225M 4 3.1% 99.7%

CFS Retail Property Trust (CFX) Quarterly update to 30 September 2011 7 November 2011 Highlights 3.1% 99.7% $225m retail specialty sales growth1 occupancy maintained forward solved FY12 debt expiries Emporium top score 4 works continue in disclosure for our CFX assets received ahead of schedule 2011 submission to the funding from the Carbon Disclosure Project Green Building Fund 1. For the nine months to 30 September 2011 compared to the nine months to 30 September 2010 2 1 Capital management Achievements – Forward solved all FY12 debt expiries – Negotiated $225 million of new bank debt facilities to replace the December 2011 and February 2012 facilities Future focus – Forward solve the FY13 debt expiries – Alternative funding for remaining FY15 $295 million convertible note expiry (investor put option August 2012) QueensPlaza, QLD 3 Capital management Current position1 At 31 October 2011 At 30 June 2011 Debt funding sources Weighted average interest rate2 6.7% 7.0% 29% Weighted average duration of debt 3.5 years 3.5 years 35% Proportion of debt hedged 92% 92% Undrawn debt facilities $233 million $360 million 22% 4% 10% Debt maturity profile Bank debt Convertible notes 1,000 US Private Placement Short term notes Medium term notes 800 600 475 200 400 $ million 38 178 50 295 200 150 440 225 300 160 100 38 0 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 US private placement Bank debt Convertible notes^ Medium term notes 1. Unaudited accounts as at 31 October 2011 adjusted for the capital management activities undertaken post the September quarter. 2. Including line fees and margins. ^ The $295 million of August 2014 convertible notes have an investor put option in August 2012. The $300 million of July 2016 convertible notes have an investor put option in July 2014. 4 2 Portfolio update Total sales by category Growth in Moving Annual Turnover (MAT) - rolling 12-month period Comparable1 Actual MAT MAT 30 Sep Annual 30 Sep Annual 2011 growth 2011 growth Category $m % $m % Department stores2 256.0 (5.7) 654.7 (5.8) Discount department stores 609.9 (2.3) 787.9 (1.7) Supermarkets 1,223.6 2.9 1,538.8 4.2 Mini majors 420.0 0.1 752.6 2.2 Retail specialty 1,383.1 1.2 2,685.9 3.9 Other retail3 362.4 3.4 477.4 3.3 Shopping centre portfolio 4,255.0 0.8 6,897.3 2.2 DFO centres 406.4 (1.1) 538.4 3.3 Total portfolio 4,661.4 0.6 7,435.7 2.2 Specialty stores sales (MAT / sqm) 4 7,996 9,002 1. Shopping Centre Council of Australia definition of comparable centres refers to those centres that are not undergoing or have not undergone substantial redevelopment in the past 24 months. 2. Department stores and total growth variances exclude David Jones Chadstone, which was impacted by the substantial upgrade works undertaken between January and October 2011. 3. Other retail includes cinemas and sales reporting tenancies under 400 sqm including travel agents, auto accessories, Lotto and other entertainment and non-retail stores. 4. Shopping centre portfolio, excluding DFO centres. 5 Portfolio update Sales performance by category – September nine-monthly sales September 2011 nine-monthly comparable1 sales – Major redevelopments (nine months to 30 September 2011 compared to nine months to 30 September 2010) completed in 30 Sep 30 Sep Annual November 2009 2011 2010 growth2 – Entire portfolio Category $m $m % excluding Bayside Department stores2 408.1 456.9 (8.2) Shopping Centre is Discount department stores 494.0 500.8 (1.4) comparable Supermarkets 1,070.5 1,042.8 2.7 Mini majors 490.7 491.2 (0.1) Retail specialty 1,775.5 1,722.0 3.1 Other retail3 350.4 346.0 1.3 Shopping centre portfolio 4,589.2 4,559.7 1.0 DFO centres 377.9 376.7 0.3 Total portfolio 4,967.1 4,936.4 1.0 1. Comparable centres refer to those centres that are not undergoing or have not undergone substantial redevelopment in either period of comparison. 2. Department stores and total growth variances exclude David Jones Chadstone, which was impacted by the substantial upgrade works undertaken between January and October 2011. 3. Other retail includes cinemas, travel agents, auto accessories, Lotto and other entertainment and non-retail stores. 6 3 Portfolio update Retail specialty stores by category – September nine-monthly sales September 2011 nine-monthly comparable1 sales (nine months to 30 September 2011 compared to nine months to 30 September 2010) 30 Sep 30 Sep Annual 2011 2010 growth Retail specialty category $m $m % Food retail 126.8 117.8 7.7 Food catering 270.5 254.8 6.2 Apparel 637.1 620.6 2.7 Jewellery 134.6 134.8 (0.2) Leisure 112.7 123.9 (9.1) General retail2 152.5 150.3 1.5 Homewares 136.6 132.7 2.9 Mobile phones 72.9 60.5 20.5 Retail services 131.8 126.6 4.1 Total retail specialty 1,775.5 1,722.0 3.1 1. Comparable centres refer to those centres that are not undergoing or have not undergone substantial redevelopment in either period of comparison. 2. General retail comprises giftware, pharmacy and cosmetics, pets, discount variety, florists and toys. 7 Portfolio update Retail observations and leasing environment – Retail sales environment remains challenging but consumers are spending – Consumer spending is focused on take-home food, restaurants/cafes, technology (ie mobile phones, laptops, tablet computers) entertainment and offshore travel – Mixed leasing demand – Strong demand from fresh food and food catering tenancies – Continued demand from international retailers at quality centres – More cautious demand from fashion retailers, with a focus on quality centres – CFX portfolio occupancy remains unchanged at 99.7% reflecting the quality of the centres DFO Homebush, Homebush, NSW DFO Homebush, Homebush, NSW 8 4 Portfolio update Responsible property investment (RPI) – Highly recognised for 2011 Carbon Disclosure Project submission – Included in Carbon Disclosure Leadership Index for second consecutive year – Joint highest score for disclosure with Commonwealth Property Office Fund – CFX was recognised as one of the top Australian performers in the 2011Global Real Estate Sustainability Benchmark survey – Received two merit awards, recognised as best Australian submission, in the 2011 Asia Pacific Real Estate Association’s (APREA) best practices awards – In August 2011, CFX was awarded funding from the Federal Government’s Green Building Fund for four assets: Predicted greenhouse Grant gas savings ($000) (tonnes CO2-e pa) Clifford Gardens Shopping Centre 325 821 Myer Centre Brisbane 333 1,999 Grand Plaza Shopping Centre 115 882 QueensPlaza 69 1,073 Total 842 4,775 9 Development update Emporium Melbourne Emporium Melbourne, Vic - site works under way Artist’s impression of the completed Emporium Melbourne, Vic 10 5 Development update Emporium Melbourne – Demolition is well advanced – Over 150 lease offers sent – Negotiating terms on three flagship stores Key development metrics Total cost $1.12 billion CFX share (50% interest) $560 million Target initial yield1 >6% Target IRR >9% Leased 5% (to Myer) Project commenced February 2011 Project to be complete late 2013 Artist’s impression of Emporium Melbourne, Vic 1. Yield based on forecast first year income after development completion. 11 Development update Roxburgh Shopping Centre Key development metrics Total cost $64 million Board approval Received Target initial yield1 >8% Target IRR >10% Project to commence 2012 Expected completion 2013 – $64 million project to include two new supermarkets and 40 new specialty stores Roxburgh Park Shopping Centre, Vic 1. Yield based on forecast first year income after development completion. 12 6 Development update Chadstone Shopping Centre – Stage 35 Key development metrics Total cost $520 million CFX share (50% interest) $260 million Target initial yield1 7% - 8% Target IRR >10% Project to commence On development approval – Comprises a complete refurbishment of the northern end of the new West Mall creating an additional 25,000sqm of lettable area Artist’s impression of Stage 35, Chadstone Shopping Centre, Vic – Anchored by flagship stores and a revitalised entertainment precinct over four levels around a central atrium 1. Yield based on forecast first year income after development completion. 13 Summary and outlook – We will continue to add value for unitholders through – Intensive asset management – Driving further results from the DFO centres – Delivering on our redevelopment pipeline – Active capital management – We expect retail sales growth to recover in the second half of the financial year – Distribution1 guidance remains at 13.0 – 13.1 cents per unit for the 12 months ending 30 June 2012 Chadstone Shopping Centre, Vic 1. Assuming performance fees are payable for the full 12-month period and there is no unforeseen material deterioration to existing economic conditions. 14 7 Appendix 1 Australian retail property market Australian retail property market Relatively strong growth outlook at odds with consumer caution – Historically, sentiment has only been this weak during recessions – If GDP strengthens as forecast, sentiment should recover Economic growth and consumer sentiment Annual rests, GDP forecast for 2011 and 2012 Forecast 7 125 6 120 5 115 4 110 3 105 2 100 Index Percentage 1 95 0 90 -1 85 -2 80 1981 1984 1987 1990 1993 1996 1999 2002 2005 2008 2011 Gross domestic product Financial situation next 12 months* (RHS) Source: Australian Bureau of Statistics, Westpac and Melbourne Institute, CBA and CFSGAM Research. * Latest data to August 2011. 16 8 Australian retail property market Despite solid income growth, poor sentiment is flowing through to retail trade – Retail sales growth has slowed with consumer confidence, while income has grown – With continued economic growth, retail trade should recover Australia retail turnover and gross disposable income Nominal growth, annual percentage change on quarterly rests to June 2011 16% 14% 12% 10% 8% 6% Annual change (%) Annual change 4% 2% 0% 1983 1987 1991 1995 1999 2003 2007 2011 Australian retail turnover* Gross disposable income * Latest data to August 2011.

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