CapitaLand Integrated Commercial Trust - Annual Report 2021

OFFICE PORTFOLIO VALUATIONS Valuation as at 31 Dec 21 Valuation as at 31 Dec 20 Variance Valuation as at 31 Dec 21 S$ million S$ million S$ million % S$ per sq ft NLA Asia Square Tower 2 2,225.0 2,128.0 97.0 4.6 2,855 CapitaGreen 1,657.0 1,611.0 46.0 2.9 2,368 Capital Tower 1,449.0 1,389.0 60.0 4.3 1,972 Six Battery Road 1,445.0 1,414.0 31.0 2.2 2,911 21 Collyer Quay 629.9 1 468.0 161.9 34.6 2,957 Singapore Office 7,405.9 7,010.0 395.9 5.6 Gallileo, Germany (94.9%) 474.5 2 546.6 (72.1) (13.2) – Main Airport Center, Germany (94.9%) 419.0 3 399.1 19.9 5.0 – Total 8,299.4 7,955.7 343.7 4.3 1 Valuation as at 31 December 2021 for 21 Collyer Quay was uplifted due to an increase in value attributing to post AEI, an increase in NLA and improved office market conditions. 2 Valuation for 100% interest in Gallileo was EUR 325.0 million as at 31 December 2021. The conversion rate used for the 31 December valuation 2021 was EUR 1 = S$1.538. Valuation for Gallileo was impacted by the impending departure of Commerzbank in January 2024 and provision of capex and downtime for upgrading works. 3 Valuation for 100% interest in Main Airport Center was EUR 287.0 million as at 31 December 2021. The conversion rate used for the 31 December 2021 valuation was EUR 1 = S$1.538. The increase in valuation was attributable to improvements in terminal value and occupancy assumptions. Figures may not add up due to rounding. INTEGRATED DEVELOPMENT PORTFOLIO VALUATIONS Valuation as at 31 Dec 21 Valuation as at 31 Dec 20 Variance Valuation as at 31 Dec 21 S$ million S$ million S$ million % S$ per sq ft NLA Raffles City Singapore 3,072.0¹ 3,179.0 (107.0) (3.4) N.M. 2 Plaza Singapura 3 1,339.0 1,300.0 39.0 3.0 2,768 The Atrium@Orchard 3 756.2 750.0 6.2 0.8 1,953 Funan 785.0 742.0 43.0 5.8 1,477 CapitaSpring (45.0%) 873.0 466.7 N.M. 4 N.M. N.M. 5 Total 6,825.2 6,437.7 387.5 6.0 1 Valuation as at 31 December 2021 for Raffles City Singapore took into consideration the upcoming asset enhancement and reconfiguration works in the Retail component. Estimated costs of the works, downtime and impact on the rental revenue have been included in the valuation. 2 Not meaningful because Raffles City Singapore comprises retail and office components, hotels and convention center. 3 Plaza Singapura and The Atrium@Orchard are considered an integrated development. 4 CapitaSpring achieved TOP in November 2021. As such, the development is valued as an operating asset on a completed basis. 5 Not meaningful because CapitaSpring comprises retail and office components and serviced residence. N.M.: Not meaningful Figures may not add up due to rounding. Annual Report 2021 57 Operations Review