CIM Commercial Trust Corporation | NASDAQ: CMCT | TASE: CMCT-L

August 2019

www.cimgroup.com | ©2018 CIM Group | TR AD E S E CR E T / CO NF IDE NTI AL I NF OR MATION www.cimcommercial.com | ©2019 CMCT | CMCT CIM Commercial Trust Corporation | Securities distributed by affiliate broker-dealer: CCO Capital, LLC, member: FINRA / SIPC

Free Writing Prospectus | CIM Commercial Trust Corporation Investor Presentation Q2 2019

Filed Pursuant to Rule 433 | Dated August 8, 2019| Registration Statement No. 333-210880

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

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

» Prospectus, dated April 11, 2019, relating to Registration Statement No. 333-210880 and supplement No. 1 dated May 14, 2019

Reverse Stock Split

» On August 8, 2019, CMCT announced a 1-for-3 reverse stock split on its common stock (the "Reverse Stock Split"), to be effective on September 3, 2019. None of the share or per share amounts in this presentation reflect the effect of the Reverse Stock Split.

Forward-looking Statements

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

Such forward-looking statements are based on particular assumptions that management of CMCT has made in light of its experience, as well as its perception of expected future developments and other factors that it believes are appropriate under the circumstances. Forwardlooking statements are necessarily estimates reflecting the judgment of CMCT and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include those associated with (i) the timing, manner and extent, if any, of the distribution of shares of common stock held by the principal stockholders of CMCT to its members. (ii) the timing, manner and extent, if any, of repurchases of Series L Preferred Stock by CMCT and (iii) general economic, market and other conditions.

For a further list and description of the risks and uncertainties inherent in the forward looking statements, see CMCT's Annual Report on Form 10-K for the fiscal year ended December 31, 2018 and the Registration Statement on Form S-11 (No. 333-210880) relating to the Series A Preferred Stock.

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

CIM Commercial Trust

NASDAQ: CMCT | TASE: CMCT-L

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

Eight office properties, one hotel and two ancillary properties1

1.3 million rentable square feet of office and 503 hotel rooms1

\$431 million Net Asset Value ("NAV") (\$9.83 per share pre-split)1,2

High barrier-to-entry, metropolitan focus

Three value enhancing redevelopments in progress in Northern California, Los Angeles and Austin

Managed by CIM Group, L.P. ("CIM" or "CIM Group") - owner/operator of \$30.2 billion of real assets3

Pro forma estimates as of June 30, 2019, following the completion of the Program to Unlock Embedded Value in Our Portfolio and Improve Trading Liquidity of Our Common Stock as described on page 4, excluding the effect of the 1-for-3 Reverse Stock Split. See pro forma NAV estimate table on page 28.
As of March 31, 2019. See Important Information on page 32.

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

» 10 properties sold for a combined gross sales price of \$991 million (see page 30 for list of assets)1
» Declared \$613 million special dividend (\$14.00 per share) to common stockholders; to be paid on August 30, 2019
» 1:3 Reverse Stock Split to become effective on the ex-dividend date of the special dividend (September 3, 2019)
» CMCT has been informed that ~31.9 million shares (pre-split) held by its principal stockholder (the "Fund"), representing ~72.8% of the outstanding shares of CMCT common stock, will be distributed to ~19 members of the Fund2 by the end of August 2019
- » Resulting increase in public float, which CMCT believes will in turn increase the trading liquidity of CMCT common stock and improve CMCT's access to capital, benefitting both preferred and common stockholders
- » Following the distribution, the Fund is expected to own approximately 16.9% of CMCT common stock
» CMCT will continue to target a capital structure of 45% common equity and 55% debt/preferred equity3

^1. As of July 31, 2019.

^2. CMCT has approximately 43.8 million shares of common stock outstanding.

^3. Based on fair value.

Maximizing Returns For Stockholders

» Active and strategic portfolio management to maximize returns to stockholders
» CMCT has sold \$2.3 billion of assets since going public in 20141

1. As of July 31, 2019.
1. Total returns includes changes in stock price or NAV per share, as applicable, and includes all dividends declared and paid with respect to CMCT's common stock from March 31, 2014 to July 31, 2019.
1. Please see "Net Asset Value (NAV)" under "Important Information" with respect to the methodology of the calculation of the NAV of CMCT on page 32.
1. "U.S. Office REITs" reflects the weighted average historical stock price and NAV performance of the companies included in the SNL US REIT Office Index as of July 31, 2019 based, for all periods indicated, on the weights attributed to each such company by such index as of July 31, 2019. The SNL US REIT Office Index is an index of certain publicly traded office REITs in the United States. The characteristics of the portfolios of assets of such companies included in "U.S. Office REITs" may differ significantly from the characteristics of CMCT's portfolio of assets. "U.S. Office REITs" may therefore not be an appropriate benchmark for the performance of CMCT. Past performance is not a guarantee of future results. The data used in this chart is derived from SNL and filings with the SEC.
The amounts of regular and special cash dividends per share are based on the number of shares outstanding as of the applicable record dates. Past performance is not indicative of future results.
1. CMCT is the product of a merger (the "Merger") between a subsidiary of CIM Urban REIT, LLC ("CIM REIT"), a fund operated by CIM Group, and PMC Commercial Trust ("PMC"), a publicly traded mortgage real estate investment trust, consummated in Q1 2014. Represents dividends declared on our common stock from January 1, 2014 through August 8, 2019. Excludes a special dividend paid to PMC Commercial Trust's stockholders in connection with the Merger, but includes 2014 dividends received by CIM REIT stockholders prior to the Merger and dividends on convertible preferred stock received by Urban Partners II, LLC, an affiliate of CIM REIT and CIM Group, on an as converted basis, in the Merger.
1. The per share equivalent in proceeds from CMCT's June 2016 tender offer is \$2.15, calculated by dividing \$210,000,000, the amount used by CMCT to purchase shares of common stock of CMCT in the tender offer, by 97,676,197,the number of shares of common stock outstanding immediately prior to such tender offer.
1. Includes the \$14.00 per share special cash dividend to common stockholders declared on August 8, 2019, to be paid on August 30, 2019, and regular quarterly cash dividend of \$.025 per share of common stock declared on August 8, 2019, to be paid on September 18, 2019.

b l i h d E t s a s e	b l he d d d f r l a Es is in 1 9 9 4 in ta te te to ts as a n g ra ow ne r a n op er a r o ea ss e
S i t t r a e g e s	l a in fr d l e fo d in i ie l i f ie d by Re ( ) C I M ts tr tu ta te t a ss e as uc re a n re a s cu se c om m un s q ua l l a l c d le d de b la fo io i ( ) t t t- t t as w e s na na re ne as e an p rm s
l l d V i I t t t e r c a y n e g r a e -	l d l d -h h, d ly i- isc ip in ise in is i io i is, M t t t t a ar ex p er n ou se re se ar c cq n, c re na s u y a a u f de lo in in le in d i b i l i ie t, te ty t c t ve p m en an c g, as g an on s p ro p er m an ag em en ap a s
O i i t r g a n z a o n	1 lo in ip ls in lu d in l l o f i fo de fe io ls 9 7 0 ( 1 4 5 6 0 ) ts + + em p y ee s p r c a c g a un rs p ro ss na ,
f f O i L i t c e o c a o n s	f f dq d in le i h ice in he Sa isc he He Lo An Fr Ba Ar te t t t ; a ua r re s g e s, w o s n an c o y ea h in C l la ho ix C h ica d k, W D M Ar Da T X; P A Z; I L Ne Yo N Y to tr as g n, e o ea ; s, en g o, an w r ,
O d d O d A t t s s e s n e n p e r e w a a	\$ b l l 1 3 0. 2 i io n

As of March 31, 2019. See Important Information on page 32.

for communities to be successful

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

» Since 1994, CIM has qualified 122 communities in high barrier-to-entry markets and has owned and operated real assets in 72 of those communities1. The qualification process generally takes between six months and five years and is a critical component of CIM's asset evaluation

	l f Q i i i t u a c a	C i i t o n r e r a
	l Tr it ion an s a l Me ita D ist ict tro p o n r s	hr T iv ing l Me ita Ar tro p o n ea s
» »	lat h Po ion wt p u g ro d b l fo Br ic t oa p su p p or r u C I M 's h ap p ro ac	lat ds Po it ive ion tr s p op u en » b l fo Pu ic t su p p or r » is it ion ac q u s
» »	de f p Ev i iva te nc e o r fu d ing fro he ot n m r ins itu ion l o d t t a wn er s a n at op er or s de d ic he in he Un t rse rve n s	be low Op it ies tu p or n » int ins ic lue r va l to de loy Po ia te nt p a » in im f \$ 0 0 m i l l ion 1 m um o f o ist ic ity tu o p p or n eq u
»	l e ity 's sta te co m m un re a fra in str tu uc re l to de loy Po ia te nt p a f \$ l l in im 1 0 0 m i ion m um o	h f it in ive w y ea rs
	f o ist ic ity tu o p p or n eq u h f it in ive w y ea rs

1. As of July 31, 2019.

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

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

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

Resources & Expertise of Institutional Owner Operator

CMCT Management

Richard Ressler CIM Group Principal CMCT Chairman of the Board 26th Year at CIM Avi Shemesh CIM Group Principal CMCT Board Member 26th Year at CIM Shaul Kuba CIM Group Principal CMCT Board Member 26th Year at CIM David Thompson CMCT CEO 10th Year at CIM » Founder of Orchard Capital and Chairman of Executive Committee of CIM Group, Orchard First Source Asset Management and OCV » Chairman of the Board of j2 Global (NASDAQ: JCOM); previously served as CEO » Previously worked at Drexel Burnham Lambert and began his career as an attorney with Cravath, Swaine and Moore » Previously Co-Founder of Dekel Development, a developer of commercial and multifamily properties in Los Angeles » Previously involved in a number of successful entrepreneurial real estate activities, including Dekel Development (Los Angeles commercial and multifamily developer) » Previously spent 15 years with Hilton Hotels Corporation, most recently as Senior Vice President and Controller » Began career as a C.P.A. at Arthur Andersen & Co. Nathan DeBacker CMCT CFO 2n^d Year at CIM » Previously was Senior Vice President and Chief Financial Officer of Cole REITs, at VEREIT » Began career as an auditor at Ernst & Young Jan Salit CMCT President & Secretary 6th Year at CIM » 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)

CIM

Group Co-Founders

www.cimgroup.com | ©2018 CIM Group | TRADESECRET /CONFIDENTIAL I NFORMATIONwww.cimcommercial.com | ©2019 CMCT | CMCT CIM Commercial Trust Corporation | Securities distributed by affiliate broker-dealer: CCO Capital, LLC, member: FINRA / SIPC

i C I M G C C M C T t t t r o u p o m m m e n o	ire f f ice f d i f f i l ia im ly D & C M C T, C I M G to ts te te c rs o rs o ro up a n a s ow n ap p ro x a on e » l l ha f i io C M C T m n s re s o f in in he d ha he in ip l s k ho l de f in d 2 0 2 6 Fu ( C M C T ) to t t t w t to te o ve s rs n as p r c a c r o ve s » he fu ds in C I M G t o r ro up n
d C M t t a n a g e m e n a n o r p o r a e G o e r n a n c e v	d lu de hr fo de ha d le C M C T 's Bo in C I M G 's ( R ic Re Av i t ar c s ro up ee c o- un rs r ss r, » he h, d ha l ba S S Ku ) m es a n u
k l d d S M K t t r o n g a r e n o w e g e a n S i o u r c n g	be f i fr i de i f ica io f l i f ie d i ie in C M C T C I M G 's Q Co ts t t t ne om ro up n n o ua m m un s, so ur c g » b i l i ie d f v ica l ly in d la fo t to t te te t ca p a s an ac ce ss re so ur ce s o er g ra p rm
	d fe ba d fa lu f r l p d d T ie ir ie ia t m t t te re as se an ag em en e se on va e o ea ro p er s an as so c » f C M C T ts as se o
	ly fe d f a Q te ta ts ua r r e as se ss e as a p er ce n g e o ss e : 
	\$ l l 5 0 0 i io 0. 2 5 0 0 % < m n = 
	\$ l l \$ l l 5 0 0 i io 1, 0 0 0 i io 0. 2 3 7 5 % m n m n =  - l l l l 0 0 0 i io 5 0 0 i io 0. 2 2 5 0 %
M A / M t t t a n a g e m e n g r e e m e n a s e r i S A t e r v c e s r e e m e n	\$ \$ 1, 1, m n m n =  - \$ l l \$ l l 1, 5 0 0 i io 4, 0 0 0 i io 0. 2 1 2 5 % m n m n -
g	= 
	 -
	\$ l l \$ l l 4, 0 0 0 i io 2 0, 0 0 0 i io 0. 1 0 0 0 % m n m n = lu ~\$ l l ba fe d bu f c ha d P 1. 1 i io ice im in ice t o ta t s m n se s er v e an re rs em en er s re se rv s a » ( in in ) t t ta t tc co s ac co un g, x, r ep or g, e
	l Pe tu te rp e a rm »

CMCT History 2

Shares were repurchased in privately negotiated transactions from a fund managed by an affiliate of CIM Group. In connection with these share repurchases, CMCT paid special cash dividends totaling \$6.5 million that allowed the common stockholders that did not participate in the repurchases to receive the economic benefit of such repurchases. Special cash dividends are not included in the above amount.

2 Kaiser Plaza

High Quality Class A & Creative Office Portfolio

Growth-Focused Portfolio (As of June 30, 2019)1

Of fic e:		ble Re nta
	Sq Fee t ua re			Re nt Pe r
Lo ion cat	b-M ark Su et	( "SF ")	% Oc ied cu p	2 Oc ied SF cu p
Oa kla nd CA ,
ais Pla 1 K er za	Lak itt e M err	7 539 91 ,	96 .1%	\$	42 .45
cis Sa n F CA ran co ,
113 0 H ard St t ow ree	So uth of M ark et	194 21,	100 .0%		76 .15
ele Lo s A CA ng s,
lsh ule rd 116 20 Wi ire Bo va	ele We Lo s A st ng s	5 194 98 ,	95 .1%		42 .54
47 50 Wi lsh ire Bo ule rd va	Mi d-W ilsh ire	294 138 ,	23 .2%		47 .91
Wi lsh ire ule rd 94 60 Bo va	rly Hi lls Be ve	547 94,	95 .0%		97 .58
lsh ule rd 116 00 Wi ire Bo va	ele We Lo s A st ng s	186 56,	92 .8%		56 .46
Lin db lad ed ia C e M ter en	ele We st Lo s A ng s	8 32, 42	100 .0%		46 .29
in, A TX ust
36 01 S C Av on gre ss en ue	So uth	5 183 88 ,			37 .05
TO TA L		1, 26 1,4 36	88 .1%	\$	47 .62
tel Ho :				Rev en	Pe ue r
		mb Nu er		ail Av	ab le
ion Lo cat	b-M ark Su et	of Ro om s	3 ied % Oc cu p	4 Ro ( Rev PA R) om
Sa CA nto cra me ,
Sh Gr d H l ton ote era an	idt Do n/M tow wn ow n	503	81 .9%	\$	140 .93
An cil lar y:				An aliz nu	ed Re nt
		Re ble nta		( Pa rki	d ng an
		Sq Fee t ua re	% Oc ied cu p	Re tai l) ( in
Lo ion cat	b-M ark Su et	( Re tai l)	( Re tai l)		5 tho nd s) usa
Sa CA nto cra me , Sh d H l P ark Gr ing ton ote era an
l Ga e & Re tai rag	idt Do n/M tow wn ow n	3 9, 45	100 .0%	\$	2, 94 5
kla nd Oa CA ,

Geographic Diversification1,2

Annualized Rent by Location (Excludes Hotel and Ancillary Properties)

Los Angeles Oakland Austin San Francisco

- -1. As of June 30, 2019. Pro forma for sale of 899 North Capitol Street, 901 North Capitol Street, and 999 North Capitol Street, which were sold to an unrelated third party in July 2019.
Represents gross monthly base rent, as of June 30, 2019, multiplied by 12. The amount reflects total cash rent before abatements. Where applicable, annualized rent has been grossed up by adding annualized expense reimbursement to base rent.
Represents trailing six-month occupancy as of June 30, 2019, calculated as the number of occupied rooms divided by the number of available rooms.
Represents trailing six-month RevPAR as of June 30, 2019, calculated by dividing the amount of room revenue by the number of available rooms.

Lake Merritt

Represents gross monthly contractual rent under parking and retail leases commenced as of June 30, 2019, multiplied by 12. This amount reflects total cash rent before abatements. Where applicable, annualized rent has been grossed up by adding annualized expense reimbursements to base rent.

Embedded Growth Opportunity: Los Angeles 3

Key Los Angeles Office Themes

Tech, media and entertainment demand driving growth 1
Major content creators such as Netflix, Google, and Amazon Studios lease 2.2+ million SF of office and production space across West Los Angeles and Hollywood 2
High barrier-to-entry/supply constrained given regulatory environment 3
Affluent population base 4

CMCT Los Angeles Office Portfolio

» Beverly Hills (9460 Wilshire Boulevard):
- Severe supply constraints with significant barriers to entry; tenant demand driven by finance and entertainment
- Adjacent to the Four Seasons Beverly Wilshire Hotel and Rodeo Drive
» Culver City (Lindblade Media Center):
- A preferred location for tech, entertainment and media tenants; Santa Monica office demand gravitating southeast
» Park Mile/Hancock Park (4750 Wilshire Boulevard):
- Centrally located; attracting tenants priced out by significant rent increases in nearby Hollywood (in which rents are approaching \$60 PSF)
» Brentwood (11600 & 11620 Wilshire Boulevard):
- Strong demand from executives who prefer a shorter commute; cost-effective alternative to Santa Monica
- One block west of I-405 freeway; nearby UCLA Medical Center, St. John's Hospital and Veterans Administration Hospital provide consistent demand for medical office

CIM Group: 60+ Los Angeles Investments Over 25 Years

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

Embedded Growth Opportunity: Oakland 3

Favorable Office Dynamics

Relative Value vs. San Francisco Central Business District ("CBD") (Class A asking rents)1: 1
- » San Francisco - \$77.90
- » Oakland - \$53.32
Limited new office supply in Lake Merritt / City Center: Last major office project completed in 20081 2

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

Proposition M: San Francisco office development limited to 875,000 square feet per year 3
Class A CBD vacancy of 7.8%2 4

A Vibrant Community

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

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

Residential Development:

» ~11,000 new units in 2019-2021 (v. ~169,000 existing)1
» Residential Monthly Asking Rents1

San Francisco - \$3,144 | Downtown Oakland - \$2,570

1. Source: CoStar July 2019 Office Market Report.
1. Source: JLL Q2 2019 Office Insight.
1. As of June 30, 2019.

CM CT As set s	As Ty set pe	3 Re ble SF nta	3 Lea sed %	An ali zed Re Pe nt nu r 3,4 Oc ied SF cu p
Pla 1 K ais er za	ffic O e	53 9, 91 7	96 .6%	\$ 42 .45
2 K ais Pla er za	O ffic lop e D nt ev e me

CMCT In-Place Rent3,4 \$42.45

Class A Asking Rents1 \$53.32

Represents gross monthly base rent per square foot under leases commenced as of June 30, 2019, multiplied by 12. This amount reflects total cash rent before abatements. Where applicable, annualized rent has been grossed up by adding annualized expense reimbursements to base rent. Annualized rent for certain office properties includes rent attributable to retail.

Embedded Growth Opportunity: Austin 3

Compelling Growth Market

Diverse Employment Sources – government, education and tech 1
Austin is home to many large U.S. corporations including Amazon, Facebook, Apple, Cisco, eBay, GM, Google, IBM, Intel, Oracle, Paypal, 3M and Whole Foods 2
Sustained, rapid market rent growth 3
- − Five year Increase of 37% (2014-2018)1
Low vacancy 4
- − Austin Class A – 7.1%1
- − South Austin submarket – 7.0%1
Population growth 5
- − Ten year historical growth rate of 2.8% (versus 0.7% in the U.S.)1
- − Five year forecast growth rate of 2.2% (versus 0.7% in the U.S.) 1
Employment growth 6
- − Ten year historical growth rate of 3.4% (versus 1.3% in the U.S.)1

CM CT As set s	As set Ty pe	Re nta	ble SF 2	sed % 2 Lea	ali zed An Re nt Pe nu r Oc ied SF 2,3 cu p
36 01 So h C ut on g res s	O ffic e	18 3, 88 5		97 .5%	\$ 37 .05

la 2,3 C M C T In -P Re t ce n \$ 3 0 7. 5			C la A As ss \$	1 k in Re ts g n 4 6. 3 4

Source: CoStar July 2019 Office Market Report.
1. As of June 30, 2019.
1. Represents gross monthly base rent per square foot under leases commenced as of June 30, 2019, multiplied by 12. This amount reflects total cash rent before abatements. Where applicable, annualized rent has been grossed up by adding annualized expense reimbursements to base rent. Annualized rent for certain office properties includes rent attributable to retail.

www.cimgroup.com | ©2018 CIM Group | TRADESECRET /CONFIDENTIAL I NF ORMATION

3601 S. Congress Avenue Expansion - Mid-2020 Expected Completion Approximately 42,000 SF add-on building to existing 183,885 SF office complex (97.5% leased

42,000

Redevelopment In Progress: Austin

Potential Rentable SF

Product

Office

» as of June 30, 2019)
» Two-story creative office building designed to accommodate either a single user or two singlefloor tenants
» ~\$15 million development (\$2 million spent as of June 30, 2019)

South

Sub-Market

Expansion to Existing Campus

Targeting ~8% return on cost upon stabilization

Rendering of "Building L" –

Location

Austin, TX

Redevelopment In Progress: Los Angeles

io Lo t ca n	b- ke Su M t ar	b le Re S F nt a	du Pr ct o
les C Lo An A s g e ,	i d- i ls h ire M W	3 8, 2 9 4 1	O f f ice

4750 Wilshire Boulevard - Repositioning

» Currently being repositioned into vibrant, collaborative office space following the expiration of a lease agreement for 100% of the property in April 2019
» Centrally located in Park Mile / Hancock Park location with both nearby executive housing (Hancock Park) and millennial housing and lifestyle amenities (Hollywood and Miracle Mile)
» Short drive time to Hollywood/West Hollywood (10 minutes), Beverly Hills/Culver City/Downtown LA (20 minutes) and Santa Monica (30 minutes)
» CIM Group leased ~30,000 square feet in 2Q'19 for an annualized rent of \$481 per square foot representing 73% lease spread from prior lease (4750 Wilshire is adjacent to CIM Group's headquarters)

Represents gross monthly base rent per square foot under leases commenced as of June 30, 2019, multiplied by 12. This amount reflects total cash rent before abatements. Where applicable, annualized rent has been grossed up by adding annualized expense reimbursements to base rent.

io Lo t ca n	Su b- ke M t ar	du Pr ct o
Sa C A to cr am en ,	dt Do / M i to wn wn ow n	l Ho te

Room Renovations Scheduled to be Complete in Late 2020

» ~\$26 million renovation of existing hotel to drive average daily rate, improve group bookings (\$1.2 million spent as of June 30, 2019)
» Target 15%+ return on cost

» Renegotiate Marriott Hotel Management Agreement; switch to franchise model with separate management
» Complete renovation of all guestrooms, food & beverage amenities, public areas, meeting rooms and amenities
» Isolate disruption to coincide with expansion/renovation of adjacent convention center (see below)
» Longer term, potential development of a new hotel tower, multifamily or build-to-suit office on top of owned garage and retail

Sheraton Grand Renovation Simultaneous With Expansion/Renovation of Adjacent Sacramento Convention Center

» \$340 million renovation/expansion of the Sacramento Convention Center
» Adds new meeting rooms and exhibit halls
» Scheduled to be completed in late 2020
» Part of a larger project (C3) that also renovates adjacent auditorium and theater

Sheraton Grand

Growth Pipeline: Oakland

Potential Build-to-Suit

io Lo t ca n	b- ke Su M t ar	ia l b le Po Re S F te nt nt a	du Pr ct o
k lan d, Oa C A	ke La Me itt rr	4 2 5, 0 0 0 – 8 0 0, 0 0 0	f f O ice

2 Kaiser Plaza (Beacon Tower)

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

Rendering of 2 Kaiser Plaza (Beacon Tower), Oakland, CA

1 Kaiser Plaza – Existing Building

Equity-Enhancing, Growth-Oriented Capital Structure 5

Preferred Stock Program

Series A

» Perpetual Preferred Stock at 5.5% coupon
» Continuously offered - monthly issuance
» CMCT and investor option to call/redeem five years from issuance at \$25 per share, plus accrued and unpaid dividends1
» Redemption payable in cash or CMCT common stock, at election of CMCT1

Series L

» Perpetual Preferred Stock at 5.5% coupon
» CMCT and investor option to call/redeem beginning November 21, 2022 (or earlier in limited circumstances) at \$28.37 per share1
» Redemption payable in cash or CMCT common stock, at election of CMCT1

Historical Preferred Stock Issuance2

(in millions)

Target Capital Structure3

» Target capital structure of 45% common equity, 55% debt and

preferred equity3 - seeks to enhance common equity returns with

low relative risk

» Plan to maintain long-term debt at minimal levels
1. With respect to the Series A Preferred Stock: (i) shares can be redeemed during the first two years following the issuance date, subject to a 13% redemption fee, and during years three through five following the issuance date, subject to a 10% redemption fee; (ii) after year five, there is no redemption fee; (iii) redemptions during the first year following the date of issuance must be paid in cash. With respect to the Series L Preferred Stock, as a general matter, shares can only be redeemed from and after the fifth anniversary of the date of original issuance.
Represents gross proceeds from issuances through June 30, 2019, calculated as the number of shares issued net of redemptions, times the stated value per share; proceeds are not net of commissions, fees, allocated costs or discount, as applicable.
Based on fair value.

Equity-Enhancing, Growth-Oriented Capital Structure

Corporate Debt Revolving Credit Facility3 Variable LIBOR+ 1.55%3 10/31/2022 \$ - Junior Subordinated Notes Variable LIBOR+ 3.25% 3/30/2035 27.1 Total Corporate Debt \$ 27.1 Total Debt \$ 151.5Debt & Preferred Summary (June 30, 2019)1 Mortgages Interest structure (fixed/variable etc.) Interest Rate Maturity/ Expiration Date Loan balance 6/30/2019 (in millions) 1 Kaiser Plaza Fixed 4.14% 7/1/2026 \$ 97.1 Total Mortgages 4.14% \$ 97.1 Other Debt SBA 7(a) Loan-Backed Notes2 Variable LIBOR+ 1.40% 3/20/2043 \$ 27.4 Total Other Debt \$ 27.4

b i h d l D M S t t t e a r c e e 1 u y u ( J 3 0, 2 0 1 9 ) un e
	l l ( in i ion ) m s				\$14 2.6






\$0. 9	\$1. 9	\$2. 0	\$2. 0	\$2. 1
201 9	202 0	202 1	202 2	202 3	The fte rea r

fer red k Pre St oc	Int st str uct ere ure fix ed ria ble ( /va c.) et	Co up on	Ma ity / tur Exp ira tio n Da te	din Ou tst an g in mi llio ( ns)
Se rie s A	Fix ed	5.5 0%	N/A	4 \$ 9 0.0
Se rie s L	Fix ed	5.5 0%	N/A	22 9.3 5
To tal Pr efe d S k toc rre				\$ 3 19 .3
tal bt ref ed St k To De + P err oc				\$ 4 70 .8

»Excludes anticipated draw of ~\$65 million6 to partly fund the special dividend

Fixed Debt vs. Floating Debt (June 30, 2019)1

Excludes: (a) \$15,304,000 of secured borrowings – government guaranteed loans, which represent sold loans that are treated as secured borrowing because the loan sales did not meet the derecognition criteria provided for in ASC 860-30, Secured Borrowing and Collateral, and (b) premiums, discounts and debt issuance costs.
1. In May 2018, we completed a securitization of the unguaranteed portion of certain of our SBA 7(a) loans receivable with the issuance of \$38,200,000 of unguaranteed SBA 7(a) loan-backed notes. The SBA 7(a) loan-backed notes are collateralized by the right to receive payments and other recoveries attributable to the unguaranteed portions of certain of our SBA 7(a) loans receivable. The notes mature on March 20, 2043, with monthly payments due as payments on the collateralized loans are received. Based on the anticipated repayments of our collateralized SBA 7(a) loans, we estimate the weighted average life of the notes to be approximately two years.
1. In October 2018, we entered into a revolving credit facility with a bank syndicate pursuant to which CMCT can borrow up to a maximum of \$250,000,000, subject to a borrowing base calculation. The revolving credit facility is secured by deeds of trust on certain properties. Outstanding advances under the revolving credit facility bear interest at (i) the base rate plus 0.55% or (ii) LIBOR plus 1.55%. The revolving credit facility matures in October 2022 and provides for one one-year extension option under certain conditions. At June 30, 2019, approximately \$210,000,000 was available for future borrowings.
1. Outstanding Series A Preferred Stock represents total units issued as of June 30, 2019 of 3,614,493, less redemptions of 12,772 shares, times the stated value of \$25.00 per share. Gross proceeds are not net of commissions, fees, allocated costs or discount.
1. Outstanding Series L Preferred Stock represents total units issued as of June 30, 2019 of 8,080,740 times the stated value of \$28.37 per share. Gross proceeds are not net of commissions, fees, allocated costs or discount.
1. Anticipated draw on our revolving credit facility of approximately \$65 million is included in the pro forma estimated net asset value table on page 28. All pro forma numbers are unaudited.

Pro Forma Estimated Net Asset Value1,2

(As of June 30, 2019)

(\$ in millions, except for shares and per share amounts) (Unaudited)

		tim Es ate ha s re	d N AV p er f c o om mo n
tim d N Es AV ate		k o sto c	din uts ta n g
al t fa alu Inv in ir v est nts est ate me re - a e	\$ 90 1.4
ble t fa alu Lo iva ir v an s r ece - a e	74 .9
3 bt De	( 189 .2)
he r li ab ilit sh d o the Ot ies ts , ca an r a sse	( 36 .6)
llin No int tro sts nc on g ere	( 0.7 )
4 de ab le S ref ed k Re eri A P St em es err oc	( 90 .0)
5 de ab le S ref ed k Re eri L P St em es err oc	( 22 9.3 )
Est im ed N AV tri bu ble kh old - P cia l d ivi de nd at at ta to st t s co mm on oc ers os pe	\$ 43 0.6	\$	9.8 3
al div ide nd Sp eci	61 3.3	\$	14 .00
im ed tri bu ble kh old ial di vid d Est at N AV at ta to st - P co mm on oc ers re sp ec en	\$ 04 3.9 1,	\$	23 .83

Shares of Common Stock outstanding 43,805,741

Represents the pro forma NAV as of June 30, 2019 following the impact of the Program to Unlock Embedded Value in Our Portfolio and Improve Trading Liquidity of Our Common Stock.
Share and per share amounts do not reflect the effect of the Reverse Stock Split.
1. Represents outstanding mortgage debt, junior subordinated notes, and pro forma borrowings on our revolving credit facility of \$65,000,000, at face value. Excludes secured borrowings on government guaranteed loans and SBA 7(a) loan-backed notes, both of which are included in other liabilities, cash and other assets.
1. Outstanding Series A Preferred Stock represents total units issued as of June 30, 2019 of 3,614,493, less subsequent redemptions of 12,772 shares, times the stated value of \$25.00 per share. Gross proceeds are not net of commissions, fees, allocated costs or discount.
1. Outstanding Series L Preferred Stock represents total units issued as of June 30, 2019 of 8,080,740 times the stated value of \$28.37 per share. Gross proceeds are not net of commissions, fees, allocated costs or discount.

Key Metrics

Top Five Tenants1

			l An nu a	ize d R t en	f A l ize d % o nn ua	b le Re Sq nt a ua re	f R b le % ta o en
Te nt na	Pr ty op er	ira ion Le e E t as xp	in ho ( t	2 ds ) us an	Re nt	Fe et	Sq Fe et ua re
ise dat ion alt h P lan Ka r Fo He , In un c.	ais Pla 1 K er za	73 202 202 5 -	\$	510 15,	29. 3%	374 ,03 8	29. 7%
MU FG Un ion Ba nk, N. A.	946 0 W ilsh ire Bo ule rd va	202 9		3,4 11	6.4 %	27, 569	2.2 %
3 A Ent ain In rts ert nt, me c	ilsh ule rd 946 0 W ire Bo va	202 6		2,0 63	3.9 %	27, 112	2.1 %
CIM Gr L.P ou p,	Va rio us	201 9-2 030		1,9 35	3.7 %	44, 449	3.5 %
Ho In me aw ay, c.	360 1 S Co s A ng res ve nu e	202 0		1,6 14	3.1 %	42, 545	3.4 %
tal fo Fiv To r T e T ts op en an				24, 533	46. 4%	3 515 ,71	40. 9%
All Ot he r Te nts na				28, 385	53. 6%	595 ,56 8	47. 2%
Va t can				-	- %	150 ,15 5	11. 9%
To tal fo r P fol io ort			\$	52, 918	100 .0%	1,2 61, 436	100 .0%

Lease Expirations as a % of Annualized Office Rent1,2

As of June 30, 2019. Pro forma for sale of 899 North Capitol Street, 901 North Capitol Street, and 999 North Capitol Street, which were sold to an unrelated third party in July 2019.
Represents gross monthly base rent, as of June 30, 2019, multiplied by 12. This amount reflects total cash rent before abatements. Where applicable, annualized rent has been grossed up by adding annualized expense reimbursements to base rent. Annualized rent for certain office properties includes rent attributable to retail.
Prior to February 2023, the tenant may terminate up to 140,000 square feet of space in the aggregate (of which no more than 100,000 rentable square feet may be terminated with respect to the rentable square feet expiring in 2027) in exchange for a termination penalty. From and after February 28, 2023 with respect to the rentable square feet expiring in 2025, and February 28, 2025 with respect to rentable square feet expiring in 2027, the tenant has the right to terminate all or any portions of its lease with us, effective as of any date specified by the tenant in a written notice given to us at least 15 months prior to the termination, in each case in exchange for a termination penalty.

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

Unlock Embedded Value Through Targeted Asset Sales

»Special dividend of \$14.00 per share of common stock payable on August 30, 2019: the aggregate amount of the special dividend will be approximately \$613 million and will be funded primarily by the net proceeds (after the repayment of debt) received from the sale of ten properties during 2019 and borrowings on CMCT's revolving credit facility
» Assets sold:

		ble Re nta
Pro rty pe	Lo tio ca n	1 Sq Fe et ua re	Da So ld te
21 01 W eb r S ste tre et	Oa kla nd CA ,	79 8 47 4,	Ma rch 20 19 1,
H iso n S 19 01 tre et arr	Oa kla nd CA ,	28 3, 97 0	Ma rch 1, 20 19
83 0 1 st S tre et	W hin ton DC as g ,	24 7, 33 7	Ma rch 1, 20 19
21 00 Fr klin St t an ree	Oa kla nd CA ,	21 6, 82 8	Ma rch 1, 20 19
23 53 W eb r S Pa rkin Ga ste tre et g rag e	Oa kla nd CA ,	N/ A	Ma rch 1, 20 19
26 0 T nd St t ow nse ree	Sa n F cis CA ran co ,	66 68 2 ,	Ma rch 15 20 19 ,
13 33 Br dw oa ay	Oa kla nd CA ,	25 4, 52 3	Ma 16 20 19 y ,
99 9 N C ito l St t ap ree	W hin DC ton as g ,	31 98 3 5,	Ju ly 30 20 19 ,
2 C ito l St 89 9 N t ap ree	hin DC W ton as g ,	31 4, 66 7	ly Ju 30 20 19 ,
2 C 90 1 N ito l St t ap ree	DC W hin ton as g ,	N/ A	Ju ly 30 20 19 ,
To tal A ts S old sse		78 8 2, 17 4,

As of the date of sale.
As a matter of prudent management, after evaluating each asset within its portfolio, as well as the intrinsic value of each property, CMCT decided to sell these additional assets.

Important Information

Assets Owned and Operated (AOO) represents the aggregate assets owned and operated by CIM on behalf of partners (including where CIM contributes alongside for its own account) and co-investors, whether or not CIM has discretion, in each case without duplication. AOO includes total gross assets at fair value, with real assets presented on the basis described in "Book Value" below and operating companies presented at gross assets less debt, as of the Report Date (as defined below) (including the shares of such assets owned by joint venture partners and co-investments), plus binding unfunded commitments. AOO also includes the \$0.3 billion of AOO attributable to CIM Compass Latin America (CCLA), which is 50% owned and jointly operated by CIM. AOO for CMMT Partners, L.P. (CMMT) (which represents assets under management), a perpetual-life real estate debt fund, is \$0.7 billion as of the Report Date.

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

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

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

Net Asset Value (NAV) represents the distributable amount based on a "hypothetical liquidation" assuming that on the date of determination that: (i) investments are sold at their Book Values; (ii) debts are paid and other assets are collected; and (iii) appropriate adjustments and/or allocations between equity partners are made in accordance with applicable documents, as determined in accordance with applicable accounting guidance.