Sustainability Report 2025 CapitaLand China Trust
CapitaLand China Trust (CLCT) is Singapore’s largest China-focused real estate investment trust (REIT). Listed on the Singapore Exchange Securities Trading Limited (SGX-ST) on 8 December 2006, the objective of CLCT is to invest on a long-term basis, in a diversified portfolio of income-producing real estate and real estate-related assets in China, Hong Kong and Macau that are used primarily for retail, office and industrial purposes (including business parks, logistics facilities, data centres and integrated developments). CLCT is managed by CapitaLand China Trust Management Limited (CLCTML), a wholly-owned subsidiary of Singapore-listed CapitaLand Investment Limited (CLI), which is a leading global real asset manager with a strong Asia foothold. GRI Content Index 44 Climate Scenario Analysis 2022 SR 2025 Data Pack • Green Building Certifications • Key ESG Data Summary • GHG Emissions Data Methodology • IFRS S2 Content Index • IFRS S2 Vol 36 - Real Estate Contents About Us Vision To be the leading China-focused real estate investment trust, with a diversified and professionally managed portfolio of quality assets, capturing long-term growth drivers. Mission To deliver resilient distributions and sustainable total returns to Unitholders. For more information, please visit our corporate website at www.clct.com.sg. Overview Appendix Information on CLCT's Website About This Report 1 Board Statement 3 CEO Message 4 Sustainability Highlights 5 Sustainability Approach 6 Sustainability Governance 7 Stakeholder and Materiality Assessment 11 Environmental, Social and Governance Framework 14 ESG Priorities & Performance UN SDGs Supported Environmental Build 16 Social Enable 27 Governance Steward 40
1 CapitaMall Yuhuating was divested and its performance data is included up until the date for the cut-off of economic interest at 31 March 2025. 2 As CLCT’s logistics park assets are mainly for tenants’ use, the energy, water and waste data of these assets are not included in the portfolio’s environmental performance. The emissions data of these assets are included under Scope 3 GHG emissions. 3 Two employees based in China joined CLCTML from 2H 2025 are excluded in this year’s report. About This Report CLCT’s fifth Sustainability Report (SR or Report) aims to provide a comprehensive overview of the organisation’s Environmental, Social and Governance (ESG) performance and reflects our ongoing commitment to responsible and impactful growth. Published in end-April 2026, this Report is available on https:// investor.clct.com.sg/sr.html. International Standards and Guidelines This SR 2025 has been prepared in accordance with the Global Reporting Initiative (GRI) Standards 2021, an internationally recognised sustainability reporting standard that covers a wide range of disclosures relevant to CLCT's stakeholders. The Report is also in compliance with the sustainability reporting requirements set out in the Listing Manual Rule 711A and 711B of the SGX-ST. With the Integrated Reporting Framework now consolidated under the International Financial Reporting Standards (IFRS) Foundation, CLCT is transitioning its reporting strategy to align directly with the International Sustainability Standards Board (ISSB). Our business model preserves the fundamental value creation concepts, now interpreted through the lens of the IFRS. It is also aligned with the Sustainable Development Goals of the United Nations (UN SDGs). Additionally, this Report references the IFRS S2 Industry-based Guidance, Volume 36, which prescribes climate-related disclosure topics and metrics for the real estate sector, and outlines CLCT’s risk management framework with reference to the Guidelines on Environmental Risk Management (EnRM) for Asset Managers issued by the Monetary Authority Singapore (MAS). The IFRS Sustainability Disclosure Standards (IFRS SDS) issued by the ISSB include IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate-related Disclosures. Despite the extension of regulatory timelines for mandatory climate-related disclosures in Singapore, CLCT will progressively advance and refine its disclosures and data, ensuring that we are prepared for the full adoption of the ISSB standards as required by the Singapore Exchange Regulation from the financial year commencing on or after 1 January 2028. Accordingly, this Report has taken reference from the IFRS SDS issued by the ISSB. Where not specified under regulatory reporting requirements, the above standards were selected as they are internationally recognised reporting frameworks covering a comprehensive range of sustainability disclosures relevant to CLCT. Reporting Scope and Period As at 31 December 2025, the portfolio comprised eight retail properties, five business parks and four logistics parks, primarily located in Tier 1 and leading cities in China. This Report discloses information on the 171,2 properties within CLCT’s portfolio, unless otherwise stated, that were operated and owned by CLCT for the financial period from 1 January 2025 to 31 December 2025 (FY 2025). This SR covers CLCT as disclosed in our financial statements reported in the Annual Report (AR) 2025 (https://investor.clct.com.sg/misc/ar2025. pdf). Unless otherwise stated, the same approach used in our financial statements is also used to consolidate sustainability information and is consistently applied across our reporting boundaries for the financial period. CLCT adopts the Greenhouse Gas (GHG) Protocol Corporate Standard in disclosing performance data for energy, GHG, water and waste. As such, CLCT only reports the assets that are under the Manager’s operational control. There is no restatement of information this year. CLCT’s properties are managed by CLCTML, the REIT Manager, and property management teams. The REIT manager in Singapore is identified as an employee of CLCT3. The property management teams in China are reclassified as “workers who are not an employee” in this Report. Additionally, Non-Executive members of the CLCTML Board are not considered employees of the REIT. This SR has undergone a thorough internal review. To ensure transparency and accuracy, CLI continues to appoint an independent external consultant to externally assure its Global Sustainability Report (GSR) annually, with reference to the ISAE 3000 International Standard on Assurance Engagements. The scope of this external assurance engagement covers CLI and its subsidiaries' (CLI Group) global portfolio and employees, including those of CLCT. CLI’s GSR 2025 will be published by 31 May 2026 on the CLI website. The annually published SR is recommended to be read alongside CLCT’s AR 2025 for a comprehensive understanding of its business and performance. Reflecting our ongoing commitment to environmental sustainability, this SR is available online and not printed. Sustainability Report 2025 1
About This Report Location of Disclosures Information required under GRI 2021, IFRS S2 Industry-based Guidance, Volume 36, MAS EnRM and the IFRS SDS may be included in this Report by cross-referencing to another source. We have provided the references in the GRI content index as to where this information can be found within the SR. For any inquiries or feedback, please send them to ask-us@clct.com.sg. Retail CapitaMall Xizhimen Rock Square CapitaMall Wangjing CapitaMall Grand Canyon CapitaMall Xuefu CapitaMall Xinnan CapitaMall Nuohemule CapitaMall Aidemengdun Business Parks Ascendas Xinsu Portfolio Singapore-Hangzhou Science & Technology Park (Phase I) Singapore-Hangzhou Science & Technology Park (Phase II) Ascendas Innovation Towers Ascendas Innovation Hub Logistics Parks Shanghai Fengxian Logistics Park Kunshan Bacheng Logistics Park Wuhan Yangluo Logistics Park Chengdu Shuangliu Logistics Park 2 CapitaLand China Trust
CLCT is 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 Investment 2030 Sustainability Master Plan (SMP). The CLI 2030 SMP steers our efforts on a common course to maximise impact through building portfolio resilience and resource efficiency, enabling thriving and future-adaptive communities, and stewarding responsible business conduct and governance. The CLCT Board is responsible for overseeing the REIT’s sustainability efforts, and considers ESG factors in determining its strategic direction and priorities. The CLCT Board also approves the executive compensation framework based on the principle of linking pay to performance. CLCT’s business plans are translated to both quantitative and qualitative performance targets, including sustainable corporate practices and are cascaded throughout the REIT. Board Statement Sustainability Report 2025 3
CEO Message Dear Stakeholders, FY 2025 has been a year defined by deepened impact, strengthened resilience and continued alignment with CLI’s 2030 SMP. As we build on the solid foundation laid in prior years, our goal remains to create enduring value for our stakeholders and the communities we serve. We are pleased to share our progress this year as we commit to responsible and sustainable growth. Recognition in Sustainability Leadership Building on our achievements from previous years, we are proud to share CLCT’s recognitions for sustainability in FY 2025. We retained a 5-star rating in the 2025 GRESB Real Estate Assessment for the third consecutive year, together with an “A” rating for the 2025 GRESB Public Disclosure with a score of 100 points. We continued to maintain a ‘BBB’ rating for our MSCI ESG Ratings and a ‘Low Risk’ rating for the Sustainalytics ESG Risk Ratings. These accomplishments affirm the effectiveness of our strategies as we integrate sustainability practices across our business. Sustainable Operations In FY 2025, we continued making progress in embedding sustainability across our portfolio. The Ascendas Xinsu Portfolio4 achieved LEED Gold Certification for the industrial blocks, increasing the share of green certifications in our portfolio to approximately 70%5 by gross floor area (GFA), up from 60% in FY 2024. This demonstrates our commitment to raising environmental standards across our properties. Renewable energy integration has also accelerated in FY 2025, with renewables accounting for 12.2% of our portfolio’s electricity consumption. This was supported by off-site renewable energy purchase agreements for CapitaMall Xizhimen, CapitaMall Wangjing, CapitaMall Grand Canyon, CapitaMall Nuohemule, Ascendas Xinsu Portfolio, Ascendas Innovation Hub, Ascendas Innovation Towers, Singapore-Hangzhou Science & Technology Park (Phase I) and Singapore-Hangzhou Science & Technology Park (Phase II). Progress in Sustainable Financing Our Sustainability-Linked Finance Framework continues to be a key driver in strengthening our ESG ambitions. As at 31 December 2025, sustainability-linked loans accounted for 50% of total debt, reflecting our active engagement with financial partners to align capital allocation with our sustainability goals. Embracing Diversity and Inclusion Our organisation thrives when we are diverse, inclusive and oriented towards the future. As at 31 December 2025, female leaders comprise 33.3% of our Board of Directors. Across our workforce, we remain committed to fostering an inclusive environment that values diversity not only in gender but also in thought, experience, and cultural backgrounds. This inclusive mindset remains central to driving innovation and building a workplace where every individual can contribute meaningfully. Strengthening Sustainability Stewardship Sustainability continues to guide our strategic priorities and operational decisions. We deepened our integration of ESG considerations into our operational decision-making processes, strengthening our sustainability performance and advancing our sustainable financing initiatives. These efforts ensure that environmental and social value creation remains aligned with our long-term business success. We extend our sincere appreciation for your continued trust and support as we progress in this sustainability journey together. CHAN KIN LEONG GERRY Chief Executive Officer 4 Attained LEED GOLD certification for industrial with Block A to D of Ascendas Xinsu Portfolio. 5 By portfolio gross floor area excluding carpark space. Refers to CLCT properties managed by CLI (by sq m). CapitaLand China Trust 4
Sustainability Highlights FY 2025 Highlights ~70%6 Of CLCT’s portfolio (by GFA) are LEED Gold certified, where a new certification was obtained for the Ascendas Xinsu Portfolio7 12.2% Of the portfolio’s electricity consumption is from renewable energy sources 100% Of the main contractors appointed this year are ISO 14001 and ISO 45001 certified Zero Incidents resulting in fatality and permanent disability for CLCT employees, property management teams and contractors 50% Of the total debts are sustainability-linked loans Zero Lapses reported for corporate governance, corruption and employee misconduct 6 By portfolio gross floor area excluding carpark space. Refers to CLCT properties managed by CLI (by sq m). 7 Attained LEED GOLD certification for industrial Block A to D of Ascendas Xinsu Portfolio. Accolades Low Risk Sustainalytics ESG Risk Rating BBB MSCI ESG ratings Third Consecutive Year with 5-Star Rating 2025 GRESB Real Estate Assessment Seventh Consecutive Year with A Rating 2025 GRESB Public Disclosure Sustainability Report 2025 5
Sustainability Approach Sustainability Commitment CapitaLand China Trust commits to CLI 2030 SMP goals and targets. Note: Enable & 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 & 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 Using 2019 as the baseline year. 9 This refers to gross greenhouse gas emissions. For more information on greenhouse gases covered by this target, please refer to the GHG Emissions Data Methodology. 10 Employee engagement score of at least 80% (with at least 85% participation). Build Portfolio Resilience and Resource Efficiency Enable Thriving and Future Adaptive Communities Steward Responsible Business Conduct and Governance Social Impact • Contribute to communities’ social well-being through outreach initiatives by staff & CapitaLand Group’s philanthropic arm, CapitaLand Hope Foundation (CHF) Corporate Governance • Ensure sustainability targets are integrated into CLI and CLCTML Performance Share Plan & Balanced Scorecard framework to determine Executive remuneration & Key Performance Indicators • ≥85% staff to attend 1 compliance-related training Low Carbon Transition • Achieve Net Zero emissions by 2050 for Scope 1 and Scope 2 Greenhouse Gas (GHG) emissions • Reduce 46%8,9 Absolute Scope 1 and Scope 2 GHG emissions 72%8 Carbon emissions intensity 15%8 Energy consumption intensity • Achieve 45% of total electricity consumption from renewable sources • Work towards setting a new Scope 3 carbon emissions reduction target Transparent Reporting Governance • ESG reporting aligned & externally assured to international standards Human Capital Development ≥40% female representation in senior management ≥80% staff engagement score 10 ≥85% staff to attend at least 1 ESG training ESG Risk Management • Identify, assess & manage sustainability risks & opportunities • Ensure sustainability risks & opportunities are managed in line with overall risk appetite & strategy Water Conservation & Resilience • Reduce 15%8 water consumption intensity in our day-to-day operations Health & Wellness • Foster a safety culture with zero fatality, permanent disability, or major injury • Incorporate social integration design features in properties • Implement wellness related initiatives & certifications for physical assets Customer & Supplier Partnerships • Green leases for new & renewal of leases; work with tenants to improve their sustainability performance • Achieve high-level customer satisfaction • Contractors & vendors to abide by CLI’s Supply Chain Code of Conduct • Zero tolerance for child labour/forced labour Waste Management & Circular Economy • Reduce 20%8 waste intensity in our day-to-day operations • Achieve 25% recycling rate in our day-to-day operations CapitaLand China Trust 6
Sustainability Governance Responsible Business Conduct CLCT is committed to promoting respect for human rights and proactively addressing human rights issues that may affect the REIT’s activities, in accordance with CLI’s policies and commitments. These policy commitments are endorsed by the Boards and management of both CLI and CLCTML and are integrated into CLCT’s operations and business relationships. CLCT adopts CLI’s Social Charter to uphold human dignity and self-respect. This charter applies to our workforce and supply chain, covering human rights, child labour, forced labour, human trafficking, code of conduct, diversity and inclusion, and promoting a healthy work-life balance. Additional human rights commitments, such as grievance procedures, anti-harassment policies, and remedial measures, are implemented across various levels of the organisation. Board, Top Management and Employee Commitment Strategic Sustainability Management Structure i Including climate-related risks and opportunities. ii Includes the CLI Environmental, Health and Safety Committee. CLI Board of Directors CLCTML Board of Directors Business units and corporate departments covering: Environment, Health and Safety ii Representatives from various functions including China property mangers, China Sustainability and CLI Group Sustainability Stakeholder Engagement Innovation Human Resource, Group Procurement, others Investment, Asset Management Enterprise Risk Management Executive and Sustainability Committee (Board Committee) CLCT Sustainability Management Committee Chairman: CEO Team Members: Chief Financial Officer Head, Investment & Portfolio Management CLI Leadership Council (Comprising Senior Management) Various Sustainability Work Teams/ Committees including CLCT Sustainability Working Committee CLI’s Sustainability Management Structure CLCT Sustainability Management Structure Provide Board-level strategic oversight of ESG policies and integration i Provide senior management oversight of ESG implementation i Drive implementation of initiatives under ESG pillars i Staff Finance Investor Relations Investment & Portfolio Management Capital Markets Sustainability Report 2025 7
CEO and Executive Director Responsible for decisions relating to ESG targets Finance and Capital Markets Responsible for securing green financing and engaging with stakeholders such as bankers Investment & Portfolio Management Seeks investment opportunities with climate change impact as one of the assessment criteria Proposes solutions for procurement of renewable energy, greening of assets, and related capital expenditure Engages various internal stakeholders on ESG matters Environmental, Health and Safety Team Responsible for monitoring the environmental performance of assets against annual and long-term targets Property Management Collaborates closely with Investment and Portfolio Management team to evaluate solutions for green energy procurement, greening of assets, and related capital expenditure Engages with tenants, service providers, and relevant government agencies for ESG matters Investor Relations Engages investment community and ESG rating agencies on CLCT's sustainability targets and performance Responsible for ESG reporting matters ESG Integration across CLCT’s Business Functions Role of Sponsor’s Board, Management and Employees The Sponsor’s (CLI) Board recognises the importance of sustainability as a business imperative and ensures that sustainability considerations, including climate-related ones, are factored into CLI’s strategy development. This enables CLI to remain competitive and resilient in an increasingly challenging business environment. The CLI Board is kept informed on a regular basis through its Executive and Sustainability Committee (ESC)11 on CLI Group’s sustainability management performance, key material issues12 identified by stakeholders, and the planned follow-up measures. The CLI Board is updated by the Risk Committee and Audit Committee at least once a year. The CLI Board discusses matters relating to sustainability and climate-related risks, and relevant performance metrics, which include CLI Group’s progress on achieving the carbon emissions reduction targets, green building certifications, human capital development, stakeholders’ expectations on climate change, social impact and/or other matters. The CLI Board is also informed of any incidents relating to workplace safety, business malpractice, and environmental impact, which may include climate-related damage or disruptions. IFRS S2 6(a)(ii), 6(a)(v) CLI Group’s Chairman also chairs the ESC, which is a Board Committee. This committee is responsible for overseeing CLI Group’s sustainability and climate strategies, including providing guidance to management and monitoring progress against achieving the goals of CLI Group’s sustainability initiatives. The CLI Group’s sustainability targets12 are reviewed and approved by the ESC and Board. The ESC is scheduled to meet on a quarterly basis. The ESC’s responsibilities12 are set out in the Board Committees’ role descriptions in CLI’s Corporate Governance Report. For more information, please refer to the CLI’s AR 2025 on Board Committees. IFRS S2 6(a) The CLI Leadership Council makes strategic resource allocation decisions and meets on a regular basis. The CLI Leadership Council comprises the CLI Group Chief Executive Officer (CEO), the CEOs of the various business units, and key management executives of the corporate office. 11 The Executive Committee and the Strategy and Sustainability Committee merged with effect from 1 January 2025, to form the Executive and Sustainability Committee. 12 This includes those related to climate-related risks and opportunities. Sustainability Governance CapitaLand China Trust 8
The sustainability work teams comprise representatives from CLI’s business units and corporate functions. Each business unit has its own Environmental, Health, and Safety (EHS) Committee to drive initiatives in the countries where it operates, with support from various departments. Role of CLCTML Board, Management and Employees The CLCTML Board of Directors holds ultimate responsibility for managing CLCT’s sustainability risks and opportunities, including the integration of sustainability and climaterelated considerations into the business strategy. The Board keeps itself abreast of the latest sustainability and industry developments and continuously upskills itself with respect to sustainability and climate-related issues. Board members have participated in sustainability training as mandated by SGX, and all new and existing Board members are briefed on the CLI 2030 SMP, sustainability management at CLCT, and climate-related matters. Please refer to CLCT’s AR 2025 on page 58 for more information on Board Orientation and Training. IFRS S2 6(a)(ii) CLCT has established a Sustainability Management Committee (SMC), chaired by the CEO of the REIT Manager, that meets biannually to focus on sustainability and climaterelated matters. The SMC, comprising senior management, oversees sustainability objectives and strategies and provides semi-annual updates to the Board of Directors on the value and mission statements, goals, strategies, overviews, policies and progress related to sustainable development and climate resilience. IFRS S2 6(a)(iii), 6(a)(v), 6(b)(i), 6(b)(ii) The SMC is supported by CLCT’s Sustainability Working Committee (SWC), which comprises key members from various business functions, to implement sustainability- and climate-related initiatives across CLCT’s operations in line with CLI’s sustainability framework and policies. CLCT’s sustainability governance aligns with the Sponsor’s sustainability management. CLCT is represented at the CLI Senior Leadership Council by the CEO of the REIT Manager of CLCT, who guides sustainability strategies and goals for CLCT. The SWC convenes quarterly to discuss sustainability strategies and operational implementation. IFRS S2 6(b)(i), 6(b)(ii) The content of this Report, including material ESG topics, is reviewed and approved by the CLCTML Board of Directors, which also discusses and reviews sustainability policies and strategies during its meetings. CLCT’s SWC collaborates closely with CLI’s EHS Committee to implement sustainability-related initiatives across its operations. In addition to environmental and climaterelated initiatives, CLI also champions Occupational Health and Safety (OHS) with commitment from the top management and employee participation through an integrated EHS Management System, as well as stakeholder engagement activities. CLCTML’s CEO is accountable for the EHS performance of CLCT. Employees are encouraged to be forthcoming in reporting both environmental-related issues and OHS-related incidents, including non-compliances and non-conformities. Key Performance Indicators (KPIs) Tied to Remuneration The remuneration for all employees in the REIT Manager, including top management, is linked to CLCT’s environmental targets through KPIs. CLCT aims to minimise environmental impacts by setting targets for green building ratings, carbon emissions, energy, water, and waste reduction. IFRS S2 29(g)(i) Beyond environmental KPIs, CLCT also integrates OHS KPIs with the remuneration of all CLCT employees, including its top management. These targets are tied to the remuneration of top management and employees. Further information on this can be accessed in the Environmental and Social chapter of this Report. Board Diversity, Independence and Performance Maintaining Diversity on the Board CLCT’s Board embraces diversity and has a Board Diversity Policy which provides for the Board to comprise talented and dedicated Directors with a diverse mix of expertise, experience, perspectives, skills and backgrounds, with due consideration to diversity factors, including diversity in business or professional experience, age and gender. The Board values the benefits that diversity can bring to the Board in its deliberations by enhancing decision-making capacity, avoiding groupthink and fostering constructive debate, which contributes to the effective governance of CLCT’s business and long-term sustainable growth. The Nominating and Remuneration Committee (NRC) has reviewed the size and composition of the Board and its committees and is of the opinion that the current size is appropriate with an appropriate balance and diversity of skills, knowledge, experience, gender, age and tenure, taking into account CLCT’s diversity targets, plans and timelines and objectives of the Board Diversity Policy and the business needs and plans of CLCT and its subsidiaries (CLCT Group), for effective decision-making and constructive debate. In terms of skill sets, the Board comprises Directors with a variety of skills and expertise in areas including investment management, real estate, accounting, finance, governance, sustainability, banking and capital markets. Sustainability Report 2025 9
In terms of experience, the Board comprises Directors who are corporate and business leaders and who collectively have experience in general business management, have served on publicly listed company boards, have international or regional experience and have exposure in various industry sectors and the China market. Further details on CLCT’s Board diversity targets, plans and timelines for achieving the targets and progress towards achieving the targets are described on pages 61 to 62 of CLCT’s AR 2025. Board Independence As at the date of CLCT’s AR 2025, the Board has a strong independent element as 6 out of 9 Directors, including the Chairman, are non-executive Independent Directors (ID). Other than the CEO, non-executive Directors make up the rest of the Board. None of the Directors have served on the Board for 9 years or longer. Under the Code, the Board should have a lead ID to provide leadership in situations where the Chairman is conflicted and especially where the Chairman is not independent. As the Chairman is an ID, CLCT has accordingly not appointed a lead ID. Profiles of the Directors and their roles are set out on pages 18 to 22 of CLCT’s AR 2025. The roles of the Chairman and the CEO are held by separate individuals to ensure a clear division of responsibilities between the leadership of the Board and Management, such that no individual has unfettered powers of decision-making. The Chairman does not share any family ties with the CEO. There is a rigorous process to evaluate the independence of the Directors: (a) each Director discloses his/her business interests and confirms annually that there are no relationships which interfere with the exercise of his/her independent business judgement in the Unitholders’ best interests; such information is reviewed by the NRC; and (b) the NRC considers the Directors’ conduct and contributions at Board and Board Committee meetings, in particular, whether he/she has exercised independent business judgement in discharging his/her duties. Thereafter, the NRC’s recommendation is presented to the Board for its approval. Directors must recuse themselves from the NRC’s and the Board’s deliberations on their own independence. The NRC also reviews the independence of an ID when there is a change in their circumstances and makes recommendations to the Board. IDs are required to report to the Manager any changes that may affect their independence. Further details on the Board independence as well as the respective roles of the Chairman and CEO can be found on pages 59 to 61 and pages 62 to 63, respectively, of CLCT’s AR 2025. Board Performance The Manager believes that regular self-assessment and evaluation of Board performance enable the Board to reflect on its effectiveness, including the quality of its decisions, and for Directors to consider their performance and contributions. The process helps identify key strengths and areas for improvement, which are essential to effective stewardship of CLCT. The NRC recommends for the Board’s approval the process and objective performance criteria, and the Board undertakes an annual evaluation of the effectiveness of the Board, Board Committees and individual Directors. As part of the process, a questionnaire is sent to the Directors. Management also provides feedback on areas including Board structure, strategy, performance and governance, as well as Board functions and practices. The results are aggregated and reported to the NRC, and thereafter to the Board. The findings are considered by the Board, and follow-up action is taken where necessary. No external facilitators were appointed to assist in the evaluation process of the Board and Board committees for FY 2025. Further details on the Board performance and outcome of the evaluation can be found on pages 64 and 65 of CLCT’s AR 2025. Sustainability Governance CapitaLand China Trust 10
Stakeholder and Materiality Assessment CLCT proactively engages its stakeholders to better address their needs, build social and relationship capital, and create shared values for the long-term. CLCT identifies its stakeholders as individuals, organisations, and communities that are directly or indirectly impacted by its operations. Its stakeholders include employees, investors, tenants, shoppers, contractors, vendors, governments and non-governmental organisations (NGOs). Through the various engagement channels, CLCT seeks to understand its stakeholders’ views, to effectively communicate with them and address their concerns. Employees Engagement Channels Regular dialogue sessions with senior management Employee engagement surveys Volunteer programmes Recreation club activities Wellness activities Topics • Work-life balance • Remuneration and benefits • Employee welfare Investment Community (Investors, Analysts and Media) Engagement Channels Annual general meetings Financial results and business updates announcements Media releases and interviews Annual reports and sustainability reports Company website Regular analyst and investor meetings • Responses to sustainability surveys • REITs Symposium Topics • Operational efficiency, monetary savings, cost avoidance • Earnings, net property income, distribution per unit, business strategy, market outlook • ESG risks and opportunities Annual Frequency Quarterly Ongoing Stakeholder Engagement Sustainability Report 2025 11
Tenants and Shoppers Engagement Channels Tenants: Tenant satisfaction survey, green fit-out guide and joint promotions and strategic partnerships Shoppers: Mall campaigns, exhibitions, social media campaign CLI’s social media channels Topics • Facilities management • Customer experience Supply Chain (Main Contractors, Vendors, and Suppliers) Engagement Channels CLI’s Supply Chain Code of Conduct Environmental, Health and Safety (EHS) management system Quarterly EHS monitoring Vendor evaluation, events, meetings, and training Topics • Design and quality • Occupational health and safety practices • Workers’ welfare and well-being • Environmental compliance Community (Community/National Agencies, Community and NGOs) Engagement Channels Senior management representation on boards of various industry bodies and sustainability-related public discussions Longstanding partner to various national programmes Participation in external conferences/ forums to consult and share experience with academics, NGOs and business associations Corporate advertisements Topics • Sustainable building developments • Stakeholder programmes to advocate sustainable tenant/ customer behaviours • Advocacy of best practices Annual Frequency Quarterly Ongoing Stakeholder and Materiality Assessment CapitaLand China Trust 12
Material ESG Topics CLCT is guided by CLI’s materiality assessment process, which identifies and prioritises the management of material ESG issues that are most relevant and significant to CLCT and its stakeholders, taking into consideration their relevance or impact on the business, strategy, financial planning, business model and key stakeholders. It adopts a double materiality approach, considering material issues from both impact and financial perspectives13. Potentially material ESG issues arising from activities across CLI and CLCT’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 investor questionnaires, as well as ESG surveys, sustainability benchmarks and frameworks such as GRESB and standards such as the IFRS S2 Industry-based Guidance on implementing Climate-related Disclosures (Volume 36 - Real Estate). CLI and CLCT conduct regular reviews, assessments and feedback on ESG topics. Material issues are reported in its corporate risk register through the annual Group-wide Risk and Control Self-Assessment (RCSA) exercise, which identifies, assesses and documents material risks and the corresponding internal controls. These material risks include fraud and corruption, environmental (e.g. climate change), health and safety, and human capital risks, which are ESG-relevant. Material ESG issues are then prioritised based on the likelihood and potential impact on business continuity of CLI and CLCT. For external stakeholders, priority is given to issues important to the community and applicable to CLI and CLCT. In FY 2025, CLI and its REITs conducted a comprehensive review of ESG material factors, benchmarking against key global standards and emerging frameworks. While the core material topics remain robust, minor adjustments were proposed to align with evolving standards and market shifts. This included an emphasis on climate resilience (adaptation and mitigation) to address specific investor focus on climate-related risks, expanding the waste management topic to include circularity and encompassing upstream and lifecycle activities like usage of recycled materials, as well as introducing references to natural capital alongside biodiversity to acknowledge the growing relevance of the Taskforce on Nature-related Financial Disclosures (TNFD) and anticipated IFRS S3 Disclosure Standards on Biodiversity, Ecosystems and Ecosystem Services. While Artificial Intelligence (AI) and Sustainable Financing were not identified as standalone material topics in this year's assessment, CLCT recognises their strategic importance. These emerging areas remain under close monitoring, with our approach to Sustainable Financing detailed under the Financial Performance section of this Report. Alignment with the UN SDGs and CLI’s 2030 SMP CLCT’s material ESG issues are aligned with CLI’s 2030 SMP and mapped to eight UN SDGs, where both CLCT and CLI are best positioned to achieve tangible positive impact. The mapping is presented on the 2030 Targets and 2025 Performance table on pages 16, 27 and 40 of this Report. 13 To identify ESG issues which are potentially financially material, CLI takes reference from the IFRS S2 Industry-based Guidance on implementing Climate-related Disclosures for Real Estate (Volume 36), which identify sustainability factors that are material to short, medium, and long-term enterprise value for the industry. Prioritisation of Material ESG Issues Environmental Build Social Enable Governance Steward Critical • Climate Resilience (Adaptation and Mitigation) • Energy Efficiency • Water Management Critical • Occupational Health and Safety • Human Capital • Stakeholder Engagementi • Products and Servicesii • Supply Chain Management • Diversity (Board and Staff) Critical • Risk Managementiv • Business Ethics Moderate and Emerging • Waste Management / Circularity • Biodiversity / Natural Capital Moderate and Emerging • Human rightsiii i This includes green leases and tenant engagement on ESG matters. ii This includes products and services promoting customer health and safety, and green-certified buildings. iii This relates to CLI’s zero-tolerance stance towards child/forced labour. iv This includes consideration of compliance, economic performance and cybersecurity. Sustainability Report 2025 13
Environmental • Transit to low-carbon operations and renewable energy sources • Build resilience in its portfolio against climate-related physical and transition risks • Minimise resource usage (energy and water) and increase efficiencies • Minimise waste generation and increase recycling rates • Contribute positively to the natural environment by protecting biodiversity • Engage stakeholders to adopt environmentally sustainable behaviours • CapitaLand Investment 2030 Sustainability Master Plan • CapitaLand Science-Based Targets • CapitaLand Investment Environmental, Health and Safety (EHS) Policy • CapitaLand Investment Sustainable Building Guidelines (SBG) • CLCTML’s CEO is the REIT’s EHS Champion • ISO 14001-certified Environmental Management System ensures accountability to all employees • Environmental KPIs are linked to remuneration for all employees in the REIT Manager Environmental Management System (EMS) • Ensure legal compliance • Identify environmental aspects and manage impact • Adopt SBG, including the Environmental and Social Impact Assessment (ESIA) • Appoint ISO 14001-certified main contractors and set environmental targets/ requirements during procurement • Implement EMS Standard Operating Procedures (SOPs) to ensure environmentally sustainable operations KPIs and Performance-linked Remuneration • Green existing property portfolio • Set eco-efficiency targets and improve performance through tracking of environmental performance • Encourage end users, including tenants, shoppers, guests and the general community, to adopt environmentally sustainable habits Objectives Material Issues Policies Accountability Strategies Stakeholder Engagement Climate Resilience (Adaption and Mitigation) Energy Efficiency Water Management Waste Management / Circularity Biodiversity / Natural Capital Environmental, Social and Governance Framework CapitaLand China Trust 14
Social Governance • Uphold high standards of ethical business practices through a robust governance structure • Oversight and accountability of key sustainability risks and the implementation of sustainability initiatives • Promote individual ownership and responsibility for OHS across the top management, employees, tenants and the supply chain • Achieve zero harm by reducing occupational injury rates • Foster a diverse, inclusive, and skilled workforce while upholding human rights • EHS Policy • Social Charter • Diversity & Inclusion Policy • Harassment Policy • Procurement Policy • Supply Chain Code of Conduct • Unitholders’ Communication and Investor Relations Policy • CLCTML’s CEO is accountable for OHS performance • Accountability and implementation are enforced via the ISO 45001-certified OHS Management System • OHS KPIs are linked to remuneration for all employees in the REIT Manager OHS Management System • Ensure legal compliance • Identify hazards and risk assessment • Adopt CLI SBG, including the Design for Safety framework and ESIA • Execute safe operations via OHS SOPs • Prefer ISO 45001-certified supply chain • Appoint ISO 45001-certified main contractors, or require an OHS legal compliance audit on site KPIs and Performance-linked Remuneration • OHS performance of CLCT’s employees and supply chain • Stakeholder engagement • Engage the supply chain on OHS matters and share the CLI EHS Policy with supply chain partners • Promote safe and healthy behaviour among key stakeholders, including shoppers, tenants, guests, and the community • Board Diversity Policy • Fraud, Bribery and Corruption (FBC) Risk Management Policy • Anti-Money Laundering and Countering the Financing of Terrorism Policy • Ethics and Code of Business Conduct Policies • Whistle-blowing Policy and other procedures • CLCTML’s Board of Directors and CEO have ultimate oversight and responsibility over risk management and business ethics Employees • FBC guides available to all employees via CLI’s intranet • Annual declaration through the “CapitaLand Pledge”, to uphold CapitaLand’s core values, and not to engage in any corruption practices • Governance-related trainings • Enterprise Risk Management Framework and relevant risk policies reviewed annually • Whistle-blowing reporting channels Supply Chain / Partners • FBC Risk Management Policy • Anti-corruption clause in key contracts • Group Procurement • Anti-Money Laundering and Countering Terrorism Financing • Supply Chain Code of Conduct • Regularly engage stakeholders to uphold anti-corruption practices • Communicate sustainability performance, progress, and targets to enhance transparency and accountability Occupational Health and Safety Risk Management Business Ethics Human Capital Stakeholder Engagement Supply Chain Management Diversity Human Rights Products and Services Sustainability Report 2025 15
Environmental CLCT’s Environmental Targets The 2030 SMP outlined the CLI Group’s 2030 targets and pathways to transit to a low-carbon business, improve resource use and enable a circular economy. As a CLI-sponsored REIT, CLCT has incorporated KPIs, most of which are linked to remuneration for all employees in the REIT Manager, including top management. Concurrently, we continue to actively engage stakeholders and implement various measures to achieve these targets. Low-carbon Transition Reduce carbon emissionsii intensity by 72% 44.7% reduction in carbon emissions intensity Reduce energy consumption intensity by 15% 35.0% reduction in energy consumption intensity Contribute to CLI’s 2030 target to achieve 45% of electricity consumption from renewable sources Purchased offsite renewable energy and generated onsite renewable energy, which accounts for 12.2% of the portfolio’s electricity consumption 100% of existing buildings to achieve a minimum green rating Obtained green certification for Ascendas Xinsu Portfolioiii, (With this, ~70%iv of CLCT’s portfolio achieved green rating) Water Conservation and Resilience Reduce water consumption intensity by 15% 45.3% reduction in water consumption intensity Waste Management and Circular Economy Achieve 25% waste recycling rate in its day-to-day operations 21.1% waste recycling rate Sustainable Operation Excellence ISO 14001 certification for its Environmental Management System Retained ISO 14001 certification Manage risks of environmental impact Adopt CLI’s EMS, which is externally audited annually, providing assurance on CLCT’s compliance and alignment to best practice All main contractors appointed are to be ISO 14001-certified, or to comply fully with local environmental laws and regulations, and audited annually by an independent accredited assessor All main contractors appointed in 2025 are ISO 14001-certified i Using 2019 as baseline year, covering CLCT properties managed by CLI. ii Carbon Emissions are mostly from purchased electricity consumption under Scope 2, and some direct energy consumption under Scope 1 as defined by the GHG Protocol (operational control approach). iii Attained LEED GOLD certification for industrial Block A to D of Ascendas Xinsu Portfolio. iv By portfolio gross floor area excluding carpark space. Refers to CLCT properties managed by CLI (sq m). 2030 SMP Targets and CLCT’s Performance 2026 Targets 2025 Performance Areas of Focus 2030 Targetsi 2025 Performance UN SDGs CapitaLand China Trust 16
CLI’s Carbon Mitigation Hierarchy Aligned with CLI, CLCT follows the carbon mitigation hierarchy for decarbonisation across the real estate life cycle, including asset enhancement projects. The carbon offset strategy is reviewed at the CLI Group level. CLCT will align with CLI Group’s carbon offset strategy, which includes the planned use of offsets aligned to the current SBTi requirements, i.e. offsets will only be used in the last-mile for emissions reductions beyond CLI’s science-based reduction targets and decarbonisation strategies (i.e. residual emissions) to reach net zero; and will be sourced from high-quality, reputable carbon credit projects that undergo the necessary verification and certification processes, aligned to international standards , and with a preference for nature-based carbon removal solutions. In this regard, CLI is aiming to ensure the credibility and integrity of the offsets that it plans to procure. IFRS S2 36(e) Low Consumption Design Applying sustainable design principles to lower consumption of energy, water, waste, materials and improved indoor environment quality (for AEI or new development projects). E.g. products with low embodied carbon, optimising daylight to reduce reliance on artificial lighting etc. Avoid Onsite Renewables Explore opportunities to deploy renewable power systems at the assets. E.g. Solar photovoltaic (PV) on building rooftops wherever feasible, explore & pilot new technologies & innovations like micro-wind turbines, waste-to-energy solutions, building integrated PV etc. Green Power Procurement Enter into Renewable Power Purchase Agreements (PPA) with offsite solar, wind & hydro farms in geographies where it is technically and regulatory-wise feasible. Renewable Energy Certificates A lower priority solution to be utilised only in cases where no further onsite renewable or offsite renewable power procurement is feasible. Replace Carbon Offsets Last-mile option to address any residual carbon after all direct carbon-abatement initiatives have been exhausted. Compensate Smart Building Analytics To adopt smart metering and monitoring system to enhance controllability of the various systems in the assets to operate more efficiently. E.g. Intelligent Building Platform (cloud-based; IoT-driven) that enables centralised monitoring and data analytics-based insights towards optimising equipment performance. Reduce High Energy Efficiency Building services (mechanical, electrical and hydraulic system) shall be efficient. E.g. high efficiency heating, ventilation and air-conditioning (HVAC) design and equipment, LED lighting, conversion of gas equipment (e.g. gas boilers) to electric such as heat pumps. Sustainability Report 2025 17
Environmental Managing its Environmental Footprint CLCT adopts CLI’s EHS Policy and uses the EMS as a key tool in managing its environmental footprint across its portfolio. The EMS is integrated with CLI’s OHSMS to form CLI’s Environmental, Health, and Safety Management System (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. CLCT’s EHS Committee is responsible for implementing the EHSMS. We stay committed to protecting the environment and continuously monitoring our portfolio's environmental footprint and performance. We aim to reduce our GHG emissions footprint and waste generation while increasing the operational efficiency within our properties and operations. Risk Management of Environmental Aspects and Impacts CLI’s EHSMS takes a systematic approach to managing CLCT’s environmental impact, continuously improving performance by assessing and managing potential environmental risks. The significance and impact of each environmental aspect are evaluated through risk assessments, considering factors like likelihood, impact severity, and control measures. As part of the ISO 14001 EMS, legal requirements are reviewed quarterly, with compliance assessed annually. Training To ensure the effective implementation of CLI’s EHSMS, comprehensive training and awareness programmes are conducted for all CLCT employees. Our property management teams in China have also participated in EHS-related training sessions in 2025, and it is mandatory for all new personnel within these property management teams to be introduced to CLI’s EHS Policy and EHSMS as part of their onboarding process. Please refer to the Social chapter on page 29 of this Report for more details on training and awareness programmes. Internal and External Audit As a CLI-sponsored REIT, CLCT taps into the internal and external audit system of CLI to ensure that the implementation of its EMS is effective and aligned with the ISO 14001 and ISO 45001 standards. CLI ensures that external audits are conducted annually by an accredited third-party certification body. An annual audit of the EMS provides assurance to CLCT’s stakeholders on CLCT’s commitment to best practices. High-Performance Sustainable Assets Green building ratings and certifications play a crucial role in assuring and showcasing the quality of CLCT’s portfolio. These ratings serve as an external validation that key environmental aspects have been considered and incorporated in new acquisitions, refurbishment, and operations. Green Building Rating As part of CLI’s 2030 SMP, CLCT 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. To elevate our green building commitment, a detailed work plan has been established with annual green certification targets tied to the remuneration of key management and employees. In 2025, we attained LEED Gold certification for the Ascendas Xinsu Portfolio14. As of 31 December 2025, approximately 70% of CLCT’s portfolio by GFA is green-certified. As an international corporate social citizen, CLI is committed to protecting the environment and upholding the occupational health and safety of everyone in the workplace*, and will: • Implement the CLI EHS Policy • Seek continual improvement in its EHS performance • Comply with pertinent legislation and other requirements • Implement the CLI Sustainable Building Guidelines and Occupational Health and Safety programmes This policy is readily available to all employees, suppliers, service providers and partners. * This includes implementing the EHSMS. CLI Environmental, Health and Safety Policy 14 Attained LEED GOLD certification for Industrial Block A to D of Ascendas Xinsu Portfolio. CapitaLand China Trust 18
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