ISPT IS ONE OF AUSTRALIA’S LARGEST UNLISTED PROPERTY FUND MANAGERS WITH OVER $12.1 BILLION OF FUNDS UNDER MANAGEMENT THROUGH OUR INVESTMENTS IN COMMERCIAL, RETAIL, INDUSTRIAL AND RESIDENTIAL PROPERTIES.

We own high quality property and create commercial and retail spaces that meet the changing needs of our customers whilst maintaining our properties at optimal operating standards.

For more than 20 years we have been creating value on behalf of our investors, some of Australia’s largest industry superannuation funds.

Today, more than 50% of Australian workers have their retirement savings invested in property through ISPT.

“We want our properties to be more than just buildings. They must constitute an important part of the local community, each a thriving, dynamic ecosystem.” Daryl Browning, Chief Executive Officer

FY2016 HIGHLIGHTS FY2016 HAS SEEN STRONG RESULTS FROM ISPT’S FUNDS, SOME OF THE HIGHLIGHTS INCLUDE:

THE ISPT BUSINESS

ANNUAL REVIEW FY2016 AN EXTRACT

OF THE TOP 8 PERFORMING FUNDS IN THE IPD INDEX FOR FY2016

INCREASE IN TOTAL FUNDS UNDER MANAGEMENT DURING FY2016 TO $12.1B

15%NET INCOME GREW

TO

7%

1.3B$INVESTED IN FY2016 PURCHASING

PROPERTIES9605$ M

206 BOURKE STREET, MELBOURNE VICThe ISPT Core Fund acquired an 100% interest in 206 Bourke Street. The Centre is 12,000 sqm on a 3,140 sqm block. Located in the heart of Melbourne’s Chinatown and the home to the Michelin star dumpling restaurant Tim Ho Wan.

1 WILLIAM STREET, BRISBANE QLDPractical completion is scheduled for October 2016 for this premium commercial development which is 100% pre-let to the Queensland Government. The 75,000 sqm building is located in the parliamentary precinct of the Brisbane CBD. (JV)

DEVELOPMENTSAT ISPT, WE UNDERTAKE DEVELOPMENTS DESIGNED TO MEET CUSTOMER NEEDS AND FOCUS ON CREATING THE RIGHT ACCOMMODATION IN THE RIGHT LOCATIONS. WE AIM TO IMPROVE ASSET COMPOSITION AND ENHANCE LONG TERM INCOME AND CAPITAL GROWTH WHILST REDUCING INVESTMENT VOLATILITY. A NUMBER OF PROJECTS HAVE BEEN SUCCESSFULLY COMPLETED AND OTHERS ARE UNDERWAY.

ACQUISITIONSISPT’S STRATEGY AROUND ACQUISITIONS IS TO CREATE HIGHER QUALITY AND RESILIENT PROPERTY PORTFOLIOS. ACQUISITIONS PROVIDE FURTHER DIVERSIFICATION BY GEOGRAPHY, ASSET TYPE AND INCOME.

WORLD SQUARE SHOPPING CENTRE, SYDNEY NSWThe ISPT Core Fund acquired a 50% interest in the CBD located World Square Shopping Centre. The Centre is 17,500 sqm on a 2 ha block. It is in the heart of Chinatown and anchored by Coles, JB Hi-Fi, Priceline, food precinct, service and fashion retailers.

2 RIVERSIDE QUAY, SOUTHBANK VICThis prime Melbourne office development, 82% preleased to PwC and due for completion December 2016. The development is a 12-level office building above an eight-level car park and ground floor retail and scheduled for completion in February 2017. (JV)

GEORGE PLACE is the precinct of 345 and 363 George Street, 24 York Street, SYDNEY NSW. ISPT has gained approval for the major redevelopment and revitalisation of these adjacent buildings in the premier office precinct of the Sydney CBD. The development will result in a centralised lobby and a new flagship retail destination.

QUEEN STREET MALL, BRISBANE QLD ISPT’s buildings in the Queen Street Mall in Brisbane continue to attract high level international brands and their flagship stores. UNIQLO is the latest to join at 170 Queen Street, following fashion retailers Zara and H&M, which has opened at 155 Queen Street in a mixed-use development.

THE WELL SHOPPING CENTRE, CAMBERWELL VICIRAPT acquired a 100% interest in The Well, Camberwell. The Centre is 14,000 sqm including Coles, JB Hi-Fi, a gym and has residential apartments above.

ARTIST’S IMPRESSION

COMMERCIAL

$5.3B

NUMBER OF PROPERTIES

128ISPT OFFICES

MELBOURNE, SYDNEYBRISBANE, PERTH

LETTABLE AREA

2,500,000SQM

RETAIL

$5.4BINDUSTRIAL

$800MRESIDENTIAL & HOTEL

$600M

3

ARTIST’S IMPRESSION

OUR PROPERTY FUNDS

ISPT CORE FUNDOUR FLAGSHIP ISPT CORE FUND, WITH A SECTOR DIVERSE PORTFOLIO AND GEOGRAPHICALLY DISPERSED THROUGHOUT AUSTRALIA, SAW A BOOST TO PROPERTY ASSETS OF 16% IN FY2016. THE FOCUS ON INVESTMENT IN HIGH QUALITY PRIME ASSETS AND DISCIPLINED CAPITAL MARKETS PROCESSES BY THE MANAGEMENT TEAM SEES THIS FUND CONTINUE TO OUTPERFORM OVER THE ONE, THREE AND FIVE-YEAR PERIODS.

ISPT 50 LONSDALE STREET PROPERTY TRUST A SPECIAL PURPOSE VEHICLE CREATED TO DEVELOP AND MANAGE 50 LONSDALE, A 66,877 SQM A GRADE COMMERCIAL BUILDING CONSTRUCTED BY ISPT IN 2006 AND LOCATED IN THE PARLIAMENTARY PRECINCT OF MELBOURNE’S CBD. A UNIQUE END OF TRIP FACILITY, FITPOINT, HAS BEEN ADDED TO THE BUILDING, ALONG WITH DIALOGUE, A MEETING AND CONFERENCE CENTRE, FURTHER ENHANCING CUSTOMER SATISFACTION.

ISPT RETAIL AUSTRALIA PROPERTY TRUST (IRAPT)THIS TRUST OWNED 30 NEIGHBOURHOOD SHOPPING CENTRES, TWO FREESTANDING SUPERMARKETS, ONE SUB REGIONAL CENTRE AND TWO FORWARD-FUNDED RETAIL DEVELOPMENTS AS AT JUNE 30, 2016. THE FOCUS ON NON-DISCRETIONARY CONVENIENCE RETAIL AND SUPERMARKETS HAS BEEN SUCCESSFUL AS TOTAL SUPERMARKET SALES GROWTH CONTINUES TO EXCEED RETAIL EXPECTATIONS.

PROPERTIES IN MASTERPLANNING FOR REDEVELOPMENT

ISPT DEVELOPMENT AND OPPORTUNITIES FUNDS NO. 1 AND NO. 2 AND RESIDENTIAL MANDATESISPT IS FOCUSED ON THE TIMELY DELIVERY OF COMPLETED RESIDENTIAL DEVELOPMENTS PROJECTS AND THEIR ASSOCIATED DIVESTMENT STRATEGIES.

CENTRAL PLAZA, 345 QUEEN STREET, BRISBANE QLD

CASSELDEN, 2 LONSDALE STREET, MELBOURNE VIC

2–4 NATIONAL CIRCUIT, BARTON ACT

SYDNEY CENTRAL, 477 PITT STREET, SYDNEY NSW

100 ST GEORGES TERRACE, PERTH WA

WINTERGARDEN, 171–209 QUEEN STREET, BRISBANE QLD

WESTFIELD DONCASTER SHOPPING CENTRE, 619 DONCASTER ROAD, DONCASTER VIC

FORREST CHASE, MURRAY STREET, PERTH WA

ARTIST’S IMPRESSION

MELBOURNE’S GPO, CNR BOURKE AND ELIZABETH STREETS, MELBOURNE VIC

ENEX100, 100 ST GEORGES TERRACE, PERTH WA CHARLES STURT INDUSTRIAL ESTATE, 853–867 PORT ROAD, WOODVILLE SA

KIAMA VILLAGE, 143 TERRALONG STREET, KIAMA NSW

THE PONDS SHOPPING CENTRE, CNR THE PONDS BOULEVARD AND RIVERBANK DRIVE, KELLYVILLE NSW

WARNERS BAY VILLAGE, 32 JOHN STREET, WARNERS BAY NSW

THURINGOWA VILLAGE, CNR DALRYMPLE ROAD AND THURINGOWA DRIVE, THURINGOWA QLD (JV)

BANKSIA GROVE VILLAGE, CNR JOONDALUP DRIVE AND JOSEPH BANKS BOULEVARD, BANKSIA GROVE WA (JV)

DEE WHY GRAND, 15-19 PACIFIC PARADE, DEE WHY NSW

OUTPERFORMANCEOF THE FY2016 IPD PPFI INDEX

IN THE IPD DIVERSIFIED INDEX

NABERS INDOOR ENVIRONMENT RATING AVERAGE ACROSS 20 PROPERTIES

DEVELOPMENTSCOMPLETED

DEVELOPMENTSIN PLANNING85+

PROPERTY ASSETS GREW BY

NET TOTAL RETURN

13.5216 %%

IN THE IPD PPFI INDEX

IN THE IPD RETAIL INDEX

PROPERTY ASSETSINCREASED BY

PROPERTY ASSETSINCREASED BY

FY2016 NET TOTAL RETURN

FY2016 NET TOTAL RETURN

%

%

38.2

14.64

29.8

2111

%

%

BASIS POINTS

2ND

4.87

12

TOP 5 TENANTS TOP 5 TENANTS

TOP 5 TENANTS

TENANTNational Australia Bank

Wesfarmers

Department of Agriculture Fisheries and Forestry

Woolworths/Big W

Government Property NSW

TENANTState Government of Victoria

AustralianSuper

Attorney-General’s Department

Sustainability Victoria

Department of Immigration and Border Patrol

TENANTColes, Coles Express, Liquorland

Woolworths

Kmart

The Reject Shop

Priceline Pharmacy

1ST

1ST

2016 UDIA NATIONAL AWARD WINNER• PRESIDENT’S AWARD• HIGH DENSITY AWARD

EDEN, HAVEN & SANCTUARY, 675–679 VICTORIA STREET, ABBOTSFORD VIC

ARTIST’S IMPRESSION

LAKELANDS SHOPPING CENTRE, LAKELANDS WA

DELIVERING VALUE FOR OUR CUSTOMERSAT ISPT we look and think ahead, investigate and run pilots, and speak with our customers, communities and networks. In an increasingly global and digital world, the traditional customer value model is under review. As we evolve, we’re making sure that our property investments and offerings maintain a place at the forefront of best practice and stay relevant into the future.

RESPONSIBLE INVESTING ISPT is committed to being a leader in the area of responsible investing and to ensuring this principle is embedded throughout our investment process. Ethical investment standards such as health and safety, local communities and human rights are important to the way we do business. We actively promote a culture which values ethical standards, community conscience and corporate integrity.

OUR PEOPLEISPT continues to attract, retain and develop the best people in property, making the most of their abilities and providing an opportunity for our team to progress throughout the business as they develop their capabilities and experience.

DIVERSITYISPT supports and encourages a diverse, inclusive and representative working environment and one in which everyone is treated with dignity and respect. Testament to our commitment and achievement in this area, CEO Daryl Browning was named a Property Male Champion of Change by the Property Council of Australia.

STAFF COMMUNITY PROGRAMWe recognise and acknowledge the need to give back to the community. ISPT supports community initiatives where staff have a direct connection and more than $300,000 was donated to community programs during the financial year.

ENVIRONMENT AND SUSTAINABILITYOur environmental and sustainability initiatives cover everything from new forms of energy for buildings to the recycling of waste, support for local ecosystems and initiatives to encourage tenants and customers to use our buildings in the most environmentally intelligent way.

TELEPHONE 03 8601 6666 FACSIMILE 03 8601 6667 ABN 28 064 041 283 AFSL 247 280

MELBOURNE Level 11, 8 Exhibition Street, Melbourne VIC 3000 T 03 8601 6666BRISBANE Level 5, 100 Creek Street, Brisbane QLD 4001 T 07 3270 7300SYDNEY Level 6, 24 York Street, Sydney NSW 2000 T 02 8239 8500PERTH enex100, Level 4, 683-703 Hay Street Mall, Perth WA 6000 T 08 9235 3103

www.ispt.net.au The complete Annual Review can be downloaded at www.ispt.net.au/about-ispt/annual-review/

OUR INVESTORSWe are committed to working with our Investors to help them build their members’ retirement savings.

“Looking ahead, we will continue to create better places for people to work, shop, live and play by drawing on global expertise, development and management teams,” Daryl Browning, Chief Executive Officer.

OF THE ISPT WORKFORCE ARE WOMEN51%

AND WE AIM TO CONTINUALLY IMPROVE THE PROPORTION OF WOMEN ACROSS ALL LEVELS OF OUR COMPANY

1151,000ISPT

TEAM ALM

OST

OPERATE AND DEVELOP OUR PROPERTIES AND

LOOK AFTER OUR TENANTS

BUSINESS PARTNERSOur team of property managers, valuers, agents, development and construction consultants, lawyers, accountants and auditors are ISPT’s valued business partners. We continue to work together to retain customers, ensure we maintain preferred landlord status and be a business people want to engage with.

CORPORATE GOVERNANCEISPT’s corporate governance framework is designed to protect and enhance investor value. Our Board chooses to follow the recommendations of the ASX Corporate Governance Council Principles to the extent that they are appropriate even though as an unlisted proprietary company we are not legally bound to comply to such principles.

OF PROPERTY FUNDS WORLDWIDE IN 2016

RATED TOP 11%

IPD INDEX

ISPT 50 LONSDALE STREET PROPERTY TRUST

1ST

IPD RETAIL INDEX

ISPT RETAIL AUSTRALIA PROPERTY TRUST

IPD DIVERSIFIED INDEX

ISPT CORE FUND

1ST 2ND