CapitaLand Integrated Commercial Trust - Annual Report 2023

QUALIFYING CLAUSE This Market Report is subject to the following limiting conditions: The content of this Market Report is for information only and should not be relied upon as a substitute for professional advice, which should be sought from CBRE prior to acting in reliance upon any such information. The Market Report is strictly limited to the matters contained within, and is not to be read as extending, by implication or otherwise, to any other matter in the Annual Report. Without limitation to the above, no liability is accepted for any loss, harm, cost or damage (including special, consequential or economic harmor loss) suffered as a consequence of fluctuations in the real estate market subsequent to the date of the report. CBRE has prepared the Market Report relying on and referring to information provided by third parties including financial and market data, along with other information (“Information”). CBRE assumes that the Information is accurate, reliable and complete however CBRE has not independently verified such Information. CBRE accepts no responsibility for inaccurate Information provided by third parties and subsequent conclusions derived from such Information. No responsibility is accepted for any loss or damage arising as a result of reliance upon this Market Report. CBRE disclaims any liability in respect of any claim that may arise from any errors or omissions, or from providing such advice, opinion, judgment or information. The Market Report may not be reproduced in whole or in part without the prior written approval of CBRE. CBRE has prepared this Market Report for inclusion within the Annual Report but has not been involved in the preparation of the Annual Report. CBRE has not been required to approve or express any opinion about any part of the Annual Report other than this Market Report. CBRE disclaims any liability to any person in the event of an omission from, or false and misleading statements included in the Annual Report. Heightened Market Volatility We draw your attention to the fact that a combination of global inflationary pressures (leading to higher interest rates) and the recent geopolitical events in Ukraine, in addition to the on-going effects of the global Covid-19 pandemic in some markets has heightened the potential for greater volatility in property markets over the short-to-medium term. Experience has shown that consumer and investor behaviour can quickly change during periods of such heightened volatility. Investment decisions should reflect this heightened level of volatility and caution is advised in this regard. You should note that the conclusions set out in this report are current as at the date outlined only. Where appropriate, we recommend that market conditions are monitored closely, as we continue to track how market participants respond to current events. Liability Limitation (Specific to European Market) This Market Report has been prepared with the necessary diligence and information contained herein has been obtained from sources believed to be reliable. Nevertheless, it cannot be ruled out that, despite careful research and appropriate calculation of possible risks, the information provided in this report may contain mistakes and/or inaccuracies. Thus, wemake no guarantee, warranty or representation about the correctness, accuracy, timeliness and completeness of the content of this report and the sources it is based on. Any liability for the content of this report is limited to wilful misconduct and gross negligence as well as to the violation of a material contractual obligation. This also applies to actions of legal representatives and vicarious agents. In case of a slightly negligent violation of a material contractual obligation, also by a legal representative or a vicarious agent, liability is limited to compensation of the damage typical for the contract and foreseeable at the time of its conclusion. For any slightly negligent violation of accessory contractual obligations that are not material contractual obligations, liability is excluded. Any liability for any damage falling in the scope of protection of a contractual guarantee or warranty as well as any liability for claims on the basis of the Product Liability Act and damage resulting from an injury of life, body or health remains unaffected. The purpose of this report is to provide information. It must not be understood as giving any recommendations for a specific course of action or as a call for making a buying offer. All opinions, projections, comments, assumptions and assessments are of general nature and not targeted to the specific situation of a single person or legal entity. Thus, no one should act on the basis of the information contained in this report, without having obtained in advance own information and appropriate professional advice, and without a thorough analysis of the circumstances at hand. Further, we make no guarantee, warranty or representation that the opinions, projections, comments, assumptions and assessments made in this report, as well as the market, competitive, economic or regulatory environment will remain unchanged in the future. Also in this regard, any use of the information contained in this report is in the sole responsibility of the user. 120 CAPITALAND INTEGRATED COMMERCIAL TRUST INDEPENDENT MARKET REVIEW

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