1

Colonial First State Global Asset Management

Paul Donoghue

Regional Manager Development

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Chadstone Loop Mall - Stage 25

Start on site Sep 2006Completion Dec 2007

Capital expenditure$103m

CFX share50%

Target initial yield 7.2%*

Expected IRR13.4%

External infrastructure including major roadworks both onsite and offsite4,000m2 of new retail

GLAJB Hi-Fi expansion75 specialty tenanciesUpgrade to Kmart mallFood Court upgrade

Financial Scope Program

Note: Capital Expenditure excludes Flow Back benefitReturn includes Flow Back benefit* Target initial yield was 6.5%

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Chadstone Loop Mall - Stage 25

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ChadstoneLoop Mall - Stage 25

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5

Chadstone Loop Mall - Stage 25

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ChadstoneChadstone Place – Stage 30

Start on site Jul 2007Completion Dec 2008

Capital expenditure$136m

CFX share50%

Target initial yield8.0%

Expected IRR12.7%

New Safeway SupermarketNew Aldi Supermarket5,500m2 large format

stores7,000m2 commercial

office2,300m2 gymnasiumRemix and refurbish

existing fresh foodAdditional 1,015 cars

Financial Scope Program

Note: Capital Expenditure excludes Flow Back benefitReturn includes Flow Back benefit

4

7

ChadstoneChadstone Place – Stage 30

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ChadstoneChadstone Place – Stage 30

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ChadstoneChadstone West Mall – Stage 33

Start on site Jul 2008Completion Dec 2009

Capital expenditure$250m- $255m

CFX share50%

Target initial yield7.5%

Expected IRR12.5-13.0%

Additional 10,600m2 GLAApprox 60 additional

specialtiesFocus on International

luxury brand retailersAdditional 700 cars

Financial Scope Program

Note: Capital Expenditure excludes Flow Back benefitReturn includes Flow Back benefit

10

ChadstoneChadstone West Mall – Stage 33

Proposed Lower Level plan Proposed Ground Level plan

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ChadstoneChadstone West Mall – Stage 33

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Northland

Start on site Feb 2008Completion Dec 2009

Capital expenditure$170m-$175m

CFX share50%

Target initial yield7.5%

Expected IRR12.5-13.0%

Relocated Coles supermarketRefurbished KmartRefurbished MyerNew TargetAdditional 12,500m2 GLAApproximately 40 new

specialties600 additional cars

Financial Scope Program

Note: Capital Expenditure excludes Flow Back benefitReturn includes Flow Back benefit

7

13

Northland

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Northland

8

15

Northland

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Northland

Existing Ground Floor Proposed Ground Floor

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17

Northland

Existing Mid Level Proposed Mid Level

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Northland

Existing Upper Level Proposed Upper Level

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Colonial First State Global Asset Management

Michael Gorman

Fund Manager CFX

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Summary

CFX is well positioned to continue to provide investors with solid quality earnings growth driven through:

– intensive asset management

– $1.7 billion development pipeline

– depth and experience of management team

– actively pursuing acquisition opportunities

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Colonial First State Global Asset Management

Questions

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Disclaimer

Neither Commonwealth Bank of Australia (the ‘Bank’) ABN 48 123 123 124 nor any of its subsidiaries guarantee or in any way stand behind the performance of the CFS Retail Property Trust (CFX) or the repayment of capital by CFX. Investments in CFX 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. You should assess whether the presentation is appropriate for you and consider talking to a financial adviser or consultant before making an investment decision. All reasonable care has been taken in relation to the preparation and collation of the information. Except for statutory liability which may not be excluded, no person, including Commonwealth Managed Investments Limited (the ‘Responsible Entity’) ABN 33 084 098 180, Colonial First State Property Retail Limited ABN 19 101 384 294 or any other member of the Bank’s group of companies, accepts responsibility for any loss or 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. Copyright and confidentialityThe copyright of this presentation and the information contained therein is vested in the Responsible Entity, the Bank and the Bank’s group of companies. This document should not be copied, reproduced or redistributed without prior consent.