30 June 2012 June 30 Portfolio Property Investa off i ce fund property INVESTA OFFICE FUND PROPERTY PORTFOLIO

What’s inside

IOF Property portfolio Investa Office Fund 01 Portfolio overview 02

Australian portfolio New South Wales 04 Queensland 14 Victoria 22 Western Australia 28 Australian Capital Territory 28

OFFSHORE portfolio Europe 32

IOFInvesta Office Fund (ASX code: IOF) is an ASX-listed real estate investment trust (A-REIT) and is included in the S&P/ASX100 index. The Fund is a leading owner and manager of investment grade office buildings and receives rental income from a tenant register comprising predominantly Government and blue chip tenants. IOF has total assets under management of AU$2.5 billion, with investments located in core CBD markets throughout Australia and select offshore markets in Europe. IOF’s strategy is to reposition the portfolio to an Australian-only focus.

COVER: 111 PACIFIC HIGHWAY, NORTH SYDNEY IOF PORTFOLIO | 30 JUNE 2012 01

OUR INVESTMENT STRATEGY The Fund’s strategy is to focus on high quality assets in Australian CBD office markets where it can actively enhance returns via its active asset management strategies and by repositioning or recycling assets through the market cycle. The Fund currently has assets in key European markets from which it will undertake a withdrawal over time in order to become 100% Australian focused.

Since the transfer of management of IOF in April 2011, the Fund is now managed by Investa Property Group (“Investa”). Supported by a well-resourced integrated office platform with strong capability and experience in the commercial property sector, Investa will oversee the delivery of IOF’s strategy. Significant progress has been made to date with a number of initiatives implemented including the sale of USD$503m of US assets, €69m in European assets and the $394m acquisition of two core Australian CBD assets.

IOF has an active asset management approach which builds strong relationships with tenants in order to ensure high levels of retention and occupancy while continuously assessing value add and repositioning opportunities.

$ investa.com.au/iof 2.5bn Total assets 5.1yrs Weighted average lease expiry ABOUT INVESTA

Investa Property Group is a fully integrated real estate company and the largest owners/ managers of investment grade office real estate in Australia. Since its inception in 2000, Investa has grown to control property assets of approximately AU$8.4 billion. Investa owns and/or manages over 45 office buildings throughout Australia which incorporates % more than one million square metres of quality offfice space. Investa accommodates a range 96 of leading companies across its high-quality office portfolio, including Deutsche Bank, Telstra, Westpac, Allens, Coca‑Cola Amatil, Vodafone Hutchison Australia and numerous State and Occupancy Federal government departments.

Investa is one of the world leaders in real estate sustainability and has been recognised with numerous highly coveted industry awards; including the 10th Australian Sustainability Award – Award for Environment and three NSW Government 2011 Green Globe Awards, including the Premier’s Award for Sustainability Excellence.

Find out more about Investa at investa.com.au INVESTA OFFICE FUND PROPERTY PORTFOLIO 02

Portfolio overview

Lease expiry by income Lease expiry by NLA

Australia Europe Australia Europe % % 70 70 30% 62% 60 63% 60 50 50 40 40 37% 37% 30 30 20 22% 20 14% 16% 14% 15% 15% 14% 2% 12% 11% 4% 11% 10 10% 12% 11% 4% 10 8% 8% 2% 8% 10% 0 Vacant Jun 13 Jun 14 Jun 15 Jun 16 Jun 17+ 0 Vacant Jun 13 Jun 14 Jun 15 Jun 16 Jun 17+

AUSTRALIAN % $ yrs MARKET OVERVIEW 96 2.5bn 5.1 Like the broader Australian Occupancy Total assets Weighted average economy, office markets have lease expiry proved to be resilient in spite of volatile financial markets. Vacancy rates are below average 1 2 and overall tenant demand has held up well. These factors, 19 312 477,533 combined with an outlook for Properties Tenants Total lettable area (sqm) supply that is below average for the next few years, have resulted in both increasing market rents and asset valuations. Some markets have however, performed better than others. Perth market rental levels have surged in FY12, due to high levels of tenant demand – mainly from the resources sector. Similarly 4.0 3.5 the Brisbane market has turned; vacancy has now peaked and Star NABERS Star NABERS rents have re-entered the growth Energy rating3 Water rating3 phase. Conditions in the other major markets, such as Sydney and Melbourne, have been more challenging. Tenant contractions in some sectors have been offset by expansion in other industries. Despite moderated tenant demand, rents have continued to increase, driving income and capital returns.

1. Excluding 14.2% ownership of Dutch Office Fund 2. IOF ownership 3. Weighted by net lettable area Market research sources: Jones Lang LaSalle Research and Investa Research IOF PORTFOLIO | 30 JUNE 2012 03

“The past 12 months have been focused on improving occupancy, delivering on our capital expenditure programme and reducing the Fund’s offshore exposure.” Toby Phelps, FUND MANAGER

Geographic diversification by value Rental income by value1

3% 2% REGION A$m REGION A$m 13% 13% 17% NSW 1,149.5 Australia 130.3 QLD 478.4 Europe 20.3 VIC 426.6 Total 150.6 19% WA 73.0 46% ACT 37.0 87% Europe 327.8 Total 2,492.3

Total portfolio

Net Book Occupancy FY12 lettable value2 Cap rate WALE at 30 Jun Net property Property area (sqm) (A$m) (%) (yrs) 2012 (%) income1 (A$m) Deutsche Bank Place – 126 Phillip Street, Sydney, NSW (25%) 42,256 176.3 6.35 4.5 98 2.96 10-20 Bond Street, Sydney, NSW (50%) 37,0 50 169.5 6.88 5.9 98 3.7 388 George Street, Sydney, NSW (50%) 38,743 190.4 7.0 0 6.2 100 12.7 347 Kent Street, Sydney, NSW 26,271 254.0 7.0 0 6.7 100 21.7 151 Clarence Street, Sydney, NSW 16,921 82.5 8.25 1.1 91 5.5 Campus MLC – 105-151 Miller Street, North Sydney, NSW 27,10 3 154.8 7.9 0 7.7 99 9.7 111 Pacific Highway, North Sydney, NSW 18,768 122.0 8.00 3.5 100 7.5 Hitachi Complex – 239 George Street, Brisbane, QLD 24,414 124.0 8.63 3.1 89 10.6 – 15 Adelaide Street, Brisbane, QLD 11,605 56.4 8.63 3.4 87 4.1 Australian Government Centre – 140 Creek Street, Brisbane, QLD 28,158 167.5 8.00 2.7 99 13.4 – 295 Ann Street, Brisbane, QLD 20,274 113.0 8.00 7.0 100 7.5 – 232 Adelaide Street, Brisbane, QLD 4,459 17.5 8.75 3.4 94 1.3 Telstra Global Headquarters – 242 Exhibition Street, Melbourne, VIC (50%) 65,915 217.5 7.0 0 7.8 100 3.76 QBE House – 628 Bourke Street, Melbourne, VIC 24,961 96.0 7.75 5.9 94 5.2 Royal Mint Centre – 383 La Trobe Street, Melbourne, VIC 9,679 51.6 8.00 5.0 100 4.2 800 Toorak Road, Melbourne, VIC (50%) 41,878 61.5 9.25 4.3 100 5.6 Wellington Central – 836 Wellington Street, Perth, WA 11,972 73.0 8.75 6.6 100 5.7 Times Square 16-18 Mort Street, Canberra, ACT 14,506 37.0 9.75 0.7 100 5.3 TOTAL AUSTRALIAN PORTFOLIO 464,9333 2,164.5 7.61 5.1 98 130.3

TOTAL EUROPEAN PORTFOLIO 869,8314 327.8 6.08 4.5 86 20.3

TOTAL IOF PORTFOLIO 1,334,7645 2,492.3 7.41 5.1 96 150.6

1. Excludes assets sold during period 2. Book value based on IOF’s ownership 3. NLA IOF ownership = 341,448sqm 4. NLA IOF ownership = 136,086sqm 5. NLA IOF ownership = 477,533sqm 6. NPI reflective of post 2 April 2012 acquisition date. INVESTA OFFICE FUND PROPERTY PORTFOLIO 04 PORTFOLIO OVERVIEW – NEW SOUTH WALES W

E The Sydney market has been marked by strong rental growth, moderate tenant demand and the recent confirmation of the Barangaroo development which VI has added to the future supply pipeline. Vacancy is at average levels and tight throughout the metropolitan area which will likely insulate Sydney from variations in tenant demand. We anticipate the continued trend of tenant relocations ER OV

NS W to the CBD continue over the medium term.

NT QLD Deutsche Bank Place 126 Phillip Street, Sydney

WA 10-20 Bond Street, Sydney

SA 388 George Street, Sydney

NSW 347 Kent Street, Sydney sydney 151 Clarence Street, Sydney ACT VIC Campus MLC 105-151 Miller Street, North Sydney

111 Pacific Highway, North Sydney

New South Wales Portfolio

Net Book Occupancy FY12 lettable value1 Cap rate WALE at 30 Jun Net property Property area (sqm) (A$m) (%) (yrs) 2012 (%) income (A$m)

Deutsche Bank Place – 126 Phillip Street, Sydney (25%) 42,256 176.3 6.35 4.5 98 2.9

10-20 Bond Street, Sydney (50%) 37,0 50 169.5 6.88 5.9 98 3.7

388 George Street, Sydney (50%) 38,743 190.4 7.0 0 6.2 100 12.7

347 Kent Street, Sydney 26,271 254.0 7.0 0 6.7 100 21.7

151 Clarence Street, Sydney 16,921 82.5 8.25 1.1 91 5.5

Campus MLC – 105-151 Miller Street, North Sydney 27,10 3 154.8 7.9 0 7.7 99 9.7

111 Pacific Highway, North Sydney 18,768 122.0 8.00 3.5 100 7.5

TOTAL 207,112 2 1,149.5 7.20 5.5 98 63.7

1. Book value based on IOF’s ownership 2. NLA IOF ownership = 137,523sqm Market research sources: Jones Lang LaSalle Research and Investa Research AUSTRALIAN PORTFOLIO | 30 JUNE 2012 05

207,112 98% $1,15 0 5.5 yrs Total net lettable area (sqm) Occupancy Book value (A$m) Weighted average lease expiry

VIEW FROM 10-20 BOND STREET, 126 PHILLIP STREET SYDNEY SYDNEY

OUTLOOK A challenging market, but still maintaining solid returns Lease expiry profile by income > The Barangaroo development – Could add up to 6% to total stock from late 2015 % 70 71% > Subdued demand 60 – Demand has been subdued, however market 50 rents have shown growth during FY12 40 30 > Tight metropolitan markets 20 – This is likely to boost medium-term CBD absorption 7% 10 2% 4% 11% 5% 0 VACANT JUN 13 JUN14 JUN 15 JUN 16 Jun 17+

“IOF’s Sydney lease expiry profile has been substantially derisked and is largely insulated from the forecast new supply at Barangaroo in 2015/16.” BEN BRAYSHAW, PORTFOLIO MANAGER INVESTA OFFICE FUND PROPERTY PORTFOLIO 06 Deutsche Bank Place, 126 Phillip Street, Sydney NSW

With stunning views across Sydney Harbour and the Royal Botanic Gardens, this new-generation building is one of Australia’s finest office towers. It features an external services side core providing column-free floor plates of 1,444m² which are among the largest in Sydney. The 42,256m² of total net lettable area boasts a NABERS Energy rating of 4.5 stars and a spectacular entry plaza featuring a café, brasserie, tenant amenities including showers, lockers, bike racks and a child care centre. Located at the top of Hunter Street, it’s readily accessible by car and all public transport options. Key features Property type Premium grade office Ownership 25% Year built 2005 Year refurbished NA Lettable area (sqm) 42,256 Average Floor Plate (sqm) 1,340 Car spaces 82 SYDNEY Acquisition date April 2012 Book value $176.3m Occupancy level 98% WALE 4.5 years Outgoings $185.4/sqm pa 3 year CAPEX forecast1 $0.2m Average passing rent (face) $1,040/sqm pa net

E Average market rent (face) $1,100/sqm pa net G D I R B Average passing rent (effective) $1,040/sqm pa net

R SYDNEY HARBOUR TUNNEL U O Net Property Income (local currency) $2.9m B N R A H NABERS Energy rating Y E N D NABERS Water rating Y S External valuation summary SYDNEY OPERA HOUSEValue (25% ownership) A$176.3m Date February 2012 Cap rate 6.35% Discount rate 8.75% Value/lettable area $16,684/sqm CIRCULAR QUAY C A HILL EX PRESSWA H Y Major tenants Area % of NLA Expiry

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C K SYDNEY S CIRCULAR QUAY O DeutscheHARBOUR Bank 12,523sqm 30% October 2015

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O Allens 12,516sqm 30% June 2019

A D Investa Property E ST

BRIDG Group 2,888sqm 7% June 2019

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FY17+ S 41%

QVB ST JAMES T

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CENTRAL AUSTRALIAN PORTFOLIO | 30 JUNE 2012 07 10-20 Bond Street, Sydney NSW

A substantial upgrade and refurbishment of the property was completed in 2011 to complement the premier CBD location within Australia’s leading financial precinct. The property consists of two buildings: 10 Bond Street with seven levels of office space; and 20 Bond Street offering 31 levels of office space with the upper floors commanding harbour views. The buildings feature a ground floor plaza and retail centre.

Key features Property type A-grade office Ownership 50% Year built 1979 Year refurbished 1995, 1999 & 2011 Lettable area (sqm) 37,0 50 Average Floor Plate (sqm) 950 Car spaces 169 Acquisition date June 1989 Book value $169.5m Occupancy level 98% WALE 5.9 years Outgoings $154.5/sqm pa SYDNEY 3 year CAPEX forecast1 $0.3m Average passing rent (face) $636/sqm pa net Average market rent (face) $675/sqm pa net Average passing rent (effective) $413/sqm pa net Net Property Income (local currency) $3.7m NABERS Energy rating2 Not rated NABERS Water rating Not rated

E G D I R External valuation summary B

R SYDNEY HARBOUR TUNNEL U O Value (50% ownership) A$162.0m B N R A H Date December 2011

Y E N D Cap rate 6.88% Y S Discount rate 9.00%

SYDNEY Value/lettable area $ 8,745/sqm OPERA HOUSE Major tenants Area % of NLA Expiry Origin Energy 4,661sqm 13% November 2014 Trust Company 3,444sqm 9% June 2021

CIRCULAR AICD 3,071sqm 8% December 2018 QUAY C A HILL EX PRESSWA H Y

I C Lease expiry profile K SYDNEY S CIRCULAR QUAY O HARBOUR

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CENTRAL INVESTA OFFICE FUND PROPERTY PORTFOLIO 08 388 George Street, Sydney NSW

Situated only 50 metres from Pitt Street Mall, this 28 storey property consists primarily of office space with lower level retail space in the heart of the CBD. Located at the intersection of two of Sydney CBD’s streets, this property also accommodates a Coles Express on the lower level. IAG the major tenant have taken a lease until 2018. Following comprehensive refurbishment in 1998, further work has recently been undertaken to improve the building’s environmental performance. Key features Property type A-grade office Ownership 50% Year built 1973 Year refurbished 1998 & 2009 Lettable area (sqm) 38,743 Average Floor Plate (sqm) 1,270 Car spaces 80 SYDNEY Acquisition date October 2002 Book value $190.4m Occupancy level 100% WALE 6.2 years Outgoings $131.9/sqm pa 3 year CAPEX forecast1 $1.0m Average passing rent (face) $567/sqm pa net

E G D I Average market rent (face) $630/sqm pa net R B

R SYDNEY HARBOUR TUNNEL Average passing rent (effective) $563/sqm pa net U O N B R Net Property Income (local currency) $12.7m A H

Y E NABERS Energy rating N D Y S NABERS Water rating

SYDNEY External valuation summary OPERA HOUSE Value (50% ownership) A$190.0m Date June 2011 Cap rate 7.0 0 % Discount rate 9.00% CIRCULAR Value/lettable area $9,808/sqm QUAY C A HILL EX PRESSWA H Y

I C Major tenants Area % of NLA Expiry K SYDNEY S CIRCULAR QUAY O HARBOUR N IAG 35,817sqm 92% October 2018

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A Coles 1,921sqm 5% October 2018

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CENTRAL

100 1997 2005 100% 100% 1,240 98% 7.0 0 % $4.8m 9.00% 26,271 $21.7m

Expiry $254.0m 6.7 years6.7 June 2012 A$254.0m $9,668/sqm 09 January 2019 January January 1999 A-grade office A-grade $123.1/sqm pa $123.1/sqm $848/sqm pa gross $848/sqm pa gross $689/sqm pa gross 94% % of NLA AUSTRALIAN PORTFOLIO | 30 JUNE 2012 Area 24,681sqm KINGS CROSS 1% 1% L 0% 0% 0% E

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S ART ART GALLERY OF NSW VACANT FY13 FY14 FY15 FY16 FY17+ S The building is well located in prominent a position in the CBD’s western precinct. The property is leased ANZ to with a lease that does not expire until 2019. The property enjoys views over Darling Harbour and out to Pyrmont with the building Bay, height extended from in 1997 the This original 20. storeys to increased 13 the A-grade total additional an with 25,000sqm almost to officeaccommodation ground of 1,590sqm floor retail space. features Key Property type Ownership Ownership Year built Discount rate area Value/lettable Value Value Cap rate ANZ expiry profile Lease INCOME BY Date NABERS Water rating summaryExternal valuation tenantsMajor WALE Outgoings 3 year CAPEX forecast Car spaces date Acquisition Occupancy level (face) passing rent Average Average market rent (face) Average passing rent (effective) Net Property Income (local currency) Average Floor Plate (sqm) value Book NABERS Energy rating Year refurbished Year Lettable area (sqm)

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SUSSEX S FOUR POINTS FOUR D SHERATON BY HICKSON ROA 347 Kent S Kent 347

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CENTRE CONVENTION SYDNEY INVESTA OFFICE FUND PROPERTY PORTFOLIO 10 151 Clarence Street, Sydney NSW

151 Clarence Street offers cost effective office accommodation in a central CBD location amongst major public transport hubs. The building features a dual street frontage and an average floor size of over 1,250sqm, which enables tenants to plan open office layouts in line with modern workspaces. This 12 level building has undergone two major refurbishments in the last 15 years, with 1,821sqm of retail space on the ground and lower ground levels.

Key features Property type B-grade office Ownership 100% Year built 1983 Year refurbished 2000 Lettable area (sqm) 16,921 Average Floor Plate (sqm) 1,250 Car spaces 119 SYDNEY Acquisition date November 2002 Book value $82.5m Occupancy level 91% WALE 1.1 years Outgoings $135.7/sqm pa 3 year CAPEX forecast $5.2m Average passing rent (face) $549/sqm pa gross

E Average market rent (face) $565/sqm pa gross G D I R B Average passing rent (effective) $431/sqm pa gross

R SYDNEY HARBOUR TUNNEL U O Net Property Income (local currency) $5.5m B N R A H NABERS Energy rating Y E N D NABERS Water rating Y S

SYDNEY External valuation summary OPERA HOUSE Value A$82.0m Date December 2011 Cap rate 8.25% Discount rate 9.50% CIRCULAR Value/lettable area $4,846/sqm QUAY C A HILL EX PRESSWA H Y

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C K MajorSYDNEY tenants Area % of NLA Expiry S CIRCULAR QUAY O HARBOUR N Westpac 10,571sqm 62% July 2013

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O A Officeworks 1,251sqm 7% May 2015 D

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CENTRAL AUSTRALIAN PORTFOLIO | 30 JUNE 2012 11 Campus MLC, 105-151 Miller Street, North Sydney NSW

This award-winning building tenanted by MLC since it was built in 1957, fronts two main streets and the Mount Street Mall in the core North Sydney market. Pedestrians have access via an underpass to the Greenwood Plaza and North Sydney Rail Station. Campus MLC is currently undergoing a refurbishment to all 12 upper levels as part of a new lease to MLC until 2020. The retail area on the ground floor is an established presence for shoppers.

Key features Property type A-grade office Ownership 100% Year built 1957 Year refurbished 2000 Lettable area (sqm) 27,10 3 Average Floor Plate (sqm) 1,880 Car spaces 132 Acquisition date December 1998 Book value $154.8m Occupancy level 99% WALE 7.7 years Outgoings $108.6/sqm pa 3 year CAPEX forecast $11.6m Average passing rent (face) $393/sqm pa net Average market rent (face) $473/sqm pa net Average passing rent (effective) $311/sqm pa net Net Property Income (local currency) $9.7m NABERS Energy rating NABERS Water rating

External valuation summary Value A$153.0m Date December 2011 Cap rate 7.9 0 % Discount rate 9.00% Value/lettable area $5,645/sqm N ST LEONARDS PARK Major tenants Area % of NLA Expiry NAB 25,110sqm 93% October 2020

CIVIC PARK D R T S RYDGES Lease expiry profile NE S McLA NORTH SYDNEY W REN O RD ST R BAY C BY INCOME

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NORTH SYDNEY OLYMPIC POOL BLUES POINT RESERVE

E G D I

SYDNEY HARBOUR TUNNEL R B

R U KIRRIBILLA O SYDNEY B HOUSE R A HARBOUR H ADMIRALTY Y HOUSE E GOAT N D ISLAND Y S INVESTA OFFICE FUND PROPERTY PORTFOLIO 12 111 Pacific Highway, North Sydney NSW

This 24 storey property has functional shaped floor plates and an attractive outlook and good natural light to the upper half of the building. The property has twice been extensively refurbished to ensure that it continues to present a competitive commercial offering for high quality tenants.

Key features Property type A-grade office Ownership 100% Year built 1974 Year refurbished 1993 & 2006 Lettable area (sqm) 18,768 Average Floor Plate (sqm) 960 Car spaces 164 Acquisition date May 2004 Book value $122.0m Occupancy level 100% WALE 3.5 years Outgoings $108.1/sqm pa 3 year CAPEX forecast $8.2m Average passing rent (face) $471/sqm pa net Average market rent (face) $525/sqm pa net Average passing rent (effective) $382/sqm pa net Net Property Income (local currency) $7.5m NABERS Energy rating NABERS Water rating

External valuation summary Value A$122.0m Date June 2012 Cap rate 8.00% N ST LEONARDS Discount rate 9.25% PARK Value/lettable area $6,393/sqm

CIVIC Major tenants Area % of NLA Expiry PARK D R T Transfield Services S RYDGES NE Pty Ltd 6,395sqm 34% July 2018 S McLA NORTH SYDNEY W REN O RD ST R BAY C Jemena Pty Ltd 981sqm 5% June 2014 Terrapinn Pty Ltd 971sqm 5% December 2018

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NORTH R Lease expiry profile

SHOPPING A

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A T 0% C K W U GREENWOOD IF R PLAZA IC A RA R H FY13 B 19% R A IG R I H N D

W G

A A Y FY14 22% H

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R NI A FY15 11% ON E

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HARBOURVIEW A G H R

Y S T D FY16 8%

LA VENDER BAY RD FY17+ 40%

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NORTH SYDNEY OLYMPIC POOL BLUES POINT RESERVE

E G D I

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R U KIRRIBILLA O SYDNEY B HOUSE R A HARBOUR H ADMIRALTY Y HOUSE E GOAT N D ISLAND Y S AUSTRALIAN PORTFOLIO | 30 JUNE 2012 13

SYDNEY SKYLINE, INCLUDING 126 PHILLIP STREET INVESTA OFFICE FUND PROPERTY PORTFOLIO 14 PORTFOLIO OVERVIEW – QUEENSLAND W

E The Brisbane office market is now in recovery mode after the delivery of speculative development to the market. Strong tenant demand from the resource sector and VI associated industry has mitigated much of the vacancy risk of these recent supply LD completions. This has boosted rental levels and started to reduce incentives. As a result of the minimal supply under construction over the medium-term the outlook ER OV

Q is positive for future investment returns.

NT QLD Hitachi Complex – 239 George Street, Brisbane BRISBANE WA Hitachi Complex – 15 Adelaide Street, Brisbane SA Australian Government Centre NSW – 140 Creek Street, Brisbane

ACT Australian Government Centre VIC – 295 Ann Street, Brisbane Australian Government Centre – 232 Adelaide Street, Brisbane

Queensland Portfolio

Net Book Occupancy FY12 lettable value Cap rate WALE at 30 Jun Net property Property area (sqm) (A$m) (%) (yrs) 2012 (%) income (A$m)

Hitachi Complex – 239 George Street, Brisbane 24,414 124.0 8.63 3.1 89 10.6

Hitachi Complex – 15 Adelaide Street, Brisbane 11,605 56.4 8.63 3.4 87 4.1

Australian Government Centre – 140 Creek Street, Brisbane 28,158 167.5 8.00 2.7 99 13.4

Australian Government Centre – 295 Ann Street, Brisbane 20,274 113.0 8.00 7.0 100 7.5

Australian Government Centre – 232 Adelaide Street, Brisbane 4,459 17.5 8.75 3.4 94 1.3

TOTAL 88,910 478.4 8.26 4.0 95 36.9

Market research sources: Jones Lang LaSalle Research and Investa Research AUSTRALIAN PORTFOLIO | 30 JUNE 2012 15

88,910 95% $478 4.0 yrs Total net lettable area (sqm) Occupancy Book value (A$m) Weighted average lease expiry

VIEW FROM 140 CREEK STREET, 232 ADELAIDE STREET BRISBANE BRISBANE

OUTLOOK A turning market with signals for growth Lease expiry profile by income > Recovery mode for Brisbane market

% – After recent speculative development deliveries the 40 market has begun to recover

30 30% > Vacancy 27% – Likely to peak for this cycle in 2012 23% 20 > Positive income returns 10 10% – Outlook for income returns is positive 5% 5% over the medium-term 0 VACANT JUN 13 JUN14 JUN 15 JUN 16 Jun 17+

“The Brisbane office market continues to improve and we see opportunities in our portfolio to capture rental growth as leases mature over the coming years.” Toby Phelps, FUND MANAGER INVESTA OFFICE FUND PROPERTY PORTFOLIO 16 Hitachi Complex, 239 George Street, Brisbane QLD

The Hitachi Complex, including both 239 George Street and 15 Adelaide Street, offers appealing office accommodation located only 500 metres from the Brisbane GPO, centrally located in the legal and government administration precincts. The ground floor lobby and entrance was refurbished in 2006.

Key features Property type B-grade office Ownership 100% Year built 1976 Year refurbished 2006 Lettable area (sqm) 24,414 Average Floor Plate (sqm) 750 Car spaces 21 Acquisition date July 1998 Book value $124.0m Occupancy level 89% WALE 3.1 years Outgoings $116.9/sqm pa 3 year CAPEX forecast $8.8m Average passing rent (face) $602/sqm pa gross Average market rent (face) $558/sqm pa gross Average passing rent (effective) $571/sqm pa gross VICTORIA PARK Net Property Income (local currency) $10.6m N NABERS Energy rating1 NABERS Water rating1

T FORTITUDE VALLEY S External valuationM summaryT HA N S A K L IC H Value W C A$124.0m BRISBANE A L GIRLS GRAMMAR C T E SCHOOL S C Date M December 2011 R T E S T L A U BRISBANE W A Cap rate 8.63% P T GRAMMAR S T

SCHOOL DiscountS rate 9.50%

M Value/lettableA area $5,079/sqm H K B IC OUNDA W RY ST W ICK Major tenants Area % of NLA Expiry HA SPRING HILL M TCE DepartmentIVORY ofS T L ROMA ST EI PARKLAND CH Main Roads 2,619sqm 11% October 2015 E HA ST C RDT T T E

S T G M T CATHEDRAL CullenS Services D A O E I

B SQUARE R H D T R I

PTY Ltd 1,174sqmB 5% May 2018 K A S U L C T E Y SUNCORP E I D L A R E W

STADIUM A C Hitachi 828sqmO 3% December 2012 T H T E I S R TCE T HAM E ICK P W SOFITEL HOTEL Lease expiry profile C ROMA ST CENTRAL R T E S E N ROM ANZAC K E A E BY INCOME ST SQUARE S U T Q D N R VE TO DRI MIL ION AT BRISBANE T KING ON S VACANT 11% R G MAGISTRATES GEORGE CO T GPO R R O I COURT B SQUARE QUEENS E V T E R CITIGATE KING S PLAZA Y R U GEORGE SQ T E FY13 R S 20% S D BRISBANE

I HOTEL T I A E T D ARCADE G E S L O N E HILTON

MILTON E D V

B X N A L HOTEL FY14 A L I E P A E 7% T R E WINTERGARDEN D W E N M S A T CENTRE W R E L S A

S E W T N R N A T E D FY15 13% Y E E E B N U S R R Q T U T N ID B S T G THE MYER S H E FY16 A 27% R E CENTRE T T E E T B T B V O S I ZA L TREASURY I R Y S R L A A R CASINO E FY17+ I 22% H L A E C B M N E R A R

T B B S 1. Single NABERS rating for both buildings in complex S T I QUEENSLAND R MUSEUM G T B E S

O E R IC FERRY TERMINAL L W G A E IL L S I T

A M S

T

SOUTH BRISBANE SOUTH BANK

B CITY R BOTANIC I QUEENSLAND GARDENS S PARLIAMENT B A N E QUEENSLAND

R UNIVERSITY I OF TECHNOLOGY V E R MUSGRAVE PARK AUSTRALIAN PORTFOLIO | 30 JUNE 2012 17 Hitachi Complex, 15 Adelaide Street, Brisbane QLD

The Hitachi Complex, including both 239 George Street and 15 Adelaide Street, offers appealing office accommodation located only 500 metres from the Brisbane GPO, centrally located in the legal and government administration precincts. The ground floor lobby and entrance was refurbished in 2008.

Key features Property type B-grade office Ownership 100% Year built 1982 Year refurbished 2008 Lettable area (sqm) 11,605 Average Floor Plate (sqm) 740 Car spaces 145 Acquisition date July 1998 Book value A$56.4m Occupancy level 87% WALE 3.4 years Outgoings $119.4/sqm pa 3 year CAPEX forecast $4.6m Average passing rent (face) $572/sqm pa gross Average market rent (face) $529/sqm pa gross Average passing rent (effective) $546/sqm pa gross VICTORIA PARK Net Property Income (local currency) $ 4.1m N NABERS Energy rating1 NABERS Water rating1

T FORTITUDE VALLEY S M T External HvaluationA summaryN S A K L IC H W C BRISBANE A Value L A$55.8m GIRLS GRAMMAR C T E SCHOOL S C M R T Date December 2011 E S T L A U BRISBANE W A P Cap rate 8.63% T GRAMMAR S T

SCHOOL S Discount rate 9.50%

M A Value/lettableH area $4,808/sqm K B IC OUNDA W RY ST W ICK HA SPRING HILL M TCE Major tenants Area % of NLA Expiry IVORY S T L ROMA ST EI PARKLAND CH Department of E HA ST C RDT T T Public Prosecutions 2,907sqmE 25% March 2014

S T G M T CATHEDRAL S D A O E I

B SQUARE R H D T R BennetI and Phillips 1,298sqm 11% June 2021 K A B S U L C T E Y SUNCORP E I D L A R E W Stae of Queensland 739sqm 6% January 2013 STADIUM A C O T H T E I S R TCE T HAM E ICK P W SOFITEL HOTEL Lease expiry profile C ROMA ST CENTRAL R T E S E N ROM ANZAC K E A E BY INCOME ST SQUARE S U T Q D N R VE TO DRI MIL ION AT BRISBANE T KING ON S VACANT 13% R G MAGISTRATES GEORGE CO T GPO R R O I COURT B SQUARE QUEENS E V T E R CITIGATE KING S PLAZA Y R U GEORGE SQ FY13 T E R 17% S S D BRISBANE

I HOTEL T I A E T D ARCADE G E S L O N E HILTON

MILTON E D V

B X N A L HOTEL FY14 12% A L I E P A E T R E WINTERGARDEN D W E N M S A T CENTRE W R E L S A

S E W T N R N A T E D FY15 9% Y E E E B N U S R R Q T U T N ID B S T G THE MYER S H E FY16 A 13% R E CENTRE T T E E T B T B V O S I ZA L TREASURY I R Y S R L A A R FY17+ 36% CASINO E I H L A E C B M N E R A R

T B B S S T 1. Single NABERS rating for both buildings in complex I QUEENSLAND R MUSEUM G T B E S

O E R IC FERRY TERMINAL L W G A E IL L S I T

A M S

T

SOUTH BRISBANE SOUTH BANK

B CITY R BOTANIC I QUEENSLAND GARDENS S PARLIAMENT B A N E QUEENSLAND

R UNIVERSITY I OF TECHNOLOGY V E R MUSGRAVE PARK INVESTA OFFICE FUND PROPERTY PORTFOLIO 18 Australian Government Centre, 140 Creek Street, Brisbane QLD

The Australian Government Centre, comprising the three assets at 140 Creek Street, 295 Ann Street and 232 Adelaide Street, is a well-known office complex adjacent to ANZAC Square. Located in the heart of Brisbane’s commercial precinct, the Centre comprises 3 distinct buildings interconnected by a glass atrium and offers a mix of A-grade and heritage listed office accommodation all within easy reach of Queen Street Mall and the Brisbane train station.

Key features Property type A-grade office Ownership 100% Year built 1995 Year refurbished 2005 Lettable area (sqm) 28,158 Average Floor Plate (sqm) 1,175 Car spaces 159 Acquisition date May 1998 Book value $167.5m Occupancy level 99% WALE 2.7 years Outgoings $115.6/sqm pa 3 year CAPEX forecast $18.9m Average passing rent (face) $573/sqm pa gross Average market rent (face) $651/sqm pa gross Average passing rent (effective) $549/sqm pa gross VICTORIA PARK Net Property Income (local currency) $13.4m

N NABERS Energy rating NABERS Water rating

T FORTITUDE VALLEY S M T HA N S External valuation summaryA K L IC H W C BRISBANE A Value L A $167.5m GIRLS GRAMMAR C T E SCHOOL S C M R T E S Date June 2012 T L A U BRISBANE W A P T Cap rate 8.00% GRAMMAR S T

SCHOOL S Discount rate 9.25% M A H KValue/lettable area $5,949/sqm B IC OUNDA W RY ST W ICK HA SPRING HILL M TCE MajorIVO RtenantsY S T Area % of NLA Expiry L ROMA ST EI PARKLAND CH E HA ST ATO 10,947sqm 39% February 2014 C RDT T T E

S T G M T CATHEDRAL S Department of D A O E I

B SQUARE R H D T R I K A Transport and B S U L C T E Y SUNCORP E I D L A R E W Main Roads 8,819sqm 31% June 2016

STADIUM A C O T H T E I S R TCE T HAM Centrelink 4,813sqm 17% September 2015 E ICK P W SOFITEL HOTEL

C ROMA ST CENTRAL R T E S Lease expiry profile E N ROM ANZAC K E A E ST SQUARE S U T Q D BY INCOME N R VE TO DRI MIL ION AT BRISBANE T KING ON S R G MAGISTRATES GEORGE CO T GPO R R O I COURT B SQUARE QUEENS E V T E R CITIGATE KING S PLAZA VACANT 1% Y R U GEORGE SQ T E R S S D BRISBANE

I HOTEL T I A E T D ARCADE G E S L O N E HILTON FY13 MILTON E D V 0%

B X N A L HOTEL A L I E P A E T R E WINTERGARDEN D W E N M S A T CENTRE W R E L S A S FY14 51% E W T N R N A T E D Y E E E B N U S R R Q T U T N ID B S T FY15 0% G THE MYER S H E A R E CENTRE T T E E T B T B V O S I ZA L TREASURY I R Y FY16 S 48% R L A A R CASINO E I H L A E C B M N E R A R FY17+ 0%

T B B S S T I QUEENSLAND R MUSEUM G T B E S

O E R IC FERRY TERMINAL L W G A E IL L S I T

A M S

T

SOUTH BRISBANE SOUTH BANK

B CITY R BOTANIC I QUEENSLAND GARDENS S PARLIAMENT B A N E QUEENSLAND

R UNIVERSITY I OF TECHNOLOGY V E R MUSGRAVE PARK AUSTRALIAN PORTFOLIO | 30 JUNE 2012 19 Australian Government Centre, 295 Ann Street, Brisbane QLD

The Australian Government Centre, comprising the three assets at 140 Creek Street, 295 Ann Street and 232 Adelaide Street, is a well-known office complex adjacent to ANZAC Square. Located in the heart of Brisbane’s commercial precinct, the Centre comprises 3 distinct buildings interconnected by a glass atrium and offers a mix of A-grade and heritage listed office accommodation all within easy reach of Queen Street Mall and the Brisbane train station.

Key features Property type A-grade office Ownership 100% Year built 1974 Year refurbished 2010 Lettable area (sqm) 20,274 Average Floor Plate (sqm) 1,220 Car spaces 85 Acquisition date May 1998 Book value $113.0m Occupancy level 100% WALE 7.0 years Outgoings $116.06/sqm pa 3 year CAPEX forecast $6.7m Average passing rent (face) $581/sqm pa gross Average market rent (face) $598/sqm pa gross Average passing rent (effective) $464/sqm pa gross VICTORIA PARK Net Property Income (local currency) $7.5m

N NABERS Energy rating NABERS Water rating

T FORTITUDE VALLEY S M T HA N S A ExternalK valuation summaryL IC H W C BRISBANE A L GIRLS GRAMMAR C T E Value A$113.0m SCHOOL S C M R T E S T L Date June 2012 A U BRISBANE W A P T GRAMMAR S Cap rate 8.00% T

SCHOOL S

DiscountM rate 9.50% A H K B IC Value/lettable area $ 5,574/sqm OUNDA W RY ST W ICK HA SPRING HILL M TCE IVORY S T L ROMA ST EI Major tenants Area % of NLA Expiry PARKLAND CH E HA ST C RDT T T E Qld Rail 16,534sqm 82% November 2020 S T G M T CATHEDRAL S D A O E I

B SQUARE R H D T R I K A B S U L C T E Y SUNCORP E I D L A R E W

STADIUM A C O T H T E I S R TCE Lease expiry profile T HAM E ICK P W SOFITEL HOTEL 295 BY INCOME ANN C ROMA ST CENTRAL R T E S E N ROM ANZAC K E A E ST SQUARE S U VACANT T Q 0% D N R VE TO DRI MIL ION FY13 6% AT BRISBANE T KING ON S R G MAGISTRATES GEORGE CO T GPO R R O I COURT B SQUARE QUEENS E V T FY14 15% E R CITIGATE KING S PLAZA Y R U GEORGE SQ T E R S S D BRISBANE

I HOTEL T I A E T D ARCADE G E S L O N E HILTON FY15 0%

MILTON E D V

B X N A L HOTEL A L I E P A E T R E WINTERGARDEN D W E N M S A T CENTRE W R E L S A FY16 1%

S E W T N R N A T E D Y E E E B N U S R R Q T U T N ID B S T FY17+ 79% G THE MYER S H E A R E CENTRE T T E E T B T B V O S I ZA L TREASURY I R Y S R L A A R CASINO E I H L A E C B M N E R A R

T B B S S T I QUEENSLAND R MUSEUM G T B E S

O E R IC FERRY TERMINAL L W G A E IL L S I T

A M S

T

SOUTH BRISBANE SOUTH BANK

B CITY R BOTANIC I QUEENSLAND GARDENS S PARLIAMENT B A N E QUEENSLAND

R UNIVERSITY I OF TECHNOLOGY V E R MUSGRAVE PARK INVESTA OFFICE FUND PROPERTY PORTFOLIO 20 Australian Government Centre, 232 Adelaide Street, Brisbane QLD

The Australian Government Centre, comprising the three assets at 140 Creek Street, 295 Ann Street and 232 Adelaide Street, is a well-known office complex adjacent to ANZAC Square. Located in the heart of Brisbane’s commercial precinct, the Centre comprises 3 distinct buildings interconnected by a glass atrium and offers a mix of A-grade and heritage listed office accommodation all within easy reach of Queen Street Mall and the Brisbane train station.

Key features Property type B-grade office Ownership 100% Year built 1937 Year refurbished 2005 Lettable area (sqm) 4,459 Average Floor Plate (sqm) 540 Car spaces 16 Acquisition date May 1998 Book value $17.5m Occupancy level 94% WALE 3.4 years Outgoings $138.9/sqm pa 3 year CAPEX forecast $2.0m Average passing rent (face) $540/sqm pa gross Average market rent (face) $540/sqm pa gross Average passing rent (effective) $472/sqm pa gross VICTORIA PARK Net Property Income (local currency) $1.3m

N NABERS Energy rating NABERS Water rating

T FORTITUDE VALLEY S ExternalM valuation summaryT HA N S A K L Value IC H A $17.5m W C BRISBANE A L GIRLS GRAMMAR C T E SCHOOL S C Date M June 2012 R T E S T L A U Cap rate 8.75% BRISBANE W A P T GRAMMAR S DiscountT rate 9.75%

SCHOOL S

M Value/lettableA area $3,925/sqm H K B IC OUNDA W RY ST W Major tenants Area % of NLA Expiry ICK HA SPRING HILL M TCE PacificIV ORGatewayY S T L ROMA ST EI PARKLAND CH College 1,384sqm 31% June 2016 E HA ST C RDT T T E

S MarkfireT Pty Ltd G 394sqm 9% August 2016 M T CATHEDRAL S D A O E I

B SQUARE R H D T R I K A Bureau Probert B S U L C T E Y SUNCORP E I D L A R E W Architects 391sqm 9% July 2016

STADIUM A C O T H T E I S R TCE T HAM E ICK P W SOFITEL HOTEL Lease expiry profile

C ROMA ST CENTRAL R T E S E N ROM ANZAC K E BY INCOME A E ST SQUARE S U T Q D N R VE TO DRI MIL ION AT BRISBANE T KING VACANT 6% ON S R G MAGISTRATES GEORGE CO T GPO R R O I COURT B SQUARE QUEENS E V T E R CITIGATE KING S PLAZA Y FY13 R U GEORGE SQ 16% T E R S S D BRISBANE

I HOTEL T I A E T D ARCADE G E S L O N E HILTON

MILTON E D V

B X N A L HOTEL FY14 0% A L I E P A E T R E WINTERGARDEN D W E N M S A T CENTRE W R E L S A

S E W T N R FY15 7% N A T E D Y E E E B N U S R R Q T U T N ID B S T G THE MYER S FY16 41% H E A R E CENTRE T T E E T B T B V O S I ZA L TREASURY I R Y FY17+ S 30% R L A A R CASINO E I H L A E C B M N E R A R

T B B S S T I QUEENSLAND R MUSEUM G T B E S

O E R IC FERRY TERMINAL L W G A E IL L S I T

A M S

T

SOUTH BRISBANE SOUTH BANK

B CITY R BOTANIC I QUEENSLAND GARDENS S PARLIAMENT B A N E QUEENSLAND

R UNIVERSITY I OF TECHNOLOGY V E R MUSGRAVE PARK AUSTRALIAN PORTFOLIO | 30 JUNE 2012 21

AUSTRALIAN GOVERNMENT CENTRE, BRISBANE INVESTA OFFICE FUND PROPERTY PORTFOLIO 22 PORTFOLIO OVERVIEW – VICTORIA W

E The Melbourne CBD office market led Australia into recovery post-GFC, however recently the outlook for the Victorian economy has worsened – due to a higher VI weighting to currency exposed industry such as education and manufacturing. This has moderated demand for office space and incentives have increased accordingly. However the broader metropolitan office market has bucked this VIC

ER OV trend and has continued to perform well.

NT QLD

WA Telstra Global Headquarters SA 242 Exhibition Street, Melbourne

NSW QBE House 628 Bourke Street, Melbourne ACT VIC Royal Mint Centre 383 La Trobe Street, Melbourne melbourne 800 Toorak Road, Melbourne

Victoria Portfolio

Net Book Occupancy FY12 lettable value1 Cap rate WALE at 30 Jun Net property Property area (sqm) (A$m) (%) (yrs) 2012 (%) income (A$m)

Telstra Global Headquarters – 242 Exhibition Street, Melbourne (50%) 65,915 217.5 7.0 0 7.8 100 3.7

QBE House – 628 Bourke Street, Melbourne 24,961 96.0 7.75 5.9 94 5.2

Royal Mint Centre – 383 La Trobe Street, Melbourne 9,679 51.6 8.00 5.0 100 4.2

800 Toorak Road, Melbourne (50%) 41,878 61.5 9.25 4.3 100 5.6

TOTAL 142,4332 426.6 7.60 6.4 99 18.7

1. Book value based on IOF’s ownership 2. NLA IOF ownership = 88,536sqm Market research sources: Jones Lang LaSalle Research and Investa Research AUSTRALIAN PORTFOLIO | 30 JUNE 2012 23

142,433 99% $427 6.4 yrs Total net lettable area (sqm) Occupancy Book value (A$m) Weighted average lease expiry

VIEW OF MELBOURNE FROM THE AIR INCLUDING 242 EXHIBITION STREET, MELBOURNE 242 EXHIBITION STREET, MELBOURNE

OUTLOOK Moderated tenant demand but overall metropolitan Lease expiry profile by income office market still performing well. > Market conditions % 90 – Some softening resulting in increased tenant 87% 80 incentives and sub-lease space 70 60 > New supply 50 – Forecast to be around long term average 40 30 > Tenant relocation 20 4% 3% 3% 2% – Movement from metropolitan locations to the 10 1% 0 VACANT JUN 13 JUN14 JUN 15 JUN 16 Jun 17+ city boosting CBD absorption.

“Risk-adjusted total returns from Melbourne have surpassed all major office markets nationally over the last 10 years, this was a key factor in IOF’s decision to increase its Melbourne exposure in 2012.” PETER CARSTAIRS, HEAD OF INVESTA RESEARCH INVESTA OFFICE FUND PROPERTY PORTFOLIO 24 Telstra Global Headquarters, 242 Exhibition Street, Melbourne VIC

Located in the sought-after north-eastern sector of the Melbourne CBD, this A-grade building has 65,915m² of Net Lettable Area (NLA). It features 43 levels of office space – many floors with excellent views – a retail arcade, food court, theatrette and a conference centre. Close to major transport links including Parliament Station, trams and buses, it’s also an easy stroll to parks, hotels, restaurants, cafes and leading retail areas.

Key features Property type A-grade office Ownership 50% Year built 1992 Year refurbished 2010 Lettable area (sqm) 65,915 Average Floor Plate (sqm) 1,470 Car spaces 346 Acquisition date April 2012 Book value $ 217.5m Occupancy level 100% WALE 7.8 years Outgoings $110.5/sqm pa 3 year CAPEX forecast1 $1.4m Average passing rent (face) $442/sqm pa net Average market rent (face) $447/sqm pa net Average passing rent (effective) $442/sqm pa net Net Property Income (local currency) $3.7m NABERS Energy rating NABERS Water rating

External valuation summary Value (50% ownership) A $ 217.5m F L E M Date Feb 2012 I N T G S T Cap rate 7.0 0 % N O O N

Z S R T Discount rate 9.00% U C Value/lettable area $6,599/sqm

T Major tenants Area % of NLA Expiry S

L E E P Telstra 63,822sqm 99% May 2020

Lease expiry profile MELBOURNE T MUSEUM QUEEN S VICTORIA MARKETS E BY INCOME ST N VICT FLAGSTAFF O N W ROYAL R O O GARDENS IA G D S EXHIBITION T Y H T

Q L T BUILDING S

D A U O R VACANT E 0%

C ON E K S

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A S GARDENS S HO N T FY13 0% C K D I C S N I

H LA TROBE ST W W SFY14 1% N H Y MELBOURNE CENTRAL

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T O S COURT OF S GPO

M T T VICTORIA T STATE FY17+ S G 97% N PARLIAMENT I L BOURKE ST BOURKE ST MALL HOUSE L E PARLIAMENT W THE HOTEL WINDSOR 1. Prorata for ownership SOUTHERN CROSS COLLINS ST FITZROY YOUNG & JACKSONS GARDENS

FLINDERS ST COOKS’ COTTAGE FLINDERS ST YARRA RIVER FEDERATION SOUTHBANK SQUARE MELBOURNE CONVENTION CROWN THE LANGHAM MELBOURNE CENTRE CASINO CONCERT HALL

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UN FAWKNER PARK P AUSTRALIAN PORTFOLIO | 30 JUNE 2012 25 QBE House, 628 Bourke Street, Melbourne VIC

628 Bourke is located in the western precinct of Melbourne CBD close to the popular Docklands area and comprises an eight storey podium and a sixteen storey tower. Located within a half block of Southern Cross Station and walking distance to Telstra Dome, the building offers functional office accommodation and is close to a wide choice of cafes, restaurants and other retail amenity.

Key features Property type B-grade office Ownership 100% Year built 1989 Year refurbished 2004 Lettable area (sqm) 24,961 Average Floor Plate (sqm) 1,540 Car spaces 125 Acquisition date October 2001 Book value $96.0m Occupancy level 94% WALE 5.9 years Outgoings $85.4m/sqm pa 3 year CAPEX forecast $ 9.1m Average passing rent (face) $345/sqm pa net Average market rent (face) $355/sqm pa net Average passing rent (effective) $266/sqm pa net Net Property Income (local currency) $5.2m

F L E M NABERS Energy rating I N T G S T NABERS Water rating N O O N

Z S R T U C External valuation summary Value A$96.0m

T S Date June 2012 L E E P Cap rate 7.75% Discount rate 9.25% Value/lettable area $3,846/sqm

MELBOURNE T MUSEUM QUEEN S VICTORIA MARKETS E ST Major Ntenants Area % of NLA Expiry VICT FLAGSTAFF O N W ROYAL R O O GARDENS IA G D S EXHIBITION T Y QBE H T 10,140sqm 41% April 2022

Q L T BUILDING S

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O R E C ON E V-Line 2,673sqm 11% May 2015 K S

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N T Momentum EnergyC 2,609sqmK 10% April 2014 D I C S N I

H LA TROBE ST W W S N H Y FLAGSTAFF MELBOURNE CENTRAL

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M T T VICTORIA T STATE S G N PARLIAMENT I L BOURKE ST BOURKE ST MALL HOUSE L E VACANTPARLIAMENT 6% W THE HOTEL FY13WINDSOR 17% SOUTHERN CROSS COLLINS ST FY14 12% FITZROY YOUNG & GARDENS JACKSONS FY15 9% FLINDERS ST FY16 COOKS’ 5% COTTAGE FLINDERS ST YARRA RIVER FEDERATION FY17+ 51% SOUTHBANK SQUARE MELBOURNE CONVENTION CROWN THE LANGHAM MELBOURNE CENTRE CASINO CONCERT HALL

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I W N NATIONAL ES G JOLIMONT T S GALLERY OF G W ATE C VICTORIA

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UN FAWKNER PARK P INVESTA OFFICE FUND PROPERTY PORTFOLIO 26 Royal Mint Centre, 383 La trobe Street, Melbourne VIC

The Royal Mint Centre offers dual benefits of being positioned in the legal precinct and on one of only two streets leading to Docklands. Modern office space, secure parking and controlled access all add to this property’s appeal. 383 La Trobe offers four levels of office accommodation, with restricted ground floor entry and basement car parking for over 500 vehicles.

Key features Property type B-grade office Ownership 100% Year built 1988 Year refurbished NA Lettable area (sqm) 9,679 Average Floor Plate (sqm) 2,300 Car spaces 529 Acquisition date February 1994 Book value $51.6m Occupancy level 100% WALE 5.0 years Outgoings $104.2/sqm pa 3 year CAPEX forecast $2.0m Average passing rent (face) $361/sqm pa gross Average market rent (face) $360/sqm pa gross Average passing rent (effective) $319/sqm pa gross Net Property Income (local currency) $4.2m NABERS Energy rating NABERS Water rating

External valuation summary F L E M Value A$51.3m I N T G S T Date December 2011 N O O N

Z S R T Cap rate 8.00% U C Discount rate 9.50% Value/lettable area $5,300/sqm

T S

L E E P Major tenants Area % of NLA Expiry Australian Federal Police 9,679sqm 100% June 2017

MELBOURNE T MUSEUM QUEEN S VICTORIA E MARKETS ST N VICT Lease expiry profile FLAGSTAFF O N W ROYAL R O O GARDENS IA G D S EXHIBITION T Y H T

Q L T BUILDING S D A U BY INCOME

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N T C K D I C S VACANT 0% N I

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M T T VICTORIA T STATE S G N PARLIAMENT I FY16 0% L BOURKE ST BOURKE ST MALL HOUSE L E PARLIAMENT W FY17+ THE 100% HOTEL WINDSOR

SOUTHERN CROSS COLLINS ST FITZROY YOUNG & JACKSONS GARDENS

FLINDERS ST COOKS’ COTTAGE FLINDERS ST YARRA RIVER FEDERATION SOUTHBANK SQUARE MELBOURNE CONVENTION CROWN THE LANGHAM MELBOURNE CENTRE CASINO CONCERT HALL

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UN FAWKNER PARK P AUSTRALIAN PORTFOLIO | 30 JUNE 2012 27 800 Toorak Road, Melbourne VIC

800 Toorak Road is a modern high quality office complex spread over 12 inter-linked, partitioned office modules of up to five floors. In combination with the adjoining shopping village, the property forms a commercial and retail hub in a sought-after location. The adjacent Monash Freeway gives it a direct link to Melbourne’s western and north-western suburbs as well as the CBD. The Coles Group have leased this property until 2016.

Key features Property type B-grade office Ownership 50% Year built 1986 Year refurbished NA Lettable area (sqm) 41,878 Average Floor Plate (sqm) 6,560 Car spaces 1,236 Acquisition date June 1997 Book value $61.5m Occupancy level 100% WALE 4.3 years Outgoings $71.2/sqm pa 3 year CAPEX forecast1 $0.2m Average passing rent (face) $236/sqm pa net Average market rent (face) $236/sqm pa net Average passing rent (effective) $236/sqm pa net Net Property Income (local currency) $5.6m NABERS Energy rating NABERS Water rating Not rated

External valuation summary Value A$62.0m Date December 2011 Cap rate 9.25% Discount rate 9.25% Value/lettable area $2,960/sqm

Major tenants Area % of NLA Expiry Coles Group 41,878sqm 100% November 2016

Lease expiry profile BY INCOME

VACANT 0%

FY13 0%

FY14 0%

FY15 0%

FY16 0%

FY17+ 100%

1. Prorata for ownership INVESTA OFFICE FUND PROPERTY PORTFOLIO 28 PORTFOLIO OVERVIEW – T W WESTERN AUSTRALIA AND Australian Capital Territory E Perth has been the standout office market for Canberra is a much more challenging market.

VI the year. Prime grade vacancy is near record Although robust demand has driven the vacancy lows due to demand from resources related rate below 10% this year, ongoing delivery of industry and this competition for space has supply is likely to limit any meaningful market driven strong rental growth. recovery until the excess office space can WA & AC WA ER OV be absorbed.

NT QLD

WA

SA

NSW perth ACT Wellington Central VIC Canberra – 836 Wellington Street, Perth

Times Square – 16-18 Mort Street, Canberra

Western Australia and Australian Capital Territory Portfolio

Net Book Occupancy FY12 lettable value Cap rate WALE at 30 Jun Net property Property area (sqm) (A$m) (%) (yrs) 2012 (%) income (A$m)

Wellington Central – 836 Wellington Street, Perth 11,973 73.0 8.75 6.6 100 5.7

Times Square – 16-18 Mort Street, Canberra 14,506 37.0 9.75 0.7 100 5.3

TOTAL 26,479 110.0 9.09 3.5 100 11.0

Market research sources: Jones Lang LaSalle Research and Investa Research AUSTRALIAN PORTFOLIO | 30 JUNE 2012 29

26,479 100 % $ 110 3.5 yrs Total net lettable area (sqm) Occupancy Book value (A$m) Weighted average lease expiry

WELLINGTON CENTRAL, PERTH TIMES SQUARE, CANBERRA

OUTLOOK Contrasting office market conditions in AW and ACT Lease expiry profile By income > High demand for Perth – Low vacancy and high levels of demand delivering % 50 52% rental growth in Perth 46% 40 > Perth supply cycle has completed – Minimal supply under construction should see 30 vacancy tighten further 20 > ACT new supply 10 0% 2% 0% 0% – Canberra still feeling the impact of new supply 0 VACANT JUN 13 JUN14 JUN 15 JUN 16 Jun 17+ entering the market

“Our near term focus is on resolving our lease expiry risk in Canberra.” Toby Phelps, FUND MANAGER INVESTA OFFICE FUND PROPERTY PORTFOLIO 30 Wellington Central, 836 Wellington Street, Perth WA

Completed in 2009, Wellington Central offers large, efficient floorplates with a central core configuration providing superior accommodation for tenants and secure on-site parking for over 139 vehicles. Wellington Central features 11,973sqm of office accommodation over eight levels and offers the best of green technology within the sought-after West Perth commercial precinct.

Key features Property type A-grade office Ownership 100% Year built 2009 Year refurbished N/A Lettable area (sqm) 11,973 Average Floor Plate (sqm) 2,250 Car spaces 138 Acquisition date September 2007 Book value $73.0m Occupancy level 100% WALE 6.6 years Outgoings $94.2/sqm pa 3 year CAPEX forecast $0.2m Average passing rent (face) $451/sqm pa net Average market rent (face) $520/sqm pa net Average passing rent (effective) $451/sqm pa net Net Property Income (local currency) $5.7m NABERS Energy rating NABERS Water rating

External valuation summary Value A$73.0m Date June 2012 Cap rate 8.75% Discount rate 10.75% Value/lettable area $6,097/sqm

Major tenants Area % of NLA Expiry

T VINCENT STREET

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Department

S

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A of Immigration

H PARK C BU LW LEEDERVILLE ER & Citizenship 11,629sqm 97% April 2019 ST RE ET

M ITC R HE WEST LEEDERVILLE AILWA L Lease expiry profile Y PA L RA FR DE E EAST PERTH E T T W E E A E E Y R R T T T S E S KITCHENER E BY INCOME D M L R A PARK CITY WEST A I T R L S L I T T GE W R E Z E T NIB I O R F F T S STADIUM W U ELL A G IN E N GT I VACANT 0% ON HARBOUR B L S R T I T R TOWN T EE E M T S UR E R R FREEWAY AY T GRAHAM FARMER S S TR FY13 EE D 0% T T 836 R E H O E AY L R ST WELLINGTON T RE S ET S A M FY14 4% O TH T E

KING STREET PERTH STRE FY15 0% K AN PERTH UNDERGROUND IN G GS P I McIVER A L RK L R U FORREST OA D M CHASE FY16 0% S T G EO RG THE ES FY17+ 96% TER FORREST RA PERTH CURTIN WELLINGTON CE TOWN HALL CENTRE UNIVERSITY SQUARE KINGS PARK THE GO ESPLANADE DE RIC H STR EET H AY STR EET

R IVE RS GLOUCESTER IDE DR PARK IVE

SWAN RIVER TER RA CE RO AD AUSTRALIAN PORTFOLIO | 30 JUNE 2012 31 Times Square, 16-18 Mort Street, Canberra ACT

Times Square benefits from its strategic location in the heart of the CBD, adjacent to the main shopping precinct and commercial thoroughfare. The building offers A-grade office accommodation comprising six levels of office space. The building fronts two streets and a lane and has two levels of basement car parking, with retail and showroom space occupying the ground floor.

Key features Property type B-grade office Ownership 100% Year built 1992 Year refurbished N/A Lettable area (sqm) 14,506 Average Floor Plate (sqm) 2,200 Car spaces 160 Acquisition date March 2001 Book value $ 37.0 m Occupancy level 100% WALE 0.7 years Outgoings $69.4/sqm pa 3 year CAPEX forecast $ 9.1m Average passing rent (face) $388/sqm pa gross Average market rent (face) $385/sqm pa gross Average passing rent (effective) $388/sqm pa gross Net Property Income (local currency) $5.3m NABERS Energy rating NABERS Water rating

External valuation summary Value A $ 37.0 m Date June 2012 Cap rate 9.75% Discount rate 11.00% Value/lettable area $2,551/sqm

GOULD ST ELOURA ST Major tenants Area % of NLA Expiry DEEWR (Department of Education) 14,506sqm 100% March 2013

NORTHBOURNE AVE

NORTHBOURNE AVE

RUGBY LEAGUE PARK BARRY DRV COOYONG ST MORT ST Lease expiry profile 16-18 LONSDALE ST MORT BY INCOME HUTTON ST RUDD ST VETERAN’S PARK BUNDA ST MURULLA LANE VACANT 0%

BALLUMBIR ST FY13 100% ALINGA ST MOORE ST ALLSOP ST BUS INTERCHANGE ALINGA ST FY14 0% AUSTRALIAN MORT ST NATIONAL HOBART PL UNIVERSITY PETRIE ST UNIVERSITY AVE FY15 0%

WEST ROW

EAST ROW CITY WALK FY16 0%

CHILDERS ST PETRIE PLZ BUNDA ST FY17+ NORTHBOURNE AVE CANBERRA 0%

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

ALLARA ST

LAWSON CRES PARKES WAY

PARKES WAY INVESTA OFFICE FUND PROPERTY PORTFOLIO 32 PORTFOLIO OVERVIEW – Europe W Challenging conditions within the Eurozone continue to impact Dutch office markets. Tenant demand E remains weak while supply continues to come online – holding vacancy at historically high levels. Face VI OP E rents are generally holding firm, however there is upward pressure on incentives as landlords are forced to meet the market. In Belgium demand for Core CBD assets has been robust – boosted by the recent expansion of European institutions (such as the European Parliament), while at the same time only moderate levels of supply have been delivered to the market. This resulted in a stabilisation of rents and incentives. EUR ER OV

NETHERLANDS

Dutch Office Fund

BRUSSELS Bastion Tower BELGUIM – Avenue des Artes, Brussels

FRANCE

Europe Portfolio

Net Book Occupancy FY12 lettable value1 Cap rate WALE at 30 Jun Net property Property Country area (sqm) (€m) (%) (yrs) 2012 (%) income (€m) Dutch Office Fund (14.2% ownership) Netherlands 834,720 200.0 6.10 4.4 86 13.5

Bastion Tower – Avenue des Artes, Brussels (50% ownership) Belgium 35,111 65.0 6.03 4.9 84 2.8

TOTAL 869,8312 265.0 6.10 4.5 86 16.3

1. Book value based on IOF’s ownership 2. IOF ownership = 136,086sqm Market research sources: CBRE, CBRE Global Investors and DTZ Research 33

869,831 86% €265 4.5 yrs Total net lettable area (sqm) Occupancy Book value (€m) Weighted average lease expiry

WTC, AMSTERDAM VIVALDI, AMSTERDAM

OUTLOOK > Low tenant demand Lease expiry profile By income Lack of tenant demand may see market rents continue to decline over the medium-term. % 40 > Euro political institution demand Bastion Tower well placed to benefit from continuing 30 demand from European political institutions.

20 37% 16% 14 % 14% 10 11% 8%

0 VACANT JUN 13 JUN14 JUN 15 JUN 16 Jun 17+

“As part of our strategy to exit from Europe we remain focused on improving occupancy at Bastion Tower to maximise its performance and prepare it for sale” Toby Phelps, FUND MANAGER INVESTA OFFICE FUND PROPERTY PORTFOLIO 34 Dutch Office Fund, Portfolio of 74 Properties, The Netherlands

The ING Dutch Office Fund gives IOF investors access to a high quality portfolio in the Dutch office market. This unlisted wholesale fund has a portfolio of 74 Dutch office properties, predominantly located throughout the four major markets within the Netherlands. The Fund maintains low levels of gearing in order to ensure that Fund returns replicate as closely as possible the returns of the direct office assets.

Key features Property type A-grade office Ownership 14.2% Year built N/A Year refurbished N/A Lettable area (sqm) 834,720 Average Floor Plate (sqm) N/A Car spaces 12,678 Acquisition date December 2006 Book value1 €200.0m Occupancy level 86% WALE 4.4 years Average passing rent (face) €181/sqm pa net Average market rent (face) €173/sqm pa net Average passing rent (effective) €181/sqm pa net Net Property Income (local currency) $13.5m

External valuation summary Value1 €200.0m Date June 2012 Cap rate 6.10% Discount rate 6.45% Value/lettable area N/A

Maasgebouw, Rotterdam Lease expiry profile BY INCOME

VACANT 14%

FY13 9%

FY14 13%

FY15 14%

FY16 14%

FY17+ 36%

WTC, AMSTERDAM 1. Based on 15% discount to DOF prorata book value EUROPEAN PORTFOLIO | 30 JUNE 2012 35 Bastion Tower, Avenue des Artes, Brussels, Belgium

Bastion Tower is a landmark property in Brussels, located in the prestigious ‘European quarter’ with the European Commission and NATO headquarters only a short walk away. The 25 storey, fully refurbished building is one of only five high-rise office towers in Brussels with planning regulations preventing further high- rises being built in the Brussels CBD. Bastion Tower’s enviable location, striking architecture and superior facilities attract quality tenants including international law firms, financial institutions and EU organisations. Key features Property type A-grade office Ownership 50% Year built 1967 Year refurbished 1997 Lettable area (sqm) 35,111 Average Floor Plate (sqm) 1,230 Car spaces 490 Acquisition date November 2007 Book value €65.0m Occupancy level 84% WALE 4.9 years Average passing rent (face) €231/sqm pa net Average market rent (face) €215/sqm pa net Average passing rent (effective) $215/sqm pa net Net Property Income (local currency) €2.8m

External valuation summary Value (50% ownership) €65.0m Date June 2012 Cap rate 6.00% Discount rate 8.21% Value/lettable area €3,704/sqm

Major tenants Area % of NLA Expiry Freshfields 8,708sqm 25% April 2015 Servecorp 2,615sqm 7% February 2019 Wilmerhale 2,124sqm 6% December 2012

Lease expiry profile BY INCOME

VACANT 16%

FY13 4%

FY14 0%

FY15 30%

FY16 9%

FY17+ 41% For any questions Please contact us

Should you have any questions regarding the Fund, or this Property Portfolio please call Investor Relations on 1300 130 231 or email: [email protected] If you have any questions about your unitholding, distribution statements or any change of details, you may call the Unitholder information line on 1300 851 394 (within Australia) or +61 2 8280 7912 (outside Australia). More information about the Fund can be accessed and downloaded at investa.com.au/IOF

investa.com.au

Investa Listed Funds Management Limited Level 6 Deutsche Bank Place 126 Phillip Street Sydney NSW 2000 Australia Phone: +61 2 8226 9300 Fax: +61 2 9844 9300 ACN 149 175 655 AFSL 401414