Proposed Acquisition of 100% Interest in Paragon

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 Singapor3e

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 Peak1

Agreed Property Value

S$3,900.0 million2

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 Yield3 on Agreed

Property Value

~S$3,919.0 million

Retail: 4.1%

Medical / office: 3.4%

Overall: 3.9%

1. Cuscaden Peak Pte. Ltd., Cuscaden Peak Two Pte. Ltd., Times Properties Private Limited and Paragon Trust Management Pte. Ltd. (collectively, the Vendors).

2. 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.

3. 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

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 AST21

3%

(81 years remaining leasehold)

Net Yield of Paragon2

3.9%

(Freehold)

Divestment for S$2,476.0M3 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

1. 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).

2. 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.

3. 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 space1

Cucci Ferragamo

Fullerťon Healťh

Singapore Medical Croup

Miu Miu Sainť Laurenť

Prada The Hour Class

Thomson Specialisťs

1. 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%

Others2 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%

1. Including Jewellery, Watches, Shoes & Bags.

2. 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

Orchard

Plaza Singapura

The Atrium @Orchard

NE CC

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

City Hall

10,710

Hotel rooms2

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 pipeline3

Paragon

Existing CICT properties Mount Elizabeth Hospital / Medical Centre

Malls

Source: Singapore Tourism Board, Land Transporť Auťhoriťy - DaťaMall, URA.

1. Based on CBRE Singapore data on retail rents (S$ psf per month) (figures as at end of each quarter).

2. Based data by Singapore Tourism Board for April 2026. 13

3. 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 NLA1

Extending CICT's market leadership as the largest

owner of private retail stock in Singapore

10% based on enlarged CICT2

Downtown 60%

Suburban 40%

Enlarged

CICT Market Share in Private Retail Stock3

Top 10 holds

31% share

34%

Existing Enlarged

Suburban Downtown Core Orchard Road Properties

1. 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.

2. Based on CICT's computation of its market share factoring in the Proposed Acquisition.

3. 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

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: 23.9B1 (+6.5%YoY)

18.0

14.2

13.6

16.5 16.9

6.3

2019 2022 2023 2024 2025 2026

Forecast2

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)

1. 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.

2. 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$27.0b1

Enlarged Portfolio Value S$28.7b2,3

25%

Existing Portfolio Value S$27.0b1

Retail 34%

37%

Enlarged Portfolio Value S$28.7b2,3

32%

Office 41%

Office 31%

1. 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

2. 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

3. 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 portfiolio1,2

% ofi ťoťal CRI

4.64.4

Enlarged portfolio lease expiry profile is well spread

Lease expiry profiile by GRI based on enlarged portfiolio1,2

% 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

0.90.8

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 20253

Pro Forma

Retail Office Hospitality

beyond

1. 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

2. Information for the Property as at 31 January 2026.

3. 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

1. 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.

2. 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%.

3. 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.

4. 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

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