1 The proposed merger is subject to the approval by the unitholders of CMT and CCT at extraordinary general meetings to be convened by CMT and CCT respectively, as well as regulatory and other third-party approvals.

2 Illustrative market capitalisation of Merged Entity calculated as the sum of (i) the market capitalisation of CMT of S$9.6bn as at 21 January 2020; (ii) the portion of the Scheme Consideration to be satisfied in new CMT Units based on a gross exchange ratio of 0.820x; and (iii) the value of the acquisition fee to be issued in new CMT Units at S$2.59 per CMT Unit.

3 Based on valuations of CMT’s and CCT’s properties as of 31 December 2019.

As of 21 January 2020.

Source: IPE Real Estate “Top 100 Real Estate Investment Managers 2019”.

6 As of 30 September 2019.