Creative Media & Community Trust Corporation — Capital/Financing Update 2019

Jun 5, 2019

Free Writing Prospectus | CIM Commercial Trust Corporation Investor Presentation Q1 2019

Filed Pursuant to Rule 433 | Dated June 4, 2019| Registration Statement Nos. 333-210880 and 333-227707

CIM Commercial Trust Corporation (the "Company" or "CMCT") has filed registration statements (including prospectuses and prospectus supplements) with the Securities and Exchange Commission (the "SEC") for the offerings to which this communication relates. Before you invest, you should read the prospectuses in those registration statements, the related prospectus supplements, and other documents the Company has filed with the SEC for more complete information about the Company and the offerings. You may request to receive a prospectus by calling toll-free at 1-866-341-2653.

Alternatively, you may also access the applicable prospectus for free on the SEC's website at www.sec.gov as follows:

• x Prospectus, dated April 11, 2019, relating to Registration Statement No. 333-210880 and supplement No. 1 dated May 14, 2019
• x Registration Statement (No. 333-227707) on Form S-4, dated October 5, 2018

Important Disclosures

Forward-looking Statements

The information set forth herein contains "forwards." You can identify these statements by the fact that they do not relate strictly to historical or current facts or discuss the business and affairs of CM Commercial on a prospective basis. Further, statements that include words such as "may, "will," "project," "might," "believe," "anticipate," "intend," "could," "estimate," "continue," "potential," "forecast," seek," plan," or "should" or the negative or other words or expressions of similar meaning, may identify forward-looking statements.

CIM Commercial bases these forward-looking statements on particular assumptions that it has made in light of its experience, as well as its perception of expected future developments and other factors that it believes are appropriate under the circumstances. These forward-looking statements are necessarily estimates reflecting the judgment of CM Commercial and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements are subject to risks, uncertainties and other factors, including those associated with (i) CMCT's ability to consummate the planned asset sales, (ii) the extent to which capital is returned to shareholders and the timing thereof, and (iii) general economic, market and other conditions.

For a further list and description of the risks and uncertaintles interent in the forward looking statements, see CIM Commercial's filings with the Securities and Exchange Commission, including CM Commercial's Annual Report on Form 10-K for the fiscal year ended December 31, 2018, the Registration Statement on Form S-11 (No. 33-21080) relating to the Series A preferred stock and the Registration Statement on Form S-4 (No. 333-227707) relating to the potential exchange offer for shares of our Series L preferred stock.

As you read and consider the information here cautioned to not place undue reliance on these forward-looking statements. These statements are not guarantees of performance or results and speak only as of the date hereof. These forwards involve risks, uncertainties and assumptions. In light of these risks and uncertainies, there can be no assurance that the results and events contemplated by the forward-looking statements contained herein will in fact transpire. New factors emerge from time to time, and it is not possible for CIM Commercial to predict all of them. Nor can CM Commercial assess the impact of each to which any factor, or combination of factor, may cause results to differ materially from those contained in any forward-looking statement. CIM Commercial undertakes no obligation to publicy update or release any revisions to these forward-looking statements or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law.

mersial.com | @2019 CMCT | CMC Commercial Trust Corporation | Securities distributed by affiliate broker dealer: CCO Copital, LC, member: FINRA / SPC

CIM Commercial Trust

NASDAQ: CMCT | TASE: CMCT-L

Owner and operator of Class A and creative office assets in vibrant and improving metropolitan communities

Eight office properties & one hotel1

1.1 million rentable square feet of office & 503 hotel rooms'

High barrier-to-entry, metropolitan focus

Managed by CIM Group - owner/operator of \$30.2 billion of real assets2

Program to Unlock Embedded Value in Portfolio & Improve Trading Liquidity of Our Common Stock

• » 11 properties sold and anticipated to be sold for a combined gross sales price of \$1.05 billion3

• Substantial portion of net proceeds from asset sales expected to be used to pay a special dividend to common shareholders

• » Anticipate that shares of CMCT common stock held by its majority shareholder will be distributed to a diverse group of holders which CMCT expects to be comprised of many of the current investors of such majority shareholder

• Ecclosed 1333 Broadway, which was sold be not parts May 2012, and 899 North Capital Street, 901 North Capital Street, and 4750 Willing Bouleand, and 4750 Willing Bouleand, either (i) is expected to be under contract for sale of (i) is under contract for sale, in each case to unrelated third parties as of May 31, 2019.

• As of March 31, 2019. See Important Information on page 29.

• Ac of May 31, 2019. The figure for the annual of any additions and price of S240 million relating to 899 North Capital Street, 999 North Capital Street, 999 North Capitot 4750 Wishine Boulevard, each of which either (j) is expected to be under contract for sale, in esch case to unreisted for paties as of May 3, 2019.

CMCT

Maximizing Returns For Shareholders

• » Active and strategic portfolio management to maximize returns to shareholders
• » CMCT has sold and anticipates to sell \$2.3 billion of assets since going public in 2014

Cumulative Cash Distributions Per Share of

CMCT

1. As of May 31, 2019. The figure it the anson it a succepted groups and price of \$240 million electric Street, 901 North Capids Street, 90 North Capits Street, 90 North Capi Wilshire Boulevard, each of which eller (i) is expected for sale or (i) is under contract for sale, in each case to unrelated thrip parties as of May 31, 2019.

2. 2 . Toll relam includes charge in stock with ("W") per shee, as applicable, and includes and sets with negact to the Company's common stock from Macch Iron Mack Iron Macch In May 31, 2019.

3. 1. Please see "Net Assel Value" under "Important Information" with respect to the calculation of the NAV of CMCT or page 23.

4 . " U.S. Office RET (if information of the and W ) promano of the ormanies included in the SRL US REFT Office inder and May 31, 2019 bood, for all princes indicated, or the weights attributed to each company by such is of May 31, 2019. The SNL US RET Office index is an risten policy Intelsed of the RET's in the United States. The chearsteris portsios of assess of such conganities in U.S. Office RETS in the characteristics of CMC" spection of assess. U.S. Office RET's my therefore in the an approxiale benchmark for the performance of CMCT. Past performance of future results. The data used in this chart is derived from SNL and filings with the SEC.

S. CMCT is the product of a marger (the "Mersen a subsidiary of CM Untan RET. LC ("CM REIT"), a fund personal Trust ("MC"), a public yrade (estate investment tost, consumnation of 2014. Represents disclaired on our common 2014 insury 2014 insure a pocial Girls of paid of PMC Commercial Trust a RIC Commercial Trustic since in connection with the Merger, but includes socived by CM FET shareholders proc to to be Merger and dividends on convertible proferrund stock received by Union Partners il, LC, RET and CAL Group, L. P., on an as convented in posseds from MCC's June 2016 test 2016 test of the M. 12.15 caculated or diving 20100000, the mount used by CMC to purchase shares of common stock of CACT is the sumber of common stock costsing interest ask costsing increatibly pror to worlder prior to worlder in excludes of egitar special cash dividends per share are based on the neceded in as of the applicable record dates. Past performance is not indicative of future results.

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CMCT CIM Group Overview

Established Established in 1994 as an integrated owner and operator of real assets As of March 31, 2019. See Important Information on page 29. Strategies Real assets (infrastructure and real estate) focused in communities qualified by CIM as well as national credit (net-lease and debt) platforms Vertically-Integrated Multi-disciplinary expertise and in-house research, acquisition, credit analysis, development, financing, leasing and onsite property management capabilities Organization 970+ employees (14 principals including all of its founders, 560+ professionals)1 Office Locations Headquartered in Los Angeles, with offices in the San Francisco Bay Area; the Washington, DC Metro Area; Dallas, TX; Phoenix, AZ; Chicago, IL and New York, NY Assets Owned and Operated \$30.2 billion1 7 1 Overview of CIM

Overview of CIM

CMCT

Established	Established in 1994 as an integrated owner and operator of real assets
Strategies	Real assets (infrastructure and real estate) focused in communities qualified by CIM as well as national credit (net-lease and debt) platforms
Vertically-Integrated	Multi-disciplinary expertise and in-house research, acquisition, credit analysis, development, financing, leasing and onsite property management capabilities
Organization	970+ employees (14 principals including all of its founders, 560+ professionals)
Office Locations	Headquartered in Los Angeles, with offices in the San Francisco Bay Area; the Washington, DC Metro Area; Dallas, TX; Phoenix, AZ; Chicago, IL and New York, NY
Assets Owned and Operated	\$30.2 billion1
1. As of March 31, 2019. See Important Information on page 29.

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Community Focused Real Assets Strategy 1

CMCT

CIM believes that its community qualification process provides it with a significant competitive advantage when acquiring real assets

» Since 1994, ClM has qualified 122 communities in high barrier-to-entry markets and has owned and operated real assels in 72 of those communities". The qualification process generally takes between six months and is a critical component of CIM's asset evaluation

CIM qualifies communities for acquisition (122 qualified as of May 31, 2019, 72 deployed capital). CIM Qualified Communities exhibit strong growth trends, which CIM believes will lead to outsized rental growth and/or capital appreciation.

» Since intial acquisition, CM's Qualified Communities have outperformed average national downtowns by approximately 50% and average national suburbs by over 190%1

Growth in CIM Qualified Communities vs. National Downtowns vs. National Suburbs

1. Based on growth of Class A office rents, sourced from CBRE Outbook Dashboard, as of March 31, 2019. Site accessed May 2019.

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11

Alignment of Interests

CIM Group Commitment to CMCT Management and Corporate	» Directors & officers of CMCT, CIM Group and its affiliates own approximately one million shares of CMCT
	» 20 of 26 investors in the private fund are invested in other CIM Group funds
	» CMCT's Board is comprised of CIM Group's three co-founders (Richard Ressler, Avi Shemesh, and Shaul Kuba)
Governance	» David Thompson, CMCT CEO, also serves as CIM Group Principal and CFO
Strong Market and Knowledge Sourcing	» CMCT benefits from CIM Group's identification of Qualified Communities, sourcing capabilities and access to resources of vertically integrated platform
	» Tiered asset management fee based on fair value of real properties and associated assets of CMCT
	- Quarterly fee assessed as a percentage of assets:
	- < \$500 million = 0.2500%
Management Agreement / Master	- \$500 million - \$1,000 million = 0.2375%
Services Agreement	- \$1,000 million - \$1,500 million = 0.2250%
	- \$1,500 million - \$4,000 million = 0.2125%
	- \$4,000 million - \$20,000 million = 0.1000%
	» Plus ~\$1.1 million base service fee and reimbursement of certain shared services at
	cost (accounting, tax, reporting, etc.)

www.circonnercial.com | C219 CMCT | CMCT ClM Commercial Trust Corporation | Securities distributed by alfiliate broker CCO Cipital, LC, member. FINRA / SPC

CMCT

CMCT History 14 Transition from Private Fund to High-Quality Public REIT February 2005 – June 2006 CIM Group formed CIM REIT with 24 private institutional investors October 2018 Announced program to unlock embedded value in portfolio and improve trading liquidity of common stock (see pages 26 & 27 for details) March 2019 – May 2019 Completed sale of seven properties for a combined gross sales price of \$810 million November 2015 -December 2016 Sold commercial mortgage loan portfolio, commercial real estate lending subsidiary, and three properties for a combined gross sales price of \$217 million June 2016 \$210 million tender offer for CMCT common stock (10 million shares @ \$21 per share) March 2014 CIM REIT completed its merger with PMC Commercial Trust, a publicly traded mortgage REIT September 2016 –December 2017 \$966 million repurchase of CMCT common stock (43.9 million shares @\$22 per share)1 June 2019 – December 2019 Anticipate sale of four properties for an estimated combined gross sales price of \$240 million Substantial portion of net proceeds from assetsales expected to be used to pay a special dividend to common shareholders Anticipate thatshares of CMCT common stock held by its majority shareholder will be distributed to a diverse group of holders which CMCT expects to be comprised of many of the current investors of such majority shareholder 2 March 2017 – December 2017 Completed sale of 12 properties for a combined sales price of \$1,093 million Shares were repurchased in privately negotiated transactions from a fund managed by an affiliate of CIM Group. In connection with these share repurchases, CMCT paid special cash dividends totaling \$6.5 million that allowed the common shareholders that did not participate in the repurchases to receive the economic benefit of such repurchases. Special cash dividends are not included in the above amount.

million the common sharinolors bat in the resurtable in the resurted by reason's been reports as Special can divisions and reculded in the above annon.

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High Quality Class A & Creative Office Portfolio

8- - FRE--- -- 04 0040

CMCT

AS OI MSICH OIL CU19
Growth-Focused Portfolio1 Office:		Rentable Square Feet		Annualized Rent Per
Location	Sub-Market	(26)	% Occupied	Occupled SF =
Oakland, CA
I Kaiser Plaza	Lake Menitt	536.672	93.7%	\$42.37
San Francisco, CA
1130 How ard Street	South of Market	21.194	100.0%	70.26
Los Angeles, CA
11620 Wilshire Boulev ard	West Los Angeles	194,931	95.1%	42.01
9460 Wilshire Boulev ard	Bev edy Hills	94,547	95.0%	94.18
11600 Wilshire Boulev ard	West Los Angeles	56.144	90.4%	54.50
Lindblade Media Center	West Los Angeles	32.428	100.0%	45.33
Austin, TX
3601 \$ Congress Av enue	South	183.885	97.7%	37.08
TO TAL		1,119,801	94.8%	\$47.02
Hotel:		Number		Revenue Per Available
Location	Sub-Market	of Rooms	% Occupied 3	Room (Rev PAR) 4
Sacramento, CA
Sheraton Grand Hotel	Downtown/Midtown	503	82.1%	\$140.44
Ancillary:		Rentable Square Feet	% Occupied	Annualized Rent (Parking and Retail) (in
Location	Sub-Market	(Relai)	(Retail)	thousands) 3
Sacramento, CA
Sheraton Grand Hotel Parking
Garage & Retail	Downtown/Midtown	9.453	100.0%	\$2,944
Oakland, CA
2 Kaiser Plaza	Lake Meritt

Geographic Diversification2

Annualized Rent by Location (Excludes Hotel and Ancillary Properties)

· Oakland · Los Angeles · Austin = San Francisco

1. Eccludes 1333 Broadway which was sold be party in May 2019, and 809 North Captor Street, \$69 North Gpold Street, and 4750 William Brook Street, and 1750 Willing Business, either (i) is expected to be under contract for sale or (ii) is under contract for sale, in each case to unrelated third parties as of May 31, 2019.

2. Represents gross northy boor ent, as a Mach 31, 2019, multipled by 12. The anyont refects total cash rent before applicable, annualized ret has been grosse in babing. annualized expense reimbursement to base rent.

3. Represents trailing three-month occupancy as of March 31, 2019, calculated as the number of occupied rooms divided by the number of available rooms,

4. Represents trailing three-month RevPAR as of March 31, 2019, catculated by dividing the smount of room revenue by the number of available rooms.

5. Represents goss marthy contraction and real leases commond as of March 31, 2019, multipled by 12. This annuat refere stations to any real processes. annualized rent has been grossed up by adding annualized expense reimbursements to base rent.

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3) Embedded Growth Opportunity: Los Angeles

CMCT

Key Los Angeles Office Themes

• Tech, media and entertainment demand driving growth
• 2 Major content creators such as Netflix, Google, and Amazon Studios lease 2.2+ million SF of office and production space across West Los Angeles and Hollywood
• 3 High barriers to entry/supply constrained given regulatory environment Affluent population base

CMCT Los Angeles Office Portfolio

» Beverly Hills (9460 Wilshire Boulevard):

4

• Severe supply constraints with significant barriers to entry; tenant demand driven by finance and entertainment
• Adjacent to the Four Seasons Beverly Wilshire Hotel and Rodeo Drive
• » Culver City (Lindblade Media Center):
• A preferred location for tech, entertainment and media tenants; Santa Monica office demand gravitating southeast
• » Brentwood (11600 & 11620 Wilshire Boulevard):
  • Strong demand from executives who prefer a shorter commute; cost-effective alternative to Santa Monica
• One block west of 1-405 freeway; nearby UCLA Medical Center, St. John's Hospital and Veterans Administration Hospital provide consistent demand for medical office

CIM Group: 60+ Los Angeles Investments Over 25 Years

• CIM Group is headquartered in Los Angeles
• CIM Group's Los Angeles real estate experience: ון
  • 10 million+ SF of project experience across opportunistic, valueadd and stabilized strategies
• Currently owns over 20 assets valued at over \$3 billion; nine office assets with 2.3 million SF

(3) Embedded Growth Opportunity: Oakland

CMCT

Favorable Office Dynamics

• Relative Value vs. San Francisco Central Business District ("CBD") (Class A asking rents)1:
  • » San Francisco \$74.85
  • » Oakland \$52.06
• 2 Limited new office supply in Lake Merritt / City Center: Last major office project completed in 20081

Office building development has been tempered in the East Bay, with current under construction office space equivalent to 1.5% of the market's total existing inventory1

• Proposition M: San Francisco office development limited to 875,000 square feet per year
• Class A CBD vacancy of 7.6%2

A Vibrant Community

Transportation: All six BART lines and every major Bay Area highway run through Oakland

Amenities Base: Oakland has emerged as a "cool" place to live and work

Residential Development:

• » ~11,000 new units in 2019-2021 (v. ~169,000 existing)1
• » Residential Monthly Asking Rents®

San Francisco - \$3,091 | Oakland - \$2,166

• 1. Source: JLL Q1 2019 Office Insight,
• As of March 31, 2019. 2

ా Represents gross mantly bose rent per spare of March 3, 2010, nullightly 12. This ansuit reflect bitch cost rent before baterned. Viver applications on the has been grosed up by adding annualized expense reimbursements to base rent, Annualized rent for certain office properties includable to retail.

CMCT Assets	Asset Type	Rentable SF7	ಿಗೆ ಸ	Leased Annualized Rent Per Occupied SELS
1 Kaiser Plaza	Office	536,672	96.3%	\$42.37
	2 Kaiser Plaza Office Development

17

( 3 ) Embedded Growth Opportunity: Austin

CMCT

Compelling Growth Market

• Diverse Employment Sources government, education and tech
• Austin is home to many large U.S. corporations including Amazon, Facebook, Apple, Cisco, eBay, GM, Google, IBM, Intel, Oracle, Paypal, 3M and Whole Foods
• Sustained, rapid market rent growth
  • Five year Increase of 37% (2014-2018)1

(4) Low vacancy

• Austin Class A-7.6%1

• Source: CoStar May 2019 Office Market Report.

• South Austin submarket 6.7%1

• S Population growth
  • Ten year historical growth rate of 2.8% (versus 0.7% in the U.S.)1
  • Five year forecast growth rate of 2.3% (versus 0.7% in the U.S.) 1

C Employment growth

As of March 31, 2019.

2.

• Ten year historical growth rate of

3.4% (versus 1.3% in the U.S.)1	CMCT Assets	Asset Type	Rentable SF2	Leased %2	Annualized Rent Per Occupied SF23
	3601 South Congress	Office	183,882	98.6%	\$37.08
	CMCT In-Place Rent23				Class A Asking Rents3
	\$37.08		\$44.71

1. Represents gross northy bases connessed as of March 31, 2019, milliplied y 12. This arrount reflects ball self were abatiments. When applicable, annualized ont has been grosed up by adding annualized expense resil. Anualized rent for cortain office properties includes rest afficiately to retail.

18

Redevelopment In Progress: Austin 4

CMCT

Location		Sub-Market Potential Rentable SF Product
Austin, TX	South	42.000	Office

3601 S. Congress Avenue Expansion - Mid-2020 Expected Completion

• Approximately 42,000 SF add-on building to existing 183,885 SF office complex (98.6% leased as of March 31, 2019)

• Two-story creative office building designed to accommodate either a single user or two single-floor tenants

• » ~\$15 million development
• » Targeting ~8% return on cost upon stabilization

"Building L" - Expansion to Existing Campus

3601 South Congress- Existing Buildings

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Growth Pipeline: Oakland 4

CMCT

Opportunity to generate value through co-investor, sale or build-to-suit

Potential Build-to-Suit

Location	Sub-Market Potential Rentable SF	Product
Oakland, CA	Lake Merritt 425,000 - 800,000	Office

2 Kaiser Plaza (Beacon Tower)

• » Build-to-suit opportunity
• » Currently marketing development to potential anchor tenants
• » Entitled for 425,000-800,000 SF office
• » Currently utilized as surface parking lot

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20

Growth Pipeline: Sacramento 4

CMCT

Potential Redevelopment

Location	Sub-Market	Product
Sacramento, CA	Downtown/Midtown	Hotel

Sheraton Grand

• » Potential redevelopment opportunities:
  • » Renovate existing hotel to drive average daily rate
  • » New hotel tower, multifamily or build-to-suit office on top of owned garage and retail

Expansion/Renovation of Adjacent Sacramento Convention Center

• » \$196 million renovation/expansion of the Sacramento Convention Center
• » Adds new meeting rooms and exhibit halls
• » Scheduled to be completed in fall 2020
• » Part of a ~\$300 million project that also renovates adjacent auditorium and theater

Sheraton Grand

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Equity Enhancing, Growth-Oriented Capital Structure

Preferred Stock Program

Series A

• Perpetual Preferred Stock at 5.5% coupon

• Continuously offered monthly issuance

• Company and investor option to call/redeem five years from issuance1

• Redemption paid in cash or CMCT Common Stock, at election of the Company1

Series L

• Perpetual Preferred Stock at 5.5% coupon

• Company and investor option to call/redeem beginning November 21, 2022. (or earlier in limited circumstances)

• Redemption paid in cash or CMCT Common Stock, at election of the Company1

Historical Preferred Stock Issuance2

1. Represents group proceeds from 31, 2019, calculard as the reserved not of relevisions, in shares sponds annot not of commission, fees, allocated costs or discount, as applicable.

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Target Capital Structure3

• Target capital structure of 45% common equity, 55% debt and preferred equity3 - seeks to enhance common equity returns with low relative risk

• » Plan to maintain long-term debt at minimal levels

^3. Based on fair value

Equity Enhancing, Growth-Oriented Capital Structure

Debt & Preferred Summary (March 31, 2019)1 Debt Maturity Schedule (March 31, 2019)12 Maturity/ Loan balance 5145,184 (in thousands) Interest structure Expiration 3/31/2019 (in thousands) Mortgages2 Interest Rate (fosd/variable etc.) Date 1 Kaiser Plaza Fixed 4.14% 7/1/2026 \$ 97,100 Total Mortgages 4.14% \$ 97,100 Other Debt SBA 7(a) Loan-Backed Notes3 Variable LIBOR+ 1.40% 3/20/2043 \$ 30,498 Total Other Debt \$ 30.496 Corporate Debt Revolving Credit Facility4 Variable LIBOR+ 1.55%4 10/31/2022 ਫੋ \$2,208 \$2,267 52,333 \$2,151 Junior Subordinated Notes Variable LIBOR+ 3.25% 3/30/2035 \$ 27,070 \$525 Total Corporate Debt \$ 27,070 2019 2020 2021 2022 2023 Thereafter Total Debt \$ 154,668 Fixed Debt vs. Floating Debt (March 31, 2019)12 Maturity/ Interest structure Expiration Outstanding Excluding SBA 7(a) Dialis Plans Microsoft de Backed Notes Loan Backed Notes

Cleicher and and the contraction of the programment of the program and the model of the model of the model of
Series A	Proces	5.50%		\$ 78.7485
Series Land Land Fined Fined Fined Story States NA NA Sales 209 2519
Total Preferred Stock
Total Debt + Preferred Stock

1. Ecialdes (a) \$1.55.000 of secures becamed guaranteed foars, which reported cold come that are treated as secured bornawing because the lann sales of not meet the benecomis criteria provided for in ASC 860-30, Secured Borrowing and Collateral, and (b) premiums, discounts and debt issuance costs.

2. . Eccludes moregage doct resided to 1333 Broadway which to sale as of March 31, 2019 and was legally deleased in May 2019 in connection with the sale of the property. 2

3. 1. In May 2012, ve corpleted a securities of the ungaranted portion of entrine in and SB-71a) loss received the issues of \$8.200,000 consumered SBA 7(a) base base. The nates mature on March 20, 204, with notely payments on the collatestized form are received. Based on the anticipated repyments of our collateralized SBA-71a Joans, we estimals the weighted average life of the notes to be approximately two years.
4. 1. In October 2018, we entered into a revelop credit to which CMCT cats berneup to a mainten of 250,0000, ubject be berrowing base calculation. The recologic credit licilly is secured by deels of training schances under the revolving credit for receint (1) the base also be p.55% of (i) LBOR plus 1.55% of (i) LBOR plus 1.55%. The r facility mature in Colober 2022 and project and serials condicos. Al March 31, 2019, approximately \$226,000 was welleder or four borrowings.
5. 1. Odstancing Series A Profeson Statis issued as March 3, 2019 d 3,59,03, less resimplines of \$,05 pares lines the states stations for commissions, fees, allocated costs or discount.
6. 1. Octaning Series L. Preferred Stake is successful 1, 2019 of 8,007.40 time the states value of \$2.37 per share. Down not reflect reductions or commission, for commission, f costs or discount

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Key Metrics 25 Lease Expirations as a% of Annualized Office Rent1,2 Top 5 Tenants1 Excludes 1333 Broadway, which was sold to an unrelated third party in May 2019, and 899 North Capitol Street, 901 North Capitol Street, 999 North Capitol Street, and 4750 Wilshire Boulevard, each of which either (i) is expected to be under contract for sale or (ii) is under contract for sale, in each case to unrelated third parties as of May 31, 2019. Represents gross monthly base rent, as of March 31, 2019, multiplied by 12. This amount reflects total cash rent before abatements. Where applicable, annualized rent has been grossed up by adding annualized expense reimbursements to base rent. Annualized rent for certain office properties includes rent attributable to retail. Tenant Property Lease Expiration Annualized Rent (in thousands) 2 % of Annualized Rent Rentable Square Feet % of Rentable Square Feet Kaiser Foundation Health Plan, Inc. 1 Kaiser Plaza 2025 -2027 15,488 \$ 31.0% 373,711 33.5% MUFG Union Bank, N.A. 9460 Wilshire Boulevard 2029 3,107 6.2% 27,569 2.5% 3 Arts Entertainment, Inc 9460 Wilshire Boulevard 2026 2,063 4.1% 27,112 2.4% Homeaway, Inc. 3601 S Congress Avenue 2020 1,614 3.2% 42,545 3.8% Westwood One, Inc. Lindblade Media Center 2025 1,436 2.9% 32,428 2.9% Total for Top Five Tenants 23,708 47.4% 503,365 45.1% All Other Tenants 26,230 52.6% 558,693 49.7% Vacant -- %57,743 5.2% Total for Portfolio 49,938 \$ 100.0% 1,119,801 100.0% 6.1% 14.5% 8.8% 10.9% 3.2% 3.1% 32.2% 5.0% 7.9% 1.8% 6.5% 0.0% 10.0% 20.0% 30.0% 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Thereafter

Key Metrics

CMCT

Top 5 Tenants1

Tenant	Property		Annualized Rent			Lease Expiration - [in thousands] of Annualized Rent Rentable Square Feel % of Rentable Square Feet
Kalser Foundation Health Pian, Inc.	1 Kalser Piaza	2025 - 2027	15.488	31.0%	373,711	33.5%
MUFG Union Bank, N.A.	9460 Withing Boulev ard	2029	3.107	6.2%	27,569	2.5%
3 Ats Entertainment, Inc.	9460 Withire Boulev ard	2026	2.063	4.1%	27,112	2.4%
Homeaway, Inc.	3601 5 Congress Avenue	2020	1.614	3.2%	42.545	3.8%
Westwood One, Inc.	Undblode Media Center	2025	1.436	29%	32,425	2.9%
Total for Top Five Tenants			23,708	47.4%	503,365	45.1%
AS Other Tenants			26.230	52.6%	558.693	49.7%
Vacant				- 95	57.743	5.2%
Total for Portfollo			49.938	100.0% ------	1.119.801	100.0%

Lease Expirations as a % of Annualized Office Rent1.2

1. Ecolotes 133 Brookway which was sold be an unrelated third park 80 North Capits Street, \$0 North Capits Street, \$99 North Copins Steet, and 4750 William Bother, and delvis either (i) is expected to be under contract for sale, in each case to unrelated third parties as of May 31, 2019.

2 . Represents goos morthy base not, as of March 12. This annunt reflects total cash rent before applicable, annualized rest has been grossed in babing annualized expense reimbursements to base rent. Annualized rent for certain office properties includes to retail.

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Program to Unlock Embedded Value and Improve Trading Liquidity of Our Common Stock

» Monetize stabilized assets to unlock embedded value that has been created since as early as 2006

Unlock Embedded Value Through Targeted Asset Sales

• » Substantial portion of net proceeds from asset sales expected to be used to pay a special dividend to
• common shareholders
• » Assets sold and anticipated to be sold:

Property	Location	Rentable Square Feet	Date Sold
2101 Webster Street	Oakland, CA	474,798	March 1. 2019
1901 Hamson Street	Oakland, CA	283,970	March 1, 2019
830 Ist Street	Washington, DC	247,337	March 1, 2019
2100 Franklin Street	Oakand, CA	216.828	March 1, 2019
2353 Webster Street Parking Garage	Oakland, CA	N/A	March 1, 2019
260 Townsend Street	San Francisco, CA	66,682	March 15, 2019
1333 Broadway	Oakland, CA	254.523	May 16, 2019
999 N Capital Street2	Washington, DC	315,983
899 N Capitol Street23	Washington, DC	314667
901 N Capitol Street23	Washington, DC	N/A
4750 Wilshire Boulev ard22	Los Angeles, CA	143.361
Total Assets Sold And Anticipated To Be Sold		2,318,149

1. As of the date of sale, or March 31, 2019 for assets that have not been sold yet.

2. 1. These properties are (i) expected to be under contract for sale, in each asse to unrelated firid parties as of May 31, 2019.
3. 1. As a matter of podent management, after entribution as well as the infrinicipalia of each progrity, he Compey decided to sell these addicioal assess.

ww.circommercial.com | CMCT CM Commercial Trust Corporation | Securities distributed by affiliate broker dobler: CO Capital, LC, nember. INNA / SPC

CMCT

Program to Unlock Embedded Value and Improve Trading Liquidity of Our Common Stock

» Anticipate shares of CMCT common stock held by our majority shareholder (~90% of CMCT's outstanding common stock') will be distributed to a diverse group of holders, which CMCT expects to be comprised of many of the current

Improve Trading Liquidity

» Expected resulting increase in public float and trading iquidity will benefit all preferred and common shareholders and improve CMCT's access to capital

» Continue to target capital structure consisting of 45% common equity and 55% debt/preferred equity2

Capital Structure3

Prudent and Flexible >> Plan to maintain long-term deb at minimal levels (other than with respect to debt incurred for working capital purposes or acquisitions of assets that the Company intends to refinance with proceeds from the issuance of preferred stock or

common stock)

investors of such majority shareholder

As of May 31, 2019. 1.

2 Based on fair value.

1. The Corpory has not and consulted with contains such engagement to be important to be important and expects to continue to meet and consult with holders of the Preferred Stock and provides at significant milestines during the Program to Unicin in Our Pertision and treprise Trading Liguidity of Our Cencer that the Cencer that the Cencer that h be more claify to the makes of the Cempany portuded from the Assel Sul and the basiling proo of our Common Stock relative to our AVI (blowing to Program to Uniok Emberdaily of Perfolio and Inprove Trains Liguidity of Our Common Stock. Such clarity and consultation with harm help gride the Concern in Insting allematives for its prefered tookning the Popram in Union in Or Perfolio and Inprove Trading Liquility of Our Common Stock with terms ball with terms ball with terms ball wit holders will find satisfactory.

CMCT

Important Information 29 Assets Owned and Operated (AOO) represents the aggregate assets owned and operated by CIM on behalf of partners (including where CIM contributes alongside for its own account) and co-investors, whether or not CIM has discretion, in each case without duplication. AOO includes total gross assets at fair value, with real assets presented on the basis described in "Book Value" below and operating companies presented at gross assets less debt, as of the Report Date (as defined below) (including the shares of such assets owned by joint venture partners and co-investments), plus binding unfunded commitments. AOO also includes the \$0.3 billion of AOO attributable to CIM Compass Latin America (CCLA), which is 50% owned and jointly operated by CIM. AOO for CMMT Partners, L.P. (CMMT) (which represents assets under management), a perpetual-life real estate debt fund, is \$0.7 billion as of the Report Date. Report Date is defined to mean as of March 31, 2019. Book Value for each investment generally represents the investment's book value as reflected in the applicable fund's unaudited financial statements as of the Report Date prepared in accordance with U.S. generally accepted accounting principles on a fair value basis. These book values generally represent the asset's third-party appraised value as of the Report Date, but in the case of CIM's Cole Net-Lease Asset strategy, book values generally represent undepreciated cost (as reflected in SEC-filed financial statements). Equity Owned and Operated (EOO) represents the NAV (as defined below) before incentive fee allocation, plus binding unfunded commitments, which is \$17.8 billion as of the Report Date, inclusive of \$0.3 billion of EOO attributable to CCLA (as described above) and \$0.7 billion of EOO for CMMT (which represents equity under management). For calculating the Book Value for CIM IV, the underlying assets of CMCT are assumed to be liquidated based upon the third-party appraised value of such assets. CIM does not view the price of CMCT's publicly-traded shares to be a meaningful indication of the fair value of CIM IV's interest in CMCT due to the fact that the publicly-traded shares of CMCT represent approximately 10% of the outstanding shares of CMCT and are thinly-traded. Net Asset Value (NAV) represents the distributable amount based on a "hypothetical liquidation" assuming that on the date of determination that: (i) investments are sold at their Book Values; (ii) debts are paid and other assets are collected; and (iii) appropriate adjustments and/or allocations between equity partners are made in accordance with applicable documents, as determined in accordance with applicable accounting guidance.

Important Information

CMCT

Assets Owned and Operated (AOO) represents the agregate assets owned and operated by CM on behalf of parthers (including where CM contributes alongside for its own account) and co-investors, whether or not CM has discretion. AO includes total gross assets at fair value, with real assets presented on the basis decorating companies presented at gross assess less des debt, as of the Report Date (as defined below (including the shares of such venture partners and co-investments), plus binding untinded commitments. AO also includes the \$0.3 billion of AOO attributable to CM Conpass Latin America (CCLA), which is 50% owned and jointly operated by CM. AOO for CMMT Partners, L. P. (CMMT) (which represents assets under management), a perpetual-life real estate debt fund, is \$0.7 billion as of the Report Date,

Report Date is defined to mean as of March 31, 2019.

Book Value for each investments the investment's book value as reflected in the applicable funcis unavilled inancial statements as of the Report Date prepared in accordance with U.S. generally accepted accounting principles on a fair value basis. These book values generally represent the assel's third-party appraised value as of the Report Date, but in the case of CM's Cole Net-Lease Asset strategy, book values generally represent undepreciated cost (as reflected in SEC-filed financial statements).

Equity Owned and Operated (EOO) represents the NAV (as defined below) before incentive fee allocation, plus binding unlunded commitments, wich is \$17.8 billion as of the Report Date, inclusive of \$0.3 billion of EOO attributable to CCLA (as described above) and \$0.7 billion of EOO for CMMT (which represents equity under management). For calculating the Book V. It e underlying assets of CMCT are assumed to be liquidated based upon the third-party appraised value of such assess. CM does not view the price of CMCT's publicy-traded shares to be a meaningful indication of the fair ralue of CM IV's interest in CMCT due to the fact that the publicly-traded shares of CMCT represent approximately 10% of the outstanding shares of CMCT and are think-traded.

Net Asset Value (NAV) represents the distributable anound that in the date of determination that (i) investments are sold at their Book Values; (i) debt are paid and (ii) appropriate adjustments and or allocations between equily partners are made in accordance with applicable documents, as determined in accordance with applicable accounting guidance.