Creative Media & Community Trust Corporation — Investor Presentation 2018

Mar 28, 2018

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): March 28, 2018

Commission File Number 1-13610

CIM COMMERCIAL TRUST CORPORATION

(Exact name of registrant as specified in its charter)

Maryland 75-6446078 (State or other jurisdiction of incorporation or organization)

17950 Preston Road, Suite 600, Dallas, TX 75252 (972) 349-3200

(I.R.S. Employer Identification No.)

(Address of principal executive offices) (Registrant's telephone number)

Former name, former address and former fiscal year, if changed since last report: NONE

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Item 7.01 Regulation FD Disclosure

A copy of the Company's Q4 2017 Investor Presentation is attached to this Form 8-K as Exhibit 99.1 and is incorporated by reference herein. Additionally, the Company has posted a copy of the presentation on its Shareholder Relations page at http://shareholders.cimcommercial.com/.

The information in this Current Report on Form 8-K, including Exhibit 99.1, is being furnished and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

Item 9.01 Financial Statements and Exhibits

Exhibit No.	Description
99.1	Investor Presentation Q4 2017

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Date: March 28, 2018

CIM COMMERCIAL TRUST CORPORATION

By: /s/ David Thompson David Thompson, Chief Financial Officer

X

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.

IMPORTANT DISCLOSURE S

Filed Pursuant to Rule 433 Dated March 28, 2018 Registration Statement No. 333-210880

FREE WRITING PROSPECTU S

CIM Commercial Trust Corporation Investor Presentation Q4 2017

CIM Commercial Trust Corporation (the "Company") has filed a registration statement (including a prospectus and prospectus supplements) with the Securities and Exchange Commission (the "SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus and the prospectus supplements in that registration statement and other documents the Company has filed with the SEC for more complete information about the Company and the offering. 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 prospectus for free on the SEC website at https://www.sec.gov/Archives/edgar/data/908311/000162828018003261/a424b3supplement11- seriesa.htm.

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 barrier-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 equily
Maximizing Returns for Shareholders	· Focused on growing NAV and cash flows per share of common stock · 2014-2017 total return of ~40% (cumulative dividends + NAV growth), including \$6.21 in dividends declared to common shareholders2.3.4
	\$210 million tender offer and \$6.21 per share in dividends declared since 201423.4
Based on fairvalue. special cash dividends.	CACT a le product a creating to be and contracts on the RELLE (CM RET) contribution in Cammers) in I W. Comments in I W. Comments in I R.C. Comments in I R.C. Comments in I P connection with the Mages and by CM RES specific by CM RES specific to the Meger on the Meger on a converted presents on an one while present on the Partines ( LC C Doon 1 ), CM Group, in the Merger. NAV growth remail 3 yearend (the last period before the Merger) through 207 year-na. In Appense 2014, inc. Section 2017, CAC, repender, a connomic and \$10 million repectively a connection portugal provinces provinces management meast in constitution in consti esurates CMC parties can available find of participating the larger see in ecommended income and income lines in on income lines in on income lines in on income lines in one Reports discines and or common sock hough 201207. Par perfects on a guarne of for rewiss and Provents Processfor N.V." or pop of receivation of N.V." or pope of results on N.

CMCT - KEY PERFORMANCE INDICATORS 1.2

PRO-FORMA OCCUPANCY3,4

94% 93% 93% 85% 2014 2015 2016 2017

PRO-FORMA INVESTMENTS IN REAL ESTATE

AT FAIR VALUE (\$ in thousands)

PRO-FORMA ANNUALIZED RENT PSF3,5

\$1,676,432 \$95,564 \$1,575,100 \$1,514,800 \$1,416,430 \$80.421 \$72,860 \$63,018 \$1,524,532 \$1.432.200 \$82,179 \$1,373,800 \$1,282,830 \$67,102 Office \$60,637 \$52,615 Hotel 2014 7 2015 8 2016 2017 ° 2017 2014 2015 2016

Metrics exclude 9460 Wilshire Boulevard, the lending segment and any assets sold prior to December 31, 2017.

113 New d Inel was organist in December 2017 meter. The ensustanted in 2017 at 2,44 rentain appear will the business and he business and he suited hearly in actual and income lease with a different tenant who la expection in April 2018, at the spoce is occupied by the prior awner and annualized rent under the start-temlede is de minis.

Metrics exclude Sheraton Grand Hotel.

Historical or affice properties an a percentage of entable quare feet and are based on leases commended as of December 31' al ech historicoly-sr.

Hoteled Annualed Mediae (ps) net dided by this coupled sport teen and December 31' a less hillschap yes. In amount when before opplication of the applicable provided that has been grosed up by odding anyolized expense rem. Anvalized rent for opplicable office propenties holder ent aftify abble to etal.

Encludes the lending segment. Ier "Po Forma Cash No" in Assert Value and Per-lama Cash NO" on page and "Net Operating Incone Reconclicitors" on poper 26 31. କ

7 475 Minhe Bookerard ond Units Center were acquired in April 2014 ond October 2014, wpectlier are included in Postering on the ocquilities and

2 Kaber Plaza was acquired in August 2015. The property is included in Pro-forma 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 acquisition date.

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	ಕ್ಕೆ	1,676,432
Loans receivable - at fair value		83,858
Debt 2		(୧୦୮୪, ୧୪୬)
Cash and other assets net of other lightlies		135,644
Noncontrolling interests		(1,055)
Redeemable Series A Preferred stock		(29,331)
Redeemable Series L 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
		December 31, 2014*		December 31, 2015°		December 31, 2016		December 31, 2017
Net income affributable to the Company		24,378		24,392		34,547		379,737
Total Cash NOI	8	125.902	8	131.868	ಳಿ	128,470	S	127,467
Less Cash NOI from assets sold prior to December 31, 2017 Pro-forma Cash NOI		61,071 64,831		56, 148 75,720		43,527 84,943		26,610 100,857
Pro-forma NOI Breakdown:
Pro-forma Lending NOI	్రీ	1.813	S	2860	A	4.522	క్కు	5.293
Pro-forma Hotel NOI		10.403		12.223		13,319		13.385
Pro-forma Office NOI		52615		60,637		67,102		82,179
Pro-forma Cash NOI lacamber 31, 2017, Sea "Nat Amer Volum" under "Immortor		64,831		75.720		84,943		100,857

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

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

4 - C83 Willine Boulerd and Listical Media Cantin We copently i Te prochies in e prochies on he loome diffection in the Company on North Cash KC beginn on the acquisition date.

5 acquired in January 2018.

CIM GROUP

CIM OVERVIEW

CIM GROUP

\$27.5 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	820+ employees (15 principals including all of its founders, 440+ professionals)
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 84,000 individual shareholders
Assets Owned and Operated	\$27.5 billion2

CIM

1 As of February 28, 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 440+ 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

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 Cap1 \$19.10 / \$0.84 billion NAV per Share / NAV 1.2 \$23.96 / \$1.05 billion Institutional shareholder base
Premier Portfolio With Strong Growth Prospects	· 18 office properties in gateway markets with 3.3 million rentable square feet3 - San Francisco Bay Area Los Angeles - 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 40% since 20145 · 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 equily

1 As of December 31, 2017.

2 NAV include the including segment . See "CMC" on page 6 to calculations estimated WV and "Note" Website "her "inter "her "inter "her "inter "her "inter "her "inter "her "i

3 Ecclobs 940 Within, witch was aquired on January 10, 2018 and rickles and try properties are parting garage and we chemich is being used as a paring ist. Eccludes

Sheaton Grand Holein Socranento. 360 South Congress Avenue and Lindblode Media Center are property but consist of 10 and 3 building, respective). 4 Addition 15:36 CAGR potential row devel. Ecclosing asets old in 2017, cost NOV increased 1% and GAAP WOl increased 2% year very war in 2017 Jee "Nd Operating Income Reconciliations" on pages 28-31).

5 CMC1 is the podict of a nerger (the "Neger") beliven a lund operated by CM RET' pad PMC Commercial in I 10' 14. Exclose or pedial dividend poil 10 MC Commercial That's incentalers in conection with the Megal by CM RET hareholes proc to the Megar and dividends on a converted stock received by Utsan Parlners II, LLC ("Utban II") in the Merger. NAV growth represents change in NAV from 2013 year-end (the last period before the Merger) through 2017 year-end. 6 Based on fair value.

I CN Connecial acquired 946 Wilshire Boulevard on 91,750 square teel of rentable office and retail poce located in Bevery MI. CA, on Jonus'y 18, 2018. With the includion of 9 Wilshire Boulevard in the December 31, 2017 total, total office rentable square feet would be 3,413,806.

2 3601 South Congress Avenue and Lindblade Media Center are rach counted as one property but consist of 10 and 3 buildings respectively.

3 Excludes the lending segment. For the office Boulevard and oncillary properties one paring garage and worder inter ane of witch being used an paring lot. For the hotel, excludes one ancillary parking garage.

4 For office properiise, other hands below, nacreents gross monthly bose rent per quare look under lease commenced and Decembers 3, 2017, multailed by helve, ins ancent refects toda can ent believe changed terr has been grosed up by adding annualized expense minustrient to base ent is centri office properties includes rent attributable to retail. Hotel average daily rate ("ADR") represents the frailing 12-month ADR as of December 31, 2017.

S 110 Howard Street was assured in December 31, 2017 to 12:44 entralier 31, 2017 to 12:44 entralier and the building is greented uning the octube income weber a signed lease with a different tenant who is expection in April 2018, as the space is occupied by the prior owner and annualiad tent under the shart-lem lease is or minis.

CLASS A AND CREATIVE OFFICE PORTFOLIO IN GATEWAY MARKETS1

AS OF DECEMBER 31, 2017	Sub-Market	Rentable Square Feet		%	%	Annualized Rent		Annualized Rent Per
Location			% of Total	Occupied	Leased		(in thousands) 2.3		Occupied SF
NORTHERN CALIFORNIA
Oakland, CA
1 Kaiser Plaza	Lake Merritt	534,284	16.0%	93.4%	94.0%	3	19,592	ਡ	39.26
2101 Webster Street	Lake Merritt	471,337	14.2%	99.3%	99.3%		18,136		38.75
1901 Harrison Street	Lake Merritt	275,087	8.3%	91.8%	99.596		9,342		36.99
1333 Broadway	City Center	240,887	7.3%	96.796	96.796		8.329		35.76
2100 Franklin Street	Lake Merritt	216,828	6.5%	98.9%	98.9%		8,470		39.50
Total Oakland, CA		1,738,423	52.3%	95.9%	97.3%		63,869		38.31
San Francisco, CA
260 Townsend Street	South of Market	66,682	2.0%	100.0%	100.0%		4,721		70.80
1130 Howard Street	South of Market	21,194	0.6%	100.0%	100.0%		1,439		67.90
Total San Francisco, CA		87,876	26%	100.0%	100.0%		6.160		70.10
TOTAL NORTHERN CALIFORNIA		1.826.299	54.9%	96.1%	97.4%	VA	70.029	S	39.90
Los Angeles, CA 11620 Wilshire Boulevard	West Los Angeles	194,677	5.9%	98.6%	98.6%	44	7,539	3	39.28
4750 Wilshire Boulevard	Mid-Wilshire		4.3%	100.0%	100.0%		3,752		26.17
11600 Wilshire Boulevard	West Los Angeles	143,361 55,793	1.7%	87.6%	87.6%		2,486		50.86
Lindblade Media Center	West Los Angeles	32,428	1.0%	100.0%	100.0%		1,403		43.27
Total Los Angeles, CA		426,259	12.9%	97.776	97.7%		15,180		36.45
TOTAL SOUTHERN CALIFORNIA		426,259	12.9%	97.7%	97.7%	S	15,180	8	36.45
EAST Washington, DC
999 N Capitol Street	Capitol Hill	323.076	9.7%	83.2%	86.195	4	12,485	3	46.45
899 N Capitol Street	Capitol Hill	314,667	9.5%	86.1%	86.196		14,086		51.99
830 Ist Street	Capitol Hill	247,337	7.4%	100.0%	100.0%		10.783		43.60
Total Washington, DC		885,080	26.6%	88.976	90.0%		37,354		47.47
TOTAL EAST		885,080	26.6%	88.976	90.0%	SA	37,354	8	47.47
SOUTHWEST
Austin, TX
3601 South Congress Avenue	South	184.418	5.6%	92.2%	93.6%	4	5,721	5	33.65
TOTAL SOUTHWEST		184,418	5.6%	92.2%	93.6%	5	5,721	રે	33.65
TOTAL PORTFOLIO		3.322 054	100.0%	94.255	96.3%	ಳಿಗ	128,284	ಕ	41.00

I CN Cennarcia copied 940 With Bouler and Pentalian P.750 sques In a fentalian direction of Well Hill, C.A. I January 18, 2018 Wh ha included on the December 31, 2017 total, total rentable square feet would be 3,413,806.

2 Cher han as en the he bother promine on and per squer hot note e commenced at december 2017, million in the charles for and the close in the close in the clober on the clo

3 1130 toward Steel woo coured a Deember 20, 2017 (2,94 metable pure teet of the bulling is presented and the echal nearly of the echall nearly income under a single least wh expected to take possession in April 2018, as the spoce is occupled by the prior owner and annualized rent under the shart-termlease is de minis.

4 Lindblade Media Center and 360 South Congress Avenue are each counted as one property but consist of 3 and 10 buildings, respectively,

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 202212.3
• FIVE YEAR GROWTH TARGET

ILLUSTRATIVE NAV + COMMON SHARE DIVIDENDS

(SAME-STORE NOI CAGR OF 4%-6%)4 Same-Slore Target NOI CAGR 4%-6%-6% ~\$41.00 NAV Growth + Dividends Mark-tomarket and rent increase Estimated NAV / Existing Common NOI noi Share \$23.96 ~5.8% cap rate on trailing NOI ! 2017 2022 2017 2022

1 Additional 19-2% CAGR potential from development of already owned sites.

2 Based on cash and segment NOI.

3 Encluding assets sold in 2017, cab NOI increased 12% year over year in 207 (see "Net Operating hecone Reconcliation" on pages 28-11,

4 See "CMC" - Net Asel Vave and Polonia Cost NO" on page 6 for caller of estimated NV and "Wels" "mportant Diccoures" on page 32. The illustralia NAV per strave t 2021 is bosed on a number of assumplined in NCLC \$5 per year, an annualized divident of \$0.50 per common share and the copital stucker of CMCT encinned from the date hered. Any change in these the coblig of CMCT to ocheve the illustrative NV per sizes. There can be no gurantee that CMCT will be chive NC gowlnd 55 per your. In addition as discussed on paged shockeer hat is different from CMCTs current copied structure. For here, fiere can be no asuarae frat CMC will maintain an annualized dividend rate per common share of \$0.50 per year.

S = Traing NCV excluder really be 110 Howard Street Schler (17. and 946 Wairin Boulevad. acquired in Lonumy 2018. See "CMC" - Not Asset Vaixed Can NO" an page 6 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 \$6.21 per share in dividends declared since 20144

I I legtenter 2014, Jim 207 and Jeennberg \$0 million and \$10 million and \$10 million respectived transctions for Ubon. Il corrections for Ubon. Il corrections for Ubon. Il co CHCT add the people can delection in tode played the common spocitables from and on or pricipation in ne economic benefit dout would be la valed lingh reserved be not wated t receive these special cash dividends.

² Excludes debt activities at the lending division.

³ Dividend was paid in January 2018.

⁴ CMCT a he product do minger the "Mege" ( blevel of the RET) LC ( CM RET) and PNC Cennercial Bath ( C ) L. Ecoloro special Brill Corneriol in P.C Cermanol in PNC Cornwership with he Mega, but didents reel web y CM RET strengt in the Negation on a converted present by the Merger NU grown it in the Merger NV grown reports charge in NAV from 2013 year-end (the last period before the Merger) through 2017 year-end.

APPENDIX

COMMUNITY FOCUSED STRATEGY - CIM QUALIFIED COMMUNITIES1

CIM OVERVIEW

• · CIM believes that its community qualification process provides a significant 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 effors 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 December 31, 2017. 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

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

Trust

• · Joined CMCT after merger of PMC Commercial
• · 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 \$38.31

Class A Asking Rents3 \$53.04

FAVORABLE OFFICE DYNAMICS

• · Relative Value vs. San Francisco CBD (Class A asking rents): 3
  • San Francisco \$74.44
  • Lake Merritt \$53.04
• · Limited New Office Supply in Lake Merritt / 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:
  • ~ 11,000 new units in 2018-2020 (v. ~ 163,000 existing)4
  • Residential Monthly Asking Rents4
    • · San Francisco \$2,937
    • · Oakland \$2,058

1 As of December 31, 2017.

2 fre affer grosent goal northy basent per quare commend as a Cheember 1, 2017 nullight by help. It a must trefect bizi con net between to there optimated rent has been grosed up by adding anyalized expense rent. Anvalled rent for certain office properties include to retail.

3 Source: Cushman & Wakefield Q4 2017 reports (per square foot per year).

4 Source: Costar.

S 2 Kisher Pathy Lot it a 4.42 perse for press of this comers and a sufce problems to the bodeled by the reason and the process of the process of the process of the process o 800,000 rentable square feet.

Note The examples shown have been selection of CM and may not be representative of foure acquilitions. Part performance is not guarantee of toure ocusions. Por operaments of

Total		1,738,423	97.3%	\$38.31
2353 Webster Street	Garage			-
2 Kaiser Plaza3	Land
2100 Franklin Street	Office	216.828	98.9%	\$39.50
1333 Broadway	Office	240.887	96.7%	\$35.76
1901 Harrison Street	Office	275,087	99.5%	\$36.99
2101 Webster Street	Office	471,337	99.3%	\$38.75
1 Kaiser Plaza	Office	534,284	94.0%	\$39.26
CMCT ASSETS	ASSET TYPE	RENTABLE SQUARE FEET	LEASED %	ANNUALIZED RENT PER OCCUPIED SQUARE FOOT

CMCT - RECENT ACQUISITIONS

Address	9460 Wilshire Boulevard	Address	1130 Howard Street
Location	Beverly Hills, CA	Location	SoMa District of San Francisco, CA
Acquisition Date	January 2018		December 2017
	· High profile location in Beverly Hills at the corner of Wilshire Blvd and Beverly Drive		· Located in vibrant neighborhood that CIM believes is the preferred location for many technology firms
Attibutes	Adjacent to the Four Seasons Beverly Wilshire Hotel and Rodeo Drive	Attributes	· 100% leased with weighted average term of ~6 years
	Strong growth opportunity as below market rents roll to market		· Former concrete warehouse extensively renovated in 2016 / 2017
As of December 31, 2017,

DEBT AND PREFERRED STOCK SUMMARY1

Mortgages	Interest structure (fixed / variable etc.)	Interest Rate	Maturity / Expiration Date	Loan balance 12/31/2017 (S in thousands)		Amortization
1 Kaiser Plaza	Fixed	4.14%	07/01/2026	2	97.100	1/0
2101 Webster Street	Fixed	4.14%	07/01/2026		83,000	110
2100 Franklin Street	Fixed	4.14%	07/01/2026		80.000	I/O
1901 Harrison Street	Fixed	4.14%	07/01/2026		42,500	IVO
1333 Broadway	Fixed	4.14%	07/01/2026		39,500	1/0
260 Townsend Street	Fixed	4.14%	07/01/2026		28,200	IVO
830 156 Street	Fixed	4.50%	01/05/2027		46,000	1/0
Total		4.18%		s	416.300

Corporate Debt	Interest structure (fixed / variable etc.)	Interest Rate	Maturity / Expiration Date (\$ in thousands)	Utilization	Maximum limit (\$ in thousands)
Unsecured Credit Facility-	Variable	LIBOR + 1.35%	09/30/2018 \$		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				197,070

Preferred Stock	Interest structure (fixed / variable etc.)	Coupon	Maturity / Expiration Date (Sin thousands)		Outstanding	TIM Fixed Charge Coverage Ratio
Series A	Fixed	5,50%			N/A \$ 32,148 4
Series L	Fixed	5,50%	N/A		229,251 5	2.76x
Total				ഗ	261,399

I Excludes: (of \$2.000.00 d secured barns which represent sid loan that are treded or secued borneing because the loan see dd not meet the devecognito. criteria provided for in ASC 860-30. Secured Borowing and Collateral, and (b) premiums, discounts and debt issuance costs.

2 A December 3. 2017, the interest ate opplication of CM Comnecial Unecured Credit year board on UBOR plus on applicable spead delemined by CM Commercials maximum leverge crib. In June 2016, all outsecred Credit Focilly were repaid. Al Decenter 31, 2017, \$1 was ustancing under the Unecured Credif only ond the unsed capacity on the Uneced Creatly J based on covernment 1, 207, was approintely \$200,000. In Imvary 2018, \$10,000 was beneved under the Unecured Credit Facility, leaving \$190,000.000 of remaining unused capacity.

3 The interest rate of the loan has been effectively converted to a fixed rate of 3.16% unli May 8, 2020 through interest to be swaps.

4 Outdanding Seine A Pelered Stock research I of December 3 , 2017 of 1,287,167, ins redemplions of 1,265 haves, lines the stated vote of \$25.0 per share. Gos proceed are not net of commissions, fees, allocated costs or discount.

S Outdansing Stock (Prefered Stock progresms (1, 207 of 0,000,74) fines the stated valeed \$28.3 per there. Gour proceed are not hel al commisions, hes, ales, ales, ales, ales costs or discount.

CMCT OFFICE PORTFOLIO - TOP 10 TENANTS1

enant	Properly	Credil Rafing (SEP / Moody) Elch)	Leose Expiration	Annualized Real Sin thousands)	of Annualized Rent	Renfoble Square Feet	Sol leniable Square 1000
U.S. Federal Government Agencies	Vanous	AA+ / ADG / AAA	2018-2026	24,393	19.095	558.965	16.8%
Kaiser Foundation Health Plan, Inc.	1 Kaiser Plaza / 2101 Webster	AA- / = / =	2018-2027	18,077	14.195	468,857	14.195
The District of Columbia	899 N Capitol Street	AA / ADI / AA	2021	11,165	8.7%	205,860	6.2%
Pandora Media, Inc.	2100 Franklin Street/2101 Webster/3601 S Congress Avenue	-1-1-	2018-2020	7,153	5.696	187,004	5.6%
Wells Fargo Bank, N.A.	1901 Harrison Street	AA- / AD / -	2018-2023	4,554	3.5%	131,134	3.9%
Farmers Group, Inc.	4750 Wilshire Boulevard	A/A2/-	2019	3,752	2.9%	143,361	4.3%
Neighborhood Reinvestment Corporation	999 N Capitol Street	= / = / =	2023	3,363	2.6%	67.611	2.0%
Save the Children Federation, Inc.	899 N Capitol Street	= /=/=	2029	2,641	2.195	58,768	1.8%
Swinerton, Inc.	260 Townsend	-1-1-	2018-2026	2,560	2.0%	37,451	1.1%
AECOM Global II, LLC 3	1333 Broadway	BB / Ba2 / -	2018	2,430	1.9%	73,081	2.2%
Total for Top Ten Tenants				80.088	62.4%	1.932.072	58.0%
All Other Tenants				48,196	37.6%	1,196,621	36.296
Vacant					0.0%	193,363	5.8%
Total for Portfolio				S 128,284	100.0%	3.372.056	100.0%

| As of December 31, 2017.

2 Oher than as at forth in the fochote below, repossess gross not of December 3), 2017, millpled by tween. This answrite this answrants When applicable, annualized rent has been grossed up by adding annualized expense reimbursement.

3 110 Howard Street was acquired in December of of December 31 2017 for 12.94 resident ropan feel of the bulding it people rates income unite a signed lease with a different trial is expected in lori 2018, as the spoce is occupied by the processed annualized test under the stor-lem lease is on minis.

4 Represents seven different leases at various properties.

5 This Jerat leminded thisae effective lawy 1, 2014, and ClM Commercio recognized bienn in your ensed December 3, 2017 Cat Camerial entered into a fenyed lease agreened with a different for 31,977 reside spare teet, which was delivery the teach on January 1, 2016. Additionally the new teach hos igred on expanism agreement for additions 16.5 to rendole spurpe to be devered to the tenant in June 2016. The annualized to tron the posized purce for from the posize for from the posize on t has increased from \$33.26 to \$45.00.

POSITIVE LEASING TRENDS / MANAGEABLE LEASE EXPIRATIONS1

	Three Months Ended
		31-Dec-17		30-Sep-17		30-Jun-17	31-Mar-17			31-Dec-16
All 2
Number of Transactions		10		15		11		18		13
Rentable Square Feet		54,444		142.319		48.573		76.604		67.846
All - Recurring 3
New Cash Rents per Square Foot*	A	37.66	8	48.35	ಕೊ	50.53	89	49.32	A	40.71
Expiring Cash Rents per Square Foot®	\$	29.42	8	38.86	\$	44.80	5	39.78	ಕೊ	37.28
Rentable Square Feet		38,588		134.093		22.910		67,367		54.783
Cash Rent Spread		28%		24%		13%		24%		99%

Lease Expirations as a % of Annualized Office Rent5.6

| For all periods presented, leasing activity for the assets sold prior to December 31, 2017 is excluded.

2 Based on the number of fenants having leases with fems longer than twelve months.

3 Recuring neetics evoluely spoce that was vocal to may years spoce where the previous lenath was a reased park, nonth-to-nonth-lease ond lease will the cription term of less than twelve months.

4 Cash mis tope ent gross nonthly base ent. nultipled by tweet to the can ent before obstennent. When opplication on has been groand up by odding annualiad expense reimbursements to base rent.

S - Other han as we toth in the footeded groundly bose ent, as of December 31, 2017, multipled by tweet, his answer effects toda cash when when applicable, annualized rent has been grossed up by adding annualized expense reimbursements to base rent.

6 110 Howard Steel was acquired in December 2017 for 12:44 rendable square feet of the building ipresented asing the octual nearly of the octual nearly one unler a signed lease with a different tenant who is expecial in April 2018, at the space is occupied by the prior owner and annualized the skort-fem lease is be minis.

RECONCILIATIONS/IMPORTANT DISCLOSURES

CMC

NET OPERATING INCOME RECONCILIATIONS (1/4)

CIM Commercial internally evaluates the operating of its segments bosed on segment nel operating income, which is delined arental and other property income and experise reinburgenss and excludes non-property income and expenses, interest expense, interest expense, depreciation and amorization, corporate related general and admiss, gain [as] on sale of real estable, imporment of real estable, income tores. For the lending segment, we define income as interest income, net of interest expense and general overhead expersent we operating performance and finoncial esults of our operating income ("Cash NO"). We define Cath NO'l 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 activities as measured by GAP and should not be considered alternatives to income from continuing operations of to cash lows as a indication of our periormance or of our ability to poy dividends. Companies may not calculate segment NOI or Cash NO in the soment NOI and Cash NO to be usely performance measures to investor and management because, when compared acoss periods, the revenues and expenses directly asscided will owning and the inpact to operations from trends in occupancy ates rental and operative not immediately apparent from income from income from income from continuing operations. Additionsly, ve believe that Cash NO/is helplu to investors because it eint 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 2014-2017.

	welve Monits Enged December 31, 2017
		Office		Multifamily		Hotel		Lending		Total
		(in thousands, unaudited)
Cash NOI		102.918	2	5.810 \$		13,446 \$		5,293	3	127.467
Deferred rent and amortization of intangible assets, liabilities and lease inducements		2.255		(દર્ણ)		ੱਚ				2172
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 5		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)
Imparment of real estate										(13.100)
Gan 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

NET OPERATING INCOME RECONCILIATIONS (2/4)

CMCT

						Twelve Months Ended December 31, 2016
	Office		Mulfifamily			Hotel	Lending			Total
						(in thousands, unaudited)
Cash NOI	5	99,448		8,583	ਤੋਂ	15,917 \$		4,522	ਣ	128,470
Deferred rent and amortization of intangible assets, liabilities and lease inducements		6.667		(દર્ણ)		3				6,584
Straight line rent, below-market ground lease and amorlization of intangible assets		(1.249)		(551)				34		(1,766)
Lease termination income		118								118
Segment Net Operating Income	રે	104,984	5	7.946	इ	15.920	5	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	ತೆ	102.792	3	6,758	3	19,458	3	2,860	ತೆ	131,868
Deferred rent and amortization of intangible assets, liabilities and lease inducements		6,485		346		4				୧.୫35
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	ಳಿಗ	107,485	ક	6,553	3	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										(72361)
Gain on sale of real estate										3,092
Income from continuing operations										6.918
Provision for income taxes										(809)
Net income from continuing operations										6.112
Discontinued operations
Income from operations of assets held for sale										13.140
										5.151
Gain on disposition of assets held for sale										18.291
Net income from discontinued operations
Net income										24,403
Net income attributable to noncontrolling interests										(11)
Net income attributable to the Company									2	24,392

NET OPERATING INCOME RECONCILIATIONS (3/4)

CMCT

	Twelve Months Ended December 31, 2014
		Office		Multifamily		Holel		Lending		Tatal
	(in thousands, unaudited)
Cash NOI	ಳಿಗ	100.863	2	6.827	3	16,399	2	1,813	કે	125,902
Deferred rent and amortization of intangible assets, liabilities and lease inducements		5,143		41		ತಿ				5.187
Straight line rent, below-market ground lease and amortization of intangible assets		(1,315)		(551)				(26)		(1.892)
Segment Net Operating Income		104,691		6.317	2	16,402	3	1,787	న్న	129.197
Asset management and other fees to related parties										(25,222)
Interest expense										(19,073)
General and administrative										(5.463)
Transaction costs										(1.563)
Depreciation and amortization										(69,047)
Bargain purchase gain										4.918
Income from continuing operations										13,747
Provision for income taxes										୧୦୩
Net income from continuing operations										13,143
Discontinued operations
Income from operations of assets held for sale										11,455
Net income from discontinued operations										11,455
Net income										24.598
Net income attributable to noncontrolling interests										(220)
Net income attributable to the Company										24,378

(\$ in thousands) (Unaudited)

	Twelve Months Ended
		December 31, 2016	December 31, 2017
Net income attributable to the company		34,547		379.737
Total GAAP NOI	ಕ್ಕೊ	133,406	ಕ್ಕೆ	128,452
Less GAAP NOI from assets sold prior to December 31, 2017		43,589		28,104
Pro-forma GAAP NOI	5	89,817	A	100,348

IMPORTANT DISCLOSURES

Assets Owned and Operated

"Assets Owned and Operated" represents (i) (a) for real and organs total gross asets (GAV) at fair value including the shores of such assets owned by init venure partners and co-investments, owned and operhen (including where CM invest alongide for is own occount) and co-inestors, whether or not CM has investment discreling companies, the aggregate GAV less debt, including the shares of such assets overed by joint venture partners and coinvestments, owned and operated by CM on behalf of partners (including where CM invests alongside for its own account) and co-investment discelior (no in duplication of the asses decribed in (j(q)), plus (i) the oggregate unlunded commiments as of December 3), 2017 (he "Report Date"). The GAV i calculated in accordance with U.S. generaly accounting priciples on a fairvalue bass (he "Book Value") and generally represents third-pary appraised volve as reported within the opplicable financial statements as of the Report Dote, but in the cose Assess strategy one of Clarks. below GN or Book Valle generals interest cost ps reliected in SEC-filed financial statement) as of September 30, 2017. The only ined by CM RET (as delined below) consist of the Book Value of CM REIT's delemined by assuming the underlying asses of CMCT are layidated bosed upon the third-pary garased value. CM dees not presently view the market pice of our Common Stock to the low of CM RET's interest in CMCT due to the publicy-traded shares of our Common Stock represent less than 45 at the oustanding Common Stock of CMCT and are hiniy-haded. Assets Owned and Operated ato includes the assets over the Cole Net-Lease Asset strategy (formery Cole Capital), which was under contract to be acquired by a CM affiliate as of the Report Date and subsequently closed on February 1, 2018. The assets owned/operated by CMK : Cole Net-Lease Asset strategy represent approximalely \$7.6 billion of CM separed of \$27.5 billion. Equily Owned and Operated, egesenting the NV (at defined below before incentive lee allocalion, pis binding unlinents, is \$1.5 billion as of the Report Dote. NAV is based upon the aggregate anounts hat would be distibutable assuming a "hypothelication" on the dote of delemination, assuming hat: (x) investments are old at their box Valve (as delined above); (y) debs are poid and ofher assets are collected; and () appropriate adjustment equity investors are made in accordance with applicable documents, in each case as delemined in occardance with applicance. Assets Owned and Operated for CMM Partners, L. I which represents asses under management), a perpetically real estate debt und. is \$0.3 billion of the Report Date ond Coperated for CMM Parkers, L. I which represents equity under nanagement), is \$0.3 billion as of the Report Date.

Net Asset Value

As of December 31, 2017, we have etablished on estimation of \$23.96. Neline FINRA nor the SEC provides wer on the methodology ve must we to delemine ou estimation of estimation of estimation of estimalized NAV involver a numplion, estimates and judgments had may not be accurate or complete. We believe there is no establing estimated NAV. Different firms using different property-spectic, general red estate, capital natels, economic and other and judgments could deve on estimated NAV has is signicanly offerent from over estimated NA Y. Thus, oher public RETs' methodologies used to calculated NAV may aller materially from our. Additionally, he estimaled NAV does not give effect to change in value, investment activities, copilal activities indebled to the various activities occuring after December 31, 207 that would have an impact on or estimated NAV.

The estimated NAV pershare of \$23.96 was calculated of our real estate and the asses of our lending segment. The table "Estimated the Assel Value" on page 6 sets forth the material in the calculation of our estimated NAV. We engaged various third party opraisal four real estate asses on the asses of our lending segment 31, 2017. Except for one office properly acquired in December 2017, which was based on he puchase pice including ranaction costs hat asumplion of libblilles) negatined with the uneided third-porty seller, the for values of our investments in real estate were bosed on appraisis obtained as of December 31, 2017. The fair values of the assess of our lending segment were based on an appraisal ablained as of December 31. 2017.

The December 31, 2017 appraisal were performed in the by the Aneican Institute of Cellified Public Accountant. Ecch of our appraisaly wee prepared by personel who are subject to and in the code of prolesional ethis and the stardards of professional conduct set forth by the certifical n programs of the professional appraisal organizations of which they are members.