IPC : Sustainability Report 2022

OUR VISION

The Group aspires to deliver memorable experiences for our guests and continue to grow responsibly and in a sustainable way.

OUR MISSION

The Group strives to satisfy and delight our guests, and understanding the opinions, needs and desires of our stakeholders in the development of our business strategy, products and services. We believe in conducting business

with the highest level of integrity,respecting history and heritage, and maintaining high standards in every aspect of our business. These permeate throughout our governance and management values, and align with the principles of sustainability, so we may seek a positive social, economic and environmental benefit for our stakeholders and the local communities where we operate.

BOARD STATEMENT

The Board is committed to its sustainability efforts in addressing Environmental, Social and Governance, including those related to Climate Change, (collectively herein referred to as "ESG") factors that are material to its business. In line with our sustainability vision and mission, we shall consider ESG factors material to the Group and stakeholders in the formulation of the Group's strategy and work towards building a strong and sustainable business that will create value for all.

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ABOUT IPC CORPORATION LTD

IPC Corporation Ltd ("IPC") was incorporated in Singapore on 8 May 1985 and has been listed on the Mainboard of the SGX-ST (Stock Code: AZA) since 21 May 1993. The businesses of IPC and its subsidiaries ("The Group") includes property investment and development as well as investment holding.

Over the years, the Group developed several projects in China and Japan. The Group's notable development projects include:

• Costa del Sol in Zhuhai, China, a residential cum commercial and a hotel project, that has a total gross build-up area of more than 170,000 square meters. The project was developed from 1997 and all the residential units were sold by 2008; and
• Residential condo projects in various locations in Japan (Tsukuba, Tsuchiura, Uraga, Tsukimino, Oppama and Oiso), were completed between 2009 and 2013, and all the apartment units were sold.

In the U.S., the Group transacted numerous single-family homes through the buy, rehabilitation and sell process from 2009 to 2012.

Concurrently in Japan, over a couple of years from 2010, the Group bought a total of 9 hotels, out of which 6 were rebranded under the "nest" hotel branding. The "Nest Hotel" trademark and name is registered and owned by IPC.

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Following its divestment of 9 hotels in Japan in 2015, IPC has transformed its business model into an asset- light hotel management business, although the Group still owns a 217 room Grand nest Hotel zhuhai in China. Armed with an extensive experience in hotel management with a proven track record of optimised returns, the Group is well positioned to competently offer consultancy and advisory services with comprehensive feasibility studies and design for owners of existing hotels embarking on renewal or new hotels development.

Grand nest Hotel Zhuhai is located in Zhuhai Tangjia Bay, China; it faces the sea and offers a beautiful and unobstructed view of the Tanglia bay. The hotel has 217 rooms and MICE facilities. As of 31 December 2022, there were 60 full-time (53.33% were female and 46.67% were male) and 35 part-time (85.71% were female and 14.29% were male) employees working in Grand nest Hotel Zhuhai in China.

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ABOUT THIS REPORT

Year 2022 continued to be a challenging year for the travel and hospitality industry due to the lingering impact of the COVID-19 pandemic with the emergence of the more contagious Omicron variants, China's strict zero-COVID policy till November and a resurgence of COVID-19 infections in December; it continued to be disruptive and life has yet to return to normal.

We continue to take action to prioritize the health and safety of our guests, business associates and employees by having more robust cleaning and disinfection standards, and safety measures as per the Health Ministry's protocols and guidelines on cleanliness, hygiene and safety. We remain committed to providing our guests, business associates and employees with a clean and safe environment for them to stay, visit and work in.

As we continue to weather the COVID-19 pandemic disruptions, we stay committed to our sustainability efforts in addressing ESG factors and we are pleased to present our sixth sustainability report for the fiscal year 2022 which is prepared with reference to the Global Reporting Initiative ("GRI") Standards; the relevant disclosures can be found in the GRI Content Index. Additionally, we are pleased to present our first Task Force on Climate-related Financial Disclosures, which is included as an appendix to this report. The report reflects the operational performance of our Grand nest Hotel zhuhai in Zhuhai, China.

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