#1爱 CapitaLand Integrated Commercial Trust 凯德综合商业信托 CapitaLand Investment & REITS Taiwan Corporate Day 19 November 2021 Funan CapitaLand Integrated Commercial Trust#2Forward-looking Statements This presentation may contain forward-looking statements. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, availability of real estate properties, competition from other developments or companies, shifts in customer demands, shifts in expected levels of occupancy rate, property rental income, charge out collections, changes in operating expenses (including employee wages, benefits and training, property operating expenses), governmental and public policy changes and the continued availability of financing in the amounts and the terms necessary to support future business. You are cautioned not to place undue reliance on these forward-looking statements, which are based on the current view of management regarding future events. No representation or warranty express or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in this presentation. Neither CapitaLand Limited ("CapitaLand”) nor any of its affiliates, advisers or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising, whether directly or indirectly, from any use of, reliance on or distribution of this presentation or its contents or otherwise arising in connection with this presentation. The past performance of CapitaLand or any of the listed funds managed by CapitaLand Group ("CL Listed Funds") is not indicative of future performance. The listing of the shares in CapitaLand ("Shares") or the units in the CL Listed Funds ("Units") on the Singapore Exchange Securities Trading Limited ("SGX-ST") does not guarantee a liquid market for the Shares or Units. This presentation is for information only and does not constitute an invitation or offer to acquire, purchase or subscribe for the Shares, Units or shares of CapitaLand Investment Management Limited ("CLIM"). No offering of Shares, Units or shares of CLIM is being made in connection with the matters discussed herein in Singapore or otherwise. The directors of the Company (including any who may have delegated detailed supervision of the preparation of this presentation) have taken all reasonable care to ensure that the facts stated and all opinions expressed in this presentation in each case which relate to the Company, CLIM and CapitaLand Integrated Commercial Trust ("CICT") (excluding information relating to the Offeror or any opinion expressed by the Offeror) are fair and accurate and that, where appropriate, no material facts which relate to the Company, CLIM and CICT have been omitted from this presentation, and the directors of the Company jointly and severally accept responsibility accordingly. Where any information which relates to the Company, CLIM and CICT has been extracted or reproduced from published or otherwise publicly available sources or obtained from the Offeror, the sole responsibility of the directors of the Company has been to ensure that, through reasonable enquiries, such information is accurately extracted from such sources or, as the case may be, reflected or reproduced in this presentation. The directors of the Company do not accept any responsibility for any information relating to the Offeror or any opinion expressed by the Offeror. CapitaLand Integrated Commercial Trust 2#3About CICT Capita Green, Singapore CapitaLand Integrated Commercial Trust#4CapitaLand Integrated Commercial Trust ¼Â¶ĦĦ (CICT) 凯德综合商业信托 CapitaLand Integrated Commercial Trust Investment Merits Largest proxy for Singapore's commercial real estate market with proven track record and trading liquidity Well-diversified quality portfolio in strategic locations that offers resilience and stability through market cycles Ability to tap on opportunities in Singapore and other developed markets to drive performance and growth Committed to generate stable distributions and sustainable returns to unitholders; Trading at >5% yield based on analyst forecast consensus FY 2022 DPU Backed by a strong sponsor with highly experienced fund and property management teams st 4#5Largest proxy for Singapore's commercial real estate market Market Capitalisation S$14.1 billion (1) Total Net Lettable Area 10.4 million sq ft(2) Portfolio Property Value S$22.3 billion (3) Predominantly Singapore-focused with no more than 20% of portfolio property value overseas Singapore 96% (22 properties) Portfolio property value(3) by geography Germany 4% (2 properties) Notes: (1) Based on closing price of S$2.18 as at 17 November 2021. (2) (2) Excludes CapitaSpring which is undergoing redevelopment. Based on valuations as at 31 December 2020. (3) Integrated developments comprises office, retail and hotel or serviced residence components within the same development. CapitaLand Integrated Commercial Trust A Diversified across three asset classes; all 24 assets are green-rated 5 Integrated Developments(4) 29% Portfolio property value(3) by asset class 11 Retail 33% 8 Office 38% LO 5#6Well-located Properties Across Singapore Integrated Developments BOON LAY JURONG LAKE DISTRICT 4 BISHAN SUB-REGIONAL CENTRE BISHAN BUKIT PANJANG 8 9 CHOA CHU KANG 11 JURONG EAST 6 CapitaLand Integrated Commercial Trust A DHOBY GHAUT 5 CLARKE QUAY CITY HALL 4 5 3 TELOK AYER TANJONG PAGAR CENTRAL 2 RAFFLES PLACE DOWNTOWN AREA SHENTON WAY MARINA BAY BUGIS TAMPINES REGIONAL CENTRE BEDOK Office 1 Capita Spring (45.0% interest) 1 Asia Square Tower 2 2 CapitaGreen 2 Funan 3 Capital Tower 3 Raffles City Singapore 4 One George Street (50.0% interest) 4 Plaza Singapura 5 The Atrium@Orchard 4 Six Battery Road 5 21 Collyer Quay Retail 1 Bedok Mall 10 TAMPINES 2 Bugis+ 3 Bugis Junction 4 Bukit Panjang Plaza 5 Clarke Quay 6 IMM Building 7 JCube 8 Junction 8 9 Lot One Shoppers' Mall EAST WEST LINE NORTH SOUTH LINE NORTH EAST LINE CIRCLE LINE DOWNTOWN LINE 10 Tampines Mall LIGHT RAIL TRANSIT LINE THOMSON-EAST COAST REGION LINE 11 Westgate FUTURE CIRCLE LINE FUTURE THOMSON-EAST COAST REGION LINE FUTURE JURONG REGION LINE PROPERTIES IN SUBURBAN AREAS CO 6#7Exposure to Germany's Office Market with 2 Strategically Located Properties in Frankfurt Airport Office District and Banking District Excellent connectivity between Frankfurt airport and Frankfurt city centre via a comprehensive transportation infrastructure network Close proximity between Frankfurt airport office district and Frankfurt city centre FRANKFURT CBD 1 DB 20 mins by Car . Via A3/A5 motorways 11 mins by Train • Inter City Express (ICE) high speed trains offer 204 domestic and regional connections 15 mins by S-Bahn commuter railway 4 stops to Frankfurt city centre (Frankfurt central station) CapitaLand Integrated Commercial Trust A 2 DB Frankfurt Airport Station Gateway Gardens A5 A3 Frankfurt Central Station BANKING DISTRICT B43 1. Gallileo Frankfurt Airport 2. Main Airport Center DB ICE S-Bahn Expressway/ Highway Frankfurt Airport Office Submarket Frankfurt CBD 7#8Key Operational Highlights Portfolio Committed Occupancy (as at 30 Sep 2021) 4444 4444 94.4% Portfolio WALE (3) (as at 30 Sep 2021) 3.0 years Retail Tenants' Sales psf (average monthly of YTD Sep 2021) Recovery level 83.8% (1) vs FY 2019 Average 101.0%(²) vs YTD Sep 2020 Average Return of Office Community (average for week ended 15 Oct 2021) 15.7%(4) Notes: (1) Comparison against FY 2019 average monthly tenants' sales psf and adjusted for non-trading days. (2) Comparison against YTD Sep 2020 average monthly tenants' sales psf and adjusted for non-trading days. (3) Portfolio weighted average lease expiry (WALE) is based on gross rental income for the month of September 2021 and excludes gross turnover rent. Includes 50.0% interest in One George Street, Singapore, 94.9% interest in Gallileo and Main Airport Center, Frankfurt; and WeWork's 7-year lease at 21 Collyer Quay. (4) Work from home is the default work arrangement as at 15 October 2021. CapitaLand Integrated Commercial Trust A 8#9Key Financial Indicators Aggregate Leverage (1) 40.9% Average Cost of Debt(2) 2.3% S + 'A3' by Moody's 'A-' by S&P Issuer Rating % of Borrowings on Fixed Rate 84% All information as at 30 September 2021. Notes: (1) In accordance with Property Funds Appendix, CICT's proportionate share of its joint ventures' borrowings and deposited property values are included when computing aggregate leverage. Correspondingly, the ratio of total gross borrowings to total net assets is 71.9%. (2) Ratio of interest expense over weighted average borrowings. CapitaLand Integrated Commercial Trust A 9#10CICT's Value Creation Strategy To deliver stable distributions and sustainable returns to unitholders Undertaking appropriate divestment of assets that have reached their optimal life cycle Sale of 50% interest in One George Street Redeploying divestment proceeds into higher yielding properties or other growth opportunities Portfolio reconstitution Acquisition Asset enhancement and redevelopments Investing through property market cycles in Singapore, Germany and other developed markets Guide for overseas exposure not more than 20% of portfolio value Seeking opportunities from third parties and CapitaLand Asset class focus: Retail, office and integrated developments CapitaLand Integrated Commercial Trust Achieving the highest and best use for properties ⚫ Repositioning or repurposing single use assets in line with changing real estate trends and consumers' preferences Redeveloping properties from single use to integrated projects 10#11Execution of value creation strategy Optimise Development Potential Redevelopment of car park into a commercial asset Active Asset Management Rejuvenation of offerings and enhancing retail experience at Raffles City shopping mall la senteur Portfolio Reconstitution Sale of 50.0% interest in One George Street Capita Spring to obtain full TOP by end-2021 Committed occupancy at 83.1% CapitaLand Integrated Commercial Trust A GLAM UP Top BEAUTY • Strong sense of arrival with more specialty • retail along Level 1 corridor fronting the main entrance from City Hall MRT Target completion in 4Q 2022 Sale price of S$640.7 million (50.0% interest), ~14% above book value as at 31 Dec 2020 Exit NPI yield of 3.17% 11#12Strong Emphasis on ESG: Credentials Recognition GRESB 2021 Global Real Estate Sustainability Benchmark (GRESB) 2021 Rated 5-star with improvement to 87 points from 85 points and 'A' for public disclosure Inclusion in sustainability indices ✓ FTSE4Good Developed Index ✓ FTSE4Good ASEAN 5 Index ✓ MSCI Pacific ESG Leaders Index ✓ iEdge ESG Leaders Index ✓ STOXX® Global ESG Leaders ✓ Global ESG Governance Leaders Singapore Governance and Transparency Index 2021 (SGTI) (REIT and Business Trust category) Fifth position Governance Index for Trusts 2021 (GIFT) Ninth position Sustainable financing 17% of CICT's portfolio borrowings are green/sustainability-linked as at 30 September 2021 CapitaLand Integrated Commercial Trust A 12#13Why Invest in CICT? ✓ High liquidity with average monthly traded volume of >350 million units ✓ Attractive yield of >5% based on analyst forecast consensus FY 2022 DPU ✓ Diversification across office, retail and integrated developments ✓ Predominantly Singapore focused with no more than 20% of portfolio property value overseas ✓ Riding on Singapore's gradual re-opening 85% of Singapore's population has completed their full regimen of COVID-19 vaccines (1) as at 15 November 2021 Note: Singapore extended Vaccinated Travel Lane scheme to more countries ST Fully vaccinated workers can return to office from 1 January 2022 Up to 5 fully vaccinated persons from the same household allowed to dine-in at F&B establishments CICT to capitalise on opportunities in Singapore and overseas developed markets with re-opening (1) Source: Ministry of Health. Please visit Ministry of Health's website for the latest COVID-19 updates CapitaLand Integrated Commercial Trust 13#14Funan The End For enquiries, please contact: Ms Ho Mei Peng, Head, Investor Relations Direct: (65) 6713 3668 | Email :[email protected] CapitaLand Integrated Commercial Trust Management Limited (http://www.cict.com.sg) 168 Robinson Road, #25-00 Capital Tower, Singapore 068912 Tel: (65) 6713 2888 | Fax: (65) 6713 2999 CapitaLand Integrated Commercial Trust#15Additional information CapitaLand Integrated Commercial Trust#16CICT's 12-month trading price performance was up 7.9%; Average monthly traded volume of 368.1 million units CICT's trading price range: S$1.95 - S$2.35 CICT Trading Performance as at 17 Nov 2021 2.60 2.40 2.20 2.02 2.00 1.80 1.60 1.40 1.20 10 70 60 60 2.18 50 50 40 30 20 Millions 10 1.00 0 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Volume Last Price (S$) Nov 2020 Dec 2020 Jan 2021 Feb 2021 Mar 2021 Apr 2021 May 2021 Jun 2021 Jul 2021 Aug 2021 Sep 2021 Oct 2021 1-17 Nov 2021 Monthly Trading 597,487,596 393,831,655 426,518,800 316,886,355 388,474,072 253,377,400 438,015,093 370,237,714 332,405,700 345,232,500 533,004,890 377,143,603 153,804,800 Volume Source: Bloomberg CapitaLand Integrated Commercial Trust A 16#17Proactive Capital Management As at 30 September 2021 9.5 As at 30 June 2021 9.4 Total Borrowings (S$ billion) Aggregate Leverage (1 % of Borrowings that are Green/Sustainability-linked % of Borrowings on Fixed Interest Rate % of Total Assets that are Unencumbered Net Debt/ EBITDA (2) Interest Coverage (3) Average Term to Maturity (years) Average Cost of Debt (4) CICT's Issuer Rating(5) 40.9% 40.5% 17% 15% 84% 85% 95.7% 95.8% N.M. N.M. 4.1x 4.0x 4.1 4.3 2.3% 2.4% 'A3' by Moody's 'A-' by S&P 'A3' by Moody's 'A-' by S&P Notes: (1) In accordance with Property Funds Appendix, CICT's proportionate share of its joint ventures' borrowings and deposited property values are included when computing aggregate leverage. Correspondingly, the ratio of total gross borrowings to total net assets is 71.9%. (2) Net Debt comprises Gross Debt less total cash and EBITDA refers to earnings of CICT Group, before interest, tax, depreciation and amortisation (excluding effects of any fair value changes of derivatives and investment properties, foreign exchange translation and non-operational gain/loss), on a trailing 12-month basis. (3) Ratio of earnings of CICT Group, before interest, tax, depreciation and amortisation (excluding effects of any fair value changes of derivatives and investment properties, foreign exchange translation and non- operational gain/loss) over interest expense and borrowing-related costs, on a trailing 12-month basis. (4) Ratio of interest expense over weighted average borrowings. (5) Moody's Investors Service downgraded CICT's issuer rating to 'A3' on 1 October 2020. S&P Global Ratings assigned 'A-' issuer rating to CICT on 30 September 2020. N.M.: Not meaningful CapitaLand Integrated Commercial Trust E 17#18CICT Debt Maturity Profile as at 30 September 2021 Facilities in place to refinance debt maturing in 2021 and 2022(1) S$ million 1,800 1,600 17% 17% 1,608 1,583 14% 1,347 1,400 12% 1,200 1,111 870 900 1,000 265 800 600 501 400 12% 1,178 11% 1,004 418 832 299 6% 580 187 290 4% 215 738 460 2% 683 518 2% 470 1% 407 1% 300 250 150 2024 Unsecured Bank Loans 120 2025 2026 2027 2028 2029 ■Secured Bank Loans ■Medium Term Notes ("MTN") 125 75 2030 2031 2032 2033 200 1% 345 75 0 2021 2022 2023 Notes: (1) Excluding debt under JVs due in 2022. Please visit CICT website for details of the respective MTN. CapitaLand Integrated Commercial Trust A 18#19Operational Highlights - Portfolio and Integrated Developments Notes: Portfolio Occupancy 94.4% as at 30 Sep 2021 Portfolio WALE by Monthly Gross Rental Income (GRI)(1) S 3.0 Years as at 30 Sep 2021 S मांग Integrated Developments 96.2% Occupancy as at 30 Sep 2021 Integrated Developments WALE by Monthly GRI(2) 5.0 Years as at 30 Sep 2021 (1) Portfolio weighted average lease expiry (WALE) is based on gross rental income for the month of September 2021 and excludes gross turnover rent. Includes 50.0% interest in One George Street, Singapore, 94.9% interest in Gallileo and Main Airport Center, Frankfurt; and WeWork's 7-year lease at 21 Collyer Quay. (2) Based on gross rental income as at 30 September 2021 and excludes turnover rents. CapitaLand Integrated Commercial Trust A 19#20Operational Highlights - Retail Segment S Retail Occupancy (1) 96.4% as at 30 Sep 2021 Retail WALE by Monthly GRI(2) Shopper Traffic 1.9 Years as at 30 Sep 2021 Recovered to 100.9% vs YTD Sep 2020 Average Retail Tenants' Sales Per Square Foot Recovered to 101.0% vs YTD Sep 2020 Average (1) Retail occupancy includes retail only properties and the retail components within integrated developments (2) Based on gross rental income of committed leases in retail properties and retail components in Integrated Development as at 30 September 2021. Notes: CapitaLand Integrated Commercial Trust A 20 20#21Properties Suburban (3) Downtown (4) CICT Portfolio Continual Easing of Rental Reversion Decline Rate From 1 January to 30 September 2021 (Excluding Newly Created and Reconfigured Units)(1) Net Lettable Area No. of Renewals / New Leases Retention Rate (%) Area (sq ft) Percentage of Mall (%) 332 83.1 414,008 18.3 207 81.2 280,620 12.5 539 82.4 694,628 15.4 Change in Incoming Year 1 Rents vs Outgoing Final Rents (typically includes annual step-ups) (%) (2) (3.8) (14.3) (8.0) From 1 January to 30 September 2021 (Excluding Newly Created and Reconfigured Units)(¹) Net Lettable Area Properties No. of Renewals / New Leases Retention Rate (%) Area (sq ft) Percentage of Mall (%) Change in Incoming Average Rents vs Outgoing Average Rents (%) Suburban(3 (3) 332 83.1 414,008 18.3 Downtown (4) 207 81.2 280,620 12.5 (0.9) (8.0) CICT Portfolio 539 82.4 694,628 15.4 (3.8) Notes: (1) Based on retail leases only. (2) Exclude gross turnover rents, which typically made up 5-7% of retail gross rental revenue. (3) Suburban malls comprise Tampines Mall, Bedok Mall, Junction 8, Lot One Shoppers' Mall, Bukit Panjang Plaza, IMM Building, Westgate and JCube. (4) Downtown malls comprise Plaza Singapura, The Atrium@Orchard, Bugis Junction, Bugis+, Clarke Quay, Raffles City Singapore and Funan. CapitaLand Integrated Commercial Trust A 21#220% 90 50% 100% Start of Phase 1 and 2 I I YTD Sep 2021 Average Monthly Tenants' Sales psf (1) and Shopper Traffic On Par with 2020 Level Recovery levels for tenants' sales and shopper traffic 150% Start of Circuit Breaker at CICT retail portfolio vs average for 2019 Start of Phase 3 Recovery Progress Suburban End of Phase 2 (HA) Periods of Comparison: 2019 average (1) Year-on-year (2) Portfolio Average Mall Average Downtown Mall Average Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 Start of Phase 2 (HA) 2019 Average (1) YTD Sep 2021 Tenants' 2019 Average 83.8% 92.4% 72.3% Sales psf(3) Year-on- year 101.0% 100.7% 100.8% May-21 Jun-21 Notes: Tenant Sales $psf/month Shopper Traffic (1) 2019 average shopper traffic and tenants' sales psf per month. Tenants' sales psf adjusted for non-trading days. (2) YTD Sep 2020 average shopper traffic and tenants' sales psf per month. Tenants' sales psf adjusted for non-trading days. (3) YTD Sep 2021 average tenants' sales psf per month. Adjusted for non-trading days. CapitaLand Integrated Commercial Trust A Jul-21 Aug-21 Sep-21 YTD Sep 2019 Average 59.8% 64.4% 54.5% 2021 Shopper Traffic Year-on- year 100.9% 101.9% 99.5% 22#23Operational Highlights - Office Segment Notes: Office Occupancy (1) 92.6% as at 30 Sep 2021 Office WALE by Monthly GRI(2) 88888 Singapore Office Occupancy (1) 91.7% as at 31 Mar 2021 (CBRE SG Core CBD occupancy: 92.1%) Return of office community for week ended 15 Oct 2021 (3) 2.6 Years as at 30 Sep 2021 15.7% (1) Based on committed occupancy as at 30 September 2021. (2) Based on gross rental income as at 30 September 2021. Includes Raffles City Tower, Funan (office), The Atrium@Orchard (office), Gallileo and Main Airport Center's leases; and WeWork's 7-year lease at 21 Collyer Quay from late 2021. Rent payment for 21 Collyer Quay expected in 2Q 2022. (3) Work from home is the default work arrangement as at 15 October 2021. CapitaLand Integrated Commercial Trust A 23#24Strengthening Our Operations Amid Uncertainties Navigating challenges and seizing opportunities for growth . Portfolio Maintain high portfolio occupancy and rental growth • Review our asset plans to improve quality of portfolio . Support tenants with appropriate targeted support Stakeholders · Engage our stakeholder groups and build lasting partnerships Technology and evolving real estate trends Cost and capital • Maintain agility and flexibility to reposition our products and introduce new offerings • Leverage CapitaLand's CapitaStar ecosystem for omnichannel marketing • Maintain a strong balance sheet with financial flexibility to tap on growth opportunities CapitaLand Integrated Commercial Trust A 24#25Market Outlook • 3Q 2021 GDP growth was 6.5% year-on-year based on advance estimates(1) Singapore Economy • 2021 GDP growth projected between 4.0% and 6.0% (1) Singapore Retail Singapore Office (3) Germany Office Pandemic Notes: (1) Source: Ministry of Trade and Industry (2) Source: Ministry of Manpower (3) Source: CBRE Research, 3Q 2021 • Overall unemployment rate dipped slightly, from the 2.8% in Jul 2021 to 2.7% in Aug 2021(2) • Suburban retail prime rents continued to grow • Poised to benefit from improvement in economic activity and consumer sentiment with the progressive easing of border restrictions in 2022 and higher vaccination rates, barring any unforeseen setbacks • Limited supply between 2021 to 2024 with no new projects of more than 100,000 sq ft in Downtown • Grade A CBD office rents continued to recover Q-o-Q in 3Q 2021 to S$10.65 psf • CBRE expects further rental growth in the mid term underpinned by tight vacancy, limited options in next three years and rapid expansion in demand from the tech sector • Limited supply between 2021 to 2024 with larger projects' completion in 2023 and 2024 • Forecast for Germany's 2021 and 2022 GDP at 2.7% and 4.1% respectively (4) • CBRE noted office leasing market gradually returning to normal, in line with their survey on companies' space requirements post pandemic that about two-thirds of the respondent companies in Europe anticipate they will need the same or even up to 30% more space (5) • Pandemic situation continues to be fluid while economies are opening up given high levels of vaccination rate . Singapore government has maintained a cautious approach to gradual reopening • 85% of Singapore's population has completed their full regimen of COVID-19 vaccines (6) as at 15 November 2021 Singapore extended Vaccinated Travel Lane scheme to more countries • • Germany could see potential tightening of measures with new wave of infections (4) Source: European Commission: Autumn 2021 Economic Forecast for Germany (5 Source: CBRE Germany office investment market 3Q 2021 (6) Source: Ministry of Health. Please visit Ministry of Health's website for the latest COVID-19 updates CapitaLand Integrated Commercial Trust A 25