Creative Media & Community Trust Corporation — Investor Presentation 2020

Mar 17, 2020

CIM Commercial Trust Corporation NASDAQ: CMCT TASE: CMCT-L March 2020 www.cimcommercial.com ©2020 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 Q4 2019

Filed Pursuant to Rule 433 | Dated March 16, 2020 | Registration Statement No. 333-233255

CIM Commercial Trust Corporation ("CMCT") has filed a registration statement (including a base prospectus) with the Securities and Exchange Commission (the "SEC") for the offering of Series A Preferred Stock and Series D Preferred Stock to which this communication relates. Before you invest, you should read the base prospectus in that registration statement, the prospectus supplement for the Series A Preferred Stock and Series D Preferred Stock, 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 prospectus supplement, including the base prospectus, for free on the SEC's website at www.sec.gov as follows:

x Prospectus supplement, dated January 28, 2020, including the base prospectus dated December 4, 2019, forming part of the Registration Statement on Form S-3 (Reg. No. 333-233255)

On September 3, 2019, CMCT effected a 1-for-3 reverse stock split (the "Reverse Stock Split") on its common stock, par value \$0.001 per share. Unless otherwise specified, all CMCT common stock and per share of CMCT common stock amounts set forth in this presentation have been adjusted to give retroactive effect to the Reverse Stock Split.

Important Disclosures

Forward-looking Statements

The information set forth herein contains forwards. 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," "arget," "believe," "anticipate," "intend," "could," "estimate," "continue," "porsue," "potential," "forecast," "seek," "plan," or "should" or the negative or other words or expressions of similar meaning, may identify forward-looking statements.

Such forward-looking statements are based on particular assumptions that management of CMCT has mace in light of its experience, as well as its perception of expected future developments and it believes are apropriate under the circumstances. Forvard-fooking statements are necessarily estimates reflecting the judgment of CMCT and incertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. These associated with (i) the timing, form and operational effects of CM Commercial's development activities, (ii) the ability of CM Commercial to raise in place rents to existing market rents and (iii) general economic, market and other conditions.

For a further list and description of the risks and uncertaintes in the forward looking statements, see CMCT's Annual Report on Form 10-K for the fiscal year ended December 31, 2019, the prospects supplement filed with the SEC on January 28, 2020 relating to the Series A and Series D Preferred Stock.

As you read and consider the information herein, you are cautioned to not place forward-looking statements. These statements are not guarantees of performance or results and 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 factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-tooking statement. CMCT undertakes no obligation to these forward-looking statements to reflect events or circumstances after the ocurrence of unanticipaled events, except as required by law.

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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 \$416 million Net Asset Value ("NAV") (\$28.49 per share)1.2 San Francisco Area High barrier-to-entry, metropolitan focus Los Angeles Austin Three value-enhancing redevelopments in progress in Northern California, Los 6 Angeles and Austin Managed by CIM Group, L.P. ("CIM" or "CIM Group") - owner/operator of \$29.1 billion of real assets3 Insiders4 own ~19.6% of CMCT common stock as of March 12, 2020 1. As of December 31, 2019. 2. See NAV estimate table on page 28. See Important Information on page 32. 3. As of December 31, 2019. See Important Information on page 32. 4. Includes CIM Group and its affiiates, as well as officers and directors of CMCT.

www.inconnercial.com | C2020 CMCT | CMC Corporation | Securities distributed by affilitele broker-desir: CCO Capital, LLC, nember: FINRA / SPC

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

• » 10 properties sold in 2019 for a combined gross sales price of approximately \$991 million (see page 30 for list of assets)
• » Paid approximately \$613 million special dividend (\$42.00' per share) to common stockholders on August 30, 2019
• » In connection with its liquidation, CM Urban REIT"), a CIM-operated vehicle and the former indirect principal shareholder of CMCT, (i) distributed shares of our common stock representing approximately 72.8% of the outstanding shares² of CMCT common stock to a diverse group of institutional investors that were former members of CM Urban REIT and (i) sold shares of our common stock representing approximately 16.9% of the outstanding shares? of CMCT common stock to an affiliate of CM Group in a private transaction
• » Insiders of CMCT3 have economic interests in ~19.6% of the outstanding shares of CMCT common stock

^1. Amount has been adjusted to give retroactive effect to the Reverse Stock Split.

^2. Based on 14,602,149 shares of CMCT common stock outstanding as of December 31, 2019.

Includes CIM Group and its affiiates, as well as officers and directors of CMCT as of March 12, 2020

Maximizing Returns For Stockholders

CMCT

Active and strategic portfolio management to maximize returns to stockholders

Cumulative Cash Distributions Per Share of Common Stock5,6,7 \$69.48 \$70 \$60 \$50 \$40 \$30 \$26.58 \$25.08 \$20 \$14.33 \$10 \$5.25 \$2.63 \$0 2014 2015 2016 2017 2018 2019

• As of December 31, 2019.
• 1. Total relations in stock on 10V per share, as applicable, and rickeds decared and pold. With respect to MCT, includes dividents paid on common stock from March 31, 2014 to December 31, 2019.
• 1. Poss see the submated not asset value (144)" under "Incornal information" with respect to the methodoxy of the calculation of the calculation of the calculation of the NAV
• 1. " U.S. Office REITs' in weights aware and W (performance of the corpanis included in the SNL US RET Office internas of December 31, 2019 based, for all prices indicated, on the weights attitluded be such such and December 31, 2019. The SNL US RET Office interior in an index of the PET's in the United Office RET's in the United States. The cha of the portsion of such companis included in " J.S. Offer significantly from the characterists of CMC is portfolio of assess. " S. Office RETS" may the recordination of the a benchmark for the performance of CMCT. Past performance of future results. The data used in this chart is derived from SNL and flings with the SEC.
• 1. The ancount of regilar and special cased on the number of shares outsanding as of the agglicable record dates. All announts have been adjusted by the retroxive effect to t Reverse Stock Split. Past performance is not indicative of future results.
• 1. CMCT is the product of a megat (the "Megal") belleven a subsidiary of CM Group, and PMC Commencial Tout ("PMC"), a public transitial Tout ("PMC"), a public traded mater re estate investment took, consuments that in a 1204. Represents divisions paid on our common 1, 2014 firough December 31, 2019. Excludes a pecial dividins paid bridend paid b P Tust's stockholders in consection with the Merger, but RET stockholors prior to the Merger and dividends on convertible preferred stock reseived by Lhon Pathern II, LLC, an affiliate of CIM REIT and CIM Group, on an as converted basis, in the Merger.
• 1. The or share equivalent in poseds for is \$6.6, calculated by diving \$8.6, calculated by divide to purchase shares of common stock of CMCT is the lender offer, by 3,558,732, the number of shares of contracting inmediately prior to such fender of our recoaclive effect to the Reverse Stock Spil.

www.imcommercial.com | CMCT CM Commercial Trust Corporation | Securities distributed by affilite broker dealer: CO Captal, LLC, member: FINRA / SPC

CIM Commercial Trust - Key Investment Highlights

6

Established Established in 1994 as an integrated owner and operator of real assets As of December 31, 2019. As of December 31, 2019. See Important Information on page 32. Strategies Real assets (infrastructure and real estate) focused in communities qualified by CIM as well as national credit (net-lease and debt) platforms Vertically-Integrated Multi-disciplinary expertise and in-house research, acquisition, credit analysis, development, finance, leasing and onsite property management capabilities Organization Approximately 1,000+ employees (14 principals including all of its founders, 600 professionals)1 Office Locations Headquartered in Los Angeles, CA, with offices in Chicago, IL, Dallas, TX, New York, NY, Orlando, FL, Phoenix, AZ, the San Francisco Bay Area, the Washington DC Metro Area and Tokyo, Japan Assets Owned and Operated \$29.1 billion2 8 1 Overview of CIM

Established	Established in 1994 as an integrated owner and operator of real assets
Strategies	Real assets (infrastructure and real estate) focused in communities qualified by CIM as well as national credit (net-lease and debt) platforms
Vertically-Integrated	Multi-disciplinary expertise and in-house research, acquisition, credit analysis, development, finance, leasing and onsite property management capabilities
Organization	Approximately 1,000+ employees (14 principals including all of its founders, 600 professionals)1
Office Locations	Headquartered in Los Angeles, CA, with offices in Chicago, IL, Dallas, TX, New York, NY, Orlando, FL, Phoenix, AZ, the San Francisco Bay Area, the Washington DC Metro Area and Tokyo, Japan
Assets Owned and Operated	\$29.1 billion2

1. As of December 31, 2019. 2. As of December 31, 2019. See Important Information on page 32.

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Community Focused Real Assets Strategy 1

CMCT

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

» Since 1994, CIM has qualified 135 communities in high barrier-to-entry markets and has owned and operated real assets in 75 of those communities'. The qualification process generally takes between six months and is a critical component of CIM's asset evaluation

1. As of March 12, 2020.

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11

CIM qualifies communities for acquisition (135 qualified as of March 12, 2020, 75 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 35% and average national suburbs by over 175%1

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

Resources & Expertise of Institutional Owner Operator

CMCT

CMCT Management

CIM Group Co-Founders

David Thompson	Jan Salit	Nathan DeBacker	Richard Ressler	Avi Shemesh	Shaul Kuba
CMCT CEO	CMCT President & Secretary	CMCT CFO	CIM Group Principal CMCT Chairman of the Board	CIM Group Principal CMCT Board Member	CIM Group Principal CMCT Board Member
10® Year at CIM	610 Year at CIM	2nd Year at CIM	26th Year at CIM	26th Year at CIM	26th Year at CIM
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.	Previously was 20 Chairman of the Board, CEO and Secretary of PMC Commercial Trust Prior to CEO role, held 30 Chief Operating Officer and Chief Investment Officer roles with PMC Commercial Trust (joined predecessor firm in 1993)	Previously was Senior Vice President and Chief Financial Officer of Cole REITs, at VEREIT Began career as an auditor at Ernst & Young	» 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)

www.imcomnecial.com | C2020 CMCT | CMC Corporation | Securities distributed by affilitele broker-dester: CCO Capital, LLC, nember: INNA / SPC

	CIM Group Commitment to CMCT > Insiders own ~19.6% of CMCT common stock2
Management and Corporate Governance	» CMCT's Board includes CIM Group's three co-founders (Richard Ressler, Avi Shemesh, and Shaul Kuba)
Strong Market Knowledge and Sourcing	» CMCT benefits from CIM Group's identification of Qualified Communities, sourcing capabilities and access to resources of vertically integrated platform
	» Tiered asset management fee based on fair value of real properties and associated assets of CMCT - Quarterly fee assessed as a percentage of assets: = < \$500 million = 0.2500%
Management Agreement / Master Services Agreement	- \$500 million - \$1,000 million = 0.2375% - \$1,000 million - \$1,500 million = 0.2250% - \$1,500 million - \$4,000 million = 0.2125% - \$4,000 million - \$20,000 million = 0.1000%
	» Plus ~\$1.1 million base service fee and reimbursement of shared services at cost (accounting, tax, reporting, etc.)
	Perpetual term
	No incentive fee
1. Includes CIM Group and its affiliates, as well as officers and directors of CMCT. 2. Based on 14,602,149 shares of CMCT common stock outstanding as of March 12, 2020

ww.cimcomerial.com | @2020 CMCT | CMCT CM Corporation | Securities distibuted by alfiliste broker dealer: CCO Capital, LLC, nember: FINRA / SPG

CMCT History 15 Transition from Private Fund to High-Quality Public REIT October 2018 Announced Program to Unlock Embedded Value in Our Portfolio and Improve Trading Liquidity of Our Common Stock (see page 30 for details) August 2019 – September 2019 Paid \$613 million special dividend (\$42.002 per share) to common stockholders Effectuated 1:3 Reverse Stock Split on the ex-dividend date (September 3, 2019) 2 Shares were repurchased in three privately negotiated transactions indirectly from CIM Urban REIT. 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. Amounts have been adjusted to give retroactive effect to the Reverse Stock Split. February 2005 – June 2006 CIM Group formed CIM REIT with 24 private institutional investors November 2015 – December 2016 Sold commercial mortgage loan portfolio, commercial real estate lending subsidiary, and three properties for a combined gross sales price of \$217 million September 2016 – December 2017 \$966 million repurchase of CMCT common stock (approximately 14.6 million shares @\$66 per share)1,2 March 2019 – July 2019 Completed sale of 10 properties for a combined gross sales price of \$991 million March 2017 –December 2017 Completed sale of 12 properties for a combined sales price of \$1,093 million June 2016 \$210 million tender offer for CMCT common stock (approximately 3.3 million shares @ \$63 per share)2 March 2014 CIM REIT completed its merger with PMC Commercial Trust, a publicly traded mortgage REIT

CMCT

1. Shares were repurchased intrestly rom CM Unen RET. In connection with these share regulations, CMC7 pail special cash dridents totaling \$6.5 million that alcoved the common stockholders that on parchases to receive the economic benefit of such regurchases. Special cash divisn's are not included in the above ennuon. Amounts have been adjusted to give retroactive effect to the Reverse Stock Split. 2.

15

Office: Location	Sub-Market	Rentable Square Feet ('Se')	96 Occupied	ల్లిక్ Leased		Annualized Rent Per Occupied SF	Annualized Re Ancillary Prop
Oakland, CA
1 Kaiser Plaza	Lake Merritt	540.175	96.6%	96.6%	ਨ	42.78
San Francisco, CA
1130 Howard Street	South of Market	21,194	100.0%	100.0%		76.15
Los Angeles, CA
11620 Wilshire Boulevard	West Los Angeles	195,357	92.6%	94.0%		44.26
4750 Wilshire Boulevard	Mid-Wilshire	141,310	21.5%	21.5%		47.92
9460 Wilshire Boulevard	Beverly Hills	97,037	86.6%	86.6%		100.78
11600 Wilshire Boulevard	West Los Angeles	56,697	92.9%	92.9%		54.77
Lindblade Media Center	West Los Angeles	32.428	100.0%	100.0%		51.62
Austin, TX
3601 S Congress Avenue	South	183,885	96.1%	96.1%		37.15
TO TAL		1,268,083	86.7%	87.0%		48.18
Hotel:				Revenue Per
		Number		Available
Location	Sub-Market	of Rooms	% Occupied2	Room (RevPAR)
Sacramento, CA
Sheraton Grand Hotel	Downtown/Midtown	503	78.2%	ಲ್ 127.09
				Annualized
Ancillary:		Rentable		Rent (Parking			Los Angeles
		Square Feet	% Occupied	and Retail) (in
Location	Sub-Market	(Rotail)	(Retail)	thousands)
Sacramento, CA
Sheraton Grand Hotel Parking
Garage & Retail	Downtown/Midtown	9.453	100.0%	5 2,976
Oakland, CA
2 Kaiser Plaza	Lake Merritt

ic Diversification1

ent by Location (Excludes Hotel and erties)

es Oakland Austin San Francisco

nualized rent has been grossed up by adding annualized expense reimbursements to base rent.

1. Represents trailing twelve-morth occupancy as of December as the number of occupied rooms divided by the number of available rooms.

2. Represents trailing tweive-month RevPAR as of December 31, 2019, calculated as room revenue divided by the number of available rooms.

3. Represents gross morthy contraction and relail leases commenced as of December 31, 2019, millipled by 12. This answnt reflects data can rent between absolents. When applic annualized rent has been grossed up by adding annualized expense reimbursements to base rent.

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3 Embedded Growth Opportunity: Los Angeles

CMCT

Key Los Angeles Office Themes

• Tech, media and entertainment demand driving growth
• 2 Major content creators such as Netflix, Google, Apple, and Amazon Studios lease 3.1+ million SF of office and production space across West Los Angeles and Hollywood®
• 3 High barrier-to-entry/supply constrained given regulatory environment

Affluent population base

4

CMCT Los Angeles Office Portfolio

• Beverly Hills (9460 Wilshire Boulevard): 10
  • 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; costeffective 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: 30
  • 10 million+ SF of project experience across opportunistic, valueadd and stabilized strategies

• Currently owns over 20 assets valued at over \$3 billion; including nine office assets with 2.3 million SF

• Source: Los Angeles County Economic Development Corporation (January 2019)

3 Embedded Growth Opportunity: Oakland

CMCT

Favorable Office Dynamics

• Relative Value vs. San Francisco Central Business District ("CBD") (Class A asking rents)1:
  • » San Francisco \$85.02
  • » Oakland \$56.29
• 2 Limited new office supply in Lake Merritt / City Center: Last major office project completed in 20081

Office building development has been tempered in the East Bay, with current under construction office space equivalent to 0.4% of the market's total existing inventory1

• Proposition M: San Francisco office development limited to 875,000 square feet per year
  • » Proposition E: Effective October 2020, Prop E will further reduce new office development in San Francisco, tying new approvals to the amount of affordable housing built in the city

Class A CBD vacancy of 9.0%2

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 2020-2021 (v. ~172,000 existing)1
• » Residential Monthly Asking Rents1 San Francisco - \$3,132 | Downtown Oakland - \$2,711
• 1. Source: CoStar February 2020 Office Market Report.
• Source: CBRE Q4 2019 Marketview Snapshot. 2.
• As of December 31, 2019. 3. 4.
  • Represents gross mortly bose ont per square of December 3, 2019, multipled by 12. This answer of the same of the opicale, annualed rent has been grossed up by adding annualized expensents to base rent. Annualized rent for certain office properties includable to relai.

CMCT Assets	Asset Type	Rentable SF3	Leased ల్లో 2	Annualized Rent Per Occupied SF3.4
1 Kaiser Plaza	Office	540,175	96.6%	\$42.78
	2 Kaiser Plaza Office Development

( 3 ) Embedded Growth Opportunity: Austin

CMCT

Compelling Growth Market

• Diverse Employment Sources government, education and tech
• 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
• Sustained, rapid market office rent growth
  • Five year increase of 39% (2014-2019)1
• 4 Vacancy
  • South Austin submarket 4.9%1
• C Population growth
  • Ten year historical growth rate of 2.7% (versus 0.7% in the U.S.)1
  • Five year forecast growth rate of 1.7% (versus 0.7% in the U.S.)1
• C Employment growth
  • Ten year historical growth rate of 3.7% (versus 1.6% in the U.S.)1

CMCT Asset	Asset Type	Rentable SF2	Leased %2	Annualized Rent Per Occupied SE2.3
3601 South Congress	Office	183,885	96.1%	\$37.15
CMCT In-Place Rent2,3 \$37.15				Class A Asking Rents1 \$46.34

• 1. Source: CoStar February 2020 Office Market Report.
• 1. As of December 31, 2019.

• Represents gross northy bose rent per square of 2019, multipled by 1. This answer elects bate cash rent before ababele annualized rent has been grossed up by adding annualized expensents to base rent. Annualized rent for certain office properties includes rent attributable to retal.

Redevelopment In Progress: Austin

CMCT

Location		Sub-Market
Austin, TX	South	42.000	Office

3601 S. Congress Avenue Expansion - Mid-2020 Expected Completion

• Approximately 42,000 SF add-on building to existing 183,885 SF office complex (96.1% leased as of December 31, 2019)

• Two-story creative office building designed to accommodate either a single user or two singlefloor tenants

• » ~\$15.3 million development (\$5.7 million spent as of December 31, 2019)
• » Targeting ~8% return on cost upon stabilization

3601 South Congress- Existing Buildings

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(2) Redevelopment In Progress: Los Angeles

CMCT

Location	Sub-Market Rentable SF	Product
Los Angeles, CA	Mid-Wilshire 141.310	Office

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

• ~ \$14.5 million redevelopment (\$1.3 million spent as of December 31, 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 \$47.921 per square foot representing a 73% lease spread from prior lease (4750 Wilshire is adjacent to CIM Group's headquarters)

1. Represents grow northy boos rent per square of 2019, multipled by 1. This answer of each only of the annual relevels that cash ret below entralized, ancalized rent has been grossed up by adding annualized expense reimbursements to base rent.

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Redevelopment In Progress: Sacramento 4

CMCT

Location	Sub-Market	Product

Downtown/Midtown Hotel

Majority of Room Renovations Scheduled to be Completed in the Next 12 Months

• » \$26.3 million renovation of existing hotel to drive average daily rate and increase group bookings (\$2.4 million spent as of December 31, 2019)
• » Target 15%+ return on cost

Sacramento, CA

• » Expecting to 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

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Growth Pipeline: Oakland 4

CMCT

Opportunity to Generate Value Through Co-Investment, Sale or Build-to-Suit

Potential Build-to-Suit

Location	Sub-Market	Potential Rentable SF	Product
Oakland, CA	Lake Merritt	425,000 - 800,000	Office

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 Proposed 2 Kaiser Plaza (Beacon Tower), Oakland, CA

Bay Area

Equity-Enhancing, Growth-Oriented Capital Structure

CMCT

Preferred Stock Program

Series A and Series D

• Perpetual Preferred Stock (Series A: 5.5% coupon; Series D: 5.65% coupon)

• » Continuously offered bi-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 CMCT

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 share, plus accrued and unpaid dividends2

• Redemption payable in cash or CMCT common stock, at election of CMCT2

• » In November 2019, CMCT repurchased 2,693,580 shares at a price of \$29.12 per
• share (of which \$1.39 reflects the amount of accrued and unpaid dividends as of

November 20, 2019), as converted to and paid in Israeli New Shekels.

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

seeks to enhance common equity returns with low relative risk

• 1. Will respect to the Series and Series an be redeemed at the option of the holder during the issuated and ways to a redempton to as a "cl states value of, 10% in year three, 5% in your free, 5% in your fre, CMCT of the holder may redeem without a foc. After your five, bor is no redernplan for Series A redemptions during the first year following the date of issuance must be paid in cash.
• 1. With respect to the Series L. Preferred Stock, as a peneral matter the fith anniversary of the date of original issuance.
• 1. Represents gross proceds from issuances through December 3, 2019, calesting issued net of nedemptons, and, with research to the Series L. Peferred Stock, not 4 2019 repurchases, multiplied by the stated value per share; proceeds are not net of commissions, fees, allocated costs or discount, as applicable.
• 1. Common equity based on fair who (see site a components of our caplial stucture as of December 3, 2019). Debt and preferred equity based on their respective stated vise.

Equity-Enhancing, Growth-Oriented Capital Structure

Debt & Preferred Summary (December 31, 2019)1 Maturity/ Interest structure Expiration Loan balance Mortgages (fixed/variable etc.) Interest Rate Date (in millions) 4.14% 7/1/2026 1 Kaiser Plaza Fixed \$ 97.1 Total Mortgages 4.14% \$ 97.1 Other Debt SBA 7(a) Loan-Backed Notes2 Variable LIBOR+ 1.40% 3/20/2043 \$ 22.3 Total Other Debt \$ 22.3 Corporate Debt Revolving Credit Facility3 Variable LIBOR+ 1.55%3 10/31/2022 \$ 153.0 \$2.7 \$1.3 Junior Subordinated Notes LIBOR+ 3.25% 3/30/2035 27.1 Variable Total Corporate Debt \$ 180.1 Total Debt \$ 299.5

Interest structure

Fixed

Fixed

(fixed/variable etc.)

Coupon

5.50%

5.50%

Preferred Stock

Total Preferred Stock

Total Debt + Preferred Stock

Series A

Series L

Maturity/

Date

N/A

NIA

Expiration

Debt Maturity Schedule (December 31, 2019)1 (in millions) \$154.4 \$138.4

Fixed Debt vs. Floating Debt (December 31, 2019)

1. Entildes: (e) \$1,192,000 of econod borners) paranted book, which represent sold for the treated as secured bornwings because the ban sales sid not more than devecognion citeria provided for in ASC 80-30, Secures Borroving, discussions and debt issuates and debt issuates of Series D preferred stock were outstanding as of Deember 3, 2019

Outstanding

(in millions)

152.86

\$ 111.74

\$ 264.5

\$ 564.0

• 1. In May 2018, we completed a securitization of the unguages of online of our SBA 7(a) loans necessaries with the issuance of \$3,200,000 unguaranteer SBA 7(a) ban-backed not 71a hon-saciad notes an collation by the right of the recoveres attributable by the unpuenated online of entire of only of our SBA 7.0 I loans received. The reason of March 20, 204, with morthy payments on the collateralized loans an reserved. Based on the atticipated regyments of our collateralized SBA-7(a) lorns, at essuance, we editinated the average life of the notes to be approximately 2 years.
• 1. In October 2018, we entered into a revelop prosuent o which CMCT can berner up to mainten of 250,000,000, subject to a berrowing base calestialize. The revolving credit tackly is secured by deeds of tust on certain properies. Outsting advances under the revolving creat at (1) the base nate plas 0.55%. The revolving red. forlity material of Celeber 202 and provided on promises and March 12, 2020, \$15,500,000 was customing on the revolving reall facilly and approximally \$67,400,000 was available for future borrowings.
• 1. Outstanding Sonies A Preferred Stock reserver 31, 2019 : 4,444,38, iss oderplicos of 16,65 shares, multipled by the states value of \$25,0 per stare Gross proceeds are not net of commissions, fees, allocated costs or discount as applicable.
• 1. Outstanting Series L. Preferred State in States and December 31, 2019 of 5,301,150 multiplied by the stated valle of \$28.37 per stard valle of \$28.37 per stard valle of Ca fees, allocated costs or discount as applicable.

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CIM Commercial Trust - Key Investment Highlights

26

Estimated Net Asset Value Estimated Net Asset Value (As of December 31, 2019) (\$ in millions, except for shares and per share amounts) (Unaudited) 28 Represents outstanding mortgage debt, junior subordinated notes, SBA 7(a) loan-backed notes, and borrowings on our revolving credit facility, at face value. Excludes secured borrowings on governmen^t guaranteed loans, which are included in other liabilities, cash and other assets. Outstanding Series A Preferred Stock represents total units outstanding as of December 31, 2019 of 4,484,376, less redemptions of 16,861 shares, multiplied by the stated value of \$25.00 per share. Gross proceeds are not net of commissions, fees, allocated costs or discount as applicable. Outstanding Series L Preferred Stock represents total shares outstanding as of December 31, 2019 of 5,387,160 multiplied by the stated value of \$28.37 per share. Gross proceeds are not net of commissions, fees, allocated costs or discount as applicable. Estimated NAV Per share of common stock outstanding Investments in real estate - at fair value \$912.8 Loans receivable - at fair value 72.7 Debt 1 (299.5) Cash and other assets, net of other liabilities (4.8) Noncontrolling interests (0.7) Redeemable Series A Preferred Stock 2 (111.7) Redeemable Series L Preferred Stock 3 (152.8) Estimated NAV attributable to common stockholders \$ 416.0 \$ 28.49 Shares of Common Stock outstanding 14,602,149 Estimated NAV

Estimated Net Asset Value

CMCT

Estimated Net Asset Value

(As of December 31, 2019)

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

			Estimated NAV Per share of common stock outstanding
5	912.8
	72.7
	(299.5)
	(4.8)
	(0.7)
	(111.7)
	(152.8)
8	416.0	S	28.49

Shares of Common Stock outstanding

14,602,149

1. Represents subtanding mortgage deb. (18) 7(a) bun-backed notes, and berrowings on our revelop restl tailly, at too val. Excludes secured borrevings on geverment guaranteed loans, which are included in other liabilities, cash and other assets.

2. Outstanding Series A Prefered Stock researching as of Docember 31, 2019 of 4,484,376, iss rederplined for the states valier of \$25.00 per states value of \$25.00 per states proceeds are not net of commissions, fees, allocated costs or discount as applicable.

3. Octobraing Series L. Proferned Stock now and Docember 31, 2019 d 5,387,160 multiplied by the stated valle of \$2.3.7 per stare. Gross proceeds are not net et commissions, fees, allocated costs or discount as applicable.

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Key Metrics

Top Five Tenants (December 31, 2019)

				Annualized Rent	% of Annualized	Rentable	% of Rentable
Tenant	Property	Lease Expiration		(in thousands)	Rent	Square Feet	Square Feet
Kaiser Foundation Health Plan, Inc.	1 Kaiser Plaza	2025-20272	2	15,536	29.3%	373,938	29.5%
MUFG Union Bank, N.A.	9460 Wilshire Boulevard	2029		3.482	6.6%	27,569	2 2%
3 Arts Entertainment, Inc.	9460 Wilshire Boulevard	2026		2,094	4.0%	27,112	2.1%
CIM Group, L.P.	Various	2020-2030		1,857	3.5%	42,765	3.4%
Homeaway, Inc.	3601 S Congres Avenue	2020		1,641	3.1%	42,545	3.4%
Total for Top Five Tenants				24,610	46.5%	513,929	40.6%
All Other Tenants				28,383	53.5%	585,878	46.1%
Vacant					0.0%	168.276	13.3%
Tot al Office				52,993	100.0%	1,268,083	100.0%

1. Represents gross northly base rent, as of December 12. This answ reflects boll cash ront before applicable, annualized one has been grosed up by adding annualized expense reimbursements to base rent for certain office properties includes rent altributable to retail.

2. Prior to February 28, 2022, the tenant may lemind of space in the agregate (d which no nove than 100,000 rentable square free may be terminated with respect to the entable square feel expiring in 2027) in exchange for a temination personal of the rentable spare fed apping in 2025, and Fishuary 28, 2025, with respect to restable square feel expiring in 2027, the tenant has the right to tense with CMCT, effective as of any date specified by the lensati in a willten notion notion notion notitor nelled phor to the temination, in each as exchange for a temination person of which is dependent on a variety of tacked to the date of the take of the termination note, the ancure o the square feet to be terminated and the location within the building of the space to be terminated.

3. Includes 22,416 square feet of month-to-month leases, as of December 31, 2019.

www.imcommercial.com | CMCT CM Comnercial Trust Corporation | Securities distributed by alfilite broker dealer: CO Capital, LLC, member: FINRA / SPC

• » Monetized stabilized assets to unlock embedded value that had been created since 2006
• » Special dividend of \$42.00 ' per share of common stock paid on August 30, 2019: the aggregate amount of the special dividend was approximately \$613 million and was funded primarily by the net proceeds (after the repayment of certain debt) received from

the sale of ten properties during 2019 and borrowings on CMCT's revolving credit facility

» Assets sold in 2019:

		Rentable
Property	Location	Square Feet	Date Sold
2101 Webster Street	Oakland, CA	474,798	March 1, 2019
1901 Harrison Street	Oakland, CA	283.970	March 1, 2019
830 Ist Street	Washington, DC	247.337	March 1. 2019
2100 Franklin Street	Oakland, CA	216,828	March 1, 2019
2353 Webster Street Parking Garage	Oakland, CA	N/A	March 1, 2019
260 Townsend Street	San Francisco, CA	66,682	March 15, 2019
1333 Broadway	Oakland, CA	254,523	May 16, 2019
999 N Capitol Street	Washington, DC	315.983	July 30, 2019
899 N Capitol Street3	Washington, DC	314.667	July 30, 2019
901 N Capitol Street3	Washington, DC	N/A	July 30, 2019
Total Assets Sold		2,174,788

1. Amount has been adjusted to give retroactive effect to the Reverse Stock Split.

2. As of the date of sale.

3. As a matter of prodent management, after evalually, as well as the intinsic value of each property, CMCT decided to all these additional esses.

www.cimconnecial.com | @2020 CMCT | CMC Corporation | Securities distributed by affiliste broker dealer: CO Cuplail, LLC, member: FINRA / SPC

Important Information 32 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 \$1.0 billion as of the Report Date. Report Date is defined to mean as of December 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 \$17.5 billion as of the Report Date, inclusive of \$0.3 billion of EOO attributable to CCLA (as described above) and \$0.9 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 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.

Important Information

Assets Owned and Operated (AOO) represents the aggregate assels owned and operated by CM on behalf of partners (including where CM contributes alongside for its own account) and co-investors, whether or not CIM has discretion, in each case without duplication. AO includes total gross assets at fair value, with real assets presented 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 asses owned by joint verture partners), 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 CM. AOO for CMMT) (which represents assets under management), a perpetual-life real estate debt fund, is \$1.0 billion as of the Report Date.

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

Book Value for each investment generally represents the investment's book value as reflected in the applicable 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 and in the Report Date, but in the case of CM's Cole Net-Lease Assel strategy, book values generally represent undepreciated cost (as reflected in SEC-filed financial statements).

Equity Owned and Operated (EDO) represents the NAV (as defined below) before incentive fee allocation, plus binding unfunded commitments, which is \$17.5 billion as of the Report Date, inclusive of \$0.3 billion of EOO attributable to CLA (as described above) and \$0.9 billion of EOO for CMMT (which represents equity under management). For calculating the Book Value for CM IV, the underlying assets of CMCT are assumed to be liquidated based upon the third-party appraised value of such assets. CMCT's publicy-fraded shares to be a meaningful indication of the fair value of CMCT due to the fact that the publicy-traded shares of CMCT are thinly-traded.

Net Asset Value (NAV) represents the distributable anount based on a "hypothelical liquidation" assuming that (i) investments are sold at their Book Values; (i) debts are paid and (ii) appropriate adjustments and/or allocations between equity partners are made in applicable documents, as deternined in accordance with applicable accounting guidance.