CapitaCommercial Trust Singapore s First Listed Commercial REIT. Real Estate Investment World Asia 2013 Presentation by Ms Lynette Leong, CEO

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1 CapitaCommercial Trust Singapore s First Listed Commercial REIT Real Estate Investment World Asia 2013 Presentation by Ms Lynette Leong, CEO 26 June

2 Important Notice This presentation shall be read in conjunction with CCT s 1Q 2013 Unaudited Financial Statement Announcement. The past performance of CCT is not indicative of the future performance of CCT. Similarly, the past performance of CapitaCommercial 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. 2

3 Content Slide No. 1. About CCT CCT s Growth Drivers Market Cycle Considerations Case Studies of AEI Case Studies of External Growth Prudent Capital Management Summary 36 3

4 1. About CCT 4

5 Singapore s First Listed Commercial REIT Listing Portfolio - Singapore Investments - Malaysia (less than 1% of total assets) Total assets Market cap May 2004 on Singapore Exchange Securities Trading Limited 10 quality commercial assets in the Central Area of Singapore Total net lettable area of about 3 million sq ft Total number of tenants About 550 (office, retail and hotel) 30% stake in Quill Capita Trust who owns 10 commercial properties in Kuala Lumpur, Cyberjaya and Penang S$6.95 billion (US$5.6 billion) (as at 31 March 2013) S$4.1 billion (US$3.2 billion) Based on CCT s closing price of S$1.42 on 25 Jun 2013 and 2,874,598,116 total units on issue Sponsor CapitaLand Group: About 32% 5

6 Owns 10 centrally-located quality commercial properties Capital Tower 2. Six Battery Road 3. One George Street 4. HSBC Building 5. Raffles City Legend Mass Rapid Transit (MRT) station 6. Bugis Village 7. Wilkie Edge 8. Golden Shoe Car Park 9. CapitaGreen (development) 10. Twenty Anson 7 8 6

7 CCT s portfolio occupancy consistently above market level Decline in CCT s 1Q 2013 occupancy is temporary CCT's Committed Occupancy Since Inception 100% 95.9% 99.6% 99.4% 99.3% 97.0% 98.0% 96.7% 95.1% 98.2% 96.0% 95.3% 90% 90.8% 88.0% 90.9% 92.3% 93.7% 90.0% 94.4% 92.4% 90.7% 87.5% 87.9% 88.3% 93.2% 90.8% 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 (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 3Q2005 onwards 7

8 Diverse tenant mix in CCT s portfolio (1) Government, 3% Energy and Maritime, 3% Real Estate & Property Services, 2% Education and Services, 4% Legal, 4% Manufacturing and Distribution, 6% Business Consultancy, IT & Telecommunications, 7% Banking, Insurance & Financial Services, 36% Of the 36%, the following key tenants contribute around 63% collectively: - HSBC - JPMorgan - GIC - Standard Chartered Bank - Mizuho Food & Beverage, 7% Retail Products and Services, 13% Hospitality, 15% Note: (1) Based on monthly gross rental income of tenants as at 31 Mar

9 Top ten blue-chip tenants (1) contribute 44% of monthly gross rental income Weighted Average Lease Term to Expiry WALE (by NLA) as at 31 Mar 2013 improved due to renewal of JPMorgan and The Royal Bank of Scotland 14.3% WALE by NLA 1Q Q 2012 Top 10 Tenants 17.6 years 17.4 years Top 10 Tenants excluding RC Hotels (Pte) Ltd 3.8 years 3.0 years 6.1% 5.2% 4.9% 4.1% 2.4% 2.3% 1.7% 1.6% 1.6% RC Hotels (Pte) Ltd The Hongkong and Shanghai Banking Corporation Limited JPMorgan Chase Bank, N.A. Government of Singapore Investment Corporation Private Limited Standard Chartered Bank Mizuho Corporate Bank Ltd Robinson & Company (Singapore) Private Limited Economic Development Board The Royal Bank of Scotland PLC WongPartnership LLP Note: (1) Based on monthly gross rental income of top ten tenants as at 31 Mar 2013 (excluding retail turnover rent) 9

10 2. CCT s Growth Drivers 10

11 Growth drivers Grow portfolio revenue Grow by acquisition Grow by development projects Achieve higher rental reversion Increase occupancy Revitalise asset quality through physical and technical improvements Leverage on market cycles Invest in select development projects that have strategic fit with CCT s existing portfolio Increase Economic Value of CCT 11

12 Revitalised portfolio for further growth Redevelopment of Market Street Car Park into Grade A office CapitaGreen Flexibility and speed to seize growth opportunities Acquisition of Twenty Anson Funding flexibility Recycle capital Acquire good quality asset Organic growth Divestments: Robinson Point and StarHub Centre Market Street Car Park Total proceeds: S$634m Unlock value at optimal stage of life cycle Value creation Enhance / refurbish asset 1. Asset enhancement at Raffles City Singapore (completed) 2. S$92m upgrading at Six Battery Road (ongoing till end-2013) 3. S$34.7m upgrading at Raffles City Tower (Nov 12 to Q2 2014) 12

13 3. Market Cycle Considerations 13

6 mil 43% Rest of Central Area 10.2 mil 16% Orchard Road 5.

14 CBD Core office space currently constitutes 43% of total office stock Region Area (sq ft) % of total stock CBD Core - Grade A office stock 27.5 mil 14.6 mil 43% Rest of Central Area 10.2 mil 16% Orchard Road 5.1 mil 8% Marina Centre 3.8 mil 6% Decentralised Areas 17.3 mil 27% Source: Jones Lang LaSalle (4Q 2012) 14

15 New office supply in CBD not excessive Mil sq ft Singapore Private Office Space (Central Area) Net Demand & Net Supply Post-Asian financial crisis, SARs & GFC -weak demand & undersupply Singapore as a global city CapitaGreen by 4Q Net Supply Net Demand Forecast Supply Periods Average annual net supply Average annual net demand (growth phase) 2.1 mil sq ft 1.9 mil sq ft (through 20-year property market cycles) 1.1 mil sq ft 1.0 mil sq ft & beyond (forecast till 2017) 1.3 mil 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) Excludes Strata-titled Office developments (4) Source: URA, CBRE (1Q2013 preliminary figures) 15

16 Monthly gross rent by per square foot Rate of office market rent decline is receding 1Q 12 2Q 12 3Q 12 4Q 12 1Q 13* $20 $18 Mthly rent (S$ / sq ft ) % change -3.6% -4.7% -3.0% -2.2% -0.3% S$18.80 $16 $14 S$11.06 $12 $10 Prime Grade A S$8.00 S$9.55 $8 $6 S$7.50 S$4.48 $4 $2 S$4.00 Post-SARs, Dot.com crash Global financial crisis Euro-zone crisis $0 *No historical data for Grade A rents prior to Source of data: CB Richard Ellis (Pte) Ltd (figures as at end of each quarter). CBRE no longer tracks prime rents from 3Q

17 4. Case Studies of AEI 17

Case Study 1: Ongoing Asset Enhancement Initiative for Six Battery Road Occupancy Rate Total AEI budget Target return on investment (ROI) 93.2% (1Q 2013) versus 86.2% (1Q 2012) AEI Period S$92.

18 Case Study 1: Ongoing Asset Enhancement Initiative for Six Battery Road Occupancy Rate Total AEI budget Target return on investment (ROI) 93.2% (1Q 2013) versus 86.2% (1Q 2012) AEI Period S$92.0 mil 8.1% 4Q 2010 to 4Q 2013 Revitalised main lobby and concierge Upgrading of office space includes installation of CO 2 sensors, increased ceiling height, sprinkler system replacement and new chillers First operating office building in Singapore to achieve Green Mark Platinum award Reduced energy consumption by 27% translating to c. S$560,000 savings Achieved rents of 20-25% premium over comparable buildings in Raffles Place Revitalised main lobby with vertical garden 18

Case Study 2: Ongoing Asset Enhancement Initiative for Raffles City Tower Occupancy Rate (as at 1Q 2013) Total AEI budget Target return on investment AEI Period 99.8% S$20.8 mil (60% interest) 8.

19 Case Study 2: Ongoing Asset Enhancement Initiative for Raffles City Tower Occupancy Rate (as at 1Q 2013) Total AEI budget Target return on investment AEI Period 99.8% S$20.8 mil (60% interest) 8.6% 4Q 2012 to 2Q 2014 Progressive upgrading of typical lift lobbies Typical lift lobby corridors Restrooms and Pantry Upgrading of ground floor Canopy and drop off area Ground floor lobby and reception Entrance from retail area Artist s impression of revitalised main lobby 19

20 Case Study 3: Value Creation for Raffles City Retail Space Since Acquisition Asset Enhancement Initiatives (AEI) Completed Additional NLA Created Created 3-storey island podium block in atrium Extended Basement 1 Marketplace by converting car park lots Extended lease lines and reconfigured retail spaces New F&B and Outdoor Restaurant Area (ORA) Extended existing ORA Reconfigured Basement 1 retail area Linked Basement 2 to Esplanade MRT station +40,000 sq ft +3,500 sq ft +16,000 sq ft Cost S$75.4m S$7.5m S$34.6m (1) Incremental Net Property Income (NPI) Return on Investment S$7.6m S$1.1m S$3.1m 10.1% 10.0% 9.0% Completion End-2007 End-2008 End-2010 Note: (1) Subject to change as final account is not finalized. Revised total project cost includes marketing assistance of S$1.4m to affected tenants 20

of island podium Created 3-storey island podium;

21 Created 3-storey Island Podium in Raffles City Atrium Additional Net Lettable Area Created Before creation of island podium Created 3-storey island podium; Retail shops on levels 1 and 2 and event venue on level 3 21

22 Converted Part of Car Park into Retail Space Higher Value Space Created Created 26,400 square feet of retail space Previous excess car park spaces 22

23 Reconfigured Space at Raffles City Basement 1 New Basement 2 Link to Esplanade MRT Station Additional Shopper Traffic Generated 23

Secured a new tenant for the new office space on a five-year lease. Achieved ROI of 18.6%, higher than projected.

24 Case Study 4: Completed Asset Enhancement Initiative for Golden Shoe Car Park Converted storeroom space to lettable office space and enhancement of level 10 office lift lobbies in August Secured a new tenant for the new office space on a five-year lease. Achieved ROI of 18.6%, higher than projected. Lift Lobby - Before Scope of Work Projected Achieved Project Development Cost $590,000 $590,000 Incremental Cashflow (p.a.) $83,000 $110,000 ROI 14% 18.6% Enhanced Lift Lobby 24

Other growth driver: Upside from revised car park rates Increased car park rates for CCT properties implemented with effect from 1 June 2012.

25 Other growth driver: Upside from revised car park rates Increased car park rates for CCT properties implemented with effect from 1 June To ensure price competitiveness and increase non-rental revenue for our properties CCT tenants enjoyed additional 2 months notice period. Revised tenant season parking was effective from 1 August Car parkers are greeted in the morning Implementation of Golden Lots Parking Scheme : exclusive reserved parking lot at convenient location within Golden Shoe Car Park Golden Shoe Car Park 25

26 5. Case Studies of External Growth 26

27 Case Study 1: Acquired Twenty Anson, a new Green Mark Platinum office building, for property price of S$430 mil. 100% leased Location Net Lettable Area 5-minute walk with sheltered access to the Tanjong Pagar Mass Rapid Transit (MRT) station and Capital Tower Approximately 202,500 sq ft Twenty Anson Date of Building Completion 05 Oct 2009 Committed Occupancy 100% (as at 21 Feb 2012) Average Passing Rent Key Tenants S$6.18 psf per month Toyota, BlackRock, CSC Technology Value Proposition Buying a new, significantly under-rented property with good location and specifications Only 6% of NLA due for renewal in % of lease renewals in under-supplied office market (2013 and 2014) with significant rental upside Close proximity to Capital Tower improves operating efficiency DPU accretion No equity raising 27

Increased CCT s footprint in Tanjong Pagar in view of on-going rejuvenation of area According to URA s Masterplan 2008, Tanjong Pagar has been planned as an attractive business hub within the Central

5 9 7 6 Capital Tower 8 10 1 2 3 4 Sheltered access to MRT station Twenty Anson Key Developments Commercial 1. Twenty Anson 2. Capital Tower 3. New office development 4. Robinson Square Residential 5.

28 Increased CCT s footprint in Tanjong Pagar in view of on-going rejuvenation of area According to URA s Masterplan 2008, Tanjong Pagar has been planned as an attractive business hub within the Central Business District (CBD) a mixed-use precinct with a vibrant work-play-live environment with round-the-clock buzz Capital Tower Sheltered access to MRT station Twenty Anson Key Developments Commercial 1. Twenty Anson 2. Capital Tower 3. New office development 4. Robinson Square Residential 5. Keppel Towers and GE Tower (residential redevelopment) 6. The Icon (with retail podium) 7. Altez 8. Sky Suites@Anson Mixed-use 9. PS100 (Hotel with commercial/residential component) 10. Mixed-use development Future developments 11. Development of land parcels around Tanjong Pagar Railway Station 12. Future development sites after port s lease expires in Source: Map extracted from SLA s OneMap website.

29 Higher income expected from potential positive rental reversions Existing leases in Twenty Anson were signed during the global financial crisis. Average passing rentals of existing leases are significantly below current market rentals. 90% Market gross rental of S$8.44 psf per month in Shenton Way / Tanjong Pagar as at 4Q 2011 (1) $ % $ % 70% Potential rental upside $8.00 $ % 70% $8.00 $ % $6.05 $ % $6.12 $6.28 $ % 40% $5.00 $ % 40% 50% 44% $5.00 $ % $ % $ % $ % $ % 29 0% 6% 2012 $1.00 $0.00 Note: (1) Data from Colliers International Singapore Research. 10% 0% Expiry based on property's NLA (%) Average rent of leases expiring in the year (S$ psf NLA) $1.00 $0.00

Improved operating efficiency Higher operating efficiency is expected due to Green Mark Platinum design features of property and clustering of operational support.

30 Improved operating efficiency Higher operating efficiency is expected due to Green Mark Platinum design features of property and clustering of operational support. Energy consumption Economies of scale and sharing of resources Capital Tower Based on Green Mark Platinum certification, Twenty Anson is expected to achieve savings of 25% - 30% in energy consumption compared to a Green Mark certified office building. Twenty Anson 30

from CapitaLand & Mitsubishi Estate Asia within 3 years after building s TOP 138 Market Street Only

31 Case Study 2: CCT s first development project, CapitaGreen to be completed 4Q 2014 CCT owns 40% interest in development on site of former Market Street Car Park Call option to acquire balance 60% from CapitaLand & Mitsubishi Estate Asia within 3 years after building s TOP 138 Market Street Only Grade A office building completing in 2014 which will deliver 700,000 sq ft of net lettable area CapitaGreen 31

32 6. Prudent Capital Management 32

33 Strong Financial Position Total assets at S$6.95 billion; Adjusted NAV at S$1.62 per unit Statement of Financial Position As at 31 March 2013 S$ '000 Non-current Assets 6,854,864 Net Asset Value Per Unit $1.64 Current Assets 98,790 Adjusted Net Asset Value Per $1.62 Total Assets 6,953,654 Unit Current Liabilities 155,639 Non-current Liabilities 2,137,061 CCT Credit Rating Total Liabilities 2,292,700 Baa1 by Moody's/ BBB+ by S&P Outlook stable by both rating agencies Net Assets 4,660,954 Unitholders' Funds 4,660,954 Units in issue ('000 units) 2,845,051 Moody's replaced CCT Corporate Family Rating with issuer rating and upgraded CCT's unsecured issuer rating from Baa2 to Baa1. 33

34 Robust capital structure; gearing at 30.4% Total Gross Debt (S$'m) Gearing Ratio Net Debt / EBITDA Unencumbered Assets as % Total Assets 4Q Q 2013 Remarks 2, , % 30.4% (1) (1) Increased (MSO Trust draw down bank banks) Increased (Additional drawdown by MSO Trust) 7.7 times 7.5 times Improved 69.7% 69.3% Decreased Average Term to Maturity 3.2 years 3.0 years Decreased (Passing of time) Average Cost of Debt Average Cost of Debt 3.1% 3.0% Improved 34 Interest Coverage 4.4 times 4.7 times Improved Interest Coverage Note: (1) In May and June 2013, $32.25 million of CB due 2015 were converted into CCT conversion price of $ Accordingly, the pro-forma Total Gross Debt would be reduced to $2,081.3 million and gearing would be 29.9%.

35 High proportion of debt on fixed interest rates mitigates interest rate risk - Due to expiry of $370m interest rate swap in March % Borrowings on Fixed Rate, 78% Borrowings on Floating Rate, 22% Note: (1) In May and June 2013, $32.25 million of CB due 2015 were converted into CCT conversion price of $ Accordingly, the % of borrowings on fixed rate would be 77% and on floating rate would be 23% 35

36 7. Summary 36

37 CCT s total assets in Singapore grew from S$2.1 bn since inception in May 2004 to S$6.95 bn in 1Q 2013 Due to 7 Acquisitions & 3 Divestments and ongoing AEIs over 8 Years 30% stake in Quill Capita Trust (about S$58.8 million) 60.0% stake in HSBC Building Raffles City (S$147.0 million) (S$1,299.6 million) One George Street (S$1,165 million) Wilkie Edge (S$182.7 million) 40.0% stake in CapitaGreen development Twenty Anson (Committed (S$430.0 million) S$560.0 million) Listing 1. Capital Tower 2. Six Battery Road 3. Starhub Centre 4. Robinson Point 5. Bugis Village 6. Golden Shoe Car Park 7. Market Street Car Park Robinson Point (S$ million) Starhub Centre (S$380.0 million) Divestments Asset Enhancement Initiative Raffles City AEI (2007, 2008, 2010) Six Battery Road AEI (2010 to 2013) Raffles City Tower AEI (2012 to 2014) Market Street Car Park (S$56.0 million) 37

Delivered higher returns in 2012 despite challenging environment Distributable Income Distribution Per Unit S$ million Global financial crisis and (cents) Euro-zone debt crisis +7.

38 Delivered higher returns in 2012 despite challenging environment Distributable Income Distribution Per Unit S$ million Global financial crisis and (cents) Euro-zone debt crisis +7.4% Global financial crisis and Euro-zone debt crisis (2) (3) % (1) CAGR: Compounded Annual Growth Rate (2) Annualised (3) After taking into consideration the issue of rights units in July

39 Attractive yield compared to other investments (1) CCT's Distribution Yield (2) 5.5% (3) CCT Portf olio Property Yield 4.8% FTSE ST REIT Index 4.7% Of f ice property transaction yield 2.5% to 3.5% Straits Times Index 2.9% CPF (ordinary) account 2.5% 10-year Government bond 1.5% Bank f ixed deposit (12-month) 0.3% Bank savings deposit 0.1% Interbank overnight interest rate 0.03% Notes: (1) All information as at 31 March Sources: Bloomberg, Monetary Authority of Singapore, Central Provident Fund, Singapore Government Securities (2) CCT s distribution yield is based on annualised 1Q 2013 DPU over closing price of S$1.42 on 25 Jun 2013 (3) CCT portfolio property yield based on annualised 1Q 2013 net property income and December 2012 valuation 39

CapitaCommercial Trust Management Limited 39 Robinson Road #18-01 Robinson Point Singapore 068911 Tel: (65) 6536 1188 Fax: (65) 6533 6133 http://www.cct.

40 CapitaCommercial Trust Management Limited 39 Robinson Road #18-01 Robinson Point Singapore Tel: (65) Fax: (65) For enquiries, please contact: Ms Ho Mei Peng Head, Investor Relations & Communications Direct: (65)

CapitaCommercial Trust Investing in Singapore's largest office REIT (by market cap) Singapore Investment Week 2014

CapitaCommercial Trust Investing in Singapore's largest office REIT (by market cap) Singapore Investment Week 2014 24 May 2014 1 Important Notice This presentation shall be read in conjunction with CCT