#1ASCOTT CapitaLand CAPITALAND LIMITED Divestment of Partial Stakes in Six Raffles City Developments in China 28 June 2021#2Disclaimer CapitaLand 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 Limited ("CLI") (formerly known as CapitaLand Financial Limited and CapitaLand Investment Management Limited or CLIM¹). No offering of Shares, Units or shares of CLI 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, CLI and CapitaLand Integrated Commercial Trust ("CICT") (excluding information relating to CLA Real Estate Holdings Pte. Ltd. (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, CLI 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, CLI 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. Note: (1) CLI effected a change of name from CapitaLand Financial Limited to CapitaLand Investment Management Limited on 22 March 2021 and subsequently from CapitaLand Investment Management Limited to CapitaLand Investment Limited on 18 June 2021 2#3Divestment of Partial Stakes in Six Raffles City Developments in China: Transaction Overview Transaction Overview Raffles City Beijing 55.0% 30.0%1 Digital platform of 13- million member4 base fortifies network CapitaLand's retail Beijing Tianjin Raffles City Chengdu 55.0% 30.0%¹ k 凯德星 CAPITASTAR Xi'An Suzhou Chengdu Hangzhou Wuhan Chongqing Raffles City Hangzhou 55.0% 30.0% Guangzhou Shenzhen CapitaLand Raffles City assets Other CapitaLand retail assets² in China Raffles City Shanghai 30.7% 12.6%1 Shanghai Raffles City Changning Ningbo 42.8% 25.0%¹ □ CapitaLand to divest partial stakes in a group of companies that own six Raffles City (RC) developments in China for RMB46.7bn (~S$9.6bn), a 6.7% premium to valuation □ Achieved FRE/FUM5 ratio of approximately 62bps for the portfolio Successfully onboard long-term Chinese onshore strategic partner - Ping An Life Insurance Company of China, Ltd. ("Ping An") to acquire: ■ 70.0% onshore stake in RC Beijing, RC Chengdu, RC Ningbo, RC Hangzhou and RC Changning; and 60.0% onshore stake in RC Shanghai; Coincides with the landmark registration of CapitaLand as a private equity fund manager in China CapitaLand China retains 12.6% to 30.0% stake in each development and will remain as the asset manager for all six RCs, earning FRE CapitaLand's FY 2021 S$3bn capital recycling target met - More than S$2bn of net proceeds to be unlocked Raffles City Ningbo 55.0% 30.0%¹ □ Transaction expected to complete in 3Q 2021 Strong retail network of 43 operating malls² across five core city clusters³ Notes: 1. 23 2. Numbers refer to CapitaLand's effective stake in the project pre and post transaction As of 31 March 2021. Includes Integrated Development 3. Comprises Shanghai/Hangzhou/Suzhou/Ningbo, Beijing/Tianjin, Guangzhou/Shenzhen, Chengdu/Chongqing/Xi'an and Wuhan 4567 4. China CapitaStar membership as of 31 Mar 2021 5. See glossary 6. Average across 2008 - 2020 7. Proceeds and NAV uplift due to the divestment will be captured under CLI, should the proposed restructuring announced on 22 Mar 2021, be approved by CapitaLand's shareholders and completed 3#4Divestment of Partial Stakes in Six Raffles City Developments in China: Transaction Overview Raffles City Portfolio in China A leader in integrated developments CapitaLand CapitaLand Effective stake post transaction: 25.0% 30.0% 30.0% 12.6% 30.0% 30.0% 20.8% 30.4% 100.0% RC Changning RC Hangzhou RC Ningbo RC Shanghai RC Beijing RC Chengdu RC The Bund RC Shenzhen Holding Senning (JV) RCCIV¹ RCCIV¹ RCCIV¹ RCCIVI RCCIV¹ RCCIP III entity Total GFA1 273,446 282,177 100,184 139,593 110,996 242,086 312,728 121,348 RCCIP III RC Chongqing³ CapifaLand 763,540 (sqm) Completion 2017 2017/2018 2012 2003 2009 2012 2021 2017 2019 year Retail Retail Office Office Serviced Retail Office Residential Retail Office • Retail Retail Retail Office Rental Usage Residences Hotel apartments Office Serviced Residences Office Retail Office Serviced Retail Office Serviced Residences Serviced Residences . Hotel residences Strata sales 1. Comprises retail, office, lodging and/or strata sales components of the RC properties Notes: 2. Since completions of the respective assets 3. RCCQ will be an asset under privatised CapitaLand Development, should the proposed restructuring announced on 22 Mar 2021 be approved by CapitaLand's shareholders and completed 4#5Divestment of Partial Stakes in Six Raffles City Developments in China: Transaction Overview Profile Breakdown of Portfolio to be Divested Quality assets diversified across six cities in China Tier 2 56% GFA¹ By City Tier 1.5 million sqm Tier 1 44% Tier 2 23% Notes: 1. 2. 3. Includes carpark area Based on 2020 NPI and on a 100% basis, excludes Ascott RCH As of Dec 2020, excludes Ascott RCH NPI² By City Tier RMB1.9bn Tier 1 77% CapitaLand Valuation3 by Asset Type Lodging 6% Office 48% RMB43.8bn Retail 47% 5#6Divestment of Partial Stakes in Six Raffles City Developments in China: Transaction Overview Transaction Demonstrates CapitaLand's Ability to Tap Onshore Capital in China... PING AN Finance Technology Ping An Life Insurance Company of China, Ltd. New Strategic Partner Ping An Life Insurance Company of China, Ltd. A core member of Ping An Insurance (Group) Company of China, which is one of the largest financial services companies in the world, with over 200 million retail customers and 574 million Internet users¹; Ping An Life Insurance Company of China owns service network across China and provides customers with full-cycle life insurance products and services. By Investor Domicile CapſtaLand Registration as Private Equity Fund Manager in China To Enhance CapitaLand's Onshore Fund Management Position In June 2021, CapitaLand announced that it has successfully registered as a private equity fund manager in China; The Group can now conduct RMB-denominated fund raising and provide fund management (FM) services in China, expanding its current product suite and FM capabilities; The direct access to onshore Renminbi funding, is expected to open up more capital partnership opportunities with domestic institutional investors. By Investor Type Middle East 2% Europe 10% Other Asia 56% North America 7% China (Onshore) 25% Asia 81% Post-transaction Breakdown of CapitaLand's Unlisted Funds FUM of S$25.8Bn2 Source: Company website (https://www.pingan.com/us-en.shtml) Notes: 1. 2. As at 31 Dec 2020 3. Others include HNWIs, Trust Companies, Investment Managers, Hedge Funds, Cooperatives, Securities Companies, Endowments, Government Corporation 43% Bank 3% Others 3% Insurance 28% Pension Fund 15% Sovereign Wealth Fund 8% a#7Divestment of Partial Stakes in Six Raffles City Developments in China: Transaction Overview ... And On-going Discipline in Portfolio Reconstitution Conscientious Pivot Towards New Economy Asset Classes Business Park, Industrial & Logistics 5% Improve Capital Efficiency While Retaining FUM Lodging 26% China RE AUM S$58.3Bn¹ CapitaLand Residential, Commercial Strata & Urban Development 13% A well-diversified portfolio across multiple asset Data Centre Campus in Minhang, Shanghai Announced acquisition of hyperscale data centre campus in April 2021 Total consideration: RMB3.66bn (S$757.7M) Dalian Ascendas IT Park Increased stake for a total consideration of RMB501M (S$103M) in May 2021 Target to grow new economy assets in Notes: 1. As at 28 June 2021 2. 3. China to S$5bn Five Business Park Properties & Rock Square Divested at RMB8,130.0M (S$1,653.1M) in Nov 2020, to CapitaLand China Trust (CLCT) Entered into a 49:51 JV with CLCT to invest in Ascendas Xinsu Portfolio Partial Stakes in 6 RC Developments Divested at RMB46.7bn (~S$9.6bn) in Jun 2021, 6.7% • premium to valuation Remains as asset manager • Continue generating FRE through fund and/or asset management Participate in continued growth of assets through smaller stakes or via sponsored vehicles Investment values based on agreed property value (100% basis) or purchase/investment consideration Divestment/transfer values based on agreed property value (100% basis) or sales consideration Office 21% CapitaMall Retail 35% Divesting Non-core Assets Minzhongleyuan, Wuhan Divested by CLCT at RMB458.0M (S$93.4M) in Jan 2021 Somerset Xu Hui Shanghai OMERSET Divested at RMB1,050.0M (S$215.6M) by ART in Feb 2021 • Achieved 171% above book value Unlock profits for recycling into higher yielding assets classes#8Divestment of Partial Stakes in Six Raffles City Developments in China Conclusion This landmark transaction further illustrates CapitaLand's execution capability: Ability to develop and significantly enhance the value of a sizeable portfolio; • • Ability to create value and realise a credible fund exit for capital partners; CapitaLand Disciplined unlocking of capital for potential reinvestment into other growth sectors (>S$2bn in net proceeds); Improving portfolio capital efficiency by enhancing third-party capital participation from a reputable investor; and Retaining asset management to generate recurring FRE for the portfolio ➤ Validates CapitaLand's credibility as a leading diversified real estate company in China, comprising a full-spectrum of real estate capabilities that includes fund and asset management. Enhanced by CapitaLand's successful registration as a domestic private equity fund manager, which will complement its existing offshore capital platforms such as CapitaLand China Trust and portfolio of private funds. ➤ Strong endorsement of the resilience and potential of the Group's retail network, reinforced by a complementary and rapidly growing digital platform (CapitaStar) with more than 13 million members in China. Brings the total capital recycled across the Group to approximately S$11.2bn YTD. This is more than three times the set annual target of S$3bn. ➤ Portfolio gains generated will meaningfully support the Group's financial recovery in FY 2021. Note: 1. Gross divestments on a 100% basis as at 28 Jun 2021 8#9Glossary Term Definition CapitaLand FRE FUM RCCIV RCCIP III Senning Fee Related Earnings; Refers to fund management and asset management related fee revenue from CLI's listed funds and unlisted funds (private funds and/or investment vehicles (including but not limited to programs, joint ventures and co-investments managed by our Group from time to time)) Funds Under Management; Refers to the share of total assets under CLI's listed funds and unlisted funds (private funds and/or investment vehicles (including but not limited to programs, joint ventures and co-investments managed by our Group from time to time)) Raffles City China Income Ventures Limited Raffles City China Investment Partners III Senning Property Ltd. 9#10Thank You For enquiries, please contact Ms Grace Chen, Head, Investor Relations Direct: (65) 6713 2883 Email: [email protected] CapitaLand Limited (https://www.capitaland.com) 168 Robinson Road #30-01 Capital Tower Singapore 068912 Tel: (65) 6713 2888 Fax: (65) 6713 2999 Email: [email protected] CapitaLand ASCOTT