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Colonial First State Property Limited ABN 20 085 313 926 Manager of Commonwealth Property Office Fund Responsible Entity: Commonwealth Managed Investments Limited ABN 33 084 098 180 AFSL 235384

1 Colonial First State Property Limited ABN Manager of Commonwealth Property Office Fund Responsible Entity: Commonwealth Managed Investments Limited ABN AFSL Registered Address: Ground Floor, Tower 1, 201 Sussex Street Sydney NSW 2000 Australia Principal Office of the Manager: Level 4, Tower 1, 201 Sussex Street Sydney NSW 2000 Australia Telephone: Facsimile: November 2012 COMMONWEALTH PROPERTY OFFICE FUND (CPA) CPA included in the Carbon Disclosure Leadership Index and the Carbon Performance Leadership Index Colonial First State Property Limited (the Manager ), Manager of Commonwealth Property Office Fund (CPA or the Fund ), is pleased to announce that CPA has again been recognised for participation in the 2012 Carbon Disclosure Project (CDP). This is the third consecutive year that CPA has been included in the Carbon Disclosure Leadership Index (CDLI) and the second consecutive year that it has been in the Carbon Performance Leadership Index (CPLI). Paul Simpson, Chief Executive Officer of CDP, commented: Companies in the Carbon Performance Leadership Index are demonstrating a clear commitment to manage their greenhouse gas emissions and take action on climate change. Organisations which work to reduce their emissions and integrate climate change issues into their business strategies have the potential for cost savings, revenue generating opportunities and, ultimately, a more resilient future. Charles Moore, Fund Manager of CPA, said This result from CDP once again confirms that we are a leader in our approach to responsible property investment (RPI). For us, it s not about big budget capital expenditure projects, it is about managing our assets more efficiently. Being included in the CPLI is a reflection of the success of our RPI program over the past five years. Since 2007, our office buildings have become 30.4% more energy efficient, 21.3% more water efficient and have 30.2% lower carbon emissions per square metre. For further information refer to the attached CDP media release. 1

2 ENDS For further information, please contact: Investor and media contacts: Penny Berger Troy Dahms Head of Investor Relations and Communications Investor Relations and Communications Manager Colonial First State Global Asset Management Colonial First State Global Asset Management Phone: or Phone: or 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 comprises 26 assets with a total asset value of $3.7 billion and is managed on behalf of more than 22,000 investors from 23 countries. About Colonial First State Global Asset Management (CFSGAM) CFSGAM Property is the specialist property division of Colonial First State Global Asset Management, and is one of the largest real estate fund managers in Australia with $18 billion in funds under management. CFSGAM Property offers a fully integrated real estate investment platform including investment management, asset management, development management, origination and execution. CFSGAM Property manages a suite of wholesale investment products, as well as three listed real estate investment trusts in Australia and New Zealand. About CDP The Carbon Disclosure Project (CDP) is an international, not-for-profit organisation providing the only global system for companies and cities to measure, disclose, manage and share vital environmental information. CDP harnesses the power of market forces, including 655 institutional investors with assets of US$78 trillion, to collect information from companies on their greenhouse gas emissions and assessment of climate change and water risk and opportunity. CDP now holds the largest collection globally of primary climate change and water data and puts these insights at the heart of strategic business, investment and policy decisions. Please visit to find out more.

3 ASX200 companies more at ease with carbon pricing Melbourne, 7 Nov 2012: ASX200 companies are increasingly comfortable with carbon pricing, according to a new report issued today by the Carbon Disclosure Project ( CDP ). The number of ASX200 responding companies identifying risks from carbon pricing fell 12% on last year, and only 3% of responding companies rated risks associated with carbon pricing as high. The CDP Australia and New Zealand ( NZ ) Climate Change Report 2012 analyses climate change disclosures made by ASX200 companies (including 71 ASX100 companies) and NZX50 companies to investors through CDP. These companies represent 85% and 91% of the total market capitalisations of the ASX200 and NZX50 respectively. This CDP report, written by Deloitte Australia on behalf of 655 institutional investors representing US$78 trillion in assets, provides an annual update on greenhouse gas emissions data and climate change strategies at the largest listed companies in Australia and NZ, and was compiled with information gathered before the introduction of carbon pricing by the Australian Government on July 1. The report also identifies five ASX200 climate change leaders recognised on both the CDP 2012 ASX200 Carbon Disclosure Leadership Index ( CDLI ) and the CDP 2012 ASX200 Carbon Performance Leadership Index ( CPLI ). These companies were: Commonwealth Property Office Fund, CFS Retail Property Trust, Mirvac Group, National Australia Bank and Insurance Australia Group. Qantas Airways and Commonwealth Property Office Fund were the equal highest scoring companies on the CDP 2012 ASX200 CDLI. ASX200 companies are more at ease with the impact of carbon pricing on their business, said James Day, Director - Australia and NZ of the Carbon Disclosure Project. Brad Pollock, Lead Partner - Sustainability with report writer Deloitte Australia said: Most businesses are handling the introduction of carbon pricing with minimal upheaval. Companies have continued to take action on the implementation of energy efficiency opportunities at an even greater rate and scale than Of concern though is the continuing low number of ASX200 companies in high emitting sectors with emission reduction targets. The focus on implementation of energy efficiency initiatives, at times in the absence of clear corporate emission reduction targets, indicates a less than strategic approach by many companies, and may be contributing to delayed action and higher than necessary costs to businesses in the medium to longer term, Mr Pollock commented. Deloitte Australia, CDP s Australia and NZ Report and Scoring Partner, scored each disclosure by ASX200 and NZX50 companies on their quality and completeness using CDP s scoring methodologies. The 20 best disclosers enter the CDP 2012 ASX200 CDLI. Companies were also assessed on the scale of their emissions reductions and their climate change management strategies, and ranked in performance bands. Companies with the strongest carbon performance enter the CDP 2012 ASX200 CPLI. CDP s Carbon Disclosure and Carbon Performance Leadership Indices are used by investors to assess corporate preparedness for national or international emissions regulation and to guide investment decisions. Property companies and banks are the strongest carbon performers in the ASX200 overall, while ASX200 airlines and retailers have made significant improvements in the quality of their CDP climate change disclosures this year. With the average carbon disclosure score for ASX200 companies having increased by three points this year, and an increase in the minimum disclosure score required for inclusion on the ASX200 CDLI (86, a significant increase on the 2011 score requirement of 74 for the previously combined ASX200 and NZX50 CDLI), ASX200 companies showed some signs of progress in climate change disclosure this year. While ASX200 carbon disclosure leaders are to be commended for continuing to improve the quality of their disclosure, climate change disclosure standards remain higher amongst leaders of Global 500, S&P500 and FTSE350 companies, Mr Day commented.

4 Nathan Fabian, CEO of the Investor Group on Climate Change, said: CDP has played a critical role in preparing local investors for the implementation of carbon pricing and the Australian Clean Energy Future Act. CDP s climate change disclosure program is now in its seventh year in Australia and NZ, and it is pleasing to see that the quality of climate change disclosure by local companies through CDP has improved substantially over this period. Carbon disclosure leaders Companies on the CDP ASX200 Carbon Disclosure Leadership Index ( CDLI ) are responding to market demand and providing high levels of transparency in relation to their climate change risks, opportunities, carbon emissions, strategy and governance. CDP 2012 ASX200 Carbon Disclosure Leadership Index (CDLI) Company Sector Carbon Disclosure Score 2012 Carbon Disclosure Score 2011 Commonwealth Property Office Fund Financials Qantas Airways Industrials News Corporation Consumer Discretionary CFS Retail Property Trust Financials Amcor Materials Woolworths Limited Consumer Staples Mirvac Group Financials Transurban Group Industrials National Australia Bank Financials AGL Energy Limited Utilities Spotless Group Industrials Virgin Australia Holdings Industrials Insurance Australia Group Financials Leighton Holdings Industrials Metcash Consumer Staples Dexus Property Group Financials Commonwealth Bank of Australia Financials Santos Energy Australia and New Zealand Banking Group Financials Stockland Financials Consecutive years on the CDLI* * Including companies that have previously been in the combined ASX200 and NZX50 CDLI. Separate carbon disclosure and performance leadership indices have been published for ASX200 and NZX50 companies for the first time this year. Financials companies dominate the CDP 2012 ASX200 CDLI, especially banks and property companies. This is unusual by international standards as companies from the Financials sector are under-represented in other CDP indices such as the CDP Global 500 CDLI. Industrials and Consumer Staples companies are also proportionally over-represented in the ASX200 CDLI. Materials, Energy, Consumer Discretionary, Information Technology, Telecommunications and Health Care companies are under-represented in the ASX200 CDLI. ASX200 airlines and retailers have made significant improvements in their CDP climate change disclosures this year, commented Mr Day. Qantas achieved the equal highest carbon disclosure score in the ASX200, while Virgin Australia Holdings achieved membership of the ASX200 CDLI for the first time. A number of large Australian retailers have also made noticeable improvements in the quality of their climate change disclosures through CDP in 2012, including David Jones, Metcash, Wesfarmers and Woolworths Limited.

5 CDP 2012 ASX200 Carbon Performance Leadership Index (CPLI) Companies recognised on the CPLI are likely to have an integrated climate change strategy driving significant maturity in their climate change initiatives. To be eligible for inclusion on the CPLI, companies must meet a number of criteria, including: achieving at least a 3% reduction in carbon emissions as a result of emission reduction activities, disclosing their global Scope 1 and Scope 2 carbon emissions, and scoring maximum points for independent verification of their Scope 1 and Scope 2 carbon emissions. Company Sector Carbon performance band Carbon disclosure score CFS Retail Property Trust Financials A 96 1 Commonwealth Property Office Fund Financials A 97 3 Insurance Australia Group Financials A 90 1 Mirvac Group Financials A 92 2 National Australia Bank Financials A 91 3 Westpac Banking Corporation Financials A 83 3 * Including companies that have previously been in the ASX200 and NZX50 CPLI Consecutive years in the CPLI* Five ASX200 companies recognised on both the 2012 ASX200 Carbon Disclosure and Performance Leadership Indices Combining both indices establishes the best ASX200 companies on climate change disclosure and performance. Company Sector Carbon disclosure score Carbon performance band Commonwealth Property Office Fund Financials 97 A CFS Retail Property Trust Financials 95 A Mirvac Group Financials 92 A National Australia Bank Financials 91 A Insurance Australia Group Financials 90 A All five of the companies on the combined ASX200 CDLI and CPLI list are from the Financials sector. The continued strong performance of this sector is perhaps indicative of the high value that companies in this sector place on the risks and opportunities associated with reputation. Ten largest ASX200 non-responders to CDP s request for climate change information Singapore Telecom, QR National, Westfield Retail Trust, Iluka Resources, ASX, Sonic Healthcare, Lend Lease Group, Ramsay Health Care, ResMed and Cochlear. 50% of ASX200 companies, and 71% of ASX100 companies, responded to CDP s 2012 request for climate change information. These responding companies also represented 85% of the total market capitalisation of the ASX200. A summary of emissions data from all ASX200 and NZX50 companies responding to CDP can be found in the appendix of the report. Individual public company responses to CDP can be downloaded from For more information, please contact: Christine Law (Ogilvy PR) T: +61(0) / M: +61 (0) E: christine@howorth.com.au James Day (CDP) CDP Director - Australia & New Zealand T: +61 (0) / M: +61 (0) E: james.day@cdproject.net

6 Note to Editors About CDP The Carbon Disclosure Project (CDP) is an international, not-for-profit organization providing the only global system for companies and cities to measure, disclose, manage and share vital environmental information. CDP harnesses the power of market forces, including 655 institutional investors with assets of US$78 trillion, to collect information from companies on their greenhouse gas emissions and assessment of climate change and water risk and opportunity. CDP now holds the largest collection globally of primary climate change and water data and puts these insights at the heart of strategic business, investment and policy decisions. CDP was recently rated the most credible corporate sustainability ranking by a GlobeScan/SustainAbility survey of 850 sustainability professionals in over 70 countries. Visit cdproject.net to find out more. About Deloitte and Deloitte Australia (CDP Australia and NZ Report Partner) Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms. Deloitte provides audit, tax, consulting, and financial advisory services to public and private clients spanning multiple industries. With a globally connected network of member firms in more than 150 countries, Deloitte brings world-class capabilities and highquality service to clients, delivering the insights they need to address their most complex business challenges. Deloitte has in the region of 200,000 professionals, all committed to becoming the standard of excellence. In Australia, the member firm is the Australian partnership of Deloitte Touche Tohmatsu. As one of Australia s leading professional services firms, Deloitte Touche Tohmatsu and its affiliates provide audit, tax, consulting, and financial advisory services through approximately 6,000 people across the country. Focused on the creation of value and growth, and known as an employer of choice for innovative human resources programs, we are dedicated to helping our clients and our people excel. For more information, please visit Deloitte s web site at Deloitte s role as the CDP 2012 Australia and New Zealand Climate Change Report Partner underscores our leading role in providing a broad range of carbon advisory, reporting and assurance services to clients.

Australian companies are failing to properly disclose climate risk

Australian companies are failing to properly disclose climate risk This new Market Forces study has revealed a chronic failure of Australian companies to disclose the risks to their business as a result