CAPITALAND INTEGRATED COMMERCIAL TRUST

2022 FIRST HALF UNAUDITED FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT

INTRODUCTION

CICT (the "Trust", formerly known as CapitaLand Mall Trust ("CMT")) was constituted under a trust deed dated 29 October 2001 entered into between CapitaLand Integrated Commercial Trust Management Limited (as manager of CICT, formerly known as CapitaLand Mall Trust Management Limited) (the "Manager") and HSBC Institutional Trust Services (Singapore) Limited (as trustee of CICT) (the "Trustee"), as amended.

CICT is the first Real Estate Investment Trust ("REIT") listed on Singapore Exchange Securities Trading Limited (the "SGX-ST") in July 2002. The principal activity of CICT is to invest, directly or indirectly, in real estate which is income producing and is used or primarily used for commercial purposes (including retail and/or office purposes), located predominantly in Singapore.

On 21 October 2020, the Manager announced the completion of the merger of CMT and CapitaLand Commercial Trust ("CCT") by way of a trust scheme of arrangement (the "Merger", the "Trust Scheme"). The Merger was effected through the acquisition by CMT of all the issued and paid-up units in CCT by way of the Trust Scheme in accordance with the Singapore Code on Take-overs and Mergers.

Following the completion of the Merger, the merged entity was renamed "CapitaLand Integrated Commercial Trust" on 3 November 2020.

On 24 January 2022, the Manager announced that the Trustee has entered into a sale and purchase agreement with Tanglin R.E. Holdings Pte. Ltd. (the "Purchaser"), in relation to the sale of JCube (the "Divestment"). The Divestment was completed on 10 March 2022.

On 18 February 2022, CMT MTN Pte. Ltd. ("CMT MTN") issued HKD900.0 million 2.95% fixed rate notes due 2031 (the "Notes") through its EMTN programme. CMT MTN has entered into cross currency swap transactions to swap the HKD proceeds of the Notes into Singapore dollar proceeds. The proceeds from the issuance of the Notes will be used by CMT MTN and CICT and its subsidiaries (the "Group") to finance or refinance, in whole or in part, the Eligible Green Projects (as defined in the pricing supplement of the Notes) undertaken by the Group in accordance with the CICT Green Finance Framework (as defined in the pricing supplement of the Notes).

On 24 March 2022, the Manager announced the completion of the acquisition of the two properties in Sydney, Australia namely 66 Goulburn Street and 100 Arthur Street. The Manager also refers to the announcement on 21 June 2022 where it was stated in relation to the issuance of 127,551,000 new units which raised approximately S$250.0 million from the private placement ("Private Placement") on 16 December 2021, S$150.0 million of the gross proceeds of the Private Placement has been utilised to fund the acquisition of 66 Goulburn Street and 100 Arthur Street. In addition, approximately S$3.5m million of the gross proceeds of the Private Placement has been used to pay the transaction-related expenses, including professional fees and expenses, incurred by CICT in connection with the Private Placement.

On 25 March 2022, the Manager announced that the Trustee has entered into a conditional sale and purchase agreement with Southernwood Investment Pte. Ltd. and MTC Japan Investment Pte. Ltd. to acquire 70.0% of the issued share capital of Southernwood Investment Pte. Ltd. which holds the property located at 79 Robinson Road, Singapore. This acquisition was completed on 27 April 2022 with the property renamed as CapitaSky.

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CAPITALAND INTEGRATED COMMERCIAL TRUST

2022 FIRST HALF UNAUDITED FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT

________________________________________________________________________________

On 21 June 2022, the Manager announced the completion of the acquisition of 50.0% interest in 101- 103 Miller Street and Greenwood Plaza, North Sydney, Australia and approximately S$96.5 million of the gross proceeds of the Private Placement has been utilised to fund this acquisition.

As at 30 June 2022, CICT's property portfolio comprises:

Retail

Office

Integrated

Developments

1)

Bedok Mall, held through

1)

Asia Square Tower 2

1)

Funan,

retail

component

Brilliance Mall Trust ("BMT")

("AST2")1

held through CICT, Office

components held through

Victory

Office

1

Trust

("VO1T")

and

Victory

Office 2 Trust ("VO2T")

2)

Bugis+

2)

Capital Tower

2)

Plaza Singapura

3)

Bugis Junction

3)

CapitaGreen, held through

3)

The Atrium@Orchard

MSO Trust

4)

Bukit Panjang Plaza (90 out

4)

Six Battery Road

4)

Raffles City Singapore

of 91 strata lots)

("RCS"), held through

RCS Trust

5)

Clarke Quay

5)

21 Collyer Quay

5)

CapitaSpring (45.0%

interest), held through

Glory Office Trust ("GOT")

and Glory SR Trust

("GSRT")

6)

IMM Building

6)

Gallileo, Germany (94.9%

6) 101-103 Miller Street and

interest)2

Greenwood

Plaza,

Australia (50.0% interest)7

7)

Junction 8

7)

Main Airport Center,

Germany (94.9% interest)3

8)

Lot One Shoppers' Mall

8)

66 Goulburn Street,

Australia4

9)

Tampines Mall

9)

100 Arthur Street,

Australia5

10)

Westgate, held through

10) CapitaSky (70.0%

Infinity Mall Trust ("IMT")

interest)6

Footnotes:

  1. Held through indirect wholly owned subsidiary Asia Square Tower 2 Pte. Ltd.
  2. 94.9% interest held through indirect wholly owned subsidiary, CCT Galaxy One Pte. Ltd.
  3. 94.9% interest held through indirect wholly owned subsidiary, CCT Mercury One Pte. Ltd.
  4. Held through indirect wholly owned subsidiary, Gateway Goulburn Trust.
  5. Held through indirect wholly owned subsidiary, Gateway Arthur Trust.
  6. Held through wholly owned subsidiary, 79RR Office Trust's 70.0% interest in 79RR LLP.
  7. 50.0% interest held through indirect wholly owned subsidiary, Monopoly Trust.

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CAPITALAND INTEGRATED COMMERCIAL TRUST

2022 FIRST HALF UNAUDITED FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT

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In addition, CICT owns an interest in CapitaLand China Trust ("CLCT"), the first China shopping mall REIT listed on the SGX-ST in December 2006, and Sentral REIT, held through CCT, a commercial real estate investment trust listed in Malaysia. As at 30 June 2022, CICT owns approximately 8.0% interest in CLCT and 10.9% interest in Sentral REIT.

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CAPITALAND INTEGRATED COMMERCIAL TRUST

2022 FIRST HALF UNAUDITED FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT

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Table of Contents

Page

Number

A

Condensed Interim Statements of Financial Position

6

B

Condensed Interim Statement of Total Return

7

C

Condensed Interim Distribution Statement

8

- 9

D

Condensed Interim Statements of Movement in Unitholders' Funds

10

E

Condensed Interim Portfolio Statement

11

- 13

F

Condensed Interim Statement of Cash Flows

14

- 15

G

Notes to the Condensed Interim Financial Statements

16

- 26

H

Other information required by Listing Rule Appendix 7.2

27

- 37

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CapitaLand Integrated Commercial Trust and its Subsidiaries

Condensed Interim Financial Statements

For the Six-month period ended 30 June 2022

CapitaLand Integrated Commercial Trust

and its Subsidiaries (Group)

(Constituted in the Republic of Singapore pursuant to a trust deed dated 29 October 2001

(as amended))

Condensed Interim Financial Statements

For the Six-month period ended 30 June 2022

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CapitaLand Integrated Commercial Trust published this content on 28 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 July 2022 02:07:01 UTC.