DIRECTORS’ INTERESTS IN SHARES OR DEBENTURES (continued) Notes: 1 Awards made pursuant to the CapitaLand Investment Performance Share Plan 2021 (PSP 2021). 2 Awards made pursuant to the CapitaLand Investment Restricted Share Plan 2021 (RSP 2021). 3 Following the completion of the strategic restructuring of the investment management business of CapitaLand Limited (CL) and as further described in CLI introductory document dated 17 July 2021, the awards granted under CL’s CapitaLand Performance Share Plan 2010 and CapitaLand Performance Share Plan 2020 (collectively, the CL PSP Awards) to certain employees of CLI and CL group companies have been replaced with shares under the CapitaLand Investment Performance Share Plan 2021 (CLI PSP 2021), which will vest progressively over three years in accordance with the original vesting schedule of the CL PSP Awards. 4 The final number of shares to be released will depend on the achievement of pre-determined targets over a three-year performance period. No share will be released if the threshold targets are not met at the end of the performance period. On the other hand, if superior targets are met, more shares than the baseline award could be delivered up to a maximum of 200% of the baseline award. The Executive Resource and Compensation Committee of CLI has the discretion to adjust the number of shares released taking into consideration other relevant quantitative and qualitative factors. 5 The final number of shares to be released will depend on the achievement of pre-determined targets at the end of a one-year performance period and the release will be over a vesting period of three years. Depending on the extent of the achievement of the pre-determined targets at the end of the performance period, the Executive Resource & Compensation Committee of CLI has the discretion to release the final number of shares ranging from between 0% to 150% of the baseline award. On the final vesting, an additional number of shares of a total value equal to the value of the accumulated dividends which are declared during each of the vesting periods and deemed foregone due to the vesting mechanism of the restricted share plan will also be released. 6 The final number of shares to be released will depend on the achievement of pre-determined targets over a three-year performance period. No share will be released if the threshold targets are not met at the end of the performance period. On the other hand, if superior targets are exceeded, more shares than the baseline award could be delivered up to a maximum of 300% of the baseline award. The Executive Resource and Compensation Committee has the absolute discretion to adjust the number of shares released taking into consideration other relevant quantitative and qualitative factors. The release will be made partly in the form of shares and partly in the form of cash 7 This is a one-time special contingent award linked specifically to Price/NAV targets granted to selected key executives in the Company and/or its group companies who joined the Company and/or its group companies on a date after 1 October 2021. Such one-time special contingent award may (at the absolute discretion of the Executive Resource and Compensation Committee) also be extended to key executives joining the Company and/or its group companies on a date after 1 October 2021 but not later than 19 September 2022. This is a long-term share-based award which will vest after the end of a 5-year performance period, subject to the achievement of the targets approved by the Executive Resource and Compensation Committee. The number of shares to be released as soon as practicable upon vesting will be determined based on, inter alia, the award multiplied by an achievement factor. If the minimum performance level is achieved, the achievement factor will be 0.2. If the performance level exceeds minimum but is below superior, the achievement factor will be adjusted accordingly within the range of 0.2 to 3.0. If the performance level is superior and above, the achievement factor will be 3.0. Conversely, if the performance level is below minimum, the achievement factor will be zero and no share will be released. In the event of early achievement of the targets within the first three years of the performance period, a maximum of 20% to 50% of the baseline award can be released after the third year, with any balance in excess of 50% of the baseline award to be released only after the fifth year. The Executive Resource and Compensation Committee has the absolute discretion to adjust the number of Shares released taking into consideration other relevant quantitative and qualitative factors. 8 Ceased to be related corporation of CapitaLand Investment Limited with effect from 28 February 2023. Except as disclosed in this statement, no director who held office at the end of the financial year had interests in shares, debentures, warrants or share options of the Company or of related corporations, either at the beginning of the financial year, or date of appointment if later, or at the end of the financial year. ARRANGEMENTS TO ENABLE DIRECTORS TO ACQUIRE SHARES AND DEBENTURES Except as disclosed under the Directors’ Interests in Shares or Debentures and Share Plans sections of this statement, neither at the end of nor at any time during the financial year was the Company a party to any arrangement whose objects are, or one of whose objects is, to enable the directors of the Company to acquire benefits by means of the acquisition of shares in or debentures of the Company or any other body corporate. DIRECTORS’ STATEMENT 322 CAPITALAND ASCOTT TRUST
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