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(Constituted in the Republic of Singapore pursuant to a trust deed dated 6 February 2004 (as amended))

SCHEME DOCUMENT DATED 4 SEPTEMBER 2020

THIS SCHEME DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. PLEASE READ IT CAREFULLY.

MANAGED BY CAPITALAND COMMERCIAL TRUST MANAGEMENT LIMITED

Deloitte & Touche Corporate Finance Pte Ltd

Independent Financial Adviser to the CCT Independent Directors and to the CCT Trustee

Sole Financial Adviser to the CCT Manager

IF YOU ARE IN ANY DOUBT ABOUT THIS SCHEME DOCUMENT OR TO THE COURSE OF ACTION YOU SHOULD TAKE, YOU SHOULD CONSULT YOUR STOCKBROKER, BANK MANAGER, SOLICITOR, ACCOUNTANT, TAX ADVISER OR OTHER PROFESSIONAL ADVISER IMMEDIATELY.The Singapore Exchange Securities Trading Limited assumes no responsibility for the correctness of any of the statements made, reports contained or opinions expressed in this Scheme Document.In line with the current COVID-19 restriction orders in Singapore, no printed copies of the Scheme Document will be despatched to CCT Unitholders. Instead, only printed copies of the notice of the EGM, the notice of the Trust Scheme Meeting, the Proxy Form A (EGM) and the Proxy Form B (Trust Scheme Meeting) will be despatched to CCT Unitholders.

(A) EXTRAORDINARY GENERAL MEETING (“EGM”) (B) TRUST SCHEME MEETING(1)

The CCT Trust Deed Amendments

The Merger of CCT and CMT by way of a trust scheme of arrangement

IMPORTANT DATES AND TIMES IMPORTANT DATES AND TIMESLast date and time for lodgement of Proxy Form A (EGM)

Sunday, 27 September 2020 at 2.00 p.m.

Last date and time for lodgement of Proxy Form B (Trust Scheme Meeting)

Date and time of EGM

Tuesday, 29 September 2020 at 2.00 p.m.

Date and time of Trust Scheme Meeting

Tuesday, 29 September 2020 at 2.30 p.m. (or in the event that the EGM concludes before 2.30 p.m., as soon thereafter following the conclusion of the EGM)

Scheme Document in relation to the Merger of CapitaLand Commercial Trust and CapitaLand Mall Trust by way of a trust scheme of arrangement

Your Vote Counts. Please give your voting instructions via proxy form.

A Transformative Merger of Equals

The EGM and Trust Scheme Meeting will be held by way of electronic means(2)

(1) The Trust Scheme Meeting will only be convened if the CCT Trust Deed Amendments Resolution is passed at the EGM. CCT Unitholders are encouraged to vote by proxy at both the EGM and the Trust Scheme Meeting.

(2) Due to the current COVID-19 restriction orders in Singapore, a CCT Unitholder will not be able to attend the EGM and/or the Trust Scheme Meeting in person. Instead, alternative arrangements have been put in place to allow CCT Unitholders to participate in the EGM and/or the Trust Scheme Meeting. CCT Unitholders should refer to the CCT Manager’s announcement dated 4 September 2020 in relation to such arrangements, which is available on the SGXNET and CCT’s website, for further information.

AccretionDPU accretive

LeadershipBest-in-class portfolio

GrowthGreater optionality

ResilienceEnhanced stability

All capitalised terms in this section shall, if not otherwise defined, have the same meanings as ascribed to them in this Scheme Document.

The Merger is to be effected through the acquisition by CMT of all the CCT Units held by CCT Unitholders by way of the Trust Scheme. CCT Unitholders and CMT Unitholders will continue to receive CCT Permitted Distributions and CMT Permitted Distributions respectively, up to the day immediately before the Effective Date.

(1) Based on an issue price of S$2.59 per new CMT Unit (each, a “Consideration Unit”), which is the closing price of a CMT Unit on the SGX-ST on 21 January 2020 (being the last trading day immediately prior to the Joint Announcement Date), the Cash Consideration is S$0.2590 and the Scheme Consideration is S$2.1238. The issue price of S$2.59 of each Consideration Unit may not be equivalent to the market price of, nor reflective of the fair value of, the Consideration Units as at the Effective Date and/or the date of settlement of the Scheme Consideration.

0.720new CMT Units

per CCT Unit

S$0.2590in cash

per CCT Unit

Singapore retail and office sectors continue to evolve and

remain relevant

Trend towards decentralisation, mixed-use precincts and integrated developments

expected to accelerate post-COVID-19

The Merger rationale remains valid and has been reinforced by the impact of COVID-19

Rationale for the Merger

Scheme Consideration(1)

Singaporeretail and office

landscape

Singapore shopping mall culture will continue to remain deeply entrenched

Decentralising commercial activities to promote the work-live-play lifestyle in identified growth clusters

Steady recovery in shopper traffic and retail sales

Singapore CBD will continue to play a central role in the future of office

Companies may adopt a hybrid of alternative workspace solutions

Critical to provide differentiation in services, amenities,

technology and offerings

Singapore retail real estate remains essential amidst evolving customer preferences

Singapore office is here to stay as workspace solutions evolve

A MERGER OF EQUALS: A PROACTIVE RESPONSE TO THE CHANGING SINGAPORE REAL ESTATE LANDSCAPE

CREATING ONE OF THE LARGEST REITS IN ASIA PACIFIC AND THE LARGEST IN SINGAPORE

MERGED ENTITY WILL BENEFIT FROM POTENTIAL SYNERGIES

Best-in-class portfolio supported by a stronger and more efficient platform LEADERSHIP

Source: Bloomberg as at 30 June 2020. Assumes SGD/JPY of 77.448, SGD/AUD of 1.039, SGD/HKD of 5.562.(2) As at 30 June 2020.(3) Illustrative market capitalisation of the Merged Entity calculated as the sum of:

(i) the market capitalisation of CMT of S$7.2 billion as at 30 June 2020; and(ii) the portion of the Scheme Consideration for all CCT Units to be satisfied by the issuance of 0.720 new CMT Units for each CCT Unit (based on the closing price of

a CMT Unit as at 30 June 2020).

S-REITs Other APAC REITs

Link REIT

23.4

12.7(3) 11.5 11.2 10.8 10.4 9.9 9.7 8.2 8.0 7.9 7.8 7.6 7.4 7.2 7.2 6.5

Merged Entity

Scentre Group

DexusAscendas REIT

Nippon Building

Fund

Japan Real Estate Investment

Corp

Mirvac GLP-J REIT

Nippon Prologis

REIT

Nomura Real Estate

Master Fund

GPT Group

Mapletree Logistics

Trust

CMT Daiwa House REIT Investment Corporation

CCTStockland Corp

CCT Best-in-class Singapore office REIT(1) CMT Best-in-class Singapore retail REIT(1) Dominant footprint of 8 prime quality offices in Singapore CBD

Balanced portfolio of 15 downtown and suburban malls

Largest Grade A Singapore CBD portfolio with occupancy consistently above market

Market-leading scale and consistently high portfolio occupancy

Diverse tenant mix with well spread lease expiry profile

Excellent connectivity to major transport hubs

GRESB 2019 4-star GRESB 2019 – Sector Leader in Asia, “Retail-Listed”COMMITTED TO SUSTAINABILITY

RETAILOFFICE

INTEGRATED DEVELOPMENTS

TAMPINES MALLCAPITAGREENRAFFLES CITY SINGAPORE

(1) Please refer to Paragraph 2.5 (a)(i) of the Letter to CCT Unitholders in this Scheme Document for more details.

Top REITs in APAC by market capitalisation(2)(S$bn)

• Extension of e-commerce fulfilment points beyond shopping malls to office buildings

• Leverage the combined broader leasing network for more effective tenant negotiations and sourcing for high-quality tenants

Cross-selling opportunities

• Enlarged and unified digital platform catering to both the retail and office portfolios, e.g. integration of CapitaStar@Work(4) and CapitaStar Programme(5)

• Enhance analytics capability, generate higher quality consumer insights and enable more informed, data-driven decision making

Enhanced digital platform and data analytics

• Economies of scale through bulk procurement, supply chain optimisation and elimination of frictional costs

Cost optimisation

• Potential for higher trading liquidity, positive re-rating and more competitive cost of capital

A STRONGER PLATFORM ENCAPSULATING CCT’S AND CMT’S BEST-IN-CLASS ATTRIBUTES1

2

3

(4) CapitaStar@Work is an office amenities and employee engagement digital application.(5) CapitaStar Programme is a retail lifestyle digital application.

Key Benefits of the Merger

Enhanced resilience and stability through market cycles RESILIENCE

GREATER STABILITY THROUGH CYCLES DUE TO A MORE BALANCED PORTFOLIO1

REDUCED ASSET CONCENTRATION RISK2

INCREASED FLEXIBILITY TO UNDERTAKE PORTFOLIO REJUVENATION AND REDEVELOPMENT3

(1) For CCT, integrated developments include Raffles City Singapore (60.0% interest) and CapitaSpring (45.0% interest) which is currently undergoing redevelopment. For the Merged Entity, integrated developments include Raffles City Singapore (100.0% interest), Plaza Singapura, The Atrium@Orchard, Funan and CapitaSpring (45.0% interest) which is currently undergoing redevelopment.

(2) Based on the NPI of the CCT Group for LTM June 2020 or the combined NPI of the CCT Group and the CMT Group (as the case may be) for LTM June 2020, including pro rata contribution from joint ventures, and Bugis Village up to 31 March 2020 (which was the expiry date of CCT’s one-year lease with the State to manage Bugis Village).

(3) Based on the valuation of all the properties of the CCT Group as at 30 June 2020 or the combined valuation of the CCT Group and the CMT Group as at 30 June 2020 (as the case may be), including proportionate interests of joint ventures’ valuation. The conversion rate used for the 30 June 2020 valuations was EUR 1 = S$1.544.

• Well-balancedportfoliowithdiversifiedexposuretointegrateddevelopments,officeandretailCCT(1) Merged Entity(1)

Integrated developments

22%

23%

Office78%

Office77%

Retail37%

Office33%

30%

29%Retail33%

Office38%

NPI(2)S$430m

Property Value(3)

S$10.9bn

Property Value(3)

S$22.4bn

NPI(2)S$996m

Top 5 assets’ NPI contribution to CCT: 82%

Top 5 assets’ NPI contribution to Merged Entity: 43%

(4) Based on the NPI of the CCT Group for LTM June 2020, including pro rata contribution from joint ventures, and Bugis Village up to 31 March 2020 (which was the expiry date of CCT’s one-year lease with the State to manage Bugis Village).

(5) Based on the combined NPI of the CCT Group and the CMT Group for LTM June 2020, including pro rata contribution from joint ventures, and Bugis Village up to 31 March 2020 (which was the expiry date of CCT’s one-year lease with the State to manage Bugis Village).

Others18%

Others57%

Top 5 assets82%

Top 5 assets43%

CCT NPIS$430m(4)

Merged Entity NPIS$996m(5)

• Illustrative NPI impact from upgrading of 21 Collyer Quay (6) Based on the NPI of the CCT Group for LTM June 2020, including pro rata contribution from joint ventures, and Bugis Village up to 31 March 2020 (which was the expiry date of CCT’s one-year lease with the State to manage Bugis Village). The Hongkong and Shanghai Banking Corporation’s lease at 21 Collyer Quay ended on 30 April 2020.

(7) Based on the combined NPI of the CCT Group and the CMT Group for LTM June 2020, including pro rata contribution from joint ventures. For the CCT Group, NPI from Bugis Village was up to 31 March 2020 (which was the expiry date of CCT’s one-year lease with the State to manage Bugis Village). The Hongkong and Shanghai Banking Corporation’s lease at 21 Collyer Quay ended on 30 April 2020.

95%

CCT NPIS$430m(6)

NPI impact from upgrading or redevelopment5%

NPI impact from upgrading or redevelopment 2%

98%

Merged Entity NPIS$996m(7)

KeyBenefitsoftheMerger

• Increased development headroom(1) (S$bn)

+15% limit(2)+10% limit1.2

1.7

11.6

CCT Merged Entity

23.4

2.3

3.5 +15% limit(2)

+10% limit

+15% limit(2)+10% limit1.2

1.8

11.8

CMT

(1) Headroom calculated based on percentage ofthedepositedpropertyoftheCCTGroup,theCMTGroupandtheMergedEntityrespectively, with the deposited property of the Merged Entity based on the aggregate depositedpropertyoftheCCTGroupandtheCMTGroup.

(2) The increased 15.0% headroom for development is subject to the approval of theCCTUnitholders,theCMTUnitholders,or the unitholders of the Merged Entity (as the case may be) and must be utilised solelyfortheredevelopmentofanexistingproperty that has been held by the property fund for at least three years and which the property fund will continue to hold for at least three years after the completion of the redevelopment in accordance with thePropertyFundsAppendix.

S$5.8bnup to

Greater optionality for growth with broader focus and larger capacity for investment GROWTH

FUNAN • Transformation into an aspirational lifestyle destination

CAPITASPRING • Incorporating ‘future of work’ features and redefining work, live and play experiences

BEFORE~482,000 sq ftGross floor area

100%Retail

BEFOREAFTER~889,000 sq ftGross floor area

57%Retail

29%Office

14%Co-living

AFTER~127,000 sq ftGross floor area

28%Office

50%Carpark and ancillary retail

22%Food centre

~1,005,000 sq ftGross floor area

2%Retail

80%Office

14%Serviced residence

4%Food centre

Note:PercentagefiguresshowthebreakdownoftotalgrossfloorareabythedifferentcomponentswithinFunanandCapitaSpring.

LEVERAGING ON COMBINED DOMAIN EXPERTISE TO CAPITALISE ON OVERARCHING TREND TOWARDS MIXED-USE PRECINCTS AND INTEGRATED DEVELOPMENTS1

ASSETS STRATEGICALLY LOCATED IN IDENTIFIED GROWTH CLUSTERS ACROSS SINGAPORE 2

HIGHER HEADROOM PROVIDES MORE FLEXIBILITY AND ROOM TO EVOLVE3

Jurong Lake District

Tampines Regional Centre

CentralArea

• CapitalTower• Plaza Singapura• The Atrium@Orchard

• IMM Building• JCube• Westgate

• Junction 8

Bishan Sub-RegionalCentre

• Extensive island-wide footprint near key transport nodes to capitalise on evolving trends

DPU accretive to CCT UnitholdersACCRETION

• CCT Unitholders may receive odd lots(2) of new CMT Units as part of the consideration for their CCT Units.

• CCT Manager will facilitate the trading of odd lots:

CCT Unitholders should note that notwithstanding the above arrangement, holders of CMT Units will be required to continue to bear clearing fees and other regular trading fees imposed by the SGX-ST (including any goods and services tax relating to such fees), which shall be based on customary rates imposed from time to time. Please refer to Paragraph 14 of the Letter to CCT Unitholders in this Scheme Document for further details.

Indicative dates from 28 October 2020 to 11 December 2020

Each CCT Unitholder can trade up to 99 CMT Units per day

3 brokers to facilitate Odd Lots Trades

No brokerage fees for Odd Lots Trades during the Applicable Period

(2)Oddlotsshallmeananaggregateof99orlessCMTUnits.

• LTM June 2020 – Pro forma DPU accretion

(Singapore cents)

CCT Merged Entity(1)

8.02 8.63

+7.6%accretion

(1)PleaserefertoParagraph5.2oftheLettertoCCTUnitholders in this Scheme Document for the bases and assumptions used in preparing the pro forma DPU for LTM June 2020.

Value Creation Strategy of the Merged Entity

Odd Lots Trading Arrangement

Growth by acquisitions

Disciplined portfolio reconstitution

Asset enhancement initiatives and redevelopment

Prudent cost and capital management

ESG commitment

Active management to drive organic growth

LeadershipResilience

Growth

Merged Entity

Notes: The pro forma DPU accretion percentage is computedbasedonactualfiguresandnotbasedonfiguresthatweresubjecttorounding(asshowninthe diagram to the left).

Work, Live, Play elements incorporated in the URA Master Plan 2019

JURONG LAKE DISTRICT

JURONG EAST

CHOA CHU KANG

DHOBY GHAUT

CLARKE QUAY BUGIS

RAFFLES PLACE

MARINA BAY

CITY HALL

TANJONG PAGAR

BOON LAY

TELOKAYER

SHENTONWAY

BUKIT PANJANG

BISHAN

9

8

6

3

4

2

1

4 5

3

1

2

5

6

11

4

7

BEDOK

TAMPINES1

10

35

2

TAMPINES REGIONAL

CENTRE

BISHANSUB-REGIONAL

CENTRE

CENTRAL AREA

EAST WEST LINE

NORTH SOUTH LINE

NORTH EAST LINE

CIRCLE LINE

FUTURE CIRCLE LINE

DOWNTOWN LINE

LIGHT RAIL TRANSIT LINE

THOMSON–EAST COAST REGION LINE

FUTURE THOMSON–EAST COAST REGION LINE

FUTURE JURONG REGION LINE

DOWNTOWN

Integrated Developments

1 CAPITASPRING (under development)2 FUNAN3 RAFFLES CITY SINGAPORE

4 PLAZA SINGAPURA5 THE ATRIUM@ORCHARD

Office

1 ASIA SQUARE TOWER 22 CAPITAGREEN

3 CAPITAL TOWER

4 ONE GEORGE STREET

5 SIX BATTERY ROAD

6 21 COLLYER QUAY

Retail

1 BEDOK MALL2 BUGIS+

3 BUGIS JUNCTION

4 BUKIT PANJANG PLAZA

5 CLARKE QUAY

6 IMM BUILDING

7 JCUBE8 JUNCTION 8

9 LOT ONE SHOPPERS’ MALL

10 TAMPINES MALL

11 WESTGATE

Please refer to inside back cover of this Scheme Document for photos of the properties.

(1) TheMergedEntitywillown100.0%ofRafflesCitySingapore.

(2) Based on the total NLA (100.0% interest) including retail,officeandwarehouse;andexcludinghotels&conventioncentreandCapitaSpringasat30 June 2020.

(3) S$22.4 billion portfolio property value based on desktop valuation, including proportionate interests of joint ventures, as at 30 June 2020. The conversion rate used for the 30 June 2020 valuations was EUR1 = S$1.544.

(4) BasedonthecombinedNPIoftheCCTGroupandtheCMTGroupforLTMJune2020,includingpro rata contribution from joint ventures, and Bugis Villageupto31March2020(whichwastheexpirydateofCCT’sone-yearleasewiththeStatetomanage Bugis Village).

(5) Based on the combined committed NLA of the CCTGroup,theCMTGroup(retailonly)andproportionate interests of joint ventures as at 30 June 2020.

(6) IntegrateddevelopmentsincludeRafflesCitySingapore, Plaza Singapura, The Atrium@Orchard, FunanandCapitaSpring.

Singapore96%

Germany4%

Portfolio property

value(3) by geography

Predominantly Singapore-focused

Balanced portfolio, offering greater stability through cycles

96.3%CommittedOccupancy(5)

S$22.4bnPortfolio Property Value(3)

~3,300Tenants

10.4m sq ftNet Lettable Area(2)

S$1.0bnNet Property Income(4)

24Properties(1)

For more details, please refer to pages 36 to 37 of this Scheme Document.

Central Area (Orchard Road)

ExpectedtobetransformedintoSingapore’slifestyle destination with innovative and uniquenon-retailofferings

Central Business District

Expectedtobetransformedintoamixed-useprecinctwithwork-live-playelementsandgreen spaces

Jurong Lake District

Expectedtobecomealarge,mixed-usebusinessdistrictwithalive-inpopulation

Bishan Sub-Regional Centre

Up-and-comingemploymentnodewithcommunity facilities and commercial developments

EXTENSIVE ISLAND-WIDE FOOTPRINT NEAR KEY TRANSPORT NODES TO CAPTURE EVOLVING DEMAND

Merged Entity: Proxy for Singapore Commercial Real Estate

Integrated developments(6)29%

Office38%

Retail33%

Portfolio property value(3) by

asset class

What is the opinion of the CCT IFA and what are the recommendations of the CCT Directors and the CCT Independent Directors?

Recommendation of the CCT Directors on the CCT Trust Deed Amendments Resolution

Having regard to the above and the rationale for the CCT Trust Deed Amendments as set out in Paragraph 3, the CCT Directors are of the opinion that the CCT Trust Deed Amendments would be beneficial to, and be in the interests of CCT.Accordingly, the CCT Directors recommend that CCT Unitholders VOTE IN FAVOUR of the CCT Trust Deed Amendments Resolution at the Extraordinary General Meeting.

CCT Directors

Opinion of the CCT IFA on the Trust Scheme Resolution

Based on our analysis and after having considered carefully the information available to us as at the Latest Practicable Date, we are of the opinion that the financial terms of the Trust Scheme are fair and reasonable. Accordingly, we advise the CCT Independent Directors to recommend that the CCT Unitholders vote in favour of the Trust Scheme Resolution.

Deloitte & Touche Corporate Finance Pte Ltd CCT IFA

Recommendation of the CCT Independent Directors on the Trust Scheme Resolution

Further, the CCT Independent Directors, having considered carefully the terms of the Trust Scheme, the advice given by the CCT IFA in the CCT IFA Letter and having taken into account the various factors set out in the CCT IFA Letter (an extract of which is set out in Paragraph 20.2 above), including the CCT 805 Auditors Opinion, recommend that CCT Unitholders VOTE IN FAVOUR of the Trust Scheme Resolution at the Trust Scheme Meeting.

CCT Independent Directors

IT IS IMPORTANT THAT YOU READ THE ABOVE EXTRACTS TOGETHER WITH AND IN THE CONTEXT OF THE LETTER TO CCT UNITHOLDERS AND THE CCT IFA LETTER, WHICH CAN BE FOUND ON PAGES 23 TO 102 AND APPENDIX A OF THIS SCHEME DOCUMENT RESPECTIVELY. YOU ARE ADVISED AGAINST RELYING SOLELY ON THESE EXTRACTS, WHICH ARE ONLY MEANT TO DRAW ATTENTION TO THE OPINION OF THE CCT IFA AND RECOMMENDATIONS OF THE CCT DIRECTORS AND THE CCT INDEPENDENT DIRECTORS.

iii

What is required for the Merger to be approved? How do I vote on the CCT Trust Deed Amendments Resolution?

IMPORTANT DATES AND TIMES

Sunday, 27 September 2020 at 2.00 p.m.Last date and time for lodgement of Proxy Form A (EGM)

Tuesday, 29 September 2020 at 2.00 p.m.Date and time of EGM

Approval thresholdAt least 75% in value of the total number of CCT Units held by CCT Unitholders present and voting by proxy(1)

EGMA

RESOLUTION

The CCT Manager will �rst seek the approval of CCT Unitholders for the CCT Trust Deed Amendments at the EGM to be convened and held by way of electronic means, as follows:

Subject to the passing of the CCT Trust Deed Amendments Resolution at the EGM, the CCT Manager will seek the approval of CCT Unitholders for the merger of CCT and CMT by way of a trust scheme of arrangement at the Trust Scheme Meeting to be convened and held by way of electronic means after the EGM, as follows:

TRUST SCHEME MEETING(2)B

Approval thresholdMore than 50% approval by headcount representing at least 75% in value of the total number of CCT Units held by CCT Unitholders present and voting by proxy(1)(4)

RESOLUTIONThe Merger of CCT and CMT by way of the Trust Scheme

Date and time of Trust Scheme Meeting Tuesday, 29 September 2020 at 2.30 p.m.(3)

Your Vote Counts.

Outcome 1: Outcome 2:

AND

Receive Notice of EGM and ProxyForm A (EGM)

Two possible outcomes of the EGM

CCT Unitholders vote FOR the CCT Trust Deed Amendments ResolutionThe CCT Trust Deed will be amended to re�ect the CCT Trust Deed Amendments.

CCT Unitholders vote AGAINST the CCT Trust Deed Amendments ResolutionThere will be no amendments to the CCT Trust Deed.The Trust Scheme Meeting will not be convened.

Vote

PRE-REGISTER for the EGM by

Saturday, 26 September 2020, 2.00 p.m.at

https://cct.listedcompany.com/agm_egm.html

VOTE on the CCT Trust Deed

Amendments Resolution by submitting Proxy Form A (EGM)

via email or by post by Sunday, 27 September 2020, 2.00 p.m.

The Trust Scheme Meeting to seek the approval of CCT Unitholders for the Trust Scheme Resolution will be convened and held by way of electronic means.

EGM to be heldby way of electronic means:

Tuesday, 29 September 2020,at 2.00 p.m.

The EGM and the Trust Scheme Meeting are two different meetings of CCT Unitholders to be held by way of electronic means on the same day. CCT Unitholders are encouraged to vote by proxy at both the EGM and the Trust Scheme Meeting.Each meeting has a separate proxy form, with different instructions and different approval thresholds. If you wish to vote by proxy at both the EGM and the Trust Scheme Meeting, you are required to submit both proxy forms.It is important that you read the instructions set out in both proxy forms carefully.

(1) Due to the current COVID-19 restriction orders in Singapore, CCT Unitholders will not be able to attend the EGM and/or the Trust Scheme Meeting in person. If a CCT Unitholder (whether individual or corporate) wishes to exercise his/her/its voting rights at the EGM or the Trust Scheme Meeting, he/she/it must appoint the Chairman of the EGM or the Trust Scheme Meeting (as the case may be) as his/her/its proxy to attend, speak and vote on his/her/its behalf at the EGM or the Trust Scheme Meeting (as the case may be).

(2) The Trust Scheme Meeting will only be convened if the CCT Trust Deed Amendments Resolution is passed at the EGM.

(3) Or in the event that the EGM concludes before 2.30 p.m., as soon thereafter following the conclusion of the EGM.

(4) The CMT Manager Concert Party Group and Common Substantial Unitholders (including CapitaLand Limited) will abstain from voting.

iii

What is required for the Merger to be approved? How do I vote on the CCT Trust Deed Amendments Resolution?

Sunday, 27 September 2020 at 2.00 p.m.Last date and time for lodgement of Proxy Form A (EGM)

Tuesday, 29 September 2020 at 2.00 p.m.Date and time of EGM

Approval thresholdAt least 75% in value of the total number of CCT Units held by CCT Unitholders present and voting by proxy(1)

EGMA

RESOLUTION

The CCT Manager will �rst seek the approval of CCT Unitholders for the CCT Trust Deed Amendments at the EGM to be convened and held by way of electronic means, as follows:

Subject to the passing of the CCT Trust Deed Amendments Resolution at the EGM, the CCT Manager will seek the approval of CCT Unitholders for the merger of CCT and CMT by way of a trust scheme of arrangement at the Trust Scheme Meeting to be convened and held by way of electronic means after the EGM, as follows:

TRUST SCHEME MEETING(2)B

Approval thresholdMore than 50% approval by headcount representing at least 75% in value of the total number of CCT Units held by CCT Unitholders present and voting by proxy(1)(4)

RESOLUTIONThe Merger of CCT and CMT by way of the Trust Scheme

Date and time of Trust Scheme Meeting Tuesday, 29 September 2020 at 2.30 p.m.(3)

Your Vote Counts.

Outcome 1: Outcome 2:

AND

Receive Notice of EGM and ProxyForm A (EGM)

Two possible outcomes of the EGM

CCT Unitholders vote FOR the CCT Trust Deed Amendments ResolutionThe CCT Trust Deed will be amended to re�ect the CCT Trust Deed Amendments.

CCT Unitholders vote AGAINST the CCT Trust Deed Amendments ResolutionThere will be no amendments to the CCT Trust Deed.The Trust Scheme Meeting will not be convened.

Vote

PRE-REGISTER for the EGM by

Saturday, 26 September 2020, 2.00 p.m.at

VOTE on the CCT Trust Deed

Amendments Resolution by submitting Proxy Form A (EGM)

The Trust Scheme Meeting to seek the approval of CCT Unitholders for the Trust Scheme Resolution will be convened and held by way of electronic means.

EGM to be heldby way of electronic means:

Tuesday, 29 September 2020,at 2.00 p.m.

The EGM and the Trust Scheme Meeting are two different meetings of CCT Unitholders to be held by way of electronic means on the same day. CCT Unitholders are encouraged to vote by proxy at both the EGM and the Trust Scheme Meeting.Each meeting has a separate proxy form, with different instructions and different approval thresholds. If you wish to vote by proxy at both the EGM and the Trust Scheme Meeting, you are required to submit both proxy forms.It is important that you read the instructions set out in both proxy forms carefully.

(1) Due to the current COVID-19 restriction orders in Singapore, CCT Unitholders will not be able to attend the EGM and/or the Trust Scheme Meeting in person. If a CCT Unitholder (whether individual or corporate) wishes to exercise his/her/its voting rights at the EGM or the Trust Scheme Meeting, he/she/it must appoint the Chairman of the EGM or the Trust Scheme Meeting (as the case may be) as his/her/its proxy to attend, speak and vote on his/her/its behalf at the EGM or the Trust Scheme Meeting (as the case may be).

(2) The Trust Scheme Meeting will only be convened if the CCT Trust Deed Amendments Resolution is passed at the EGM.

(4) The CMT Manager Concert Party Group and Common Substantial Unitholders (including CapitaLand Limited) will abstain from voting.

iviii

IV

III

II

I

How do I vote on the CCT Trust Deed Amendments Resolution? How do I vote on the Trust Scheme Resolution?

You are not able to attend the EGM in person due to the current COVID-19 restriction orders in Singapore. Please appoint the Chairman of the EGM to vote on your behalf at the EGM by completing the Proxy Form A (EGM).

Boardroom Corporate & Advisory Services Pte. Ltd.50 Ra�es Place#32-01 Singapore Land TowerSingapore 048623Operating hours: Monday to Friday, 8.30 a.m. to 5.30 p.m.

LOCATE PROXY FORM A (EGM) 1

You would have received a printed copy of the Proxy Form A (EGM), which is also available on the website of the SGX-ST at www.sgx.com/securities/company-announcements and on the website of CCT at https://cct.listedcompany.com/agm_egm.html. The form may also be obtained from CCT's Unit Registrar:

COMPLETE PROXY FORM A (EGM)2

.AI Fill in your name and particulars.

.BII You must appoint the Chairman of the EGM as your proxy to attend, speak and vote on your behalf at the EGM if you wish to exercise your voting rights at the EGM.

III If you wish to exercise all your votes “For”, “Against” or to “Abstain”, please indicate with a tick (√) within the relevant box provided. Alternatively, please indicate the number of votes as appropriate.

IV If you are an individual, you or your attorney MUST SIGN and indicate the date. If you are a corporation, the proxy form must be executed under your common seal or under the hand of your duly authorised o�cer or attorney.

.EV Indicate the number of CCT Units you hold.

RETURN THE COMPLETED PROXY FORM A (EGM)

If submitted electronically: Scan and send the completed and signed Proxy Form A (EGM) via email to CCT’s Unit Registrar at [email protected]

3

If submitted by post: Lodge the completed and signed Proxy Form A (EGM) at the oce of CCT’s Unit Registrar at 50 Raes Place, #32-01, Singapore Land Tower, Singapore 048623

Outcome A: Outcome B:

AND

Two possible outcomes of theTrust Scheme Meeting

Vote

Your Vote Counts.

CCT Unitholders vote FOR the Trust Scheme Resolution AND the Trust Scheme is approved by the Court

You will receive S$0.259 in cash and 0.720 new CMT Units for every CCT Unit that you hold as at the Record Date.

CCT Unitholders vote AGAINST the Trust Scheme Resolution OR the Trust Scheme is not approved by the Court

You will NOT receive any payment of the Cash Consideration and the Consideration Units for your CCT Units.

You will continue to be a CCT Unitholder. CCT will remain listed on the SGX-ST.

Receive Notice of Trust Scheme

Meeting and Proxy Form B (Trust

Scheme Meeting)

PRE-REGISTER for the Trust Scheme Meeting by

Saturday, 26 September 2020, 2.00 p.m. at

VOTE on the Trust Scheme Resolution by

submitting Proxy Form B (Trust Scheme Meeting)

Trust Scheme Meeting to be held by way of electronic means:

Tuesday, 29 September 2020at 2.30 p.m.

(or in the event that the EGM concludesbefore 2.30 p.m., as soon thereafter

following the conclusion of the EGM)

V

CAPITALAND COMMERCIAL TRUST (Constituted in the Republic of Singapore pursuant to a trust deed dated 6 February 2004 (as amended)) PROXY FORM A (EGM)

NOTE: This Proxy Form A (EGM) is available on the website of the SGX-ST at www.sgx.com/securities/company-announcements and on the website of CapitaLand Commercial Trust (“CCT”) at https://cct.listedcompany.com/agm_egm.html. Printed copies of this Proxy Form A (EGM) will also be sent to CCT Unitholders.

Personal Data Privacy

By submitting an instrument appointing the Chairman of the EGM as proxy, the CCT Unitholder accepts and agrees to the personal data privacy terms set out in the Notice of EGM dated 4 September 2020.

IMPORTANT:

1. The EGM (as defined below) is being convened, and will be held, by way of electronic means pursuant to the COVID-19 (Temporary Measures) (Alternative Arrangements for Meetings for Companies, Variable Capital Companies, Business Trusts, Unit Trusts and Debenture Holders) Order 2020.

2. Alternative arrangements relating to attendance at the EGM via electronic means (including arrangements by which the meeting can be electronically accessed via live audio-visual webcast or live audio-only stream), submission of questions to the Chairman of the EGM in advance of the EGM, addressing of substantial and relevant questions either before or at the EGM, and voting by appointing the Chairman of the EGM as proxy at the EGM, are set out in the Notice of EGM.

3. Due to the current COVID-19 restriction orders in Singapore, CCT Unitholders will not be able to attend the EGM in person. If a CCT Unitholder (whether individual or corporate) wishes to exercise his/her/its voting rights at the EGM, he/she/it must appoint the Chairman of the EGM as his/her/its proxy to attend, speak and vote on his/her/its behalf at the EGM.

4. This Proxy Form A (EGM) is not valid for use by CPFIS Investors / SRS Investors and shall be ineffective for all intents and purposes if used or purported to be used by them. If a CPFIS Investor or SRS Investor wishes to appoint the Chairman of the EGM as proxy, he/she should approach his/her respective CPF Agent Banks or SRS Agent Banks to submit his/her votes by 5.00 p.m. on Thursday, 17 September 2020, being 7 working days before the date of the EGM.

5. All capitalised terms used in this Proxy Form A (EGM) which are not otherwise defined herein shall bear the same meanings ascribed to them in the scheme document dated 4 September 2020 issued by the CCT Manager to CCT Unitholders.

6. Please read the notes overleaf which contain instructions on, inter alia, the appointment of the Chairman of the EGM as a CCT Unitholder’s proxy to attend, speak and vote on his/her/its behalf at the EGM.

I/We, (Name), (NRIC/Passport/Company Registration Number)

of (Address) being a unitholder/unitholders of CCT (“CCT Unitholder” or “CCT Unitholders”), hereby appoint the Chairman of the Extraordinary General Meeting (“EGM”) as my/our proxy to attend, speak and vote for me/us on my/our behalf at the EGM to be convened and held by way of electronic means on Tuesday, 29 September 2020 at 2.00 p.m. (Singapore Time), and at any adjournment thereof.

I/We direct the Chairman of the EGM as my/our proxy to vote for or against, or to abstain from voting on, the CCT Trust Deed Amendments Resolution to be proposed at the EGM as indicated hereunder.

No. Extraordinary Resolution For* Against* Abstain*

1. To approve the CCT Trust Deed Amendments

* Voting will be conducted by poll. If you wish the Chairman of the EGM as your proxy to cast all your votes “For” or “Against” the CCT Trust Deed Amendments Resolution, please indicate with a “√” in the space provided under “For” or “Against”. If you wish the Chairman of the EGM as your proxy to abstain from voting on the CCT Trust Deed Amendments Resolution, please indicate a “√” in the space provided under “Abstain”. Alternatively, please indicate the number of CCT Units that the Chairman of the EGM as your proxy is directed to vote “For” or “Against” or to abstain from voting. In the absence of specific directions in respect of the CCT Trust Deed Amendments Resolution, the appointment of the Chairman of the EGM as your proxy for the CCT Trust Deed Amendments Resolution will be treated as invalid.

Dated this day of 2020 Total Number of CCT Units Held

Signature(s) of CCT Unitholder(s)/Common Seal of Corporate CCT Unitholder

IMPORTANT: PLEASE READ NOTES TO THIS PROXY FORM A (EGM) ON THE REVERSE PAGE

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The Proxy Form A (EGM) must reach CCT’s Unit Registrar NO LATER THAN Sunday, 27 September 2020 at 2.00 p.m., being 48 hours before the time fixed for the EGM.

CPFIS Investors and SRS Investors who wish to appoint the Chairman of the EGM as proxy should approach their respective CPF Agent Banks and SRS Agent Banks to submit their votes by 5.00 p.m. on Thursday, 17 September 2020, being 7 working days before the date of the EGM.

NOTES TO PROXY FORM A (EGM):

1. Due to the current COVID-19 restriction orders in Singapore, CCT Unitholders will not be able to attend the EGM in person. If a CCT Unitholder (whether individual or corporate) wishes to exercise his/her/its voting rights at the EGM, he/she/it must appoint the Chairman of the EGM as his/her/its proxy to attend, speak and vote on his/her/its behalf at the EGM. This Proxy Form A (EGM) is available on the website of the SGX-ST at www.sgx.com/securities/company-announcements and on the website of CCT at https://cct.listedcompany.com/agm_egm.html.

In appointing the Chairman of the EGM as proxy, a CCT Unitholder must give specific instructions as to voting, or abstention from voting, in respect of the CCT Trust Deed Amendments Resolution in this Proxy Form A (EGM), failing which the appointment of the Chairman of the EGM as proxy for the CCT Trust Deed Amendments Resolution will be treated as invalid.

3. The Chairman of the EGM, as proxy, need not be a CCT Unitholder.

4. A CCT Unitholder should insert the total number of CCT Units held. If the CCT Unitholder has CCT Units entered against the CCT Unitholder’s name in the Depository Register maintained by The Central Depository (Pte) Limited (“CDP”), that number of CCT Units should be inserted. If the CCT Unitholder has CCT Units registered in the CCT Unitholder’s name in the Register of CCT Unitholders, that number of CCT Units should be inserted. If the CCT Unitholder has CCT Units entered against or registered in the CCT Unitholder’s name in both the Depository Register and the Register of CCT Unitholders, the CCT Unitholder should insert the aggregate number of CCT Units. If no number of CCT Units is inserted, this Proxy Form A (EGM) will be deemed to relate to all the CCT Units held by the CCT Unitholder.

5. This Proxy Form A (EGM) appointing the Chairman of the EGM as proxy must be submitted to CCT’s Unit Registrar, Boardroom Corporate & Advisory Services Pte. Ltd., in the following manner:

(a) if submitted electronically, be submitted via email to CCT’s Unit Registrar at [email protected]; or

(b) if submitted by post, be lodged at the office of CCT’s Unit Registrar, Boardroom Corporate & Advisory Services Pte. Ltd. at 50 Raffles Place, #32-01, Singapore Land Tower, Singapore 048623,

in either case, by 2.00 p.m. on Sunday, 27 September 2020, being 48 hours before the time fixed for the EGM.

CAPITALAND COMMERCIAL TRUST MANAGEMENT LIMITED(as manager of CapitaLand Commercial Trust)

c/o Boardroom Corporate & Advisory Services Pte. Ltd.50 Raffles Place

#32-01 Singapore Land Tower Singapore 048623

Postage will be paid byaddressee.

For posting inSingapore only.

Second fold here

Third fold here

First fold (Glue all sides firmly. Stapling and spot sealing are disallowed.)

A CCT Unitholder who wishes to submit this Proxy Form A (EGM) must complete and sign this Proxy Form A (EGM), before submitting it by post to the address provided above, or before scanning and sending it by email to the email address provided above.

In view of the COVID-19 restriction orders in Singapore and the related safe distancing measures which may make it difficult for CCT Unitholders to submit completed proxy forms by post, CCT Unitholders are strongly encouraged to submit completed proxy forms electronically via email.

6. This Proxy Form A (EGM) must be executed under the hand of the appointor or his/her attorney duly authorised in writing. Where this Proxy Form A (EGM) is executed by a corporation, it must be executed either under its common seal or under the hand of its attorney or a duly authorised officer.

7. Where this Proxy Form A (EGM) is signed by an attorney on behalf of the appointor, the power of attorney or other authority (if any) under which it is signed or a notarially certified copy thereof must (failing previous registration with the CCT Manager), if this Proxy Form A (EGM) is submitted by post, be lodged with this Proxy Form A (EGM), or if this Proxy Form A (EGM) is submitted electronically via email, be emailed with this Proxy Form A (EGM), failing which this Proxy Form A (EGM) may be treated as invalid.

8. Any reference to a time of day is made by reference to Singapore time.

General

The CCT Manager shall be entitled to reject any Proxy Form A (EGM) which is incomplete, improperly completed or illegible or where the true intentions of the appointor are not ascertainable from the instructions of the appointor specified on and/or attached to this Proxy Form A (EGM) (including any related attachment). In addition, in the case of CCT Unitholders whose CCT Units are entered against their names in the Depository Register, the CCT Manager may reject any Proxy Form A (EGM) if the CCT Unitholder, being the appointor, is not shown to have CCT Units entered against the CCT Unitholder’s name in the Depository Register as at 48 hours before the time appointed for holding the EGM, as certified by CDP to the CCT Manager.

BUSINESS REPLY SERVICE

BUSINESS REPLY SERVICEPERMIT NO. 07718

https://cct.listedcompany.com/agm_egm.htmlmailto: [email protected]