CapitaLand Integrated Commercial Trust - Annual Report 2021

Proforma impact assuming +0.1% p.a. increase in interest rate Estimated additional annual interest expenses +S$1.48 million p.a .5 Estimated DPU -0.02 cents per Unit 6 5 Computed on full year basis on floating rate borrowings of CICT Group and proportionate share of joint ventures’ borrowings as at 31 December 2021. 6 Based on the number of units in issue as at 31 December 2021. S$53.6 million (which is equivalent to approximately 21.4% of the gross proceeds of the private placement) has been used for deposit payments for the Proposed Acquisitions. Such use is in accordance with the stated use and percentage of the gross proceeds of the private placement as stated in the Announcements (as defined in the Use of Proceeds Announcement). As the completion of the Proposed Acquisitions is expected in first quarter of 2022, for capital management purposes, approximately S$192.1 million of the equity proceeds and S$325.8 million of the net proceeds from the divestment of OGS have been utilised to repay certain borrowings in the interim. The Manager will make periodic announcements on the actual utilisation of the proceeds of the private placement via SGXNet as and when such funds are materially utilised and whether such a use is in accordance with the stated use and in accordance with the percentage allocated. Where there is any material deviation from the stated use of proceeds, the Manager will announce the reasons for such deviation. CICT Group holds derivative financial instruments to hedge its currency and interest rate risk exposures. The fair value derivative for FY 2021, which was included in the financial statements as financial derivative assets and financial derivative liabilities were S$30.9 million and S$32.4 million respectively. These net financial derivative liabilities of S$1.5 million represented 0.01% of the net assets of CICT Group as at 31 December 2021. The total borrowings of CICT Group 1 as at 31 December 2021 are as follows:- TOTAL BORROWINGS OF CICT GROUP 1 S$ million % Bank loans 2 2,685.6 33.1 Unsecured Medium term notes and Euro-Medium term notes 3 5,051.0 62.2 Total unsecured borrowings at CICT Group 1 7,736.6 95.3 Secured bank loans 2 382.4 4.7 Total borrowings at CICT Group 1 8,119.0 100.0 1 Excludes CICT Group’s 45.0% interest in Glory Office Trust and Glory SR Trust. 2 Includes fixed rate foreign currency bank loans. 3 Includes foreign currency denominated notes which have been swapped to Singapore dollars at their respective swapped rates. FOR INFORMATION ONLY CICT’s 45.0% interest in Glory Office Trust and Glory SR Trust S$ million Secured bank loans 513.0 (based on CICT’s proportionate share) FUNDING SOURCES 4 (As at 31 December 2021) Medium Term Notes (MTN) 58.5% 4 Based on CICT Group’s borrowings and proportionate share of joint ventures’ borrowings. Unsecured Bank Loans 31.1% Secured Bank Loans 10.4% CICT’S INTEREST IN JOINT VENTURES Following the completion of the divestment on 9 December 2021, the secured bank borrowings at OGS LLP amounting to S$580.0 million (CICT’s 50.0% share is S$290.0 million) were repaid on the same day. CICT has a 45.0% direct interest in Glory Office Trust (GOT) and Glory SR Trust (GSRT) which is held indirectly through CCT. As at 31 December 2021, the secured bank loans at GOT and GSRT amount to S$1,140.0 million. CICT’s 45.0% share thereof is S$513.0 million. In summary, as at 31 December 2021, CICT Group’s aggregate leveragewas 37.2%with 95.3% in unsecured borrowings. Average cost of debt was at 2.3% as at 31 December 2021 compared to 2.8% as at 31 December 2020 mainly due to refinancing of seven-year retail bonds and medium term notes at lower interest rates. Annual Report 2021 71 Capital Management