2015 – 2016FRASERS PROPERTY AUSTRALIA.

National Carbon Offset Scheme - Public Disclosure Summary.

Fairwater, Blacktown – Features the largest community of geothermal heating and cooling in the Southern Hemisphere.

2015 – 2016 Carbon Neutral Program | Public Disclosure Summary Page 1 of 10

Frasers Property Australia 1 July 2015 – 30 June 2016

Declaration.To the best of my knowledge, the information provided in this Public Disclosure Summary is true and correct and meets the requirements of the National Carbon Offset Standard Carbon Neutral Program.

29 September 2017

Paolo BevilacquaGeneral Manager, Sustainability

Type of carbon neutral certification: OrganisationVerification:Date of most recent external verification/audit: Sep 2017

Auditor: Carbon Risk Management

2015 – 2016 Carbon Neutral Program | Public Disclosure Summary Page 2 of 10

About Frasers Property Australia.

Frasers Property Australia is one of Australia's leading diversified property groups with over 600 staff and operations in five states of Australia.

Frasers Property Australia’s activities across Australia cover the development of residential land, housing and apartments, commercial, retail and industrial properties, investment property ownership and management, and property management. Driven by a highly experienced team of people committed to delivering real places for real people, the core values of the Frasers Property are passionate, authentic, dynamic and respectful. 

A Different Way: Frasers Property Australia’s commitment to sustainability. We care deeply about our people, customers, communities and the planet, as well as our own business. It's why, in 2016, we launched our new sustainability strategy: A Different Way. This strategy will help us work toward delivering better outcomes, and achieve our goal of making a real difference when it comes to sustainability. It identifies the issues that affect us - both now and in the future - and outlines the steps we need to take to get great results. We've included some ambitious targets and commitments so we can do our very best. 

Figure 1: A Different Way, Frasers Property Australia’s sustainability strategy.

2015 – 2016 Carbon Neutral Program | Public Disclosure Summary Page 3 of 10

Sustainability isn't just about the environment. It's about creating communities and places that help real people live, play, shop and work in better ways. It's about being a resilient and responsible business, creating more diverse opportunities for our employees and customers, efficient spaces that allow businesses to thrive, and shopping centres that genuinely serve the needs of local communities - as well as the planet. We want to be smarter and more efficient in the way we use the planet's finite resources, and ultimately, regenerate what we use. It is we why have set the target to 'Make clean energy accessible for all' by 2030. http://www.frasersproperty.com.au/Sustainability

1. Carbon neutral information

IntroductionAll parts of Frasers Property Australia’s operating business have been included in the Carbon Neutral Certification. This includes:

Corporate data for all of our corporate offices, by state (New South Wales, Victoria, Queensland and Western Australia)

Corporate fleet vehicle and travel data Construction data, by state (New South Wales, Victoria, Queensland and Western

Australia) (Stationary Fuel, Electricity, Gas, Water and Waste)

The methods used for collating data, performing calculations and presenting the carbon account are in accordance with the following standards:

National Carbon Offset Standard v3.0 The Greenhouse Gas Protocol: A Corporate Accounting and Reporting Standard (Revised

Edition) National Greenhouse and Energy Reporting (Measurement) Determination 2008

Where possible, the calculation methodologies and emission factors used in this inventory are derived from the National Greenhouse Accounts (NGA) Factors in accordance with "Method 1" from the National Greenhouse and Energy Reporting (Measurement) Determination 2008.The greenhouse gases considered within the inventory are those that are commonly reported under the Kyoto Protocol; carbon dioxide (CO2), methane (CH4), nitrous oxide (N2O). These have been expressed as carbon dioxide equivalents (CO2-e) using relative global warming potentials (GWPs). No synthetic gases - hydrofluorocarbons (HFCs), perfluorocarbons (PFCs) and sulphur hexafluoride (SF6), were detected within the operational boundary.

Boundary and consolidation approachFrasers Property’s NCOS boundary includes Frasers Property’s corporate operations, which comprises facilities listed below that fall under Frasers Property’s operational control for all or part of the 2016 reporting period. The boundary also includes Scope 3 emissions relating to corporate travel for all Frasers Property employees. Frasers Property has applied the principles contained within the National Greenhouse and Energy Reporting Act 2007 and its associated guidelines to determine the operational control of its properties across Australia and New Zealand.

Where Frasers Property has operational control of a tenancy, it reports 100% of energy, water, waste and emissions applicable to that tenancy as well as an area-based proportion of base building operations. All owned and/or managed properties (residential, retail, commercial and industrial) that form Frasers Property’s property portfolios are outside the scope of this assessment.

2015 – 2016 Carbon Neutral Program | Public Disclosure Summary Page 4 of 10

Emission sources within certification boundary.

Quantified sourcesFrasers Property’s certification under the NCOS is for a defined inventory of carbon emissions resulting from the activities of our Australian-based business. Frasers Property uses an operational control approach to determine reporting boundaries, consistent with the NGER Act. Scope 1 and Scope 2 emissions are calculated and reported in line with the NGER Act methodology. Scope 3 emissions are reported consistent with the principles outlined in the Greenhouse Gas Protocol.

Our carbon neutral boundary includes the direct operational footprint of all Frasers Property corporate offices, as well as our commercial, industrial, residential and retail construction sites.

Table 1: Frasers Property’s carbon neutral inventory boundary.Scope Quantified Emissions Source1 & 3 Transport Fuels1 & 3 Stationary Fuels1 & 3 Natural Gas2 & 3 Electricity

3 Electricity (base building)3 Water3 Waste to landfill3 Waste recycling3 Employee Commuting3 Business flights3 Hotel Accommodation3 Office paper3 Printing3 Cleaning Services3 Postage3 Couriers3 Advertising3 Food & Catering3 Taxis3 Hire cars

Non-quantified sources

The following scope 3 emission sources are not included within the inventory boundary due to data limitations or materiality considerations. The impact of excluding these sources is not expected to materially affect Frasers Property’s total emissions:

Table 2: Non-quantified emissions sourcesScope Non-quantified emission source Reason for exclusion

3 Office supplies/equipment, stationery, telecoms and freight

Not included as information is difficult to gather. Frasers Property will review options to gather data for future reporting.

2015 – 2016 Carbon Neutral Program | Public Disclosure Summary Page 5 of 10

Diagram of certification boundary

Corporate officesFrasers Property’s corporate offices include:

Level 2 & 3, 1C Homebush Bay Drive, Rhodes, NSW Suite 11, Level 12, 101 Bathurst Street, Sydney, NSW Level 9 & 10, 484 St Kilda Road, Melbourne, VIC Level 14, 2 Southbank Boulevard, Southbank, VIC Level 3, 154 Melbourne Street, South Brisbane, QLD Level 2, 1 Havelock Street, West Perth, WA

2015 – 2016 Carbon Neutral Program | Public Disclosure Summary Page 6 of 10

2. Emissions reduction measures.Part A. Emissions over time N/A – Initial application

Part B. Emissions reduction strategy.In line with our strategy, A Different Way, we want to be smarter and more efficient in the way we use the planet’s finite resources, and ultimately, regenerate what we use. Our goal is to ‘make clean energy accessible for all’ by 2030, and this drives our approach to reducing carbon emissions.

We will do this in the short-term for our organisational footprint by: Decreasing our energy intensity company-wide by 20% by 2020; Achieving a minimum 5 star NABERS Energy tenancy rating (including GreenPower)

for each of our corporate tenancies by 2018; Achieving a 6 star Green Star Interiors rating on our Corporate offices, representing

‘World Leadership’; and Continuing to educate and engage our employees to encourage them to reduce their

environmental impacts at work and at home.

These targets are re-assessed annually to ensure that we are continuing to move towards our target by 2030.

The decision to pursue carbon neutrality continues Frasers Property’s proud history of environmental leadership. As FY 15/16 is our base year, we look forward to being able to report a decrease in our carbon emissions over time.

Part C. Emissions reduction actions.Table 2: Frasers Property’s emissions reduction measures implemented in the current reporting period.

Emission Source Reduction Measure Scope Status Reduction (tCO2e)

Electricity Achieve a minimum 5 star NABERS Energy tenancy rating by 2018

2 Ongoing

Electricity Purchase 100% Green Power &/or offset 3/5 offices

2 Ongoing 88.6

Electricity Relocate our Perth office to premises with more energy efficient design and layout (achieved a 6 star Green Star Interiors rating)

2 Complete

Waste Complete CitySwitch waste audit at 3/5 offices

3 Complete

Unknown

Business flights Upgrade video conferencing systems to reduce interstate flights

3 Complete

Unknown

Employee commute, business flights, electricity, paper, waste

Educate and engage our employees to encourage them to reduce their environmental impacts at work and at home (EnviroWeek, Earth Hour, World Green Building Week, Clean Up Australia Day, Tree Day)

3 Ongoing

2015 – 2016 Carbon Neutral Program | Public Disclosure Summary Page 7 of 10

3. Emissions summary.For the period FY15-16 total GHG emissions across Scope 1, 2 and 3 emission sources was 6,354.9 tCO2-e. 'Utilities' was the largest contributor, at 2,962.1 tCO2-e (45.2% of gross GHG Protocol emissions). Scope 3 emissions associated with business flights, employee commute and third party services, and Scope 1 & 3 emissions associated with stationary fuels were the other major sources of emissions.

Figure 1: GHG emissions for Frasers Property by activity sector

45%

20%

11%

7%

7%

6%4%

Utilities

Business Flights

Third-Party Services

Employee Commute

Stationary Fuels

Transport Fuels

Waste

Table 3: Summary of Scope 1, 2 and 3 emissionsScope Emissions Source tCO2-e1 & 3 Transport fuel: Petrol post-2004 210.61 & 3 Transport fuel: Diesel post-2004 199.61 & 3 Stationary fuel: Petrol 1.21 & 3 Stationary fuel: Diesel 433.91 & 3 Natural Gas 131.72 & 3 Electricity 1,678.6

3 Electricity: Base Building 1,085.23 Water 66.63 Paper 29.33 Employee Commute 467.63 Business Flights 1,286.33 Cleaning services 74.13 Food and catering 188.7

2015 – 2016 Carbon Neutral Program | Public Disclosure Summary Page 8 of 10

3 Postage 15.33 Couriers 52.23 Printing 95.73 Hotel accommodation 93.93 Advertising 123.93 Taxis 19.13 Hire cars 8.63 Waste: landfill 223.43 Waste: recycling 61.4

Total Footprint (Gross) 6,546.9Credit GreenPower -90.0Credit NCOS Recognised Offsets -102.0

Total Footprint (Net) 6,354.9

Carbon offsets.Part A. Offsets summary.

Offset Name Year Retired

Serial Numbers Quantity

CECIC Urumqi Tuoli Phase 1 Wind Farm (China) (VCU), APX VCS registry

2016 4091-174264473-174264982-VCU-003-APX-CN-1-1489-01052011-31122012-0

1021

Quilpeta Regeneration Project (Australia)(VCS), APX VCS Registry

2017 3,745,554,154-3,745,554,821 668

Huoshui Grouped Small Hydro (China)(VCU - Social Carbon), APX VCS registry

2017 5293-222851509-222855513-VCU-028-APX-CN-1-438-26062013-31122013-0

4005

Siam Cement Biomass (Thailand)(VCU), APX VCS registry

2017 3030-132939375-132940374-VCU-008-MER-TH-4-403-01012012-31122012-0

1000

Musi Hydro (Indonesia)(VCU – Social Carbon), APX VCS registry

2017 5313-223784067-223785066-VCU-010-APX-ID-1-487-01012013-31032013-0

1000

Total Offsets Retired 6775Total Emissions for FY 2015/16 6,354.9Net Emissions 0Total offsets held in surplus for future years 420

Part B. Offsets purchasing and retirement strategy (upfront/arrears)In 2015/16 NCOS Disclosure Year, Frasers Property retired offsets totalling 6,673 tCO2e of VCU type offsets. In addition, Frasers Property retired offsets totalling 510 tCO2e of VCU type offsets to account for five years of the Perth office’s emissions. From this, 102 tCO2e (the first of the five years) has been accounted for in the 2015/16 NCOS Disclosure Year. For this same Disclosure Year, Frasers Property required offsets totalling 6,354.9 tCO2e. The 420 tCO2e remaining offsets retired, namely the Huoshui Grouped Small Hydro, will be used in future years. The table above presents a detailed overview on offset type, project title and offset quantity.

1 Proportion of 510 tCO2e retired by Climate Friendly for Perth’s Green Star Interiors Energy credit (over 5 years).

2015 – 2016 Carbon Neutral Program | Public Disclosure Summary Page 9 of 10

Part C. Offset projects (co-benefits)Frasers Property seeks to buy offsets from projects that align with A Different Way, particularly the target to ‘make clean energy accessible for all’. The countries that these projects benefit are countries which Frasers Centrepoint Limited, Frasers Property’s parent company, operates in.

Project Description Co-benefitsQuilpeta Regeneration Project (Australia)

Quilpeta is located in South West Qld. This project has allowed for the cessation of mechanical clearing and the removal of sheep & feral goats.

- Revegetation, allowing the forest to regrow

Huoshui Grouped Small Hydro (China)

This project consists of 95 small scale hydro-power plants that provide clean energy to some of the poorest regions of China.The projects utilise run-of-river design and vary from 0.1 – 10 MW in capacity, preventing 770,000 tonnes of CO2 per year.

- Improved community infrastructure

- Jobs and job training

- Agricultural education program

- Disaster relief fund

- Education programs for children

- Provides stable electricity supply to poor communities

Siam Cement Biomass (Thailand)

This project involves the modification of five cement manufacturing plants in Thailand to use renewable biomass fuels instead of fossil fuels. The project has led to substantial emission reductions as well as other significant environmental and socio-economic benefits.

- Improved health outcomes with less respiratory problems due to rice husk decay, as well as the funding of a mobile health clinic

- The creation of local supply chains & industries for biomass, creating local jobs & providing additional revenue streams for farmers

- Other initiatives include forest conservation, school scholarships & support for the development of local industries

Musi Hydro (Indonesia)

This project is a grid-connected, run-of-river hydropower plant generating clean energy for the island’s inhabitants and saving 850,000 tonnes in CO2 emissions each year.The plant uses a natural height difference to generate sustainable hydropower, thus avoiding the need for a retaining dam.

- Captured organic material is converted into fertiliser and is distributed to local farmers

- A reforestation program has been established in the catchment area to improve conservation outcomes

- The project has hired over 100 permanent employees and contracted an additional 90 positions

- New roads have been constructed to provide local farmers better access to their rice paddies

- Free compost training provided to local communities

- Project contributes money to a local orphanage

CECIC Urumqi Tuoli Phase 1 Wind Farm (China)

This project has installed & operates 33 wind turbines with a capacity of 1,500 kW each – the total installed capacity is 49.5 MW

- Promotes development of the domestic turbine industry

- Improved health outcomes due to avoidance of further coal-fired electricity generation

2015 – 2016 Carbon Neutral Program | Public Disclosure Summary Page 10 of 10