Property Portfolio Book 2017

PROPERTY PORTFOLIO BOOK 30 JUNE 2017 INVESTA OFFICE FUND VIEW OF SYDNEY CBD which includes includes which

Financial Report. Report. Financial

Key information Key Performance metrics Australian office market outlook market office Australian IOF portfolio as at 30 June 2017 Melbourne

Perth Brisbane

Canberra Sydney

Annual Results PresentationAnnual Results

SUITE REPORTING REPORTING IOF IOF ABOUT IOF ABOUT which includes detailed appendices detailed includes which additional of range broad a providing information. 2. Annual Report This Property Portfolio Book is one is Property Book This Portfolio of three sources key of information forming reporting FY17 IOF's suite, the other two being: 1. an overview performance of IOF’s over the year and the audited Annual download to or information more For visit please documents these of any www.investa.com.au/iof Investa OfficeFund (ASX:IOF) is one of Australia’s leading listed owners of investment grade office buildings. IOF has total assets under management of $3.8 billion with investments20 located in core CBD markets throughout Australia. As an externally managed Australian Real Estate Investment (A-REIT), Trust IOF is governed an by independent board, Investa Listed Funds (ILFML), who Limited Management employs Investa Office Management (Investa), one of Australia’s largest office owners and managers, manageto assets. IOF’s 08 10 18 04 05 06 IOF PROPERTY PORTFOLIO PROPERTY IOF 28 22 32 Contents

2 30 JUNE 2017 INVESTA OFFICE FUND PROPERTY PORTFOLIO 30 JUNE 2017 INVESTA OFFICE FUND PROPERTY PORTFOLIO 3 fund office divestments; Fund vision Fund leading listed be Australia's To specialist To deliver attractive risk-adjusted returns risk-adjusted attractive deliver To quality high in Australian officeinvesting integrated fully Investa’s leveraging buildings, specialist property sector capabilities to outperform. by: be achieved This will asset management portfolioActive the of drive income and capitalto returns; Identifying and implementing and add value high create opportunities to development quality assets; core Enhancing portfolio scale and quality, acquisitions selective with diversification and capitalApplying approach to an active and risk management; and Ensuring best in class responsible investment (environmental, social and governance). Fund strategy Fund 126 PHILLIP126 STREET, SYDNEY

Despite some temporary softness in Australian forwardeconomic looking growth at the start 2017, of indicators economic of activity point a pick to up through and the 2018. into second half 2017 of While the household sector remains a laggard, the business economy is driving Australian economic supporting conditions business positive with activity increased businesswhite-collar solid confidence and growth. employment Both the New South Wales and Victorian economies are leading the charge, benefitting from their larger exposure the business to services sector. Office absorption in Sydney and Melbourne has been supported expansion by in specialist business services, government. insurance and finance, In particular, public infrastructure spending and government employment in both states has increased strongly and isto expected continue to expand in the coming years, following the recent state and federal budget announcements. Queensland’s economy is also improving, albeit at a more moderate pace compared New South to Wales and Victoria. In addition solid to growth low a employment, government Queensland in and supporting accommodation is dollar Australian hospitality activity andthe administrative services related tourism to activity. Despite trailing the other state economies, recent activity in Western Australia has improved and somewhat strengthened commodity prices have indicating that the economic downturn hasin 2017, largely passed. Nonetheless, Perth office absorption is likely remain to subdued for the coming year and improvement in the Perth office market will be a process. gradual A common theme across most the of CBD office markets is strong growth in absorption by ‘small tenants’ leasing space less than 1,000sqm. Across Melbourne, Brisbane and Perth, this group has accounted for 60% net of absorption in the small In Sydney, tenantspast year. have been active with significant withdrawalof lower gradeoffices for infrastructure and alternative use development. Office market conditions improved through FY17 and thepresent majorfor a solid outlook Office through conditions improved FY17 market support continued to Economic conditions underlying have capital city FY18. for CBD markets demand office for particularly space stronger andleasing markets, and in Melbourne.Sydney development activity reflecting limited in officeSupply new in of restricted was space FY17, next the is underway development cycle recent which However years. will gradually ease the conditions coming remained in the Capital transactions market years. market tight near-term to office Australian for continuing assets appetite investor a strong with FY17, through robust benchmarks. historical new compress to cap rates

IOF PROPERTY PORTFOLIO PROPERTY IOF Australian office market outlook market office Australian

30 JUNE 2017 INVESTA OFFICE FUND

PROPERTY PORTFOLIO 4 30 JUNE 2017 INVESTA OFFICE FUND PROPERTY PORTFOLIO 5 1 5 ASSET ASSETS

4.6 4.0 NABERS WATER NABERS NABERS ENERGY NABERS 10 CANBERRA BRISBANE SYDNEY ASSETS TENANTS 432 NSW TAS ACT QLD VIC ASSETS

BN SA 3%

NT 15% BOOK VALUE $ 4% 3.8 MELBOURNE 2 $ CANBERRA Times Square Square Times Mort16-18 Street, Canberra PERTH BRISBANE 836 Wellington Street, Perth, WA 66 St Georges Terrace, Perth, WA Central Wellington NB: Totals do not add 100% to due rounding to 140 Creek Street, Brisbane, QLD 295 Ann Street, Brisbane, QLD 232 Adelaide Street, Brisbane, QLD 239 George Street, Brisbane, QLD Adelaide15 Street, Brisbane, QLD

(50%) WA

AREA SQM 16%

TOTAL LETTABLE ASSETS 543,957 MELBOURNE SYDNEY 63% PERTH 567 Collins Street, Melbourne, VIC (50%) Headquarters Global Telstra 242 Exhibition Street, Melbourne, VIC Melbourne, Street, Exhibition 242 126 Phillip Street, Sydney, NSW (25%) 347 Kent Street, Sydney, NSW 388 George Street, Sydney, NSW (50%) Complex, Piccadilly 133 Castlereagh Street, Sydney, NSW (50%) 10-20 Bond Street, Sydney, NSW (50%) Barrack Place Clarence151 Street, Sydney, NSW 6 O'Connell Street, Sydney, NSW MLC Campus 105-151 Miller Street, North Sydney, NSW 99 Walker Street, North Sydney, NSW Pacific111 Highway, North Sydney, NSW Deutsche Bank Place Bank Deutsche 2 IOF portfolio as at 30 June 2017 June 30 as at portfolio IOF % 22 2 4.6 4.8 3.9 387 1% 1% 4% 5% 5% 3% 3% 9% 9% 77% 96% 17 % 17% 17% 25% 6.20% 3,625.9 421,895 25 30 June 2016 % % 1 % 17 1 % 3 % 3 % 4 20 5.1 4.6 4.0 432 % % Banking Government Telecommunications Property Insurance Energy Finance Legal parking Car services Business Retail Diversified 97% 85% 5 9 5.74% % 389,582 % 5 $3,824.3 DIVERSITY OF TOP20 TENANTS 9 % % % 30 June 2017 % % % % 7 7 5 3 25 14 39 4% 3% 15% 16% 63% % NT ND 2 YO 63 ACA FY21 FY19 V BE FY22 FY18 FY20 % 3 % 4 NSW VIC QLD WA ACT % 15 % GEOGRAPHIC WEIGHTING GEOGRAPHIC 16 % 21% 15% 64% 15 1 %

21 % Premium grade A grade B

64 Weighted for ownership Totals do not add 100% to due rounding to umber of tenants PORTFOLIO GRADE PORTFOLIO Average NABERS Water rating Water NABERS Average Weighted average lease expiry (years) capitalisation rate average Weighted Energy rating NABERS Average Tenant retention rate retention Tenant Occupancy Total propertiesTotal Net lettable area (sqm) N Book value ($m) value Book IOF PROPERTY PORTFOLIO PROPERTY IOF LEASE PROFILE EXPIRY BY INCOME

Notes: 1. 2. Key information Key

30 JUNE 2017 INVESTA OFFICE FUND

PROPERTY PORTFOLIO 6 30 JUNE 2017 INVESTA OFFICE FUND PROPERTY PORTFOLIO 7

% FOYER OF PHILLIP 126 STREET, SYDNEY TO SYDNEY 63 Penny Ransom Penny IOF Fund Manager Fund IOF PORTFOLIO WEIGHT which have the have which elevate the overall the overall elevate favourable Sydney Sydney favourable in the Sydney CBD the Sydney in returns andreturns further positioned given its given positioned 'The portfolio well is a number of exciting a number exciting of potential to enhance to potential 63% weighting to the to weighting 63% markets. IOF hasmarkets. also quality the of portfolio.' CBD and North Sydney value add opportunitiesvalue

IOF PROPERTY PORTFOLIO Performance metrics

PROPERTY PERFORMANCE METRICS

BOOK NLA VALUE CAP RATE WALE OCCUPANCY NPI PROPERTY (SQM)1 ($M) (%) (YRS) (%) ($M)

Deutsche Bank Place 42,106 $250.4 4.75% 5.7 93% 10.4 126 Phillip Street, Sydney, NSW (25%) 347 Kent Street, Sydney, NSW 26,263 $292.2 5.63% 1.8 100% 25.9 388 George Street, Sydney, NSW (50%) 38,743 $229.8 5.38% 1.4 100% 15.2 8 Piccadilly Complex 47,3 42 $295.0 5.69% 4.2 100% 14.2 133 Castlereagh Street, Sydney, NSW (50%) 30 JUNE 2017 INVESTA OFFICE FUND PROPERTY PORTFOLIO 2017 FUND JUNE OFFICE 30 INVESTA 10-20 Bond Street, Sydney, NSW (50%) 38,383 $284.4 5.27% 3.2 99% 10.8 Barrack Place 21,847 $161.9 5.25%2 NA NA 0.2 151 Clarence Street, Sydney, NSW 6 O'Connell Street, Sydney, NSW 15,994 $223.5 5.75% 2.9 94% 9.8 Campus MLC 28,600 $230.0 6.25% 3.2 99% 14.5 105-151 Miller Street, North Sydney, NSW 99 Walker Street, North Sydney, NSW 19,295 $244.9 5.75% 7.6 100% 11.4 111 Pacific Highway, North Sydney, NSW 18,668 $208.3 6.13% 2.1 99% 10.1 567 Collins Street, Melbourne, VIC (50%) 55,206 $321.4 5.00% 9.1 100% 13.3 Telstra Global Headquarters 65,915 $279.3 5.00% 14.0 100% 15.4 242 Exhibition Street, Melbourne, VIC (50%) 140 Creek Street, Brisbane, QLD 27,914 $ 221.1 6.38% 5.1 99% 10.8 295 Ann Street, Brisbane, QLD 20,046 $131.7 6.63% 5.3 97% 6.5 232 Adelaide Street, Brisbane, QLD 4,428 $18.7 7.25% 4.6 100% 1.4 239 George Street, Brisbane, QLD 24,234 $131.6 7.0 0 % 3.6 90% 6.5 15 Adelaide Street, Brisbane, QLD 11,437 $59.8 7.8 8 % 3.3 80% 2.6 66 St Georges Terrace, Perth, WA 11,408 $64.4 7.50 % 2.4 78% 4.2 Wellington Central 11,973 $75.0 6.50% 9.6 100% 5.8 836 Wellington Street, Perth, WA Times Square 14,155 $100.9 5.85% 8.6 100% 4.6 16-18 Mort Street, Canberra, ACT TOTAL PORTFOLIO 543,957 1 $3,824 5.74% 5.1 97% 193.6

Notes: 1. NLA IOF ownership 389,582sqm 2. On completion cap rate NA Not available

Performance metrics

PROPERTY PERFORMANCE METRICS ENVIRONMENTAL PERFORMANCE METRICS

INTENSITY METRICS RATINGS

EMISSIONS CHANGE IN INTENSITY EMISSIONS ELECTRICITY GAS ENERGY WATER NABERS NABERS (KG. CO2/ INTENSITY INTENSITY INTENSITY INTENSITY INTENSITY ENERGYB WATER B PROPERTY SQM) (%) (KWH/SQM) (MJ/SQM) (MJ/SQM) (L/SQM) (STARS) (STARS)

Deutsche Bank Place 126 Phillip Street, 64 -2% 81 69 359 839 5.0 3.5 Sydney, NSW (25%)

347 Kent Street, Sydney, NSW 90 8% 107 * 386 1079 4.0 3.5 388 George Street, 74 6% 84 76 377 846 4.5 4.0 9 Sydney, NSW (50%)

Piccadilly Complex PROPERTY PORTFOLIO 2017 FUND JUNE OFFICE 30 INVESTA 133 Castlereagh Street, Sydney, 79 2% 106 20 402 539 5.0 4.0 NSW (50%) 10-20 Bond Street, 55 8% 73 40 301 1328 5.5 4.0 Sydney, NSW (50%) Barrack Place D D D D D D D D 151 Clarence Street, Sydney, NSW 6 O'Connell Street, Sydney, NSW 76 19% 78 199 482 1228 4.5 3.0 Campus MLC 105-151 Miller Street, 67 2% 75 84 353 781 5.0 3.5 North Sydney, NSW 99 Walker Street, 73 5% 87 * 314 858 3.5 4.5 North Sydney, NSW 111 Pacific Highway, 79 3% 84 174 476 637 4.0 4.5 North Sydney, NSW 567 Collins Street, 44 ^ 32 178 292 520 5.0 5.0 Melbourne, VIC (50%) Telstra Global Headquarters 242 Exhibition Street, 89 -14% 78 87 367 415 5.0 4.0 Melbourne, VIC (50%)

140 Creek Street, Brisbane, QLD 5.0 3.5

295 Ann Street, Brisbane, QLD 63 18% 80 * 288 683 5.0 4.0 232 Adelaide Street, Brisbane, QLD 239 George Street, Brisbane, QLD 67 7% 86 * 310 729 4.5 4.0 15 Adelaide Street, Brisbane, QLD

66 St Georges Terrace, Perth, WA 40 -9% 52 46 234 462 3.0 3.5 Wellington Central 31 -17% 41 21 169 379 4.5 5.5 836 Wellington Street, Perth, WA Times Square 49 0% 48 168 341 443 5.0 4.5 16-18 Mort Street, Canberra, ACT TOTAL PORTFOLIO 68 -2% 75 95 364 720 4.64 4.02

Notes: B NABERS ratings are presented for all buildings under the ownership of Investa Office Fund (IOF) as at 19th July 2017 D Development site ^ Asset not reported on during FY17 * No gas consumed at this asset NA Not available beyond FY22 FY21 FY20 FY19 FY18 vacant

% ND YO BE 17

% FY22 10

% FY21

19 FY20 % 6

% 19 FY

FY18 %

NT ACA V % 1 OUTLOOK PROFILE BY INCOME LEASE EXPIRY LEASE Tight supply and robust demand will continue to placeTight supply and robust to demand continue will medium term, the pressure over on vacancy downward effectivedriving rental growth underlying officeStrong demand Sydney for toassets compress supported improving the yields further, by fundamentalsmarket A and B grade markets to outperform,A and to B grade markets reflecting demandsolid availability and limited 0 80 64 48 32 16

BN YEARS BOOK AREA VALUE

SQM $

2.4 LEASE EXPIRY LEASE $ TOTAL LETTABLE

3.4 WEIGHTED AVERAGE 297,241 Solid demand for officeexpansion theby driven space of businesscontinues in Sydney, services and government tenants. In addition robust to demand conditions, the supply office of space is activity withdrawal combined subdued and the being constrained the development impactof by grade lower of office spacefor redevelopment, conversionto alternative property use to andmake for transportway infrastructure construction. In fact, the CBD of Sydney the size office market As a result, leasing market conditions are tight decreased in the first six 1.3% months2017. by of vacancies,with low falling incentives and strong effective rental growth.

IOF PROPERTY PORTFOLIO PROPERTY IOF Sydney

30 JUNE 2017 INVESTA OFFICE FUND

PROPERTY PORTFOLIO 10 8 9 10 SYDNEY 10 ASSETS

SYDNEY Asset Asset PORTFOLIO value weighting 11

1 Deutsche Bank Place $250.4m 7% PROPERTY PORTFOLIO 2017 FUND JUNE OFFICE 30 INVESTA 126 Phillip Street (25%)

2 347 Kent Street $292.2m 8%

3 388 George Street (50%) $229.8m 6% Piccadilly Complex 4 $295.0m 8% 133 Castlereagh Street (50%)

5 10-20 Bond Street (50%) $284.4m 7% Barrack Place 6 $161.9m 4% 151 Clarence Street

7 6 O'Connell Street $223.5m 6%

Campus MLC 8 $230.0m 6% 105-151 Miller Street

9 99 Walker Street $244.9m 6%

10 111 Pacific Highway $208.3m 5%

L ST EL NN 7 CO O’

2 3

’ O 83 0% 100% 7.0 0 % 5.63% $25.9m 97% 4.0 / 3.5 4.0 EXPIRY $292.2m Jan 2019 Jan 2019 May 2030 1,240sqm Y 10 26,263sqm $11,118/sqm ANC 1% 3%

1999/1997/2005 94% WALE 1.8 YEARS $292.0m/April 2017 $1,083/sqm pa gross pa $1,083/sqm OCCUP % OF NLA

1 AREA 917sqm 259sqm 24,810sqm 2% 0% 0% 0% 0% 0% NT ND A YO ACA BE V FY18 FY19 FY20 FY21 FY22 347 KENT STREET, SYDNEY NSW This A grade building is well located in a prominent position in the CBD's western precinct, enjoying views over Darling Harbour and out Pyrmontto The Bay. Fund is currently planning a major enhancement of the building including relocation of the lobby, end of trip facilities, a full mechanical upgrade, and an upgrade of common and tenancy areas. MAJOR TENANTS MAJOR Bowery Bar Associates & Ishida ANZ KEY FEATURES KEY Ownership Acquired/built/refurbished Car spaces area Lettable Average floor plate Passing face rent property income Net External valuation/date area Value/lettable Book value Cap rate rateDiscount NABERS Energy/Water rating (stars) LEASE EXPIRY PROFILE INCOME BY 82 25% 4.75% 6.50% $10.4m 5.0 / 3.55.0 Y 93% $250.4m EXPIRY Oct 2020 Mar 2025 1,444sqm Dec 2026 42,106sqm $23,631/sqm ANC 2012/2005/NA 7% 24% 20% SYDNEY $1,247/sqm panet $1,247/sqm B GRADEB $248.8m/April 2017 $248.8m/April WALE 5.7 YEARS B

OCCUP

T % OF NLA

L E

N 1

C ’

A GRADEA O A AREA 8,424sqm 2,888sqm 10,108sqm 43% PREMIUM P % 24 % 13% 11 7%

1% 2% NT ND Totals do not add 100% to due rounding to P YO ACA FY18 FY19 FY20 FY21 FY22 BE V MAJOR TENANTS MAJOR Bank of Queensland Property type legend type Property Allens Deutsche Bank DEUTSCHE BANK PLACE, KEY FEATURES KEY LEASE EXPIRY PROFILE INCOME BY Lettable area Lettable plate floor Average rent face Passing property income Net valuation/dateExternal area Value/lettable Book value Cap rate rateDiscount NABERS Energy/Water rating (stars) Ownership The 34-storey premium office building offers stunning views across Sydney Harbour and the Royal Botanic Garden. This new generation building is considered be to one of Australia's finest office towers, featuring an external services side core providing column-free floor 1,444sqm,plates of which are amongst the largest in Sydney. buildingThe 42,106sqm has a 5-star NABERS Energy rating with a distinctive entry foyer andhost a of high quality tenant amenities. Acquired/built/refurbished Car spaces IOF PROPERTY PORTFOLIO PORTFOLIO PROPERTY IOF 126 PHILLIP STREET, SYDNEY NSW 1.

30 JUNE 2017 INVESTA OFFICE FUND

PROPERTY PORTFOLIO 12 30 JUNE 2017 INVESTA OFFICE FUND PROPERTY PORTFOLIO

L 274

L 50%

E 0%

N 7.0 0 % 5.69% N

$14.2m

O 5.0 / 4.0

EXPIRY

C $295.0m Jul 2091

’ Dec 2019 Dec 2023

Y 10 O 47,342sq m $12,452/sqm ANC 8% 15% 26% $629/sqm pa net $294.8m/April 2017 WALE 4.2 YEARS 1,250sqm / 750sqm OCCUP 2014/1975 &2014/1975 1991/2007 % OF NLA

AREA 3,739sqm % 6,956sqm 12,479sqm 41 % 25 % 14 % 0% 10 6% 4% NT ND A appeals to more budget conscious occupiers. conscious budget more to appeals YO ACA BE V FY18 FY19 FY20 FY21 FY22

LEASE EXPIRY PROFILE INCOME BY MAJOR TENANTS MAJOR Stockland Stockland Uniting Church Uniting ServicesGHD PICCADILLY COMPLEXPICCADILLY KEY FEATURES KEY Ownership Acquired/built/refurbished Car spaces Located between Pitt and Castlereagh Streets and just metres 100 from Pitt Street Mall, the Piccadilly Complex comprises two office buildings totalling ~42,000sqm. Connected by a two-level retail mall of 5,320sqm and serviced car park, by a 274-bay Piccadilly Tower column-free with accommodation grade A quality high provides 1,250sqm floor plates, whilst Piccadilly Court is a B grade building that 133CASTLEREAGH STREET, SYDNEY NSW Lettable area area Lettable Average floor plate Passing face rent property income Net Book value Cap rate rateDiscount NABERS Energy/Water rating (stars) External valuation/date area Value/lettable

N 80

50%

C 0% 0% ’

7.0 0 % O 5.38% $15.2m 10 4.5 / 4.0 EXPIRY $229.8m Apr 2019 Oct 2018 Oct 2018 1,270sqm Y 10

38,743sqm $11,847/sqm ANC 1% 5% 92% $690/sqm pa net $229.5m/April 2017 WALE 1.4 YEARS OCCUP 2002/1973/1998 & 2009 % OF NLA AREA 450sqm 1,921sqm 35,817sqm 0% 0% 0% 0% 0% 0% NT ND A YO ACA BE V FY18 FY19 FY20 FY21 FY22 LEASE EXPIRY PROFILE INCOME BY MAJOR TENANTS MAJOR IAG Coles ANZ KEY FEATURES KEY Cap rate rateDiscount NABERS Energy/Water rating (stars) Ownership Acquired/built/refurbished Car spaces area Lettable Book value 388 GEORGE STREET, SYDNEY NSW Situated 50 metres from Pitt Street Mall, this A grade 28-storey property comprises office space with lower level retail space. Located at the intersection of two of Sydney's busiest CBD streets, this property includes a Coles Express on the lower level. Upon the anticipated departure of IAG in October the Fund 2018, is planning a major refurbishment of the officetower and common areas, and the potential redevelopment of the ground floor retail area. Average floor plate External valuation/date area Value/lettable Passing face rent property income Net

E N

42 N

C ’

100% O 7.25% 5.25% EXPIRY $161.9m Sep 2028 1,200sqm 21,847sqm 35% $156.5m/April 2017 % OF NLA

AREA 7,56 0 sq m

(on completion) (on (on completion) (on (on completion) (on A

UNDER DEVELOPMENT UNDER 151 CLARENCE STREET, SYDNEY NSW SYDNEY CLARENCE STREET, 151 This asset is strategically located in the centre of Sydney CBD, linking transport public Major corridor. western the with core traditional the nodes at Wynyard, Hall Town and Martin Place are located nearby with extensive retail and entertainment amenities at Pitt Street Mall and King Street Wharf. This new A grade development will comprise an 18-storey 22,000sqm building scheduled for completion featuring in late 2018, building first the be will it completion, Upon plates. floor 1,200sqm flexible in Australia receive to WELL Core and Shell Gold Precertification. KEY FEATURES KEY MAJOR TENANTS MAJOR ARUP (pre-commitment) (pre-commitment) ARUP Ownership Car spaces completion) (on area Lettable plate floor Average External valuation/date Book value Cap rate completion) (on rateDiscount T

159 S

50% L L

6.77% 5.27% E N $10.8m

950sqm 5.5 / 4.0 N Y 99%

EXPIRY

$284.4m

Apr 2021 O Mar 2024 Nov 2019

C ’

38,383sqm O $14,824/sqm ANC 9% SYDNEY $797/sqm pa$797/sqm net 12% 10% B GRADEB WALE 3.2 YEARS $284.5m/April 2017 B OCCUP 1989/1979/1999 & 2011 % OF NLA

A GRADEA A AREA 3,746sqm 4,445sqm 3,444sqm PREMIUM P % 26 % 20 15% 15% % 13% 1% 10 NT ND A YO ACA BE FY18 FY19 FY20 FY21 FY22 V Property type legend type Property The property consists of two buildings and a ground floor retail plaza: Bond10 Street has seven levels of office space; and 20 Bond Street offers levels 31 of office space, with the upper floors commanding harbour views. Substantial improvements were completed in 2011 upgradeto the building andcement its position as one of Sydney's premier CBD A grade properties that attracts tenants from a range of recruitment. services, financial and legal including industries, 10-20 BOND STREET, SYDNEY NSW IOF PROPERTY PORTFOLIO PORTFOLIO PROPERTY IOF MAJOR TENANTS MAJOR Fitness First Energy Origin Company Trust KEY FEATURES KEY Ownership Acquired/built/refurbished Car spaces area Lettable Average floor plate Passing face rent property income Net External valuation/date area Value/lettable Book value Cap rate rateDiscount NABERS Energy/Water rating (stars) LEASE EXPIRY PROFILE INCOME BY

30 JUNE 2017 INVESTA OFFICE FUND

PROPERTY PORTFOLIO 14

30 JUNE 2017 INVESTA OFFICE FUND PROPERTY PORTFOLIO L

15 E

’ O 132 100% % 7.25% 6.25% $14.5m 5.0 / 3.55.0 Y 99% EXPIRY 96 $230.0m Sep 2020 1,880sqm 28,600sqm $8,042/sqm ANC 95% 1998/1957/2013 $421/sqm pa net $230.0m/April 2017 WALE 3.2 YEARS OCCUP % OF NLA

AREA 27,158 sq m 0% 1% 2% 1% 0% 0% NT ND A YO ACA BE V FY18 FY19 FY20 FY21 FY22 LEASE EXPIRY PROFILE INCOME BY MAJOR TENANTS MAJOR NAB NORTH SYDNEY NSW KEY FEATURES KEY Acquired/built/refurbished Car spaces area Lettable Average floor plate Passing face rent property income Net Ownership External valuation/date area Value/lettable Book value Cap rate NABERS Energy/Water rating (stars) 105-151 MILLER STREET, MILLER STREET, 105-151 This building was comprehensively refurbished following in 2013 a lease renewal NAB to until 2020. The property fronts two main streets and Mount Street Mall in the core North Sydney market. It is ideally positioned in the heart of North Sydney, next the to proposed new Victoria Cross Metro Station, Brett Whiteley Place and is within short walking distance of North Sydney railway station. rateDiscount % 108 100% 5.75% 7.0 0 % $9.8m 4.5 / 3.0 4.5 630sqm Y 94 $223.5m EXPIRY

Aug 2025 May 2019 May 2022 15,994sqm

$13,943/sqm

ANC

T 4% 4% 5%

L L

$223.0m/April 2017

E pa gross$877/sqm

WALE 2.9 YEARS

N N

OCCUP O

2014/1970/1998 & 2016

’ O % OF NLA

1 AREA 720sqm 630sqm 630sqm % % % 24 24 23 % 14 6%

3% 5% NT ND B Totals do not add 100% to due rounding to YO ACA BE V FY18 FY19 FY20 FY21 FY22 MAJOR TENANTS MAJOR 1. Restaurant Normandy Axiom Projects GCKW Services KEY FEATURES KEY LEASE EXPIRY PROFILE INCOME BY Ownership Acquired/built/refurbished Car spaces area Lettable 6 O’CONNELL STREET, SYDNEYNSW This 26-storey B grade officetower holds a prime location in the heart of Sydney's CBD, appealing mainly smaller to office users attractedto its central location and the ~600sqm of easily subdivisible floorplates. This asset offers a 4.5-star NABERS Energy rating across 14,599sqm of office space. A lobby refurbishment was completed and in is 2016, now home new to restaurant operators. Average floor plate plate floor Average rent face Passing property income Net valuation/dateExternal area Value/lettable Book value Cap rate Discount rateDiscount NABERS Energy/Water rating (stars)

164 L

100% N

6.13% 7.25%

$10.1m O

4.0 / 4.5

960sqm

Y 99% EXPIRY C $208.3m ’ Jul 2018

Jun 2019 Jan 2020 O 18,668sqm $11,142/sqm ANC 10% 10% 34% $639/sqm pa net WALE 2.1 YEARS $208.0m/April 2017 VIEW OF SYDNEY CBD OCCUP 2004/1974/1993 & 2006 % OF NLA % 52 AREA 1,810sqm 6,337sqm 1,953sqm % 14 % 12% 5% 1% 11 NT 5% ND A YO ACA BE V FY18 FY19 FY20 FY21 FY22

LEASE EXPIRY PROFILE INCOME BY MAJOR TENANTS MAJOR Nextgen.NET NBN Co Broadspectrum Broadspectrum KEY FEATURES KEY Passing face rent property income Net External valuation/date area Value/lettable Book value Cap rate rateDiscount NABERS Energy/Water rating (stars) Ownership Acquired/built/refurbished Car spaces area Lettable Average floor plate 111 PACIFIC HIGHWAY, NORTH SYDNEY NSW SYDNEY NORTH HIGHWAY, PACIFIC 111 This 24-storey A grade building offers 18,668sqm of office accommodation right in the heart of the NorthSydney CBD. The property hasa 4.5-star NABERS Energy rating, enjoys functional natural good with outlook attractive an has and plates floor 960sqm the for planned being is refurbishment lobby full A throughout. light asset, ensuring the property continues provide to a competitive tenants. quality high for offering commercial

L L

263 E N 0%

100%

5.75% N 7.0 0 %

$11.4m O

C 800sqm ’ 3.5 / 4.5

EXPIRY $244.9m Jun 2022 O Feb 2028 Nov 2035 Y 10 19,295sqm $12,697/sqm ANC SYDNEY 12% 32% 29% $630/sqm pa net B GRADEB WALE 7.6 YEARS $245.0m/April 2017 $245.0m/April B OCCUP 2013/1988/2007 & 2013 % OF NLA

1 A GRADEA % A AREA 46 2,389sqm 6,268sqm 5,606sqm % 36 PREMIUM P % 0% 10 0% 1% NT ND 6% Totals do not add 100% to due rounding to A YO ACA BE FY18 FY19 FY20 FY21 FY22 V Property type legend type Property Positioned at the corner of Walker and Mount Streets, 99 Walker Street is ideally located in the heart of North Sydney, offering levels 21 of office space, sweeping views of Sydney Harbour from the upper floors and excellent natural light. Acquired in Julywith 2013 more than 30% of the income expiring within months, 18 Investa transformed the building's potential by leasing over 5,000sqm Jemena to and converting the existing food court into a 2,500sqm Coles supermarket. 99 WALKER STREET,NORTH SYDNEY NSW IOF PROPERTY PORTFOLIO PORTFOLIO PROPERTY IOF 1. MAJOR TENANTS MAJOR GE Capital Finance Jemena Coles KEY FEATURES KEY Ownership Acquired/built/refurbished Car spaces Lettable area area Lettable Average floor plate Passing face rent property income Net External valuation/date area Value/lettable Book value Cap rate rateDiscount NABERS Energy/Water rating (stars) LEASE EXPIRY PROFILE INCOME BY

30 JUNE 2017 INVESTA OFFICE FUND

PROPERTY PORTFOLIO 16 30 JUNE 2017 INVESTA OFFICE FUND PROPERTY PORTFOLIO 17

ND YO BE

94 % FY22

1 % FY21

1 % FY20 5 1

% 19 FY 0

% FY18

NT ACA % V 0 OUTLOOK PROFILE BY INCOME LEASE EXPIRY LEASE Near-term new supply outlook is subdued, however a supply is subdued, outlook however new Near-term expand CBD prime will pipeline significant development onwards office2018 from market demand Melbourne for office CBD investor Strong assets maintain is compressing to yieldsand is likely pressure yet some for time downward Strong absorption MelbourneStrong of office CBD space office-based in expansion by driven andemployment centralisation from fringe markets

YEARS BOOK AREA VALUE

SQM $

601 LEASE EXPIRY LEASE $ TOTAL LETTABLE

WEIGHTED AVERAGE 11.8 121,121 Totals do not add 100% to due rounding to Leasing marketconditions in Melbourne tightened vacancy with low a reflecting rate have sharply, the combination both of strong net absorption and Demand a pause supply. in new for Melbourne CBD office space has been strong, supported a by combination of solid growth in both specialist business services and government employment, and the centralisation tenants of relocatingfrom fringe markets Smaller the CBD. into tenant leases provided (<1,000sqm) have a significant source of demand new for CBD office space. CBD supplyWhilethe near-term outlookweak is and should support further tightening in leasing market conditions, Melbourne CBD development activity is surging and is expected resultto in some Melbourne Consequently, cyclical market easing CBD incentives from have 2018. remained in the elevated face tight of prevailing market conditions and strong growth in face rents. IOF PROPERTY PORTFOLIO PROPERTY IOF

1. Melbourne

30 JUNE 2017 INVESTA OFFICE FUND

PROPERTY PORTFOLIO 18 30 JUNE 2017 INVESTA OFFICE FUND PROPERTY PORTFOLIO 19 2

7% 8% sset sset A weighting

2 value Asset ASSETS $321.4m 1 $279.3m

MELBOURNE 567 Collins567 Street (50%) Global Telstra Headquarters Street Exhibition 242 (50%) 1 2 MELBOURNE PORTFOLIO 346 50% 0% 6.75% 5.00% $15.4m 97% 5.0 / 4.0 EXPIRY $279.3m Oct 2031 Oct 1,470sqm Y 10 65,915sqm $8,344/sqm ANC 2012/1992/2010 $538/sqm pa net 96% $275.0m/April 2017 WALE 14.0 YEARS OCCUP % OF NLA VIEW OF MELBOURNE CBD MELBOURNE OF VIEW

2 AREA 63,574sqm 0% 0% 0% 1% 1% 0% NT ND A YO ACA BE V FY18 FY19 FY20 FY21 FY22 LEASE EXPIRY PROFILE INCOME BY MAJOR TENANTS MAJOR Telstra KEY FEATURES KEY Ownership Acquired/built/refurbished 242 EXHIBITION MELBOURNE STREET, 242 VIC Located in the north-eastern sector of Melbourne's CBD, this A grade building with of 65,915sqm NLA includes 43 levels of office space along with a ground floor retail component. Followingyear11.5 an lease extension Telstra to October to a $70m refurbishment 2031, program will be undertaken, including a full lift upgrade and mechanical facilities. trip of end and lobby floor ground upgrade, Car spaces area Lettable Average floor plate Passing face rent property income Net External valuation/date area Value/lettable Book value Cap rate rateDiscount NABERS Energy/Water rating (stars) % 162 50% 0% 6.75% 90 5.00% $13.3m 5.0 / 5.0 Jul 2027 Jul 2028 EXPIRY $321.4m Aug 2027 Y 10 2,060sqm 55,206sqm $11,593/sqm 2013/2015/NA ANC MELBOURNE 16% 23% 26% $566/sqm pa net B GRADEB WALE 9.1 YEARS $320.0m/April 2017 B OCCUP % OF NLA 1 A GRADEA A AREA 8,693sqm 14,363sqm 12,890sqm PREMIUM P 0% 9% 0% 1% 0% 0% NT ND Targeted NABERS rating Totals do not add 100% to due rounding to P YO ACA BE FY18 FY19 FY20 FY21 FY22 V MAJOR TENANTS MAJOR Leightons Contractors Leightons Westgarth Chambers Corrs Jemena Property type legend type Property Located at the western end of Collins Street at the gateway Docklands, to this 26-level building was completed in and July features 2015 55,206sqm lobby a comprising foyer two-storey a including space, grade premium of and a high quality retail offering. The building is currently 90% occupied by Active Virgin and Westgarth Chambers Corrs Jemena, Contractors, Leighton among other high quality tenants, with a two year income arrangement over remaining vacancy developer, to Leightons. This asset has achieved a 5-star Green Star rating and is targeting a 5-star NABERS Energy rating. 567 COLLINS STREET, MELBOURNE COLLINS STREET, VIC 567 IOF PROPERTY PORTFOLIO PORTFOLIO PROPERTY IOF 1. 2. KEY FEATURES KEY Ownership Acquired/built/refurbished Car spaces area Lettable Average floor plate Passing face rent property income Net External valuation/date area Value/lettable Book value Cap rate rateDiscount NABERS Energy/Water rating (stars) LEASE EXPIRY PROFILE INCOME BY

30 JUNE 2017 INVESTA OFFICE FUND

PROPERTY PORTFOLIO 20 30 JUNE 2017 INVESTA OFFICE FUND PROPERTY PORTFOLIO 21 beyond FY22 FY21 FY20 FY19 FY18 vacant

ND YO BE

48 % FY22 4

% FY21

18 % FY20

19 % FY 8

1 FY18 %

NT ACA V % 6 OUTLOOK PROFILE BY INCOME LEASE EXPIRY LEASE Subdued development activity supportSubdued is expected to development further Brisbane in office CBD tightening leasing market and 2018 2017 in conditions Absorption prime of office space is outperformingthe secondary taking opportunity tenants the with market face and effective upgrade premises. their to However, remain under markets both pressurerents in Underlying demand Brisbane for office CBD space, particularly has supported tenants, government by two net absorption positive and a half years uninterrupted of 0 70 56 42 28 14

YEARS BOOK AREA VALUE

SQM $

563 LEASE EXPIRY LEASE $ TOTAL LETTABLE

4.5 WEIGHTED AVERAGE 88,059 Totals do not add 100% to due rounding to The Brisbane CBD office market continueswith net to improve, absorption increasing10 for the past consecutive quarters. Demand for prime space has led the stronger office leasing market conditions with increased CBD, in Brisbane’s government employment driving the expansion in occupied prime officeFace space. increased rents incentives have remainhowever moderatelyyear, the over under pressure leading further to easing in effective rents. Minimal supply new has supported the improvement in prime officevacancy rates, which has been further supportedtenantby relocations from fringe markets Modest back the CBD. into capital transaction activity has provided some pressuredownward on Brisbane CBD office yields. IOF PROPERTY PORTFOLIO PROPERTY IOF

1. Brisbane

30 JUNE 2017 INVESTA OFFICE FUND

PROPERTY PORTFOLIO 22 BRISBANE 5 ASSETS

BRISBANE Asset Asset PORTFOLIO value weighting 23

1 140 Creek Street $ 221.1m 6% 30 JUNE 2017 INVESTA OFFICE FUND PROPERTY PORTFOLIO 2017 FUND JUNE OFFICE 30 INVESTA

2 295 Ann Street $131.7m 3%

3 232 Adelaide Street $18.7m 0%

4 239 George Street $131.6m 3%

5 15 Adelaide Street $59.8m 2%

1 3

CYCLE 2 CITY EOT FACILITY BUS STATION ITYT TERIL

BUS TERMINAL

EEL PERFORI RT ETRE ITYT TERIL ITYT 85 100% 7.25% $6.5m 6.63% 5.0 / 4.0 Y 97% $131.7m EXPIRY Oct 2025 Jun 2026 Nov 2020 1,220sqm 20,046sqm $6,560/sqm ANC 14% 12% 52% 1998/1974/2010 $131.5m/April 2017 $131.5m/April $598/sqm pa gross WALE 5.3 YEARS OCCUP % OF NLA BUS

% TERMINAL 55 AREA 2,852sqm 2,466sqm 10,419sqm CYCLE 2 CITY FACILITY EOT BUS STATION % 38 EEL PERFORI RT ETRE 3% 0% 0% 0% 4% NT ND A YO ACA BE V FY18 FY19 FY20 FY21 FY22 MAJOR TENANTS MAJOR Australian Bureau of Statistics of Bureau Australian QLD Rail Limited Rail QLD Appeals Tribunal Administrative KEY FEATURES KEY Ownership Acquired/built/refurbished Car spaces 295 ANN STREET, BRISBANE QLD 295 Ann Street is a high quality office building predominantly leasedto Queensland Rail until 2020. The property was last refurbished and in 2010 has achieved a 5.0-star NABERS Energy rating. This asset offers large floor 1,220sqmplates of and a large central core. The building is located right in the heart of Brisbane's CBD and is surrounded by extensive nearby restaurants. and cafes including amenities, area Lettable Average floor plate Passing face rent property income Net External valuation/date area Value/lettable Book value Cap rate rateDiscount NABERS Energy/Water rating (stars) LEASE EXPIRY PROFILE INCOME BY ITYT TERIL ITYT 159 100% 7.25% 6.38% $10.8m 5.0 / 3.55.0 Y 99% $ 221.1m EXPIRY 1,175sqm Nov 2023 Dec 2022 May 2023 27,914sqm 83% $7,935/sqm ANC 1998/1995/2015 BRISBANE 31% 47% 13% B GRADEB WALE 5.1 YEARS $221.5m/April 2017 $662/sqm pa gross B OCCUP % OF NLA

BUS 1 TERMINAL A GRADEA A AREA 3,715sqm 8,522sqm 13,199sqm CYCLE 2 CITY FACILITY EOT BUS STATION PREMIUM P EEL PERFORI RT ETRE 12% 1% 0% 3% 0% 0% NT ND Totals do not add 100% to due rounding to A YO ACA BE FY18 FY19 FY20 FY21 FY22 V MAJOR TENANTS MAJOR Property type legend type Property QLD State Government State QLD Government Federal SAP Australia SAP 140 Creek140 Street is a 25-level modern A grade office building located in the heart of Brisbane's corporate landscape. The buildingfrom benefits and has generousthroughout, light natural good with plates floor 1,175sqm a 5.0-star NABERS Energy rating. Over sqm 15,336 has been leased at the asset in the last months, 18 following a significant building upgrade The assetin is 2014/15. now 99% leased, with a weighted average lease expiry years. of 5.1 140 CREEK STREET, BRISBANE QLD BRISBANE CREEK STREET, 140 IOF PROPERTY PORTFOLIO PORTFOLIO PROPERTY IOF 1. KEY FEATURES KEY Ownership Acquired/built/refurbished Car spaces area Lettable Average floor plate Passing face rent property income Net External valuation/date area Value/lettable Book value Cap rate rateDiscount NABERS Energy/Water rating (stars) LEASE EXPIRY PROFILE INCOME BY

30 JUNE 2017 INVESTA OFFICE FUND

PROPERTY PORTFOLIO 24 ITYT TERIL ITYT

30 JUNE 2017 INVESTA OFFICE FUND PROPERTY PORTFOLIO 25 21 % 100% 7.75% 7.0 0 % $6.5m 750sqm 4.5 / 4.0 $131.6m Y 90 Jul 2023 EXPIRY Oct 2022 Sep 2017 24,234sqm $5,406/sqm ANC BUS TERMINAL 1998/1976/2006 7% 6% 11% $131.0m/April 2017 $619/sqm pa gross WALE 3.6 YEARS OCCUP % OF NLA CYCLE 2 CITY FACILITY EOT BUS STATION

AREA 1,441sqm 1,752sqm 2,619sqm EEL PERFORI RT ETRE % 31 % % 16 16 % 12% 12% 10 3% NT ND B YO ACA BE V FY18 FY19 FY20 FY21 FY22 MAJOR TENANTS MAJOR BT Lawyers Level 27 City Beach City KEY FEATURES KEY Lettable area area Lettable Average floor plate Acquired/built/refurbished Car spaces Passing face rent property income Net External valuation/date area Value/lettable Book value Cap rate rateDiscount NABERS Energy/Water rating (stars) Ownership 239 GEORGE STREET, BRISBANE QLD BRISBANE STREET, GEORGE 239 239 George Street is prominently located in the heart of the legal major to proximity close In Brisbane. of precincts government and transport and retail hubs, the building offers quality office space with ground NLA. incorporates It of ~24,000sqm over light natural good floor retail space and 30 levels of office accommodation. LEASE EXPIRY PROFILE INCOME BY ITYT TERIL ITYT 16 0% 100% 7.75% $1.4m 7.25% $18.7m 540sqm 5.0 / 4.0 Jul 2019 EXPIRY Jun 2023 Aug 2022 4,428sqm Y 10 $4,234/sqm ANC 1998/1937/2005 9% 9% 40% $18.8m/April 2017 $569/sqm pa gross WALE 4.6 YEARS OCCUP % OF NLA %

59 1 BUS TERMINAL AREA 391sqm 394sqm 1,767sqm CYCLE 2 CITY FACILITY EOT BUS STATION EEL PERFORI RT ETRE 0% 9% 9% 9% 7% NT 6% ND B Totals do not add 100% to due rounding to YO ACA BE V FY18 FY19 FY20 FY21 FY22 1. MAJOR TENANTS MAJOR Bureau Proberts Bureau ILSC Markfire KEY FEATURES KEY Average floor plate Passing face rent property income Net rateDiscount NABERS Energy/Water rating (stars) Lettable area area Lettable External valuation/date area Value/lettable Book value Cap rate Acquired/built/refurbished Car spaces Ownership 232 ADELAIDE STREET, BRISBANE QLD ADELAIDE STREET, 232 232 AdelaideBuilt Street in 1937, heritage is a 7-storey building centrally positioned inthe heart of Brisbane and enjoying close proximity retail to amenities, cafes and restaurants. This property offers real character due itsto unique U-shaped upper levels with floor plates of 540sqm. LEASE EXPIRY PROFILE INCOME BY ITYT TERIL ITYT VIEW OF BRISBANE CBD BRISBANE OF VIEW BUS % 136 TERMINAL 100% 7.88 % $2.6m 8.25% $59.8m 740sqm 4.5 / 4.0 Y 80 EXPIRY Jun 2021 Mar 2019 Dec 2021 11,437sqm $5,229/sqm ANC CYCLE 2 CITY FACILITY EOT BUS STATION 1998/1982/2008 11% 19% 10% B GRADEB $59.8m/April 2017 $59.8m/April BRISBANE $614/sqm pa gross WALE 3.3 YEARS B OCCUP % OF NLA

A GRADEA EEL PERFORI RT ETRE A AREA 2,167 sqm 1,099 sqm 1,298 sqm PREMIUM % P 27 % 22% 20 % 12% transport. transport. 11 8% 0% NT ND B YO public ACA BE V FY18 FY19 FY20 FY21 FY22 Property type legend type Property MAJOR TENANTS MAJOR IOF PROPERTY PORTFOLIO PORTFOLIO PROPERTY IOF Federal Government Federal Shane Global Village BP Services KEY FEATURES KEY Lettable area area Lettable Average floor plate Passing face rent property income Net External valuation/date area Value/lettable Book value Cap rate rateDiscount NABERS Energy/Water rating (stars) Acquired/built/refurbished Car spaces Ownership 15 Adelaide15 Street is a quality, 19-level office building located in Brisbane CBD's legal precinct. The building has approximately of NLA11,500sqm and benefits from abundant natural light offering a 4.5-starNABERS Energy rating. The refurbished ground floor presents a stylish, corporate entrance surrounded by a wealth of amenities including cafes, bars andshopping and is well serviced by 15 ADELAIDE STREET, BRISBANE QLD ADELAIDE15 STREET, LEASE EXPIRY PROFILE INCOME BY

30 JUNE 2017 INVESTA OFFICE FUND

PROPERTY PORTFOLIO 26 30 JUNE 2017 INVESTA OFFICE FUND PROPERTY PORTFOLIO 27 t beyond FY22 FY21 FY20 FY19 FY18 vacan

ND YO BE

55 % FY22

5 % FY21 0

% FY20

19 % FY 2

% FY18 26

% NT ACA V 12 OUTLOOK LEASE EXPIRY LEASE PROFILE BY INCOME The prime office market is likely to continue to leadtheto to continue The prime officelikely is market recovery upgrading and expanding tenants cyclical with higher qualityto office space theA sparse supply should facilitate new for outlook leasing market recoverycyclical Perth in CBD’s Leasing market conditions have improved, however however improved, Leasing conditions have market remain subdued to as market the demand is likely reflect continuesmodest to economic growth 0 70 56 42 28 14

YEARS BOOK AREA VALUE

SQM $

139 LEASE EXPIRY LEASE $ TOTAL LETTABLE

6.0 WEIGHTED AVERAGE 23,380 Someimprovement combined in commodity with increased prices resource in 2017 and energy productionimproved business the outlook have for WA profit growth and confidence. Consequently, office-based employment and net absorptionPerthof CBDoffice space areboth increasing, driving the vacancy and rate Nonetheless, incentives gradually the prime lower. office market is driving this cyclical upturn with growing demand from finance, insurance and governmenttenants largely occupying premium and A grade office space. The supply cycle is complete,now with no new major which should the allow demandsupply due environment until 2018, stabilise to further.

IOF PROPERTY PORTFOLIO PROPERTY IOF Perth

30 JUNE 2017 INVESTA OFFICE FUND

PROPERTY PORTFOLIO 28 PERTH 2 ASSETS

PERTH Asset Asset PORTFOLIO value weighting 29

1 66 St Georges Terrace $64.4m 2% 30 JUNE 2017 INVESTA OFFICE FUND PROPERTY PORTFOLIO 2017 FUND JUNE OFFICE 30 INVESTA

2 836 Wellington Street $75.0m 2%

2 RO E S T RE ET

T E E R T S

M A I L 1 L I

BARRACK STREET

T E E R T S

K C A R R A B AD EL AID E TER RA

A Y E C A R R E T

E D I A L E

BARRACK STREET BARRACK

A B

A I

L L I W

T E E R T S E O R 136 0% 0% 100% 7.50 % $5.8m 6.50% 10 $75.0m 4.5 / 5.5 4.5 EXPIRY Jan 2027 2,250sqm Y 10 11,973sqm $6,264/ sqm $6,264/ 2007/2009/NA ANC $467/sqm pa net $75.0m/April 2017 100% WALE 9.6 YEARS VIEW OF PERTH CBD OCCUP

M % OF NLA ITC HEL L FR EE WAY

E C A R

R AREA E T

E 11,937sqm D I A L E D A 0% 0% 0% 0% 0% 0% NT ND A YO ACA BE V FY18 FY19 FY20 FY21 FY22 MAJOR TENANTS MAJOR Federal Government Federal KEY FEATURES KEY Ownership Acquired/built/refurbished Car spaces 836 WELLINGTON STREET, PERTH WA STREET, WELLINGTON 836 Completed in 2009, 836 Wellington Street offers large, efficient superior providing configuration core a central with plates floor more for parking on-site secure including tenants, for accommodation than vehicles. 136 Featuring of office accommodation 11,973sqm over eight levels, the property offers the best of green technology within the west, achieving a 4.5-star NABERS Energy rating. A new 10-year lease theto Federal Government was concluded providing a stable, in FY17, growing income stream for the Fund. area Lettable Average floor plate Passing face rent property income Net External valuation/date area Value/lettable Book value Cap rate rateDiscount NABERS Energy/Water rating (stars) LEASE EXPIRY PROFILE INCOME BY 58 % 100% 7.50 % $4.2m 8.00%

$64.4m

Y 78

BARRACK STREET BARRACK / 3.53.0

EXPIRY

T Jun 2018 E Feb 2018 Jun 2023

R 1,000sqm T

S 11,408sqm

C $5,654/sqm

R ANC

R A B 9% 2012/1990/2016 PERTH 13% 18% $722/sqm pa net

B GRADEB

$ 64.5m/April 2017

T WALE 2.4 YEARS

E B E

R OCCUP T

A I

L % OF NLA L I W

T E

E GRADEA R

T % A

S AREA

E 47 O 1,514sqm 1,007sqm R 2,014sqm PREMIUM P 22% % 18 % 10 0% 3% 0% NT ND A YO

MIT ACA BE FY18 FY19 FY20 FY21 FY22 CH V MAJOR TENANTS MAJOR Property type legend type Property Subsea 7 Subsea Manpower ServicesManpower Dimension Data Dimension Located on the north side of St Georges Terrace, this A grade building was completed in 1990 and boasts a central CBD address between William and Barrack Streets. levels It has of attractively 11 sized floor plates of 1,000sqm and a side core providing an abundance of natural light. The property includes two retail tenancies, 58 car bays, and ample storage. A new ground floor lobby with new lifts was completed in 2016. 66 ST GEORGES TERRACE, PERTH WA IOF PROPERTY PORTFOLIO PORTFOLIO PROPERTY IOF E KEY FEATURES KEY Ownership Acquired/built/refurbished Car spaces area Lettable Average floor plate Passing face rent property income Net External valuation/date area Value/lettable Book value Cap rate rateDiscount NABERS Energy/Water rating (stars) LL F LEASE EXPIRY PROFILE INCOME BY REE WAY

30 JUNE 2017 INVESTA OFFICE FUND

PROPERTY PORTFOLIO 30 30 JUNE 2017 INVESTA OFFICE FUND PROPERTY PORTFOLIO 31 PERTH WA 66 ST GEORGES TERRACE, t beyond FY22 FY21 FY20 FY19 FY18 vacan

ND YO BE

99 % FY22

0 % FY21

0 % FY20 1

% 19 FY 0

% FY18

NT ACA % V 0 OUTLOOK LEASE EXPIRY LEASE PROFILE BY INCOME Upgrading of government tenancy requirements tenancy are government of Upgrading prime office tighter driving while conditions, market secondary to ease officecontinue conditions market requirements larger for government Higher-spec tenancies combined soft with secondary market next (re-) the drive to conditions are likely cycle development Market conditions have stabilised demand on steady conditions have Market officefor space little supplyand new 0 78 52 26 130 104

YEARS BOOK AREA VALUE

SQM $

101 LEASE EXPIRY LEASE $ TOTAL LETTABLE

14,155 8.6 WEIGHTED AVERAGE Market conditions remained stable inCanberra, thanks a modest to increase in demand for prime office space led government by and specialist business services. Smaller tenant leases (<1,000sqm) have provided a significant source of demand new for Canberra office space.As a resultsteady of demand and the vacancy little has rate remained supply, new steady and prime office effective rents have edged Nonetheless, higher. prime market conditions are clearly outperforming with government tenants upgrading higher-spec to office space tighteron governmentoffice requirements. In addition, the which initiative, aims reduce to government the quantum vacant'Project of office Tetris' space across governmentagency tenancies is driving sub-lease vacancy in Canberra all-time lows. to

IOF PROPERTY PORTFOLIO PROPERTY IOF Canberra

30 JUNE 2017 INVESTA OFFICE FUND

PROPERTY PORTFOLIO 32 GOULD ST

ELOURA ST

CANBERRA

1 ASSET

NORTHBOURNE AVE

RUGBY LEAGUE PARK BARRY DRV CANBERRA Asset Asset COOYONG ST MORT ST PORTFOLIO value weighting LONSDALE ST 33 1 1 16-18 Mort Street $100.9m 3% 30 JUNE 2017 INVESTA OFFICE FUND PROPERTY PORTFOLIO 2017 FUND JUNE OFFICE 30 INVESTA

HUTTON ST RUDD ST VETERAN’S PARK

BUNDA ST MURULLA LANE

BALLUMBIR ST

ALINGA ST MOORE ST ALLSOP ST BUS INTERCHANGE ALINGA ST

TRLI MORT ST TIOL HOBART PL IERITY PETRIE ST UNIVERSITY AVE

WEST ROW

EAST ROW CITY WALK

CHILDERS ST BUNDA ST PETRIE PLAZA

NORTHBOURNE AVE CANBERRA

NORTHBOURNE AVE LONDON CIRCUIT CENTRE

MARCUS CLARKE ST

VERNON GLEBE PARK CITY HILL AKUNA ST

BINARA ST

LONDON CIRCUIT

MARCUS CLARKE ST CIRCLE

EDINBURGH AVE CONSTITUTION AVE GARDENS LONDON CIRCUIT

COMMONWEALTH AVE

ALLARA ST

LAWSON CRES PARKES WAY

PARKES WAY PARK GLEBE GARDENS

PARK BALLUMBIR ST

RUGBY LEAGUE BINARA ST BINARA

BUNDA ST PETRIE ST PETRIE CENTRE

CANBERRA

LONSDALE ST LONSDALE AKUNA ST AKUNA

CITY WALK 160 0% 100% 7.50 % $4.6m 5.85% 99% 5.0 / 4.5 5.0 EXPIRY $100.9m

Feb 2026

Y 10 2,200sqm

MURULLA LANE MURULLA 14,155sqm

$7,156/sqm

CONSTITUTION AVE ST ALLARA

ANC ELOURA ST ST MORT 2001/1992/2013 97% $444/sqm pa net pa $444/sqm B GRADEB CANBERRA

$101.3m/April 2017

PETRIE PLAZA PETRIE WALE 8.6 YEARS

B BUS INTERCHANGE LONDON CIRCUIT LONDON

OCCUP

MORT ST MORT % OF NLA EAST ROW EAST

NORTHBOURNE AVE NORTHBOURNE PARK

COOYONG ST BUNDA ST GRADEA VETERAN’S

A AREA NORTHBOURNE AVE NORTHBOURNE

ALINGA ST

13,662sqm

CIRCLE PARKES WAY NORTHBOURNE AVE NORTHBOURNE PREMIUM

GOULD ST P NORTHBOURNE AVE NORTHBOURNE

BARRY DRV

CITY HILL

0% MOORE ST MOORE

COMMONWEALTH AVE COMMONWEALTH 0% 0% 1% 0% 0% NT ND WEST ROW WEST B YO

ACA VERNON BE FY18 FY19 FY20 FY21 FY22 V MAJOR TENANTS MAJOR Property type legend type Property Telstra 16-18 Mort Street16-18 is situated in the heart of the CBD, adjacent to A This thoroughfare. commercial and precinct shopping main the grade building includes space for vehicles 160 over two levels of underground parking. It also offers a 5-star NABERS Energy rating and generous 2,200sqm floor plates. The building is leasedTelstrato until 2026 and was comprehensively refurbished in 2013. 16-18 MORT16-18 STREET, CANBERRA ACT IOF PROPERTY PORTFOLIO PORTFOLIO PROPERTY IOF KEY FEATURES KEY Ownership Acquired/built/refurbished Car spaces Lettable area area Lettable Average floor plate Passing face rent property income Net External valuation/date area Value/lettable Book value Cap rate rateDiscount NABERS Energy/Water rating (stars) LEASE EXPIRY PROFILE INCOME BY

RUDD ST

ALINGA ST 30 JUNE 2017 INVESTA OFFICE FUND

PROPERTY PORTFOLIO

34 HOBART PL CIRCUIT LONDON

PARKES WAY

LONDON CIRCUIT EDINBURGH AVE EDINBURGH ALLSOP ST

HUTTON ST MARCUS CLARKE ST CLARKE MARCUS

UNIVERSITY AVE MARCUS CLARKE ST

LAWSON CRES LAWSON CHILDERS ST CHILDERS TIOL IERITY TRLI 30 JUNE 2017 INVESTA OFFICE FUND PROPERTY PORTFOLIO 35 VIEW OF CANBERRA CBD Contact details If you have any questions regarding IOF’s reporting or in relation to your unitholding, please call the Investa information line on +61 1300 851 394. Further details about the Fund can be accessed and downloaded at investa.com.au/IOF

Investa Listed Fund Management Limited Level 6, Deutsche Bank Place 126 Phillip Street Sydney NSW 2000 T +61 2 8226 9300 F +61 2 9844 9300 ACN 149 175 655 AFSL 401414

DISCLAIMER This document has been prepared by Investa Listed Funds Management Limited (ACN 149 175 655 and AFSL 401414) (the IOF RE) as responsible entity for the Investa Office Fund (ASX: IOF) (IOF), which comprises the Prime Credit Property Trust (ARSN 089 849 196) and the Armstrong Jones Office Fund (ARSN 090 242 229). Information contained in this document is current as at the date of publication unless otherwise stated. Except as required by law no representation or warranty (express or implied) is made as to the fairness, accuracy or completeness of the information, forecasts, opinions and conclusions, or as to the reasonableness of any assumption, contained in this document. To the maximum extent permitted by law, IOF RE, IOF, each of their related entities and affiliates (together, the Investa Property Group), and the directors, officers, employees, agents, representatives and advisers of any member of the Investa Property Group accept no responsibility or liability whatsoever for any expense, loss or damage arising out of or in any way connected with the use of all or part of this document. Nor will such persons bear any responsibility or liability as to the fairness, accuracy, adequacy, completeness or correctness of the information in this document or provided in connection with it. The information contained in this document is based on present circumstances, market conditions and beliefs which may change. This document has been prepared without taking into account the objectives, financial situation or needs of individuals and is not intended to provide, and should not be relied upon for investment, financial, accounting, legal or tax advice. Readers should conduct their own due diligence in relation to any information contained in this document and, before acting on any information in this document, consider its appropriateness, having regard to their objectives, financial situation and needs, and seek the assistance of their financial or other licensed professional adviser before making any investment decision. This document may include forward-looking statements, which are not guarantees or predictions of future performance. Any forward-looking statements contained in this document involve known and unknown risks and uncertainties which may cause actual results to differ from those contained in this document. Past performance is not an indication of future performance. As such, any past performance information in this document is illustrative only and should not be relied upon. Any investment in IOF is subject to investment and other known and unknown risks, some of which are beyond its control. The IOF RE does not guarantee the performance of the group, any particular rate of return, the repayment of capital or any particular tax treatment. This document does not constitute an offer, invitation, solicitation or recommendation with respect to the subscription for, purchase or sale of any security, nor does it form the basis of any contract or commitment. This document has been prepared for the purpose of providing general information only.

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