1 PERE, January 2024, Fundraising Report Full Year 2024. 2 CLI made a strategic investment of a 40% stake in SCCP, which was completed on 7 March 2025. 3 Includes announced acquisitions/divestments not yet completed, committed but undeployed capital for private funds on a leveraged basis, and forward purchase contracts. 4 Includes CLI’s stakes. Fee Income-related Business Performance Fund Management Performance Overview Dealmaking and fundraising faced persistent headwinds in 2024, with elevated interest rates prevailing for most of the year before central banks initiated rate cuts in the second half of the year. Geopolitical uncertainties also contributed to a more cautious environment for transactions. According to PERE, global real estate fundraising declined for the third consecutive year in 2024, reaching US$131.1 billion, marking the lowest annual fundraising total since 20121. Despite these challenges, CLI grew its FUM from S$99 billion in FY 2023 to S$117 billion in FY 2024, largely driven by its strategic investment in SCCP2 and the acquisition of Wingate. +S$5 billion +S$2 billion Funds Under Management (FUM3) S$117 billion S$200 billion S$99 billion FY 2024 growth via new and existing funds • S$2.5 billion in listed fund acquisitions • 8 new private funds with S$2 billion4 in committed equity Strategic M&A propelled CLI's FUM growth and fund management expertise 38 61 47 70 Private Funds Listed Funds FY 2024 FY 2023 FY 2028 +S$11 billion A Significant Leap in FUM Growth M&A FY 2024 Performance Review 26 CapitaLand Investment Limited 5 Includes other markets in Asia. 6 Comprises wellness, data centres, private credit and other asset classes. With 76% of SCCP’s FUM in Japan and Wingate’s FUM fully in Australia, CLI’s FUM share in Australia, Japan and Korea almost doubled from 11% in FY 2023 to 20% in FY 2024, leading to a rebalancing of China’s share from 31% to 26%. Across asset classes, the lodging sector’s FUM share increased from 14% to 18%, largely driven by CLI’s strategic investment in SCCP, where approximately three quarters of its FUM is in lodging assets. The alternatives sector, consisting of assets largely in wellness, data centres and private credit, grew from 4% in FY 2023 to 7% in FY 2024. Southeast Asia China India Australia, Japan, Korea5 UK & Europe, USA FUM By Country FY 2023 S$99 billion FY 2024 S$117 billion 42% 31% 7% 11% 9% 39% 26% 7% 20% 8% Retail Lodging E ĝ Business Park 8Ä¡§ÖܧÖŅŁW· ŁWÜÄÒ~¡ŅŁ*¾àÖÜÒ§~· Alternatives6 FY 2023 S$99 billion FY 2024 S$117 billion 27% 14% 26% 16% 13% 4% 25% 12% 23% 18% 15% 7% FUM By Asset Class Strategic M&A of SCCP and Wingate Enhanced Geographic Balance for CLI Expanded Asset Classes and Strategies Broadened Investor Pool Approximately S$8 billion and S$2 billion increase in FUM in Japan and Australia respectively. • Strengthens CLI's footprint in private credit and opportunistic fund strategies. • Entry into the Japan REIT market through Japan Hotel REIT (JHR). • More than 60 global institutional investors from SCCP. • Greater access to institutional and private high net worth investors in Australia through Wingate. Established Track Records, Complementary Strengths Each company brings 20 years of operating track record, expertise, access to quality deals, talent and value creation opportunities. 27 Annual Report 2024
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