Boustead Projects : FY2023 Longevity Report

01 BOUSTEAD PROJECTS LIMITED FY2O23 LONGEVITY REPORT

CORPORATE PROFILE

Established in 1996 and listed on the SGX Mainboard, Boustead Projects Limited (SGX:AVM) is a leading provider of innovative eco-sustainable real estate solutions with a regional presence across Singapore, China, Malaysia and Vietnam. Our core businesses are uniquely integrated to support the ecosystem of diversified classes of real estate, comprising:

• Turnkey engineering, full-fledged integrated digital delivery ("IDD"), and project and construction management encompassing design-and-build;
• Real estate development, asset and leasing management; and
• Real estate fund management including being the sponsor and manager of Boustead Industrial Fund, a scalable private real estate trust platform for business park, logistics and industrial properties, and joint owner of Echo Base-BP Capital Pte Ltd, an Asia-centric fund management and services platform focused on smart buildings and integrated developments.

To date, we have constructed and/or developed more than 3,000,000 square metres of real estate for clients including Fortune 500, S&P 500 and Euronext 100 corporations, across diverse sectors like aerospace, business park, food, healthcare and pharmaceutical, high-tech manufacturing, logistics, research & development, technology and waste management, among others. Under the Boustead Development Partnership with a reputable Middle East sovereign wealth fund, we have developed or redeveloped more than half a million square metres of real estate in Singapore including landmark developments like ALICE@Mediapolis and GSK Asia House.

Our in-house capabilities are backed by core engineering expertise, the progressive

adoption of transformative methodologies including full-fledged IDD and Industry 4.0 technologies and augmented by strategic partnerships which enable the co-creation of smart, eco-sustainable and future-ready developments. Our wholly-owned Engineering

• Construction subsidiary in Singapore, Boustead Projects E&C Pte Ltd ("BP E&C") is the eco-sustainability leader in pioneering Green Mark Platinum-rated new private sector industrial developments under the Building
• Construction Authority ("BCA") Green Mark Certification Scheme and a national champion of best practices for transformation, quality, environmental, and workplace safety and health ("WSH") management. BP E&C's related achievements include being the
  first SkillsFuture Queen Bee for the built environment sector, quality leader on the BCA CONQUAS all-time top 100 industrial projects list and one of only eight bizSAFE Mentors, receiving numerous awards for exemplary WSH performance.

Over the years, we have been recognised for our best practices in corporate governance, leadership and people development. We were awarded the Singapore Corporate Governance Award 2017 (Newly Listed Category), Corporate Excellence & Resilience Award at the Singapore Corporate Awards 2021 Special Edition and the SkillsFuture Employers Award (Gold) 2022. We are also one of only 92 SGX- listed corporations on the SGX Fast Track Programme.

Boustead Projects is a subsidiary of Boustead Singapore Limited (SGX:F9D), a progressive global infrastructure-related engineering and technology group which is separately listed on the SGX Mainboard.

Visit us at www.bousteadprojects.com.

1. A long individual life; great duration of individual life.
2. The length or duration of life.
3. Length of service, tenure; seniority.

- Dictionary.com1

195 YEARS

• Boustead Group's age and counting /

Welcome to the Boustead Projects Limited FY2023 Longevity Report.

Among Singapore's leading real estate solutions providers for smart, eco-sustainable and future-ready developments, we have demonstrated over a quarter-century of pioneership and innovation in real estate solutions including the engineering, construction and development of advanced facilities serving some of the world's best corporations. Our contributions to transforming Singapore and Asia's built environment sector have been accompanied by transformative technologies that shape our business in an even more sustainable manner and enable clients with smart, eco-sustainable and future-ready developments founded upon progressive Industry 4.0

transformation standards. We also share in the enduring heritage of the Boustead Group under Boustead Singapore Limited, which has contributed almost two centuries of progress and maintains their longstanding position as Singapore's oldest continuous business organisation

• a practical and symbolic reflection of longevity.

Our reference to sustainability reporting as 'Longevity Reporting' is deeply rooted in the enduring heritage of the Boustead Group. This past year, we continued to tackle the lingering effects of the COVID-19 pandemic, inflationary pressures, supply chain disruptions, and significant climate, geoeconomic and geopolitical tensions, representing challenges to the longevity and well-being of the world.

Nonetheless, regardless of how major crises may change the way we operate, one thing is indelible - our distinct brand of entrepreneurialism, institutionalised in a corporate culture that links back to the Boustead Group's earliest days of trading. Our embrace of the Boustead Way prioritises the pursuit of business with

a greater purpose. It is about creating sustainable shared socio-economic value instead of maximising short-term profit; promoting adaptability and resilience; and favouring longevity over sentimentality. It is also a position, a value, a commercial sensibility that runs through every layer of our organisation.

In this report, we hope that you gain an in- depth understanding of how we have built a stable foundation, remain progressive and resilient, ensure our longevity and

protect the viability and long-term value of our businesses and the wider ecosystem that we are interconnected with. We also share how we strive towards what the Boustead Group has achieved in longevity over almost two centuries and how

this translates to delivering sustainable shared socio-economic value and progress to key stakeholders, along with the communities that we reside in and our collective home - Planet Earth. Our performance, policies and practices on material economic, environmental, social and governance topics are explained. As a trustworthy corporate citizen, we are highly contemplative about how our actions 'ripple upon the pond of life'.

03 BOUSTEAD PROJECTS LIMITED FY2O23 LONGEVITY REPORT

LETTER TO STAKEHOLDERS

imposed left deep repurcussions across the built environment ("BE") sector and significantly affected productivity, at a time that coincided with the execution of our then two largest projects - JTC Kranji Green and Surbana Jurong Campus. On top of managing severe labour shortages, our Engineering & Construction ("E&C") Business also endured the challenges of inflation and supply chain disruptions, all of which greatly impacted the margins

year. Despite the favourable market conditions - including the lifting of all pandemic restrictions on construction activities - we remain mindful of

the future challenges, including the shortage of skilled labour, growing risk of recession in major economies, supply chain pressures and climate change.

As a leading provider of innovative eco-sustainable real estate solutions,

John Lim Kok Min

Chairman

Dear Fellow Stakeholders,

We are pleased to present to you the

Boustead Projects Limited FY2023 Longevity Report for the financial year ended 31 March 2023.

The COVID-19 pandemic - which ran its course over the past three years

• marked a tumultuous time filled with unprecedented disruptions to every facet of our everyday lives. With COVID-19 no longer a global health emergency, the world has witnessed a resurgence of economic activities as borders reopen and travel resumes. In FY2023, construction activities were largely restored and pandemic restrictions fully lifted. During the past three years, the Boustead Projects Team has been put through an

Wong Yu Wei

Executive Deputy Chairman

exceptionally trying period and endured prolonged project site closures, escalating costs and labour shortages. Under the steadfast leadership of

our senior management team and guidance of the Board, we prevailed over these challenges to deliver another year of profitable performance - an accomplishment made possible by robust business fundamentals and the unwavering dedication of the team.

Overcoming the Pandemic: A Journey of Tenacity and Adaptability

With a prudent execution strategy, adaptable and forward-thinking mindset and most importantly, tenacious spirit, we overcame the most difficult time in our history since our establishment in 1996. At the height of the COVID-19 crisis, the strict pandemic measures

of projects secured pre-pandemic. To mitigate the risks posed by the pandemic, we proactively embraced construction and real estate technology

• also known as ConTech and PropTech
• to bolster productivity, reduce reliance on labour and keep our team and subcontractors healthy and safe, while establishing ourselves as a leading technology-driven player within the BE sector.

Building Forward

The experience gained from COVID-19 has strengthened the foundation of our business for a more resilient future, allowing us to build forward in a future- ready manner. Based on estimates from the Building & Construction Authority ("BCA"), private sector construction demand is anticipated to reach S$11 billion to S$13 billion in 2023 with the planned development of new high- specification industrial buildings, a level which is comparable with the previous

we have built an extensive track record in delivering best-in-class industrial developments over the years, setting the benchmark for others in the sector to follow. FY2023 saw the completion of JTC Kranji Green, Singapore's national landmark project for recycling waste streams. This achievement represents our contribution in advancing Singapore's vision of a circular economy and Zero Waste Master Plan. We also delivered the Takeda Singapore Biologics Manufacturing Support Facility - our first ever Green Mark Platinum Positive Energy ("GMP PE") Building and

also Singapore's first GMP PE in the biomedical and pharmaceutical sector, capable of operating without drawing electricity from the national grid. This positive example of a green building is

1. blueprint for future-ready buildings that demonstrate climate action and represent a step better than net zero.
   With 95% of the project's construction

documentation and processes digitalised, this project stands out as a hallmark of technology adoption and a rare achievement in Singapore's real estate sector.

Moving ahead, our E&C Business will continue with its current approach of targeting high value-added sectors in the bidding for new projects. Beyond having the expertise and familiarity, these high value-added sectors will offer us the opportunity to readily embrace ConTech and PropTech

in project execution, allowing us to enhance our competitive advantage in this highly competitive sector and reduce dependence on labour. We will also continue to push forward with the implementation of transformative technologies and foster a data-driven culture within the organisation, particularly in improving the quality and speed of decision-making through data and data visualisation. Lastly, we will be encouraging building design, construction and operations that fuse a conducive BE for well-being together with technological advancement and clean technology - also known as CleanTech - right through the multi- decade building lifecycle.

As we continue to play our role in building a more sustainable future, we

will gradually raise the sustainability standards of our portfolio, beginning with the certifications for BCA Green Mark Gold and better for properties under the BIF portfolio - with more in the pipeline. In FY2023, Boustead Projects E&C also achieved a Silver EcoVadis Medal following the rigorous EcoVadis sustainability assessment, a third-party comprehensive evaluation framework that measures and rates the sustainability performance

of corporations. EcoVadis has recognised us in the 88th percentile for sustainability among more than 100,000 corporations rated by EcoVadis globally. This achievement places us in good stead in our showcase of sustainability efforts, putting us ahead and setting us apart from competition in the sector.

In our commitment to address climate change, we will also continue working closely with our CleanTech partners to market the use of industrial solar energy systems and electric vehicle charging stations across our developments.

Just recently in June 2023, we also announced plans to jointly redevelop our property at 36 Tuas Road in Singapore with two other leading real estate players. Upon redevelopment, the property is expected to be a modern five-floormulti-tenanted logistics hub that will cater to the needs of logistics

players in the region and is earmarked to attain Green Mark Platinum Super Low Energy certification - one of the first developments to attain this for the logistics and manufacturing sectors under the refreshed BCA Green Mark: 2021.

At Boustead Projects, our people are the pillar behind our achievements. On this note, we are pleased to share that we have been conferred the SkillsFuture Employer Award (Gold), an honour given to exemplary employers who are strong advocates of continuous learning and supporters of national manpower objectives. We will continue to invest in training and upskilling every valuable member of the team, building a competent pool of team members that drive our long-term success.

This report is intended to give you an in-depth understanding of how we remain progressive and resilient, ensure our longevity and protect the viability and long-term value of our businesses and the wider ecosystem that we are interconnected with. We also share how we strive towards what the Boustead Group has achieved in longevity over almost two centuries and how this translates to delivering sustainable shared socio-economic value and progress to key stakeholders,

along with the communities that we reside in and our collective home

• Planet Earth. When reviewed in conjunction with our financial performance, you should come away with a holistic impression of not only Boustead Projects but the ecosystems - small and large - that we are an integral part of.

Thank you for entrusting us with the role of being a trustworthy corporate citizen, one which we hope to honour for many more decades to come. This journey is an ultramarathon, which we will continue running in the Boustead Way and hope to have you join, even if only for part of the way. Have an enjoyable and insightful read.

May you and your loved ones stay well and safe.

John Lim Kok Min

Chairman

Wong Yu Wei

Executive Deputy Chairman