Month Ending December 2019

Resolution Capital Global Property Securities Fund APIR Code WHT0015AU ARSN Code 128 122 118

Since 3 Years 5 Years 10 Years 1 Month % 3 Months % 1 Year % Inception* p.a. % p.a. % p.a. % p.a. % Fund Return (After Fees) -0.73 1.03 23.71 9.59 8.53 12.37 10.65 Benchmark# Return -0.27 0.61 21.15 7.98 6.85 11.51 7.83 Value Added (After Fees) -0.46 0.42 2.56 1.61 1.68 0.85 2.82 *30 September 2008. #Benchmark was UBS Global Real Estate Investors Index (AUD Hedged) Net TRI to 31 March 2015. From 1 April 2015 FTSE EPRA/NAREIT Developed Index (AUD Hedged) Net TRI.

$25,000 invested Since Inception* Fund Facts *Inception Date 30 September 2008 $90,000.00 $80,000.00 Fund Size $1,246.4 Million $70,000.00 0.80% p.a. plus 20% of $60,000.00 Management Costs outperformance above $50,000.00 $40,000.00 Fund the benchmark $30,000.00 Buy/Sell Spread +0.20%/-0.20% $20,000.00 Benchmark $10,000.00 Minimum Investment $25,000 $0.00 Distribution

Half Yearly

Jan-15 Jan-17 Jan-19 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-16 Jan-18

Sep-08 Sep-09 Sep-10 Sep-11 Sep-12 Sep-13 Sep-14 Sep-15 Sep-16 Sep-17 Sep-18 Sep-19

May-10 May-11 May-12 May-13 May-14 May-15 May-16 May-17 May-18 May-19 Frequency May-09

Source: Resolution Capital, as at 31 December 2019

Top 5 Weights Market Commentary

Security Name % The FTSE EPRA/NAREIT Developed Index (AUD Hedged) Net TRI produced a 1. Prologis 7.19 total return of -0.3% for the month ended 31 December 2019. After being last 2. Healthpeak Properties 5.83 month’s poorest performer, Hong Kong listed real estate bounced back, 3. Equity Residential 5.60 delivering a total return of 4.8% in local currency terms, as social unrest 4. Vonovia 4.79 associated with the pro-democracy movement abated. UK listed real estate also 5. Alexandria 4.53 had a stellar month, delivering 4.6% in local currency terms, as the region rallied

Top 5 Contributors post the Conservative Party’s election victory. The poorest performing region was Australia, declining 3.9% in local currency terms. Security Name % 1. American Tower 0.10 There were several notable real estate transactions and newsworthy items in 2. Hufvudstaden 0.08 December: 3. Assura Plc 0.05 • US office REIT, Kilroy Realty Corporation (KRC), completed the acquisition of 4. Big Yellow Group 0.05 a 1.37-acre five parcel land site in Seattle’s CBD for US$133m. KRC intends 5. Derwent London 0.03 to develop a mixed-use project that will offer nearly 900,000 sqft of office space, including the Lloyd Building, which will be fully revamped, and 25,000 Bottom 5 Contributors sqft of other space including parking and retail. Security Name % 1. Equity Residential -0.54 • Boston Properties Inc (BXP) received approval from the City of San Francisco 2. Prologis -0.43 Planning Commission for its 4th and Harrison development project located in 3. Healthpeak Properties -0.32 San Francisco’s Central SoMa District. The 4th and Harrison development 4. Terreno Realty -0.25 project includes approximately 770,000 sqft of Class A office space; 36,000 5. Store Capital -0.24 sqft of retail, childcare, and production, distribution and repair space, and

16,700 sqft of public open space.

• SL Green Realty Corp (SLG), NYC’s largest office landlord, signed Amazon to a new 335,408 sqft lease at 410 Tenth Avenue. • Residential REIT Invitation Homes Inc (INVH) sold 708 homes in Nashville to Tricon Capital Group Inc, a Canadian real estate company, for US$210m. Following the transaction, INVH retains ownership in 87 homes in Nashville, which the Company is currently marketing for sale. • Healthcare REIT Healthpeak Properties Inc (PEAK) signed an agreement giving it an option to acquire up to 24 senior housing development properties in California when the vendor, Oakmont Senior Living LLC, elects to sell. The portfolio has a projected value of approximately US$1.3bn. The acquisition options will be offered in tranches between 2020 and 2023, including approximately US$200m in the first half of 2020. • UK industrial REIT, SEGRO PLC (SGRO), signed contracts to sell seven standalone big-box warehouses in the UK totalling 203,400 sqm for £241m to a fund advised by Morgan Stanley Real Estate Investing. The assets were sold in line with book value as at June 2019. Turning to global retail news, UK retail REIT Intu Properties PLC (Intu) sold Intu Puerto Venecia, in Spain, at an 11% discount to June 2019 book value, using the proceeds to reduce leverage. In Australia, Scentre Group (SCG), owner of Westfield malls, acquired a 50% interest in regional mall Garden City Booragoon in Perth (the 5th most productive mall in Australia) from AMP Capital. In each case, the assets being bought/sold were at a discount. Further, in the US, CBL & Associates Properties Inc (CBL) suspended all future common stock dividends (as well as its 7.375% series D and 6.625% series E preferred stock) in order to preserve free cash flow undermined by increased retailer bankruptcies, restructurings and store closures in 2019. CBL closed December down 27%. Finally, in Australian office, Hong Kong listed Link REIT (823) purchased 100 Market Street in Sydney for A$683m (reflecting a capitalisation rate of 3.9%), citing diversification as the main driver for the acquisition. This marks Link REIT’s first foray into an overseas market outside of Greater China. 100 Market Street is a prime grade A office asset in the Sydney CBD area, with three premium tenants occupying 100% of its large floor plates, carrying a weighted average lease expiry of c.8.5 years with 4% annual rental escalations.

Fund Details Investment Manager Resolution Capital

Objective • The Fund aims to achieve an annual total return that exceeds the total return of the Benchmark after fees on a rolling 3 year basis.

Benchmark • FTSE EPRA/NAREIT Developed Index (AUD Hedged) Net TRI.

Portfolio Allocation • 85-100% invested in global listed REITS and real estate securities. • 0-15% invested in cash and short dated money market securities. • For reasons of investment efficiency, the Fund may gain its exposure by holding units in other Resolution Capital Funds.

Investment Timeframe • Medium to long term, being 5 or more years.

Number of Stocks • Generally 30 to 60.

Minimum Investment • Indirect investors: refer to the operator of your service. • Direct investors: minimum initial investment $25,000.

Platform Availability • AEGIS • AMP North • AMP PortfolioCare • AMP WealthView • ANZ Grow Wrap • ASGARD • BT Panorama • BT Wrap • CFS First Wrap • FNZ Platform • HUB24 • IOOF Pursuit Select • Macquarie Wrap • MLC Navigator • MLC Wrap • Netwealth • PowerWrap • Premium Choice • Simple Wrap • uXchange

Adviser Contact Details Investor Contact Details Resolution Capital Pinnacle Investment Management Email: [email protected] Email: [email protected] Phone: 1300 737 240 Phone: 1300 010 311

www.rescap.com

Disclaimer: Interests in the Resolution Capital Global Property Securities Fund (‘Fund’) (ARSN 128 122 118) are issued by Pinnacle Fund Services Limited, ABN 29 082 494 362, AFSL 238371, as responsible entity of the Fund. Pinnacle Fund Services Limited is not licensed to provide financial product advice. You should consider the Product Disclosure Statement of the Fund available at www.rescap.com/funds in its entirety before making an investment decision. Resolution Capital Limited (‘Resolution Capital’) (ABN 50 108 584 167 AFSL 274491) is the investment manager of the Fund. Pinnacle Fund Services Limited and Resolution Capital believe the information contained in this communication is reliable, however its accuracy, reliability or completeness is not guaranteed. Any opinions or forecasts reflect the judgment and assumptions of Resolution Capital and its representatives on the basis of information at the date of publication and may later change without notice. The information in this communication is not intended as a securities recommendation or statement of opinion intended to influence a person or persons in making a decision in relation to investment. This communication is for general information only. It has been prepared without taking account of any person’s objectives, financial situation or needs. Any persons relying on this information should obtain professional advice before doing so. Past performance is not a reliable indicator of future performance.