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Investor Presentaiton

17 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
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