#1Raffles City CapitaCommercial Trust CapitaCommercial Trust Singapore's First Listed Commercial REIT Investor Presentation for Meetings in Hong Kong (based on 2Q 2014 results) Wednesday, 6 August to Friday, 8 August 2014#22 Important Notice This presentation shall be read in conjunction with CCT's 2Q 2014 Unaudited Financial Statement Announcement. The past performance of CCT is not indicative of the future performance of CCT. Similarly, the past performance of CapitaCommercial Trust Management Limited, the manager of CCT is not indicative of the future performance of the Manager. The value of units in CCT (CCT Units) and the income derived from them may fall as well as rise. The CCT Units are not obligations of, deposits in, or guaranteed by, the CCT Manager. An investment in the CCT Units is subject to investment risks, including the possible loss of the principal amount invested. Investors have no right to request that the CCT Manager redeem or purchase their CCT Units while the CCT Units are listed. It is intended that holders of the CCT Units may only deal in their CCT Units through trading on Singapore Exchange Securities Trading Limited (SGX-ST). Listing of the CCT Units on the SGX-ST does not guarantee a liquid market for the CCT Units. This presentation may contain forward-looking statements that involve assumptions, risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward- looking statements as a result of a number of risks, uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, competition from other developments or companies, shifts in expected levels of occupancy rate, property rental income, charge out collections, changes in operating expenses (including employee wages, benefits and training costs), governmental and public policy changes and the continued availability of financing in the amounts and the terms necessary to support. future business. You are cautioned not to place undue reliance on these forward-looking statements, which are based on the current view of the CCT Manager on future events. Cap/taCommercial CapitaCommercial Trust Presentation August 2014 Trust#33 ✓ Content Slide No. 1. Highlights 2. Healthy Financial Results and Prudent Capital Management 04 11 3. Solid Portfolio 18 4. Enhancing Value of Properties Through AEls and Development 29 5. Positive Singapore Office Market 6. Summary 7. Supplementary Information 304 35 40 46 *Any discrepancies in the tables and charts between the listed figures and totals thereof are due to rounding. CapitaCommercial Trust Presentation August 2014 Cap/ta Commercial Trust#41. Highlights Capital Tower, Singapore#55 1H 2014 distribution per unit up by 5.2% 2Q 2014 DPU 2.18 cents 5.3% YOY 2.18 2.07 1H 2014 DPU 4.22 cents 5.2% YOY 4.22 4.01 2Q 2013 2Q 2014 1H 2013 1H 2014 CapitaCommercial Trust Presentation August 2014 Cap/ta Commercial Trust#66 Higher YoY DPU at 4.22 cents despite conversion of CB 2015 Release of retained tax-exempt income of S$2.35m translating to 0.08 cents per unit 1H 2014 distributable income available to Unitholders S$121.7m No conversion of CB due 2015 Conversion of S$61.5m CB due 2015 - 51.6m units added 4.22 cents 4.14 cents 1H 2014 DPU Release of retained tax- exempt income, S$2.35m Adjusted 1H 2014 DPU based on S$124.0m CapitaCommercial Trust Presentation August 2014 0.08 cents 4.22 cents CapitaCommercial Trust#7● . . CapitaGreen secures aggregate lease commitments for about 23% of total NLA(1) Leased approximately 165,000 square feet of space Translates to about 23% of building's NLA Tenants from various business sectors including commodities, legal, financial services and insurance Expect revenue to MSO Trust from 2H 2015; contribution to distributable income from 2016 onwards Note: (1) NLA: Net Lettable Area 7 CapitaCommercial Trust Presentation August 2014 CapitaGreen a 40-storey Grade A office tower Capita Commercial Trust#88 CapitaGreen's structural work reached top floor of building On track to complete by end 2014 Capital and Capita Commercial MITSUBISHI ESTATE ASIA CapitaGreen TOPPING-OUT CEREMONY est-of-Honour Mr Khaw Boon Wan nister for N Wednes Development uly 2014 Guest-of-Honour, Minister Khaw Boon Wan and CapitaGreen's joint venture partners, design architect and main contractor performing the ceremonial topping-out on 2 July 2014 CapitaCommercial Trust Presentation August 2014 Cap/taCommercial Trust#9Improvement in rents raised valuation of CCT's properties by 1.4% (excluding Raffles City Singapore and CapitaGreen) Investment Properties 31 Dec 2013 S$m 30 Jun 2014 S$m Variance 30 Jun 2014 % S$psf CCT Group Capital Tower 1,282.0 1,301.0 1.5 1,764 Six Battery Road 1,285.0 1,312.0 2.1 2,653 One George Street 959.0 963.0 0.4 2,152 Twenty Anson 431.0 431.0 0.0 2,113 HSBC Building 429.0 446.0 4.0 2,225 Golden Shoe Car Park 138.4 139.0 0.4 NM (3) Wilkie Edge 186.0 188.0 1.1 1,239 (1) Bugis Village 58.6 57.9 (1.2) 478 CCT Group 4,769.0 4,837.9 1.4 Notes: (1) (2) Joint Ventures 31 Dec 2013 S$m 30 Jun 2014 S$m Variance % 30 Jun 2014 S$psf 1,810.8 1,846.8 2.0 NM(3) 438.5 15.4 Raffles City Singapore (60% interest) CapitaGreen (2) (40% interest) – book value of property under construction 380.0 Excludes Bugis Village which has lower rental rates assumed due to the right of the President of the Republic of Singapore, as Lessor under the State Lease, to terminate the said Lease on 1 April 2019 upon payment of S$6,610,208.53 plus accrued interest. Land valuation of CapitaGreen as at 30 Jun 2014 was S$284.8 million (40% interest) and took into consideration all applicable differential premiums paid to government authority. 9 (3) NM-Not Meaningful CapitaCommercial Trust Presentation August 2014 NM(3) Cap/taCommercial Trust#10Higher value largely driven by better rents ✓ achieved in 1H 2014 For June 2014 valuation, a different set of valuers (1) was appointed as per the Property Fund Guidelines. Office rent growth rates (2) assumed for the discounted cashflow method averaged 4.1% (3) per annum over 10 years, more conservative than the 4.9% assumed in the previous valuation. 10 . Market rents assumed are generally lower than CCT's recently achieved rents. Capitalisation Rates Discount Rates Dec 07 Dec Dec Dec Dec Dec Dec Jun Dec Dec Dec Dec 08 09 10 11 12 13 14 07 08 09 10 Dec 11 Dec Dec Jun 12 13 14 Capital Tower 4.00 4.50 4.25 4.15 4.00 3.75 3.75 3.85 7.75 8.00 8.00 7.75 7.50 8.00 8.00 7.50 Six Battery 4.00 4.50 4.25 4.00 4.00 3.75 3.75 3.75 7.75 8.00 8.00 7.75 7.50 8.00 8.00 7.50 Road One George NA 4.50 4.25 4.15 4.00 3.75 3.75 3.85 NA 8.00 8.00 7.75 7.50 8.00 8.00 7.50 Street HSBC Building 4.25 4.50 4.25 4.00 4.00 3.75 3.75 3.85 7.75 8.00 8.00 7.75 7.50 8.00 8.00 7.50 Twenty Anson NA NA NA NA NA 3.75 3.75 3.85 NA NA NA NA NA 8.00 8.00 7.50 Wilkie Edge (4) NA 4.75 4.50 4.40 4.40 4.25 4.25 4.25 NA 8.00 8.00 8.00 7.75 8.00 8.00 7.50 Raffles City SG Office 4.25 4.50 4.50 4.50 4.50 4.25 Retail 5.25 5.50 5.60 5.50 5.40 Hotel 5.50 5.75 5.85 5.75 5.75 4.25 4.25 5.40 5.25 5.25 5.75 5.55 5.25 7.75 7.50 7.50 7.35 7.50 8.00 8.00 8.00 8.00 7.75 7.80 7.65 7.50 7.75 7.75 8.00 7.75 7.75 Notes: (1) (2) CBRE was appointed for the June 2014 valuation whereas JLL was appointed for the preceding two years (except Raffles City Singapore which was done by Knight Frank). Excludes Bugis Village which has lower rental rates assumed due to the right of the President of the Republic of Singapore, as Lessor under the State Lease, to terminate the said Lease on 1 April 2019 upon payment of S$6,610,208.53 plus accrued interest. (3) Calculated on a simple average basis (4) Refers to office capitalisation rate only Cap/taCommercial Trust CapitaCommercial Trust Presentation August 2014#112. Healthy Financial Results and Prudent Capital Management One George Street, Singapore#1212 2Q 2014 distributable income up by 7.6% including release of retained tax-exempt income Group S$ million Gross revenue Less property operating expenses Net property income Finance costs 2Q 2013 (Restated) (1) 63.8 2Q 2014 Chg (%) 65.8 3.2 (13.6) (13.8) 2.0 50.2 52.0 3.5 (10.1) (9.5) (6.4) Net expenses (4.3) (4.1) (5.5) Net income before share of results of associate and joint ventures 35.8 38.4 7.1 Distribution Statement Net income before share of results of associate and 35.8 38.4 7.1 joint ventures Net tax and other adjustments 3.6 2.6 (27.6) Distributable income from joint venture 20.1 20.7 3.2 Income available for distribution 59.6 61.7 3.7 Tax-exempt income released Distributable income to unitholders Notes: (1) 2Q 2013 has been restated with the adoption of FRS 111 Joint Arrangements. (2) NM-Not Meaningful 2.4 NM 59.6 64.1 7.6 Cap/ta Commercial CapitaCommercial Trust Presentation August 2014 Trust#1313 1H 2014 distributable income up by 7.6% YoY Gross Revenue S$129.8 million 3.2% YOY Net Property Income S$102.7 million 2.5% YOY Distributable Income (1) S$124.0 million 7.6% YOY S$ million 125.8 129.8 1H 2013 (2) 124.0 1H 2014 115.3 100.2 102.7 Gross Revenue Higher revenue from all properties except One George Street (3) Net Property Income Higher property tax offset the increase in revenue Distributable Income Higher NPI, lower interest expenses, higher distributable income from RCS Trust as well as release of retained tax- exempt income Notes: (1) CCT released S$2.4 million of retained tax-exempt income. (2) 1H 2013 gross revenue and net property income have been restated with the adoption of FRS 111 Joint Arrangements. (3) Due to cessation of yield protection income on 10 Jul 2013. CapitaCommercial Trust Presentation August 2014 Capita Commercial Trust#1414 Robust balance sheet (1) As at 30 June 2014 S$ '000 Non-current Assets 6,235,472 Deposited Properties (2) S$ '000 7,349,201 Current Assets 85,482 Total Assets 6,320,954 Current Liabilities 179,037 Non-current Liabilities 1,108,271 Net Asset Value Per Unit Adjusted Net Asset Value Per Unit (excluding distributable income) S$1.72 S$1.67 Total Liabilities 1,287,308 Net Assets 5,033,646 Credit Rating Unitholders' Funds 5,033,646 Baal by Moody's / BBB+ by S&P Outlook stable by both rating agencies. Units in issue ('000) 2,934,543 Notes: (1) CCT Group has accounted for its 60% interest in RCS Trust and 40% interest in MSO Trust based on the respective joint ventures' net carrying amounts of assets and liabilities. (2) Deposited properties for CCT Group includes CCT's 60% interest in RCS Trust and 40% interest in MSO Trust. CapitaCommercial Trust Presentation August 2014 Capita Commercial Trust#155 15 ✓ Strong financial ratios 1Q 2014 2Q 2014 Net Debt/ EBITDA (1) 5.0 times 4.6 times Remarks Improved (Lower Net Debt) Unencumbered Assets as % of 100.0% 100.0% Stable Total Assets (2) Improved Average Term to Maturity 3.7 years 4.0 years (Due to refinancing of CB 2015) Average Cost of Debt (p.a.) (3) 2.4% 2.4% Stable Improved Interest Coverage (4) 6.6 times 6.8 times (Lower interest expense and higher EBITDA) Notes: (1) Net debt excludes borrowings of RCS Trust and MSO Trust. EBITDA refers to earnings before interest, tax, depreciation and amortisation but after share of profit of associate and joint ventures. (2) Investment properties at CCT Trust and Twenty Anson (held through CCT's 100% interest in FirstOffice Pte. Ltd.) are all unencumbered. (3) Ratio of interest expense over weighted average borrowings. (4) Ratio of EBITDA over finance costs includes amortisation and transaction costs. CapitaCommercial Trust Presentation August 2014 Capita Commercial Trust#1616 1 ✓ Debt maturity profile termed out S$ million (% of total borrowings) As at 30 June 2014 1Q 2014 2Q 2014 Total Gross Debt (1) S$ 2,166.4 m S$2,113.2 Gearing (2) $14m (1%) $120m (6%) 30.0% $480m (23%) $46m (2%) (3) Completed $70m (3%) refinancing $290m $100m (5%) $270m for 2014 $200m (14%) $175m $200m $148m (13%) (9%) (8%) (9%) (7%) 2015 2016 2017 2018 2019 2020 28.8% Notes: 2014 ■Convertible bonds at 2.7% p.a. ■3.64% p.a. fixed rate $70m MTN 3.25% p.a. fixed rate $200m MTN RCS revolving facility loan RCS term loan at 3.025% p.a. IRCS fixed rate notes at 3.09% p.a. IMSO Trust bank loan ■Convertible bonds at 2.5% p.a. ■2.89% p.a. fixed rate $148m MTN Unsecured bank loans (1) Total gross debt of CCT Group includes CCT's 60% interest in RCS Trust and 40% interest in MSO Trust. (2) Gearing was computed based on total gross debt over total deposited properties which includes CCT's 60% interest in RCS Trust and 40% interest in MSO Trust. (3) Subsequent to 30 June 2014, S$1.0 million of the principal amount of CB 2015 was converted into CCT units and S$37.5 million of principal amount of CB 2015 was repurchased. The remaining balance of CB 2015 is S$7.0 million. CapitaCommercial Trust Presentation August 2014 Capita Commercial Trust#1780% of fixed rate borrowings provides certainty of interest expense RCS revolving facility loan $14m MSO bank loan $114m CCT bank loans. $290m Borrowings on Floating Rate 20% Borrowings on Fixed Rate 80% 17 CapitaCommercial Trust Presentation August 2014 Capita Commercial Trust#183. Solid Portfolio Six Battery Road, Singapore#1919 ✓ CCT's portfolio occupancy above market level CCT Committed Occupancy Level 100% 90% Industry Statistics Occupancy Level(¹) Grade A Office 2Q 2014 99.8% - 1Q 2014 99.8% Portfolio 2Q 2014 99.4% 1Q 2014 99.4% 2Q 2014 2Q 2014 94.8% 1Q 2014 94.8% 95.8% 1Q 2014 95.7% CCT's Committed Occupancy Since Inception 99.6% 99.5% 99.4% 98.8% 98.3% 97.7% 96.2% 96.2% 95.6% 95.8% 97.8% 97.3% 93.1% 95.8% 95.1% 93.7% 93.1% 93.1% 92.0% 92.2% 92.3% 91.6% 91.2% 90.4% 89.2% 89.1% 87.7% 87.5% 87.7% 85.7% 82.6% 80% Notes: 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 CCT ⚫URA CBRE's Core CBD Occupancy Rate (2) (1) Source: CBRE Pte. Ltd. (2)Covers Raffles Place, Marina Centre, Shenton Way and Marina Bay, data only available from 3Q 2005 onwards CapitaCommercial Trust Presentation August 2014 Capita Commercial Trust#20• • Positive portfolio leasing activities for CCT(1) CCT signed new leases and renewals of approximately 97,500 square feet (2) for 2Q 2014, of which 31% are new leases. The above include retail space of approximately 14,000 square feet (3). For 2Q 2014, new and renewed tenants include: Tenant Odfjell Offshore Management Pte. Ltd. Mayer Brown JSM (Singapore) Pte. Ltd. Rakuten Asia Pte. Ltd. Halcyon Agri Corporation Pte Ltd Le Mercier's Capital Pte. Ltd. Ingensoma Financial Group Limited Trade Sector Maritime & Logistics Legal Manufacturing and Distribution Energy and Commodities Banking, Insurance and Financial Services Banking, Insurance and Financial Services Building Six Battery Road Six Battery Road One George Street Raffles City Tower Raffles City Tower Twenty Anson 20 20 Notes: (1) Excludes CapitaGreen (2) Reflects 100% interest in Raffles City Singapore (3) Includes retail space at other CCT properties and 100% interest in Raffles City Singapore CapitaCommercial Trust Presentation August 2014 Capita Commercial Trust#2121 New demand (1) in CCT's portfolio supported by tenants from diverse trade sectors 56% 22% 20% 2% Banking, Insurance and Financial Services Retail Products and Services Energy, Commodities, Maritime and Logistics Food and Beverage Note: (1) Based on net lettable area of new leases (100% basis for Raffles City Singapore) committed from 1 Apr 2014 to 30 Jun 2014 excluding CapitaGreen CapitaCommercial Trust Presentation July 2014 Capita Commercial Trust#22Overall positive rental reversions for CCT's Grade A office leases committed in 2Q 2014 S$ psf per month Average Expired Rents Committed Rents (¹) Sub-Market Market Rents of Comparative Sub-Market Colliers (2) DTZ(3) Six Battery Road 11.84 12.50 14.00 Grade A Raffles Place 9.96 10.28 One George Street 9.55 10.40 -11.00 Grade A Raffles Place 9.96 10.28 22 222 Notes: (1) Renewal/new leases committed in 2Q 2014 (2) Source: Colliers International 2Q 2014 (3) Source: DTZ 2Q 2014 (4) CBRE Pte. Ltd.'s 2Q 2014 Grade A rent is $$10.60 psf per month and they do not publish sub-market rents Capita Commercial CapitaCommercial Trust Presentation July 2014 Trust#2323 Monthly average office rent of CCT's portfolio(1) up by 3.4% over 12-month period $8.73 $8.64 98.1 99.5 $8.22 $8.23 $8.13 $7.94 $8.03 $7.96 $7.84 $7.79 $7.83 $7.66 $7.64 $7.53 $7.45 $7.39 99.5 99.3 98.5 98.2 97.5 96.9 96.8 96.9 95.9 95.6 95.3 95.3 94.7 97.3 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Committed occupancy of office portfolio (%) Average gross rent per month for office portfolio (S$ psf) Note: (1) Average rent per month for office portfolio (S$ psf): = Total committed gross rent for office per month Committed area of office per month CapitaCommercial Trust Presentation August 2014 Capita Commercial Trust#24Top 10 blue-chip tenants contribute 43% of monthly gross rental income (1) 14% 24 24 Rent review of Standard Chartered Bank's lease has been concluded with positive reversion 6% 6% 5% 4% 2% 2% 2% 2% 2% RC Hotels (Pte) Ltd The Hongkong and Shanghai JPMorgan Chase Bank, N.A. GIC Private Limited Standard Chartered Bank Robinson & Mizuho Bank, CapitaLand Company Ltd. The Royal Credit Group (Singapore) Bank of Agricole Scotland PLC Corporate Banking Corporation Limited Private Limited and Investment Bank (1) Based on monthly gross rental income excluding retail turnover rent of top ten tenants as at 30 Jun 2014. Total percentage may not add up due to rounding. CapitaCommercial Trust Presentation August 2014 Capita Commercial Trust Note:#2525 Well spread portfolio lease expiry profile Lease expiry profile as a percentage of monthly gross rental income (1) for Jun 2014 11% 5% 2% 1% 2014 19% 6% 12% 9% 7% 2% 2015 2016 2017 Office Retail Hotels and Convention Centre Committed Notes: Portfolio WALE (2) by NLA as at end Jun 2014 = 7.8 years (1) Excludes retail and hotel turnover rent (2) WALE: Weighted Average Lease term to Expiry CapitaCommercial Trust Presentation August 2014 27% 4% 11% 2018 and beyond Capita Commercial Trust#2626 Most of the leases expiring in 2014 have been renewed Office lease expiry profile as a percentage of net lettable area and monthly gross rental income for Jun 2014 15% 15% 28% 31% 18% 16% 13% 12% 38% 38% 3% 3% 2014 2015 2016 2017 2018 and beyond ■Monthly Gross Rental Income Occupied Net Lettable Area ■Committed CapitaCommercial Trust Presentation August 2014 Capita Commercial Trust#2727 CCT's key buildings are well positioned to capture potential rental upside 2Q 2014 Industry Statistics (1) — Grade A Office Average Market Rent: $$10.60 psf per month 60% 2014 20 16 40% 9.61 9.61 12 8.29 8 20% 0% Completed 1% 2% 0.1% Capital Tower Six Battery One George Raffles City Tower Road Street Average monthly gross rental rate for expiring leases (S$ psf /month) Monthly gross rental income for leases expiring at respective properties X 100% Monthly gross rental income for office portfolio Note: (1) Source: CBRE Pte. Ltd. as at 2Q 2014 CapitaCommercial Trust Presentation August 2014 Cap/ta Commercial Trust#2828 Well positioned to benefit from office market recovery upon lease expiries 2015 2016 60% 20 60% Average rent of leases expiring is S$7.41 psf (1) Average rent of leases expiring is S$9.74psf (1) 20 20 16 16 40% 11.30 40% 10.85 12 12 9.04 8.26 8.75 9.01 7.91 6.08 20% 12% 6% 4% 3% 0% Capital Tower 00 20% 7% 4 4% 1% 2% 0 0% о Street Six Battery One George Raffles City Road Tower Capital Tower Six Battery One George Raffles City Road Street Tower Average monthly gross rental rate for expiring leases (S$ psf/month) Monthly gross rental income for leases expiring at respective properties X 100% Monthly gross rental income for office portfolio Note: (1) 3 Grade A buildings and Raffles City Tower only CapitaCommercial Trust Presentation August 2014 Capita Commercial Trust#294. Enhancing Value of Properties Through Asset Enhancement Initiatives (AEls) and Development Gao da Commercial Cap/taMan Raffles City Raffles City Singapore.#3030 30 Potential income from 40% share and acquisition pipeline ✓ of remaining 60% CapitaGreen CapitaGreen For Business, Naturally 138 Market Street Total project development cost of S$1.4 billion CCT owns 40% share of CapitaGreen Has call option to acquire balance 60% from JV partners Purchase price at market valuation Subject to minimum of development cost compounded at 6.3% p.a. Exercise period: within 3 years after completion (2015 to 2017) CapitaCommercial Trust Presentation August 2014 Capita Commercial Trust#3131 CapitaGreen: construction on track to be completed by end 2014 Level 40 • Current development activities include: Completed structural work on 40th floor (top floor) Ongoing installation of wind scoop • Commencement of Sky Forest works · Ongoing interior works up to 26th storey • External Façade glazing installation up to 34th storey CCT's 40% interest CCT's 40% interest in MSO Trust Progress payment as at Jun 2014 Balance by progress payment ■(2) (1) MSO Trust's debt S$356.0m (S$290.0m) S$66.0m Equity inclusive of shareholder's loan S$204.0m (S$130.4m) S$ 73.6m South-West view of CapitaGreen Notes: (1) MSO Trust has secured committed bank loan facilities of up to S$890m (100% interest) (2) Ongoing capital requirement by progress payment until 2015 Total S$560.0m (S$420.4m) S$139.6m Capita Commercial CapitaCommercial Trust Presentation August 2014 Trust#32✓ Raffles City Tower AEI: Completed 32 Successfully enhanced visibility of entrance and sense of arrival at the canopy, drop-off area and main lobby Estimated AEI cost of S$32.3 million Return on Investment of 9.3%, above target of 8.6% 17 Revitalised main lobby Average office occupancy rate during the AEI 99.9% Prominent entrance enhancing the sense of arrival CapitaCommercial Trust Presentation August 2014 TMJewin Capita Commercial Trust#3333 33 ✓ Value creation for Raffles City Tower AEI(1) Return on Investment of 9.3% with estimated capital expenditure of S$32.3m Difference in committed rents before AEI and after AEI RCT City Hall/Marina sub-market Increase attributable to AEI S$ psf $0.91 psf $0.25 psf (2) $0.66 psf Value creation Incremental Net Property Income per annum S$3.0m Estimated Capital Expenditure S$32.3m (Lower than announced capital expenditure of S$34.7m in 2012) Return on Investment 9.3% (An improvement over the projected ROI of 8.6% in 2012) Capital Value of AEI (assuming 4.5% capitalisation rate (³)) Increase in Value (net of capital expenditure) S$66.6m S$34.4m Notes: (1) Based on Manager's estimates. (2) We have conservatively used Knight Frank's published rent for the City Hall / Marina sub-market. CBRE and Colliers have registered lower increases in the same sub-market rent for the period. (3) Capitalisation rate of 4.5% is used, similar to that adopted in the estimates at the start of the AEI. CapitaCommercial Trust Presentation August 2014 Cap/ta Commercial Trust#3434 Capital Tower AEI: Expanded scope within the same budget of S$40.0m; Projected ROI of 7.8% After Main lobby Expanded Scope Upgrading of upper floor lift lobbies to match the new main lobbies at Level 1 & 2 Same AEI Budget of S$40.0m Revised Schedule for AEI Completion 4Q 2015 S$16.1m paid to date Upgraded restroom 100% Committed Occupancy as at 30 Jun 2014 Before CapitaCommercial Trust Presentation August 2014 Restroom Upgrade Completed 15 floors Capita Commercial Trust#35Cappe Commercial Trat Citadines CapitaCommercial 5. Positive Singapore Office Market CapitaCo Owns 10 quality commercial properties In Singapore with Green awards ase contact Kingsmen-Oohmedia at 6880 0273. For adverning Wilkie Edge, Singapore#3636 CBD office space constitutes 52% of total office stock Total island-wide office stock in Singapore: 64.1m sq ft Decentralised Areas 16% Orchard Road 9% O CBD Fringe 23% Notes: (1) Total area may not add up due to rounding (2) Source: Jones Lang LaSalle (1Q 2014) CBD 52% Region Area (sq ft)(¹) % of total stock CBD CBD Fringe 33.5m 52% 14.5m 23% Orchard Road 5.8m 9% Decentralised Areas 10.3m 16% Total 64.1m 100% Capita Commercial Trust CapitaCommercial Trust Presentation August 2014#375.0 4.0 No new supply in CBD in 2015; Core CBD occupancy at 95.8% as at end-Jun 2014 - Singapore Private Office Space (Central Area) – Net Demand & Supply Forecast average annual gross new supply (2014 to 2018): 1.2 mil sq ft Post-Asian financial crisis, SARS & GFC-weak demand & undersupply Includes CapitaGreen completing end 2014 3.9 2.2 3.0 2.7 1.8 1.7 1.61.6 1.1 1.4 1.2 1.4 sq ft million 1.5 1.0 1.4 1.3 2.0 1.0 1.3 0.9 0.8 0.0 -1.0 2000 2001 2002 0.5 0.4 0.4 0.4 0.1 2003 -0.8 2004 2005 2006 -0.1 -0.1 -0.7 -1.4 -2.0 ■Net Supply ■Net Demand Periods Average annual net supply 2004-2013 (through 10-year property market cycles) 0.8m sq ft 2009-2013 (five years period during and post GFC) 2014-2018 & beyond (gross supply) 1.2m sq ft 1.2m sq ft Notes: 2008 2009 2010 2011 0.6 0.2 0.14 0.0 2012 2013 1H 2014 2014F 2015F 2016F 0.0 0.0 2017F 2018F< Forecast Supply Average annual net demand 1.1 m sq ft 1.0m sq ft N.A. 37 (1) Central Area comprises 'The Downtown Core', 'Orchard' and 'Rest of Central Area' (2) Supply is calculated as net change of stock over the quarter and may include office stock removed from market due to conversions or demolitions (3) Source: Historical data from URA statistics as at 2Q 2014; Forecast supply from Jones Lang LaSalle and CBRE Pte. Ltd. CapitaCommercial Trust Presentation August 2014 Capita Commercial Trust#3838 Known Future Office Supply in Central Area (2014 - 2017<) Expected completion 4Q 2014 Proposed Office Projects CapitaGreen (23% of NLA committed) 4Q 2014 South Beach Development Location NLA (sq ft) Raffles Place 700,000 Beach 501,943 Road/City Hall Subtotal (2014): 1,201,943 2015 NIL Subtotal (2015): 0 2016 EON Shenton (Redevelopment of Marina House) (Strata Office) Shenton Way 103,021 2016 2016 V on Shenton (Former UIC Building at 5 Shenton Way) Robinson Square (Redevelopment of The Corporate Building) Shenton Way 285,000 Robinson Road 35,355 2016 Marina One Marina Bay 1,880,000 1Q 2016 Duo Bugis 570,000 3Q 2016 Guoco Tower Tanjong Pagar 900,000 4Q 2016 Robinson Tower Robinson Road 128,000 Subtotal (2016): 3,901,376 2017 SBF Centre (Strata Office) 2017 Oxley Tower (Strata Office) 2017 Shenton Way 235,400 Shenton Way 111,713 Site at Cecil Street Shenton Way 720,000 Subtotal (2017): 1,067,113 TOTAL FORECAST SUPPLY (2014-2017<) Total forecast supply excluding strata offices 6,170,432 5,720,298#3939 Grade A office market rent increased by 3.4% QoQ 2Q 13 3Q 13 4Q 13 1Q 14 2Q 14* Mthly rent (S$ / sq ft) 9.55 9.55 9.75 % change 0.0 0.0 +2.1% 10.25 +5.1% +3.4% 10.60 $20 I S$18.80 Monthly gross rent by per square foot 14 SA to $0 $18 $16 $14 $12 $10 S$7.50 Prime Grade A S$4.48 S$4.00 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 3004 4Q04 1005 1Q05 2005 2Q05 3005 3Q05 GOOD 4Q05 TQ06 2Q06 3Q06 3Q06 4Q06 9007 2001 Post-SARS, Dot.com crash I I I I | *No historical data for Grade A rents prior to 2002. Source of data: CBRE Pte. Ltd. (figures as at end of each quarter). CBRE no longer tracks prime rents from 3Q 2011. CapitaCommercial Trust Presentation August 2014 2007 2008 3Q07 2001 4Q07 1Q08 2Q08 לאחס 3Q08 4Q08 4Q08 S$8.00 Global financial crisis 600% 6002 6001 4Q09 S$11.06 Euro-zone crisis 1Q10 לתות 2Q10 3Q10 4Q10 4Q10 1Q11 2Q11 3Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 Cap/taCommercial Trust I S$10.60#406. Summary Raffles City Raffles City Singapore A Wong Chow Mein, CapitaLand "Building People" otography Competition 2012#4141 ✓ 1H 2014 distribution details Distribution period 1H 2014 DPU Books Closure Date Distribution Payment Date 1 Jan to 30 Jun 2014 Taxable: 4.14 cents Tax-exempt: 0.08 cents Tuesday, 29 July 2014 Tuesday, 26 August 2014 CapitaCommercial Trust Presentation August 2014 Cap/ta Commercial Trust#4242 ¡ Attractive yield compared to other investments (1) FTSE REIT Index CCT's Distribution Yield (2) (3) CCT's Net Property Yield Straits Times Index Office property transaction yield CPF (ordinary) account 10-year Government bond Bank fixed deposit (12-month) 0.3% Bank savings deposit 0.1% 2.5% 2.3% 3.3% 2.5% to 3.5% 4.6% 5.1% 5.6% Notes: (1) All information as at 30 Jun 2014 except for FTSE REIT Index and STI which are as at 11 July 2014. Sources: Bloomberg, Monetary Authority of Singapore, Central Provident Fund, Singapore Government Securities, CBRE Pte. Ltd. (2) CCT Group distribution yield is based on annualised 1H 2014 DPU of 8.51 cents over closing price of $$1.665 as at 17 July 2014 (3) CCT Group (including RCS Trust) net property yield based on annualised 1H 2014 net property income and Jun 2014 valuation CapitaCommercial Trust Presentation August 2014 Capita Commercial Trust#4343 ✓ Well positioned for opportunities Positive trend in Singapore office market Office leases contributing 19% of portfolio gross rental income up for renewal in 2015 CapitaGreen secures 23% of lease commitment ahead of building's completion in end 2014 Assuming 40% gearing, CCT has debt headroom of S$1.3 billion Development capacity after completion of CapitaGreen CapitaCommercial Trust Presentation August 2014 Acquisition pipeline: Call option to buy 60% interest in CapitaGreen within 3 years after completion Capita Commercial Trust#4444 CCT won two Gold awards at Singapore Corporate Awards 2014 Singapore Corporate Awards 2014 REITs & Business Trust Category • Gold for Best Annual Report Gold for Best Investor Relations Cap/taCommercial Trust GOLD Best Annual Report Award 2013 (REITS & Bass Trust Presented to CapitaCommercial Trust at the Singapers Corporate Rants ga attended by Dr Tony Tan The President pistic of Clarity The Power of 10 PapitaCommercial Trust Annual Report 2015 CapitaCommercial Trust Presentation August 2014 Capita Commercial Trust#45Raffles City Thank you CapitaCommercial Trust For enquiries, please contact: Ms Ho Mei Peng, Head, Investor Relations & Communications, Direct: (65) 6713 3668 Email: [email protected] CapitaCommercial Trust Management Limited (http://www.cct.com.sg) 168 Robinson Road, #28-00 Capital Tower, Singapore 068912 Tel: (65) 66713 2888; Fax: (65) 67132999#46Raffles City Singapore Information 7. Supplementary 144444 1341 Raffles CAY Ng Hock How, Capita Land "Building People" Photography Competition 2012#4747 1H 2014 revenue by property Increased 3.2% YoY (excludes joint ventures) (2) 1H 2013 S$ million 29.9 33.2 1H 2014 31.8 30.0 26.5 (1) 24.5 11.0 10.7 10.2 10.2 6.4 6.6 5.8 6.0 6.3 6.5 69.6 67.6 Under development Capital Tower Six Battery One George Road Street Twenty Anson HSBC Building Golden Shoe Car Park Bugis Village Wilkie Edge 60% interest 40% interest in in Notes: (1) Due to cessation of yield protection income on 10 Jul 2013. (2) CCT's 60% interest in RCS Trust and 40% interest in MSO Trust were accounted for using equity method. CapitaCommercial Trust Presentation August 2014 Raffles City CapitaGreen Cap/taCommercial Trust#4848 ✓ 1H 2014 NPI by property Increased 2.5% YoY (excludes joint ventures) (2 S$ million 1H 2013 1H 2014 24.8 25.3 24.5 (1) 21.6 21.4 19.5 10.2 8.5 10.2 8.5 5.0 4.9 4.8 4.5 4.5 4.7 49.7 51.1 Under development Capital Tower Six Battery One George Road Street Twenty Anson HSBC Building Golden Shoe Car Park Bugis Village Wilkie Edge Notes: (1) Due to cessation of yield protection income on 10 Jul 2013. (2) CCT's 60% interest in RCS Trust and 40% interest in MSO Trust were accounted for using equity method. CapitaCommercial Trust Presentation August 2014 60% interest 40% interest in in Raffles City CapitaGreen Capita Commercial Trust#4949 ✓ Portfolio committed occupancy rate () consistently above 90% 2004 2005 2006 2007 2008 2009 920 2010 2011 2012 2013 1Q 2014 2Q 2014 Capital Tower 94.5 100.0 100.0 100.0 99.9 99.9 99.9 100.0 100.0 100.0 100.0 100.0 Six Battery Road 97.5 99.5 100.0 99.9 98.6 99.2 99.7 85.42) 93.0 (2 (2) 98.6(2) 99.2(2) 99.2(2) Bugis Village 92.9 92.1 95.3 99.1 96.6 93.8 93.4 98.8 97.1 97.2 98.3 96.6 Golden Shoe Car Park 100.0 85.4 98.0 96.4 100.0 100.0 95.2 100.0 100.0 94.6 96.9 97.1 HSBC Building 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Raffles City (60% interest) 99.5 99.3 99.9 99.3 99.1 98.9 100.0 100.0 100.0 99.9 Wilkie Edge (3) One George Street 52.5 77.9 98.4 98.4 93.9 99.6 99.6 98.7 100.0 96.3 100.0 93.3 92.5 95.5 100.0 100.0 Capita Green (40% interest) (4) NA NA NA NA NA Twenty Anson 100.0 98.1 95.0 97.8 Portfolio Occupancy 95.2 99.1 99.6 99.6 96.2 94.8 99.3 95.8 97.2 98.7 99.4 99.4 Notes: (1) For years 2004 to 2009, portfolio occupancy rate includes Starhub Centre and Robinson Point which were divested in 2010 (2) Six Battery Road's AEI has been completed in Dec 2013 (3) Wilkie Edge is a property legally completed in Dec 2008 (4) CapitaGreen is the Grade A office tower under development on the former site of Market Street Car Park. Development is expected to be completed by end 2014 CapitaCommercial Trust Presentation August 2014 Cap/taCommercial Trust#50CapitaCommercial Trust First and Largest Listed Commercial REIT in Singapore (11 May 2004) S$4.9b# 10 30% S$7.3b* 3m sq ft 32% Market Properties in Singapore's Deposited NLA Owned by Capitalisation Central Area Properties CapitaLand Group Stake in Quill Capita Trust 50 60 Capital Tower #Market Capitalisation as at 31 July 2014 * Deposited Properties as at 30 June 2014 HSBCS Wilkie Edge HSBC Building Twenty Anson One George Street Six Battery Road Golden Shoe Car Park Bugis Village Raffles City Singapore (60% stake) CapitaGreen (40% stake) Bugis Village CapitaCommercial CapitaCommercial Trust Presentation August 2014 Trust#5151 Owns 10 centrally-located quality commercial properties 7 6 DHOBY GHAUT INTERCHANGE BUGIS 5 ESPLANADE CITY HALL INTERCHANGE 5 1 2 CLARKE QUAY 3 HSBC 8 6 9 RAFFLES PLACE INTERCHANGE Legend 3 4 TANJONG PAGAR Mass Rapid Transit (MRT) station 7 10 1. Capital Tower 6. Bugis Village 2. Six Battery Road 7. Wilkie Edge 3. One George Street 8. Golden Shoe Car Park 4. HSBC Building CapitaGreen (development) 5. Raffles City 10. Twenty Anson 8 9 10 Singapore Cap/taCommercial Trust CapitaCommercial Trust Presentation August 2014#5252 52 66% of gross rental income (1) contributed by office and 34% by retail and hotel & convention centre CCT's income contribution by sector Mainly from 60% interest in Raffles City Hotels & Convention Centre, 14% Master lease to hotel operator with over 70% of rent on fixed basis Notes: Retail(2), 20% Office, 66% (1) Based on gross rental income excluding retail turnover rent from 1 Jan 2014 to 30 Jun 2014 (2) Includes gross rental income from CCT's 60.0% interest in Raffles City Singapore CapitaCommercial Trust Presentation August 2014 Capita Commercial Trust#5353 ✓ Portfolio diversification with focus on quality 91% of Net Property Income (1) from Grade A and prime offices (2) Bugis Village, 3% Wilkie Edge, 3% Golden Shoe Car Park, 3% Twenty Anson, 6% HSBC Building, 7% Raffles City Singapore (60%), 33% One George Street, 13% Capital Tower, 16% Notes: (1) Based on net property income from 1 Jan 2014 to 30 Jun 2014 (2) Includes net property income from CCT's 60.0% interest in Raffles City Singapore Six Battery Road, 16% Cap/ta Commercial Trust CapitaCommercial Trust Presentation August 2014#54Diverse tenant mix in CCT's portfolio (¹)(2) Tenant mix in CCT portfolio Real Estate and Property Government, 3% Services, 3% Legal, 4% Energy, Commodities, Maritime and Logistics, 4% Education and Services, 4% Business Consultancy, IT, Media and Telecommunications, 7% Manufacturing and Distribution, 7% Food and Beverage, 7% Retail Products and Services, 12% Banking, Insurance and Financial Services, 35% Of the 35%, the following key tenants collectively contribute approximately 62%: - HSBC - JPMorgan - GIC - Standard Chartered Bank - Mizuho Hospitality, 14% 54 Notes: (1) Based on monthly gross rental income excluding retail turnover rent of tenants as at 30 Jun 2014 (2) Includes monthly gross rental income from CCT's 60.0% interest in Raffles City Singapore CapitaCommercial Trust Presentation August 2014 Cap/ta Commercial Trust#5555 55 Commitment to environmental sustainability and improved energy efficiency No. CCT Properties Green Mark Award 1 Six Battery Road Platinum 2 Twenty Anson Platinum 3 CapitaGreen (Under development) Platinum 4 Capital Tower Platinum BCA GREEN MARK 5 One George Street Gold Plus 6 Golden Shoe Car Park Gold Plus 7 Raffles City Singapore Gold 8 Wilkie Edge Gold 9 HSBC Building Certified 10 Six Battery Road Tenant Service Centre Gold Plus (Office Interior) Since 18 September 2009, CCT has been and continues to be a constituent of FTSE4Good Index Series (FTSE4Good), a series of benchmark and tradable indices derived from the globally FTSE4Good recognized FTSE Global Equity Index Series CapitaCommercial Trust Presentation August 2014 Capita Commercial Trust#56✓ Property details (1) Address Capital Tower Six Battery Road One George Street 168 Robinson Road 6 Battery Road 1 George Street NLA (sq ft) 738,000 Leasehold expiring Committed 495,000 448,000 31-Dec-2094 19-Apr-2825 100.0% 99.2% 21-Jan-2102 Raffles City Singapore (100%) 250/252 North Bridge Road; 2 Stamford Road; 80 Bras Basah Road Twenty Anson 20 Anson Road 802,000 (Office: 381,000, Retail: 421,000) 204,000 15-Jul-2078 22-Nov-2106 100.0% 99.9% 97.8% occupancy Valuation S$1,301.0m S$1,312.0m S$963.0m (30 Jun 2014) S$3,078.0m (100%) S$1,846.8m (60%) S$431.0 m Car park lots 415 190 178 1,045 55 56 56 CapitaCommercial Trust Presentation August 2014 Cap/taCommercial Trust#57✓ Property details (2) FISHC HSBC Building Wilkie Edge Bugis Village(1) Address 21 Collyer Quay 8 Wilkie Road NLA (sq ft) Leasehold expiring Committed 200,000 18-Dec-2849 100.0% occupancy Valuation S$446.0m (30 Jun 2014) Car park lots NA Notes: 151,000 20-Feb-2105 98.7% S$188.0m Golden Shoe Car Park 62 to 67 Queen Street, 151 to 166 Rochor Road, 229 to 253 (odd nos only) Victoria Street 50 Market Street CapitaGreen(2) 138 Market Street 121,000 47,000 700,000 (100%) 30-Mar-2088 31-Jan-2081 31-Mar-2073 Under 96.6% 97.1% development S$1,400m S$57.9m S$139.0m (total estimated pde) NA 1,053 215 (1) The leasehold title and the valuation take into account the right of the President of the Republic of Singapore, as Lessor under the State Lease, to terminate the State Lease on 1 Apr 2019 upon payment of S$6,610,208.53 plus accrued interest. (2) Figures shown are 100% interest. CCT owns 40% of CapitaGreen development with a call option to acquire balance 60% within 3 years upon receipt of temporary occupation permit. Development expected to complete by end 2014. 57 CapitaCommercial Trust Presentation August 2014 180 Capita Commercial Trust