Australia. This document is solely for the use of wholesale clients in Australia and is not for general public distribution.

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1 This document is solely for the use of wholesale clients in and is not for general public distribution.

2 Who we are TH Real Estate is an established investment management company, specialising in real estate equity and debt investment worldwide. With a dedicated global presence including offices across Asia, Europe and the US, we manage A$112.7bn ($86.6bn) * of real estate assets across c.50 funds and mandates. The company is owned by TIAA-CREF, a leading provider of financial services. Our business in Our entrance into the n market has been marked by a number of significant transactions. These investments are testament to our long-term strategy within, where we now have a portfolio of A$789m ($606m). We are committed to building sustainable relationships with established partners and investors within the region. Sector split of AUM 39.55% 2% FOUR ASSETS SEVEN EMPLOYEES OFFICE OPENED IN 2012 Key Office: 60.45% Retail: 39.55% 60.45% A$789M ($606M) AUM TH Real Estate has identified as a key part of its Asia-Pacific strategy. We have built real momentum over the past year, shown in a number of high-profile acquisitions and team appointments. Nick Evans Head of *Combined AUM of TH Real Estate and TIAA-CREF Real Estate. Includes CRE debt and equity investment. 3

3 Our investments 20 Hunter Street, Sydney Core Sydney, CBD Precinct c.106,500 sq ft (9,894 sq m) Prime office, ground floor retail and basement car parking Acquired by TIAA-CREF in 2013 Diversified tenancy pool 699 Bourke Street, Melbourne Located in Melbourne, CBD Precinct c.210,000 sq ft (19,513 sq m) A Grade prime office Environmental ratings: 5 star NABERs and 5 Green Stars Mt Ommaney Shopping Centre, Brisbane 101 Miller Street and Greenwood Plaza, North Sydney 50% interest acquired on behalf of TIAA-CREF in 2014, through a joint venture, forward-funding, investment with Mirvac 100% occupied by AGL Energy Limited on a ten-year lease Practically completed in June Hunter Street, Sydney 699 Bourke Street, Melbourne 101 Miller Street and Greenwood Plaza, North Sydney Prominent North Sydney, CBD location c.498,300 sq ft (46,292 sq m) Mixed-use including premium office, retail, tavern and 547 car parking spaces 50% interest acquired on behalf of TIAA-CREF in stores, directly accessible from North Sydney railway station Key office tenants include Commonwealth of, Government Property NSW, AGL Energy Ltd, IGA Supermarket and Wilson Parking 4 5

4 Mt Ommaney Shopping Centre, Brisbane Located in Brisbane, c.607,800 sq ft (56,462 sq m) floor space and 2,547 car parking spaces Dominant, regional shopping centre 75% interest acquired on behalf of TIAA-CREF in The remaining 25% is owned by Vicinity, the centre manager 184 stores Key tenants include Coles, Woolworths, Aldi, Big W, K-Mart, Target and JB Hi-Fi 6 7

5 Case study: offices As a result of the Office Alliance agreed between TIAA-CREF and Mirvac in 2014, our business has an exclusive first right to acquire 50% of co-investment opportunities in prime n office assets developed by Mirvac, until We have since acquired a 50% interest in 699 Bourke Street, an office development in Melbourne. The project was completed in June 2015 and is fully-leased to AGL Energy Limited for an initial term of 10 years. Outside of this Relationship Deed, we have acquired a 50% interest in 101 Miller Street, a premium-grade office building comprising 27 levels of office accommodation. The asset in North Sydney includes the dominant Greenwood Plaza retail complex, and the landmark building is interconnected to the primary commuter railway station, serving over 18 million people each year. The investment is 100% occupied and attracted a long list of domestic and international investor interest. Our n prime office portfolio currently amounts to approximately A$375m ($280m) across three office assets in Melbourne and Sydney. 8 9

6 Routes to investment Who we work with Our business is entirely focused on real estate investment and providing clients with access to these strategies, across a range of structures and capital markets. In each case, we work closely in partnership with some of the most sophisticated investors in the market. Co-investment Over the past few years, we ve seen an increasing expectation from investors for the investment manager to demonstrate an alignment of interest through co-investment or seeding. The TIAA General Account allows us to do just this through investment opportunities that meet its portfolio and business objectives. Advisory and discretionary separate accounts We have extensive experience working with and running mandates for some of the largest sovereign wealth and global investment funds in the world. This experience extends across investment sourcing, fund structuring and asset management. Pooled funds We can leverage our existing product range, specialist expertise and strategic partnerships, to grant access to a range of open pooled fund products. We also develop new vehicles to suit investor demand. Secondary market We provide immediate access to a number of our closed-end pooled fund products through the secondary market. To discuss any investment opportunities we are permitted to market in your jurisdiction, please contact@threalestate.com In June 2013, we were appointed as investment advisor to nsuper, the A$90bn ($72bn) n superannuation fund, for its UK retail property strategy. The mandate is testament to our expertise in the retail sector and aligned to our commitment in building a significant business with sophisticated investors in. We guided them through their inaugural UK acquisition, a deal which saw nsuper partner with BT Pension Scheme through the purchase of a A$440m ($450m), 50% interest in a major regional shopping centre, thecentre:mk in Milton Keynes, north west of London. We have since been appointed to manage the emerging Central London office property investment strategy on behalf of nsuper, and have recently completed a significant purchase at Kings Cross in London. The c.a$510m ($372m) investment comprises a major mixed-use development scheme with long-term growth potential. Mirvac has 40 years of experience in the n property industry. In early 2014, TIAA signed a Relationship Deed with Mirvac to review and participate in the deal flow of their office pipeline. Under the Deed, TIAA has a first right to acquire 50% of co-investment opportunities in prime-grade n office assets in Sydney and Melbourne, sourced or developed by Mirvac over the next three years. Following an extensive search for an investment manager to advise on our retail-focused strategy, we are confident that we have made the right choice. We have already enjoyed a collaborative relationship with the team where the experience of their UK retail market is proving invaluable. Jack McGougan Head of Property, nsuper In October 2014, we simultaneously acquired and entered into a co-ownership agreement with Federation Centres (an n specialist retail operator) for Mount Ommaney Centre a regional mall in Queensland,. Federation Centres is an n real estate investment trust (A-REIT) specialising in the ownership and management of n shopping centres. With c.a$10.0bn ($7.4bn) of shopping centres under management, Federation Centres employs more than 600 people and has offices in Melbourne, Sydney and Perth. This alignment of interest ensures the centre, and subsequently our clients investment, receives the optimum level of service and chance for outperformance

7 Our approach Meet our team Our assets are locally sourced and managed by specialist teams, which apply their own experience and style when managing their portfolios. These teams have the support of our senior management and operate within an integrated investment platform, which includes support across finance, debt and currency management, performance analytics, client service, fund and transaction structuring, development, sustainability and research. Investment process Asset management In touch with Tomorrow s World With our clients at the heart of everything we do, we operate within a defined investment process with established risk controls that are supervised by our Investment Committee, comprising senior investment professionals, together with representatives from our specialist teams. We draw on the knowledge and experience from across our global organisation, benefiting from the expertise of all business areas. With this input from all sectors, we fully consider the investment activity undertaken on behalf of our clients. We aim to increase the value of the properties we manage and deliver quality investment performance for our clients. At TH Real Estate, we recognise the advantage of local representation. By applying our own experience, as well as that of our local advisors, we create business plans with challenging goals. We target assets with long-term potential and those where value can be added via letting, re-letting, promotion, refurbishment and redevelopment. Short-lived market cycles, evolving investor needs and sustainability pressures bring with them significant challenges. Our people deliver unique investment solutions today, by focusing on the structural trends that will shape real estate tomorrow. The local and global expertise across our business, combined with a collaborative and responsible approach, enables us to unlock opportunities and deliver excellence in Tomorrow s World. Developing products and investment opportunities is our response to the needs of our clients, and a result of our in-depth research. We capture long-term, structural changes in both occupational demand and capital flows, creating sustainable real estate products relevant to occupiers and investors, whilst future-proofing our clients interests. Nick Evans Head of With 13 years real estate experience, I m involved with all aspects of the n business entity. This includes acting as a Responsible Manager and Director for our n Financial Services Licence, our corporate strategy, advising clients on international and domestic investment opportunities, as well as working with our n and wider Asian team on the origination and execution of transactions. I have an MA (Distinction) from CASS Business School in Property Investment and Law, and a Finance degree from the School of Business and Economics at Loughborough University. I also hold the Investment Management Certificate and I am a member of the Royal Institute of Chartered Surveyors. The challenge of building a best-in-class business requires careful planning, ambition and resourcing. Our Asia-Pacific strategy will give our business the global capabilities that no other real estate investment manager can offer. We must adapt our business to technological, demographic and structural trends, and learn from past mistakes. We must also help our employees to achieve their personal goals. Jayson Egan Head of Asset Management, I have over 15 years property experience across a number of different markets and asset classes. Based in the Sydney office, I m responsible for the implementation of our asset management strategy across the region. I hold a BBus in Property Finance from the Royal Melbourne Institute of Technology. Given the dynamic nature of the Asia-Pacific market, there are a number of exciting opportunities - particularly in retail - where we can utilise our international expertise and existing relationships, to provide strong growth. Embracing change and providing a true global real estate platform across the markets. Stephen Philp Head of Capital Transactions, I have 25 years experience in real estate, and am responsible for property asset origination and transaction management, including commercial analysis, contract negotiation, legal documentation and the coordination of due diligence for potential acquisitions. I hold a BCom in Accounting and Finance from the University of New South Wales and a Bachelor of Applied Science in Land Economics from the University of Technology, Sydney. The economic and cultural diversity within Asia-Pacific has built a strong interdependence within the region. The pace and scale of capital creation and investment is increasing the sources of new capital, which is highly evident in the n market. The challenge of matching diverse capital to new markets is exciting. A more connected and integrated world will increase the understanding and acceptance of our differences and similarities, as economies, businesses and people. T: E: nick.evans@threalestate.com T: E: jayson.egan@threalestate.com T: E: stephen.philp@threalestate.com 12 13

8 Meet our team Contact us Level 46, Gateway 1 Macquarie Place Sydney NSW 2000 T: contact@threalestate.com Follow us on Juan Manas Senior Analyst, With 9 years of experience in the real estate industry, I provide support in the areas of distribution, investments and operations, including compliance and risk management within the office. I also give analytical support to the Portfolio Management team for investments across the Asia-Pacific. I have an Msc in Real Estate Investment from CASS Business School in London, an Msc in Real Estate Law from ISDE, a degree in Business and Economics from Glasgow University, and an LLB (Hons) from Granada University. I am also a Chartered Alternative Investment Analyst (CAIA). Asia-Pacific is supported by a growing population and a rising middle class, shaped by a unique, entrepreneurial culture. Capital markets in the region are maturing, thanks to an increased transparency and corporate governance. The real estate markets, although volatile, are due to have the largest growth ever recorded. William Keaveney Senior Investment Analyst, Having worked in the real estate industry for over 11 years, I now support the company s existing portfolio analysis and asset management commitments, and provide acquisition analysis and support for acquisition initiatives within. I am currently completing an MA in Property Valuation at Bond University. The emerging middle class in Asia will drive real estate occupier demand and the need for predictable income streams, to meet increasing insurance, investment and retirement income requirements. Interpreting and forecasting the impact of these trends, while overlaying short-term real estate cycles into market rents and cash flows, is both challenging and exciting. The world is evolving, so the ability to challenge existing views with an open mind is crucial. We, Asia-Pacific, face significant challenges, mainly climatic and demographic. Organisations like ourselves are committed to finding sustainable solutions to challenges such as these. T: E: juan.manas@threalestate.com T: E: william.keaveney@threalestate.com 14 15

9 LARGE CITIES WORLDWIDE GAIN AND LOSE A LOT OF LABOUR TO MIGRATION, BUT WHICH REGION HAS THE HIGHEST MIGRATION RATE? OCEANIA IS EXPECTED TO RETAIN ITS POSITION AS THE REGION WITH HIGHEST NET MIGRATION RATE IN 2030, CLOSELY FOLLOWED BY NORTH AMERICA. We have the answers. TH Real Estate delivers unique investment solutions today, by focusing on the structural trends that will shape real estate tomorrow. We are in touch with Tomorrow s World. Source: United Nations, Note: Forecast migration rate assumes constant mortality and medium fertility. This document is solely for the use of wholesale clients and is not for general public distribution. This document is issued by TH Real Estate () Limited ABN , AFSL The value of an investment and the income from it can fall as well as rise and you may not get back the amount originally invested. This document is intended solely for the use of wholesale clients, as defined in section 761G of the Corporations Act 2001 (Cth) and is not for general public distribution. This document is being provided to you solely for your information. By accepting this document you represent that you are a wholesale client. Past performance is not indicative of future performance. The value of an investment and the income from it can fall as well as rise and you may not get back the amount originally invested. This document does not purport to be a comprehensive statement or description of any markets or securities referred to within. Tax assumptions and reliefs depend upon an investor s particular circumstances and may change if those circumstances or the law change. Prospective investors should not rely on the information in this document and should make their own enquiries and evaluations they consider to be appropriate to determine the suitability of any investment (including regarding their investment objectives, financial situation, and particular needs) and should seek all necessary financial, legal, tax and investment advice. If you invest through a third party provider you are advised to consult them directly as charges, performance and terms and conditions may differ materially. Nothing in this document is intended to be or should be construed as advice. This document is not a recommendation to sell or purchase any investment. It does not form part of any contract for the sale or purchase of any investment. Any investment application for a fund will be made solely on the basis of the information contained in the relevant fund s offer document (including all relevant covering documents), which may contain investment restrictions. This document is intended as a summary only and (if investing in a fund) potential investors must read the relevant fund s offer document before investing. The information in this document has been prepared using information from a variety of sources. The information is believed by TH Real Estate to be correct but no warranty is made with respect to its completeness or accuracy. All opinions and estimates in this document are subject to change without notice. TH Real Estate is not under any obligation to update the information contained in this document to the extent that it is or becomes out of date or incorrect. This information is confidential and must not be made available, published or distributed to any third party without the prior written consent of TH Real Estate. COMP Brochure designed by Saentys +44 (0) I info@saentys.com