CapitaLand Integrated Commercial Trust - Annual Report 2021

Additional Information INTERESTED PERSON TRANSACTIONS (continued) Save as disclosed above, there were no additional interested person transactions (excluding transactions less than S$100,000 each) entered into during the financial year under review. On 10 February 2004, the SGX-ST had granted a waiver to CapitaLand Mall Trust (“CMT”), now known as CICT , from Rules 905 and 906 of the Listing Manual of the SGX-ST (the “Listing Manual”) in relation to, inter alia , payments for management fees, payments for acquisition and divestment fees, as well as payments of trustee’s fees. Similarly, CapitaLand Commercial Trust (“CCT”), which is now a wholly owned sub-trust of CICT after the merger of CMT and CCT with effect from 21 October 2020, is deemed to have obtained the approval of the unitholders of CCT on 12 April 2004 through the approval of the shareholders of CapitaLand Limited (now known as CapitaLand Group Pte Ltd) (as outlined in CCT’s Introductory Document dated 16 March 2004) in relation to payments of asset management fees and acquisition and divestment fees to the manager of CCT as well as payment of trustee fees. Such payments are therefore not included in the aggregate value of interested person transactions as governed by Rules 905 and 906 of the Listing Manual as long as there are no changes to the terms, rates and/or bases for such fees and expenses. In addition, CCT’s property management agreement dated 1 March 2004 entered into between the trustee of CCT, the manager of CCT and the property manager of CCT was subsequently renewed for 5 years commencing 1 March 2014 and another 5 years commencing 1 March 2019. The total property management fees and reimbursements to the property manager for each of the first renewal term of 5 years and the second renewal term of 5 years were aggregated for the purposes of Rules 905 and 906 of the Listing Manual in financial years 2014 and 2019 respectively. Accordingly, such fees and expenses will not be subject to aggregation or further Unitholders’ approval requirements under Rules 905 and 906 of the Listing Manual of the SGX-ST, to the extent that there is no subsequent change to the rates and/or bases for such fees and expenses. Please also see Note 28 on Related Parties in the financial statements. SUBSCRIPTION OF CICT UNITS For the financial year ended 31 December 2021, an aggregate of 137,914,224 CICT units were issued and subscribed for. As at 31 December 2021, 6,608,618,340 CICT units were in issue and outstanding. ADDITIONAL DISCLOSURE FOR OPERATING EXPENSES The total operating expenses incurred by CICT Group and CICT’s proportionate share of operating expenses incurred by its joint ventures amounted to S$452.0 million in 2021, which was equivalent to 3.3% of CICT Group’s net asset value as at 31 December 2021. The amount included all fees and charges paid to the Manager and interested parties. Annual Report 2021 319