TECHNOLOGY & INNOVATION Technology and innovation are at the core of our business. We are committed to sustaining our business through investing in R&D and cultivating an innovative culture. We take a group-wide approach towards innovation so that we can leverage our strengths across business areas while building distinct capabilities. To keep upto-date with new and disruptive technologies, we also leverage on external capabilities that will help us to accelerate innovation. We are focused on developing technologies that will place us at the digital forefront. OUR COMMITMENT We are committed to improving lives, and making the world more secure and sustainable through technology and innovation. We have an ability to harness disruptive technology and direct our engineering expertise towards building innovative products and solutions. These strengths are at the core of our business success and help us to fulfil our commitments. In 2022, we spent $327m on R&D. This translates to a R&D intensity of 3.6% OUR GOALS Our 2022 Goals Continue to spend up to 5% of our annual revenue on R&D, of which up to 75% will be on digital technologies Our Achievements Our R&D spend in 2022 is more than 3% of our annual revenue. 75% of the R&D is on digital technologies Our 2023 Goals Maintain R&D spend of up to 5% of our annual revenue, of which up to 75% is R&D in digital technologies Identify new technologies to deliver future growth in line with our sustainability and digital strategy OUR APPROACH We Recognise the Importance of R&D We believe in prudent and focused R&D investment, driven by business and product roadmaps that support our business growth. In 2022, we refreshed our Group Technology Strategy in support of our five-year business plan. ECONOMIC
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