Electricity Consumption Reduction Initiatives

In parallel with our steam-focused initiatives, we have implemented multiple electricity-saving projects, including:

• Installing solar lamps in parking areas.
• Replacing wall fans with High-Volume Low-Speed (HVLS) fans.
• Optimizing machinery operations to enhance energy efficiency.

These measures have collectively reduced electricity consumption by 6.4 tCO2e annually.

Additionally, our Indonesian office has adopted energy-efficient lighting solutions, including:

• Transitioning to LED lighting in warehouses.
• Installing solar-powered LED lights in outdoor areas.
• Implementing motion sensor lighting in restrooms and corridors to minimize unnecessary energy use.

These initiatives have resulted in an annual reduction of 0.33 tCO2e.

Horizon 2040

Looking ahead, we are committed to further optimizing our energy usage. Our roadmap includes additional efficiency measures, expanded energy recovery systems, and the adoption of more sustainable technologies. These efforts align with our long-term objective of achieving carbon neutrality by 2040 through a structured and measurable decarbonization strategy.

Climate Fresk:

Empowering Climate Literacy at Maison Denis

At Maison Denis, our Environmental, Social, and Governance (ESG) strategy integrates education as a fundamental pillar of sustainability. By fostering climate awareness among our employees, we strenghten our collective ability to address environmental challenges. This chapter highlights our commitment to climate education through the Climate Fresk initiative.

Understanding Climate Fresk

Climate Fresk, a French nonprofit established in 2018, is dedicated to raising climate change awareness through an interactive, science-based workshop. Utilizing 42 educational cards, participants collaboratively build a «Fresk» that distils the findings of the Intergovernmental Panel on Climate Change (IPCC). By 2024, over two million individuals worldwide have engaged with this initiative, enhancing their understanding of climate science and its implications.

Key Outcomes of Climate Fresk:

• Enhancing Awareness: Climate education fosters informed decision-making.
• Encouraging Colletive Action: Knowledge empowers sustainable choices.
• Inspiring Innovation: Climate literacy drives solutions-oriented thinking.
• Shaping a Sustainable Culture: Embedding climate education into corporate strategy.

Leadership Commitment

Maison Denis launched its Climate Fresk journey in 2023, with our Chairmen, CEO, and Directors participating in the inaugural workshop during our General Assembly. This initiative underscored the critical role of leadership in driving cultural and operational change, setting the stage for broader organizational engagement.

Scaling Climate Fresk at Taiping

In 2024, participation in Climate Fresk workshops at our Taiping manufacturing sites expanded significantly. Employee engagement grew from 98 participants in 2023 to 219 in 2024, covering 90% of our English-speaking workforce. This expansion reflects our commitment to equipping employees with the knowledge necessary to navigate and address climate challenges.

Workshop Impact:

• 81% of participants reported acquiring «a lot of new knowledge».
• 19% reported gaining «some new knowledge».
• 100% of participants recommended the workshop to their colleagues.

Fedback from employees highlights the initiative's success:

• "The Climate Fresk is an excellent way to understand climate change and its impact. It opens our eyes to how we can make a difference."
• "I truly enjoyed the session and look forward to future follow-up workshops."

Expanding the Initiative

In 2024, we extended Climate Fresk workshops to our DGM plant in Vietnam, where thirteen employees, including Heads of Departments, participated in a tailored version of the program. Recognizing our diverse workforce, we are also evaluating the training of Malay-speaking facilitators at our Taiping site to ensure broader accessibility and inclusivity.

Embedding Climate Literacy into Corporate Culture

At Maison Denis, Climate Fresk is more than an educational initiative-it is a strategic component of our sustainability journey. By fostering climate literacy, we empower our employees to take informed actions, aligning with our broader ESG objectives. This initiative underscores our commitment to a culture of environmental stewardship, collaboration, and innovation in pursuit of a more sustainable future.

Resources Management

At Maison Denis, we are committed to responsible resource management, recognizing the finite nature of natural resources and the importance of minimizing our environmental impact. This chapter highlights our efforts in water conservation, waste management, and papar reduction.

Water Management

In 2024, our operations at DAP consumed 376,510 cubic meters of water, reflecting a 21% reduction compared to 2023. This decrease was primarily due to lower production levels.

To ensure that all discharged water meets environmental safety standard, each of our manufacturing facilities is equipped with a Wastewater Treatment Plant (WWTP). These treatment systems effectively process water to comply with national discharge regulations, ensuring responsible wastewater management.

Waste Management

General Waste:

In 2024, our manufacturing sites generated 4,904 tons of general waste, including packaging materials, rejected products, WWTP sludge, and scrap metal. Of this, 95% was diverted from landfills through reuse, recycling, or recovey in appropriate facilities.

Hazardous Waste:

Hazardous waste-comprising oil, batteries, solvents, paints, and chemicals-amounted to less than 7 tons. These materials require stringent handling to mitigate risks to public health and the environment. We ensure safe storage, continous monitoring, and proper disposal through qualified personnel and certified waste management contractors.

In 2024, regulatory changes in Malaysia reclassified certain types of general waste as hazardous waste, leading to a higher reported volume. Specifically, some empty containers now fall under this category, reinforcing our commitment to strict compliance with evolving environmental regulations.

Waste Treatment Facilities Audits

To uphold responsible waste disposal practices, we regularly audit our waste treatment facilities, partnering exclusively with those that meet rigorous environmental, health, and safety (EHS) standards. Our evaluation process recognizes and incentivizes best practices while also supporting smaller entities making progress in sustainable waste management.

Paper Consumption Reduction

In 2024, DAP consumed 5,174 kg of paper, representing a 10% reduction from the previous year. We have ensured that all purchased paper is sourced from sustainable suppliers, holding Forest Stewardship Council (FSC) or Programme for the Endorsement of Forest Certification (PEFC) credentials.

The continuous reduction in paper consumption has been possible thanks to the remarkable efforts made by our factories in Taiping, Malaysia.

Since our inaugural ESG Report in 2017, we have consistently worked toward reducing paper consumption. Over the past seven years, our factories in Taiping, Malaysia, have achieved an average annyal reduction of 18%, resulting in a threefold decrease in paper use. In 2024, we implemented several initiatives to accelerate this progress:

• Enhanced Monitoring: A tracking system records individual print and copy usage, providing monthly insights per department. This transparency fosters awareness and accountability, encouraging responsible printing practices.
• Digital Transformation: We transitioned to digital documentation, including electronic company letterheads and digital signatures, significantly reducing printing needs. Additionally, local government authorities now favor digital submissions for permits and audit documentation, further supporting our paper reduction efforts.
• System Upgrades: We implemented various digital solutions to eliminate paper-based processes, including:
  • E-Leave system for HR operations
  • Safety Culture software for audits and inspection
  • Computerized Maintenance Management System (CMMS) to streamline maintenance records
  • Digital purchasing documentation
• Controlled Paper Allocation: Since 2020, we have introduced monthly paper quotas per department. By replacing unlimited paper stock with a controlled supply, we have encouraged teams to actively seek further reductions, reinforcing a culture of sustainability and continuous improvement.

Better Packaging

2030 Packaging Recyclability Objective

We remain committed to achieving our goal of ensuring that all our packaging is recyclable by 2030. To date, we have classified our packaging materials and identified those that pose recyclability challenges, such as pouches. Given the need for these materials to withstand high-temperature sterilization, we are actively exploring solutions using mono-materials and other recyclable alternatives. While our tests with suppliers have yet to yield a fully viable solution, we recognize that progress in sustainable packaging requires persistence and innovation. Our dedicated team continues to work diligently towards this objective.

Packaging in Singapore

DAP has been a signatory of the Packaging Partnership Program (PPP) since 2018 and received a Merit Award in 2019 for its efforts in reducing packaging material usage (refer to page 40).

In compliance with Singapore's Mandatory Packaging Reporting (MPR) requirements, we submit an annual packaging report detailing the types and quantities of packaging supplied and used in Singapore. Additionally, we provide an action plan based on the 3R approach (Reduce, Reuse, Recycle), with a strong focus on:

• Packaging Reduction: Each year, we optimize the weight of our cartons, delivering multiple environmental benefits. By reducing the use of natural resources-specifically less wood for paper and carton production-we minimize our carbon footprint and lower transportation-related emissions, all while maintaining the protective integrity of our packaging.
• Incorporating Recycled Content in Packaging: We continuously increase the proportion of recycled content in our cartons, reducing reliance on virgin kraft paper. Our most sustainable options contain up to 95% recycled materials.

As part of our ongoing optimization efforts, we are currently transitioning from a 3-ply layer pad (used inside cartons to separate product layers) to a single-ply board, significantly reducing packaging weight and improving logistical efficiency.

Packaging in Australia

The Australian Packaging Covenant (APC) provides a national regulatory framework guiding businesses and governments in managing the environmental impact of packaging. APC also leads the National Packaging Targets 2025, which aim for:

• 100% reusable, recyclable, or compostable packaging.
• 70% of plastic packaging to be recycled or composted.
• 50% average recycled content in packaging.
• The phase-out of problematic and unnecessary single-use plastic packaging.

Our commitment aligns with these targets while ensuring product safety adn qualiity. The majority of our packaging in Australia is already recyclable, supporting both national objectives and our 2030 recyclability commitment. We conduct annual evaluations against these targets to monitor and transparently report our progress to the APC.

As part of our APC obligations, we are also transitioning all packaging labels from the Mobius loop recycling logo the Australian Recycling Label (ARL), providing clear disposal guidance for consumers. As of 2024, 91% of our labels have been updated, with a goal to achieve 100% ARL compliance by 2025.

Continuous Packaging Improvements

Beyond regulatory commitments in Singapore and Australia, we actively implement packaging improvements across all markets.

• Sustainable Paper-Based Packaging: We have transitioned select paper-based packaging to certified sustainable sources, ensuring responsible forestry management with high environmental, social, and economic standards. To achieve this, we engaged new suppliers and worked closely with existing partners to support their certification process.

We estimate that 23% of our total greenhouse gas (GHG) emissions are attributed to packaging materials, with cans representing the largest contributor. A deeper analysis of our packaging's carbon footprint highlights two key findings:

• Low Carbon Footprint of Our Ingredients: Our food product - predominantly composed of vegetables, pulses, and fish - have a significantly lower carbon footprint compared to other food categories. This underscores the importance of optimizing our packaging to further enhance our overall sustainability impact.
• The Value of Extended Shelf Life: Our products are designed for long shelf life, requiring robust packaging to withstand sterilization processes while ensuring food safety over time. This durability not only reduces food waste but also minimizes spoilage risks during transportation and storage.

While achieving perfect sustainability in packaging remains a challenge, our ongoing initiatives are driving meaningful progress. By continuously improving our packaging practices, we strengthen our role in building a more sustainable food system.

Green Buildings

One of our most ambitious environmental commitments is to certify all DAP-owned buildings and facilities under a recognized Green Building scheme by 2030. This goal underscores our dedication to sustainability and out commitment to fostering healthier work environments for our employees while minimizing the ecological footprint of our operations.

To ensure alignment with regional sustainability frameworks, we adopt the relevant local Green Building certification in each country where we operate. While specific criteria may vary, all certifications share the common objective of reducing environmental impact through sustainable design and efficient resource management.

Green Building Certifications Achieved

As of today, we have susccessfully certified six offices adn facilities across three countries:

Maison Denis Building, Singapore (Denis Asia Pacific, A. Clouet Singapore and SFI Supplies Management).

• Initial certification in 2017 under the BCA GreenMark standard, Gold level.
• Certification renewed in 2021 and 2024.

A. Clouet (Malaysia), Kuala Lumpur, Malaysia

• Initial certification in 2019 under the GreenRE standard, Bronze level.
• Certification renewed in 2022, with the next recertification scheduled for 2025.

SFI Food, Logistics Centers, Taiping, Malaysia (SFi Food P1 and SFI Food P2)

• Initial certification in 2019 under the GreenRE standard, Silver level.
• These were the first two industrial buildings in Malaysia to achieve GreenRE certification.
• Certification renewed in 2023, with the next recertification planned for 2026.

Guinea Foods 2, Manufacturing Facility, Taiping, Malaysia

• Initial certification in 2022 under the GreenRE standard, Bronze level.
• Next recertification scheduled for 2025.

A. Clouet (Australia), Sydney, Australia

• Certified in 2023 under the GreenStar standard, 2 Star level.
• Next recertification planned for 2026.

Through collaboration with local teams and engagement with various certification programs, we are continuously expanding our expertise in sustainable building solutions. Our teams are leveraging these experiences to implement innovative strategies that enhance efficiency and sustainability across our facilities.

2024 Green Building Initiative:

Taiping Manufacturing Site

In 2024, we prioritized the certification of our newly retrofitted manufacturing site in Taiping, Malaysia-our largest green building project to date. Registered under the GreenRE Green Building Scheme for Existing Industrial Buildings, this facility has been designed with sustainability at its core. Key innovations include:

• Highly Efficient HVAC System: Optimized to recover heat from various processes, improving energy efficiency. A water-to-water heat exchanger recovers heat from 18°C process water, while an air-to-water heat exchanger recaptures heat from return air. Additionally, the fish thawing recovery process employs a dual-mode approach: during the day, filtered air from the thawing room and fresh intake air from the AHU are supplied to the production area; at night, this same filtered air is directed through a heat exchanger to cool down process water and ice water infeed.
• Energy-Efficient Building Structure: Features include insulated PIR wall panels, green-certified ceiling insulation, and Low-E windows with low shading coefficients and U-values, collectively reducing thermal transmittance and enhancing energy efficiency.
• Sustainable Lighting: All installed lighting consists of energy-efficient LEDs, adhering to national illuminance guidelines.
• Water Conservation Measures: Most water fittings are WELPS 2-star rated, ensuring reduced water consumption while maintaining functionality.
• Additional Green Features: The project incorporates comprehensive waste management strategies, the use of green-certified materials (insulation, waterproofing, and paint), and optimized ventilation systems to maintain high indoor air quality.

This project is ongoing, and we are targeting certification in 2025, in alignment with the commencement of operations. By integrating cutting-edge sustainability measures, we are setting a new benchmark for green buildings within our sector.

Environmental Management System

All our factories and logistics centers operate in compliance with rigorous environmental management standards, holding ISO 14001 certification-a commmitment we have upheld for over a decade.

Certified facilities:

• Mafipro Sdn. Bhd., Malaysia - Certified since 2013
• Guinea Foods Sdn. Bhd., Malaysia - Certified since 2013
• SFI Food Sdn. Bhd., Malaysia - Certified since 2018
• Denis G.M. Co. Ltd., Vietnam - Certified since 2019

ISO 14001:2015 establishes the framework for an effective environmental management system, enabling organizations to enhance environmental performance through structured processes. By maintaining this certification across our industrial sites and ensuring successful renewals, we reinforce our commitment to minimizing environmental impact, particularly within production activities.

Our teams continuously strive to meet and exceed annual certification requirements, demonstrating our dedication to sustainability, operational excellence, and ongoing environmental improvements.

Supply Chain Sustainability

As a Fast-Moving Consumer Goods (FMCG) company with a long-standing heritage, we recognize that a sustainability supply chain is fundamental to the long-term resilience of our business and the integrity of our brand. With over a century of commitment to strong values, DAP ensures that our suppliers align with our ethical and sustainability standards.

Our globally recognized brand portfolio demands the highest level of integrity. We take our responsibility seriously, verifying that our suppliers uphold human rights, environmental sustainability, and fair labor practices. We maintain a strict zero-tolerance policy against illicit or unethical activities that could compromise the reputation of our company any brands.

Within DAP's direct supply chain, our Ethics Committee has identified two key areas of concern that are closely monitored by consumers, NGOs, and public opinion: the sustainability of tuna sourcing and palm oil production. These priorities remain central to our sustainability strategy.

Ensuring safety remains our foremost priority throughout our supply chain. As we advance the Taiping Manufacturing Master Plan Project, we are embedding ESG principles into the renovation plan, ensuring that our upgraded facilities enhance operational efficiency while reinforcing our commitment to environmental stewardship and social responsibility.

Supplier Code of Conduct and Centralized Supplier Management

Supplier Code of Conduct (SCC)

Since its introduction in 2017, DAP's Supplier Code of Conduct (SCC) has defined our expectations regarding responsible business practices. In 2023, we conducted a comprehensive review and enhancement of the SCC, incorporating six years of experience and aligning with updated governance frameworks, including the UN Global Compact principles.

The revised SCC reinforces DAP's commitments to key ESG areas, including human rights, social governance, anti-corruption, anti-modern slavery, climate change, environmental protection, and resouce conservation.

To ensure effective implementation, we have refined the SCC scope by introducing three screening mechanisms:

• Suppliers with an annual turnover exceeding SGD 100,000 are required to comply with the SCC.
• For suppliers in transportation, fishing, or palm oil industries, the threshold is lowered to SGD 5,000 to ensure strict compliance in high-risk sectors.
• Suppliers with existing stringent Codes of Conduct may be deemed compliant with DAP's requirements, exempting them from signing the SCC.

Centralized Supplier Management Approach

To enhance operational efficiency and sustainability, we are implementing a centralized supplier management system. This initiative aims to streamline procurement processes, strengthen supplier relationships, and drive long-term value creation.

A key component of this approach is the categorization of suppliers into strategic and non-strategic procurement groups. This classification allows us to focus resources on collaborative partnerships with critical suppliers while optimizing engagement with less strategic vendors.

• Strategic Procurement Categories: Includes suppliers providing essential goods and services that directly impact business operations, product quality, and customer satisfaction.
  With these partners, we will prioritize:
  • Collaborative relationship-building
  • Joint innovation and improvement initiatives
  • Performance management and continuous monitoring
  • Compliance with our ESG standards and sustainability expectations.
• Non-Strategic Procurement Categories: Managed through an efficient, technology-driven process, leveraging automation to reduce administrative complexity.

By adopting this centralized supplier management approach, we enhance our ability to mitigate risks, promote sustainability, and build a more resilient and responsible supply chain.

Taiping Manufacturing Master Plan

The Centralized Fish Processing Plant (CFPP) project, launched in late 2023 as the first phase of our Manufacturing Development Master Plan, represents a major milestone in our ESG journey. This initiative will transform our fish processing operations, delivering significant benefits across three key ESG dimensions:

• Environmental Stewardship: The CFPP is designed to meet stringent safety and environmental standards, targeting Green Building Gold Certification. This initiative will reduce our ecological footprint, optimize energy efficiency, and promote sustainable resource use.
• Social Responsibility: The CFPP will improve employee working conditions, enhance productivity, and support skill development. Through upskilling programs, performance recognition, and improved workplace safety, we foster a positive and supportive work environment.
• Governance and Economic Performance: The CFPP optimizes raw material utilization and by-product valorization, increasing operational efficiency while minimizing waste. This initiative reflects our dedication to responsible business practices and long-term sustainable value creation.

The CFPP is set to commence operations in May 2025, paving the way for the next phase of our master plan: upgrading and modernizing our packing and canning processes. This continuous transformation of our Taiping industrial center will further reinforce our ESG commitments, driving innovation, efficiency, and sustainable growth.

Sustainability of Our Tuna Supply

At DAP, we recognize the critical importance of responsible tuna sourcing in ensuring the long-term sustainability of marine ecosystems and the integrity of our brand. While our tuna business accounts for less than 0.1% of the global annual tuna catch, we remain committed to upholding the highest standards in sustainable fishing and ethical sourcing practices.

As we do not engage directly with fishing vessels, our influence lies in setting stringent procurement specifications for the canned tuna manufacturers we partner with. Through these standards, we actively drive improvements in both sustainable fishing methods and fair labor practices across our supply chain. Manufacturers supplying DAP must adhere to our sustainability criteria, which are structured around three key pillars:

(1) Sustainable Tuna Stocks

According to the November 2024 International Seafood Sustainability Foundation (ISSF) Statis of the Stocks report, 88% of the global commercial tuna catch originates from stocks at «healthy» levels of abundance, while 2% comes from stocks at an «intermediate level». «Overfished stocks» account for the remaining 10%.

DAP strictly sources only from tuna species classified as not endangered and from biomass classified as healthy-not internediate or overfished.

Data on the biomass situation is assessed by Regional Fisheries Management Organizations (RFMO), international intergovernmental organizations dedicated to the sustainable management of fishery resources in international waters. We follow the Indian Ocean Tuna Commission (IOTC/iota.org) and the Western and Central Pacific Fisheries Commission (WCPFC/www.wcpfc.int) in particular. Most of their data is published by ISSF (Internation Seafood Sustainability Foundation).

Our procurement focuses on three tuna species:

• Skipjack Tuna (Katsuwonus pelamis)

Most of our canned tuna is produced using skipjact tuna. The skipjack tuna used by our brands is caught in the Pacific Ocean, in areas assessed by WCPFC as healthy, but they could come from any other fishing area where skipjact tuna resources are healthy, as assessed by RFMOs.

In 2024, 100% of our skipjack tuna met these sustainability standards.

• Yellowfin tuna (Thunnus albacares)

DAP uses yellowfin tuna for canned tuna in oil or water. In some parts of the world, yellowfin tuna could be overfished. Our requirement is that yellowfin tuna for our brands is fished from the Western Pacific, which is assessed as healthy by WCPFC.

In 2024, 100% of our yellowfin tuna complied with our sustainability criteria.

• Tonggol tuna (Thunnus tonggol)

As we may regularly experience several months without any supply from the Western Pacific, the only solution to maintain this sustainability ratio on yellowfin is to reduce the importance of this species in our production.

We have therefore managed, in about 32% of our supplies, to replace yellowfin by a lesser-known species called Tonggol. In terms of sustainability balance, such as species presents both a benefit and a drawback. On the plus side, Tonggol is a coastal fish caught by local small-scale fisheries. This contributes to the local economy, and this type of tuna is not listed as an endangered species. On the downside, these local species of tuna are not used worldwide by the major industries, therefore there is no official monitoring for their biomass by RFMOs.

While not monitored by RFMOs, our canning factories ensure full compliance with sustainability criteria, including:

• Adhere to fishing laws and regulations
• Compliance with human rights and labor standards
• Full traceability of sourced fish

In 2024, 100% of Tonggol tuna was sourced from the Western Pacific.

(2) The Supplier Code of Conduct

DAP mandates that all Tuna suppliers comply with our Supplier Code of Conduct (SCC), ensuring repsonsible business practices throughout the supply chain. This includes:

• Full compliance with national labor laws and international human rights treaties, preventing forced labor, slavery, and child labor
• Zero tolerance for corruption and bribery
• A strict prohibition on sourcing tuna from illegal, unregulated, and unreported (IUU) fishing
• A ban on sourcing from vessels that are not Dolphin-Safe certified or that engage in shark finning or the harvesting of endangered species

(3) Sustainable Fishing Practices

We actively engage with suppliers to promote sustainable fishing methods that minimize bycatch and environmental impact:

• The majority of our tuna is caught using pursue seine fishing, with a small proportion from pole and line methods
• We strictly prohibit longline fishing due to its high bycatch rates
• We are working closely with suppliers to improve transparency regarding the proportion of pursue seine catches from free schools versus fish aggregating devices (FADs), which are currently mixed at sea
• Our ongoing collaboration with suppliers aims to enhance data collection and reporting, leading to further refinements in our procurement policies

(4) Data Monitoring and Traceability

To ensure full supply chain transparency, since 2022, we have implemented a comprehensive data monitoring system for all tuna production. This system tracks six key data points:

• Species sourced
• Catching area
• Fishing method
• Vessel name
• Production code
• Quantity produced under these parameters

This rigorous monitoring enables full traceability from the fishing vessel to the final retail product, reinforcing our commitment to responsible sourcing and consumer trust.

Through these initiatives, DAP continues to strengthen its sustainable seafood sourcing, fostering a responsible and resilient supply chain that prioritize environmental stewardship, social responsibility, and governance.

Sustainable Palm Oil

(1) DAP Palm Oil Policy

Since 2011, DAP has implemented a policy of responsible palm oil use, achieving 100% certified sustainable palm oil within a few years. This commiment is reinforced by the premiumization of our key brands, replacing palm oil with healthier alternative vegetable oils, such as olive oil, wherever technically feasible.

Despite our minimal use of palm oil, DAP upholds two stringent sustainability principles:

• Commitment to Sustainable Sourcing: All palm oil used in DAP products must be certified sustainable. Our factories are RSPO-certified and exclusively source palm oil of West Malaysian origin, verified as sustainable. If an OEM client declines the additional cost of certified palm oil, DAP assumes the cost of green credits as a minimum sustainability measure.
• Transparency in Product Labeling: Any DAP product containing palm oil must clearly state it in the ingredient list, ensuring transparency for consumers.

(2) 2024 Sustainability Performance

Palm oil is present is only a limited number of DAP products. Below are our 2024 procurement figures and associated sustainability certifications:

• Ayam Brand™: 100% of palm oil purchased is RSPO Segregated-certified, totaling 54 tons.
• Other Brands (including OEM): 36 tons of RSPO Segregated-certified palm oil purchased, with an additional 115 tons covered through RSPO Green Credits (Book & Claim).
• Palm Fruit-Derived Products: In 2024, DAP sourced 797 tons of palm fruit, of which 380 tons were used to produce palm fruit puree. The remaining by-products (fiber and kernel) were returned to suppliers for valorization. Since palm fruit puree is a marginal product and lacks an established sustainability certification, DAP voluntarily purchased 380 tons of RSPO Green Credits to support sustainable palm oil industry, ensuring 100% sustainability across our palm-derived ingredients.

(3) Support for the Singapore Alliance for Sustainable Palm Oil (SASPO)

DAP is a founding member of the Singapore Alliance for Sustainable Palm Oil (SASPO), an initiative led by WWF Singapore. SASPO's mission is to normalize the use of Certified Sustainable Palm Oil (CSPO) to combat deforestation, haze, and biodiversity loss in the region, providing a platform for businesses to transition toward responsible palm oil sourcing.
(www.wwf.sg/sustainability-circular-economy/sustainable-palm-oil/).

DAP's proactive approach demonstrates that medium-sized enterprises can successfully implement sustainable palm oil policies. The increasing environmental challenges of recent years underscore our collective responsibility to eliminate haze and deforestation. Regardless of company size, all businesses must contribute to this essential environmental objective.

(4) Industry Recognition and Progress

DAP has been 100% certified sustainable for palm oil and palm fruit products since 2020, following a structured and transparent sustainability roadmap. Our progress has been recognized in various industry assessments:

• 2017 WWF Palm Oil Scorecard (Malaysia/Singapore):
  • Score: 10/12
  • WWF Comment: "Denis Asia Pacific demonstrates strong leadership in sustainable palm oil procurement, achieving 100% SCPO and maintaining transparency. As a founding member of SASPO and an RSPO member, DAP sets an example for ohter Singapore-based companies".
• 2018 Paris Roundtable on Sustainable Palm Oil:
  • Representation: Daniel Denis, DAP's ESG Committee Chairman, represented SASPO at the global summit.
• 2020 WWF Palm Oil Buyers Scorecard:
  • Score: 15.5/22
  • Ranking: Highest among 16 Asian companies assessed, placing in the top 25% globally (out of 173 companies).
• 2021 WWF Palm Oil Buyers Scorecard:
  • Score: 14.75/24
  • Ranking: 2nd in Asia, behind Fraser and Neave.
  • Source: WWF Palm Oil Socrecard
• 2022 SASPO Transition:
  • SASPO transitioned from a registered Singaporean entity to an informal committee under WWF Singapore's supervision to optimize resource allocation.
• 2024 RSPO Shared Responsibility Scorecard:
  • Score: 7.4/10
  • Ranking: Among the top 12% of 2,006 companies assessed.
  • Industry Average: 2.8/10
  • Source: RSPO Shared Responsibility Scorecard

Through our long-standing commitment to sustainable palm oil despite being an marginal actor in this business, DAP continues to aim to the highest industry benchmarks for responsible sourcing, transparency, and corporate accountability.

European Union Deforestation Regulation (EUDR)

The European Union Deforestation Regulation (EUDR) is designed to combat deforestation by requiring companies selling certain products, such as palm oil, within the EU to demonstrate that their supply chains are free from deforestation and forest degradation. The regulation establishes stringent due diligence requirements, promoting responsible sourcing and greater transparency.

Sustainable palm oil has long been a material focus for our group. Since 2020, 100% of the palm oil used for Ayam Brand™ has been certified sustainable under the Roundtable on Sustainable Palm Oil (RSPO) standards (refer to page 107). However, the EUDR introduces stricter criteria, and we distribute a limited range of products under other brands that do not yet meet the premium certification requirements of RSPO.

To align with EUDR requirements, we collaborate with our suppliers throughout 2024 to enhance compliance through the following key initiatives:

1. Supplier Engagement

   Engaging with suppliers and smallholder farmers to communicate EUDR requirements and promote sustainable agricultural practices.

2. Enhanced Due Diligence

   Establishing a structued verification process to assess compliance and mitigate risks by evaluating:

   • Legal Compliance - Ensuring all smallholders prossess land titles and the necessary authorizations for palm oil cultivation.
   • Supply Chain Simplification - Reducing the number of intermediaries between plantations and our supply chain to improve traceability.
   • Traceability & Segregation - Guaranteeing that palm oil is traceable to specific plots of land and remains properly segregated throughout the supply chain.
   • Deforestation Risk Monitoring - Leveraging satellite imagery to detect any land-use changes that may indicate deforestation.
   • Sustainability Certifications - Verifying adherence to sustainable practices through recognized certifications such as the Malaysian Sustainable Palm Oil (MSPO) standard.

By proactively working with our suppliers and smallholders to meet EUDR requirements, we prioritize collaborative sustainability over supplier replacement, fostering long-term, inclusive progress within the industry.

Although EUDR enforcement has been postponed, our operations are already compliant, and we remain committed to continuously strengthening our due diligence framework. We are dedicated to sustainable sourcing and advancing deforestation-free supply chains for a more responsible future.

Life Cycle Assessments

To gian a comprehensive and data-driven understanding of the environmental footprint of our products, we began conducting Life Cycle Assessments (LCA) on our core product range several years ago. This rigorous analysis serves two primary objectives:

• Quantifying greenhouse gas (GHG) emissions at the product level.
• Evaluating broader environmental impacts beyond climate change.

LCAs provide a holistic view of sustainability impacts, assessing factors such as biodiversity loss, water scarcity, resource depletion, eutrophication, acidification, ozone depletion, land use, and ecotoxicity. By analyzing each stage of a product's lifecycle-from ingredients cultivation to end-of-life disposal (commony referred to as «Cradle to Grave» in LCA methodology)-we generate critical insights that inform our sustainability strategies.

To date, we have completed detailed LCAs for seven of our flagshipp products, which we consider representative of their broader product categories:

• Canned Pelagic Fish: Sardines and Mackerel in Tomato Sauce.
• Canned Pulses & Legumes: Baked Beans in Tomato Sauce.
• Coconut-Based Products: Coconut Milk and Coconut Cream (canned and TetraPak).

In 2024, we expanded our LCA assessments to include additional product categories:

• Canned Tuna:
  • Chilli Tuna Classic
  • Tuna Mayonnaise Natural
  • Tuna Chunks in Water
• Cooking Paste in Glass Packaging:
  • Thai Red Curry Paste

Key Insights from Our LCA Studies

Our assessments have yielded valuable insights into the primary environmental impact drivers across different product categories:

• Canned Sardines & Mackerel: Packaging in cans accounts for the largest share of climate impact.
• Coconut Products: The farming stage contributes the highest GHG emissions due to land use and agricultural practices.
• Baked Beans: The manufacturing process has the most significant impact, driven by fossil fuel consumption in production.
• Tuna Products: A low-carbon protein source compared to other animal-based foods. However, soybean oil contributes a notable portion of the product's total carbon footprint.
• Thai Red Curry Paste (Glass Packaging): While glass is infinitely recyclable, its production is energy-intensive, resulting in a high carbon footprint-similar to metal cans.

Simplifying Environmental Impact with a Single Score

To enhance transparency and comparability, we are translating complex LCA results into a Single Environmental Score, aligned with European Commission guidelines. This enables clearer benchmarking of our products against sustainability standards.

Our findings confirm that our products rank among the food items with the lowest environmental impact. To reinforce this commitment, we actively participate in the French Green-Score initiative, which aims to provide on-pack environmental labeling for food products. As one of the pioneer companies advocating for environmental labeling in the French food industry, we believe this initiative is a powerful tool to empower consumers in making informed, responsible choices.

The Green-Score system rates food products from A+ to F, with the majority of our product achieving A or B ratings (the highest scores). Only a select few have received a C rating.

Our commitment to continuous LCA assessments remains unwavering. We firmly believe that reducing environmental impact begins with data-driven insights, allowing us to contribute to a more sustainable and responsible global food system.

Social Responsibility

Our People

DAP's HR strategy focuses on attracting, motivating, training, and retaining top talent to build a profitable, resilient, and sustainable business model.

Creating long-term value for employees is a fundamental pillar of our corporate vision. At DAP, we recognize that our employees are the driving force behind our success.

We are committed to fostering a workplace culture grounded in respect, integrity, and inclusivity, ensuring an equitable and supportive environment for our employees while generating value for customers and stakeholders.

In 2024, we reinforced our dedication to an inclusive and employee-centric workplace by prioritizing mental well-being and professional growth. We introduced initiatives centered on mental health awareness and wellness programs to enhance employee engagement and satisfaction. Simultaneously, we advanced our gender equity agenda by refining workplace policies to cultivate a more diverse and fair organizational structure. By embedding these priorities into our corporate culture, we continue to nurture a healthier, more inclusive, and dynamic work environment.

Human Resources

Our Health & Wellness Program is designed to promote holistic well-being through health-oriented initiatives, company-driven engagement, and family participation. Employees are encouraged to prioritize their mental and physical health through activities such as fitness challenges, mindfulness sessions, and an employee wellness reimbursement program.

Collaboration and engagement remain central to our company culture. In Taiping, teams successfully organized the Annual Dinner, uniting 1,000 employees in a celebration of teamwork and camaraderie. A team-building eco-tourism retreat in Thailand, featuring water rafting, not only strengthened collaboration but also underscored the significance of environmental conservation. In Singapore, the company hosted a Bring Your Child to Work Day, reinforcing work-life balance and fostering family engagement by offering children insights into our corporate values and products.

Across the region, we celebrated International Women's Day, honoring the achievements and contributions of women in our workplace and beyond. The #InspireInclusion theme championed a culture where women thrive, lead, and contribute their unique expertise. Employees particpated in flower arrangement workshops, symbolizing creativity and appreciation, and cultural food-sahring sessions that fostered a sense of belonging and diversity. Female employees from various business units shared their Perspectives on inclusion, reinforcing the importance of equal opportunities, diverse leadership, and a workplace where every voice is heard and valued.

Key Figures

As of December 2024, DAP employed 1,597 staff members, reflecting a 10.8% decrease compared to 2023. This reduction aligns with strategic workforce management efforts, optimizing resources while maintaining operation efficiency. By focusing on employee retention, skills development, and internal mobility, we ensure a resilient and agile workforce.

• 68% of our employees are based in Taiping, Perak, Malaysia, supporting our manufacturing and warehousing operations.
• Women represent 65% of our workforce, remains unchanged per 2023.
• Women in Management and Executive roles increased by 2%, reinforcing our commitment to leadership diversity.

Our company remains committed to continuous employee development by enhancing the Competency Behavior Training progam for shop-floor workers, equipping them with essential skills and an adaptive mindset. Addtionally, we prioritize Cybersecurity Training for office staff, emphasizing data protection and digital security awareness. By fostering both personal growth and technical proficiency, we empower employees to excel while reinforcing a culture of continuous learning and risk mitigation.

In today's competitive business environment, the significance of lifelong learning cannot be overstated. In 2024, DAP delivered 21,386 hours of employee training, reflecting a 11,7% reduction from 2023 due to workforce adjustments. However, the average training hours per employee remains at 13.4 hours, stable in comparison to 2023, this further ensures equitable access to professional development opportunities.

As of December 2024, the total number of medical leave days taken was 12,828, averaging 8.0 days per employee, with a marginal increase of 0.3 days compared to the previous year.

Occupational Health and Safety

In 2024, we recorded 28 occupational accidents, resulting in 344 lost workdays due to injuries. These figures represent an increase compared to 2023, which was one of our strongest years in workplace safety. A thorough investigation was conducted to analyze root causes and implement corrective actions to mitigate risks and enhance safety measures.

Zero-Accident Milestone at DGM Vietnam

In 2024, our Denis Great Mekong (DGM) factory in Vietnam achieved a significant milestone-zero occupational accidents. This accomplishment reflects the effectiveness of our comprehensive safety management system, which integrates key initiatives, including:

• Leadership Commitment - Workplace safety is a top priority, with leadership actively championing and allocating resources for safety initiatives.
• Training & Awareness - All employees undergo comprehensive safety training upon joining DGM, covering workplace hazards, emergency response, and PPE usage. Annual refresher courses and specialized programs (e.g., forklift operation, electrical safety, working at height) reinforce safe work practices.
• Hazard Identification & Risk Assessment - Annual risk assessments identify and address potential workplace hazards. Employees actively contribute by reporting risks, fostering a proactive safety culture.
• OHS Team & EHS Walkthroughs - A dedicated Occupational Health and Safety (OHS) team, including worker representatives, conducts routine inspections and monthly safety meetings. Additionally, Environmental, Health, and Safety (EHS) walkthroughs occur 4-5 times per month to proactively identify and mitigate risks.
• Contractor Safety Management - All contractors are required to obtain a Permit to Work (PTW) and complete a Job Hazard Analysis (JHA) before initiating projects. Random inspections by EHS personnel ensure strict adherence to safety protocols.

At the core of our success is a strong safety culture-when employees at all levels, from senior management to frontline workers, actively prioritize safety, the workplace becomes a safer environment for everyone. Thanks to the dedication of our team, DGM Vietnam recorded zero occupational accidents in 2024.

Awareness

Sustainable Office Competition

Embedding ESG principles across all levels of our oganization is essential to driving meaningful and lasting impact. Since joining the United Nations Global Compact and implementing our ESG policy, we have actively engaged employees through initiatives that promote environmental awareness and responsible business practices.

The Sustainable Office Competition 2024 has been a key initiative, bringing together teams worldwide to showcase innovative solutions that align with our sustainability commitments. This year's competition highlighted impactful actions contributing to the United Nations Sustainable Development Goals(SDGs).

Our Consumers

We are committed to delivering exceptional value to our consumers, exceeding both evolving global regulatory standards and consumer expectations.

Clean Labels

As a responsible food manufacturer and distributor, we strive to produce products that are as close to 100% natural as possible, using additives only when absolutely necessary.

Our flagship brands, Ayam Brand™ and Ayam™, are synonymous with clean labes, which means:

• A short, transparent ingredient list
• GMO-Free
• Preservative-Free
• MSG-Free
• Trans fat-Free

In 2018, we strengthened this commmitment with our «Green Labels» policy. While global markets authorize the use of approximately 350 to 400 food additives, we have voluntarily restricted our selection to only around 100 additives with a well-established pristine reputation. This initiative supports our vision of making mass-market food products more natural, safer, and healthier.

Mercury in Canned Tuna

Tuna is a cornerstone of our product portfolio, holding significant market shares in Malaysia, Singapore, and Brunei. Mercury levels in pelagic fish remain a key consumer concern, and we take full responsibility for ensuring product safety and transparency.

Since July 2016, every batch of our tuna production has undergone independent mercury testing. Between July 2016 and December 2024, all 6,684 production batches of canned tuna met the stringent global limit of 0.5 ppm of methylmercury. Since 2023, our independent laboratory has enhanced its testing capabilities, achieving a detection limit of 0.002 ppm and a quantification limit of 0.005 ppm.

• 99.4% of tested batches contained mercury levels* below 0.2 ppm, with results ranging from 0.005 ppm to 0.195 ppm.
• 0.6% of batches contained levels* between 0.203 ppm and 0.296 ppm, well below the strict 0.5 ppm threshold.

The results demonstrates that our consumers can continue to enjoy our canned tuna products with confidence, free worries about mercury.

To our knowledge, we are the only mass-market tuna brand globally that tests 100% of its production for mercury, reinforcing consumer trust and ddressing key health concerns.

(Trace levels of mercury naturally occur in all foods due to environmental factors such as volcanic activity and land emmissions. The critical focus is detecting abnormal levels (above 0.5 ppm) that indicate pollution-related contamination*.)

Radioactivity in Fish

While regulatory basis ensure that all food distributed in our markets meets safety standards for radioactivity, we recognize that this remains a concern for some consumers.

As an added precaution, we conduct rigorous testing on samples from every batch of sardines and mackerel. By the end of 2024, we had tested over 17,000 batches, consistently yielding results free from radioactive contamination. Consumers can trust that fish under our trademarks are closely monitored and safe from exposure to radioactive pollution.

(*It is important to distinguish between naturally occuring background radiation, which poses no harm, and radioactive pollution resulting from industrial or military activities. Our testing safeguards consumers against the latter.)

BPA-Free Conmmitment

Bishpenol A (BPA) is an industrial chemical used in certain plastics and resins since the 1960s. It is commonly found in polycarbonate plastics and epoxy resins used in food and beverage containers.

In response to scientific concerns, BPA was banned from baby bottle plastics, in 2011, and in 2015, France prohibited its used in all food packaging materials, including cans.

Our BPA-Free Initiative

Since 2015, in alignment with global regulatory standards, we have been working towards eliminating BPA from our can linings. This transition requires extensive research and real-time aging tests to ensure the effectiveness and safety of alternative coatings.

• All sardines, mackerel in tomato sauce, and coconut products now use BPA-free cans.
• As of 2023, our entire canned tuna range is also produced using BPA-free linings.
• A very small number of products continue to use BPA-containing linings due to onconclusive real-time aging test results. Our research and development team is actively working on alternatives, adn we provide full transparency in our reporting.

Products still undergoing BPA-Free transitions as of 2024:

• Barley
• Baked Beans range

Commitmetn to Consumer Well-Being

Our Environmental, Social, and Governance (ESG) vision is centered on providing consumers with absolute confidence in the safety, quality, and sustainability of our products. Through proactive risk assessment and continuous improvement, we remain dedicated to exceeding industry standards and fostering consumer trust.

Our World

DAP companies have always been close to the communities in which they operate. Our companies have participated for many years in several social and charitable activities with local partners. There are multiple examples of this.

Ayam Brand™ Community Care Campaign: 17 Years of Impact

At DAP, we recognize our responsibility to the communities in which we operate. For over 17 years, Ayam Brand™ Community Care Campaign has exemplified our commitment to social impact, ensuring access to nutritious food for those in need.

Since its inception in 2008, the campaign has supported over 28,350 individuals from 635 charity homes and NGOs nationwide, delivering more than 2.2 million nutritious meals.

The 2024 campaign, themed #AyamBersamaMu Sihat & Cergas, promotes healthy eating and active living among Malaysian children. This year, 425 children from four NGOs in Klang Valley will benefit from 76,500 nutritious meals, reinforcing our dedication to long-term well-being.

Through strategic partnerships with Columbia Asia, Focus Point Group, and nutrition experts, Ayam Brand™ facilitates interactive workshops on the Malaysian Healthy Plate concept (Suku-Suku Separuh), fitness routines, and eye health. These initiatives equip children with essential knowledge on nutrition, Omega-3 benefits for growth, and the importance of an active lifestyle.

With one in three Malaysian schoolchidlren classified as overweight or obese, Ayam Brand™ is actively addressing these concerns. By incorporating Omega-3-rich foods into its programs and advocating home-based fitness activities, the brand fosters healthier lifestyles. Addtionally, a collaboration with Focus Point Group ensures children with vision impairments receive prescription glasses, recognizing the increasing prevalence of eyeseight issues in Malaysia.

This initiatives extends beyond donations, providing sustainable solutions, education, and resources to empower children and NGOs is fostering long-term health and well-being.

Other Communicty Initiatives

Our employees are depply engaged in social and charitable activities, demonstrating a strong commitment to community well-being. In 2024, we continued our outreach efforts through impactful initiatives across several regions:

• Beijing, China:

  Our Beijing office donated Alce Nero pasta and Ayam Brand™ canned products (tuna, pasta sauce) to a local orphanage, supplementing our ongoing contributions. The donation certificate expressed gratitude for enabling children with special needs to receive quality education and holistic development.

• Jakarta, Indonesia:

  In Jakarta, we provided Ayam Brand™ products (Mackerels, Fried Mackerels, Saba Mackerels, Curry Tuna, and Processed Peas) to four orphanage organizations. Additionally, on World Senior Citizen's Day (August 21, 2024), we extended support to and Elderly Care Home, reinforcing our commitment to vulnerable communities.

• Singapore:

  Our Singapore initiatives included:

  • $17,500 in cash and product donations to Food from the Heart to support food assistance programs.
  • Collaboration with Lions Befrienders, providing essential supplies to seniors in rental flats, fostering care and social inclusion.
  • Support for Mono Foods, a social enterprise advocating food sustainability.
  • Continued sponsorship of «365 HOURS OF MUSIC» by SING’THEATER, bringing joy to vulnerable communities through music. In 2024, this initiative led to:
    • 14 hospital concerts
    • 125 ward visits (for both children and adults)
    • 44 singing classes for groups including visually impaired individuals, seniors, foreign domestic workers, and children with autism.
    • Reaching over 10,000 beneficiaries, including 4,980 patients.
• Bangkok, Thailand:

  Our Thailand office provided essential Ayam Brand™ products to support flood victims in Northen Thailand and contributed to the YMCA Diplomatic Charity Bazaar.

Cultural and Artistic Contributions

Loan to the National Gallery Singapore

As part of our ESG vision, we believe in sharing artistic heritage with a wider audience rather than keeping it locked away.

DAP owns an important masterpiece: «Chô Bo», an oil painting by renowed French artist Joseph Inguimberty, a key figure in the Hanoi School of Fine Arts. His influence shaped a generation of Southeast Asian modern artists. Recognizing its cultural significance, we have loaned «Chô Bo» to the National Gallery Singapore since 2021. It is prominently displayed alongide «Panorama of Chô Bo», a lacquer painting by Inguimberty's esteemed Vietnamese student, Nguyễn Văn Tỳ.

With 162 years of heritage, DAP owns a collection of significant Southeast Asian artworks. In alignment with our commitment to cultural preservation and accessibility, we remain open to lending more pieces to museums, ensuring they inspire and educate future generations.

Through these initiatives, DAP continues to drive meaningful social impact, prioritizing community well-being, sustainable development, and cultural enrichment as integral pillars of our ESG strategy.

Governance & Ethics

Corporate Governance Framework

Denis Asia Pacific (DAP) has established a strong legacy of governance and ethical business practices, upheld consistently throughout its history. The company is committed to maintaining the highest ethical and professional standards while integrating evolving governance and compliance requirements in an increasingly transparent and complex global landscape.

Since 2020, DAP's governance strategy has focused on regional harmonization of best practices, strengthening gender equality initiatives, and enhancing anti-corruption measures.

DAP, including its subsidiaries and affiliated companies, adheres to the highest corporate governance standards. The Board of Directors of Denis Asia Pacific Pte Ltd comprises eight members, including the Group's CEO, who is responsible for strategic oversight, investment decisions, and operational performance. The company emphasizes robust governance practices, inlcuding board composition, director responsibilities, access to information, and transparent shareholder engagement.

Internally, the Governance, Risk & Regulatoryu (G2R) Committee oversees key governance areas through three dedicated sub-committees:

• Audit Sub-Committee: Reports to the Board of Directors and Chairman, responsible for reviewing internal audit plans, investigating internal control matters, and working with external auditors to consolidate audited accounts.
• Risk Sub-Committee: Comprising nine senior executives, this sub-committee assesses, monitors, and mitigate corporate risks while ensuring appropriate insurance coverage.
• Regulatory Sub-Committee: Monitors regulatory changes, particularly within the highly regulated food industry, ensuring compliance with evolving standards.

The Board of SFI Supply Management, which consists of four directors-including its Managing Director and three directors from Denis Asia Pacific Pte Ltd-follows the same governance and audit principles.

Ethics & Compliance

Code of Ethics

DAP's Code of Ethics is outlined in the printed employee handbook or accessible via the company intranet when applicable. This code defines the company's commitment to ethical business conduct, regulatory compliance, and responsible corporate behavior.

Zero-Tolerance Policy & Whistleblower Protection

DAP enforces a zero-tolerance policy for severe ethical violations. Employees, suppliers, customers, contractors, and other stakeholders are encouraged to report concerns through 'DG-report.net', a secure and anonymous reporting platform. The zero-tolerance policy and whistleblower procedure are prominently displayed in the employee handbook and on corporate websites.

Reportable concerns includes:

• Corruption and bribery
• Regulatory non-compliance
• Harassment
• Discrimination based on gender, cultural background, origin, or disabilities
• Theft, forgery, or misappropriation of funds
• Abuse of power or authority
• Suspected modern slavery within DAP or its supply chain

Whistleblowers are protected against retaliation. Reports are assessed by the Ethics Committee, with frivolous claims dismissed and serious allegations subject to thorough investigation, potentially escalating to law enforcement if necessary.

We ensure that this policy is known by all employees through company Handbook and training.

Anti-Corruption & Bribery Policy

DAP's anti-corruption policy emphasizes training, awareness, and compliance at all levels. Employees are categorized into three commitment levels based on risk exposure:

• Factory and warehouse workers: Receive training and sign an anti-corruption pledge every three years(last conducted in 2023, next scheduled for 2026).
• Office employees: Complete mandatory e-learning on anti-corruption and bribery every two years, obtaining certification aligned with stringent legal framework across markets.
• Higher-risk employees (sales, procurement, marketing, etc.): Besides the mandatoy e-learning, they undergo specialized training conducted by professional consultants every two years.

Corruption and bribery allegations result in immediate suspension during investigation and, if confirmed, automatic dismissal and reporting to relevant authorities. DAP reinforces a strong «tone at the top» to uphold its zero-tolerance stance.

Anti-Modern Slavery Policy

DAP is committed to fight modern slavery, including slavery, servitude, force marriage, forced labour, debt bondage, deceptive recruiting for labour services and the worst forms of child labour. The policy is structured around three pillars:

• Full Commitment: Zero tolerance for modern slavery. Any reasonable suspicion should be handled as soon as possible by the Ethics Committee, that could decide to dismiss implicated or negligent staff and ban stakeholders, including suppliers. The Ethics Committee has also the duty to report to authorities if the alleged facts contravene local laws and regulations. Significant Suppliers must sign a Supplier Code of Conduct or provide an equivalent policy if more stringent.
• Awareness & Training: Employees in roles that may encounter modern slavery (e.g., general managers, auditors, and supply chain personnel) undergo biannual training and sign an anti-modern slavery pledge.
• Duty to Report: Employees must report suspected modern slavery cases to senior management or via the whistleblower platform.

The Ethics Committee

The Ethics Committee plays a pivotal role in governance, with responsibilities including:

1. Establishing ethics policies applicable to all DAP entities, unless superseded by local law.
2. Approving subsidiary-specific ethics and behavioral guidelines.
3. Reviewing severe ethical violation and recommending appropriate disciplinary actions to the CEO. Any deviation from recommendations must be justified to shareholders.

The Ethics Committee comprises shareholder representatives, the CEO, senior management, and at least one independent external expert. Currently, Mrs. Ai Ming Lee (Senior Consultant at Dentons-Rodyk, Singapore Justice of the Peace, Member of the Singapore Public Service Commission's Disciplinary Panel of Persons, the Board of Visiting Jusctices and Board of Inspection of the Singapore Prison Services, and the Singapore Copyright Tribunal, and Independent Director on the Board of Temasek Life Sciences and Lendlease Global Commercial Reit.) serves as the external member, bringing expertise from legal and public service backgrounds.

The Ethics Committee met on Febuary 4th, 2025, to review the 2024 ESG period:

Whistleblower Reports In 2024

DAP received 18 reports through ‘DG-report.net’. A breakdown of findings includes:

• One case (two reports) fell under the Ethics Committee's jurisdiction.
• All other reports were assessed and directed to relevant departments as appropriate.
• Two reports were deemed irrelevant, and three were identified as bot-generated spam (IT has since implemented preventive measures).
• Anonymity was upheld for all whistleblowers who requested it.

Policy Implementation & Training Initiatives

• Anti-Corruption: In 2024, 155 higher-risk employees across Singapore, Malaysia, Thailand, and Australia participated in Corruption & Bribery Training, led by Dr. Muhammad Mohan (Malaysian institute of Management). Training will be expanded to China, Indonesia, and Vietnam in 2025.
• Anti-Modern Slavery: Group HR aims to finalize the list of high-risk employees and initiate training by Q1 2025, with completion of pledges by mid-year.
• Women's Empowerment Principles (WEPs): A further assessment of the WEPs Gender Gap Analysis Tools was conducted to track progress and identify areas for workplace equity improvement. HR teams across entities will continue to refine policies and initiatives throughout 2025.

DAP remains steadfast in its commitment to governance, ethics, and sustainability, continuously strengthening its policies and practices to align with evolving global standards and stakeholder expectations.

Conclusion by Our CEO

2024: A Year of Consolidation and Sustainable Impact

The year 2024 was marked by consolidation. with inflation exerting a perceptible impact. As detailed in this report, we maintained our performance despite a slight decrease in production compared to the previous year. This reduction in production led to a measurable decrease in our carbon footprint.

Notably, the reduction in our carbon emissions outpaced the reduction in production, underscoring the effectiveness of our renewable energy capabilities and advanced energy management strategies.

In addition, 2024 saw significant advancements in our governance framework, particularly in strengthening our policy against corruption and modern slavery. These efforts were supported by the full commitment of our employees, reflecting the company's dedication to ethical business practices.

Our latest products' life cycle assessments have delivered outstanding results, demonstrating that our long-term strategic sustainability choices contribute to both long-term environmental responsibility and the resilience of our business model.

Looking ahead, our 2025 sustainability report will integrate a more comprehensie contextual analysis of our business and a refined strategic outlook, leveraging a double materiality matrix to enhance decision-making and transparency.

This progress has only been possible due to the strong commitment of our leadership and the dedication of our employees, whom I sincerely thank. Futhermore, we are witnessing a growing ESG collaboration with suppliers and customers, reinforcing our shared commitment to sustainability.

I extend my gratitude to all employees and partners for their invaluable contributions and dedication to our company's sustainability vision.

Fabien Reyjal
C.E.O.