Investor Presentaiton

16 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

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