CapitaLand Integrated Commercial Trust : Proposed Acquisition of 50.0% interest in 101 Miller Street & Greenwood Plaza in Sydney, Australia

CapitaLand Integrated Commercial Trust

Proposed Acquisition of

50.0% interest in 101 Miller Street & Greenwood Plaza in Sydney, Australia

23 December 2021

Disclaimer

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 expressed 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 Integrated Commercial Trust Management Limited ("Manager") 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, reliance or distribution of this presentation or its contents or otherwise arising in connection with this presentation.

The past performance of CapitaLand Integrated Commercial Trust ("CICT") is not indicative of future performance. The listing of the units in the CICT ("Units") on the Singapore Exchange Securities Trading Limited (the "SGX-ST") does not guarantee a liquid market for the Units. The value of the Units and the income derived from them may fall as well as rise. Units are not obligations of, deposits in, or guaranteed by, the Manager or any of its affiliates. An investment in the Units is subject to investment risks, including the possible loss of the principal amount invested. Investors have no right to request that the Manager redeem or purchase their Units while the Units are listed on the SGX-ST. It is intended that holders of Units may only deal in their Units through trading on the SGX-ST.

This presentation is for information only and does not constitute an invitation or offer to acquire, purchase or subscribe for the Units.

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Contents

04

Overview

12

Investment Merits

29

Additional Information

Notes:

1. Any discrepancies in the tables and charts between the listed figures and totals thereof are due to rounding.
2. Unless otherwise stated, all Australian dollar amounts in this presentation have been translated into Singapore dollars based on an exchange rate of A$1.00 to S$0.97 as at 6 December 2021.
3. NABERS (National Australian Built Environment Rating System) is a national rating system that measures the environmental performance of Australian buildings. It measures the energy efficiency, water usage, waste management and indoor environment quality of a building or tenancy and its impact on the environment. A 6 Star rating demonstrates market-leading performance, while a 1 Star rating indicates considerable scope for improvement.

101 Miller Street and Greenwood Plaza, Sydney, Australia

Overview

The property is an iconic integrated development comprising a 28-storey Premium Grade office tower and a 2-storey office building, collectively referred to as

101 Miller Street (unless otherwise stated) and retail centre, known as Greenwood Plaza.

101 Miller Street and Greenwood Plaza, Sydney, Australia

Reconstituting Portfolio to be Better Positioned for Growth

Singapore remains key focus; while expansion into Australia offers another engine of growth and diversified income base

►01 Divestment

Divested 50.0% interest in One George Street for S$640.7 million(1) with an exit yield of 3.17%

►04 Proposed Acquisitions in Sydney, Australia

• Two Grade A office buildings and 50.0% interest in an integrated development comprising Premium Grade office and a retail centre announced on
  3 Dec 2021 and 22 Dec 2021 respectively.

►02 Equity

Raised gross proceeds of S$250.0 million via private placement closed on 8 Dec 2021

►03 Debt

~50% of loan-to-value

Aggregate property value	~A$1.1 billion(2)
Combined implied NPI yield	5.1%(3)	101 Miller Street & Greenwood Plaza
(50.0% interest)
Combined pro forma DPU accretion	2.8%(4)
Contribution to CICT's pro forma portfolio	~5%
property value
Pro forma aggregate leverage post	~41%
acquisition of the three Australian		100 Arthur Street
properties		66 Goulburn Street

Notes:

1. Based on agreed property value (100% basis) or sales consideration of S$1,281.5 million.
2. Includes rental guarantee for 100 Arthur Street and 101 Miller Street and Greenwood Plaza.
3. Based on the pro forma 1H 2021 annualised NPI of 101 Miller Street and Greenwood Plaza, 66 Goulburn Street and 100 Arthur Street and taking into account the following assumptions: (a) the acquisitions of the two trusts holding 66 Goulburn Street and 100 Arthur Street as well as 101 Miller Street and Greenwood Plaza were completed on 1 January 2021 and held and operated to 30 June 2021; (b) including rental guarantee for 100 Arthur Street; (c) the tenants and committed tenants of 100 Arthur Street as at 30 September 2021 were in place on 1 January 2021.
4. Assuming a loan-to-value of approximately 50% for the proposed acquisitions and the balance of the total acquisition outlays to be funded from a combination of net sales proceeds from the divestment of 50.0% interest in One George Street (Divestment) and net proceeds from the private placement closed on 8 December 2021. Pro forma annualised DPU for 1H 2021 assumes the Divestment and the proposed acquisitions of the three Australian properties had been completed on 1 January 2021.

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