CAPITALAND COMMERCIAL TRUSTFor Annual General Meeting to be held on 26 June 2020

4 June 2020 Scan QR code to view

CEO presentation

Important NoticeThis presentation shall be read in conjunction with CCT’s 4Q 2019 and 1Q 2020 Unaudited Financial StatementAnnouncement.

This presentation may contain forward-looking statements. Actual future performance, outcomes and results may differmaterially 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 ratetrends, cost of capital and capital availability, availability of real estate properties, competition from other developments orcompanies, shifts in customer demands, shifts in expected levels of occupancy rate, property rental income, charge outcollections, changes in operating expenses (including employee wages, benefits and training, property operating expenses),governmental and public policy changes and the continued availability of financing in the amounts and the termsnecessary to support future business.

You are cautioned not to place undue reliance on these forward-looking statements, which are based on the current viewof management regarding future events. No representation or warranty expressed or implied is made as to, and no relianceshould be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in thispresentation. Neither CapitaLand Commercial Trust Management Limited (“Manager”) nor any of its affiliates, advisers orrepresentatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising, whetherdirectly or indirectly, from any use, reliance or distribution of this presentation or its contents or otherwise arising in connectionwith this presentation.

The past performance of CapitaLand Commercial Trust (“CCT”) is not indicative of future performance. The listing of the unitsin the CCT (“Units”) on the Singapore Exchange Securities Trading Limited (the “SGX-ST”) does not guarantee a liquid marketfor the Units. The value of the Units and the income derived from them may fall as well as rise. Units are not obligations of,deposits in, or guaranteed by, the Manager. An investment in the Units is subject to investment risks, including the possible lossof the principal amount invested. Investors have no right to request that the Manager redeem or purchase their Units whilethe Units are listed on the SGX-ST. It is intended that holders of Units may only deal in their Units through trading on the SGX-ST.

This presentation is for information only and does not constitute an invitation or offer to acquire, purchase or subscribe for theUnits.

2

3

In the way we…

Grow our portfolio

Protect and curate our environment

Build communities

Nurture our people

Shape our future

Contents

MAKING AN IMPACT

1. Steering through COVID-19 04

2. FY2019 Financial Highlights 08

3. Enhancing Sustainability Efforts 14

4. Looking Ahead 19

4

*Any discrepancies in the tables and charts between the listed figures and totals thereof are due to rounding.

CapitaGreen, Singapore

1. Steering through COVID-19

• Passing on 30% property tax rebate

• Targeted assistance provided to affected

tenants

• Including RCS and office buildings

• Rent rebates for April and May

• Passing on 100% property tax rebate

• Waiver of turnover rent for April

Office tenants

Retailtenants

Hospitality tenants

3. Monitor, engage and support tenants in more vulnerable

industry groups – approx. S$25.8 million(1) committed to

support affected tenants

Steering through COVID-19

6

1. Focus on cost management

and cash conservation

2. Ensure health & safety of

premises through best

practices and complying

with applicable policies

and regulations

Immediate

Response

Committed to the long term sustainability of CCT; and the health, safety and

well-being of our stakeholders

Note:

(1) Includes proportionate interest in joint ventures and applicable property tax rebate from the government

1

3

2

Steering through COVID-19

1. COVID-19 (Temporary Measures) Act and upcoming new Bill to support SMEs

2. Leasing and investment activities

3. Evolution of the future of office

7

Committed to the long term sustainability of CCT; and the health, safety and

well-being of our stakeholders

Ongoing

Developments

1

3

2

Capital Tower, Singapore

1. FY2019 Financial Highlights

Strong financial performance due to high occupancy, higher rents and new acquisition

9

Notes:(1) "CCT Group" refers to CCT and its subsidiaries.

(2) Joint ventures refer to CCT’s 60.0% interest in RCS Trust, 50.0% interest in OGS LLP (with effect from 20 June 2017) and 40.0% interest in MSO Trust (up to 31 August 2016).(3) Total Units in issue included 513.5 million new CCT Units issued on 26 October 2017 pursuant to a rights issue.

(4) Total Units in issue included 130.0 million new CCT Units issued on 28 May 2018 pursuant to a private placement.(5) Total Units in issue included 105.0 million new CCT Units issued on 29 July 2019 pursuant to a private placement.

337.5394.0 412.3

151.4

163.4 165.5

2017 2018 2019

CCT Group Joint Ventures

488.9

557.4577.8

Gross Revenue

(S$ million)

265.5314.6 321.2

115.3

124.4 126.8

2017 2018 2019

CCT Group Joint Ventures

380.8

448.0439.0

288.9321.7 337.6

2017 2018 2019

8.66 8.70 8.88

2017 2018 2019

Net Property Income

(S$ million)

Distributable Income

(S$ million)

Distribution per Unit

(cents)

(1) (2) (1) (2)

(5)(4)(3)

Strong balance sheet maintained through proactive and prudent capital management

10

1.741.80 1.82

2017 2018 2019

37.3

34.9 35.1

2017 2018 2019

2.4

3.9 3.8

2.6 2.62.4

0

0.5

1

1.5

2

2.5

3

0

1

2

3

4

5

6

2017 2018 2019

Average term to maturity (years)

Average cost of debt (%)

Extended average term to maturity while lowering average

cost of debt

Steady increase in adjusted net asset value per unit

Aggregate leverage to range between 30% to 40% through

property market cycles

Adjusted net asset value

per unit (S$)Aggregate Leverage (%)

Proactive leasing of CCT’s portfolio

11

Notes

S$10.18

S$11.50

Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20

FY 2018 FY 2019

Total new and renewal leases 1,022,000 sq ft 1,361,000 sq ft (1)

% of new leases 22% 34%

Portfolio occupancy as at 31 Dec 99.4% 98.0%

Tenant retention rate(2) 77% 82%

CCT average office rent

Grade A market rent

(1) Includes WeWork’s lease at 21 Collyer Quay (2) Tenant retention rate = Net lettable area renewed in the subject year Total net lettable area due for renewal in the subject year

Positive rent reversions over expiring rents driving steady growth in average portfolio office rent

Leasehold

properties

80%

Freehold

properties

20%

Proportion of freehold assets

Singapore

92%

Germany

8%

Predominantly Singapore focused

with 8% exposure to Germany

Expanded footprint in Germany

12

Portfolio

property value:

S$11.1 million

Main Airport Center, Frankfurt

Gallileo, Frankfurt

• Acquired second property, Main Airport Center, in Frankfurt increasing German exposure to 8% of portfolio property value

• Average occupancy of German properties at 95.9%; above Frankfurt’s office market occupancy of 92.9%

Total no of

properties:

10

Proportion of freehold assetsPredominantly Singapore focused

with 8% exposure to Germany

Announced AEIs to position portfolio for growth; development works largely on track

13

✓ HSBC’s one year extension lease ended in April 2020

✓ Upgrading works will commence post circuit breaker measures

✓ Leased to WeWork for seven years commencing 2Q 2021

✓ Standard Chartered Bank’s lease ended in January 2020 and building’s occupancy is lower

✓ AEI work commenced in January 2020; Phasing of works may be potentially delayed

✓ Leasing of upgraded space to take longer

3Q 2021 (potential delay) 1H 2021 (on track)4Q 2020 (on track)

✓ 34.8% committed occupancy as at 31 Dec 2019

✓ Construction progress is on track with structural works reaching Level 45

✓ Construction work will continue post circuit breaker measures

Expected

completion

21 COLLYER QUAYSIX BATTERY ROAD CAPITASPRING

Main Airport Center, Frankfurt, Germany

3. Enhancing Sustainability Efforts

Issued first green bond

15

Sustainability Financing Framework established for ease of future issues

• Issued first green bond of JPY10.0 billion due 2027 swapped

into approximately S$124.7 million

• Aligned with:

- 2018 Green Bond Principles

- 2018 Social Bond Principle

- 2018 Sustainability Bond Guidelines

• Framework facilitates issuance of sustainable debt to fund

investments that meet environmental and social objectives,

including select United Nations’ Sustainable Development

Goals

Continuing efforts to green portfolio and improve operational efficiency

85.7%

14.3%

BCA Green Mark GoldPLUS Award and above

BCA Green Mark Certified Award16

-21.4%-27.1% -29.6%

-80.0%

-70.0%

-60.0%

-50.0%

-40.0%

-30.0%

-20.0%

-10.0%

0.0%

5

6

7

8

9

10

11

12

13

14

15

2017 2018 2019

Energy intensity Change in intensity compared to base year 2008

-21.8%-26.9% -32.2%

-80.0%

-70.0%

-60.0%

-50.0%

-40.0%

-30.0%

-20.0%

-10.0%

0.0%

0.00

0.02

0.04

0.06

0.08

0.10

0.12

0.14

2017 2018 2019

Water intensity Change in intensity compared to base year 2008

-35.5%

-45.8% -47.3%

-100.0%

-90.0%

-80.0%

-70.0%

-60.0%

-50.0%

-40.0%

-30.0%

-20.0%

-10.0%

0.0%

2

2.5

3

3.5

4

4.5

5

2017 2018 2019

Carbon emissions intensity Change in intensity compared to base year 2008

Aligned with CapitaLand’s commitment to meet 2030 targets with 2008 as base year

(2030 target: -25%) (2030 target: -30%)

(2030 target: -30%)(2030 target: 100% Green Mark Certified)

Energy Intensity

Water Intensity

Carbon Emissions Intensity

Singapore properties with Green Mark Certification

Environment, Social & Governance (ESG) Recognition

17

GRESB Real Estate Assessment • Achieved GRESB 4 Star for 2019

Singapore Governance and Transparency

Index 2019• Ranked first (REIT and Business Trust Category)

Governance Index for Trusts (GIFT) 2019 • Ranked tenth

Ethical Boardroom • Winner of Best Corporate Governance –

Asia and Australasia (REITs category)

Corporate Awards

Alpha Southeast Asia's 9th Annual Institutional Investor Awards for Corporates, CCT is ranked third for the following categories:• Most Organised Investor Relations

• Strongest Adherence to Corporate Governance

• Best Strategic Corporate Social Responsibility

SIAS Investors Choice Awards 2019CCT is runner-up for two categories under REITs & Business Trust:• Sustainability Award

• Shareholder Communications Excellence Award

Institutional Investor 2019 All-Asia (ex-Japan) Executive Team rankings, Developed Markets - Small & Midcap Winners (Singapore):

18

Singapore FM Awards 2019• Best FM Building Owner/Facility Occupier of the Year Award 2019 - CapitaGreen

Property Awards

• Ranked 2nd for Honored Companies

• Ranked 3rd for Best CEO

• Ranked 3rd for Best CFO

• Ranked 2nd for Best IR program

• Ranked 2nd for Best ESG/SRI Metrics

• Ranked 2nd for Best Corporate Governance

Raffles City Singapore

4. Looking Ahead

Diverse tenant mix provides resilience

Businesses more affected by COVID-19

Travel and Hospitality 9%

Flex space operators 4%

Retail Products & Services 7%

Food and Beverage 5%

Total 25%

20

Banking, 23%

Financial Services, 13%

Energy,

Commodities,

Maritime and

Logistics, 9%

Business Consultancy, IT,

Media and

Telecommunications, 9%

Travel and Hospitality,

9%

Real Estate and Property

Services, 7%

Retail Products and

Services, 7%

Insurance, 6%

Food and Beverage, 5%

Manufacturing and

Distribution, 5%

Legal, 3%

Education and Services,

2%

Government, 2%

Committed Monthly Gross

Rental Income as at 31 March 2020

Notes:

(1) Based on committed monthly gross rental income of tenants as at 31 March 2020, including CCT’s 60.0% interest in Raffles City Singapore, 50.0% interest in One George Street and 94.9% interest in Gallileo and Main Airport Center (with effect from 18 September 2019), Frankfurt; and excluding retail turnover rent

(2) Excludes WeWork Singapore as lease expected to commence in 2Q 2021

(3) Excludes Bugis Village as the lease with the State ended on 31 March 2020

(Flexible space operators – 4%)

Monitor and support tenants in business sectors more affected by COVID-19

Frankfurt office market expected to be resilient due to lower vacancy

21Source: CBRE Research, 2019

Germany

4.6%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

0

100

200

300

400

500

600

700

800

2015 2016 2017 2018 2019

Banking District New Supply Banking District Take-up Banking District Vacancy Rate

6.8%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

0

100

200

300

400

500

600

700

800

2015 2016 2017 2018 2019

Frankfurt Office New Supply Frankfurt Office Take-up Frankfurt Office Vacancy Rate

3.2%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

0

100

200

300

400

500

600

700

800

2015 2016 2017 2018 2019

Airport Office District New Supply Airport Office District Take-up

Airport Office District Vacancy Rate

1,000 sqm Vacancy Rate (%) 1,000 sqm

1,000 sqm

Vacancy Rate (%)

Vacancy Rate (%)

Frankfurt airport

submarket

27.0

18.0

23.0

Frankfurt Banking District

44.0

19.0

34.1

Weighted average (€ / square metre / month)

Overall Frankfurt Office

44.0

7.0

21.80

Overall Frankfurt Office

Airport Office District

Banking District

Office rental range by submarket

$0

$2

$4

$6

$8

$10

$12

$14

$16

$18

$20

1Q02

2Q02

3Q02

4Q02

1Q03

2Q03

3Q03

4Q03

1Q04

2Q04

3Q04

4Q04

1Q05

2Q05

3Q05

4Q05

1Q06

2Q06

3Q06

4Q06

1Q07

2Q07

3Q07

4Q07

1Q08

2Q08

3Q08

4Q08

1Q09

2Q09

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14

2Q14

3Q14

4Q14

1Q15

2Q15

3Q15

4Q15

1Q16

2Q16

3Q16

4Q16

1Q17

2Q17

3Q17

4Q17

1Q18

2Q18

3Q18

4Q18

1Q19

2Q19

3Q19

4Q19

1Q20

Grade A office market rent hit peak of S$11.55 psf in 4Q 2019

S$18.80

S$4.48

S$11.50

Global financial crisisPost-SARs, Dot.com crash

S$8.00

Euro-zone crisisM

on

thly

gro

ss r

en

t b

y p

er

squ

are

fo

ot

S$11.06

4Q 17 1Q 18 2Q 18 3Q 18 4Q 18 1Q 19 2Q 19 3Q 19 4Q 19 1Q 20

Mthly rent (S$ / sq ft ) 9.40 9.70 10.10 10.45 10.80 11.15 11.30 11.45 11.55 11.50

% change 3.3% 3.2% 4.1% 3.5% 3.3% 3.2% 1.3% 1.3% 0.9% -0.4%

Source of data: CBRE Research (figures as at end of each quarter).

S$9.55

S$11.40

S$8.95

Singapore

S$11.55

22

0.1

-0.1

0.9

-0.7

1.31.4

1.6

2.2

0.2

0.6

0.3

-0.03

1.9 1.9

0.7

0.2

0.9

0.70.8

1.9

0.0 0.0

0.8

1.5

1.7

1.4

-0.1

-0.6

1.6

1.8

1.4

1.0

0.20.3

0.2

0.7

1.7

0.8 0.9

12.8

8.3

3.4 2.34.6

8.9

4.8

8.8 7.84.8 4.3 4.8 4.2

6.2 5.2 4.2 4.6

-1.0

-0.5

0.0

0.5

1.0

1.5

2.0

2.5

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1Q

2020

2020F 2021F 2022F 2023F 2024F

sq f

t m

illio

n

Net Supply Net Demand CBRE Core CBD Vacancy Rate (%)

Singapore office market expected annual gross new supply to average 0.7 mil sq ft (1) over 5 years

Singapore

Forecast average annual gross

new supply

(2020 to 2024): 0.7 mil sq ft

Notes: (1) Average annual supply in Singapore’s Central Area over last five to 10 years: 1.0 million sq ft(2) Central Area comprises ‘The Downtown Core’, ‘Orchard’ and ‘Rest of Central Area’(3) Supply is calculated as net change of stock over the quarter and may include office stock removed from market due to conversions or demolitions. (4) Source: Historical data from URA statistics as at 1Q 2020; Forecast supply from CBRE Research as at 1Q 2020.

Singapore Private Office Space (Central Area) (2) – Net Demand & Supply

Forecast Supply

Global Financial

Crisis

Includes CapitaSpring

23

(3)

Expiring rents are below office market rent providing resilience

8.3%

24.5%18.2%

9.37

10.68

9.14

0

2

4

6

8

10

12

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

2020 2021 2022

Expiring leases as a % of office portfolio gross rental income

Expiring average gross rental rate (S$ psf)

24

Average expiring rents and contribution to office portfolio

rental income of CCT’s five key properties as at 1Q 2020

CBRE Monthly Grade A office rent (1Q 2020) $11.50 psf

Capital Tower CapitaGreen

Six Battery Road

Asia Square Tower 2

Raffles City Singapore

Committed majority of expiring 2020 leases with only 10%(1) of leases remaining

Note:

(1) Based on monthly gross rental income

• Engage and retain tenants

proactively and lift portfolio

occupancy

• Support tenants to tide over

challenging period

• Manage opex and capex

• Complete upgrading of Six Battery

Road and 21 Collyer Quay

Focus for 2020

25

Proactive portfolio and asset

management

• Keep aggregate leverage below

40% through cycles

• Maintain low average cost of debt

• Extend debt average term to

maturity

• Tap on multiple sources of funds

• Ensure at least 80% of total

borrowings on fixed interest rate

Prudent capital management

Thank youFor enquiries, please contact: Ms Ho Mei Peng , Head, Investor Relations, Direct: (65) 6713 3668

Email: ho.meipeng@capitaland.comCapitaLand Commercial Trust Management Limited (http://www.cct.com.sg)

168 Robinson Road, #28-00 Capital Tower, Singapore 068912Tel: (65) 6713 2888; Fax: (65) 6713 2999