Dear Stakeholders
2007 marks CDL’s best year to-date, having achieved a record financial year of revenue and profit. It was also a key year for the Company, having made considerable accomplishments in the environmental and social arena.

We started our Corporate Social Responsibility (CSR) journey as early as the 1990s, but it was only in 2004 that we decided to publish a short CSR report within our Annual Report with the objective of reaching out to our investors and sharing the Company's CSR efforts in light of the changing social, business and environmental climate. Even though this is not an obligatory requirement in Singapore, we believed that having such a report has helped us to reaffirm our commitment, continuously strive towards improving our practices and above all, develop a CSR culture within the organisation.

We have decided to take another significant step forward in the CSR direction with the publication of our inaugural Social and Environmental Report. This dedicated report will encompass information regarding CDL’s social and environmental performance.

Although such a report is still uncommon in Singapore, CDL is voluntarily disclosing the information as the Company strongly respects and upholds the principles of corporate transparency and open communication. At CDL, we believe that reaching out, sharing our progress and being responsive to our key
stakeholders is vital in sustaining the success and growth of the Company. The accomplishments we have made so far would not have been realised without your support.

While much effort has been taken to collate the information in this report, this only represents a turning point in our CSR journey. We recognise that there is still a long road of progression and innovation ahead.

With this report, CDL is committed to setting targets to not only improve our social and environmental performance, but to start tracking and measuring our efforts, where possible. It is our goal to publish this report annually to keep our stakeholders abreast of our activities and performance.

With the weakened economic climate triggered by the US sub-prime crisis, 2008 will be a challenging year for many corporations. Amidst these business challenges, CDL remains fully committed to continue to invest time and resources to sustain our CSR initiatives and programmes. CSR remains an integral part of
our corporate vision and culture. Our journey will continue to evolve and respond to the changing needs of our stakeholders, mindful of our role as a responsible global citizen.

Kwek Leng Joo
Managing Director