Creative Media & Community Trust Corporation — Investor Presentation 2018

May 22, 2018

1

CMCT – תיזת השקעה

של בים משא יות ו מומח ל מובי וסדי הל מ ם ומנ בעלי	ת אנכי גרציה באינט וצוות -היקף רחבת רמה פלטפו ▪ ) Qualified Community ) חרות" ות נב "קהיל ם של נכסי לוגיית מתודו ▪ ב ארה" ניים ב העירו כזים ן במר הנדל" שוקי לכל אופק ה, עם ס שיט ומבוס יחסי ון-ערך ם מוכו -בעלי מפעיל ▪
Creative -ו Class A נכסי קי בשו קמים הממו Offices ח מפת	כירות ר הש במחי ל חד מגידו שייהנו צופה CIM בוצת ם שק גבוהי כניסה חסמי- בעלי משנה שוקי- מים ב ממוק ▪ סטין ה ואו הביר ינגטון ס, ווש אנג'ל ו, לוס נסיסק סן-פר מפרץ אזור ▪
חזקה יחה ת צמ תחזי	השוק חירי ם למ נמוכי כירות דמי ש ם עם קיימי נכסים רות מ השכי ת דמי העלא על ידי מיחה ות לצ הזדמנ ▪ פיתוח וסף / ערך מ ▪
ש י וגמי קטיב אטר הון מבנה	1 ת רגילו מניות ה על תשוא את ה מגדיל חוב, 30%- ו בכורה מניות 25% ת, רגילו מניות 45% ל , הכול ונן המתכ ההון מבנה ▪ יחסי באופן נמוך בסיכון ות הרגיל מניות על ה 15%- ל כ ואה ש ת תש ליציר מכוון ההון מבנה יישום ▪
לי לבע שואה ם הת מקסו ת המניו	לה ה רגי למני זומנים ם המ ותזרי NAV ה- גידול דות ב התמק ▪ רזו שהוכ דולר 6.33 ת , לרבו NAV) ל ב- + גידו טבר נד מצ )דיביד 2018 ,31 רס ועד מ 2014 מאז 41%- ל כ לת ש ה כול תשוא ▪ 2,3,4 ילות ת הרג המניו בעלי דנד ל כדיבי
	2,3,4 2014 מאז דולר 6.33 בסך מניה דנד ל ודיבי דולר מיליון 210 ך ש בס ת רכ הצע

1 Based on fair value.

2 CMCT is the product of a merger (the "Merger") between a fund operated by CIM Urban REIT, LLC ("CIM REIT") and PMC Commercial Trust in 1Q'14. 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 as converted preferred stock received by Urban Partners II, LLC ("Urban II"), an affiliate of CIM REIT and CIM Group, in the Merger. NAV growth represents change in NAV from 2013 year-end (the last period before the Merger) through March 31, 2018.

3 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 II. In connection with these share repurchases, CMCT paid special cash dividends that allowed the common stockholders that did not participate in the share repurchases to receive the economic benefit of such repurchases. Urban II waived its right to receive these special cash dividends.

4 Represents dividends declared on our common stock through March 31, 2018. Past performance is not a guarantee of future results. See "CMCT – Net Asset Value and Pro-forma Cash NOI" on page 6 for calculation of NAV.

US Office REIT Index³ CMCT²

1 Total return includes changes in stock price or NAV, as applicable, and includes all dividends declared and paid with respect to the Company's common stock.

2 Please see "Net Asset Value" under "Important Disclosures" with respect to the methodology of the calculation of net asset value 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 April 30, 2018 based, for all periods indicated, on the weights attributed to each such company by such index as of April 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.

PRO-FORMA OCCUPANCY3,4

PRO-FORMA ANNUALIZED RENT PSF3,5

PRO-FORMA CASH NOI⁶ (\$ in thousands)

PRO-FORMA INVESTMENTS IN REAL ESTATE AT FAIR VALUE (\$ in thousands)

1 Metrics exclude the lending segment and any assets sold prior to March 31, 2018.

2 9460 Wilshire Boulevard was acquired in January 2018 and is included in Q1 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 the building 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 as of March 31, 2018.

5 Historical Annualized Rent PSF represents annualized gross rent divided by total occupied square feet as of December 31st of each historical year or March 31, 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 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 29-31.

7 2 Kaiser Plaza was acquired in August 2015. The property is included in Pro-forma Cash NOI beginning on the acquisition date.

8 1130 Howard was acquired in December 2017. The property is included in Pro-forma Cash NOI beginning on the acquisition date.

9 9460 Wilshire Boulevard was acquired in January 2018. The property is included in Pro-forma Cash NOI beginning on the acquisition date.

קבוצת CIM

CIM סקירה כללית

קבוצת CIM

| הוקמה בשנת 1994 ¹ בעלים ומפעילה של נכסים בשווי 27.7 מיליארד דולר

CIM - סיכום

CIM סקירה כללית

יסוד	עין. מקרק נכסי של ל ותפעו בעלות ב המשל כגוף 1994 בשנת יוסדה
ת רטגיו אסט	ת לאומיו י אשרא ורמות ופלטפ CIM ידי על ת נבחרו ות בקהיל ( ונדל"ן ית )תשת ילה די-קה ממוק ם עירוניי נכסים -net). lease ו- )חוב
כית ה אנ גרצי אינט	נכסים וניהול ה השכר מימון, , פיתוח י, אשרא ניתוח ה, רכיש , מחקר של ות ארגוני פנים- ת ויכולו חומית רב-ת ות מומחי
ארגון	1 יים( מקצוע ם עובדי 470- מ יותר דים, המייס כל כולל ם, מנהלי )15 ם עובדי 835- מ יותר
דים משר מי ה מיקו	שיקגו, יורק; ניו יורק, ניו ; טקסס ס, דאלא ד; מרילנ דה, בת'ס רניה; קליפו נד, באוקל דים ומשר רניה קליפו ס, אנג'ל בלוס ראשי משרד ה אריזונ ס, ופניק אילינוי
עים משקי פים ו שות	CIM של ם מוצרי בכמה עים משקי מהם צית שכמח ם מגווני ם מוסדיי גופים עם ם קשרי 1 מניות בעלי 89,000 מ יותר עם נרחב אי קמעונ בסיס
הול ובני עלות ם בב נכסי	2 דולר רד מיליא 27.7

ת .1 צוו	CIM ב- שנים 15 של ע ממוצ ותק עם ריים( המקו דים המייס ת שלוש ת )לרבו ם מנהלי 15 ידי על מובל ▪ 1 סים מהנכ אחד כל של המלא החיים ר למחזו אי האחר יים מקצוע ם עובדי 470- מ יותר הכולל ית ב-אנכ משול -in house צוות ▪ של יביים אפקט ל ותפעו בעלות חה מבטי אשר נכסים וניהול ה השכר מימון, , פיתוח י, אשרא ניתוח ה, רכיש ר, במחק ות מומחי ▪ ם. הנכסי
הילה .2 ק	חתן להצל ים הנחוצ אבים המש של ל ותפעו בעלות עות באמצ ת ושכונו ת קהילו חיזוק ▪ שים מתחד ם עירוניי ים ברובע ת"( נבחרו לות )"קהי ים מסוימ ם שווקי בתתי- קדת המתמ ת עירוני נכסים טגיית אסטר − רה. ולשפ לה הקהי את ץ להמרי ם עשויי זריים לא-מג ונדל"ן ות תשתי בהם גים משגש ם עירוניי רים ובאזו יים תאגיד ים ומתקנ -net lease ת בשיט כרים המוש ם חיוניי יים קמעונ ם בנכסי קדת המתמ ת לאומי י אשרא טגיית אסטר − קה. ותעסו ים שירות טובין, ת אספק ידי על ות בקהיל כים התומ ם קריטיי
טה .3 שי	: ריונים וקריט שים תרחי מספר בסיס על ם חדשי נכסים ת לרכיש ציליות פונטנ ות עסקא underwrite CIM ▪ טווח ארוכי- וכן ם נוכחיי שווי מדדי − ממונף ושאינו ממונף בסיס על ר תמחו − ת הכולל סית הפיננ ות האיתנ של ה ומקיפ קה מעמי הבנה ק המעני י אשרא ניתוח − טגי אסטר יתרון ת המקנו ות וקנייני ת פנימיו ניתוח יכולות −

CIM - יתרונות תחרותיים

CIM OVERVIEW

CMCT

CIM COMMERCIAL TRUST

CMCT – סקירה כללית

CIM COMMERCIAL (NASDAQ: CMCT) (TASE: CMCT)	ות. שתפר ות ומ תוסס רוניות ות עי בקהיל Creative Offices ו Class A בנכסי עיקר דת ב מתמק ▪ 1 לר רד דו מיליא 0.55 דולר / 12.65 שוק / שווי למניה מחיר ▪ 2 לר רד דו מיליא 1.05 דולר / 23.96 NAV/ למניה NAV ▪
	וסדי עים מ משקי בסיס ▪
ל עם מובי כסים תיק נ חזקה יחה ת צמ תחזי	3 ה השכר בוע ל רגל ר מיליון ם 3.4 כוללי תח ה וקי מפ ים בש משרד נכסי 19 ▪ ו נסיסק סן-פר מפרץ אזור − נג'לס לוס א − בירה טון ה וושינג − סס ן, טק אוסטי − ימיים ם הקי החוזי על פי ירות מי שכ אות ד והעל השוק למחיר אתם השוו ת תוך שכירו ת דמי העלא ל ידי נית ע ה מוב צמיח ▪ 4 6%-4% על ימים דים קי ממשר NOI CAGR ה- יעמוד 2022 שנת פיו עד יעד ל ▪
זר בהח קדות התמ הון מבנה עה/ השק י קטיב אטר	5 2014 מאז 41% של צטבר דנד מ + דיבי NAV ב- גידול ▪ 6 ת נטיל ת תוך רגילו ניות ה לי המ ה לבע תשוא את ה גדיל חוב מ 30%- ו בכורה מניות 25% ת, רגילו מניות 45% של תוכנן הון מ מבנה ▪ חסי אופן י מוך ב סיכון נ ות הרגיל מניות על ה 15%- של כ שואה ירת ת וון ליצ כנן מכ המתו ההון מבנה יישום ▪

1 As of March 29, 2018.

2 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.

3 As of March 31, 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. For the hotel, excludes one ancillary parking garage.

4 Additional 1%-2% CAGR potential from development of already owned sites.

5 CMCT is the product of a merger (the "Merger") between a fund operated by CIM Urban REIT, LLC ("CIM REIT") and PMC Commercial Trust in 1Q'14. 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 as converted preferred stock received by Urban Partners II, LLC ("Urban II") in the Merger. NAV growth represents change in NAV from 2013 year-end (the last period before the Merger) through March 31, 2018.

6 Based on fair value.

תיק נכסים )A CLASS & CREATIVE )בערי מפתח

1,2נכון ליום 31 במרץ 2018

	נסיסקו וסן-פר אוקלנד	ג'לס לוס אנ	ה ון הביר וושינגט	אוסטין	3 ם משרדי סה"כ	3 מלון נטו( )סקרמ
1 הנכסים מספר	7	5	3	1	16	1
חדרים / רבוע רגל	k1,842	k520	k878	k184	k3,424	503
תפוסה	94.4%	97.5%	90.7%	93.4%	93.9%	82.6%
3ADR כר/ וע מוש רגל רב נתיים ל ירות ש דמי שכ	42.2\$	44.7\$	47.5\$	34.4\$	43.5\$	169.5\$

1 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.

2 Excludes the lending segment. For the office portfolio, excludes ancillary properties: one parking garage and two development sites, one of which is being used as a parking lot. For the hotel, excludes one ancillary parking garage.

3 For office properties, represents gross monthly base rent per square foot under leases commenced as of March 31, 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. Hotel average daily rate ("ADR") represents the trailing 3-month ADR as of March 31, 2018.

תחזית צמיחה מבוססת נכסים קיימים

נכסי A-Class ו- Creative Offices

▪ היעד: עד שנת 2022 יעמוד ה- CAGR NOI ממשרדים קיימים על -4% 6% 1,2

NAV + דיבידנד על מניות רגילות מתוכנן CAGR NOI של 6%-4% מנכסים קיימים³

1 Additional 1%-2% CAGR potential from development of already owned sites.

2 Based on cash and segment NOI.

3 See "CMCT – Net Asset Value and Pro-forma Cash NOI" on page 7 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 17, 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.

4 Trailing 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 7 for calculation of estimated NAV and "Net Asset Value" under "Important Disclosures" on page 32.

1וגמיש

• מבנה הון אטרקטיבי ▪ מבנה הון מתוכנן 6 של 45% מניות רגילות, 25% מניות בכורה ו30%- חוב מגדיל את התשואה לבעלי המניות הרגילות תוך נטילת סיכון נמוך באופן יחסי.
  • יישום מבנה ההון המיועד מכוון ליצירת תשואה כוללת של כ15%- על המניות הרגילות.
    • כל חלק במבנה ההון מספק תשואה מותאמת-סיכון עדיפה

1 Includes core & core-plus acquisitions and development potential on sites already owned.

2 Based on fair value.

3 As of March 31, 2018.

התמקדות בתשואה / מבנה הון אטרקטיבי

ניהול תיק אקטיבי ומכוון-הזדמנויות למקסום תשואת בעלי המניות

• מכירות נכסים ברוטו בסך כ- 1,197 מיליון דולר )כ1,114- מיליון דולר של הכנסות נטו( )2015-2017(
  • הכנסות נטו בשווי כ70- מיליון דולר מפעילות מימון )2016 ו2017-( 2
    • רכישות נכסי משרדים בשווי 163 מיליון דולר )2015-2018(

1נזילות לבעלי המניות

ך תארי	ת נזילו
6/2016	למניה דולר 21 ר של במחי דולר מיליון 210 בסך רכש הצעת
4/2017	למניה דולר 0.28 בסך מזומן חד ב ד מיו דיבידנ
6/2017	5 למניה דולר 1.98 בסך מזומן חד ב ד מיו דיבידנ
12/2017	3 למניה דולר 0.73 בסך מזומן חד ב ד מיו דיבידנ

ניהול תיק אקטיבי NAV למניה + דיבידנד מצטבר¹

מאז שנת ,2014 הצעת רכש בסך 210 מיליון דולר ודיבידנד למניה בסך 6.33 דולר⁴

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 II. 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 II waived its right to receive these special cash dividends.

• 2 Excludes debt activities at the lending division.
• 3 Dividend was paid in January 2018.

4 CMCT is the product of a merger (the "Merger") between a fund operated by CIM Urban REIT, LLC ("CIM REIT") and PMC Commercial Trust in 1Q'14. 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 as converted preferred stock received by Urban Partners II, LLC ("Urban II") in the Merger. NAV growth represents change in NAV from 2013 year-end (the last period before the Merger) through March 31, 2018.

5 NAV presented for 1Q'18 of \$23.96 represents CMCT's NAV as of December 31, 2017.

נספחים

CMCT – רכישות שבוצעו לאחרונה

ת כתוב	Wilshire Boulevard 9460	ת כתוב	Howard Street 1130
מיקום	ורניה , קליפ הילס בוורלי	מיקום	ה יפורני קו, קל רנסיס בסן-פ SoMa רובע
ישה ך הרכ תארי	2018 ינואר	ישה ך הרכ תארי	2017 ר דצמב
נים מאפיי	פינת ילס ב ורלי ה ה בבו ל גבו פרופי בעל מיקום • Beverly Drive -ו Wilshire Blvd Four Seasons Beverly Wilshire למלון צמוד • Rodeo Drive -ול ת שכירו חוזי סיום עקב חזקה מיחה ות לצ הזדמנ • ק ר השו ממחי נמוך מחיר קפים המש	נים מאפיי	CIM ת הערכ ת, של תוסס כונה ם בש ממוק • ת. ה רבו כנולוגי רות ט די חב ת על י מועדפ ת של שכירו מ ם מח" כר, ע ס מוש מהנכ 100% • 1 שנים כ6- יף פן מק ץ באו ס שופ , הנכ מבטון מחסן בעבר • 2016/2017- ב

Mortgages	Interest structure (fixed / variable etc.)	Interest Rate	Maturity / Expiration Date	Loan balance 03/31/2018 (\$ in thousands)				Amortization
1 Kaiser Plaza	Fixed	4.14%	07/01/2026	\$	97,100	I/O
2101 Webster Street	Fixed	4.14%	07/01/2026		83,000	I/O
2100 Franklin Street	Fixed	4.14%	07/01/2026		80,000	I/O
1901 Harrison Street	Fixed	4.14%	07/01/2026		42,500	I/O
1333 Broadway	Fixed	4.14%	07/01/2026		39,500	I/O
260 Townsend Street	Fixed	4.14%	07/01/2026		28,200	I/O
830 1st Street	Fixed	4.50%	01/05/2027		46,000	I/O
Total		4.18%		\$	416,300

Corporate Debt	Interest structure (fixed / variable etc.)	Interest Rate	Maturity / Expiration Date	Utilization (\$ in thousands)		Maximum limit (\$ in thousands)
Unsecured Credit Facility 2	Variable	LIBOR + 1.35%	09/30/2018	\$	10,000	Revolver: \$200,000
Unsecured Term Loan Facility	Variable (Hedged)	3.16% 3	05/08/2022		170,000	N/A
Junior Subordinated Notes	Variable	LIBOR + 3.25%	03/30/2035		27,070	N/A
Total				\$	207,070

Preferred Stock	Interest structure (fixed / variable etc.)	Coupon	Maturity / Expiration Date	Outstanding (\$ in thousands)		TTM Fixed Charge Coverage Ratio
Series A	Fixed	5.50%	N/A	\$	41,871 4	N/A
Series L	Fixed	5.50%	N/A		229,251 5	2.74x
Total				\$	271,122

1 Excludes: (a) \$20,954,000 of secured borrowings – government guaranteed loans, which represent sold loans that are treated as secured borrowing 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 At March 31, 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. In June 2016, all outstanding borrowings under the Unsecured Credit Facility were repaid. At March 31, 2018, \$10,000,000 was outstanding under the Unsecured Credit Facility and the unused capacity on the Unsecured Credit Facility, based on covenant restrictions at March 31, 2018, was approximately \$190,000,000.

3 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.

4 Outstanding Series A Preferred Stock represents total units issued as of March 31, 2018 of 1,677,786, less redemptions of 2,945 shares, times the stated value of \$25.00 per share. Gross proceeds are not net of commissions, fees, allocated costs or discount.

5 Outstanding Series L Preferred Stock represents total units issued as of March 31, 2018 of 8,080,740 times the stated value of \$28.37 per share. Gross proceeds are not net of commissions, fees, allocated costs or discount.

נכסי המשרדים של CMCT – עשרת הדיירים המובילים

נכון ליום 31 במרץ 2018

Tenant	Property	Credit Rating (S&P / Moody's / Fitch)	Lease Expiration	(in	Annualized Rent 1 thousands)	% of Total Annualized Rent	Rentable Square Feet	% of Rentable Square Feet
U.S. Federal Government Agencies 2	Various	AA+ / Aaa / AAA	2019-2026	\$	24,386	17.4%	558,965	16.3%
Kaiser Foundation Health Plan, Inc.	1 Kaiser Plaza / 2101 Webster	AA- / - / -	2018-2027		18,963	13.6%	468,947	13.7%
The District of Columbia	899 N Capitol Street	AA / Aa1 / AA	2021		11,333	8.1%	205,860	6.0%
Pandora Media, Inc.	2100 Franklin Street/2101 Webster/3601 Congress Avenue	- / - / -	2018-2020		7,191	5.1%	187,004	5.5%
Wells Fargo Bank, N.A.	1901 Harrison Street	A+ / Aa1 / -	2023		4,241	3.0%	87,000	2.5%
Farmers Group, Inc.	4750 Wilshire Boulevard	A / A2 / -	2019		3,851	2.8%	143,361	4.2%
Delta Dental	1333 Broadway	- / - / -	2028		3,689	2.6%	81,977	2.4%
Neighborhood Reinvestment Corporation	999 N Capitol Street	- / - / -	2023		3,304	2.4%	67,611	2.0%
MUFG Union Bank, N.A.	9460 Wilshire Boulevard	A / Aa2 / A	2020		2,664	1.9%	26,644	0.8%
Save the Children Federation, Inc.	899 N Capitol Street	- / - / -	2029		2,641	1.9%	58,768	1.7%
Total for Top Ten Tenants					82,263	58.8%	1,886,137	55.1%
All Other Tenants					57,586	41.2%	1,327,990	38.8%
Vacant					-	0.0%	209,380	6.1%
Total for Portfolio				\$	139,849	100.0%	3,423,507	100.0%

1 Represents gross monthly based rents, as of March 31, 2018, multiplied by twelve. This amount reflects total cash rents before abatements. Where applicable, annualized rents have been grossed up by adding annualized expense reimbursement to base rent. Annualized rent for certain office properties includes rent attributable to retail.

2 Represents 7 different leases at various properties.

מגמות חיוביות בשוק השכירות / פקיעת חוזי שכירות תחת ניהול החברה

	Three Months Ended
		31-Mar-18 31-Dec-17		30-Sep-17		30-Jun-17		31-Mar-17
2 All
Number of Transactions		15		10		15		11		18
Rentable Square Feet		61 460 ,		54 444 ,		142 319 ,		48 573 ,		76 604 ,
3 All - Recurring
Foot4 Cash Rents Square New per	\$	65 29	\$	37 66	\$	48 35	\$	50 53	\$	49 32
Foot4 Expiring Cash Rents Square per	\$	50 15	\$	29 42	\$	38 86	\$	44 80	\$	39 78
Rentable Square Feet		47 581 ,		38 588 ,		134 093 ,		22 910 ,		67 367 ,
Cash Rent Spread		30%		28%		24%		13%		24%

5 פקיעת חוזי שכירות כאחוז מדמי השכירות השנתיים עבור משרדים

1 For all periods presented, leasing activity for the assets sold prior to March 31, 2018 is excluded.

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

3 Recurring metrics excludes 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 the 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 March 31, 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 Includes 28,111 square feet of month-to-month leases.

התאמות/גילוי נאות

NET OPERATING INCOME RECONCILIATIONS (1/3)

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 net operating income and net income for the twelve months ended December 31, 2015, 2016 and 2017, and the three months ended March 31, 2018.

(\$ in thousands) (Unaudited)

		Three Months Ended
		1 December 31, 2015	December 31, 2016	2 December 31, 2017	3 March 31, 2018
Net income attributable to the Company	\$	24,392	\$ 34,547	\$ 379,737	\$ 618
Total GAAP NOI	\$	136,294	\$ 133,406	\$ 128,452	\$ 28,225
Less GAAP NOI from assets sold prior to March 31, 2018		56,406	43,589	28,104
Pro-forma GAAP NOI	\$	79,888	\$ 89,817	\$ 100,348	\$ 28,225
Pro-forma NOI Breakdown:
Pro-forma Lending NOI	\$	2,794	\$ 4,556	\$ 5,333	\$ 1,737
Pro-forma Hotel NOI		12,227	13,322	13,388	3,940
Pro-forma Office NOI		64,867	71,939	81,627	22,548
Pro-forma GAAP NOI	\$	79,888	\$ 89,817	\$ 100,348	\$ 28,225

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

NET OPERATING INCOME RECONCILIATIONS (2/3)

			Three Months Ended March 31, 2018
	Office	Multifamily	Hotel	Lending	Total
			(in thousands, unaudited)
Cash NOI	\$ 21,162	\$ -	\$ 3,938	\$ 1,726	\$ 26,826
Deferred rent and amortization of intangible assets, liabilities and lease inducements	1,386	-	2	-	1,388
Straight line rent, below-market ground lease and amortization of intangible assets	-	-	-	11	11
Segment Net Operating Income	\$ 22,548	\$ -	\$ 3,940	\$ 1,737	\$ 28,225
Asset management and other fees to related parties					(5,610)
Interest expense					(6,449)
General and administrative					(2,008)
Depreciation and amortization					(13,148)
Income from continuing operations before provision for income taxes					1,010
Provision for income taxes					(388)
Net income					622
Net income attributable to noncontrolling interests					(4)
Net income attributable to the Company					\$ 618

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 amortization of intangible assets (833) (276) - 40 (1,069) Lease termination income (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) Impairment of real estate (13,100) Gain on sale of real estate 401,737 Income from continuing operations before provision for income taxes 381,134 Provision for income taxes (1,376) Net income 379,758 Net income attributable to noncontrolling interests (21) Net income attributable to the Company \$ 379,737	Twelve Months Ended December 31, 2017

NET OPERATING INCOME RECONCILIATIONS (3/3)

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

	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)
Straight line rent, below-market ground lease and amortization of intangible assets		(1,282)		(551)		-		(66)		(1,899)
Segment Net Operating Income	\$	107,485	\$	6,553	\$	19,462	\$	2,794	\$	136,294
Asset management and other fees to related parties										(29,319)
Interest expense										(22,785)
General and administrative										(6,621)
Transaction costs										(1,382)
Depreciation and amortization										(72,361)
Gain on sale of real estate										3,092
Income from continuing operations										6,918
Provision for income taxes										(806)
Net income from continuing operations										6,112
Discontinued operations
Income from operations of assets held for sale										13,140
Gain on disposition of assets held for sale										5,151
Net income from discontinued operations										18,291
Net income										24,403
Net income attributable to noncontrolling interests										(11)
Net income attributable to the Company									\$	24,392

IMPORTANT DISCLOSURES

Assets Owned and Operated

Assets Owned and Operated 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 the Report Date (including the shares of such assets owned by joint venture partners and co-investments), plus binding unfunded commitments. Assets Owned and Operated also includes the assets owned/operated by CIM's Cole Net-Lease Asset strategy as of December 31, 2017 (formerly Cole Capital), which was under contract to be acquired by a CIM affiliate as of the Report Date and subsequently closed on February 1, 2018. The assets owned/operated by CIM's Cole Net-Lease Asset strategy as of December 31, 2017 represent approximately \$7.7 billion of CIM's reported Assets Owned and Operated of \$27.7 billion. Equity Owned and Operated, representing the NAV (as defined below) before incentive fee allocation, plus binding unfunded commitments, is \$15.6 billion as of the Report Date. Assets Owned and Operated for CMMT Partners, L.P. (which represents assets under management), a perpetual-life real estate debt fund, is \$0.3 billion as of the Report Date, and Equity Owned and Operated for CMMT (which represents equity under management) is \$0.3 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 December 31, 2017 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 December 31, 2017, 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).

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.

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.