CapitaLand Integrated Commercial Trust : Proposed Acquisition of 100% Interest in Paragon

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Proposed Acquisition of 100% Interest in Paragon 20 April 2026 Proposed Acquisition of 100% Interest in Paragon Agenda 01 Overview 02 Investment Merits 03 Transaction Details CapitaLand Integrated Commercial Trust Raffles City Singapor 3 e 01 Overview Delivering on CICT's Growth Strategy Integrated ION Orchard Development Retail Paragon ION Orchard Raffles City Singapore CapitaSpring Leadership: Best-in-class SG-fiocused portfiolio and platfiorm Growth: Larger opportunities with broader investment fiocus Resilience: Stability through market cycles Accretion: DPU accretive to unitholders Office 5 Proposed Acquisition of 100% Interest in Paragon A premier freehold integrated retail and office / medical development in Orchard Road Proposed acquisition of 100% interest in Paragon Trust and Orchard 290 (Paragon) from Cuscaden Peak 1 Agreed Property Value S$3,900.0 million 2 Valuation • Knight Frank Pte Ltd (commissioned by the Trustee): S$3,895.0 million Cushman & Wakefield VHS Pte. Ltd. (commissioned by the Manager): S$3,905.0 million Total Acquisition Outlay Net Yield 3 on Agreed Property Value ~S$3,919.0 million Retail: 4.1% Medical / office: 3.4% Overall: 3.9% Cuscaden Peak Pte. Ltd., Cuscaden Peak Two Pte. Ltd., Times Properties Private Limited and Paragon Trust Management Pte. Ltd. (collectively, the Vendors). The Agreed Property Value for both the 100% interest in Paragon Trust and Orchard 290, negotiated on a willing-buyer and willing-seller basis based on the average of the two valuations commissioned by the Trustee and the Manager. Net yield is based on the net property income for FY 2025 adjusted based on (a) the annualised January 2026 rental income and (b) the average occupancy in FY 2025. 6 Proposed Acquisition of 100% Interest in Paragon Property Highlights Paragon is located at a unique intersection ofi upscale retail, premium medical and hospitality clusters in downtown Orchard Medical / hospital Retail Hotels / hospitality Mount Elizabeth Hospital Adjacent drop-off points Paragon Medical Paragon Connectivity to hospitality hub via link bridge Ascott Orchard Singapore Holiday Inn Express Singapore Apple flagship store Pullman Orchard Hilton Singapore COMO Metropolitan Singapore Location 290 Orchard Road, Singapore 238859 Tenure Freehold Description Premier integrated development comprising a six-storey retail podium and two basement levels, as well as two medical and office towers of three and 14 storeys, respectively Area 17,362 sq m (186,885 sq ft) Gross Floor Area (GFA) 94,411 sq m (1,016,231 sq ft) Net Lettable Area (NLA) Retail: 45,691 sq m (491,817 sq ft) Medical / office: 20,726 sq m (223,098 sq ft) Total: 66,418 sq m (714,915 sq ft) Committed Occupancy as at 31 Jan 2026 Retail: 100% Medical / office: 100% Carpark Lots 416 Green Rating BCA Green Mark Gold Source: Map firom OneMap SC by Singapore Land Auťhoriťy CapitaLand Integrated Commercial Trust 7 CapitaLand Integrated Commercial Trust As at 31 Mar 2026, unless otherwise stated 7 Sale of Asia Square Tower 2 at Attractive Premium to Valuation Redeploying capital into Paragon at a higher yield Exit Yield of AST2 1 3% (81 years remaining leasehold) Net Yield of Paragon 2 3.9% (Freehold) Divestment for S$2,476.0M 3 on an as-is- where-is basis unlocks asset at optimal value Premium 9.9% Against market valuation of S$2,252.0M as at 31 Dec 2025 Estimated Net Sale Proceeds S$2,450.1M Asia Square Tower 2 Paragon Based on the net property income for the financial year ended 31 December 2025 (FY 2025), taking into account tax expenses, and the Agreed Property Value of Asia Square Tower 2 (AST2). Net yield is based on the net property income for FY 2025 adjusted based on (a) the annualised January 2026 rental income and (b) the average occupancy in FY 2025. The agreed property value of AST2 is S$2,476.0 million and was negotiated on a willing-buyer and willing-seller basis after taking into account the independent valuation of S$2,252.0 million as at 31 December 2025 by Cushman & Wakefield VHS Pte. Ltd, commissioned by the Trustee and The Manager. The divestment of AST2 excludes those premises in AST2 which have been master-leased to a third party, which operates The Westin Singapore. 8 02 Investment Merits Investment Merits of Proposed Acquisition 1 Sťraťegic acquisiťion ofi a rare, premier fireehold integrated development wiťh a sizeable, upscale retail exposure and medical component 2 Further consolidates CICT's retail presence in ťhe ťighťly held downťown precincť 3 Solidifiies CICT's position as the most liquid proxy fior high quality Singapore-centric commercial exposure 4 DPU accretive transaction wiťh sustainable pro fiorma aggregate leverage 10 1 Strategic acquisition of a rare, premier freehold integrated development with a sizeable, upscale retail exposure and medical component Rare premier freehold integrated development in Orchard Road, a tightly held downtown precinct with no new major supply Prime location in Orchard Road, Singapore's renowned premier shopping belt and tourist precinct and a key medical hub Paragon retail Paragon medical Over 190 retail and lifestyle brands spanning luxury, contemporary and diverse dining options - a choice destination for local shoppers and tourists Burberry Balenciaga Boťťega Veneťa Corťina Waťch Over 80 multidisciplinary medical tenants underpinned by resilient demand from an ageing population, rising medical tourism, and scarcity of medical space 1 Cucci Ferragamo Fullerťon Healťh Singapore Medical Croup Miu Miu Sainť Laurenť Prada The Hour Class Thomson Specialisťs The Savills Blog, The Rise of Medical Properties in Singapore, 5 February 2026 11 1 Strategic acquisition of a rare, premier freehold integrated development with a sizeable, upscale retail exposure and medical component Leveraging CICT's proven track record in value creation as well as active asset and portfolio management, the proposed acquisition is well-positioned to deliver sustainable income growth z Resilient tenant demand Potential rental upside on lease expiries Potential upside from tenant remixing Paragon's Committed Occupancy as ať 31 Jan 2026 Paragon's Lease Expiry Profile by Gross Rental Income (GRI) as ať 31 Jan 2026 Paragon's Key Retail Trade Categories as ať 31 Jan 2026 100% 99.5% 100% 30.6% 20.0% Others 2 23% Fashion and Accessories 1 55% 7.8% 3.4% 4.8% 11.0% 9.3% 5.1% 2.8% 5.2% Beauty & Health 5% % of Committed GRI 2023 2024 2025 2026 2027 2028 2029 Retail Medical / Office 2030 2031 and 2030 2031 and beyond beyond Food & Beverages 17% Including Jewellery, Watches, Shoes & Bags. Others include Books, Stationery, Gifts, Hobbies, Sports, Multi-Concepts, Education, Digital & Appliance, Kids, Home & Living, Services, and Supermarket. 12 2 Further consolidates CICT's retail presence in the tightly held downtown precinct Orchard Road ION Orchard Paragon TE NS Orchard Orchard Plaza Singapura Somerset NS Somerset The Atrium @Orchard NE CC NS Dhoby Ghaut Dhoby Ghaut c.3.0% p.a. Retail rent CAGR between 2021-2025 (vs. c.2% for suburban rents) 1 c.16.9m Tourists in 2025 Funan Raffles City Singapore EW NS City Hall City Hall 10,710 Hotel rooms 2 c.10,000 Singapore's famous shopping district and tourist precinct - tightly held and highly sought-after downtown precinct characterized by limited new supply and strong long-term demand fundamentals Additional residential units under pipeline 3 Paragon Existing CICT properties Mount Elizabeth Hospital / Medical Centre Malls Source: Singapore Tourism Board, Land Transporť Auťhoriťy - DaťaMall, URA. Based on CBRE Singapore data on retail rents (S$ psf per month) (figures as at end of each quarter). Based data by Singapore Tourism Board for April 2026. 13 Based on latest URA data as of 31 December 2025 - includes Singapore Core Central Region which comprises postal districts 9, 10, 11, Downtown Core, and Sentosa. 2 Further consolidates CICT's retail presence in the tightly held downtown precinct CICT's retail portfolio in Orchard Road expected to expand CICT Singapore Retail Portfolio by NLA 1 Extending CICT's market leadership as the largest owner of private retail stock in Singapore 26% 10% based on enlarged CICT 2 Downtown 60% Suburban 40% Enlarged CICT Market Share in Private Retail Stock 3 Top 10 holds 31% share 36% 31% 33% 40% 34% Existing Enlarged Suburban Downtown Core Orchard Road Properties Based on 100% interest for the properties. Retail comprises retail-only properties (excludes IMM Building's warehouse space) and the retail component in integrated developments. Based on CICT's computation of its market share factoring in the Proposed Acquisition. Total private retail stock, Knight Frank, 4Q 2025. 14 2 Further consolidates CICT's retail presence in the tightly held downtown precinct Well-positioned to capture downtown retail upside potential Tight retail supply between 2026 and 2028, with annual gross new supply forecasted at only 0.3 million sq ft with no major retail development Singapore Private Retail Space (Islandwide) - Net Demand S Supply sq fiť million Average prime Orchard Road rents continued to rise quarter on quarter, widening gap against Suburban rents Singapore Retail Rents S$ psfi per monťh 1.8 1.0 0.7 1.0 0.7 0.5 0.3 0.9 1.0 0.5 0.8 0.4 0.9 0.8 1.0 0.6 Forecast average annual gross new supply (2026 to 2028): 0.3 mil sq ft 0.3 0.3 0.4 0.3 $34.55 $36.30 $37.75 $38.50 $38.70 0.1 0.3 0.3 0.1 $34.20 -0.2 -0.9 -1.5 $30.80 $30.10 $31.75 $32.25 $32.75 $32.80 1Q 2Q 3Q4Q 1Q 2Q 3Q4Q 1Q 2Q 3Q4Q 1Q 2Q 3Q4Q 1Q 2Q 3Q4Q 1Q 2021 2022 2023 2024 2025 2 02 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026F 2027F 2028F Net Supply Net Demand Forecast Supply 6 Orchard Road Rents Suburban Rents Source: Hisťorical daťa on neť supply and neť demand firom URA sťaťisťics as ať 4Q 2025. Forecasť supply firom CBRE Singapore as ať 4Q 2025 Source: CBRE Singapore (fiigures as ať end ofi each quarťer) 15 2 Further consolidates CICT's retail presence in the tightly held downtown precinct Well-positioned to capture downtown retail upside Singapore sustained YoY growth in tourist arrivals and tourism receipts URA's long-term vision for Orchard Road as a shopping paradise featuring luxury and flagship stores 27.7 19.1 27.2 29.8 30.5 32.5 YTD Sept 2025: 23.9B 1 (+6.5%YoY) 18.0 14.2 13.6 16.5 16.9 6.3 2019 2022 2023 2024 2025 2026 Forecast 2 Tourist Arrivals (million) Tourism Receipts (S$ billion) Tourist Arrivals Forecast (million) Tourism Receipts Forecast (S$ billion) Source: Based on Singapore Tourism (STB) and Deparťmenť ofi Sťaťisťics Singapore, and Drafiť Masťer Plan by Urban Redevelopmenť Auťhoriťy (URA) Tourism receipts are reported on a quarterly basis and the FY 2025 data is not yet available at the time of reporting. STB projects 2025 tourism receipts to reach between $29.0 and S$30.5 billion. STB expects 2026 international visitor arrivals to reach between 17 and 18 million, bringing in approximately S$31.0 to 32.5 billion in tourism receipts. 16 3 Solidifies CICT's position as the most liquid proxy for high quality Singapore-centric commercial exposure Portfolio property value by geography remains Singapore- focused Portfolio property value by asset class remains well balanced and diversified Germany Australia 3% 3% Singapore 94% Germany 3% Australia 2% Singapore 95% Integrated Development Integrated Development Retail Existing Portfolio Value S$27.0b 1 Enlarged Portfolio Value S$28.7b 2,3 25% Existing Portfolio Value S$27.0b 1 Retail 34% 37% Enlarged Portfolio Value S$28.7b 2,3 32% Office 41% Office 31% Portfolio property value as at 31 December 2025. Includes CICT's proportionate interest in Gallileo and Main Airport Center (94.9%, respectively), CapitaSky (70%), 101-103 Miller Street & Greenwood Plaza (50%) and ION Orchard (50%) and excludes Bukit Panjang Plaza which was divested on 27 February 2026 Enlarged portfolio property value includes the property value of the existing portfolio and 100% interest in Paragon based on Agreed Property Value of S$3,900 million and the Sale of Asia Square Tower 2 The property value of the existing portfolio, together with a 100% interest in Paragon based on the Agreed Property Value (S$3,900 million), and including Asia Square Tower 2, is S$30.9 billion. The proportion by geography comprises 95% Singapore, 3% Germany, and 2% Australia, and the proportion by asset class comprises 29% retail, 36% office and 35% integrated development. 17 3 Solidifies CICT's position as the most liquid proxy for high quality Singapore-centric commercial exposure Enlarged portfolio maintains low tenant concentration risk - no single tenant contributes >5% Gross Rental Income (GRI) Top 10 tenants' contribution to GRI based on enlarged portfiolio 1,2 Top 10 tenants' contribution Dec 2025: 16.1% 3 Pro Forma: 14.7% % ofi ťoťal CRI 4.6 4.4 Enlarged portfolio lease expiry profile is well spread Lease expiry profiile by GRI based on enlarged portfiolio 1,2 % ofi ťoťal CRI 18.9 16.0 1.6 1.6 1.6 1.5 1.3 1.3 1.2 1.2 1.6 1.2 1.1 1.0 0.8 0.9 1.0 0.9 0.9 0.8 5.7 7.7 13.4 10.8 6.7 4.8 2.6 1.2 5.8 4.3 2.1 RC Hotels (Pte) Ltd GIC Private Limited Temasek Holdings NTUC Enterprise Co-operative Breadtalk Group JPMorgan Chase Bank The Work Project Group Cold Storage Singapore Uniqlo (Singapore) CapitaLand Investment Limited 2026 2027 2028 2029 2030 2026 2027 2028 2029 2030 2031 and Dec 2025 3 Pro Forma Retail Office Hospitality beyond Excludes Bukit Panjang Plaza which was divested on 27 February 2026 and Asia Square Tower 2 which is expected to be divested by 3Q 2026, subject to the conditions precedent under the sale and purchase agreement in relation to the AST2 Divestment and the shareholders' approval being obtained at the extraordinary general meeting of the purchaser of Asia Square Tower 2 Information for the Property as at 31 January 2026. Excludes Bukit Panjang Plaza which was divested on 27 February 2026. 18 4 DPU accretive transaction with sustainable pro forma aggregate leverage 4 For illustrative purposes, assuming the Proposed Acquisition was completed on 1 Jan 2025 and CICT held and operated the Property through to 31 Dec 2025 Maintained prudent gearing posture with meaningful headroom while executing a dynamic portfolio strategy FY 2025 DPU (cenťs) 11.58 +2.1% 1,2 11.83 3 As ať 31 Dec 2025 38.6% 39.2% Actual Pro forma after the Proposed Acquisition and AST2 Divestment Actual Pro forma after the Proposed Acquisition and AST2 Divestment The FY 2025 pro forma DPU accretion is for illustrative purposes and is prepared based on the CICT FY 2025 Audited Financial Statements. It is calculated assuming (a) the Proposed Acquisition had been completed on 1 January 2025 and CICT had held and operated Paragon for FY 2025; (b) the Proposed Acquisition is funded through a combination of debt, the net proceeds from the Private Placement, and the net sales proceeds from the AST2 Divestment; and (c) the additional distributable income from the Proposed Acquisition for FY 2025, adjusted based on (a) the annualised January 2026 rental income and (b) the average occupancy in FY 2025. The DPU accretion after the Proposed Acquisition is prepared on the assumption that CICT obtains written confirmation from IRAS that no stamp duty is payable for the transfer of units of Paragon Trust to CICT. Pursuant to the terms of the Paragon Sale and Purchase Agreement (SPA), it is a condition precedent for CICT to obtain IRAS' written confirmation. In the event this condition precedent is not satisfied by the agreed cut-off date under the SPA, CICT may choose not to proceed to complete the Proposed Acquisition. However, if CICT elects to waive the condition precedent and complete the Proposed Acquisition, the pro forma DPU accretion would be 1.6%. Assuming (a) the completion of AST2 Divestment does not take place and Asia Square Tower 2 is not divested; and (b) the Proposed Acquisition is funded by debt and net proceeds from the Private Placement, the DPU will be 11.90 cents. Assuming (a) the completion of AST2 Divestment does not take place and Asia Square Tower 2 is not divested; and (b) the Proposed Acquisition is funded by debt and net proceeds from the Private Placement, the aggregate leverage will be 44.2%. 19 03 Transaction Details p Attention : This is an excerpt of the original content. To continue reading it, access the original document here .

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