#1Allanz Six Battery Road CapitaLand CapitaLand Commercial Trust Singapore's First and Largest Commercial REIT Presentation for Investor Meetings in Hong Kong 1 - 2 February 2018 Commercial Trust#22 Important Notice This presentation shall be read in conjunction with CCT's FY 2017 Unaudited Financial Statement Announcement. The past performance of CCT is not indicative of the future performance of CCT. Similarly, the past performance of CapitaLand Commercial 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/taLand CapitaLand Commercial Trust Presentation February 2018 Commercial Trust#33 ✓ Contents 1. Highlights 2. Financial Results and Capital Management 3. Portfolio Performance 4. Singapore Office Market 5. Portfolio Value Creation 6. Summary 7. Additional Information Slide No. 04 10 22 34 38 41 45 *Any discrepancies in the tables and charts between the listed figures and totals thereof are due to rounding. Cap/taLand CapitaLand Commercial Trust Presentation February 2018 Commercial Trust#41. Highlights Capital Tower, Singapore#5Highlights of CCT's value creation journey Unlock value - Divestments Recycle capital - Acquisition Grow portfolio - Development OILKIE GOG One George Street (50.0% interest) at exit yield of 3.2% Wilkie Edge at exit yield of 3.4% Golden Shoe Car Park for redevelopment Market capitalisation: S$7.0 billion as at 31 Dec 2017 S$4.4 billion as at 31 Dec 2016 Asia Square Tower 2 (excluding hotel premises) acquired at 3.6% entry yield Rights issue of S$700.0 million was 1.8x subscribed Deposited property value: Replicating success of Capita Green via redevelopment of Golden Shoe Car Park (45.0% interest) S$10.8 billion as at 31 Dec 2017 S$8.8 billion as at 31 Dec 2016 CapitaLand Commercial Trust Presentation February 2018#66 Portfolio committed occupancy rate higher than market occupancy rate CCT portfolio committed occupancy rate as at 31 Dec 2017 97.3% Total Leases signed in FY 2017: 666,000 sq ft (38.0% are new leases) Core CBD market occupancy rate (1) 171,000 145,000 161,000 68,000 93.8% 45,000 30,000 25,000 21,000 1Q 2017 2Q 2017 3Q 2017 4Q 2017 Retail space ■Office space FY 2016 FY 2017 (2) Total new and renewal leases % of new leases Portfolio occupancy as at 31 Dec Tenant retention ratio (3) 733,000 sq ft' 666,000 sq ft (2) 43% 97.1% 62% 38% 97.3% 78% Notes: (1) Source: CBRE Pte. Ltd., MarketView 4Q 2017 (2) Based on net lettable area of new leases and renewals committed and using 100.0% basis for all leases (3) Tenant retention rate = Net lettable area renewed in the subject year Total net lettable area due for renewal in the subject year CapitaLand Commercial Trust Presentation February 2018 CapitaLand Commercial Trust#77 CCT's 4Q 2017 distributable income up by 6.0% YoY 4Q 2017 4Q 2016 Change FY 2017 FY 2016 Change Distributable income (S$ million) 75.0 70.8 6.0% 288.9 269.0 7.4% Distribution per Unit (DPU) (1) 2.08¢ 2.39¢ (13.0%) 8.66¢ 9.08¢ (4.6%) No. of units in issue at the end of the period 3,608 2,964 21.8% 3,608 2,964 21.8% (million) For information only Adjusted DPU (2) 2.08¢ 1.960 6.1% 8.66¢ 8.25¢ 5.0% No. of units in issue as at 31 Dec 2017 (million) 3,608 3,608 3,608 Notes: (1) DPU computed based on total number of units outstanding as at end of respective periods (4Q 2017: 3,608.1 million; 4Q 2016: 2,963.5 million). (2) 4Q 2016 DPU was adjusted for the enlarged 3,608.1 million units arising from new units issued for equity raised, conversion of convertible bonds and issuance of units for management fees in FY 2017. Adjusted FY 2016 DPU of 8.25 cents comprised 1H 2016 DPU of 4.39 cents announced on 26 July 2016 and 2H 2016 DPU of 3.86 cents adjusted for the enlarged 3,608.1 million units. CapitaLand Commercial Trust Presentation February 2018 Cap/taLand Commercial Trust#88 Unitholders who held CCT units in FY 2017 and subscribed to rights issue would have enjoyed a total return of 37.4% (1) Price range in 2017: S$1.48 - S$1.93 21 Sep 2017: Announced a 166-for-1,000 rights issue at S$1.363 per rights unit +30.4% (2) +20.6% +18.1% 31-07-17 31-08-17 30-09-17 31-10-17 30-11-17 31-12-17 31-05-17 30-06-17 FTSE ST REIT 30-12-16 30-01-17 28-02-17 31-03-17 30-04-17 ⚫FTSE STI Notes: CCT (1) Total Return assuming subscription to rights issue: Calculated based on capital appreciation of rights units and existing units held from 31 December 2016 to 31 December 2017 plus FY 2017 DPU over the weighted average price of closing price as of 31 December 2016 and rights issue price. (2) Capital appreciation in 2017: Calculated based on the difference between closing prices on 31 December 2016 and 2017, over closing price on 31 December 2016. CapitaLand Commercial Trust Presentation February 2018 Cap/taLand Commercial Trust#9✓ Healthy balance sheet as at 31 Dec 2017 Low aggregate leverage ratio(1) Average cost of debt (2) Gross borrowings on fixed rate 37.3% 2.6% p.a. FY 2016: 37.8% FY 2016: 2.6% 80% FY 2016: 80% Proactively managed debt maturity profile ✓ Obtained S$600 million unsecured bank loans to refinance part of S$1,120 million due in 2019; Two tranches of S$300 million each, due in 2022 and 2023 respectively 9 Notes: (1) In accordance with Property Funds Appendix, CCT's proportionate share of its joint ventures borrowings and deposited property values are included when computing the aggregate leverage ratio. (2) Ratio of interest expense over weighted average borrowings (excludes borrowings of joint ventures). CapitaLand Commercial Trust Presentation February 2018 CapitaLand Commercial Trust#102. Financial Results and Capital Management One George Street, Singapore#1111 ✓ 4Q 2017 distributable income rose 6.0% YoY Change Remarks 4Q 2017 4Q 2016 (%) Gross Revenue (S$ million) 86.3 89.7 (3.8) Property Operating Expenses (S$ million) (18.3) (19.0) (3.3) Please see note (1) Net Property Income (S$ million) 68.0 70.8 (4.0) Distributable Income (S$ million) 75.0 70.8 6.0 Please see note (2) DPU (cents) 2.08 2.39 (13.0) Please see note (3) For Information Only 2.08 1.96 6.1 Please see note (4) Adjusted DPU (cents) Notes: (1) Lower revenue due to divestments of One George Street (50.0% interest) in June 2017, Golden Shoe Car Park in July 2017 and Wilkie Edge in September 2017 but mitigated by higher gross revenue from CapitaGreen and contribution from newly acquired Asia Square Tower 2 (AST2) held under Asia Square Tower 2 Pte. Ltd. (AST2 Co). Lower revenue led to lower net property income. (2) To note that AST2 Co did not pay any dividend this quarter. The higher distributable income is from MSO Trust which holds CapitaGreen, RCS Trust which holds Raffles City Singapore, a top-up of S$1.1 million for the loss of distributable income arising from the divestments of One George Street (50.0% interest) and Wilkie Edge, as well as tax-exempt distribution of S$8.0 million. (3) DPU computed based on total number of units outstanding as at end of respective periods (4Q 2017: 3,608.1 million; 4Q 2016: 2,963.5 million). (4) 4Q 2016 DPU adjusted for the enlarged 3,608.1 million units arising from new units issued for the equity raised, conversion of convertible bonds and issuance of units for management fees in FY 2017. CapitaLand Commercial Trust Presentation February 2018 Cap/taLand Commercial Trust#12✓ FY 2017 distributable income rose 7.4% YoY Change Remarks 12 FY 2017 FY 2016 (%) Gross Revenue (S$ million) 337.5 298.6 13.0 Property Operating Expenses (S$ million) (72.0) (67.3) 7.0 Please see note (1) Net Property Income (S$ million) 265.5 231.3 14.8 Distributable Income (S$ million) 288.9 269.0 7.4 Please see note (2) DPU (cents) 8.66 9.08 (4.6) Please see note (3) For Information Only 8.66 8.25 5.0 Please see note (4) Adjusted DPU (cents) Notes: (1) Higher revenue, operating expenses and net property income mainly contributed by CapitaGreen (12 months in FY 2017 versus 4 months in FY 2016), as well as contribution from AST2 (2 months in FY 2017, nil in FY 2016) offset by divestments of One George Street (50.0% interest) in June 2017, Golden Shoe Car Park in July 2017 and Wilkie Edge in September 2017. (2) To note that AST2 Co did not pay any dividend this quarter. The higher distributable income is from MSO Trust which holds CapitaGreen and RCS Trust which holds Raffles City Singapore. Includes top-up of S$4.4 million for the loss of distributable income arising from the divestments of One George Street (50.0% interest) and Wilkie Edge as well as tax-exempt distribution of S$8.0 million. (3) DPU in FY 2017 of 8.66 cents was the aggregate of DPU in 1H 2017 of 4.56 cents announced on 27 July 2017 and DPU in 2H 2017 of 4.10 cents. 2H 2017 of 4.10 cents was computed based on 3,608.1 million of CCT units issued as at 31 December 2017. (4) Adjusted DPU for FY 2016 of 8.25 cents comprised actual 1H 2016 DPU of 4.39 cents announced on 26 July 2016 and adjusted 2H 2016 DPU of 3.86 cents, adjusted for the enlarged 3,608.1 million Units arising from new units issued for equity raised, conversion of convertible bonds and issuance of units for management fees in FY 2017. CapitaLand Commercial Trust Presentation February 2018 Cap/taLand Commercial Trust#13Notes: Portfolio diversification with income contribution from 9 properties(¹) Portfolio post-reconstitution Bugis Village, 2% Twenty Anson, 3% One George Street (50%), 5% (2) HSBC Building, 5%- Raffles City Singapore (60%), 27% Asia Square Tower 2, 13% Net Property Income 4Q 2017 Six Battery Road, 13% Capital Tower, 14% CapitaGreen, 18% 13 (1) Based on net property income from 1 October 2017 to 31 December 2017; including net property income from CCT's 60.0% interest in Raffles City Singapore and 50.0% interest in One George Street; and excluding retail turnover rent. (2) CCT's interest in One George Street was 50.0% with effect from 20 June 2017. (3) Acquisition of Asia Square Tower 2 was completed on 1 November 2017 (4) Golden Shoe Car Park ceased operations on 31 July 2017 and divestment of Wilkie Edge was completed on 11 September 2017. CapitaLand Commercial Trust Presentation February 2018 Cap/taLand Commercial Trust#1414 ✓ CCT 2H 2017 Distribution Details Distribution period Distribution Per Unit 1 July to 31 December 2017 4.10 cents (1) Books Closure Date Distribution Payment Date Friday, 2 February 2018 Wednesday, 28 February 2018 Note: (1) For more information, please refer to page 24 of CCT 2017 Full Year Unaudited Financial Statement and Distribution announcement dated 25 January 2018. CapitaLand Commercial Trust Presentation February 2018 Cap/taLand Commercial Trust#15Portfolio value up by 25.4% YoY to S$10.4 billion mainly due to purchase of Asia Square Tower 2 31-Dec-16 30-Jun-17 31-Dec-17 31-Dec-17 12-month Variance 6-month Variance Investment Properties (1) $m $m $m $ per sq foot (Dec 2016 to (Jun 2017 to Dec 2017) Dec 2017) % % Capital Tower Six Battery Road CapitaGreen HSBC Building 1,325.0 1,361.0 1,363.0 1,847 2.9 0.1 1,371.0 1,401.0 1,402.0 2,831 2.3 0.1 1,603.0 1,616.0 1,616.0 2,302 0.8 0.0 455.0 456.0 456.0 2,275 0.2 0.0 Twenty Anson 432.0 433.0 433.0 2,160 0.2 0.0 Bugis Village(2) 48.5 47.0 44.0 359 -9.3 -6.4 Asia Square Tower 2 2,094.0(3) 2,689 Raffles City (60%) 1,901.4 1,950.0 1,956.0 NM(4) 2.9 0.3 Raffles City (100%) 3,169.0 3,250.0 3,260.0 One George Street (50%) 558.1 558.1 2,500 One George Street (100%) 1,014.0 1,116.2 1,116.2 10.1 Golden Shoe Carpark Redevt (45%) Golden Shoe Carpark Redevt (100%) 141.0 141.0 (6) (7) 472.5 1,050.0 (5) (8) NM as the latest value is based on a different method. Portfolio Total 8,290.9 7,963.1 10,394.6 25.4 30.5 Notes: CG G360 (1) Excludes Wilkie Edge, which was divested on 11 September 2017. (2) (3) The valuation of Bugis Village takes into account 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. Based on purchase price (4) NM indicates "Not Meaningful" (5) Including the differential premium paid for the change of use and increase in plot ratio (6) Based on CCT's 60.0% interest in Raffles City Singapore (7) Based on CCT's 60.0% interest in Raffles City Singapore and 50% interest in One George Street 15 (8) Based on CCT's 60.0% interest in Raffles City Singapore, 50% interest in One George Street and 45.0% in Golden Shoe Car Park Redevelopment#1616 Valuation assumptions largely unchanged • Terminal yields are 0.25% higher than capitalisation rates for the portfolio except for Six Battery Road and HSBC Building where terminal yields are the same given their 999-year lease tenures. Office rent growth rates (1) assumed for the discounted cashflow method averaged 4.1% over 10 years. Capitalisation Rates Discount Rates Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Jun-17 Dec-17 (1) Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Jun-17 Dec-17 (1) Capital Tower 3.75 3.75 3.85 3.85 3.85 3.70 3.70 8.00 8.00 7.50 7.25 7.25 7.00 7.00 Six Battery Road 3.75 3.75 3.75 3.75 3.75 3.60 3.60 8.00 8.00 7.50 7.25 7.25 7.00 7.00 CapitaGreen NA NA 4.00 4.15 4.15 4.10 4.10 NA NA 7.25 7.25 7.25 7.25 7.25 HSBC Building 3.75 3.75 3.85 3.85 3.75 3.60 3.60 8.00 8.00 7.50 7.25 7.25 7.00 7.00 Twenty Anson 3.75 3.75 3.85 3.85 3.85 3.70 3.70 8.00 8.00 7.50 7.25 7.25 7.00 7.00 One George Street 3.75 3.75 3.85 3.85 3.85 3.75 3.70 8.00 8.00 7.50 7.25 7.25 7.20 7.00 Raffles City SG Office Retail Hotel 4.25 4.25 4.25 4.25 4.25 4.10 4.10 7.50 7.35 5.40 5.25 5.25 5.25 5.25 4.85 4.85 7.50 7.25 7.80 7.65 7.50 7.50 7.50 7.25 7.25 7.00 7.00 7.25 5.75 5.55 5.25 5.13 5.11 4.75 4.75 8.00 7.75 7.75 7.75 7.40 7.15 7.15 Notes: (1) (2) Excludes Bugis Village, and calculated on a simple average basis Knight Frank was the appointed valuer for Capital Tower, Six Battery Road, HSBC Building, Twenty Anson, CapitaGreen and Raffles City Singapore, while JLL was the appointed valuer for Bugis Village. Cushman & Wakefield was the appointed valuer for One George Street. Cap/taLand CapitaLand Commercial Trust Presentation February 2018 Commercial Trust#1717 CCT's valuation capitalisation and discount rates are stable relative to 10-year SG bond yield 8.00% 6.00% 4.00% 2.00% 0.00% 2007 2008 2009 2010 2011 2012 2013 10-year SG Bond yield") CCT Capitalisation rate 2014 2015 2016 2017 CCT Discount rate Notes: (1) Source: Monetary Authority of Singapore (MAS) (2) Changes in capitalisation rates and discount rates due to varying assumptions used by different valuers CapitaLand Commercial Trust Presentation February 2018 CapitaLand Commercial Trust#18✓ Robust balance sheet Statement of Financial Position As at 31 Dec 2017 Non-current Assets S$ million S$ million Current Assets 9,188.7 165.3 Deposited Properties (1) 10,761.0 Total Assets 9,354.0 Net Asset Value Per Unit $1.78 Current Liabilities 97.6 Adjusted Net Asset Value Per Unit $1.74 Non-current Liabilities 2,839.5 (excluding distributable income) Total Liabilities 2,937.1 Net Assets 6,416.9 Credit Rating (2) Unitholders' Funds 6,416.9 BBB+ by S&P, Outlook Stable 18 Units in issue ('000) Notes: 3,608,146 (1) Deposited properties for CCT Group includes CCT's 60.0% interest in RCS Trust, CCT's 50.0% interest in OGS LLP (which holds One George Street) and CCT's 45.0% interest in Glory Office Trust and Glory SR Trust (which holds Golden Shoe Car Park) (2) CCT ceased engagement of Moody's credit rating service in 4Q 2017 CapitaLand Commercial Trust Presentation February 2018 Cap/taLand Commercial Trust#19✓ Stable financial ratios Total Gross Debt (1) Aggregate Leverage (2) 3Q 2017 4Q 2017 Remarks S$3,024.2m S$4,009.0m Higher (Higher borrowings to fund acquisition) Higher 33.9% 37.3% (Higher borrowings and deposited properties) Unencumbered Assets as % of Total Assets (3) 80% 83% Higher Average Term to Maturity (4) 2.9 years 2.4 years Lower Average Cost of Debt (p.a.) (5) 2.7% 2.6% Stable Interest Coverage (6) 5.1 times 4.9 times Stable 19 Notes: (1) Total gross debt includes CCT's joint ventures. (2) In accordance with Property Funds Appendix, CCT's proportionate share of its joint venture borrowings and deposited property values are included when computing aggregate leverage. Correspondingly, the ratio of total gross borrowings to total net assets is 62.5%. (3) Investment properties at CCT are all unencumbered except for CapitaGreen and CCT's 50.0% interest in One George Street, and CCT's 45.0% interest in Glory Office Trust and Glory SR Trust. (4) Excludes borrowings of joint ventures. Factoring refinancing of S$600 million out of S$1.12 billion of bank loans secured for Asia Square Tower 2 to 4-Year and 5-Year tenure, the pro forma average term to maturity will be 2.9 years. (5) Ratio of interest expense (excludes amortization and transaction costs) over weighted average gross borrowings (excludes borrowings of joint ventures). (6) Ratio of EBITDA over finance costs includes amortisation and transaction costs (excludes borrowings of joint ventures). CapitaLand Commercial Trust Presentation February 2018 Cap/taLand Commercial Trust#2020 20 ✓ Proactive Capital Management Obtained unsecured bank facilities for S$600 million bank loans due 2019 Debt Maturity Profile as at 31 December 2017 S$ million (% of total borrowings) $600m (15%) $72m (2%) $88m(2%) S$600m will be refinanced with longer-dated bank loans $19m $520m (13%) $108m (3%) $102m(3%) $300m $890m (21%) $300m $290m (7%) $75m (2%) $150m(4%) $180m $150m(4%) $148m(4%) 2018 2019 2020 $100m (3%) $75m(2%) $50m (1%) 2021 $293m (7%) (4%) $100m (3%) 2022 2023 Unsecured RCS bank loans due 2018 to 2022 Unsecured CCT bank loans to fund acquisition of AST2 due 2019 Unsecured CCT bank loan due 2020 2.89% p.a. CCT fixed rate JPY bond swapped to $$148m MTN due 2019 CapitaGreen secured bank loan due 2020 2.70% p.a. CCT fixed rate HKD bond swapped to $$102m MTN due 2021 50% of OGS LLP secured bank loan due 2021 2.96% p.a. CCT fixed rate $$100m MTN due 2021 2.95% p.a. CCT fixed rate JPY bonds swapped to $$75m MTN due 2021 2.98% p.a. CCT fixed rate $$50m MTN due 2021 2.77% p.a. CCT fixed rate $$75m MTN due 2022 Redevelopment of Golden Shoe Car Park secured bank loans due 2022 2.60% p.a. RCS fixed rate $$180m MTN due 2023 3.05% p.a. CCT fixed rate JPY bond swapped to $$100m MTN due 2023 Committed unsecured CCT bank loans due 2022 and 2023 CapitaLand Commercial Trust Presentation February 2018#2180% of borrowings on fixed rate provides certainty of interest expense Proforma impact on: Additional Interest expense for FY 2017 Raffles City bank loans FY 2017 DPU OGS bank loan $290m $223m Assuming +0.5% p.a. increase in interest rate +$4.2 million p.a. -0.10 cents (1.2% of FY DPU) CCT bank loans $320m Borrowings on Floating Rate 20% As at 31 Dec 2017 Borrowings on Fixed Rate 80% 21 CapitaLand Commercial Trust Presentation February 2018 Cap/taLand Commercial Trust#223. Portfolio Performance pp to commercial Cap/taMall Cop do Raffles City Raffles City Singapore.#2323 Active portfolio leasing activities for CCT New and renewed leases signed in 2017 Quarter 1Q 2Q 3Q 4Q FY 2017 Area (sq ft) 113,000 201,000 170,000 182,000 666,000 4Q 2017 new and renewed leases include: Tenant Trade Sector Building Longlead Capital Partners Pte. Ltd. Financial Services Six Battery Road Wilson Ventures Pte. Ltd. Energy, Commodities, Maritime and Logistics Six Battery Road The Executive Centre Singapore Pte Ltd Real Estate and Property Services Six Battery Road Sanetti Pte Ltd Legal Six Battery Road Cathay Petroleum International Pte Energy, Commodities, Maritime and Raffles City Tower Ltd Logistics CapitaLand Commercial Trust Presentation February 2018 CapitaLand Commercial Trust#24CCT's portfolio occupancy of 97.3% is above market Occupancy of 93.8% CCT Committed Occupancy Market Occupancy Level(¹) Grade A office Portfolio 4Q 2017 97.2% 97.3% 3Q 2017 4Q 2017 99.2% 93.8% 98.5% 93.8% CCT's Committed Occupancy Since Inception 3Q 2017 91.6% 92.5% 99.6% 99.1% 99.6% 100% 95.2% 96.2% 99.3% 98.7% 97.2% 96.8% 97.1% 97.1% -97.3% 25.8% 98.2% 94.8% 96.4% 95.7% 95.4% 95.7% 95.8% 92.2% 95.2% 95.1% 93.8% 92.7% 90% 91.7% 91.9% 91.2% 89.7% 91.2% 88.7% 90.6% 90.1% 90.5% 89.8% 88.9% 87.9% 87.9% 87.2% 87.4% 84.0% 80% 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 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Notes: (1) Source: CBRE Pte. Ltd. (2) Source: URA. CCT (2) URA (3) CBRE's Core CBD Occupancy Rate 24 (3) Covers Raffles Place, Marina Centre, Shenton Way and Marina Bay, data only available from 3Q 2005 onwards CapitaLand Commercial Trust Presentation February 2018 Cap/taLand Commercial Trust#25New demand in CCT's portfolio supported by tenants from diverse trade sectors Trade mix of new leases signed in 2017 compared to 2016 (¹) 38% 26% 24% 20% 10% 9% 9% 8% 10% 7% 7% 5% 4% 4% 4% 4% 4% 3% 2% 1% Banking, Insurance and Financial Services Business Consultancy, Energy, Commodities, Food and Beverage IT, Media and Telecommunications Maritime and Logistics Retail Products and Services Real Estate and Property Services Government Education and Services Manufacturing and Distribution Legal 25 Note: ■ 2016 ■2017 1% 0% Hospitality (1) Based on net lettable area of new leases committed and using 100.0% basis for Raffles City Singapore and One George Street CapitaLand Commercial Trust Presentation February 2018 CapitaLand Commercial Trust#2626 26 Diverse tenant mix in CCT's portfolio (¹) Tenant mix in CCT portfolio Legal, 3% Government, 2% Banking, 19% Education and Services, 3% Manufacturing and Distribution, 5% Food and Beverage, 6%. Real Estate and Property Services, 7% Insurance, 7% Business Consultancy, IT, Media and Telecommunications, 8% Gross Rental Income as at 31 Dec 2017 Financial Services, 13% Energy, Commodities, Maritime and Logistics, 10% Retail Products and Services, 8% Hospitality, 9% Notes: (1) Based on committed monthly gross rental income of tenants as at 31 December 2017, including CCT's 60.0% interest in Raffles City Singapore and 50.0% interest in One George Street; and excluding retail turnover rent. (2) Acquisition of Asia Square Tower 2 was completed on 1 November 2017 Cap/taLand CapitaLand Commercial Trust Presentation February 2018 Commercial Trust#27Top 10 tenants contribute 35% of monthly gross rental income (¹) Top 10 tenants' contribution reduced by 4% QoQ 11% 22 27 9% 5% 4% 5% 4% 4% 3% 4% 3% 3% 3% 3% 2% 2% 2% 2% 2% 0% 0% RC Hotels (Pte) Ltd The Hongkong and Shanghai GIC Private Limited Mizuho Bank, Ltd JPMorgan Chase Bank, N.A. CapifaLand Group Standard Chartered Bank Robinson & Company Lloyd's of London (Asia) Pte Ltd Mitsui Group Banking Corporation Limited (Singapore) (2) Private Limited Notes: I as at 30 Sep 2017 as at 31 Dec 2017 (1) Based on monthly gross rental income of top ten tenants as at 31 December 2017, excluding retail turnover rent. Total percentage may not add up due to rounding. (2) Based on CCT's 60.0% interest in Raffles City Singapore CapitaLand Commercial Trust Presentation February 2018 Cap/taLand Commercial Trust#2828 Above market office rents in 4Q 2017 but lower than expiring rents Building Average Expired Rents (S$) Committed (1) Market Rents of Comparative Sub-Market Sub-Market Rents (S$) (S$) Cushman & Wakefield(2) Knight Frank (3) Six Battery Road 12.77 10.69 -13.50 Grade A Raffles Place 9.37 9.10-9.60 One George Street 9.62 9.00-10.60 Grade A Raffles Place 9.37 8.00-8.50 Notes: (1) Renewal/new leases committed in 4Q 2017 (2) Source: Cushman & Wakefield 4Q 2017 (3) Source: Knight Frank 3Q 2017; based on leases of a whole floor office space on the mid-floor levels of office properties, and taking into account rent free period and other concessions (4) For reference only: CBRE Pte. Ltd.'s 4Q 2017 Grade A rent is S$9.40 psf per month and they do not publish sub-market rents CapitaLand Commercial Trust Presentation February 2018 Cap/taLand Commercial Trust#2929 Monthly average office rent of CCT's portfolio (1) up by 5.9% YoY Driven largely by inclusion of Asia Square Tower 2 7.83 7.96 8.03 8.13 8.22 8.23 8.61 8.42 8.88 8.78 8.89 8.90 8.96 8.98 9.22 9.20 9.18 9.18 9.23 94.7 95.3 97.3 Mar-13 Jun-13 Sep-13 Dec-13 Notes: 99.5 99.3 99.4 98.5 Mar-14 Jun-14 Sep-14 97.7 96.7 96.4 Dec-14 Mar-15 Jun-15 Sep-15 Committed occupancy of office portfolio (%) 96.0 96.8 97.9 97.6 97.5 98.3 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Average gross rent per month for office portfolio (S$ psf) Mar-17 97.2 96.9 96.9 Jun-17 Sep-17 Dec-17 (1) Average gross rent per month for office portfolio (S$ psf) = Total committed gross rent for office per month Committed area of office per month (2) Acquisition of Asia Square Tower 2 was completed on 1 November 2017 CapitaLand Commercial Trust Presentation February 2018 97.1 CapitaLand Commercial Trust 9.74#3030 Well spread portfolio lease expiry profile Lease expiry profile as a percentage of committed monthly gross rental income (1) 24% 17% 17% 8% 5% 6% 7% 7% 4% 3% 6% 1% 0% 0% 2018 2019 2020 2021 2022 2023 and beyond ■ Office Retail ■ Hospitality Completed Portfolio WALE (2) by NLA as at end Dec 2017 = 5.9 years Notes: (1) Excludes retail and hotel turnover rent (2) WALE: Weighted Average Lease term to Expiry CapitaLand Commercial Trust Presentation February 2018 Cap/taLand Commercial Trust#3131 Half of 2018 expiring leases completed Leveraging rising market rents to narrow gap between expiring and committed rents 7% 6% (1) 8% 7% 2018 31% 31% 22% 22% 21% 19% 13% 10% 8% 8% 2019 2020 2021 2022 2023 and beyond Monthly Gross Rental Income ■Committed Net Lettable Area ■Completed Notes: (1) Represents approximately 230,000 sq ft (2) Office lease expiry profile as at 31 December 2017 including Asia Square Tower 2 CapitaLand Commercial Trust Presentation February 2018 CapitaLand Commercial Trust#3232 Rise in market rents will reduce pressure on reversions in 2018 Full impact of negative rental reversions from 2017 will flow through in 2018 4Q 2017 Industry Statistics (1) - Grade A Office Average Market Rent: S$9.40 psf per month 2018 Period 1H 2018 2H 2018 (1) 60% Average rent of leases expiring is $$11.09psf 20 Building % of Expiring 16 Rental Rates of Expiring Rental % of Rates of Leases Expiring Leases Expiring Leases Leases 12.83 12.28 12.32 40% Capital Tower 0.1% S$10.24 0.6% S$8.46 9.92 12 9.38 8.73 Six Battery Road 0.1% S$11.17 1.3% S$12.33 8 CapitaGreen 1.7% S$12.38 0.4% S$12.58 20% Asia Square Tower 2 0.7% S$11.87 0.3% S$14.38 0.8% 0% Capital Tower 1.4% 2.1% 1.0% 1.2% 0.5% One George Street 0.6% S$8.83 0.6% S$10.07 Raffles City Tower 0.5% S$9.92 Six Battery CapitaGreen Asia Square One George Raffles City Road Tower 2 Street Tower Total / Weighted Average (3) 3.2% S$11.29 3.7% S$10.88 Notes: Average monthly gross rental rate for expiring leases (S$ psf /month) Monthly gross rental income for leases expiring at respective properties X 100% Monthly gross rental income for office portfolio (1) Source: CBRE Pte. Ltd. as at 4Q 2017 (2) Five Grade A buildings and Raffles City Tower only (3) Total percentage may not add up due to rounding (4) Acquisition of Asia Square Tower 2 was completed on 1 November 2017 CapitaLand Commercial Trust Presentation February 2018 CapitaLand Commercial Trust#33333 60% Further recovery in market rents due to limited new supply 2019 Average rent of leases expiring is S$10.44psf (¹) 20 20 2020 60% Average rent of leases expiring is $$9.50 psf (¹) 20 20 16 16 40% 11.62 11.36 11.32 40% 12 10.04 10.21 12 8.95 8.92 8.65 9.21 9.10 8.11 8.41 8 20% 20% 4 4.5% 5.0% 5.6% 5.5% 4 5.8% 6.0% 1.2% 2.1% 5.0% 1.2% 1.7% 1.3% 0% 0% Capital Tower Tower 2 Six Battery CapitaGreen Asia Square One George Raffles City Road Street Tower Capital Tower Six Battery CapitaGreen Asia Square One George Raffles City Road Tower 2 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 Notes: (1) Five Grade A buildings and Raffles City Tower only (2) Acquisition of Asia Square Tower 2 was completed on 1 November 2017 CapitaLand Commercial Trust Presentation February 2018 CapitaLand Commercial Trust#34Raffles City Singapore 203 4. Singapore office market 144494 Raffles CAY 4663 Ng Hock How, CapitaLand "Building People" Photography Competition 2012#35sq ft million 3.0 2.7 2.5 2.0 1.7 Annual new supply to average 0.7 mil sq ft over 4 years; CBD Core occupancy at 93.8% as at end Dec 2017 Singapore Private Office Space (Central Area) (¹) – Net Demand & Supply Post-Asian financial crisis, SARS & GFC-weak demand & undersupply - 1.9 1.9 Forecast average annual gross new supply (2018 to 2021): 0.7 mil sq ft Redevelopment 2.2 1.8 1.61.6 1.5 of GSCP 1.4 1.5 1.3 1.3 1.4 1.0 1.0 0.8 0.9 0.7 0.8 0.8 0.6 0.6 0.6 0.5 0.50.4 0.4 0.4 0.2 0.3 0.2 0.3 0.2 0.1 -0.8 -0.1 -0.7 -0.6 0.0 -0.03 -0.1 -0.5 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018F 2019F 2020F 2021F -1.0 -1.5 -2.0 -1.4 Net Supply ■Net Demand Forecast Supply Periods Average annual net supply(2) Average annual net demand 2008-2017 (through 10-year property market cycles) 1.2 mil sq ft 0.7 mil sq ft 2013-2017 (five-year period post GFC) 1.0 mil sq ft 0.7 mil sq ft 0.5 mil sq ft N.A. 35 2018-2021 (forecast gross new supply) Notes: (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 4Q 2017; Forecast supply from CBRE Pte. Ltd. as at 4Q 2017. CapitaLand Commercial Trust Presentation February 2018 CapitaLand Commercial Trust#36Known Future Office Supply in Central Area (2018-2021) Expected Proposed Office Projects Location NLA (sq ft) completion 1Q 2018 18 Robinson 2Q 2018 Frasers Tower (1) Robinson Road Shenton Way 145,000 663,000 Subtotal (2018): 808,000 2019 4Q 2019 Park Mall Redevelopment Redevelopment of Funan DigitaLife Mall (2) Beach Road/City Hall 204,000 Orchard Road 352,000 Subtotal (2019): 556,000 1H 2020 79 Robinson Road 1H 2020 2020 Hub Synergy Point Redevelopment Robinson Road 500,000 Anson Road 128,000 Afro-Asia Building Redevelopment Shenton Way 154,000 Subtotal (2020): 782,000 2021 Redevelopment of Golden Shoe Car Park Raffles Place 635,000 Subtotal (2021): 635,000 TOTAL FORECAST SUPPLY (2018-2021) 2,781,000 Total forecast supply excluding strata offices 2,781,000 36 36 Notes: (1) According to BT Report dated 12 January 2018, about 70% of Frasers Tower's NLA has been committed. (2) WeWork, a coworking operator has taken up 40,000 sq ft of space in the office component of Funan DigitaLife Mall (announced on 14 Dec 2017) (3) Sources: CBRE Pte. Ltd. and respective media reports CapitaLand Commercial Trust Presentation February 2018 Cap/taLand Commercial Trust#37Monthly gross rent by per square foot 恕 56 ±4 $14 $12 $10 $0 Grade A office market rent up 3.3% QoQ and YoY 5° % 4Q 15 1Q 16 2Q 16 Mthly rent (S$ / sq ft) 10.40 9.90 9.50 3Q 16 9.30 4Q 16 1Q 17 2Q 17 3Q 17 4Q 17 9.10 8.95 8.95 9.10 9.40 % change - 4.6% - 4.8% - 4.0% -2.1% -2.2% -1.6% 0.0% 1.7% 3.3% I $20 -S$18.80 $18 $16 ↑ S$4.48 Post-SARS, Dot.com crash 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 S$8.00 37 Source of data: CBRE Pte. Ltd. (figures as at end of each quarter). CapitaLand Commercial Trust Presentation February 2018 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 Global financial 1Q09 2Q09 3Q09 4Q09 crisis 3Q10 4Q10 1Q11 2Q11 3Q11- Euro-zone crisis S$11.40 S$11.06 S$9.40 S$9.55 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 1Q14 2Q14 3Q14 4Q14 1Q15- 2Q15 3Q15 4Q15 - 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 Cap/taLand Commercial Trust#385. Portfolio Value Creation Raffles City Raffles City Singapore A Wong Chow Mein, CapitaLand "Building People" Photography Competition 2012#3939 Redevelopment of Golden Shoe Car Park: Demolition completed; preparing for groundbreaking Completed demolition of Golden Shoe Car Park CCT's 45% interest CCT's 45% interest in Glory Office Trust and Glory SR Trust Drawdown as at Dec 2017 Balance (2) Debt at Glory Office (1) Trust and Glory SR Trust S$531.0m (S$292.5m) S$238.5m Equity inclusive of shareholder's loan S$288.0m (S$245.3m) S$42.7m S$819.0m (S$537.8m) S$281.2m Overview of the site Total Notes: (1) (2) Glory Office Trust and Glory SR Trust have obtained borrowings amounting to S$1,180.0m (100% interest) Balance capital requirement until 2021 Cap/taLand CapitaLand Commercial Trust Presentation February 2018 Commercial Trust#4040 Portfolio updates Raffles City Singapore Pilot Project at Twenty Anson PS.Cafe Bafe New P.S. Café on level 3 of RCS Ongoing S$54 million rejuvenation works at RCS to strengthen the mall's position Office Suites @ Twenty Anson Offer fully furnished office suites, meeting facilities and collaborative spaces with the ease of plug-and- work CapitaLand Commercial Trust Presentation February 2018 CapitaLand Commercial Trust#416. Summary#42MIZUTO Well positioned for long term growth Allianz do Asia Square Tower 2 . CCT's current portfolio Ride on the rental recovery with the leases expiring in 2018 and 2019 Proactive capital management Asia Square Tower 2 (excluding hotel premises) Occupancy of 90.5% Redevelopment of Golden Shoe Car Park (45.0% interest) Completion in 1H 2021 Call option to acquire balance 55.0% interest currently not owned by CCT within five years from building's completion 366 Redevelopment of Golden Shoe Car Park 42 CapitaLand Commercial Trust Presentation February 2018 Cap/taLand Commercial Trust#43✓ CCT's accolades Singapore Corporate Awards 2017 - REITS and Business Trusts category SINGAPORE CORPORATE AWARDS • Best Investor Relations GOLD • Best Annual Report BRONZE SIAS INVESTORS' CHOICE AWARDS Institutional Investor Centre for Governance, Institutions and Organisations (CGIO) Securities Investment Association of Singapore Singapore Corporate Governance Award 2017 - REITS & Business Trust category • Runner Up 2017 Institutional Investor, The All-Asia Executive Team, Most Honoured Companies under Developed Markets - Small & Mid cap . Second in Singapore Singapore Governance and Transparency Index 2017 - REITS & Business Trust category. • Second Cap/taLand 43 43 CapitaLand Commercial Trust Presentation February 2018 Commercial Trust#4444 ✓ Property accolades CENTRE ASEAN ACE FOR BCA UD MARK (DESIGN) ENERGY ASEAN Energy Awards 2017 - Retrofitted category 1st runner up - Six Battery Road Building Construction Authority Universal Design Mark Gold - Capital Tower OPUB SINGAPORE'S NATIONAL WATER AGENCY PUB - Water Efficiency Award 2017 Asia Square Tower 2 CapitaLand Commercial Trust Presentation February 2018 CapitaLand Commercial Trust#457. Additional Information Six Battery Road Bonham St#4646 FY 2017 gross revenue higher by 13.0% YoY Higher gross revenue contributed by acquisitions of Asia Square Tower 2 and CapitaGreen S$ million FY 2016 FY 2017 28.6 89.8 Divested 50% on 19 Jun 2017 72.0 69.9 69.5 68.4 50.1 Divested on 11 Sep 2017 Divested on 12 Jul 2017 24.2 22.3 19.8 20.4 20.4 15.9 12.2 12.0 13.9 11.7 10.1 4.9 CapitaGreen (1) Capital Tower Six Battery Asia Square One George Road Tower 2 (2) Street Twenty Anson HSBC Building Bugis Village Golden Shoe Wilkie Car Park Edge Notes: (1) Revenue from CapitaGreen was consolidated to CCT Group from September 2016 (2) Acquired Asia Square Tower 2 with effect from 1 November 2017 CapitaLand Commercial Trust Presentation February 2018 CapitaLand Commercial Trust#4747 FY 2017 net property income higher by 14.8% YoY Net property income lifted by acquisitions of Asia Square Tower 2 and CapitaGreen S$ million FY 2016 FY 2017 23.4 70.1 Divested 50% on 19 Jun 2017 54.3 51.8 53.1 53.7 38.0 Divested on 11 Sep 2017 Divested on 12 Jul 2017 19.2 20.3 20.3 17.2 14.6 12.9 9.6 9.4 9.5 8.4 7.6 3.4 (1) CapitaGreen Capital Tower Six Battery Asia Square One George Road Tower 2 (2) Street Twenty Anson HSBC Building Bugis Village Golden Shoe Car Park Wilkie Edge Notes: (1) Net property income from CapitaGreen was consolidated to CCT Group from September 2016 (2) Acquired Asia Square Tower 2 with effect from 1 November 2017 CapitaLand Commercial Trust Presentation February 2018 Cap/taLand Commercial Trust#4848 FY 2017 performance of Raffles City Singapore (1) (100.0% basis) Revenue impact mainly due to lower hotel turnover rent arising from room renovations at Swissotel Revenue Net Property Income FY 2016 FY 2017 S$ S$ 234.6 229.9 100% interest in Raffles City Singapore 175.1 175.3 100% interest in Raffles City Singapore Note: (1) Gross revenue and net property income of Raffles City Singapore are based on 100.0%; CCT owns 60.0% interest in Raffles City Singapore. Cap/taLand CapitaLand Commercial Trust Presentation February 2018 Commercial Trust#49; FY 2017 performance of CapitaGreen (¹) (100.0% basis) CapitaGreen's strong performance due to higher revenue occupancy 40 49 Revenue S$ 78.5 Net Property Income FY 2016 FY 2017 89.8 S$ 100% interest in Capita Green 63.0 70.1 100% interest in Capita Green Note: (1) Gross revenue and net property income of CapitaGreen shown above are based on 100.0%. CapitaGreen was a joint venture until CCT acquired the remaining 60.0% interest not owned by CCT on 31 August 2016. CapitaLand Commercial Trust Presentation February 2018 CapitaLand Commercial Trust#50FY 2017 performance of One George Street (1) (100.0% basis) Higher performance due to higher revenue occupancy 50 50 Revenue Net Property Income FY 2016 FY 2017 S$ S$ 50.1 50.8 100% interest in One George Street 39.5 38.0 100% interest in One George Street Note: (1) Gross revenue and net property income of One George Street shown above are based on 100.0%. CCT accounted for 50.0% of share of profit of OGS LLP with effect from 20 June 2017. CapitaLand Commercial Trust Presentation February 2018 CapitaLand Commercial Trust#5151 Lease expiry profile based on committed monthly gross rental income as at 31 Dec 2017 Capital Tower CapitaGreen 27% 30% 23% 25% 27% 29% 9% 7% 8% 5% 4% 5% 2018 2019 2020 2021 2022 2023 and beyond 2018 2019 2020 2021 2022 2023 and beyond Six Battery Road 9% 2018 Asia Square Tower 2 36% 31% 24% 26% 23% 21% 13% 13% 4% 1% 0% 2019 2020 2021 2022 2023 and 2018 2019 2020 2021 2022 beyond CapitaLand Commercial Trust Presentation February 2018 2023 and beyond Cap/taLand Commercial Trust#5252 52 Lease expiry profile based on committed monthly gross rental income as at 31 Dec 2017 One George Street Raffles City Singapore 31% 29% 20% 20% 12% 15% 4% 2018 2019 2020 2021 2022 2023 and beyond Twenty Anson 31% 30% 18% 15% 6% 0% 2018 2019 2020 2021 2022 2023 and beyond Note: (1) 19% 16% 10% 7% 5% 5% 4% 2% 0% 0% 0% 1% 2018 2019 2020 2021 2022 2023 and beyond ■Office Retail (excludes turnover rent) Hotels & Convention Centre Bugis Village (1) and HSBC Building Leases at Bugis Village and HSBC Building will be expiring in 2019. President of the Republic of Singapore, as Lessor under the State Lease hold the right to terminate the said Lease on 1 April 2019 upon payment of S$6,610,208.53 plus accrued interest. CapitaLand Commercial Trust Presentation February 2018 Cap/taLand Commercial Trust#5353 CapitaLand Commercial Trust First and Largest Commercial REIT in Singapore (since 11 May 2004) S$6.9b# 10 S$10.8b* Market Properties in Singapore's Deposited Capitalisation Central Area Properties About 4.5 million sq ft NLA (100% basis) 31% Owned by CapitaLand Group CapitaGreen Asia Square Tower 2 HSBC CapeCommercial Cata Raffles City Redevelopment of Golden Shoe Car Park (45.0% interest) Raffles City Singapore (60.0% interest) Twenty Anson HSBC Building Bugis Village One George Street (50.0% interest) Six Battery Road Capital Tower #Market Capitalisation as at 24 January 2018 * Deposited Properties as at 31 December 2017 CapitaLand Commercial Trust Presentation February 2018 Cap/taLand Commercial Trust#5454 54 5 3 Owns 10 centrally-located quality commercial properties Asia Square Tower 2 acquisition completed in Nov 2017 Wilkie Road Plaza Singapura Orchard Road Selegie Road Bras Victoria Street Bugis Bugis Junction North Bridge Road Rochor Road Esplanade 7 HSBC S Battery Road 6 4 2 Legend Basah Dhoby Ghaut Clarke Quay Havelock Road CCT Properties MRT Landmarks New Bridge Road Fairmont Singapore 5 City Hall Swissôtel South Bridge Road Stamford Road The Stamford Singapore RAFFLES PLACE 3 9 Raffles Place Collyer Quay Esplanade Drive Pickering Street Ascott Raffles Cross Street Cecil Street Chinatown Telok Ayer Tanjong Pagar TANJONG PAGAR 1. 2 Anson Road Robinson Road Capital Tower 2. CapitaGreen Place Shenton Way Raffles Quay 10 Marina Boulevard MARINA BAY Central Boulevard Downtown Marina Bay 9 Shenton Way (under construction) 3. Six Battery Road 6. Twenty Anson HSBC Building 8. Bugis Village 7. CBD 5. Singapore Central 4. One George Street (50.0% interest) Raffles City Singapore (60.0% interest) 9. GSCP redevelopment 10. Asia Square Tower 2 10 Business District CapitaLand Commercial Trust Presentation February 2018 8 Cap/taLand Commercial Trust#5555 74% of gross rental income (1) contributed by office and 26% by retail and hotel & convention centre CCT FY 2017 income contribution by sector Mainly from 60% interest in Raffles City Hotels & Convention Centre, 11% Master lease to hotel operator with about 75% of rent on fixed basis Retail, 15% Office, 74% Gross Rental Income FY 2017 Notes: (1) Based on gross rental income from 1 January 2017 to 31 December 2017; including gross rental income from CCT's 60.0% interest in Raffles City Singapore and 50.0% interest in One George Street; and excluding retail turnover rent (2) Golden Shoe Car Park ceased operations on 31 July 2017 and divestment of Wilkie Edge was completed on 11 September 2017 (3) Acquisition of Asia Square Tower 2 was completed on 1 November 2017 CapitaLand Commercial Trust Presentation February 2018 Cap/taLand Commercial Trust#5699 56 Established track record: CCT delivered higher returns YoY through property market cycles Due to successful portfolio reconstitution strategy including recycling of capital, AEls, acquisitions and developments Distributable Income (S$ million) 1 Global financial crisis and Euro-zone debt crisis CAGR 2004 to 2017 - 15.4% (1) Distribution Per Unit (cents) 11.00 i Global financial crisis and Euro-zone debt crisis 288.9 269.0 249.2254.5 221.0212.8 228.5 234.2 198.5 153.0 120.4 78.9 59.9 45.1 8.70 7.33 6.81 (1) 5.37 (2) 7.83 7.06 8.46 (3) 8.04 8.14 8.62 9.08 (4) 8.66 7.52 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Notes: (1) Annualised (2) After taking into consideration the issue of rights units in July 2009 (3) Decline in 2011 DPU compared to 2010 was due to divestment of two properties in 2010, Robinson Point and StarHub Centre (4) Issued 513,540,228 new units following the 166-for-1,000 rights issue at S$1.363 per rights unit in October 2017 Cap/taLand CapitaLand Commercial Trust Presentation February 2018 Commercial Trust#5754 57 ✓ Portfolio committed occupancy rate (1) consistently above 90% Capital Tower Six Battery Road Bugis Village Golden Shoe Car Park (2) HSBC Building Raffles City (60% interest) Wilkie Edge (3) 1Q 2Q 3Q 4Q 2017 2017 2017 2017 100.0 100.0 99.9 99.9 99.9 100.0 100.0 100.0 100.0 94.1 99.0 98.8 99.4 99.4 99.4 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 100.0 99.9 98.6 99.2 99.7 95.3 99.1 96.6 93.8 93.4 85.4 93.0 98.6 99.2 98.9 98.6 99.0 98.5 99.6 99.9 98.8 97.1 97.2 94.8 100.0 97.2 99.1 100.0 100.0 100.0 98.0 96.4 100.0 100.0 95.2 100.0 100.0 94.6 100.0 97.3 72.4 73.7 63.8 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 99.5 99.3 99.9 99.3 99.1 98.9 100.0 100.0 100.0 99.2 97.8 98.3 98.7 99.6 98.3 52.5 77.9 98.4 98.4 93.9 99.6 100.0 100.0 99.6 99.9 99.4 One George Street 100.0 96.3 100.0 93.3 92.5 95.5 100.0 98.2 96.5 96.5 97.5 98.0 98.0 (50% interest) Twenty Anson 100.0 98.1 97.8 97.9 91.7 93.0 84.2 86.1 92.6 CapitaGreen 69.3 91.3 95.9 98.2 99.0 99.0 100.0 Asia Square Tower 2(4) 90.5 Portfolio Occupancy 99.6 99.6 96.2 94.8 99.3 95.8 97.2 98.7 96.8 97.1 97.1 97.8 97.6 98.5 97.3 Notes: (1) For years 2004 to 2009, portfolio occupancy rate includes Starhub Centre and Robinson Point which were divested in 2010 (2) Golden Shoe Car Park ceased operations on 31 July 2017 (3) Divestment of Wilkie Edge was completed on 11 September 2017 (4) Acquisition of Asia Square Tower 2 was completed on 1 November 2017 CapitaLand Commercial Trust Presentation February 2018 Cap/taLand Commercial Trust#58✓ CCT milestones since inception SCALD CENTRE HSBC 2010: Sale of Robinson Point and + 2011: + TOP on 18 Dec 2014 + 2012: Entered JV to redevelop Acquired Acquired Sale of One Twenty remaining George StarHub Market Street Car Park into Anson 60.0% Street to LLP interest in and own Centre CapitaGreen 2010-2013 CCT owns 2012 - 2014: 40.0% interest Raffles City in CapitaGreen Tower AEI 2013 - 2015: Capital Tower AEI + 31 Aug 2016: 19 Jun 2017: CapitaGreen 50% interest thereafter 11 Sep 2017 + redevelop Golden Shoe Car Park Sale of CCT owns 45.0% Wilkie Edge interest in JV + 1 Nov 2017: Acquisition of Asia Square Tower 2 13 Jul 2017: Entered JV to 2005: + 2006: Acquired Acquired HSBC 60.0% Building interest in RCS Trust which owns Raffles City Singapore 2008: Acquired Wilkie Edge and One George Street 2007 - 2010: Raffles City Singapore AEls Six Battery Road AEI 58#5959 ✓ Property details (1) Capital Tower Asia Square Tower 2 CapitaGreen Six Battery Road Raffles City Singapore (100.0%) 250/252 North Bridge Address 168 Robinson Road 12 Marina View 138 Market Street 6 Battery Road Road; 2 Stamford Road; 80 Bras Basah Road 805,000 NLA (sq ft) 738,000 779,000 702,000 495,000 (Office: 381,000, Retail: 424,000) Leasehold expiring Committed 2-Mar-2107 31-Dec-2094 31-Mar-2073 19-Apr-2825 15-Jul-2078 (land lot only) 99.4% 90.5% 100.0% 99.9% 98.3% occupancy Valuation S$1,363.0m S$2,094.0m S$1,616.0m S$1,402.0m (31 Dec 2017) S$3,260.0m (100.0%) S$1,956.0m (60.0%) Car park lots 415 263 180 190 CapitaLand Commercial Trust Presentation February 2018 1,045 Cap/taLand Commercial Trust#60✓ Property details (2) FISHCOFF Village One George Street (100.0%) Twenty Anson HSBC Building Bugis Village(1) Address 1 George Street 20 Anson Road 21 Collyer Quay 62 to 67 Queen Street, 151 to 166 Rochor Road, 229 to 253 (odd nos only) Victoria Street Redevelopment of Golden Shoe Car Park (3) (100.0%) 50 Market Street NLA (sq ft) Leasehold expiring Committed occupancy 446,000 207,000 200,000 121,000 647,000 21-Jan-2102 22-Nov-2106 18-Dec-2849 30-Mar-2088 31-Jan-2081 98.0% 92.6% 100.0% 100.0% N.A. Valuation (31 Dec S$1,116.2m(100.0%) S$433.0 m S$456.0m S$558.1m (50.0%) 2017) Car park lots 178 55 55 Notes: 60 (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) CapitaLand, CCT and MEC have formed a joint venture to redevelop Golden Shoe Car Park as per announcement dated 13 July 2017. S$44.0m PDE: S$1.82b NA 350 CapitaLand Commercial Trust#61Allanz Thank you Six Battery Road CapitaLand Commercial Trust For enquiries, please contact: Ms Ho Mei Peng, Head, Investor Relations & Communications, Direct: (65) 6713 3668 Email: [email protected] CapitaLand Commercial Trust Management Limited (http://www.cct.com.sg) 168 Robinson Road, #28-00 Capital Tower, Singapore 068912 Tel: (65) 6713 2888; Fax: (65) 67132999