International Bar Association Conference Real Estate Investment Trusts Introduction 17 October 2007 Singapore IBA – Capital Markets Forum tdo-corp v.1

2 REIT Global Market Considerations  Global growth in REITs a recent phenomenon reflecting introduction of REIT legislation in a number of countries  Singapore, for example, has seen the introduction of approximately 18 listed REITs since 2002  Returns have generally been well above other investment classes  REITs in some jurisdictions face structural limitations relating to the quality of assets owned, the nature of the business (ownership versus development) and in many cases gearing restrictions  Importance of quality regulation to protect REIT industry  Investors around the globe have, in recent years, re-directed an enormous amount of capital to commercial real estate including publicly traded vehicles ⇒ The worldwide publicly traded marketplace has grown to more than $1,100 billion with Australia representing 8.1% of this amount compared to Canada’s 3.5%

3 REITs Around the Globe Source: NBF Research, Bloomberg, EPRA. Both dividend yields and the 10-yr treasury bond rates are as of April 30, 2007 Note: Average dividend yields are for all publicly listed real estate vehicles.

4 Privately Held RE (US$B) $58$191$334$110$32$441$142$249$1,128$1,836$5,106$38$875$471$46 Listed RE (US$B) $49$120$159$27$7$64$20$34$123$188$510$4$80$40$3 Total Mkt (US$B)$107$311$493$137$39$505$162$283$1,251$2,024$5,616$41$955$511$49 Highest Proportionate Level of Securitization is in the Asia/Pacific Source : EPRA, Monthly Statistical Bulletin – Includes all publicly listed real estate Note: UK REIT legislation was enacted in 2006 and Germany implemented the new REIT structure in April % 7.8% 8.4% 8.5% 46.1% 38.6% 32.2% 19.7% 17.9% 12.6% 12.3% 12.0% 9.8% 9.3% 9.1% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0% 50.0% SingaporeAustraliaHong Kong/China AustriaMalaysiaSpainSwedenNetherlandsUnited Kingdom JapanUnited States ThailandFranceCanadaNew Zealand Publicly Listed Real Estate % of Total Market

5 Australia a Major Player  Australian real estate investors are increasingly investing abroad as attractive local opportunities become increasingly difficult to find ⇒ In 2006, Australian investors acquired over $7 billion of foreign real estate assets ⇒ An significant percentage of LPT portfolios are invested abroad ⇒ There are several Australian LPTs invested solely in U.S. assets  Total market capitalization for S&P / ASX 300 Property Trust Index LPTs of approximately A$138 billion (~C$ 125 billion) as at June 2007 compared to Canada’s REIT sector market capitalization of approximately C$32 billion  The LPT sector represents approximately 9.9% of the total Australian stock market, one of the largest sectors on the ASX, compared to less than 2 % for the Canadian REIT sector  The disproportionately large size of the Australian LPT market demonstrates the potential for growth in the Canadian REIT market Source: CBRE Global Research, NBF Research

6 The FTSE EPRA/NAREIT Global Real Estate Index

7 Top 10 Constituents

8 Globalization of Real Estate Securities