There is 5 questions needed to be answered in this assignment. An annual report is provided and answers must be related to annual report. Questions are in the word document attached. I will list them out here too.

The 5 questions are :

1. Are any items of Property, Plant, and Equipment, and/or Intangible Assets of your company impaired? If so, identify which assets are impaired, and the amount of accumulated impairment losses.

2. What is the carrying amount of leased assets and lease liabilities, at reporting date, of your company?

3. Describe the information disclosed about leased assets and lease liabilities in the annual financial report of your company.

4. Are there any operating leases? Describe how they are disclosed.

5. Explain the meaning of the net present value of the underlying lease liabilities for operating leases as provided by the company in the notes.

BUILDING PEOPLE. BUILDING COMMUNITIES. CAPITALAND LIMITED Annual Report 2015 BUILDING PEOPLE. BUILDING COMMUNITIES. Since its formation in 2000, CapitaLand has grown to become a leading real estate company in Asia Pacific with total real estate assets under management in excess of S$76.8 billion as at end 2015. The Company holds leading positions along the entire real estate value chain as an investor, a developer, a manager, an operator and a fund manager. It has a balanced portfolio across integrated developments, shopping malls, serviced residences, offices and homes in both mature and growth markets, with a global presence in 146 cities across 27 countries. The Company leverages its significant scale to deliver quality products and services to its customers, and continues to attract talent and partnership to strengthen its leadership position. Contents Overview 02 02 04 05 06 07 10 2015 Highlights Significant Scale Achieved Financial Highlights 5-Year Financial Summary Group Business Structure Message to Shareholders Year in Brief 2015 Corporate Governance & Transparency 12 18 22 50 53 56 Board of Directors Senior Management Corporate Governance Report Enterprise Risk Management Investor & Media Relations Awards & Accolades Sustainability 61 Sustainability Management Business Review 64 Global Presence 66 Performance Overview 73 CapitaLand Singapore 74 CapitaLand China 75 CapitaLand Mall Asia 76\tAscott 77 Regional Investments 78 CapitaLand Fund Management Portfolio Details 79 Integrated Developments 81 Shopping Malls 84 Serviced Residences 88\tCommercial 89 Self Storage 89\tResidential Financials & Additional Information 95 Statutory Accounts 223 Economic Value Added Statement 224 Value Added Statement 225 Supplemental Information 226 Shareholding Statistics 228 Contact Details Corporate Information Cover Raffles City Hangzhou, China Corporate Profile CapitaLand is one of Asia's largest real estate companies headquartered and listed in Singapore. The company leverages its significant asset base, design and development capabilities, active capital management strategies, extensive market network and operational capabilities to develop high-quality real estate products and services. Its diversified global real estate portfolio includes integrated developments, shopping malls, serviced residences, offices and homes. Its two core markets are Singapore and China, while Indonesia, Malaysia and Vietnam have been identified as new growth markets. The company also has one of the largest real estate fund management businesses with assets located in Asia. CapitaLand's listed real estate investment trusts are CapitaLand Mall Trust, CapitaLand Commercial Trust, Ascott Residence Trust, CapitaLand Retail China Trust and CapitaLand Malaysia Mall Trust. Vision Core Values To be a leading global enterprise that enriches people and communities through high-quality real estate products and services. Respect: We believe in mutual trust and respect at all levels. This is fundamental to a high-per formance culture that embraces diversity and teamwork as One CapitaLand. Mission Customers: We create great customer value and experiences through high-quality products and services. People: We develop high-performing people and teams through rewarding opportunities. Investors: We deliver sustainable shareholder returns and build a strong global network of capital partners. Communities: We care for and contribute to the economic, environmental and social development of communities. Integrity: We embrace the highest standards of integrity. We have the courage to do what is right, and earn the trust of all our stakeholders. Creativity: We constantly innovate to enhance value and stay ahead. E xcellence: We pursue excellence and persevere in everything we do. 02 CapitaLand Limited Annual Report 2015 2015 Highlights Group Managed Real Estate Assets1 Profit Attributable to Shareholders Operating PATMI S$76.8 S$1,065.7 S$823.6 S$70.6 billion in 2014 S$1,160.8 million in 2014 S$705.3 million in 2014 billion million million Significant Scale Achieved2 Revenue Under Management Total Home Units Constructed in Singapore, China and Vietnam (since 2000) Office Tenants in Singapore & China S$8.2 >72,880 >1,330 billion Staff Volunteer Hours (since 2007) >92,000 1 3 2 Refers to value of all real estate managed by CapitaLand Group entities stated at 100% of the property carrying value. Numbers stated are for FY 2015 unless otherwise stated. The five countries are Singapore, China, Malaysia, Japan and India. Overview Corporate Governance & Transparency Sustainability Business Review Financials & Additional Information Portfolio Details CapitaLand Limited Annual Report 2015 Earnings Before Interest and Tax Return on Equity Net Tangible Assets per Share Dividend per Share S$2,316.0 6.1% S$4.11 9.0 S$2,436.9 million in 2014 7.1% in 2014 S$3.83 in 2014 9.0 cents in 2014 million cents Gross Turnover Sales by Retailers Shopper Traffic Across 5 Countries3 Retail Leases Across 5 Countries3 S$10.9 ~1.0 ~15,000 billion billion CapitaLand Hope Schools in China and Vietnam (since 2005) Unique Serviced Residence Customers 27 ~900,000 03 04 CapitaLand Limited Annual Report 2015 Financial Highlights Revenue (S$ million) Earnings Before Interest and Tax (EBIT) (S$ million) 4,761.9 3,511.0 3,019.6 2011 2,086.6 3,924.6 2,190.8 2,258.6 2012* 2013* 2,436.9 2,316.0 2,648.3 2012* 2013* 2014 2015 Profit Attributable to Shareholders (PATMI) (S$ million) 1,160.8 1,057.3 908.9 2011 2014 2015 Operating PATMI (S$ million) 823.6 1,065.7 705.3 840.2 502.5 2011 2012* 2013* 2014 2015 Earnings per Share (cents) 2011 27.3 * 2012* 360.2 2011 2012* 2013* 2014 2015 Net Tangible Assets per Share (S$) 24.8 21.4 352.1 25.0 3.40 3.45 2011 2012* 3.68 3.83 2013* 2014 4.11 19.7 2013* 2014 2015 2015 Comparatives for 2012 and 2013 have been restated to take into account: (i) the retrospective adjustment relating to FRS 110 Consolidated Financial Statements and (ii) re-presentation of Australand's results under \"discontinued operation\" in accordance with FRS 105 Non-current Assets Held for Sale and Discontinued Operation. Overview Corporate Governance & Transparency Sustainability Business Review Portfolio Details Financials & Additional Information CapitaLand Limited Annual Report 2015 05 5-Year Financial Summary 2011 2012 Restated 2013 Restated 2014 2015 (A) INCOME STATEMENT (S$ million) Revenue 3,019.6 2,648.3\t3,511.0\t3,924.6\t4,761.9 Earnings before interest and tax (EBIT) 2,086.6 2,190.8 2,258.6 2,436.9 2,316.0 Profit attributable to shareholders (PATMI) 1,057.3 908.9 840.2\t1,160.8\t1,065.7 Operating PATMI (B) 352.1 360.2\t502.5\t705.3\t823.6 BALANCE SHEET (S$ million) Investment properties 7,074.6 17,882.1 15,495.9 17,149.2 Development properties for sale and stocks 6,905.1 7,510.6 7,382.4 7,673.7 Associates and joint ventures 10,685.0 11,109.5 12,673.2 12,780.9 Cash and cash equivalents 6,264.5 5,820.7 6,306.3 2,749.4 Other assets 4,390.3 3,714.1 3,205.3 3,760.3 Total assets 35,319.5 46,037.0\t45,063.1\t44,113.5\t47,052.6 Equity attributable to owners of the Company Total borrowings Non-controlling interests and other liabilities 14,901.6 12,190.6 8,227.3 Total equities & liabilities 35,319.5 46,037.0\t45,063.1\t44,113.5\t47,052.6 15,145.9 17,454.4 13,436.7 16,108.9 15,936.2 13,018.0 16,758.0 15,985.8 11,369.7 19,427.5 6,936.3 12,858.1 4,173.3 3,657.4 17,905.3 16,058.5 13,088.8 (C) FINANCIAL RATIOS Earnings per share (cents) 24.8 21.4\t19.7\t27.3\t25.0 Net tangible assets per share (S$) 3.40 3.45\t3.68\t3.83\t4.11 Return on equity (%) 7.3 6.1\t5.4\t7.1\t6.1 Return on total assets (%) 5.9 5.2\t4.9\t5.1\t4.4 Debt equity ratio (net of cash) (times) 0.31 0.48\t0.39\t0.57\t0.48 Net debt/Total assets (net of cash) (times) 0.20 0.29\t0.25\t0.32\t0.28 Interest cover (times) 5.7 5.3\t5.7\t7.2\t6.1 Interest service (times) 2.7 3.3\t4.6\t4.6\t6.7 Dividend Ordinary dividend per share (cents) Special dividend per share (cents) 6.0 2.0 7.0 - 8.0 - 9.0 - 9.0 - Total dividend per share (cents) 8.0 7.0 8.0 9.0 9.0 Dividend cover (times) 3.1 3.1 2.5 3.0 2.8 Comparatives for 2012 and 2013 have been restated to take into account: (i) the retrospective adjustment relating to FRS 110 Consolidated Financial Statements and (ii) re-presentation of Australand's results under \"discontinued operation\" in accordance with FRS 105 Non-current Assets Held for Sale and Discontinued Operation. 06 CapitaLand Limited Annual Report 2015 Group Business Structure Regional Investments1 CapitaLand Fund Management CapitaLand China CapitaLand Mall Asia Include StorHub and businesses in Vietnam, Indonesia, Japan and others. Includes residential portfolio in Malaysia. 1 2 CapitaLand Singapore2 The Ascott Limited Overview Corporate Governance & Transparency Sustainability Business Review Portfolio Details Financials & Additional Information CapitaLand Limited Annual Report 2015 07 Message to Shareholders In financial year 2015, the Group grew revenue 21% to S$4.8 billion and achieved S$2.3 billion in earnings before interest and tax. Profit after tax and minority interests (PATMI) for the year was S$1.1 billion, of which S$823.6 million1 or 77% was contributed by operating PATMI, reflecting the strength of our underlying businesses. (Left) Lim Ming Yan, President & Group Chief Executive Officer, (Right) Ng Kee Choe, Chairman Dear Shareholders, On behalf of the Board and management, we would like to thank you for your continued support in 2015. The past year saw challenging conditions in Asia across various asset classes. Economic growth in Singapore and China softened and the depreciation of the Chinese Renminbi (RMB) exacerbated volatility in the stock market. In Singapore, the residential segment continued to be weighed down by the cooling measures imposed by the authorities; and new supply of commercial and retail spaces also intensified competition among landlords to attract and retain tenants. Against this backdrop, CapitaLand's resilient business model and cross-segmental competencies have once again enabled us to deliver a set of credible results. Under ONE CapitaLand, our four business units of CapitaLand Singapore, CapitaLand China, CapitaLand Mall Asia and The Ascott Limited were able to leverage their respective resources particularly in integrated developments and skill sets to create future value as a group. 1 Delivering Steady Financial Performance In financial year 2015, the Group grew revenue 21% to S$4.8 billion and achieved S$2.3 billion in earnings before interest and tax. Profit after tax and minority interests (PATMI) for the year was S$1.1 billion, of which S$823.6 million1 or 77% was contributed by operating PATMI, reflecting the strength of our underlying businesses. In line with CapitaLand's policy to grow core dividend on a sustainable basis, the Board is pleased to propose a final ordinary dividend of 9 Singapore cents a share for financial year 2015. Benefitting from a Strong and Resilient Recurring Income Model As at 31 December 2015, the Group achieved an optimal asset mix with approximately 74% of its assets in investment properties (consisting of integrated developments, shopping malls, serviced residences and offices) while the remaining 26% was in trading properties (consisting of residential and overseas commercial strata units). The split represents the Group's current business model, which aims to enlarge the Group's recurring income stream from investment properties while tracking potential development gain from trading assets. Includes fair value gain of S$170.6 million arising from the change in use of three development projects in China, The Paragon Towers 5 & 6 (S$110.3 million), Raffles City Changning Tower 3 (S$15.6 million) and Ascott Heng Shan Shanghai (S$44.7 million) from construction for sale to leasing as investment properties. 08 CapitaLand Limited Annual Report 2015 Message to Shareholders Adopting Proactive Capital Management The Group ended the year in a sound financial position. We have ample financial liquidity of S$4.2 billion in cash and S$3.8 billion in available undrawn bank facilities, which allows us to capitalise on any opportunities that may arise. Both our interest coverage and interest service ratios kept steady at 6.1 times and 6.7 times respectively. Furthermore, our debt profile improved with net debt to equity at 0.48 times, compared to 0.57 times in 2014. Net debt to total assets also remained healthy at 0.28 times. With 70% of the Group's debt being fixed-rated, we are cushioned from any impact of further interest rate hikes. As part of the Group's active capital management strategy, CapitaLand Limited raised S$650 million from the debt capital markets in 2015. The proceeds were used to partially fund the concurrent repurchase of our outstanding convertible bonds due in 2016, 2018 and 2022, of which those due in 2016 and 2018 were fully redeemed. As at end 2015, our average debt maturity was extended to 3.7 years and average cost of borrowings was kept low at 3.5%. Fuelling Future Growth Active Portfolio Reconstitution In 2015, the Group actively reconstituted our portfolio. We recycled Bedok Mall to CapitaLand Mall Trust (CMT) for S$783.1 million1; sold a total of approximately S$372.8 million2 worth of serviced residences and rental housing properties to Ascott Residence Trust; aligned our Japan mall portfolio (acquired the full stake in Vivit MinamiFunabashi and divested Chitose Mall) and divested our 30% stake in PWC Building. In December, CMT also divested Rivervale Mall to a third-party private equity fund for S$195.0 million. The divestment gains from these transactions contributed to the Group's profit and enabled us to reallocate resources to assets that provide higher yield. To maximise the full potential of our assets, CMT announced in December that Funan DigitaLife Mall would be redeveloped into an integrated development. Expanding Fund Management Platform CapitaLand is one of Asia's largest fund managers, managing 16 private equity funds and five listed real estate investment trusts (REITs) with S$46.0 billion worth of assets under management (AUM). In July, Ascott and Qatar Investment Authority set up a US$600 million global serviced residences joint venture (JV) to invest in serviced residences globally, with an initial focus in Asia Pacific and Europe. The Group has also set a target to form another five new funds totalling S$8 billion to S$10 billion by 2020. CapitaLand's strong balance sheet and stable of REITs enable us to stay invested for the long term in assets. By taking up significant sponsor stakes in the funds, we strongly align the Group's interest with our capital partners. 1 2 Deepening Presence In Two Core Markets Singapore and China remained the Group's core markets, making up 83% of our total assets as at end 2015. Singapore In view of the muted outlook of the residential property market, we have proactively reduced our exposure to Singapore residential since 2013 to less than 7% of the Group's total assets as at 31 December 2015. During the year, Sky Habitat, Bedok Residences and The Nassim achieved Temporary Occupation Permit and a preview was held for Marine Blue. As at end 2015, 87% of our launched residential units have been sold. On the office front, CapitaGreen officially opened in September and by year end, it had achieved a committed occupancy of 91.3%. China In 2015, the Group continued to focus on the first- and secondtier cities across five city clusters, namely Beijing/Tianjin; Shanghai/Suzhou/Hangzhou/Ningbo; Guangzhou/Shenzhen; Chengdu/Chongqing and Wuhan. As such, CapitaLand is well-positioned to capitalise on the growing trend in urbanisation and increasing domestic consumption in China. The Group's residential sales benefited from the relaxation of property cooling measures. We sold 9,402 residential units in China and achieved a record sales value of RMB15.4 billion (S$3.4 billion) in 2015. CapitaLand will concentrate on getting larger pieces of land for the development of residential units and integrated developments. In October, we successfully acquired the first land plot on Datansha Island, part of an urban renewal project in Guangzhou which could yield approximately two million square metres of gross floor area in the coming years. We continue to build on our well-recognised Raffles City brand name in China with four operational developments in Shanghai, Beijing, Chengdu and Ningbo. The other four Raffles City developments under construction are being launched in phases starting from 2015. As at end 2015, Raffles City Changning opened its Office Tower 3 and achieved a committed occupancy of 82%, while Raffles City Hangzhou launched its Sky Habitat for sale. Meanwhile, construction of Raffles City Shenzhen and Raffles City Chongqing are both on-track. Sharpening Competitiveness in Key Capabilities CapitaLand's leading edge in the shopping mall business, which focuses on necessity and experiential shopping, made us resilient to the tough market conditions. We were able to deliver respectable tenants' sales growth of 1.2% and 7.3% in Singapore and China, and our shopping malls' committed occupancy remained high at 97.2% and 94.2% respectively. In 2015, the Group opened three malls, namely Tianjin International Trade Centre, CapitaMall 1818 in Wuhan and CapitaMall SKY+ in Guangzhou. Meanwhile, Suzhou Center Mall topped out in August. Based on agreed value of Bedok Mall of S$780 million (inclusive of fixed assets) and other net assets of Brilliance Mall Trust of about S$3.1 million. Announced on 25 June 2015. Agreed property value. Overview Corporate Governance & Transparency Sustainability Business Review The Group continues to grow our global presence through our serviced residence arm Ascott. In June, Ascott achieved its target of 40,000 units ahead of schedule and ended the year with approximately 43,000 units across more than 270 properties. It is on track to double its portfolio to 80,000 units by 2020. Ascott also made many successful inroads into new markets. In July, the Group acquired our first property in the United States of America through Ascott Residence Trust. Looking Out for Opportunities in New Markets In the direction of longer term diversification and balance, we are currently looking out for new opportunities in Vietnam and Indonesia. Particularly in Vietnam, the Group is leveraging on our 22 years of track record to expand our portfolio. In 2015, CapitaLand acquired two new plots of land in Ho Chi Minh City. Residential sales remained healthy with 1,321 units sold, and we achieved sales of about S$226.5 million. We currently have more than 4,300 quality homes across eight residential projects in Hanoi and Ho Chi Minh City to meet the improved demand and market conditions. In addition, Ascott also manages nearly 3,000 units in 17 properties across Hanoi, Ho Chi Minh City, Hai Phong, Danang, Nha Trang and Binh Duong. Using Technology to Build the Future of Real Estate To remain relevant in this digital age, the Group has proactively rolled out multiple initiatives. For example, the CAPITASTAR rewards programme in our shopping malls remained the largest of its kind in Singapore and has 2.2 million members in Singapore, China, Malaysia, Japan and India. By analysing the aggregated data collected of our members' shopping preferences, we helped our retailers improve their service and productivity. CAPITASTAR also provides a platform for us to engage our shoppers and better integrate services and products into their lifestyles. CapitaLand became the first foreign property developer in China to collaborate with Jia.com, China's leading renovation, furnishing and home services e-platform. Home owners of selected residential projects are able to enjoy renovation packages offered by Jia.com. We are also the first property developer in China to open a virtual store on JD.com, one of the largest local B2C online retailers. Eleven of CapitaLand's properties across nine Chinese cities are available for sale through this platform. To reach out to the growing number of Chinese travellers and create a seamless O2O (Online-to-Offline and Offlineto-Online) experience for guests, Ascott led a consortium to invest over S$120 million in Tujia.com International, China's largest online apartment sharing platform. Ascott's more than 6,000 rooms in China are now accessible on Tujia.com, and the listing will soon be expanded to include our global portfolio. In addition, Ascott will lead a JV with Tujia to operate and franchise serviced apartments in China. This is on top of Ascott's on-going initiative with Samsung to introduce smart home features in selected Ascott properties. Portfolio Details Financials & Additional Information CapitaLand Limited Annual Report 2015 09 Managing Talent and Corporate Social Responsibility The Group owes our achievement to the hard work of our dedicated staff. We strongly believe in attracting the right talent, and nurturing and retaining them. CapitaLand has always focused on developing our talent pool and this ensures we have depth in our management bench strength. Furthermore, we actively identify talent both internally and externally for future leadership succession. We strive to continue providing our staff with a positive and dynamic work environment. To commemorate SG50, we launched the Building Communities - Setting the stage for Singapore2065 (#BuildSG2065) crowdsourcing campaign in 2015. The public ideas sourced through the campaign also affirmed CapitaLand's view of the future - integrated and interconnected buildings and communities. In addition, the Group's philanthropic arm, CapitaLand Hope Foundation (CHF) celebrated its 10th anniversary with the year-long #100KHopeHours global volunteer initiative. Over 200,000 pledged volunteer hours within and beyond the Group were garnered and CHF donated S$300,000 to the President's Challenge 2015. In total, CHF donated over S$2.4 million in 2015 to support underprivileged children in their shelter, education and healthcare needs. Acknowledgement Mr James Koh, who has served with distinction on the Board of CapitaLand for many years, will not be seeking re-election as Director at the upcoming Annual General Meeting. The Board and management have benefited immensely from his wise counsel and deep insights. We thank him for his invaluable contributions and wish him well in all his endeavours. We would also like to express our appreciation to the Board members for their counsel and advice; staff for their many years of dedicated service and contributions to CapitaLand; and all our shareholders, financiers, business partners, customers and associates for their strong support and commitment. Moving Forward With Confidence CapitaLand has a strong base with AUM of S$76.8 billion and deep experience in the countries we operate in. This provides us with a robust platform to grow our position as a pre-eminent real estate group in Asia and beyond. We will proactively advance our integrated development, shopping mall and serviced residence businesses whilst seeking out opportunities in residential developments. Our deep competencies in these businesses, coupled with our active capital management through our REITs and funds platforms, will fuel our growth. We will also continue to actively make use of technology to advance all aspects of our businesses and to enhance our relationships with our business partners, customers and all other stakeholders. Ng Kee Choe Chairman 23 March 2016 Lim Ming Yan President & Group Chief Executive Officer 10 CapitaLand Limited Annual Report 2015 Year in Brief 2015 January May CapitaMall Shawan in Chengdu, China, reopened after asset enhancement. Ascott secured contracts to manage o Citadines Fangshan Beijing (208 units) and Changyang World Serviced Residence Beijing (70 units) through a strategic alliance with Vanke, one of the largest property developers in China, o Hotel Pravo Hong Kong (92 units), and o Somerset Maslak IstanbulNew (159 units) in Turkey CapitaLand ranked top with the most number of BCA Universal Design Mark Platinum Awards in BCA Awards 2015. CapitaLand was accorded the prestigious BCA Quality Excellence Award - Quality Champion for the third consecutive year. CapitaLand China started cooperation with Jia.com, an online renovation solution platform to offer one-stop renovation for residents. CapitaLand inked a contract to introduce an advanced energy-efficient district cooling system at Raffles City Chongqing. The mall at Tianjin International Trade Centre opened. Ascott welcomed the visit by Singapore President Tony Tan to its newly opened Citadines Suites Arc de Triomphe Paris (112 units) in France. Ascott announced its target to manage 10,000 apartment units in Europe by 2020. February CapitaLand acquired the remaining 60% equity interest in CapitaLand Township Holdings Pte Ltd and divested its 40% equity interest in Surbana International Consultants Holdings Pte Ltd. March Over 250 CapitaLand proper ties in 21 countries participated in WWF Earth Hour 2015. Ascott secured a contract to manage Citadines Medini Nusajaya (214 units) in Malaysia. April ION Orchard in Singapore extended its retail experience with a 35-metre underground walkway named ION Orchard Link that is lined with a selection of stores on both sides. ION Orchard Link adds a second basement link from the mall to Orchard MRT station and the neighbouring developments. CapitaMalls Japan Fund, in which CapitaLand owns a 26.29% stake, divested Chitose Mall in Hokkaido, Japan. Ascott secured contracts to manage o Citadines Culture Village Dubai (81 units) in United Arab Emirates, o Citadines Regency Saigon (200 units) in Vietnam, and o Citadines Waterfront Kota Kinabalu New (253 units) in Malaysia. Ascott entered into an exclusive partnership with Samsung Asia to jointly develop smart home technologies customised for Ascott serviced residences. Ascott aims to test bed the new technologies by the first half of 2016 and roll them out globally in phases. CapitaLand organised a CapitaLand International Volunteer Expedition to the CapitaLand Thanh Phuoc A Primary Hope School in Long An, Vietnam. New Ascott's new city footprint. June CapitaGreen won \"Best Tall Building in Asia and Australasia\" by the Council on Tall Buildings and Urban Habitats, while d'Leedon was a finalist in the Urban Habitat Award category. CapitaLand Mall Asia, in partnership with CapitaLand Hope Foundation (CHF), provided a donation platform for CAPITASTAR members to donate their STAR$ to benefit underprivileged children in Singapore through CapitaLand's \"My Schoolbag\" programme. CapitaMall Xinduxin, CapitaLand's first mall in Qingdao, China, held its topping out ceremony. CapitaLand acquired the remaining 73.71% stake in Vivit Minami-Funabashi in Tokyo, Japan, at an agreed property price of JPY7.0 billion from CapitaMalls Japan Fund. The Fund drew to a close following this disposal of its last property. Ascott secured contracts to manage o Citadines Al Ghubrah (87 units), its first Citadines Apart'hotel in Muscat in Oman, o Ascott Menteng Jakarta (150 units) in Indonesia, o Somerset Harbourview Sri Racha (193 units) and Somerset Maison Asoke Bangkok (125 units) in Thailand, and o Seven properties in China, including Ascott Harmony City NantongNew (160 units), Ascott Marina Xiamen (242 units), Ascott TEDA MSD Tianjin (224 units), Somerset Qianjiang Xincheng Hangzhou (218 units), Somerset Harmony City Wuxi (184 units), and Somerset Olympic Nanjing (204 units) and an adjacent block with 361 apartments. Ascott achieved its target of 40,000 apartment units globally ahead of its planned schedule of end 2015. Ascott aims to double its portfolio to 80,000 units by 2020. Overview Corporate Governance & Transparency Sustainability Business Review Portfolio Details Financials & Additional Information CapitaLand Limited Annual Report 2015 11 July October CapitaLand announced the divestment of Bedok Mall in Singapore to CapitaLand Mall Trust (CMT) for S$783.1 million. Office Tower 3 of Raffles City Changning in Shanghai commenced operations. Ascott expanded its footprint to the United States of America through the acquisition of a prime property in Times Square, New York New by Ascott Residence Trust, for US$163.5 million (S$220.7 million). Ascott entered into a joint venture with Qatar Investment Authority (QIA) to set up a US$600 million (S$809 million) global serviced residence fund, with an initial focus on the Asia Pacific and Europe regions. CapitaLand and Ascott organised the first CapitaLand International Volunteer Expedition to Chiang Rai Province in Thailand. CapitaLand China acquired the first plot of land on Datansha Island, Guangzhou. CapitaLand entered into a joint venture to develop a residential project in a prime site in District 2 at Ho Chi Minh City in Vietnam at a project value of US$55 million (S$78 million). CapitaLand completed the divestment of Bedok Mall. Ascott secured contracts to manage o Citadines Cebu CityNew (180 units) in the Philippines, o Citadines North Pattaya New (300 units), Citadines Central Pattaya (150 units), Citadines Jomtien Beach Pattaya (95 units), Somerset Wong Amat Beach Pattaya (150 units) in Thailand, and o Somerset Norodom Phnom Penh New (105 units) in Cambodia. CapitaLand launched its card-less CAPITASTAR rewards programme in Penang, Malaysia. CapitaGreen won the Platinum award and Westgate, Singapore won Gold PLUS award at the BCA Building Information Modelling Awards. CapitaLand was conferred the inaugural President's Award for Volunteerism and Philanthropy (Corporate) by the President of the Republic of Singapore. CapitaLand's #100KHopeHours Challenge, which was launched to mark CHF's 10 th anniversary and sought to promote volunteerism beyond donations, garnered over 200,000 pledged volunteer hours. August Suzhou Center Mall in China topped out. CAPITASTAR Version 2.0 launched in China, offering a digital platform to better engage our shoppers and tenants with aggregated data of members' shopping preferences. Ascott led a consortium to invest US$50 million (S$67.69 million) in Tujia.com International (Tujia), China's largest online apartment sharing platform. Ascott also formed a joint venture with Tujia with an initial capital of US$40 million (S$54.15 million), to operate and franchise serviced residences in China. Ascott's 6,000 rooms in China were listed on Alitrip, Alibaba's one-stop travel solution platform. CapitaLand organised an Instagram Meeting (InstaMeet) for residents and Instagrammers in conjunction with the completion party of Sky Habitat. September CapitaLand entered in a joint venture to develop 1,000 upscale homes at a prime site in District 2, Ho Chi Minh City, Vietnam at a project value of US$150 million (S$211 million). CapitaGreen opened. CapitaMall 1818 in Wuhan, China opened. Ascott secured contracts to manage o C i t a d i n e s Pu n a k a Yo g ya k a r t a N e w (3 0 8 u n i ts) in Indonesia, o Somerset Arcadia MiriNew (200 units) in Malaysia, o Citadines Central Binh DuongNew (200 units) in Vietnam, and o Citadines Han River Seoul (149 units) in South Korea. CapitaLand organised a CapitaLand International Volunteer Expedition to the CapitaLand Chengmagang Hope School in Hubei, China. November CapitaL and opened a vir tual store on JD.com, and 11 properties across nine Chinese cities are available for sale through this online platform. CapitaLand held its maiden launch of two Vietnam properties (Vista Verde and The Vista) in Singapore. CHF donated about S$600,000 worth of schoolbags to over 18,500 underprivileged children in Singapore, China, Malaysia and India. Ascott secured contracts to manage o Somerset West Point Hanoi (247 units) in Vietnam, and o The following properties in China Ascott Beijing (162 units), Citadines Gugeng Dalian (125 units), Citadines Jinxiu Shanghai (142 units), and Citadines Putuo Shanghai (154 units). Ascott-QIA serviced residence global fund acquired its maiden assets in Paris and Tokyo for US$104 million (S$145 million). The Interlace won World Building of the Year as well as Housing - Completed Buildings category at the World Architecture Festival 2015. December CapitaMall SKY+ in Guangzhou, China opened. 12 CapitaLand Limited Annual Report 2015 Board of Directors Ng Kee Choe Lim Ming Yan James Koh Cher Siang Chairman Non-Executive Independent Director President & Group Chief Executive Officer Executive Non-Independent Director Non-Executive Independent Director John Powell Morschel Simon Claude Israel Euleen Goh Yiu Kiang Non-Executive Independent Director Non-Executive Independent Director Non-Executive Independent Director Tan Sri Amirsham Bin A Aziz Stephen Lee Ching Yen Dr Philip Nalliah Pillai Non-Executive Independent Director Non-Executive Independent Director Non-Executive Independent Director Kee Teck Koon Non-Executive Independent Director Overview Corporate Governance & Transparency Sustainability Business Review Portfolio Details Financials & Additional Information CapitaLand Limited Annual Report 2015 13 Ng Kee Choe, 71 Chairman Non-Executive Independent Director Lim Ming Yan, 53 President & Group Chief Executive Officer Executive Non-Independent Director Bachelor of Science (Honours), University of Singapore Bachelor of Engineering (Mechanical) and Economics (First Class Honours), University of Birmingham, UK Date of first appointment as a director: Date of appointment as Chairman: Date of last re-appointment as a director: Length of service as a director (as at 31 December 2015): 16 April 2010 1 May 2012 30 April 2015 5 years 8 months Board committees served on Executive Resource and Compensation Committee (Chairman) Finance and Investment Committee (Chairman) Nominating Committee (Chairman) Present directorships in other listed companies AusNet Services (Chairman) PT Bank Danamon Indonesia, Tbk (President-Commissioner) Present principal commitments (other than directorships in other listed companies) Fullerton Financial Holdings Pte Ltd (Director) Tanah Merah Country Club (Chairman) Temasek Trust (Member of the Board of Trustees) Past directorships in other listed companies held over the preceding three years CapitaLand Mall Asia Limited1 (Chairman) Singapore Airport Terminal Services Limited Singapore Exchange Limited Background and working experience Vice-Chairman of DBS Group Holdings Ltd (DBS) Retired from his executive position in DBS in July 2003 after 33 years of service Awards The Distinguished Service Award by the Singapore National Trades Union Congress in 2013 The Meritorious Service Medal at the Singapore National Day Awards 2012 The Public Service Star at the Singapore National Day Awards 2001 Date of first appointment as a director: Date of last re-election as a director: Length of service as a director (as at 31 December 2015): 1 January 2013 26 April 2013 3 years Present directorships in other listed companies Ascott Residence Trust Management Limited (manager of Ascott Residence Trust) (Deputy Chairman) CapitaLand Commercial Trust Management Limited (manager of CapitaLand Commercial Trust) (Deputy Chairman) CapitaLand Mall Trust Management Limited (manager of CapitaLand Mall Trust) (Deputy Chairman) CapitaLand Retail China Trust Management Limited (manager of CapitaLand Retail China Trust) (Deputy Chairman) Present principal commitments (other than directorships in other listed companies) Building and Construction Authority (Member of the Board) Business China (Director) CapitaLand China Holdings Pte Ltd (Chairman) CapitaLand Hope Foundation (Director) CapitaLand Mall Asia Limited1 (Chairman) CapitaLand Regional Investments Limited (Chairman) CapitaLand Singapore Limited (Chairman) CTM Property Trust, Steering Committee (Chairman) LFIE Holding Limited (Co-Chairman) Shanghai YiDian Holding (Group) Company (Director) Singapore Tourism Board (Member of the Board) The Ascott Limited (Chairman) Past directorship in other listed company held over the preceding three years Central China Real Estate Limited Background and working experience Chief Operating Officer of CapitaLand Limited (From May 2011 to December 2012) CEO of The Ascott Limited (From July 2009 to February 2012) CEO of CapitaLand China Holdings Pte Ltd (From July 2000 to June 2009) Awards Outstanding Chief Executive (Overseas) at the Singapore Business Awards 2006 Magnolia Award by the Shanghai Municipal Government in 2003 and 2005 Delisted on 22 July 2014. 1 Delisted on 22 July 2014. 1 14 CapitaLand Limited Annual Report 2015 Board of Directors James Koh Cher Siang, 70 Non-Executive Independent Director John Powell Morschel, 72 Non-Executive Independent Director Bachelor of Arts (Honours), University of Oxford, UK Master of Arts in Philosophy, Political Science and Economics, University of Oxford, UK Master in Public Administration, Harvard University, USA Diploma in Quantity Surveying, University of New South Wales, Australia Fellow, Institute of Company Directors, Australia Fellow, Institute of Management, Australia Date of first appointment as a director: Date of last re-election as a director: Length of service as a director (as at 31 December 2015): 1 July 2005 25 April 2014 Date of first appointment as a director: Date of last re-election as a director: Length of service as a director (as at 31 December 2015): 1 February 2010 30 April 2015 5 years 11 months 10 years 6 months Board committees served on Audit Committee (Member) Finance and Investment Committee (Member) Present directorship in other listed company United Overseas Bank Limited Present principal commitments (other than directorship in other listed company) CapitaLand Hope Foundation (Director) Housing & Development Board (Chairman) Thye Hua Kwan Moral Charities Limited (Director) Past directorships in other listed companies held over the preceding three years CapitaLand Mall Trust Management Limited (manager of CapitaLand Mall Trust) (Chairman) Pan Pacific Hotels Group Limited Background and working experience CEO of the Inland Revenue Authority of Singapore, Commissioner of Inland Revenue and Commissioner of Charities (From 1997 to 2005) Permanent Secretary in the Ministries of National Development, Community Development and Education Served in the Ministries of Finance, National Development, Community Development, Education and the Prime Minister's Office Awards The Meritorious Service Medal at the Singapore National Day Awards 2002 The Public Administration Medal (Gold) by the Singapore Government in 1983 Board committees served on Finance and Investment Committee (Member) Nominating Committee (Member) Present principal commitments Gifford Communications Pty Ltd (Director) Tenix Group Pty Limited (Director) Past directorships in other listed companies held over the preceding years Australia and New Zealand Banking Group Limited (Chairman and Director) Rinker Group Limited (Chairman and Director) (2003 - 2007) Rio Tinto Limited (Director) (1998 - 2005) Singapore Telecommunications Limited (Director) (2001 - 2010) Westpac Banking Corporation (Director) (1993 - 2001) Background and working experience Executive Director, Managing Director and CEO of Lend Lease Corporation Limited Executive Director of Westpac Banking Corporation Limited responsible for the Australian Consumer and Small Business sectors, Information Technology and Property Overview Corporate Governance & Transparency Sustainability Business Review Portfolio Details Financials & Additional Information CapitaLand Limited Annual Report 2015 15 Simon Claude Israel, 62 Non-Executive Independent Director Euleen Goh Yiu Kiang, 60 Non-Executive Independent Director Diploma in Business Studies, University of the South Pacific, Fiji Fellow, Institute of Singapore Chartered Accountants Associate member, Institute of Chartered Accountants in England and Wales Associate member, Institute of Financial Services Member, Chartered Institute of Taxation, UK Fellow, Singapore Institute of Directors Date of first appointment as a director: Date of last re-election as a director: Length of service as a director (as at 31 December 2015): 1 July 2010 25 April 2014 5 years 6 months Board committees served on Executive Resource and Compensation Committee (Member) Finance and Investment Committee (Member) Nominating Committee (Member) Present directorships in other listed companies Fonterra Co-operative Group Limited Singapore Telecommunications Limited (Chairman) Present principal commitments (other than directorships in other listed companies) Lee Kuan Yew School of Public Policy (Member of the Governing Board) Stewardship Asia Centre Pte. Ltd. (Director) Westpac Asia Advisory Board (Member) Past directorship in other listed company held over the preceding three years Asia Pacific Breweries Limited (Chairman) Background and working experience Executive Director and President of Temasek Holdings (Private) Limited Chairman, Asia Pacific of the Danone Group President (Household & Personal Care), Asia Pacific of Sara Lee Corporation Awards The Public Service Medal at the Singapore National Day Awards 2011 Knight in the Legion of Honour by the French Government 2007 Date of first appointment as a director: Date of last re-election as a director: Length of service as a director (as at 31 December 2015): 1 October 2011 30 April 2015 4 years 3 months Board committees served on Audit Committee (Chairman) Risk Committee (Member) Present directorships in other listed companies DBS Group Holdings Ltd Royal Dutch Shell plc SATS Ltd Present principal commitments (other than directorships in other listed companies) Cinnamon College, National University of Singapore (Rector) DBS Bank Ltd (Director) DBS Foundation Ltd (Chairman) Northlight School (Chairman, Board of Governors) Singapore Chinese Girls' School (Chairman) Singapore Health Services Pte Ltd (Director) Temasek Trust (Member of the Board of Trustees) Past directorships in other listed companies held over the preceding three years Aviva plc Singapore Airlines Limited Background and working experience CEO of Standard Chartered Bank, Singapore (From 2001 until March 2006) Various senior management positions in Standard Chartered Bank, retired in March 2006 after some 21 years with the Bank Awards The Public Service Star at the Singapore National Day Awards 2012 Her World Woman of the Year 2005 The Public Service Medal at the Singapore National Day Awards 2005 16 CapitaLand Limited Annual Report 2015 Board of Directors Tan Sri Amirsham Bin A Aziz, 65 Non-Executive Independent Director Stephen Lee Ching Yen, 69 Non-Executive Independent Director Bachelor of Economics (Honours), University of Malaya, Malaysia Certified Public Accountant Master of Business Administration, Northwestern University, USA Date of first appointment as a director: Date of last re-election as a director: Length of service as a director (as at 31 December 2015): 30 July 2012 30 April 2015 Present directorship in other listed company Bursa Malaysia Berhad (Chairman) Present principal commitments (other than directorship in other listed company) Financial Services Talent Council (Chairman) Malaysian Investment Development Authority (Chairman) Petroliam Nasional Berhad (Director) Pulau Indah Ventures Sdn Bhd (Director) RAM Holdings Berhad (Director) Samling Global Limited (Director) StarChase Motorsports Limited (Director) Themed Attractions Resorts & Hotels Sdn Bhd (Chairman) Past directorship in other listed company held over the preceding three years CapitaLand Mall Asia Limited1 Background and working experience President & CEO of Malayan Banking Berhad (From 1994 to 2008) Minister in the Malaysian Prime Minister's Department heading the Economic Planning Unit and Department of Statistics, Malaysia (From March 2008 to April 2009) Chairman of the Malaysian National Economic Advisory Council (From 1 June 2009 to 31 May 2011) Awards Global Hall of Fame by the International Association of Outsourcing Professionals 2009 Asian Bankers Lifetime Achievement Award 2008 Delisted on 22 July 2014. 1 January 2013 26 April 2013 3 years 3 years 5 months Board committees served on Audit Committee (Member) Risk Committee (Chairman) 1 Date of first appointment as a director: Date of last re-election as a director: Length of service as a director (as at 31 December 2015): Board committees served on Executive Resource and Compensation Committee (Member) Nominating Committee (Member) Present Directorships in other listed companies SIA Engineering Company Limited (Chairman) Singapore Airlines Limited (Chairman) Present principal commitments (other than directorships in other listed companies) China National Petroleum Corporation (Director) Council of Presidential Advisers (Alternate Member) Dr Goh Keng Swee Scholarship Fund (Board Member) G2000 Apparel (S) Private Limited (Director) Great Malaysia Textile Investments Pte Ltd (Managing Director) Kidney Dialysis Foundation (Director) National Wages Council (Member) NTUC Enterprise Co-operative Limited (Director) NTUC Income Insurance Co-operative Limited (Chairman) NTUC-ARU (Administration & Research Unit) (Member of the Board of Trustees) Shanghai Commercial Bank Ltd (Director) Shanghai Commercial & Savings Bank Limited (Managing Director) Singapore Labour Foundation (Director) Background and working experience Chairman of International Enterprise Singapore Chairman/Advisor of PSA International Pte Ltd Chairman of Singapore Business Federation President of Singapore National Employers Federation Awards The Order of Nila Utama (First Class) at the Singapore National Day Awards 2015 The Distinguished Service Award by the Singapore National Trades Union Congress in 2013 The Distinguished Service Order at the Singapore National Day Awards 2006 The Public Service Star at the Singapore National Day Awards 1998 Overview Corporate Governance & Transparency Sustainability Business Review Portfolio Details Financials & Additional Information CapitaLand Limited Annual Report 2015 Dr Philip Nalliah Pillai, 68 Non-Executive Independent Director Kee Teck Koon, 59 Non-Executive Independent Director Bachelor of Laws (First Class Honours), University of Singapore LLM (Master of Laws) & SJD (Doctor of Juridical Sciences), Harvard Law School, USA Advocate & Solicitor, Singapore Solicitor, England & Wales Bachelor of Arts, University of Oxford, UK Master of Arts, University of Oxford, UK Date of first appointment as a director: Length of service as a director (as at 31 December 2015): 25 April 2014 1 year 8 months Board committees served on Audit Committee (Member) Risk Committee (Member) Present principal commitment Inland Revenue Authority of Singapore (Director) Background and working experience Judge of the Supreme Court of Singapore (From June 2010 to December 2012) Judicial Commissioner (From October 2009 to June 2010) Member of the Legal Service Commission (From 2007 to 2013) Joint Managing Partner, Allen & Overy, Shook Lin & Bok JLV (From 2000 to 2008) Partner and Managing Partner, Shook Lin & Bok, Singapore (From 1986 to 2009) Over 23 years experience in legal practice specialised in corporate, corporate finance and securities law Award The Public Service Medal at the Singapore National Day Awards 2003 Date of first appointment as a director: Date of last re-election as a director: Length of service as a director (as at 31 December 2015): 17 22 September 2014 30 April 2015 1 year 3 months Board committees served on Finance and Investment Committee (Member) Risk Committee (Member) Present directorship in other listed company Raffles Medical Group Ltd Present principal commitments (other than directorship in other listed company) Alexandra Health Fund Limited (Chairman) Changi Airports International Pte Ltd (Chairman) Mandai Safari Park Holdings Pte. Ltd. (Director) NTUC Enterprise Co-operative Limited (Director) NTUC Income Insurance Co-operative Limited (Deputy Chairman) Temasek International Advisors Pte Ltd (Corporate Advisor) Past directorships in other listed companies held over the preceding three years CapitaLand Commercial Trust Management Limited (manager of CapitaLand Commercial Trust) CapitaLand Mall Trust Management Limited (manager of CapitaLand Mall Trust) Background and working experience Retired from his executive positions in CapitaLand Group in July 2009 after 13 years of service 18 CapitaLand Limited Annual Report 2015 Senior Management Lim Ming Yan Arthur Lang Tan Seng Chai President & Group Chief Executive Officer CapitaLand Limited Group Chief Financial Officer CapitaLand Limited Group Chief Corporate Officer CapitaLand Limited Ng Kok Siong Wen Khai Meng Lucas Loh Chief Corporate Development Officer CapitaLand Limited Chief Executive Officer CapitaLand Singapore Chief Executive Officer, CapitaLand China Co-ordinating Chief Executive Officer, China Jason Leow Lee Chee Koon Chief Executive Officer, CapitaLand Mall Asia Co-ordinating Chief Executive Officer, Asia (excluding China) Chief Executive Officer The Ascott Limited Overview Corporate Governance & Transparency Sustainability Business Review Portfolio Details Financials & Additional Information CapitaLand Limited Annual Report 2015 19 Lim Ming Yan President & Group Chief Executive Officer CapitaLand Limited Arthur Lang Group Chief Financial Officer CapitaLand Limited Mr Lim Ming Yan is President and Group Chief Executive Officer of CapitaLand Limited. He is a Director of CapitaLand Limited, as well as Deputy Chairman of CapitaLand Mall Trust Management Limited, CapitaLand Commercial Trust Management Limited, CapitaLand Retail China Trust Management Limited and Ascott Residence Trust Management Limited. He is also the Director of CapitaLand Hope Foundation, the Group's philanthropic arm. Mr Arthur Lang is the Group Chief Financial Officer of CapitaLand Limited. In his current role, he has direct oversight of the functions of treasury, financial reporting and controls, risk management, strategic projects, tax, investor relations, private equity fund management and looks after the administrative matters of the internal audit department of CapitaLand. Mr Lim is a board member of the Building and Construction Authority of Singapore, Director of Business China, an organisation that promotes bilingualism and biculturalism between Singapore and China, as well as board member of the Singapore Tourism Board. Mr Lim was the Chief Operating Officer of CapitaLand from May 2011 to December 2012 and Chief Executive Officer of The Ascott Limited (Ascott) from July 2009 to February 2012. Prior to joining Ascott, Mr Lim was the Chief Executive Officer of CapitaLand China from November 2000 to June 2009, responsible for growing CapitaLand into a leading foreign real estate developer in China. Mr Lim obtained first class honours in Mechanical Engineering and Economics from the University of Birmingham, United Kingdom in 1985. He attended the Advanced Management Program at Harvard Business School in 2002. Prior to joining CapitaLand, he was at Morgan Stanley having been the co-head of the Southeast Asia investment banking division and the Chief Operating Officer for the Asia Pacific investment banking division. Mr Lang is also a board member of the Land Transport Authority of Singapore, Tiger Airways Holdings Limited, the National Kidney Foundation and the Advisory Board of the Lee Kong Chian School of Business, Singapore Management University. He has also been appointed as a member of CNBC's Global CFO Council. Mr Lang received the Best CFO of the Year Award for listed companies with market capitalisation of S$1 billion and above at the Singapore Corporate Awards 2015. He also received the Best Investor Relations by a CFO award by IR Magazine in 2012, and was also placed second (sell-side) and third (sell-side) for Asia's Best CFO (Property) in the Institutional Investor All-Asia Executive Team rankings in 2013 and 2015 respectively. Mr Lang has a Master of Business Administration from the Harvard Business School and a BA in Economics (magna cum laude) from Harvard University. 20 CapitaLand Limited Annual Report 2015 Senior Management Tan Seng Chai Group Chief Corporate Officer CapitaLand Limited Mr Tan Seng Chai is Group Chief Corporate Officer of CapitaLand Limited. Prior to this, he was Deputy Chief Corporate Officer and Chief Human Resource Officer of CapitaLand Limited. Mr Tan oversees the Group's corporate functions including Human Resource and Administration, Group Communications, Group Legal, Company Secretariat & Compliance and Corporate Security. Mr Tan is also the Executive Director of CapitaLand Hope Foundation, the philanthropic arm of CapitaLand. Prior to joining the Group in February 2008, Mr Tan was with Char tered Semiconductor Manufacturing Ltd, Singapore (Chartered) for 12 years. He held key positions in the company including heading its worldwide human resource organisation as well as overseeing key project implementation and strategic investment activities. An engineer by training, Mr Tan started his career with National Semiconductor Manufacturer Singapore Pte Ltd as a Process Engineer and subsequently became the company's Human Resource Manager. He continued his career progression to head the human resource function at Creative Technology Ltd, Singapore before joining Chartered. Mr Tan holds an honours degree in Civil & Structural Engineering and a Master of Science degree in Industrial & System Engineering from the National University of Singapore. Ng Kok Siong Chief Corporate Development Officer CapitaLand Limited Mr Ng Kok Siong is the Chief Corporate Development Officer of CapitaLand Limited. In this role, he is entrusted with developing corporate systems and processes to drive efficiency and productivity. Mr Ng will provide leadership to strategy and corporate planning as well as business technology and information systems to achieve greater organisational effectiveness. He currently serves as a Director and Audit Committee member of two REITs; CapitaLand Retail China Trust Management Limited (the manager of CapitaLand Retail China Trust listed on SGX-ST) and CapitaLand Malaysia Mall REIT Management Sdn. Bhd. (the manager of CapitaLand Malaysia Mall Trust listed on Bursa Malaysia). Since joining CapitaLand Group in 2005, Mr Ng held various business development and finance positions, including Senior Vice President of CapitaLand Eurasia and Senior Vice President, Strategic Finance. Mr Ng was the Chief Financial Officer of CapitaMalls Asia Limited1 (CM A), a role he re linquis he d subse qu e nt to the privatisation of CMA. Prior to joining CapitaLand, Mr Ng held various positions in planning and appraisal, information systems, finance and investment management in Exxon Mobil and Royal Dutch Shell across Asia Pacific and Europe. Mr Ng graduated with a Degree of Bachelor of Accountancy (Honours) from Nanyang Technological University of Singapore and attended the Tuck Executive Program in Dartmouth College. Wen Khai Meng Chief Executive Officer CapitaLand Singapore Mr Wen Khai Meng is the Chief Executive Officer of CapitaLand Singapore. He is also a non-executive director of CapitaLand Commercial Trust Management Limited. Prior to this, Mr Wen has held several senior appointments within the Group including Chief Investment Officer of CapitaLand Limited, Chief Executive Officer of CapitaLand Commercial Limited and Chief Executive Of ficer of CapitaLand Financial Limited. He was also a non-executive director of Ascott Residence Trust Management Limited. Before joining the Group, Mr Wen was with the Urban Redevelopment Authority (URA) for seven years. He was Director (Corporate Development) and Deputy Director (Land Administration). Prior to that, he was with the Ministry of National Development, Singapore, as Deputy Director (Infrastructure) for four years. Mr Wen holds a Master of Business Administration and a Master of Science in Construction Engineering as well as a Bachelor of Engineering (First Class Honours). Subsequently renamed as CapitaLand Mall Asia Limited. 1 Overview Corporate Governance & Transparency Sustainability Business Review Lucas Loh Chief Executive Officer, CapitaLand China Co-ordinating Chief Executive Officer, China Mr Lucas Loh is the Chief Executive Officer of CapitaLand China. Mr Loh joined CapitaLand Group in September 2001 and has been based in China since August 2004. Prior to his appointment as Chief Executive Officer, he was the Deputy Chief Executive Officer cum Chief Investment Officer as well as Regional General Manager for South China, CapitaLand China. He also held several appointments within the Group, including Managing Director for China of The Ascott Limited. During his term with Ascott from August 2004 to July 2007, Mr Loh successfully led the company to win top spot in China's prestigious 'Top 100 Serviced Residences' Ranking' for two consecutive years and grew its business from eight to 22 properties across 10 cities in China. In 2007, he joined CapitaLand China and was instrumental in growing its residential and integrated development businesses in South China. He was also responsible for the company's real estate financial business, including the Raffles City China Fund and CapitaLand China Development Fund with a fund size totaling US$2.3 billion. Mr Loh started his career in real estate in 1991. Prior to joining CapitaLand, Mr Loh was the Associate Director for Private Equity Investment at Temasek Holdings, leading its private equity investment business in the Asia Pacific region. Mr Loh obtained a Bachelor of Science in Estate Management from the National University of Singapore. He also holds a Master of Business Administration from Oklahoma City University and attended the Advanced Management Program at Harvard Business School in 2013. Jason Leow Chief Executive Officer, CapitaLand Mall Asia Co-ordinating Chief Executive Officer, Asia (excluding China) Mr Jason Leow is the Chief Executive Officer of CapitaLand Mall Asia Limited (CMA). Prior to this appointment, Mr Leow was the CEO of CapitaLand China from 2009 to 2014. He led the China teams in streamlining as well as growing the residential and integrated development businesses, including the development and operations of the eight Raffles City projects in China. Mr Leow started his career with the CapitaLand Group in 1994 and was based in China from 2001 to 2014. Portfolio Details Financials & Additional Information CapitaLand Limited Annual Report 2015 21 Mr Leow is a Chartered Accountant of Singapore and a member of the Institute of Singapore Chartered Accountants. He obtained an Executive Master in Business Administration from Fudan University and in 2007, attended the Advanced Management Program at Harvard Business School. Lee Chee Koon Chief Executive Officer The Ascott Limited Mr Lee Chee Koon is the Chief Executive Officer of The Ascott Limited, the world's largest international serviced residence owner-operator. Prior to this, Mr Lee was appointed as Ascott's Deputy Chief Executive Officer in February 2012, assisting the Chief Executive Officer in strategic planning and investment of the serviced residence business. He was concurrently Ascott's Managing Director for North Asia, responsible for driving the company's investment and operations in China, Japan and Korea. Before Mr Lee joined Ascott in July 2009 as Managing Director for China, he was the Vice President in the Office of the President at CapitaLand. Prior to joining CapitaLand in February 2007, Mr Lee was with the Administrative Service in the Singapore Civil Service serving in various capacities with the Ministry of Trade and Industry, Ministry of Finance and Monetary Authority of Singapore. Mr Lee obtained a first class honours degree in Mechanical Engineering from the National University of Singapore in 1999. He also holds a Master of Science degree in Mechanical Engineering from Imperial College London, United Kingdom. 22 CapitaLand Limited Annual Report 2015 Corporate Governance Report CapitaLand Limited (the Company, and together with its subsidiaries, the Group) aspires to the highest standards of corporate governance. The Company is committed to ongoing improvement in corporate governance. It has developed and, on an ongoing basis, maintains sound and transparent policies and practices to meet the specific business needs of the Group and to provide a firm foundation for a trusted and respected business enterprise. The Company remains focused on complying with the substance and spirit of the principles of the Code of Corporate Governance 2012 (the Code) while achieving operational excellence and delivering the Group's long-term strategic objectives. The Board of Directors (the Board) is responsible for the Company's corporate governance standards and policies, underscoring their importance to the Group. The Company has received accolades from the investment community for excellence in corporate governance. More details can be found in the Awards & Accolades section on pages 56 to 60 of this Annual Report. This corporate governance report (Report) sets out the corporate governance practices for the financial year 2015 (FY 2015) with reference to the Code. Where there are deviations from the principles and guidelines of the Code, an explanation has been provided within this Report. (A) BOARD MATTERS The Board's Conduct of Affairs Principle 1: Every company should be headed by an effective Board to lead and control the company. The Board is collectively responsible for the long-term success of the company. The Board works with Management to achieve this objective and Management remains accountable to the Board. The Board comprises 10 Directors, of which nine are non-executive independent Directors. The President & Group Chief Executive Officer (P&GCEO), who is an executive Director, is the only non-independent Director. This exceeds the requirements in the Code. The Board has diversity of skills and knowledge, educational background, ethnicity and gender. Each Director brings to the Board skills, experience, insights and sound judgement which, together with his or her strategic networking relationships, serve to further the interests of the Group. The Board oversees the strategic direction, performance and affairs of the Company and is collectively responsible for the long-term success of the Company. The Board appoints the P&GCEO; the P&GCEO is responsible for developing and implementing the Group's strategic plans approved by the Board. He is also responsible for developing and managing the Group's business. The Board has adopted a Board Charter setting forth the duties and responsibilities of the Board. These include approving the Group's broad policies, strategies, objectives, annual budgets, major funding, including capital management proposals, investments and divestments. The Board has reserved authority to approve certain matters and these include: (a) material acquisitions, investments, disposals and divestments; (b) share issuances, dividends and other returns to shareholders; (c) approving the targets for and assessing the performance of the P&GCEO and determining the compensation package for the P&GCEO; and (d) matters which involve a conflict of interest for a controlling shareholder or a Director. The Board has established various Board Committees to assist it in the discharge of its functions. These Board Committees are the Audit Committee (AC), the Executive Resource and Compensation Committee (ERCC), the Finance and Investment Committee (FIC), the Nominating Committee (NC) and the Risk Committee (RC). The compositions of the various Board Committees are set out on the inside-back cover of this Annual Report. P&GCEO attends all Board Committee meetings on an ex-officio basis. Overview Corporate Governance & Transparency Sustainability Business Review Portfolio Details Financials & Additional Information CapitaLand Limited Annual Report 2015 23 Each of these Board Committees operates under delegated authority from the Board with the Board retaining overall overs