Boustead Projects Limited FY2020 Longevity Report

REPORT 2020 Boustead Projects Limited FY2020 Sustainability Report 01 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

Established in 1996, Boustead Projects In Singapore, BP E&C is one of only eight SECTION 1 – INTRODUCTION Limited (SGX:AVM) is a leading real bizSAFE Mentors and also a bizSAFE estate solutions provider in Singapore, Star, the highest qualification that can be Corporate Profile 1 Defining Longevity 2 with core engineering expertise in the attained in recognition of a company’s Letter to Stakeholders 3 design-and-build and development of workplace safety and health (“WSH”) 1.1 Mission, Vision & Business Model 6 smart eco-sustainable business park management programmes. Our WSH 1.2 Corporate Stewardship & Strategies 8 and industrial developments for clients efforts have been further recognised 1.3 FY2020 Longevity Performance Summary 11 including Fortune 500, S&P 500 and with five prestigious WSH Performance SECTION 2 – LONGEVITY REPORTING FRAMEWORK Euronext 100 corporations. To date, we Silver Awards and 13 Safety & Health have constructed and developed more Award Recognition for Projects (SHARP) 2.1 About this Report 16 than 3,000,000 square metres of real to date. 2.2 Environmental, Social & Governance Materiality Assessment 17 estate regionally in Singapore, China, SECTION 3 – PURSUING BUSINESS WITH A GREATER PURPOSE Malaysia and Vietnam. Our wholly- On 30 April 2015, Boustead Projects owned design-and-build subsidiary, listed on the SGX Mainboard. We were Over Two Decades of Pioneership and Transforming Asia’s 28 Built Environment Boustead Projects E&C Pte Ltd (“BP awarded the Singapore Corporate 3.1 Integrated Industrial Real Estate Solutions Provider 29 E&C”) is approved by Singapore’s Governance Award in the Newly Listed 3.2 Smart Eco-Sustainable Solutions 33 Building & Construction Authority Category at the Securities Investors 3.3 Quality 38 (“BCA”) for Grade CW01-A1 and General Association (Singapore) Investors’ 3.4 Transformation Initiatives 42 3.5 FY2020 Direct Economic Value Generation & Distribution 49 Builder Class 1 Licence to execute Choice Awards 2017. We are one of building construction contracts of only 95 SGX-listed corporations on the SECTION 4 – DEVELOPING OUR BEST ASSET unlimited value. SGX Fast Track Programme, which aims – BOUSTEAD PROJECTS EMPLOYEES to affirm listed issuers that have been A People-to-People Business 53 Our transformative technologies – full- publicly recognised for high corporate 4.1 Code of Conduct 54 fledged integrated digital delivery and governance standards and have 4.2 Team Development Programme 55 Industry 4.0 transformation standards maintained a good compliance track 4.3 Creating a Positive Work Environment 63 – are shaping future-ready, custom-built record, with prioritised clearance for 4.4 Supply Chain Management 66 4.5 COVID-19 & Infectious Disease Outbreaks 67 developments. Our in-depth experience their corporate action submissions. We covers the aerospace, business park, are also listed on the MSCI World Micro SECTION 5 – CONSERVING OUR COLLECTIVE HOME food, healthcare and pharmaceutical, Cap Index and FTSE ST Fledgling Index. – PLANET EARTH high-tech manufacturing, logistics, Planet Earth 72 research & development, technology Boustead Projects is a 53%-owned 5.1 Environmental Stewardship 73 and waste management industries, subsidiary of Boustead Singapore 5.2 Legal & Regulatory Compliance 81 among others. We are also a leader in Limited (SGX:F9D), a progressive global 5.3 Community Development 83 5.4 Conclusion 83 pioneering advanced eco-sustainable infrastructure-related engineering and developments under the BCA’s Green technology group which is separately SECTION 6 – OTHER INFORMATION Mark Programme and also the quality listed on the SGX Mainboard. leader on the BCA’s CONQUAS all-time GRI Content Index 84 Acknowledgements 91 top 100 industrial projects list. Visit us at www.bousteadprojects.com. 02 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

- Lexico Powered by Oxford1 14 years 24 years 192 years Average lifespan Boustead Projects’ age Boustead Group’s age of S&P 500 today and counting today and counting corporation2

Welcome to the Boustead Projects We also share in the enduring heritage Regardless of how COVID-19 or any protect the viability and long-term value of Limited FY2020 Longevity Report. of the Boustead Group under Boustead other major crises may change the way our businesses and the wider ecosystem Singapore Limited, which has contributed we operate, one thing is indelible – our that we are interconnected with. We also As Singapore’s leading real estate almost two centuries of progress and holds distinct brand of entrepreneurialism, share how we strive towards what the solutions provider for smart eco- the longstanding position as Singapore’s institutionalised in a corporate culture Boustead Group has achieved in longevity sustainable business park and industrial oldest continuous organisation – a that links back to the Boustead Group’s and how this translates to delivering developments, we have demonstrated over practical and symbolic reflection of earliest days of trading. We embrace sustainable shared socio-economic value two decades of pioneership in industrial longevity. the Boustead Way, which prioritises and progress to key stakeholders, along real estate solutions including the design- the pursuit of business with a greater with the communities that we reside in and and-build and development of advanced Even as sustainability reporting takes purpose. It is about creating sustainable our collective home – Planet Earth. Our eco-sustainable facilities serving some centre stage among the world’s latest shared socio-economic value instead of performance, policies and practices on of the world’s best corporations. Our corporate reporting initiatives, we feel maximising short-term profit; promoting material economic, environmental, social contributions to transforming Singapore that being deeply rooted in the enduring adaptability and resilience; and favouring and governance topics are explained. In and Asia’s industrial landscape have heritage of the Boustead Group, the longevity over sentimentality. It is also a addition, this year, the topic of COVID-19 been accompanied by transformative term ‘Longevity Reporting’ is more all- position, a value, a commercial sensibility and disease outbreaks has been added. technologies that are shaping all aspects of encompassing and appropriate than that runs through every layer of our As a trustworthy corporate citizen, we are our business in an even more sustainable ‘Sustainability Reporting’. This past year, organisation. highly reflective about how our actions manner and enabling clients with future- we also began tackling the challenging ‘ripple upon the pond of life’. ready, custom-built developments founded environment posed by the onset of the As you read this report, we hope that you upon progressive eco-sustainable and COVID-19 pandemic, an existential threat gain an in-depth understanding of how we Industry 4.0 transformation standards. to the longevity and wellbeing of the world. remain resilient, ensure our longevity and

1. “Meaning of Longevity in English.” Lexico.com, Dictionary.com and Oxford University Press, www.lexico.com/definition/longevity. Accessed 28 August 2020. 2. Handscomb, Christopher and Shail Thaker. “Activate Agility: The Five Avenues to Success.” McKinsey & Company, 1 February 2018, www.mckinsey.com/business-functions/organization/our-insights/the-organization-blog/activate-agility-get- these-five-things-right. Accessed 28 August 2020. 03 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

global headquarters designed by project, which includes: Safdie Surbana Jurong that is the first • Improving project planning large-scale industrial development to and tracking by aggregating all be awarded the Green Mark Platinum – construction and scheduling data into Super Low Energy, an exemplary project a single Cloud-based platform; on how building design can mitigate • Significantly optimising design climate change. approvals through virtual walkthroughs of BIM with relevant stakeholders; and During FY2020, we continued our • Working towards a digital operations journey to consolidate our position as and maintenance manual for the Singapore’s leading design-and-build development, which will see the final partner for smart eco-sustainable as-built BIM used for multi-decade business park and industrial facilities management – a first of its John Lim Kok Min Thomas Chu Kok Hong developments. Further building kind in Asia. Chairman Managing Director upon our integrated digital delivery (“IDD”) approach, guided by Industry Towards the end of FY2020, the Dear Fellow Stakeholders, Despite record revenue, profit 4.0 transformation standards and pandemic struck, leading to an attributable to shareholders was 27% incorporating 7D building information unprecedented level of lockdowns and As we present our Boustead Projects lower year-on-year at S$22.2 million, modelling (“BIM”), virtual design travel restrictions, resulting in massive FY2020 Longevity Report to you, our mainly due to lower gross margins, and construction, and design for socio-economic disruptions. During credible performance for the financial lower quantum of cost savings, higher manufacturing and assembly (“DfMA”), the pandemic’s initial stages, we moved year ended 31 March 2020 has been overhead costs and the absence of we achieved significantly higher internal quickly to safeguard the wellbeing of overshadowed by extremely challenging a one-off gain from a property sale adoption rates for game-changing our stakeholders including our team, circumstances. recorded in FY2019. After adjusting for methodologies such as 3D scanning, subcontractors and their employees, the after-tax gain on property sale and an artificial intelligence and machine clients and surrounding communities Our performance was achieved in a impairment loss, comparative net profit learning, data analytics and virtual reality. by implementing strict health checks, challenging industry environment which would be 10% lower year-on-year. safe distancing measures, split team and has been aggravated by trade wars, de- Our transformative methodologies telecommuting arrangements. globalisation movements and towards In FY2020, we made significant progress are best displayed at our project for the end of the financial year, the onset on our largest public and private sector Kranji Green. Extensive use of DfMA As an organisation, we continue to of the COVID-19 pandemic. Revenue projects to date, respectively the prefabrication for Kranji Green has develop resilient partnerships to manage was 82% higher year-on-year at a record S$242 million contract for JTC Kranji demonstrated our capability to work with the dynamic challenges that are ahead S$426.2 million, driven by conversion Green (“Kranji Green”), Singapore’s some of the largest DfMA prefabricated and to bounce back stronger when of our strong design-and-build order first multi-storey recycling facility, and components involved in any industrial the global economy recovers. Our backlog carried over from FY2019 and the over S$200 million contract for project. We were able to achieve a very resilient strategic partnerships and higher real estate revenue. Surbana Jurong Campus, an iconic high level of IDD adoption within this in-built resilience are further supported 04 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

LONGEVITY REPORTING PURSUING BUSINESS WITH DEVELOPING OUR BEST ASSET – CONSERVING OUR COLLECTIVE INTRODUCTION OTHER INFORMATION FRAMEWORK A GREATER PURPOSE BOUSTEAD PROJECTS EMPLOYEES HOME – PLANET EARTH LETTER TO STAKEHOLDERS by our strong balance sheet, healthy to deploy its wearable devices and Cloud Partnership, Echo Base-BP Capital, properties through the potential order backlog and expanding leasehold management software at our Singapore Perennial Real Estate and most installation of rooftop industrial solar portfolio, positioning us to continue project sites. The first deployment will recently, The Platform-Hanwha. The energy systems and offer lower-cost pursuing growth opportunities and be at a single project site and once entry of The Platform-Hanwha as our clean energy solutions to our clients and initiatives that advance and shape Asia’s the relevant government approvals strategic partner for 351 on Braddell has tenants. built environment sector. and support are obtained, we will work enhanced our current pool of strong, towards expanding this deployment synergistic development partnerships We also invested S$4.2 million for a Developing Resilient Partnerships across all Singapore project sites. that have enabled us to undertake a 25% shareholding in DSCO Group Resilient partnerships come in all forms wider range and greater number of Holdings Pte Ltd (“DSCO”), a provider in the ecosystem we are part of – from In a separate effort to minimise human developments across more real estate of specialised building engineering our team and subcontractors to clients exposure to onsite activities that can sectors and geographic markets. consulting services in the Asia Pacific, and strategic partners. be automated, we are partnering with a strong reputation as a leading with Airsquire – a startup specialising We also recognise that our provision of designer in data centres. We expect Among those most badly affected by in image analytics for construction smart eco-sustainable business park and our strategic partnership with DSCO the pandemic are our subcontractors design – to automate the validation of industrial developments is dependent to support our future expansion and whose many employees reside at foreign construction progress scans against on resilient technology partnerships that augment our design-and-build and worker dormitories where infection BIM through the use of 3D scanning, address both Industry 4.0 transformation development capabilities in high-tech, levels were high. Throughout this crisis, AI and machine learning, and drones. standards and climate change. With high value-added projects and intend to we have continued to closely engage This will reduce inspection times by up regards to smart building capabilities, leverage DSCO’s expertise, experience with our subcontractors on the situation, to 40% compared to manual inspection we have partnered with Getronics – a and reputable position in the high- enabling us to better appreciate the methods, automate construction leading global infocommunications growth data centre industry to jointly challenges they face and allowing us to verification to minimise updating errors technology service provider – to help pursue data centre projects. render them appropriate assistance and in the final BIM and limit the need future-proof our developments with support where possible. The resilience for our team to expose themselves a flexible and scalable platform for FY2021 – Prevailing Over the ‘New of our supply chain partnerships will be unnecessarily. new and ever-changing technologies, Normal’ critical to our collective efforts to resolve allowing us to manage smart The Circuit Breaker imposed by the the issue of worker resource availability As we push forward with expansion developments in our leasehold portfolio Singapore Government from 7 April to even as we have restarted and continue plans, another area of developing through a single integrated technology 1 June 2020 led to the suspension of to scale up our Singapore project sites. resilient partnerships is with strategic platform. all non-essential construction activities capital partners. Selecting resilient in Singapore, resulting in the closure To better protect and track the strategic capital partners is vital, since On the renewable energy front, we have of our headquarters and design- movement of our subcontractors’ they can affect our ability to continue partnered with Sunseap – the largest and-build project sites. Although we employees within our project sites and financing developments that are in and most established integrated clean managed to conduct most of our project facilitate contact tracing as part of safe the pipeline and critical to our future energy solutions provider in Singapore management activities through secure management requirements, we are success. Our strong collaborations – which is intended to better utilise Cloud-based technology platforms and partnering a local nominee of TraceSafe include the Boustead Development the rooftop space of our leasehold telecommuting, nearly all of our physical 05 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

LONGEVITY REPORTING PURSUING BUSINESS WITH DEVELOPING OUR BEST ASSET – CONSERVING OUR COLLECTIVE INTRODUCTION OTHER INFORMATION FRAMEWORK A GREATER PURPOSE BOUSTEAD PROJECTS EMPLOYEES HOME – PLANET EARTH LETTER TO STAKEHOLDERS construction activities were halted in the fluidity of the situation. Later and progressive approach in staying translates to delivering sustainable April 2020, resulting in at least four completion of development projects ahead of the industry transformation shared socio-economic value and months of delay per project. will also correspondingly delay the curve has competitively positioned progress to key stakeholders, along with commencement of leasing income. us as a design-and-build partner well- the communities that we reside in and Post-Circuit Breaker, the Building & equipped to execute projects under our collective home – Planet Earth. Our Construction Authority (“BCA”) has We have proactively taken several challenging conditions. Although split performance, policies and practices on administered a gradual, controlled measures to mitigate the impact of team and telecommuting arrangements material economic, environmental, social reopening of Singapore’s construction these delays and to protect the viability necessitated by the pandemic have and governance topics are explained. A industry in multiple phases, further and long-term value of our businesses. slightly impacted our team’s overall section on the COVID-19 pandemic has delaying the resumption of the majority Our implemented cost management productivity, they also demonstrate also been added. of construction projects in Singapore, measures include organisation-wide cost that our business continuity activities including our own. We have received reviews, a salary freeze for our entire are functioning, with our ability to Thank you for entrusting us with the approvals to restart our design-and-build team and a reduction in Board fees and conduct many of our activities remotely role of being a trustworthy corporate projects and will continue to work closely senior management salaries since June and effectively through secure Cloud- citizen, one which we hope to honour with the BCA and relevant authorities to 2020. Our Board and executive directors based collaboration and productivity for many more decades to come, as we ensure the wellbeing, health and safety have taken 10% reductions in directors’ platforms that we have invested in continue to be highly reflective about of all stakeholders as we resume and fees and base salaries respectively, and implemented organisation-wide. how our actions ‘ripple upon the pond scale up operations. while the rest of our senior management Our transformative technologies are of life’. This journey is an ultramarathon, team has been subjected to tiered 5% contributing in-built resilience that which we will continue running in the As we move forward in FY2021, project to 7.5% reductions in base salaries. will help us prevail in the Singapore Boustead Way and hope to have you completion delays are expected Our significantly impacted businesses construction industry’s greatest crisis in join, even if only for part of the way. Have as productivity will be impacted by in Singapore have been somewhat history. an enjoyable and insightful read. the need to comply with new safe mitigated by our geographic expansion management measures, along with the efforts, which yielded a significant As you read this report, we hope that May you and your loved ones stay serious shortage of worker resources contract win in Malaysia in FY2021, as you gain an in-depth understanding well, healthy and safe during these – a problem affecting Singapore’s well as ongoing projects in China and of how we remain resilient, ensure tumultuous times. entire construction industry due to the Vietnam. our longevity and protect the viability high infection levels among foreign and long-term value of our businesses John Lim Kok Min workers. This will lead to slower While we expect an increasingly and the wider ecosystem that we are Chairman revenue conversion, accompanied by manpower-lean, more closely regulated, interconnected with. We also share how associated acceleration, compliance, dynamic and higher operating cost we strive towards what the Boustead Thomas Chu Kok Hong prolongation and resumption costs environment will form part of the ‘new Group has achieved in longevity over Managing Director which are still being ascertained given normal’ in the future, our collaborative almost two centuries and how this 06 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

SECTION 1 MATERIAL ESG TOPICS & 1.1 MISSION, VISION & BUSINESS APPLICABLE GRI STANDARDS MODEL rld he wo on t This section mentions the following lly 1.1.1 The Boustead Way cia material ESG topics and applicable GRI so nd l Standards: The Boustead Way prioritises the a gica Re lly lo gio B a no ion e n e pursuit of business with a greater t h at xpa al a n c rm ns d • Business model, strategies and e Te fo io a purpose. It is about creating m ns n p n a t outlook o tr a sustainable shared socio-economic r b i l v in e value versus maximising short-term n a a GRI Standards e l, h B c u n , a s d / 102-2 / 102-6 / 102-11/ 102-12 / y t e G profit; promoting adaptability and l n u in l l r r a e a e o e y s c t v w s resilience; and favouring longevity i m s e l In i • Corporate governance n s n t i l f e o e n i m i g p p e o a u s over sentimentality. It is a position, r d r o g o l n i s c s i a t r n o a v o l t y t t GRI Standards d f e o P a value, a commercial sensibility n f f ) m o a c n o e ” s / 102-5 / 102-12 / 102-18 / 102-19 / 102-22 / a l e r s i

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solutions that can be deployed in any h s M b n s s t d r n a e n industry and market. l r io e a e tn t n w r i m D c a is t e a S P u s s e r trategies e r l d q v iv ac n e 1.1.3 Vision e i ld r o s h To be the leading provider of u e st Integrated ak innovative real estate solutions in ai st na c y b apabilities ke Asia, offering a full suite of smart eco- le o sh s t sustainable solutions that enhance are res d s og ocio d pr built environments and ecosystems. -economic value an

1.1.4 Business Model In order to achieve our mission, vision human-centric corporate values. shared socio-economic value and and long-term objectives, we rely These business drivers highlight how progress to key stakeholders, and on our business drivers: business we combine our core competencies make a positive impact economically, platforms, strategies and business and strategies for international environmentally and socially on the model value chain – guided by the markets to allow us to achieve our world. Boustead Way, along with our long-term objectives to be adaptable fundamental principles and strong and resilient, deliver sustainable 07 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

Business Platforms Positioning and presence Performance People • Extensive capabilities spanning design-and- • Market leader in Singapore with extensive track • CONQUAS all-time top 100 industrial projects • Top design-and-build team for advanced build, development, leasehold portfolio asset record in delivering best-in-class projects quality leader eco-sustainable industrial developments management and ownership, and facilities • Green Mark Platinum industrial leader with • Developer of Singapore’s first truly smart • Empowering culture management firsts in heavy industry, aerospace industry and business park development • Fair and non-discriminatory employment • Successful spotting and positioning on global logistics industry categories and first Green • Developer, manager and owner of growing • Ability to attract, develop, motivate and megatrends Mark Platinum – Super Low Energy large-scale leasehold portfolio retain talent • Growing international presence with local business park and industrial development • Commitments to quality and EHS performance • Industry technical experts market knowledge • Broad coverage of industries with clients among world’s best corporations

Strategies Regional expansion Partnerships, acquisitions and investments Risk and reward balance Technological transformation Our expansion into fast-growing international Our continuous search for strategic partnerships, We are vigilant in ensuring that our strategies Our ongoing business transformation is markets rides upon in-depth domain catalytic acquisitions and investments is aimed at to enhance stakeholders’ shared socio- supported by steady adoption of digitally- expertise, leading industry market positions accelerating our business expansion, enhancing economic value are well-supported by sound risk enabled, productivity-enhancing approaches and a diversified track record in delivering capabilities, broadening revenue streams and management. like integrated digital delivery, building over 3,000,000 square metres of industrial driving sustainable long-term growth. information modelling, design for manufacturing developments in Singapore, China, Malaysia Quality and EHS focus and assembly, and smart building capabilities. and Vietnam. Integrated capabilities We strive to achieve the highest standards in We aim to be a market leader in the world of Our integrated suite of capabilities – spanning quality and workplace EHS, building on our Industry 4.0. Growing leasehold portfolio design-and-build, development, leasehold growing achievements under the Building & Our growing leasehold portfolio of both portfolio asset management and ownership, and Construction Authority’s Construction Quality wholly-owned and jointly-owned leasehold facilities management – are aimed at helping Assessment System, Green & Gracious Builder properties contribute recurring rental income clients to achieve highly effective and cost Scheme and Green Mark Programme and the and management fees. competitive solutions that raise efficiency and Workplace Safety & Health Council’s bizSAFE multi-decade building lifecycle sustainability. Programme. Business Model Value Chain

Uphold our excellent reputation for integrity, quality, reliability and trust

Commit to operational excellence through undertaking development, Design smart eco-sustainable products, design, value engineering, project services and solutions including management, construction Deliver efficiency, performance and Generate revenue, profit and cash flow Green Mark Platinum and LEED-rated management, quality and EHS shared socio-economic value to clients in a sustainable manner developments that meet Industry 4.0 supervision, leasehold portfolio asset transformation standards management and ownership, and facilities management

Be adaptable and resilient, deliver sustainable shared socio-economic value and progress, and make a positive impact on the world 08 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

1.2 CORPORATE STEWARDSHIP & STRATEGIES Longevity Reporting Structure

1.2.1 Corporate Stewardship for Longevity Our Board of Directors is collectively Board of Directors responsible for Boustead Projects’ corporate stewardship, overall leadership, management, strategies, controls and long-term success. In line with this, our Board also oversees Group performance, policies and practices in Longevity Reporting Group Headquarters relation to environmental, social and Champion & Lead governance (“ESG”) topics.

A Group Longevity Reporting Champion & Lead reports directly to our Board. The Business Development Finance Human Resources Group Longevity Reporting Champion Longevity Reporting Longevity Reporting Longevity Reporting guides the efforts and oversees those who are responsible for implementing our Longevity Reporting Framework (with material references to Global Reporting Initiative Standards) within Legal Operations Quality and EHS our Group’s departments. Departments Longevity Reporting Longevity Reporting Longevity Reporting report subsidiary level data on material ESG topics on a quarterly basis.

1.2.2 Corporate Governance As part of our Board’s collective responsibility, our Board is committed to maintaining a high standard of corporate governance and transparency within the Group, in line with the principles set out in the revised Code of Corporate Governance 2018 (“CG Code”) and taking into account the accompanying SGX Practice Guidance issued in August 2018 and updated in February 2020, 09 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

which forms part of our continuing obligations to the SGX Mainboard Listing Board & Board Committee Oversight Responsibilities & Key Terms of Reference Rules. This establishes and maintains our Group’s ethical, legal and business environment to preserve and enhance 3 2 1 4 5 6 the interests of shareholders and all stakeholders. Board Our Board is made up of well-respected • Corporate governance • Annual operating and capital budgets • Annual reports and financial business and academic leaders with • Ethics, corporate values, culture and • Business affairs and management statements decades of commercial experience and standards team performance • Shareholder meetings diverse backgrounds. Two-thirds of • Sustainability issues • Financial performance • Dividend payments and distributions our Board is made up of independent • Risk appetite and internal controls • Material acquisitions and disposals of directors, with all three Board • Corporate strategies and policies assets Committees headed by an independent non-executive director.

Our Board currently comprises: 1 6 4 3 2 1 4 5 6 1 4 5 1. John Lim Kok Min Chairman & Independent Non-Executive Director Audit & Risk Committee Nominating Committee Remuneration Committee • Appointments and reappointments of • Appointments and reappointments • Remuneration policies and packages 2. Wong Yu Wei external auditors of Board Directors, Board Committee of Board Directors and senior Deputy Chairman & • Internal controls members and senior management management team Executive Director • External and internal audit plans and team • Service contracts of senior results • Board and senior management team management team 3. Thomas Chu • External and internal audit functions succession Managing Director & • Enterprise risk management • Board performance Executive Director • Interested person transactions and • Board professional development and conflict of interest training programmes 4. Chong Lit Cheong • Internal investigations and whistle- • Board independence and conflict of Independent Non-Executive Director blowing interest • Annual reports and financial 5. Professor Yong Kwet Yew statements Independent Non-Executive Director • Regulatory filings 6. Tam Chee Chong Independent Non-Executive Director Independent director Non-independent director 10 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

More information on the individual is referenced in this report, rather than with the implementation of our Longevity affect reputational risk, ethical and moral profiles of our directors is available completely repeated. Reporting Framework. considerations, and have significant within the Boustead Projects FY2020 financial and non-financial implications. Annual Report from pages 46 to 47, 70 1.2.3 Board Longevity Statement Our Board assesses opportunities and and 85 to 88. Our Board is committed to ensuring risks presented by material ESG topics. 1.2.4 Overall ESG Recognition our longevity including reviewing our This helps our Board to determine While gaining overall ESG recognition Our latest Corporate Governance Report performance, policies and practices in the appropriate strategies, policies from our key stakeholders is not an end (“CG Report”) outlines our corporate relation to material ESG topics. and practices that will provide us with in itself, it indicates that we are moving governance practices with specific the adaptability and flexibility to seize in the right direction as a trustworthy reference made to the principles Our Board is assisted in this by our opportunities to deliver sustainable corporate citizen. Since our listing and guidelines of the CG Code and existing robust systems including audit, shared socio-economic value and on the SGX Mainboard in April 2015, accompanying SGX Practice Guidance. compliance, enterprise risk, financial, progress to key stakeholders, while we have been recognised for our Our latest CG Report is available in its full environmental, health and safety, human being well-supported by sound risk performance, policies and practices in text within the Boustead Projects FY2020 resource, information technology and management. Our risk appetite relation to overall management of ESG Annual Report from pages 58 to 88 and operational management systems, along considers material ESG topics that may topics as shown here.

Overall ESG Achievements & Significance Achievements Significance Nov 2019 • Boustead Projects named on SGX Fast Track Programme • One of only 95 SGX-listed corporations on programme affirming listed issuers publicly recognised for high corporate governance standards and maintaining good compliance track record, with prioritised clearance for their corporate action submissions Mar 2019 • Boustead Projects FY2018 Longevity Report nominated as Finalist for Asia’s • Nominated inaugural Boustead Projects FY2018 Longevity Report – Best First Time Sustainability Report at Asia Sustainability Reporting Awards alongside inaugural Boustead Singapore FY2018 Longevity Report – among 2018 only eight finalists for Asia’s Best First Time Sustainability Report • Judged by Singapore’s academic and sustainability reporting communities • Presented by Asia’s foremost sustainability reporting awards Sep 2017 • Boustead Projects awarded Singapore Corporate Governance Award, Newly • Recognised for excellent standards of corporate governance Listed Category at Securities Investors Association (Singapore) Investors’ • Judged by Singapore’s academic, accounting, financial, governance, Choice Awards 2017 investment, legal and media communities • Presented by Singapore’s foremost retail investors association May 2017 • Boustead Projects E&C awarded Singapore Quality Class Certification in • Recognised for attaining robust business fundamentals and meeting Enterprise Singapore Business Excellence Framework standards for good business performance based on global benchmarks in areas including leadership, customers, strategy, people and process, knowledge and results • Presented by Singapore Government’s lead agency for enterprises 11 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

1.3 FY2020 LONGEVITY PERFORMANCE SUMMARY Cumulative Capacity Expected Capacity Capacity Capacity Contracted Annual Units of Contracted Contracted Contracted Prior Capacity Measurement in FY2018 in FY2019 in FY2020 to FY2018 or Savings Pages Smart Eco-Sustainable Solutions Performance Green Mark Platinum developments’ GWh 1.6 7.0 4.2 35.4 48.3 36 expected annual energy savings Green Mark Platinum developments’ cu m 4,390 44,580 677 82,715 132,362 36 expected annual water savings

12 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

1.3 FY2020 LONGEVITY PERFORMANCE SUMMARY (cont’d) FY2018 FY2019 FY2020 Comparable Units of Group Group Group Industries National Measurement Performance Performance Performance Averages Averages Targets Pages Operational Performance Team Development Programme Team growth rate % growth in year-end +13 +52 +29 +2.7 +1.9 n.a. 58 headcount Team monthly hiring rate % of average 4.1 6.3 4.8 2.3 2.2 n.a. 58 headcount Team annual turnover rate % of average 36 33 30 22 22 n.a. 62 headcount Team monthly turnover rate % of average 3.0 2.7 2.5 1.8 1.8 n.a. 62 headcount Performance appraisals rate % of year-end 83 72 74 n.a. n.a. n.a. 60 headcount Average annual training hours per # of hours 8.5 13.0 7.5 n.a. n.a. n.a. 61 team member Average annual medical leave taken # of days 2.4 1.4 3.9 n.a. n.a. n.a. 62 per team member Re-employment # of team members 0 4 4 n.a. n.a. n.a. 62

Succession planning % of key executives 100 100 100 n.a. n.a. 100 62 covered by named deputy or successor 13 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

1.3 FY2020 LONGEVITY PERFORMANCE SUMMARY (cont’d) FY2018 FY2019 FY2020 Comparable Units of Group Group Group Industries National Measurement Performance Performance Performance Averages Averages Targets Pages Operational Performance Workplace Safety and Health Performance Accident frequency rate among team # of workplace 1.1 0.5 0.5 1.5 1.6 0.3 65 and suppliers accidents per million man-hours Accident severity rate among team and # of lost man days to 13 14 12 117 66 n.a. 65 suppliers workplace accidents per million man-hours Occupational disease incidence rate # of occupational 0 0 0 12.4 16.4 0 65 among team and suppliers disease cases per 100,000 employees Fatalities and high consequence # of fatalities and 0 0 0 n.a. n.a. 0 65 injuries rate among team and suppliers high consequence injuries per 100,000 employees 14 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

1.3 FY2020 LONGEVITY PERFORMANCE SUMMARY (cont’d) FY2018 FY2019 FY2020 Comparable Units of Group Group Group Industries National Measurement Performance Performance Performance Averages Averages Targets Pages Operational Performance Environmental Stewardship Average annual energy intensity: Design-and-build projects for kWh per sq m of 60.6 186.5 149.5 n.a. n.a. n.a. 75 Singapore only constructed GFA MJ per sq m of 218.1 671.5 538.2 n.a. n.a. n.a. 76 constructed GFA Administrative workplaces kWh per employee 715.6 559.7 489.4 n.a. n.a. n.a. 78 MJ per employee 2,575.9 2,014.7 1,761.8 n.a. n.a. n.a. 78 Edward Boustead Centre kWh per sq m of GFA 154.5 146.1 130.2 237 256 At least 2nd 80 ALICE@Mediapolis n.a. n.a 168.5 219 256 quartile of 80 comparable buildings average Average annual water intensity: Design-and-build projects for cu m per sq m of 0.3 2.1 0.2 n.a. n.a. n.a. 75 Singapore only constructed GFA Administrative workplaces cu m per employee 9.3 7.7 9.2 n.a. n.a. n.a. 78 Edward Boustead Centre cu m per sq m of GFA 1.1 1.2 1.4 1.1 n.a. Lower than 80 ALICE@Mediapolis n.a. n.a. 0.6 1.1 n.a. comparable 80 buildings median 15 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

Significant fines, non-monetary sanctions and cases brought against the Group through dispute resolution mechanisms in: Customer privacy # of significant 0 0 0 n.a. n.a. 0 81 incidents Economic areas # of significant 0 0 0 n.a. n.a. 0 81 incidents Environmental areas # of significant 0 1 4 n.a. n.a. 0 81 incidents Social areas # of significant 0 1 0 n.a. n.a. 0 81 incidents 16 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

SECTION 2 MATERIAL ESG TOPICS & 2.1 ABOUT THIS REPORT 2.1.2 Report Content Monetary values are presented in our APPLICABLE GRI STANDARDS Content in this report was defined by functional reporting currency, Singapore 2.1.1 Report Period & Scope identifying and prioritising our material dollars, unless otherwise indicated. This section covers the following This is the Boustead Projects FY2020 ESG topics through an ESG materiality material ESG topics and applicable GRI Longevity Report, an annual publication assessment process. 2.1.3 Report Boundaries Standards: dedicated to providing a more holistic This report covers Boustead Projects • About this report review of our performance, especially This report has been prepared in and our major subsidiaries globally covering non-financial areas such as accordance with Global Reporting including our headquarters and GRI Standards environmental, social and governance Initiative (“GRI”) Standards: Core, with subsidiaries in Singapore, China, / 102-1 / 102-3 / 102-4 / 102-5 / 102-12 / / 102-45 / 102-46 / 102-47 / 102-48 / 102-49 / (“ESG”) topics that are material to our at least three years of comparative Malaysia and Vietnam, unless otherwise / 102-50 / 102-51 / 102-52 / 102-53 / 102-54 / business and key stakeholders. data as required by GRI Standards: indicated. Core. The respective GRI Standards • Environmental, social and This report contains at least three full- that have been applied are available in For a complete list of our significant governance materiality assessment years of data on material ESG topics and the GRI Content Index listed on pages subsidiaries as at 31 March 2020, please GRI Standards is aligned with our financial reporting 84 to 90. References have also been refer to the Boustead Projects FY2020 / 102-12 / 102-20 / 102-21 / 102-29 / 102-40 / period from 1 April 2019 to 31 March made to the United Nations’ Sustainable Annual Report from pages 133 to 134. / 102-42 / 102-43 / 102-44 / 102-47 / 2020 (“FY2020”). Our previous report Development Goals. was aligned with our financial reporting We have not sought external assurance period from 1 April 2018 to 31 March This report fully complies with the for this report. 2019 (“FY2019”) and issued on 30 requirements of the SGX-ST Listing August 2019. Our inaugural report was Rules Practice Note 7.6 Sustainability 2.1.4 Accessibility issued on 22 November 2018. Reporting Guide. In line with our commitment to environmental sustainability, we will not Boustead Projects Limited This report should be read in conjunction Where the relevant material ESG topics be printing any hard copies of this report. Company Registration Number: with the Boustead Projects FY2020 have already been discussed in detail in This report is available online at www. 199603900E Annual Report for context. It should the Boustead Projects FY2020 Annual bousteadprojects.com/investor- also be noted that the governance topic Report, we shall make reference to such centre. 82 Ubi Avenue 4 has not been fully discussed in this discussions without directly replicating #07-01 Edward Boustead Centre report. Our latest Corporate Governance them in this report. 2.1.5 Feedback Channel Singapore 408832 Report is available in its full text within We welcome comments and feedback Main +65 6748 3945 the Boustead Projects FY2020 Annual Data is presented using the International from our stakeholders in relation to this Fax +65 6748 9250 Report from pages 58 to 88. System of Units where possible report and our performance, policies and or standard international units of practices discussed in this report. If you www.bousteadprojects.com The terms ‘Longevity’ and ‘Sustainability’ measurement, with conversion factors have any comments or feedback, please are interchangeable. mentioned in relevant sections. e-mail [email protected]. 17 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

2.2 ENVIRONMENTAL, SOCIAL long-term objectives to be adaptable To ensure that material ESG topics 2.2.1 Key Stakeholder Engagement & GOVERNANCE MATERIALITY and resilient, deliver sustainable shared remain up-to-date, we periodically review We define key stakeholders as being ASSESSMENT socio-economic value and progress to current and emerging megatrends, groups that our business may have Boustead Projects conducted an ESG key stakeholders, and make a positive changes in the economic, political, a significant impact on or vice versa, materiality assessment process in order impact economically, environmentally regulatory and ESG landscape in the and who have a vested interest in the to determine material ESG topics that and socially on the world. The views of geographic markets and industry way that we conduct business. After a should be included in this report. ESG both external and internal stakeholders clusters that we operate in, along with thorough review, nine key stakeholders topics are considered to be material if are taken into account when determining the views of key stakeholders. These were identified, along with their they may have a significant impact on the material ESG topics that should be are then updated in our assessment significance and conversations, as our business and ability to achieve our included in this report. process. shown here.

Key Stakeholders, Significance & Conversations Key Stakeholders Significance Conversations Board and Team Boustead Projects’ team is our best asset. Attracting, • Economic performance • Board of Directors developing, managing and retaining our team is a core priority • Business model, strategy and outlook • Managers given our knowledge-driven business model, which generally • Smart eco-sustainable products and services (together • Executives focuses on high-value added activities across the industrial “solutions”) • Non-executives real estate value chain. These activities include design, value • Corporate governance, policies and practices engineering, project management, construction management, • Legal and regulatory compliance development management, asset management and property • Talent acquisition, development, management and retention management and the application of proprietary domain • Succession planning expertise that extends over a regional network of key stakeholder • Quality, environmental, health and safety (“QEHS”) relationships. Creating the ideal environment for our team to • Data and information security thrive in will eventually translate to the delivery of sustainable • Responsible communications shared socio-economic value and progress to key stakeholders. • COVID-19 and infectious disease outbreaks Clients We aim to gain an in-depth understanding of clients’ needs so • Economic performance • Direct clients that we are able to deliver progressive answers to them in the • Solutions • End-user clients (clients of clients) dynamic global business environment. Collaborating with clients • Legal and regulatory compliance allows us to push the boundaries of paradigms, research and • Talent acquisition, development, management and retention technologies to help clients improve business performance and • QEHS sustainability. • Data and information security • COVID-19 and infectious disease outbreaks 18 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

Key Stakeholders, Significance & Conversations (cont’d) Key Stakeholders Significance Conversations Strategic Partners Working with like-minded and reputable partners regionally has • Economic performance • Technology partners allowed us to pool our complementary capabilities and expertise • Business model, strategy and outlook • Associated companies to widen our offerings and concurrently take on larger-scale • Solutions • Joint ventures projects, while simultaneously reducing commercial, operational • Corporate governance, policies and practices • Co-investment partners and ESG risks related to a particular geographic market or • Legal and regulatory compliance industry cluster. Our search for and tie-ups with technology • QEHS partners that offer proven transformative technologies also • Data and information security enable us to ensure that our solutions are progressive. • COVID-19 and infectious disease outbreaks Suppliers We have a regional network of suppliers that supports the • Economic performance • Consultants construction of business park and industrial developments • Solutions • Subcontractors according to our designs. Major suppliers are selected based on • Legal and regulatory compliance • Suppliers pre-qualification assessments that include technology solutions, • QEHS QEHS and other ESG factors, along with price. • Data and information security • COVID-19 and infectious disease outbreaks Lenders We have several principal bankers and lenders who support our • Economic performance • Banks business through the provision of bank loans and trade finance. • Business model, strategy and outlook • Financial institutions • Corporate governance, policies and practices • Trustees • Legal and regulatory compliance • COVID-19 and infectious disease outbreaks Investors As owners, shareholders share in our mission, vision, corporate • Economic performance • Boustead Singapore Limited values and goal to be a trustworthy corporate citizen with a • Business model, strategy and outlook • Institutional investors greater purpose in mind. Ultimately, profit-driven motivations • Solutions • Research analysts need to be aligned with our strong human-centric corporate • Corporate governance, policies and practices • Retail investors values and allow us to deliver on our long-term objectives. • Talent acquisition, development, management and retention • Succession planning • Legal and regulatory compliance • QEHS • Data and information security • Open and transparent communications • COVID-19 and infectious disease outbreaks 19 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

Key Stakeholders, Significance & Conversations (cont’d) Key Stakeholders Significance Conversations Media The media continues to share our corporate story with the world, • Economic performance • Mainstream journalists from economic performance to milestone achievements. As • Business model, strategy and outlook • Online social media influencers unofficial historians of our performance, the media helps us to • Solutions stay on track. • Corporate governance, policies and practices • Legal and regulatory compliance • QEHS • Fact-based and timely communications • COVID-19 and infectious disease outbreaks Governments and regulators Governments and regulators provide us with our business • Corporate governance, policies and practices • National government agencies licences to operate. • Legal and regulatory compliance • State government agencies • Corporate taxes and relevant taxes • Municipal government agencies • Talent acquisition, development, management and retention • Regulators • QEHS • Data and information security • Proactive communications • COVID-19 and infectious disease outbreaks Local Communities Given our international business, we understand that we have • Legal and regulatory compliance • Citizens an impact on communities internationally, who may be direct • Solutions • Communities surrounding projects beneficiaries of the gainful employment we provide, community • QEHS • Beneficiaries of philanthropic development programmes or indirect beneficiaries of projects • Interactive communications contributions undertaken for end-user clients that benefit those communities. • COVID-19 and infectious disease outbreaks • Indirect beneficiaries of projects Local communities provide us with our social licences to undertaken for end-user clients operate. 20 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

2.2.2 Material ESG Topics Materiality Assessment Process

Stage 1 Stage 2 Stage 3 Stage 4 Identification of key stakeholders by Identification of potential ESG Prioritisation of material ESG Consolidation and validation of our headquarters and departments topics by our headquarters and topics by our headquarters and material ESG topics for reporting departments departments

In 2017, we conducted a materiality assessment workshop with our key Material ESG Topics Validated team members including our senior High management team and department heads in Singapore, who acted as Legend ESG Topics proxies for the nine key stakeholders that 1 2 3 4 Material 1 Business model, strategies and have been identified, and highlighted Not material 5 6 7 8 outlook and prioritised material ESG topics of but chosen for 9 10 11 12 relevance to these key stakeholders. reporting due 2 Corporate governance Following the completion of the 13 to significance 3 Smart eco-sustainable solutions materiality assessment workshop, we to business were able to consolidate and validate environment 4 Quality and transformation 12 material ESG topics for inclusion in 5 Economic performance this report. Community development was not material but has been reported 6 Business ethics 14 due to its significance to the business 7 Data and information security environment. 8 Talent acquisition, development, In addition, due to the onset of the management and retention COVID-19 pandemic during FY2020 9 Succession planning and its material impact on our business and key stakeholders, COVID-19 and 10 Health and safety infectious disease outbreaks has been Importance external to stakeholders 11 Environment added as a material ESG topic for Legal and regulatory compliance inclusion in this report. 12 13 COVID-19 and infectious disease Importance to internal stakeholders High outbreaks Low 14 Community development 21 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

Material ESG Topics Boundaries, Impacts & Disclosures Material ESG Topics Boundaries and Impacts GRI Standard Disclosures Addressed in this Report Business model, strategies and outlook • Most key stakeholders • General disclosures Section 1: Introduction Corporate governance • Most key stakeholders • General disclosures Section 1: Introduction Smart eco-sustainable solutions • Most key stakeholders • General disclosures Section 3: Pursuing Business with a Greater Purpose Quality and transformation • Most key stakeholders • General disclosures Section 3: Pursuing Business with a Greater Purpose Economic performance • Most key stakeholders • General disclosures Section 3: Pursuing Business with a Greater • Economic performance Purpose Business ethics • Most key stakeholders • General disclosures Section 4: Developing Our Best Asset – • Customer privacy Boustead Projects Team Data and information security • Board and team • General disclosures Section 4: Developing Our Best Asset – • Clients • Customer privacy Boustead Projects Team • Strategic partners • Suppliers • Investors • Governments and regulators Talent acquisition, development, • Board and team • General disclosures Section 4: Developing Our Best Asset – management and retention • Investors • Employment Boustead Projects Team • Governments and regulators • Occupational health and safety • Training and education Succession planning • Board and team • General disclosures Section 4: Developing Our Best Asset – • Investors • Employment Boustead Projects Team • Training and education Health and safety • Most key stakeholders • General disclosures Section 4: Developing Our Best Asset – • Occupational health and safety Boustead Projects Team • Socioeconomic compliance COVID-19 and infectious disease outbreaks • Most key stakeholders • General disclosures Section 4: Developing Our Best Asset – Boustead Projects Team Environment • Most key stakeholders • General disclosures Section 5: Conserving Our Collective Home – • Energy Planet Earth • Water and effluents • Environmental compliance Legal and regulatory compliance • Most key stakeholders • General disclosures Section 5: Conserving Our Collective Home – • Environmental compliance Planet Earth • Customer privacy • Socioeconomic compliance 22 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

2.2.3 Opportunities & Risks We are vigilant in ensuring that our strategies to enhance stakeholders’ shared socio-economic value are well- supported by sound risk management. Our material ESG topics present us with both opportunities (if we embrace the right approaches to managing these ESG topics) and risks (if we neglect these ESG topics), which are supplemented by our existing robust systems and Enterprise Risk Management Framework.

In addition, on 1 January 2016, the United Nations (“UN”) officially rolled out 17 Sustainable Development Goals (“SDGs”) of the 2030 Agenda for Sustainable Development. The SDGs universally apply to all countries with the ultimate aim of mobilising all stakeholders – governments, civil societies, the private sector and others – to collectively contribute to ending poverty, fighting inequality and tackling climate change through three dimensions of sustainable development: economic growth, social inclusion and environmental protection.

We have summarised opportunities and risks from material ESG topics here, including how we can contribute to achieving the SDGs through our business and performance, policies and practices in relation to material ESG topics. 23 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

Material ESG Topics Opportunities, Risks & United Nations’ Sustainable Development Goals Material ESG Topics Opportunities Risks Supporting SDGs Business model, • Enable adaptability, flexibility and capability to seize good • Industry cycle recovery in Singapore’s industrial real estate 3, 8, 9, 11, 12, 13, 17 strategies and opportunities in timely manner sector may be derailed by property cooling measures and outlook • Generate reasonable free cash flow, sustainable shared restrictions socio-economic value and progress for key stakeholders • Business model may be disrupted by disruptive technologies, industry cycles, megatrends and infectious disease outbreaks Corporate • Set ethical, legal, compliance and business framework to • Under-compliance may create greater risks in all areas 16 governance, enable us to continue role as trustworthy corporate citizen • Over-compliance may restrict adaptability, flexibility and policies and with greater purpose in mind unnecessarily tie up resources practices Smart eco- • Boost natural demand for solutions aligned with climate • Demand may decline for specific solutions misaligned 3, 6, 7, 8, 9, 11,12, sustainable change, environmental and social initiatives, particularly with climate change, environmental and social initiatives, 13, 15, 17 solutions for smart eco-sustainable business park and industrial particularly against non-eco-sustainable developments and developments using green construction methods wasteful infrastructure construction Quality and • Strengthen market leadership positions in respective • Business model may be disrupted by disruptive technologies, 8, 9, 11, 12, 13, 17 transformation industries industry cycles, megatrends and infectious disease outbreaks • Gain competitive advantages through design, productivity • Market leadership positions and competitiveness may be and cost improvements eroded • Widen offerings into other real estate sectors • Sustainable shared socio-economic value creation may be • Help clients to successfully shift to Industry 4.0 impeded with inability to uphold quality and transformation transformation standards Economic • Provide capital to incubate and grow new and existing • Business model may be disrupted by disruptive technologies, 8, 9 performance businesses industry cycles, megatrends and infectious disease outbreaks • Build goodwill and trust with multiple key stakeholders • Sustainable shared socio-economic value creation may be • Generate reasonable free cash flow, sustainable shared impeded with loss of economic performance socio-economic value and progress for key stakeholders Business ethics • Build goodwill and trust with multiple key stakeholders • Unethical behaviour may undo goodwill and trust with 12, 16 multiple key stakeholders 24 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

Material ESG Topics Opportunities, Risks & United Nations’ Sustainable Development Goals (cont’d) Material ESG Topics Opportunities Risks Supporting SDGs Data and • Build goodwill and trust with key stakeholders, especially • Cyber attacks, hacking and phishing strategies are more 12, 16 information clients, governments and regulators sophisticated and may pose greater threats to even extremely security • Ensure data governance and integrity, particularly in secure information technology networks deployment of integrated digital delivery, 7D building • Data and information security breaches may result in information modelling and smart building solutions significant fines, losses of sensitive proprietary data and information, and affect competitiveness • Compromised data governance and integrity may undo goodwill and trust with multiple key stakeholders Talent acquisition, • Create work environment that promotes creativity, excitement • Aggressive competitors may poach talent 3, 4, 5, 8, 9, 10, 11, development, and growth, and makes talent feel cared for, challenged, • Domain expertise may be lost 12, 17 management and empowered and respected • Hiring and retraining costs may be more expensive in both retention • Translate to delivery of sustainable shared socio-economic monetary terms and time value and progress to key stakeholders • Sustainable shared socio-economic value creation may be • Safeguard domain expertise impeded with loss of talent

Succession • Provide talent with career prospects and ability to scale into • Earmarked leadership talent may leave or be poached due 5, 8, 10 planning leadership positions to misperceptions about career prospects or misaligned • Safeguard domain expertise expectations • Provide corporate stability and continuity in execution of • Domain expertise may be lost strategies • Hiring and retraining costs may be more expensive in both monetary terms and time • Sustainable shared socio-economic value creation may be impeded with loss of talent Health and safety • Promote what is essential to longevity, which is prioritisation • Stricter legal and regulatory frameworks for health and safety 3, 8, 11, 12, 17 of life over profit issues may raise compliance costs • Attract new talent and retain existing talent • Business licences to operate may be revoked under extreme non-compliance, resulting in existential threat • Significant fines, imprisonment, lawsuits, loss of economic performance and severe reputational damage may result from non-compliance 25 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

Material ESG Topics Opportunities, Risks & United Nations’ Sustainable Development Goals (cont’d) Material ESG Topics Opportunities Risks Supporting SDGs COVID-19 and • Build goodwill and trust with multiple key stakeholders by • Business model may be disrupted by infectious disease 3, 11, 16, 17 infectious disease safeguarding wellbeing, health and safety of key stakeholders outbreaks outbreaks • Accelerate technological transformation • Stricter legal and regulatory frameworks for health and safety issues may raise compliance costs • Business licences to operate may be suspended under lockdowns, disease containment measures and travel restrictions • Sustainable shared socio-economic value creation may be impeded with prolonged infectious disease outbreaks • Severe infectious disease outbreaks may be existential threat Environment • Boost natural demand for solutions aligned with climate • Demand may decline for specific solutions misaligned 3, 6, 7, 11, 12, 13, change and environmental initiatives, particularly for smart with climate change, environmental initiatives, particularly 15, 16, 17 eco-sustainable business park and industrial developments against non-eco-sustainable developments and wasteful using green construction methods infrastructure construction • Save costs over long-term • Business licences to operate may be revoked under extreme • Accelerate technological transformation non-compliance, resulting in existential threat • Significant fines, imprisonment, lawsuits, loss of economic performance and severe reputational damage may result from non-compliance Legal and • Build goodwill and trust with key stakeholders, especially • Stricter legal and regulatory frameworks for socio-economic 12, 16 regulatory governments and regulators issues may raise compliance costs, in line with global ESG compliance • Translate to delivery of sustainable shared socio-economic recognition and increased cross-border cooperation between value and progress to key stakeholders jurisdictions • Business licences to operate may be revoked under extreme non-compliance, resulting in existential threat • Significant fines, imprisonment, lawsuits, loss of economic performance and severe reputational damage may result from non-compliance Community • Build goodwill and trust with communities, who are providers • Poor economic performance may hamper ability to contribute 10, 11, 17 development of future talent to community development, both directly and indirectly • Gain support of communities for projects 26 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

As mentioned earlier, in order to ensure extreme geo-economic, geo-political and and leaders. The report’s shareable not view infectious diseases as among that material ESG topics remain up-to- ESG challenges that the world faces. infographics are shown on page 27.1 the top 10 risks in terms of likelihood date, we periodically review current and but did view infectious diseases among emerging megatrends, changes in the The report’s shareable infographics are Both stakeholder groups had common the top 10 risks in terms of impact. This economic, political, regulatory and ESG illustrative of the views of two highly- views on environmental risks, which striking observation could in part explain landscape in the geographic markets aware and highly-educated stakeholder featured and dominated the top five the inability and unpreparedness of and industry clusters that we operate in, groups on the top 10 risks over the next risks in terms of likelihood and also most governments to control the rapid along with the views of key stakeholders 10 years in terms of both likelihood appeared as having greater impact spread of the pandemic, given that and update these in our assessment and impact as based on the Global among the top 10 risks, compared to multiple stakeholders’ acknowledged process. This includes the review of Risks Perception Survey, completed other types of risks. While the top 10 the potential severe impact of infectious publicly available information and global by 800 members of the WEF’s diverse risks would have been apparent based diseases but believed the likelihood of surveys generated by credible sources communities. One group consists of on a thorough assessment of the global occurrence to be slim. such as the International Monetary Fund, multi-stakeholders including academic, environment over the past few years, UN, World Bank and World Economic business and government leaders to one risk stands out in particular on Shortly before the end of FY2020, the Forum (“WEF”), among other sources. non-profit stakeholders, while the other hindsight. Bearing in mind that this onset of the pandemic and its rapid group consists of 200 members of the survey was conducted before the onset spread in a very short period of time took One such report, the WEF’s Global Risks Global Shapers Community, a generation of the COVID-19 pandemic, it is striking the world by surprise, representing the Report 2020 shared in detail about the of emerging global social entrepreneurs to note that both stakeholder groups did greatest risk to the world in recent times.

1. “Shareable Infographics.” Global Risks Report 2020, World Economic Forum, Marsh & McLennan and Zurich Insurance Group, 15 January 2020, www.weforum.org/reports/the-global-risks-report-2020. Accessed 28 August 2020. 27 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

Stakeholders’ Views of Likelihood & Impact of Top 10 Risks Over the Next 10 Years

Multi-Stakeholders’ Views Global Shapers’ Views 28 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

SECTION 3 MATERIAL ESG TOPICS & “Not all profit is equal. Profits involving a social purpose represent a higher form of capitalism, one APPLICABLE GRI STANDARDS that creates a positive cycle of company and community prosperity.” This section covers the following material ESG topics and applicable GRI - Professor Michael Porter, renowned US academic at Harvard Business School Standards: • Smart eco-sustainable solutions GRI Standards / 102-2 / 102-4 / 102-6 / 102-7 / 102-12 / • Quality and transformation OVER TWO DECADES OF purpose. It is about creating sustainable new methodologies and investing PIONEERSHIP AND TRANSFORMING shared socio-economic value instead of in new acquisitions, developments GRI Standards / 102-2 / 102-6 / 102-7 / 102-12 / ASIA’S BUILT ENVIRONMENT maximising short-term profit; promoting and geographic markets in real Over Boustead Projects’ more than two adaptability and resilience; and favouring estate sectors has been based on • Economic performance decades of pioneership and contributing longevity over sentimentality. It is also a assessing whether specific business GRI Standards to the transformation of Asia’s built position, a value, a commercial sensibility expansions provide sustainable profit / 102-7 / 201-1 / environment through the design-and- that runs through every layer of our and simultaneously also serve a greater build and development of smart eco- organisation. purpose through the direct and indirect sustainable business park and industrial benefits shared with as many key developments, we have performed our We have generated and distributed stakeholders in as many economic role as a trustworthy corporate citizen, tremendous direct economic value and ESG facets as possible. We have building businesses with a greater and environmental, social and refrained from specific business purpose – creating sustainable shared governance (“ESG”) benefits to key expansions that could be highly socio-economic value in the process – stakeholders including our team, profitable but yet are questionable on and developing trusting relationships clients, strategic partners, suppliers, ethical and moral grounds, considered with key stakeholders internationally. lenders, shareholders, the media, exploitative in nature, deemed as short- governments and communities. Since term and unsustainable to begin with or Regardless of how COVID-19 or any our establishment in 1996, we have violate the sanctity of life. The long and other major crises may change the way registered continuous profitability short of it is that business expansions we operate, one thing is indelible – our every year which has enabled us to must make good sense and instil a sense distinct brand of entrepreneurialism, reinvest in creating sustainable shared of good. institutionalised in a corporate culture socio-economic value and delivering that links back to the Boustead Group’s progress to key stakeholders, laying the In line with this, our team, organisational earliest days of trading. Being deeply cornerstones for our long-term success ecosystem, and engineered products rooted in the enduring heritage of and longevity. and services – primarily smart eco- the Boustead Group, we embrace sustainable industrial real estate the Boustead Way, which prioritises A common consideration in evolving solutions (“solutions”) – have to the pursuit of business with a greater our business model, pioneering inherently uphold the high honourable 29 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

conduct and quality standards that have segments: Design-and-Build and Real derived from the combined depth of all provide development, design-and-build, been associated with the Boustead Estate. A third segment, Strategic six capitals – financial, manufactured, leasehold portfolio asset management Group for almost two centuries. In Partnerships & Investments generated intellectual, human, social and and ownership, and facilities addition, we embrace transformation activities which fed directly into Design- relationship, and natural – and ultimately management for business park and or aim to be transformative where and-Build and Real Estate. These deliver positive net effects for all six industrial developments, and business possible, in order to promptly adapt to segments are shown on page 30. capitals. and industrial parks as shown on page new megatrends and the prevailing 31. global landscape that has emerged over This section covers how we are pursuing 3.1 INTEGRATED INDUSTRIAL REAL time. Our pioneering achievements business with a greater purpose through ESTATE SOLUTIONS PROVIDER Our main market is in Singapore with in the industrial real estate sector are our integrated industrial real estate As the only generally acknowledged a growing international presence in summarised here. solutions model, smart eco-sustainable integrated industrial real estate solutions overseas markets including China, solutions, quality, transformative provider listed on the SGX Mainboard Malaysia and Vietnam, as shown on In FY2020, our business was categorised technologies initiatives and generation with integrated capabilities covering page 32. into two key revenue-generating of direct economic value, which are most of the industry value chain, we

Pioneering Achievements 1996 2003 2009 2011 2017 2019 • Established Boustead • Pioneered design- • Built Singapore’s first • Named bizSAFE • Pioneered full-fledged • Building Surbana Projects and build-and-lease Green Mark Platinum- Mentor integrated digital Jurong Campus, pioneered design-and- approach for rated industrial delivery (“IDD”) Singapore’s first • PRESENTLY: One of build approach for Singapore’s industrial development in heavy platform with 7D Green Mark Platinum only eight bizSAFE Singapore’s industrial real estate sector industry category building information – Super Low Energy Mentors and only real estate sector modelling (“BIM”) to large-scale business • PRESENTLY: Market one among direct cover entire multi- park and industrial leader in Green competitors decade building development Mark Platinum- lifecycle rated industrial developments • Pioneered ALICE@ Mediapolis (“ALICE”), Singapore’s first truly smart business park development 30 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

Group at a Glance

Group Revenue Group Profit before Income Tax S$426.2 million S$27.5 million FY2019: S$234.2 million FY2019: S$35.7 million

By segment By country

Malaysia <1% 8% Singapore Vietnam 98% 2% 92% 71% 29% China <1%

Group Net Profit Group Contracts Secured Group Net Assets Basic Earnings per Share Gross Dividend per Share Net Asset Value per Share S$22.2 million S$93 million S$297.3 million 7.2¢ 0.8¢ 95.7¢ FY2019: S$30.6 million FY2019: S$633 million FY2019: S$281.0 million FY2019: 9.9¢ FY2019: 2.0¢ FY2019: 90.7¢

Design-and-Build Real Estate Strategic Partnerships & Investments

Our design-and-build business provides turnkey Our real estate business provides development, We have established several strategic partnerships solutions for future-ready, custom-built smart eco- leasehold portfolio asset management and ownership, and platforms to enhance our resilience, competitive sustainable business park and industrial developments. and facilities management expertise for future-ready, position and geographically expand across Asia. custom-built smart eco-sustainable business park Working with like-minded, reputable and resilient We have constructed and developed over 3,000,000 and industrial developments leased to multinational strategic partners on several fronts has allowed us to square metres of industrial real estate in Singapore, corporations and local enterprises. pool our complementary capabilities and expertise to China, Malaysia and Vietnam. take on larger-scale projects and broaden our offerings We have developed and retained a leasehold portfolio to clients, while simultaneously reducing commercial consisting of primarily single-tenanted custom-built and operational risks related to a particular geographic advanced business park and industrial developments market, industry cluster or real estate sector. leased to a group of reputable end-user clients. 31 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

Value Creation across Industrial Real Estate Value Chain

Industrial Real Estate Value Chain

Development Design-and-Build Leasehold Portfolio Capabilities Feasibility studies Architecture, design and IDD Ownership Land sourcing and acquisition Value engineering Asset management and stabilisation Development planning Structural engineering Facilities management Financing Project management Redevelopment Construction and site management Asset enhancement Additions & alterations Assets and • Business development team • Business development team • Real estate team Teams • Real estate team • Architectural, design and digital delivery team • Strategic capital partnerships • Strategic capital partnerships • Structural engineering team • Strategic technology partnerships • Quantity surveying team • Wholly-owned properties • Project management team • Jointly-owned properties • Construction and site management team • Quality assurance and improvement team • EHS team • Strategic technology partnerships Presence • Singapore • Singapore • Singapore • China • China • China • Malaysia • Malaysia • Malaysia • Vietnam • Vietnam • Vietnam • Rest of Asia 32 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

FY2020 International Presence

Singapore

ASM Front-End Manufacturing integrated manufacturing, logistics Surbana and office facility Jurong Campus Yusen Logistics Bombardier Aerospace facility A&A Singapore Service Centre Phase 2 JTC Kranji Green DB Schenker Amcor integrated Shared Logistics production and Center (ALPS) logistics facility

6 Tampines Industrial Avenue 5 Cummins A&A and fit-out China integrated logistics and office facility A&A

Vietnam 351 on Braddell

Veolia Medtech hazardous Malaysia business park chemical waste office fit-out management complex Razer SEA HQ

Integrated R&D and Pharmaceutical office business park manufacturing development facility A&A Medtech facility expansion

StrategicStrategic PartnershipsPartnerships Design-and-Build BPBP MalaysiaMalaysia TheThe Platform-Platform- AirportsAirports BousteadBoustead Echo-BaseEcho-Base DSCODSCO GroupGroup HanwhaHanwha SubangSubang THABTHAB PerennialPerennial GetronicsGetronics SunseapSunseap DevelopmentDevelopment BPBP CapitalCapital HoldingsHoldings ARESFARESF FundFund AerotechAerotech DevelopmentDevelopment RealReal EstateEstate SolutionsSolutions (S)(S) LeasingLeasing Real Estate Design-and-BuildDesign-and-Build RealReal EstateEstate PartnershipPartnership PtePte LtdLtd PtePte LtdLtd NoNo 11 SdnSdn BhdBhd SdnSdn BhdBhd HoldingsHoldings LtdLtd PtePte LtdLtd PtePte LtdLtd SingaporeSingapore

ChinaChina Strategic Partnerships Malaysia

VietnamVietnam

RestRest ofof AsiaAsia 33 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

Our integrated capabilities are that is usually present where multiple provide to the key players within these to one another and to their physical reinforced by our excellent quality independent third-parties are involved. industry clusters. surroundings.’2 Our smart eco- and environmental, health and safety Through value engineering, we continue sustainable solutions are expected to (“EHS”) track records, transformative to unlock value for clients with significant 3.2 SMART ECO-SUSTAINABLE deliver primary benefits to clients, usually technologies and outright market savings in cost, coordination, equipment, SOLUTIONS economic in nature, and secondary leadership in delivering advanced eco- materials and time as compared to Our smart eco-sustainable solutions are benefits to clients and other key sustainable business park and industrial conventional construction projects experiential and extremely functional stakeholders, which transcend economic developments. and have changed the norms by which spaces that are designed around clients’ value into ESG benefits, with an overall developments are delivered. key processes and requirements, where positive bottomline for the entire Our capabilities are aimed at helping talented client teams from the world’s ecosystem that our solutions fit into. clients to achieve highly effective Our capabilities now include pioneering best corporations are placed in the ideal and cost competitive solutions that the introduction of smart building built environment to collaborate and: This is extremely important given that raise efficiency and sustainability. capabilities and proven transformative • Give birth to new ideas and innovations the United Nations’ 2019 Global Status Furthermore, our full-fledged IDD technologies for smart eco-sustainable – R&D and technology centres; Report for Buildings and Construction platform brings various development, developments in line with Industry • Produce solutions and technologies states that buildings and construction design and building disciplines under 4.0 transformation standards that drive the global economy – high- together accounted for 36% of global one roof and eliminates significant and the Singapore Government’s tech engineering and manufacturing final energy usage and 39% of energy additional costs, coordination, time and Industry Transformation Programme facilities; and process-related carbon dioxide wastage for clients, with 7D BIM as the (“ITP”),1 which lays out 23 Industry • Distribute solutions and technologies emissions in 2018.3 Furthermore, centrepiece digitalisation technology for Transformation Maps (“ITMs”) under six globally – logistics facilities; and 83% of energy-related carbon dioxide significantly enhanced productivity. industry clusters to build a Future-Ready • Provide for the flow and storage of vast emissions related to buildings and Singapore. Our direct contributions amounts of data – data centres. construction are generated by the One of our key design-and-build offerings to the ITP are made within the ‘Built energy consumed when completed is value engineering, the systematic Environment’ industry cluster, while we To do so, we continue to develop buildings are in use4 or what is referred design or redesign of a custom-built provide indirect contributions to support solutions that are smart and eco- to as operating energy. As such, development to ensure that clients enjoy transformations in other industry clusters sustainable, meaning that they have our smart eco-sustainable solutions greater or similar facility performance, – essential domestic services, lifestyle, a positive ecological impact. ‘Eco-’ which are already directly influencing function and quality at significantly manufacturing, modern services, and based on the root word ‘ecological’ is and reducing energy loss, emissions, reduced costs. We eliminate potential trade and connectivity – through the defined as ‘relating to or concerned pollution, and energy and water over-design and over-construction smart eco-sustainable solutions that we with the relation of living organisms consumption have the potential to do so

1. “Overview.” Singapore Government, Ministry of Trade & Industry, 31 October 2016, updated 6 November 2018, www.mti.gov.sg/itms/overview. Accessed 28 August 2020. 2. “Meaning of Ecological in English.” Lexico.com, Dictionary.com and Oxford University Press, www.lexico.com/definition/ecological. Accessed 28 August 2020. 3. “Executive Summary.” Global Status Report 2019 for Buildings and Construction: Towards a Zero-Emission, Efficient and Resilient Buildings and Construction Sector, United Nations, Global Alliance for Buildings & Construction, International Energy Agency, 2019, page 9, www.unenvironment.org/resources/publication/2019-global-status-report-buildings-and-construction-sector. Accessed 28 August 2020. 4. “Figure 2: Amount of CO2 Emissions which the Construction Industry has the Ability to Influence 2008.” Estimating the Amount of CO2 Emissions that the Construction Industry Can Influence: Supporting Material for the Low Carbon Construction IGT Report, UK Government, Department for Business, Energy & Industrial Strategy, Autumn 2010, assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/31737/10-1316-estimating-co2-emissions- supporting-low-carbon-igt-report.pdf. Accessed 28 August 2020. 34 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

in the future as well during the highest 3.2.2 Solutions With Additional ESG relationships and reputations with their launching the Green Mark Programme in emissions period in the multi-decade Benefits – Smart Green Buildings key stakeholders. 2005, as shown on page 35. building lifecycle. Outside of the direct economic value that clients receive, our smart Our smart eco-sustainable solutions In 2009, we broke new ground with The primary and secondary benefits, eco-sustainable solutions also offer have helped clients to significantly the delivery of Singapore’s first industry diversification and long-term significant secondary benefits in ESG reduce energy loss, emissions, Green Mark Platinum-rated industrial market outlook for our solutions are facets. With the eco-sustainability pollution, waste, and energy and water development in the heavy industry shown here. practices of clients coming under consumption throughout the multi- category for a Fortune 500 corporation, increased scrutiny from their key decade building lifecycle. Our smart Applied Materials under the BCA’s 3.2.1 Solutions Supporting Economic stakeholders, we have been delivering eco-sustainable built environment Green Mark Programme. Since then, Activities smart eco-sustainable solutions that is conducive to create a healthy and we have proceeded to become the Our smart eco-sustainable solutions help them to match their global growth productive internal environment for outright market leader in delivering have been implemented to support strategies with better management of clients, while reducing the ecological Green Mark Platinum-rated industrial niche segments of hard infrastructure, their ecological footprints, compliance impact on the natural environment and developments and also delivered LEED- primarily business and industrial parks with environmental regulations and surrounding communities. rated industrial developments under the that form the backbone of economic the potential collection of building US Green Building Council (“USGBC”)’s activities in both developed and data that can enhance operations and Reporting to the Singapore internationally-recognised Leadership emerging markets. Today, our smart productivity. Clients who embrace our Government’s Ministry of National in Energy & Environmental Design eco-sustainable solutions integrate smart eco-sustainable solutions also Development, the Building & (LEED) Program. Our milestones include Industry 4.0 transformation standards receive social benefits through the ESG Construction Authority (“BCA”) is the delivering Singapore’s first Green Mark that increasingly support clients benefits that accrue to surrounding agency responsible for championing Platinum-rated industrial developments with their business activities and communities and natural ecosystems, the development of an excellent in the heavy industry, aerospace and transformations. serving to boost and protect their built environment for Singapore and logistics industry categories, first Green

Smart Eco-Sustainable Solutions Segments Primary Benefits Secondary Benefits Long-Term Market Outlook Design-and-Build • International business in wide • Smart eco-sustainable business park • Reduced construction time, waste, • Stronger demand aligned with climate range of industries and industrial developments that meet emissions and pollution during design, change, legislative and Industry 4.0 Industry 4.0 transformation standards construction and building operations transformation trends • Client ownership model • Reduced energy and water Real Estate consumption during building • International development • Smart eco-sustainable business park operations and leasehold portfolio asset and industrial developments that meet • Enhanced wellbeing, health and safety management business in wide Industry 4.0 transformation standards of client teams and tenants range of industries • Client leasing model • Resource security 35 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

Mark Platinum – Super Low Energy (ALPS) – was awarded the Green Mark (“GMP-SLE”) large-scale business Platinum. Separately, ASM Front-End BCA Green Mark Programme for Non-Residential Buildings 2015 park and industrial development, Manufacturing and Razer SEA HQ were Green Mark Rating Score and 21% and 42% of all Green Mark awarded the Green Mark Gold Plus, Platinum-rated new private sector while Bombardier Singapore Service Green Mark Platinum Above 69 industrial developments and logistics Centre Phase 2 was awarded the Green developments respectively on Business Mark Gold. Green Mark Gold Plus Above 59 to 69 1 and Business 2 industrial-zoned land, as shown here.5 As the outright market leader in Green Mark Gold Above 50 to 59 the design-and-build of smart eco- During FY2020, our landmark largest sustainable industrial developments, we Applies to all new projects submitted for URA private sector project for Surbana Jurong are taking our commitment further to Green Mark Certified planning permission on or after 15 April 2008 Campus (“SJC”) became Singapore’s first attain higher Green Mark ratings in our large-scale business park and industrial role as a developer for multi-tenanted development to be awarded the GMP- developments that we intend to own SLE at the BCA Green Mark Awards and lease out in Singapore. In line with 2019 held in May 2019. SJC is a huge this, we designed and built our global Green Mark Platinum Market Share Green Mark Platinum Market Share step towards minimal to zero carbon headquarters – Edward Boustead Centre for New Private Sector Industrial for New Private Sector Logistics footprints and an exemplary project on – to attain Green Mark Platinum in 2015, Developments Developments how building design can mitigate climate leading by example and showcasing to change. Introduced in 2018, the GMP- clients how extensive green building 27 main Boustead 5 main Boustead SLE rating is the BCA’s latest higher features can be incorporated into the contractors Projects contractors Projects 79% 47 21% 58% 12 42% benchmark for best-in-class green design of all future buildings. Similarly, projects projects buildings in Singapore. SJC achieved the same path was taken for ALICE, the GMP-SLE with significant eco- which was awarded the Green Mark sustainability features geared towards Platinum in 2018. In addition, our latest the highest levels of energy efficiency multi-tenanted smart development – We have built 1 out of every 5 Green We have built 2 out of every 5 Green and huge reductions in energy usage. 351 on Braddell – under construction at Mark Platinum-rated new private sector Mark Platinum-rated new private sector Separately, Bolloré Blue Hub and Veolia Braddell Road is planned to incorporate industrial developments. logistics developments. Singapore Office@Tuas View Circuit a number of smart eco-sustainable were awarded the Green Mark Platinum. features. Moving forward, we will continue to explore ways to further Shortly after the end of FY2020, at the introduce smart eco-sustainable BCA Green Mark Awards 2020 held solutions into our leasehold portfolio in August 2020, our fourth project including the introduction of the Green for DB Schenker in Singapore – DB Lease Scheme at our multi-tenanted Schenker Shared Logistics Center developments in Singapore.

5. Track record updated to include 2020 BCA Green Mark Awards held in August 2020. 36 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

Green Mark Platinum Track Record

1 13

4.2 48.3

677 132,362

S$10.9 11,371 7,376 79,047 180

Note: Calculations are based on BCA Green Mark Programme assessments at the time when the Green Mark Platinum was awarded to a specific building, with the main conversion calculations based on the Energy Market Authority’s Singapore Energy Statistics 2019 and PUB’s Water Price Revisions 2017. Other supplementary conversion calculations are based on the US Environmental Protection Agency’s greenhouse gas equivalents calculator. 37 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

Artist’s Impression of Surbana Jurong Campus, Jurong Innovation District, Singapore © Image courtesy of Safdie Architects

Boustead Projects’ largest private sector project to date and Singapore’s first large-scale business park and industrial development to be awarded Green Mark Platinum - Super Low Energy 38 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

In working towards the promotion Acquired at the beginning of FY2020 for Getronics’ technologies and to augment an important asset within our leasehold of Green Mark Platinum-rated S$4.2 million for a 25% shareholding, our integrated suite of transformative portfolio. Promoting eco-sustainability developments, our focus is on attaining DSCO is a provider of specialised digital real estate solutions addressing through greater use of renewable energy high levels of energy and water building engineering consulting services the entire multi-decade lifecycle of aligns with our position as the market efficiency, environmental protection, in the Asia Pacific, with a strong buildings. Getronics’ smart technologies leading builder and developer of smart environmental quality and other green reputation as a leading designer in will help future-proof our development eco-sustainable business park and features. Many of the Green Mark data centres. We expect our strategic projects with a flexible and scalable industrial developments. Platinum-rated developments we have investment in DSCO to support future platform for new and ever-changing delivered incorporate the smart eco- expansion and augment design-and- technologies, allowing us to manage 3.3 QUALITY sustainable features shown here. build and development capabilities in smart developments in our leasehold Quality has always been a defining high-tech, higher value sectors and portfolio on a single technology platform. factor in the total client experience. 3.2.3 Strategic Technology intend to leverage DSCO’s expertise, As part of our Quality Management Partnerships to Strengthen Smart experience and reputable position in We signed a framework agreement System (“QMS”) which includes Eco-Sustainable Solutions the high-growth data centre industry to with Sunseap – the largest and most quality assurance and improvement During FY2020, we continued to jointly pursue data centre projects. established integrated clean energy programmes, we first embarked on ISO strengthen our smart eco-sustainable solutions company in Singapore – on the 9001 certification in 1999 and have had a solutions through new collaborations We commenced our collaboration potential installation of rooftop industrial QMS in place ever since. In March 2016, with three strategic technology with Getronics – a leading global solar energy systems at our real estate our major design-and-build subsidiary in partners: DSCO Group Holdings Pte Ltd infocommunications technology projects and potential provision of Singapore, Boustead Projects E&C (“BP (“DSCO”), Getronics Solutions (S) Pte Ltd service provider – which is intended lower-cost clean energy solutions to our E&C”) received an upgrade to the latest (“Getronics”) and Sunseap Leasing Pte to enable us to deliver next generation clients and tenants. This partnership is ISO 9001:2015 standard and in April Ltd (“Sunseap”). smart industrial buildings by leveraging intended to better utilise rooftop space – 2018, recertified under the standard.

Key Eco-Sustainable Features Design and Energy Efficiency Water Efficiency Environmental Protection Environmental Quality Other Green Features • Building envelope and façade • Water efficient fittings • Green cement • Low volatile organic • Digital operations and design • Rainwater harvesting for • Green concrete and recycled compound and green label maintenance manuals utilising • Air conditioning and chiller landscape irrigation and toilet aggregate paints and adhesives 7D BIM plant performance flushing • Green label products • Acoustic systems • Roof gardens and sky terraces • Air filtration systems • Cooling tower treatment • Compost and waste recycling • Smart mobile app energy • Air handling unit condensate • Lighting systems systems • Prefrabricated building system and water usage monitoring recycling • Solar power systems • Sub-metering systems • Sensor systems systems • Electric vehicle charging • Sub-metering systems • Sensor systems • Sensor systems stations • Sensor systems • Bicycle and personal mobility device parking stations • Green leases 39 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

Our QMS sets out quality management key stakeholders, especially between In addition, BP E&C is approved by the awarded the Green Mark Gold Plus, system enablers, commitments, targets our team and clients, strategic partners, BCA for Grade CW01-A1 and General while Bombardier Singapore Service and responsibilities for our team, with suppliers, lenders, government agencies Builder Class 1 Licence6 to execute Centre Phase 2 was awarded the Green overriding responsibility belonging to and regulators, all within a single project. building construction contracts of Mark Gold. our Audit & Improvement Team headed unlimited value in the private and public by our Director of Audit & Improvement, 3.3.1 Quality, Domain Expertise & sectors. This removes the limit on the To date, our construction excellence, a member of our senior management Project Track Records as Client Pre- size of contracts that we can undertake quality, productivity and eco-sustainable team. Our QMS is both externally Qualifiers in Singapore. efforts have been recognised with 34 and internally audited, and ensures Our clients range from reputable small construction-related and Green Mark quality management performance at all and medium-sized enterprises to global 3.3.2 Construction Awards & awards at the BCA Awards as shown on workplaces and project sites under our clients including Fortune 500, S&P 500 Construction Quality Assessment pages 40 to 41. control on a daily basis. and Euronext 100 corporations. Given System the strong brand reputation of our clients We are a regular feature at the BCA As a promoter of quality, we are a leader As the delivery of quality is emphasised and potential clients, there are usually Awards, an annual awards programme in the BCA’s Construction Quality throughout all potential client touch more stringent expectations on quality, hosted by the BCA to recognise the best Assessment System (“CONQUAS”), points, our solutions are not always domain expertise and project track in building and construction practices which is used to measure the quality the lowest priced among competing records since our solutions have such a and projects. achieved in a completed construction solutions but do consistently deliver significant impact on the achievement project in Singapore in respect of high quality client experiences and of clients’ global growth strategies During FY2020 at the BCA Awards structural, architectural, and mechanical outcomes. Due to positive client and their relationships with their key 2019 held in May 2019, we received & electrical works. CONQUAS is a experiences and outcomes, numerous stakeholders. Many clients conduct the Construction Productivity Award – voluntary quality assessment in respect clients have become repeat clients financial, quality, EHS and project track Projects (Gold) for Continental Building to most private sector industrial projects. which is important in the context where record reviews on our business and at Phase 3. Separately, SJC was awarded almost all client relationships are times, those of our suppliers, before the distinguished GMP-SLE, while During FY2020, DB Schenker Shared business-to-business arrangements pre-qualifying and inviting us to submit Bolloré Blue Hub and Veolia Singapore Logistics Center (ALPS) received a involving a smaller client base but larger proposals, bids and tenders for potential Office@Tuas View Circuit were awarded CONQUAS score of 93.9%, our landmark transactional value as compared to what projects. Once we become a pre- the Green Mark Platinum. joint development for ALICE received a is typically seen in business-to-consumer qualified main contractor to a specific CONQUAS score of 93.8%, while Yusen arrangements. The embedding of quality client, we are routinely invited to submit Shortly after the end of FY2020, at the Logistics received a CONQUAS score into all potential client touch points is proposals, bids and tenders for potential BCA Awards 2020 held in August 2020, of 92.0%, placing them at 6th, 7th and extremely important since a client team’s projects whenever the specific client DB Schenker Shared Logistics Center 15th respectively on the all-time top 100 project journey together with us typically reviews a potential new investment or (ALPS) was awarded the Green Mark industrial projects list. lasts for over one year and is made up project in Singapore and sometimes Platinum. Separately, ASM Front-End of thousands of interactions between internationally. Manufacturing and Razer SEA HQ were

6. Our BCA licence registrations are available at www.bca.gov.sg/bcadirectory/company/details/201432108g. 40 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

Construction Excellence, Quality, Productivity & Eco-Sustainability Awards Awarded by: BCA USGBC Construction Excellence, Quality & Green Mark Platinum & Green Mark Gold Plus & LEED Gold Productivity Awards Super Low Energy Green Mark Gold Total 7 awards 13 awards 14 awards 3 awards 2020 • DB Schenker Shared Logistics Center • ASM Front-End Manufacturing (Gold (ALPS) Plus) • Razer SEA HQ (Gold Plus) • Bombardier Singapore Service Centre Phase 2 (Gold) 2019 • BP E&C: Construction Productivity • Surbana Jurong Campus (Green Mark Award – Projects (Gold) for Platinum – Super Low Energy) Continental Building Phase 3 / 1st Green Mark Platinum – Super Low Energy in large-scale business park and industrial category / • Bolloré Blue Hub • Veolia Singapore Office@Tuas View Circuit 2018 • BP E&C: Green & Gracious Builder • ALICE@Mediapolis Award (Excellent) 2017 • BP E&C: BIM Gold Award – • Markono M-Cube (Gold) Organisation Category • XP Power (Gold Overseas) • BP: Construction Excellence Award / 1st Green Mark in non-residential for Seagate Singapore Design Center building category in Vietnam / – The Shugart 2016 • Kuehne+Nagel Singapore Logistics • Kuehne+Nagel Singapore Logistics Hub Hub 2015 • BP: Green & Gracious Builder Award • Edward Boustead Centre • Greenpac Greenhub (Gold Plus) (Merit) • Seagate Singapore Design Center – • BP: Construction Productivity The Shugart Award – Projects (Gold) for Edward Boustead Centre 41 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

Construction Excellence, Quality, Productivity & Eco-Sustainability Awards (cont'd) Awarded by: BCA USGBC Construction Excellence, Quality & Green Mark Platinum & Green Mark Gold Plus & LEED Gold Productivity Awards Super Low Energy Green Mark Gold Total 7 awards 13 awards 14 awards 3 awards 2014 • BP: Construction Excellence • DB Schenker Shared Logistics Center • Greenpac Greenhub (Office Interior Certificate of Merit for Bolloré Green 3 (Tampines LogisPark) Gold Plus) Hub • Kerry Logistics Centre – Tampines (Gold) • Satair Airbus Singapore Centre (Gold) 2013 • Greenpac Greenhub (Gold) • Kerry Logistics Centre – Tampines • Jabil Circuit (Gold) • Bolloré Green Hub / 1st LEED Gold in logistics industry in Asia / 2012 • Bolloré Green Hub / 1st in logistics industry category / 2011 • Rolls-Royce Wide Chord Fan Blade Manufacturing Facility • Rolls-Royce Test Bed Facility / 1st in aerospace industry category / 2010 • IBM Singapore Technology Park (Gold) • Sun Venture Investments@50 Scotts Road (Gold) 2009 • Applied Materials Building • StarHub Green (Gold) / 1st in heavy industry category / 42 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

To date, our efforts in construction quality have been recognised with Projects on BCA CONQUAS All-Time Top 100 Industrial Projects List Number of CONQUAS all-time 100 industrial projects 11 projects ranked in the CONQUAS all-time top 100 industrial projects list,7 making us the top main contractor on Boustead Projects has most 11 the list and equalling the combined projects on CONQUAS all-time total number of projects by the next two top 100 industrial projects list main contractors. Our track record of 13 projects on the CONQUAS is shown 6 here. 5 4 3.4 TRANSFORMATION INITIATIVES 3 With shorter business cycles due 2 1 to disruptive technologies, we need 0 to embrace transformation or be 35 30 25 20 15 10 5 1 Number of contractors transformative where possible, in order to adapt to new megatrends and the prevailing global landscape that emerges over time. Two new Projects on BCA CONQUAS List megatrends that are having a profound Rank on All-Time Top 100 effect on our respective industries are Projects CONQUAS Scores Industrial Projects List (Aug 2020) Industry 4.0 and climate change. In DB Schenker Shared Logistics Center (ALPS) 93.9% 6th addition, the COVID-19 pandemic has exponentially accelerated the ALICE@Mediapolis 93.8% 7th necessity of transformation globally, with Seagate Singapore Design Center – The Shugart 92.2% n.a. (commercial project) those unable to adapt and transform Yusen Tuas 92.0% 15th immediately, facing an existential threat greater than any seen in recent memory. ST Omega 2 91.5% 18th Edward Boustead Centre 91.3% 21st Kerry Logistics Centre – Tampines 90.7% 25th Bolloré Green Hub 90.3% 29th Continental Building Phase 3 89.6% 35th ST Electronics Building 89.1% 42nd ST Engineering Hub 85.1% 74th 7. “IQUAS: Information on Construction Quality.” Singapore Government, Building & Construction Rolls-Royce Test Bed Facility 82.9% 98th Authority, www.bca.gov.sg/professionals/iquas/ iquas/default.aspx. Accessed 28 August 2020. Sun Venture Investments@50 Scotts Road 81.5% n.a. (commercial project) 43 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

3.4.1 Industry 4.0 Nine Technologies of Industry 4.0 According to Boston Consulting Group (“BCG”), Industry 4.0 – the fourth industrial revolution – is a transformation that makes it possible to gather and analyse data across machines, enabling Autonomous Robots faster, more flexible and more efficient / 3D scanning / ConTech / processes to produce higher quality goods at reduced costs. This will increase productivity, shift economics, Big Data & Analytics foster industrial growth and modify the Simulation / IDD / BIM / 3D scanning / profile of the workforce and ultimately / VDC / / AI / Machine learning / ConTech / change the competitiveness of / PropTech / Drone technology / corporations and regions.8 BCG went on to name nine technologies that are transforming industrial production. We Augmented Reality Horizontal & Vertical have overlaid our already implemented / BIM / VDC / System Integration technologies in seven of these areas as / Drone technology / VR / / IDD / BIM / shown here.

For over two decades, we have been a pioneering force in Singapore’s industrial real estate sector, demonstrating pioneership and transformation in business model and activities including design-and-build (1996), design-build- Additive Manufacturing The Industrial Internet and-lease (2003), advanced eco- of Things sustainable buildings (2009) and IDD / BIM / ConTech / PropTech / (2017), among others.

As the latest capability in our pioneering The Cloud Cybersecurity approach, our IDD platform deploys / IDD / ConTech / PropTech / digitalisation and Cloud-based technologies, and transformative methodologies like BIM, virtual design Our positions of / TRANSFORMATION / and construction (“VDC”), and design for manufacturing and assembly

8. “Embracing Industry 4.0 and Rediscovering Growth.” The Boston Consulting Group, www.bcg.com/capabilities/operations/embracing-industry-4.0-rediscovering-growth.aspx. Accessed 28 August 2020. 44 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

(“DfMA”). Our progressive game- interface tied to ALICE’s smart building enabled our digitalisation journey, Transformative Technologies for changing methodologies include 3D management system. The single and supported by our dedicated and fast- Integrated Digital Delivery scanning, artificial intelligence (“AI”) and comprehensive backend system for growing digital delivery team. machine learning, data analytics, drone operations and facilities management technology and virtual reality (“VR”). greatly automates processes and We continue to observe and document BIM reduces manual tasks. positive results from our digitalisation Many of these methodologies were efforts including: extensively adopted in ALICE, our largest Please review our Industry 4.0 Future • Better coordination between different development, with ALICE’s design, Feature on ALICE as shown on page project stakeholders and higher construction, project management 45, along with a summary of how we are productivity achieved through and delivery, further complemented converging the ideals of the Singapore redesigning conventional work by use of drones for aerial imaging, Government’s ITP and ITMs for three processes around our use of BIM as VDC and DfMA site progress and surveillance, and industry sectors: construction, real the single-point-of-truth; eventually the deployment of VR estate and infocomm media as shown on • More effective project management technologies for collaboration across page 46. Simultaneously, we are using through Cloud-based, common data project stakeholders. ALICE was IDD and proven technologies to reshape environment solutions. For instance, constructed virtually using BIM and smart eco-sustainable developments for the implementation of the Lean PlanDo 3D scanning, AI and VDC (before the actual construction) so clients shifting into Industry 4.0 under app has improved project planning machine learning that most issues could be anticipated their respective ITMs. and tracking by aggregating all during construction, operations and construction and scheduling data into maintenance, and proactive solutions During FY2020, as part of our a single platform; could be generated, thereby significantly continued efforts at business and • Better and faster decision-making in boosting productivity. Another first technological transformation, we VDC, through our use of BIM and VR in the industry, ALICE adopted large- progressed with the implementation technology to simulate immersive VR scale prefabricated bathroom units of our digital transformation roadmap, virtual environments in life-size (“PBUs”) using prefabricated, prefinished further building upon our Industry 4.0 proportions; volumetric construction (“PPVC”), transformation standards and game- • Better management and tracking moving beyond the norm of small PBUs changing methodologies. Internal of DfMA prefabricated elements in the residential sector. adoption rates significantly increased under manufacturing, delivery and for our new progressive game-changing installation, and faster and better Drone technology On the operational side, an ALICE mobile methodologies including 3D scanning, identification, tracking and remediation app designed as a collaboration between AI and machine learning, data analytics of defects through our customisation us and a leading homegrown proptech and VR. We also pushed for greater of mobile digital management Cloud-based firm, is driven by big data analytics and integration between the different solutions; and technology Internet of Things (“IoT”) for a tenant platforms and technologies that have • Faster and more accurate construction platforms to manage and optimise collaboration and workflows 45 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

Industry 4.0 Future Feature: ALICE

INTRODUCING THE FIRST TRULY SMART BUILDING IN ANY BUSINESS PARK IN SINGAPORE

Solar Power Smart App 100 kWp photovoltaic system One-stop tenant services above green roof linked to smart building management system

7D BIM PBUs BIM used throughout 80% of area built using building lifecycle for design, Sustainable Building System construction, operations and with first ever large-scale PBUs maintenance

IDD Clean Transport Designed and constructed with Docking stations for bicycles Industry 4.0 transformation and personal mobility devices standards 46 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

Transformative Technologies Deployed Today in Construction, Real Estate & Infocomm Media Industry Sectors

Supporting Construction Industry’s Transformation Supporting Real Estate Industry’s Transformation

Design-and-Build/Development Building Operations and Facilities Management • Systematic consideration of maintainability of buildings in development and design stages • Single flexible and scalable technology platform to manage smart developments and future-proof developments against new and Integrated digital delivery (IDD) ever-changing technologies • ALICE@Mediapolis’ customised mobile app and portal integrated with building management system for better tenant experience • Building information modelling (BIM) throughout multi-decade building lifecycle, achieving better coordination between and engagement, fostering greater automation, productivity and smart community ecosystem different project stakeholders and higher productivity through redesigning conventional work processes around BIM as single-point-of-truth • Virtual design and construction (VDC) for better and faster • Digital operations and maintenance manuals using as- decision-making through use of BIM and virtual reality (VR) built BIM for asset management and facilities technology to simulate immersive virtual environments in management Supporting Infocommunications and Media (“ICM”) Industry’s Transformation life-size proportions • Aerial imaging combined with augmented reality (AR) to • Integrated project planning and tracking by aggregating all create line-of-sight views from marketable units before construction and scheduling data into single Cloud-based completion of construction platform Driving technology adoption and exploring new growth Strengthening vibrant core of ICM professionals and • 3D scanning, artificial intelligence (AI), machine learning and areas by leveraging frontier technology companies drone technology for automating construction progress • ALICE@Mediapolis promotes several cross-sector • Dedicated in-house digital delivery team supporting internal scans and updating BIM innovation initiatives, such as adoption of frontier digital transformation raises internal adoption rates of • Drone technology for aerial imaging, site progress tracking technologies like Internet of Things (IoT), immersive media frontier technologies and methodologies such as 3D and surveillance like VR and data analytics from development, design and scanning, AI and machine learning, data analytics and VR, • Customised mobile digital management solutions integrated construction to operations and facilities management and pushes for greater integration between different with BIM for faster and better identification, tracking and • ALICE@Mediapolis’ customised mobile app and portal platforms and technologies remediation of defects integrated with building management system for better • ALICE@Mediapolis is dedicated development within one- • Wearable devices and Cloud management software at tenant experience and engagement, fostering greater north to support growth of ICM industry, offering ecosystem construction sites to facilitate contact tracing and safe automation, productivity and smart community that brings different sectors together with solutions management measures ecosystem catalysing digitalisation and productivity, helping grow local • Facial recognition technology for site management and digital champions security

Design for Manufacturing and Assembly (DfMA)

• Use of prefabricated, prefinished volumetric construction (PPVC) • Customised platform integrated with BIM for better management and real-time tracking of PPVC elements under manufacturing, delivery and installation

Green Building and Eco-Sustainability

• Green Mark Platinum • LEED • BiodiverCity • Customised mobile app allowing tenants to track individual utilities consumption • Smart building energy management systems • Rooftop industrial solar energy systems 47 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

validation through our use of 3D as-built 7D BIM used for multi-decade material ESG topics, especially in relation capacity – currently confined to Semakau scanning, AI and machine learning, facilities management – a first of its to the building, construction and real Island – the Singapore Government automation and drones. Our kind in Asia. estate industries. Given the high energy has been reviewing major initiatives collaboration with Airsquire – a startup intensity and emissions contributed by to boost recycling infrastructure in the specialising in image analytics for With significant investments in these industries, we aim to promote most efficient and cost-effective manner. construction design – has helped transformative technologies, we expect our smart eco-sustainable solutions as We are proud to be participating in a automate the validation of construction higher productivity, more effective previously shown on pages 33 to 38. national project of strategic importance progress scans against BIM, reduced project management, and better quality in Singapore’s contributions to combat inspection times by up to 40% and defects management to ultimately As mentioned earlier, we provide smart climate change, build climate resilience, compared to manual inspection translate into greater savings for our eco-sustainable solutions that have the protect the natural environment and methods and minimised updating projects over the long-term. potential to directly influence and reduce solve a pressing waste storage problem. errors in the final BIM. energy loss, emissions, pollution, and 3.4.2 Climate Change energy and water consumption in some 3.4.3 COVID-19 & Infectious Disease During FY2020, our transformative Opening for signatures on 22 April 2016 of the most energy-intensive sectors, and Outbreaks methodologies were best displayed at – Earth Day – at the UN Headquarters in work towards the extremely important Shortly before the end of FY2020, the our largest project on record for JTC New York, the Paris Agreement entered common goal to combat climate change, onset of the COVID-19 pandemic and Kranji Green (“Kranji Green”). Extensive into force on 4 November 2016 and has build climate resilience and protect our its rapid spread in a very short period use of DfMA prefabrication for Kranji been ratified by 189 out of 197 parties environment. of time took the world by surprise, Green has demonstrated our capability to the Convention to date. The Paris representing the greatest risk to the to work with some of the largest DfMA Agreement brings together all nations More information on our performance, world in recent times. While some prefabricated components involved in in an extremely important common goal policies and processes in relation to countries have successfully contained any industrial project. We were able to to combat climate change and adapt to climate change will be shared in Section COVID-19 through extremely strict achieve a very high level of IDD adoption its effects, with the aim of keeping global 5 of this report. lockdowns, safe distancing measures within this project, which includes: temperature rise this century at well and travel restrictions, these countries • Improving project planning below 2°C above pre-industrial levels In 2018, we secured Kranji Green, remain in the minority, with many and tracking by aggregating all and pursue efforts to limit temperature earmarked to achieve the Green Mark countries still struggling to contain construction and scheduling data into increase even further to 1.5°C.9 The Platinum. Kranji Green has been touted COVID-19 and bring average daily a single Cloud-based platform; Singapore Government ratified the Paris as one of the Singapore Government’s infections under control. • Significantly optimising design Agreement on 21 September 2016. landmark projects to shift the nation approvals through virtual walkthroughs increasingly towards the circular COVID-19 is unlikely to be categorised of BIM with projects stakeholders; and In line with this, we acknowledge economy, where maximum value is as a megatrend. However, the scale of • Working towards a digital operations that we have a shared responsibility extracted from resources through the disruption caused by the pandemic and maintenance manual for the as a responsible corporate citizen to recovery, recycling and regeneration. already entails long-term implications development, which will see the final work towards uplifting our business in With extremely limited space and landfill for the world, from the strategies and

9. “What is the Paris Agreement?” United Nations, UN Framework Convention on Climate Change, unfccc.int/process-and-meetings/the-paris-agreement/what-is-the-paris-agreement. Accessed on 28 August 2020. 48 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

Artist’s Impression of JTC Kranji Green, Singapore © Image courtesy of JTC Corporation

Boustead Projects’ largest public sector project to date and Singapore’s first large-scale multi-storey recycling facility, targeted to achieve Green Mark Platinum 49 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

activities of governments, industries 3.5 FY2020 DIRECT ECONOMIC expansions and our growing leasehold FY2017 was our first complete financial and organisations right through to VALUE GENERATION & portfolio and continue to have the year following our listing on the SGX communities and individuals, many who DISTRIBUTION capability to make new acquisitions and Mainboard in April 2015 and also may be our stakeholders in countries Our continuous profitability every year investments. marked our inaugural dividend payments where we operate. Lessons from the has enabled us to reinvest in creating to shareholders. Since then, we have pandemic are likely to be applied to sustainable shared socio-economic Wholly-owned properties under our made annual dividend payments to the control of future infectious disease value and delivering progress to key leasehold portfolio contribute relatively shareholders, which has continued for a outbreaks. stakeholders, laying the cornerstones for stable leasing revenue and profit that has fourth consecutive year. our long-term success and longevity. gradually grown over time and provides a In line with this, we acknowledge base to our financial performance, along Our five-year financial performance COVID-19 and infectious disease In FY2020, we generated S$425.7 million with complementing our design-and- summary is shown on page 51. outbreaks as a material ESG topic, which in direct economic value (“EV”), a 75% build activities. is directly impacting our businesses and increase year-on-year as compared to those of our stakeholders. S$243.0 million in FY2019, which was In the future, we expect jointly-owned distributed among key stakeholders as properties under our investments in More information on our performance, shown on page 50. associated companies and joint ventures policies and processes in relation to to grow as well and contribute to COVID-19 will be shared in Section 4 of We have built a fundamentally-sound leasing profit, once major jointly-owned this report. balance sheet, reinvested in business properties reach asset stabilisation. 50 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

FY2020 Direct Economic Value Generated & Distributed

Suppliers Team Lenders and Investors

• Purchases • Salaries • Interest paid to lenders • Supplier payments • Defined contribution plans • Dividends paid to shareholders • Other operating expenses • Share-based compensation • Indirect jobs for communities where we operate • Other benefits • Direct jobs for communities where we operate

S$369.9 million S$23.7 million S$8.5 million 87% of EV 5% of EV 2% of EV

Governments Communities

• Corporate taxes for funding government basic services and sponsored • Community service socio-economic and ESG initiatives • Philanthropic donations • Indirect jobs for communities where we operate • Indirect jobs for communities where we operate

S$7.2 million S$0.14 million 2% of EV <1% of EV

Direct Economic Value Retained

• Reinvestment in core businesses • Future acquisitions and investments

S$16.2 million 4% of EV 51 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

5-Year Financial Performance Summary – Profitability Performance

Group Revenue Group Net Profit Operating Profit Over Turnover (S$’m) (S$’m) (%) 36.1 426.2 20.9 19.7 29.2 30.6

22.9 15.2 255.5 22.2 228.3 234.2 11.6 169.6 6.4

F Y1 6 F Y1 7 F Y1 8 F Y1 9 F Y2 0 F Y1 6 F Y1 7 F Y1 8 F Y1 9 F Y2 0 F Y1 6 F Y1 7 F Y1 8 F Y1 9 F Y2 0 (Restated)(Restated) (Restated)(Restated)

Return on Equity Basic Earnings per Share Dividend Per Share (%) (¢) (¢) 11.3 9.9 2.5 15.7 9.1 2.0 11.8 11.9 7.1 7.2 10.9 1.5 7.5 0.8

F Y1 6 F Y1 7 F Y1 8 F Y1 9 F Y2 0 F Y1 6 F Y1 7 F Y1 8 F Y1 9 F Y2 0 F Y1 6 F Y1 7 F Y1 8 F Y1 9 F Y2 0 52 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

5-Year Financial Performance Summary – Balance Sheet Strength (cont’d)

Equity Attributable to Equity Holders Net Asset Value per Share Net Cash/(Debt) Position of Company (S$’m) (S$’m) (S$’m) 297.4 281.0 95.7 90.7 40.9 244.1 229.4 79.0 71.7 25.0 194.0 60.6 10.6

F Y1 6 F Y1 7 F Y1 8 F Y1 9 F Y2 0 (2.6)

(37.9) F Y1 6 F Y1 7 F Y1 8 F Y1 9 F Y2 0 F Y1 6 F Y1 7 F Y1 8 F Y1 9 F Y2 0

5-Year Financial Performance Summary

Properties Held for Sale, Investment Debt-to-Equity Loan-to-Valuation Properties, Investments in Associated (%) (%) Companies and Joint Ventures (S$’m) 267.6 249.5 52.0 34.3 48.2 31.8 64.2 190.6 197.8 197.3 40.7 39.7 38.5 25.7 25.1 26.7 14.0 26.7 32.4 37.7 28.9 20.4 30.4 30.6 30.7

182.1 176.7 146.2 134.8 128.8

F Y1 6 F Y1 7 F Y1 8 F Y1 9 F Y2 0 F Y1 6 F Y1 7 F Y1 8 F Y1 9 F Y2 0 F Y1 6 F Y1 7 F Y1 8 F Y1 9 F Y2 0

Investment properties Investments in Properties held for sale associated companies and joint ventures 53 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

SECTION 4 MATERIAL ESG TOPICS & “You don’t build business. You build people, and people build the business.” APPLICABLE GRI STANDARDS This section covers the following - Zig Ziglar, late renowned US author and motivational speaker material ESG topics and applicable GRI Standards: • Business ethics GRI Standards / 102-11 / 102-12 / 102-16 / 102-17 / 102-33 / / 102-34 / 418-1 / A PEOPLE-TO-PEOPLE BUSINESS them to transform their industry, build and other fundamental principles have An organisation is only as good as its their next stage of growth, derive true been passed down from generation to • Data and information security people. At Boustead Projects, this is value from their sizeable investments generation that continue to guide our GRI Standards absolutely true. and deliver direct economic value daily actions and decisions. We believe / 102-12 / 418-1 / and environmental, social and in acting honourably in the way that we We are a knowledge-driven, business- governance (“ESG”) benefits to their key conduct business and staying true to our • Talent acquisition, development, to-business and people-to-people stakeholders, while keeping us at the strong human-centric corporate values. management and retention organisation, where achieving our forefront of the industry. We have zero tolerance for accidents, GRI Standards mission, vision and long-term objectives bribery, corruption, fraud and violence. / 102-8 / 102-12 / 102-13 / 102-35 / 102-36 / are highly dependent on the values, A client team’s project journey together We do not condone the use of child or / 102-37 / 102-41 / 201-1 / 401-1 / 403-9 / / 403-10 / 404-1 / 404-3 / conduct and performance of our best with us typically lasts for over one forced labour, whether at project sites asset – our team. year and is made up of thousands of under our direct control or project sites • Succession planning interactions between key stakeholders, under our fabricators, subcontractors GRI Standards Our team is expected to demonstrate especially between our team and clients, and suppliers (together “suppliers”)’s / 102-12 / 401-1 / 404-1 / 404-3 / our five human-centric corporate strategic partners, suppliers, lenders, control. We believe in providing our values – integrity, professionalism, government agencies and regulators, all team with fair employment and human • Health and safety perseverance, flexibility and passion – within a single project. As our business rights. GRI Standards in interactions with key stakeholders. ambassadors, our team is the first / 102-12 / 102-13 / 403-9 / 403-10 / 419-1 / Developing a high-performance team ranking enabler of developing trusted This section covers our Code of Conduct, • COVID-19 and infectious disease capable of delivering our technology- relationships with key stakeholders and Team Development Programme, positive outbreaks driven engineered products and the main contributor to our long-term work environment and supply chain services, primarily smart eco-sustainable success and longevity. All systems, management which are mainly derived GRI Standards business park and industrial real policies and processes (together “system from the combined depth of three / 102-9 / 102-10 / 102-15 / estate solutions (“solutions”) aligned enablers”) are there to support a high- capitals – intellectual, human, and social with our fundamental principles and performance team capable of meeting and relationship – and ultimately deliver strong human-centric corporate values, the expectations of key stakeholders. positive net effects for all six capitals. strengthens our trusted partnerships In addition, the topic of COVID-19 and with client teams at many of the Being rooted in the enduring heritage of infectious disease outbreaks has been world’s best corporations, helping the Boustead Group, the Boustead Way included. 54 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

4.1 CODE OF CONDUCT stationed overseas or employed outside Code of Conduct Coverage & Data Protection Governance Framework Policies We are highly committed to building of Singapore. We may also be required Data Protection Governance a climate of fairness, honesty, trust to comply with applicable foreign COC Coverage Framework Policies Coverage and sincerity with key stakeholders, ABAC laws and regulations imposed beginning with our team’s honourable in business dealings with multinational • Legal compliance • Information technology (“IT”) conduct. Our Code of Conduct (“COC”) clients who are headquartered in a • Business integrity • Information security sets the foundation for our daily actions foreign country where we have no • ABAC • External data protection and decisions, and helps our team to operational presence. • Fair dealing and competition • Internal data protection adhere to the highest standards of • Proper use of corporate positions and • Document retention honourable conduct. 4.1.2 Fair Dealing & Competition resources • Third-party outsourcing We engage only in fair and vigorous • Gifts and entertainment Our team members are inducted in, competition. We expect our team • Political and charitable donations updated on and expected to adhere to members to fairly deal and interact • Confidentiality and privacy obligations our COC as a condition of employment, with fellow team members, clients and • Conflict of interest with orientation briefings when new competitors, and not to take unfair • Insider trading team members join, followed by annual advantage of all third parties whom • Whistle-blowing acknowledgements and reviews of our we have business dealings with. This Available Feedback Channels COC. Policies on anti-bribery and anti- includes avoiding abuse of confidential • Whistle-blowing mechanism • Data Protection Committee corruption (“ABAC”), fair dealing and or privileged information, concealment, • Data Protection Officers competition, proper use of corporate illegal conduct, manipulation, positions and resources, confidentiality misrepresentation of material facts, business model. In the ordinary course Regulation, which regulates the and privacy obligations, insider trading undue influence or any other unfair of business, we may receive clients’ processing by any individual, corporation and whistle-blowing are covered in our dealing practices. confidential data, in which case we may or organisation of personal data relating COC, among other guidance areas on be subject to various non-disclosure to individuals in the EU. honourable conduct as shown here. 4.1.3 Proper Use of Corporate agreements and confidentiality Positions & Resources clauses. Clients expect us to abide by We are highly committed to adhering 4.1.1 Anti-Bribery & Anti-Corruption We expect our team members to confidentiality obligations, exposing with all confidentiality obligations, We have zero tolerance for bribery and apply and use corporate positions and us to a wide range of risks from non- applicable data protection, privacy laws corruption. We expect our team and all resources in a responsible manner, compliance. In addition, we have to and regulations in countries where we third parties whom we have business which broadly includes duties to act in comply with Singapore’s Personal operate. Our data protection and IT dealings with to comply with Singapore’s good faith and in our best interests as a Data Protection Act 2012 (“PDPA”) that system enablers ensure that information Prevention of Corruption Act (Chapter whole. requires organisations that collect, use assets are properly governed, managed 241) and all applicable ABAC laws or disclose personal data to abide by and secured both in digital and physical and regulations in countries where 4.1.4 Confidentiality, Data Protection PDPA requirements, again exposing environments. This allows us to we operate. Our team members are & Privacy us to a wide range of risks from non- effectively comply with confidentiality, bound by our ABAC Policy regardless of Information is a valuable asset, compliance. We have also been data protection and privacy obligations whether they are employed in Singapore, particularly in our knowledge-driven briefed on the General Data Protection over the long-term. 55 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

In data protection, we have implemented subsidiary in Singapore, Boustead announcements. Team members are 4.2 TEAM DEVELOPMENT a Data Protection Governance Projects E&C (“BP E&C”) first embarked reminded on a semi-annual basis to PROGRAMME Framework (“DPG Framework”) that on and received ISO/IEC 27001:2013 comply with trading black-out periods The purpose of our Team Development covers governance principles, structure certification. Our ISMS sets out and insider trading laws and regulations. Programme (“TDP”) is to attract, and system enablers. We opted for a information security management develop, motivate and retain team governance structure with centralised system enablers, commitments, targets 4.1.6 Whistle-Blowing Mechanism members with values, attitudes, skillsets formulation of system enablers and and responsibilities for our team, with Implemented in 2008, our whistle- and work practices aligned with our decentralised implementation of joint overriding responsibility belonging blowing mechanism allows our team mission, vision, strong human-centric system enablers. Our Data Protection to our IT, Human Resource (“HR”) members and all third parties to corporate values and high-performance Committee (“DPC”) comprising our and Environmental, Health and Safety raise and report in good faith and in team culture. Our TDP is structured senior management team, department (“EHS”) Teams. Our IT, HR and EHS confidence, any concerns about possible to create a work environment that heads and key executives has Teams manage all aspects of our ISMS misconduct in financial reporting matters promotes creativity, excitement and overall responsibility for the effective which is both externally and internally or suspected bribery, corruption, fraud growth, and make team members feel implementation of system enablers, audited, and ensure information security and dishonourable conduct. Procedures cared for, challenged, empowered while appointed Data Protection Officers management performance at all of our are in place to ensure that whistle- and respected. Our TDP sets out (“DPOs”) coordinate activities. Our DPOs workplaces and project sites under blowers are protected. human resource management (“HRM”) also act as the external interface with the control on a daily basis. system enablers, commitments, targets general public. Other than our DPC and More information on our Whistle-Blowing and responsibilities for our team, DPOs, team members are also briefed During FY2020, we had no substantiated Policy is available within the Boustead with implementation responsibility and trained to understand the PDPA complaints on breaches of client privacy, Projects FY2020 Annual Report on page belonging to our HR Team headed by and our DPG Framework including any which was the same in FY2018 and 80. our Deputy Director of HR, a member of department data and information flows FY2019. our management team. Our HR Team that may require protection. During FY2020, we had no reported provides HRM leadership and support to 4.1.5 Insider Trading incidents of whistle-blowing. all subsidiaries regionally. Policies for IT, information security, We expect our team members with external data protection, internal data access to price-sensitive information to COC violations will result in appropriate We have always embraced diversity in protection, document retention and comply with Singapore’s Securities & disciplinary actions being taken against our team, a trait we inherited from the third-party outsourcing are covered in Futures Act (Chapter 289) and insider the violating team member including Boustead Group. This diversity has not our DPG Framework and reviewed by trading laws and regulations. Team potential dismissal and referral to legal just been in terms of gender balance but our senior management team and DPC members with access to price-sensitive authorities for serious violations that may also in age, race, religion, marital status, at least once every two years. information are not allowed to trade be illegal. A compliance plan sets forth family responsibilities, work experience in Boustead Projects’ securities on how our COC is to be implemented and and nationality, with a multi-cultural In addition, we took a further step to short-term considerations and in the monitored including how violations are and multi-faceted team mainly from implement an Information Security one month before half-year and full- detected, reported and investigated, as Singapore and other parts of South East Management System (“ISMS”). In year financial results announcements, well as follow-up actions to be taken. Asia. 2019, our major design-and-build ending only after release of relevant 56 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

During FY2020, our overall team size all applicable employment laws and the basis of merit, regardless of age, Team Development Programme grew 29% or 63 team members to 277 regulations in countries where we race, gender, religion, marital status Policies team members, compared to 214 team operate. We are further committed and family responsibilities or disability; Policies Coverage members in FY2019, the breakdown to fair, responsible and progressive • Treating employees fairly and with as shown on page 57. Most of the employment practices and strive to respect, and implementing progressive • Fairness and diversity overall growth year-on-year was due to adopt the latest HRM best practices, HRM systems; • Freedom of association significant increases in team sizes for which is essential to attracting the • Providing employees with fair • Human rights our design-and-build business across right talent to contribute to our long- opportunity to be considered for • Learning and development Singapore, China and Malaysia, and real term success and longevity. Our team training and development based on • Leave estate business in Singapore. members are considered to be employed their strengths and needs to help them • Promotion by us only within the context and terms achieve their full potential; • Remuneration The overall team gender balance ratio of their employment contracts. • Rewarding employees fairly based on • Restricted Share Plan 2016 deteriorated 3% year-on-year, with their ability, performance, contribution • Retirement and re-employment female team members making up 29% a) The Employers’ Pledge of Fair and experience; and • Staff engagement of our overall team, which was in the Employment Practices • Complying with the labour laws and • Staff transfer mid-range of the comparable industries Singapore’s Tripartite Alliance for Fair adopting the Tripartite Guidelines on • Staff welfare and benefits (between 20% to 30%) gender balance & Progressive Employment Practices Fair Employment Practices. • Work environment average but below the Asia Pacific (34%) (“TAFEP”) promotes the adoption and global (36%) averages in 2019. In of fair, responsible and progressive Apart from the Pledge, we promote terms of the managerial gender balance employment practices among gender equality at the workplace. be conducted anonymously through ratio, female team members made employers, employees and the general In terms of talent attraction, this professional recruitment agencies. up 16% of our total managerial team public. Boustead Projects E&C, our means that we offer the same basic Where possible, we seek to employ members, which was in the mid-range principal design-and-build subsidiary remuneration package to all interviewing citizens from countries where we of the comparable industries (between and also the management services job candidates for a specific role and operate. Since 2014, we have also 10% to 20%) senior management gender arm of the Boustead Projects Group is scope, regardless of gender or whether adhered to Singapore’s Ministry of balance average, compared favourably among the over 11,000 signatories to a job candidate has served Singapore’s Manpower (“MOM”)’s Fair Consideration to the Asia Pacific (14%) average but the TAFEP’s Employers’ Pledge of Fair mandatory national service. Framework that requires available below the global (21%) average in 2019.1 Employment Practices (“Pledge”).2 positions – unless exempted – to be b) Other Talent Attraction Practices advertised on MyCareersFuture for at 4.2.1 Talent Attraction Under the Pledge, we have committed to We generally advertise available least 14 days, thereby giving citizens fair As part of our TDP, we are highly work towards fair employment practices positions both externally and and non-discriminatory consideration for committed to complying with including: internally, although recruitment for all job opportunities before hiring foreign Singapore’s Employment Act and • Recruiting and selecting employees on certain sensitive key positions may professionals to fill these positions.3

1. “Gender Balance.” and “Sector Ranking.” Gender Equality Global Report & Ranking 2019 Edition, Stichting Equileap Foundation, 1 October 2019, pages 9 and 15, equileap.com/equileap-reports/. Accessed 28 August 2020. 2. “5. View Signers of the Employer’s Pledge.” Tripartite Alliance for Fair & Progressive Employment Practices, www.tal.sg/tafep/getting-started/fair/employers-pledge-signers. Accessed 28 August 2020. 3. “Fair Consideration Framework (FCF).” Singapore Government, Ministry of Manpower, www.mom.gov.sg/employment-practices/fair-consideration-framework. Accessed 28 August 2020. 57 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

Team Profile Team Deployment FY2020: 71% FY2020: 277 team members FY2020: 29% Malaysia Vietnam Malaysia Vietnam FY2019: 68% FY2019: 214 team members FY2019: 32% 4% 7% 4% 6% FY2018: 66% FY2018: 141 team members FY2018: 34% China China By age <1% 2% FY2019 FY2020 16% 6% Singapore Singapore 15% Above 50 3% 89% 88% 65% 30 – 50 69% 67% 76%

19% Under 30 25% 18% 21%

Gender Balance: Female Team Gender Balance: Female Managers as By category Members as % of Total Team % of Total Managers 41% Managerial 19% 48% 18% 34% 36% 32% 29% 19% 21% 34% 55% 80% 15% 16% <20% Executive <30% 52% 81%

14% 4% Non-Executive 1% 0% 1% FY20 FY19 FY20 FY19

By age F Y1 8 F Y1 9 F Y2 0 F Y1 8 F Y1 9 F Y2 0 13% Above 50 Comparable industries average Asia Pacific average Global average 11%

Note: Comparable data is based on Equileap Foundation’s Gender Equality Global Report & Ranking 2019 Edition, with 30 – 50 66% the comparable industries average based on the industrial subsector. 70%

21% Below 30 19% Group By category 35% Managerial 38%

Executive 62% 61%

3% Non-Executive 1% FY20 FY19 58 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

Adding to our potential talent pool, 145 new team members equating to a and applicable laws and regulations through Boustead Singapore Limited, we 57% overall team hires rate, compared as stipulated by Singapore’s MOM Team Annual Growth Rate vs are one of 16 sponsoring organisations to 131 new team members equating to or other foreign government Industry/National Levels within the engineering industry a 76% overall team hires rate in FY2019, labour agencies include adoption, 52.0% participating in the Singapore-Industry the breakdown as shown on page 59. annual, childcare, compassionate, Scholarship (“SgIS”) Programme.4 Most new team members joined our examination, marriage, maternity and 29.0% Launched in 2012 and co-funded by design-and-build teams in Singapore, paternity, national service, shared both the Singapore Government and China and Malaysia, and real estate parental, sick and hospitalisation, and 13.0% private sector organisations, Boustead team in Singapore, where business unpaid infant care leave. We may also Singapore Limited is a founding activities have been steadily increasing, authorise unpaid leave depending on 2.7% 1.9% private sector organisation within the especially in relation to the capturing of a the reasons provided and subject to F Y1 8 F Y1 9 F Y2 0 SgIS, a multi-industry undergraduate record high S$633 million in design-and- work arrangements; Comparable industries average scholarship programme that aims to build contracts and strong pipeline of • Defined contribution plans in line National average groom future Singaporean industry development projects in FY2019. with applicable laws and regulations Note: Comparable data is based on MOM’s Singapore leaders in strategic sectors that are as stipulated by Singapore’s Central Yearbook of Manpower Statistics 2020, with the blended critical for the country’s development. 4.2.2 Talent Development, Provident Fund or other foreign weighted comparable industries average based on To date, we have given scholarships to Management and Retention government pension agencies; Singapore’s construction and real estate sectors. three individuals, all of whom have since As part of our TDP, we embrace • Group insurance plans covering completed their local university degree a holistic talent development, business travel, directors and officers programmes and joined us in full-time management and retention strategy. liability, hospitalisation and surgery, Team Monthly Hiring Rate vs capacities. personal accidents, term life insurance Industry/National Levels a) Conditions of Employment and workmen compensation; and As mentioned earlier, during FY2020, We believe in treating our team fairly, • Group medical plans and flexible 6.3% we experienced 29% growth year-on- with respect and an entitlement to healthcare benefits. 4.1% 4.8% year in overall team size, significantly human rights. We offer conditions of above year-on-year increases in both employment and benefits that are in b) Fair Remuneration 2.3% Singapore’s comparable industries line with applicable employment laws We have pledged to reward our team 2.2% (2.7%) and national (1.9%) employment and regulations, and prevailing market members fairly and equitably based on averages in 2019. Similarly, our team practices in countries where we operate their ability, performance, contribution F Y1 8 F Y1 9 F Y2 0 monthly hiring rate of 4.8% compared including: and experience. We offer fair and Comparable industries average favourably with both Singapore’s • Reasonable break times, rest days and competitive remuneration packages, National average comparable industries (2.3%) and working hours, with overtime pay for which may include overtime pay and national (2.2%) monthly hiring averages eligible team members; annual wage supplements for eligible Note: Comparable data is based on MOM’s Singapore 5 Yearbook of Manpower Statistics 2020, with the blended in 2019, as shown here. Our growth in • Paid leave entitlements which team members according to contractual weighted comparable industries average based on overall team size was led by the hiring of depending on contractual terms, terms. On top of basic remuneration Singapore’s construction and real estate sectors.

4. “Boustead Singapore Limited.” Singapore Government, Ministry of Education, Singapore-Industry Scholarship, beta.moe.gov.sg/sgis/industries/engineering/boustead-singapore-limited/. Accessed 28 August 2020. 5. “C.1 Employment by Industry, 2009-2019 (December).” Singapore Yearbook of Manpower Statistics 2020, Singapore Government, Ministry of Manpower, Manpower Research & Statistics Department, 2020, pages C4 and C5, stats.mom.gov.sg/ pages/singapore-yearbook-of-manpower-statistics-2020.aspx. Accessed 28 August 2020. 59 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

packages, team members also receive During FY2020, we distributed a total of Team Hires Breakdown our payments to defined contribution S$23.7 million in direct economic value FY2020: 77% FY2020: 23% plans. Salary benchmarking exercises to our team, a 35% increase year-on-year FY2020: 145 team members hired FY2019: 66% FY2019: 131 team members hired FY2019: 34% are also conducted to ensure that compared to S$17.5 million in FY2019. FY2018: 57% FY2018: 67 team members hired FY2018: 43% remuneration packages are equitable with what the industry offers. c) Performance Appraisal By age As part of our TDP, full-time team 12% 6% There is a profit sharing bonus scheme members are appraised at least 8% Above 50 5% for eligible full-time team members that once a year under our Performance 58% 30 – 50 47% is pegged to a predetermined formula Management System (“PMS”), with 60% 61% based on our overall and respective the exception of team members who 30% 47% subsidiaries’ financial performance. are re-employed beyond the statutory 32% Below 30 34% Individual bonus payments and annual retirement age, have resigned, are salary increments are determined after serving notice or under probation during By category each team member’s performance the relevant appraisal period. Team appraisal (“appraisal”) is objectively members who are under probation 36% 12% 37% Managerial 7% assessed by our senior management will receive a confirmation appraisal team. at their time of confirmation. Team 57% Executive 88% members are evaluated on their 63% 93% There is also a Boustead Projects achievement of quantitative department 7% 0% 0% Non-Executive 0% Restricted Share Plan 2016 (“RSP”) that and individual KPIs and qualitative FY20 FY19 FY20 FY19 incentivises key team members to work skillset competencies relevant to their towards department and individual key respective roles and scope, which are By age performance indicators (“KPIs”) and defined and set at the beginning of the 11% helps to align their interests with our period under review. Above 50 7% long-term success. Team members who 30 – 50 55% are selected to participate under the RSP Team members who consistently 60% and subsequently meet their KPIs for a outperform are offered opportunities 34% specific financial year may be eligible to take up higher challenges, while Below 30 33% to receive Boustead Projects’ shares, team members who underperform Group which are vested and issued in tranches are assisted in identifying and over four years. More information on the addressing the root causes behind their By category 30% RSP and earlier restricted share plans underperformance. Our PMS allows Managerial is available in the Boustead Projects us to identify team members with high 27% FY2020 Annual Report on pages 55 to leadership potential, feeding into our Executive 64% 56, 72 to 76, 119 and 143. Succession Planning System (“SPS”). 73% 6% Non-Executive 0% FY20 FY19 60 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

Whenever possible, we promote team provide and receive feedback on their by investing in their career development Performance Appraisals members internally into available performance and any other important and training, offering them growth FY2020: 205 appraised senior positions. In addition, our Team matters. opportunities through promotions, job FY2019: 153 appraised Recognition Programme includes long rotations and overseas assignments. FY2018: 117 appraised service awards and specific achievement As part of our communication and Team members can also upgrade awards given to recognise project engagement, we strive to organise skillsets and are generally encouraged to % appraised teams and individual team members townhall sessions on at least an annual undergo professional training that may 83% for excellent achievements and basis, serving as an organisation-wide help their performance. This includes 72% 74% performance in specific areas. communication session between our sponsoring or subsidising the cost of senior management team and team approved career development and During FY2020, 74% of our team members. Townhall sessions are training courses, and may also include received appraisals, a slight typically facilitated by external trainers granting paid leave to attend these improvement compared to 72% in and include team-building activities to courses. FY2019, the breakdown as shown promote cohesion and teamwork. For F Y1 8 F Y1 9 F Y2 0 here. However, this was still lower FY2020, our townhall session which We also have an Education Assistance % appraised by gender than FY2018, due to having a much was scheduled for the end of FY2020 Scheme under which we may sponsor larger proportion of team members was cancelled due to the onset of the team members who desire to attend who were under probation at the end COVID-19 pandemic. job-related courses on their own initiative 74% 70% of FY2020. There was no difference in and for personal development. While 86% the percentage of appraisals conducted We have procedures to address and as we identify the career development and by gender, while the percentage of much as possible, satisfactorily resolve training needs of team members at least 74% 75% appraisals conducted for executive team team members’ grievances. This is once a year during appraisals, we also 77% members significantly improved year- complemented by our whistle-blowing assess such needs on an ad-hoc basis. on-year, compared to managerial team mechanism. FY20 FY19 FY18 members. As we continue to pioneer new solutions e) Career Development & Training and make investments in procuring % appraised by category d) Communication & Engagement Opportunities and implementing transformative We encourage open communication We have pledged to provide our team technologies, methodologies and system and engagement. With an open door members with equal opportunity to be enablers, we have also made necessary 74% Managerial 83% policy, our team members may provide considered for career development and investments in training team members 88% feedback or raise concerns with direct training based on their strengths and so that they can realise the full benefits 78% supervisors and our senior management needs, and to help them to achieve their of these transformative technologies, Executive 65% team. Appraisals also provide team full potential. We aim to nurture and some of which are shown on page 61. 81% members with an opportunity to professionally develop team members Non- 0% Executive 0% 0%

FY20 FY19 FY18 61 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

With the COVID-19 pandemic on various topics of interest have been Training Performance Training for Transformative and technological advancements organised on a regular basis. Technologies accelerating the pace of disruption and FY2020: 1,896 training hours shortening business cycles, we believe During FY2020, our team members took FY2019: 2,241 training hours that investments in training need to be a total of 986 medical leave days due to FY2018: 1,141 training hours Green buildings adaptable, flexible and timely. sickness or hospitalisation, compared to 241 days in FY2019, the breakdown as Average hours per team member During FY2020, our team underwent a shown on page 62. This equated to an 13.0 total of 1,896 training hours, compared average of 3.9 days per team member 8.5 to 2,241 hours in FY2019, the breakdown in FY2020, a significant increase year- 7.5 as shown here. This equated to an on-year as compared to 1.4 days per Building information average of 7.5 hours per team member team member in FY2019. None of modelling in FY2020, a significant deterioration this medical leave was in relation to year-on-year compared to 13.0 hours workplace safety and health incidents per team member in FY2019. There or occupational diseases among team F Y1 8 F Y1 9 F Y2 0 was only a slight difference in average members at administrative offices Average hours by gender hours by gender. While training was and project sites. 15 team members Design for emphasised across our team, especially received hospitalisation leave given for manufacturing and with newer team members – many of non-workplace-related health issues, 7.8 assembly 14.6 them at the executive level – in order to accounting for 30% of the total medical 8.5 familiarise them with our transformative leave days. There was also a major non- 6.7 technologies, methodologies and system workplace safety and health incident, 9.7 enablers, the significant deterioration with long medical leave given in the 8.5 year-on-year in average hours per case. Virtual reality managerial and executive team member FY20 FY19 FY18 also coincided with the hiring of new g) Employment Beyond Statutory team members with greater working Retirement Age Average hours by category experience. We may offer our team members re-employment beyond Singapore’s 6.2 Managerial 9.3 Drone technology f) Health & Wellness statutory retirement age of 62 years, 9.8 Other than the conditions of employment as guided by applicable laws and 8.4 and benefits mentioned earlier, we regulations, and our policies on Executive have also implemented team wellness retirement and re-employment. Any 15.8 7.6 Cloud-based programmes including sponsorships and re-employment and extension of re- technology Non- 3.2 subsidies for selected social, sports and employment depends on whether a platforms to manage Executive 0 recreational activities, health screening retiring team member’s services are 0 and optimise sessions and health talks. In addition, required, the team member is medically collaboration and other types of lunchtime talk sessions certified to be fit for employment and is FY20 FY19 FY18 workflows 62 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

able to perform at an acceptable level. In i) Termination of Employment & Absentee Performance general, we try to provide re-employment Turnover Team Members under whenever possible, given that retiring Our team members are entitled to FY2020: 986 medical leave days Re-Employment team members have decades of compensation according to severance FY2019: 241 medical leave days 4 4 experience and can still be highly clauses in their employment contracts FY2018: 322 medical leave days productive and motivated. if we terminate their services. Under all circumstances, we seek to ensure Average days per team member During FY2020, we had four team that any termination of employment is 3.9 0 members under re-employment beyond conducted in a fair and lawful manner. 2.4 F Y1 8 F Y1 9 F Y2 0 the statutory retirement age equating to We have also implemented procedures 1.4 2% of our overall team size, which was to ensure that affected team members the same in FY2019. are properly compensated and may also receive job placements or other forms F Y1 8 F Y1 9 F Y2 0 Key Executives Covered by h) Succession Planning of assistance in addition to monetary Succession Planning We recognise that having adequate compensation if we retrench them. Average days by gender 100% 100% 100% succession planning is a key priority and 2.3 essential to our business continuity. We As with any corporation, we have not 0.8 have a SPS for our senior management been spared from natural attrition and 2.0 team and key executives. Core turnover of team members. During 7.7 leadership positions are covered by FY2020, we had turnover of 75 team 2.6 10 Key 10 Key 11 Key 3.3 deputies or experienced potential members equating to a 30% overall team Leaders Leaders Leaders replacements, who are identified turnover rate, compared to 56 team FY20 FY19 FY18 FY18 FY19 FY20 through our PMS as being team members equating to a 33% overall team members with high leadership potential turnover rate in FY2019, the breakdown to be developed and nurtured into next- as shown on page 63. Despite our generation leaders. rapidly expanding team experiencing Team Annual Turnover Rate vs Team Monthly Turnover Rate vs some new team members leave shortly Industry/National Levels Industry/National Levels At the end of FY2020, 100% of our senior after joining, our team monthly turnover 36% 33% 3.0% management team and key executive rate showed significant improvement 30% 2.7% 2.5% positions – a total of 11 team members from FY2018 to FY2020 but remained – were covered by a named deputy or slightly above both Singapore’s 22% designated successor, which was the comparable industries (1.8%) and 1.8% same in FY2018 and FY2019, as shown national (1.8%) monthly turnover here. Our Managing Director also had at averages in 2019. F Y1 8 F Y1 9 F Y2 0 F Y1 8 F Y1 9 F Y2 0 least two named deputies or designated Comparable industries/National average Comparable industries/National average successors. Note: Comparable data is based on MOM’s Singapore Note: Comparable data is based on MOM’s Singapore Yearbook of Manpower Statistics 2020, with the blended Yearbook of Manpower Statistics 2020, with the blended weighted comparable industries average based on weighted comparable industries average based on Singapore’s construction and real estate sectors, and Singapore’s construction and real estate sectors. annualised on a simple multiplication of monthly data. 63 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

4.3 CREATING A POSITIVE WORK are 374 million non-fatal occupational Team Turnover Breakdown ENVIRONMENT accidents and work-related diseases, FY2020: 71% FY2020: 75 team members exited FY2020: 29% We are highly committed to creating a many which result in extended work FY2019: 59% FY2019: 56 team members exited FY2019: 41% positive work environment, where we absences. The human cost of this daily FY2018: 73% FY2018: 49 team members exited FY2018: 27% are able to safeguard the wellbeing, adversity is vast with the economic health and safety of our team, clients, burden of poor WSH practices costing By age 6 suppliers and other key stakeholders an estimated 3.94% of GDP each year. 21% 4% and make them feel comfortable, safe 9% Above 50 4% and secure within and around our In Singapore, although the incidence of 57% 30 – 50 73% operations internationally. Our positive occupational accidents, fatalities and 67% 78% work environment is designed and diseases are much lower than the global 22% 23% organised to be conducive for delivering average, the local construction industry 24% Below 30 18% our solutions in a productive, safe and remains a major contributor to such secure manner, and facilitating positive incidents, with the industry having the By category interactions with key stakeholders, highest number of fatalities in 2019. along with meeting applicable laws 43% 9% 39% Managerial 9% and regulations in countries where we As part of our WSH Management operate. System (“WSHMS”), we first embarked 57% Executive 91% on SS506 Part 1:2009 and OHSAS 61% 91% 4.3.1 Workplace Health & Safety 18001:2007 certifications in 2006 and 0% 0% 0% Non-Executive 0% Above All have had a WSHMS in place ever since. FY20 FY19 FY20 FY19 Of utmost importance, we care deeply During FY2020, our major design-and- about safeguarding the wellbeing of build subsidiary in Singapore, Boustead By age our team, beginning with our workplace Projects E&C (“BP E&C”) received an 16% safety and health (“WSH”) management upgraded certification to the latest ISO Above 50 7% performance and system enablers 45001:2018 standard. 30 – 50 61% that apply to our team and all key 72% stakeholders who are affected by our Our WSHMS sets out WSH management 23% operations internationally. system enablers, commitments, targets Below 30 21% and responsibilities for our team, with Group From a WSH standpoint, the United overriding responsibility belonging to By category Nations’ International Labour our Environmental, Health and Safety 33% Organization has estimated that there (“EHS”) Team headed by our Director Managerial are over 2.78 million deaths every year of EHS, a member of our senior 27% due to occupational accidents and management team. Our EHS Team Executive 67% work-related diseases. In addition, there manages all aspects of our WSHMS 73% 0% Non-Executive 0% 6. “Safety and Health at Work.” United Nations, International Labour Organization, www.ilo.org/global/topics/safety- FY20 FY19 and-health-at-work/lang--en/index.htm. Accessed 28 August 2020. 64 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

which is both externally and internally our project sites; and conducted with our EHS Team engaging heights awareness for team members audited, and ensures WSH management • Continuous improvement in WSH with respective project site safety and suppliers. performance at all workplaces and management and performance. committees and WSH professionals on project sites under our control on a daily safety inspections. WSH professionals Our EHS Team, WSH professionals and basis. Our WSHMS is supported by also carry out daily project site toolbox project site teams have the responsibility investments in technologies. Internally, talks and safety inspections with the of ensuring that suppliers conduct We have zero tolerance for accidents we developed an Integrated Boustead safety supervisors from all suppliers. appropriate in-house safety training for and are committed to saving lives Online Safety System (“iBOSS”), their workers before deploying them to through safe work. This is encapsulated which provides us with a centralised Specific measurable WSH targets are set our project sites and that such training in our safety slogan ‘Safe Work, Save platform to manage all permit-to-work under our WSHMS, which are tracked is properly documented. We also Lives’ which has become a daily mantra applications and safety induction course and reviewed at least during monthly have a Safety Awareness Promotion among team members and suppliers bookings. Through digitalisation, safety management meetings. While Programme that gives widespread who undertake work at our project sites. iBOSS has replaced time-consuming our perpetual WSH target is to achieve recognition to the efforts of WSH Although we outsource construction administrative processes and provides zero accidents or safety incidents at all professionals, safety supervisors, trades to suppliers and do not directly us with data governance, traceability workplaces and project sites, we also suppliers and workers in achieving WSH hire any construction workers, we take and tracking capabilities in documenting set short-term WSH targets to address milestones. responsibility to ensure their wellbeing, administrative and safety records. The adverse safety trends. Our current short- health and safety at our project sites and current iteration of iBOSS also includes term WSH targets include eliminating Continuing our WSH performance in the general public’s wellbeing, health a biometric facial recognition system incidence of personnel or objects falling FY2020, we had no reportable accidents and safety in the communities around used to administer project site access from height. or safety incidents at our administrative our project sites. and security. Further technologies are workplaces, and zero fatalities, high in the process of being implemented 4.3.2 Continuous WSH Education & consequence injuries and occupational Through our Total WSH Policy, we are or have already been implemented due Training disease incidents within our team committed to: to the COVID-19 pandemic and will be Nowhere else do we emphasise and suppliers’ employees across our • Preventing injury and ill health for our shared in more detail under the topic continuous education and training more operations, which was the same in team, workers and key stakeholders at of COVID-19 and infectious disease than in WSH education and training, FY2018 and FY2019, as shown on page our project sites; outbreaks. in order to immerse our team and key 65. Our accident frequency rate (“AFR”) • Complying with applicable legal stakeholders in the right WSH culture and accident severity rate (“ASR”) for our requirements and with other The tone for WSH performance is set at and improve our WSH performance. team and suppliers of 0.5 accidents and requirements relating to WSH hazards; the top, where our senior management 12 lost man days per million man-hours • Creating better wellbeing and team ‘walks the talk’ when it comes Our training programmes include a respectively also compared favourably health for our team, workers and key to prioritising WSH issues and system Centralised Safety & Quality Induction with both Singapore’s comparable stakeholders at our workplaces; enablers. In terms of engagement, a Training Course conducted for team industries (AFR of 1.5 accidents and ASR • Providing sufficient and appropriate monthly safety management meeting is members, suppliers and visitors to our of 117 lost man days per million man- resources to carry out the conducted with our senior management project sites and an Enhanced Safety hours) and national (AFR of 1.6 accidents implementation of our WSHMS to team, EHS Team, all WSH professionals Induction Course in partnership with and ASR of 66 lost man days per million ensure sustainable WSH standards for and project site teams. Weekly safety external training centres to provide man-hours) AFR and ASR averages in our team, workers and stakeholders at management meetings are also safety training in relation to working at 2018.7

7. “Table 1.27: Accident Frequency Rate (AFR) and Accident Severity Rate (ASR) in Selected Sectors, 2017 and 2018.” Workplace Safety and Health Report 2018, Singapore Government, Ministry of Manpower, February 2019, page 49, www.mom. gov.sg/workplace-safety-and-health/wsh-reports-and-statistics. Accessed 28 August 2020. 65 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

WSH Performance (Team) AFR ASR Occupational disease incidence rate Fatalities and high consequence # of workplace accidents per million man-hours # of lost man days to workplace accidents per # of occupational disease cases per 100,000 injuries incidence rate million man-hours employees # of fatalities and high consequence injuries per 100,000 employees 2.0 120 20 20 117 1.6 16.4 1.5 15 15 1.5 80 12.4 1.0 66 10 10

40 0.5 5 5

0 0 0 0 0 0 0 0 0 0 0 0 0.0 0 0 0 F Y1 8 F Y1 9 F Y2 0 F Y1 8 F Y1 9 F Y2 0 F Y1 8 F Y1 9 F Y2 0 F Y1 8 F Y1 9 F Y2 0 WSH Performance (Team and Suppliers) AFR ASR Occupational disease incidence rate Fatalities and high consequence # of workplace accidents per million man-hours # of lost man days to workplace accidents per # of occupational disease cases per 100,000 injuries incidence rate million man-hours employees # of fatalities and high consequence injuries per 100,000 employees

2.0 120 20 20 117 1.6 16.4 1.5 15 15 1.5 80 1.1 12.4 1.0 66 10 10

0.5 0.5 40 0.5 5 5 13 14 12 0 0 0 0 0 0 0.0 0 0 0 F Y1 8 F Y1 9 F Y2 0 F Y1 8 F Y1 9 F Y2 0 F Y1 8 F Y1 9 F Y2 0 F Y1 8 F Y1 9 F Y2 0 Comparable industries average National average Note: Comparable data based on MOM’s Singapore Yearbook of Manpower Statistics 2019, with the blended weighted comparable industries average based on Singapore’s construction and real estate sectors. In MOM’s Singapore Yearbook of Manpower Statistics 2020, AFR and ASR statistics are no longer provided. 66 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

4.3.3 bizSAFE Mentorship As part of our WSH advocacy and In 2008, we initiated our participation in promotion efforts, and uplifting the WSH bizSAFE Programme Singapore’s Workplace Safety & Health practices of the construction industry as bizSAFE Star 81% of our suppliers achieved Council (“WSHC”)’s bizSAFE Programme a whole, we have made it compulsory Deliver excellence in WSH management system bizSAFE Star (our current level) by becoming a bizSAFE Partner. In for all of our suppliers to be part of bizSAFE Level 4 2009, we achieved the bizSAFE Star, the the bizSAFE Programme and further Acquire capability in WSH management system highest qualification that can be attained encourage them to strive for bizSAFE bizSAFE Level 3 100% of our suppliers achieved in recognition of a corporation’s WSH Star, the highest qualification achievable. Implement WSH risk management bizSAFE Level 3 or better management programmes. Excellent WSH performance is priceless bizSAFE Level 2 Acquire capability in WSH risk management when all lives are safeguarded and when By 2011, we opted to take a national people everywhere go home safely to bizSAFE Level 1 Demonstrate top management commitment to WSH leadership role in advocating and their families from their workplaces promoting excellent WSH practices in everyday. the construction industry by becoming a bizSAFE Mentor; currently one of only Continuing our WSH advocacy and To date, our excellent WSH performance suppliers for various construction eight bizSAFE Mentors in Singapore promotion efforts in FY2020, 100% of has been recognised with the highest equipment services, materials and trade and the only one among our direct our suppliers are certified as at least achievements under the bizSAFE services. Supplier costs and other competitors.8 bizSAFE Mentors are bizSAFE Level 3, while 81% of our Programme and 20 awards at the WSH construction costs typically make up the corporations that have excellent WSH suppliers are certified as bizSAFE Star as Awards as shown on page 67. bulk of our total cost of sales. performance and track records, and are shown here. qualified and invited only by the WSHC 4.4 SUPPLY CHAIN MANAGEMENT Operationally, we manage our to take this national leadership role. 4.3.4 WSH Awards We are committed to managing the procurement through our procurement bizSAFE Mentors incorporate WSH as We are a regular feature at the WSH impacts and risks associated with our system enablers and list of approved an integral part of their business model Awards, an annual awards programme supply chain. Supplier-related impacts suppliers, which are subject to regular that benefits the wider community and hosted by the WSHC and MOM to and risks are identified, addressed review as well as external and internal also actively work with the WSHC to recognise excellent WSH performance. and managed under our various audits. promote the WSH agenda on various management systems, Enterprise Risk industry and national platforms. As a During FY2020 at the WSH Awards Management Framework, internal Potential new suppliers are evaluated on bizSAFE Mentor, we have been one 2019 held in July 2019, we received the controls, and external and internal audits. their reputation, technology solutions, of the key contributors in helping the Safety & Health Award Recognition for financial health, operations, quality bizSAFE Community to expand from Projects (“SHARP”) for Bolloré Blue Hub Our procurement includes products and and EHS performance for inclusion on 10,000 corporations in 2011 to over and Veolia Hazardous Chemical Waste services from a network of suppliers our list of approved suppliers. Existing 33,000 corporations presently.9 Treatment Complex. regionally based on a list of approved suppliers are regularly evaluated on their

8. “bizSAFE Communities: bizSAFE Mentors.” Singapore Government, Workplace Safety & Health Council, www.wshc.sg. Accessed 28 August 2020. 9. “bizSAFE Journey at a Glance.” Shine, Singapore Government, Workplace Safety & Health Council, February 2018, page 3, www.wshc.sg. Accessed 28 August 2020. 67 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

upkeep of their holistic performance with 4.5 COVID-19 & INFECTIOUS bizSAFE Programme & WSH Awards routine engagement and inspections DISEASE OUTBREAKS Awarded by WSHC throughout projects. As mentioned Shortly before the end of FY2020, the earlier, all suppliers are required to attain onset of the COVID-19 pandemic took bizSAFE WSH Award SHARP Award at least a bizSAFE Level 3 in order to place and impacted all of our operations Programme qualify for our list of approved suppliers. regionally. Total 6 awards 14 awards We also ensure that approved suppliers 2019 • Bolloré Blue Hub are inducted in our Green & Gracious The scale of the disruption caused by • Veolia Hazardous Programme, which is shown on pages the pandemic already entails long-term Chemical Waste Treatment 73 to 74. implications for the world, from the Complex strategies and activities of governments, 2018 • BP E&C: WSH • ALICE@Mediapolis Supplier violations of our holistic industries and organisations right Performance (Silver) Award standards will result in appropriate through to communities and individuals, disciplinary actions taken against many who may be our key stakeholders 2017 • GSK Asia House violating suppliers including potential in countries where we operate. Lessons 2016 • Kuehne+Nagel Singapore permanent removal from our list of from the pandemic are likely to be Logistics Hub approved suppliers and referral to legal applied to the control of future infectious 2015 • MTU Asia Pacific HQ authorities for serious violations that may disease outbreaks. 2014 • DB Schenker Shared be illegal in nature. On the other hand, Logistics Center 3 suppliers that display performance that In line with this, we acknowledge (Tampines LogisPark) consistently meets our expectations COVID-19 and infectious disease (Commendation) may receive reward points that can be outbreaks as a material ESG topic, which used to bolster their bids to us on future is directly impacting our businesses and 2012 • BP: WSH Performance • Bolloré Green Hub projects, thereby incentivising good key stakeholders. (Silver) Award performance. 2011 • BP: • BP: WSH Performance • Rolls-Royce Wide Chord We explain how the pandemic has bizSAFE (Silver) Award Fan Blade Manufacturing During FY2020, we distributed a total of impacted our operations, as well as Mentor Facility S$369.9 million in direct economic value the measures we have implemented to 2010 • BP: WSH Performance • Applied Materials Building to suppliers, a 97% increase year-on- mitigate the impacts of the pandemic on (Silver) Award • IBM Singapore Technology year as compared to S$187.4 million in our operations and key stakeholders. • BP: WSH Officer Award Park FY2019. • Le FreePort • Singapore Aero Engine Services 2009 • BP: • BP: WSH Performance • StarHub Green bizSAFE (Silver) Award Star 68 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

4.5.1 Singapore Government’s built environment sector due to the high enabling continuous collaboration not a supplier’s employee working onsite, COVID-19 Circuit Breaker infection levels in dormitories housing just between team members but also with four more supplier’s employees Although taking place shortly after foreign workers. We will continue to with most key stakeholders. subsequently testing positive for the end of FY2020, the Singapore work closely with the BCA and relevant infections shortly afterwards. We are Government’s COVID-19 Circuit Breaker authorities to ensure the wellbeing, 4.5.2 Health Safeguards & First heartened to share that all five of these (“Circuit Breaker”) from 7 April 2020 health and safety of all stakeholders as COVID-19 Infections suppliers’ employees have subsequently to 1 June 2020 deserves discussion in we resume and scale up operations. Almost at the immediate onset of the recovered, with the first detected this report. The Circuit Breaker saw the pandemic, we had already implemented case having bravely battled through suspension of all non-essential business As expected, delays in revenue robust health safeguards across our two months in the intensive care unit activities in Singapore – including our conversion have materially lowered administrative offices and project and spending a total of five months in own – which resulted in the closure of our design-and-build performance for sites including compulsory health and hospital. He was finally discharged at the our headquarters and project sites in FY2021 year-to-date and have also travel declarations, health screening end of June 2020, an acknowledgement Singapore. Similar prolonged lockdowns resulted in associated acceleration, procedures, twice-a-day temperature of his enduring willpower to live, took place in all countries where we compliance, prolongation and monitoring, safe distancing of at least supported by Singapore’s high-quality operate, resulting in the closure of all resumption costs. The full quantum one metre apart in all workplace settings, healthcare system and under the care of administrative offices regionally for of costs associated with these delays suspension of all mass activities and extremely proficient frontline healthcare different periods of time. The situation cannot be reasonably determined at this meetings, and compartmentalisation professionals. was aggravated by the suspension of point given the fluidity of the COVID-19 of construction trades at project almost all construction activities at our situation and our ongoing assessment sites. Following the end of the Circuit 4.5.3 Direct Impacts of COVID-19 Singapore project sites during the Circuit of contractual obligations with clients Breaker, we implemented additional The direct impacts of COVID-19 and Breaker, followed by further post-Circuit and suppliers, as well as potential partial health safeguards to further align with potential financial implications on our Breaker delays due to the phased mitigation provided by the Singapore additional safe management measures operations are shown on page 70. resumption of the built environment Government’s COVID-19 business as mandated by Singapore’s Ministry sector administered by the Building & support and relief measures. of Health, MOM and BCA. Our key 4.5.4 Mitigating Direct Impacts of Construction Authority (“BCA”). This has health safeguards which have been COVID-19 resulted in at least four months of delay Notwithstanding the closure of our implemented are shown on page 69. Apart from the health safeguards per project, which is already impacting headquarters and project sites regionally mentioned earlier, we continue to our design-and-build performance for during the Circuit Breaker and other Despite our robust health safeguards, proactively implement strategic FY2021. While all of our Singapore lockdowns occurring elsewhere in the we were not spared from cases of measures to safeguard the wellbeing, project sites have resumed work, further world, we were able to successfully COVID-19 infection among our suppliers’ health and safety of our stakeholders, delays to the projects may be expected execute our business continuity activities employees. In February 2020, at our mitigate the impact of project delays as productivity has been affected by and securely conduct business activities Seletar Aerospace Park project site and protect the viability and long- compliance with strict safe management remotely – except for construction for Bombardier Singapore Service term value of our businesses. These measures, especially the BCA’s COVID- activities – through secure Cloud-based Centre Phase 2, we immediately halted measures are aimed at developing Safe Restart Criteria, along with a serious technology platforms, virtual private construction activities and proceeded resilience and include the execution of shortage of foreign worker resources – a network (“VPN”), telecommuting and with full disinfection activities after the our business continuity activities, cost problem affecting Singapore’s entire work-from-home (“WFH”) arrangements, detection of a COVID-19 infection of management measures, supply chain 69 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

Health Safeguards Digital-Based Health Safeguard Physical Health Safeguard Measures at Singapore Physical Health Safeguard Measures at Singapore Project Measures Administrative Offices Sites • Cloud-based health and travel • Safe Management Officers appointed at each office to ensure • Safe Management Officers and Safe Distancing Officers declarations compliance with safe management measures appointed at each site to ensure compliance with safe • SafeEntry national digital check- • Health declarations and temperature screening for all team management measures in system at each Singapore members and visitors • Health declarations and temperature screening for all team administrative office and project site • Increased cleaning and disinfection, especially of common members, suppliers’ employees and visitors • Digital health data logs for all team touchpoints and highly-used shared facilities • Increased cleaning and disinfection, especially of common members, suppliers’ employees and • Safe distancing with demarcation of at least one metre apart touchpoints and highly-used shared facilities visitors • Half capacity for all meeting rooms • Safe distancing with demarcation of at least one metre apart • Cloud-based technology platforms, • Telecommuting whenever possible, with split team • Half capacity for all meeting rooms VPN, telecommuting and WFH arrangements at each office • Cohorting of main workforce at each site in dedicated arrangements for business • All team members and visitors required to wear masks at all accommodations continuity – except for construction times, except when consuming food or beverages • Segregation of suppliers’ employees working on different activities – including meetings and • No cross-deployment and interaction between team members activities into different teams restricted to separate zones at collaborations with stakeholders across split teams and subsidiaries, even outside of work sites, with each zone at least two metres apart • Virtual meetings where possible, • Segregation of team members between offices and project • All team members, suppliers’ employees and visitors required with physical meetings limited to five sites to wear masks at all times, except when consuming food or people • Cancellation of all organisation activities, events and social beverages • Virtual general meetings for gatherings • Adequate supplies of masks for all team members and shareholders • Staggered arrival, lunch, break and departure times suppliers’ employees • Virtual inspections where possible at • Dedicated isolation facilities, evacuation and disinfection plans • No cross-deployment and interaction between team members project sites for suspected cases at each office and suppliers’ employees across shifts and outside of work • Telemedicine consultation • Team members and visitors feeling unwell must immediately • Cancellation of all organisation activities, events and social arrangements for team members consult doctors and be denied entry gatherings • TraceSafe contract tracing • Staggered arrival, lunch, break and departure times wearables and geo-fencing • Staggered rest days for team members who are S-Pass monitoring solutions at Singapore holders in line with BCA requirements project sites • Dedicated isolation facilities, evacuation and disinfection plans • Airsquire 3D-scanning solutions at for suspected cases at each site Singapore project sites • Relevant team members to undergo routine swap tests carried • Thermal scanners for temperature out by Health Promotion Board (“HPB”) screening at Singapore project sites • Dedicated transportation for team members who are S-Pass and work permit holders • Team members and suppliers’ employees feeling unwell must immediately consult doctors and be denied entry 70 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

Direct Impacts & Potential Financial Implications Direct Impacts Potential Financial Implications Infections of stakeholders and quarantine of exposed team members and/or • Increase in project site safety time-outs which disrupt site progress, directly suppliers’ employees with close exposure to infected stakeholders delaying revenue recognition and increasing acceleration, compliance, prolongation and resumption costs • Increase in medical costs • Increase in cleaning and disinfection costs • Increase in swab testing costs in relation to projects extending beyond government subsidised period Closure of administrative offices and project sites due to COVID-19 Circuit Breaker, • Delay in revenue recognition and other lockdowns and restrictions • Increase in acceleration, compliance, prolongation and resumption costs • Increase in technology implementation costs for ensuring business continuity activities including VPN, telecommuting and WFH arrangements Enhancements in health safeguards to protect wellbeing, health and safety of • Increase in cleaning and disinfection costs stakeholders through additional safe management measures, health screening • Increase in technology implementation costs and security procedures at administrative offices, project sites and multi-tenanted • Increase in training costs leasehold properties Implementation of safe management measures including COVID-Safe Restart • Delay in revenue recognition if project sites scale up slowly Criteria • Increase in suppliers’ operating costs for dedicated accommodations, which may impact profitability • Increase in manpower costs • Increase in technology implementation costs • Increase in swab testing costs in relation to projects extending beyond government subsidised period • Increase in training costs Reductions to business development activities including business travel • Decrease in chances of securing new contracts to replenish order backlog Financial difficulties faced by clients • Decrease in cash flow if payments deferred • Increase in operating costs if clients default on contractual obligations • Increase in operating costs if rental rebates extended to badly-affected clients that qualify for assistance Financial difficulties faced by suppliers • Increase in operating costs if suppliers default on contractual obligations which require new suppliers to be mobilised • Delay in revenue recognition and potential liquidated damages if suppliers deliver slowly, default on contractual obligations or fail to secure manpower 71 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

management measures and technology building information modelling (“BIM”) worker levy waivers and rebates. for the built environment sector until 31 implementations, as shown here. to significantly shorten the project March 2021.11 timeframe – technologies not commonly The JSS will provide wage support to Other mitigation measures include deployed by Malaysia’s construction cover 75% of wages, with a S$4,600 4.5.6 Future Infectious Disease our efforts to geographically diversify, industry – which allowed our core team wage ceiling for eligible team members – Outbreaks yielding a handful of new projects in in Singapore to secure the contract from Singaporeans and permanent residents We will continue to safeguard the China, Malaysia and Vietnam. Shortly decision-makers in Malaysia and the US, – in the built environment sector from wellbeing of key stakeholders through after the end of FY2020, we secured even as all three countries remained in April 2020 to October 2020, with wage this pandemic, and adapt to and evolve a significant contract in terms of lockdowns or partial lockdowns at the support subsequently lowering to 30% of in the ‘new normal’, whatever that scope and size to design-and-build time the contract was secured. wages up to March 2021.10 may be. Our measures to mitigate the an advanced integrated high-tech impacts of the COVID-19 pandemic manufacturing and office facility in 4.5.5 Additional Business Support The BCA also announced additional have been integrated into our business Penang for a Fortune 500 technology Measures support measures for the built continuity activities and operations so corporation. Our new client was highly The Singapore Government’s COVID-19 environment sector including co- that these measures can be applied impressed by our safety track record, business support and relief measures funding certain safe management to manage future infectious disease safe work practices and adoption of have also provided us with much-needed implementations. In addition, the outbreaks. transformative technologies including partial relief, particularly through the Singapore Government will continue the use of integrated digital delivery and Jobs Support Scheme (“JSS”) and foreign to bear the costs of COVID-19 testing

Mitigating Direct Impacts Business Continuity Activities Cost Management Measures Supply Chain Management Measures Technology Implementations • Cloud-based technology platforms for • Group-wide cost reviews • Alternative sourcing arrangements for • TraceSafe contact tracing wearables continuous collaboration and business • Group-wide salary freeze key long-lead supply items and geo-fencing monitoring solutions activities • 10% reduction in executive directors’ • Increased sourcing and pre- for team members and suppliers’ • VPN, telecommuting and WFH base salaries qualification of new suppliers in employees at all Singapore project sites arrangements • Tiered 5% to 7.5% reduction in senior different geographic regions • Automated validation of construction • Split team arrangements for management team’s base salaries • Construction of dedicated dormitories progress scans against BIM using 3D administrative offices • 10% reduction in directors’ fees at certain project sites and sourcing for scanning, AI, machine learning and • Compulsory health screening dedicated accommodation to house drones, reducing inspection times, procedures, applied even for WFH suppliers’ employees minimising updating errors in final arrangements • Greater use of design for BIM and limiting need for unnecessary • Senior management team approvals manufacturing and assembly to meet physical exposure for all travel plans, whether business or safe distancing requirements at project • Other digital-based health safeguard personal in nature sites, reduce reliance on manpower- measures and Cloud-based technology heavy activities and unnecessary platforms mentioned earlier physical exposure 10. “Job Support Scheme (JSS).” Singapore Government, Inland Revenue Authority of Singapore, www.iras.gov.sg/irashome/schemes/businesses/jobs-support-scheme--jss-/. Accessed 28 August 2020. 11. “Support Measures for Built Environment Sector Firms.” Singapore Government, Building & Construction Authority, www1.bca.gov.sg/covid-19/support-measures-for-built-environment-sector-firms. Accessed 28 August 2020. 72 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

SECTION 5 MATERIAL ESG TOPICS & “All economic activity is dependent upon that environment and its underlying resource base of APPLICABLE GRI STANDARDS forests, water, air, soil, and minerals. When the environment is finally forced to file for bankruptcy This section covers the following because its resource base has been polluted, degraded, dissipated, and irretrievably compromised, material ESG topics and applicable GRI the economy goes into bankruptcy with it.” Standards: • Environmental stewardship - Gaylord Nelson, late US Senator and Governor of Wisconsin and founder of Earth Day GRI Standards / 102-12 / 302-1 / 302-3 / 303-5 / 307-1 /

• Legal and regulatory compliance PLANET EARTH World’s Population in Past, Present & Future GRI Standards For all global stakeholders and all known Billion / 102-12 / 307-1 / 418-1 / 419-1 / life, Earth is our collective home and 9 the only home we know. Nature in all • Community development 8.5 billion forms – both organic and inorganic – is 8 GRI Standards the nurturer and provider of all that is 7.7 billion / 201-1 / necessary to sustain life. Over the past two centuries, the world’s population 7 has grown exponentially with one billion people1 when the Boustead Group was 6 first established in 1828 to 7.7 billion people today and an expected 8.5 billion 5 people by 2030.2 This has placed tremendous resource strains on our planet’s natural ecosystem. 4

Furthermore, close to four billion people 3 live in urban centres and this is expected to increase to five billion people by 2030. 2 Rapid urbanisation will lead to enormous challenges in government planning 1 billion across all infrastructure, economic and 1 environmental, social and governance

(“ESG”) facets. 0 1828 1900 2000 2020 2030

1. Roser, Max, Hannah Ritchie and Esteban Ortiz-Ospina. “World Population Growth.” Our World in Data, 2013, updated May 2019, ourworldindata.org/world-population-growth. Accessed 28 August 2020. 2. “Key Findings from World Population Prospects 2019.” World Population Prospects 2019, United Nations, UN Department of Economic & Social Affairs, Population Division, 2019, page 1, population.un.org/wpp/publications/. Accessed 28 August 2020. 73 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

Simultaneously, climate change – 5.1 ENVIRONMENTAL operate. As part of our Environmental 5.1.2 Green & Gracious Builder driven by greenhouse gas emissions STEWARDSHIP Management System (“EMS”) aimed Scheme contributed by human activities Construction activities and buildings at protecting the environment and We are a voluntary participant in the and agreed upon by 97% of actively exert considerable impact on the preventing pollution at our operations, Building & Construction Authority publishing climate scientists3 – environment during their multi-decade we first embarked on ISO 14001 (“BCA”)’s Green & Gracious Builder continues to result in natural disasters building lifecycles, from the embodied certification in 2006 and have had an Scheme (“GGBS”), a programme and extreme weather events that have energy of materials and construction to EMS in place ever since. In 2018, our launched to promote environmental disrupted national economies and the operating energy of operations and major design-and-build subsidiary in protection and gracious practices during hurt lives, people, communities and maintenance, and finally demolition at Singapore, Boustead Projects E&C (“BP construction activities. countries.4 Tackling these complex the end of buildings’ useful lives. This E&C”) received an upgraded certification issues has been further complicated by also presents significant opportunities to the latest ISO 14001:2015 standard. In 2018, for our commendable efforts the onset of the COVID-19 pandemic. to mitigate ecological footprints of and improvements under the GGBS, we construction activities and buildings in Our EMS sets out environmental received the Green & Gracious Builder Accompanying expected rapid general. management system enablers, Award (Excellent) for overall excellent urbanisation, demand for construction commitments, targets and environmental, professional and activities and infrastructure will continue As mentioned earlier, we shared on responsibilities for our team, with sustainability practices, an upgrade from to grow. As a trustworthy corporate pages 33 to 38 about how our smart eco- overriding responsibility belonging to the Green & Gracious Builder Award citizen, we plan to do our part in sustainable solutions have the potential our Environmental, Health and Safety (Merit) attained in 2015. minimising our ecological footprint and to directly influence and reduce energy (“EHS”) Team headed by our Director contributing to ESG initiatives that transit loss, emissions, pollution, and energy of EHS. This same team also oversees Having achieved a Green & Gracious beyond our organisational ecosystem to and water consumption in some of the workplace safety and health (“WSH”) Builder Award (Excellent), we are our planet’s natural ecosystem. most energy-intensive sectors, and performance. Our EHS Team manages committed to fulfilling our responsibility work towards the extremely important all aspects of our EMS which is both to the environment and the general This section covers our environmental planetary goal to combat climate change. externally and internally audited, and public in terms of addressing stewardship, legal and regulatory Under this part of environmental ensures environmental management environmental concerns and mitigating compliance, and community stewardship, we will share our processes performance at all workplaces and potential inconveniences to the general development, which are derived from in environmental management. project sites under our control on a daily public in construction activities. Our the combined depth of all six capitals basis. Green & Gracious Programme (“GGP”) – financial, manufactured, intellectual, 5.1.1 Environmental Management is a subset of our EMS and sets out how human, social and relationship, and We are highly committed to complying We are also committed to raising we should fulfil our role as a Green & natural – and ultimately deliver positive with all applicable environmental laws environmental awareness through our Gracious Builder. net effects for all six capitals. and regulations in countries where we adoption of green practices.

3. “Scientific Consensus: Earth’s Climate is Warming.” National Aeronautics & Space Administration, climate.nasa.gov/scientific-consensus/. Accessed 28 August 2020. 4. “The 17 Goals.” United Nations, sdgs.un.org/goals. Accessed 28 August 2020. 74 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

Under the GGBS and our GGP, financial health, operations, quality and we periodically review and update EHS performance for inclusion on our Green & Gracious Builder Scheme construction processes and key list of approved suppliers, with approved GGBS Level Score performance indicators on ESG topics suppliers being inducted in our GGP. such as those shown here. Increasingly, Star Above 90 there are overlaps in ESG topics, with Due care is taken to ensure that fulfilment in one area contributing to businesses, residents and visitors benefits in the other areas. within communities neighbouring our Excellent Above 75 to 90 project sites are communicated to and (our current level) Our GGP includes monitoring, not unnecessarily inconvenienced by Above 60 to 75 performing and improving on internally ongoing projects. These efforts include Merit set targets that cover areas such keeping our project sites clean and as reductions in concrete and re- organised, protecting pathways and Certified Above 49 to 60 bar wastage, waste disposal, direct sidewalks that run along project sites, energy and water consumption from minimising dust, noise and vibrations, construction operations, effluents, dust, and putting up communications and noise and vibrations. Our targets are signages where appropriate, including Green & Gracious Programme set at realistically achievable levels that ways to contact us should there be Environmental Social are significantly better than Singapore’s any major inconveniences. We have construction industry and national taken the additional step to appoint a • Materials reduction, reuse and • Accessibility averages in these same topics, in which dedicated Public Relations Officer to act recycling • General public safety it was found that the construction as an external interface with the general • Construction energy management • Construction noise and vibration industry contributed to about 20% public on any major inconveniences. • Construction water and environmental management of all waste generated in Singapore management • Communication in 2019. Although eventually 99% of During FY2020, we met all targets in • Housekeeping and air quality • Manpower management construction waste generated and 59% terms of reducing concrete, re-bar management of Singapore’s waste generated were wastage and waste disposal costs. recycled,5 it is more important to reduce waste generation before the recycling 5.1.3 Energy & Water Efficiency phase since resources – albeit a lower We have worked hard to improve the quantum – are still required for recycling energy and water efficiency of our activities. We also require potential new operations in order to optimise the use fabricators, subcontractors and suppliers of natural resources and mitigate our (together “suppliers”) to be evaluated on ecological footprint. Improving energy their reputation, technology solutions, and water efficiency has also translated

5. “Waste Statistics and Overall Recycling.” Singapore Government, National Environment Agency, www.nea.gov.sg/our-services/waste-management/waste-statistics-and-overall-recycling. Accessed 28 August 2020. 75 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

to lower operating costs and conversely a) Energy & Water Intensity of Design- project site cleanliness and washing of as shown here. During FY2020, average higher profitability. Such gains have and-Build Projects vehicles leaving project sites. energy and water intensity per sq m of been achieved in two areas of our Our design-and-build projects use constructed GFA significantly improved operations: during the construction diesel as a fuel for onsite diesel power We continue to measure our average year-on-year compared to FY2019, phase of design-and-build projects generators, electricity drawn from the energy and water intensity per square although this was partly due to the and during the operational phase of national power grid and water drawn metre (“sq m”) of constructed gross timing of design-and-build projects in multi-tenanted buildings that we have from the national water network. We floor area (“GFA”) – not including various phases. It is recommended that developed and continue to own and also collect rainwater which is treated recycled water – for all significant the three-year rolling average is used for lease out. and recycled for use in activities such as design-and-build projects in Singapore a more accurate gauge of this measure.

Energy & Water Intensity of Design-and-Build Projects in Singapore Diesel consumption Electricity consumption Total energy consumption Total water consumption (diesel + electricity) cubic metres (“cu m”) cu m (‘000) megawatt-hours (“MWh”) MWh 2,583.5 254.5 27,502.3 2,073.5 22,450.0 395.3 1,672.7 17,943.7

102.0 152.0 361.0 3,878.9 34.1 39.3 21.3 17.4

F Y1 8 F Y1 9 F Y2 0 F Y1 8 F Y1 9 F Y2 0 F Y1 8 F Y1 9 F Y2 0 F Y1 8 F Y1 9 F Y2 0 Average energy intensity (diesel) Average energy intensity (electricity) Average energy intensity Average water intensity # of litres per sq m of constructed GFA # of kilowatt-hours ("kWh") per sq m of constructed (diesel + electricity) # of cu m per sq m of constructed GFA GFA # of kWh per sq m of constructed GFA litres kWh kWh cu m 17.2 186.5 14.0 3.3 149.5 2.1 12.3 132.4

5.6 1.3 60.6 0.9 0.6 0.1 0.3 0.2

F Y1 8 F Y1 9 F Y2 0 F Y1 8 F Y1 9 F Y2 0 F Y1 8 F Y1 9 F Y2 0 F Y1 8 F Y1 9 F Y2 0 Three-year average 76 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

Energy & Water Intensity of Design-and-Build Projects in Singapore (cont’d) Diesel consumption Electricity consumption Total energy consumption (diesel + electricity)

gigajoules (“GJ”) GJ GJ 1,422.9

98,923.9 99,000.5 79,394.7 80,817.7 64,046.9 64,593.9 546.9

13,822.2 141.4 76.5 13,963.6

F Y1 8 F Y1 9 F Y2 0 F Y1 8 F Y1 9 F Y2 0 F Y1 8 F Y1 9 F Y2 0

Average energy intensity (diesel) Average energy intensity (electricity) Average energy intensity # of MJ per sq m of constructed GFA # of MJ per sq m of constructed GFA (diesel + electricity) # of MJ per sq m of constructed GFA

MJ MJ MJ

659.7 11.8 671.5 537.8 538.2 471.1 475.9

215.9 4.8 218.1 2.2 0.4

F Y1 8 F Y1 9 F Y2 0 F Y1 8 F Y1 9 F Y2 0 F Y1 8 F Y1 9 F Y2 0

Three-year average 77 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

In addition, it should be noted that in FY2019, continuing a positive trend from are mainly single-tenanted properties have been estimated to result in carbon 2019, Singapore’s annual total rainfall FY2018 to FY2020. Our average water and hence, energy and water usage is dioxide emissions savings of 264 tonnes was measured as being 37% below the intensity per employee at administrative driven by tenants’ processes, which can annually, equivalent to removing the 1981 to 2010 long-term average6 and workplaces of 9.2 cu m deteriorated significantly differ based on respective emissions of 56 cars for a year. 20% below 2018,7 meaning that our year-on-year compared to 7.7 cu m in tenants’ business activities. rainwater collection and recycling points FY2019 but remained in line with the Our latest completed multi-tenanted at both design-and-build project sites three-year average from FY2018 to Our headquarters is Edward Boustead development is ALICE, a Green Mark and leasehold properties with rainwater FY2020, as shown on page 78. Centre, a Green Mark Platinum–rated Platinum-rated development which harvesting systems used for landscape development with a high-efficiency is also Singapore’s first truly smart irrigation and toilet flushing, were c) Energy & Water Intensity of building envelope design and some of business park development. In terms collecting significantly less rainwater for Edward Boustead Centre & ALICE@ the highest ratings in energy and water of energy efficiency, ALICE uses double recycling in 2019, resulting in more water Mediapolis efficiency. In terms of energy efficiency, glazed low-emissivity glass to reduce being drawn from the national water Our leasehold properties draw on Edward Boustead Centre uses double heat flow into the building, a full LED network. electricity from the national power grid, glazed low-emissivity glass to reduce lighting system, motion sensors that electricity generated by solar power and heat flow into the building, more efficient activate lighting at staircases and toilets, b) Energy & Water Intensity of water from the national water network. T5 lighting, motion sensors that activate variable voltage variable frequency lifts Administrative Workplaces lighting at staircases and toilets, and with sleep mode feature, a daylight Our administrative workplaces regionally We actively track the electricity a signature central skywell that allows design for the atrium, a 100 kilowatt- draw on electricity from the national consumption at our multi-tenanted plenty of natural lighting to penetrate peak rooftop solar panel array and power grid and water from the national developments in Singapore constructed even central areas of the building. sub-metering systems that can be water network. after the launch of mandatory accessed real-time on a mobile app so submission under the BCA’s Green In terms of water efficiency, Edward that individual tenants can keep track of We actively track the electricity Mark Programme in 2008, to provide Boustead Centre uses extremely efficient all types of utilities usage. consumption at all administrative a baseline for comparison against water fittings and has a rainwater workplaces regionally to provide a our future usage. Presently, Edward harvesting system to recycle captured In terms of water efficiency, ALICE uses baseline for comparison against our Boustead Centre and ALICE@ rainwater towards water-intensive extremely efficient water fittings and has future usage. Mediapolis (“ALICE”) are the only two horticultural and toilet flushing purposes. a rainwater harvesting system to recycle developments under this category that Edward Boustead Centre also has air captured rainwater towards water- During FY2020, our average energy were fully operational for the whole of handling unit condensate recycling, sky intensive horticultural and toilet flushing intensity per employee at administrative FY2020. We do not track the energy terraces and a rooftop garden to reduce purposes. 80% of ALICE’s constructed workplaces of 489.4 kWh improved and water usage at other developments heat island effects, which together with floor area used greener building year-on-year compared to 559.7 kWh in within our leasehold portfolio as they the green features mentioned earlier, methodologies including prefabricated

6. “Singapore’s Climate in 2019.” Annual Climate Assessment 2019 Singapore, Singapore Government, National Environment Agency, Meteorological Service Singapore, 2020, page 2, www.weather.gov.sg/climate-annual-climate-reports/. Accessed 28 August 2020. 7. “Singapore’s Climate in 2018.” Annual Climate Assessment 2018 Singapore, Singapore Government, National Environment Agency, Meteorological Service Singapore, 2019, page 2, www.weather.gov.sg/climate-annual-climate-reports/. Accessed 28 August 2020. 78 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

Energy & Water Intensity of Administrative Workplaces Regionally

Total energy consumption Total water consumption

MWh MJ cu m 2,347.0 447.5 124.3 346.7 346.5 380.2 96.3 96.3 105.6 1,644.0 1,258.0 1,327.0

F Y1 8 F Y1 9 F Y2 0 F Y1 8 F Y1 9 F Y2 0 F Y1 8 F Y1 9 F Y2 0

Average energy intensity Average water intensity # of kWh/MJ per employee per year # of cu m per employee per year

kWh MJ cu m

715.6 9.3 2,575.9 7.7 9.2 8.7 559.7 588.2 2,014.7 2,117.5 489.4 1,761.8

F Y1 8 F Y1 9 F Y2 0 F Y1 8 F Y1 9 F Y2 0 F Y1 8 F Y1 9 F Y2 0

Three-year average 79 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

building systems and prefabricated water being drawn from the national In fact, our investments in integrated intended to better utilise rooftop space – bathroom units (“PBUs”), the first large- water network. The WUI of ALICE was digital delivery and building information an important asset within our leasehold scale PBUs in the built environment significantly better than Singapore’s modelling (“BIM”) have significantly portfolio. Promoting eco-sustainability sector. ALICE also accesses district comparable buildings median WUI for improved digitalisation and productivity through greater use of renewable energy cooling to gain greater efficiencies and 2017.9 It should be noted that ALICE efforts, and almost eliminated paper aligns with our position as the market has several sky terraces to reduce heat has yet to reach full asset stabilisation usage while drastically reducing leading builder and developer of smart island effects, which together with the and that tenants progressively moved potential human errors in projects where eco-sustainable business park and green features mentioned earlier, have into ALICE throughout FY2020, hence BIM is applied. industrial developments. been estimated to result in carbon the EUI and WUI for ALICE in FY2020 dioxide emissions savings of 842 tonnes may not be an accurate gauge of future The added advantage of our earlier Our partnership with Sunseap annually, equivalent to removing the performance. investments in technological encourages our tenants to install rooftop emissions of 179 cars for a year. transformation has been our capability industrial solar energy systems on top of 5.1.4 Waste Reduction to immediately and successfully execute our leasehold properties, should tenants The energy use intensity (“EUI”) of Under environmental stewardship, we our business continuity activities since find that direct solar power generation Edward Boustead Centre and ALICE believe that waste reduction should be the onset of the COVID-19 pandemic, can benefit their operations located at continued to compare extremely undertaken in both big and small ways. ensuring that other than for construction our leasehold properties. favourably with both Singapore’s We encourage our team to reduce paper activities, our team was able to maintain comparable buildings and national usage and to reuse or recycle non- reasonable productivity, even under full Tenants do not have to fund capital and EUI averages for 2018, with Edward sensitive paper waste where practicable. telecommuting and work-from-home operating expenditures for these rooftop Boustead Centre just breaking into the In 2015, building on our green initiative, arrangements. industrial solar energy systems, instead top performing quartile for comparable we adopted a paperless electronic purchasing the generated solar power buildings, while ALICE is in the second format for annual reports and in 2018, 5.1.5 Strategic Technology from Sunseap at commercially agreed best performing quartile for comparable further phased out CD copies of annual Partnership for Environmental tariff rates. buildings, as shown on page 80.8 reports altogether to reduce plastic Sustainability waste as well. During FY2020, we signed a framework For tenants who wish to offset their The water use intensity (“WUI”) of agreement with Sunseap Leasing Pte greenhouse gas emissions and attain Edward Boustead Centre was poorer We have also digitised most of our Ltd (“Sunseap”) – the largest and most their energy and environmental than Singapore’s comparable buildings previously hard copy-based records established integrated clean energy sustainability goals, Sunseap also offers median WUI for 2017, affected by where appropriate and continue to solutions company in Singapore – on the renewable energy certificates, which are Singapore’s lower annual total rainfall, use secure Cloud-based technology potential installation of rooftop industrial tradeable green energy attributes that with the rainwater harvesting system platforms and software solutions to solar energy systems at our real estate represent units of electricity generated used for landscape irrigation and toilet improve our data governance and projects and potential provision of from renewable energy generation flushing collecting less rainwater for productivity, which helps to reduce yet lower-cost clean energy solutions to our facilities. recycling in 2019, resulting in more another form of waste – time waste. clients and tenants. This partnership is

8. “Overall Performance of Submitted Buildings.” and “National Building Energy Benchmarks [EUI (kWh/m2/yr).” BCA Building Energy Benchmarking Report (Statistics & Figures) 2019, Singapore Government, Building & Construction Authority, Environmental Sustainability Group, Green Building Policy Department, 2019, pages 3 and 7, www.bca.gov.sg/bess/benchmarkingreport/benchmarkingreport.aspx. Accessed 28 August 2020. 9. “Office Building Benchmarks.” Singapore Government, PUB, 2018, page 2, www.pub.gov.sg/savewater/atwork/waterefficiencybenchmarks. Accessed 28 August 2020. 80 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

Energy & Water Intensity of Edward Boustead Centre Energy & Water Intensity of ALICE@Mediapolis Total energy consumption Total water consumption Total energy consumption Total water consumption

MWh cu m MWh cu m

1,353.0 1,279.8 24,794.0 1,140.6 1,257.8 12,497.0 6,676.8 9,654.0 10,170.0 10,773.7

F Y1 8 F Y1 9 F Y2 0 F Y1 8 F Y1 9 F Y2 0 F Y2 0 F Y2 0

Average energy intensity Average water intensity Average energy intensity Average water intensity # of kWh per sq m of GFA per year # of cu m per sq m of GFA per year # of kWh per sq m of GFA per year # of cu m per sq m of GFA per year

kWh cu m kWh cu m 1.4 1.2 256.0 1.1 1.2 256.0

237.0 1.1 168.5 219.0 1.1 154.5 146.1 130.2 143.6 0.6

F Y1 8 F Y1 9 F Y2 0 F Y1 8 F Y1 9 F Y2 0 F Y2 0 F Y2 0

Comparable buildings average Comparable buildings average National average Three-year average National average Three-year average

Note: Estimated savings of 567,568 kWh per year, equating Note: Estimated savings of 798 cu m per year based on Note: Estimated savings of 1,683,229 kWh per year, Note: Estimated savings of 4,390 cu m per year based on to 30% better than baseline based on Green Mark Green Mark submission. equating to 27% better than baseline based on Green Green Mark submission. submission. Mark submission.

Note: Comparable data is based on the BCA Building Energy Benchmarking Report (Statistics & Figures) 2019 and PUB’s Office Building Benchmarks with the comparable industries average based on Singapore’s commercial buildings sector and office buildings sector respectively. 81 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

5.2 LEGAL & REGULATORY stakeholders and regulators, we may at COMPLIANCE times also have to comply with laws and Legal & Regulatory Compliance Performance We are highly committed to fully regulations embedded within contractual Economic complying with applicable laws terms set by clients and lenders, who and regulations in countries where have to ensure compliance with laws FY2020: 0 significant fines, non-monetary we operate. Often, these laws and and regulations which are specific to sanctions and cases brought against us regulations cross the boundaries of their countries and industries. through dispute resolution mechanisms economic and ESG topics, covering in economic areas. almost all aspects of our business In FY2020, we had four minor fines FY2019: 0 and are governed under the scope (defined as being between S$1,001 FY2018: 0 of different government ministries, to S$10,000) in environmental areas, agencies and regulators. with zero major fines or cases brought against us through dispute Environmental In Singapore, the main government resolution mechanisms by government FY2020: 4 minor fines brought against us in stakeholders and regulators that we stakeholders and regulators in economic environmental areas, namely for four regularly communicate with are shown and ESG facets. We also had zero instances of excessive noise. on page 82. In other countries where we substantiated complaints received FY2019: 1 operate, we regularly communicate with from external parties and regulators FY2018: 0 government stakeholders and regulators or identified leaks, thefts or losses of that are similar in scope. customer data under the customer privacy area. Our suppliers paid all four Government stakeholders and regulators minor fines, namely for four instances of Social give us our business licences to excessive noise at project sites. FY2020: 0 significant fines, non-monetary conduct our operations regionally. sanctions and cases brought against us Full compliance with applicable laws Going forward, we expect legal and through dispute resolution mechanisms and regulations cannot be overstated regulatory compliance related to in social areas. and is inherent in all system enablers. COVID-19 and infectious diseases may FY2019: 1 Relevant on-the-job training is provided become much more prevalent, given the FY2018: 0 to team members to ensure that they extremely huge costs already incurred by comprehend and meet the requirements governments, industries, organisations, of laws and regulations that apply to their communities and individuals, who Customer Privacy job scopes. In addition, professional have been impacted in all facets of life, training may also be extended to covering general wellbeing and health to FY2020: 0 substantiated complaints received specific team members in order for economic and ESG facets. Governments concerning breaches of customer them to better comprehend and meet will be keen to learn from the pandemic privacy. the requirements of applicable laws and and enforce new legal and regulatory FY2019: 0 regulations in high-risk economic and compliance to pre-empt and protect the FY2018: 0 ESG topics. Other than government world from future infectious diseases. 82 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

Government Stakeholders & Regulators Government Stakeholders Agencies Scope Relevant Economic and ESG Topics Ministry of Finance • Accounting & Corporate Regulatory • Business and corporate filings Authority • Inland Revenue Authority of Singapore • Tax filings • Material taxable transactions Ministry of Environment & Water • National Environment Agency • Environment Resources • COVID-19 and infectious diseases • PUB • Environment Ministry of Health • Health Promotion Board • COVID-19 and infectious diseases

Ministry of Law • Singapore Land Authority • National land register

Ministry of Manpower • Central Provident Fund • Employment social security savings scheme • Workplace Safety & Health Council • WSH • COVID-19 and infectious diseases Ministry of National Development • Building & Construction Authority • Built environment • Construction • Urban Redevelopment Authority • Urban planning Ministry of Trade & Industry • Economic Development Board • Foreign direct investment in Singapore • Enterprise Singapore • Enterprise and trade • JTC Corporation • Industrial real estate and infrastructure Regulators, Tripartite Committees and • SGX • Listing requirements National Associations • Business and corporate filings • Material transactions • Singapore Institute of Directors • Corporate governance • Directors • Tripartite Alliance for Fair & • Employment Progressive Employment Practices

Economic Environmental Social Governance 83 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

5.3 COMMUNITY DEVELOPMENT During FY2020, we continued Turf City’s Red Dynasty Paintball Park for Boustead Group, and our reputation as a We are committed to community our ‘Boustead Cares’ Community marginalised children and teens to have trustworthy corporate citizen. development and selecting an Partnership Programme with NECDC an enjoyable and meaningful time in an appropriate externally-managed through fund raising activities in action-packed day out. Officially unveiled on the cover of this community development programme to conjunction with our annual Boustead Boustead Projects FY2020 Longevity support on a long-term basis. At times, Projects Lunar 7th Month Charity In FY2020, we distributed a total of Report, our new refreshed brand, look we also undertake philanthropic fund Dinner, where we raised over S$161,000 S$143,000 in direct economic value to and feel is the culmination of all this and raising through our own fund raising (including pledged donations). community investments, a 99% increase much more – essentially reflecting the platforms in collaboration with our as compared to S$72,000 in FY2019. Boustead Way. suppliers. Communities in countries Part of the funds raised through our Moving forward, we intend to continue where we operate benefit directly from annual charity dinner were committed to building on our ‘Boustead Cares’ Hand-in-hand with our stakeholders, our donations both in monetary terms several NECDC community development Community Partnership Programme we intend to continue our role as a and in-kind to organisations that run programmes including the sponsorship as a fruitful and uplifting long-term trustworthy corporate citizen, one community development programmes of critical renovation works for Kheng philanthropic programme after its which we hope to honour for many and also indirectly through the projects Chiu Loke Tin Kee Home (“Kheng Chiu successful launch in 2018. more decades to come. Join us in this that we undertake for end-user clients, Happy Lodge”), a registered charity ultramarathon, run the Boustead Way. which provide jobs to those communities in Singapore. The renovation works 5.4 CONCLUSION and ESG benefits. comprised elder-friendly improvements Although we have achieved respectable including the installation of anti-slip performance in material ESG topics, In 2018, we formally inaugurated treatment to toilet entrances, grab bars we recognise that we can and must our ‘Boustead Cares’ Community in toilet cubicles and anti-slip tiles in do better. Having collected and Partnership Programme with washing areas. reported on at least three years’ worth Singapore’s North East Community of data on material ESG topics, we are Development Council (“NECDC”), and In April 2019, 20 volunteers from our progressively setting targets in material The Boustead Way prioritises the helped raise S$50,000 in support of team visited Kheng Chiu Happy Lodge ESG topics where feasible to do so. pursuit of business with a greater NECDC’s community activities, with our to engage with and entertain residents purpose. It is about creating first year contributions going towards during the ceremonial completion of the This past year, the Boustead Group sustainable shared socio-economic NECDC’s Community Give Back Month, renovation works in an occasion that saw long-term investments in people, value versus maximising short-term when two dozen volunteers from our was also graced by NECDC’s Mayor, Mr technologies and possibility all come profit; promoting adaptability and team worked with staff from NECDC Desmond Choo. together to deliver an empowering resilience; and favouring longevity and Bizlink Centre Singapore Ltd window into their future. Together over sentimentality. It is a position, (“Bizlink Centre”) to organise a trip to Separately in another event in with the Boustead Group, Boustead a value, a commercial sensibility the Singapore Zoo for Bizlink Centre’s September 2019, over a dozen Projects embarked on refreshing our that runs through every layer of our beneficiaries, primarily disadvantaged volunteers from our team worked with brand for the future, aligned with the organisation. and disabled individuals. staff from NECDC to organise a trip to global and progressive nature of the 84 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

This GRI Content Index makes reference to this report and the Boustead Projects FY2020 Annual Report (“FY2020 AR”). GRI Standards Disclosure Disclosure Titles Page references and reasons for omission, Numbers if applicable GRI 101: Foundation 2016 General Disclosures Organisational profile GRI 102: General 102-1 Name of the organisation Front cover, 1, 16; FY2020 AR (front and back covers, Disclosures 2016 inside front cover, 52, 98, 160) 102-2 Activities, brands, products and services 1, 28-52; FY2020 AR (inside front cover, 1-52, 160-161) 102-3 Location of headquarters 16, 77; FY2020 AR (back cover, 52, 98, 160) 102-4 Location of operations 1, 30, 32, 57; FY2020 AR (inside front cover, 2-11, 14, 26-43, 160-161) 102-5 Ownership and legal form 1, 8-10, 16; FY2020 AR (inside front cover, 52, 58-88, 162-163) 102-6 Markets served 1, 28-52; FY2020 AR (inside front cover, 1-52, 160-161) 102-7 Scale of the organisation 1, 28-52, 57; FY2020 AR (front cover, 1-52, 93-96, 156- 157, 160-161) 102-8 Information on employees and other workers 50, 53-71; FY2020 AR (16, 46-49) 102-9 Supply chain 50, 64-74; FY2020 AR (16) 102-10 Significant changes to the organisation and its supply chain 50, 64-74; FY2020 AR (16) 102-11 Precautionary Principle or approach 2, 6, 28, 53, 83 102-12 External initiatives 1, 8-10, 16, 22, 34-36, 38-42, 56, 58, 63-67, 73-74, 82-83 102-13 Membership or associations 1, 8-10, 16, 22, 34-36, 38-42, 56, 58, 63-67, 73-74, 82-83

Strategy 102-14 Statement from senior decision maker 3-5 102-15 Key impacts, risks and opportunities 21-27

Ethics and integrity 102-16 Values, principles, standards and norms of behaviour 6-10, 53-66; FY2020 AR (8-9, 58-88) 102-17 Mechanisms for advice and concerns about ethics 9, 54-55, 60; FY2020 AR (80) 85 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

GRI Standards Disclosure Disclosure Titles Page references and reasons for omission, Numbers if applicable GRI 101: Foundation 2016 General Disclosures Governance 102-18 Governance structure 8-10; FY2020 AR (58-88) 102-19 Delegating authority 8-10; FY2020 AR (62) 102-20 Executive-level responsibility for economic, environmental and social 8-10; FY2020 AR (62) topics 102-21 Consulting stakeholders on economic, environmental and social 8-10, 17-21 topics 102-22 Composition of the highest governance body and its committees 8-10; FY2020 AR (46-47, 52, 58-88) 102-23 Chair of the highest governance body 9; FY2020 AR (46, 52, 59, 64, 66) 102-24 Nominating and selecting the highest governance body 9; FY2020 AR (64-70) 102-25 Conflicts of interest 9; FY2020 AR (61) 102-26 Role of highest governance body in setting purpose, values and 8-10; FY2020 AR (60) strategy 102-27 Collective knowledge of highest governance body 8-10; FY2020 AR (46-47, 70, 85-88) 102-28 Evaluating the highest governance body’s performance 8-10; FY2020 AR (64-70) 102-29 Identifying and managing economic, environmental and social 8-10, 17-27; FY2020 AR (64) impacts 102-30 Effectiveness of risk management processes 8-10, 22-27; FY2020 AR (76-80) 102-31 Review of economic, environmental and social topics 8-10, 17-27; FY2020 AR (64) 102-32 Highest governance body’s role in sustainability reporting 8-10; FY2020 AR (62, 64) 102-33 Communicating critical concerns 8-10, 54-55, 60; FY2020 AR (80) 102-34 Nature and total number of critical concerns 55; FY2020 AR (80) 102-35 Remuneration policies 9, 56, 58-60; FY2020 AR (72-76) 102-36 Process for determining remuneration 9, 56, 58-60; FY2020 AR (72-76) 102-37 Stakeholders’ involvement in remuneration 9, 56, 58-60; FY2020 AR (72-76) 102-38 Annual total compensation ratio n.a. 102-39 Percentage increase in annual total compensation ratio n.a. 86 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

GRI Standards Disclosure Disclosure Titles Page references and reasons for omission, Numbers if applicable GRI 101: Foundation 2016 General Disclosures Stakeholder engagement 102-40 List of stakeholder groups 17-19, 82 102-41 Collective bargaining agreements 56 102-42 Identifying and selecting stakeholders 17-19 102-43 Approach to stakeholder engagement 17-19 102-44 Key topics and concerns raised 17-19

Reporting practice 102-45 Entities included in the consolidated financial statements 16; FY2020 AR (126-134) 102-46 Defining report content and topic boundaries 16 102-47 List of material topics 17-25 102-48 Restatements of information 16 102-49 Changes in reporting 16 102-50 Reporting period 16 102-51 Date of most recent report 16 102-52 Reporting cycle 16 102-53 Contact points for questions regarding the report 16 102-54 Claims of reporting in accordance with GRI Standards 16 102-55 GRI content index 84-90 102-56 External assurance 16 87 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

GRI Standards Disclosure Disclosure Titles Page references and reasons for omission, Numbers if applicable GRI 101: Foundation 2016 Topic-Specific Standards Smart eco-sustainable solutions GRI 103: Management 103-1 Explanation of the material topic and its boundary 33-38 Approach 2016 103-2 The management approach and its components 33-38 103-3 Evaluation of the management approach 33-38 GRI Standard not Not applicable Qualification and quantification of smart eco-sustainable solutions 33-38 available

Quality and transformation GRI 103: Management 103-1 Explanation of the material topic and its boundary 38-49 Approach 2016 103-2 The management approach and its components 38-49 103-3 Evaluation of the management approach 38-49 GRI Standard not Not applicable Qualification and quantification of quality and transformation 38-49 available initiatives

Economic performance GRI 103: Management 103-1 Explanation of the material topic and its boundary 30, 49-52 Approach 2016 103-2 The management approach and its components 30, 49-52 103-3 Evaluation of the management approach 30, 49-52 GRI 201: Economic 201-1 Direct economic value generated and distributed 49-50 Performance 2016

Data and information security GRI 103: Management 103-1 Explanation of the material topic and its boundary 54-55, 81 Approach 2016 103-2 The management approach and its components 54-55, 81 103-3 Evaluation of the management approach 54-55, 81 GRI 418: Customer 418-1 Substantiated complaints concerning breaches of customer privacy 55, 81 Privacy 2016 and losses of customer data 88 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

GRI Standards Disclosure Disclosure Titles Page references and reasons for omission, Numbers if applicable GRI 101: Foundation 2016 Topic-Specific Standards Talent acquisition, development, management and retention GRI 103: Management 103-1 Explanation of the material topic and its boundary 53-62 Approach 2016 103-2 The management approach and its components 53-62 103-3 Evaluation of the management approach 53-62 GRI 401: Employment 401-1 New employee hires and turnover 58-59, 62-63 2016 GRI 404: Training and 404-1 Average hours of training per year per employee 61 Education 2016 404-3 Percentage of employees receiving regular performance and career 60 development reviews

Succession planning GRI 103: Management 103-1 Explanation of the material topic and its boundary 59, 62 Approach 2016 103-2 The management approach and its components 59, 62 103-3 Evaluation of the management approach 59, 62 GRI Standard not Not applicable Percentage of key executive positions with named successors 62 available

Health and safety GRI 103: Management 103-1 Explanation of the material topic and its boundary 61-66 Approach 2016 103-2 The management approach and its components 61-66 103-3 Evaluation of the management approach 61-66 GRI 403: Occupational 403-9 Work-related injuries 61-62, 64-65 Health and Safety 2018 403-10 Work-related ill health 61-62, 64-65 89 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

GRI Standards Disclosure Disclosure Titles Page references and reasons for omission, Numbers if applicable GRI 101: Foundation 2016 Topic-Specific Standards COVID-19 and infectious disease outbreaks GRI 103: Management 103-1 Explanation of the material topic and its boundary 67-71 Approach 2016 103-2 The management approach and its components 67-71 103-3 Evaluation of the management approach 67-71 GRI Standard not Not applicable Qualification of COVID-19 impacts, implications and mitigations 67-71 available

Environment GRI 103: Management 103-1 Explanation of the material topic and its boundary 72-82 Approach 2016 103-2 The management approach and its components 72-82 103-3 Evaluation of the management approach 72-82 GRI 302: Energy 2016 302-1 Energy consumption within the organisation 74-79 302-3 Energy intensity 74-79 GRI 303: Water and 303-5 Water consumption 74-79 Effluents 2018 GRI 307: Environmental 307-1 Non-compliance with environmental laws and regulations 81 Compliance 2016

Legal and regulatory compliance GRI 103: Management 103-1 Explanation of the material topic and its boundary 53-55, 81-82 Approach 2016 103-2 The management approach and its components 53-55, 81-82 103-3 Evaluation of the management approach 53-55, 81-82 GRI 419: 419-1 Non-compliance with laws and regulations in the social and 55, 81 Socioeconomic economic area Compliance 2016 90 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

GRI Standards Disclosure Disclosure Titles Page references and reasons for omission, Numbers if applicable GRI 101: Foundation 2016 Topic-Specific Standards Community development GRI 103: Management 103-1 Explanation of the material topic and its boundary 83 Approach 2016 103-2 The management approach and its components 83 103-3 Evaluation of the management approach 83 GRI Standard not Not applicable Qualification and quantification of community development initiatives 83 available 91 BOUSTEAD PROJECTS LIMITED FY2O2O LONGEVITY REPORT

The Boustead Projects FY2020 Special appreciation also goes out to Longevity Report would not be possible other important team contributors in the without the efforts of our team who longevity reporting process: has worked extremely hard over the • Edvin Ng past 24 years and continues to emulate • Haw Su Chin the efforts of tens of thousands of • Howard How Boustead Men and Women who strived • Juliana Ang to deliver sustainable shared socio- • Muhammad Khalil Bin Shaiful economic value and progress to multiple • Ryan Loveday generations of key stakeholders and • Summer Lee make a positive impact economically, environmentally and socially on the world over almost two centuries. We continue to live out the Boustead Way, and our mission and vision for key stakeholders and in memory of the Boustead Group’s founder, Mr Edward Boustead and our fellow team members who have passed on the baton. We are grateful to our former team members who ran this ultramarathon before us and are equally grateful to our current team members who chose to pick up the baton to continue running this ultramarathon today.

Certain infographic elements contained in “Nine Technologies of Industry 4.0” on page 43 and “Industry 4.0 Future Feature: ALICE” on page 45 of this report are designed by Flaticon.com and Freepik. Boustead Singapore Limited Longevity Reporting Champion & Lead Keith Chu, Senior Vice President of Corporate Marketing & Investor Relations

Boustead Projects Limited Longevity Reporting Champion & Lead Winson Teo, Manager of Corporate Marketing & Investor Relations

Compilation, copy writing, editing and production by Boustead Group Corporate Marketing & Investor Relations Team