Commonwealth Property Office Fund

Retail Entitlement Offer

18 November 2010

DETAILS OF A 1 FOR 15 NON-RENOUNCEABLE PRO-RATA ENTITLEMENT OFFER OF UNITS IN THE COMMONWEALTH PROPERTY OFFICE FUND AT AN OFFER PRICE OF $0.86 PER NEW UNIT THIS ENTITLEMENT OFFER CLOSES AT 5.00PM (AEDT) ON 8 DECEMBER 2010

This is an important document which is accompanied by an Entitlement and Acceptance Form and both documents should be read in their entirety.

Please call your professional adviser or the CPA Entitlement Offer Information Line if you have any questions.

NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES For personal use only use personal For

Responsible Entity: Commonwealth Managed Investments Limited ABN 33 084 098 180 AFSL 235384

Registered Address: Ground Floor, Tower 1, 201 Sussex Street, Sydney NSW 2000 Contents 1 Chairman’s letter 1 2 Details of the Entitlement Offer 2 3 How to apply 4 4 Important information 7 5 ASX offer documents 12 – Equity raising launch announcement 12 – Investor presentation 16 – Placement and Institutional Entitlement Offer completion announcement 44 6 Glossary 46 7 Corporate directory 49

Important information This Retail Offer Booklet is not a product disclosure This Retail Offer Booklet, including the ASX statement, prospectus or other disclosure document announcements produced in it and the Entitlement and has not been lodged with ASIC. It does not and Acceptance Form do not constitute an offer contain all the information that an investor would to sell, or the solicitation of an offer to buy, any find in a product disclosure statement, prospectus or securities in the United States or in any other other disclosure document or on which an investor jurisdiction in which, or to any person to whom, would expect to make an informed decision as to such an offer or sale would not be lawful. None of whether or not to accept this offer. As CPA is a listed this booklet, the ASX announcements produced disclosing entity which meets the requirements in it nor the Entitlement and Acceptance Form of section 1012DAA of the Corporations Act as may be distributed to, or relied upon by, persons notionally modified by ASIC Class Orders CO 07/571 in the United States or who are, or are acting for and CO 08/35, the Entitlement Offer will be made the account or benefit of, U.S. Persons. Neither the without a product disclosure statement, prospectus Entitlements nor New Units offered in the Entitlement or other disclosure document. Offer have been, or will be, registered under the U.S. Securities Act of 1933 (the “Securities Act”) or the Forward-looking statements, opinions and estimates securities laws of any state or other jurisdiction of provided in this booklet are based on assumptions the United States. The New Units to be offered and andonly use personal For contingencies which are subject to change sold in the Retail Entitlement Offer to which this Offer without notice, as are statements about market and Booklet relate may only be offered and sold to Eligible industry trends, which are based on interpretations Retail Unitholders (as defined in section 4.3 of the of current market conditions. Forward-looking Offer Booklet) in “offshore transactions” (as defined in statements including forecasts, projections, guidance Rule 902(h) under the Securities Act) in compliance on future earnings and estimates are provided as a with Regulation S under the Securities Act. general guide only and should not be relied upon as an indication or guarantee of future performance. Chairman’s letter

18 November 2010

Dear Unitholder,

On behalf of the Commonwealth Property Office Fund (CPA), it gives me great pleasure to confirm that CPA has agreed to acquire three A-grade office buildings (Acquisition) located in the Melbourne CBD for approximately $615 million1, which are owned or managed by Grocon Pty Ltd (Grocon) and relevant entities in the Grocon group.

As part of this acquisition, I am pleased to invite you to participate in a 1 for 15 fully underwritten non-renounceable entitlement offer of new CPA ordinary units (New Units) at an issue price of $0.86 per New Unit (Entitlement Offer). Equity Raising On 11 November 2010, CPA announced its intention to raise approximately $274 million through a placement to institutional investors (Institutional Placement) and an Entitlement Offer (together, the Equity Raising) to fund the Acquisition. The institutional component of the Entitlement Offer (Institutional Entitlement Offer) and the Institutional Placement were successfully completed on 12 November 2010. This offer booklet (Offer Booklet) relates to the retail component of the Entitlement Offer (Retail Entitlement Offer).

The remaining consideration will be funded via: –– a $43 million placement of CPA units to Grocon at $0.86 per New Unit, –– a $60 million placement of CPA units to PRE Services Limited (as responsible entity of Grocon Property Trust Australia (GPTA)) at $0.88 per New Unit2, –– a $155 million attractively priced new unsecured debt facility negotiated as part of the acquisition, and –– $83 million from CPA’s existing debt facilities. One of the three assets being acquired, the AXA Headquarters, is the sole asset of a Grocon managed unlisted unit trust. This acquisition is subject to the approval of GPTA unitholders at a unitholder meeting scheduled for 16 December 2010. Entitlement Offer Information This invitation relates to the Retail Entitlement Offer to raise approximately $34 million and offers Eligible Retail Unitholders (as defined in section 4.3 of the Offer Booklet) the opportunity to subscribe on the same terms as those investors who participated in the Institutional Entitlement Offer.

You will find enclosed with this Offer Booklet the following important information: –– Key dates for the Retail Entitlement Offer; –– How to apply; –– Important information; and –– ASX offer documents. The Entitlement Offer is non-renounceable, which means that entitlements to take up New Units (Entitlements) are non-transferable and will not be tradeable on ASX or otherwise transferable. Unitholders who do not take up all or any part of their Entitlements will not receive any payment or value in respect of those Entitlements not taken up and their equity interest in CPA will be diluted.

With this booklet you will also find your personalised Entitlement and Acceptance Form which details your Entitlement, to be completed in accordance with the instructions provided on the form and the instructions on “How to apply”.

You should also consult your stockbroker, accountant or other independent professional adviser to evaluate whether or not to participate in the Retail Entitlement Offer.

The Early Retail Closing Date is 5.00pm (AEDT) on 25 November 2010 and the final deadline for the Final Retail Closing Date is 5.00pm (AEDT) on 8 December 2010. To participate, you need to ensure that you have completed the Entitlement and Acceptance Form and paid all monies before the final time and date.

For further information regarding the Retail Entitlement Offer, please call the CPA Entitlement Offer Information Line on 1800 628 703 (within Australia) or +61 2 8280 7513 (from outside Australia) between 8.30am and 5.30pm (AEDT) Monday to Friday during the Retail Entitlement Offer period, or visit our website at www.cfsgam.com.au/cpa.

On behalf of the Board and the Manager, I would like to thank you for your continued support of CPA.

Yours sincerely For personal use only use personal For

Notes 1. Including capitalised transaction costs and Richard Haddock excluding capital raising costs. Chairman 2. Equates to the Equity Commonwealth Managed Investments Limited, Raising offer price of $0.86 the Responsible Entity of Commonwealth Property Office Fund plus $0.02.

1 2 Details of the Entitlement Offer

1 Overview of the Equity Raising CPA intends to raise approximately $274 million under the Equity Raising, which comprises:

–– a fully underwritten Institutional Placement of approximately $159 million to Institutional Unitholders at $0.86 per New Unit; –– a fully underwritten $115 million Entitlement Offer at $0.86 per New Unit comprising; –– an Institutional Entitlement Offer of approximately $81 million; and –– a Retail Entitlement Offer of approximately $34 million. New Units issued under the Equity Raising will be issued on a fully paid basis and will rank equally in all respects with existing ordinary units from their date of issue. New Units will be entitled to the full distribution for the half-year ended 31 December 2010. New Units issued under the Institutional Placement will not be entitled to participate in the Entitlement Offer. 2 Timetable You may subscribe for your Entitlement in whole or in part prior to 5.00 pm on 8 December 2010, subject to the rights of CMIL and the Underwriters to extend the offer period or close the Retail Entitlement Offer early.

Event Date and time Announcement of the Equity Raising, Cleansing Statement and application to 11 November 2010 ASX for official quotation of the New Units Record Date for the Entitlement Offer 7.00pm (AEDT), 16 November 2010 Retail Entitlement Offer opens, despatch of Offer Booklet and Entitlement 18 November 2010 and Acceptance Form Last date for receipt of applications for early settlement of the Retail 5.00pm (AEDT), Entitlement Offer (Early Retail Closing Date), only BPAY® applications will be 25 November 2010 accepted by this date Settlement of the Institutional Offer applications and Retail Entitlement Offer 26 November 2010 applications received by the Early Retail Closing Date Allotment and normal trading expected to commence on the ASX of New 29 November 2010 Units under the Institutional Offer and under the Retail Entitlement Offer for applications received by the Early Retail Closing Date (Initial Allotment) Retail Entitlement Offer closes (Final Retail Closing Date) 5.00pm (AEDT), 8 December 2010 Settlement of all remaining New Units under the Retail Entitlement Offer, 16 December 2010 including Additional New Units Allotment of all remaining New Units under the Retail Entitlement Offer 17 December 2010 (Final Allotment) New Units from Final Allotment expected to commence trading on ASX on 20 December 2010 a normal settlement basis Note: Dates and times are indicative only and subject to change. All times and dates refer to Australian Eastern Daylight Time (AEDT) time unless otherwise stated. In this Offer Booklet, the period between the Retail Entitlement Offer opening date and Final Retail Closing Date is referred to as the Retail Entitlement Offer Period.

CPA reserves the right, subject to the Corporations Act 2001 (Cth) (Corporations Act), ASX Listing Rules and other applicable laws to vary the dates of the Entitlement Offer, including extending the Entitlement Offer or accepting late applications, either generally or in particular cases, without notice.

If you wish to participate in the Retail Entitlement Offer we encourage you to submit your Entitlement and Acceptance Form as soon as possible after the Entitlement Offer opens.

No cooling off rights apply to the Entitlement Offer. You cannot, in most circumstances, withdraw your

application once it has been accepted. For personal use only use personal For

2 Commonwealth Property Office Fund - Retail Entitlement Offer 3 Enquiries 9 CHESS If you have any questions, please call the CPA The New Units will participate from the date of Entitlement Offer Information Line on 1800 628 703 commencement of quotation in CHESS, operated (within Australia) or +61 2 8280 7513 (from outside by the ASX Settlement and Transfer Corporation Australia) at any time from 8.30am to 5.30pm (AEDT) Pty Limited. Monday to Friday during the Retail Entitlement Offer Period, or consult your stockbroker, accountant or They must be held in uncertificated form (i.e. no unit other independent professional adviser. certificate will be issued) on the CHESS subregister under sponsorship of a sponsoring participant (e.g. 4 Website a broker) or on the issuer sponsored subregister. Information about CPA can be found on our website You may arrange to convert your holding from the at: www.cfsgam.com.au/cpa issuer sponsored subregister to the CHESS subregister 5 Who can participate under sponsorship of a sponsoring participant or vice versa by contacting your sponsoring participant. The Retail Entitlement Offer is only open to Eligible Retail Unitholders. See section 4.3 for further details. 10 Offer to Overseas Unitholders 6 No trading of entitlements The Retail Entitlement Offer will not be made to unitholders whose address on the Register is outside Your Entitlement is non-renounceable. This means it Australia and New Zealand. In particular, the Retail is personal to you and cannot be traded, transferred, Entitlement offer is not being made to any person assigned or otherwise dealt with. If you do not take in the United States, or to any unitholder located in up your Entitlement it will lapse and you will not Canada or Japan. CMIL has determined that it would receive any New Units under the Entitlement Offer. be unreasonable to make the Retail Entitlement 7 Rights and liabilities attaching to New Units Offer to Unitholders resident outside Australia or New Zealand (Non-participating Unitholders), From the date of issue, the New Units will rank having regard to the number of Non-participating equally in respect of distributions and have the same Unitholders and the costs in complying with the rights in all other respects (e.g. voting, bonus issues) legal and regulatory requirements outside those as existing units on issue. jurisdictions. No action has been taken to register New Units will be entitled to the full distribution for or qualify the New Units or the Entitlement Offer or half-year ended 31 December 2010, to be paid in otherwise to permit an offering of the New Units in February 2011. any jurisdiction outside Australia and New Zealand.

Full details of the rights and liabilities attaching to The Information does not constitute an offer to sell, units are set out in the Consolidated Trust Deed, or the solicitation of an offer to buy, any securities a copy of which is available for inspection at the in the United States. Securities may not be offered registered office of CMIL during normal business or sold in the United States absent registration or an hours. exemption from the registration requirements of the Securities Act. The New Units to be offered and sold 8 Quotation and trading in the Retail Entitlement Offer have not been and will CMIL will apply to ASX for official quotation of the not be registered under the Securities Act, or under New Units issued under this Entitlement Offer. the securities laws of any state or other jurisdiction of the United States, and accordingly the New Units Subject to approval being granted, quotation of the to be allotted and sold in the Retail Entitlement offer New Units issued under the Early Retail Closing Date may only be offered and sold outside the United is expected to commence on a normal settlement States, to Eligible Retail Unitholders (as defined in basis on or about 29 November 2010 and for New section 4.3) in offshore transactions in compliance Units issued under the Final Retail Closing Date, on or with Regulation S under the Securities Act. about 20 December 2010. The distribution of this document outside Australia We will despatch holding statements to successful and New Zealand may be restricted by law. In applicants in accordance with the relevant Listing particular, this document or any copy of it must not Rules. You should confirm your holding before trading be taken into or distributed or released in the United in New Units. If you sell New Units before receiving States. Persons who come into possession of this your holding statement, you do so at your own risk. document should seek advice on and observe any such restrictions. Any failure to comply with such CMIL and the Underwriters disclaim all liability, For personal use only use personal For restrictions may constitute a violation of applicable whether in negligence or otherwise to any person securities laws. who trades in New Units before receiving their holding statement.

3 3 How to apply

1 Institutional Entitlement Offer 3 Consider the Retail Entitlement Offer in light On 11 November 2010, CPA conducted the of your particular investment objectives and Institutional Placement which raised approximately circumstances $159 million and the Institutional Entitlement Offer Please consult with your stockbroker, accountant or which raised approximately $81 million at an offer other independent professional adviser if you have price of $0.86 per New Unit (Institutional Offer). any queries or are uncertain about any aspects of the Retail Entitlement Offer. You should also refer to New Units issued under the Institutional Offer are the “Key Risks” section of the investor presentation expected to be allotted and commence trading on entitled “Strategic Melbourne portfolio acquisition ASX on 29 November 2010. New Units allotted under and funding presentation” released to ASX on the Institutional Placement will not be eligible to 11 November 2010 and included in this booklet. participate in the Entitlement Offer. 4 Complete and return the accompanying 2 The Retail Entitlement Offer Entitlement and Acceptance Form with your Eligible Retail Unitholders (as defined in section 4.3) Application Monies or make a payment by are being offered the opportunity to subscribe for 1 BPAY New Unit for every 15 Existing Units held at 7.00pm If you decide to take up all or part of your Entitlement (AEDT) 16 November 2010, at the Offer Price of or apply for Additional New Units, please complete $0.86 per New Unit. and return the Entitlement and Acceptance Form Eligible Retail Unitholders may also apply for New with the requisite Application Monies OR pay Units in excess of their Entitlement (Additional New your Application Monies via BPAY by following Units). Please note that Additional New Units will the instructions set out on the Entitlement and only be allocated to Eligible Retail Unitholders, if and Acceptance Form. to the extent that CPA so determines, in its absolute CPA will treat you as applying for as many New Units discretion. Any Additional New Units will only be as your payment will pay for in full, subject to any allotted to the extent that either: scale-back it may determine to implement, in its –– Eligible Retail Unitholders do not take up their full absolute discretion, in respect of Additional New Entitlements; or Units. –– there are New Units that would have been offered Amounts received by CPA in excess of your to Ineligible Retail Unitholders if they had been Entitlement may be treated as an application to entitled to participate in the Retail Entitlement Offer. apply for as many Additional New Units as your excess payment will pay for in full. If you are paying CPA may apply any scale-back in its absolute by BPAY, please make sure to use the specific Biller discretion. Code and unique Customer Reference Number The Retail Entitlement Offer is being made pursuant (CRN) on the back of your personalised Entitlement to provisions of the Corporations Act which allow and Acceptance Form. If you receive more than one units to be to be offered under rights issues without personalised Entitlement and Acceptance Form, a product disclosure statement. As a result, it is please only use the CRN specific to the Entitlement important for Eligible Retail Unitholders to read and on that Form. If you inadvertently use the same CRN understand the publicly available information on CPA for more than one of your Entitlements, you may and the Retail Entitlement Offer, before taking up all be deemed to have applied only for Additional New or part of their Entitlement or applying for Additional Units on the Entitlement to which that CRN applies. New Units. If you take up and pay for all or part of your In particular, please refer to this Offer Booklet, Entitlement before the Early Retail Closing Date, you CPA’s half-year and annual reports and other will be allotted your New Units on 29 November announcements made available at the ASX website, 2010. If you take up and pay for all or part of your www.asx.com.au (including CPA’s annual financial Entitlement before the Final Retail Closing Date, you results for the full-year ending 30 June 2010 that will be allotted your New Units on 17 December were released to ASX on 17 August 2010). 2010. If you apply for Additional New Units then, subject to CPA’s absolute discretion to scale-back Your Entitlement is set out on the accompanying your application for Additional New Units (in whole Entitlement and Acceptance Form and has been or part), you will be issued these on 17 December calculated as 1 New Unit for every 15 Existing Units 2010. CPA’s decision on the number of New Units you held as at the Record Date of 7.00pm (AEDT), to be allocated to you will be final. For personal use only use personal For 16 November 2010. If you have more than one holding of units, you will be sent more than one personalised Entitlement and Acceptance Form and you will have a separate Entitlement for each separate holding. All New Units (including any Additional New Units) issued under the Retail Entitlement Offer will rank equally with Existing Units.

4 Commonwealth Property Office Fund - Retail Entitlement Offer CPA also reserves the right (in its absolute discretion) (h) declare that you are the current registered holder(s) to reduce the number of New Units allocated to of the units in your name at the Record Date; Eligible Retail Unitholders, or persons claiming to be (i) acknowledge that the information contained in Eligible Retail Unitholders, if their claims prove to be this Offer Booklet is not investment advice or a overstated or if they or their nominees fail to provide recommendation that New Units are suitable for information to substantiate their claims. you, given your investment objectives, financial Entitlements cannot be traded or otherwise situation or particular needs; transferred on the ASX or any other exchange or (j) represent and warrant that the law of any other privately. place does not prohibit you from being given this If you take no action, you will not be allocated booklet or making an application for New Units; New Units and your Entitlement will lapse. Your and Entitlement to participate in the Retail Entitlement (k) represent and warrant that you are an Eligible Offer is non-renounceable and will not be tradeable Retail Unitholder and have read and understood or otherwise transferable. Unitholders who do not this Offer Booklet and the Entitlement and take up their Entitlements in full will not receive any Acceptance Form and that you acknowledge payment or value for those Entitlements they do not the matters, and make the warranties and take up. representations and agreements contained in this Offer Booklet and the Entitlement and 5 Acceptance of the Retail Entitlement Offer Acceptance Form. The method of acceptance of the Retail Entitlement Offer will depend on your method of payment being: By completing and returning your personalised Entitlement and Acceptance Form with the requisite –– by BPAY; or Application Monies or making a payment by BPAY, you will also be deemed to have acknowledged, –– by cheque, bank draft or money order. represented and warranted on behalf of each person By completing and returning your personalised on whose account you are acting that: Entitlement and Acceptance Form with the requisite Application Monies or making a payment by BPAY, (a) you are not in the United States and are not you: otherwise a person to whom it would be illegal to make an offer or issue New Units under the (a) agree to be bound by the terms of this Offer Retail Entitlement Offer and you are subscribing Booklet and the provisions of CPA’s Consolidated for or purchasing New Units in an “offshore Trust Deed; transaction” (as defined in Rule 902(h) under the Securities Act) in compliance with Regulation S (b) authorise CPA to register you as the holder(s) of under the Securities Act; the New Units allotted to you; (b) you acknowledge that the Entitlements (c) declare that all details and statements made and the New Units have not been, and will in the Entitlement and Acceptance Form are not be, registered under the Securities Act complete and accurate; or the securities laws of any state or other (d) declare that you are over 18 years of age and jurisdictions in the United States, or in any other have full legal capacity and power to perform jurisdiction outside Australia or New Zealand all your rights and obligations under the Retail and accordingly, the New Units may not be Entitlement Offer; offered, sold or otherwise transferred except in accordance with an available exemption from, or (e) acknowledge that once CPA receives the in a transaction not subject to, the registration Entitlement and Acceptance Form or your requirements of the Securities Act and any other payment by BPAY, you may not withdraw it applicable securities laws; and except as allowed by law; (c) you have not and will not send any materials (f) agree to apply for, and be issued with up to, the relating to the Retail Entitlement Offer to any number of New Units that you apply for at the person in the United States. Offer Price of $0.86 per New Unit; (g) authorise CPA and its officers or agents to do anything on your behalf necessary for the New Units to be issued to you, including to act on

instructions of CPA’s Unit Registry upon using the For personal use only use personal For contact details set out in the Entitlement and Acceptance Form;

5 3 How to apply continued

Payment by BPAY You should ensure that sufficient funds are held in For payment by BPAY please follow the instructions on relevant account(s) to cover the Application Monies the personalised Entitlement and Acceptance Form. as your cheques will be processed on the day of You can only make a payment via BPAY if you are receipt. If the amount of your cheque for Application the holder of an account with an Australian financial Monies (or the amount for which the cheque clears institution that supports BPAY transactions. in time for allocation) is insufficient to pay in full for the number of New Units you have applied for Please note that should you choose to pay by BPAY: in your personalised Entitlement and Acceptance Form, you will be taken to have applied for such –– you do not need to submit the personalised lower number of whole New Units as your cleared Entitlement and Acceptance Form but are taken Application Monies will pay for (and to have specified to make the declarations on that Entitlement and that number of New Units on your Entitlement and Acceptance Form; and Acceptance Form). Alternatively, your application will –– if you do not pay for your full Entitlement, you not be accepted. are deemed to have taken up your Entitlement in respect of such whole number of New Units which Cash payments will not be accepted. Receipts for is covered in full by your Application Monies. payment will not be issued. It is your responsibility to ensure that your BPAY To participate, your payment must be received by payment is received by the CPA Unit Registry by no the Final Retail Closing Date, being 5.00pm (AEDT) later than 5.00pm (AEDT) on 8 December 2010. 8 December 2010. Unitholders who make payment Practically, given that BPAY closes at 5.00pm (AEDT), via cheque, bank draft or money order should mail you will need to ensure that your payment is received their completed personalised Entitlement and by that time. You should be aware that your financial Acceptance Form together with Application Monies institution may implement earlier cut-off times with to: regards to electronic payment, and you should therefore take this into consideration when making Mail to: payment. Commonwealth Property Office Fund C/- Link Market Services Limited Payment by cheque, bank draft or money order GPO Box 3560 For payment by cheque, bank draft or money Sydney NSW 2001 order, you should complete your Entitlement and Acceptance Form in accordance with the instructions Hand deliver to: on the Form and return it accompanied by a cheque, (Please do not use this address for mailing purposes) bank draft or money order in Australian currency Commonwealth Property Office Fund for the amount of the Application Monies, payable C/- Link Market Services Limited to “Commonwealth Property Office Fund – Offer Level 12, 680 George Street Account” and crossed “Not Negotiable”. Sydney NSW 2000

Your cheque, bank draft or money order must be: Telephone (Freecall): 1800 628 703 Telephone (outside Australia): +61 2 8280 7513 –– for an amount equal to $0.86 multiplied by the number of New Units (including any Additional Refund of Application Monies New Units) that you are applying for; and Any Application Monies received for more than your final allocation of New Units and Additional New –– in Australian currency drawn on an Australian Units will be refunded as soon as practicable after branch of a financial institution. the close of the Retail Entitlement Offer. No interest will be paid to Applicants on any Application Monies

received or refunded. For personal use only use personal For

6 Commonwealth Property Office Fund - Retail Entitlement Offer 4 Important information

This Offer Booklet (including the ASX announcements The New Units being offered under this Offer Booklet reproduced in it) and enclosed personalised are being offered to Eligible Unitholders with Entitlement and Acceptance Form have been registered addresses in New Zealand in reliance on prepared by CPA. The information in this Offer the Securities Act (Overseas Companies) Exemption Booklet is dated 18 November 2010 (other than Notice 2002 (NZ). This Offer Booklet is not an the ASX announcements reproduced in it). investment statement or prospectus under New Zealand law, and may not contain all the information No party other than CPA has authorised or caused that an investment statement or prospectus under the issue of the information in this Offer Booklet, or New Zealand law is required to contain. takes any responsibility for, or makes, any statements, representations or undertakings in the information in 2 Continuous disclosure this Offer Booklet. CPA is a ‘disclosing entity’ under the Corporations The information in this booklet is important and Act and is subject to regular reporting and disclosure requires your immediate attention. obligations under the Corporations Act and the ASX Listing Rules, including the preparation of annual You should read the information in this Offer reports and half yearly reports. Booklet carefully and in its entirety before deciding whether to invest in New Units. In particular, you CPA is required to notify the ASX of information should consider the risk factors outlined in the“Key about specific events and matters as they arise for Risks” section of the investor presentation entitled the purposes of the ASX making that information “Strategic Melbourne portfolio acquisition and available to the stock markets conducted by the ASX. funding presentation” released to ASX on In particular, CPA has an obligation under the ASX 11 November 2010, any of which could affect the Listing Rules (subject to certain exceptions) to notify operating and financial performance” of CPA or the the ASX immediately of any information of which it is value of an investment in CPA. or becomes aware which a reasonable person would expect to have a material effect on the price or value CPA has applied to ASX to have the New Units of its units. That information is available to the public officially quoted. It is expected that normal trading from the ASX on www.asx.com.au. will commence in relation to New Units issued under the Retail Entitlement Offer on 29 November 2010 3 Eligible Retail Unitholders for applications received by the Early Retail Closing An Eligible Retail Unitholder is any holder of CPA Date and 20 December 2010 for applications units who: received by the Final Retail Closing Date. CPA disclaims all liability (to the maximum extent –– is registered as a holder of units as at 7.00pm permitted by law) to persons who trade New Units (AEDT), 16 November 2010; before the New Units are listed on the official list of –– has a registered address in Australia or ASX or before receiving their confirmed allocations New Zealand; of New Units from CPA or the CPA Unit Registry. –– is not in the United States; 1 No product disclosure statement –– did not receive an offer to participate (other The Entitlement Offer complies with the requirements than as nominee) or was otherwise ineligible to of section1012DAA of the Corporations Act as participate under the Institutional Entitlement notionally modified by Australian Securities and Offer; Investments Commission (ASIC) Class Orders CO 07/571 and CO 08/35. Neither this Offer –– is not an Eligible Institutional Unitholder; and Booklet nor the Entitlement and Acceptance Form is –– is eligible under all applicable securities laws to a prospectus, product disclosure statement or other receive an offer under the Retail Entitlement Offer. offer document for the purposes of the Corporations Act. They do not, and are not required to, contain CPA may (in its absolute discretion) extend the Retail all of the information which would otherwise be Entitlement Offer to any Institutional Unitholder in required to be disclosed in a prospectus, product foreign jurisdictions who were not successfully invited disclosure statement or other offer document. to participate in the Institutional Entitlement Offer (subject to compliance with applicable laws). Accordingly, neither the Offer Booklet nor the Entitlement and Acceptance Form contains all of 4 No cooling off rights the information which a prospective investor may Cooling off rights do not apply to an investment require to make an investment decision. They are not in New Units. You cannot, in most circumstances, requiredonly use personal For to be, and will not be, lodged with ASIC. withdraw your Application once it has been accepted. This Offer Booklet should be read in conjunction with CPA’s other periodic and continuous disclosure 5 No Entitlements trading announcements to the ASX available at Entitlements are non-renounceable and cannot be www.asx.com.au. traded on ASX or any other exchange, nor can they be privately transferred.

7 4 Important information continued

6 Notice of nominees and custodians The summary below does not deal with the tax Nominees and custodians which hold Units as implications for: nominees or custodians will have received, or –– Eligible Retail Unitholders who hold their Units as will shortly receive, a letter from CPA. Nominees revenue assets or trading stock; and custodians should consider carefully the contents of that letter and note in particular that –– banks, insurance companies and taxpayers the Retail Entitlement Offer is not available to carrying on a business of share trading or dealing Eligible Institutional Unitholders who were invited in securities; to participate in the Institutional Entitlement Offer –– Eligible Retail Unitholders whose units were (whether they accepted their entitlement or not) and acquired under an employee plan. Ineligible Institutional Unitholders who were ineligible to participate in the Institutional Entitlement Offer. The summary below is based on the law in effect and the administrative practice of the Australian Taxation 7 Not investment advice Office (ATO) as at the date of this booklet. Australian The information in this Retail Offer Booklet is not tax laws may be amended at any time and therefore a product disclosure statement, prospectus or any the tax implications discussed in summary may other offer document under the Corporations Act and change if there is a change in the tax laws after the has not been lodged with ASIC. It is also not financial date of this Offer Booklet. product advice and has been prepared without taking into account your investment objectives, financial Grant of Entitlements The grant of the Entitlements will not itself result in circumstances or particular needs. CPA is not licensed Eligible Retail Unitholders making a capital gain or to provide financial product advice in respect of the otherwise deriving an amount of assessable income. New Units. The information in this booklet does not purport to contain all the information that you may Lapse of Entitlements require to evaluate a possible application for New The Entitlements are non-renounceable and will not Units. be able to be traded on ASX or privately transferred. This means if an Entitlement is not exercised, then the Before deciding whether to apply for New Units, Eligible Retail Unitholder will not receive any value for you should consider whether they are a suitable the Entitlement. Where an Eligible Retail Unitholder investment for you in light of your own investment does not receive any value for the Entitlement, the objectives and financial circumstances and having Eligible Retail Unitholder should not make a capital regard to the merits or risks involved. If, after gain or otherwise derive an amount of assessable reading the information in this booklet, you have income. any questions about the Retail Entitlement Offer, you should contact your stockbroker, accountant or other Exercise of Entitlements independent professional adviser. The exercise of an Entitlement to acquire New Units 8 Taxation (including, in CPA’s absolute discretion, Additional New Units) will not result in the Eligible Retail Set out below is a summary of the Australian tax Unitholder making a capital gain or otherwise implications of the Retail Entitlement Offer for Eligible deriving an amount of assessable income. For CGT Retail Unitholders who are residents of Australia for purposes, the cost and reduced cost base should tax purposes and who hold their Units on capital include the Offer Price paid to acquire the New Units account. plus certain non-deductible incidental costs they The summary below is intended to provide a incur in acquiring them. general outline of the Australian tax implications New Units for Eligible Retail Unitholders and is not intended Eligible Retail Unitholders who exercise their to be a complete analysis of all the potential tax Entitlements will acquire New Units and, in CPA’s consequences that could arise in respect of the absolute discretion, Additional New Units (as applicable). Retail Entitlement Offer. The tax implications that arise for Eligible Retail Unitholders will depend on Any future distributions made in respect of New individual circumstances. Accordingly, this summary Units will generally be subject to the same taxation should not be relied upon as advice and Eligible Retail treatment as distributions made on Units held in the Unitholders should seek their own advice applicable same circumstances. It is important to note that the to confirm the tax consequences that may arise in receipt of tax-deferred distributions may affect the relation to the Retail Entitlement Offer. CGT cost base of New Units.

For personal use only use personal For On any future disposal of New Units, Eligible Retail Unitholders will make a capital gain if the capital proceeds received on disposal are more than the cost base of the New Units and a capital loss if the capital proceeds are less than the reduced cost base of the New Units. The capital proceeds should generally be equal to the disposal proceeds. The cost base of New Units is discussed above.

8 Commonwealth Property Office Fund - Retail Entitlement Offer The CGT discount concession may be available to Quotation of Tax File Number or Australian reduce the taxable amount of any capital gain made Business Number on a subsequent disposal of New Units. Broadly, the The collection of a Unitholder’s Tax File Number CGT discount concession will reduce the taxable (TFN) is authorised and its use is strictly regulated by amount of the capital gain by the CGT discount law. Where a Unitholder does not quote their TFN or percentage if the New Units have been held for at claim an exemption in relation to their investment least 12 months prior to disposal, excluding the in the CPA, CPA is required to deduct tax from any days of acquisition and disposal. The CGT discount distributions paid to a Unitholder at the highest percentage is 50% for individuals and trusts, and marginal rate, plus the Medicare levy (currently a 1 33 /3% for complying superannuation funds. The total of 46.5%). CGT discount is not available to companies. The CGT discount percentage is applied to the amount of Businesses that are registered and have been issued the capital gain after offsetting any current year or with an Australian Business Number (ABN) may quote carried forward capital losses that are available for an ABN or a TFN. utilisation. Where an amount has been withheld and remitted For the purposes of the CGT discount concession, to the ATO by CPA, the Unitholder can claim a New Units will be taken to have been acquired on credit for the amount withheld upon lodgement of the date when the Eligible Retail Unitholder exercised their income tax return for the year to which the the Entitlement to subscribe for the New Units. This distribution relates. should generally be the date on which the Eligible Other Australian taxes Retail Unitholder applies for New Units. No Australian GST or stamp duty is payable in respect Where an Eligible Retail Unitholder also applies for of the grant or exercise of the Entitlements or the Additional New Units, for the purposes of the CGT acquisition of New Units. discount concession, the Additional New Units will be 9 Rounding of Entitlements treated as having been acquired when CPA issues or allots those Additional New Units. Where fractions arise in the calculation of Entitlements, they will be rounded up to the nearest TOFA whole number of New Units. The taxation of financial arrangements regime (TOFA) applies on a mandatory basis to defined “financial 10 Information availability arrangements” entered into during a taxpayer’s Eligible Retail Unitholders in Australia and New first year of income commencing on or after 1 July Zealand can obtain a copy of this Offer Booklet during 2010 (unless the taxpayer elects to apply TOFA to the period of the Retail Entitlement Offer on the ASX income years commencing on or after 1 July 2009), website at www.asx.com.au or by calling the CPA Unit where the taxpayer exceeds certain relevant asset/ Registry. Persons who access the electronic version of turnover thresholds. Taxpayers below the relevant this Offer Booklet should ensure that they download asset/turnover thresholds may elect to join the TOFA and read the entire booklet. The electronic version of regime. this Offer Booklet on the ASX website will not include an Entitlement and Acceptance Form. A replacement Due to certain exemptions available under the TOFA Entitlement and Acceptance Form can be requested regime, the TOFA regime should generally not apply by calling the CPA Entitlement Offer Information Line to individual Eligible Retail Unitholders in respect on 1800 628 703 (within Australia) or of their investment in New Units. In addition, the +61 2 8280 7513 (from outside Australia) at any TOFA regime should have limited application to time from 8.30am to 5.30pm (AEDT) Monday to other Eligible Retail Unitholders in respect of their Friday during the Retail Entitlement Offer Period. investment in New Units unless certain elections under the TOFA regime are made by the relevant Neither the information in this Offer Booklet nor the Eligible Retail Unitholder. accompanying Entitlement and Acceptance Form constitutes an offer of securities for sale in the United States or to persons that are, or are acting for the account or benefit of, a U.S. Person. Neither this information nor the accompanying Entitlement and Acceptance Form may be distributed to or relied upon by, persons in the United States or that are, or are acting on behalf of or for the account or benefit

of, a U.S. Person, or otherwise distributed in the For personal use only use personal For United States.

9 4 Important information continued

11 Future performance and forward-looking 14 Foreign jurisdictions statements The information in this Offer Booklet has been Neither CPA nor any other person warrants or prepared to comply with the requirements of the guarantees the future performance of the New Units securities laws of Australia and New Zealand. or any return on any investment made pursuant to the Entitlement Offer. Forward-looking statements, The New Units being offered under the information opinions and estimates provided in the information in this booklet are also being offered to Eligible in this booklet are based on assumptions and Retail Unitholders with registered addresses in New contingencies which are subject to change without Zealand in reliance on the Securities Act (Overseas notice, as are statements about market and industry Companies) Exemption Notice 2002 (New Zealand). trends, which are based on interpretations of current The information in this booklet is not an investment market conditions. statement or prospectus under New Zealand law, and may not contain all the information that an Forward-looking statements including forecasts, investment statement or prospectus under New projections, guidance on future earnings and Zealand law is required to contain. estimates are provided as a general guide only and should not be relied upon as an indication or The information in this Offer Booklet does not guarantee of future performance. They are subject constitute an offer in any jurisdiction in which, or to to known and unknown risks, uncertainties and any person to whom, it would not be lawful to make assumptions, many of which are outside the control such an offer. No action has been taken to register or of CPA and the Responsible Entity, which could cause qualify the Retail Entitlement Offer, the Entitlements actual results, performance or achievements to or the New Units, or otherwise permit the public differ materially from future results, performance or offering of the New Units, in any jurisdiction other achievements expressed or implied by any forward- than Australia and New Zealand. looking statements in this booklet. The distribution of the information in this Offer 12 Past performance Booklet (including an electronic copy) outside Australia and New Zealand is restricted by law. If you Investors should note that the past unit performance come into possession of the information in this Offer of CPA Units provides no guidance as to future price Booklet, you should observe such restrictions and performance. should seek your own advice on such restrictions.

13 Governing law Any non-compliance with these restrictions may This Offer Booklet, the Retail Entitlement Offer contravene applicable securities laws. and the contracts formed on acceptance of the Entitlement and Acceptance Forms are governed by The Entitlements and the New Units have not been, the laws applicable in New South Wales, Australia. or will not be, registered under the Securities Act or Each applicant for New Units submits to the non- the securities laws of any state or other jurisdiction exclusive jurisdiction of the courts of New South of the United States. Securities may not be offered Wales, Australia. or sold in the United States absent registration or an exemption from registration. The New Units to be offered and sold in the Retail Entitlement Offer have not been, and will not be, registered under the Securities Act, or under the securities laws of any state or other jurisdiction of the United States, and accordingly the New Units to be offered and sold in the Retail Entitlement Offer may only be offered and sold to Eligible Retail Unitholders in “offshore transactions” (as defined in Rule 902(h) under the Securities Act) in compliance with Regulation S under the Securities Act.

See the foreign selling restrictions set out in the investor presentation entitled “Strategic Melbourne portfolio acquisition and funding presentation” dated 11 November 2010 and included in this Offer

Booklet for more information. For personal use only use personal For

10 Commonwealth Property Office Fund - Retail Entitlement Offer 15 Underwriting 16 Underwriter disclaimer CPA has entered into an underwriting agreement The Underwriters have not authorised or caused the with CBA Equities Limited, J.P. Morgan Australia issue of, and take no responsibility for, the information Limited and Macquarie Capital Advisers Limited in this Offer Booklet, and to the maximum extent (Underwriters) who have severally agreed to manage permitted by law, disclaim all liability in connection and fully underwrite the Placement and Entitlement with the Entitlement Offer and the information in this Offer. Offer Booklet. As is customary in these types of arrangements: 17 Disclaimer of representations –– CPA has agreed to pay fees and expenses of the No person is authorised to give any information, or Underwriters and indemnify the Underwriters and to make any representation, in connection with the their respective directors, officers, employees, Retail Entitlement Offer that is not contained in this agents and advisers against losses they may suffer booklet. or incur in connection with the Equity Raising; Any information or representation that is not in this –– an Underwriter may, at any time up to completion Offer Booklet may not be relied on as having been of the Retail Entitlement Offer (expected to occur authorised by CPA, or its related bodies corporate on Thursday, 16 December 2010), terminate the in connection with the Retail Entitlement Offer. underwriting agreement and be released from its Except as required by law, and only to the extent so obligations under it on the occurrence of certain required, none of CPA, or any other person, warrants events, including if: or guarantees the future performance of CPA or any return on any investment made pursuant to the –– Units are suspended for a period or CPA is information in this Offer Booklet. delisted; –– there are material disruptions in financial conditions or markets or certain declines in financial markets; –– there is a specified delay in the timetable for the Entitlement Offer; and –– there are certain changes in the senior management of CPA. –– the Underwriters will be remunerated by CPA at market rates. The Underwriters reserve the right, at any time, to appoint sub-underwriters in respect of any part of the Equity Raising. Any sub-underwriters appointed by the Underwriters may be paid a fee determined by

negotiation with the relevant sub-underwriter. For personal use only use personal For

11 5 ASX offer documents Equity raising launch announcement

Responsible Entity: Commonwealth Managed Investments Limited ABN 33 084 098 180 AFSL 235384

Registered Address: Ground Floor, Tower 1 Colonial First State Property Limited 201 Sussex Street ABN 20 085 313 926 Sydney NSW 2000 Manager of Commonwealth Property Office Fund Principal Office of the Manager: Level 7, 52 Martin Place GPO Box 3892 Sydney NSW 2001 Australia

Telephone: 02 9303 3500 Facsimile: 02 9303 3622 Not for distribution or release in the United States

11 November 2010

COMMONWEALTH PROPERTY OFFICE FUND (CPA)

Strategic Melbourne portfolio acquisition

Colonial First State Property Limited (the ‘Manager’), Manager of Commonwealth Property Office Fund (‘CPA’ or the ‘Fund’), today announced that the Fund has agreed to acquire three A-grade office buildings located in the Melbourne CBD (‘Melbourne portfolio’), which are owned or managed by Grocon Pty Ltd (‘Grocon’) and relevant entities in the Grocon group.

CPA will acquire the following three office buildings: • Media House, 655 Collins Street, Melbourne, • QV Building, Lonsdale Street, Melbourne (50% interest), and • AXA Headquarters, 750 Collins Street, Melbourne1.

The Melbourne portfolio will be acquired at a cost of $581.4 million (excluding stamp duty and other transaction costs) which reflects a 7.6% acquisition weighted average capitalisation rate, and at a 3.3% discount to 1 November 2010 independent valuations through an off-market negotiated process.

Charles Moore, Fund Manager of CPA said: “This strategic acquisition is consistent with CPA’s long term strategy of owning high quality Australian CBD office assets with attractive total return metrics and income certainty. We are also pleased to have been able to execute this acquisition while maintaining a strong balance sheet.”

“The Melbourne portfolio acquisition reinforces the Fund’s position as Australia’s pre-eminent office REIT and provides greater portfolio exposure to the attractive Melbourne CBD office market.”

Darren Steinberg, Managing Director, Property, Colonial First State Global Asset Management (‘CFSGAM’) said: “This acquisition is a significant achievement for CPA and demonstrates the execution of our strategy of acquiring high quality assets that improve portfolio fundamentals. We believe these assets have been acquired at the right time in the cycle and will support the creation of long-term value for unitholders.”

As part of the acquisition, the Manager and Grocon have established a strategic office sector alliance (the ‘Alliance’) to leverage the complementary skill-sets of each of the groups.

Acquisition rationale and overview The acquisition provides significant benefits to CPA. All of the assets are less than seven years old with high occupancy of 99.7%, low capital expenditure requirements and strong expected total returns.

Mr Moore said: “This is a unique opportunity for CPA to acquire three attractively priced high quality assets in an off-market transaction. The acquisition improves the overall portfolio’s weighted average lease expiry with secure cashflows and structured growth provided from blue-chip tenants, enhancing the earnings profile of the Fund.

As we enter into an improving office property cycle, the acquisition capitalisation rates of each of the assets compares favourably to recent transactions, which provides another compelling reason for the acquisition.”

The Melbourne portfolio acquisition enhances CPA’s overall portfolio characteristics by:

• Improving the portfolio’s quality, increasing the weighting to A-grade assets, For personal use only use personal For • Increasing the portfolio’s occupancy and weighted average lease expiry, and • Enhancing the portfolio’s tenant mix and geographical diversification.

1. The AXA Headquarters is the sole asset of a Grocon unlisted unit trust, Grocon Property Trust Australia (‘GPTA’). The agreed acquisition of the AXA Headquarters is subject to GPTA unitholder approval implemented by an ordinary resolution of GPTA unitholders (requiring 50% approval). 1

12 Commonwealth Property Office Fund - Retail Entitlement Offer

The Melbourne CBD office market is Australia’s second largest office market at 4.2 million sqm (compared to Sydney at 4.8 million sqm) and has seen exceptional growth over the past five years.

Mr Moore said: “The Melbourne CBD has seen office stock grow by 17% and demand grow by 19% over the past 5 years, compared to the Sydney CBD where office stock has grown by 2% and demand by 7% over the same time period.”

The Melbourne CBD office market is supported by a resilient state economy with strong historic white collar employment growth. It offers exposure to greater tenant diversification and is expected to have the strongest Australian CBD office market fundamentals over the next 3 years. Modest and stable rental growth over prior cycles has resulted in the Melbourne CBD being a relatively affordable rental market for tenants. Vacancy levels have peaked well below historic levels and there is evidence that incentives have started to contract and effective rental growth has returned.

All three assets are being acquired unencumbered and will be managed by CFSGAM. The Manager will apply its active asset management approach to manage the assets, drive growth and enhance asset value.

The AXA Headquarters, 750 Collins Street, Melbourne (‘AXA Headquarters’) is the sole asset of a Grocon managed unlisted unit trust, Grocon Property Trust Australia (‘GPTA’). The $220 million2 acquisition price is to be funded by a combination of cash ($160 million) and CPA scrip ($60 million). As part of this acquisition, CPA has also negotiated attractively priced unsecured debt with the existing GPTA lender. The acquisition is subject to GPTA unitholder approval which will be implemented by an ordinary resolution of GPTA unitholders (requiring 50% approval). The responsible entity of GPTA, PRE Services Limited (‘PRE Services’), recommends GPTA unitholders vote in favour of the transaction, subject to the Independent Expert Report (provided by Deloitte) recommending the offer as fair and reasonable. The Independent Expert report is expected to be finalised on Friday, 12 November 2010. Grocon associated entities control approximately 20% of GPTA and have undertaken to vote in favour of the transaction. A GPTA unitholder meeting will be held on Thursday, 16 December 2010 to vote on the resolution. In the event that the resolution is not approved, the acquisition of the AXA Headquarters will not proceed, however this will not impact the acquisition of Media House and a 50% interest in the QV Building.

Impact on CPA The acquisition is expected to be neutral to EPU3/DPU4 in FY11 and accretive from FY12 onwards5. Base management fees relating to the assets acquired have been waived by the Responsible Entity for FY11 and FY12. The DPU guidance6 is 5.50 cents per unit for FY11.

The key portfolio metrics pre and post the acquisition include: Pre acquisition Melbourne portfolio Pro forma for Key portfolio metrics at 30 September 2010 acquisition acquisition Number of assets 26 3 29 Value of investment properties ($m) 3,086 6157 3,701 Net lettable area (sqm) 733,168 165,132 898,300 Number of tenants 320 131 4438 Occupancy9 (%) 92.3 99.7 93.3 Weighted average lease expiry9 (%) 4.510 8.411 5.010,11 Weighted average capitalisation rate12 (%) 7.7 7.4 7.6 Portfolio classified as A-grade by value (%) 77.7 100.0 78.4

Post the acquisition of the Melbourne portfolio, the Fund’s exposure (by value) to the Melbourne CBD will increase from 14.8% to 28.7%, at the same time increasing the number of assets in this growing market, from two to five.

2. Excluding stamp duty and other transaction costs. 3. Earnings per unit (EPU) is not as defined in Australian equivalents to International Financial Reporting Standards (AIFRS). EPU for the purposes of this announcement is defined as distributable income divided by the weighted average number of units. Distributable income is profit before fair value adjustments to investment properties, associates, derivatives and unrealised performance fees, non- cash convertible notes interest expense and straightlining of fixed rental increases. 4. Distribution per unit. 5. Based on Management estimates. 6. Assuming 50% of performance fee is payable and excluding the base management fees relating to the acquired assets which the Responsible Entity of CPA has waived for FY11 and FY12. Also assumes there is no unforseen material deterioration to existing economic conditions.

For personal use only use personal For 7. Including capitalised transaction costs and excluding capital raising costs. 8. Eight tenants in the Melbourne portfolio acquisition are existing CPA tenants. 9. By income. 10. Including terms agreed with BNP Paribas at 60 Castlereagh Street, Sydney and Gallagher Bassett at 201 Miller Street, North Sydney. 11. Including terms agreed with Foxtel at AXA Headquarters, Melbourne. 12. Independent valuation weighted average capitalisation rate.

13 5 ASX offer documents Equity raising launch announcement continued

The increased scale as a consequence of the acquisition of the Melbourne portfolio, combined with the funding sources for the acquisition, improves CPA’s financial flexibility and strength. The Fund will retain its strong balance sheet post the acquisition with gearing13 expected to increase from 24.5% at 30 September 2010 to 27.1% which is below CPA’s targeted gearing range of 30% to 40%. The Fund’s net tangible asset backing (NTA) is expected to reduce by 5 cents to $1.09 per unit as a consequence of the acquisition.

Office sector alliance As part of the acquisition, the Manager and Grocon have established an office sector alliance to leverage the complementary skill-sets of each of the groups.

The combination of CFSGAM as a leading fund manager of office assets ($5.4 billion14 of office assets) and Grocon as a leading office developer and contractor with a proven track record of originating and developing high quality office asset developments creates a unique strategic relationship.

The Alliance provides a framework for the Manager and Grocon to work collaboratively on new Australian office investment and redevelopment opportunities, with no impact to CPA’s existing governance structures or decision making processes.

Mr Steinberg said “The formation of this strategic alliance provides significant opportunities for our group to access potential acquisitions, creating further growth opportunities for CPA.”

The Alliance also provides for Grocon to receive a portion of the Manager’s base funds management fees derived from the Melbourne portfolio acquired by CPA (subject to certain conditions including the successful acquisition of the AXA Headquarters).

As part of the Alliance, there will be a period of exclusivity where Grocon will work with the CPA development team to negotiate satisfactory terms on the design and construction of the development of 5 Martin Place, Sydney (formerly 120 Pitt Street, Sydney).

Grocon has elected as part of the transaction to receive a portion of the consideration in CPA scrip and will become a strategic investor (with an initial holding of ~2.6%15 of issued capital) in CPA ensuring alignment of interests.

Mr Daniel Grollo, CEO of Grocon Pty Ltd said: “It is pleasing to be able to collaborate and create a unique relationship with a strong partner that we can work with to complement both of our groups.”

Acquisition funding The total consideration of $615.3 million16 will be funded via: • a fully underwritten $158.6 million institutional placement and $115.4 million 1 for 15 non-renounceable entitlement offer (‘Capital Raising’), • a $43.0 million placement of CPA units to Grocon and $60.0 million placement of CPA units to PRE Services (as responsible entity of GPTA), • $155.0 million of attractively priced unsecured debt facilities negotiated as part of the acquisition, and • $83.3 million from CPA’s existing debt facilities.

Units issued as part of the Capital Raising will be issued at a fixed price of $0.86 per new unit, which represents a 4.4% discount to the closing price on 10 November 2010, a 6.1% discount to the theoretical ex-rights price (TERP)17, a 6.4% discount to the 5-day volume weighted average price and a 20.8% discount to pro forma NTA per unit. The $43.0 million placement of CPA units to Grocon as part consideration is also priced at $0.86 per unit. New units will rank equally with existing ordinary units and be fully entitled to the distribution for the six months ending 31 December 2010.

Further details of the offer will be despatched to all eligible unitholders on Thursday 18 November 2010. Under the entitlement offer, eligible unitholders will be invited to participate on a pro-rata basis to their existing holdings by subscribing for one new CPA unit for every 15 CPA units held on the record date of 7pm Tuesday, 16 November 2010. The entitlement offer is non-renounceable and entitlements will not be tradeable on the Australian Securities Exchange or otherwise transferable.

The $60.0 million placement of CPA units to PRE Services as the responsible entity of GPTA (subject to GPTA unitholder approval), will be issued at a fixed price of $0.88 per unit18 and units will rank equally with existing ordinary units and be fully entitled to the distribution for the six months ending 31 December 2010.

13. Gearing equals total drawn debt to total assets. For this calculation total assets exclude the fair value of derivatives.

For personal use only use personal For 14. As at 30 June 2010. 15. On completion of the placement of CPA units to Grocon and the distribution of CPA units from PRE Services Limited (as responsible entity of GPTA) to GPTA unitholders. 16. Including capitalised transaction costs and excluding capital raising costs. 17. TERP calculated using 5-day VWAP of $0.9192. 18. Equates to the institutional placement and entitlement offer price of $0.86 plus $0.02.

14 Commonwealth Property Office Fund - Retail Entitlement Offer

This release does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States. The units to be issued in the institutional placement and the non-renounceable entitlement offer referred to above under "Acquisition funding" have not been, and will not be, registered under the U.S. Securities Act of 1933 (the “U.S. Securities Act”) or the securities laws of any state or other jurisdiction of the United States and may not be offered or sold, directly or indirectly, in the United States absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and any other applicable securities laws.

Caution regarding forward-looking statements This release contains certain “forward-looking statements” regarding future events and the future financial performance of CPA, including statements regarding forecast earnings and distributions, net tangible asset backing, anticipated gearing and property market fundamentals. Any forward-looking statement contained in this release is subject to known and unknown risks and uncertainties and may involve significant elements of subjective judgment and assumptions as to future events which may or may not be correct. Such forward- looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of CPA that may cause actual results to differ materially from those expressed or implied in such statements. There can be no assurance that actual outcomes will not differ materially from these statements. You are cautioned not to place undue reliance on forward-looking statements. These forward-looking statements are based on information available to CPA as of the date of this release. CPA undertakes no obligation to update these forward-looking statements to reflect any future events or circumstances.

ENDS

For further information please contact:

Charles Moore Darren Steinberg Fund Manager Managing Director, Property Commonwealth Property Office Fund Colonial First State Global Asset Management Phone: +612 9303 3438 or +61 414 457 011 Phone: +612 9303 2328 or +61 417 262 980 Email: [email protected] Email: [email protected]

About Commonwealth Property Office Fund Commonwealth Property Office Fund (‘CPA’ or the ‘Fund’) is an office sector-specific Australian Real Estate Investment Trust (A-REIT) which invests in prime quality office property located in central business districts and major suburban markets across Australia. The Fund listed on the Australian Securities Exchange in April 1999 and its stock market trading code is CPA.

For personal use only use personal For

15 5 ASX offer documents Investor presentation

Commonwealth Property Office Fund (CPA)

Strategic Melbourne portfolio acquisition and funding presentation

11 November 2010 Commonwealth Property Office Fund (CPA)

Strategic Melbourne portfolio acquisition and funding presentation

Not11 November for distribution 2010 or release in the United States

Not for distribution or release in the United States

Disclaimer

Neither Commonwealth Bank of Australia (the ‘Bank’) ABN 48 123 123 124 nor any of its subsidiaries guarantees or in any way stands behind the performance of the Commonwealth Property Office Fund ARSN 086 029 736 (‘CPA’ or the ‘Fund’) or the repayment of capital by CPA. Investments in CPA are not deposits or other liabilities of the Bank or its subsidiaries, and investment- type products are subject to investment risk including possible delays in repayment and loss of income and principal invested. The information contained in this presentation (the ‘Presentation’) is intended to provide general advice only and does not take into account your individual objectives, financial situation or needs. Some of the information in this Presentation is based on unaudited financial data. You should assess whether the Presentation is appropriate for you and consider talking to a financial adviser or consultant before making an investment decision. This Presentation is not and should not be considered to be an invitation or offer of securities for subscription, purchase or sale and does not and will not form any part of any contract for the acquisition of units in CPA. Information contained in this Presentation may be subject to change from time to time. If there are any material changes relevant to CPA or to the offer, Commonwealth Managed Investments Limited (the ‘Responsible Entity’) ABN 33 084 098 180 will lodge the appropriate information with ASX. All reasonable care has been taken in relation to the preparation and collation of the Presentation, which has been prepared by the Responsible Entity. Except for statutory liability which may not be excluded, no person, including the Responsible Entity, Colonial First State Property Limited (the ‘Manager’) ABN 20 085 313 926 or any other member of the Bank’s group of companies, accepts responsibility for any loss orDisclaimer damage howsoever occurring resulting from the use of or reliance on the Presentation by any person. Past performance is not indicative of future performance and no guarantee of future returns is implied or given. Underwriters and Lead Managers 2 If a Lead Manager provides this Presentation to any person, it does so solely as a conduit for the Responsible Entity. The Lead Managers have not authorised, permitted or caused the issue, lodgement, submission, dispatch or provision of this Presentation and do not make or purport to make any statement in this Presentation and there is no statement in this Presentation which is based on any statement by a Lead Manager. Each Lead Manager and its respective affiliates, officers and employees, to the maximum extent permitted by law, expressly disclaim all liabilities in respect of, make no representations Neitherregarding, Commonwealth and take no responsibility Bank of Australia for, any part (the of ‘Bank’) this document ABN 48 and 123 make 123 124 no representation nor any of its or subsidiaries warranty as to guarantees the currency, or accuracy,in any way reliability standsor behind completeness the performanc of information.e of the Commonwealth Property Office Fund ARSN 086 029 736 (‘CPA’ or the ‘Fund’) or the repayment of capital by CPA. Investments in CPA are not deposits or other liabilities of the Bank or its subsidiaries, and investment- typeU.S.Restrictions products are subject to investment risk including possible delays in repayment and loss of income and principal invested. TheNOT information FOR DISTRIBUTION contained inOR this RELEASE presentation IN THE (the UNITED ‘Presentation’) STATES is intended to provide general advice only and does not take into account your individual objectives, financial situation or needs. Some of the informationThis Presentation in thisdoes Presentation not constitute is based an on offer unaudited to sell, or financial a solicitation data. ofYou an should offer to assess buy, any whether securities the Presentation in the United is States. appropriate This Presentation for you and considemay notr betalking distributed to a financial or released adviser in theor consultant United States. before The making units anin the investment offer have decision. not been, This and Presentation will not be, is registered not and should under not the be U.S. considered Securities to Act be an of 1933invitation (the or ‘Securities offer of securities Act’) or the for securitiessubscription, laws purchase of any state or sale or andother does jurisdiction not and of will the not United form any States part and of any may contract not be foroffered the acquisition or sold, directly of units or indirectly, in CPA. Information in the United contained States except in this in Presentation a transaction may exempt be subject from, or to not change subject from to,the time registration to time. If requirements there are any of materialthe Securities changes Act relevant and any to other CPA applicable or to the securitiesoffer, Commonwealth laws. Managed Investments Limited (the ‘Responsible Entity’) ABN 33 084 098 180 will lodge the appropriate information with ASX. CAUTION REGARDING FORWARD-LOOKING STATEMENTS AllThis reasonable Presentation care includes has been forward-looking taken in relation statements to the preparation regarding and future collation events of and the Presentation,the future financial which performance has been prepared of CPA, by including the Responsible statements Entityregarding. Except forecast for statutory earnings liability and which distributions, may not be net excluded, tangible noasset person, backing, including anticipated the Responsible gearing and Entity, property Colonial market First fundamentals. State Property Any Limited forward-looking (the ‘Manager’) statements ABN 20 included 085 313 in 926 this or Presentation any other member involve of subje thective Bank’s judgmentgroup of and companies, analysis and accepts are subjectresponsibility to significant for any lossuncertainties, or damage risks howsoever and contingencies, occurring resulting many of from which the are use outside of or the reliance control on of, the and Presentation are unknown by to, any CPA person. andits Past officers, performance employees, is not agents indicative or assoc of futuriates.e performance Actual results, and performance no guarantee or achievementsof future returns may is impliedvary materially or given.from any forward-looking statements and the assumptions on which those statements are based including, without limitation, in particular because of risks associated with the Australian economy which could affect the future performance of CPA’s property portfolio, its ability to obtain funding on acceptable terms, the risks inherent in property development and the other risks discussed under Underwriters“Risk factors” inand this Lead Presentation. Managers Given these uncertainties, you are cautioned that this Presentation should not be relied upon as a recommendation or forecast by CPA. CPA undertakes no obligation to Ifrevise a Lead the Manager forward-looking provides statements this Presentation included to in thisany Presentation person, it does to reflect so solely any as future a conduit events for or the circumstances. Responsible Entity. The Lead Managers have not authorised, permitted or caused the issue, lodgement, submission, dispatch or provision of this Presentation and do not make or purport to make any statement in this Presentation and there is no statement in this Presentation which is based on any statement by aPRO Lead FORMA Manager. INFORMATION Each Lead Manager and its respective affiliates, officers and employees, to the maximum extent permitted by law, expressly disclaim all liabilities in respect of, make no representations For personal use only use personal For regarding,Investors should and take note no that responsibility this Presentation for, any partcontains of this pro-forma document financial and make information. no representation In preparing or warranty the pro asforma to the financial currency, information, accuracy, certain reliabilityadjustmentsor completeness were made of information. to the historical financial information of CPA that it considered appropriate to reflect the acquisition. The pro-forma financial information does not purport to be in compliance with Article 11 of Regulation S-X of the rules and regulations of the U.S. U.S.Securities Restrictions and Exchange Commission. NOTInvestors FOR should DISTRIBUTION also be aware OR RELEASE that certain IN financial THE UNITED data included STATES in this Presentation are "non-GAAP financial measures" under Regulation G of the U.S. Securities Exchange Act of 1934. These measures Thisinclude Presentation measuresdoes of earnings not constitute and distributions an offer to per sell, unit, or gearing,a solicitation and ofnet an tangible offer to assets buy, any per securities unit. The in disclosure the United of States. such non-GAAP This Presentation financial may measurnotes be in distributed the manner or includedreleased in in the the Presentation United States. may The not units be inpermissible the offer have in a registration not been, and statement will not under be, registered the U.S. Securities under the Act. U.S. These Securities non-GAAP Act of 1933 financial (the measures ‘Securities do Act’) not or have the a securities standardised laws meaning of any state prescri or bedother by jurisdiction Australian of Accounting the United Standards States and and may therefore not be offeredmay not or be sold, comparable directly or to indirectly, similarly titled in the measures United States presented except by in other a transaction entities, exemptand should from, not or be not construed subject to, as the an registration alternative requirementsto other financial of the measu Securitiesres determined Act and any in accordance other applicable with Australian securities laws. Accounting Standards. Although CPA believes these non-GAAP financial measures provide useful information to users in measuring the financial performance and condition of the business, investors are cautioned not to CAUTIONplace undue REGARDING reliance on any FORWARD-LOOKING non-GAAP financial STATEMENTS measures and ratios included in this Presentation. This Presentation includes forward-looking statements regarding future events and the future financial performance of CPA, including statements regarding forecast earnings and distributions, net tangible assetCopyright backing, and anticipatedconfidentiality gearing and property market fundamentals. Any forward-looking statements included in this Presentation involve subjective judgment and analysis and are subject to significant uncertainties,The copyright risksof this and Presentation contingencies, and the many information of which containedare outside in the it is control vested of, in theand Responsible are unknown Entity, to, CPA the and Bank its and officers, the Bank’s employees, group agentsof companies. or associates. Actual results, performance or achievements may vary materially from any forward-looking statements and the assumptions on which those statements are based including, without limitation, in particular because of risks associated with the Australian economy which could affect the future performance of CPA’s property portfolio, its ability to obtain funding on acceptable terms, the risks inherent in property development and the other risks discussed under “Risk factors”Not for in this distribution Presentation. Given or theserele uncertainties,ase in the you United are cautioned States that this Presentation should not be relied upon as a recommendation or forecast by CPA. CPA undertakes no obligation to revise the forward-looking statements included in this Presentation to reflect any future events or circumstances. PRO FORMA INFORMATION Investors should note that this Presentation contains pro-forma financial information. In preparing the pro forma financial information, certain adjustments were made to the historical financial information of CPA that it considered appropriate to reflect the acquisition. The pro-forma financial information does not purport to be in compliance with Article 11 of Regulation S-X of the rules and regulations of the U.S. Securities and Exchange Commission. Investors should also be aware that certain financial data included in this Presentation are "non-GAAP financial measures" under Regulation G of the U.S. Securities Exchange Act of 1934. These measures include measures of earnings and distributions per unit, gearing, and net tangible assets per unit. The disclosure of such non-GAAP financial measures in the manner included in the Presentation may not be permissible in a registration statement under the U.S. Securities Act. These non-GAAP financial measures do not have a standardised meaning prescribed by Australian Accounting Standards and therefore may not be comparable to similarly titled measures presented by other entities, and should not be construed as an alternative to other financial measures determined in accordance with Australian Accounting 16 Standards. AlthoughCommonwealth CPA believes these non-GAAP Property financial Office measures Fund provide - Retail useful E informationntitlement to users Offer in measuring the financial performance and condition of the business, investors are cautioned not to place undue reliance on any non-GAAP financial measures and ratios included in this Presentation. Copyright and confidentiality The copyright of this Presentation and the information contained in it is vested in the Responsible Entity, the Bank and the Bank’s group of companies.

Not for distribution or release in the United States 1

1 Executive summary

– Commonwealth Property Office Fund (‘CPA’ or the ‘Fund’) has agreed to acquire three A-grade office buildings located in the Melbourne CBD (the ‘Melbourne portfolio’) which are owned or managed by Grocon Pty Ltd (‘Grocon’) and relevant entities in the Grocon group – AAcquisitioncquisition ppricerice ooff $58$581.41.4 millionmillion1, rreflectingeflecting a 7.6%7.6% acquacquisitionisition wweightedeighted aaverageverage cap raterate Executive– A 3.3% discount summary to 1 November 2010 independent valuations through an off-market negotiated process – The acquisition offers significant benefits to CPA 3 – High quality portfolio with strong total return prospects – Improves income certainty and portfolio metrics (WALE, occupancy, tenant mix) – Commonwealth Property Office Fund (‘CPA’ or the ‘Fund’) has agreed to acquire three A-grade office– Increased buildings scale located and diversificationin the Melbourne to the CBMelbourneD (the ‘MelbourneCBD office market portfolio’) which are owned or – managedTotal consideration by Grocon of Pty $615 Ltd million (‘Grocon’)2 will andbe funded relevant through entities a incombination the Grocon of group – AAcquisitioncqu– Ais ifullytion underwritten ppricerice ooff $58$581.4 $1591.4 millionmillion institutiona1, rreflectingeflectinl gplacement a 7.6%7.6% acquacquisitionand $115isitio millionn wweightedeig non-renounceablehted aaverageverage cap raterate entitlement offer – A 3.3% discount to 1 November 2010 independent valuations through an off-market negotiated process – The– acquisitionA $43 million offers placement significant of CPA benefitsunits to Grocon to CPAand a $60 million placement of CPA units to PRE Services Limited (the responsible entity of Grocon Property Trust Australia) – High quality portfolio with strong total return prospects – A $155 million attractively priced new unsecured debt facility negotiated as part of the acquisition – Improves income certainty and portfolio metrics (WALE, occupancy, tenant mix) – $83 million of debt from CPA’s existing facilities – Increased scale and diversification to the Melbourne CBD office market – The acquisition is expected to be EPU/DPU neutral in FY11 and accretive from FY12 onwards3 – Total consideration of $615 million2 will be funded through a combination of – FY11 distribution guidance4 is 5.50 cents per unit 1.Excluding– stampA dutyfully and underwritten other transaction costs. $159 million institutional placement and $115 million non-renounceable 2.Including capitalised transaction costs and excluding capital raising costs. 3.Based on Managemententitlement estimates. offer 4.Assuming 50% of performance fee is payable and excluding the base management fees relating to the acquired assets which the Responsible Entity of CPA has waived for FY11 and FY12. Also assumes– thereA is $43no unforseen million material placement deterioration to existingof CPA economic units conditions. to Grocon and a $60 million placement of CPA units to PRE Services Not for distributionLimited (the or releresponsiblease in the entityUnited of States Grocon Property Trust Australia) – A $155 million attractively priced new unsecured debt facility negotiated as part of the acquisition – $83 million of debt from CPA’s existing facilities – The acquisition is expected to be EPU/DPU neutral in FY11 and accretive from FY12 onwards3 – FY11 distribution guidance4 is 5.50 cents per unit 1.Excluding stamp duty and other transaction costs. 2.Including capitalised transaction costs and excluding capital raising costs. 3.Based on Management estimates. 4.Assuming 50% of performance fee is payable and excluding the base management fees relating to the acquired assets which the Responsible Entity of CPA has waived for FY11 and FY12. Also assumes there is no unforseen material deterioration to existing economic conditions. Not for distribution or release in the United States

Executive summary

– Consistent with CPA’s long term strategy of owning high quality Australian CBD office assets with attractive total return metrics and income certainty – The three assets being acquired are Executive– Media House, summary 655 Collins Street, Melbourne – QV Building, Lonsdale Street, Melbourne (50% interest) 4 – AXA Headquarters, 750 Collins Street, Melbourne1

Melbourne portfolio summary statistics

– Consistent with CPA’s long term strategy of owning high quality Australian CBD office 2assets with attractiveAcquisition total returnprice metrics and income certainty $581.4 million Independent valuation $601.0 million3 – The threeAcquisition assets weighted being average acquired cap rate are 7.6% – MediaIndependent House, valuation 655 Collins weighted Street, average Melbourne cap rate 7.4% – QVWALE Building, at 1 November Lonsdale 2010 Street, Melbourne (50% interest) 8.4 years4 1 – AXA Headquarters, 750 Collins Street, Melbourne 4 For personal use only use personal For Occupancy at 1 November 2010 99.7% – As partMelbourne of the acquisition, portfolio summary Colonial statistics First State Property Limited (the ‘Manager’) and Grocon have establishedAcquisition a strategic price office sector alliance to leverage the complementary$581.4 skill-sets million 2of each of the groupsIndependent valuation $601.0 million3 1.The AXA Headquarters is the sole asset of a Grocon managed unlisted unit trust, Grocon Property Trust Australia (‘GPTA’). The agreed acquisition of the AXA Headquarters is subject to GPTA unitholder approval implemented by an ordinary resolution of GPTA unitholders (requiring 50% approval). 2.Excluding stampAcquisition duty and other transaction weighted costs. average cap rate 7.6% 3.Independent valuations as at 1 November 2010. 4.Including terms agreedIndependent with Foxtel at valuation AXA Headquarters, weighted Melbourne. average cap rate 7.4% Not for distribution or release in the United States WALE at 1 November 2010 8.4 years4 Occupancy at 1 November 2010 99.7%4 – As part of the acquisition, Colonial First State Property Limited (the ‘Manager’) and Grocon have established a strategic office sector alliance to leverage the complementary skill-sets of each of the groups 17 1.The AXA Headquarters is the sole asset of a Grocon managed unlisted unit trust, Grocon Property Trust Australia (‘GPTA’). The agreed acquisition of the AXA Headquarters is subject to GPTA unitholder approval implemented by an ordinary resolution of GPTA unitholders (requiring 50% approval). 2.Excluding stamp duty and other transaction costs. 3.Independent valuations as at 1 November 2010. 4.Including terms agreed with Foxtel at AXA Headquarters, Melbourne. Not for distribution or release in the United States 2

2 5 ASX offer documents Investor presentationOutline continued

– Acquisition rationale – Acquisition overview Outline– Impact on CPA – Strategic alliance

5 – Summary – Acquisition funding – KeyAcquisition risks rationale – AppendicesAcquisition overview – Impact on CPA – Strategic alliance – Summary – Acquisition funding – Key risks – Appendices

Not for distribution or release in the United States

Acquisition rationale For personal use only use personal For

Acquisition rationale

Not for distribution or release in the United States

18 Commonwealth Property Office Fund - Retail Entitlement Offer

Not for distribution or release in the United States 3

3 Acquisition rationale Key benefits to CPA

– The acquisition is consistent with the Fund’s strategy of acquiring high quality assets – Provides greater exposure to the attractive Melbourne CBD office market Acquisition– Modern assets rationalewith low capital expenditure requirements and strong expected total returns Key– Improves benefits certainty to CPA of income with secure cashflows and structured growth from blue chip

7 tenants, enhancing CPA’s earnings profile – Enhances the portfolio’s characteristics – Improves portfolio quality with increased weighting to A-grade assets – The acquisition is consistent with the Fund’s strategy of acquiring high quality assets – Increases occupancy and WALE – Provides greater exposure to the attractive Melbourne CBD office market – Further enhances tenant mix and geographical diversification – Modern assets with low capital expenditure requirements and strong expected total returns – Acquisition cap rates compare favourably to recent comparable transactions – Improves certainty of income with secure cashflows and structured growth from blue chip – Increased scale improves CPA’s financial flexibility and strength tenants, enhancing CPA’s earnings profile – Access to potential acquisition pipeline via strategic alliance between the Manager and Grocon – Enhances the portfolio’s characteristics – Reinforces CPA’s position as Australia’s pre-eminent office REIT – Improves portfolio quality with increased weighting to A-grade assets – Increases occupancy and WALE – Further enhances tenant mix and geographical diversification – Acquisition cap rates compare favourably to recent comparable transactions Not– Increasedfor distribution scale or rele improvesase in the CPA’sUnited Statesfinancial flexibility and strength – Access to potential acquisition pipeline via strategic alliance between the Manager and Grocon – Reinforces CPA’s position as Australia’s pre-eminent office REIT

Not for distribution or release in the United States

Acquisition rationale Melbourne CBD office market

– Acquired assets are located in the Melbourne CBD, Australia’s second largest office market – 17% of national office stock Acquisition– Melbourne CBD rationale office market offers – A resilient state economy with strong historic white collar employment growth Melbourne– Exposure CBD to greater office tenant market diversification 8 – Falling vacancy and forecast effective rental growth – Expected to have the strongest Australian CBD office market fundamentals over the next 3 years Office space - supply and demand Office stock & employment* growth rates CBD– Acquired office markets, assets five years are to located2009 in the Melbourne CBMelbourneD, Australia’s CBD, compound second average largest growth office to 2010 market 800 – 17% of national office stock 4.0% 21% – Melbourne700 18% CBD office market offers 3.5% Forecast 600 – A resilient state economy with strong historic white collar3.0% employment growth th rate '000s) 500 – Exposure to greater tenant diversification w 2. 5% 2.0% 400 – Falling vacancy and forecast effective rental growth

For personal use only use personal For 1.5% – Expected300 to have the strongest Australian6% CBD office market fundamentals over the next 3 years 200 1.0% Officesquaremetres ( space - supply and demand Office stock & employment* growth rates 2% CBD100 office markets, five years to 2009 Melbourne0.5% CBD, compound average growth to 2010

8000 averagegro compound 0.0%4.0% 21% 20 yr historic growth 10 yr historic growth 5 yr forecast growth 700 18%Melbourne Sydney 3.5% Forecast Net supply Net Absorption % relates to percentage increase since 2004 Total stock growth WCE* growth * White collar employment 600 3.0% Source: Jones Lang LaSalle data & CFSGAM Research forecasts. Source: Jones Lang LaSalle, Access Economics & CFSGAM Research forecasts. th rate '000s)

500 w 2. 5% Not for distribution or release in the United States 400 2.0% 1.5% 300 6% 200 1.0% squaremetres ( 2% 100 0.5% 0 averagegro compound 0.0% 19 Melbourne Sydney 20 yr historic growth 10 yr historic growth 5 yr forecast growth Net supply Net Absorption % relates to percentage increase since 2004 Total stock growth WCE* growth * White collar employment Source: Jones Lang LaSalle data & CFSGAM Research forecasts. Source: Jones Lang LaSalle, Access Economics & CFSGAM Research forecasts. Not for distribution or release in the United States 4

4 5 ASX offer documents Investor presentationAcquisition continued rationale Melbourne CBD office market

– Lowest vacancy of all major Australian CBD office markets – Vacancy levels well below historic levels Acquisition– Incen tives have rationale s tar te d to con trac t Melbourne– Effective rental CBD growth office now market evident

9 Net absorption and total vacancy Melbourne CBD office markets

300 35% Commercial Tech wreck Forecast – Lowest250 vacancy of all major Australianproperty CBD office marketsand OPEC slump Sep-11 200 – Vacancyoil crisis levels well below historic levels 25% 150 – Incen tives have s tar te d to con trac t 15% 100 cy cy (%) 000s, 000s, sqm) ' – Effective rental growth now evident n 50 5% Net absorption0 and total vacancy vaca Melbourne( space CBD office markets Financial Asian Global -50 deregulation financial financial -5% 1985 crisis crisis -100300 35% Commercial Tech wreck Forecast -150250 property and -15% OPEC 1973 1977 1981 1985 1989slump 1993 1997Sep-11 2001 2005 2009 2013 200 oil crisis 25% 150 Net Absorption Vacancy 15% 100

Source: Jones Lang LaSalle data and CFSGAM Research forecasts. cy (%) 000s, 000s, sqm) ' 50 n Not for distribution or release in the United States 5% 0 vaca space ( space Financial Asian Global -50 deregulation financial financial -5% -100 1985 crisis crisis -150 -15% 1973 1977 1981 1985 1989 1993 1997 2001 2005 2009 2013

Net Absorption Vacancy

Source: Jones Lang LaSalle data and CFSGAM Research forecasts. Not for distribution or release in the United States

Acquisition rationale Melbourne CBD office market – positive indicators

Melbourne CBD office market 12-month outlook

Tenant demand Increasing

AcquisitionSupply rationale Limited

MelbourneVacancy rates CBD office marketImproving – positive indicators 10 Incentives Contracting

Buyer demand Increasing Melbourne CBD office market 12-month outlook Investment yields Firming Tenant demand Increasing Asset values Increasing Supply Limited Source: CFSGAM Research forecasts. Vacancy rates Improving CPA Melbourne exposure Pre Post Incentives Contracting For personal use only use personal For No. of assets 2 5

PortfolioBuyer demand % by value 14.8%Increasing 28.7% Investment yields Firming Vacancy % by income 3.0% 1.6% Asset values Increasing WALE by income 4.9 yrs 6.8 yrs1 1.IncludingSource: CFSGAM terms agreed Research with forecasts.Foxtel at AXA Headquarters, Melbourne. Post the acquisitions, CPA will have exposure to 5 Melbourne assets NotCPA for Melbourne distribution exposure or release in the PreUnited States Post

No. of assets 2 5

Portfolio % by value 14.8% 28.7%

20 VacancyCommonwealth % by income Property Office3.0% Fund - R 1.6%etail Entitlement Offer

WALE by income 4.9 yrs 6.8 yrs1 1.Including terms agreed with Foxtel at AXA Headquarters, Melbourne. Post the acquisitions, CPA will have exposure to 5 Melbourne assets Not for distribution or release in the United States 5

5 Acquisition overview

Acquisition overview

Not for distribution or release in the United States

Acquisition overview Asset profile – Media House, 655 Collins Street, Melbourne

Ownership 100% Acquisition price $91.6 million1 Initial yield on acquisition price 6.88% Acquisition cap rate 7.05% AcquisitionIndependent valuation overview(1 Nov 10) $92.0m Asset-Cap rate profile – Media House, 655 Collins Street,7.00% Melbourne -Terminal yield 7.25% 12 -Discount rate 9.13% -Initial yield 6.85% -RentalOwnership growth rate (10-year) 4.02%100% BuildingAcquisition grade price $91.6A-grade million1 NetInitial lettable yield on area acquisition price 16,9666.88% sqm TypicalAcquisition floor cap plate rate 1,900 sqm - 2,8007. 05% sqm IndependentOccupancy (at valuation 1 Nov 10) (1 Nov 10) 100.0%$92.0m -CapWALE rate 19.07.00% years -Terminal yield 7.25% -DiscountSustainability rate credentials 5-star Green Star (design)9.13%

For personal use only use personal For -Initial yield 6.85% -Rental growth rate (10-year) Facility to contain and re-use storm4.02% water Solar water heating Sustainability initiatives Building grade Water efficientA-grade fittings Net lettable area Low energy T-5 efficient16,966 lighting sqm TypicalKey tenants floor plate 1,900 sqm - 2,800The sqmAge Occupancy (at 1 Nov 10) 100.0% 1.Excluding stamp duty and other transaction costs. Media House, 655 Collins Street, Melbourne NotWALE for distribution or release in the United States 19.0 years Sustainability credentials 5-star Green Star (design)

Facility to contain and re-use storm water Solar water heating Sustainability initiatives Water efficient fittings Low energy T-5 efficient lighting 21 Key tenants The Age

1.Excluding stamp duty and other transaction costs. Media House, 655 Collins Street, Melbourne Not for distribution or release in the United States 6

6 5 ASX offer documents Investor presentationAcquisition continued overview Asset profile – QV Building, Lonsdale Street, Melbourne

Ownership 50% Acquisition price $269.8 million1 Initial yield on acquisition price 7.68% Acquis itio n cap ra te (b le nded) 8.11% Acquisition overview Office Retail Carpark AssetIndependent profile valuation –2 (1 QV Nov Building, 10) $142.7m Lonsdale$110.0m Street,$33.3m Melbourne -Cap rate 7.89% 7.00% 8.25% 13 -Terminal yield 7.57% 7.25% 8.50% -Discount rate 9.32% 9.25% 10.25% -InitialOwnership yield 7.48% 6.92% 50%n.a. -Rental growth rate (10-year) 4.10% n.a. n.a. Acquisition price $269.8 million1 Building grade A-grade Initial yield on acquisition price 7.68% Office: 58,675 sqm (55%) Net lettable area Acquis itio n cap ra te (b le nded) Retail: 47,086 sqm 8(45%).11% Typical floor plate OfficeOffice: 1,800Retail sqm - 3,900Carpark sqm Independent valuation2 (1 Nov 10) $142.7m $110.0m $33.3m -CapOccupancy rate (at 1 Nov 10) 7.89%Office: 100.0%7.00% / Retail: 98.7%8.25% -TerminalWALE yield 7.57% 7.25% 5.28.50% years -Discount rate 9.32% 9.25% 10.25% -InitialTotal car yield spaces 7.48% 6.92% 1,497n.a. -Rental growth rate (10-year) 4.10% n.a. n.a. Sustainability credentials Not currently rated Building grade A-grade Office: BHP, Telstra, Accenture, GHD Office: 58,675 sqm (55%) NetKey lettabletenants area Retail: Woolworths, Big W, HarveyRetail: Norman, 47,086 Fitness sqm (45%) First

1.ExcludingTypical stamp floor duty plate and other transaction costs. Office: 1,800 sqm - 3,900 sqm QV Building, Lonsdale Street, Melbourne 2.50% interest. NotOccupancy for distribution (at 1 Nov or 10) release in the United StatesOffice: 100.0% / Retail: 98.7% WALE 5.2 years Total car spaces 1,497 Sustainability credentials Not currently rated Office: BHP, Telstra, Accenture, GHD Key tenants Retail: Woolworths, Big W, Harvey Norman, Fitness First

1.Excluding stamp duty and other transaction costs. QV Building, Lonsdale Street, Melbourne 2.50% interest. Not for distribution or release in the United States

Acquisition overview Asset profile – AXA Headquarters, 750 Collins Street, Melbourne

Ownership 100% Acquisition price $220.0 million1 Initial yield on acquisition price 7.64% Acquisition cap rate 7.33% AcquisitionIndependent valuation overview(1 Nov 10) $223.0m Asset-Cap rate profile – AXA Headquarters, 750 Collins7.25% Street, Melbourne -Terminal yield 7.38% 14 -Discount rate 9.13% -Initial yield 7.54% -RentalOwnership growth rate (10-year) 4.02%100% AcquisitionBuilding grade price $220.0A-grade million1 InitialNet lettable yield on area acquisition price 40,7347.64% sqm AcTypicalquisition floor ca platep rate 5,500 sqm - 6,2007.33% sqm IndependentOccupancy (at valuation 1 Nov 10) (1 Nov 10) $223.0m100.0% WALE-Cap rate 878.7 7.25%years2 -Terminal yield 7.38% -Discount rate 5-star Green Star (as9.13% built) Sustainability credentials

-Initial yield 4-star NABERS Energy7.54% For personal use only use personal For -Rental growth rate (10-year) 4.02% Extensive metering of energy usage Building grade Extensive end of trip facilities forA-grade cyclists Sustainability initiatives Waterless urinals Net lettable area Low energy T-5 efficient40,734 lighting sqm Typical floor plate Facility to contain and5,500 re-use sqm -storm 6,200 water sqm KeyOccupancy tenants (at 1 Nov 10) AXA Australia100.0% 1.Excluding stamp duty and other transaction costs. 2. Including terms agreed with Foxtel. AXA Headquarters, 750 Collins Street, Melbourne WALE 878.7 years2 Not for distribution or release in the United States 5-star Green Star (as built) Sustainability credentials 4-star NABERS Energy Extensive metering of energy usage Extensive end of trip facilities for cyclists Sustainability initiatives Waterless urinals 22 Commonwealth Property Office Fund - RLowetail energy Entitlement T-5 efficient Offer lighting Facility to contain and re-use storm water Key tenants AXA Australia 1.Excluding stamp duty and other transaction costs. 2. Including terms agreed with Foxtel. AXA Headquarters, 750 Collins Street, Melbourne Not for distribution or release in the United States 7

7 Acquisition overview Additional information on the AXA Headquarters

– The AXA Headquarters is the sole asset of a Grocon managed unlisted unit trust, Grocon Property Trust Australia (‘GPTA’) – The $220 million1 acquisition price is to be funded by a combination of cash ($160 million) and CPA Acquisitionscrip ($60 million) overview Additional– CPA scrip information consideration on to bethe issued AXA at $0.88Headquarters per unit2

15 – Asset to be acquired at $3 million below independent valuation – CPA has negotiated attractively priced unsecured debt with the existing GPTA lender – The– AXA$155 Headquarters million senior unsecured is the sole facility asset with of a a 39-month Grocon termmanaged remaining unlisted post acquisition unit trust, Grocon Property – TrustThe agreed Australia acquisition (‘GPTA’) of the AXA Headquarters is subject to GPTA unitholder approval3 – The– $220 Implemented million1 byacquisition an ordinary price resolution is to of be GPTA funded unitholders by a combination (requiring 50% of cashapproval) ($160 million) and CPA scrip– The($60 responsible million) entity of GPTA, PRE Services Limited (‘PRE Services’), recommends GPTA unitholders – CPAvote i scripn f avour consideration of fth the transac to beti on, issued su bj ecat t$0.88 to th e per Ind unitepen2 d en t Exper t Repor t (prov ide d by De lo itte ) – recommendingAsset to be acquired the offer at $3 as millionfair and below reasonable independent valuation 4 – CPA– hasThe negotiatedIndependent attractivelyExpert Report priced is expected unsecured to be finalised debt with on Friday,the existing 12 November GPTA lender2010 – $155Grocon million related senior entities unsecured control facility~20% ofwith GPTA a 39-month and have term undertaken remaining to post vote acquisition in favour of the transaction – The Manageragreed acquisition and Grocon of the are AXA confident Headquarters of securing is subject the required to GP GPTATA unitholder unitholder approval support3 1.Excluding stamp duty and other transaction costs. 2.Equates to– theImplemented institutional placement andby entitlementan ordinary offer price resolution of $0.86 plus $0.02. of CPAGPTA scrip will unitholders not be issued if GPTA (requiring unitholder approval 50% is approval)not obtained, see Appendix B for further details on the impact of the acquisition to CPA if unitholder approval is not obtained. 3.The acquisition– The of Media responsible House and a 50% entityinterest in ofthe QVGPTA, Building willPR proceedE Services if GPTA unitholder Limited approval (‘PRE is not obtained. Services’), recommends GPTA unitholders 4.Refer to Appendix E for the GPTA unitholder approval timetable. vote i n f avour of fth the transacti on, su bjec t to th e Ind epend en t Exper t Repor t (prov ide d by De lo itte ) Not for distribution or release in the United States recommending the offer as fair and reasonable – The Independent Expert Report is expected to be finalised on Friday, 12 November 20104 – Grocon related entities control ~20% of GPTA and have undertaken to vote in favour of the transaction – The Manager and Grocon are confident of securing the required GPTA unitholder support 1.Excluding stamp duty and other transaction costs. 2.Equates to the institutional placement and entitlement offer price of $0.86 plus $0.02. CPA scrip will not be issued if GPTA unitholder approval is not obtained, see Appendix B for further details on the impact of the acquisition to CPA if unitholder approval is not obtained. 3.The acquisition of Media House and a 50% interest in the QV Building will proceed if GPTA unitholder approval is not obtained. 4.Refer to Appendix E for the GPTA unitholder approval timetable. Not for distribution or release in the United States

Impact on CPA For personal use only use personal For

Impact on CPA

Not for distribution or release in the United States

Not for distribution or release in the United States 8

8 5 ASX offer documents Investor presentationImpact continued on CPA Portfolio key metrics

Pre acquisition Melbourne portfolio Pro forma for at 30 September 2010 acquisition acquisition ImpactNumber of assets on CPA 26 3 29

PortfolioValue of investment key propertiesmetrics ($m) 3,086 6151 3,701

17 Net lettable area (sqm) 733,168 165,132 898,300

Number of tenants 320 131 4432 Pre acquisition Melbourne portfolio Pro forma for at 30 September 2010 acquisition acquisition Occupancy (%) 92.3 99.7 93.3 Number of assets 26 3 29 WALE (years) 4.53 8.44 5.03,4 Value of investment properties ($m) 3,086 6151 3,701 Independent valuation weighted average cap rate (%) 7.7 7.4 7.6 Net lettable area (sqm) 733,168 165,132 898,300 Proportion of portfolio classified as A-grade by value (%) 77.7 100.0 78.4 Number of tenants 320 131 4432

Occupancy (%) 92.3 99.7 93.3 1. Including capitalised transaction costs and excluding capital raising costs. 2. Eight tenants in the Melbourne portfolio acquisition are existing CPA tenants. 3. Including terms agreed with BNP Paribas at 60 Castlereagh Street, Sydney and Gallagher Bassett at 201 Miller3 Street, North Sydney. 4 3,4 4. IncludingWALE terms (years) agreed with Foxtel at AXA Headquarters, Melbourne. 4.5 8.4 5.0 Not for distribution or release in the United States Independent valuation weighted average cap rate (%) 7.7 7.4 7.6

Proportion of portfolio classified as A-grade by value (%) 77.7 100.0 78.4

1. Including capitalised transaction costs and excluding capital raising costs. 2. Eight tenants in the Melbourne portfolio acquisition are existing CPA tenants. 3. Including terms agreed with BNP Paribas at 60 Castlereagh Street, Sydney and Gallagher Bassett at 201 Miller Street, North Sydney. 4. Including terms agreed with Foxtel at AXA Headquarters, Melbourne. Not for distribution or release in the United States

Impact on CPA Geographic composition and Top 10 tenants

CPA geographical breakdown by value1 (%) CPA Top 10 tenants

1.1 % of % of Pre acquisitions Post acquisitions ImpactPost on CPA2.6 income income acquisitions 8.1 1. Commonwealth Bank 1. Commonwealth Bank Geographic composition3.1 and Top 10 tenants 14.7 12.6 9.7 18 7.8 2. SA Government 6.0 2. SA Government 5.1 1.2 3. Suncorp 5.3 3. AXA 5.0 9.3 4. Federal Government 4.9 4. Suncorp 4.6 CPA geographical breakdown by value1 (%) CPA Top 10 tenants Pre 51.7 5. WA Government 4.2 5. Federal Government 4.2 acquisitions 14.8 1.1 61.9 6. KPMG % of 6. WA Government % of Pre acquisitions 3.6 Post acquisitions 3.6 Post income income 2.6 7. NSW Government 3.0 7. KPMG 3.1 acquisitions28.7 8.1 1.8. JPJCommonwealth.P. M organ Bank 81.. NSWCommonwealth Governmen Bank t 3.1 14.72.9 12.62.6 9.7 7.8 2.9. PricewaterhouseCoopersSA Government 6.02.0 9.2. J.P.SA Government Morgan 2.45.1 1.2 For personal use only use personal For 3.10. Suncorp GHD 5.3 10.3. AXA Telstra 5.0 9.3 2.0 2.2 4. Federal Government 4.9 4. Suncorp 4.6 NSW VIC WA SA ACT QLD Top 10 48.6% Top 10 45.4% Pre 51.7 5. WA Government 4.2 5. Federal Government 4.2 acquisitions 14.8 61.9 6. KPMG 3.6 6. WA Government 3.6

1. Unaudited book values as at 30 September 2010. 7. NSW Government 7. KPMG 28.7 3.0 3.1 8. JPJ.P. M organ 8. NSW Governmen t Not for distribution or release in the United States 2.9 2.6 9. PricewaterhouseCoopers 2.0 9. J.P. Morgan 2.4 10. GHD 2.0 10. Telstra 2.2

NSW VIC WA SA ACT QLD Top 10 48.6% Top 10 45.4%

24 Commonwealth Property Office Fund - Retail Entitlement Offer

1. Unaudited book values as at 30 September 2010.

Not for distribution or release in the United States 9

9 Impact on CPA Lease expiry profile

Pre acquisitions Post acquisitions

4.5 years 1 5.0 years 1,2 ImpactWALE on CPA LeaseOccupancy expiry profile 92.3% 93.3%

19 CPACPA leaselease expiry profile profile by by income income 50.0% 45.2% 45.0% 41.8% 40.0% Pre acquisitions Post acquisitions 35.0% WALE30.0% 4.5 years 1 5.0 years 1,2 25.0% 92.3% 93.3% Occupancy20. 0% 13.6% 13.3% 14.2% CPACPA15.0% leaselease expiry profile profile by by income income 12.0% 50.0%10.0% 7.1% 8.5% 8.0% 8.0% 6.4% 7.5% 45.2% 45.0%5.0% 41.8% 40.0%0.0% 35.0% FY2011 FY2012 FY2013 FY2014 FY2015 BEYOND 30.0% Pre acquisitions Post acquisitions

1. Including25.0% terms agreed with BNP Paribas at 60 Castlereagh Street, Sydney and Gallagher Bassett at 201 Miller Street, North Sydney. 2. Including terms agreed with Foxtel at AXA Headquarters, Melbourne. 20. 0% Not for distribution or release in the United States 13.6% 13.3% 14.2% 15.0% 12.0% 10.0% 8.5% 8.0% 8.0% 7.1% 6.4% 7.5% 5.0% 0.0% FY2011 FY2012 FY2013 FY2014 FY2015 BEYOND

Pre acquisitions Post acquisitions

1. Including terms agreed with BNP Paribas at 60 Castlereagh Street, Sydney and Gallagher Bassett at 201 Miller Street, North Sydney. 2. Including terms agreed with Foxtel at AXA Headquarters, Melbourne. Not for distribution or release in the United States

Impact on CPA Key financial metrics1

– Expected to be EPU2/DPU neutral in FY11 and accretive from FY12 onwards3 – Base management fees relating to the assets acquired have been waived by the Responsible Entity for FY11 and FY12 Impact– Gearing onremains CPA below the Fund’s target range of 30% to 40% 1 Key– Balance financial sheet metricsstrength maintained 20 Income statement (Forecast) Balance sheet (Pro forma impact) EPU/DPU Total assets Gearing NTA per unit – Expected to be EPU2/DPU neutral in FY11 and accretive from FY12 onwards3 $3.7b 27.1% $1.14 – Base managementExpected to befees EPU/DPU relating to the assets acquired have been waived by the Responsible FY11Entity forneutral FY11 with and DPU FY12 guidance4 – Gearingof remains 5.50 cents below per theunit Fund’s target range of 30% to 40% – Balance sheet strength maintained $0.6b +2.6% -$0.05 Expected to be accretive to FY12Income statement (Forecast) Balance sheet (Pro forma impact) For personal use only use personal For EPU/DPU EPU/DPU Total$3.1b assets Gearing24.5% NTA$1.09 per unit 1.Metrics on this slide assume that the agreed acquisition of the AXA Headquarters is approved$3.7b by GPTA unitholders. Refer to Appendix27.1% B for the pro forma balance sheet if GPTA$1.14 unitholder approval is not obtained. Expected to be EPU/DPU 2.EPU is not as defined in AIFRS. EPU for these purposes is defined as distributable income divided by the weighted average number of units. Distributable income is profit before fair value adjustmentsFY11 to investmentneutral properties, with associates, DPU derivatives guidance and unrealised4 performance fees, non-cash convertible notes interest expense and straightlining of fixed rental increases. 3.Based on Management estimates. 4.Assuming 50% of performanceof 5.50 fee cents is payable per and excludingunit the base management fees relating to the acquired assets which the Responsible Entity of CPA has waived for FY11 and FY12. Also assumes there is no unforseen material deterioration to existing economic conditions. $0.6b +2.6% -$0.05 Not for distribution or release in the United States Expected to be accretive to FY12 EPU/DPU $3.1b 24.5% $1.09 1.Metrics on this slide assume that the agreed acquisition of the AXA Headquarters is approved by GPTA unitholders. Refer to Appendix B for the pro forma balance sheet if GPTA unitholder approval is not obtained. 2.EPU is not as defined in AIFRS. EPU for these purposes is defined as distributable income divided by the weighted average number of units. Distributable income is profit before fair value 25 adjustments to investment properties, associates, derivatives and unrealised performance fees, non-cash convertible notes interest expense and straightlining of fixed rental increases. 3.Based on Management estimates. 4.Assuming 50% of performance fee is payable and excluding the base management fees relating to the acquired assets which the Responsible Entity of CPA has waived for FY11 and FY12. Also assumes there is no unforseen material deterioration to existing economic conditions. Not for distribution or release in the United States 10

10 5 ASX offer documents Investor presentationImpact continued on CPA Pro forma balance sheet

Key financial metrics for acquisition of the Melbourne portfolio Audited Adjusted Pro forma Pro forma 30 June 2010 Adjustments1 30 June 2010 transactions 30 June 20102 Impact on CPA 3,107.4 (16.3) 3,091.1 615.33 3,706.4 ProTotal assetsforma ($m) balance sheet 694.5 1.3 695.8 244.4 940.2 21 Total borrowings ($m)

Total liabilities ($m) 834.5 (31.1) 803.4 244.4 1,047.8

KeyNet financialassets ($m) metrics for acquisition of the Melbourne2,272.9 portfolio 14.8 2,287.7 370.9 2,658.6 Audited Adjusted Pro forma Pro forma 4 Gearing 30 June23.5% 2010 Adjustments1 30 June24.5% 2010 transactions 30 June 27.1%20102

LVRTotal5 assets ($m) 3,107.426.8% (16.3) 3,091.126.3% 615.33 3,706.428.5%

6 UnitsTotal borrowingson issue (‘000) ($m) 2,012,803694.5 1.3 2,012,803695.8 436,786244.4 2,449,589940.2

NTATotal perliabilities unit ($) ($m) 834.51.13 (31.1) 803.41.14 244.4 1,047.81.09

1.Adjustments reflect significant events occurring post 30 June 2010 up to 31 October 2010. 2.ProNet forma assets 30 June ($m) 2010 is ‘Adjusted 30 June 2010’ after taking 2,272.9the pro forma transactions into14.8 consideration, including2,287.7 completion of the AXA Headquarters370.9 transaction. 2,658.6 3.Including capitalised transaction costs and excluding capital raising costs. 4.Gearing equals total drawn debt to total assets. For this calculation total assets exclude the fair value of derivatives. 5.LoanGearing to value4 ratio calculated as total liabilities divided by total assets23.5% excluding the effect of the option component of the24.5% convertible notes of $25.2 million and the non-cash impact of27.1% the mark to market of the derivative financial instruments including derivative financial instrument assets of $8.4 million, derivative financial liabilities of $46.5 million and fair value of cross currency swaps of ($27.1 million). CPA’s LVR covenant is 45%. 6.TheLVR $43.05 million Grocon placement, $158.6 million institutional placement,26.8% $115.4 million entitlement offer and $60.0 million26.3% placement to the Responsible Entity of GPTA, results in 436.828.5% million additional units. Not for distribution or release in the United States Units on issue6 (‘000) 2,012,803 2,012,803 436,786 2,449,589

NTA per unit ($) 1.13 1.14 1.09

1.Adjustments reflect significant events occurring post 30 June 2010 up to 31 October 2010. 2.Pro forma 30 June 2010 is ‘Adjusted 30 June 2010’ after taking the pro forma transactions into consideration, including completion of the AXA Headquarters transaction. 3.Including capitalised transaction costs and excluding capital raising costs. 4.Gearing equals total drawn debt to total assets. For this calculation total assets exclude the fair value of derivatives. 5.Loan to value ratio calculated as total liabilities divided by total assets excluding the effect of the option component of the convertible notes of $25.2 million and the non-cash impact of the mark to market of the derivative financial instruments including derivative financial instrument assets of $8.4 million, derivative financial liabilities of $46.5 million and fair value of cross currency swaps of ($27.1 million). CPA’s LVR covenant is 45%. 6.The $43.0 million Grocon placement, $158.6 million institutional placement, $115.4 million entitlement offer and $60.0 million placement to the Responsible Entity of GPTA, results in 436.8 million additional units. Not for distribution or release in the United States

Impact on CPA Debt profile post acquisitions

– Weighted average interest rate 6.9%1,2 Debt funding sources 2 – Weighted average duration of debt 3.8 years 10% 3 Impact– Undrawn on debt CPA facilities $536 million 13% Debt profile post acquisitions 47%

22 17% Pro forma debt maturity profile 13% 500 –450Weighted average interest rate 6.9%1,2 Debt funding sources 400 Bank debt Medium term notes 350 2 US Private Placement Convertible notes – Weighted average duration of debt 3.8 years 10% 300 New bank debt* 83 3 –250Undrawn debt facilities $536 million 13% million $ 200 200 47% 150 250 17% 100 220 200 Pro forma debt maturity profile150 155 151 For personal use only use personal For 33 50 95 13% 5000 450 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 400 Bank debt Medium term notes Bank debt Medium term notes US Private Placement Convertible notes^ New bank debt* 1.Including350 fees and margins. US Private Placement Convertible notes 2.Calculation is based on 30 June 2010 figures, adjusted for the new bank debt facility negotiated as part of the acquisition of the AXA Headquarters, which will be fully drawn and also assumes New bank debt* no 300additional hedging has been put in place. 83 3.Calculation is based on undrawn debt facilities as at 31 October 2010, adjusted for the bank debt facilities drawn as part of the acquisition of the Melbourne portfolio. * New250 bank debt facility negotiated as part of the acquisition of the Melbourne portfolio. million ^ Convertible$ 200 Notes 200have investor put option on 11 December 2014. Not150 for distribution or release in the United States 250 100 220 200 150 155 151 50 95 33 0 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 Bank debt Medium term notes US Private Placement Convertible notes^ New bank debt* 26 1.Including feesCommonwealth and margins. Property Office Fund - Retail Entitlement Offer 2.Calculation is based on 30 June 2010 figures, adjusted for the new bank debt facility negotiated as part of the acquisition of the AXA Headquarters, which will be fully drawn and also assumes no additional hedging has been put in place. 3.Calculation is based on undrawn debt facilities as at 31 October 2010, adjusted for the bank debt facilities drawn as part of the acquisition of the Melbourne portfolio. * New bank debt facility negotiated as part of the acquisition of the Melbourne portfolio. ^ Convertible Notes have investor put option on 11 December 2014. Not for distribution or release in the United States 11

11 Strategic alliance

Strategic alliance

Not for distribution or release in the United States

Strategic alliance Overview

– As part of the acquisition, the Manager and Grocon have established an office sector alliance (the ‘Alliance’) to leverage the complementary skill-sets of the groups Strategic– CFSGAM alliance is a leading fund manager of office assets ($5. 4 billion1 of office assets) – Grocon is a leading office developer and contractor with a proven track record of originating and Overviewdeveloping high quality office assets 24 – The Alliance provides a framework for the Manager and Grocon to work collaboratively on new Australian office investment and redevelopment opportunities – NoAs partimpact of theto CPA’s acquisition, existing the governance Manager and structures Grocon orhave decision established making an processes office sector alliance – The(the Alliance‘Alliance’) also to leverageprovides thefor Groconcomplementary to receive skill-sets a portion of ofthe the groups Manager’s base funds management– CFSGAM is fees a leading derived fund from manager the Melbourne of office assets portfo ($5lio. 4 billionacquired1 of office by CPA assets) (subject to certain conditions– Grocon including is a leading the office successful developer acquisition and contractor of thewith AXAa proven Headquarters) track record of originating and – As partdeveloping of the Alliance,high quality there office will assets be a period of exclusivity where Grocon will work with the CPA – Thedevelopment Alliance providesteam to negotiatea framework satisfactory for the M termsanager on and the Grocon design andto work construction collaboratively of the on new For personal use only use personal For Australiandevelopment office of 5investment Martin Place, and Sydney redevelopment (formerly opportunities 120 Pitt Street, Sydney) – NoAs partimpact of theto CPA’s acquisition, existing Grocon governance has elected structures to receive or decision part of making the consideration processes in CPA scrip 2 – Theand willAlliance become also a provides strategic for investor Grocon (with to receive an initial a portiholdingon ofof the~2.6% Manager’sof issued base capital) funds in CPA managementensuring alignment fees derived of interests from the Melbourne portfolio acquired by CPA (subject to certain 1.As at 30 June 2010. 2.On completionconditions of the placement including of CPA units the to Grocon successful and the distribution acquisition of CPA units from PRE of Services the LimitedAXA (as Headquarters) responsible entity of GPTA) to GPTA unitholders. Not– As for partdistribution of the or Alliance, release in therethe United will Statesbe a period of exclusivity where Grocon will work with the CPA development team to negotiate satisfactory terms on the design and construction of the development of 5 Martin Place, Sydney (formerly 120 Pitt Street, Sydney) – As part of the acquisition, Grocon has elected to receive part of the consideration in CPA scrip 2 and will become a strategic investor (with an initial holding of ~2.6% of issued capital) in CPA 27 ensuring alignment of interests 1.As at 30 June 2010. 2.On completion of the placement of CPA units to Grocon and the distribution of CPA units from PRE Services Limited (as responsible entity of GPTA) to GPTA unitholders. Not for distribution or release in the United States 12

12 5 ASX offer documents Investor presentation continued

Summary

Not for distribution or release in the United States

Summary

– The acquisition is consistent with CPA’s strategy of acquiring high quality assets – The acquisition improves certainty of income with secure cashflows and structured growth enhancing CPA’s earnings profile Summary– Low capital expenditure requirements – Strong total return prospects 26 – Enhances tenant mix and geographical diversification to Melbourne CBD office market – Enhances the portfolio characteristics – The acquisition is consistent with CPA’s strategy of acquiring high quality assets – Improves occupancy and WALE – The– acquisitionIncreased weighting improves to primecertainty grade of assets income with secure cashflows and structured growth enhancing CPA’s earnings profile – The Alliance provides CPA with potential to access the future Grocon development pipeline – Low capital expenditure requirements – BlBalance sh eet strength ma inta ine d – Strong total return prospects – Expected to be neutral to earnings and distributions in FY11 and accretive from FY12 onwards1

For personal use only use personal For – Enhances tenant mix and geographical diversification to Melbourne CBD office market – FY11 distribution guidance2 of 5.50 cents per unit – Enhances the portfolio characteristics – Improves occupancy and WALE – Increased weighting to prime grade assets 1.Based on Management estimates. 2.Assuming– The 50% Alliance of performance provides fee is payable and CPA excluding with the base potential management fees to relating access to the acquired the assetsfuture which theGrocon Responsible developmentEntity of CPA has waived forpipeline FY11 and FY12. Also assumes there is no unforseen material deterioration to existing economic conditions. Not– BlB foral ancedistribution sh eet or strengt release inh thema United inta ine States d – Expected to be neutral to earnings and distributions in FY11 and accretive from FY12 onwards1 – FY11 distribution guidance2 of 5.50 cents per unit

28 Commonwealth Property Office Fund - Retail Entitlement Offer

1.Based on Management estimates. 2.Assuming 50% of performance fee is payable and excluding the base management fees relating to the acquired assets which the Responsible Entity of CPA has waived for FY11 and FY12. Also assumes there is no unforseen material deterioration to existing economic conditions. Not for distribution or release in the United States 13

13 Acquisition funding

Acquisition funding

Not for distribution or release in the United States

Acquisition funding Sources and uses

– The acquisition is funded by a fully underwritten capital raising to raise $274.0 million (the ‘Capital Raising’) at $0.86 per unit, comprising Acquisition– An ins titu tifundingona l p lacemen t o f $158. 6 m illion Sources– A 1and for 15 uses non-renounceable entitlement offer to raise approximately $115.4 million – A placement to Grocon of $43.0 million at $0.86 per unit as part of the consideration 28 – A placement1 to PRE Services, (as the responsible entity of GPTA) of $60.0 million at $0.88 per unit2 is expected to be undertaken in December 2010 as part of the consideration for the – acquisitionThe acquisition of the is AXAfunded Headquarters by a fully underwritten capital raising to raise $274.0 million (the ‘Capital Raising’) at $0.86 per unit, comprising Source of funds $m Uses of funds $m – An ins titu tiona l p lacemen t o f $158. 6 m illion Institutional placement 158.6 Acquisition of three Melbourne office assets 581.4 – A 1 for 15 non-renounceable entitlement offer to raise approximately $115.4 million Entitl emen t off er 115.4 Stamp duty t 32. 0 Placement– A placement to Grocon to Grocon of $43.0 million at 43.0$0.86 per Other unit transaction as part costs of the consideration 8.0

For personal use only use personal For 1 Placement– A placement1 to PRE Servicesto PRE Services, (as the responsible entity of GPTA) of $60.0 million at $0.88 per 60.0 (as unitresponsible2 is expected entity of GPTA) to be undertaken in December 2010 as part of the consideration for the Debtacquisition facilities3 of the AXA Headquarters 244.4

3 3 TotalSource sources of funds $621.4m$m TotalUses usesof funds $621.4m$m 1.Subject to the agreed acquisition of the AXA Headquarters being approved by GPTA unitholders. 2.EquatesInstitutional to the institutional placement placement and entitlement offer price of $0.86 plus $0.02. 158.6 Acquisition of three Melbourne office assets 581.4 3.If GPTA unitholder approval is not obtained, ‘Debt facilities’ reduces to $72.3 million and total sources and total uses reduce to $389.3 million. Entitl emen t off er 115.4 Stamp duty t 32. 0 Not for distribution or release in the United States Placement to Grocon 43.0 Other transaction costs 8.0 Placement1 to PRE Services 60.0 (as responsible entity of GPTA) Debt facilities3 244.4 Total sources3 $621.4m Total uses3 $621.4m 29

1.Subject to the agreed acquisition of the AXA Headquarters being approved by GPTA unitholders. 2.Equates to the institutional placement and entitlement offer price of $0.86 plus $0.02. 3.If GPTA unitholder approval is not obtained, ‘Debt facilities’ reduces to $72.3 million and total sources and total uses reduce to $389.3 million. Not for distribution or release in the United States 14

14 5 ASX offer documents Investor presentationAcquisition continued funding Capital Raising metrics

– New Units issued under the Capital Raising will be at a fixed price of $0.86 per New Unit – All New Units issued under the Offer will rank equally with existing CPA Units Acquisition– Fully entitled funding to the distribution for the six months ending 31 December 2010 Capital Raising metrics

Capital Raising metrics

– New UnitsCapital issued Raising under offer price the Capital Raising will be at a fixed price $0.86of $0.86 per New Unit – All New Units issued under the Offer will rank equally with existing CPA Units Discount to close on 10 November 2010 4.4% – Fully entitled to the distribution for the six months ending 31 December 2010 Discount to 5-day VWAP 6.4%

Discount to theoretical ex-rights price (TERP)1 6.1%

Discount to pro forma NTA per unit 20.8% Capital Raising metrics Forecast FY11 distribution yield2 6.4% Capital Raising offer price $0.86

Discount to close on 10 November 2010 4.4% 1.TERP calculated using 5-day VWAP of $0.9192. 2.Based on anticipated distribution of 5.50 cents per unit for FY11. Assuming 50% of performance fee is payable, other than in respect of the base management fees relating to the acquired assets which the ResponsibleDiscount Entity of CPA to has 5-day waived VWAPfor FY11 and FY12. Further assumes there is no unforseen material deterioration to existing6.4% economic conditions. Not for distribution or release in the United States Discount to theoretical ex-rights price (TERP)1 6.1%

Discount to pro forma NTA per unit 20.8%

Forecast FY11 distribution yield2 6.4%

1.TERP calculated using 5-day VWAP of $0.9192. 2.Based on anticipated distribution of 5.50 cents per unit for FY11. Assuming 50% of performance fee is payable, other than in respect of the base management fees relating to the acquired assets which the Responsible Entity of CPA has waived for FY11 and FY12. Further assumes there is no unforseen material deterioration to existing economic conditions. Not for distribution or release in the United States

Acquisition funding Institutional placement and entitlement offer indicative timetable

Event Date Trading halt Thursday, 11 November 2010 AcquisitionIns tituti ona l Offer O pens funding Thurs day, 11N11 Novemb er 2010 InstitutionalInstitutional Offer Closes placement and entitlement offer indicative timetableFriday, 12 November 2010 Record Date for determining Entitlement for the Entitlement Offer 7.00pm Tuesday, 16 November 2010 30 Retail Entitlement Offer opens Thursday, 18 November 2010 Early Acceptance Date for the Retail Entitlement Offer Thursday, 25 November 2010 EventSettlement of Institutional Offer and Early Acceptance for Retail Entitlement Offer Friday, 26 November 2010Date TradingAllotment halt of Institutional Offer and Early Acceptance for Retail Entitlement Offer Thursday,Monday, 2911 November 2010 ITradingns tituti ona commences l Offer O pens for new units issued under Institutional Offer and Early Thurs day, 11N11 Novemb er 2010 Monday, 29 November 2010 InstitutionalAcceptance Offerfor Retail Closes Entitlement Offer Friday, 12 November 2010 RetailRecord Entitlement Date for determining Offer Closes Entitlement for the Entitlement Offer 7.00pmWednesday, Tuesday, 16 8 DecemberNovember 2010

AllotmentRetail Entitlement of Retail Offer Entitlement opens Offer Thursday,Friday, 1817 DecemberNovember 2010 For personal use only use personal For TradingEarly Acceptance commences Date for for new the units Retail allotted Entitlement under FinalOffer Retail Entitlement Offer Thursday,Monday, 2025 DecemberNovember 2010 Settlement of Institutional Offer and Early Acceptance for Retail Entitlement Offer Friday, 26 November 2010 Allotment of Institutional Offer and Early Acceptance for Retail Entitlement Offer Monday, 29 November 2010 Timetable is indicative only and subject to change. AllTrading references commencesto time are Australian for Eastern new Daylightunits issuedSaving Time. under Institutional Offer and Early The Responsible Entity and the Joint Lead Managers reserve the right to close the Offer earlier without notice. Monday, 29 November 2010 Acceptance for Retail Entitlement Offer NotRetail for Entitlementdistribution Offer or rele Closesase in the United States Wednesday, 8 December 2010 Allotment of Retail Entitlement Offer Friday, 17 December 2010 Trading commences for new units allotted under Final Retail Entitlement Offer Monday, 20 December 2010

30 Commonwealth Property Office Fund - Retail Entitlement Offer Timetable is indicative only and subject to change. All references to time are Australian Eastern Daylight Saving Time. The Responsible Entity and the Joint Lead Managers reserve the right to close the Offer earlier without notice.

Not for distribution or release in the United States 15

15 Key risks

Key risks

Not for distribution or release in the United States

Key risks Summary

– Further details on key risks are set out in the Appendix F

Key risks Key risks Summary ⎯ Lease default, non-renewal and vacancy ⎯ Funding risk 32 ⎯ Capital expenditure ⎯ Development pipeline CPA related ⎯ Acquisition – Further details on key risks are⎯ setInsurance out in riskthe Appendix F ⎯ Personnel risk Key risks ⎯ Investment risk ⎯ Lease default, non-renewal and vacancy ⎯ Geographical concentration risk ⎯ Funding risk ⎯ CapitalEconomic expenditure and market conditions For personal use only use personal For General market ⎯ DevelopmentInterest rate risk pipeline CPA related ⎯ AcquisitionChanges in applicable law ⎯ Insurance risk AXA Headquarters acquisition1 ⎯ Approval from GPTA unitholders ⎯ Personnel risk ⎯ 1.For further information refer to slides 15, 21 and 41. Investment risk ⎯ Geographical concentration risk Not for distribution or release in the United States ⎯ Economic and market conditions General market ⎯ Interest rate risk ⎯ Changes in applicable law

AXA Headquarters acquisition1 ⎯ Approval from GPTA unitholders 31

1.For further information refer to slides 15, 21 and 41.

Not for distribution or release in the United States 16

16 5 ASX offer documents Investor presentation continued

Appendices

Not for distribution or release in the United States

Appendix A Asset detail – Media House, 655 Collins Street, Melbourne

Property details Location 655 Collins Street, Melbourne Completed 2009 AppendixTotal NLA A16,966 sqm (100% office) AssetBuilding grade detail – A-grade Media House, 655 Collins Street, Melbourne Major tenants Tenant Levels Area (sqm) Lease expiry % of NLA 34 Fairfax Whole 16,090 Nov 2029 100 building

Sustainability Property details 5-star Green Star (Design) credentials Location 655 Collins Street, Melbourne Typical floor plates 1,900 sqm - 2,800 sqm Media House, 655 Collins Street, Melbourne Completed 2009 Total carNLA spaces16,966 89 sqm (100% office) Property lease expiry profile WALE 19. 0 years Building grade A-grade 100.0% BuildingMajor tenants services Tenant• Six passengerLevels lifts Area (sqm) Lease expiry % of NLA 100%

•Fairfax Automated buildingWhole security16,090 system Nov 2029 100 80% For personal use only use personal For • Two 1,650 KVAbuilding generators are installed to supply 100% back 60% % income % up power to all essential services 40% Sustainability • Bulk fuel tanks to run essential services for 48 hours 20% 5-star Green Star (Design) 0.0% 0.0% 0.0% 0.0% 0.0% credentials 0% Typical floor plates 1,900 sqm - 2,800 sqm MediaFY11* House, FY12655 Collins FY13 Street, FY14 Melbourne FY15 BEYOND

Total car spaces 89 * includesProperty vacancies lease & holdovers expiry profile WALE 19. 0 years Not for distribution or release in the United States 100.0% Building services • Six passenger lifts 100% • Automated building security system 80% • Two 1,650 KVA generators are installed to supply 100% back 60% % income % up power to all essential services 40% • Bulk fuel tanks to run essential services for 48 hours 20% 0.0% 0.0% 0.0% 0.0% 0.0% 32 Commonwealth Property Office Fund - Retail Entitlement Offer 0% FY11* FY12 FY13 FY14 FY15 BEYOND

* includes vacancies & holdovers

Not for distribution or release in the United States 17

17 Appendix A Asset detail – Media House, 655 Collins Street, Melbourne

Location – 655 Collins Street, Melbourne Building profile – 655 Collins Street, Melbourne

Appendix A Asset detail – Media House, 655 Collins Street, Melbourne

Level 8 THE AGE Location – 655 Collins Street, Melbourne BuildLeveling 7 profile – 655 Collins Street,THE AGE Melbourne Level 6 THE AGE

Level 5 THE AGE

Level 4 THE AGE

Level 3 THE AGE

Level 2 THE AGE

Upper Ground THE AGE

Lower Ground THE AGE

BasementLevel 8 CARPARKTHE AGE

Source: Google maps. Source:Level CPA7 records. THE AGE

Level 6 THE AGE

Level 5 THE AGE

Level 4 THE AGE

Level 3 THE AGE Not for distribution or release in the United States Level 2 THE AGE Upper Ground THE AGE

Lower Ground THE AGE

Basement CARPARK

Source: Google maps. Source: CPA records.

Not for distribution or release in the United States

Appendix A Asset detail – QV Building, Lonsdale Street, Melbourne

Property details Location 180-222 Lonsdale Street, Melbourne Completed 2004 AppendixTotal NLA A58,675 sqm (office) AssetTotal GLA detail 47,086– QV sqm Building, (retail) Lonsdale Street, Melbourne Building grade A-grade 36 Major tenants Tenant Levels Area (sqm) Lease expiry % of NLA Telstra 222 18,429 Jun 2014 100 Lonsdale Property details BHP Billiton 180 17,939 Sep 2013 45 Lonsdale Location 180-222 Lonsdale Street, Melbourne Sustainability Not currently rated QV Building, Lonsdale Street, Melbourne credentialsCompleted 2004 Typical Total NLA Office:58,675 1,800sqm (office) sqm - 3,900 sqm Property lease expiry profile Totalfloor plates GLA 47,086 sqm (retail) BuildingTotal car gradespaces A-grade1,497 100%

WALEMajor tenants Tenant5.2 years Levels Area (sqm) Lease expiry % of NLA 80% For personal use only use personal For Telstra 222 18,429 Jun 2014 100 60% Building services • Multiple zoned centralised air conditioning system 39.9% Lonsdale income % 34.1% • Six passenger lifts servicing the low and high rise 40% BHP Billiton 180 17,939 Sep 2013 45 15.2% • Full security card system with security gates to the lifts and 20% Lonsdale 4.9% 3.1% 2.8% manned security/tenant operated desks in foyer 0% Sustainability Not currently rated QV Building,FY11* Lonsdale FY12 FY13Street, Melbourne FY14 FY15 BEYOND credentials Typical * includes vacancies & holdovers Office: 1,800 sqm - 3,900 sqm Property lease expiry profile floor plates

NotTotal for car distribution spaces 1,497or release in the United States 100% WALE 5.2 years 80% 60% Building services • Multiple zoned centralised air conditioning system 39.9% % income % 34.1% • Six passenger lifts servicing the low and high rise 40% 20% 15.2% • Full security card system with security gates to the lifts and 4.9% 3.1% 2.8% manned security/tenant operated desks in foyer 0% 33 FY11* FY12 FY13 FY14 FY15 BEYOND

* includes vacancies & holdovers

Not for distribution or release in the United States 18

18 5 ASX offer documents Investor presentationAppendix continued A Asset detail – QV Building, Lonsdale Street, Melbourne

Location – QV Building, Lonsdale Street, Melbourne Building profile – QV Building, Lonsdale Street, Melbourne

180 Lonsdale Street, Melbourne Appendix A Level 28 BHP BILLITON Level 27 BHP BILLITON

Asset detail – QV Building, Lonsdale Street,Level Melbourne 26 BHP BILLITON

37 Level 25 BHP BILLITON Level 24 BHP BILLITON

Level 23 BHP BILLITON

Level 22 BHP BILLITON

Location – QV Building, Lonsdale Street, Melbourne BuildingLevel 21 profileBHP –BILLITON QV Building, Lonsdale Street, Melbourne

Level 20 BHP BILLITON

180Level Lonsdale 19 Street,BHP BILLITON Melbourne

Level 1828 BHPACCENTURE BILLITON

Level 1727 BHPACCENTURE BILLITON

Level 1626 BHPTELSTRA BILLITON

Level 1525 BHPTELSTRA BILLITON

Level 1424 BHPTELSTRA BILLITON Level 1223 BHPTELSTRA BILLITON 222 Lonsdale Street, Melbourne Level 1122 BHPTELSTRA BILLITON Level 9 TELSTRA Source: Google maps. Level 1021 BHPTELSTRA BILLITON Level 8 TELSTRA

LevelLevel 20 9 BHP GHDBILLITON Level 7 TELSTRA

LevelLevel 19 8 BHP GHDBILLITON Level 6 TELSTRA

LevelLevel 18 7 ACCENTUREGHD Level 5 TELSTRA

Source:Level 17 CPA records. ACCENTURE Not for distribution or release in the United States Level 16 TELSTRA Level 15 TELSTRA

Level 14 TELSTRA Level 12 TELSTRA 222 Lonsdale Street, Melbourne Level 11 TELSTRA Level 9 TELSTRA Source: Google maps. Level 10 TELSTRA Level 8 TELSTRA

Level 9 GHD Level 7 TELSTRA

Level 8 GHD Level 6 TELSTRA

Level 7 GHD Level 5 TELSTRA

Source: CPA records. Not for distribution or release in the United States

Appendix A Asset detail – QV Building, Lonsdale Street, Melbourne

Cross-section of retail component of QV Building, Lonsdale Street, Melbourne

Appendix A Asset detail – QV Building, Lonsdale Street, Melbourne

Cross-section of retail component of QV Building, Lonsdale Street, Melbourne For personal use only use personal For QV Building - key retail component statistics Total centre MAT $199.7 million Specialty store sales/sqm $5,637 Specialty occupancy cost 17.2% QV Building, Lonsdale Street, Melbourne (retail component)

Not for distribution or release in the United States

QV Building - key retail component statistics Total centre MAT $199.7 million Specialty store sales/sqm $5,637 34 Commonwealth Property Office Fund - Retail Entitlement Offer Specialty occupancy cost 17.2% QV Building, Lonsdale Street, Melbourne (retail component)

Not for distribution or release in the United States 19

19 Appendix A Asset detail – AXA Headquarters, 750 Collins Street, Melbourne

Property details Location 750 Collins Street, Melbourne Completed 2007 AppendixTotal NLA A40,734 sqm AssetOffice/ detail –Office: AXA 38,009 Headquarters, sqm (99.3%) 750 Collins Street, Melbourne Retail split Retail: 2,725 sqm (6.7%) 39 Building grade A-grade Major tenants Tenant Levels Area (sqm) Lease expiry % of NLA AXA 2, 4-10 38,286 Nov 2019 94 Property details Sustainability Location 750Target Collins 5-star Street, Green Melbourne Star credentials AXA Headquarters, 750 Collins Street, Melbourne TypicalCompleted floor plates 5,5002007 sqm - 6,200 sqm Total carNLA spaces40,734 422 sqm Lease expiry profile Office/ Office: 38,009 sqm (99.3%) WALE 8.7 years1 98.3% Retail split Retail: 2,725 sqm (6.7%) 100% Building gradeservices • A-grade 11 passenger lifts 80% Major tenants• Tenant Reverse cycleLevels air conditioningArea (sqm) reticulatedLease through expiry central% of air NLA 60% % income % AXAhandling units2, 4-10 38,286 Nov 2019 94 40% • Standby power for 100% of the building 20% Sustainability 0.0% 0.0% 0.0% 1.7% 0.0% Target 5-star Green Star 0% credentials AXAFY11* Headquarters, FY12 750 FY13 Collins FY14 Street, FY15 Melbourne BEYOND Typical floor plates 5,500 sqm - 6,200 sqm 1.Including terms agreed with Foxtel. * includes vacancies & holdovers Total car spaces 422 Lease expiry profile

1 98.3% NotWALE for distribution or8.7 rele yearsase in the United States 100% Building services • 11 passenger lifts 80% • Reverse cycle air conditioning reticulated through central air 60% % income % handling units 40%

• Standby power for 100% of the building 20% 0.0% 0.0% 0.0% 1.7% 0.0% 0% FY11* FY12 FY13 FY14 FY15 BEYOND

1.Including terms agreed with Foxtel. * includes vacancies & holdovers

Not for distribution or release in the United States

Appendix A Asset detail – AXA Headquarters, 750 Collins Street, Melbourne

Location – 750 Collins Street, Melbourne Building profile – 750 Collins Street, Melbourne

Appendix A Asset detail – AXA Headquarters, 750 Collins Street, Melbourne

Level 10 AXA

Level 9 AXA

Location – 750 Collins Street, Melbourne BuildLevel 8 ing profile – 750 Collins AXAStreet, Melbourne

Level 7 AXA

Level 6 AXA

Level 5 AXA

Level 4 AXA

Level 3 FOXTEL (HOA)

Level 2 OLIVENO SIMMER SHINSEI OCEANZ AXA

For personal use only use personal For Level 1 GEON AUSTRALIA KINETIC HAIG FITNESS NATIONAL AUSTRALIA BANK Level 10 AXA Basement CARPARK Level 9 AXA Source: Google maps. Source:Level 8 CPA records. AXA

Level 7 AXA

Level 6 AXA

Level 5 AXA

Level 4 AXA

Not for distribution or release in the United States Level 3 FOXTEL (HOA)

Level 2 OLIVENO SIMMER SHINSEI OCEANZ AXA

Level 1 GEON AUSTRALIA KINETIC HAIG FITNESS NATIONAL AUSTRALIA BANK

Basement CARPARK

Source: Google maps. Source: CPA records. 35

Not for distribution or release in the United States 20

20 5 ASX offer documents Investor presentationAppendix continued B Pro forma balance sheet excluding the AXA Headquarters

Key financial metrics of the Melbourne portfolio excluding the acquisition of the AXA Headquarters Audited Adjusted Pro forma Pro forma 30 June 2010 Adjustments1 30 June 2010 transactions 30 June 20102 Appendix B 3,107.4 (16.3) 3,091.1 383.23 3,474.3 ProTotal assetsforma ($m) balance sheet excluding the AXA Headquarters 694.5 1.3 695.8 72.2 768.0 41 Total borrowings ($m)

Total liabilities ($m) 834.5 (31.1) 803.4 72.2 875.6

KeyNet financial assets ($m) metrics of the Melbourne portfolio2,272.9 excluding the acquisition14.8 of the AXA2,287.7 Headquarters 311.0 2,598.7 Audited Adjusted Pro forma Pro forma 4 Gearing 30 June23.5% 2010 Adjustments1 30 June24.5% 2010 transactions 30 June 23.9%20102

LVRTotal5 assets ($m) 3,107.426.8% (16.3) 3,091.126.3% 383.23 3,474.325.4%

6 UnitsTotal borrowingson issue (‘000) ($m) 2,012,803694.5 1.3 2,012,803695.8 368,60572.2 2,381,408768.0

NTATotal perliabilities unit ($) ($m) 834.51.13 (31.1) 803.41.14 72.2 875.61.09

1.Adjustments reflect significant events occurring post 30 June 2010 up to 31 October 2010. 2.ProNet forma assets 30 June ($m) 2010 is ‘Adjusted 30 June 2010’ after taking2,272.9 the pro forma transactions into14.8 consideration. 2,287.7 311.0 2,598.7 3.Including capitalised transaction costs and excluding capital raising costs for the acquisition of Media House, Melbourne and a 50% interest in QV Building, Melbourne. 4.Gearing equals total drawn debt to total assets. For this calculation total assets exclude the fair value of derivatives. 5.LoanGearing to value4 ratio calculated as total liabilities divided by total23.5% assets excluding the effect of the option component of the24.5% convertible notes of $25.2 million and the non-cash impact of23.9% the mark to market of the derivative financial instruments including derivative financial instrument assets of $8.4 million, derivative financial liabilities of $46.5 million and fair value of cross currency swaps of ($27.1 million). CPA’s LVR covenant is 45%. 6.TheLVR $43.05 million Grocon placement, $158.6 million institutional26.8% placement, $115.4 million entitlement offer results in 368.626.3% million additional units. 25.4% Not for distribution or release in the United States Units on issue6 (‘000) 2,012,803 2,012,803 368,605 2,381,408

NTA per unit ($) 1.13 1.14 1.09

1.Adjustments reflect significant events occurring post 30 June 2010 up to 31 October 2010. 2.Pro forma 30 June 2010 is ‘Adjusted 30 June 2010’ after taking the pro forma transactions into consideration. 3.Including capitalised transaction costs and excluding capital raising costs for the acquisition of Media House, Melbourne and a 50% interest in QV Building, Melbourne. 4.Gearing equals total drawn debt to total assets. For this calculation total assets exclude the fair value of derivatives. 5.Loan to value ratio calculated as total liabilities divided by total assets excluding the effect of the option component of the convertible notes of $25.2 million and the non-cash impact of the mark to market of the derivative financial instruments including derivative financial instrument assets of $8.4 million, derivative financial liabilities of $46.5 million and fair value of cross currency swaps of ($27.1 million). CPA’s LVR covenant is 45%. 6.The $43.0 million Grocon placement, $158.6 million institutional placement, $115.4 million entitlement offer results in 368.6 million additional units.

Not for distribution or release in the United States

Appendix C Comparable asset transaction metrics

Acquisition Recent transactions Sale price Sale price Transaction NLA cap rate ($m) ($/sqm) date (sqm) (%)

Appendix800 Collins Street, CDocklands 76.9 5,204 Feb 10 29,544 7.38 Comparable asset transaction metrics 485 La Trobe Street, Melbourne 140.1 4,187 Aug 10 33,459 7.80 42

160 Harbour Esplanade, Docklands 54.2 6,794 Aug 10 7,980 7.64

South Wharf Tower, Melbourne 115.5 5,560 Sep 10 20,762 Acquisition7.94 Recent transactions Sale price Sale price Transaction NLA cap rate ($m) ($/sqm) date (sqm) Acquisition(%) Melbourne portfolio acquisition Valuation Sale price Valuation NLA cap rate 800 Collins Street, Docklands ($m)76.9 ($/sqm)5,204 Febdate 10 29,544(sqm) 7.38(%)

485Media La House, Trobe Street, 655 Co Melbournellins Street, Melbourne 140.192.0 4,1875,399 AugNov 10 33,45916,966 7.807.03

For personal use only use personal For 1 Nov 10 160QV Building,Harbour Esplanade,Lonsdale Street, Docklands Melbourne 286.054.2 5,0236,794 Aug 10 107,4327,980 8.057.64

Nov 10 SouthAXA Headquarters, Wharf Tower, 750Melbourne Collins Street, Melbourne 223.0115.5 5,4035,560 Sep 10 20,76240,734 7.947.35

Total / average 601.0 5,226 165,132 Acquisition7.62 Melbourne portfolio acquisition Valuation Sale price Valuation NLA cap rate 1.50% interest ($m) ($/sqm) date (sqm) (%)

NotMedia for distributionHouse, 655 Co orllins rele Street,ase in Melbournethe United States 92.0 5,399 Nov 10 16,966 7.03

QV Building, Lonsdale Street, Melbourne1 286.0 5,023 Nov 10 107,432 8.05

AXA Headquarters, 750 Collins Street, Melbourne 223.0 5,403 Nov 10 40,734 7.35 36 Commonwealth Property Office Fund - Retail Entitlement Offer Total / average 601.0 5,226 165,132 7.62

1.50% interest

Not for distribution or release in the United States 21

21 Appendix D Overview of Grocon Pty Ltd

– Grocon is one of Australia’s leading property developers with a successful track record in the development of iconic office and mixed-use assets Appendix– Grocon’s office D development projects include: – the Victorian Government Building in Dandenong, Victoria (pre-committed), Overview of Grocon Pty Ltd – the Central Activities District mixed-use complex in Footscray, Victoria (pre-committed) and 43 – a mixed-use facility at Civic Place in Parramatta, New South Wales

Grocon’s– Grocon planned is officeone developmentof Australia’s projects leading include: property developers with a successful track record in the development of iconic office and mixed-use assets – Grocon’s office development projects include: – the Victorian Government Building in Dandenong, Victoria (pre-committed), – the Central Activities District mixed-use complex in Footscray, Victoria (pre-committed) and – a mixed-use facility at Civic Place in Parramatta, New South Wales

Grocon’s planned office development projects include:

150 Collins Street, Melbourne 55 Elizabeth Street, Brisbane 480 Queen Street, Brisbane 555 Swanston Street, Melbourne

Not for distribution or release in the United States

150 Collins Street, Melbourne 55 Elizabeth Street, Brisbane 480 Queen Street, Brisbane 555 Swanston Street, Melbourne

Not for distribution or release in the United States

Appendix E GPTA unitholder approval timetable

Event Date

Independent Exp ert rep ort ex pected to be finalised Friday, 12 November 2010 Appendix E Notice of meeting and explanatory memorandum Tuesday, 23 November 2010 GPTAdistributed unitholder to GPTA unitholders approval timetable

44 GPTA unitholder meeting Thursday, 16 December 2010

Settlement of AXA Headquarters Tuesday, 21 December 2010

Placement to PRE Services (as responsible entity of GPTA) Tuesday, 21 December 2010 Event Date

Independent Exp ert rep ort ex pected to be finalised Friday, 12 November 2010 Notice of meeting and explanatory memorandum Tuesday, 23 November 2010 distributed to GPTA unitholders

GPTA unitholder meeting Thursday, 16 December 2010 For personal use only use personal For Settlement of AXA Headquarters Tuesday, 21 December 2010

Placement to PRE Services (as responsible entity of GPTA) Tuesday, 21 December 2010

Not for distribution or release in the United States

Not for distribution or release in the United States 22

22 5 ASX offer documents Investor presentationAppendix continued F Risk factors

Investors should carefully consider the risks factors described below.

Additional risk factors and uncertainties that are not known to the Responsible Entity at the time of this Offer, or which are considered immaterial, may in the fu tu re materially impact CPAassetsCPA assets, financial financialcondition condition or operations and may hav e an adv erse effect on an Appendixinvestment in CPA. FMore information on the Responsible Entity’s approach to Corporate Governance and risk management can be Riskfound on factors pages 48 to 61 of the CPA 2010 Annual Report or in the About Us section of the CPA website www.cfsgam.com.au/cpa

45 Risks relating to CPA Lease default, non-renewal and vacancy There is a possibility that tenants may default on their rental or other obligations under leases with CPA, leading to a reduction of incomeInvestors received should bycarefully CPA. Inconsider addition, the there risks is factors a risk thatdescribed if CPA below. is not able to negotiate lease extensions with existing tenants at the end of the lease terms, or replace the leases on expiry with leases at equivalent rates, there may be a material adverse impact on the distributableAdditional risk income factors of and CPA uncertainties and the value that of arethe notparticular known property to the Responsible involved. The Entity ability at the of CPA time toof securethis Offer, lease or renewalswhich are or considered to obtain replacementimmaterial, ma tenantsy in the may fu tu be re influenced materially impactby any CPAassetsCPAleasing assets incentives, financial financialcondition granted condition to prospective or operations tenants and maandy increased hav e an ad competitionv erse effect in on the an investmentsector, which, in CPA.in turn, More may information increase the on time the Responsiblerequired to let Entity’s vacant approach space. to Corporate Governance and risk management can be found on pages 48 to 61 of the CPA 2010 Annual Report or in the About Us section of the CPA website www.cfsgam.com.au/cpa Funding risk RisksIn order relating to fund tofuture CPA capital expenditure and acquisitions, the Responsible Entity relies on equity, debt and hybrid funding along with the refinancing of existing debt facilities. An inability to obtain the necessary funding or refinancing of an existing arrangement, or a materialLease default, increase non-renewal in the cost and of such vacancy funding, may have a material adverse impact on CPA’s performance and financial position. CPA’sThere isdebt a possibility facilities presently that tenants include may and defaul willt onmost their likely rental in t heor otherfuture obligations include various under financial leases with covenants CPA, leading which, toif breacha reducted,ion may of resultincome in received CPA paying by CPA. a higher In addition, rate of interest there is or a beingrisk that required if CPA tois repaynot able such to negotiatefacilities immediately lease extensions or on withshort existing notice. tenantAlternatives at the financingend of the may lease be terms, on less or favourable replace the terms leases or onmay expiry not be with available leases at equivalentall. If no alternative rates, there financing may be is aavailable, material adverseCPA may impact need toon the realisedistributable assets income and the of consequent CPA and the sale value of CPAof the properties particular may property result in involved. significant The abilityfinancial of CPAloss to secureCPA. lease renewals or to obtain replacement tenants may be influenced by any leasing incentives granted to prospective tenants and increased competition in the sector, which, in turn, may increase the time required to let vacant space. NotFunding for distribution risk or release in the United States In order to fund future capital expenditure and acquisitions, the Responsible Entity relies on equity, debt and hybrid funding along with the refinancing of existing debt facilities. An inability to obtain the necessary funding or refinancing of an existing arrangement, or a material increase in the cost of such funding, may have a material adverse impact on CPA’s performance and financial position. CPA’s debt facilities presently include and will most likely in the future include various financial covenants which, if breached, may result in CPA paying a higher rate of interest or being required to repay such facilities immediately or on short notice. Alternative financing may be on less favourable terms or may not be available at all. If no alternative financing is available, CPA may need to realise assets and the consequent sale of CPA properties may result in significant financial loss to CPA.

Not for distribution or release in the United States

Appendix F Risk factors

Risks relating to CPA (continued) Capital expenditure CPA remains responsible for cap ital costs (including rep airs) for its share of the prop erties it owns. Property investments will, in some Appendixinstances, require significantF capital expenditure in order to realise above market returns. The level and timing of capital expenditure will be specific to the individual properties or projects in which the Fund invests. Detailed analysis of the requirements will be Riskcompleted factors at the time of entering into an investment and continually monitored to ensure capital expenditure is adding value to the 46 asset(s). There is a risk the Fund may not have capital when it is needed. Development pipeline As at 30 September 2010, CPA had a $1.3 billion development pipeline including projects yet to obtain development approval. Projects currently under construction or with development approval have a development cost of approximately $1.2 billion, with Risks$1.1 million relating remaining to CPA to (continued) be spent, targeting an average yield on first year income of approximately 7% to 8%. CapitalInsurance expenditure risk CPAThe Responsibleremains resp Entityonsible and for CPA cap italare costs exposed (includin to insuranceg rep airs risk) for inits te sharerms of of the the adequacy prop erties of it coverowns. for Pro eventsperty investmentsarising in respect will, in of some instances,assets, contractors require significant and service capital providers, expenditure including in order both failureto realise to insureabove andmarket underinsurance returns. The forlevel events. and timing In the of event capital that ex thpenditureere are insufficientwill be specific insurance to the individualarrangements properties in place, or projects the Fund in maywhich be the exposed Fund invests. to materially Detailed significant analysis capital of the loss, requirements or losses will that be may have acompleted material adverseat the time impact of entering on revenue into angeneration investment and and the continually overall financial monitored performance to ensure of capital the Fund. expenditure is adding value to the asset(s). There is a risk the Fund may not have capital when it is needed.

For personal use only use personal For Development pipeline As at 30 September 2010, CPA had a $1.3 billion development pipeline including projects yet to obtain development approval. Projects currently under construction or with development approval have a development cost of approximately $1.2 billion, with $1.1 million remaining to be spent, targeting an average yield on first year income of approximately 7% to 8%. Insurance risk The Responsible Entity and CPA are exposed to insurance risk in terms of the adequacy of cover for events arising in respect of assets, contractors and service providers, including both failure to insure and underinsurance for events. In the event that there are insufficient insurance arrangements in place, the Fund may be exposed to materially significant capital loss, or losses that may have Nota material for distribution adverse impact or rele onase revenue in the generationUnited States and the overall financial performance of the Fund.

38 Commonwealth Property Office Fund - Retail Entitlement Offer

Not for distribution or release in the United States 23

23 Appendix F Risk factors

Risks relating to CPA (continued) Environmental issues As a pro pert y owner, CPA is ex posed to the risk that under various Federal, State and local environmental laws, it may be liable for Appendixthe cost of removal For remediation of hazardous or toxic substances on, under, in or emanating from the properties in its portfolio. In common with all other owners of property, there remains a risk that environmental laws and regulations may become more stringent Riskor that environmentalfactors conditions on or near the properties, presently known or unknown, may have a material adverse impact on the 47 properties in the future. Retention of personnel CPA’s success depends in part on the ability of the Manager’s executive officers, senior management, and employees to operate effectively, both individually and as a group. Further, CPA’s success largely depends on its ability to attract and retain highly qualified Risks relating to CPA (continued) management and personnel. Whilst CPA has either contracts of service or employment with its key personnel, it cannot ultimately preventEnvironmental any of theseissues persons from terminating their respective contracts. The loss of the services of these individuals or any other keyAs a personnel pro pert y owner could ,have CPA ais materialex posed adverse to the risk impact that underon CPA. various Federal, State and local environmental laws, it may be liable for Changethe cost of responsibleremoval or remediation entity of hazardous or toxic substances on, under, in or emanating from the properties in its portfolio. In commonIf the Responsible with all other Entity owners is replaced of property, as the there responsible remains entity a risk of that CPA environmental by an entity that laws is and not regulations a subsidiary may of the become Bank, morethere stringen is the t potentialor that environmental for adverse impacts conditions on onCPA or in near the theevent properties, of a change presen in investmenttly known or strategy, unknown, or ifmay any have of CPA’s a material debt providers adverse impactdemand on the repaymentproperties in of the facilities future. (where entitled to do so). In addition, if the new responsible entity replaces Colonial First State Management PtyRetention Limited of (the personnel ‘Property Manager’), CPA’s earnings and distributions may be reduced if the fee structure applied by the new propertyCPA’s success and development depends in managerpart on the is abilityhigher of than the underManager’s current exec arrangements.utive officers, senior management, and employees to operate effectively, both individually and as a group. Further, CPA’s success largely depends on its ability to attract and retain highly qualified management and personnel. Whilst CPA has either contracts of service or employment with its key personnel, it cannot ultimately prevent any of these persons from terminating their respective contracts. The loss of the services of these individuals or any other key personnel could have a material adverse impact on CPA. Change of responsible entity If the Responsible Entity is replaced as the responsible entity of CPA by an entity that is not a subsidiary of the Bank, there is the Notpotential for distribution for adverse or impacts release on in CPA the in United the event States of a change in investment strategy, or if any of CPA’s debt providers demand repayment of facilities (where entitled to do so). In addition, if the new responsible entity replaces Colonial First State Management Pty Limited (the ‘Property Manager’), CPA’s earnings and distributions may be reduced if the fee structure applied by the new property and development manager is higher than under current arrangements.

Not for distribution or release in the United States

Appendix F Risk factors

Risks relating to CPA (continued) Investment risk While an invest m ent in CPA is n ot a d irect p rope r ty inv estm en t, i t r em ain s in dir ectly e xposed to ri sk s associ ated wi th th e office Appendixproperty sector. The F value of CPA’s property assets may fluctuate depending on the property market conditions in which CPA operates and ultimately this may have a material adverse impact on the performance of CPA, including to distributions paid by CPA Riskand the factorsmarket price of CPA units. 48 Geographical concentration risk As at 30 September 2010, all of CPA’s portfolio was located (by value) in Australia, with a 61.9% exposure to New South Wales, 14.8% exposure to Victoria, 9.3% exposure to Western Australia, 9.7% exposure to South Australia, 3.1% exposure to Australian Capital Territory and 1.2% exposure to Queensland. Any decline in office property values or any event or occurrence which has an Risks relating to CPA (continued) effect on the office buildings in Australia, especially New South Wales or Victoria, may have a material adverse effect on the business,Investment financial risk condition, results of operations and/or prospects of CPA. ForceWhile amajeuren invest riskm ent in CPA is n ot a d irect p rope r ty inv estm en t, i t r em ain s in dir ectly e xposed to ri sk s associ ated wi th th e office Someproperty events sector. are The beyond value the of CPA’scontrol property of CPA orassets the Responsible may fluctuate Entity, depending or any onother the party, property including market acts conditions of God, infires, which floods, CPA earthquakesoperates and, warsultimately, strikes this and may acts have of aterrorism material. Inadverse most instances impact on, these the performance events are effectivelyof CPA, including uninsurable to distributions, and if such paid events by C occurPA theyand themay market have aprice material of CPA adverse units. impact on the Fund. Geographical concentration risk

For personal use only use personal For As at 30 September 2010, all of CPA’s portfolio was located (by value) in Australia, with a 61.9% exposure to New South Wales, 14.8% exposure to Victoria, 9.3% exposure to Western Australia, 9.7% exposure to South Australia, 3.1% exposure to Australian Capital Territory and 1.2% exposure to Queensland. Any decline in office property values or any event or occurrence which has an effect on the office buildings in Australia, especially New South Wales or Victoria, may have a material adverse effect on the business, financial condition, results of operations and/or prospects of CPA. Force majeure risk Some events are beyond the control of CPA or the Responsible Entity, or any other party, including acts of God, fires, floods, earthquakes, wars, strikes and acts of terrorism . In most instances, these events are effectively uninsurable , and if such events occur Notthey for may distribution have a material or rele adversease in theimpact United on the States Fund.

Not for distribution or release in the United States 24

24 5 ASX offer documents Investor presentationAppendix continued F Risk factors

General investment risks Economic and market conditions CPA may be materially adversely impacted by many factors including changes in general economic conditions such as interest rates, Appendixinflation, retail spending F levels, consumer confidence levels and general market levels. A number of factors affect the performance of the stock markets, which could affect the price at which the CPA units trade on the ASX. Among other things, movements on Riskinternational factors and domestic stock markets and in interest rates, inflation and inflationary expectations and overall economic conditions, as well as government taxation and other policy changes may affect the demand for, and price of, the CPA units. Volatility in the 49 Australian or international financial markets may influence the trading price of the CPA units on the ASX. Interest rate risk Funding cost fluctuations in interest rates, to the extent that they are not hedged, may adversely impact on the cost of debt and result Generalin decreased investment earnings risks available for distribution to holders of CPA units. Increases in interest rates will adversely affect the Economicperformance and of market CPA once conditions any hedge expires. CPA may be materially adversely impacted by many factors including changes in general economic conditions such as interest rates, inflation,Changes retail in applicable spending law levels, consumer confidence levels and general market levels. A number of factors affect the performance of theThe stock Responsible markets, Entity which must could comply affect withthe pricevarious at whichlegal requirements the CPA units including trade on requirementsthe ASX. Among imposed other bythings, securities movements laws and on internationalcompany laws and in Australiadomestic. stock Should markets any of and those in lawsinterest change rates, over inflation time, and the legalinflationary requirements expectations to which and the overall Responsible economic Entity conditions, and asCPA well may as be government subject could taxation differ and materially other policy from currentchanges requirements. may affect the demand for, and price of, the CPA units. Volatility in the AXAAustralian Headquarters, or international Melbourne financial acquisition markets may specific influence risks the trading price of the CPA units on the ASX. InterestApproval rate by GPTArisk unitholders FundingThe agreement cost fluctuations to acquire in AXA interest Headquarters rates, to the is subject extent thatto unitholder they are not approv hedged,al. There may is adversely a risk that impact GPTA on unitholders the cost of will debt not anapprod resultve thein decreased acquisition earnings of the AXA available Headquarters. for distribution to holders of CPA units. Increases in interest rates will adversely affect the performance of CPA once any hedge expires.

Changes in applicable law The Responsible Entity must comply with various legal requirements including requirements imposed by securities laws and company laws in Australia. Should any of those laws change over time, the legal requirements to which the Responsible Entity and NotCPA for may distribution be subject orcould rele differase in materially the United from States current requirements. AXA Headquarters, Melbourne acquisition specific risks Approval by GPTA unitholders The agreement to acquire AXA Headquarters is subject to unitholder approval. There is a risk that GPTA unitholders will not approve the acquisition of the AXA Headquarters.

Not for distribution or release in the United States

Appendix G Jurisdictions

Investors from jurisdictions outside of Australia should carefully consider the foreign selling restrictions setout below.

European Economic Area – Germany and Netherlands The information in this document has been pre pared on the basis that all offers of New Units will be made pursuant to an exemption under the Directive 2003/71/EC ("Prospectus Directive"), as implemented in Member States of the European Economic Area (each, a "Relevant Member State"), from the requirement to produce a Appendixprospectus for offers of securities.G

JurisdictionsAn offer to the public of New Units has not been made, and may not be made, in a Relevant Member State except pursuant to one of the following exemptions under the Prospectus Directive as implemented in that Relevant Member State: 50 (a) to legal entities that are authorised or regulated to operate in the financial markets or, if not so authorised or regulated, whose corporate purpose is solely to invest in securities; (b) to any legal entity that has two or more of: (i) an average of at least 250 employees during its last fiscal year; (ii) a total balance sheet of more than €43,000,000 and (iii) an annual net turnover of more than €50,000,000; (c)Investors to fewer thanfrom 100 jurisdictions natural or legal personsoutside (other of Australia than qualified should investors carefully within the considermeaning of Articlethe foreign 2(1)(e) of selli the Prosng pectusrestrictions Directive) setout subject below.to obtaining the prior consent of the Fund and any underwriter for any such offer; or European(d) in any otherEconomic circumstances Area – Germany falling within and Article Netherlands 3(2) of the Prospectus Directive, provided that no such offer of New Units shall result in a requirement for the The publicationinformation byin thisthe Funddocument of a prospectus has been p pursuantre pared on to the Article basis 3 ofthat the all Prospectus offers of New Directive. Units will be made pursuant to an exemption under the Directive 2003/71/EC ("Prospectus Directive"), as implemented in Member States of the European Economic Area (each, a "Relevant Member State"), from the requirement to produce a prospectusFrance for offers of securities. This document is not being distributed in the context of a public offering of financial securities (offre au public de titres financiers) in France within the meaning of ArticleAn offer L.411-1 to the ofpublic the Frenchof New MonetaryUnits has andnot Financialbeen made, Code and ( Codemay not monétaire be made, et infinancier a Relevant) and Member Articles State 211-1 except et seq. pursuant of the General to one Regulation of the following of the exemptions French Autorité under desthe Prospectusmarchés financiers Directive("AMF"). as implemented The New in Units that haveRelevant not been Member offered State: or sold and will not be offered or sold, directly or indirectly, to the public in France. This document and any other offering material relating to the New Units have not been, and will not be, submitted to the AMF for approval in France and, For personal use only use personal For (a) to legal entities that are authorised or regulated to operate in the financial markets or, if not so authorised or regulated, whose corporate purpose is accordingly,solely to mayinvest not in be securities; distributed or caused to distributed, directly or indirectly, to the public in France. Such(b) to offers, any legal sales entity and thatdistributions has two or have more been of: and(i) an shall average only ofbe at made least in 250 France employees to (i) qualified during its investors last fiscal (investisseurs year; (ii) a to qualifiéstal balance) acting sheet for of theirmore own than account, €43,000,000 as definedand in(iii) and an inannual accordance net turnover with Articles of more L.411-2-II-2 than €50,000,000;° and D.411-1 to D.411-3, D.734-1, D.744-1, D.754-1 and D.764-1 of the French Monetary and Financial Code and (c)any implementing to fewer than 100 regulation natural and/oror legal (ii) persons a restricted (other number than qualified of non-qualified investors investors within the (cercle meaning restreint of Article d’investisseurs 2(1)(e) of the) acting Prospectus for their Directive) own account, subject as to defined obtaining in and thein accordance prior consent with of Articles the Fund L.411-2-II-2 and any underwriter° and D.411-4, for D.734-1,any such D.744-1, offer; or D.754-1 and D.764-1 of the French Monetary and Financial Code and any implementing (d)regulation. in any other circumstances falling within Article 3(2) of the Prospectus Directive, provided that no such offer of New Units shall result in a requirement for the publication by the Fund of a prospectus pursuant to Article 3 of the Prospectus Directive. Pursuant to Article 211-3 of the General Regulation of the AMF, investors in France are informed that the New Units cannot be distributed (directly or indirectly) to Francethe public by the investors otherwise than in accordance with Articles L.411-1, L.411-2, L.412-1 and L.621-8 to L.621-8-3 of the French Monetary and Financial Code. This document is not being distributed in the context of a public offering of financial securities (offre au public de titres financiers) in France within the meaning of NotArticle for L.411-1 distribution of the French or Monetaryrelease and in Financialthe United Code States (Code monétaire et financier) and Articles 211-1 et seq. of the General Regulation of the French Autorité des marchés financiers ("AMF"). The New Units have not been offered or sold and will not be offered or sold, directly or indirectly, to the public in France. This document and any other offering material relating to the New Units have not been, and will not be, submitted to the AMF for approval in France and, accordingly, may not be distributed or caused to distributed, directly or indirectly, to the public in France. Such offers, sales and distributions have been and shall only be made in France to (i) qualified investors (investisseurs qualifiés) acting for their own account, as defined in and in accordance with Articles L.411-2-II-2° and D.411-1 to D.411-3, D.734-1, D.744-1, D.754-1 and D.764-1 of the French Monetary and Financial Code and any implementing regulation and/or (ii) a restricted number of non-qualified investors (cercle restreint d’investisseurs) acting for their own account, as defined in 40 and in accordanceCommonwealth with Articles Property L.411-2-II-2 O°fficeand D.411-4, Fund -D.734-1, Retail D.744-1,Entitlement D.754-1 O andffer D.764-1 of the French Monetary and Financial Code and any implementing regulation. Pursuant to Article 211-3 of the General Regulation of the AMF, investors in France are informed that the New Units cannot be distributed (directly or indirectly) to the public by the investors otherwise than in accordance with Articles L.411-1, L.411-2, L.412-1 and L.621-8 to L.621-8-3 of the French Monetary and Financial Code.

Not for distribution or release in the United States 25

25 Appendix G Jurisdictions

Hong Kong WARNING: This document has not been, and will not be, authorized by the Securities and Futures Commission in Hong Kong pursuant to the Securities and Futures Ordinance (Cap. 571) of the Laws of Hong Kong (the "SFO"). No action has been taken in Hong Kong to authorize this document or to permit the distribution of this document or any documents issued in connection with it. Accordingly, the New Units have not been and will not be offered or sold in Hong Kong by means of any document , oth er th an to “ prof ess ional i nvest ors " (as de fine d in the SFO). N o a dverti sement , i nvit a tion or documen t re la ting to the New Un its has been or w ill be Appendixissued, or has been or will G be in the possession of any person for the purpose of issue, in Hong Kong or elsewhere that is directed at, or the contents of which are likely to be accessed or read by, the public of Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to the New JurisdictionsUnits which are or are intended to be disposed of only to persons outside Hong Kong or only to professional investors as defined in the SFO and any rules made under that ordinance. 51 The contents of this document have not been reviewed by any Hong Kong regulatory authority. You are advised to exercise caution in relation to the offer. If you are in doubt about any contents of this document, you should obtain independent professional advice.

Ireland Hong Kong The information in this document does not constitute a prospectus under any Irish laws or regulations and this document has not been filed with or approved by any WARNING: This document has not been, and will not be, authorized by the Securities and Futures Commission in Hong Kong pursuant to the Securities and Futures Irish regulatory authority as the information has not been prepared in the context of a public offering of securities in Ireland within the meaning of the Irish Ordinance (Cap. 571) of the Laws of Hong Kong (the "SFO"). No action has been taken in Hong Kong to authorize this document or to permit the distribution of this Prospectus (Directive 2003/71/EC) Regulations 2005 (the "Prospectus Regulations"). document or any documents issued in connection with it. Accordingly, the New Units have not been and will not be offered or sold in Hong Kong by means of any document , oth er th an to “ prof ess ional i nvest ors " (as de fine d in the SFO). N o a dverti sement , i nvit a tion or documen t re la ting to the New Un its has been or w ill be The New Units have not been offered or sold and will not be offered, sold or delivered directly or indirectly in Ireland by way of a public offering except to qualified issued, or has been or will be in the possession of any person for the purpose of issue, in Hong Kong or elsewhere that is directed at, or the contents of which are investors (as defined in Regulation 2(1) of the Prospectus Regulations). likely to be accessed or read by, the public of Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to the New Units which are or are intended to be disposed of only to persons outside Hong Kong or only to professional investors as defined in the SFO and any rules made The offer does not facilitate participation by the public and accordingly is not an offer for which approval of any Irish regulatory authority is required under Section 9 under that ordinance. of the Unit Trusts Act 1990. The contents of this document have not been reviewed by any Hong Kong regulatory authority. You are advised to exercise caution in relation to the offer. If you are inMalaysia doubt about any contents of this document, you should obtain independent professional advice. This document may not be distributed or made available in Malaysia. No approval from the Securities Commission of Malaysia has been or will be obtained in relation to any offer of New Units. The New Units may not be offered or made available for purchase in Malaysia except in an exemption from the prospectus and Irelandapproval requirements of Securities Commission of Malaysia. The information in this document does not constitute a prospectus under any Irish laws or regulations and this document has not been filed with or approved by any Irish regulatory authority as the information has not been prepared in the context of a public offering of securities in Ireland within the meaning of the Irish Prospectus (Directive 2003/71/EC) Regulations 2005 (the "Prospectus Regulations").

The New Units have not been offered or sold and will not be offered, sold or delivered directly or indirectly in Ireland by way of a public offering except to qualified investors (as defined in Regulation 2(1) of the Prospectus Regulations).

NotThe offer for doesdistribution not facilitate or participation release in by the the publicUnited and States accordingly is not an offer for which approval of any Irish regulatory authority is required under Section 9 of the Unit Trusts Act 1990.

Malaysia This document may not be distributed or made available in Malaysia. No approval from the Securities Commission of Malaysia has been or will be obtained in relation to any offer of New Units. The New Units may not be offered or made available for purchase in Malaysia except in an exemption from the prospectus and approval requirements of Securities Commission of Malaysia.

Not for distribution or release in the United States

Appendix G Jurisdictions

Norway This document has not been approved by, or registered with, any Norwegian securities regulator pursuant to the Norwegian Securities Trading Act of 29 June 2007. Accordingly, this document shall not be deemed to constitute an offer to the public in Norway within the meaning of the Norwegian Securities Trading Act of 2007. AppendixThe New Un its may no t bGe o ffere d or so ld, direc tly or in direc tly, in Norway except: • to "professional investors" (as defined in Norwegian Securities Regulation of 29 June 2007 no. 876); Jurisdictions• any natural person who is registered as a professional investor with the Oslo Stock Exchange (No. Oslo Børs) and who fulfils two or more of the following: (i) any natural person with an average execution of at least ten transactions in securities of significant volume per quarter for the last four quarters; (ii) any natural 52 person with a portfolio of securities with a market value of at least €500,000; and (iii) any natural person who works, or has worked for at least one year, within the financial markets in a position which presuppose knowledge of investing in securities; • to fewer than 100 natural or legal persons (other than "professional investors"); or • in any other circumstances provided that no such offer of New Units shall result in a requirement for the registration, or the publication by the Fund or an underwriter, of a prospectus pursuant to the Norwegian Securities Trading Act of 29 June 2007. Norway This document has not been approved by, or registered with, any Norwegian securities regulator pursuant to the Norwegian Securities Trading Act of 29 June 2007. Singapore Accordingly, this document shall not be deemed to constitute an offer to the public in Norway within the meaning of the Norwegian Securities Trading Act of 2007. This document has not been registered as a prospectus with the Monetary Authority of Singapore. This document and any other document or material in connection with the offer or sale, or invitation for subscription or purchase of the New Units may not be circulated or distributed, nor may the New Units be offered The New Un its may no t be o ffere d or so ld, direc tly or in direc tly, in Norway except: or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore except to "institutional investors" (as defined in the Securities and Futures Act, Chapter 289 (the "SFA")), or otherwise pursuant to, and in accordance with the conditions of, any other • applicableto "professional provisions investors" of the SFA (as. defined in Norwegian Securities Regulation of 29 June 2007 no. 876); • any natural person who is registered as a professional investor with the Oslo Stock Exchange (No. Oslo Børs) and who fulfils two or more of the following: (i) This documentany natural has person been with given an to average you on execution the basis thatof at you least are ten an transactions "institutional in investor" securities (as of definedsignificant under volume the SFA). per quarter In the ev forent th ethat last you four are quarters; not an institutional(ii) any natural investor,person please with return a portfolio this document of securities immediately. with a market You value may notof at forward least €500,000; or circulate and this (iii) document any natural to person any other who person works, in or Singap has workedore. for at least one year, within the financial markets in a position which presuppose knowledge of investing in securities; For personal use only use personal For • Any offerto fewer is not than made 100 to natural you with or legal a view persons to the New(other Units than bei "professionalng subsequently investors"); offered or for sale to any other party. You are advised to acquaint yourself with the SFA • provisionsin any relatingother circumstances to on-sale restrictions provided inthat Singapore no such offerand comply of New accordingly.Units shall result in a requirement for the registration, or the publication by the Fund or an underwriter, of a prospectus pursuant to the Norwegian Securities Trading Act of 29 June 2007.

Singapore This document has not been registered as a prospectus with the Monetary Authority of Singapore. This document and any other document or material in connection with the offer or sale, or invitation for subscription or purchase of the New Units may not be circulated or distributed, nor may the New Units be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore except to "institutional investors" (as defined in the Securities and Futures Act, Chapter 289 (the "SFA")), or otherwise pursuant to, and in accordance with the conditions of, any other applicable provisions of the SFA. Not for distribution or release in the United States This document has been given to you on the basis that you are an "institutional investor" (as defined under the SFA). In the event that you are not an institutional investor, please return this document immediately. You may not forward or circulate this document to any other person in Singapore.

Any offer is not made to you with a view to the New Units being subsequently offered for sale to any other party. You are advised to acquaint yourself with the SFA provisions relating to on-sale restrictions in Singapore and comply accordingly.

Not for distribution or release in the United States 26

26 5 ASX offer documents Investor presentationAppendix continued G Jurisdictions

Switzerland The New Units may not be publicly offered in Switzerland and will not be listed on the SIX Swiss Exchange ("SIX") or on any other stock exchange or regulated trading facility in Switzerland. This document has been prepared without regard to the disclosure standards for issuance prospectuses under art. 652a or art. 1156 of the Swiss Code of Obligations or the disclosure standards for listing prospectuses under art. 27 ff. of the SIX Listing Rules or the listing rules of any other stock exchange or regula te d tra ding fac ility in Sw itzer lan d. Ne ither this documen t nor any o ther o ffer ing ma ter ia l re la ting to the New Un its may be pu blic ly dis tr ibu te d or Appendixotherwise made publicly Gavailable in Switzerland.

JurisdictionsNeither this document nor any other offering material relating to the New Units have been or will be filed with or approved by any Swiss regulatory authority. In particular, this document will not be filed with, and the offer of New Units will not be supervised by, the Swiss Financial Market Supervisory Authority (FINMA), and 53 the offer of New Units has not been and will not be authorized under the Swiss Federal Act on Collective Investment Schemes ("CISA"). The investor protection afforded to acquirers of interests in collective investment schemes under the CISA does not extend to acquirers of New Units.

This document is personal to the recipient only and not for general circulation in Switzerland. SwitzerlandUnited Arab Emirates TheNeither New this Units document may not nor be publiclythe New offeredUnits have in Switzerland been approved, and w disapprill not beoved listed or passedon the SIXon inSwiss any wayExchange by the ("SIX")Central or Bank on any of the oth Uniter stocked Arab exchange Emirates or regulatedor any other governmentaltrading facility authorityin Switzerland. in the UnitedThis document Arab Emirates, has been nor prepared has the Fundwithout rece regardived authorization to the disclosure or licensing standards from for the issuance Central prospe Bank ofctuses the United under Arabart. 652a Emirates or art. or 1156 any of theother Swiss governmental Code of Obligations authority in or the the United disclosure Arab standardsEmirates to for mark listinget or prospectuses sell the New underUnits within art. 27 the ff. ofUnited the SIX Arab Listing Emirates. Rules This or the document listing rules does of not any constitute other stock and excmayh notange be or used regu forla t ethe d t rapurpose ding fac of ilit any inoffer Sw itorzer invitation. lan d. Ne ith Noer services this documen relating t nor to anythe Newo ther Units, o ffer ingincluding ma ter i athe l re lreceipta ting to of th apple NewicationsUn its and/ormay b ethe pu allotment blic ly dis t ror ib u te d or otherwiseredemption made of such publicly shares, available may be in rendered Switzerland. within the United Arab Emirates by the Fund.

NNeithero o ffer this or invdocument ittiitation to nor su banyscr ibfibothere for offering New UitiUn maits terialis valid relating or perm to ittdithDbiItitttheed New in th Unitse Dub haveai Int ernabeen ti orona will lFil Fi benanc filed ilCial Cwithen t re.or approved by any Swiss regulatory authority. In particular, this document will not be filed with, and the offer of New Units will not be supervised by, the Swiss Financial Market Supervisory Authority (FINMA), and the offer of New Units has not been and will not be authorized under the Swiss Federal Act on Collective Investment Schemes ("CISA"). The investor protection afforded to acquirers of interests in collective investment schemes under the CISA does not extend to acquirers of New Units.

This document is personal to the recipient only and not for general circulation in Switzerland. United Arab Emirates Neither this document nor the New Units have been approved, disapproved or passed on in any way by the Central Bank of the United Arab Emirates or any other governmental authority in the United Arab Emirates, nor has the Fund received authorization or licensing from the Central Bank of the United Arab Emirates or any other governmental authority in the United Arab Emirates to market or sell the New Units within the United Arab Emirates. This document does not constitute and may not be used for the purpose of an offer or invitation. No services relating to the New Units, including the receipt of applications and/or the allotment or redemption of such shares, may be rendered within the United Arab Emirates by the Fund.

No o ffer or inv ittiitation to su bscr ibfibe for New UitiUnits is va lid or perm ittdithDbiItitted in the Dubai Interna tiona lFil Financ ilCial Cen tre. Not for distribution or release in the United States

Not for distribution or release in the United States

Appendix G Jurisdictions

United Kingdom Neither the information in this document nor any other document relating to the offer has been delivered for approval to the Financial Services Authority in the United Kingdom and no prospectus (within the meaning of section 85 of the Financial Services and Markets Act 2000, as amended ("FSMA")) has been published or is intended to be published in respect of the New Units. This document is issued on a confidential basis to "qualified investors" (within the meaning of section 86(7) of FSMA) . This documen t s hou ld no t be dis tr ibu te d, pu blis he d or repro duce d, in w ho le or in par t, nor may its con ten ts be disclosed by rec ip ien ts to any o ther Appendixperson in the United Kingdom. G JurisdictionsAny invitation or inducement to engage in investment activity (within the meaning of s.21 FSMA) received in connection with the issue or sale of the New Units has only been communicated, and will only be communicated, in the United Kingdom in circumstances in which s.21(1) FSMA does not apply to the Fund. 54 In the United Kingdom, this document is being distributed only to, and is directed at, persons (a) who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotions) Order 2005 ("FPO"); (ii) who fall within the categories of persons referred to in Article 49(2)(a) to (d) (high net worth companies, unincorporated associations, etc.) of the FPO; or (iii) to whom it may otherwise be lawfully communicated (together "relevant persons"). The investments to which this document relates are available only to, and any invitation, offer or agreement to purchaseUnited Kingdom will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents. Neither the information in this document nor any other document relating to the offer has been delivered for approval to the Financial Services Authority in the United Kingdom States and no prospectus (within the meaning of section 85 of the Financial Services and Markets Act 2000, as amended ("FSMA")) has been published or Thisis intended Presentation to be published does not constitutein respect anof theoffer, New invitation Units. This or recommendation document is issued to subscribe on a confidential for or purchase basis to any"qualified security investor and neits"her (within this thepresentation meaning ofnor section anything 86(7) containedof FSMA) . Thiin its shall documen form t thes hou basis ld no of t banye di contracts tr ibu te d or, pu commitm blis he d orent. repro In particular, duce d, in thisw ho presentation le or in par t, nordoes may not it constitutes con ten ts an be off diersc ltoose sell,d b yor rec a solicitation ip ien ts to any of ano th offerer to personbuy, securities in the United in the Kingdom. United States. The securities in the proposed offering have not been and will not be registered under the U.S. Securities Act of 1933 (U.S. Securities Act), or under the securities laws of any state or other jurisdiction of the United States. Accordingly, the securities in the proposed offering may not Anybe o ffinvitationere d or so or ld inducement, direc tly or toi n diengagerectl y, inwithi investmentn th e U nit activityed St at es,(wit excephin thet i nmeaning a t ransac ofti s.21on exemp FSMA)t freceivedrom, or no int connectionsubj ect t o, thwithe reg theis issue tra tion or requ sale iremen of the t sNew o f th Unitse U. S has. onlySecurities been communicated,Act and any applicable and will securities only be communicated, laws of any state in the or otherUnited jurisdiction Kingdom inof circumstances the United States. in which s.21(1) FSMA does not apply to the Fund.

InThis the document United Kingdom, may not this be distributed document isor beingreleased distributed in the United only toStates., and is By directed accepting at, persons this presentation, (a) who have you professional agree to be boundexperience by the in foregoing matters relating limitations. to For personal use only use personal For investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotions) Order 2005 ("FPO"); (ii) who fall within the categories of persons referred to in Article 49(2)(a) to (d) (high net worth companies, unincorporated associations, etc.) of the FPO; or (iii) to whom it may otherwise be lawfully communicated (together "relevant persons"). The investments to which this document relates are available only to, and any invitation, offer or agreement to purchase will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents. United States This Presentation does not constitute an offer, invitation or recommendation to subscribe for or purchase any security and neither this presentation nor anything contained in it shall form the basis of any contract or commitment. In particular, this presentation does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States. The securities in the proposed offering have not been and will not be registered under the U.S. Securities Act of 1933 (U.S. Securities Act), or under the securities laws of any state or other jurisdiction of the United States. Accordingly, the securities in the proposed offering may not be o ffere d or so ld, direc tly or i ndi rectl y, withi n th e U nit ed St at es, except i n a t ransacti on exempt f rom, or not subj ect t o, the regis tra tion requ iremen ts o f the U. S. NotSecurities for distribution Act and any applicable or rele securitiesase in the laws United of any state States or other jurisdiction of the United States.

This document may not be distributed or released in the United States. By accepting this presentation, you agree to be bound by the foregoing limitations.

42 Commonwealth Property Office Fund - Retail Entitlement Offer

Not for distribution or release in the United States 27

27 Glossary

Term Definition

$ Australian dollars

AIFRS Australian equivalents to International Financial Reporting Standards

Capex Capital expenditure

Cap rate Capitalisation rate or the stabilised net operating income produced by a property divided by its capital value

CapitalGlossary Raising Institutional placement and Entitlement Offer

CFSGAM Colonial First State Global Asset Management, the consolidated asset management division of Commonwealth Bank of Australia’s Wealth Management business unit 55 Entitlement Offer 1 for 15 non-renounceable entitlement offer Term Definition FY11 or FY12 Financial year for the 12 months ending 30 June 2011 or 30 June 2012 $ Australian dollars Gearing Gearing equals total drawn debt to total assets. For this calculation total assets exclude the fair value of derivatives. AIFRS Australian equivalents to International Financial Reporting Standards GLA Gross lettable area Capex Capital expenditure Institutional Offer Institutional placement and institutional component of the Entitlement Offer Cap rate Capitalisation rate or the stabilised net operating income produced by a property divided by its capital value Institutional placement Institutional placement of $158.6 million Capital Raising Institutional placement and Entitlement Offer New Units Units issued in the Capital Raising CFSGAM Colonial First State Global Asset Management, the consolidated asset management division of Commonwealth Bank of Australia’s Wealth Management business unit NLA Net lettable area Entitlement Offer 1 for 15 non-renounceable entitlement offer NTA Net tangible asset backing expressed on a per unit basis FY11 or FY12 Financial year for the 12 months ending 30 June 2011 or 30 June 2012 Occupancy Occupancy by income

GearingPre acquisitions AsGearing at 30 equals September total 2010drawn unless debt to otherwise total assets. specified For this calculation total assets exclude the fair value of derivatives.

GLASqm GrossSquare lettable metres area

InstitutionalVWAP Offer InstitutionalVolume weighted placement average and price institutional component of the Entitlement Offer

InstitutionalWALE placement InstitutionalWeighted average placement lease of expiry$158.6 by million income New Units Units issued in the Capital Raising Not for distribution or release in the United States NLA Net lettable area

NTA Net tangible asset backing expressed on a per unit basis

Occupancy Occupancy by income

Pre acquisitions As at 30 September 2010 unless otherwise specified

Sqm Square metres

VWAP Volume weighted average price

WALE Weighted average lease expiry by income

Not for distribution or release in the United States

Further information

For further information please contact:

FurtherCharles Moore information Darren Steinberg Fund Manager Managing Director, Property Commonwealth Property Office Fund Colonial First State Global Asset Management 56 Phone: +612 9303 3438 or +61 414 457 011 Phone: +612 9303 2328 or +61 417 262 980 Email: [email protected] Email: [email protected]

Investor contact: Media contact: David Yates Malvina Zayats Head of Investor Relations Communications Manager Colonial First State Global Asset Management Colonial First State Global Asset Management Phone: +612 9303 3516 or +61 418 861 047 Phone: +612 9303 6746 or +61 416 229 056 Email: [email protected] Email: [email protected] For further information please contact: About Commonwealth Property Office Fund CommonwealthCharles Moore Property Office Fund (‘CPA’ or the ‘Fund’) is an office sector-specificDarrenAustralian SteinbergReal Estate Investment Trust (A-REIT) which invests in prime qualityFund Manager office property located in central business districts and major suburban marketsManaging across Director, Australia. Property The Fund listed on the Australian Securities Exchange Commonwealthin April 1999 and Property its stock Office market Fund trading code is CPA. Colonial First State Global Asset Management Phone: +612 9303 3438 or +61 414 457 011 Phone: +612 9303 2328 or +61 417 262 980

For personal use only use personal For Email: [email protected] Email: [email protected]

About Commonwealth Property Office Fund Commonwealth Property Office Fund (‘CPA’ or the ‘Fund’) is an office sector-specific Australian Real Estate Investment Trust (A-REIT) which invests in prime Notquality for officedistribution property located or rele inase central in businessthe United districts States and major suburban markets across Australia. The Fund listed on the Australian Securities Exchange in April 1999 and its stock market trading code is CPA.

Not for distribution or release in the United States 28

28 5 ASX offer documents Placement and Insitutional Entitlement Offer completion announcement

Responsible Entity: Commonwealth Managed Investments Limited ABN 33 084 098 180 AFSL 235384

Registered Address: Ground Floor, Tower 1 Colonial First State Property Limited 201 Sussex Street ABN 20 085 313 926 Sydney NSW 2000 Manager of Commonwealth Property Office Fund Principal Office of the Manager: Level 7 52 Martin Place GPO Box 3892 Sydney NSW 2001 Australia

Telephone: 02 9303 3500 Facsimile: 02 9303 3622 Not for distribution or release in the United States

12 November 2010

COMMONWEALTH PROPERTY OFFICE FUND (CPA)

Successful institutional equity raising

Colonial First State Property Limited (the ‘Manager‘), Manager of Commonwealth Property Office Fund (‘CPA’ or the ‘Fund’), today announces the successful completion of the $240 million equity raising, comprising of a $159 million institutional placement and the institutional component of a 1 for 15 entitlement offer for $81 million (together the ‘Institutional Offer’), to partly fund the acquisition of three A-grade office buildings located in the Melbourne CBD (‘Melbourne portfolio’) which include: • Media House, 655 Collins Street, Melbourne, • QV Building, Lonsdale Street, Melbourne, Victoria (50% interest), and • AXA Headquarters, 750 Collins Street, Melbourne1.

The Institutional Offer of approximately 279 million ordinary units at a fixed price of $0.86 per new unit was completed on 12 November 2010. The Institutional Offer closed oversubscribed. The retail component of the entitlement offer is fully underwritten and will raise approximately $34 million. The equity raising was fully underwritten by J.P. Morgan Australia Limited (‘J.P Morgan’), Macquarie Capital Advisers Limited (‘Macquarie’) and CBA Equities Limited. J.P. Morgan and Macquarie acted as joint bookrunners. The units issued under the Institutional Offer will be allotted on Monday 29 November 2010 and will rank equally with existing ordinary units and be fully entitled to the distribution for the six months ending 31 December 2010.

Further details on the retail component of the $34 million entitlement offer will be despatched to all eligible unitholders on Thursday 18 November 2010.

Charles Moore, CPA Fund Manager said: “We are pleased that the equity raising was oversubscribed and will continue to work hard in executing the Fund’s strategy.”

“We are also pleased to confirm that both Standard & Poor’s and Moody’s have reaffirmed CPA’s credit rating at A-/stable and A3 respectively post the announcement of the acquisition.”

Darren Steinberg, Managing Director, Property said: “We are confident that the acquisition which significantly improves CPA’s portfolio metrics will benefit our investors in the medium to longer term.”

The Manager has requested for the trading halt to be lifted and trading to commence as usual on Monday 15 November 2010.

This release does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States. The units to be issued in the institutional placement and the non-renounceable entitlement offer referred to above have not been, and will not be, registered under the U.S. Securities Act of 1933 (the “U.S. Securities Act”) or the securities laws of any state or other jurisdiction of the United States and may not be For personal use only use personal For offered or sold, directly or indirectly, in the United States absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and any other applicable securities laws.

ENDS

44 Commonwealth Property Office Fund - Retail Entitlement Offer

For further information please contact:

About Commonwealth Property Office Fund Commonwealth Property Office Fund (CPA or the ‘Fund’) is an office sector-specific Australian Real Estate Investment Trust (A-REIT) which invests in prime quality office property located in central business districts and major suburban markets across Australia. The Fund listed on the Australian Securities Exchange in April 1999 and its stock market trading code is CPA.

For personal use only use personal For

45 6 Glossary

Term Definition

$ or A$ Australian dollars

Acquisition The acquisition of an interest in two Australian office buildings from entities in the Grocon Group, and the possible acquisition of AXA Headquarters in Melbourne from GPTA

Additional New Units New Units offered for subscription to Eligible Retail Unitholders in excess of their Entitlement and being the Entitlements not taken up by other Eligible Retail Unitholders

AEDT Australian Eastern Daylight Time

Allotment The allocation of New Units to subscribers pursuant to the Offer Booklet

Applicants Eligible Retail Unitholders who submit an application to participate in the Retail Entitlement Offer

Application A duly completed Entitlement and Acceptance Form that has been lodged with the CPA Unit Registry in accordance with the instructions set out on that form

Application Monies Monies received from the Eligible Retail Unitholders in respect for their applications

ASIC Australian Securities and Investments Commission

ASX ASX Limited (ACN 008 624 691) or the financial market operated by the Australian Securities Exchange

ASX Listing Rules The official rules of the ASX

AXA Headquarters The office building known as AXA Headquarters, at 750 Collins Street, Melbourne

CBA Equities Limited CBA Equities Limited (ABN 76 003 485 952)

CFSGAM or Colonial The consolidated asset management division of Commonwealth Bank of First State Global Asset Australia’s Wealth Management business unit Management

CFSPL or Colonial First The Manager of CPA (ABN 48 123 123 124) State Property Limited

Commonwealth A wholly owned subsidiary of Commonwealth Bank of Australia and the Managed Investments Responsible Entity of CPA (ABN 33 084 098 180, AFSL 235384) Limited or CMIL or Responsible Entity

CPA Entitlement Offer The information line set up for the purpose of answering enquiries from Information Line Unitholders. The numbers are 1800 628 703 within Australia or +61 2 8280 7513 from outside Australia

Consolidated Trust Deed The Consolidated Trust Deed of CPA dated 22 January 1999, as amended

Corporations Act Corporations Act 2001 (Cth) and Corporations Regulations 2001 (Cth)

CPA Commonwealth Property Office Fund (ARSN 086 029 736)

CRN Customer Reference Number

Early Retail Closing Date 5.00pm (AEDT) on Thursday, 25 November 2010 being the last date for Eligible For personal use only use personal For Retail Unitholders to lodge an application to be allotted New Units at the same time as under the Institutional Entitlement Offer

46 Commonwealth Property Office Fund - Retail Entitlement Offer Eligible Institutional A Unitholder (or a beneficial owner of Units) on the Record Date who is also Unitholder an Institutional Investor to whom an offer was made under the Institutional Entitlement Offer, and who CPA and the Underwriters agree has received that offer

Eligible Retail Unitholder A Unitholder on the Record Date who is not an Eligible Institutional Unitholder, an Ineligible Institutional Unitholder or an Ineligible Retail Unitholder

Entitlement The number of New Units for which an:

–– Eligible Institutional Unitholder is entitled to subscribe under the Institutional Entitlement Offer; and –– Eligible Retail Unitholder is entitled to subscribe under the Retail Entitlement Offer, in each case being 1 New Unit for every 15 Existing Units held on the Record Date

Entitlement and The Entitlement and Acceptance Form accompanying this Offer Booklet to be Acceptance Form used to make an application in accordance with the instructions set out on that form

Entitlement Offer Offer of New Units to Eligible Retail Unitholders and Eligible Institutional Unitholders in the proportion of 1 New Unit for every 15 Existing Units held on the Record Date

Equity Raising The Entitlement Offer and the Institutional Placement

Existing Unit A Unit on issue prior to the Equity Raising

Final Retail Closing Date 5.00pm (AEDT) on 8 December 2010, being the latest time and day by which completed Entitlement and Acceptance Forms and BPAY® payments of Application Monies will be accepted (subject to variation)

GPTA Grocon Property Trust Australia (ARSN 116 081 728)

Grocon or Grocon Group Grocon Pty Ltd (ABN 006 772 238)

GST Goods and services tax

Ineligible Institutional A Unitholder (or a beneficial owner of Units) on the Record Date who is not an Unitholder Eligible Institutional Unitholder and who CPA and the Underwriters should not receive an offer under the Institutional Entitlement Offer in accordance with ASX Listing Rule 7.7.1(a)

Ineligible Retail A Unitholder (or a beneficial owner of Units) on the Record Date who is not an Unitholder Eligible Retail Unitholder and who CPA and the Underwriters agree although an Retail Investor, should not receive an offer under the Retail Entitlement Offer in accordance with ASX Listing Rule 7.7.1(a)

Initial Allotment Allotment of New Units issued under the Institutional Placement, the Institutional Entitlement Offer and early acceptances of the Retail Entitlement Offer on 29 November 2010

Institutional Entitlement The offer of New Units to Eligible Institutional Unitholders under the Offer Entitlement Offer

Institutional Investor A person to whom the Underwriters reasonably believe to be a person to whom For personal use only use personal For offers for issue of units may lawfully be made without the need for a lodged product disclosure statement, prospectus or other disclosure document or other filing with or approval by a government agency

47 6 Glossary continued

Institutional Offer The Institutional Placement and the institutional component of the Entitlement Offer

Institutional Placement The placement of approximately 185 million Units to Institutional Investors at $0.86 per Unit

Investor Presentation The investor presentation titled “Strategic Melbourne portfolio acquisition and funding presentation” outlining the Acquisition, Equity Raising and key risks associated with CPA released to the ASX and dated 11 November 2010 a copy of which is included in this Offer Booklet

J.P. Morgan Australia J.P. Morgan Australia Limited (ABN 52 002 888 011) Limited

Macquarie Capital Macquarie Capital Advisers Limited (ABN 79 123 199 548) Advisers Limited

New Units Units issued under this Equity Raising

Offer Booklet This document dated 18 November 2010

Offer Documents The Offer Booklet, Entitlement and Acceptance Form, Investor presentation and other ASX announcements made by CPA in connection with the Acquisition and the Equity Offer

Offer Price $0.86 per New Unit, being the price payable for New Units under the Equity Raising

Record Date The time and date for determining which Unitholders are entitled to the Entitlement, being 7.00 pm (AEDT) on 16 November 2010

Retail Entitlement Offer The offer under this Offer Booklet of New Units to Eligible Retail Unitholders under the Entitlement Offer as described in the “How to apply” section of this Offer Booklet

Retail Entitlement Offer The period between the Retail Entitlement Offer opening date and the Final Period Retail Offer Closing Date

Underwriters CBA Equities Limited, J.P. Morgan Australia Limited and Macquarie Capital Advisers Limited

Underwriting Agreement The Underwriting Agreement dated 11 November 2010 between CMIL and the Underwriters, as described in the “Important information” section of this Offer Booklet

Unit A fully paid unit of CPA

Unit Registry Link Market Services Limited

Unitholder The holder of a Unit

U.S. or United States United States of America, its territories and possessions, any state of the United States and the District of Columbia

U.S. Person The meaning given in Rule 902(k) under Regulation S under the U.S. Securities Act

U.S. Securities Act The U.S. Securities Act of 1933 For personal use only use personal For

48 Commonwealth Property Office Fund - Retail Entitlement Offer 7 Corporate Directory

Commonwealth Property Office Fund Manager of the Fund ARSN 086 029 736 Colonial First State Property Limited Responsible Entity ABN 20 085 313 926 Commonwealth Managed Investments Limited ABN 33 084 098 180 Registered office of the Manager AFSL 235384 Ground Floor, Tower 1 201 Sussex Street Directors of the Responsible Entity Sydney NSW 2000 Mr Richard Haddock (Chairman) Mr James Kropp Principal office of the Manager Ms Nancy Milne OAM Level 7 Mr Grahame Petersen 52 Martin Place Mr Michael Venter Sydney NSW 2000 Mr Gregg Johnston (Alternate for Mr G Petersen) Telephone +61 2 9303 3500 Facsimile +61 2 9303 3622 Company Secretaries Email [email protected] G R Freeman BComm LLB (UNSW) Website www.cfsgam.com.au/cpa R K Pierro Registered office of the Responsible Entity Unit Registry Link Market Services Limited Ground Floor, Tower 1 Level 12 201 Sussex Street 680 George Street Sydney NSW 2000 Sydney NSW 2000 Telephone +61 2 9118 7200 Telephone (Freecall) 1800 500 710 Website Telephone (outside Australia) +61 2 8280 7105 To view annual reports, unitholder and Facsimile +61 2 9287 0303 company information, news announcements, background information on CPA and Stock Exchange Listing CPA ordinary units are listed on the Australian historical information, visit CPA’s website at Securities Exchange (ASX) (code: CPA) www.cfsgam.com.au/cpa CPA Entitlement Offer Information Line Australia 1800 628 703 or International +61 2 8280 7513 Open 8.30am to 5.30pm (AEDT) Monday to Friday

during the Retail Entitlement Offer period For personal use only use personal For

49 For personal use only Commonwealth Property Office Fund ARSN 086 029 736 All Registry communications to: Responsible Entity Link Market Services Limited Commonwealth Managed Investments Limited ABN 33 084 098 180 Locked Bag A14 Manager Sydney South NSW 1235 Australia Colonial First State Property Limited ABN 20 085 313 926 Telephone: 1800 628 703 From outside Australia: +61 2 8280 7513 ASX Code: CPA Website: www.linkmarketservices.com.au

SRN/HIN: Entitlement Number: Number of Existing Units held as at the Record Date, 7:00pm (AEDT) on 16 November 2010: Entitlement to New Units (on a 1 New Unit for every 15 Existing Units basis (your “Entitlement”)): Amount payable on full acceptance at A$0.86 per Unit:

Offer closes 5:00pm (AEDT): 8 December 2010

ENTITLEMENT AND ACCEPTANCE FORM As an Eligible Unitholder you are entitled to acquire 1 New Unit for every 15 Existing Units that you hold on the Record Date, at an Offer Price of A$0.86 per New Unit under the Commonwealth Property Office Fund retail entitlement offer (“Entitlement Offer”). You may also apply for New Units in excess of your Entitlement, at the Offer Price. This is an important document and requires your immediate attention. If you do not understand it or you are in doubt as how to deal with it, you should contact your stockbroker, accountant, or other professional adviser.

IMPORTANT: The Entitlement Offer is being made under the Offer Booklet dated 18 November 2010. The Offer Booklet contains information about investing in the New Units. Before applying for New Units, you should carefully read the Offer Booklet. This Entitlement and Acceptance Form should be read in conjunction with the Offer Booklet.

If you do not have a paper copy of the Offer Booklet, you can obtain a paper copy at no charge, by calling the CPA Entitlement Offer Information Line on 1800 628 703 (within Australia) or +61 2 8280 7513 (from outside Australia).

PAYMENT OPTIONS

If you wish to take up all or part of your Entitlement (as shown above), or take up all of your Entitlement and apply for Additional New Units, you have two payment options detailed below.

Option 1: Paying by Bpay ® Option 2: Paying by Cheque, BANK DRAFT or Money Order If paying by Bpay ®, refer to the instructions overleaf. You do NOT need to If paying by cheque, bank draft or money order, complete and return the return the acceptance slip below if you elect to make payment by acceptance slip below with your Application Monies. No signature is ® ® Bpay . Payment must be received via Bpay before 5:00pm (AEDT) on required on the acceptance slip. The acceptance slip with your Application 8 December 2010. You should check the processing cut off-time for Bpay ® Monies must be received by the Registry before 5:00pm (AEDT) on transactions with your bank, credit union or building society to ensure your 8 December 2010. payment will be received by the Registry in time. By paying by Bpay ® you will have deemed to have completed an Application Form for the number of New Units subject of your application payment. Telephone & Internet Banking – Bp ay ® Biller Code: 758342 Contact your bank or financial institution to make this payment from your cheque, Ref: savings, debit or transaction account. More info: www.bpay.com.au SAMPLEp ay ® Registered to B Pty Ltd ABN 69 079 137 518 See overleaf for details and further instructions on how to complete and lodge this Entitlement and Acceptance Form. THIS IS A PERSONALISED FORM FOR THE SOLE USE OF THE UnitHOLDER AND HOLDING RECORDED ABOVE. Please detach and enclose with payment SRN/HIN: Entitlement Number:

A Number of New Units accepted (being not B Number of Additional New Units C Total number of New Units accepted more than your Entitlement shown above) (add Boxes A and B) + =

For personal use only use personal For PLEASE INSERT Cheque, bank draft or money order DETAILS – Cheques, bank drafts or money orders must be drawn on an Australian D branch of a financial institution in Australian currency, made payable to “CPA – Offer Account” and crossed “Not Negotiable”. Drawer Cheque Number BSB Number Account Number Amount of Cheque

E CONTACT DETAILS – Telephone Number Telephone Number – After Hours Contact Name

( ) ( )

Commonwealth Property Office Fund

The Entitlement Offer to which this Entitlement and Acceptance Form relates A. Acceptance of New Units is not being made to investors located or resident outside of Australia and Enter into section A the number of New Units you wish to apply for. The New Zealand. In particular the Entitlement Offer is not being made to any number of New Units must be equal to or less than your Entitlement, person in the U.S. or to a U.S. Person. The Offer Booklet and Entitlement which is set out overleaf. and Acceptance Form do not constitute an offer or invitation to acquire New B. Application for Additional New Units Units in any place in which, or to any person to whom, it would be unlawful You can apply for more New Units than your Entitlement. Please enter to make such an offer or invitation. the number of Additional New Units above your Entitlement for which ACCEPTANCE OF EntitleMENT offer you wish to apply into Box B. Your Application for Additional New Units By either returning the Entitlement and Acceptance Form with payment to may not be successful (wholly or partially). The decision of Commonwealth Property Office Fund on the number of Additional New Units to be the Registry, or making payment received by Bpay ®: allocated to you will be final. No interest will be paid on any Application • you represent and warrant that you have read and understood the Offer Monies received or returned. Booklet and that you acknowledge the matters, and make the warranties and representations set out in the Offer Booklet; C. Total Number of New Units Subscribed for To calculate total number of New Units subscribed for, add Box A and • you provide authorisation to be registered as the holder of New Units Box B and enter this in Box C. acquired by you and agree to be bound by the Constitution of Commonwealth Property Office Fund. D. Cheque, bank draft or money order details Enter your cheque, bank draft or money order details in section D. HOW TO APPLY FOR NEW Units Cheques, bank drafts or money orders must be drawn on an Australian 1. IF PAYING BY Bpay ® (available to Unitholders with an branch of a financial institution in Australian currency, made payable to australian bank account only) “CPA – Offer Account” and crossed “Not Negotiable”. Please ensure If you elect to make payment using Bpay ® you must contact your bank sufficient cleared funds are held in your account, as your cheque will be or financial institution to make this payment from your cheque, savings, banked as soon as it is received. If you provide a cheque or money order debit or transaction account. For more information on paying by for the incorrect amount, Commonwealth Property Office Fund may treat Bpay ®: www.bpay.com.au you as applying for as many Additional New Units and Additional New

Work out the total amount payable by you. To calculate the total amount, Units as your cheque, bank draft or money order will pay for. multiply the number of New Units you wish to apply for by A$0.86. E. Contact details Refer to the overleaf for the Biller Code and Reference Number. The Enter your contact telephone number where we may contact you regarding your acceptance of New Units, if necessary. Reference Number is used to identify your holding. If you have multiple holdings you will have multiple Reference Numbers. You must use the Note: Reference Number shown on each personalised Entitlement and If you wish to be allotted New Units comprising part or all of your Entitlement Acceptance Form when paying for any New Units that you wish to apply on the same date as New Units are allotted to Institutional Unitholders under for in respect of that holding. the Institutional Entitlement Offer (“Initial Allotment”), you must apply using 2. IF PAYING BY CHEQUE, BANK DRAFT OR MONEY ORDER the Bpay ® method and your Bpay ® payment must be received by 5:00pm (AEDT) on 25 November 2010 (the “Early Retail Close Date”). All other Complete all relevant sections of the Entitlement and Acceptance Form USING BLOCK LETTERS. These instructions are cross referenced to applications must be received by 5:00pm (AEDT) on 8 December 2010 (the each section of the Entitlement and Acceptance Form. “Final Retail Close Date”) to be allotted New Units by 17 December 2010 (the “Final Allotment”). SAMPLE

3. hOw to Lodge your Entitlement and Acceptance Form A reply paid envelope is enclosed for your use. No postage stamp is required if it is posted in Australia. Alternatively, if you have lost the reply paid envelope, or you have obtained the Offer Booklet electronically, your completed Entitlement and Acceptance Form with the payment for New Units may be mailed to the postal address, or delivered by hand to the delivery address, set out below. If paying by Bpay ® you do not need to complete or return the Entitlement and Acceptance Form. You should check the processing cut off-time for Bpay ® transactions with your bank, credit union or building society to ensure your payment will be received by the Registry by the close of the offer. Mailing Address Hand Delivery (Please do not use this address for mailing purposes) Commonwealth Property Office Fund Commonwealth Property Office Fund

For personal use only use personal For C/- Link Market Services Limited C/- Link Market Services Limited GPO Box 3560 Level 12, 680 George Street Sydney NSW 2001 Sydney NSW 2000 Make sure you send your Acceptance Slip and application payment allowing enough time for mail delivery, so Link Market Services Limited receives them no later than 5:00pm (AEDT) on 8 December 2010. Please ensure sufficient cleared funds are held in your account, as your cheque will be banked as soon as it is received. Commonwealth Property Office Fund reserves the right not to process any Acceptance Slips and cheques received after the Closing Date. If you require further information on how to complete this Entitlement and Acceptance Form, please contact the CPA Entitlement Offer Information Line on 1800 628 703 (within Australia) or +61 2 8280 7513 (from outside Australia) between 8:30am and 5:30pm (AEDT) Monday to Friday.