CapitaLand Commercial Trust Singapore’s First Commercial REIT Citi ASEAN C-Suite Forum 2016

1 June 2016

1

Important Notice

This presentation shall be read in conjunction with CCT’s 1Q 2016 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 forwardlooking 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.

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CapitaLand Commercial Trust Presentation Jun 2016

Contents

Slide No.

1. Proposed Acquisition of 60.0% units in MSO Trust which holds CapitaGreen

2. Financial Results and Proactive Capital Management

04 35

3. Portfolio Value Creation 44 4. Singapore Office Market 57 5. Summary 61 6. Supplementary Information 63

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

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CapitaLand Commercial Trust Presentation Jun 2016

4

1. Proposed
   Acquisition of 60.0%
   

CapitaGreen

CapitaLand Commercial Trust Presentation Jun 2016

Overview

5

Overview

• CCT presently owns 40.0% interest in MSO Trust which holds CapitaGreen

• Holds call option to acquire remaining 60.0% interest from joint venture partners: • CapitaLand (50.0%); and

• • Mitsubishi Estate Asia (10.0%)

• Two key conditions to be met in order to exercise call option to acquire 60.0% of units in MSO Trust:

• Market valuation must be equal to or above hurdle price

• Proposed acquisition of 50.0% interest from CapitaLand is subject to CCT Unitholders’ approval⁽¹⁾

Note:

• (1) Given that the proposed acquisition involves a transaction with an associate of CapitaLand, CapitaLand has to abstain from voting on the proposed resolution.

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CapitaLand Commercial Trust Presentation Jun 2016

Transformation of Market Street Car Park into CapitaGreen, a premium Grade A office tower

July 2011

July 2011 Dec 2014  Regulatory10.0% CapitaGreen development limit developed at total capped CCT‘s cost of S$1.3 bil⁽¹⁾ and ownership to 40.0%; obtained temporary formed JV with occupation permit on CapitaLand and MEA 18 Dec 2014  S$56 mil Market Street Car Park redeveloped under MSO Trust

under MSO Trust

May 2016

• Proposed acquisition of

• remaining 60.0% interest in

• MSO Trust by exercising call option

• Acquisition price to be at market valuation

Note:

(1) Total development cost included a differential premium and other land related costs of S$651.5 million paid to the government authorities.

7

Proposed acquisition of CapitaGreen Jun 2016

Ownership structure

Existing holding structure

CapitaLand
Commercial
Trust

Mitsubishi
Estate Asia

CapitaLand Mitsubishi CapitaLand Commercial Estate Asia Trust 50.0% 10.0% 40.0%

CapitaLand

New holding structure after
acquisition of 60.0% interest

New holding structure after acquisition of 60.0% interest CapitaLand Commercial Trust

CapitaLand
Commercial Trust

100.0%

MSO Trust⁽¹⁾

MSO Trust⁽¹⁾

Note:

• (1) MSO Trust is a special purpose approved sub-trust that has been accorded tax transparency treatment by the Inland Revenue Authority of Singapore.

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CapitaLand Commercial Trust Presentation Jun 2016

CapitaGreen

9

Property details

Description	40-storey Grade A office tower with ancillary retail units
Site Area Gross Floor Area	58,971 sq ft 882,681 sq ft
Net Lettable Area	703,122 sq ft
Committed Occupancy	92.8% as at 31 Mar 2016
Land Tenure	Leasehold with balance term of 57 years expiring 31 Mar 2073
Car Park Lots	180
NPI Yield(1) CapitaGreen at 138 Market Street, Singapore 048946	3.2%

CapitaGreen at 138 Market Street,
Singapore 048946

Tampines Grande’s Facade Note: (1) Based on CapitaGreen’s annualised 1Q 2016 NPI, revenue occupancy of 77.7% and valuation as at 6 Apr 2016.

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CapitaLand Commercial Trust Presentation Jun 2016

Centrally located in Singapore’s CBD

One George Street >

Six Battery Road > < HSBC Building

< Raffles Place Interchange (North South Line/ East West Line)

Golden Shoe Car Park >

Telok Ayer Station> (Downtown Line)

<

< Downtown MRT (Downtown Line)

< Shenton Way MRT (Thomson East Coast Line) Operational in 2021

Capital Tower >

Tanjong Pagar MRT> (East West Line)

< Twenty Anson

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Environmentally sustainable design and high quality specifications

• Column-free floor plate of approx

22,000 sq ft

• Floor to ceiling height: 3.2m

• Core to window depth: ~10m to 16m

• Wind scoop/Cool Void

• Draws in cooler air from higher altitudes and directs cool fresh air to office floors via the Cool Void

• Double skin facade

• Reduces heat gain by up to 26%

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CapitaLand Commercial Trust Presentation Jun 2016

Accolades

Best Tall Building in Asia and Australasia

Best Office and Business Development category Bronze

Council on Tall Buildings

and Urban Habitat

MIPIM Asia

Universal Design Mark

Building Information Modelling Award (Project Category) Platinum

Green Mark Platinum

Universal Design Mark Platinum

Building and Construction Authority, Singapore

Building and Construction Authority, Singapore

Building and Construction Authority, Singapore

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CapitaLand Commercial Trust Presentation Jun 2016

Well spread lease expiry profile with no leases due rior to 2018 p

Avoids the large, new supply in the Singapore office market

Avoids the large, new supply in the Singapore office market com letin in 2016 and 2017 p g

37% 35%
31%
26%
24% 23%
13%
11%
No leases expiring from 2016 to 2017
2016 2017 2018 2019 2020 2021 and beyond
Committed Monthly Gross Rental Income Committed Net Lettable Area

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CapitaLand Commercial Trust Presentation Jun 2016

(1) Diverse tenant business mix at CapitaGreen

Majority of tenants from the Insurance, IT, Energy and Commodities, and

Majority of tenants from the Insurance, IT, Energy and Commodities, and Banking and Financial sectors

Manufacturing and
Legal, 2%
Distribution, 1%
Education and
Food and Beverage,
Services, 3%
1%
Real Estate and
Property Services, 5%
Banking, Insurance
and Financial
Energy and Services, 47%
Commodities, 20%
Comprising:
Insurance - 26%
Financial Services - 11%
Banking - 10%

Note:

(1) Based on net lettable area of leases committed at CapitaGreen as at 31 Mar 2016.

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CapitaLand Commercial Trust Presentation Jun 2016

Call Option Conditions
and Proposed Funding

16

Key conditions in call option agreement

S$1.3 bil (lower than budget of S$1.4 bil)

Total development cost

Based on actual costs incurred since commencement of development in 2011 less net income received and compounded at 6.3% p.a. The hurdle price was computed . as S$1,585.8 mil as at 6 Apr 2016⁽¹⁾ S$1,600.5 mil (S$2,276 psf)

Hurdle Price

Agreed value based on market valuation⁽²⁾ as at 6 Apr 2016

Based on average of: CBRE S$1,599.0 mil (S$2,274 psf) Knight Frank S$1,602.0 mil (S$2,278 psf)

Market valuation must be equal to or exceed hurdle price of S$1,585.8 mil as at 6 Apr 2016⁽¹⁾

To exercise call option

Notes:

(1) Notice was issued to JV partners on 6 Apr 2016 to start the process of exercising the call option. (2) Valuation of CapitaGreen as at 31 December 2015 was S$1,587.0 mil (S$2,253 psf) by CBRE.

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CapitaLand Commercial Trust Presentation Jun 2016

as at 6 A r 2016 p

Based on Capitalisation Approach and Discounted Cash Flow Analysis

Based on leasehold of 57 years

Valuer	Total Valuation (S$ m)	Capital values (S$ psf)
CBRE	1,599.0	2,274
Knight Frank	1,602.0	2,278
Average	1,600.5	2,276(1)

Assumptions by independent valuers:

Capitalisation rate: 4.15%

Terminal yield: 25 bps above capitalisation rate Discount rate: 7.25%

Average market rent growth: 3.85% p.a. (over a 10-year period)

Note:

• (1) Assuming a 99-year leasehold land tenure, the value of CapitaGreen is estimated to be approximately S$2,700 psf by CBRE and Knight Frank.

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CapitaLand Commercial Trust Presentation Jun 2016

Valuation com arables p

CapitaGreen’s valuation is comparable to CCT Grade A buildings

CapitaGreen’s valuation is comparable to CCT Grade A buildings taking into account location, land tenure, age of building, etc

S$ psf NLA
2,748
2,258 2,253 2,276
1,774
Six Battery Road One George Street Capital Tower CapitaGreen CapitaGreen
(999-year) as at 31 Dec 2015 as at 6 Apr 2016

Note:

(1) Valuation as at 31 Dec 2015 unless otherwise indicated.

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CapitaLand Commercial Trust Presentation Jun 2016

Total acquisition outlay of approximately S$393 mil

CCT will also assume the remaining 60.0% of MSO Trust’s bank loan

CCT will also assume the remaining 60.0% of MSO Trust’s bank loan which amounts to S$534.0 mil

	S$ million
Agreed Value of CapitaGreen(100.0% basis)	1,600.5
Adjusted NTAof MSO Trust Units (100.0% basis)	305.6
Purchase Consideration (60.0% of Adjusted NTA)	183.4
Repayment of MSO Trust’s unitholders’ loans and accrued interest to CapitaLand and Mitsubishi Estate Asia	198.5
Acquisition Fee(1)	9.6
Acquisition Related Expenses	1.5
Total Acquisition Outlay	393.0

Note:

(1) Acquisition fee is computed based on 1.0% of the property value. As the acquisition constitutes an interested party transaction, the acquisition fee for CapitaLand’s 50.0% interest will be payable to CCTML in the form of units in CCT and shall not be sold within one year from their date of issuance. The fee for MEA’s 10.0% interest will be payable in cash.

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CapitaLand Commercial Trust Presentation Jun 2016

Pro forma aggregate leverage below 40.0% after acquisition assuming funding by bank borrowings

Pro forma aggregate leverage of 37.7%:

• Below regulatory limit of 45.0%

• Aligned with CCT’s capital management strategy to keep aggregate leverage below 40.0%

(2)
(1) 37.7%
30.1%

As at 31 March 2016

Pro forma

Notes:

• (1) Total gross debt includes CCT’s 60.0% interest in RCS Trust and 40.0% interest in MSO Trust.

• (2) Pro forma total gross debt includes estimated total acquisition outlay of approximately S$393 million and S$534.0 million, the latter representing 60.0% interest in MSO Trust’s gross borrowings to be assumed by CCT upon the completion of the acquisition.

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CapitaLand Commercial Trust Presentation Jun 2016

Pro forma debt maturity profile

as at 31 March 2016

Assumption of S$534.0 mil debt from CapitaGreen’s existing borrowings and additional

Assumption of S$534.0 mil debt from CapitaGreen’s existing borrowings and additional borrowings of approximately S$393 mil to fund proposed acquisition

$480m

$393m likely to
be spread out (1)
$534m (2)
$356m $102m
$222m
$100m
$200m
$148m $150m $75m
$100m
$50m

$175m

Notes:

• (1) Approximately $393 million of committed bank borrowings to fund proposed acquisition of 60.0% interest in CapitaGreen expected to be in smaller amounts with different maturity periods.

• (2) Existing 60.0% of CapitaGreen bank borrowings

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CapitaLand Commercial Trust Presentation Jun 2016

Unitholders’ approval⁽¹⁾ required for acquisition of CapitaLand’s 50.0% interest in MSO Trust

CapitaLand
(50.0%)
Unitholders’
approval
required (1)

Mitsubishi Estate
Asia
(10.0%)

CapitaLand
Commercial Trust
(40.0%)

MSO Trust⁽²⁾

Notes:

• (1) Given that the proposed acquisition involves a transaction with an associate of CapitaLand, CapitaLand has to abstain from voting on the proposed resolution.

• (2) MSO Trust is a special purpose approved sub-trust that has been accorded tax transparency treatment by the Inland Revenue Authority of Singapore.

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CapitaLand Commercial Trust Presentation Jun 2016

Benefits to

Unitholders

24

Benefits to Unitholders

• 1 Increase distribution per unit (DPU) to Unitholders

• 2 Augment portfolio quality for long-term growth

3 Reinforce CCT’s commercial foothold in the CBD of Singapore  Accessibility via major transport nodes

• Served by numerous amenities that will benefit its occupiers

4 Enhance CCT portfolio’s resilience, diversity and quality  Increase in NLA of Grade A assets

• Improvement of income diversification by property or tenant

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CapitaLand Commercial Trust Presentation Jun 2016

1 Increase DPU to Unitholders

For illustrative purpose: pro forma financial effects (1) of the proposed acquisition

For illustrative purpose: pro forma financial effects⁽¹⁾ of the proposed acquisition of 60.0% interest in CapitaGreen on CCT’s DPU for 1Q 2016

2.22 cts (3)
1.4%
(2)
2.19 cts

1Q 2016 DPU Pro forma DPU after proposed acquisition

Notes:

• (1) Based on the assumption that the proposed acquisition of 60.0% interest in CapitaGreen was completed on 1 Jan 2016 and CCT held and operated the property through to 31 Mar 2016.

• (2) Extracted from CCT’s 1Q 2016 financial results which already included contribution from CCT’s 40.0% interest in CapitaGreen in the 1Q 2016 distributable income and DPU.

• (3) Took into account the acquisition fee paid in units based on certain assumptions

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CapitaLand Commercial Trust Presentation Jun 2016

2 Augment portfolio quality for long-term growth

In line with CCT’s portfolio reconstitution strategy

3. Grow portfolio:

Grow
portfolio

2. Recycle capital:

Acquisition of balance
stake to own 100.0% of
CapitaGreen
Increase
occupancy
and rent

• Recycled sale proceeds for redevelopment into CapitaGreen

Recycle
capital

• 40.0% stake as a JV partner in MSO Trust

4. Organic growth:

Unlock value at
optimal stage of
property’s life
cycle

Enhance /
Refurbish
asset

1. Unlock value: Sale of Market Street Car Park for redevelopment under MSO Trust

Value creation

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CapitaLand Commercial Trust Presentation Jun 2016

2 Augment portfolio quality for long-term growth

Increase investment property value of CCT’s portfolio to S$8.4 bil

Increase investment property value of CCT’s portfolio to S$8.4 bil

S$ million

8,443.8
12.9%
7,478.1

(1) (2)
After acquisition of 60.0% interest in CapitaGreen

Before acquisition of 60.0% interest in CapitaGreen

Notes:

• (1) Based on CCT’s existing portfolio valuation (including 40.0% interest in CapitaGreen) as at 31 Dec 2015.

• (2) Based on CCT’s existing portfolio valuation as at 31 Dec 2015 and CapitaGreen’s valuation on 100.0% basis

• as at 6 Apr 2016.

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CapitaLand Commercial Trust Presentation Jun 2016

3

Reinforce CCT’s commercial foothold in the CBD of Singapore

• Accessibility via major

• transport nodes

• Close proximity to Raffles Place and Telok Ayer MRT stations

• Served by numerous amenities

• that will benefit its occupiers

 Wide variety of food and beverage options, hotels, serviced residences, banks and convenience stores

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CapitaLand Commercial Trust Presentation Jun 2016

4

Enhance CCT portfolio’s resilience, diversity and quality: Increase in NLA of Grade A assets

CCT’s portfolio NLA⁽¹⁾ increases to 3.6 mil sq ft from 3.2 mil sq ft after including 60.0% of CapitaGreen

After acquisition of 60.0% interest in CapitaGreen

Before acquisition of
60.0% interest in CapitaGreen

38.2%
61.8%

33.7%
66.3%

Grade A office buildings

Other properties

Note:

• (1) Based on respective proportionate stake in CapitaGreen and Raffles City Singapore.

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CapitaLand Commercial Trust Presentation Jun 2016

4

Enhance CCT portfolio’s resilience, diversity and quality: Reduce reliance on any single property

Before acquisition of 60.0% interest in CapitaGreen⁽¹⁾

After acquisition of 60.0% interest in CapitaGreen⁽²⁾

Bugis Village, 3%
Bugis Village, 3%
Wilkie Edge, 3% Golden Shoe Car
Wilkie Edge, 3% Golden Shoe Car
Park, 3%
Park, 2%
Twenty Anson, 5%
Twenty Anson, 5%
Raffles City
CapitaGreen Raffles City
Singapore (60%),
(40%), 6% Singapore (60%),
32% CapitaGreen 30%
(100%), 14%
HSBC Building, 6%
NPI
Pro forma NPI
as at 31 Mar 2016
as at 31 Mar 2016
One George
Street, 12% HSBC Building, 5%
One George Street,
11% Six Battery Road,
Capital Tower, Six Battery Road, 14%
14% 16%
Capital Tower, 13%

Notes:

• (1) For reference only: based on respective properties’ proportionate net property income (NPI) contribution in 1Q 2016. NPI from CCT’s wholly owned properties was $52.0 million, while NPI from 40.0% interest in CapitaGreen was $5.0 million.

• (2) For reference only: based on respective properties’ proportionate NPI contribution in 1Q 2016 and as if the proposed acquisition of 60.0% of interest in CapitaGreen was completed on 1 Jan 2016 and CCT held and operated the property through to 31 Mar 2016. NPI from 100.0% interest in CapitaGreen was $12.6 million.

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CapitaLand Commercial Trust Presentation Jun 2016

Enhance CCT portfolio’s resilience, diversity and 4 quality: Reduce reliance on any single tenant

Top 10 tenants to contribute 38.0% of monthly gross rental income after proposed acquisition

(1) Before proposed acquisition of 60.0% interest in CapitaGreen After proposed acquisition of 60.0% interest in CapitaGreen

12.7% 11.7%

5.0% 5.0% 4.6% 4.6% 3.9% 3.6% 3.6% 3.6% 3.3% 3.3% 2.1% 2.2% 2.0% 1.5% 1.3% RC Hotels The GIC Private JPMorgan Standard CapitaLand Lloyd's of Robinson & Twitter Asia Cargill (Pte) Ltd Hongkong Limited Chase Bank, Chartered Group London Company Pacific Pte. International and N.A. Bank (Asia) Pte Ltd (Singapore) Ltd. Trading Pte Shanghai Private Ltd Banking Limited Corporation Limited

Note: (1) Includes CCT’s 60.0% interest in Raffles City Singapore and 40.0% interest in CapitaGreen.

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CapitaLand Commercial Trust Presentation Jun 2016

33

Next Steps

CapitaLand Commercial Trust Presentation Jun 2016

Estimated timeline⁽¹⁾

Milestones Estimated timeline Monday, 23 May 2016^{Announce proposed acquisition of 60.0%} interest in CapitaGreen June/July 2016 Dispatch of circular to Unitholders Convene an Extraordinary General Meeting to 3Q 2016 seek Unitholders’ approval to buy from CapitaLand - 50.0% interest in MSO Trust 4Q 2016 Completion of proposed acquisition (assuming Unitholders’ approval obtained)

Note:

• (1) Subject to changes by the Manager without prior notice

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CapitaLand Commercial Trust Presentation Jun 2016

1. Financial Results and
   

Management

One George Street, Singapore

35

1Q 2016 distributable income rose 3.3% YoY

	1Q 2016	1Q 2015	Change (%)	Remarks
Gross Revenue(1) (S$ million)	66.86	68.16	(1.9)	Lower occupancies at Capital Tower and Golden Shoe Car Park
Property Operating Expenses (S$ million)	(14.83)	(14.19)	4.5	Mainly due to property tax
Net Property Income(1)(S$ million)	52.03	53.97	(3.6)
Distributable Income(2) (S$ million) comprising - Distribution from CCT’s wholly owned assets - Distribution from joint ventures	64.85 42.25 22.60	62.75 41.97 20.78	3.3 0.7 8.7	More distribution from RCS Trust and MSO Trust (owns CapitaGreen)
DPU(cents)	2.19(3)	2.12	3.3

Notes:

• (1) Exclude joint ventures

• (2) Retained RCS Trust’s distribution income of S$0.9 million

• (3) Estimated DPU for 1Q 2016 was computed on the basis that none of the CB 2017 is converted into CCT units. Accordingly, the actual quantum of DPU may differ if any of CB 2017 is converted into CCT units. The current conversion price of CB 2017 is S$1.4816.

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CapitaLand Commercial Trust Presentation Jun 2016

68% of gross rental income(1) contributed by office and 32% by retail and hotel & convention centre

CCT’s income by sector

Hotels & Convention
ConvCentre, 13% ion
Centre, 13%
Master lease to
hotel operator
with over 70% of
rent on fixed
basis

Retail, 19%

Note:

• (1) Based on gross rental income 1 Jan 2016 to 31 Mar 2016, including gross rental income from CCT’s 60.0% interest in Raffles City Singapore and 40.0% interest in CapitaGreen, and excluding retail turnover rent

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CapitaLand Commercial Trust Presentation Jun 2016

Portfolio diversification with income (1) contribution from 10 properties

40.0% interest in CapitaGreen contributed 6% in 1Q 2016

Park, 3%

Twenty Anson, 5%
6%

CapitaGreen (40%),
6%
HSBC Building, 6%
One George Street,
12%

One George Street,
12%
Six Battery Road,
Capital Tower, 14%
16%

Note:

• (1) For reference only: based on respective properties’ proportionate net property income (NPI) contribution in 1Q 2016. NPI from CCT’s wholly owned properties was $52.0 million, while NPI from its 60.0% interest in Raffles City Singapore and 40.0% interest in CapitaGreen was $27.4 million and $5.0 million respectively.

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CapitaLand Commercial Trust Presentation Jun 2016

Performance of RCS Trust – 1Q 2016

	C	CT's 60% Int	erest		RCS Trust 100%
	1Q 2016 S$ million	1Q 2015 S$ million	Varia S$ m	nce %	1Q 2016 S$'000
Gross Revenue	36.01	35.67	0.34	1.0	60.02
- Office	5.67	5.79	(0.12)(1)	(2.1)	9.45
- Retail	15.66	15.58	0.08	0.5	26.09
- Hotel	13.23	13.01	0.22	1.7	22.06
- Others	1.45	1.29	0.16	13.1	2.42
Net Property Income	27.38	26.33	1.05	4.0	45.63

Note:

(1) Due mainly to lower office occupancy in 1Q 2016 compared to 1Q 2015

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CapitaLand Commercial Trust Presentation Jun 2016

Robust balance sheet

Statement of Financial Position As at 31 March 2016

	S$million		S$million
Non-current Assets	6,458.22	Deposited Properties(1)	7,696.88
Current Assets	91.41		.
Total Assets	6,549.63	Net Asset Value Per Unit	$1.74
Current Liabilities	55.05	Adjusted Net Asset Value Per Unit	$1.72
Non-current Liabilities	1,359.93	(excluding distributable income)
Total Liabilities	1,414.97
Net Assets	5,134.66	Credit Rating
Unitholders' Funds	5,134.66	A-byS&P
		A3byMoody's
Units in issue ('000)	2,955,322	Outlook Stable

Note:

(1) Deposited properties for CCT Group includes CCT’s 60.0% interest in RCS Trust (S$1.9 billion) and 40.0% interest in MSO Trust (S$0.65 billion).

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CapitaLand Commercial Trust Presentation Jun 2016

Strong financial ratios

	4Q 2015	1Q 2016	Remarks
Total Gross Debt(1)	S$2,280.7 m	S$2,318.1 m	Increased (More borrowings)
Aggregate Leverage(2)	29.5%	30.1%	Increased (More borrowings)
Net Debt / EBITDA(3)	4.9 times	4.7 times	Lower (Higher EBITDA)
Unencumbered Assets as % of Total Assets(4)	100.0%	100.0%	Stable
Average Term to Maturity(5)	4.2 years	3.8 years	Lower (Passing of time)
Average Cost of Debt (p.a.)(6)	2.5%	2.5%	Stable
Interest Coverage(7)	7.4 times	7.4 times	Stable

Notes:

(1) Total gross debt includes CCT’s 60.0% interest in RCS Trust and 40.0% interest in MSO Trust.

• (2) In accordance with Property Funds Appendix, CCT’s proportionate share of its joint ventures borrowings and deposited property values are included when computing the gearing ratio.

• (3) 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.

• (4) Investment properties at CCT Trust are all unencumbered.

• (5) Excludes borrowings of RCS Trust and MSO Trust.

• (6) Ratio of interest expense over weighted average borrowings (excludes borrowings of RCS Trust and MSO Trust).

• (7) Ratio of EBITDA over finance costs includes amortisation and transaction costs (excludes borrowings of RCS Trust and MSO Trust).

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CapitaLand Commercial Trust Presentation Jun 2016

Proactive capital management

Unsecured bank facilities in place for RCS Trust refinancing due June 2016

Debt Maturity Profile as at 31 Mar 2016

$120m

(5%)
$150m
(7%)
$102m
$222m
$480m
(4%)
(10%)
(21%) $356m $100m
(15%) (4%)
$175m $200m
$148m
(8%) (9%) $75m(3%) $100m
(6%)
$50m (2%) (4%)

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CapitaLand Commercial Trust Presentation Jun 2016

91% of borrowings on fixed rate provides certainty of interest expense

Raffles City
CCT bank loans
bank loan
$92m
$40m
CapitaGreen
bank loan
$76m

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CapitaLand Commercial Trust Presentation Jun 2016

1. Portfolio Value
   Creation
   

Creation

Raffles City Singapore

44

CCT’s strategies for portfolio and asset management

Capital Tower: Achieved
AEI ROI of 8.2% p.a. in
2015

Building a resilient portfolio

• Portfolio occupancy at 98.1%

• Well spread portfolio lease profile with major leases expiring in 2019 and beyond

• – Minimised leases due in 2016 and 2017 and focusing on tenant retention and attraction

Capital Tower: Achieved
AEI ROI of 8.2% p.a. in
2015
Raffles City Tower:
Achieved AEI ROI of 9.3%
p.a. in 2014

Maintaining high portfolio occupancy

• 93% - 99% since 2004

Generating economic value

Six Battery Road:
Achieved AEI ROI of 8.6%
p.a. in 2012

• −Achieved ROIs of 8.2% to 9.3% through asset enhancement initiatives (AEIs)

−Development of CapitaGreen enhanced asset value from public car park to Grade A office building

Acquisition pipeline: Call option to
buy 60.0% interest in CapitaGreen
within 3 years after completion

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CapitaLand Commercial Trust Presentation Jun 2016

CCT’s portfolio occupancy of 98.1% is above market occupancy of 95.1%

	CCT Committe	d Occupancy	Market Occu	pancy Level(1)
	1Q 2016	4Q 2015	1Q 2016	4Q 2015
Grade A office	98.0%	95.8%	95.0%	94.8%
Portfolio	98.1%	97.1%	95.1%	95.1%

CCT's Committed Occupancy Since Inception

99.6% 99.4% 99.3% 99.4%
100%
9 8.2% 98.1%
96.7% 97.0 %
95.9% 96.0%
98.0% 95.1% 95.3%
97.0%
96.1%
95.7%
95.1%
94.4%
93.7%
93.2%
92.3% 92.4%
90%
90.8% 90.9% 90.7% 90.8% 90.8%
90.0% 90.0% 89.8%
88.0% 87.9% 88.3%
87.5%
85.0%
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
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
(2)
CCT URA CBRE's Core CBD Occupancy Rate

Notes:

(1) Source: CBRE Pte. Ltd.

• (2) Covers Raffles Place, Marina Centre, Shenton Way and Marina Bay, data only available from 3Q 2005 onwards

46

CapitaLand Commercial Trust Presentation Jun 2016

Positive portfolio leasing activities for CCT

• In 1Q 2016, CCT signed approximately 162,000 square feet of new leases and renewals, of which 54% are new leases.

• The above includes retail space of approximately 44,000 square feet.

• For 1Q 2016, new and renewed tenants include:

Tenant	Trade Sector	Building
IINO Shipping Asia Pte. Ltd.	Maritime and Logistics	Capital Tower
Urbanco One Pte. Ltd.	Real Estate and Property Services	Capital Tower
CRH Asia Pacific Pte. Ltd.	Manufacturing and Distribution	Six Battery Road
Skadden, Arps, Slate, Meagher & Flom	Legal	Six Battery Road
Watson Farley & Williams Asia Practice LLP	Legal	Six Battery Road
Vulpes Investment Management Private Limited	Banking, Insurance and Financial Services	One George Street
Dechert (Singapore) Pte. Ltd.	Legal	One George Street

47

CapitaLand Commercial Trust Presentation Jun 2016

New demand in CCT’s portfolio from diverse trade sectors

Trade mix of new leases are largely from Real Estate and Property Services,

Trade mix of new leases are largely from Real Estate and Property Services, Legal, and Banking, Insurance and Financial Services sectors

25%
22%
19%
14%
8%
6%
3% 2% 1%
Real Estate and Legal Banking, Insurance Retail Products and Food and Beverage Energy, Business Government Manufacturing and
Property Services and Financial Services Commodities, Consultancy, IT, Distribution
Services Maritime and Media and
Logistics Telecommunications

Note:

(1) Based on net lettable area of new leases committed and using 100% basis for Raffles City Singapore and CapitaGreen

48

CapitaLand Commercial Trust Presentation Jun 2016

(1)

Diverse tenant mix in CCT’s ortfolio p

Tenant mix in CCT portfolio

Education and Services,
5%
Energy, Commodities,
Maritime and Logistics,
5%
Banking, Insurance and
Manufacturing and Financial Services, 33%
Distribution, 6%
GIC, HSBC, JPMorgan and
Standard Chartered Bank
Real Estate and Property
contribute approximately half
Services, 6% of 33%.
Excluding GIC and insurance
Food and Beverage, 6% companies, Banking and
Financial Services contribute
26% of total tenant mix.
Business Consultancy, IT,
Media and
Telecommunications, 9%
Hospitality, 13%

Retail Products and Services, 10%

Note:

• (1) Based on committed monthly gross rental income of tenants as at 31 Mar 2016, including CCT’s 60.0% interest in Raffles City Singapore and 40.0% interest in CapitaGreen, and excluding retail turnover rent

49

CapitaLand Commercial Trust Presentation Jun 2016

Top 10 tenants contribute 40% of monthly gross rental income(1)(2)

13%

5% 5% 4% 4% 4% 2% 2% 1% 1% RC Hotels (Pte) The Hongkong GIC Private JPMorgan Standard CapitaLand Robinson & The Royal Bank Economic SF Consulting Ltd and Shanghai Limited Chase Bank, Chartered Group Company of Scotland PLC Development Pte Ltd Banking N.A. Bank (Singapore) Board Corporation Private Limited Limited

Notes:

• (1) Based on monthly gross rental income of top ten tenants as at 31 Mar 2016, excluding retail turnover rent.

Total percentage may not add up due to rounding

• (2) The Royal Bank of Scotland PLC’s lease expired on 31 Mar 2016

50

CapitaLand Commercial Trust Presentation Jun 2016

Well spread portfolio lease expiry profile

(1)

Lease expiry profile as a percentage of committed monthly gross rental income

20%
14%
12%
10% 10% 10%
6%
3% 4%
3% 3%
2%
6% 6% 0%
2016 2017 2018 2019 2020 2021 and beyond
Office Retail Hotels and Convention Centre Completed
Portfolio WALE (2) by NLA as at end Mar 2016 = 7.3 years

Notes:

(1) Excludes retail and hotel turnover rent

• (2) WALE: Weighted Average Lease term to Expiry

51

CapitaLand Commercial Trust Presentation Jun 2016

More than half of 2016 expiring leases renewed

Office lease expiry profile

28% 29%
22%
19%
17%
15% 14% 14%
13%
12%
8% 7%
8% 8%
2016 (1) 2017 2018 2019 2020 2021 and beyond
Monthly Gross Rental Income Occupied Net Lettable Area Completed

Note:

(1) The Royal Bank of Scotland PLC’s lease expired on 31 Mar 2016. 25% of the space has been committed and accounted for in the red bar.

52

CapitaLand Commercial Trust Presentation Jun 2016

Positive rental reversions for most of CCT’s Grade A office leases committed in 1Q 2016

Building	Average Expired Rents (S$)	Committed Rents (1) (S$)	Sub-Market	Market Comparative Cushman & Wakefield(2)	Rents of Sub-Market (S$) Knight Frank(3)
CapitaGreen	-	11.56 –12.15	Premium Grade Raffles Place	9.95	10.40
Six Battery Road	11.22	11.00 –13.00	Grade A Raffles Place	9.95	10.40
One George Street	9.95	9.90 –10.20	Grade A Raffles Place	9.95	10.40
Capital Tower	NM	7.70 –8.20	Tanjong Pagar	7.92	8.20

Notes:

• (1) Renewal/new leases committed in 1Q 2016

• (2) Source: Cushman & Wakefield 4Q 2015

• (3) Source: Knight Frank 4Q 2015; Average of rents published based on net lettable area of about 2,500sq ft to 5,000sq ft

(4) For reference only: CBRE Pte. Ltd.’s 1Q 2016 Grade A rent is S$9.90 psf per month and they do not publish sub-market rents

CapitaLand Commercial Trust Presentation Jun 2016

53

(1) up

Monthly average office rent of CCT’s portfolio by 0.7% QoQ

8.96
8.88 8.89 8.90
7.39 95.9 7.53 96.8 7.64 96.9 7.83 94.7 7.96 95.3 8.03 97.3 8.13 98.5 8.22 99.3 8.23 99.5 8.42 99.4 8.61 96.4 8.78 96.7 97.7 96.0 96.8 97.9 10110110181011011011011011011013101101101101010010010081001001001005100100310031001001001000999999999999995999999992999999099999999999999999999999999999999999999999999999999999999999999999999999999999999999929292892929292929292392929292091919189191919159191391391919191090909090909090590909090290909008888888838877787777577377706666665666266605558555553555504448445443434444033333533332388888073766554433330 20098 9 89 877 6758 4 38 3 29 11 98 9 8878 7655 47 4 38 2 18 1 09 9 8778 7 68 6 58 4 27 2 180898 9 89 87 67 6 48 4 3829 1 079888 7 69 655 47 4 28 2 1809 99 8778 7 68 6 49 4 2718 1 0898 9 89 8776 584838 3 29 11 0798 9 78 7 69 554 382818 199 8778 76 584927 2 18 1 0898 987 67 6 5848 4 38 3 29 1 07 6 48076928 9 49 17 58 319 7838 1 58 2 67 4 88 6 47 2 0968 4 89 719 887869 655 47 4 3828 21 09 99 8778 7 68 6 5849 42 18 1 0898 7 18276412497205235063161467940225030634616429720505033614164974250230616144629402505361341629724520503616462494200253631641629740520530316464274202050631641429740525303161642742052050636414297205250336161649742050230636144627902505306134164972452003616416249420503563114627942250640425142620537206403175042619536206493164042514262053720640503316462474200250631614427940255301361642724052050366195362064931 % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % %

Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16

Committed occupancy of office portfolio (%)

Average gross rent per month for office portfolio (S$ psf)

Note:

(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

54

CapitaLand Commercial Trust Presentation Jun 2016

Limited remaining expiries in 2016

(1) 1Q 2016 Industry Statistics – Grade A Office Average Market Rent: S$9.90 psf per month

2016
Average rent of remaining leases expiring is S$9.42psf (2)
60% 20
16
40%
10.70 12
9.10
8.67
8
20%
4
Office leases
2% 2% 1%
completed
0% 0
Capital Tower Six Battery Road One George Street Raffles City 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) Source: CBRE Pte. Ltd. as at 1Q 2016

• (2) Three Grade A buildings and Raffles City Tower only

• (3) Percentages may not add up due to rounding

55

CapitaLand Commercial Trust Presentation Jun 2016

Low percentage of leases expiring in 2017 and 2018

60%	Average	2 rent of lease	017 s expiring is S$	10.17psf (1)	20	60%	Average	2 rent of lease	018 s expiring is S	$10.62psf (1)	20
40%		12.32			16	40%		12.63			16
			9.68	8.46	12		8.73		9.67	9.89	12
					8						8
20%						20%
	No leases due	4%	4%	3%	4		1%	5%	5%	1%	4
0%					0	0%					0
	Capital	Six Battery	One George	Raffles City			Capital	Six Battery	One George	Raffles City
	Tower	Road	Street	Tower			Tower	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) Three Grade A buildings and Raffles City Tower only

56

CapitaLand Commercial Trust Presentation Jun 2016

1. Singapore office
   market
   

Wilkie Edge, Singapore

57

Annual new supply to average 1.1m sq ft in 2016-2020; CBD Core occupancy at 95.1% as at end Mar 2016

Singapore Private Office Space (Central Area)⁽¹⁾ – Net Demand & Supply

Forecast average annual gross new supply (2016 to 2020): 1.1 mil sq ft

5.0 4.0 3.0 2.0 1.3 1.0 0.0 -1.0 -2.0

4.1

4.1
Post-Asian financial crisis, SARs &
GFC -weak demand & undersupply
2016 major new supply
includes Marina One,
2.7
DUO, Guoco Tower as
2.2
well as strata offices (3)
1.7 1.8
1.3 1.5 1.4 1.3 1.4 1.6 1.6 1.4
1.0
0.8 0.9
0.6 0.6 0.6
0.5 0.4 0.4 0.4 0.1 0.2 0.3 0.2 0.3 0.2
0.1 0.0 0.0
-0.1 -0.03
-0.1
-0.8 -0.7 -0.6
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 1Q 2016F 2017F 2018F 2019F 2020F
-1.4 2016
Net Supply Net Demand Forecast Supply
Periods Average annual net supply (2) Average annual net demand
2006 – 2015 (through 10-year property market cycles) 0.8m sq ft 0.9m sq ft
2011 – 2015 (five years period post GFC) 0.7m sq ft 1.0m sq ft
2016 – 2020 (forecast gross supply) 1.1m sq ft N.A.

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) 2016 forecast new supply includes strata offices, namely, SBF Centre and EON Shenton and GSH Building

• (4) Source: Historical data from URA statistics as at 4Q 2015; Forecast supply from CBRE Pte. Ltd. as at 4Q 2015.

58

CapitaLand Commercial Trust Presentation Jun 2016

Known Future Office Supply in Central Area (2016 – 2018 and beyond)

Expected completion	Proposed Office Projects	Location	NLA (sq ft)
3Q 2016	DUO (1)	Bugis	570,000
3Q 2016	Guoco Tower (2)	Tanjong Pagar	890,000
4Q 2016	Marina One	Marina Bay	1,876,000
4Q 2016	EON Shenton (Redevelopment of Marina House) (Strata Office)	Shenton Way	101,000
4Q 2016	SBF Centre (Strata Office)	Shenton Way	353,000
4Q 2016	GSH Building (Strata Office) (Remodeling of existing buildings)	Raffles Place	282,000
		Subtotal (2016):	4,072,000
2Q 2017	Crown @ Robinson	Robinson Road	70,000
2Q 2017	Oxley Tower (Strata Office)	Shenton Way	112,000
2017	V on Shenton (Former UIC Building at 5 Shenton Way)	Shenton Way	278,000
2017	Redevelopment of International Factors Building and Robinson Towers	Robinson Road	145,000
		Subtotal (2017):	605,000
2Q 2018	Frasers Tower	Shenton Way	645,000
		Subtotal (2018 and beyond):	645,000
	TOTAL FORECAST SUPPL	Y (2016-2018 and beyond)	5,322,000
	Total forecast sup	ply excluding strata offices	4,474,000

Notes:

(1) DUO’s pre-commitment is about 30%, according to a Credit Suisse report dated 15 Sep 2015.

(2) Guoco Tower’s pre-commitment is about 18%, according to a Business Times report dated 7 Apr 2016.

(3) Source: CBRE Pte. Ltd.

CapitaLand Commercial Trust Presentation Jun 2016

59

Grade A office market rent eased by 4.8% QoQ

1Q 15 2Q 15 3Q 15 4Q 15 1Q 16
Mthly rent (S$ / sq ft ) 11.40 11.30 10.90 10.40 9.90
% change +1.8% -0.9% -3.5% - 4.6% - 4.8%
$20
S$18.80
$18
$16
S$11.40
S$11.06
$14
S$9.90
$12
$10
$8
S$9.55
$6
S$8.00
$4
$2 Global Euro-zone
S$4.48 Post-SARs, Dot.com crash financial crisis crisis
$0
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 08 3Q 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

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

60

CapitaLand Commercial Trust Presentation Jun 2016

1. Summary
   

Raffles City Singapore

Wong Chow Mein, CapitaLand “Building People” Photography Competition 2012

61

Summary

2016 Drivers

• Office and retail leases signed and renewed in 2015 (full year contribution in 2016)

• 8% and 12% of office portfolio leases by occupied net lettable area due in 2016 and 2017 respectively

External Growth

Retained tax-exempt income

Strong financial ratios

• Acquisition pipeline: Call option to buy 60.0% interest in CapitaGreen within 3 years (2015-2017) after completion

• Development capacity (10% of deposited property): Up to S$770 million

• S$15.3 million mainly from MRCB-Quill REIT

• Aggregate leverage of 30.1%

• 91% of gross borrowings on fixed interest rate

62

CapitaLand Commercial Trust Presentation Jun 2016

Information

Raffles City Singapore

Ng Hock How, CapitaLand “Building People” Photography Competition 2012

63

(1) 1Q 2016 Gross Revenue lower b 1.9% YoY y

(1)
1Q 2016 Gross Revenue lower b 1.9% YoY
y

Revenue for most properties higher except Capital Tower and Golden

Revenue for most properties higher except Capital Tower and Golden Shoe Car Park due to lower occu ancies p

35.7 36.0
1Q 2015 1Q 2016
S$ million
Due to lower
occupancy and
recovery from tenants
18.1
16.5 16.8 17.2
12.9 13.1
6.8
5.4 5.4 5.1 5.1
3.4 3.0 3.0 3.1 3.5 3.5
0.1

Note: (1) Excludes joint ventures

64

CapitaLand Commercial Trust Presentation Jun 2016

(1) 1Q 2016 Net Property Income lower by 3.6% YoY

Stable net property income for most buildings except Capital Tower and Golden Shoe Car Park

26.3
1Q 2015 1Q 2016
S$ million
13.8
13.4 13.3
12.2
10.3 10.2
5.0
5.1 5.1
4.2 4.2
2.5 2.2 2.4 2.4 2.3 2.4
(1.4)

Note: (1) Excludes joint ventures

65

CapitaLand Commercial Trust Presentation Jun 2016

YoY through property market cycles

Due to successful portfolio reconstitution strategy including recycling of capital,

Due to successful portfolio reconstitution strategy including recycling of capital, AEI, acquisition and development

Distributable Income (S$ million)

Distribution Per Unit (cents)

Global financial crisis and
Global financial crisis and
Euro-zone debt crisis
Euro-zone debt crisis
11.00
249.2 254.5
228.5 234.2
221.0 212.8 8.70
198.5 (4)
(3) 7.83 7.52 8.04 8.14 8.46 8.62
6.81 7.33 7.06
153.0 (2)
5.37
120.4
78.9
59.9
45.1
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Notes:

• (1) CAGR: Compounded Annual Growth Rate; After taking into consideration the issue of rights units in July 2009 (2) Annualised

• (3) After taking into consideration the issue of rights units in July 2009

• (4) Decline in 2011 DPU compared to 2010 was due to divestment of two properties in 2010, Robinson Point and StarHub Centre

66

CapitaLand Commercial Trust Presentation Jun 2016

Valuation of portfolio up 1.6% YoY mainly due to higher net property income

Investment Properties	31-Dec-14 $m	30-Jun-15 $m	31-Dec-15 $m	31-Dec-15 $ per sq foot	12-month Variance (Dec 2014 to Dec 2015)	6-month Variance (Jun 2015 to Dec 2015)
					%	%
Capital Tower	1,309.0	1,310.0	1,317.0	1,774	0.6	0.5
Six Battery Road	1,330.0	1,345.0	1,358.0	2,748	2.1	1.0
One George Street	975.0	1,000.0	1,010.0	2,258	3.6	1.0
HSBC Building	450.0	452.0	452.0	2,255	0.4	0.0
Twenty Anson	431.0	431.0	431.0	2,094	0.0	0.0
Wilkie Edge	191.0	194.0	199.0	1,288	4.2	2.6
Golden Shoe Car Park	141.0	141.0	141.0	Nm (1)	0.0	0.0
Bugis Village (2)	55.4	55.2	53.7	443	-3.1	-2.7
Sub- Total	4,882.4	4,928.2	4,961.7		1.6	0.7
Raffles City (60%)	1,865.7	1,872.9	1,881.6	Nm (1)	0.9	0.5
CapitaGreen (40%)	610.4	626.4	634.8	2,253	4.0	1.3
Total	7,358.5	7,427.5	7,478.1		1.6	0.7

Notes:

(1) Nm indicates “Not Meaningful”

(2) 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.

67

CapitaLand Commercial Trust Presentation Jun 2016

Valuation assumptions largely unchanged

• Office rent growth rates⁽¹⁾ assumed for discounted cashflow method averaged 3.8% per annum over 10 years, slight reduction from the 3.9% assumed in previous valuation.

• Terminal yields⁽²⁾ 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.

		Capit	alisation	Rates			Dis	count Ra	tes
	Dec-11	Dec-12	Dec-13	Dec-14	Dec-15(3)	Dec-11	Dec-12	Dec-13	Dec-14	Dec-15(3)
Capital Tower	4.00	3.75	3.75	3.85	3.85	7.50	8.00	8.00	7.50	7.25
Six Battery Road	4.00	3.75	3.75	3.75	3.75	7.50	8.00	8.00	7.50	7.25
One George Street	4.00	3.75	3.75	3.85	3.85	7.50	8.00	8.00	7.50	7.25
HSBC Building	4.00	3.75	3.75	3.85	3.85	7.50	8.00	8.00	7.50	7.25
Twenty Anson	NA	3.75	3.75	3.85	3.85	NA	8.00	8.00	7.50	7.25
Wilkie Edge(4)	4.40	4.25	4.25	4.25	4.25	7.75	8.00	8.00	7.50	7.25
CapitaGreen	NA	NA	NA	4.00	4.15	NA	NA	NA	7.25	7.25
Raffles City SG
Office	4.50	4.25	4.25	4.25	4.25	7.50	7.50	7.35	7.50	7.25
Retail	5.40	5.40	5.25	5.25	5.25	7.75	7.80	7.65	7.50	7.50
Hotel	5.75	5.75	5.55	5.25	5.13	7.75	8.00	7.75	7.75	7.75

Notes:

• (1) Excludes Golden Shoe Car Park and Bugis Village, and calculated on a simple average basis

• (2) Excludes Bugis Village 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) Capitalisation and discount rate assumed were the same as in the June 2015 valuation

• (4) Refers to office capitalisation rate only

68

CapitaLand Commercial Trust Presentation Jun 2016

CapitaLand Commercial Trust

First Commercial REIT in Singapore (since 11 May 2004)

S$4.2b^# 10 S$7.7b* About 4 million 32% Market Properties in Singapore’s Deposited Owned by Capitalisation Central Area Properties sq ft NLA (100% basis) CapitaLand Group

Capital Tower

Raffles City Singapore
(60% stake)

HSBC Building

Six Battery Road

CapitaGreen
(40% stake)

Bugis Village

Twenty Anson

Wilkie Edge

Golden Shoe Car Park

One George Street

# Market Capitalisation as at 30 May 2016

*** Deposited Properties as at 31 Mar 2016**

69

CapitaLand Commercial Trust Presentation Jun 2016

Owns 10 centrally-located quality commercial properties

7

2

1

8

9

3

4

6. Twenty Anson 7. HSBC Building 8. Wilkie Edge 9. Bugis Village

1. Capital Tower 2. Six Battery Road 3. One George Street

10

4. Raffles City Singapore (60.0% interest)

10. Golden Shoe Car Park

5. CapitaGreen

6

5

• (40.0% interest)

70

CapitaLand Commercial Trust Presentation Jun 2016

(1) consistently above 90%

Portfolio committed occupancy rate

	2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	1Q 2016
Capital Tower	100.0	100.0	99.9	99.9	99.9	100.0	100.0	100.0	100.0	94.1	98.1
Six Battery Road	100.0	99.9	98.6	99.2	99.7	85.4(2)	93.0(2)	98.6(2)	99.2	98.9	99.4
Bugis Village	95.3	99.1	96.6	93.8	93.4	98.8	97.1	97.2	94.8	100.0	100.0
Golden Shoe Car Park	98.0	96.4	100.0	100.0	95.2	100.0	100.0	94.6	100.0	97.3	97.7
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	99.2	98.6
Wilkie Edge			52.5	77.9	98.4	98.4	93.9	99.6	100.0	100.0	95.0
One George Street			100.0	96.3	100.0	93.3	92.5	95.5	100.0	98.2	99.4
Twenty Anson							100.0	98.1	97.8	97.9	97.9
CapitaGreen (40% interest)(3)									69.3	91.3	92.8
Portfolio Occupancy	99.6	99.6	96.2	94.8	99.3	95.8	97.2	98.7	96.8	97.1	98.1

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 was completed in Dec 2013

(3) CapitaGreen is a Grade A office tower on the former site of Market Street Car Park. It obtained TOP on 18 Dec 2014

71

CapitaLand Commercial Trust Presentation Jun 2016

Value creation through AEIs

Property	Six Battery Road	Raffles City Tower (100.0% interest)	Capital Tower
Occupancy rate (as at 31 Dec 2015)	98.9%	99.2% (RCS)	94.1%
Total AEI final / budget	Final: S$85.8m Budget: S$92.0m	Final: S$32.3m Budget: S$34.7m	Final: S$35.0m Budget: S$40.0m
Target return on investment	8.1%	8.6%	7.8%
Achieved return on investment	8.6%	9.3%	8.2%
Areas of work	Upgrading of main lobby and upper floors’ lift lobbies, restrooms and technical specifications, chiller replacement, increasing ceiling height of lettable area and installation of variable air volume boxes	Upgrading of main lobby, driveway, canopy, upper floors’ lift lobbies, restrooms, creation of pantries and turnstiles installation	Upgrading of main and mezzanine lobbies, restrooms and technical specifications, chiller replacement and turnstiles installation
AEI Period	COMPLETED 4Q 2010 to 4Q 2013	COMPLETED 4Q 2012 to 2Q 2014	COMPLETED 4Q 2013 to 4Q 2015

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CapitaLand Commercial Trust Presentation Jun 2016

Successful portfolio reconstitution strategy has re-positioned CCT for further growth

2005: 2006: 2008: 2010: 2011: 2012: Acquired Acquired Acquired Sale of Entered into Acquired HSBC 60.0% Wilkie Edge Robinson Point joint venture for Twenty Building interest in and One and StarHub redevelopment Anson RCS Trust George Centre of Market Street 2012 - 2014: which owns Street Car Park into a Raffles City Raffles City 2010 – 2013: Grade A office Tower AEI Singapore Six Battery Building called Road AEI CapitaGreen

2013 - 2015: 18 Dec 2014: Capital Completion of Tower AEI CapitaGreen

2007 - 2010: Raffles City Singapore AEIs

CCT owns 40.0% interest in CapitaGreen

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CapitaLand Commercial Trust Presentation Jun 2016

Property details (1)

	Capital **Tower **	Six Battery Road	One George **Street **	Raffles City Singapore (100%)	Twenty Anson
Address	168 Robinson Road	6 Battery Road	1 George Street	250/252 North Bridge Road; 2 Stamford Road; 80 Bras Basah Road	20 Anson Road
NLA (sq ft)	742,000	494,000	447,000	804,000 (Office: 381,000, Retail: 423,000)	206,000
Leasehold expiring	31-Dec-2094	19-Apr-2825	21-Jan-2102	15-Jul-2078	22-Nov-2106
Committed occupancy	98.1%	99.4%	99.4%	98.6%	97.9%
Valuation (31 Dec 2015)	S$1,317.0m	S$1,358.0m	S$1,010.0m	S$3,136.0m (100.0%) S$1,881.6m (60.0%)	S$431.0 m
Carpark lots	415	190	178	1,045	55

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CapitaLand Commercial Trust Presentation Jun 2016

Property details (2)

	HSBC Building	Wilkie Edge	Bugis Village(1)	Golden Shoe Car Park	CapitaGreen(2) (100%)
Address	21 Collyer Quay	8 Wilkie Road	62 to 67 Queen Street, 151 to 166 Rochor Road, 229 to 253 (odd nos only) Victoria Street	50 Market Street	138 Market Street
NLA (sq ft)	200,000	155,000	121,000	47,000	704,000
Leasehold expiring	18-Dec-2849	20-Feb-2105	30-Mar-2088	31-Jan-2081	31-Mar-2073
Committed occupancy	100.0%	95.0%	100.0%	97.7%	92.8%
Valuation (31 Dec 2015)	S$452.0m	S$199.0m	S$53.7m	S$141.0m	S$1,587.0m (100.0%) S$634.8m(40.0%)
Car park lots	55	215	NA	1,053	180

Notes:

• (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 40.0% of CapitaGreen development with a call option to acquire balance 60.0% within 3 years upon receipt of temporary occupation permit. CapitaGreen obtained TOP on 18 Dec 2014.

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CapitaLand Commercial Trust Presentation Jun 2016

Thank you

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) 6713 2999

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