 Management of water Environmental and Manufactured Capital
discharge-related impacts (pg 25, 31)
303-3 Water withdrawal Environmental and Manufactured Capital
(pg 31)
303-4 Water discharge Wastewater is discharged into the public
sewerage system or sewage treatment plant.
303-5 Water consumption Majority of water usage is for cooling towers,
toilets, washing activities, water features, and
irrigation.
1
Report 2022.

Appendix
GRI Content Index
External
TOPIC-SPECIFIC STANDARDS
Biodiversity
GRI 304: 304-1 Operational sites owned, leased, None during the reporting period.
Biodiversity 2016 managed in, or adjacent to, protected Environmental and Manufactured Capital
areas and areas of high biodiversity (pg 25)
value outside protected areas
304-2 Significant impacts of activities,
products, and services on biodiversity
304-4 IUCN Red List species and national
conservation list species with habitats
in areas affected by operations
Climate Change and Emissions
GRI 305: 305-1 Direct (Scope 1) greenhouse gas (GHG) Environmental and Manufactured Capital
Emissions 2016 emissions (pg 27)
305-2 Energy indirect (Scope 2) GHG emissions Environmental and Manufactured Capital
(pg 27)
305-3 Other indirect (Scope 3) GHG emissions Environmental and Manufactured Capital
(pg 27)
305-4 GHG emissions intensity Environmental and Manufactured Capital
(pg 27, 34)
305-5 Reduction of GHG emissions Environmental and Manufactured Capital
(pg 18, 30)
GRI 201: 201-2 Financial implications and other risks Environmental and Manufactured Capital
Economic and opportunities due to climate (pg 14-15)
Performance 2016 change TCFD Recommendations
Waste Management
GRI 306: 306-1 Waste generation and significant Environmental and Manufactured Capital
Waste 2020 waste-related impacts (pg 32)
306-2 Management of significant Environmental and Manufactured Capital
waste-related impacts (pg 32)
306-3 Waste generated Environmental and Manufactured Capital
(pg 32)
306-4 Waste diverted from disposal
306-5 Waste directed to disposal
Supply Chain Management
Material Topics 2021 (pg 13)
Human Capital (pg 35, 41-42, 52)
GRI 308: 308-1 New suppliers screened using Environmental and Manufactured Capital
Supplier environmental criteria (pg 13)
Environmental Social and Relationship Capital (pg 55-56)
Assessment 2016
GRI 414: 414-1 New suppliers that were screened using Human Capital (pg 35, 41)
Supplier Social social criteria Social and Relationship Capital (pg 55-56)
Assessment 2016
1
Report 2022.

Appendix
GRI Content Index
External
Human Capital
GRI 3: 3-3 Management of material topics Human Capital (pg 35-52)
GRI 401: 401-1 New employee hires and employee Human Capital (pg 46)
Employment 2016 turnover Key ESG Data Summary
401-3 Parental leave Human Capital (pg 47)
In 2022, CLI return to work rate for staff is 84%
and the retention rate is 57%.
GRI 402: 402-1 Minimum notice periods regarding Human Capital (pg 48)
Labor/Management operational changes In the event of significant operational
Relations 2016 changes, CLI will ensure the unions and staff
are engaged in advance for consultation and
minimise potential operational disruption
and impact to affected.
GRI 404: 404-1 Average hours of training per year per Human Capital (pg 49)
Training and employee Key ESG Data Summary
Education 2016
404-2 Programs for upgrading employee skills Human Capital (pg 47, 49-50)
and transition assistance programs
404-3 Percentage of employees receiving Human Capital (pg 47)
regular performance and career
development reviews
Occupational Health & Safety
GRI 403: 403-1 Occupational health and safety Human Capital (pg 35-36)
Occupational management system
Health and Safety
403-2 Hazard identification, risk assessment, Human Capital (pg 36-38, 41-42)
2018
and incident investigation
403-3 Occupational health services Human Capital (pg 39-42)
403-4 Worker participations, consultation, and Human Capital (pg 36-37, 41-42, 47)
communication on occupational health During the year, the unions did not express
and safety any concerns on staff health and safety
issues and the CLI OHS management system
is externally audited.
403-5 Worker training on occupational health Human Capital (pg 37, 39-42)
and safety
403-6 Promotion of worker health Human Capital (pg 39-42)
403-7 Prevention and mitigation of Human Capital (pg 35, 39-42)
occupational health and safety
impacts directly linked by business
relationships
403-8 Workers covered by an occupational Human Capital (pg 36)
health and safety management system
403-9 Work-related injuries Human Capital (pg 38, 42)
Diversity and Human Rights
GRI 405: 405-1 Diversity of governance bodies and Human Capital (pg 44)
Diversity and Equal employees Key ESG Data Summary
Opportunity 2016
Board diversity (by age category)
<30 years old 0%
30 - 50 years old 22%
>50 years old 78%
405-2 Ratio of basic salary and remuneration Human Capital (pg 48)
of women to men Key ESG Data Summary
1
Report 2022.

Appendix
GRI Content Index
External
Diversity and Human Rights
GRI 406: 406-1 Incidents of discrimination and Human Capital (pg 43)
Non- discrimination corrective action taken
2016
GRI 408: 408-1 Operations and suppliers at significant Human Capital (pg 43)
Child Labour 2016 risk for incidents of child labour Social and Relationship Capital (pg 55-56)
GRI 409: 409-1 Operations and suppliers at Human Capital (pg 41, 43)
Forced or significant risk for incidents of forced Social and Relationship Capital (pg 55-56)
Compulsory Labor or compulsory labour, and measures CLI mandates no forced labour or child
2016 taken to eliminate it labour at its sites and regular updates on
safety performance are conducted on site.
CLI embeds key principles where supply chain
vendors and contractors must comply with
prevailing legal compliance requirements to
ensure contractors remain vigilant on new
standards expected.
GRI 413: 413-1 Operations with local community Environmental and Manufactured Capital
Local Communities engagement, impact assessments, (pg 26)
2016 and development programmes Human Capital (pg 39-42)
GRI 414: 414-1 Suppliers screened using social criteria Human Capital (pg 41)
Supplier Social Social and Relationship Capital (pg 55-56)
Assessment 2016 CLI requires its main contractors of its
development sites to be ISO 14001 and
ISO 45001 certified (or equivalent), or to be
audited by an independent accredited
assessor for EHS legal compliance. CLI
leverages these third-party certifications
to ensure that the EHS conditions on site
follow the best practices in the industry.
The management system requires risks and
opportunities to be evaluated to prevent
work-related injury and ill-health to workers.
CLI also encourages its main contractors
to implement innovative solutions to further
enhance onsite safety.
Products and Services
GRI 3: 3-3 Management of material topics Human Capital (pg 35, 39-42)
Material Topics 2021 Social and Relationship Capital (pg 53-59)
GRI 416: 416-1 Health and safety impacts assessment Human Capital (pg 35, 39-42)
Customer Health of products and services Social and Relationship Capital (pg 54-56)
and Safety 2016
416-2 Incidents of non-compliance Human Capital (pg 36)
GRI 413: 413-1 Operations with local community Environmental and Manufactured Capital
Local Communities engagement, impact assessments, (pg 26)
2016 and development programmes Social and Relationship Capital (pg 53-59)
This report may contain forward-looking statements. Forward-looking statement is subject to inherent uncertainties and is based on numerous
assumptions. Actual performance, outcomes and results may differ materially from those expressed in forward-looking statements. Representative
examples of factors which may cause the actual performance, outcomes and results to differ materially from those in the forward-statements
include (without limitation) changes in general industry and economic conditions, interest rate trends, cost of capital and capital availability,
availability of real estate investment opportunities, competition from other companies, shifts in customers’ demands, changes in operating
conditions, including employee wages, benefits and training, governmental and public policy changes and the continued availability of financing
in the amounts and the terms necessary to support future business. You are cautioned not to place undue reliance on these forward-looking
statements, which are based on current view of management of future events.
1
Report 2022.

Appendix
United Nations Global Compact
10 PRINCIPLES OF THE UN GLOBAL COMPACT

Principles Report Page
HUMAN RIGHTS
Principle 1 Businesses should support and respect the protection of internationally proclaimed human 43
rights
Principle 2 Make sure that they are not complicit in human rights abuses
LABOUR
Principle 3 Businesses should uphold the freedom of association and the effective recognition of the right 46
to collective bargaining
Principle 4 Elimination of all forms of forced and compulsory labour 43, 48
Principle 5 Effective abolition of child labour
Principle 6 Elimination of discrimination in respect of employment and occupation
ENVIRONMENT
Principle 7 Businesses should support a precautionary approach to environmental challenges 13-34
Principle 8 Undertake initiatives to promote greater environmental responsibility
Principle 9 Encourage the development and diffusion of environmentally friendly technologies
ANTI-CORRUPTION
Principle 10 Businesses should work against corruption in all its forms, including extortion and bribery 64-66

Appendix
ISO 26000 Guidance On Social Responsibility
Core Subjects Report Page

6.2 Organisational governance Introduction (pg 7-12),
The system by which an organisation makes and implements Social and Relationship Capital (pg 53-57),
decisions to achieve its objectives. Organisation Capital (pg 60-68),
AR (pg 97-142)
6.3 Human rights Human Capital (pg 35-59)
Respect for human rights including civil and political rights as well
as economic, social and cultural rights.
6.4 Labour practices Human Capital (pg 28-38, 43-52)
Policies and practices relating to work performed within, by or on
behalf of the organisation, including sub-contracted work.
6.5 The environment Environmental and Manufactured Capital (pg 13-33)
Environmental impact of an organisation’s decisions and
activities, such as use of resources, generation of pollution and
wastes.
6.6 Fair operating practices Human Capital (pg 39-42),
Ethical conduct in dealings with other organisations such as Social and Relationship Capital (pg 55-56),
anti-corruption, socially responsible behaviour, fair competition Organisational Capital (pg 64-66)
and respect for property rights.
6.7 Consumer issues Environmental and Manufactured Capital (pg 12, 20-26, 31-33),
Responsibilities to customers including having accurate, fair and Human Capital (pg 40-42),
transparent marketing information and contractual processes, Social and Relationship Capital (58-59),
as well as promoting sustainable consumption and designing Organisational Capital (pg 66)
products that are accessible by all.
6.8 Community involvement and development Human Capital (pg 35, 39, 46),
Support for and building relationship with the community, so as Social and Relationship Capital (pg 53-59)
to contribute to community development.

Appendix
Independent Assurance Statement
To the Management of CapitaLand Investment Limited
CapitaLand Investment Limited (CLI) engaged Ere-S Pte Ltd (Ere-S) to carry out an independent assurance of
CapitaLand Investment Limited Global Sustainability Report 2022 (the Report). The engagement took place
between March and May 2023.
Scope
The assurance encompassed the entire Report and focused on all figures, statements and claims related to
sustainability during the reporting period January 2022 to December 2022. The verified data covers the sustainability
performance of CLI’s global operations and portfolio, which includes the properties under CLI’s six listed real
estate investment trusts and business trusts, CapitaLand Integrated Commercial Trust, CapitaLand Ascendas
REIT, CapitaLand Ascott Trust, CapitaLand China Trust, CapitaLand India Trust and CapitaLand Malaysia Trust.
Information provided with reference to the following GRI Standards disclosures listed in the Report’s GRI Content
Index is also included in the assurance:
• General disclosures: Activities and workers (2-7, 2-8), governance (2-12, 2-13, 2-14, 2-16), Strategy, policies and
practices (2-22, 2-23, 2-24, 2-25, 2-26, 2-27, 2-28), stakeholder engagement (2-29, 2-30)
• Economic benefit to stakeholders: market presence (202-2), indirect economic impacts (203-1)
• Business ethics: Anti-corruption (205-1, 205-2, 205-3), public policy (415-1), marketing and labelling (417 3),
customer privacy (418-1)
• Energy efficiency: Energy (302-1, 302-3, 302-4, 302-5)
• Water management: Water and effluents (303-1, 303-2, 303-3, 303-4, 303-5)
• Biodiversity: Biodiversity (304-1, 304-2, 304-4)
• Climate change and emissions: Economic performance (201-2), emissions (305-1, 305-2, 305-3, 305-4, 305-5)
• Waste management: Waste (306-1, 306-2, 306-3, 306-4, 306-5)
• Supply chain management: Supplier environmental assessment (308-1), supplier social assessment (414-1)
• Human capital: Employment (401-1, 401-3), labour/management relations (402-1), training and education (404 1,
404-2, 404-3)
• Occupational health & safety: Occupational health and safety (403-1, 403-2, 403-3, 403-4, 403-5, 403-6, 403-7,
403-8, 403-9)
• Diversity and human rights: Diversity and equal opportunity (405-1, 405-2), non-discrimination (406-1),
child labour (408-1), forced or compulsory labour (409-1), local communities (413-1), supplier social assessment
(414-1)
• Products and services: Customer health and safety (416-1, 416-2), local communities (413-1)
Ere-S also checked all management approach disclosures (3-1, 3-2, 3-3) associated with the above topics.
A verification on the alignment of the entire Report with the Singapore Exchange (SGX)’s rules on sustainability
reporting for listed companies was also included as part of the assurance process. Ere-S also verified that the
figures and references found in the SASB Disclosure Index of the Report satisfy the SASB key requirements for the
ten listed accounting metrics.
Exclusions
The assurance did not include financial data and statements or corporate governance and risk management
structures described under the Organisational Capital and Financial Capital sections of the Report. Neither did it
include technical descriptions of buildings, equipment and production processes or other information not related
to sustainability or already supported by existing documents, such as CLI’s Annual Report or third-party audits and
certifications, such as ISO 14001, ISO 45001 and Green Mark.
Similarly, Ere-S did not assess the quality and materiality of underlying information, methodologies, and findings
of studies and expert reports mentioned in the Report, such as the climate scenario analysis. However, Ere-S
verified that the Report’s disclosures reflected the findings accurately. Ere-S did not verify the statements and
performance figures related to CapitaLand Sustainability X Challenge, its pilot projects, and the outcomes and
beneficiaries of CHF’s community investment initiatives.

Appendix
Ere-S did not verify that all elements required by the GRI Standards (what to report) on each disclosure listed in
the Report’s GRI Content Index had been fully reported, or whether CLI’s disclosures, including material issues,
risks and opportunities, approaches and outcomes presented in the Report, were specifically aligned with the
recommendations of the Task Force on Climate Related Financial Disclosures (TCFD), the Sustainability Development
Goals (SDGs), the 10 Principles of the UN Global Compact or the Guiding Principles of the International Integrated
Reporting Council Framework. Ere-S did not check the content of CLI’s Annual Report referred to in the GRI Content
Index.
Type of assurance and criteria
The assurance engagement was conducted in accordance with the International Standard on Assurance
Engagements 3000 (ISAE 3000) and in line with the requirements of a Type 2 assurance of the AA1000 Assurance
Standard (AA1000AS v3 2020).
A moderate (or limited) level of assurance under AA1000AS was provided for this engagement. A moderate
assurance is restricted to desktop review, management-level evidence gathering and data verification. It provides
a relatively lower level of confidence in an organisation’s disclosures than a high (reasonable) level of assurance
(as used in financial auditing) would provide.
AA1000AS consists of evaluating the company’s sustainability framework and processes using the criteria of the
AA1000 AccountAbility Principles (AA1000AP 2018), namely inclusivity, materiality, responsiveness and impact.
Under AA1000AS, an evaluation of the quality of the reported sustainability performance information is also
required. For this, Ere-S employed the reporting principles of the latest GRI Standards (Accuracy, Balance, Clarity,
Comparability, Completeness, Sustainability context, Timeliness, Verifiability).
The verification on SGX’s reporting rules was based on clauses 3 to 6 of the “SGX-ST Listing Rules Practice Note 7.6
Sustainability Reporting Guide”, which include SGX reporting principles and the required five primary components
of a report (material ESG factors, policies practices and performance, targets, sustainability reporting framework
and board statement).
Limitations
The restricted extent, timeline and precision of audit procedures in a moderate assurance can leave small
misstatements undetected. In addition, sustainability-related evidence being more persuasive than conclusive,
the assurance findings are more constrained to the judgement of the assurance practitioner. To mitigate the
associated risk of material misstatement in the information being assessed during this engagement, and to
provide greater confidence in the accuracy of the information, Ere-S sought further confirmation of the presented
evidence (including application of the management approach, data collection methods, criteria and assumptions)
from multiple data owners and against other documentation from internal and external sources, and previous
assurance engagements with CLI. In addition, Ere-S engaged a third-party expert to review and provide a second
opinion on the integrity, objectivity and neutrality of this assurance's methodology, processes and findings.
Assurance methodology
The assurance procedures and principles used for this engagement are compliant with ISAE 3000 and were drawn
from a methodology developed by Ere-S, which consists of the following steps:
1. Identify statements and data sets, which are classified according to the relevant data owners and the type of
evidence required for the verification process.

Appendix
2. Carry out interviews with key functional managers and data owners from CLI’s corporate office in Singapore.
Data verification included the following:
• Enquiring about the quantitative and qualitative aspects of the Report disclosures, including performance
information, policies, procedures and underlying management systems.
• Requesting evidence of the data sources and explanation of relevant collection and calculation methods to
substantiate the figures and claims. This includes limited sampling of quantitative data to validate relevant
sources and other supporting documents.
• Challenging the claims made in the Report and, where possible, confirming the presented evidence, including
calculation methods, criteria and assumptions, with multiple data owners and other documentation from
internal and external sources, such as previous CapitaLand sustainability reports, and public documents,
websites and articles.
3. Assess the collected information and provide recommendations for immediate correction where required or
for future improvement to the Report content.
Stakeholder groups or their representatives were not interviewed during the engagement and Ere-S’s findings on
stakeholder engagement were essentially based on internal documentation and feedback and confirmation from
interviewed data owners. Similarly, the assessment of disclosures on CLI’s corporate governance and commitment
to sustainability (GRI 2-12, 2-13, 2-14, 2-16, 2-23, 2-24, 2-25, 2-26) did not involve meetings with the top management.
Still, it relied on internal documentation and confirmation from key managers.
For statements about the number (or absence) of complaints, incidents, impacts, and cases of non-compliance
to policies and regulations related to corruption (GRI 205-3), environment (GRI 303-4, 304-1, 304-2, 304-4, 306-1,
306-3, 306-5) and society (GRI 406-1, 408-1, 415-1, 416-2, 417-3, 418-1), Ere-S assessment was founded on confirmation
by key data owners and, where applicable, non-compliance reports and other internal documents from CLI’s
accounting, internal audit, feedback and reporting systems.
Responsibility and independence
This statement represents the independent opinion of Ere-S, whose responsibility was to provide the assurance,
to express conclusions according to the agreed scope, and to prepare the assurance report and this assurance
statement for the management of CLI alone and for no other purpose. The management of CLI has been
responsible for the preparation of the Report and all statements and figures contained within it. Ere-S has not
been involved in the development of the Report or the disclosed management processes; neither has Ere-S been
engaged by CLI for other projects. The activities of Ere-S are independent of CLI and contain no financial interest
in CLI’s business operations.
FINDINGS AND OBSERVATIONS
Evaluation of the adherence to AA1000 AccountAbility Principles
Inclusivity - How the organisation engages with stakeholders and enables their participation in identifying
material sustainability topics and developing an appropriate strategic response.
Evidence of CLI’s engagement with its key stakeholders was observed during the reporting period, with inquiries
and dialogue being more sustained and participatory with employees (e.g., surveys and online platforms,
communication sessions with top management and other events) and local unions (meetings). Frequent
engagement through multiple feedback channels and events could also be observed with customers and investors,
and occasionally with the other groups of stakeholders. Compared to previous years, dialogue with suppliers in
key markets was more sustained. However, such engagement appeared to be more related to applying CLI’s
enhanced due diligence process and EHS requirements rather than identifying stakeholders’ concerns or active
participation in decision-making.

Appendix
Materiality - How the organisation recognises and prioritises the most relevant sustainability topics based on
their effect to it and its stakeholders.
During the reporting period, CLI employed multiple mechanisms to identify and evaluate environmental and social
issues related to its global operations. In addition to stakeholder engagement and performance assessment,
observed mechanisms included regular reviews of material issues, legal requirements, non-compliance,
benchmarks, and external sources, with an increased focus on risk evaluation this year. More specifically, a water
survey at the property level, a third-party ranking of close to 500 suppliers and a review of capital expenditure
were other examples of observed initiatives carried out by CLI during the year to prioritise ESG issues and areas
for action. This commitment is further evidenced by the latest review and revision of the indicators, targets and
mitigation measures expressed in CLI’s 2030 Sustainability Master Plan.
Responsiveness - How the organisation responds to material sustainability topics and stakeholder feedback
through decisions, actions, performance and communication.
Evidence of actions taken by CLI to address material issues was observed during the reporting period. Actions
included impact assessment and mitigation measures applied globally under CLI's 2030 Sustainability Master Plan
and CLI’s sustainability management structure, such as the certified Environmental Health and Safety Management
System (EHSMS), the Fraud, Bribery and Corruption (FBC) framework and Sustainable Building Guidelines (SBG).
Other observed ongoing or new initiatives to mitigate material issues included the implementation of resource-
efficient technologies and processes, increased usage of renewable energy, new certifications (e.g., Net Zero
Waste,) and a pilot ESG screening of critical suppliers. Investigations and information sharing following safety
incidents and cases of non-compliance or malpractice were also evidenced. Communication to stakeholders and
sharing information about CLI’s strategy, policies, and sustainability performance through the corporate website,
sustainability report and other platforms remained solid and consistent. However, there was, in general, limited
evidence of major actions resulting directly from stakeholders’ concerns.
Impact - How the organisation monitors, measures and is accountable for the direct and indirect impacts it has
on its broader ecosystems.
Systems and processes to assess the impact and monitor performance from all key business units could be
observed throughout CLI’s sustainability management structure, including the EHSIA, ETS, EHSMS, FBC and SBG,
among other frameworks. These systems comprise detailed metrics and targets to measure and monitor the social
and environmental impact of CLI’s operations and supply chain. Although CLI could further improve the disclosures
on the ESG practices and impacts of its value chain, the collection and reporting of safety data on contractors‘
personnel (cleaning and security services) and energy and waste from third-party managed properties represent
notable improvements made during the reporting period. Also commendable is CLI’s plan to expand its Scope 3
disclosures with categories of GHG emissions not yet covered.
Evaluation of adherence to GRI reporting principles
In Ere-S’ opinion, the Report provides an overall comprehensive, accurate and clear coverage of CLI’s environmental
and social management approaches and performance for all its key operations and locations. The content and
topics of the Report are relatively consistent within the sustainability context and best reporting practices of the
sector. The Report is also moderately balanced, with some statements and numbers showing negative information,
such as work-related injuries, fatalities, and incidents of non-compliance and corruption.
Improvement in the data quality could be observed and was evidenced by the increase in the completeness and
standardisation of existing disclosures. Examples include the addition of safety data on contractors of operational
properties, the revision of calculations for on-site recycled water consumption and pay gap ratios to provide more
alignment to GRI standards, and increased coverage of waste data for about 100 additional properties.

Appendix
The assessed disclosures and CLI’s sustainability data management framework, including the ETS and other
internal data systems, presented a relatively high level of verifiability, with only a few occurrences of unclear
or missing supporting evidence. Also, only a limited number of inconsistencies in the reported data were
found through the assurance assessment and sampling (and were promptly corrected by the reporting team).
The reporting team also addressed other recommendations by Ere-S to improve the clarity of Report disclosures.
Ere-S crosschecked the final version of the Report to validate all applied recommendations.
Evaluation of adherence to SGX and SASB requirements on sustainability reporting
According to Ere-S evaluation, the Report content adheres adequately to SGX sustainability reporting principles
and rules, including the required five primary components. Ere-S also considers that the content of the Report’s
SASB Disclosure Index presents a sufficient alignment with the requirements of SASB accounting metrics.
Conclusion
On the basis of a moderate assurance engagement consistent with the above-listed criteria, nothing has come
to our attention that causes us not to believe that, in all material respects, CapitaLand Investment’s Global
Sustainability Report 2022
- provides a credible and fair representation of the organisation’s sustainability profile and application of the
AA1000 AccountAbility Principles.
- includes statements and figures that achieve an adequate level of reliability and accuracy.
The assurance findings also provide confidence that the Report has been prepared in accordance with the
Reporting Principles of GRI Standards and the requirements on sustainability reporting of SGX and SASB.
The findings summarised in this assurance statement, together with additional suggestions for improvement and
the results of the third-party review of the assurance, have been presented to the management of CLI in a more
detailed assurance report.
Singapore, 26 May 2023
Jean-Pierre Dalla Palma

Reg no. 201003736W Director and Lead Certified Sustainability Assurance Practitioner
Ere-S Pte Ltd is a consulting company specialising in business sustainability and provides sustainability reporting,
sustainability report assurance, stakeholder engagement and training services. Our assurance team comprises
assurance practitioners with expertise in corporate sustainability, and each member must follow Ere-S’ assurance
code of conduct, which can be found at www.ere-s.com/assurance-code-of-conduct. Ere-S is not responsible for
any actions taken by other parties as a result of the findings presented in this assurance statement.

CapitaLand Investment Limited
168 Robinson Road
#30-01 Capital Tower
Singapore 068912
Tel: +65 6713 2888
www.capitalandinvest.com
(Reg No. 200308451M)

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Sustainability Is At The

We create great customer We deliver sustainable

For our For our

For our For our

2000 2006 2010 2011 2013

2019 2018 2017 2015

2020 2021 2022 2023

Logistech, Singapore iii

• Dow Jones Sustainability World

• Constituent for 14th year

58% 24% >37 100% • 1st and longest standing company

• Constituent for 11th year

Internal >83% Zero S$4.7 billion Carbon Clean 200TM

with innovation >340 entries 20* 24* 5*

Successful CSXC 2022 Pilots

› 10% improvement in IAQ

HYDROLEAP SLIDELUVRE WI.PLAT

Trialling in Trialling in Trialling in

New Generation Bio

To make a positive Indonesia Malaysia Philippines

United Kingdom United States Vietnam

>S$3.3million team in London participated

Build Enable Steward

Low Carbon Transition Social Impact Corporate Governance

• Achieve 45% of total electricity

Reduce waste Achieve Customer and Supplier Partnerships

Build Enable Steward

Source climate-technology solutions

Develop capability and build a culture

1 Group CEO’s Message

Environmental Social Governance

13 Environmental And 35 Human Capital 60 Organisational Capital

71 TCFD Recommendations 82 SASB Disclosure Index 91 ISO 26000 Guidance On

STRENGTHENING OUR SOCIAL EFFORTS

INCREASING OUR GOVERNANCE FOCUS

CapitaLand Investment Limited Global Sustainability Report 2022 1

STEPPING UP OUR ENVIRONMENTAL INITIATIVES

DECADE-LONG LEADERSHIP IN GLOBAL SUSTAINABILITY RECOGNISED

Achieving our sustainability targets during these challenging

We thank our staff for their hard work and dedication as

LEE CHEE KOON Mr Lee Chee Koon, CapitaLand Investment’s Group

CapitaLand Investment Limited Global Sustainability Report 2022 2

>9,700 >380 Diversified real 6

including assets held which include retail,

Global Reporting Scope And Period

CapitaLand Investment Limited Global Sustainability Report 2022 3

International Standards And Guidelines

Independent Assurance Feedback

CapitaLand Investment Limited Global Sustainability Report 2022 4

CapitaLand Investment Limited Global Sustainability Report 2022 5

CLI’s 2030 Sustainability Master Plan Focus Areas

Build Enable Steward

Low Carbon Transition Social Impact Corporate Governance

Push Boundaries of Change

Recognition by Global Benchmarks

CapitaLand Investment Limited Global Sustainability Report 2022 6

BOARD, TOP MANAGEMENT AND STAFF COMMITMENT AND INVOLVEMENT

CLI Sustainability Management Structure

CLI Board of Directors Serve as sustainability