CapitaLand Integrated Commercial Trust: Financial Statements and Related Announcement – Half Year Results

CAPITALAND INTEGRATED COMMERCIAL TRUST

UNAUDITED FIRST HALF 2022 FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT

INTRODUCTION

CICT (the “Trust”, formerly known as CapitaLand Mall Trust (“CMT”)) was formed by a trust deed dated October 29, 2001 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 the Singapore Exchange Securities Trading Limited (the “SGX-ST”) in July 2002. CICT’s principal business is to invest, directly or indirectly, in the ‘real estate which is income producing and used or primarily used for business purposes (including retail and/or office purposes), located primarily in Singapore.

On October 21, 2020, the Manager announced the completion of the merger of CMT and CapitaLand Commercial Trust (“CCT”) by means of a trust arrangement (the “Merger”, the “Trust Scheme”). The Merger was effected by the acquisition by CMT of all issued and paid-up shares of CCT through the Trust Scheme in accordance with the Singapore Code on Acquisitions and Mergers.

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

On January 24, 2022, the Manager announced that the Trustee had entered into a sale and purchase agreement with Tanglin RE Holdings Pte. ltd. (the “Buyer”), in connection with the sale of JCube (the “Assignment”). The sale was finalized on March 10, 2022.

On February 18, 2022, CMT MTN Pte. (“CMT MTN”) has issued HKD 900.0 million of 2.95% fixed rate bonds due 2031 (the “Bonds”) through its EMTN program. CMT MTN has entered into currency swap transactions to exchange the HKD proceeds of the Notes for Singapore dollar proceeds. The proceeds from the issuance of the Bonds 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 Bonds pricing supplement ) undertaken by the Group in accordance with the CICT Green Finance Framework (as defined in the pricing supplement to the Notes).

On March 24, 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 dated June 21, 2022 in which 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 December 16, 2021, S$150.0 million of the gross proceeds from the private placement were used to fund the acquisition of 66 Goulburn Street and 100 Arthur Street. In addition, approximately S$3.5 million of the gross proceeds from the private placement were used to pay transaction-related costs, including professional fees and expenses, incurred by CICT in connection with the private placement.

On March 25, 2022, the Manager announced that the Trustee had 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. who owns the property located at 79 Robinson Road, Singapore. This acquisition was finalized on April 27, 2022 with the property renamed CapitaSky.

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CAPITALAND INTEGRATED COMMERCIAL TRUST

UNAUDITED FIRST HALF 2022 FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT

________________________________________________________________________________

On June 21, 2022, the Manager announced the completion of the acquisition of a 50.0% interest in 101-103 Miller Street and Greenwood Plaza, North Sydney, Australia and approximately S$96.5 million of gross proceeds private placement were used to finance this acquisition.

As of June 30, 2022, the CICT real estate portfolio includes:

Detail

Desk

Integrated

Developments

1)

Bedok Mall, run by

1)

Asia Square Tower 2

1)

Funan,

detail

making up

Brilliance Mall Trust (“BMT”)

(“AST2”)1

held by the CICT, Office

components maintained by

Victory

Desk

1

Trust

(“VO1T”)

and

Victory

Office 2 Trust (“VO2T”)

2)

Bugis+

2)

Capital Tower

2)

Singapore Square

3)

Bugis Junction

3)

CapitaGreen, owned by

3)

The [email protected]

MSO Trust

4)

Bukit Panjang Plaza (90

4)

Road of the six batteries

4)

Raffles City Singapore

of 91 batches of strata)

(“RCS”), held through

RCS Trust

5)

Clarke Wharf

5)

21 Quai Collyer

5)

CapitalSpring (45.0%

interest), held by

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

Green wood

Square,

Australia (50.0% ownership)seven

seven)

Junction 8

seven)

Airport Main Center,

Germany (94.9% participation)3

8)

Lot One Shopping Center

8)

66 Goulburn Street,

Australia4

9)

Tampines Mall

9)

100 Arthur Street,

Australia5

ten)

Westgate, held across

10) Capita Sky (70.0%

Infinity Mall Trust (“IMT”)

interest)6

Footnotes :

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

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CAPITALAND INTEGRATED COMMERCIAL TRUST

UNAUDITED FIRST HALF 2022 FINANCIAL STATEMENTS AND DISTRIBUTION ANNOUNCEMENT

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In addition, CICT holds an interest in CapitaLand China Trust (“CLCT”), China’s first shopping mall REIT listed on the SGX-ST in December 2006, and Sentral REIT, held through CCT, a listed commercial property investment in Malaysia. . As of June 30, 2022, CICT held an approximate 8.0% interest in CLCT and a 10.9% interest in Sentral REIT.

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CapitaLand Integrated Commercial Trust and its subsidiaries

Condensed Interim Financial Statements

For the six-month period ended June 30, 2022

CapitaLand Integrated Commercial Trust

and its Subsidiaries (Group)

(Incorporated in the Republic of Singapore under a Trust Deed dated October 29, 2001

(as amended))

Condensed Interim Financial Statements

For the six-month period ended June 30, 2022

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