Creative Media & Community Trust Corporation — Investor Presentation 2018

Aug 13, 2018

Corporation Trust Commercial CIM | מצגת למשקיעים רבעון שני 2018

Free Writing Prospectus | CIM Commercial Trust Corporation Investor Presentation Q2 2018

Filed Pursuant to Rule 433 | Dated August 9, 2018 | Registration Statement Nos. 333-203639; 333-210880

CIM Commercial Trust Corporation (the "Company") 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 and the prospectus supplements in those registration statements and other documents the Company has filed with the SEC for more complete information about the Company and the offerings. You may get these documents for free by visiting the Company's website at http://shareholders.cimcommercial.com/. Alternatively, you may request to receive a prospectus by calling toll-free at 1-866-341-2653.

You may also access the applicable prospectus for free on the SEC website at www.sec.gov as follows:

• » Post Effective Amendment No. 3 to Form S-11 on Form S-3, dated January 9, 2018, relating to Registration Statement No. 333-203639
• » Prospectus, dated April 13, 2018, relating to Registration Statement No. 333-210880 and Supplement No. 1 dated May 14, 2018

Forward-looking Statements

The information set forth herein contains "forward-looking statements." You can identify these statements by the fact that they do not relate strictly to historical or current facts or they discuss the business and affairs of CIM Commercial Trust Corporation ("CMCT", "CIM Commercial", the "Company") on a prospective basis. Further, statements that include words such as "may," "will," "project," "might," "expect," "believe," "anticipate," "intend," "could," "would," "estimate," "continue," "pursue," 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 CIM 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. These forward-looking statements are subject to risks, uncertainties and other factors, including those set forth in CIM Commercial's Annual Report on Form 10-K for the fiscal year ended December 31,

2017, the Registration Statement on Form S-11 (Reg. No. 333-210880) relating to the Series A Preferred Stock, and the Registration Statement on Form S-3 (Reg. No, 333- 203639) relating to the sale of common stock by a selling shareholder.

As you read and consider the information herein, you are 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 forward-looking statements involve risks, uncertainties and assumptions. In light of these risks and uncertainties, 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 CIM Commercial assess the impact of each such factor or the extent to which any factor, or combination of factors may cause results to differ materially from those contained in any forward-looking statement. CIM Commercial undertakes no obligation to publicly update or release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law.

התזה של CMCT

– CIM בוצת של ק מחיות ים ומו משאב יל די מוב )מוס Owner Operator ל ) ומנה בעלים	» »	נכית רציה א באינטג ף וצוות בת היק מה רח פלטפור ( Qualified Community ות" ) ת נבחר "קהילו סים של גיית נכ מתדולו
	»	ה"ב יים באר העירונ מרכזים נדל"ן ב שוקי ה פק לכל , עם או ס שיטה ומבוס רך יחסי מוכוון-ע בעלים מפעיל-
Creative Officesו Class A נכסי	»	ות השכיר במחיר ידול חד ייהנו מג צופה ש CIM קבוצת והים, ש ניסה גב חסמי כ בעלי י משנה ם בשוק ממוקמי
ח מפת בשוקי קמים הממו	»	סטין רה. ואו טון הבי וושינג אנג'לס, קו, לוס פרנסיס פרץ סן אזור מ
זקה חה ח ת צמי תחזיו	»	השוק מחירי מוכים ל כירות נ דמי ש מים עם סים קיי ות מנכ השכיר את דמי די העל חה על י ת לצמי הזדמנו
	»	וח סף/פית ערך מו
ת המניו לבעלי ואות ם תש מקסו	»	כב ר המור הון זהי מבנה יחד עם רגילות מניות ים עבור המזומנ ותזרים NAV ול ות בגיד התמקד ווי הוגן ס על ש המבוס גילות, מניות ר 45%- מכ
	»	1 מניות בעלי ה ה לכל ש זמינ צעת רכ דים, וה ם מיוח בידנדי לים, די דים רגי בדיבידנ למניה \$8.61 חולקו ,2014 נת חילת ש מאז ת

1. CMCT is the product of a merger (the "Merger") between CIM Urban REIT, LLC ("CIM REIT"), a fund operated by CIM, and PMC Commercial Trust in Q1 2014. Represents dividends declared on our common stock from January 1, 2014 through June 30, 2018. Excludes a special dividend paid to PMC Commercial Trust's shareholders in connection with the Merger, but includes 2014 dividends received by CIM REIT shareholders prior to the Merger and dividends on convertible preferred stock received by Urban Partners II, LLC, an affiliate of CIM REIT and CIM Group, L.P., on an as converted basis, in the Merger. The per share equivalent in proceeds from the tender offer is \$2.15, calculated by dividing \$210,000,000, the amount used by CMCT to purchase shares of common stock of CMCT in the tender offer, by 97,676,197, the number of shares of common stock outstanding immediately prior to such tender offer. The amounts of regular and special cash dividends per share are based on the number of shares outstanding as of the applicable record dates. Past performance is not indicative of future results.

ביצועים מאז השקת CMCT

4

Cumulative Return from Dividends1,2 Cumulative Return from Change in NAV per Share2,3

1. Return based on cumulative regular and special dividends since March 31, 2014, divided by initial net asset value ("NAV"), from March 31, 2014 to June 30, 2018.

2. 1. Please see "Net Asset Value" under "Important Disclosures" with respect to the methodology of the calculation of NAV of CMCT.
3. 1. Returns based on change in NAV per share from March 31, 2014 to June 30, 2018.

4. "U.S. Office REITs" reflects the weighted average historical stock price and NAV performance of the companies included in the SNL US REIT Office Index as of June 30, 2018 based, for all periods indicated, on the weights attributed to each such company by such index as of June 30, 2018. The SNL US REIT Office Index is an index of certain publicly traded office REITs in the United States. The characteristics of the portfolios of assets of such companies included in "U.S. Office REITs" may differ significantly from the characteristics of CMCT's portfolio of assets. "U.S. Office REITs" may therefore not be an appropriate benchmark for the performance of CMCT. Past performance is not a guarantee of future results. The data used in this chart is derived from SNL and filings with the U.S. Securities and Exchange Commission.

ביצועים מאז השקת CMCT

3

1. Total return includes changes in stock price or net asset value ("NAV") per share, as applicable, and includes all dividends declared and paid with respect to the Company's common stock from March 31, 2014 to June 30, 2018.

2. Please see "Net Asset Value" under "Important Disclosures" with respect to the methodology of the calculation of NAV of CMCT.

3. "U.S. Office REITs" reflects the weighted average historical stock price and NAV performance of the companies included in the SNL US REIT Office Index as of June 30, 2018 based, for all periods indicated, on the weights attributed to each such company by such index as of June 30, 2018. The SNL US REIT Office Index is an index of certain publicly traded office REITs in the United States. The characteristics of the portfolios of assets of such companies included in "U.S. Office REITs" may differ significantly from the characteristics of CMCT's portfolio of assets. "U.S. Office REITs" may therefore not be an appropriate benchmark for the performance of CMCT. Past performance is not a guarantee of future results. The data used in this chart is derived from SNL and filings with the U.S. Securities and Exchange Commission.

CMCT — מדדי ביצועים מרכזיים2,1

בית מלון משרד

1. Metrics exclude the lending segment and any assets sold prior to June 30, 2018.

2. 9460 Wilshire Boulevard was acquired in January 2018 and is included in Q2 2018 metrics. 1130 Howard Street was acquired in December 2017 and is included in 2017 metrics. The annualized rent as of December 31, 2017 for 12,944 rentable square feet of 1130 Howard Street was presented using the actual rental income under a signed lease with a different tenant who took possession in March 2018, as the space was occupied by the prior owner and annualized rent under the short-term lease was de minimis.

3. Metrics exclude Sheraton Grand Hotel.

4. Historical occupancies for office properties are shown as a percentage of rentable square feet and are based on leases commenced as of December 31st of each historical year or, with respect to Q2 2018, as of June 30, 2018.

5. 1. Historical Annualized Rent PSF represents annualized gross rent divided by total occupied square feet as of December 31st of each historical year or, with respect to Q2 2018, as of June 30, 2018. 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 applicable office properties includes rent attributable to retail.
6. 1. Excludes the lending segment. See "Pro-Forma Cash NOI" under "CMCT Net Asset Value and Pro-Forma Cash NOI" on page 6 and "Net Operating Income Reconciliations" on pages 28-31.
7. 1. 2 Kaiser Plaza was acquired in August 2015. The property is included in Pro-forma Cash NOI beginning on the acquisition date.
8. 1. 1130 Howard was acquired in December 2017. The property is included in Pro-forma Cash NOI beginning on the acquisition date.
9. 1. 9460 Wilshire Boulevard was acquired in January 2018. The property is included in Pro-forma Cash NOI beginning on the acquisition date.

CMCT — ערך נכסי נקי והכנסה תפעולית נטו של מזומנים פרו-

פורמה

Estimated Net Asset Value1									(\$ thousands) in (Unaudited)
(\$ in thousands, except for shares and per share amounts)	(Unaudited)				Twelve	Months Ended		Six	Months Ended
Investments in real estate - at fair value	\$1,676,432		20154 December 31,											December 31, 2016	20175 December 31,		20186 June 30,
Loans receivable - at fair value	83,858	Net income attributable to
Debt 2	(608,695)	the Company	\$	24,392	\$	34,547	\$ 379,737	\$	2,555
Cash and other assets net of other liabilities	135,644
Noncontrolling interests	(1,055)	Total Cash NOI	\$	131,868	\$	128,470	\$ 127,467	\$	54,752
Redeemable Series A Preferred Stock	(29,331)	Less Cash NOI from assets sold prior to June 30, 2018		56,148		43,527	26,610		-
Redeemable Series L Preferred Stock	(207,845)	Pro-forma Cash NOI	\$	75,720	\$	84,943	\$ 100,857	\$	54,752
Estimated NAV available to common shareholders	\$1,049,008	Pro-forma NOI Breakdown:
Shares of Common Stock outstanding	43,784,939	Pro-forma Lending NOI	\$	2,860	\$	4,522	\$ 5,293	\$	3,098
Estimated NAV per share of Common Stock	\$23.96	Pro-forma Hotel NOI		12,223		13,319	13,385		8,051
		Pro-forma Office NOI		60,637		67,102	82,179		43,603
		Pro-forma Cash NOI	\$	75,720	\$	84,943	\$ 100,857	\$	54,752

1. As of December 31, 2017. See "Net Asset Value" under "Important Disclosures" on page 32.

2. Excludes secured borrowings on government guaranteed loans, which are included with cash and other assets net of other liabilities.

3. See "Net Operating Income Reconciliations" on pages 28-31.

4. 2 Kaiser Plaza was acquired in August 2015. The property is included in Net income attributable to the Company and Pro-forma Cash NOI beginning on the acquisition date.

5. 1130 Howard was acquired in December 2017. The property is included in Net income attributable to the Company and Pro-forma Cash NOI beginning on the acquisition date.

6. 9460 Wilshire was acquired in January 2018. The property is included in Net income attributable to the Company and Pro-forma Cash NOI beginning on the acquisition date.

סקירה כללית של קבוצת CIM

מסווג מידע / מסחרי סוד© ^|2018 CIM Groupwww.cimgroup.com | CIM Commercial Trust Corporation CMCT^| 2018 CIM Group©^| www.cimgroup.com

אסטרטגיות ממוקדות קהילה

סיכום CIM

CIM היא בעלים, מפעילה ומלווה של נדל"ן, הממוקדת בקהילה. תוך ניצול המומחיות הפנימית שלנו, אנו יוצרים ערך לנכסים שלנו, באופן שפועל לטובת המשקיעים שלנו, ובסופו של דבר לטובת הקהילה.

יסוד	רקעין סי מק של נע ותפעול בעלות משלב כגוף ה 1994 שנת יסוד ב
ת רטגיו אסט	ת לאומיו אשראי רמות ופלטפו CIM ידי רות על ת נבח בקהילו תיות( "ן ותש ה )נדל י קהיל ממוקד רוניים דל"ן עי נכסי נ ) וחוב Net-lease (
כית ה אנ גרצי אינט	ם ל נכסי ה וניהו השכר מימון, פיתוח, שראי, תוח א שה, ני ר, רכי ל מחק ניות ש ם ארגו ות פני ת ויכול תחומי ת רב- מומחיו
ארגון	1 יים( מקצוע עובדים ל 490 ם, מע מייסדי ל כל ה ם, כול מנהלי )15 עובדים 875 מעל
דים משר מי ה מיקו	ו ורק, ני ס; ניו י , טקס דאלאס רילנד; דה, מ ; בת'ס פורניה נד, קלי באוקל שרדים ניה, ומ קליפור נג'לס, בלוס א ראשי משרד זונה ס, ארי ופיניק אילינוי; שיקגו, יורק;
יעים משק פים ו שות	רחב עונאי יס קמ עם בס , יחד ל CIM רים ש ה מוצ ם בכמ שקיעי הם מ צית מ שכמח מגוונים סדיים פים מו עם גו קשרים 1 רטיים ניות פ בעלי מ 89,000- מ למעלה הכולל
ל וניהו עלות ם בב נכסי	2 קאי אמרי ד דולר מיליאר 28.6

1. As of July 2018.

2. As of March 31, 2018. See "Important Disclosures" on page 32 and, in particular, the section "Assets Owned and Operated" for additional details.

יתרונות תחרותיים של CIM

• » מובל על ידי 15 מנהלים )כולל שלושת המייסדים המקורים( עם וותק ממוצע של 15 שנים ב-CIM
• » בעלים ומנהל של נכסי נדל"ן משולבים אנכית, עם מומחיות במחקר, רכש, ניתוח אשראי, פיתוח, מימון, חכירה וניהול נכסים, תוך עבודה במגוון רחב של שווקים, סוגי נכסים ואסטרטגיות
• » צוות השקעות האחראי למחזור החיים המלא של הנכסים; תמורה מוצמדת לזו של השותפים והמשקיעים של CIM
• » מיקוד מגזרי-אגנוסטי בתת-שווקים עירוניים ספציפיים )"קהילות נבחרות"( המפגינים:
• − ערכי שוק הנמצאים מתחת לערכים הפנימיים ארוכי הטווח; או
• עם Underserved or transitional areas − משאבים ש-CIM מאמינה שיובילו לעליה בדמי השכירות ו/או לגידול הוני
  • » פריסה נרחבת של הון בקהילות נבחרות מניבה יחסים ארוכי-טווח וערוץ מקור רכש
    • » הבאת סחורות, שירותים, תעסוקה ותמיכה הדרושים להצלחתן של קהילות
• » ללא קשר למחזור השוק, CIM מיישמת משמעת קפדנית בתהליך הסמכת הקהילות, ובנוסף בכל הנוגע לפרויקטים של חיתום ורכישות פוטנציאליות
  • » CIM מבצעת חיתום מפורט, מינוף שמרני ומחקר קנייני

CIM מסמיכה קהילות נבחרות לרכישה )114 קהילות נבחרות עד כה, 68 עם הון מושקע(. קהילות נבחרות על ידי CIM הראו C1מגמות צמיחה משמעותיות, ו-CIM מאמינה כי המגמות יובילו לעליה בדמי השכירות ו/או לגידול הוני.

» מאז הרכישה הראשונית, הקהילות הנבחרות על ידי CIM הראו ביצועים טובים יותר מהממוצע הארצי במרכזי הערים במעל ל50%- 1

1צמיחה בקהילות מוסמכות על ידי CIM לעומת מרכזיים עירוניים ברחבי המדינה

1. Since 1994. Based on growth of Class A office rents, sourced from CBRE Outlook Dashboard, accessed June 2018.

סקירה כללית של CMCT

מסווג מידע / מסחרי סוד© ^|2018 CIM Groupwww.cimgroup.com | www.cimgroup.com | ©2018 CIM Group | CMCT CIM Commercial Trust Corporation

CIM Commercial Trust

CIM Commercial (NASDAQ: CMCT | TASE: CMCT)

• » התמקדות עיקרית בנכסי A Class וב Offices Creative בקהילות עירוניות תוססות וצומחות
  • » מחיר מניה / שווי שוק
  • » ערך נכסי נקי למניה / ערך נכסי נקי
• ¹ 0.66 / 15.10 מיליארד דולר אמריקאי ² 1.05 / 23.96 מיליארד דולר אמריקאי
  • » בסיס בעלי המניות המוסדיים )%59(

פורטפוליו ראשון עם תחזיות צמיחה משמעותיות

• » 19 נכסים משרדיים בשוקי מפתח הכוללים 3.4 מיליון רגל רבוע הניתן 3להשכרה
• » צמיחה מובנת באמצעות העלאת דמי השכירות שנמצאים מתחת למחירי השוק בהתאם לעליות בדמי השכירות על פי החוזים הקיימים
• » התמקדות, בשיעור צמיחה שנתי מורכב )CAGR )של הכנסות תפעוליות 4ממשרדים קיימים נטו של 4% - 6% עד 2022

התמקדות בהחזר השקעה/ מבנה הון אטרקטיבי

• » גידול ב NAV + דיבידנד מצטבר של כ41%- מאז 2014 5
• • » יעד מבנה הון 6 של 45% מניות רגילות ו55%- חוב ומניות מועדפות מגדיל את התשואה לבעלי המניות הרגילות תוך נטילת סיכון נמוך באופן יחסי
    - » יישום מבנה ההון המתוכנן מכוון ליצירת תשואה של כ15%- על המניות הרגילות
    - 6. CMCT is the product of a merger (the "Merger") between CIM Urban REIT, LLC ("CIM REIT"), a fund operated by CIM, and PMC Commercial Trust in Q1 2014. Represents dividends declared on our common stock from January 1, 2014 through June 30, 2018. Excludes a special dividend paid to PMC Commercial Trust's shareholders in connection with the Merger, but includes 2014 dividends received by CIM REIT shareholders prior to the Merger and dividends on convertible preferred stock received by Urban Partners II, LLC, an affiliate of CIM REIT and CIM Group, L.P., on an as converted basis in the Merger. The amounts of regular and special cash dividends per share are based on the number of shares outstanding as of the applicable record dates. NAV growth represents the change in NAV from December 31, 2013 (the last period before the Merger) to December 31, 2017. No NAV has been calculated since December 31, 2017. Past performance is not a guarantee of future results.
• 1. As of June 29, 2018.
• 1. As of December 31, 2017. NAV includes the lending segment. See "CMCT Net Asset Value and Pro-Forma Cash NOI" on page 6 for calculation of estimated NAV and "Net Asset Value" under "Important Disclosures" on page 32.
• 1. Represents the percentage of CMCT's outstanding common stock owned by Urban Partners II, LLC as of June 30, 2018.
• 1. As of June 30, 2018. 3601 South Congress Avenue is counted as one property but consists of 10 buildings and one potential development site. Lindblade Media Center is counted as one property but consists of 3 buildings. Excludes Sheraton Grand Hotel in Sacramento. Includes ancillary properties: one parking garage and two development sites, one of which is being used as a parking lot.
• 1. Additional 1%-2% CAGR potential from development of already owned sites.
• 1. Based on fair value.
• מסווג מידע / מסחרי סוד© ^|2018 CIM Groupwww.cimgroup.com | www.cimgroup.com | ©2018 CIM Group | CMCT CIM Commercial Trust Corporation

פורטפוליו של נכסי A Class ו Portfolio office Creative בערי

	Rentable		%	Annualized Rent (in		Annualized Rent Per
Location	Sub-Market	Square Feet	% of Total	% Occupied	Leased	thousands) 1				Occupied SF
Northern California
Oakland, CA
1 Kaiser Plaza	Lake Merritt	534,423	15.8%	93.1%	93.1% \$		20,434	\$	41.07
2101 Webster Street	Lake Merritt	471,337	13.8%	99.3%	99.3%		19,208		41.04
1901 Harrison Street	Lake Merritt	280,610	8.2%	81.9%	81.9%		10,384		45.18
1333 Broadway	City Center	251,155	7.3%	96.0%	96.0%		9,905		41.08
2100 Franklin Street	Lake Merritt	216,828	6.3%	98.9%	98.9%		8,889		41.45
Total Oakland, CA		1,754,353	51.4%	94.1%	94.1%		68,820		41.69
San Francisco, CA
260 Townsend Street	South of Market	66,682	1.9%	100.0%	100.0%		4,902		73.51
1130 Howard Street	South of Market	21,194	0.6%	100.0%	100.0%		1,454		68.60
Total San Francisco, CA		87,876	2.5%	100.0%	100.0%		6,356		72.33
Total Northern California		1,842,229	53.9%	94.4%	94.4% \$		75,176	\$	43.23
Southern California
Los Angeles, CA
11620 Wilshire Boulevard	West Los Angeles	194,659	5.7%	97.5%	97.5% \$		7,655	\$	40.33
4750 Wilshire Boulevard	Mid-Wilshire	143,361	4.2%	100.0%	100.0%		3,848		26.84
11600 Wilshire Boulevard	West Los Angeles	55,919	1.6%	87.6%	87.6%		2,589		52.85
9460 Wilshire Boulevard 2	Beverly Hills	93,339	2.7%	94.9%	94.9%		8,265		93.31
Lindblade Media Center 3	West Los Angeles	32,428	0.9%	100.0%	100.0%		1,422		43.85
Total Los Angeles, CA		519,706	15.1%	96.8%	96.8%		23,779		47.27
Total Southern California		519,706	15.1%	96.8%	96.8% \$		23,779	\$	47.27
East
Washington, DC
999 N Capitol Street	Capitol Hill	315,983	9.2%	90.1%	90.1% \$		13,285	\$	46.66
899 N Capitol Street	Capitol Hill	314,667	9.2%	86.1%	86.1%		14,317		52.84
830 1st Street	Capitol Hill	247,337	7.2%	100.0%	100.0%		10,783		43.60
Total Washington, DC		877,987	25.6%	91.5%	91.5%		38,385		47.78
Total East		877,987	25.6%	91.5%	91.5% \$		38,385	\$	47.78
Southwest
Austin, TX
3601 S Congress Avenue 3	South	183,885	5.4%	94.5%	96.6% \$		6,028	\$	34.69
Total Southwest		183,885	5.4%	94.5%	96.6% \$		6,028	\$	34.69
Total Portfolio		3,423,807	100.0%	94.0%	94.1% \$		143,368	\$	44.54

מפתח

1. Represents gross monthly base rent, as of June 30, 2018, multiplied by twelve. The 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.

2. 9460 Wilshire Boulevard was acquired in January 2018.

3. 3601 South Congress Avenue is counted as one property but consists of 10 buildings and one potential development site. Lindblade Media Center is counted as one property but consists of 3 buildings.

תחזיות צמיחה חזקה לנכסים זהים

Creative Office ונכסי Class A נכסי

• » נכסי משרדים בקהילות עירוניות תוססות וצומחות
• » מכוונים לשיעור צמיחה שנתי מורכב של 4% עד 6% בהכנסה השנתית התפעולית נטו של נכסים זהים עד שנת 2,12022

• 1. Additional 1%-2% CAGR potential from development of already owned sites.
• 1. Based on cash and segment NOI.
• 1. See "CMCT –Net Asset Value and Pro-Forma Cash NOI" on page 6 for calculation of estimated NAV and "Net Asset Value" under "Important Disclosures" on page 32. The illustrative NAV per share at 2022 is based on a number of assumptions, including an increase in NOI at 5% per year, an annualized dividend rate of \$0.50 per common share and the capital structure of CMCT remaining unchanged from the date hereof. Any changes in these assumptions will affect the ability of CMCT to achieve the illustrative NAV per share. There can be no guarantee that CMCT will be able to

achieve NOI growth of 5% per year. In addition, as discussed on page 13, CMCT is targeting a capital structure that is different from CMCT's current capital structure. Further, there can be no assurance that CMCT will maintain an annualized dividend rate per common share of \$0.50 per year.

1. Trailing 12-month NOI excludes results for 1130 Howard Street, acquired in December 2017, and 9460 Wilshire Boulevard, acquired in January 2018. See "CMCT –Net Asset Value and Pro-Forma Cash NOI" on page 6 for calculation of estimated NAV and "Net Asset Value" under "Important Disclosures" on page 32.

מקסום תשואות לבעלי המניות

מבנה הון אטרקטיבי וגמיש

• » יעד מבנה הון של 45% מניות רגילות, 25% מניות מועדפות ו30%- חוב, ימגדיל את התשואות למניות הרגילות עם סיכון יחסי נמוך
  • » כל חלק מהשקעות ההון מספק תשואות מותאמות סיכון גבוהות יותר

1 מבנה ההון

Common Equity Debt & Preferred Equity

1. Based on fair value.

2. Includes acquisitions and development potential on sites already owned. Assumes capital structure of 45% common equity, 25% preferred equity and 30% debt, based on fair value.

מקסום תשואות לבעלי המניות

\$32.00

» ניהול תיקי השקעות אקטיבי ואסטרטגי על מנת למקסם את התשואה לבעלי המניות

ניהול פורטפוליו אקטיבי

• » מכירות נכסים ברוטו בסך של כ1,197- מיליון דולר אמריקאי )תמורה נטו של 1,114 מיליון דולר אמריקאי( )2017-2015(
• » תמורה נטו מפעילות חוב בסך של כ70- מיליון דולר אמריקאי )2016 ו2017-( 2
  • » 152 מיליון דולר אמריקאי של רכישות משרדים )רבעון רביעי 2018-2017(

1אספקת נזילות לבעלי המניות

נזילות	תאריך
למניה \$21.00- ריקאי ב ולר אמ מיליון ד ל 210 רכש ש הצעת	6/2016
למניה 0.28\$ של במזומן מיוחד דיבידנד	4/2017
למניה 1.98\$ של במזומן מיוחד דיבידנד	6/2017
3 למניה 0.73\$ של במזומן מיוחד דיבידנד	12/2017

4,1ערך נכסי נקי למניה + דיבידנדים מצטברים

NAV / Share Cumulative Dividends

• 1. In September 2016, June 2017 and December 2017, CMCT repurchased \$80 million, \$576 million and \$310 million, respectively, of common shares in privately negotiated transactions from Urban Partners II, LLC. In connection with these share repurchases, CMCT paid the special cash dividends described in the table above that allowed the common stockholders that did not participate in the share repurchases to receive the economic benefit of such repurchases. Urban Partners II, LLC waived its right to receive these special cash dividends.
• 1. Excludes debt activities at the lending division.
• 1. Dividend was declared in December 2017 and paid in January 2018.
• 1. CMCT is the product of a merger (the "Merger") between CIM Urban REIT, LLC ("CIM REIT"), a fund operated by CIM, and PMC Commercial Trust in Q1 2014. Represents dividends declared o our

common stock from January 1, 2014 through June 30, 2018. Excludes a special dividend paid to PMC Commercial Trust's shareholders in connection with the Merger, but includes 2014 dividends received by CIM REIT shareholders prior to the Merger and dividends on convertible preferred stock received by Urban Partners II, LLC on an as converted basis in the Merger. The amount of regular and special cash dividends per share are based on the number of shares outstanding as of the applicable record dates. Past performance is not a guarantee of future results.

1. NAV presented for June 30, 2018 of \$23.96 represents CMCT's NAV as of December 31, 2017. No NAV has been calculated since December 31, 2017. See "CMCT – Net Asset Value and Pro-Forma Cash NOI" on page 6 for calculation of estimated NAV and "Net Asset Value" under "Important Disclosures" on page 32.

נספח

מסווג מידע / מסחרי סוד© ^|2018 CIM Groupwww.cimgroup.com | www.cimgroup.com | ©2018 CIM Group | CMCT CIM Commercial Trust Corporation

CIM מאמינה כי תהליך בחירת הקהילות שלה מעניקה לה יתרון תחרותי משמעותי בעת רכישת נכסי נדל"ן עירוניים.

» מאז ,1994 CIM הכשירה 114 קהילות בשווקים עם חסם כניסה גבוה ורכשה והפעילה נכסים ב68- מהקהילות הללו 1 . תהליך ההכשרה נמשך בדרך כלל בין שישה חודשים לחמש שנים והוא מהווה מרכיב קריטי בהערכת הנכסים העירוניים על ידי CIM.

שרה להכ ריונים קריט
גים משגש עירוניים אזורים		ר ות מעב בתקופ עירוניים איזורים
ביות יות חיו דמוגרפ מגמות ת ברכישו ציבורית תמיכה הפנימי ת לערך ות מתח הזדמנוי	» » »	רפיים הדמוג בנתונים שיפור בגישה רחבה ציבורית תמיכה CIM של	» »
100 פחות שקיע ל אל לה פוטנצי י הון עצמ ולר של מיליון ד שנים וך חמש ניסטי ת אופורטו		עם רטי מט מימון פ ראיות ל ם מוסדיי תפעול עלות ו עסקי ב אחרים	»
		שתית לות בת א מטופ נישות ל הילה של הק הנדל"ן	»
		פחות שקיע ל אל לה פוטנצי י הון עצמ ולר של מיליון ד 100 שנים וך חמש ניסטי ת אופורטו	»

קהילות נבחרות של קבוצת CIM

1. As of June 30, 2018. Note that multiple communities may be qualified within a larger city.

משאבים ומומחיות של עסק בעלות ותפעול מוסדי

CIM Group Co-Founders

Richard Ressler CIM Group Principal, CMCT Chairman of the Board

• » Founder and President of Orchard Capital Corp., a firm through which Mr. Ressler oversees companies in which Orchard Capital or its affiliates invest
• » Co-Founder and a Principal of CIM Group
• » Chairman of the board of j2 Global, Inc. (NASDAQ: JCOM) and director of Presbia PLC (NASDAQ: LENS)
• » Served as Chairman and CEO of JCOM from 1997 to 2000
• » Chairman of executive committee and co-founder of predecessor of Orchard First Source Asset Management, a full-service provider of capital and leveraged finance solutions to U.S. corporations
• » Co-founded and served as Vice Chairman of Brooke Group Limited, the predecessor of Vector Group, Limited (NYSE: VGR)
• » Previously worked at Drexel Burnham Lambert, Inc. and began his career as an attorney with Cravath, Swaine and Moore, LLP
• » B.A. from Brown University, and J.D. and M.B.A. degrees from Columbia University

Avi Shemesh CIM Group Principal and CMCT Board Member

• » Co-Founder and a Principal of CIM Group
• » Responsible for responsible for investments, asset management, partner & coinvestor relations and portfolio oversight
• » Head of CIM's Investments Group and serves on the firm's Investment and Asset Management Committees
• » Real asset owner and operator for over 25 years
• » Previously was involved in a number of successful entrepreneurial real estate activities, including co-founding Dekel Development, which developed a variety of commercial and multifamily properties in Los Angeles

Shaul Kuba CIM Group Principal and CMCT Board Member

• » Co-Founder and a Principal of CIM Group
• » Responsible for the day-to-day operations of CIM Group, including leading the Development Group and sourcing new acquisitions
• » Serves on CIM's Investment and Asset Management Committees
• » Real asset owner and operator for over 25 years
• » Previously was involved in a number of successful entrepreneurial real estate activities, including co-founding Dekel Development, which developed a variety of commercial and multifamily properties in Los Angeles

CMCT Management

Charles Garner CMCT Chief Executive Officer, CIM Group Principal

• » CEO of CMCT and serves on CIM Group's Investment Committee
• » Prior to joining CIM Group, worked closely with the firm in various capacities since 1996, including originating and managing Federal Realty Investment Trust's partnership with CIM Group
• » Has been involved in billions of dollars of real estate transactions including the acquisition, joint venture investment, disposition and equity and debt financing of more than 100 properties
• » Began career as a C.P.A. at PricewaterhouseCoopers and has held various transactional positions with Federal Realty, Walker & Dunlop and The Stout & Teague Companies
• » B.S. degree in Management from Tulane University's A.B. Freeman School of Business

Jan Salit CMCT President and Secretary

• » Joined CMCT after merger of PMC Commercial Trust
• » Previously was Chairman of the Board, CEO and Secretary of PMC Commercial Trust
• » Prior to CEO role, held Chief Operating Officer and Chief Investment Officer roles with PMC Commercial Trust (joined predecessor firm in 1993)
• » Prior to joining PMC Commercial Trust, held positions with Glenfed Financial Corporation (and its predecessor company ARMCO Financial Corporation) including Chief Financial Officer

David Thompson CMCT Chief Financial Officer, CIM Group Principal

• » Prior to joining CIM Group in 2009, spent 15 years with Hilton Hotels Corporation, most recently as Senior Vice President and Controller responsible for worldwide financial reporting, financial planning and analysis, risk management, internal control and technical accounting compliance
• » Tenure at Hilton included both SEC compliance as a public company and reporting as a private equity portfolio company
• » Began career as a C.P.A. at Arthur Andersen & Co.

Terry Wachsner CIM Group Principal, Real Estate Services

• » Prior to joining CIM Group in 2005, was Director of Asset Services for Continental Development Corporation
• » Prior to Continental, was Executive Managing Director for Kennedy-Wilson Properties, Ltd. where he was responsible for the operations and leasing of a 75 million square foot national portfolio of office, retail, industrial, and apartment properties
• » From 1980 to 1998, headed up Heitman Properties, Ltd. as President of Property Management

Lake Merritt & City Center :CMCT של מפתח שווקי תתי

Oakland, CA

CMCT In-Place Rents1,2 \$41.69

Class A Asking Rents³ \$49.45

Favorable Office Dynamics

• » Relative Value vs. San Francisco CBD (Class A asking rents): ³
  • − San Francisco \$68.03
  • − Oakland \$49.45
• » Limited New Office Supply in Lake Merritt / City Center: Last major office project completed in 2008³
• » Proposition M: San Francisco office development limited to 875,000 square feet per year

An Improving Community

• » Transportation: All six BART lines and every major Bay Area highway run through Oakland
• » Amenities Base: Oakland emerging as a "cool" place to live and work
• » Residential Development:
  • ~11,000 new units in 2018-2020 (v. ~165,000 existing)³
  • Residential Monthly Asking Rents³

1. As of June 30, 2018.

2. For office properties, represents gross monthly base rent per square foot under leases commenced as of June 30, 2018, multiplied by twelve. 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.

3. Source: Costar.

4. 2 Kaiser Plaza is a 44,642 square foot parcel of land currently being used as a surface parking lot. CIM Commercial is entitled to develop a building, which we are in the process of designing, having approximately 425,000 to 800,000 rentable square feet.

Note: The examples shown herein have been selected to generally illustrate the philosophy of CIM and may not be representative of future acquisitions. Past performance is not a guarantee of future results.

CMCT Assets	Asset Type	Rentable SF1	Leased %1	Annualized Rent Per Occupied SF1,2
1 Kaiser Plaza	Office	534,423	93.1%	\$41.07
2101 Webster Street	Office	471,337	99.3%	\$41.04
1901 Harrison Street	Office	280,610	81.9%	\$45.18
1333 Broadway	Office	251,155	96.0%	\$41.08
2100 Franklin Street	Office	216,828	98.9%	\$41.45
2 Kaiser Plaza4	Land	-	-	-
2353 Webster Street	Garage	-	-	-
Total		1,754,353	94.1%	\$41.69

רכישות שבוצעו לאחרונה- CMCT

הדוגמאות שלהלן נבחרו על מנת להדגים באופן כללי את הפילוסופיה של CIM, ולא בהכרח מייצגות רכישות עתידיות.

9460 Wilshire Boulevard

מיקום	ליפורניה הילס, ק בוורלי
רכישה תאריך	2018 ינואר
	Wilshire ינה של הילס בפ בבוורלי יל גבוה על פרופ מיקום ב » Beverly Drive- Boulevard
עיקריות תכונות	« ,Beverly Wilshire מלון ,Four Seasons למלון צמוד Rodeo Drive-ו
	תחת כירות מ ר דמי ש ית כאש משמעות צמיחה זדמנות קיימת ה » וק נסים לש השוק נכ למחירי

1130 Howard Street

ליפורניה סיסקו, ק בסן פרנ SoMa מחוז	מיקום
2017 דצמבר	רכישה תאריך

תכונות עיקריות

נכסים אחרים של CIM

טכנולוגיות רבות » 100% מהנכסים מושכרים עם מח"מ של כ6- שנים

» בעבר מחסן מבטון, הנכס שופץ באופן מקיף בשנים 2017-2016

» ממוקם בשכונה תוססת שלהערכת -CIM מועדפת על ידי חברות

1. As of June 30, 2018.

נכסים אחרים של CIM

1

1סיכום חוב ומניות מועדפות

As of June 30, 2018			Maturity /	Loan	Balance
Mortgages	Interest Structure	Interest Rate	Expiration Date	(\$ in thousands)		Amortization
Plaza 1 Kaiser	Fixed	4.14%	07/01/2026	\$	97 ,100	I/O
2101 Webster Street	Fixed	4.14%	07/01/2026		83 000 ,	I/O
Franklin 2100 Street	Fixed	4.14%	07/01/2026		80 000 ,	I/O
Harrison 1901 Street	Fixed	4.14%	07/01/2026		42 ,500	I/O
1333 Broadway	Fixed	4.14%	07/01/2026		39 ,500	I/O
Townsend 260 Street	Fixed	4.14%	07/01/2026		28 200 ,	I/O
1s t 830 Street	Fixed	4.50%	01/05/2027		46 000 ,	I/O
Total		4.18%		\$	416 300 ,
			Maturity /	Loan	Balance
Other Debt	Interest Structure	Interest Rate	Expiration Date	(\$ in thousands)		Amortization
SBA Loan-Backed 7(a) Notes	Variable	LIBOR + 1.40%	2 03/20/2043	\$	37 603 ,	2 N/A
Total				\$	37 603 ,
			Maturity /		Utilization	Maximum limit
Debt Corporate	Interest Structure	Interest Rate	Expiration Date	(\$ in thousands)		(\$ in thousands)
Unsecured Facility Term Loan	Variable (Hedged)	4 3 .16%	05/08/2022	\$	170 000 ,	N/A
Subordinated Junior Notes	Variable	LIBOR + 3 25%	03/30/2035		27 070 ,	N/A
3 Unsecured Credit Facility	Variable	LIBOR + 1.35%	09/30/2018		-	Revolver: \$200 000 ,
Total				\$	197 070 ,
			Maturity /	Outstanding		Fixed Charge TTM
Preferred Stock	Interest Structure	Coupon	Expiration Date	(\$ in	thousands)	Coverage Ratio
Series A	Fixed	5.50%	N/A	\$	5 53 ,747	N/A
Series L	Fixed	5.50%	N/A		6 229 251 ,	2 85x
Total				\$	282 998 ,

1. Excludes: (a) \$19,962,000 of secured borrowings – government guaranteed loans, which represent sold loans that are treated as secured borrowings because the loan sales did not meet the derecognition criteria provided for in ASC 860-30, Secured Borrowing and Collateral, and (b) premiums, discounts and debt issuance costs.

2. In May 2018, we completed a securitization of the unguaranteed portion of certain of our SBA 7(a) loans receivable with the issuance of \$38,200,000 of unguaranteed SBA 7(a) loan-backed notes. The SBA 7(a) loan-backed notes are collateralized by the right to receive payments and other recoveries attributable to the unguaranteed portions of certain of our SBA 7(a) loans receivable. The notes mature on March 20, 2043, with monthly payments due as payments on the collateralized loans are received. Based on the anticipated repayments of our collateralized SBA 7(a) loans, we estimate the weighted average life of the notes to be approximately 3 years.

3. At June 30, 2018, the interest rates applicable to the components of CIM Commercial's Unsecured

Credit Facility were based on LIBOR plus an applicable spread determined by CIM Commercial's maximum leverage ratio. As of June 30, 2018, \$0 was outstanding under the Unsecured Credit Facility and the unused capacity on the Unsecured Credit Facility at June 30, 2018 was \$200,000,000.

• 1. Our one-month LIBOR indexed variable rate borrowings are effectively converted to a fixed rate of 3.16% until May 8, 2020 through interest rate swaps.
• 1. Outstanding Series A Preferred Stock represents total shares issued as of June 30, 2018 of 2,154,248, less redemptions of 4,385 shares, multiplied by the stated value of \$25.00 per share. Gross proceeds are not net of commissions, fees, allocated costs or discount.
• 1. Outstanding Series L Preferred Stock represents total shares issued as of June 30, 2018 of 8,080,740 multiplied by the stated value of \$28.37 per share. Gross proceeds are not net of commissions, fees, allocated costs or discount.

פורטפוליו משרדים של CMCT: 10 הדיירים המובילים

Tenant	Property	Credit Rating (S&P / Moody's / Fitch)	Lease Expiration	Annualized Rent 1 (in thousands)	of Total % Annualized Rent	Rentable Square Feet	of % Rentable Square Feet
U.S. Federal Government Agencies 2	Various	AA+ / Aaa / AAA	2019-2026	\$ 24,379	17.0%	558,965	16.3%
Kaiser Foundation Health Plan, Inc.	1 Kaiser Plaza / 2101 Webster	AA- / - / -	2018-2027	19,340	13.5%	469,023	13.7%
The District of Columbia	899 N Capitol Street	AA / Aa1 / AA	2021	11,333	7.9%	205,860	6.0%
Pandora Media, Inc.	2100 Franklin Street/2101 Webster/3601 S Congress Avenue	- / - / -	2018-2020	7,420	5.2%	187,004	5.5%
Wells Fargo Bank, N.A.	1901 Harrison Street	A+ / Aa1 / -	2019-2023	4,241	3.0%	87,000	2.5%
Farmers Group, Inc.	4750 Wilshire Boulevard	A / A2 / -	2019	3,848	2.7%	143,361	4.2%
Delta Dental	1333 Broadway	- / - / -	2018-2028	3,712	2.6%	82,923	2.4%
Neighborhood Reinvestment Corporation	999 N Capitol Street	- / - / -	2023	3,450	2.4%	67,611	2.0%
MUFG Union Bank, N.A.	9460 Wilshire Boulevard	A / Aa2 / A	2020	3,104	2.2%	26,644	0.8%
Save the Children Federation, Inc.	899 N Capitol Street	- / - / -	2029	2,704	1.9%	58,768	1.7%
Total for Top Ten Tenants				83,531	58.4%	1,887,159	55.1%
All Other Tenants				59,837	41.6%	1,331,776	38.9%
Vacant				-	0.0%	204,872	6.0%
Total for Portfolio				\$ 143,368	100.0%	3,423,807	100.0%

1. Represents gross monthly based rents, as of June 30, 2018, multiplied by twelve. This amount reflects total cash rents before abatements. Where applicable, annualized rents have been grossed up by adding annualized expense reimbursements to base rent. Annualized rent for certain office properties includes rent attributable to retail.

2. Represents 7 different leases at various properties.

	Three Months Ended
	30-Jun-18		31-Mar-18		31-Dec-17		30-Sep-17		30-Jun-17
2 All
Number of Transactions		6		15		10		15		11
Rentable Square Feet		25,898		61,460		54,444		142,319		48,573
3 All - Recurring
Foot4 New Cash Rents per Square	\$	45.25	\$	65.29	\$	37.66	\$	48.35	\$	50.53
Foot4 Cash Expiring Rents per Square	\$	38.67	\$	50.15	\$	29.42	\$	38.86	\$	44.80
Rentable Square Feet		19,442		47,581		38,588		134,093		22,910
Cash Spread Rent		17%		30%		28%		24%		13%

5 תום תוקף חכירה כאחוזים מהשכרת המשרדים השנתית

1. For all periods presented, leasing activity for the assets sold prior to June 30, 2018 is excluded.

2. Based on the number of tenants having leases with terms longer than twelve months.

3. Recurring metrics exclude space that was vacant for more than one year, related party leases, space where the previous tenant was a related party, month-to-month leases and leases with an original term of less than twelve months.

4. Cash rents represent gross monthly base rent, multiplied by twelve. This amount reflects total cash rent before abatements. Where applicable, annualized rent has been grossed up by adding annualized expense reimbursements to base rent.

5. Represents gross monthly base rent, as of June 30, 2018, multiplied by twelve. This amount reflects total cash rent before abatements. Where applicable, annualized rent has been grossed up by adding annualized expense reimbursements to base rent.

6. Expirations are for the period from July 1, 2018 – December 31, 2018 and includes 30,103 square feet of month-to-month leases.

התאמות וגילויים חשובים

מסווג מידע / מסחרי סוד© ^|2018 CIM Groupwww.cimgroup.com | www.cimgroup.com | ©2018 CIM Group | CMCT CIM Commercial Trust Corporation

CIM Commercial internally evaluates the operating performance and financial results of its segments based on segment net operating income, which is defined as rental and other property income and expense reimbursements less property related expenses and excludes non-property income and expenses, interest expense, depreciation and amortization, corporate related general and administrative expenses, gain (loss) on sale of real estate, impairment of real estate, transaction costs and provision for income taxes. For the lending segment, we define net operating income as interest income, net of interest expense and general overhead expenses. We also evaluate the operating performance and financial results of our operating segments using cash basis net operating income ("Cash NOI"). We define Cash NOI as segment NOI adjusted to exclude the effect of the straight lining of rents, acquired above/below market lease amortization and other adjustments required by GAAP.

Segment NOI and Cash NOI are not measures of operating results or cash flows from operating activities as measured by GAAP and should not be considered alternatives to income from continuing operations, or to cash flows as a measure of liquidity, or as an indication of our performance, or of our ability to pay dividends. Companies may not calculate segment NOI or Cash NOI in the same manner. We consider segment NOI and Cash NOI to be useful performance measures to investors and management because, when compared across periods, they reflect the revenues and expenses directly associated with owning and operating our properties and the impact to operations from trends in occupancy rates, rental rates and operating costs, providing a perspective not immediately apparent from income from continuing operations. Additionally, we believe that Cash NOI is helpful to investors because it eliminates straight line rent and other non-cash adjustments to revenue and expenses. Below is a reconciliation of Cash NOI to segment NOI and net income attributable to the Company for the twelve months ended December 31, 2015, 2016 and 2017, and the six months ended June 30, 2018.

(\$ in thousands)

(Unaudited)

		Six Months Ended
	December	1 31, 2015	December	31, 2016	2 December 31, 2017	3 June 30, 2018
income attributable the Net Company to	\$	24,392	\$	34,547	\$ 379,737	\$ 2,555
Total Segment NOI	\$	136,294	\$	133,406	\$ 128,452	\$ 57,577
from Less Segment NOI sold prior June 30, 2018 assets to		56,406		43,589	28,104	-
Pro-forma Segment NOI	\$	79,888	\$	89,817	\$ 100,348	\$ 57,577
Pro-forma Segment NOI Breakdown:
Pro-forma - Lending Segment NOI	\$	2,794	\$	4,556	\$ 5,333	\$ 3,116
Pro-forma - Hotel Segment NOI		12,227		13,322	13,388	8,050
Pro-forma - Office Segment NOI		64,867		71,939	81,627	46,411
Pro-forma Segment NOI	\$	79,888	\$	89,817	\$ 100,348	\$ 57,577

1. 2 Kaiser Plaza was acquired in August 2015. The property is included in Net income attributable to the Company and Pro-forma Segment NOI beginning on the acquisition date.

2. 1130 Howard was acquired in December 2017. The property is included in Net income attributable to the Company and Pro-forma Segment NOI beginning on the acquisition date.

3. 9460 Wilshire was acquired in January 2018. The property is included in Net income attributable to the Company and Pro-forma Segment NOI beginning on the acquisition date.

התאמות לרווח התפעולי נטו )4/2(

	Six Months Ended June 30, 2018
		Office		Multifamily		Hotel		Lending		Total
				(\$ in	thousands,		unaudited)
Cash NOI	\$	43,603	\$	-	\$	8,051	\$	3,098	\$	54,752
Deferred rent and of intangible assets, liabilities and lease inducements amortization		2,808		-		(1)				2,807
Straight line rent, below-market ground lease and amortization of intangible assets		-		-		-		1 8		1 8
Operating Segment Net Income	\$	46,411	\$	-	\$	8,050	\$	3,116	\$	57,577
management and other fees to related Asset parties										(11,114)
Interest expense										(12,960)
General and administrative										(3,435)
Transaction costs										(344)
and Depreciation amortization										(26,473)
Income before provision for income taxes										3,251
Provision for income taxes										(680)
Net income										2,571
income attributable to noncontrolling interests Net										(16)
attributable to the Net income Company									\$	2,555

	Twelve Months Ended December 31, 2017
		Office		Multifamily		Hotel		Lending		Total
			(\$ in			thousands,	unaudited)
Cash NOI	\$	102,918	\$	5,810	\$	13,446	\$	5,293	\$	127,467
Deferred rent and amortization of intangible assets, liabilities and lease inducements		2,255		(86)		3		-		2,172
Straight line rent, below-market ground lease and of intangible amortization assets		(833)		(276)		-		4 0		(1,069)
termination income Lease		(118)		-		-		-		(118)
Segment Net Operating Income	\$	104,222	\$	5,448	\$	13,449	\$	5,333	\$	128,452
Asset management and other fees to related parties										(26,787)
Interest expense										(35,924)
General and administrative										(3,018)
Transaction costs										(11,862)
Depreciation and amortization										(58,364)
of real Impairment estate										(13,100)
Gain on sale of real estate										401,737
before provision for income Income taxes										381,134
for Provision income taxes										(1,376)
income Net										379,758
attributable to noncontrolling Net income interests										(21)
income attributable to the Net Company									\$	379,737

התאמות לרווח התפעולי נטו )4/3(

	Twelve Months Ended December 31, 2016
	Office		Multifamily			Hotel		Lending		Total
				(\$ in	thousands,		unaudited)
Cash NOI	\$	99,448	\$	8,583	\$	15,917	\$	4,522	\$	128,470
Deferred rent and of intangible assets, liabilities and lease inducements amortization		6,667		(86)		3		-		6,584
Straight line rent, below-market ground lease and amortization of intangible assets		(1,249)		(551)		-		3 4		(1,766)
Lease termination income		118		-		-		-		118
Segment Net Operating Income	\$	104,984	\$	7,946	\$	15,920	\$	4,556	\$	133,406
management and other fees to related Asset parties										(30,327)
Interest expense										(33,848)
General and administrative										(4,231)
Transaction costs										(340)
Depreciation and amortization										(71,968)
on sale of real Gain estate										39,666
from continuing operations before provision for income Income taxes										32,358
for Provision income taxes										(1,646)
income from continuing operations Net										30,712
Discontinued operations
Income from operations of assets held for sale										3,853
from discontinued Net income operations										3,853
Net income										34,565
attributable to noncontrolling Net income interests										(18)
Net income attributable to the Company									\$	34,547

התאמות לרווח התפעולי נטו )4/4(

	Twelve Months Ended December 31, 2015
		Office		Multifamily		Hotel		Lending		Total
				(\$ in		thousands,	unaudited)
Cash NOI	\$	102,792	\$	6,758	\$	19,458	\$	2,860	\$	131,868
Deferred rent and amortization of intangible assets, liabilities and lease inducements		6,485		346		4		-		6,835
Bad debt expense		(510)		-		-		-		(510)
of Straight line rent, below-market ground lease and amortization intangible assets		(1,282)		(551)		-		(66)		(1,899)
Operating Segment Net Income	\$	107,485	\$	6,553	\$	19,462	\$	2,794	\$	136,294
management and other fees to related Asset parties										(29,319)
Interest expense										(22,785)
General and administrative										(6,621)
Transaction costs										(1,382)
and Depreciation amortization										(72,361)
Gain on sale of real estate										3,092
from Income continuing operations										6,918
Provision for income taxes										(806)
from Net income continuing operations										6,112
Discontinued operations
from operations of assets held for sale Income										13,140
on disposition of assets held for sale Gain										5,151
income from discontinued operations Net										18,291
Net income										24,403
income attributable to noncontrolling interests Net										(11)
attributable to the Net income Company									\$	24,392

Assets Owned and Operated

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 the Book Value disclosure and operating companies presented at gross assets less debt, as of March 31, 2018 (the "Report Date") (including the shares of such assets owned by joint venture partners and coinvestments), 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. (which represents assets under management), a perpetual-life real estate debt fund, is \$0.4 billion as of the Report Date.

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 representthe 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 undepreciatedcost (as reflected in SECfiled financial statements).

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 determinedin accordance with applicable accounting guidance.

Net Asset Value

As of December 31, 2017, we have established an estimated NAV per share of Common Stock of \$23.96. Neither FINRA nor the SEC provides rules on the methodology we must use to determine our estimated NAV per share. The determination of estimated NAV involves a number of subjective assumptions, estimates and judgments that may not be accurate or complete. We believe there is no established practice among public REITs for calculating estimated NAV. Different firms using different property-specific, general real estate, capital markets, economic and other assumptions, estimates and judgments could derive an estimated NAV that is significantly different from our estimated NAV. Thus, other public REITs' methodologies used to calculate estimated NAV may differ materially from ours. Additionally, the estimated NAV does not give effect to changes in value, investment activities, capital activities, indebtedness levels, and other various activities occurring after December 31, 2017 that would have an impact on our estimated NAV.

The estimated NAV per share of \$23.96 was calculated relying in part on appraisals of our real estate assets and the assets of our lending segment. The table "Estimated Net Asset Value" on page 6 sets forth the material items included in the calculation of our estimated NAV. We engaged various third party appraisal firms to perform appraisals of our real estate assets and the assets of our lending segment as of December 31, 2017. Except for one office property acquired in December 2017, which was based on the purchase price (including transaction costs that were capitalized and assumption of liabilities) negotiated with the unrelated third-party seller, the fair values of our investments in real estate were based on appraisals obtained as of December 31, 2017. The fair values of the assets of our lending segment were based on an appraisal obtained as of December 31, 2017.

The December 31, 2017 appraisals were performed in accordance with standards set forth by the American Institute of Certified Public Accountants. Each of our appraisals were prepared by personnel who are subject to and in compliance with the code of professional ethics and the standards of professional conduct set forth by the certification programs of the professional appraisal organizations of which they are members.