Other Scheme of Arrangement::Presentation Slides on Strategic Restructuring of CapitaLand and Listing of CapitaLand Investment

CAPITALAND LIMITED

Strategic Restructuring of CapitaLand Limited and Listing of CapitaLand Investment 3 August 2021

CapitaLand

Development

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 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" or the "Company") 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)(1). 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. ("CLA" or 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.

Notes:

(1) CLI effected a change of name from CapitaLand Financial Limited to CapitaLand Investment Management Limited on 22 Mar 2021 and subsequently from CapitaLand Investment Management Limited to CapitaLand Investment Limited2 on 18 Jun 2021

Contents

1.	Proposed Transaction	Page 4
2.	Introducing CapitaLand Investment	Page 8
3.	CLI's Growth Strategy	Page 19
4.	Conclusion	Page 29
5.	Important Dates and Times for EGM and Scheme Meeting	Page 31
6.	Appendix	Page 38

3

Proposed Transaction

Restructuring to Sharpen Strategic Focus

Development business to be privatised ⚫ Investment Management business to be listed(1)

Post-transaction Structure

	Private			Public
	CLA Real Estate Holdings ("CLA")			Eligible Shareholders
				48.24%(2)
		51.76%(2)
	(Privately held)		(Listed by introduction on SGX)
	100.00%			100.00%
		Fund	Lodging	Real Estate
	CapitaLand Development ("CLD")	Management	Management
	Investments
		("FM")	("LM")
•	Capital intensive
• Development of longer gestation projects	•	Capital efficient
	and incubation of new businesses requiring	•	Scalability through FUM and FRE(3) growth
	patient capital	•	Full stack investment and operating
• Strong development and project
	capabilities
	management capabilities
Notes:

1. Illustrating relevant entities only

(2)	Based on shareholdings as at 7 Jul 2021	5
(3)	See Glossary