QIC Limited ACN 130 539 123 (“QIC”) is a wholesale funds manager, and its products and services are not directly available to, and this document may not be provided to, any retail clients. QIC is a company government-owned corporation constituted under the Queensland Investment Corporation Act 1991 (QLD). QIC is also regulated by State Government legislation pertaining to government-owned corporations in addition to the Corporations Act 2001 (Cth) (“Corporations Act”). QIC does not hold an Australian financial services (“AFS”) licence and certain provisions (including the financial product disclosure provisions) of the Corporations Act do not apply to QIC. Other wholly owned subsidiaries of QIC do hold AFS licences and are required to comply with relevant provisions of the Corporations Act. QIC also has wholly owned subsidiaries authorised, registered or licensed by the United Kingdom Financial Conduct Authority (“FCA”), the United States Securities and Exchange Commission (“SEC”) and the Korean Financial Services Commission. For more information about QIC, our approach, clients and regulatory framework, please refer to our website www.qic.com or contact us directly.  

To the extent permitted by law, QIC, its subsidiaries, associated entities, their directors, officers, employees and representatives (“QIC Parties”) give no warranty of any nature whatsoever in relation to the information contained in this document (“Information”), and disclaim all responsibility and liability for any loss or damage of any nature whatsoever (including without limitation any consequential loss) which may be suffered by any person directly or indirectly through the provision to, or use by any person of the Information, including whether that loss or damage is caused by any fault or negligence or other conduct of the QIC Parties or otherwise. Accordingly, you should not rely on the Information in making decisions in relation to your current or potential investments. This Information is general information only and does not constitute financial product advice. You should seek your own independent advice and make your own independent investigations and assessment, in relation to it. In preparing this Information, no QIC Party has taken into account any investor’s objectives, financial situations or needs and it may not contain all the information that a person considering the Information may require in evaluating it. It should not be relied upon by investors. Investors should be aware that an investment in any financial product involves a degree of risk and no QIC Party, nor the State of Queensland guarantees the performance of any QIC fund or managed account, the repayment of capital or any particular amount of return. No investment with QIC is a deposit with or other liability of any QIC Party. The Information may be based on information and research published by others.  No QIC Party has confirmed, and QIC does not warrant, the accuracy or completeness of such statements.  Where the Information relates to a fund or services that have not yet been launched, all Information is preliminary information only and is subject to completion and/or amendment in any manner, which may be material and without notice. It should not be relied upon by potential investors. The Information may include simulations, examples or opinions, or statements and estimates in relation to future matters, many of which will be based on subjective judgements, assumptions as to future events or circumstances, or proprietary internal modelling. No representation is made that such statements or estimates will prove correct. The reader should be aware that such Information is predictive in character and may be affected by inaccurate assumptions and/or by known or unknown risks and uncertainties and should independently investigate, consider and satisfy themselves in relation to such matters. Forecast results may differ materially from results or returns ultimately achieved.   

Past performance is not a reliable indicator of future performance  

The Information is being given solely for general information purposes. It does not constitute, and should not be construed as, an offer to sell, or solicitation of an offer to buy, securities or any other investment, investment management or advisory services, including in any jurisdiction where such offer or solicitation would be illegal. This Information does not constitute an information memorandum, prospectus, offer document or similar document in respect of securities or any other investment proposal. The Information is private and confidential. It has not been and is not intended to be deposited, lodged or registered with, or reviewed or authorised by any regulatory authority in, and no action has been or will be taken that would allow an offering of securities in, any jurisdiction. Neither the Information nor any presentation in connection with it will form the basis of any contract or any obligation of any kind whatsoever. No such contract or obligation in connection with any investment will be formed until all relevant parties execute a written contract and that contract will be limited to its express terms. QIC does not make any representation with respect to the eligibility of any recipients of the Information to acquire securities or any other investment under the laws of any jurisdiction. Neither the Information nor any advertisement or other offering material is or may be distributed or published in any jurisdiction, except under circumstances that will result in compliance with any applicable laws and regulations.  

Investors or prospective investors should consult their own independent legal adviser and financial, accounting, regulatory and tax advisors regarding this Information and any decision to proceed with any investment in connection with the Information.  

Your receipt and consideration of the Information constitutes your agreement to these terms.  

This document contains Information that is proprietary to the QIC Parties. Do not copy, disseminate or use, except in accordance with the prior written consent of QIC.  

Disclaimer regarding forward-looking statements  

This document contains forward-looking statements about climate-related targets, metrics, estimates and other matters. These are based on assumptions about future events or circumstances both within and beyond QIC’s control and should not be construed as guarantees, predictions or forecasts of future climate-related outcomes. Climate-related forward-looking statements are subject to known and unknown risks, uncertainties and other factors as at the date of this document.  

QIC has prepared this document in good faith and based on its current knowledge and understanding of the potential climate-related impacts to its business. However, the impacts of climate change are inherently uncertain. Readers should not place undue reliance on climate-related forward-looking statements given the limitations identified above and throughout this document. QIC reserves its right to change its views about its climate-related targets, metrics, estimates and other outcomes as new information, methodologies, technologies or other relevant matters emerge.  

Disclaimer on uncertainties in climate modelling and data  

QIC uses reasonable endeavours to ensure the information and modelling it relies on to make any climate-related forward-looking statements is current. However, QIC also acknowledges that there are a range of uncertainties involved in modelling climate-related scenarios and impacts within and across investment classes. These uncertainties are a result of:  

• limitations on, or a lack of, reliable emissions and other climate-related data;   
• lack of standardised terminology;   
• variables in methodologies; and/or  
• the speed at which climate data, modelling and methodologies are evolving.  

As a result, readers should not place undue reliance on climate-related forward-looking statements given these limitations.    

ESG  

This Sustainability Report contains information about QIC Real Estate’s ESG goals, targets, intentions or expectations, including for climate. It is subject to change and QIC Real Estate cannot guarantee it will meet any goals, targets, intentions or expectations. ESG-related calculation, methodologies, and data collection and reporting practices are evolving. QIC Real Estate recognises that other asset managers may implement different frameworks, methodologies and tracking tools. Different measurement techniques can vary in precision and may result in materially different measurements. They are also subject to measurement uncertainties resulting from inherent limitations in the nature and methods used to collect, calculate and/or analyse ESG data. QIC is unable to guarantee that the steps it has taken (or steps taken by the third parties it relies on) to mitigate, prevent or otherwise address material ESG topics will be successful, completed as expected or at all, or will apply to or continue to be implemented in the future.  

Certain information contained herein relating to ESG goals, targets, intentions or expectations, including with respect to Net zero carbon targets and related timelines, is subject to change and no assurance can be given that such goals, targets, intentions or expectations will be met. ESG-related calculation methodologies and data collection practices and the reporting thereof as a whole are evolving, and other asset managers are implementing different frameworks, methodologies and tracking tools. The selection of such different but acceptable measurement techniques can result in materially different measurements. Further, these techniques are subject to measurement uncertainties resulting from inherent limitations in the nature and methods used to determine such data. The precision of different measurement techniques may also vary.   

Any investment decision should take into account all the characteristics or objectives of the investment as described in the relevant private placement memorandum. The integration of material ESG factors into QIC’s investment process is subordinate to, and will not be prioritised over, QIC Real Estate’s duty to maximise risk-adjusted returns for investors.  

For QIC reporting purposes, the terms “carbon emissions” and “greenhouse gas (GHG) emissions” are used interchangeably. Both refer to total emissions expressed as carbon dioxide equivalent (CO₂e) across relevant scopes. While GHG emissions technically encompass multiple gases, QIC Real Estate adopts the term “carbon emissions” to align with sector standards and industry practice — such as the World Green Building Council’s Net Zero Carbon Commitment — where “carbon” is commonly used as shorthand for CO₂e within the built environment. 

Net zero carbon emissions target  

QIC independently manages various investments for both the Queensland Government and private clients under a range of investment mandates, which may include separate sustainability and carbon emissions targets set and managed at the fund level.  

In 2023, the QIC Board resolved to embark on a pathway to achieve portfolio Scope 1 and 2 Net zero carbon emissions by 2050 or sooner, in alignment with the Queensland Government’s 2050 Net Zero Target. To this end, QIC Ltd has become a signatory to the Net Zero Asset Managers (NZAM) Initiative. NZAM is a Net zero coalition in the finance sector, committed to supporting the goal of Net zero carbon emissions by 2050 or sooner. In January 2025, NZAM announced it had suspended activities and would be undertaking a review. As a signatory to NZAM, QIC will await the outcome of its ongoing consultation and evaluate the findings of NZAM’s review once complete. 

QIC’s current committed AUM include some or all of our infrastructure funds and real estate funds, the corporate and sovereign bond holdings of our pooled fixed income funds and private equity holdings globally. State Investments are excluded from our interim targets, except for holdings managed in the above referenced QIC funds on behalf our State Investments team. We have excluded our recently established private debt capability from our initial QIC Net zero commitment due to the lack of asset class specific guidance at the time our target setting commences. 

Further details are available in the QIC Climate Transition Plan. For our real estate funds, this includes all Net zero carbon emissions targets as outlined below. 

Real Estate Net zero carbon emissions target  

Net zero carbon emissions targets only apply to assets that are 100% owned and managed by QIC (making up the following percentages of each Fund's portfolio value at 30 June 2025 — QTCF: 90%, QPF: 88%, QARP: 100%, QACPF: 91%, QOF/QGOP: 98%). Baseline years for these commitments are: QPF and QTCF: 2018, QOF: 2015, QARP: 2021, QACPF: 2021. Short-term targets to reduce carbon emissions are in line with each Fund's expected decarbonisation trajectory towards its Net zero carbon emissions target, which prioritise on-site measures to improve asset performance including: reduction in energy consumption through efficiency initiatives, electrification and transition away from on-site use of fossil fuels and deployment of onsite solar to reduce reliance on grid sourced power. Where these measures alone aren’t enough to achieve Net zero carbon emissions, the purchase of grid-sourced renewable energy will be used. Carbon offsets will be used as a last resort and only be purchased for residual emissions from remaining hard to transition sources, such as those where no fossil fuel free alternatives currently exist, from the date of target achievement. Progress towards carbon reduction targets is quantified and receives independent limited assurance annually, in accordance with the Australian Standard on Assurance Engagements (ASAE3000). QPF, QTCF, QOF, QARP and QACPF are signatories to the World Green Building Council's Net Zero Carbon Buildings Commitment and use this framework to determine Net zero carbon definitions, that is Net zero carbon (Scopes 1 and 2) for operational emissions, as well as a commitment to Net zero in embodied Scope 3 carbon emissions in all new developments and major renovations from 2030 onwards. 

QARP’s Net zero carbon emissions operating status relates to existing assets held in the fund as at 30 June 2025 which are 100% owned and managed — Domain Central, QLD; Craigieburn Junction, VIC; and Bathurst City Centre, NSW. Net zero carbon emissions have been achieved via Climate Active certification (using a NABERS pathway) and definition of operational carbon emissions which includes Scope 1, Scope 2 and some Scope 3. Current asset level Climate Active certifications for 100% owned and managed assets within the fund relate to the financial year ending 30 June 2025, noting that QARP’s stated date for having achieved Net zero carbon emissions is 1 April 2024 onwards, and historical Climate Active certifications have been obtained for 100% owned and managed assets in the fund each financial year since this date. Any future asset acquisitions into the Fund will be assessed for their ability to achieve Net zero carbon emissions, noting that at least 12 months of operating data covering a full financial year would be required before certification could be contemplated and achieved.