Creative Media & Community Trust Corporation — Investor Presentation 2018

May 13, 2018

1 CIM COMMERCIAL TRUST CORPORATION May 2018

IMPORTANT DISCLOSURES

CMCT

FORWARD-LOOKING STATEMENTS

The information set forth heein contains." You con idently these statements by the for they do not reless that they do released a current foch on histical a curing for have discus the business and affair of CM Commercial", the "Company") on a prospective boss. Futher, statements that include wards such al "noy" "will" "croyed," "night," "expect," "believe," "ntend," "cold," "would," "estimale" "pursue" or "should" of the negative or other words or expressions of similar meaning, may identify forward-looking statements.

CM Commercial base thee loward-looking total it has mode in light of it hersence as well as its pecepted blue developments and other that it believes are appropriate under the circumstances. These relection the judgment of CM Commercial and invable a number of risk and couse actual results to differ materially from those suggested by the forwards. Thee forward-looling statements are subject to risks and other focusing those set forth in CM Commercials Annual Recor on From IDK for the fircal vear onced December 31, 2017 and the Registration Statement on Form S-11|Reg. No. 33-21080] relating to the Series A Preferred Stock.

As you read and consider the interest, you are couloned to not place under eliance on there hall maternents are not guarantees of performance or results any as of the dote hered. There forward involve isks, uncertainles and assumplios. In light of these risk and uncertainles. there con be no asurance that the reults and eversioning statements contained herein will in toch ransire. New Ischs enrege for time to fire, and it is not possible to CM Commercial of them. Nor con CM Commercial assess the impoct of each uch lactor of the extent to which any tocor, or combination of factors noy case reults to differ material in any loward-looking statement. CIM Commercial underfors no obligation to public) update of release any revisions to these forwards to relies or cicunstances atter the date hereof or be economic of unanticipated events, except as required by law.

Filed Pursuant to Rule 433 Dated May 10, 2018 Registration Statement Nos. 333-203639; 333-210880

FREE WRITING PROSPECTUS

CIM Commercial Trust Corporation Investor Presentation Q1 2018

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:

• x Post Effective Amendment No. 3 to Form S-11 on Form S-3, dated January 9, 2018, relating to Registration Statement No. 333-203639
• x Prospectus, dated April 13, 2018, relating to Registration Statement No. 333-210880

3

CMCT - THESIS

CMCT

Resources & Expertise of Premier Institutional Owner Operator	· Large scale platform with vertically-integrated team · Proprietary "Qualified Community" methodology · Disciplined, relative-value owner/operator with sightlines across all major U.S. urban markets
Class A and Creative Office Assets in Gateway Markets	· Located in high barner-to-entry sub-markets where CIM Group anticipates outsized rent growth · San Francisco Bay Area, Los Angeles, Washington DC, and Austin
Strong Growth Prospects	· Same store growth opportunity through increasing below-market leases to market rates · Value-add / development
Attractive And Flexible Capital Structure	· Target capital structure of 45% common equity, 25% preferred equity and 30% debt enhances common equity returns with low relative risk · With capital structure implemented, targeted ~ 15% total return on common equity
Maximizing Returns for Shareholders	· Focused on growing NAV and cash flows per share of common stock · 2014-March 31, 2018 total return of ~41% (cumulative dividends + NAV growth), including \$6.33 in dividends declared to common shareholders2.3.4
	\$210 million tender offer and \$6.33 per share in dividends declared since 201423.4
Based on fairvalue.	CACT in posic a o neger the "Mage") and earling of CN I Park BBC (CM RET) on PRC Commercial in IC 14. Ecologica polici Station pod by P.C Corners' Bull Pagended by P.C Corner connection with the Megel of Included and by CM RS increases proc by the Marge on a converted presents on the Printer C.C. Cities P. (100) 11) , or diffined C.M.8) on thinks CM Group, in the Merger. NAV growth repears change in NAV from 2013 yeared before the Merger through March 31, 2018. In approve 201, une 207 call reportune 30 million 576 million pro \$10 million repectively a connomic research por Union Lincon Lincon Lincon Lincon Lincon Lincon Lincon Linco wound on the program company with download the company of the presence to receive to recordination of the consistent of the processions in a comprehension in a comprehensive

special cash dividends.

4 "Repreents division don or carmon dock Prough Arch 2018, Papl performance it not a purporited (future reality. See "CMC" - No. Now tow on Polential Can NCT" or poge 6 re co

TOTAL RETURN SINCE MERGER1

Total et while in includes changes in stock price ble and includes all divisends declared and paid with respect to the Company's common trock. 1

2 Please see "Net Asset Value" under "important Discloures" with respect to the methodology of the calculation of net asset value of CMCT.

3 "U.S. Office Fifted the wighted overgen intrace of the conported in the IN E.S. (1) E.S. E.S.E.) Cifice hotel of A. (2) 8 Boxed, to d priod hall of the wights the wights the eech uch concon (a such and Apr 30, 2018. The ML (8 REC in the interest on have a learning policy books of the portuils of the portuits of the portuils of the portuits of the "L. Offe &B(); for the significantly for the charges of contributed counts. "1). Office ERTI" noy bentrials to the perfornation in the perfornance in CAC.". Por perfornose an of future results. The data used in this charl is derived from \$N. and filings with the U.S. Securities and Exchange Commission.

CMCT

CMCT - KEY PERFORMANCE INDICATORS 1.2

PRO-FORMA OCCUPANCY3.4

PRO-FORMA INVESTMENTS IN REAL ESTATE

AT FAIR VALUE (\$ in thousands)

PRO-FORMA ANNUALIZED RENT PSF3,5

\$1,818,833 \$95,564 \$1,676,432 \$1,575,100 \$1,514,800 \$80,421 \$72,860 \$1,666,443 \$82,179 \$1,524,532 \$1,432,200 \$1,373,800 \$67,102 \$25,100 Office \$60,637 Hotel \$21.162 2017 ® 2015 ' 2016 Q1 2018 " 2015 2016 2017 Q1 2018

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

945 With e Bouverd was acquired in U.S. 113 leaved finel was accured in December 207 and in noised in 207 metros. The answedled min a al December 1, 2010 in 12:44 need be real of the building var presentation in the origined water of the of the of the of the possession h March \$10, a the good was cound by the processed by the prima on the short-ferm lease was de minimis.

Metrias exclude Sheraton Grand Hotel,

• S . Hildrical Ann 25 repenent annualed grouped to a d December 31 x 6 esch hitstics year of More. 1, 2015. This mound relieved believed. Inter beleve beleve beleve beleve bel applicoble, annualized tent has been grossed up by adding and to base ent. Anvalized tent for opplicoble office organites includer one athburble to retal.
• Eicheline the linding segment. Je "Po Fama Cab NO" Net Asel Value and Pro-lama Cab NOT ' on page and ' We Operating locone Reconclistion' on poper 29-3. ବି
• 7 2 Kaiser Plaza was acquired in August 2015. The property is included in Pro-forms Cash NOI beginning on the acquisition date.
• 1130 Howard was acquired in December 2017. The property is Included in Pro-forma Cash NOI beginning on the ocquisition date.
• 9460 Withire Boulevard was acquired in January 2018. The property is included in Pro-forma Cash NOI beginning on the acquisition dote. ಿ

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Fitsted occupancies for office properies at rentable pure feel and an board on lease commend as a December 31" of each hill of each hill of each hill of each hill of each hil

CMCT - NET ASSET VALUE AND PRO-FORMA CASH NOI

CMCT

ESTIMATED NET ASSET VALUE
(\$ in thousands, except for shares and per share amounts)
		(Unaudited)
Investments in real estate = at fair value	ﻬﻢ	1,676,432
Loans receivable - at fair value		83,858
Debt 2		(୧୦୫' ୧୪୬୬)
Cash and other assets net of other lightles		135,644
Noncontrolling interests		(1,055)
Redeemable Series A Preferred stock		(29,331)
Redeemable Series I. Preferred stock		(207,845)
Estimated NAV available to common shareholders		1,049,008
Shares of Common Stock outstanding		43,784,939
Estimated NAV per share of Common Stock	S	23.96

PRO-FORMA CASH NOI3

								(\$ in thousands) (Unaudited)
		Twelve Months Ended				Three Months Ended
		December 31, 2015ª		December 31, 2016		December 31, 20179		March 31, 2018®
Net income attributable to the Company		24,392		34,547		379,737		618
Total Cash NOI	8	31,868	S	128,470	న	127,467	క్కి	26,826
Less Cash NOI from assets sold prior to March 31,
2018		56, 148		43,527		26,610
Pro-forma Cash NOI		75,720		84,943		100,857		26,826
Pro-forma NOI Breakdown:
Pro-forma Lending NOI	14	2 860	A	4,522	క్కు	5,293	S	1,726
Pro-forma Hotel NOI		12,223		13,319		13,385		3.938
Pro-forma Office NOI		60,637		67,102		82,179		21,162
Pro-forma Cash NOI		75,720		84,943		100,857		26,826

1

2 Excludes secured barowings on government guaranteed loans, which are included with cash and other liobilites.

3 See "Net Operating Income Reconciliations" on pages 29-31.

4 . 2 Kaller Plats acquired in Aygut 2015. The property is included in Net hicome at fits Company ond Pro-lemn Cash NOL beginning on the esquilition adde.

5

6 . 9460 Within was acquired in January 2018. The property is included in Net lincome at the Company ond Pro-ferms Cash NCt beginning on the acquilition date.

CIM GROUP

CIM OVERVIEW

CIM GROUP

\$27.7 Billion of Assets Owned and Operated1 | Formed 1994

1 See "Assets Owned and Operated" under "Important Disclosures" on page 32.

CIM SUMMARY

CIM OVERVIEW

Established	Established in 1994 as an integrated owner and operator of real assets
Strategies	Community focused urban real assets (infrastructure and real estate) in communities qualified by CIM and national credit (net-lease and debt) platforms
Vertically- Integrated	Multi-disciplinary experise and in-house research, acquisition, creat analysis, development, finance, leasing and asset management capabilities
Organization	835+ employees (15 principals including all of its founders, 470+ professionals)1
Office Locations	Headquartered in Los Angeles, California and has offices in Oakland, California; Bethesda, Maryland; Dallas, Texas; New York, New York; Chicago, Illinois; and Phoenix, Arizona
Partners & Co-Investors	Diversified institutional relationships with approximately half committing to multiple CIM products Expansive retail base with more than 89,000 individual shareholders'
Assets Owned and Operated	\$27.7 billion2

CIM

1 As of March 31, 2018.

² See "Assets Owned and Operated" under "Important Disclosures" on page 32.

CIM COMPETITIVE ADVANTAGES

CIM OVERVIEW

1. Team	· Led by 15 principals (including the three original founders) with average CIM tenure of 15 years · Vertically-integrated in-house team, including 470+ professionals', responsible for entire life cycle of each asset · Expertise across research, acquisition, credit analysis, development, finance, leasing and asset management to effectively own and operate real assets
2. Community	· Enhancing communities and neighborhoods by owning and operating the resources they need to be successful - Urban real assets strategy focused on specific submarkets ("Qualified Communities") in Transitional Urban Districts and Thriving Urban Areas where sector agnostic infrastructure and real estate assets can transform and reinvigorate a community - National credit strategy focused on necessity-based, net-leased retail and mission critical corporate facilities supporting communities through goods, services and employment
3. Discipline	· CIM underwrites prospective assets using multiple scenarios and criteria - Current and long-term valuation metrics - Underwritten on an unleveraged and leveraged basis - Credit analysis produces a complete in-depth understanding of overall financial health - Internal and propriety research capabilities provide strategic advantages

1 As of March 31, 2018.

СМСТ

CIM COMMERCIAL TRUST

CMCT

CMCT OVERVIEW
CIM COMMERCIAL (NASDAQ: CMCT) (TASE: CMCT)	· Primarily focuses on Class A and creative office assets in vibrant and improving urban communities Share Price / Market Cap \$12.65 / \$0.55 billion \$23.96 / \$1.05 billion NAV per Share / NAV2 Institutional shareholder base
Premier Portfolio With Strong Growth Prospects	· 19 office properties in gateway markets with 3.4 million rentable square feet3 - San Francisco Bay Area Los Angeles I - Washington, DC - Austin, TX · Embedded growth through increasing below market and contractual base rent escalations · Targeting same-store office NOI CAGR of 4% - 6% through 20224
Return Focused / Attractive Capital Structure	· NAV growth + cumulative dividends of 41% since 20145 · Target capital structures of 45% common equity, 25% preferred equity and 30% debt enhances common equity returns with low relative risk · With capital structure implemented, targeted ~ 15% total return on common equity

1 As of March 29, 2018.

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

13

² As d December 31, 2077. NN Include the lending segment. See "Childer" on poge 6 for coludion of estimated NV and "Net Aset Vate" incornant Disclosures" on page 32.

³ As of March 31, 2018. 360. South Cargres Aversen of 10 building and one potential development site. Lindbide Madio Center is courted as one property bel consist of 3 bullings. Encludes Shetcher in Sacranents. Includes anciling groperties one porising garage and two development sites, one of which is being used as parking befo excludes one ancillary parking garage.

S CMC1 is the product of a marger ('he "Merger') between of under ('CM RET') and PMC Commecial in I 10' 14. Ecolote a special divisions poil to NC Commendial Tral's incentales in conection with the Megal by CM RET inceles prior to the Negar and dividents on a converted presered dock received dock received dock received dock receiv Parhers II, LC ("Utban II") in the Merger. NAV growth represents change in NAV from 2013 year-end the Merger) through Macch 31, 2018. 6 Based on fair value.

CLASS A AND CREATIVE OFFICE PORTFOLIO IN GATEWAY CITIES

AS OF MARCH 31, 20181.2

1 360 South Congres Averue is consis of I building and one potential development she Lindbide Medio Center is courted as one property but consist of Judicing. 2 Ecolous he lending signent. For he office portains one porking grage and two development site, one of which is being used on pating lob. Er the hotel, exclude

one ancillary parking garage.

3 for offer properies, repress gros nor hot inder lease commenced as a March 1. 2018, nullplied by hwhen. his oncurr relies todal costenents. Wheel applicable, annualiad ent has been gosed up by addition the rent. Anvalited tent. Anvalized tent to certain office properties includes to relai. Hotel average daily rate ("ADR") represents the trailing 3-month ADR as of March 31, 2018.

CLASS A AND CREATIVE OFFICE PORTFOLIO IN GATEWAY MARKETS

AS OF MARCH 31, 20181

		Rentable		R	પ્રદ		A Cloud Car Rent		Annuallzed Rent Per
Location	Sub-Market	Square Feet	% of Total	Occupied	Leased		(in thousands)		Occupied SF
NORTHERN CALIFORNIA
Oakland, CA
1 Kalser Plaza	Lake Merritt	534,423	15.8%	93.5%	93.5%	3	20.101	\$	40.23
2101 Webster Street	Lake Merritt	471,337	13.8%	99.3%	99.3%		18,710		39.98
1901 Harrison Street	Lake Merritt	280.610	8.2%	81.9%	81.9%		10.231		44.52
1333 Broadway	City Center	251,155	7.3%	95.3%	95.3%		9,651		40.36
2100 Franklin Street	Lake Merritt	216,828	6.3%	98.9%	98.9%		8.491		39.60
Total Oakland, CA		1,754,353	51.4%	94.1%	94.1%		67,194		40.70
San Francisco, CA
260 Townsend Street	South of Market	66.682	1.9%	100.00	100.0%		4,786		71.77
1130 Howard Street	South of Market	21.194	0.6%	100.0%	100.0%		1.439		67.90
Total San Francisco, CA		87,876	25%	100.0%	100.0%		6.225		70.84
TOTAL NORTHERN CALIFORNIA		1,842,229	53.9%	94.4%	94.4%	S	73,419	5	42.22
SOUTHERN CALIFORNIA
Los Angeles, CA
11620 Wilshire Boulevard	West Los Angeles	194,659	5.7%	97.996	97.9%	3	7,606	5	39.91
4750 Wilshire Boulevard	Mid-Wilshire	143,361	4.2%	100.0%	100.0%		3.851		26.86
11.600 Wilshire Boulevard	West Los Angeles	55,919	1.6%	87.696	87.6%		2,536		51.77
9460 Wilshire Boulevard 2	Beverly Hills	93,339	2.7%	98.0%	98.0%		7.224		78.97
Lindblade Media Center "	West Los Angeles	32,428	0.9%	100.0%	100.0%		1,429		44.07
Total Los Angeles, CA		519,706	15.1%	97.5%	97.5%		22.646		44.69
TOTAL SOUTHERN CALIFORNIA		519,706	15.1%	97.5%	97.5%	8	22,646	3	44.69
EAST
Washington, DC
999 N Capitol Street	Capitol HII	315.983	9.2%	88.0%	88.0%	2	12.847	ತಿ	46.20
899 N Capitol Street	Capitol Hill	314,667	9.2%	86.195	86.1%		14.254		52.61
830 1st Street	Capitol Hill	247,337	7.2%	100.0%	100.0%		10,783		43.60
Total Washington, DC		877,987	25.6%	90.7%	90.7%		37,884		47.57
TOTAL EAST		877,987	25.6%	90.7%	90.7%	న్న	37,884	8	47.57
SOUTHWEST
Austin, TX
3601 \$ Congress Avenue	South	183,585	5.4%	93.4%	96.6%	5	5.900	44	34.41
TOTAL SOUTHWEST		183,585	5.4%	93.4%	94.6%	5	5,900	5	34.41
TOTAL PORTFOLIO		3 423 507	100.0%	93.9%	94.0%	ਵ	139,849	ਵ	43.51

CMCT

I Represent gross northy bose ent, as of Mach. I'm anount effects todal can ent before abotherns. Where applicable anvalized on has been groad up by adding annualized expense reimbursement. Annualized rent for certain affice properties includes rent attributable to refail.

2 9460 Wilshire Boulevard was acquired in January 2018.

3 360 South Congress Avenue is consist of 10 bilding and one potential development site. Lindbide Medio Center is courted a one property but consisted 3 belleing.

SAME-STORE GROWTH PROSPECTS

· Office assets in vibrant and improving urban communities

Class A & Creative Office

-

• · Targeting same-store NOI CAGR of 4% 6% through 20221.2

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

• 2 Based on cash and segment NOI.
• 3 See "CMC" Not Aset Vale and Professor of estimated NAV and "Net "Net "Incorter" "nportant Discoures" on page 3. The illustralian of experiment Discoures" on page 3. The i 2021 is board on a number of cause in NCI of 55 per your, an annualized dividend rate of \$0,50 per common share and the capital stucture of CNCT emainly unchanged fon the date hered. Any changes in the chilly of CMC fo ochieve the illustrative NX (per show. There can be no guarantee frat CMCT will be able to active NO gowl of \$5 per your. In addition as dicussed on page 17. CMCT scurent on the different from CMCT current copied structure. Futher, her can be no asurace frat CMC will maintain an annualized dividend rate per common share of \$0.50 per year.
• 4 Traing NO lections result for 100 howard Street of D. and 946 Wilsine Bouleval populario in January 2018. Be "CMCT Net Asset Value and Proloma Can NOF on page 7 for calculation of estimated NAV and "Net Asset Value" under "Important Disclosures" on page 32.

RETURN FOCUSED / ATTRACTIVE CAPITAL STRUCTURE

CMCT

RETURN FOCUSED / ATTRACTIVE CAPITAL STRUCTURE

CMCT

Active and opportunistic portfolio management to maximize returns to shareholders

Active Portfolio Management

• · Gross asset sales of ~\$1,197 million (~\$1,114 million of net proceeds) (2015-2017)
• · Net proceeds from debt activity of ~\$70 million (2016 & 2017]2
• · \$163 million of office acquisitions (2015-2018)

Providing Liquidity to Shareholders1

Date	Liquidity
6/2016	\$210 million tender offer @ \$21.00/share
4/2017	\$0.28 per share special cash dividend
6/2017	\$1.98 per share special cash dividend
12/2017	\$0.73 per share special cash dividend3

NAV / Share + Cumulative Dividends1

\$210 million tender offer and \$6.33 per share in dividends declared since 20144

In Japan DIV, Jan 2017 and Stone Ston Mille, \$50 million and \$10 million and \$10 million and \$10 million. It cornection for United I tool I it consection for Union I it conne CNC" case in conciled on the table gover his dolored for comon spotholiates from and onto and one in economic been of neconomic been of von would of soll of wated to to t receive these special cash dividends.

2 Excludes debt activities at the lending division.

3 Dividend was paid in January 2018.

4 CMC1 the product do neige (he "Mege") bell bloom 65, LC ("CM RET' pod NC Commercial In IC V. E. clubs o posid division pold o NC Corneriol in the Corneriol in the Corneriol with he Marge, by historial production and to the Neger one to the Neger one converted stock record by the Partiers, LLC ("Iben I") in her per. NV grown repear d dogg 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.

APPENDIX

COMMUNITY FOCUSED STRATEGY - CIM QUALIFIED COMMUNITIES1

CIM OVERVIEW

• · CIM believes that its community qualificant competitive advantage when making urban real asset acquisitions, while also positively impacting the associated communities and neighborhoods.
• · Since 1994, CIM has qualified 114 communities in high barrier-to-entry markets and has owned and operated assets in 68 of those communities. The qualification process generally takes between six months and is a crilical component of CIN's urban asset evaluation.
• · CM examines the characteristics of a market to deternine whether it justifies the extensive efforts CM undertakes in reviewing and making potential acquisitions. The communities are located in both primary and secondary urban centers, which can encompass (1) transilonal urban disticts and growth markets adjacent to central business and/or (2) well-established. thriving urban areas including major CBDs.

QUALIFICATION CRITERIA

Transitional Urban Districts

• · Improving demographics
• · Broad public support for CIM's approach
• · Evidence of private funding from other institutional owners and operators
• · Underserved niches in the community's real estate infrastructure
• · Potential to deploy a minimum of \$100 million of opportunistic equity within five years

Thriving Urban Areas

• · Positive demographic trends
• · Public support for acquisitions
• · Opportunities below intrinsic value
• · Potential to deploy a minimum of \$100 million of opportunistic equity within five years

As of March 31, 2018. Note that multiple communities may be qualified within a larger city.

RESOURCES & EXPERTISE OF INSTITUTIONAL OWNER OPERATOR - CO-FOUNDERS

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 i2 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

CMCT

• · Co-Founder and a Principal of CIM Group
• · Responsible for the day-to-day operations of CIM Group, including strategic initiatives, asset management, leasing and partner & co-investor relations and product management
• · 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

21

RESOURCES & EXPERTISE OF INSTITUTIONAL OWNER OPERATOR - MANAGEMENT

CMCT

MANAGEMENT

Charles Garner

CMCT Chief Executive Officer, CIM Group Principal · CEO of CMCT and serves on CIM Group's

• Investment and Asset Management Committees 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, Property Management

• 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

KEY CMCT SUBMARKET: LAKE MERRITT & OAKLAND CBD

CMCT

CMCT In-Place Rents 1.2 \$40.70

Class A Asking Rents3 \$53.88

FAVORABLE OFFICE DYNAMICS

• · Relative Value vs. San Francisco CBD (Class A asking rents): 3
  • San Francisco \$75.38
  • Lake Merritt \$53.88 -
• · Limited New Office Supply in Lake Merrift / Oakland CBD: Last major office project completed in 20084
• · 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:
  • ~ ~ 13,000 new units in 2018-2020 (v. ~ 164,000 existing)4
  • Residential Monthly Asking Rents4
    • · San Francisco \$2,940
    • · Oakland \$2,091

1 As of March 31, 2018.

2 for other accept goal not her commend on of licent 3, 2011. multies of twork 3, 2011. multiple of the one on taken to the opcionents. Il'non online spayers than accident of has been grosed up by adding annualized expense reinbursement. Annualied with a centrin affice properties includes restablished to refor.

• 5 Source: Cushman & Wakelierd Q1 2018 reports (per square foot per year).
• 4 Source: Costar.

rion ine examples nown here nevers ro general justine the photogay of Class on any not be representative of fune opgramment instr grounder in or government instr a personaliz

CMCT ASSETS	1886	RENTABL SCHIARE FEEL	LEASED 3	ANNUALIZED RENT PER OCCUPIED SQUARE FOO
1 Kaiser Plaza	Office	534,423	93.5%	\$40.23
2101 Webster Street	Office	471,337	99.3%	\$39.98
1901 Harrison Street	Officie	280,610	81.996	\$44.52
1333 Broadway	Office	251,155	95.3%	\$40.36
2100 Franklin Street	Office	216,828	98.996	\$39.80
2 Kaiser Plaza5	Land
2353 Webster Street	Garage		HILL CONTINES (RESEA) Holland (Religation) (Intellioal-legin
lotal		1.754.353	94.1%	\$40.70

S . I tiden its a learly and careel of the coments before positing in CM Comments in entilied to develop a bridence, which wore on in the pocess of original, which work in th 800,000 rentaible square feet.

CMCT - RECENT ACQUISITIONS

BEVERLY HILLS		SOMA (SAN FRANCISCO)
Address	9460 Wilshire Boulevard	Address	1130 Howard Street
Location	Beverly Hills, CA	Location	SoMa District of San
Acquisition Date	January 2018	Acquisition Date	December 2017
Attributes	· High profile location in Beverly Hills at the corner of Wilshire Blvd and Beverly Drive · Adjacent to the Four Seasons Beverly	Attributes	· Located in vibrar CIM believes is th many technology · 100% leased with

Adjacent to the Four Seasons Beveny Wilshire Hotel and Rodeo Drive

· Strong growth opportunity as below market rents roll to market

	SoMa District of San Francisco, CA
	December 2017
	· Located in vibrant neighborhood that CIM believes is the preferred location for

• nany technology firms · 100% leased with weighted average term
• of ~6 years1 · Former concrete warehouse extensively renovated in 2016 / 2017

1 As of March 31, 2018.

24

DEBT AND PREFERRED STOCK SUMMARY1

Mongage :	erest structure (fixed variable etc.)		Maturin xpiration Date		Loan balance 03/51/2018 S in thousands	Amorfization
1 Kaiser Plaza	Fixed	4.14%	07/01/2026		97,100	1/0
2101 Webster Street	Fixed	4.14%	07/01/2026		83,000	1/0
2100 Franklin Street	Fixed	4.14%	07/01/2026		80.000	1/0
1901 Harrison Street	Fixed	4.1 496	07/01/2026		42,500	I/O
1333 Broadway	Fixed	4.14%	07/01/2026		39,500	1/0
260 Townsend Street	Fixed	4.14%	07/01/2026		28,200	IVO
830 1ª Street	Fixed	4.50%	01/05/2027		46,000	1/0
Total		4.18%		S	416,300

Unsecured Credit Facility 2	Variable	LIBOR + 1.35%	09/30/2018		10,000	Rev olv er: \$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

referred Stock
Series A	Fixed	5.50%	N/A	41,871 41,871 41,871 41,871 41	N/A
Series L	Fixed	5.50%	N/A	229.251 5	2.74x
Total				271,122

1 Easteles (of \$20.95.000 d secured born, witch repress told bons that are treated borowing because the loon see also heal he beengtifion 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 at the components of CM Cornerial's Unecured Credt Foolly were based on LBCR plus on applicable pred deternined by CM Corners's maintyn ieverge rate. In June 2016, all outseared Credit Foolly were report. A March 31, 2018, \$10,000,000 was ustanding under the Unecured Circlif only on the unused capacity on the Unsecured Creally, based on covenant restrictions at March 31, 2018, was approximately \$190,000.000.

3 Our one-month UBOR indexed variable rate borrowings are effectively converted to a fixed rate of 3.16% until May 8, 2020 Ihrough interest rate swaps.

4 Cuttanding Series A Petered Italy in the sued as of March 31, 2018 of 1,6776, instent in stated would of \$25.0 per the stated water of \$25.00 per the electric red to commissions, fees, allocated costs or discount.

S Cuttranding Society Prefered Stock npresents bill and a 1,000 al 8,000,740 frimes the states proceeds an not net al commission, fees, clocated ost or discount.

CMCT OFFICE PORTFOLIO - TOP 10 TENANTS

CMCT

AS OF MARCH 31, 2018

Tenant	Properly	Credit Rating (S&P / Moody's Fitch)	Lease Expiration	Annualized Rent (In thousands)		% of Total Annualized Rent	Rentable Square Feet	% of Rentable Square Feet
U.S. Federal Government Agencies	VOLOGIA	AA+ / Aaa / AAA	2019-2026	2	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 / AQ / 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+ / Aal / -	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				S	139,849	100.0%	3,423,507	100.0%

1 Represents gross northy board rent, and March 1 in anount reflects both end before docterents. Where applicable, anvalied with have been grosed up by adding annualized expense reimbursement. Annualized rent for certain office properties includes rent attributable to retail.

2 Represents 7 different leases at various properties.

POSITIVE LEASING TRENDS / MANAGEABLE LEASE EXPIRATIONS1

	Three Months Ended
			31-Mar-18 31-Dec-17			30-Sep-17		30-Jun-17		31-Mar-17
All 2
Number of Transactions		15		10		15		11		18
Rentable Square Feet		61.460		54.444		142.319	48.573			76.604
All - Recurring 3
New Cash Rents per Square Foot*	್ಕೊ	65.29	40	37.66	S	48.35	A	50.53	A	49.32
Expiring Cash Rents per Square Foot®	ತಿ	50.15	2	29.42	ಳಿಗಿ	38.86	A	44.80	ಕಿ	39.78
Rentable Square Feet		47.581		38.588		134.093		22.910		67,367
Cash Rent Spread		30%		28%		24%		13%		24%

Lease Expirations as a % of Annualized Office Rent5

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 Recoring neetics anceled was vocal for mare has restried porty leases spoce when the previous teach was a reason in the cripins in and heaver with the argind term of less than twelve months.

4 - Connects epsent gross northy base ent, nullailed by tweets told can ent before opplicate, annualied en habes grossed up by adding anvalized expense reimbursements to base rent.

5 Represents gross monthly boxe rent, a of March 2018, multipled by Wells in below absernents. Where oppicaties onvalized on has been grossed up by oding annualized expense reimbursements to base rent.

6 Includes 28, 111 square feet of month-to-month leases.

RECONCILIATIONS/IMPORTANT DISCLOSURES

NET OPERATING INCOME RECONCILIATIONS (1/3)

CIM Conmercial internaly evaluates the operating of its segments bosed on segment nel operating income, which is delined arental and other property income and experies reinburgenss and excludes non-property income and expenses; interest expense, interest expense, depreciation and amorization, corporal elated general and admission of red estate, imporment of real estate, transaction costs and provisor for income toxes. For the lending segment, we definitione, nel of interest expense and general overhead experses. We also evaluate the operating performance and finoncial esults of our operating income ("Cash NO"). We define Cath NO'l). We define Cath 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 open tom operating activities as measured by GAP and should not be considered alternatives to income for continuing operations, or to cash lows as an indication of our performance or of our ability to pay dividends. Companies may not calculate segment NOI or Cash NO in the sament NOI and Cash NO to be usely performance measures to investor and management because, when compared across periods, the revenues and expenses directly asscialed with owning and operating our propertions on the inport to operations from trends in occupancy rates rental rates and providing a perspective not inmediately apparent from income from income from continuing operations. Additionsly, ve believe that Cash NO is helplu to investor because it eliminates stractions to revenue and expenses. Below is a reconciliation of Cash NO to segment net operating income on the tweive months ended December 31, 2015, 2016 and 2017 and the firee months ended Mach 31, 2018.

(\$ in thousands) (Unaudited)

			Three Months Ended
	December 31, 2015 December 31, 2016					December 31, 2017		March 31, 2018
Net income attributable to the Company		24,392	ਫ	34,547		379,737		618
Total GAAP NOI	\$	136,294	\$	133,406	4	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	ಕ್ಕೆ	2.794	ಕೊ	4,556	ಳಿ	5,333	ಕ್ಕೆ	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	ળ	89,817		100,348		28,225

1 2 Kaiser Piaza was acquired in August 2015. The proom athbutche to the Company and Pro-lema GAAP KOLbeginning on the acquisition date.

ನ್ನು 1130 Howard was acquired in December 2017. The properly included to the Company and Pro-loms GAP NOI beginning on the sculpillandate

లా 946) Wishine was acquired in January 2018. The property is income attributiole to the Company and Pro-Corna GAAP NOY beginning on the acquisition dre.

NET OPERATING INCOME RECONCILIATIONS (2/3)

CMCT

	Three Months Ended March 31, 2018
	Office		Multifamily		Holel			Lending		Total
						(in thousands, unaudited)
Cash NOI		21,162	2		2	3,938		1,726	રે	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
Segment Net Operating Income		22,548 \$				3.940		1,737		28,225
Asset management and other fees to related parties										15.610
Interest expense										16.449
General and administrative										(2008)
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 noncontroling interests
Net income attributable to the Company										818

	Twelve Months Ended December 31, 2017
		Office	Multifamily		Hotel		Lending			Total
						(in thousands, unaudited)
Cash NOI	ಳಿಗ	102.918	ਡ	5.810	3	13.446	3	5.293 5		127.467
Deferred rent and amortization of intangible assets, liabilities and lease inducements		2.255		(કરી		ਦੀ				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	2	5,448 \$		13,449 \$		5,333 5		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)
Impaiment 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 toxes										(1.376)
Net income										379.758
Net income attributable to noncontrolling interests										(21)
Net income attributable to the Company										379,737

NET OPERATING INCOME RECONCILIATIONS (3/3)

CMCT

						Twelve Months Ended December 31. 2016
		Office		Multifamily		Hotel		Lending		Total
						(in thousands, unaudited)
Cash NOI	క	99.448	ತೆ	8.583	2	15.917	3	4,522		128,470
Deferred rent and amortization of intangible assets, liabilities and lease inducements		6.667		(દર્શ્		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 5		15.920	રે	4.556	5	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

		Office Multifamily		Holol Lending			Total
	(in thousands, unaudited)
Cash NOI	vi	102,792	2	6.758	3	19.458 \$		2.860	ક	131.868
Deferred rent and amortization of intangible assets, liabilities and lease inducements		6,485		346		પા				6.835
Bad debt expense		(510)								(510)
Straight line rent, below-market ground lease and amortization of intangible assets		(1.282)		(551)				(୧୧)		(1.899)
Segment Net Operating Income		107,485	2	6.553	2	19,462 \$		2.794	3	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										(72361)
Gain on sale of real estate										3.092
Income from continuing operations										6,918
Provision for income taxes										(800)
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

Twelve Months Ended December 31, 2015

IMPORTANT DISCLOSURES

CMC

Assets Owned and Operated

Assets Owned and Operated includes to lair vale, with real assets presented on the Book Vove disclosure and operating companies presented at gross assets less debt, as of the Report of such assels owned by joint venture partners and co-investments), plus birding ununced commitments. Assets Owned and Operated by CM's Cole Net-Lesse Asset strategy as of December 31, 2017 (formery Cole Copilal) which was under contract to be ccuired by a CM difficte as of the Report Date and subsequently closed on CM's Cole Net-Lease Assel strategy as of December 31, 2017 represent apprinted Assets Owned and Operated of \$27.7 billion. Equily Owned and Operated. representing the NAV (as delined below) before incention, plus binding univers, is \$1.5 billion as of the Report Dote. Assess Owned and Operated for CMM Partners, L.P. (which represent), a perpetial if(e real estate debt funci, is \$0.3 billion as of the Repor Date, and Equily 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 to book vale as relected in the applicable und's viradled financial statements as of December 31, 2017 prepared in accordance with U.S. generaly accounting principles on a for value generally eprosent the assel's third-party oppraised vale as of the December 31, 2017, but in the case of CM's Cole Not strategy, book values generally represent undepreciated in SE-Slied financial statements).

Net Assell of NAV) represents he cisitibulable on our in yotherical iquidation" assuming hat on the date of deller Book Valves; [] debt are paid and other asses are called and fijl appropriate adjustments and from the same in accordance with applicable documents, as determined in accordance with applicable accounting guidance.

Net Asset Value

As of December 31, 2077, we have established and Common Stock of \$23.96. Nether FINR nor the SEC provides on the methodology ve must use to deemine ou estimation of estimation of estimation of estimaline of subjective assumplions, estimates and judgments had may not be accurate or complete. We believed procice annong public RTS for cacuding estimated WV. Different property-pactic. general real estate, copilal natest, economic and other assuments could desive on estimated NAV that is significantly offerent from over estimated NAV. Thus. oher public RETs' methodologies used to calculated NAV may aller materially from our. Additionally, the estimated NAV does no give effect to change in vale, investment activities, indebledress levels, and other various octivities occuring after December 3. 207 that would have an impact on or estimated NAV.

The estimated NAV per share of \$2.9% was calculated on opprasials of our real estate of our lending segment. The toble "Estimaled Net Assel Valve" on page 6 sets forth the material in the calculation of our estimated NAV. We engaged various third party approisal firms to perform oppraisal our real estate assets of our lending seament as of December 31, 2017. Except for one office argerly accuried in December 2017, which was based on the buchose pice including transaction costs hat assumplion of libilities) negoliated with the uneined third-party seller, the for volves of our investments in real estate were bosed on appraisals obtained as of December of the assess of our lending segment were bosed on an appraisal ablahed as of December 31, 2017.

The December 3). 2017 apraisas were performed in accords of forth by the American institute of Centified Public Accountants. Each our appraisals were prepared by personel who are subject to and in the code of prolesional ethis and the stardards of arth by the certilection programs of the professional appraisal organizations of which they are members.