11

CROMWELL GROUPHY10 RESULTS

2

DisclaimerThis presentation is dated 18 February 2010 and made on behalf of the Cromwell Group – Cromwell Corporation Limited (ACN 001 056 980) and Cromwell Diversified Property Trust (ARSN 102 982 598) – by Cromwell Property Securities Limited (ACN 079 147 089; AFSL 238052).

Cromwell Property Securities Limited ACN 079 147 809 AFSL 238052 (CPSL) is the responsible entity of the Cromwell Riverpark Trust ARSN 135 002 336, the Cromwell Property Fund ARSN 119 080 410, the Cromwell Phoenix Property Securities Fund ARSN 129 580 267 and the Cromwell Diversified Property Trust ARSN 102 982 598. Units in the Cromwell Diversified Property Trust are stapled to shares in Cromwell Corporation Limited. The stapled securities are listed on the ASX (ASX Code:CMW).

Cromwell Property Fund is currently closed to new investors. The offer period for Cromwell Riverpark Trust has ended.

Before making an investment decision about the Cromwell Phoenix Property Securities Fund or any other Cromwell fund, investors should read the relevant Product Disclosure Statement available at www.cromwell.com.au or by calling us on 1800 334 533. All units are issued by the responsible entity of the relevant Cromwell fund.

This presentation has been prepared without taking into account any investor’s objectives, financial situation or needs. Therefore, in deciding whether to acquire or continue to hold an investment, an investors should consider the relevant PDS and assess, with or without a financial or taxation adviser, whether the product is appropriate given the investors’ objectives, financial situation or needs.

All statistics are current as at 31 December 2009 unless otherwise indicated.

Certain statements in this presentation are forward looking statements. These statements are not guarantees of future performance. Actual results could differ materially from those referred to in this presentation.

3

Overview

4

Key MessagesFY10 Operating Earnings on Track |

Half year operating earnings of $33.4 million (4.7 cps) and distributions of 4.0 cps »Results underpinned by high level of recurring property income »On target to achieve full-year earnings of 8.5 cps and distributions of 8.0 cps regardless »of any further transactional income

Secure base from which to pursue opportunities |

Placement to Redefine at $0.70 boosts cash resources to over $100 million »NTA of $0.73 per security, excludes value of funds management business »No debt expiries until March 2011 »No offshore debt, all borrowings with Australian banks »Aim to maintain gearing within target range of 40-55% »

5

Key MessagesResilient Portfolio has outperformed the market |

Wholly domestic with large weighting to CBD office markets »Property values expected to have troughed in December 2009 »Overall decrease in value of 2.4% during half year »Peak to trough fall in values of 9.2% for Cromwell » 1 vs PCA/IPD average of 23.1%2

Reliable income stream from quality tenants and long leases »

Funds Management |

Raised $91 million for Riverpark unlisted syndicate during 2009 in extremely tough conditions »Will continue to deliver growth in earnings with low cost of capital »

Ready to resume growth trajectory |

Growth in funds management and development earnings from FY11 »Office rents will recover quickly as vacancies are absorbed »Will consider asset acquisitions where appropriate »Will continue to pursue transactions which are attractive »

1] Excludes assets sold during period2] PCA/IPD Australian Property Index as at 30 September 2009

6

Financial Results

7

Key Financial Results

Results Summary 1H10 2H09 1H09

Statutory accounting profit/(loss) $4.2m $(42.7)m $(70.9)m

Operating earnings $33.4m $27.3m $36.5m

Operating EPS 4.7cps 3.9cps 5.2cps

Distributions $28.3m $28.1m $35.2m

Distributions per security 4.0cps 4.0cps 5.0cps

Payout Ratio 85% 103% 96%

Net Tangible Assets $587.1 $537.4m $604.1

Securities on Issue 807.8m 702.9m 702.9m

NTA per security $0.73 $0.76 $0.86

Gearing 47% 53% 49%

Look-through gearing 49% 55% 51%

8

Operating EarningsOperating profit of $33.4 million or 4.7 cps |

Result underpinned by $55.2 million net property income |

Growth in like-for-like property income of 4.5% in HY10 | 1

Financial costs reduced due to debt repayments and lower variable interest rates |

1] Excludes assets sold. Comparison to H209

Profit summary – Composition of operating profit

80

60

40

20

0

A$ million

Overhead costs

$(0.3m)

Tax

$(7.8m)

Other revenue

$0.4m

Investment income

$2.7m

Net funds management

income

$4.5m

Net property income

$55.2m$(1.9m)

Net development

income

Operating profit

$33.4m

Financial Costs

$(19.4m)

9

Statutory Accounting ResultStatutory accounting profit of $4.2 million (0.6 cps) |

Negative revaluation adjustments on investment property $25.0 million (3.1 cps) |

Positive fair value adjustment of $3.8 million on interest hedges |

Development land write-downs of $4.3 million |

Operating profit – Reconciliation to statutory accounting profit

50

40

30

20

10

0

A$ million

Other

$(1.2m)

Inventory impairment

$(4.3m)

Share of equity accounted loss

$(2.5m)

FVA interest hedges

$3.8m

FVA investment properties

$(25.0m)

Operating profit

$33.4m

Statutory accounting profit

$4.2m

10

Financial PositionNTA reduced from $0.76 to $0.73 in half-year due |to asset revaluations

Placement at $0.70 has almost no impact on NTA |

Security price implies 3.8% discount to asset |values and no value for funds management business1

Represents 12.6% yield on 8.5 cps earnings | 1 and 11.9% yield on 8.0 cps distribution

Security Price vs. NTA per Security

$1.40

$1.20

$1.00

$0.80

$0.60

$0.40

$0.20

$0

A$

Dec 06 Jun 07 Dec 07 Jun 09Dec 08Jun 08

Security Price

NTA

Dec 09

1] Based on closing price of $0.675 on 17 February 2010

11

Debt & Capital ManagementAll debt in Australian dollars, with Australian banks |

Gearing 47% including significant cash resources |which provide flexibility

Interest cover of 2.7 times |

Average cost of debt for FY10 of 5.75% expected |(includes average margin of 1.25%)

No significant impact on margins until mid FY12 |

Expect improvement in availability and cost of debt |

Debt Facility Expiry Profile

600

500

400

300

200

100

0

A$ million

$0m0%

FY14

$0m0%

FY15

$108m16.0%

FY16

$3m0.5%

FY13

$533m79.0%

FY12

$29m4.3%

FY11FY10

$2m0.2%

Property

13

Property Valuations may provide upsideTransactions in past 12 months predominantly: |

Assets with long leases and quality tenants »Lower value assets with private/syndicate purchasers »

Higher volume of transactions in last 3 months is a sign of increasing confidence |

Market starting to look through short-term vacancy to: |

Recovering economy »Lack of new supply in some markets »Difficulty in funding new construction »

Australia now considered attractive on a global basis, with foreign interest being translated into increased buying |

Office vacancy expected to peak in 2010. Continued economic growth will result in fast absorption of vacant space |

Cromwell maintains a cautious outlook on development and riskier assets |

14

Revaluations Continue to Affirm Portfolio Quality47% of assets independently revalued as at |December 2009. Balance assessed internally

100% of assets independently revalued in 2009 |

Overall decrease in values of 2.4% during half year |

Minimal decrease reflects defensive nature of |portfolio and overweight to Melbourne/Canberra CBD office markets – as less impact on rents

PCA/IPD average fall 12.6% for year to September |2009 and 23.1% from peak in 2007 to September 2009

Peak to December 2009 fall in values of 9.2% for |Cromwell

Sector Dec 09 WACR Jun 09 WACR Dec 08 WACR Jun 08 WACR Dec 07 WACR

Commercial 8.39% 8.23% 7.71% 7.33% 7.02%

Industrial 9.60% 9.07% 8.82% 7.58% 7.37%

Retail/Entertainment 9.25% 10.45% 9.35% 8.43% 8.43%

Portfolio 8.54% 8.40% 7.88% 7.40% 7.14%

10%

9%

8%

7%

6%

5%

Historical Weighted Average Cap Rate

Mar 06

Jun 06

Sep 06

Dec 06

Mar 07

Jun 07

Sep 07

Dec 07

Mar 08

Jun 08

Sep 08

Dec 08

Mar 09

Jun 09

Dec 09

Cromwell Managed Properties Benchmark (PCA/IPD All Fund Universe excl.

Super & Major Regional Shopping Centres) Universe (IPD Australian All-Funds)

15

Portfolio Quality

No offshore assets |

Strong office focus |

Portfolio value will benefit from |economic recovery

Occupancy maintained at 99% |throughout downturn

Private Company 17%

Listed Company/ Subsidiary 30%

Government Authority 53%

Gross Income by Tenant ClassificationGeographic Diversification by Gross Income

SA 8%TAS 4%

VIC 28%

WA 1% QLD 18%

NSW 12%

ACT 29%

Industrial 11%

Retail/ Entertainment 5%

Commercial 84%

Sector Diversification by Income

Key Statistics1 Dec 09 Jun 09

Total Value $1.12 b $1.17 b

Number of Properties 23 25

Occupancy 99.1% 99.7%

WALT 4.80 years 5.13 years

WACR 8.54% 8.40%

NLA 455,972m2 468,181m2

1] Includes 2/3 of TGA asset accounted for as investment in associate

16

Active Portfolio ManagementFocus remains on continual improvement in portfolio quality |

3 properties contracted to sell during half year, at combined |book valuation

4 Marcus Clarke Street, Canberra (Sept-09) for $9.7 million »Hellmann Logistics Distribution Centre, Tullamarine »(Dec-09) for $8.8 millionVillage Cinemas, Launceston (Jan-10) for $3.5 million »

Will continue to divest smaller / non-core assets |

Looking to reweight portfolio towards Sydney markets |

Will look at opportunities to acquire assets or portfolios |where appropriate

SOLD: 4 Marcus Clarke Street, Canberra ACT

SOLD: Hellmann Logistics Distribution Centre, Tullamarine VIC

SOLD: Village Cinemas, Launceston TAS

17

Quality Income StreamFocus on quality tenants |

52% of next rent reviews are fixed, |with an average increase of 3.95%

27% of next rent reviews are CPI |

Minimal future impact from softening |rentals – only 17% subject to market reviews

Next Review Type % of Total Passing Income

Cumulative %

Fixed 1 52.0% 52.0%

CPI 2 27.1% 79.1%

MKT 17.0% 96.1%

Holdover 0.1% 96.2%

Expiry 3.8% 100.0%

100.0%

1] 27.8% of the fixed reviews at the higher of CPI or a fixed rate2] 7.7% of reviews are capped CPI increases

Government Associate 4%

ACT State Government 1%South Australian State Government 6%

Queensland State Government 3%

Federal Government 39%

Governement Authority

52%

Foreign 9%

ASX Other 4%

ASX200 17%

Gross Income by Tenant Classification

Government Authority

53%

Private Company 17%

Listed Co/Subsidiary

30%

18

Manageable Lease ExpiriesActive tenant retention program |

Renewal rate of 87.8% | 1 for 2 years to December 2009 shows benefit of strong internal management

Well advanced on negotiations for FY11 expiries |

Majority of near term expiries industrial so less |incentives likely

Lease Expiry Profile % Gross Income

40%

30%

20%

10%

0%

Ther

eafte

r

Vaca

ntFY1

6FY1

5FY1

4FY1

3FY1

2FY1

1FY1

0

0.9%3.5%

8.5%6.1%

7.6% 8.2%9.7%

15.2%

40.3%

Lease Expiries2

Property Tenant Expiry Income CommentSynergy Building Kelvin Grove QLD

Citimark - rent guarantee May-10 2.3% Leasing agents are actively marketing the two remaining floors.

Kmart Distribution Centre Hoppers Crossing VIC

Coles Supermarkets Australia Pty Ltd Oct-10 4.3% Kmart will be vacating to a new purpose built facility. Leasing agents are now actively marketing the property and we are in discussions with a number of prospects.

NQX Distribution Centre Pinkenba QLD

Toll North Pty Ltd Nov-10 1.7% Tenant has executed 5 year option since balance date to take expiry to November 2015.

475 Victoria Avenue Chatswood NSW

Reed Elsevier Australia Pty Ltd Dec-10 3.3% Reed Elsevier will be vacating on expiry. This provides us with the opportunity to fully refurbish these floors in line with the rest of the property and offer to the market for lease.

200 Mary Street Brisbane QLD

QLD State Government May-11 1.4% In discussions and actively monitoring through tenant relationship program.

Scrivener Building Bruce ACT

GeoScience Jun-11 1.2% Tenant has vacated early due to consolidation and has agreed to payout the balance of their lease. Expect to retenant prior to scheduled expiry.

1] Calculated on income contribution 2] Includes all expiries >1% of income for 2010 and 2011 calendar years

19

Sustainability1

Cromwell has reduced emissions and improved efficiency |across the portfolio

Completed 63 projects to improve energy conservation »Reduced electrical consumption at managed commercial »offices by over 2,000,000 kWhr (11%)Reduced water consumption by 8,000,000 litres (7%) over total »managed portfolioReduced gas consumption by 6% across all managed properties »Achieved a 11% combined reduction in energy use raising the »NABERS weighted average rating across portfolio from 2.5 Stars to 3.5 Stars

The Green Building Council of Australia awarded Cromwell’s |A-Grade Synergy office building in Brisbane a 5-Star Green Star As Built Rating which represents Australian Excellence in environmentally sustainable construction.

Obtained a $500,000 Green Building Fund award towards the |installation of a gas fired tri-generation plant in 321 Exhibition Street

Synergy 76-88 Musk Avenue, Kelvin Grove QLD

1] All statistics for the FY09 period

20

Funds Management

21

Unlisted Direct Property – Market LeaderRaised $91 million for Riverpark Trust during 2009 – largest unlisted retail property fund raising in 2 years |

Riverpark Trust fees booked during first half 2010 |

Substantially reduced competition in unlisted property market |

Consolidation already occurring, expected to accelerate in 2010 |

Smaller managers will struggle without strong balance sheet |

Gross Assets under Management

2,000

1,600

1,200

800

400 0

Jun 06

$1,368

Jun 05

$779

Jun 04

$562

Jun 03

$344

Jun 02

$279

Jun 01

$145

Jun 08

$1,788

$544

$1,2

44

Dec 09

Jun 09

$1,765$1,723

$560

$517

$1,2

05

$1,2

05

Jun 07

$1,642

$499

$1,1

43

External Funds Internal Funds

Direct Property Fund Flows (excludes co-investment)

70

60

50

40

30

20

10

0

-10

A$ million

Jun 07

$56m

$0m

Jun 09

$53m

$0m

Dec 07

$61m

$0.5m

Jun 08

$18m

$7m

Dec 08

$6m

$5m

Dec 09

$38m

$0m

A$ million

Redemptions Retail Wholesale Reinvest Rebate

22

Leveraging our outperformance

7.4%

10.1%

9.7%

9.6%12.1%

12%

Cromwell Managed Properties Benchmark (PCA/IPD All Fund Universe excl. Super & Major Regional Shopping Centres) Outperformance

1 year

3 years

5 years

10 years

6% 9%3%0%-3%

Cromwell vs. Benchmark Annualised Property Returns (to 30 September 2009)

-1.7%

3.1%

6.1%

1.3%

0.4%

2.5%

-4.8%

-6% 15%

-19.7%

30%

Cromwell Phoenix Property Securities Fund S&P/ASX 300 A-REIT Accumulation Index Outperformance

1 year

Since Inception

10% 20%0%-10%-20%

Cromwell Phoenix Property Securities Fund vs. S&P/ASX 300 A-REIT Accumulation Index (to 31 December 2009)

30.6%

21.0%

-25.2%

5.5%

9.6%

-30% 40%

Direct property outperformance over 1, 3, 5 and 10 years independently verified by IPD |

Property Securities outperformance since inception and 21% in 2009 |

Strong platform from which to grow funds management business |

23

Existing FundsCromwell Riverpark Trust (Syndicate) |

Fund raising completed »Construction on target for mid 2010 »

Cromwell Property Fund (Diversified Property) |

Fund closed to applications/redemptions »Distributions suspended »Valuations stabilising but gearing remains high »Currently finalising restructure strategy »Cromwell likely to be involved in restructure »Aiming to complete by June 2010 »

Cromwell Phoenix Property Securities Fund |

Outperformed benchmark S&P/ASX 300 A-REIT Accumulation »index by 21% in year to 31 December Part of foundation for ongoing funds management growth »

Artists Impression of Riverpark Building

24

Funds Management – Growth OpportunitiesDuring second half of 2010 will |establish a platform of products on which to base growth for next 3-5 years

Provides complete product range with |broad market appeal

Shifts focus towards ongoing fee |income rather than transaction fees

Enables continual inflow of equity |

Australian Property

Fund(Hybrid)

Property Securities

FundOther Property Related Assets

Cash Assets

A-REITs Direct Property

Syndicates Direct Property

Fund

Cash Assets

Direct Property

Phoenix Property Securities Fund

Australian Property Fund (Hybrid)

Direct Property Fund

Syndicates

Liquidity • • • • • • • • • •Volatility • • • • • • • • • •Tax Deferral • • • • • • • • • • • • • •Gearing • • • • • • • • • •

25

Strategy & Outlook

26

Reaffirm FY10 Earnings and Distributions GuidanceFY10 Operating Earnings |

Expect operating earnings of 8.5 cps »Assumes no further transactional income »

FY10 Distributions |

Distributions of 8.0 cps (2.0 cps each quarter) expected »Distribution policy of 90-95% of operating earnings retained »High level of tax deferral expected »

FY11 and beyond |

Property earnings expected to continue to be resilient »Some impact from rising interest rates but less severe than most peers »Contribution from funds management and development opportunities »provide potential for future growth

27

Redefine - attracted to value through the cycleRedefine are the 2nd largest South African listed real estate trust |

Investment made through 55% owned Ciref plc listed in UK |

Attracted to Cromwell as a clean simple Australian property play with ability to grow significantly |

Looked to invest in a management team rather than create one |

Stated intention to invest further funds in Cromwell |

Provides potential support for future growth by Cromwell |

Redefine view Cromwell investment as long term strategic stake |

28

StrategyProperty Portfolio |

Portfolio remains well leased with attractive expiry profile »If economic recovery continues expect substantial potential for increase in »asset values as vacancies reduce & rental market improvesTuggeranong asset represents significant development opportunity »Acquisition of assets /portfolios will be pursued if appropriate »

Funds Management |

Expect to restructure Cromwell Property Fund by June 2010 »New products to be launched during 2010 »Aiming to move back to traditional earning split of 80% property & 20% funds »management

Other Opportunities |

Surplus cash provides flexibility to execute transactions »Starting to see consolidation begin in A-REIT and unlisted fund managers. »Expect this to accelerate through 2010Opportunity to undertake a larger transaction which would enable increased »liquidity and potential index inclusion

Well Placed

Acquisitive

Opportunistic

29

Contacts

Paul WeightmanChief Executive OfficerPh: +61 (0) 7 3225 7720Email: paul.weightman@cromwell.com.au

Cromwell GroupLevel 19, 200 Mary StreetBrisbane QLD

Phone: +61 (0) 7 3225 7777Facsimile: +61 (0) 7 3225 7788Website: www.cromwell.com.au

Cromwell Investor Services1800 445 533

Daryl WilsonChief Financial OfficerPh: +61 (0) 7 3225 7724Email: daryl.wilson@cromwell.com.au

Melissa McLaughlinHead of Investor RelationsPh: +61 (0) 7 3225 7726Email: melissa.mclaughlin@cromwell.com.au

30

HY10 Results Appendices

31

Appendix 1Profit from Operations

1H10 ($’000)

2H09 ($’000)

1H09 ($’000)

Net Property Income (incl. share of associates) 55,238 53,469 51,101

Net Funds Management Income 4,493 2,239 2,239

Net Development Income (1,944) (1,390) 363

Interest & Distribution Income 2,662 6,391 6,240

Other Income 397 9 6,252

Finance Costs (19,441) (25,906) (22,973)

Overhead Costs (7,766) (6,957) (6,991)

NPBT from Operations 33,639 27,855 36,231

Taxation (286) (571) 246

NPAT from Operations 33,353 27,284 36,477

Operating EPS $0.047 $0.039 $ 0.052

32

Appendix 2Reconciliation between Operating Profit and Statutory Profit

1H10 ($’000)

1H09 ($’000)

Profit from operations as assessed by the directors 33,353 36,477Reconciliation to profit/(loss) for the half-year:Property development – minority interest share – (1,761)Loss on sale of investment properties (586) –Gain on sale of available-for-sale financial assets 3,431 –Fair value adjustments/write-downs:• Investment properties (25,006) (49,033)• Interest rate derivatives 3,756 (39,925)• Investments at fair value 985 (2,903)• Available-for-sale financial assets – (3,489)• Property development inventories (Group’s share) (4,331) (1,813)• Relating to equity accounted investments(1) (2,537) (7,656)Non-cash property investment income/(expenses):• Straight-line lease income (50) 671• Lease incentive and lease cost amortisation (2,795) (2,029)• Amortisation of finance costs (955) (696)Other non-cash expenses:• Employee options expense (112) (89)• Amortisation and depreciation (249) (156)• Net tax losses utilised(2) (670) (215)Net profit/(loss) for the half-year 4,234 (72,617)

1] Comprises fair value adjustments included in share of profit/(loss) of equity accounted entities.2] Included change in value of deferred tax asset attributable to tax losses.

33

Appendix 3Revenue Analysis

1H10 ($’000)

1H09 ($’000)

% Change

Operating revenueRental income and recoverable outgoings 60,768 56,002 +8.5%Funds management fees 7,687 2,500 +207.5%Property development sales (stapled securityholder share) – 1,424 N/AShare of operating profits of equity accounted entities 3,593 3,091 +16.2%Distributions and interest 2,662 6,240 -57.3%Other income 397 6,252 -93.6%

Revenue and other income from operations attributable to stapled securityholders 75,107 75,509 -0.5%

Non-operating revenue (including fair value adjustments)Non cash rental income (2,537) (1,121) +126.3%Share of non operating profits of equity accounted entities (2,537) (3,091) -17.9%Property development sales (minority interest share) – 1,424 N/AGain on sale of available-for-sale financial assets 3,431 – N/ANet gain from fair value adjustments to:• Investments at fair value through profit/loss 985 - N/A• Interest rate derivatives 3,756 - N/A

Non operating revenue (including fair value adjustments) 3,098 (2,788) N/A

Total Revenue and other income 78,205 72,721 +7.5%

34

Appendix 4High Recurring Earnings

1H10 Recurring ($’000)

1H10 Transaction ($’000)

1H10 Total ($’000)

Profit from operations

Net Property Income1 55,238 0 55,238

Net Funds Management Income2 1,539 2,954 4,493

Net Development Income3 0 (1,944) (1,944)

Interest & Distribution Income 2,662 0 2,662

Other Revenue 22 375 397

Finance Costs4 (19,441) (0) (19,441)

Overhead Costs (5,669) (2,097) (7,766)

NPBT from Operations 34,351 (712) 33,639

% contribution 102% -2%

Taxation (286)

NPAT from Operations 33,353

Operating EPS $0.047

1] Including share of operating profit of associates. Net of property outgoings2] Net of commissions paid3] Net of costs of development4] Excludes interest capitalised and amortisation of borrowing costs

35

Appendix 5

Statement of Financial Position

Dec-09 ($’000) %

Jun-09 ($’000) %

ASSETSCash and Cash Equivalents 104,769 8% 66,653 5%Trade and Other Receivables 60,163 5% 53,882 4%Inventory 0 0% 0 0%Investment Properties 1,074,200 82% 1,117,175 85%Investment in Associates 57,126 4% 58,295 4%Property Under Construction 0 0% 0 0%Other Assets 11,586 1% 12,818 1%Total Assets 1,307,844 1,308,823

LIABILITIESTrade and other payables (26,655) (33,949)Borrowings (672,473) (722,848)Other Liabilities (20,111) (12,433)Total liabilities (719,239) (769,230)Net assets 588,605 539,593

EQUITYTotal Equity 588,605 539,593

36

Net Property Income1H10

($’000)2H09

($’000)Variance

%

Office Tuggeranong Office Park, Greenway ACT 9,017 8,916 1.1%National Circuit, Barton ACT 1,295 1,266 2.4%700 Collins Street, Melbourne VIC 6,286 5,792 8.5%Grenfell Street, Adelaide SA 1,686 1,609 4.8%AWB Building, Melbourne Vic 3,902 3,849 1.4%200 Mary Street, Brisbane QLD 3,915 3,764 4.0%Synergy, Kelvin Grove QLD 3,456 3,665 -5.7%Sun Microsystems Building, Lyneham ACT 1,673 1,629 2.7%Scrivener Building, Bruce ACT 640 590 8.4%Terrace Office Park, Bowen Hills QLD 1,301 1,090 19.3%475 Victoria Avenue, Chatswood NSW 5,890 5,439 8.3%Vodafone Call Centre, Kingston TAS 965 1,047 -7.8%Henry Waymouth Centre, Adelaide SA 1,682 1,597 5.3%TGA Complex, Symonston ACT 2,484 2,384 4.2%Office Total 44,194 42,636 3.7%

Industrial Elders Woolstore, Gillman SA 626 592 5.6%Kmart Distribution Centre, Hoppers Crossing VIC 2,181 2,164 0.8%NQX Distribution Centre, Pinkenba QLD 782 799 -2.2%78 Mallard Way, Cannington WA 1,145 539 112.5%Brooklyn Woolstore, Brooklyn VIC 1,801 1,819 -1.0%Industrial Total 6,535 5,913 10.5%

Retail Regent Cinema Centre, Albury NSW 562 505 11.3%Village Cinemas, Geelong VIC 519 497 4.5%Village Cinema Centre, Hobart TAS 786 790 -0.6%Village Cinemas, Launceston TAS 161 148 8.8%Retail Total 2,028 1,940 4.5%

Total Held Properties 52,757 50,490 4.5%Sales, Purchases & Other Adjustments 2,481 2,980 Total Net Property Income 55,238 53,469 3.3%

Appendix 6

37

Appendix 7Top 20 Tenants

Tenant Building Tenant Classification % of Total Portfolio

Commonwealth of Australia Dept of FACSIA Tuggeranong Office Park Government Authority 16.5%Australian Wheat Board AWB Building & Brooklyn Woolstores Listed Company/Subsidiary 7.3%Bureau of Meteorology 700 Collins Street Government Authority 5.9%Medibank Private Limited 700 Collins Street Government Authority 5.1%Therapeutic Goods Administration TGA Complex Government Authority 4.4%Coles Supermarkets Australia Pty Ltd Kmart Distribution Centre Listed Company/Subsidiary 4.2%QLD University of Technology Synergy Government Authority 4.1%Reed Elsevier Australia Pty Limited 475 Victoria Avenue & Terrace Office Park Listed Company/Subsidiary 4.1%Workcover Corporation of South Australia Henry Waymouth Centre Government Authority 3.2%Minister for Government Enterprises 101 Grenfell Street Government Authority 3.2%Leighton Contractors Pty Limited 475 Victoria Avenue Listed Company/Subsidiary 2.8%Commonwealth of Australia 19 National Circuit Government Authority 2.6%QER Pty Ltd 200 Mary Street Private Company 2.3%Australian Tax Office AWB Building Government Authority 2.0%Sincled Investments & Waterline Pty Ltd Albury Cinema Centre and Village Geelong Listed Company/Subsidiary 1.9%Toll North Pty Ltd NQX Distribution Centre Listed Company/Subsidiary 1.7%Vodafone Hutchison Australia Pty Ltd Vodafone Call Centre Listed Company/Subsidiary 1.6%Sincled Investments P/L & WIN TV Village Cinema Centre Hobart and Village Launceston Private Company 1.5%Dept. of Employment & Workplace Relations 200 Mary Street Government Authority 1.3%GeoScience Scrivener Building Government Authority 1.2%

76.9%

38

Appendix 8Core Property Assets

Asset Class Valuation Date Cap Rate Occupancy WALE Major Tenants

700 Collins Street

A Grade Office $156.0 Nov-09 8.00% 99.5% 5.5 years Bureau of Meteorology,Medibank Private, Vic Urban

Tuggeranong Office Park

A Grade Office $170.0 m Dec-09 8.75% 100.0% 6.9 years Gov’t Department of Families Housing Community Services and Indigenous Affairs

475 Victoria Avenue

A Grade Office $130.0 m Dec-09 8.00% 98.6% 3.4 years Reed Elsevier Australia, Leighton Contractors

AWB Building A Grade Office $99 m Dec-09 8.25% 100.0% 4.8 years AWB Services Limited, Australian Tax Office, Cambridge Integrated Services Pty Ltd, Victoria Legal Aid

200 Mary Street

B Grade Office $86.0 m Dec-09 8.50% 98.0% 3.8 years Department of Public Works, Commonwealth Government, QER Pty Ltd

$641.0 m 8.30% 99.3% 5.1 years

39

Appendix 9Debt Facilities at 31 December 2009

Facility Amount Available

Amount Drawn Maturity Security Property Financial

Covenants(1)

Syndicated Facility $434 m $434 m Nov-11 Trust portfolio excluding 200 Mary Street, TGA, Tuggeranong Office Park and Synergy

LVR < 60%ICR > 1.5 times

Tuggeranong Facility (Tranche A) $108 m $108 m Jul-15 Tuggeranong Property LVR < 65%

ICR > 1.25 times

Tuggeranong Facility (Tranche B) $12 m $12 m Jul-13[2] Tuggeranong Property None

TGA Facility $26 m $26 m Mar-11 TGA Property LVR < 65%ICR > 1.5 times

Synergy Facility $47 m $47 m Jul-11[2] Synergy Property LVR < 65%ICR > 1.75 times

Mary Street Facility $48 m[3] $48 m Aug-11 200 Mary Street, Brisbane LVR < 55%ICR > 1.25 times

Total $675 m $675 m

1] Covenants relate to Secured Property for each facility except the Synergy Facility, where covenants also relate to Trust2] Quarterly repayments until expiry. Covenants do not relate to these tranches.3] Facility is able to be repaid and redrawn

40

Appendix 10Interest Rate Hedges

Amount Hedged Maturity Date Base Rate Years Remaining % of Total$372m Variable 4.20%1 55%$158m Jul-10 4.13% 0.6yrs 23%

$27m Aug-10 5.50% 0.7yrs 4%$32m Feb-16 5.90% 6.1yrs 5%$86m Sep-17 5.95% 7.7yrs 13%

$675m

1] 30 day BBSY as at 31 December 2009

41

Impact on NTA

Weighted Average Cap Rate8.04% 8.29% 8.54% 8.79% 9.04%

Change in Market Rental

5.0% $0.88 $0.84 $0.79 $0.75 $0.72

2.0% $0.84 $0.80 $0.75 $0.71 $0.68

0.0% $0.81 $0.77 $0.73 $0.69 $0.65

-2.0% $0.78 $0.74 $0.70 $0.66 $0.63

-5.0% $0.74 $0.70 $0.66 $0.62 $0.59

Impact on Gearing

Weighted Average Cap Rate8.04% 8.29% 8.54% 8.79% 9.04%

Change in Market Rental

5.0% 42.7% 44.0% 45.2% 46.4% 47.6%

2.0% 43.9% 45.2% 46.4% 47.6% 48.9%

0.0% 44.7% 46.0% 47.2% 48.5% 49.8%

-2.0% 45.5% 46.8% 48.1% 49.4% 50.7%

-5.0% 46.8% 48.2% 49.5% 50.8% 52.1%

Appendix 11