For professional / institutional investors use only

CFSGAM Property Overview June 2013 For professional / institutional investors use only CFSGAM Property represents one of Australia and New Zealand's largest full service property investment house and forms part of Colonial First State Global Asset Management (CFSGAM), a wholly-owned subsidiary of Commonwealth Bank of Australia. CFSGAM Property is underpinned by one of the broadest and most experienced real estate asset management teams in Australia and New Zealand, and further strengthened through its Commonwealth Bank of Australia parentage. The direct property business comprises several corporate entities: across the division we act as trustees, responsible entities and fund managers, and we undertake property leasing, management and development activities. CFSGAM Property are committed to best practice standards in governance and risk management, and take a leadership role in working with industry bodies to consistently review and improve the way we service and support the investment community. For more than 27 years, CFSGAM Property has developed, refined and improved our service offering to ensure that we are able to optimise outcomes for our investors at every point in the investment cycle, from origination to execution, redevelopment, repositioning and realisation. In Australia and New Zealand, CFSGAM Property manages three listed real estate investment trusts (REITs) along with a suite of Wholesale Property funds and direct property mandates. Each of these investment products is managed utilising our substantial asset and development management capability. CFSGAM Property Fully integrated real estate platform including fund, asset and development management, origination and execution, employing over 950 staff, and with approximately A$17 billion in real estate funds under management Currently manages 44 retail assets and 38 office assets across Australia and New Zealand Deep transaction experience and access to both off-market and marketed assets One of Australia s most active managers with A$5.5 billion of capital transactions executed in the three years to 31 December 2012 including $3.4 billion in the office sector Sustainability market leader CFSGAM Property is a global and Australian leader in responsible property investment and sustainability: Global Real Estate Sustainability Benchmark (GRESB): One of our funds has achieved the global leadership position in both the 2011 and 2012. Two funds are named as Oceania sector leaders in the 2012 survey and four funds in the top 10 in 2011 Our three listed real estate trusts were awarded at the 2012 Asia Pacific Real Estate Association (APREA) Best Practices Awards for corporate governance and investor reporting Carbon Disclosure Project (CDP): Our Australian listed real estate funds were named in both the Carbon Performance and Carbon Disclosure leadership indices for 2012, topping all Australian and New Zealand companies. Our listed real estate funds are included in the 2012 Dow Jones Sustainability Indexes (DJSI) Our listed trusts are also included in the 2012 FTSE4GOOD Index Some of the funds mentioned here are not authorised for offer/sale to the public in certain jurisdiction. 1

CFSGAM Property is the specialist property division of CFSGAM, and is one of the largest real estate fund managers in Australia 7 17 16 82 assets across Australia & New Zealand 44 shopping centres 38 office buildings 1.1+ million sqm in office NLA under management 1.8+ million sqm in retail GLA under management 720+ office tenants 6,000 + retail tenants 290+ million shoppers through the retail centres each year 950+ employees Listed Funds Asset management Wholesale Funds CFS Retail Property Trust Group (CFX:ASX) Transaction origination and execution Direct Property Investment Fund (office) A$8.5bn Australian retail sector specialist fund Commonwealth Property Office Fund (CPA:ASX) A$3.7bn Australian office sector specialist fund Kiwi Income Property Trust (KIP:NZX) Strategic asset planning Sustainability design / implementation / monitoring Leasing / leasing management Finance Development management CFSGAM Property Enhanced Retail Fund CFSGAM Property Retail Partnership Private Property Syndicate (diversified) Private mandates NZ$1.7bn New Zealand diversified fund Funds under management A$14.0 billion Assets under management A$20.2 billion Funds under management A$3.4 billion 2

Senior CFSGAM Property team Angus McNaughton Managing Director, Property The Property division includes listed property, unlisted property and our asset management and development functions. These businesses have responsibility for approximately AUD$17 billion in funds and assets under management. Angus oversees the performance and strategic direction for all vehicles managed by these businesses and maintains responsibility for driving the long term strategy and performance of the wholesale property business. With more than 20 years experience in the property (asset and development management), capital markets and funds management industries, Angus leads one of Australia and New Zealand s largest fully integrated property businesses. Angus has been working with the business for over 17 years, most recently as Head of Wholesale Property Funds, prior to which he worked in Singapore investigating opportunities for the group. Angus was also the Chief Executive of the New Zealand Stock Exchange Top 10 listed Kiwi Income Property Trust ( KIP ). In 2007, Angus received the Property Institute of New Zealand s Property Industry Award (sole recipient) and in 2006 he was voted one of the New Zealand Herald s Top 10 Business Leaders of the Year. Angus has an honours degree in Management Studies from the University of Waikato, New Zealand. Jason Ferris Senior Fund Manager, Wholesale Property Funds Jason is the nominated Fund Manager for CERF and is currently the Fund Manager of the Private Property Syndicate. In addition, Jason has direct oversight of the Diversified Property Pool and the segregated property mandates business. Whilst at CFSGAM, Jason has held the roles of Head of Unlisted Property New Funds, Fund Manager of Commonwealth Property Investment Trust, Fund Manager of Commonwealth Property Fund and Investment Manager responsible for asset strategies and development. Jason joined CFSGAM in November 1999 and has more than 20 years experience in the property and funds management industry. For the last 12 years, Jason s experience has directly related to the investment management of direct and indirect property. In prior capacities, Jason worked in investment banking and property consulting roles. Jason has a Bachelor of Business (Land Economics) from the University of Western Sydney. He is a Fellow of the Australian Property Institute (API) and Member of the Property Economists Board (NSW Chapter). Michael Brown Senior Fund Manager, Wholesale Property Funds Michael is the designated CFSGAM Property Office Sustainability Partnership (CSOP) Manager. As Senior Fund Manager, Michael also has overall responsibility for the management and financial performance of the CFSGAM Property Retail Partnership (CRP) and oversees the wind up of the Direct Property Investment Fund (DPIF). Michael has more than 25 years property investment experience across the office, retail, industrial and hotel sectors. Prior to joining CFSGAM in August 2006, Michael worked at DB RREEF as Director, Commercial, responsible for a $3.5 billion prime office portfolio. Michael also worked at Deutsche Asset Management as General Manager, Deutsche Office Trust (DOT), one of Australia s leading office REITs, from its initial launch in 1998 until its merger with DB RREEF in 2004. During his time with DOT, Michael was responsible for the ownership, management and development of a $2.3 billion prime office portfolio, including the development of 30 The Bond, Sydney, Australia s first large scale 5 Star rated office development and Woodside s head office at 240 St. Georges Terrace, Perth, WA. Michael is a Certified Fund Manager, a Certified Practising Accountant and a Graduate of the Australian Institute of Company Directors. He holds a Bachelor of Commerce degree from the University of NSW, Sydney and a Post Graduate Diploma in Urban Estate Management from the University of Technology, Sydney. 3

Senior CFSGAM Property team (cont d) Michael Gorman Fund Manager, CFS Retail Property Trust Group Michael Gorman is the Fund Manager for the CFS Retail Property Trust Group (CFX). Michael is responsible for all aspects of management of CFX, including the strategic direction of the vehicle, performance, financial analysis, acquisitions and disposals. Michael also works closely with the retail management team to optimise the performance of the portfolio. Michael brings more than 25 years' experience to his role and has extensive experience in the development and management of major retail assets within Australia and overseas. Michael is also the Deputy Chairman of the Shopping Centre Council of Australia. Charles Moore Fund Manager, Commonwealth Property Office Fund Charles is the Fund Manager for the Commonwealth Property Office Fund (CPA). Charles is responsible for all aspects of management of the Fund, including the strategic direction of the vehicle, performance, financial analysis, acquisitions and disposals. Charles has more than 20 years experience across agency, valuation, structured property finance and asset management, which provides a strong strategic focus for the management of the Fund s office portfolio. Charles has a Bachelor of Business (Land Economy), and a Graduate Diploma Applied Finance. He is a registered valuer, and a licensed real estate agent. Charles is also a graduate member of the Australian Institute of Company Directors (GAICD), a member of the International Capital Markets Division (ICMD) of the Property Council of Australia and a member of the Property Industry Foundation Board of Advisers. Chris Gudgeon Chief Executive Kiwi Income Properties Limited Chris Gudgeon is the Chief Executive of Kiwi Income Properties Limited, the manager of Kiwi Income Property Trust (KIP). Chris is responsible for the management of the Trust, including its financial performance, strategic direction and investment strategy. He works closely with the retail and commercial management teams to optimise the performance of the portfolio and is a Director of Kiwi Property Management Limited, which provides property management services to the Trust. Chris has more than 20 years experience in property investment and development across the retail, office and industrial sectors, with an extensive background in the development and management of major assets in New Zealand. Previous roles include Chief Executive Officer of Capital Properties New Zealand Limited and General Manager Property with Auckland International Airport Limited. Chris has a Bachelor of Engineering (Civil) from the University of Canterbury and an MBA from the Wharton School, University of Pennsylvania. Chris currently serves as a Trustee of Keystone NZ Property Education Trust and served as the National President of the Property Council of New Zealand from 2009-2011. 4

For further information Michael Stapleton Managing Director, Asia Pacific +852 2846 7538 michael.stapleton@firststate.com.hk Alexis Ng Managing Director, Southeast Asia and Head of Distribution, Asia +65 6580 1321 alexis.ng@firststate.com.sg Carol Lin Sales Director, Taiwan +852 2846 7546 carol.lin@firststate.com.hk Alvin Poh Associate Director, Institutional Business, South Asia +65 6580 1365 alvin.poh@firststate.com.sg Disclaimer The information contained within this document is generic in nature and does not contain or constitute investment or investment product advice. The information has been obtained from sources that First State Investments ( FSI ) believes to be reliable and accurate at the time of issue but no representation or warranty, expressed or implied, is made as to the fairness, accuracy, completeness or correctness of the information. Neither FSI, nor any of its associates, nor any director, officer or employee accepts any liability whatsoever for any loss arising directly or indirectly from any use of this document. This document has been prepared for general information purpose. It does not purport to be comprehensive or to render special advice. The views expressed herein are the views of the writer at the time of issue and may change over time. This is not an offer document, and does not constitute an investment recommendation. No person should rely on the content and/or act on the basis of any matter contained in this document without obtaining specific professional advice. The information in this document may not be reproduced in whole or in part or circulated without the prior consent of First State Investments. This document shall only be used and/or received in accordance with the applicable laws in the relevant jurisdiction. In Hong Kong, this document is issued by First State Investments (Hong Kong) Limited and has not been reviewed by the Securities & Futures Commission in Hong Kong. In Singapore, this document is issued by First State Investments (Singapore) whose company registration number is 196900420D.