CDL: Minutes of the 57th Annual General Meeting of the Company held on 24 June 2020

CITY DEVELOPMENTS LIMITED

(Co. Reg. No. 196300316Z)

(Incorporated in the Republic of Singapore)

Minutes of the Fifty-Seventh Annual General Meeting ("AGM") of City Developments Limited ("CDL" or the "Company") duly convened and held by electronic means via live audio-visual webcast and live audio-only stream on Wednesday, 24 June 2020 at 3.00 p.m.

AGM Attendance:
Directors:	On-site:
	Mr Kwek Leng Beng (Executive Chairman)
	Mr Sherman Kwek Eik Tse (Executive Director and Group Chief
	Executive Officer ("Group CEO"))
	Via video-conference:
	Mr Kwek Leng Peck (Non-executiveNon-independent Director)
	Ms Jenny Lim Yin Nee (Lead Independent Director, Chairman of the
	Audit & Risk Committee and Chairman of the Remuneration
	Committee)
	Mr Yeo Liat Kok Philip (Independent Director and Chairman of the
	Nominating Committee)
	Mr Tan Poay Seng (Independent Director)
	Ms Tan Yee Peng (Independent Director and Chairman of the Board
	Sustainability Committee)
	Mr Koh Thiam Hock (Independent Director)
Senior Management:	Via video-conference:
	Mr Chia Ngiang Hong (Group General Manager)
	Mr Kwek Eik Sheng (Group Chief Strategy Officer)
	Mr Frank Khoo (Group Chief Investment Officer)
	Ms Yiong Yim Ming (Group Chief Financial Officer)
	Mr Clarence Tan (Group Chief Executive Officer, Millennium &
	Copthorne Hotels Limited)
Company Secretaries:	Via audio-visual webcast:
	Ms Shufen Loh @ Catherine Shufen Loh
	Ms Enid Ling Peek Fong
Independent Scrutineers:	Via audio-visualwebcast:
	Mr Andrew Tay, TS Tay Public Accounting Corporation
Auditors, KPMG LLP:	Via audio-visual webcast:
	Mr Roger Tay
	Ms Lo Mun Wai
	Ms Voo Poh Jee
	Mr Ryan Chu

The full attendance list of shareholders and observers as well as the Share Registrars, M&C Services Private Limited, who had attended the AGM via audio-visual webcast and live audio-only stream is separately maintained by the Company Secretaries.

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City Developments Limited

Minutes of the 57th Annual General Meeting held on 24 June 2020

1. COMMENCEMENT OF MEETING
   The Chairman welcomed shareholders to the AGM and informed that the AGM had been convened and was being held via live audio-visual webcast and live audio-only stream, in accordance with the COVID-19 (Temporary Measures) (Alternative Arrangements for Meetings for Companies, Variable Capital Companies, Business Trusts, Unit Trusts and Debenture Holders) Order 2020.
   As a quorum was present, the Chairman called the Meeting to order.
   The Chairman introduced Mr Sherman Kwek, an Executive Director and the Group CEO of the Company, who was in attendance with him at the site of the webcast. The Chairman also introduced the other Directors and the Senior Management team, comprising the Group General Manager, Group Chief Strategy Officer, Group Chief Investment Officer, Group Chief Financial Officer and Group CEO of Millennium & Copthorne Hotels Limited, all of whom were participating in the Meeting via video link-ups.
   The Company Secretaries as well as representatives of the Company's External Auditors, KPMG LLP, were also in attendance online.
2. NOTICE
   The AGM Notice had been made available to all Shareholders by electronic means via publication on the Company's website and on Singapore Exchange Securities Trading Limited ("SGX-ST") and was taken as read.
3. PRESENTATION BY THE GROUP CEO
   At the Chairman's request, Mr Sherman Kwek, the Group CEO, gave a presentation on the Group's performance and operations in 2019 and its focus for 2020. The areas covered under the presentation included the following:

• Key Highlights - slides comprised:

1. the key financial highlights for the financial year ended 31 December 2019 ("FY 2019"), noting that the decrease in revenue was due to the timing of revenue recognition for property development segment. However, the Group continued to show a strong EBITDA of $1.13 billion (a drop of 5.2% year-on-year) despite the 18.8% decline in revenue;

1. the proposed special final and final dividends in respect of FY 2019, the share price performance over the year, and the total shareholders' return of 37.3% (taking into

account the proposed dividends for FY 2019);

1. the Group's diversified global portfolio, showing percentage of revenue by geographical location and by business segments;

1. the growing global footprint of the Group, highlighting the strategic investments and acquisitions made in FY 2019 totaling more than $2.3 billion in UK and Europe, China,

Australia, Japan and Singapore;

1. Property Development (Singapore operations) had a record launch of 6 projects in 2019, and sold 1,554 units with sales value of $3.3 billion;

1. Asset Management (Singapore operations) showed strong committed occupancy rates of 90.9% for its Office portfolio and 94.4% for its Retail portfolio (as at 31 March

2020), with a well-spread lease expiry profile over the next few years;

1. International Operations - showing the key milestones achieved in 2019 in the private rented sector (PRS) in UK and Japan, growth of property development portfolio in

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Minutes of the 57th Annual General Meeting held on 24 June 2020

Australia, property development sales in China and the asset management growth in UK pursuant to the acquisition of two prime freehold Central London office assets;

1. Hospitality segment -the successful privatization of Millennium & Copthorne Hotels Limited in 2019, the Group's focus on integration and holistic review of the enlarged

hotel operations segment to improve operational processes and to maximise shareholders' value; and

• 1. the list of key accolades received in 2019 from the business and performance perspectives and on the sustainability front.
• COVID-19Impact - slides comprised:
• 1. operational impact arising from the unprecedented disruption across all business

segments of the Group, namely property development, asset management and hospitality segments;

1. Property Development - residential sales and development progress were impacted by circuit breaker restrictions, such as temporary closure of 6 sales galleries in Singapore and the halt of construction works. Nevertheless, the operations remained nimble with enhanced digital marketing initiatives and continued to register sales despite the closure of sales galleries. Subject to market conditions, the Group expects to launch the 566-unit Penrose, a joint venture project at Sims Drive, in in the second half of 2020 and the 222-unit Brickworks Park, a residential project in the Alderley

suburb, Brisbane, Australia;

1. Asset Management - over $30 million in rental relief and support given to tenants in Singapore and overseas;

1. Hotel Operations - the Q1 2020 performance was severely impacted with declines in global occupancy rates, RevPAR and ARR, and as at 21 June 2020, 23% of the

Group's hotels are closed (35 hotels);

1. the implementation of business optimisation and cost management measures, the Group's operational resilience achieved from a digital-ready workforce, the

community initiatives undertaken to support vulnerable individuals, families and communities affected by COVID-19; and

• 1. capital management - focusing on the Group's strong balance sheet and liquidity position as at 31 March 2020.
• Outlook - focusing on the Group's GET strategy, namely Growth, Enhancement and Transformation with slides comprising the following:

1. Growth drivers - a diversified residential launch pipeline of more than 1,800 units

ranging from mass-market to high-end development projects expected to be launched in the second half of 2020 and in 2021;

1. Enhancement drivers - through redevelopment and repositioning of the Group's existing asset portfolio, e.g. the Group is doing a feasibility study for redevelopment of eligible assets such as Fuji Xerox Towers under the CBD Incentive Scheme, and

doing a holistic review of the Group's enlarged hotel portfolio;

1. Transformation drivers - the Group has stayed on course to achieve Assets under Management (AUM) of US$5 billion by 2023 through the establishment of fund management platforms and strategic acquisition of increased stakes in IREIT Global. Another key driver was the acquisition of a 51.01% joint controlling stake of Sincere Property Group in a transformational China platform deal. With a call option exercisable in 2022 for another 9.00% stake, CDL could increase its stake to 60.01% and gain control of one of China's Top 100 Developers.

After the presentation, the Group CEO handed over the proceedings to the Chairman.

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City Developments Limited

Minutes of the 57th Annual General Meeting held on 24 June 2020

1. RESPONSES TO QUESTIONS FROM SHAREHOLDERS
   The Chairman informed Shareholders that the Company had published its responses to all the substantial and relevant questions submitted by shareholders in advance of the Meeting on its corporate website and on SGXNET on 19 June 2020 and on 24 June 2020 (the "Company's Responses"), prior to the AGM.
   The presentation slides presented by the Group CEO would be made available on SGXNET and the Company's corporate website later in the evening, after the AGM. The Company's Responses and the Group CEO's presentation slides are annexed to these minutes and marked "A-1" and "A-2" respectively.
2. VOTING

The Chairman thanked Shareholders for taking the effort to submit their proxy forms to cast their votes for the resolutions contained in the AGM Notice.

He informed the Meeting that each of the resolutions would be taken as duly tabled, proposed and seconded for voting. As the appointed proxy for Shareholders, he had voted on all the AGM resolutions in accordance with the specific instructions of the Shareholders.

The Company had appointed Trusted Services Pte Ltd as the polling agent and TS Tay Public Accounting Corporation as the independent scrutineers. The Chairman advised that all proxy votes cast had been reviewed by the polling agent and verified by the scrutineers.

The Chairman proceeded to announce the results of the votes cast for each of the resolutions contained in the AGM Notice.

ORDINARY BUSINESS:

6. ORDINARY RESOLUTION 1

ADOPTION OF DIRECTORS' STATEMENT AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019 AND THE AUDITORS' REPORT THEREON

The Chairman informed that Ordinary Resolution 1 was to receive and adopt the Directors' Statement and Audited Financial Statements for FY 2019 and the Auditors' Report thereon.

The Annual Report 2019 had been published on the Company's website and on SGXNET.

It was RESOLVED that the Directors' Statement and Audited Financial Statements of the Company and of the Group for the year ended 31 December 2019 and the Auditors' Report thereon be and are hereby received and adopted.

Results of the votes cast for Ordinary Resolution 1 were as follows:

Total Number	FOR		AGAINST
of shares
represented by	No. of shares	%	No. of shares		%
Votes Cast
690,372,251	690,239,451	98.98	132,800		0.02

The Chairman declared the Ordinary Resolution carried by a majority vote.

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Minutes of the 57th Annual General Meeting held on 24 June 2020

7.	ORDINARY RESOLUTION 2
	DECLARATION OF A FINAL ORDINARY DIVIDEND AND A SPECIAL FINAL ORDINARY
	DIVIDEND
	Ordinary Resolution 2 was to declare a final ordinary dividend and a special final ordinary
	dividend for FY 2019.
	It was RESOLVED that a final one-tiertax-exempt ordinary dividend of 8.0 cents per ordinary
	share and a special final one-tiertax-exempt ordinary dividend of 6.0 cents per ordinary share
	for FY 2019 be and are hereby declared for payment on 16 July 2020 to Shareholders
	registered on 6 July 2020.
	Results of the votes cast for Ordinary Resolution 2 were as follows:
		Total Number	FOR		AGAINST
		of shares
		represented by	No. of shares		%	No. of shares		%
		Votes Cast
		690,509,745	690,446,945		99.99	62,800		0.01
	The Chairman declared the Ordinary Resolution carried by a majority vote.
8.	ORDINARY RESOLUTION 3
	APPROVAL OF DIRECTORS' FEES
	Ordinary Resolution 3 was to approve Directors' Fees.
	It was noted that the Directors' Fees relate to FY 2019. The structure of the fees payable to
	the Directors was found on page 44 of the Annual Report.
	It was RESOLVED that the Directors' Fees of $1,388,301.37 for FY 2019 be and are hereby
	approved.
	Results of the votes cast for Ordinary Resolution 3 were as follows:
		Total Number	FOR		AGAINST
		of shares
		represented by	No. of shares		%	No. of shares		%
		Votes Cast
		689,636,449	689,085,849		99.92	550,600		0.08
	The Chairman declared the Ordinary Resolution carried by a majority vote.
9.	ORDINARY RESOLUTION 4
	RE-ELECTION OF DIRECTORS
	The Chairman informed that Ordinary Resolution 4 was to re-elect Directors retiring in
	accordance with the Company's Constitution.
	In accordance with Article 83(a) of the Company's Constitution, the Chairman, Ms Tan Yee
	Peng and Mr Koh Thiam Hock would retire as Directors at the Meeting and being eligible, they
	have offered themselves for re-election. Further information on Directors seeking re-election
	could be found under the sections	on Board of Directors and	Additional Information on

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Minutes of the 57th Annual General Meeting held on 24 June 2020

Directors Seeking Re-election in the Annual Report and in notes 2, 3 and 4 of the Notice of AGM. The Nominating Committee had recommended their re-election as Directors of the Company.

9.1 Ordinary Resolution 4(a) - Re-election of Mr Kwek Leng Beng as Director

Ordinary Resolution 4(a) was to re-elect Mr Kwek Leng Beng who was due to retire at the Meeting as a Director of the Company.

It was RESOLVED that Mr Kwek Leng Beng, who is due to retire at the Meeting, be and is hereby re-elected as a Director of the Company.

Results of the votes cast for Ordinary Resolution 4(a) were as follows:

Total Number	FOR		AGAINST
of shares
represented by	No. of shares	%	No. of shares		%
Votes Cast
688,857,355	642,099,838	93.21	46,757,517		6.79

The Chairman declared the Ordinary Resolution carried by a majority vote.

9.2 Ordinary Resolution 4(b) - Re-election of Ms Tan Yee Peng as Director

Ordinary Resolution 4(b) was to re-elect Ms Tan Yee Peng who was due to retire at the Meeting as a Director of the Company.

It was RESOLVED that Ms Tan Yee Peng who is due to retire at the Meeting, be and is hereby re-elected as a Director of the Company.

Results of the votes cast for Ordinary Resolution 4(b) were as follows:

Total Number	FOR		AGAINST
of shares
represented by	No. of shares	%	No. of shares		%
Votes Cast
690,509,745	688,807,485	99.75	1,702,260		0.25

The Chairman declared the Ordinary Resolution carried by a majority vote.

9.3 Ordinary Resolution 4(c) - Re-election of Mr Koh Thiam Hock as Director

Ordinary Resolution 4(c) was to re-elect Mr Koh Thiam Hock who was due to retire at the Meeting as a Director of the Company.

It was RESOLVED that Mr Koh Thiam Hock who is due to retire at the Meeting, be and is hereby re-elected as a Director of the Company.

Results of the votes cast for Ordinary Resolution 4(c) were as follows:

Total Number	FOR		AGAINST
of shares
represented by	No. of shares	%	No. of shares		%
Votes Cast
690,509,745	688,831,088	99.76	1,678,657		0.24

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City Developments Limited

Minutes of the 57th Annual General Meeting held on 24 June 2020

The Chairman declared the Ordinary Resolution carried by a majority vote.

10.	ORDINARY RESOLUTION 5
	RE-ELECTION OF MR SHERMAN KWEK EIK TSE AS DIRECTOR
	Ordinary Resolution 5 was to re-elect Mr Sherman Kwek Eik Tse who was due to retire at the
	Meeting as a Director of the Company.
	In accordance with Article 76 of the Company's Constitution, Mr Sherman Kwek was due to
	retire as a Director at the Meeting and, being eligible, had offered himself for re-election.
	Further information on Mr Sherman Kwek can be found under the sections on Board of
	Directors and Additional Information on Directors Seeking Re-election in the Annual Report
	and in note 5 of the Notice of AGM. The Nominating Committee had recommended his re-
	election as a Director.
	It was RESOLVED that Mr Sherman Kwek Eik Tse, who is due to retire at the Meeting, be and
	is hereby elected as a Director of the Company.
	Results of the votes cast for Ordinary Resolution 5 were as follows:
		Total Number	FOR		AGAINST
		of shares
		represented by	No. of shares		%	No. of shares		%
		Votes Cast
		690,509,745	688,625,961		99.73	1,883,784		0.27
	The Chairman declared the Ordinary Resolution carried by a majority vote.
11.	ORDINARY RESOLUTION 6
	RE-APPOINTMENT OF KPMG LLP AS AUDITORS
	The Chairman informed the Meeting that the Audit & Risk Committee had recommended the
	re-appointment of KPMG LLP as Auditors and KPMG LLP had expressed its willingness to be
	re-appointed.
	It was RESOLVED that KPMG LLP be and are hereby re-appointed Auditors of the Company
	to hold office until the conclusion of the next Annual General Meeting and that the Directors be
	authorised to fix their remuneration.
	Results of the votes cast for Ordinary Resolution 6 were as follows:
		Total Number	FOR		AGAINST
		of shares
		represented by	No. of shares		%	No. of shares		%
		Votes Cast
		690,509,745	677,038,442		98.05	13,471,303		1.95

The Chairman declared the Ordinary Resolution carried by a majority vote.

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City Developments Limited

Minutes of the 57th Annual General Meeting held on 24 June 2020

SPECIAL BUSINESS

12. ORDINARY RESOLUTION 7

AUTHORITY TO DIRECTORS TO ISSUE SHARES

Ordinary Resolution 7 would empower the Directors from the date of the Meeting until the next AGM, to issue ordinary shares or grant Instruments that might require shares to be issued up to a number not exceeding 100% of the total number of issued shares of the Company, excluding treasury shares and subsidiary holdings, with a limit of 10% for any issue of ordinary shares not made on a pro rata basis to Shareholders. The authority will expire at the next AGM, unless revoked or varied at a general meeting. Further information on Ordinary Resolution 7 have been set out in explanatory note 6 of the AGM notice.

It was RESOLVED that authority be and is hereby given to the Directors to:

1. (i) issue ordinary shares of the Company whether by way of rights, bonus or otherwise; and/or
2. 1. make or grant offers, agreements or options (collectively, "Instruments") that might or would require ordinary shares to be issued, including but not limited to the creation and issue of (as well as adjustments to) warrants, debentures or other instruments convertible into ordinary shares,

at any time and upon such terms and conditions and for such purposes and to such persons as the Directors may, in their absolute discretion, deem fit; and

1. (notwithstanding the authority conferred by this Ordinary Resolution may have ceased to be in force) issue ordinary shares in pursuance of any Instrument made or granted by the Directors while this Ordinary Resolution was in force,

provided that:

1. the aggregate number of ordinary shares to be issued pursuant to this Ordinary Resolution (including ordinary shares to be issued in pursuance of Instruments made or granted pursuant to this Ordinary Resolution but excluding ordinary shares which may be issued pursuant to any adjustments effected under any relevant Instrument) does not exceed 100% of the total number of issued ordinary shares, excluding treasury shares and subsidiary holdings, of the Company (as calculated in accordance with paragraph
   (2) of this Ordinary Resolution), of which the aggregate number of ordinary shares to be issued other than on a pro rata basis to shareholders of the Company (including ordinary shares to be issued in pursuance of Instruments made or granted pursuant to this Ordinary Resolution but excluding ordinary shares which may be issued pursuant to any adjustments effected under any relevant Instrument) does not exceed 10% of the total number of issued ordinary shares, excluding treasury shares and subsidiary holdings, of the Company (as calculated in accordance with paragraph (2) of this Ordinary Resolution);
2. (subject to such manner of calculation as may be prescribed by Singapore Exchange Securities Trading Limited ("SGX-ST")) for the purpose of determining the aggregate number of ordinary shares that may be issued under paragraph (1) of this Ordinary Resolution, the percentage of issued ordinary shares, excluding treasury shares and subsidiary holdings, shall be based on the total number of issued ordinary shares, excluding treasury shares and subsidiary holdings, of the Company at the time this Ordinary Resolution is passed, after adjusting for:

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Minutes of the 57th Annual General Meeting held on 24 June 2020

1. new ordinary shares arising from the conversion or exercise of any convertible securities or share options or vesting of share awards which are outstanding or subsisting at the time this Ordinary Resolution is passed; and
2. any subsequent bonus issue, consolidation or subdivision of ordinary shares;

and, in paragraph (1) of this Ordinary Resolution and this paragraph (2), "subsidiary holdings" has the meaning given to it in the Listing Manual of the SGX-ST;

1. in exercising the authority conferred by this Ordinary Resolution, the Company shall comply with the provisions of the Listing Manual of the SGX-ST for the time being in force (unless such compliance has been waived by SGX-ST) and the Constitution for the time being of the Company; and
2. (unless revoked or varied by the Company in general meeting) the authority conferred by this Ordinary Resolution shall continue in force until the conclusion of the next Annual General Meeting of the Company ("AGM") or the date by which the next AGM of the Company is required by law to be held, whichever is the earlier.

Results of the votes cast for Ordinary Resolution 7 were as follows:

Total Number	FOR		AGAINST
of shares
represented by	No. of shares	%	No. of shares		%
Votes Cast
690,509,745	680,272,661	98.52	10,237,084		1.48

The Chairman declared the Ordinary Resolution carried by a majority vote.

13. ORDINARY RESOLUTION 8

RENEWAL OF THE SHARE PURCHASE MANDATE

The Share Purchase Mandate, which Shareholders renewed at the Company's last AGM, would expire at this AGM. Ordinary Resolution 8 would empower the Directors to make purchases or otherwise acquire the Company's issued ordinary shares and/or Preference Shares from time to time. Such authority would continue in force until the conclusion of the next AGM of the Company, unless revoked or varied at a general meeting.

The rationale and terms of the Share Purchase Mandate were set out in the Letter to Shareholders dated 2 June 2020 ("Letter to Shareholders").

It was RESOLVED: That:

1. for the purposes of Sections 76C and 76E of the Companies Act, Chapter 50 of Singapore (the "Companies Act"), the exercise by the Directors of the Company of all the powers of the Company to purchase or otherwise acquire issued ordinary shares ("Ordinary Shares") and/or non-redeemable convertible non-cumulative preference shares ("Preference Shares") of the Company not exceeding in aggregate the Prescribed Limit (as hereinafter defined), at such price or prices as may be determined by the Directors of the Company from time to time up to the Maximum Price (as hereinafter defined), whether by way of:

(i) market purchases (each a "Market Purchase") on SGX-ST; and/or

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Minutes of the 57th Annual General Meeting held on 24 June 2020

1. off-marketpurchases (each an "Off-MarketPurchase") effected otherwise than on SGX-ST in accordance with any equal access scheme(s) as may be determined or formulated by the Directors of the Company as they may, in their absolute discretion, deem fit, which scheme(s) shall satisfy all the conditions prescribed by the Companies Act,

and otherwise in accordance with all other laws, regulations and rules of SGX-ST as may for the time being be applicable, be and is hereby authorised and approved generally and unconditionally ("Share Purchase Mandate");

1. the authority conferred on the Directors of the Company pursuant to the Share Purchase Mandate may be exercised by the Directors of the Company at any time and from time to time during the period commencing from the date of the passing of this Ordinary Resolution and expiring on the earliest of:
2. 1. the date on which the next AGM of the Company is held or required by law to be held;
   2. the date on which the authority conferred by the Share Purchase Mandate is varied or revoked in general meeting; or
   3. the date on which the purchases or acquisitions of Ordinary Shares and/or Preference Shares pursuant to the Share Purchase Mandate are carried out to the full extent mandated;
3. in this Ordinary Resolution:
   "Prescribed Limit" means in relation to any purchase or acquisition of Ordinary Shares, the number of issued Ordinary Shares representing 10% of the total number of issued Ordinary Shares as at the date of the passing of this Ordinary Resolution (excluding treasury shares and subsidiary holdings (as defined in the Listing Manual of the SGX- ST) as at that date), and in relation to any purchase or acquisition of Preference Shares, the number of issued Preference Shares representing 10% of the total number of issued Preference Shares as at the date of the passing of this Ordinary Resolution; and
   "Maximum Price" in relation to an Ordinary Share or a Preference Share to be purchased or acquired (as the case may be) means an amount (excluding brokerage, stamp duties, applicable goods and services tax and other related expenses) not exceeding whether pursuant to a Market Purchase or an Off-Market Purchase,105% of the Average Closing Price of the Ordinary Shares or Preference Shares (as the case may be):
   where:
   "Average Closing Price" means the average of the Closing Market Prices of the Ordinary Shares or Preference Shares (as the case may be) over the last five (5) Market Days on SGX-ST, on which transactions in the Ordinary Shares or Preference Shares (as the case may be) were recorded, immediately preceding the day of the Market Purchase by the Company, and deemed to be adjusted for any corporate action that occurs after such 5-Market Day period;
   "Closing Market Price" means the last dealt price for an Ordinary Share or a Preference Share (as the case may be) transacted on SGX-ST as shown in any publication of SGX- ST or other sources;

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Minutes of the 57th Annual General Meeting held on 24 June 2020

"day of the making of the offer" means the day on which the Company makes an offer for the Off-Market Purchase of Ordinary Shares or Preference Shares (as the case may be) from holders of Ordinary Shares or holders of Preference Shares (as the case may be), stating the purchase price (which shall not be more than the Maximum Price for an Off-Market Purchase, calculated on the foregoing basis) for each Ordinary Share or Preference Share (as the case may be), and the relevant terms of the equal access scheme for effecting the Off-Market Purchase; and

"Market Day" means a day on which SGX-ST is open for trading in securities; and

1. the Directors of the Company be and are hereby authorised to complete and do all such acts and things (including executing such documents as may be required) as they may consider expedient or necessary to give effect to the transactions contemplated by this Ordinary Resolution.

Results of the votes cast for Ordinary Resolution 8 were as follows:

Total Number	FOR		AGAINST
of shares
represented by	No. of shares	%	No. of shares		%
Votes Cast
689,636,449	686,314,348	99.52	3,322,101		0.48

The Chairman declared the Ordinary Resolution carried by a majority vote.

14. ORDINARY RESOLUTION 9

RENEWAL OF IPT MANDATE FOR INTERESTED PERSON TRANSACTIONS

Ordinary Resolution 9 relates to the renewal of the IPT Mandate for Interested Person Transactions. The IPT Mandate was last renewed at the Company's AGM in 2019, and would expire at this AGM. Information relating to the IPT Mandate had been set out in the Letter to Shareholders.

The Chairman informed the Meeting that companies in the Hong Leong Investment Holdings Pte. Ltd. Group as well as Directors who hold shares in the Company, had abstained from voting on the Ordinary Resolution 9.

It was RESOLVED:

1. That approval be and is hereby given for the purpose of Chapter 9 of the Listing Manual of SGX-ST, for the Company, its subsidiaries and its associated companies that are not listed on SGX-ST, or an approved exchange, over which the Company, its subsidiaries and/or its interested person(s), have control, or any of them, to enter into any of the transactions falling within the category of Interested Person Transactions, particulars of which are set out in the Company's Circular to Shareholders dated 2 June 2020 (the "Circular") with any party who is of the class or classes of Interested Persons described in the Circular, provided that such transactions are entered into in accordance with the review procedures for Interested Person Transactions as set out in the Circular, and that such approval (the "IPT Mandate"), shall unless revoked or varied by the Company in General Meeting, continue in force until the next AGM of the Company; and
2. That the Directors of the Company and each of them be and are hereby authorised to complete and do all such acts and things (including executing all such documents as may be required) as they or he may consider expedient or necessary or in the interests of the Company to give effect to the IPT Mandate and/or this Ordinary Resolution.

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City Developments Limited

Minutes of the 57th Annual General Meeting held on 24 June 2020

Results of the votes cast for Ordinary Resolution 9 were as follows:

Total Number	FOR		AGAINST
of shares
represented by	No. of shares	%	No. of shares		%
Votes Cast
249,150,365	243,308,405	97.66	5,841,960		2.34

The Chairman declared the Ordinary Resolution carried by a majority vote.

15. CONCLUSION

There being no other ordinary business, the Chairman thanked the Shareholders for their participation at this AGM and continued support for the Company. He wished good health and safety to all Shareholders during this period.

He declared the Meeting closed at 3.50 p.m.

Read and signed as correct,

(Signed by Mr Kwek Leng Beng)

_______________________

Chairman

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A-1

CITY DEVELOPMENTS LIMITED

(Co. Reg. No. 196300316Z)

ANNUAL GENERAL MEETING (AGM) TO BE HELD ON 24 JUNE 2020

• RESPONSES TO SUBSTANTIAL AND RELEVANT QUESTIONS FROM SHAREHOLDERS

The Board of Directors of City Developments Limited (the "Company") refers to the Company's announcement on 2 June 2020 on the alternative arrangements for the AGM, and in particular, to the invitation for shareholders to submit questions in advance of the AGM. The Company wishes to thank shareholders for the questions submitted.

The Appendix sets out the Company's response to the questions received from shareholders that are relevant to the AGM resolutions and the business of the Group. For ease of reference, we have grouped together questions which are similar in nature or pertain to the same subject matter.

With regard to questions relating to our business outlook, especially the impact arising from the COVID-19 pandemic in Singapore and globally, we also refer shareholders to the Company's operational update for the 1st quarter ended 31 March 2020together with the presentation deck which were both issued on 12 May 2020. These documents may be found on the Company's corporate website as well as on the website of the Singapore Exchange.

By Order of the Board

Enid Ling Peek Fong

Company Secretary

19 June 2020

CITY DEVELOPMENTS LIMITED

(Co. Reg. No. 196300316Z)

(Incorporated in the Republic of Singapore)

			APPENDIX
A		DIVIDEND
No.		Question	Response
A1		Will the current	The final dividend of $0.08 per ordinary share and special final
		dividend payment be	dividend of $0.06 per ordinary share (collectively, the
		affected by the COVID-	"Dividends") were recommended by the Board in February
		19 shutdown?	2020. This recommendation remains unchanged and the
		Given the COVID-19	proposed declaration of the Dividends will be tabled at the
		AGM for approval.
		situation, what is the
		dividend policy please?	The proposed Dividends, if approved by the shareholders at
		In what way will the	the forthcoming AGM, will be paid on 16 July 2020.
		next dividend policy be	In line with our Dividend Policy (please see page 52 of our
		affected, and is there a	Annual Report 2019), the Group aims to provide a return to
		chance that the same	shareholders at least once a year through the payment of
		dividend be maintained	dividends, after taking into account the Group's financial
		as the latest one?	performance, short and long term capital requirements, future
			investment plans, general global and business economic
			conditions and any regulatory factors.
			As the COVID-19 situation remains fluid, the full extent of the
			impact of the pandemic on the Group's business and its
			financial performance for the rest of FY 2020 cannot be
			conclusively determined yet. At this stage, the Board is unable
			to provide any confirmation on the dividend rates in connection
			with the Company's ordinary shares going forward.
			The Board strives to continuously maintain a balance between
			shareholders' expectations and prudent capital management.

1

B	BUSINESS OPERATIONS, STRATEGY AND OUTLOOK
No.	Question		Response
B1	Does CDL cover		We continually explore ways to enhance and unlock value from
	'property management'		our asset portfolio, as outlined in our GET strategy of Growth,
	across all its		Enhancement and Transformation.
	geographical locations?
	If it does, any potential		Our Group's track record in property development and asset
	to unlock value via		management helps to set the foundation for building up our
	separate listing(s) on		fund management business, and our plans include the
	the local or foreign		potential setting up of private funds and/or REITs to unlock
	stock exchanges?		value and accelerate growth.
B2	What is the strategy		To mitigate the impact of the pandemic, the Group has
	going forward to		implemented a series of business optimisation and cost control
	address the current		initiatives to reduce operating expenses. The Group continues
	challenges posed by	to review its borrowings position to capitalise on the low
	COVID-19 and the low		interest environment.
	interest environment?		While we continue to embrace a highly disciplined capital
			management approach of conserving cash and maintaining
			liquidity to face any challenges arising from the pandemic, we
		are also mindful that there are opportunities to be seized and
		we will continue to find ways to accelerate growth and create
		lasting value.
B3	Do you expect the		The global economy has been severely disrupted by COVID-
	COVID-19 outbreak		19 and companies globally are facing short-term pressures as
	to affect foreign		quick recovery is not foreseeable in the near-term.
	investment in
	Singapore? If so, how		The Singapore Government has to-date put in place four
	will it be affected?		stimulus budget packages, comprising nearly $100 billion or
			close to 20% of Singapore's GDP, to help businesses and
			households cope with the devastating economic impact from
		COVID-19. While we expect longer term economic challenges
			to remain formidable, we are confident that with the
			Government's swift and decisive response, Singapore will
			continue to be an attractive investment destination anchored
			by a strong reputation and track record. In such challenging
			times, investors value the stable political environment, high
			transparency, good governance and well-developed
			infrastructure that Singapore offers.
			For the first four months of this year, EDB has already secured
			$13 billion of investment commitments from MNCs - reflecting
			investors' confidence and desire to remain vested and grow
			their business in Singapore. With more innovative projects in
			the pipeline, it will create new and exciting opportunities for
			Singapore and our workforce.
			Post-COVID-19, the Group believes Singapore will emerge
			stronger with foresight and resilience. The Future Economy
			strategies will similarly put us in good standing with investors.
			Businesses have been working hard to transform themselves,
		2

		deepen their capabilities and enhance their business models
		to adapt to the uncertainties ahead.
B4	What is the projection	Several new launches this year have registered strong sales
	in growth for the	reflecting Singapore's resilient housing market and healthy
	Singapore property	home demand for first-time buyers and upgraders. During the
	market in the next five	circuit breaker period, sales transactions continued (albeit
	years?	slower) despite restrictions placed on physical interaction and
		viewing of show flats.
		The Group stepped up its digital marketing efforts through the
		use of e-collaterals,virtual toursof its showflats and online
		sales presentations. Interest was encouraging and we saw an
		increase of over 30% in online traffic views for our launched
		projects during the circuit breaker period. Moving forward, we
		will continue to adopt more virtual marketing tools to assist in
		our sales and engagement efforts, which has been positively
		received and effective.
		Residential prices are likely to remain competitive. On 6 May
		2020, the Singapore Government announced asix-month
		extensionon [1] Project Completion Periods (PCPs), [2]
		Qualifying Certificate (QC) deadlines for developers and [3]
		Additional Buyer's Stamp Duty (ABSD) remission deadlines for
		property developers. This extension helps to mitigate the
		current disruptions arising from COVID-19 safe management
		measures, as well as the constraints in manpower and supply
		chain challenges faced by developers.
		Developers are likely to pace out their launches and the
		Government Land Sales programme has been tightened to
		reduce the supply of land. These will help to balance the supply
		and demand equation, providing a stable and sustainable
		property market.
		In land scarce Singapore, the property market will continue to
		remain attractive to local and overseas investors. With high
		liquidity in the market coupled with a low interest rate
		environment for home loans, property investment provides
		wealth preservation and portfolio diversification when viewed
		with a medium to long-term perspective.
		We remain positive on the outlook for Singapore's residential
		property market.
		*NOTE: All developers are subject to the ABSD where all units in GLS or en-
		bloc sites must be completed and fully sold within five years or face ABSD
		penalties. Additionally, the Qualifying Certificate (QC) rules (which apply to
		non GLS sites) are also imposed on listed developers (because of foreign
		ownership regardless of the percentage of shareholdings) where their
		developments are required to obtain TOP within 5 years and all units sold
		within two years from the date of TOP failing which escalating penalties are
		payable.

3

B5	Balance sheet	The majority of our unsold inventory are projects that are under
	inventories - how much	construction with most projects expected to obtain their
	relates to completed	Temporary Occupation Permits (TOPs) only from 2022
	units that are unsold? Is	onwards.
	there a government
	regulation regarding	The six-monthextension given by the Singapore Government
	when these units must	(detailed in the response under B4) is timely as the
	be sold and what	unprecedented circuit breaker measures have resulted in
	proportion of unsold	manpower and supply chain challenges for the industry. It
	inventory is affected by	provides some buffer time to accommodate any delays.
	such regulation?	The only ABSD deadline the Group initially faced this year is
		for our Forest Woods project, which is 99% sold with only three
		units remaining. Due to the extension, the deadline is now
		pushed back to May 2021. The Group is confident of clearing
		the inventory within this timeframe.
B6	Which properties are	Subject to market conditions, the Group's Singapore
	scheduled for launch	residential launch pipeline includes:
	this year and/or in
	2021?	• 2H 2020 - Penrose, a 566-unit condominium located at
		Sims Drive, near Aljunied MRT station. This project is
		managed by our joint venture (JV) partner Hong Leong
		Holdings Limited.
		• 2021 - Irwell Bank Road, a condominium development
		with about 540 units located along River Valley Road, near
		the upcoming Great World MRT station.
		• 2021 - the residential component of the Liang Court
		redevelopment, an integrated development with around
		700 apartments. This JV project with CapitaLand Limited
		will also include a commercial component, a hotel and a
		serviced residence with a hotel licence.
B7	Appreciate an update	Please refer to the Company's operational update and
	of the latest business	presentation deck for the first quarter ended 31 March 2020
	status, as regards,	issued on 12 May 2020. It contains salient information about
	hotels locally and	the Group's property development segment, its investment
	internationally, office	properties and hotel operations. The documents are available
	occupancy and	on the Company's corporate website as well as on the website
	residential project sales	of the Singapore Exchange.
	status.	The Company will be announcing, within the first two weeks of
		August 2020, the Group's unaudited financial results for the
		half year ending 30 June 2020.

4

C	OTHERS
No.	Question	Response
C1	How much do you think	Due to increased regulatory requirements, it is expected that
	the issue relating to the	construction costs will go up as the industry adjusts to new
	need to improve living	norms, including the implementation of Safe Living protocols
	conditions for migrant	and compliance with Safe Management Measures.
	workers would impact	Nevertheless, the Government has indicated that it will work
	the future cost of	closely with the industry to get through this challenging period.
	construction of your	In addition to the support measures provided through the
	residential properties?	Fortitude Budget, it plans to introduce measures to cushion the
		impact and move the industry to new productivity levels.
		The pandemic has expedited a push towards digitisation,
		automation and industry transformation under the Future
		Economy blueprint.
		To help improve productivity and reduce labour onsite, the
		Group is one of the early adopters of newer construction
		technologies such as the Design for Manufacturing and
		Assembly (DfMA) and Prefabricated Prefinished Volumetric
		Construction (PPVC). DfMA enables the design and
		construction to be done on a 3D virtual platform before moving
		into actual production, which saves time and resources. For
		PPVC, prefabricated modules are produced and quality-
		checked in a factory environment before being assembled
		onsite, which enhances worksite safety and requires fewer
		workers for onsite installation. Compared with conventional
		construction methods, these technologies help to accelerate
		the design, production and site implementation processes.

5

CITY DEVELOPMENTS LIMITED (Co. Reg. No. 196300316Z)

ANNUAL GENERAL MEETING (AGM) TO BE HELD ON 24 JUNE 2020

• RESPONSE TO FURTHER QUESTION RECEIVED FROM SHAREHOLDER

The Board of Directors of City Developments Limited (the "Company") refers to the Company's announcement on 19 June 2020 ("19 June Response") wherein the Company had set out its response to the questions received from shareholders that are relevant to the AGM resolutions and the business of the Group.

Subsequent to the Company's 19 June Response, the Company received an additional query from a shareholder which is set out below:

Question: Please give an update on how our hospitality M&C business is affected by the Covid-19 crisis. What is the outlook going forward?

Company's Response:

With regard to questions relating to our business outlook including that of our hospitality business, especially taking into account the impact arising from the COVID-19 pandemic in Singapore and globally, we would like to refer shareholders to the Company's operational update for the 1st quarter ended 31 March 2020("Q1 2020") together with the presentation deck which were both issued on 12 May 2020. These documents may be found on the Company's corporate website as well as on the website of the Singapore Exchange.

Key operating statistics relating to the hotel operations, including the various regions' average occupancy rates, average room rates and RevPAR for Q1 2020 have been set out in the aforementioned operational update. As at 31 March 2020, around 30% of the Group's global portfolio of 152 hotels were temporarily closed following lockdowns imposed by local governments to curb the COVID-19 outbreak. This percentage has dropped to around 23% of the Group's portfolio, with 35 hotels temporarily closed as at 21 June 2020.

The Group's hospitality business has suffered most severely from the impact of COVID-19. The near term outlook remains highly challenging and uncertain. However, the Group has a strong balance sheet and is well positioned to absorb the pressures. While headwinds continue to persist, the Group will stay resilient and agile as it navigates through the storm.

The Company will be announcing, within the first two weeks of August 2020, the Group's unaudited financial results for the half year ending 30 June 2020, and shareholders are advised to refer to the same when it is released.

By Order of the Board

Enid Ling Peek Fong

Company Secretary

24 June 2020

A-2

Annual

General

Meeting

24 June 2020

Agenda

 FY2019 Key Highlights

 COVID-19 Impact

 Outlook

Artist's Impression

AMBER PARK I SINGAPORE

FY 2019 Key

Highlights

Artist's Impression

AMBER PARK I SINGAPORE

Key Financial Highlights - FY 2019

	FY 2018	FY 2019	Change YoY
Revenue	$4.22B	$3.43B	18.8%
EBITDA	$1.19B	$1.13B	5.2%
PATMI	$557.3MM	$564.6MM	1.3%
Basic EPS	59.9 cents	60.8 cents	1.5%

Resilient performance despite a challenging macroeconomic environment

• Decrease in revenue due to recognition timing for property development:

FY 2018	FY 2019
New Futura, Gramercy Park, The Criterion and	The Tapestry and Whistler Grand
Hong Leong City Center (HLCC) in China

• Strong EBITDA of $1.13B despite a sizeable decline in revenue
• Resilient PATMI supported by a portfolio with diversified income streams, boosted by substantial Profit Participation Securities (PPS) 2 gains

No fair values adopted on investment properties.

Investment properties are stated at cost less accumulated depreciation and accumulated impairment losses.

4

Key Financial Highlights - FY 2019

NAV per share	RNAV per share	ROE
$11.60	$16.46	5.4%
4.8% YoY	4.7%	0.2 pts YoY
FY 2018
$11.07	$15.72	5.6%

Total Proposed Dividend		Share Price Performance
20.0 cents	Comprises:		34.9% in 2019
•	Special Final Dividend:
per share		- 6.0 cents				2019 HIGHEST - $11.01 (4 Nov)		$10.95
						(31 Dec)
•	Final Dividend:
(FY 2018 Dividend:		- 8.0 cents
•	Special Interim Dividend		$8.12
20.0 cents per share)		- 6.0 cents		(31 Dec)
Dividend Payout		(paid out in Sep 2019)
Ratio: 33%
				FY 2019 Total Shareholder Return: 37.3%^

No fair values adopted on investment properties. Investment properties are stated at cost less accumulated depreciation and accumulated impairment losses.

• Includes proposed special final dividend of 6.0 cents per share and proposed ordinary dividend of 8.0 cents per share.

5

Diversified Global Portfolio

Deepening Presence in Key Markets

• Geographical diversification allows flexibility to capitalise on opportunities

Revenue by Geographical Location		Revenue by Business Segment

6

Growing Global Footprint

Completed Strategic Investments and Acquisitions in FY 2019

Portfolio with 3 freehold

residential properties, Osaka

UK & Europe

M&C Privatisation

The Biltmore Mayfair, London

£774MM ($1.3B)

Monk Bridge, Leeds

Artist's Impression

£15.4MM ($27.5MM)

FY 2019:

~$2.3B^

Acquisitions & investments

China

Shanghai Hongqiao Sincere

Centre (Phase 2), Shanghai

RMB 1.75B ($344MM)

Australia

Japan

Horie Lux, Osaka

¥2.01B ($25MM)

¥3.45B ($44.3MM)

Singapore

Sims Drive GLS site

$153.4MM^

Liang Court (Mall)

Singapore-listed IREIT Global with freehold office portfolio in Germany

Darmstadt Campus, Germany

$77.8MM

Abacus Property Group's residential
development arm with portfolio of 3	Macaulay Road, North Melbourne
freehold mixed-use development sites

Artist's Impression
Spencer Street, Melbourne		Artist's Impression
A$25.9MM ($25MM)		A$18.5MM ($17.4MM)

$200MM^

W Singapore - Sentosa Cove &

Quayside Isle (PPS 1)

Valued at $393MM

^ Refers to CDL's attributable share.

7

Singapore Operations - Property Development

Record Number of 6 Projects Launched in 2019*:

FY 2019

Sold:

1,554 units

Sales Value:

$3.3B

Impression

Nouvel 18~

Boulevard 88#

Haus on Handy

Amber Park#

(156 units)

(154 units)

(188 units)

(592 units)

	Artist's	Artist's Impression		Artist's Impression
			Artist's Impression
Sold: 27 units			Sold: 96 units		Sold: 34 units		Sold: 209 units
ASP: $3,460 psf			ASP: >$3,780 psf		ASP: >$2,870 psf		ASP: >$2,480 psf

* Includes Executive Condominiums (ECs) and share of JV partners. ~ Divested project marketed by CDL. # JV project.

Piermont Grand#

(820 units)

Sold: 534 units

ASP: >$1,090 psf

Sengkang Grand Residences#

(680 units)

Sold: 240 units

ASP: >$1,730 psf

All sales data as at 21 Jun 2020.

8

Singapore Operations - Asset Management

Strong Committed Occupancy and Positive Rental Reversion for Office & Retail Portfolio (As at 31 March 2020) (1)

Office

13 properties

90.9%

Committed Occupancy

2.2MM sq ft

NetLettableArea

REPUBLIC PLAZA		CITY SQUARE MALL

Retail

9 properties

94.4%

Committed Occupancy

733,000 sq ft

NetLettableArea

Well-spread Lease Expiry Profile offers Income Stability				Key Milestones in 2019:
Leaseexpiryby%ofNLA
21.1%		Office - Completed		Retail - Completed		Office		Retail

3.8%*		16.9%
14.8%				7.7%
1.5%*	6.3%	5.4%	7.3%	5.5%
5.2%	4.2%
4.9%					0.7%
2020	2021	2022	2023	2024	2025 & beyond

Completed $70MM AEI of flagship property Republic Plaza

• Post-AEIrents achieved are more than 10% higher than pre-AEI rents

* Refers to expiring leases that have been renegotiated

(1) Includes all Singapore assets under management (including JV project South Beach), in accordance to CDL's proportionate ownership.

9

International Operations

Strengthening Footprint in Key Overseas Markets

Key Milestones in 2019:

• Expansion into Rental Apartment Segment:
• • UK: Acquired Private Rented Sector (PRS) freehold site in Leeds
  • Japan: Acquired 4 freehold rental apartment projects in Osaka
• Growing the Australian portfolio:
• • Acquired ASX-listed Abacus Property Group's residential development division comprising a small team and 3 freehold residential sites
  • Acquired an additional freehold site in Melbourne
  • Launched The Marker, a 195-unit project in Melbourne, and sold over 60%
• Property Development:
• • China: Sold 530 units with total sales value of RMB 1.81B ($350MM)
• Asset Management:
• • UK: Strong occupancy and positive rental reversion for two prime freehold Central London office assets

UK

Leeds

London

Artist's Impression

Monk Bridge, Leeds

		Pregio Joto Chuo, Osaka
Artist's Impression
		Japan
Emerald, Chongqing

China

Tokyo

Suzhou Osaka

Chongqing Shanghai

Australia

Brisbane

Melbourne

The Marker, Melbourne	Artist's Impression

10

Hospitality - Enlarged Portfolio with M&C

PriorityonIntegrationFocusandHolisticReviewofEnlargedHotelOperationsSegment

Successful privatisation of Millennium & Copthorne Hotels (M&C) in 2019

• Deal valuation: £2.23B ($3.86B)
• M&C delisted from London Stock Exchange on 11 Oct 2019
• Became the Group's wholly-owned subsidiary on 19 Nov 2019

Post M&C Privatisation Roadmap:

Drive sustainable hotel performance

Internal			Implement
Restructuring			Priority Initiatives
Improve Operational		Maximise Shareholder
Processes		Value
 Drive efficiency and			Control and reduce operating
performance			costs
 Formulate strategy to navigate			Leverage Group's global
global economic headwinds			network, resources and real
and challenges posed by			estate capabilities to
competitive hospitality industry			refurbish assets, reposition
 Appointment of M&C Group			underperforming assets and
CEO: Hospitality veteran			explore redevelopment
Clarence Tan, with over 20			opportunities
years of global hospitality
experience

Other Key Milestones in 2019:

The Biltmore Mayfair

Completed £60MM ($106MM) refurbishment of M&C's iconic Mayfair hotel

• Hotel reopened on 9 Sep 2019 as The Biltmore Mayfair, a 5-star deluxe property with 256 luxurious guest rooms (plus 51 designer suites)

11

Recognition for Performance Excellence

Key Accomplishments in FY 2019

BUSINESS & PERFORMANCE

• Bloomberg Gender-Equality Index (GEI) 2019
• HR Asia Best Companies to Work for in Asia 2019
• Institutional Investor All-Asia Executive Team 2019
• • Asia's Most Honoured Co - Developed Markets (#2 in Singapore)
  • Asia's Best CEO - Developed Markets (Sherman Kwek - #2 in Singapore)
  • Asia's Best CFO - Developed Markets (Yiong Yim Ming - #2 in Singapore)
• IR Magazine Awards - South East Asia 2019
• • Best ESG Materiality Reporting
• Securities Investors Association (Singapore) Investors' Choice Awards 2019
• • Most Transparent Company Award (Winner, Real Estate Category)
  • Sustainability Award (Winner, Big Cap)
  • Singapore Corporate Governance Award (Runner-up, Diversity Category)
  • Shareholder Communications Excellence Award (Runner-up, Big Cap)
• Singapore Governance and Transparency Index (SGTI) 2019
• • #5 out of 578 companies

SUSTAINABILITY

• Only Singapore real estate company to pledge support for UN
  Global Compact's
• Only company in Southeast Asia to be invited to share our climate commitment at the 7th high-level meeting on Caring for Climate, UN Climate Change Conference (COP 25), Dec 2019
• Conducted 2nd Climate Change Scenario Planning based on TCFD's recommendations - future-proofthe business against 1.5°C and 2°C warmer scenarios
• Embarked on Supply Chain Risk study on our top suppliers to identify and mitigate environmental and social-sourcingrisks - timely study as COVID-19has raised the importance of supply chain resilience

Strengthened alignment of sustainability commitment with capital markets:

LATEST

GREEN FINANCING MILESTONES

$500MM	$	$	Pioneered
Green Loan		$250MM
Secured Singapore's first			SDG Innovation Loan
green loans for new			First-of-its-kind green financing
property developments			concept to accelerate innovative
			solutions

12

Sustainability & ESG Milestones

Ranked on 12 Leading Global Sustainability Indices and Ratings

LATEST ESG MILESTONES

Only Singapore real	Only company in Southeast	Ranked world's top real estate	Only Singapore
estate company	Asia & Hong Kong to	company, top Singapore	company to win multiple
listed for 3rd	achieve this double 'A'	company, and 1st & only	accolades at the
consecutive year	honour for both climate	Singapore company listed on	5th Asia Sustainability
	change and water security	Global 100 for	Reporting Awards
		11 consecutive years

'AAA' since 2010

Since 2002

Since 2017

ESG = Environmental, Social and Governance

13

COVID-19 Impact

REPUBLIC PLAZA I SINGAPORE

COVID-19	Operational Impact
IMPACT
Unprecedented DisruptionAcross All Business Segments
PROPERTY DEVELOPMENT	ASSET MANAGEMENT	HOSPITALITY

Lockdowns across several regions have affected sales and development works:

• Residential sales affected by showflat closures
• Construction works affected

Retail and F&B outlets hard hit:

• Widespread business closures in Singapore during circuit breaker period - approx. 80% of retail tenants closed; most are now open under Phase 2 reopening
• Support initiatives amounting to over $30MM of property tax and rental rebates for tenants in Singapore and overseas

Sector severely impacted by hotel closures:

• Government-mandatedclosures in multiple regions - 23%* of 152 hotels worldwide temporarily closed
• All regions recorded declines in RevPAR (revenue per available room) driven primarily by a drop in occupancies
• • As of 21 Jun 2020.

15

COVID-19	Property Development
IMPACT

• Singapore: Residential sales and development progress impacted by circuit breaker restrictions such as temporary closure of 6 sales galleries and halt of construction works
• Overseas (China, UK, Australia): Sales and construction works impacted by lockdowns and restrictions, with easing of measures in several regions

Business OperationsAdapt and Remain Nimble

Enhanced Digital Marketing

Continued to Register Sales		Launch Pipeline for FY 2020

• Virtual showflat tours Over 30% increase in online traffic views in April and May
• Online sales presentations

Haus on Handy I 2-bedroom virtual tour

• In Singapore, sales continue even when sales galleries were closed from 7 Apr to 18 Jun

	Units Sold*	20 units sold
350	327		over Phase 2
		reopening
300				weekend

250142

200

150

100185

50

0

Q1 Apr - 21 Jun

Subject to market conditions:

• Singapore: 566-unit Penrose, a JV project at Sims Drive, is expected to launch in 2H 2020
• Australia: 222-unit Brickworks Park, a residential project in Alderley suburb, Brisbane

Brickworks Park, Brisbane	Artist's Impression

* Includes Executive Condominiums (ECs) and share of JV partners, excludes Nouvel 18.

16

COVID-19	Asset Management
IMPACT

Tenants Impacted by Global Shutdown of Non-essential Businesses

• Over $30MM rental relief & support to tenants in Singapore & overseas

	Impact & Support Provided
Singapore	Retail segment hard hit since circuit breaker
	• Over $23MM of rental and property tax
	rebates to be provided to tenants
	• Additional assistance available to tenants with
	cashflow issues
China	Recovery underway following lockdown exit
	• Rental rebates for Suzhou HLCC mall
	tenants
	• Advertising & Promotion initiatives to drive
	traffic sales
Thailand	Ban on international travel expected to end
	by 30 Jun
	• Rental rebates to tenants at Jungceylon
	Shopping Mall (Phuket) and Mille Malle
	(Bangkok)
UK	Portfolio shows resilience
	• Rental deferments and repayment plans need
	to be negotiated and agreed upon between
	landlords and tenants

• Includes property tax rebates for qualifying commercial properties from the Government that will be fully passed through to tenants.

Month	Ave. Rental Rebate

April	100%	Majority of Singapore
May	100%
retail tenants to receive

June	50%	>2.8 months*
July	30%	of gross rental rebates

Safe Management Practices implemented across Singapore commercial portfolio

SafeEntry at Retail & Office properties

Thermal temperature scanning & safe distancing markers

17

COVID-19	Hotel Operations
IMPACT

Q1 2020 Performance Severely Impacted

Around 30% of 152 Hotels Worldwide Temporarily Closed

 Global occupancy: 52.1%	(▼ 17.9% yoy)
 Global RevPAR:	$90.60	(▼ 27.0% yoy)
 Global ARR:	$173.90	(▼ 2.0% yoy)

23% of Hotels are Closed (as at 21 June 2020)

		Hotels
	Total	Closed	Closed
		(as at 31 Mar 2020)	(as at 21 June 2020)
US	18	1	1
UK & Europe	30	21	20
Middle East*	43	4	3
Rest of Asia	27	1	4
Singapore	10	-	-
Australasia	24	17	7
Global total:	152	44	35

* All franchised hotels

Note:

Q1 2020 Performance data excludes franchised hotels, such as the Middle East portfolio.

M Social Auckland

Hotel reopened in end Apr 2020 as New Zealand eased lockdown restrictions

The Biltmore Mayfair

18

COVID-19	Cost Management
IMPACT

Implementation of Business Optimisationand Cost Management Measures

Board Fees & Management Cost

(effective since 1 April 2020)

• Board of Directors: Voluntary 25% reduction of director's fees
• Top management: 20% pay cuts
• Senior personnel: 15% pay cuts

Value Engineering

• Maximise value engineering across all projects
• Leverage existing resources
• Manage working capital

Capex			Capital Management
	Defer non-essential capex and				Conserve cash
	operating costs				Maintain adequate liquidity
	Initiatives to reduce costs
	across asset portfolio in place

19

COVID-19	Operational Resilience
IMPACT

Business Volumes & Productivity Remain Strong

DIGITAL-READY WORKFORCE

CDL Homes

www.cdlhomes.com.sg

• Business volumes and productivity remains strong through seamless remote working - Work from Home (WFH) arrangement remains in place wherever possible for Singapore's Phase 2 reopening
• Residential sales continue despite temporary showflat closures with emphasis on digital marketing initiatives such as virtual tours and online sales presentations
• Emphasis on capability building and workforce training: Employees attended >130 sessions online, clocked >21,000 training hours*

Standing Together with Employees

• Care packages for employees
• Employee welfare & support: Facilities management subsidiary CBM provided accommodation and support for daily needs of Malaysian and foreign frontline employees
• • Since 7 Apr 2020.

20

COVID-19	Community Initiatives
IMPACT

Supporting Vulnerable Individuals, Families and CommunitiesAffected by COVID-19

Supporting Communities

$400,000 donation to The Invictus Fund

• Donation made by CDL, entire Board and Executive team to support Singapore's social service agencies to continue delivery of critical social services to vulnerable individuals, families and communities

$88,000 donation to workers at CDL development projects

• Dollar-for-dollarmatch by CDL for contributions by employees to provide workers with necessities during circuit breaker period

Supporting Frontline Workers

• M&C hotels in most regions open to support medical personnel, key workers, infrastructure workers and government employees
• Singapore hotels offer discounted accommodation to affected Malaysian employees impacted by Malaysia's Movement Control Order
• "We Clean. We Care. We Welcome." global campaign - initiatives to ensure a pleasant and safe hospitality experience

21

Capital Management

Strong Balance Sheet & Liquidity Positionas at 31 March 2020

	Gearing			Sufficient			Financing			Balanced
			Liquidity			Flexibility			Debt Profile
										% of
	Net Gearing		Total Cash		Interest Cover Ratio		Fixed Rate Debt
	62%			$3.3B		6.2x	42%
	FY 2019: 61%		FY 2019: $3.1B		FY 2019: 14.0x		FY 2019: 40%
	Net Gearing 1		Undrawn		Average		Average
	(include fair value)		& Committed		Borrowing Cost		Debt Maturity
	44%			Credit Facilities	2.3%			2.3 years
			$2.3B
	43% in FY 2019		FY 2019: $2.2B		FY 2019: 2.4%		FY 2019: 2.4 years

1 After taking in fair value on investment properties.

22

Balanced Debt Expiry Profile

Prudent Capital Management

• Balanced debt expiry profile
• Balanced debt currency mix - adopting a natural hedging strategy
• Average borrowing cost kept low

Well-Spread Debt Maturity Profile

Debt $MM

4,000					38%													RMB (5.1%)	Others (2.1%)
							Bond				Bank Loan			518213
				100									JPY (5.2%)
3,600													521
3,200																			USD (11.6%)		Debt
2,800
																1,173
2,400		18%	20%																Currency
2,000
	300	325	3,754															Mix	4,455 SGD (44.1%)
1,600						13%
1,200			1,680			6%	890	5%	3,221
800		1,515					GBP (31.9%)
400							400	396	481	69
0							191		$10.1B
	2020	2021	2022	2023	2024	2025

onwards

23

Outlook

THE BILTMORE MAYFAIR I LONDON, UK

GET Strategy

Accelerate Transformation of Asset Portfolio and Business Operations for Growth

Growth

Enhancement

Transformation

Enhancement

• Enhance asset portfolio
• Drive operational efficiency

Growth

 Build development pipeline & recurring income streams

Artist's Impression

Transformation

 Transform business via new platforms:

Strategic Investments,

Fund Management,

Innovation &

Venture Capital

25

GROWTH

DRIVERS Diversified Residential Launch Pipeline

Singapore Pipeline ranges from Mass Market to High-end Projects

	Launch Pipeline	Irwell Bank Road
	>1,800 units*	(Est 540 units)
	Upcoming Launches
	Penrose (Sims Drive)^	2H 2020
	Irwell Bank Road	2021
	Liang Court redevelopment^	2021	Land cost: $583.9MM
	($1,515 psf ppr)
	Liang Court redevelopment^			Penrose (Sims Drive)^
	(Est 700 units)
				(566 units)

GLS site near upcoming Great World MRT station awarded in Jan 2020

GLS site near Aljunied MRT awarded in Apr 2019

		Land cost: $383.5MM*
Est GFA: 60,158 sqm
	($732 psf ppr)
		* Includes JV partners share. ^ JV project.

26

ENHANCEMENT	Portfolio Rejuvenation
DRIVERS

Redevelopment & Repositioning of ExistingAsset Portfolio

Asset Rejuvenation

Redevelopment Opportunities

• Rejuvenate sites and replenish land bank through schemes such as the CBD Incentive Scheme - feasibility study for eligible asset (e.g. Fuji Xerox Towers) in progress
• Explore urban rejuvenation opportunities to unlock value in existing assets with other stakeholders

Portfolio Restructuring

Repositioning Hospitality Portfolio

• Holistic review of enlarged hotel portfolio
• Proactive sponsor to M&C's listed hospitality REIT associate - CDL Hospitality Trusts (CDLHT)
• Explore divestment and redevelopment opportunities of existing portfolio to unlock value

Fuji Xerox Towers		W Singapore - Sentosa Cove hotel

27

TRANSFORMATION	Fund Management
DRIVERS

Fund Management

AUM Target

US$5B by 2023

• Accelerate growth by setting up a private fund and/or REIT*
• Continue to actively build
  pipeline and collaborate with capital partners to acquire new AUM
• Strengthen fund management expertise and track record through strategic investments

Darmstadt Campus

Strategic Increase in IREIT Global Stake

Acquired Additional 8% Effective Stake in IREIT Global Units for $25.5MM

Acquired a total of 20.9% stake in IREIT Global's units:

• 12.5% in 2019
• 8.4% in April 2020

IREIT Global remains focused on growth and asset diversification:

• Geography: Targeting portfolio expansion in key European countries - France, Spain, Italy and Germany
• Asset class: Office, retail and industrial (including logistics) sectors

IREIT Global's Asset Portfolio

•	Germany​	5 freehold office properties​
•	Spain​	4 freehold office properties​
Total Lettable	Approx. 230,000 sqm​
Area~
Total	€630.2MM​
Valuation~	Sant Cugat Green, Barcelona

~ Based on IREIT's proportionate interest in the respective properties.

• CDL Group owns 50% of the REIT Manager for IREIT Global while Tikehau Capital owns the remaining 50%. As at 22 June 2020, IREIT's share price was $0.735.

28

TRANSFORMATION	Transformational China Platform Deal
DRIVERS

Acquired 51.01% joint controlling stakein Sincere Property Groupfor RMB 4.39B ($0.88B)

• Call Option exercisable in 2022 for another 9.00% stake at RMB 0.77B ($0.16B)
• Upon exercise of the Call Option, CDL will have sole control and a stake of 60.01% in one of China's Top 100 Developers 1

		5		Attractive
	18	Regions		entry valuation
			RMB 8.6B
>2,000	Cities	Beijing		Almost 50% below
		audited FY 2019
				Sincere Property's
Employees4		Tianjin	NAV of
		RMB 16.1B
			Yantai
	Zhengzhou	Qingdao
	Luoyang	Zhenjiang Changzhou
Chengdu
	Wuxi	Suzhou
		Development
Chongqing		Shanghai
Hangzhou	Ningbo	Properties
	Changsha

Kunming

	Top 50		9.2MM
	China
		sqm2
	Commercial
	Real Estate	RMB	Development
	Developer	Land Bank
		21.4B2
		($4.3B)
	Top 10	2019
	Contracted	Comprehensive
China Business	Sales	Capabilities
Park Developer &		across multiple
	Operator		asset types
	projects
	64
	9 retail	13	office3

Shenzhen

Notes: Data as of 31 Dec 2019, subject to further due diligence

1. 2019 Ranking by China Real Estate Association (中国房地产业协会).
2. On 100% basis.
3. Includes 2 self-use offices in Shanghai and Chongqing.
4. Includes staff from property development, asset management and Starlight Retail.

Investment Properties

4

hotels

1

residenceserviced

29

Disclaimer:

This document may contain forward-looking statements that involve assumptions, risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, availability of real estate properties, competition from other developments or companies, shifts in customer demands, customers and partners, expected levels of occupancy rate, property rental income, charge out collections, changes in operating expenses (including employee wages, benefits and training costs), 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 the current view of management on future events. Numbers in tables and charts may not add up due to rounding.

Artist's Impression
BOULEVARD 88 I SINGAPORE	www.cdl.com.sg