MESSAGE TO UNITHOLDERS BOARD RENEWAL Mr Lim Cho Pin Andrew Geoffrey stepped down as NonExecutive Non-Independent Director, Chairman of the Executive Committee and member of the Nominating and Remuneration Committee with effect from 16 June 2023. Ms Kuan Li Li stepped down as Non-Executive Independent Director and member of the Audit and Risk Committee with effect from 1 January 2024. On behalf of the Board, we thank them for their dedicated service throughout their tenures. As part of our Board rejuvenation efforts, we welcomed three new Board members in FY 2023. Ms Quah Ley Hoon joined us as Non-Executive Non-Independent Director, Chairman of the Executive Committee and member of the Nominating and Remuneration Committee on 16 June 2023 while Mr Tan Tee How was appointed as a Non-Executive Independent Director on 1 August 2023 and as a member of the Nominating and Remuneration Committee on 1 January 2024. In addition, Ms Wan Mei Kit came onboard as a NonExecutive Independent Director on 1 October 2023 and was appointed as a member of the Audit and Risk Committee on 1 January 2024. We believe that their valuable experience and expertise will add to the Board’s bench strength. Amidst a challenging year, we are grateful to our Board for their steadfast guidance in driving CLCT forward. Our sincere appreciation goes to our Unitholders, business partners, tenants and staff for their unwavering support. With China’s economic recovery poised to gain traction in the coming year, we will continue to seize opportunities to secure a future-ready portfolio that is aligned with the country’s long-term economic focus. We will also build on our strong foundations to intensify our portfolio resilience, while generating sustainable value to all Unitholders and stakeholders. SOH KIM SOON Chairman TAN TZE WOOI Chief Executive Officer March 2024 NOTE OF APPRECIATION Mr Soh Kim Soon has served for seven years as Chairman of the Board with unwavering commitment. During this time, he made significant contributions in guiding CLCT through a transformative journey, evolving from a REIT with a pure retail focus to a thriving diversified multi-asset class REIT, including steering the REIT through the challenging COVID-19 environment and proactively positioning it to capture trends emerging post-pandemic. Under his stewardship, CLCT expanded its investment mandate as well as nearly doubled its total assets and city footprint. Mr Soh’s tenure as Chairman has been distinguished by his strong leadership and sound business judgement, underscored by a commitment to sustainable value creation. His stewardship has been instrumental in steering CLCT towards building a future ready portfolio that is well aligned with China’s long term economic development priorities. The Board and Management are deeply appreciative of Mr Soh's guidance and wise counsel, which have shaped CLCT's growth throughout his years of service. MESSAGE FROM THE CHAIRMAN Dear Unitholders, I will be retiring from the Board after the conclusion of the annual general meeting to be convened and held on 22 April 2024. Serving as Chairman of CapitaLand China Trust (CLCT) has been a remarkably rewarding journey and I feel privileged to have contributed to CLCT's transformation and growth. Over the years, CLCT has demonstrated resilience while continuously strengthening its portfolio attributes, transitioning from its retail focus to become a diversified multi-asset class REIT. I am thankful to have worked alongside the dedicated CLCT Board and Management team. To our Unitholders, I extend my gratitude for your unwavering support during my tenure as Chairman. My fellow Board member, Mr Tan Tee How, who will be appointed as Chairman following my retirement, brings with him extensive experience from various business sectors and the Singapore Civil Service. I am confident that under his leadership, CLCT will continue to strive towards new heights. SOH KIM SOON 16 CAPITALAND CHINA TRUST
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