CDL: Results of Resolutions passed at the 61st Annual General Meeting held on 24 April 2024 and Presentation Slides

CITY DEVELOPMENTS LIMITED

(Co. Reg. No. 196300316Z)

(Incorporated in the Republic of Singapore)

RESULTS OF RESOLUTIONS PASSED AT THE 61ST ANNUAL GENERAL MEETING OF CITY DEVELOPMENTS LIMITED HELD ON 24 APRIL 2024

The Board of Directors (the "Board") of City Developments Limited (the "Company") wishes to announce that at the Company's 61st Annual General Meeting held today, 24 April 2024 ("61st AGM"), all resolutions referred to in the Notice of the 61st AGM dated 26 March 2024 were duly passed based on the proxy votes cast which have been reviewed by the polling agent and verified by the scrutineers.

(a) The results of the votes cast in respect of each of the resolutions are set out below:

		FOR	AGAINST
	Total
		As a		As a
	number of
		percentage		percentage
	shares
Resolution number and details		of total		of total
represented	Number of	Number of
number of	number of
	by votes for
	shares	votes for	shares	votes for
	and against
		and against		and against
	the relevant
		the		the
	resolution
		resolution		resolution
			(%)		(%)
Ordinary Business - Ordinary Resolutions
Resolution 1
Receipt of the Directors'	600,148,009	598,303,731	99.69%	1,844,278	0.31%
Statement, Audited Financial
Statements and the Auditors'
Report thereon
Resolution 2
Declaration of a Final Ordinary	600,355,403	600,273,703	99.99%	81,700	0.01%
Dividend
Resolution 3
Approval of Directors' Fees of up	600,302,203	600,086,159	99.96%	216,044	0.04%
to $2,000,000 for the financial
year ending 31 December 2024
Resolution 4(a)
Re-election of Mr Kwek Leng	597,947,931	565,945,421	94.65%	32,002,510	5.35%
Beng as a Director retiring in
accordance with Clause 83(a) of
the Constitution of the Company

Page 2

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

		FOR	AGAINST
	Total
		As a		As a
	number of
		percentage		percentage
	shares
Resolution number and details		of total		of total
represented	Number of	Number of
number of	number of
	by votes for
	shares	votes for	shares	votes for
	and against
		and against		and against
	the relevant
		the		the
	resolution
		resolution		resolution
			(%)		(%)
Ordinary Business - Ordinary Resolutions (cont'd)
Resolution 4(b)
Re-election of Mr Sherman Kwek	600,343,403	599,275,109	99.82%	1,068,294	0.18%
Eik Tse as a Director retiring in
accordance with Clause 83(a) of
the Constitution of the Company
Resolution 4(c)
Re-election of Mr Lee Jee Cheng	599,847,421	589,130,388	98.21%	10,717,033	1.79%
Philip as a Director retiring in
accordance with Clause 83(a) of
the Constitution of the Company
Resolution 4(d)
Re-election of Ms Chan Swee	600,310,503	581,372,497	96.85%	18,938,006	3.15%
Liang Carolina (Carol Fong) as a
Director retiring in accordance with
Clause 83(a) of the Constitution of
the Company
Resolution 5
Re-appointment of KPMG LLP as	600,334,203	588,948,838	98.10%	11,385,365	1.90%
Auditors
Special Business - Ordinary Resolutions
Resolution 6
Authority for Directors to issue	600,344,203	591,728,509	98.56%	8,615,694	1.44%
ordinary shares and/or make or
grant offers, agreements or
options pursuant to Section 161
of the Companies Act 1967 and
the listing manual of Singapore
Exchange Securities Trading
Limited

Page 3

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

		FOR	AGAINST
	Total
		As a		As a
	number of
		percentage		percentage
	shares
Resolution number and details		of total		of total
represented	Number of	Number
number of	number of
	by votes for
	shares	votes for	of shares	votes for
	and against
		and against		and against
	the relevant
		the		the
	resolution
		resolution		resolution
			(%)		(%)
Special Business - Ordinary Resolutions (cont'd)
Resolution 7
Renewal of Share Purchase	600,248,803	597,639,891	99.57%	2,608,912	0.43%
Mandate
Resolution 8
Renewal of IPT Mandate for	158,878,642	157,995,108	99.44%	883,534	0.56%
Interested Person Transactions

(b) Details of parties who abstained from voting on the following resolutions:

Name	Number of shares held	Resolution Number
Mr Kwek Leng Beng (Director)	397,226	4(a), 8
Hong Leong Investment Holdings	Aggregate of	8
Pte. Ltd. and its subsidiaries	440,316,144

Scrutineer

TS Tay Public Accounting Corporation was appointed the Scrutineer for the 61st AGM and is independent of Trusted Services Pte Ltd which was appointed as the polling agent for the 61st AGM.

Re-election of Directors to the Audit & Risk Committee ("ARC")

Pursuant to Rule 704(8) of the Listing Manual of Singapore Exchange Securities Trading Limited, Mr Lee Jee Cheng Philip and Ms Chan Swee Liang Carolina (Carol Fong), who were re-elected as Directors of the Company at the 61st AGM, will remain as chairman and member of the ARC respectively. The Board considers both Mr Lee and Ms Chan to be independent.

By Order of the Board

Yeo Swee Gim, Joanne

Enid Ling Peek Fong

Company Secretaries

24 April 2024

61ST ANNUAL GENERAL MEETING

24 April 2024

FY 2023 KEY FINANCIAL HIGHLIGHTS

RECORD REVENUE

$4.9B	50%
FY 2022: $3.3B

Highest revenue since the Group's inception in 1963

• Driven by the property development segment with a $1.5B contribution from:

• The fully-sold EC project Piermont Grand following its TOP in Jan 2023, enabling revenue and profit to be recognised in entirety upon completion under prevailing accounting policies for ECs
• The Shirokane land site in Tokyo, which was sold in Jul 2023

PATMI:

• Lower PATMI was due to the absence of substantial divestment gains in FY 2022, coupled with higher financing costs for FY 2023

FY 2023

	EBITDA	Exclude divestment gains
	and impairment losses
	$1.1B	$1.0B
	FY 2022: $2.3B	FY 2022: $655.5MM
	PBT
	$472.6MM	$352.7MM
	FY 2022: $1.9B	FY 2022: $186.0MM
	PATMI
	$317.3MM	$188.6MM
	FY 2022: $1.3B	FY 2022: $47.0MM

No fair values adopted on investment properties.

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

2

FY 2023 KEY FINANCIAL HIGHLIGHTS

NAV per share

RNAV per share

$10.12$17.12

0.4%	1.4%
FY 2022: $10.16	FY 2022: $16.98

If FV gains on investment properties had been factored in and the Group's hotels continue to be stated at cost

$19.46

If revaluation surpluses of the hotel portfolio had been included (based on 2022/2023 internal & external valuations)

Proposed Dividends

Share Price Performance

12.0 cents

57.1%

FY 2022: 28.0 cents

Comprises:

• Special Interim Dividend
• • 4.0 cents (paid in Sep 2023)
• Final Dividend
• • 8.0 cents

Dividend payout ratio	$6.65
36%	19.2%

FY 2022: $8.23, ▲20.9%

$8.23	YTD 2023 HIGHEST - $8.35 (1 Feb)
(30 Dec)

$6.65 (29 Dec)

No fair values adopted on investment properties.

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

3

FY 2023 CAPITAL POSITION

Strong Balance Sheet & Liquidity Position

Gearing	Sufficient	Financing	Balanced
Liquidity	Flexibility	Debt Profile
Net Gearing	Total Cash1	Interest Cover Ratio	% of Fixed Rate Debt
103%	$2.2B	2.8x	45%
FY 2022: 84%	FY 2022: $2.4B	FY 2022: 9.8x	FY 2022: 42%

Net Gearing2	Cash and Available	Average	Average
(include fair value)	Committed Credit Facilities	Borrowing Cost	Debt Maturity
61%	$3.6B	4.3%	2.2 years
FY 2022: 51%	FY 2022: $4.1B	FY 2022: 2.4%	FY 2022: 2.3 years

• Net of overdraft

• Net gearing is computed using total borrowings less cash, over total equity (including FV of IP)

4

Growth

• Build development pipeline & recurring income streams

Enhancement

Enhance asset portfolio

• Drive operational efficiency

Transformation

• Transform via Strategic Investments,
  Fund Management, Innovation & Venture Capital

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