Direct Portfolio

DIRECT PORTFOLIO

DECEMBER 2016 For personal use only use personal For Disclaimer This document includes information regarding the past performance of Vicinity Centres’ property portfolio. Past performance of the property portfolio should not be relied upon as being indicative of future performance. Any forward-looking statements included in this document are based on information available to Vicinity Centres as at the date of this document and are not representations, assurances, predictions or guarantees of future results, performance or achievements expressed or implied by the forward-looking statements. Such statements involve known and unknown risks, uncertainties, assumptions and other factors, many of which are beyond the control of Vicinity Centres. The actual results of Vicinity Centres may differ materially from the anticipated results, performance or achievements expressed, projected or implied by these forward-looking statements and you should not place undue reliance on such forward-looking statements. Except as required by law or regulation (including the ASX Listing Rules), Vicinity Centres undertakes no obligation to update these forward-looking statements. This documentonly use personal For is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any particular investor. The information and figures contained in this document are current as at 31 December 2016 unless otherwise specified. In addition, the information presented is in summary form only and does not purport to be complete. It is to be read in conjunction with the Half Year financial report, lodged with the Australian Securities Exchange (ASX) on 15 February 2017. Effect of rounding A number of figures, amounts, percentages, estimates, calculations of value and fractions in this document are subject to the effect of rounding. Accordingly, the actual calculation of these figures, amounts, percentages, estimates, calculations of value and fractions may differ from the figures, amounts, percentages, estimates, calculations of value and fractions set out in this document. Also due to rounding, some totals in tables and charts may not sum. Copyright The copyright of this document and the information contained therein is vested in the Vicinity Centres group of companies. This document should not be copied, reproduced or redistributed without prior consent.

02 | Vicinity Centres Direct Portfolio December 2016 Contents

Page

About Vicinity Centres 04

Direct Portfolio

Overview 05

New South Wales (NSW) 10

Queensland (QLD) 27

South Australia (SA) 44

Victoria (VIC) and Tasmania (TAS) 51

Western Australia (WA) 81 For personal use only use personal For

Emporium Melbourne, VIC Cover image: Chadstone, VIC

Vicinity Centres Direct Portfolio December 2016 | 03 About Vicinity Centres

Vicinity Centres (Vicinity, ASX:VCX) is one of Australia’s leading retail property groups with a fully integrated asset management platform. Vicinity’s strategic focus is to create value and long- term sustainable growth by owning, managing and developing quality Australian assets across the retail spectrum.

A top-30 entity on the Australian Securities Exchange, Vicinity has 85 retail assets1 under management valued at over $24.5 billion, and generating annual retail sales of $17.8 billion across approximately 2.8 million square metres of gross lettable area. The scale and diversity of Vicinity’s managed portfolio enables it to strengthen and grow its partnerships with key domestic, international and luxury retailers. Vicinity has a directly-owned portfolio (Direct Portfolio) with interests in 75 shopping centres1 across Australia, valued at over $14.9 billion. The Direct Portfolio is invested across the spectrum of Australian retail sub-sectors and is well diversified geographically. Vicinity is the joint owner of Chadstone in Victoria, which has generated the highest annual sales of any Australian shopping centre for the past 15 consecutive years2. Vicinity’s intensive asset management approach, together with the progression of its $3.0 billion development pipeline (Vicinity's share is $1.4 billion), and selective asset acquisitions and disposals, are key to its ongoing portfolio

enhancement strategy. For personal use only use personal For

1. Includes the DFO Brisbane business which is referred to as 'DFO Brisbane' within this document. 2. Reported in the Big Guns survey. Last survey included data up to 31 December 2015. Chadstone, VIC

04 | Vicinity Centres Direct Portfolio December 2016 Overview

Vicinity’s Direct Portfolio of 75 shopping centres across Australia, either wholly or jointly owned, is valued at over $14.9 billion. Well diversified by geographic and retail sub-sector exposure, the Direct Portfolio generated annual retail sales of $16.1 billion across 2.6 million square metres of gross lettable area. Vicinity’s largest exposure to any single asset is its 50% interest in Chadstone, located in south-east Melbourne in Victoria and valued at 17.6% of the Direct Portfolio. Vicinity’s exposure to Super Regional, Major Regional, City Centre and Regional centres represents 65% of the Direct Portfolio’s value. Vicinity also has a portfolio of five DFO Outlet Centres which represent 7.8% of the Direct Portfolio’s value, with another one currently under construction.

Key statistics by centre type

Total portfolio Regional1 Sub Regional Neighbourhood Outlet Centre Number of shopping centres 75 22 33 15 5 Gross lettable area (m) (sqm) 2.6 1.5 0.8 0.1 0.2 Total value ($b) 14.9 9.7 3.4 0.7 1.2 Portfolio weighting by value (%) 100.0 64.8 22.7 4.7 7.8 Capitalisation rate (weighted average) (%) 5.75 5.34 6.52 6.60 6.35 Comparable Net Property Income (NPI) 3.0 1.7 2.5 7.1 8.5 growth2 (%) Occupancy rate (%) 99.4 99.4 99.3 98.9 100.0 Total Moving Annual Turnover (MAT) 1.3 0.2 0.9 0.4 10.5 growth3 (%) Specialty MAT growth3 (%) 2.2 0.3 1.0 1.2 9.5 Specialty sales productivity3 ($/sqm) 9,200 9,893 8,134 7,462 9,428 Specialty occupancy cost3 (%) 14.6 17.0 13.2 12.3 10.4 1. Includes Super Regional, Major Regional, City Centre and Regional centres. 2. Excludes acquisitions, divestments and development-impacted centres and is calculated on a like-for-like basis versus the prior corresponding period. 3. Excludes divestments and development-impacted centres in line with Shopping Centre Council of Australia (SCCA) guidelines.

Composition by centre typea,b Store type exposureb,c

Super Regional 18% Majorsd 20% Major Regional 21% Mini majors 12% City Centre 11% Specialties 56%

For personal use only use personal For Regional 15% Other retail 3% Sub Regional 23% Non retail 8% Neighbourhood 5% Outlet Centre 8%

a Expressed by ownership value. b Note: Totals may not sum due to rounding. c Expressed by ownership rent. d Classified in accordance with SCCA guidelines, typically includes department stores, discount department stores and supermarkets.

04 | Vicinity Centres Direct Portfolio December 2016 Vicinity Centres Direct Portfolio December 2016 | 05 75 shopping centres

$14.9 billion total value

$16.1 billion annual retail sales

l Wholly owned ¢ Jointly owned £ Number of shopping centres % Portfolio value (%)

WHITSUNDAY PLAZA ● BURANDA VILLAGE KARRATHA CITY ● DFO BRISBANE GRAND PLAZA ● MILTON VILLAGE 13% MT OMMANEY CENTRE ● QUEENSPLAZ A ● TAIGUM SQUARE QLD THE MYER CENTRE BRISBANE

14% 14 GOLDFIELDS PLAZA GYMPIE CENTRAL NORTH SHORE VILLAGE WA 16 BRISBANE OXENFORD VILLAGE 5% RUNAWAY BAY CENTRE

STIRLINGS CENTRAL SA 4 20% TOORMINA GARDENS ARMIDALE CENTRAL NSW 14 PERTH TERRACE CENTRAL LAKE HAVEN CENTRE ADELAIDE SYDNEY ● CASTLE PLAZA COLONNADES ● ELIZABETH CITY CENTRE LAVINGTON SQUARE ● KURRALTA CENTRAL ● CURRAMBINE CENTRAL WEST END PLAZA WODONGA PLAZA ● DIANELLA PLAZA ● ELLENBROOK CENTRAL BANKSTOWN CENTRAL ● FLINDERS SQUARE CARLINGFORD COURT GALLERIA CORIO CENTRAL MELBOURNE ● CHATSWOOD CHASE SYDNEY HALLS HEAD CENTRAL BELMONT VILLAGE ● DFO HOMEBUSH ● KALAMUNDA CENTRAL LENNOX VILLAGE ● LIVINGSTON MARKETPLACE 48% ● NEPEAN VILLAGE ● MADDINGTON CENTRAL ● ALTONA GATE SHOPPING CENTRE DFO SOUTH WHARF ROSELANDS MANDURAH FORUM ● BAYSIDE EMPORIUM MELBOURNE WARRIEWOOD SQUARE ROCKINGHAM CENTRE ● BENTONS SQUARE MORNINGTON CENTRAL VIC/TAS ● VICTORIA PARK CENTRAL ● BOX HILL CENTRAL (NORTH PRECINCT) MYER BOURKE STREET

● WARNBRO CENTRE ● BOX HILL CENTRAL (SOUTH PRECINCT) NORTHLAND 27 For personal use only use personal For ● WARWICK GROVE BRANDON PARK ● OAKLEIGH CENTRAL ● BROADMEADOWS SHOPPING CENTRE ● ROXBURGH VILLAGE CHADSTONE SUNSHINE MARKETPLACE CRANBOURNE PARK ● THE GATEWAY HOBART ● DFO ESSENDON THE GLEN ● DFO MOORABBIN VICTORIA GARDENS ● EASTLANDS ● NORTHGATE

06 | Vicinity Centres Direct Portfolio December 2016 Property statistics

Gross Moving annual Specialty Centre Ownership Capitalisation Discount lettable Occupancy turnover MAT/sqm MAT/sqm occupancy Page type interest Value1 rate rate area (GLA) rate by GLA (MAT) Total Specialty costs2 number (%) ($m) (%) (%) (sqm) (%) ($m) ($) ($) (%)

New South Wales 10 Armidale Central Sub Regional 100 46.0 7.00 8.25 14,748 99.5 89.0 6,153 6,179 10.5 13 Bankstown Central Major Regional 50 347.5 6.25 8.00 85,901 99.4 462.7 6,123 8,122 18.5 14 Carlingford Court Sub Regional 50 109.5 6.25 8.00 33,313 99.6 188.9 7,106 9,559 16.6 15 Chatswood Chase Sydney Major Regional 100 1,026.2 5.25 7.75 63,732 99.2 563.3 9,833 13,367 15.5 16 DFO Homebush Outlet Centre 100 408.8 6.00 8.00 29,940 100.0 316.2 10,643 14,771 9.0 17 Lake Haven Centre3 Sub Regional 100 284.2 6.75 8.00 43,049 99.8 282.0 n.a. n.a. 13.4 18 Lavington Square3 Sub Regional 100 61.0 7.50 7.50 20,476 98.1 117.2 n.a. n.a. 9.6 19 Lennox Village Neighbourhood 50 35.0 6.25 7.75 9,971 99.1 119.5 12,355 6,980 15.8 20 Nepean Village Sub Regional 100 176.5 5.75 7.75 23,325 100.0 242.5 10,834 12,470 11.4 21 Roselands Major Regional 50 185.0 6.50 8.00 61,982 99.6 301.0 5,271 8,592 17.7 22 Terrace Central Neighbourhood 100 30.0 7.25 8.50 7,258 95.4 58.3 9,316 6,708 10.4 23 Toormina Gardens Sub Regional 50 40.5 6.75 8.00 21,379 98.3 157.2 8,130 10,491 7.4 24 Warriewood Square3,4 Sub Regional 50 137.5 6.00 8.00 29,661 100.0 198.8 n.a. n.a. 17.2 25 West End Plaza Sub Regional 100 67.0 7.00 8.25 15,927 100.0 94.1 5,981 6,393 12.8 26

Queensland 27 Buranda Village Sub Regional 100 41.8 6.50 7.50 11,642 100.0 62.2 6,196 8,006 12.8 30 DFO Brisbane Outlet Centre 100 55.0 7.50 8.50 26,095 99.9 208.8 7,970 8,145 10.6 31 Goldfields Plaza Neighbourhood 100 27.0 7.50 8.25 7,670 96.3 62.7 9,277 9,553 8.3 32 Grand Plaza Regional 50 208.5 5.75 7.75 53,421 99.8 353.5 7,039 9,785 15.9 33 Gympie Central Sub Regional 100 78.0 6.50 7.75 14,119 98.9 121.2 9,105 11,065 9.8 34 Milton Village Neighbourhood 100 26.5 6.75 8.25 2,827 100.0 24.9 17,575 13,895 10.7 35 Mt Ommaney Centre Regional 25 105.2 6.00 7.75 56,610 98.8 315.6 6,653 8,064 15.4 36 North Shore Village Neighbourhood 100 25.0 6.25 8.00 4,083 100.0 48.1 15,051 4,957 17.7 37 Oxenford Village Neighbourhood 100 30.8 6.25 7.75 5,808 100.0 76.9 17,928 13,430 9.1 38 QueensPlaza City Centre 100 760.0 5.00 7.25 39,066 99.0 302.1 8,520 20,831 14.6 39 Runaway Bay Centre Regional 50 160.0 5.75 7.75 43,002 99.6 293.5 8,275 9,711 12.4 40

Taigumonly use personal For Square Sub Regional 100 93.0 6.50 8.00 23,151 99.7 105.3 5,982 6,114 12.8 41 The Myer Centre Brisbane City Centre 25 193.8 5.75 7.75 63,718 99.3 331.3 5,400 10,641 21.0 42 Whitsunday Plaza Sub Regional 100 65.0 6.75 8.00 22,247 100.0 113.0 6,191 12,478 6.3 43

1 Value expressed by Vicinity Centres' ownership interest. 2 Inclusive of marketing levy and based on GST inclusive sales. 3 Non-comparable for sales reporting purposes. 4 Development impacted.

Vicinity Centres Direct Portfolio December 2016 | 07 Property statistics

Gross Moving annual Specialty Centre Ownership Capitalisation Discount lettable Occupancy turnover MAT/sqm MAT/sqm occupancy Page type interest Value1 rate rate area (GLA) rate by GLA2 (MAT) Total2 Specialty2 costs2,3 number (%) ($m) (%) (%) (sqm) (%) ($m) ($) ($) (%)

South Australia 44 Castle Plaza Sub Regional 100 172.9 6.75 8.50 22,839 98.8 148.5 7,151 8,598 14.3 47 Colonnades Regional 50 155.6 7.00 8.25 83,523 98.3 298.5 5,178 6,060 16.4 48 Elizabeth City Centre4 Regional 100 382.1 7.00 8.50 80,365 98.6 345.3 n.a. n.a. 15.9 49 Kurralta Central Sub Regional 100 40.1 6.25 7.00 10,678 100.0 79.7 7,733 9,578 11.4 50

Victoria 51 Altona Gate Shopping Centre Sub Regional 100 100.0 6.50 7.75 26,262 98.0 143.4 6,184 6,787 15.6 54 Bayside Major Regional 100 575.0 6.25 8.00 88,905 99.2 419.1 5,077 7,810 16.5 55 Belmont Village Sub Regional 100 48.5 6.25 7.50 14,032 100.0 99.3 7,250 9,693 11.4 56 Bentons Square Neighbourhood 100 81.5 6.25 8.25 10,085 99.2 138.5 15,289 7,547 13.7 57 Box Hill Central (North Precinct) Sub Regional 100 94.0 6.75 8.25 14,584 100.0 79.2 6,610 5,846 18.1 58 Box Hill Central (South Precinct) Sub Regional 100 177.0 6.50 7.75 23,644 100.0 174.6 8,279 9,518 14.6 59 Brandon Park Sub Regional 50 62.5 7.00 8.00 23,062 98.4 133.1 6,929 5,339 18.0 60 Broadmeadows Shopping Centre4 Regional 100 325.0 6.75 8.00 61,335 99.9 262.9 n.a. n.a. 19.0 61 Chadstone4,5 Super Regional 50 2,625.0 4.25 7.00 209,116 99.8 1,524.4 n.a. n.a. 14.8 62 Corio Central Sub Regional 100 131.0 7.25 8.00 31,325 98.6 159.6 6,553 6,043 14.7 63 Cranbourne Park4,5 Regional 50 151.3 6.00 7.75 47,058 99.8 236.4 n.a. n.a. 16.5 64 DFO Essendon Outlet Centre 100 167.5 6.75 8.25 52,325 100.0 235.9 9,165 8,996 11.6 65 DFO Moorabbin Outlet Centre 100 112.5 7.75 8.50 24,298 100.0 146.4 6,371 6,945 11.5 66 DFO South Wharf Outlet Centre 75 416.6 6.00 8.25 56,450 100.0 387.6 9,321 9,154 10.2 67 Emporium Melbourne City Centre 50 582.5 4.75 7.50 45,241 99.4 458.6 10,449 13,418 17.0 68 Mornington Central Sub Regional 50 34.0 6.25 8.00 11,763 100.0 100.3 8,587 9,042 16.4 69 Myer Bourke Street City Centre 33 156.2 4.75 6.75 39,924 100.0 n.a. n.a. n.a. n.a. 70 Northland Major Regional 50 482.5 5.75 7.75 97,412 99.9 538.7 5,991 8,731 19.2 71 Oakleigh Central Neighbourhood 100 65.5 6.50 8.25 13,953 99.6 121.7 9,145 5,548 13.1 72 Roxburgh Village Sub Regional 100 113.1 6.75 7.75 24,743 100.0 145.7 6,568 5,794 14.4 73 Sunshine Marketplace Sub Regional 50 58.5 6.50 8.00 34,062 99.8 133.1 4,537 6,658 14.4 74

Theonly use personal For Gateway Neighbourhood 100 45.0 6.50 7.50 10,871 98.0 85.1 9,641 8,322 8.4 75 The Glen4 Major Regional 50 170.0 6.50 8.00 59,350 98.3 328.2 n.a. n.a. 17.5 76 Victoria Gardens Shopping Centre Sub Regional 50 129.0 6.00 7.75 34,744 99.7 189.7 6,592 10,294 13.1 77 Wodonga Plaza Sub Regional 100 41.5 8.50 8.75 17,565 98.0 89.9 5,334 6,120 13.6 78

1 Value expressed by Vicinity Centres' ownership interest. 4 Non-comparable for sales reporting purposes. 2 Excludes DFO South Wharf and DFO Essendon Homemaker retailers. 5 Development impacted. 3 Inclusive of marketing levy and based on GST inclusive sales.

08 | Vicinity Centres Direct Portfolio December 2016 Property statistics

Tasmania 79 Eastlands Regional 100 168.0 6.50 7.25 33,309 99.2 233.4 7,293 7,446 13.8 79 Northgate Sub Regional 100 110.0 7.00 8.25 19,441 94.9 135.5 7,981 10,199 12.0 80

Western Australia 81 Currambine Central3,4 Neighbourhood 100 103.5 6.50 8.25 16,352 100.0 158.9 n.a. n.a. 14.6 84 Dianella Plaza3 Neighbourhood 100 83.5 6.75 8.25 16,870 99.0 99.3 n.a. n.a. 13.3 85 Ellenbrook Central Sub Regional 100 236.0 5.75 8.00 34,845 99.5 246.2 8,660 8,929 9.5 86 Flinders Square Neighbourhood 100 31.8 6.50 8.25 5,992 99.1 64.1 12,098 7,528 11.5 87 Galleria Major Regional 50 392.5 5.50 7.75 80,793 99.9 496.4 6,980 10,996 18.5 88 Halls Head Central3,4 Sub Regional 50 51.3 6.00 8.00 21,000 100.0 130.3 n.a. n.a. 9.2 89 Kalamunda Central Neighbourhood 100 38.5 6.75 8.00 8,368 99.6 77.5 9,778 5,534 13.0 90 Karratha City Sub Regional 50 56.0 7.00 8.25 23,931 98.9 211.2 9,249 9,033 11.3 91 Livingston Marketplace Sub Regional 100 85.0 6.00 8.00 15,556 100.0 127.6 9,046 9,654 10.6 92 Maddington Central Sub Regional 100 119.0 7.00 8.50 27,669 98.6 180.4 7,118 7,150 14.8 93 Mandurah Forum3,4 Regional 50 216.4 5.75 8.00 34,190 100.0 220.5 n.a. n.a. 19.7 94 Rockingham Centre Regional 50 306.0 5.75 7.75 62,331 99.3 434.3 7,612 8,590 16.9 95 Stirlings Central Neighbourhood 100 50.0 7.00 8.00 8,532 98.4 92.9 11,623 10,332 11.8 96 Victoria Park Central Neighbourhood 100 31.3 6.50 7.75 5,475 100.0 48.2 9,109 5,143 16.5 97 Warnbro Centre Sub Regional 100 125.0 6.25 8.25 21,419 99.3 161.3 8,070 7,100 17.1 98 Warwick Grove Sub Regional 100 198.5 6.50 8.25 31,973 99.9 208.7 8,230 7,690 15.1 99

1 Value expressed by Vicinity Centres' ownership interest. 2 Inclusive of marketing levy and based on GST inclusive sales. 3 Non-comparable for sales reporting purposes.

4 Development impacted. For personal use only use personal For

Vicinity Centres Direct Portfolio December 2016 | 09 ● Wholly owned Jointly owned ▲ Managed only

New South Wales

l Wholly owned ¢ Jointly owned

TOORMINA GARDENS

ARMIDALE CENTRAL

TERRACE CENTRAL LAKE HAVEN CENTRE

SYDNEY

WARRIEWOOD SQUARE

LAVINGTON SQUARE WEST END PLAZA

LENNOX VILLAGE

NEPEAN VILLAGE CARLINGFORD COURT

CHATSWOOD CHASE SYDNEY

DFO HOMEBUSH For personal use only use personal For BANKSTOWN CENTRAL

ROSELANDS

10 | Vicinity Centres Direct Portfolio December 2016 NSW Page Armidale Central 13 Bankstown Central 14 Carlingford Court 15 Chatswood Chase Sydney 16 DFO Homebush 17 Lake Haven Centre 18 Lavington Square 19 Lennox Village 20 Nepean Village 21 Roselands 22 Terrace Central 23 Toormina Gardens 24 Warriewood Square 25

West End Plaza 26 For personal use only use personal For

Warriewood Square, NSW

Vicinity Centres Direct Portfolio December 2016 | 11 Bankstown Central New South Wales

15 million customer visits annually

240+

specialty stores For personal use only use personal For 85,000+ sqm gross lettable area

12 | Vicinity Centres Direct Portfolio December 2016

13 13 | 2016 December Portfolio Direct Centres Vicinity

Includes holdovers. Includes 4

Includes marketing levy and based on GST inclusive turnover. inclusive GST on based and levy marketing Includes 3

department stores and supermarkets. and stores department

Classified in accordance with SCCA guidelines, typically includes department stores, discount discount stores, department includes typically guidelines, SCCA with accordance in Classified 2

Expressed on 100% basis. 100% on Expressed 1

8.4 (years) GLA by expiry lease average Weighted

99.5 (%) GLA by rate Occupancy

For personal use only Specialty occupancy cost (%) cost occupancy Specialty 10.5

6,179 ($) Specialty – MAT/sqm

6,153 ($) Total – MAT/sqm

1+ FY2 36%

89.0 ($m) (MAT) turnover annual Moving

FY20 6%

617 spaces Car

FY19 17%

Big W, Woolworths W, Big Major tenants Major

24% FY18 38 tenants of Number

14,748 14,748 (sqm) GLA 18% FY17

Specialty store lease expiry profile by income by profile expiry lease store Specialty metrics Property

8.25 (%) rate Discount

7.00 (%) rate Capitalisation

Dec-16 date Valuation

) ($m) ) Internal ( Valuation 46.0

1% retail Non

n.a. redevelopment Latest

20% Specialties

2007 opened first Centre

7% majors Mini

Date acquired Date 2007

26% Supermarkets

Ownership interest (%) interest Ownership 100

45% stores department Discount Sub Regional Sub type Centre

State NSW

Tenant mix by gross lettable area (GLA) area lettable gross by mix Tenant Property overview Property

includes more than 25 specialty stores. specialty 25 than more includes

Armidale Central is a two level Sub Regional shopping centre located in Armidale. It is anchored by Big W and Woolworths and and Woolworths and W Big by anchored is It Armidale. in located centre shopping Regional Sub level two a is Central Armidale

armidalecentral.com.au

225 Beardy Street, Armidale NSW 2350 NSW Armidale Street, Beardy 225 Armidale Central Armidale

Direct Portfolio December 2016 December Portfolio Direct Centres Vicinity | 14

Includes holdovers. Includes 4

Includes marketing levy and based on GST inclusive turnover. inclusive GST on based and levy marketing Includes 3

department stores and supermarkets. and stores department

Classified in accordance with SCCA guidelines, typically includes department stores, discount discount stores, department includes typically guidelines, SCCA with accordance in Classified 2

Expressed on 100% basis. 100% on Expressed 1

3.5 (stars) rating Energy NABERS

4.6 (years) GLA by expiry lease average Weighted

99.4 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 18.5 3

For personal use only

8,122 ($) Specialty – MAT/sqm

6,123 ($) Total – MAT/sqm

462.7 ($m) (MAT) turnover annual Moving 1+ FY2 29%

3,332 spaces Car

FY20 10%

Target, Woolworths Target,

FY19

15%

Major tenants Major Big W, Kmart, Myer, Supa IGA, IGA, Supa Myer, Kmart, W, Big

24% FY18 302 tenants of Number

85,901 85,901 (sqm) GLA 21% FY17

Specialty store lease expiry profile by income by profile expiry lease store Specialty metrics Property

8.00 (%) rate Discount

6.25 (%) rate Capitalisation

4% retail Non

Dec-16 date Valuation

1% retail Other

Valuation (Internal) ($m) (Internal) Valuation 695.0

1 30% Specialties

2008 redevelopment Latest

18% majors Mini

1966 opened first Centre

7% Supermarkets

Date acquired Date 2003

27% stores department Discount Ownership interest (%) interest Ownership 50

12% stores Department Major Regional Major type Centre

State NSW

Tenant mix by gross lettable area (GLA) area lettable gross by mix Tenant Property overview Property

and Supa IGA and includes more than 240 specialty stores. specialty 240 than more includes and IGA Supa and

approximately 20 kilometres south-west of the Sydney CBD. It is anchored by Myer, Big W, Kmart, Target, Woolworths Woolworths Target, Kmart, W, Big Myer, by anchored is It CBD. Sydney the of south-west kilometres 20 approximately

Bankstown Central is a three level Major Regional shopping centre located in the south-west region of Sydney, Sydney, of region south-west the in located centre shopping Regional Major level three a is Central Bankstown

bankstowncentral.com.au

North Terrace, Bankstown NSW 2200 NSW Bankstown Terrace, North Bankstown Central Bankstown

15 15 | 2016 December Portfolio Direct Centres Vicinity

Includes holdovers. Includes 4

Includes marketing levy and based on GST inclusive turnover. inclusive GST on based and levy marketing Includes 3

department stores and supermarkets. and stores department

Classified in accordance with SCCA guidelines, typically includes department stores, discount discount stores, department includes typically guidelines, SCCA with accordance in Classified 2

Expressed on 100% basis. 100% on Expressed 1

5.8 (years) GLA by expiry lease average Weighted

99.6 (%) GLA by rate Occupancy

For personal use only Specialty occupancy cost (%) cost occupancy Specialty 16.6

9,559 ($) Specialty – MAT/sqm

7,106 ($) Total – MAT/sqm

FY21+ 41%

188.9 ($m) (MAT) turnover annual Moving

FY20 18%

1,443 spaces Car

FY19 17%

Coles, Target, Woolworths Target, Coles, Major tenants Major

14% FY18 109 tenants of Number

33,313 33,313 (sqm) GLA 9% FY17

Specialty store lease expiry profile by income by profile expiry lease store Specialty metrics Property

8.00 (%) rate Discount

6.25 (%) rate Capitalisation

Dec-16 date Valuation

7% retail Non

Valuation (External) ($m) (External) Valuation 219.0

2% retail Other

2007 redevelopment Latest

18% Specialties

1965 opened first Centre

26% majors Mini

Date acquired Date 2013

22% Supermarkets

Ownership interest (%) interest Ownership 50

24% stores department Discount Sub Regional Sub type Centre

State NSW

Tenant mix by gross lettable area (GLA) area lettable gross by mix Tenant Property overview Property

Sydney CBD. It is anchored by Target, Coles and Woolworths and includes more than 70 specialty stores. specialty 70 than more includes and Woolworths and Coles Target, by anchored is It CBD. Sydney

Carlingford Court is a four level Sub Regional shopping centre located approximately 17 kilometres north-west of the the of north-west kilometres 17 approximately located centre shopping Regional Sub level four a is Court Carlingford

carlingfordcourt.com.au

Corner Pennant Hills and Carlingford Roads, Carlingford NSW 2118 NSW Carlingford Roads, Carlingford and Hills Pennant Corner Carlingford Court Carlingford

Direct Portfolio December 2016 December Portfolio Direct Centres Vicinity | 16

Includes holdovers. Includes 4

Includes marketing levy and based on GST inclusive turnover. inclusive GST on based and levy marketing Includes 3

department stores and supermarkets. and stores department

Classified in accordance with SCCA guidelines, typically includes department stores, discount discount stores, department includes typically guidelines, SCCA with accordance in Classified 2

Expressed on 100% basis. 100% on Expressed 1

2007. in acquired 50% remaining and 2003 in acquired 50% *

1.5 (stars) rating Water NABERS

3.5 (stars) rating Energy NABERS

6.2 (years) GLA by expiry lease average Weighted

99.2 (%) GLA by rate Occupancy

For personal use only Specialty occupancy cost (%) cost occupancy Specialty 15.5

13,367 ($) Specialty – MAT/sqm

9,833 ($) Total – MAT/sqm

FY21+ 32%

563.3 ($m) (MAT) turnover annual Moving

FY20 15%

2,441 spaces Car

FY19 14%

Coles, David Jones, Kmart Jones, David Coles, Major tenants Major

23% FY18 219 tenants of Number

63,732 63,732 (sqm) GLA 16% FY17

Specialty store lease expiry profile by income by profile expiry lease store Specialty metrics Property

7.75 (%) rate Discount

5.25 (%) rate Capitalisation

Dec-16 date Valuation

6% retail Non

Valuation (Internal) ($m) (Internal) Valuation 1,026.2

1 33% Specialties

2009 redevelopment Latest

13% majors Mini

1980 opened first Centre

6% Supermarkets

Date acquired* Date 2003

10% stores department Discount Ownership interest (%) interest Ownership 100

31% stores Department Major Regional Major type Centre

State NSW

Tenant mix by gross lettable area (GLA) area lettable gross by mix Tenant Property overview Property

of the Sydney CBD. It is anchored by David Jones, Kmart and Coles and includes more than 180 specialty stores. specialty 180 than more includes and Coles and Kmart Jones, David by anchored is It CBD. Sydney the of

Chatswood Chase Sydney is a four level Major Regional shopping centre located approximately 8 kilometres north north kilometres 8 approximately located centre shopping Regional Major level four a is Sydney Chase Chatswood

chatswoodchasesydney.com.au

345 Victoria Avenue, Chatswood NSW 2067 NSW Chatswood Avenue, Victoria 345 Chatswood Chase Sydney Chase Chatswood

17 17 | 2016 December Portfolio Direct Centres Vicinity

Includes holdovers. Includes 4

Includes marketing levy and based on GST inclusive turnover. inclusive GST on based and levy marketing Includes 3

department stores and supermarkets. and stores department

Classified in accordance with SCCA guidelines, typically includes department stores, discount discount stores, department includes typically guidelines, SCCA with accordance in Classified 2

Expressed on 100% basis. 100% on Expressed 1

2.0 (stars) rating Water NABERS

4.0 (stars) rating Energy NABERS

2.6 (years) GLA by expiry lease average Weighted

100.0 (%) GLA by rate Occupancy

For personal use only Specialty occupancy cost (%) cost occupancy Specialty 9.0

14,771 ($) Specialty – MAT/sqm

10,643 ($) Total – MAT/sqm

FY21+ 17%

316.2 ($m) (MAT) turnover annual Moving

FY20 19%

2,020 spaces Car

FY19 48%

– Major tenants Major

14% FY18 130 tenants of Number

29,940 29,940 (sqm) GLA 3% FY17

Specialty store lease expiry profile by income by profile expiry lease store Specialty metrics Property

8.00 (%) rate Discount

6.00 (%) rate Capitalisation

Dec-16 date Valuation

Valuation (External) ($m) (External) Valuation 408.8

2014 redevelopment Latest

2002 opened first Centre

1% retail Non

Date acquired Date 2010

56% Specialties Ownership interest (%) interest Ownership 100

44% majors Mini Outlet Centre Outlet type Centre

State NSW

Tenant mix by gross lettable area (GLA) area lettable gross by mix Tenant Property overview Property

The centre comprises over 110 luxury, international and local outlet retailers and a bulky goods precinct. goods bulky a and retailers outlet local and international luxury, 110 over comprises centre The

DFO Homebush is a two level Outlet Centre located approximately 12 kilometres west of the Sydney CBD. CBD. Sydney the of west kilometres 12 approximately located Centre Outlet level two a is Homebush DFO

dfo.com.au/homebush

3-5 Underwood Road, Homebush NSW 2140 NSW Homebush Road, Underwood 3-5 DFO Homebush DFO

Direct Portfolio December 2016 December Portfolio Direct Centres Vicinity | 18

Includes holdovers. Includes 5

Includes marketing levy and based on GST inclusive turnover. inclusive GST on based and levy marketing Includes 4

Non-comparable for sales reporting purposes. reporting sales for Non-comparable 3

department stores and supermarkets. and stores department

Classified in accordance with SCCA guidelines, typically includes department stores, discount discount stores, department includes typically guidelines, SCCA with accordance in Classified 2

Expressed on 100% basis. 100% on Expressed 1

4.0 (stars) rating Water NABERS

3.0 (stars) rating Energy NABERS

4.8 (years) GLA by expiry lease average Weighted

99.8 (%) GLA by rate Occupancy

For personal use only Specialty occupancy cost (%) cost occupancy Specialty 13.4

MAT/sqm – Specialty ($) Specialty – MAT/sqm n.a.

MAT/sqm – Total ($) Total – MAT/sqm n.a.

3 FY21+ 25%

282.0 ($m) (MAT) turnover annual Moving

FY20 30%

1,524 spaces Car

FY19 16%

Aldi, Coles, Kmart, Woolworths Kmart, Coles, Aldi, Major tenants Major

10% FY18 137 tenants of Number

43,049 43,049 (sqm) GLA 19% FY17

Specialty store lease expiry profile by income by profile expiry lease store Specialty metrics Property

8.00 (%) rate Discount

6.75 (%) rate Capitalisation

Dec-16 date Valuation

14% retail Non

Valuation (External) ($m) (External) Valuation 284.2

7% retail Other

2009 redevelopment Latest

22% Specialties

1986 opened first Centre

14% majors Mini

Date acquired Date 1997

24% Supermarkets

Ownership interest (%) interest Ownership 100

19% stores department Discount Sub Regional Sub type Centre

State NSW

Tenant mix by gross lettable area (GLA) area lettable gross by mix Tenant Property overview Property

than 80 specialty stores. specialty 80 than

10 kilometres north-east of the Wyong CBD. It is anchored by Kmart, Coles, Woolworths and Aldi and includes more more includes and Aldi and Woolworths Coles, Kmart, by anchored is It CBD. Wyong the of north-east kilometres 10

Lake Haven Centre is a single level Sub Regional shopping centre and business park located approximately approximately located park business and centre shopping Regional Sub level single a is Centre Haven Lake

lakehavencentre.com.au

Corner Lake Haven Drive and Goobarabah Avenue, Lake Haven NSW 2263 NSW Haven Lake Avenue, Goobarabah and Drive Haven Lake Corner Lake Haven Centre Haven Lake

19 19 | 2016 December Portfolio Direct Centres Vicinity

Includes holdovers. Includes 5

Includes marketing levy and based on GST inclusive turnover. inclusive GST on based and levy marketing Includes 4

Non-comparable for sales reporting purposes. reporting sales for Non-comparable 3

department stores and supermarkets. and stores department

Classified in accordance with SCCA guidelines, typically includes department stores, discount discount stores, department includes typically guidelines, SCCA with accordance in Classified 2

Expressed on 100% basis. 100% on Expressed 1

6.2 (years) GLA by expiry lease average Weighted

98.1 (%) GLA by rate Occupancy

For personal use only Specialty occupancy cost (%) cost occupancy Specialty 9.6

MAT/sqm – Specialty ($) Specialty – MAT/sqm n.a.

MAT/sqm – Total ($) Total – MAT/sqm n.a.

FY21+ 3 31%

117.2 ($m) (MAT) turnover annual Moving

FY20 18%

1,036 spaces Car

FY19 16%

Big W, Woolworths W, Big Major tenants Major

16% FY18 60 tenants of Number

20,476 20,476 (sqm) GLA 20% FY17

Specialty store lease expiry profile by income by profile expiry lease store Specialty metrics Property

7.50 (%) rate Discount

7.50 (%) rate Capitalisation

Dec-16 date Valuation

Valuation (External) ($m) (External) Valuation 61.0

7% retail Non

2005 redevelopment Latest

20% Specialties

1979 opened first Centre

15% majors Mini

Date acquired Date 1994

19% Supermarkets Ownership interest (%) interest Ownership 100

39% stores department Discount Sub Regional Sub type Centre

State NSW

Tenant mix by gross lettable area (GLA) area lettable gross by mix Tenant Property overview Property

It is anchored by Big W and Woolworths and includes more than 40 specialty stores. specialty 40 than more includes and Woolworths and W Big by anchored is It

Lavington Square is a single level Sub Regional shopping centre located approximately 3 kilometres north of Albury CBD. CBD. Albury of north kilometres 3 approximately located centre shopping Regional Sub level single a is Square Lavington

lavingtonsquare.com.au

351 Griffith Road, Lavington NSW 2641 NSW Lavington Road, Griffith 351 Lavington Square Lavington

Direct Portfolio December 2016 December Portfolio Direct Centres Vicinity | 20

Includes holdovers. Includes 4

Includes marketing levy and based on GST inclusive turnover. inclusive GST on based and levy marketing Includes 3

department stores and supermarkets. and stores department

Classified in accordance with SCCA guidelines, typically includes department stores, discount discount stores, department includes typically guidelines, SCCA with accordance in Classified 2

Expressed on 100% basis. 100% on Expressed 1

5.1 (years) GLA by expiry lease average Weighted

99.1 (%) GLA by rate Occupancy

For personal use only Specialty occupancy cost (%) cost occupancy Specialty 15.8

6,980 ($) Specialty – MAT/sqm

12,355 ($) Total – MAT/sqm

FY21+ 43%

119.5 ($m) (MAT) turnover annual Moving

FY20 5%

403 spaces Car

FY19 24%

Aldi, Woolworths Aldi, Major tenants Major

15% FY18 43 tenants of Number

9,971 9,971 (sqm) GLA 14% FY17

Specialty store lease expiry profile by income by profile expiry lease store Specialty metrics Property

7.75 (%) rate Discount

6.25 (%) rate Capitalisation

Dec-16 date Valuation

Valuation (External) ($m) (External) Valuation 70.0

2% retail Non

2005 redevelopment Latest

7% retail Other

1982 opened first Centre

24% Specialties

Date acquired Date 2003

16% majors Mini

Ownership interest (%) interest Ownership 50

51% Supermarkets Neighbourhood type Centre

State NSW

Tenant mix by gross lettable area (GLA) area lettable gross by mix Tenant Property overview Property

west of the Sydney CBD. It is anchored by Woolworths and Aldi and includes more than 25 specialty stores. specialty 25 than more includes and Aldi and Woolworths by anchored is It CBD. Sydney the of west

Lennox Village is a single level Neighbourhood shopping centre located in Emu Plains, approximately 58 kilometres kilometres 58 approximately Plains, Emu in located centre shopping Neighbourhood level single a is Village Lennox

lennoxvillage.com.au

Corner Great Western Highway and Pyramid Street, Emu Plains NSW 2750 NSW Plains Emu Street, Pyramid and Highway Western Great Corner Lennox Village Lennox

21 21 | 2016 December Portfolio Direct Centres Vicinity

Includes holdovers. Includes 4

Includes marketing levy and based on GST inclusive turnover. inclusive GST on based and levy marketing Includes 3

department stores and supermarkets. and stores department

Classified in accordance with SCCA guidelines, typically includes department stores, discount discount stores, department includes typically guidelines, SCCA with accordance in Classified 2

Expressed on 100% basis. 100% on Expressed 1

3.0 (years) GLA by expiry lease average Weighted

100.0 (%) GLA by rate Occupancy

For personal use only Specialty occupancy cost (%) cost occupancy Specialty 11.4

12,470 ($) Specialty – MAT/sqm

10,834 ($) Total – MAT/sqm

FY21+ 40%

242.5 ($m) (MAT) turnover annual Moving

FY20 11%

861 spaces Car

FY19 13%

Coles, Kmart Coles, Major tenants Major

14% FY18 72 tenants of Number

21% 23,325 23,325 (sqm) GLA FY17

Specialty store lease expiry profile by income by profile expiry lease store Specialty metrics Property

7.75 (%) rate Discount

5.75 (%) rate Capitalisation

Dec-16 date Valuation

3% retail Non

Valuation (External) ($m) (External) Valuation 176.5

7% retail Other

1999 redevelopment Latest

21% Specialties

1984 opened first Centre

13% majors Mini

Date acquired Date 2003

19% Supermarkets

Ownership interest (%) interest Ownership 100

36% stores department Discount Sub Regional Sub type Centre

State NSW

Tenant mix by gross lettable area (GLA) area lettable gross by mix Tenant Property overview Property

45 specialty stores. specialty 45

approximately 50 kilometres west of the Sydney CBD. It is anchored by Kmart and Coles and includes more than than more includes and Coles and Kmart by anchored is It CBD. Sydney the of west kilometres 50 approximately

Nepean Village is a single level Sub Regional shopping centre located in Penrith, at the foothills of the Blue Mountains, Mountains, Blue the of foothills the at Penrith, in located centre shopping Regional Sub level single a is Village Nepean

nepeanvillage.com.au

Corner Station and Woodriff Streets, Penrith NSW 2750 NSW Penrith Streets, Woodriff and Station Corner Nepean Village Nepean

Direct Portfolio December 2016 December Portfolio Direct Centres Vicinity | 22

Includes holdovers. Includes 4

Includes marketing levy and based on GST inclusive turnover. inclusive GST on based and levy marketing Includes 3

department stores and supermarkets. and stores department

Classified in accordance with SCCA guidelines, typically includes department stores, discount discount stores, department includes typically guidelines, SCCA with accordance in Classified 2

Expressed on 100% basis. 100% on Expressed 1

5.3 (years) GLA by expiry lease average Weighted

99.6 (%) GLA by rate Occupancy

For personal use only Specialty occupancy cost (%) cost occupancy Specialty 17.7

8,592 ($) Specialty – MAT/sqm

5,271 ($) Total – MAT/sqm

FY21+ 11%

301.0 ($m) (MAT) turnover annual Moving

FY20 9%

3,187 spaces Car

FY19 14%

Coles, Food For Less, Myer, Target Myer, Less, For Food Coles, Major tenants Major

21% FY18 155 tenants of Number

61,982 61,982 (sqm) GLA 44% FY17

Specialty store lease expiry profile by income by profile expiry lease store Specialty metrics Property

8.00 (%) rate Discount

6.50 (%) rate Capitalisation

2% retail Non

Dec-16 date Valuation

1% retail Other

Valuation (Internal) ($m) (Internal) Valuation 370.0

20% Specialties

2000 redevelopment Latest

10% majors Mini

1965 opened first Centre

Supermarkets 11%

Date acquired Date 2003

14% stores department Discount Ownership interest (%) interest Ownership 50

41% stores Department Major Regional Major type Centre

State NSW

Tenant mix by gross lettable area (GLA) area lettable gross by mix Tenant Property overview Property

Sydney CBD. It is anchored by Myer, Target, Coles and Food for Less and includes more than 120 specialty stores. specialty 120 than more includes and Less for Food and Coles Target, Myer, by anchored is It CBD. Sydney

Roselands is a three level Major Regional shopping centre located approximately 20 kilometres south-west of the the of south-west kilometres 20 approximately located centre shopping Regional Major level three a is Roselands

roselands.com.au

24 Roseland Avenue, Roselands NSW 2196 NSW Roselands Avenue, Roseland 24 Roselands

23 23 | 2016 December Portfolio Direct Centres Vicinity

Includes holdovers. Includes 4

Includes marketing levy and based on GST inclusive turnover. inclusive GST on based and levy marketing Includes 3

department stores and supermarkets. and stores department

Classified in accordance with SCCA guidelines, typically includes department stores, discount discount stores, department includes typically guidelines, SCCA with accordance in Classified 2

Expressed on 100% basis. 100% on Expressed 1

1.3 (years) GLA by expiry lease average Weighted

95.4 (%) GLA by rate Occupancy

For personal use only Specialty occupancy cost (%) cost occupancy Specialty 10.4

6,708 ($) Specialty – MAT/sqm

9,316 ($) Total – MAT/sqm

FY21+ 3%

58.3 ($m) (MAT) turnover annual Moving

FY20 26%

277 spaces Car

FY19 34%

Woolworths Major tenants Major

18% FY18 22 tenants of Number

7,258 7,258 (sqm) GLA 19% FY17

Specialty store lease expiry profile by income by profile expiry lease store Specialty metrics Property

8.50 (%) rate Discount

7.25 (%) rate Capitalisation

Dec-16 date Valuation

Valuation (External) ($m) (External) Valuation 30.0

2000 redevelopment Latest

6% retail Non

1982 opened first Centre

23% Specialties

Date acquired Date 2003

9% majors Mini Ownership interest (%) interest Ownership 100

61% Supermarkets Neighbourhood type Centre

State NSW

Tenant mix by gross lettable area (GLA) area lettable gross by mix Tenant Property overview Property

29 kilometres north of Newcastle CBD. It is anchored by Woolworths and includes 15 specialty stores. specialty 15 includes and Woolworths by anchored is It CBD. Newcastle of north kilometres 29

Terrace Central is a single level Neighbourhood shopping centre located in Raymond Terrace, approximately approximately Terrace, Raymond in located centre shopping Neighbourhood level single a is Central Terrace

terracecentralsc.com.au

Corner Sturgeon and Glenelg Streets, Raymond Terrace NSW 2324 NSW Terrace Raymond Streets, Glenelg and Sturgeon Corner Terrace Central Terrace

Direct Portfolio December 2016 December Portfolio Direct Centres Vicinity | 24

Includes holdovers. Includes 4

Includes marketing levy and based on GST inclusive turnover. inclusive GST on based and levy marketing Includes 3

department stores and supermarkets. and stores department

Classified in accordance with SCCA guidelines, typically includes department stores, discount discount stores, department includes typically guidelines, SCCA with accordance in Classified 2

Expressed on 100% basis. 100% on Expressed 1

7.2 (years) GLA by expiry lease average Weighted

98.3 (%) GLA by rate Occupancy

For personal use only Specialty occupancy cost (%) cost occupancy Specialty 7.4

10,491 ($) Specialty – MAT/sqm

8,130 ($) Total – MAT/sqm

FY21+ 52%

157.2 ($m) (MAT) turnover annual Moving

FY20 11%

918 spaces Car

FY19 16%

Coles, Kmart, Woolworths Kmart, Coles, Major tenants Major

12% FY18 52 tenants of Number

21,379 21,379 (sqm) GLA 9% FY17

Specialty store lease expiry profile by income by profile expiry lease store Specialty metrics Property

8.00 (%) rate Discount

6.75 (%) rate Capitalisation

Dec-16 date Valuation

Valuation (External) ($m) (External) Valuation 81.0

3% retail Non

2008 redevelopment Latest

19% Specialties

1987 opened first Centre

9% majors Mini

Date acquired Date 2003

Supermarkets 44%

Ownership interest (%) interest Ownership 50

24% stores department Discount Sub Regional Sub type Centre

State NSW

Tenant mix by gross lettable area (GLA) area lettable gross by mix Tenant Property overview Property

Coffs Harbour CBD. It is anchored by Kmart, Coles and Woolworths and includes more than 35 specialty stores. specialty 35 than more includes and Woolworths and Coles Kmart, by anchored is It CBD. Harbour Coffs

Toormina Gardens is a single level Sub Regional shopping centre located approximately 9 kilometres south of of south kilometres 9 approximately located centre shopping Regional Sub level single a is Gardens Toormina

toorminagardens.com.au toorminagardens.com.au

5 Toormina Road, Toormina NSW 2452 NSW Toormina Road, Toormina 5 Toormina Gardens Toormina

25 25 | 2016 December Portfolio Direct Centres Vicinity

Includes holdovers. Includes 5

Includes marketing levy and based on GST inclusive turnover. inclusive GST on based and levy marketing Includes 4

Non-comparable for sales reporting purposes. reporting sales for Non-comparable 3

department stores and supermarkets. and stores department

Classified in accordance with SCCA guidelines, typically includes department stores, discount discount stores, department includes typically guidelines, SCCA with accordance in Classified 2

Expressed on 100% basis. 100% on Expressed 1

11.3 (years) GLA by expiry lease average Weighted

100.0 (%) GLA by rate Occupancy

For personal use only Specialty occupancy cost (%) cost occupancy Specialty 17.2

MAT/sqm – Specialty ($) Specialty – MAT/sqm n.a.

MAT/sqm – Total ($) Total – MAT/sqm n.a.

FY21+ 3 60%

198.8 ($m) (MAT) turnover annual Moving

FY20 14%

1,450 spaces Car

FY19 9%

Aldi, Coles, Kmart, Woolworths Kmart, Coles, Aldi, Major tenants Major

5% FY18 109 tenants of Number

29,661 29,661 (sqm) GLA 11% FY17

Specialty store lease expiry profile by income by profile expiry lease store Specialty metrics Property

8.00 (%) rate Discount

6.00 (%) rate Capitalisation

Dec-16 date Valuation

Valuation (Internal) ($m) (Internal) Valuation 275.0

4% retail Non

2016 redevelopment Latest

29% Specialties

1980 opened first Centre

10% majors Mini

Date acquired Date 1996

29% Supermarkets

Ownership interest (%) interest Ownership 50

27% stores department Discount Sub Regional Sub type Centre

State NSW

Tenant mix by gross lettable area (GLA) area lettable gross by mix Tenant Property overview Property

June 2016, also included a new fashion and lifestyle precinct and additional car parking. car additional and precinct lifestyle and fashion new a included also 2016, June

newly opened Aldi and includes more than 85 specialty stores. The recent redevelopment, which was completed in in completed was which redevelopment, recent The stores. specialty 85 than more includes and Aldi opened newly

26 kilometres north-east of the Sydney CBD. It is anchored by Kmart, Coles, a recently expanded Woolworths and and Woolworths expanded recently a Coles, Kmart, by anchored is It CBD. Sydney the of north-east kilometres 26

Warriewood Square is a single level Sub Regional shopping centre located in Sydney's northern beaches, approximately approximately beaches, northern Sydney's in located centre shopping Regional Sub level single a is Square Warriewood

warriewoodsquare.com.au

Jacksons Road, Warriewood NSW 2102 NSW Warriewood Road, Jacksons Warriewood Square Warriewood ● Wholly owned Jointly owned ▲ Managed only

West End Plaza 487 Kiewa Street, Albury NSW 2640 westendplaza.com.au

West End Plaza is a single level Sub Regional shopping centre located in the main commercial district of Albury, near the border of Victoria and New South Wales. It is anchored by Kmart and Coles and includes more than 40 specialty stores.

TAIGUM SQUARE Property overview Tenant mix by gross lettable area (GLA)

State NSW Centre type Sub Regional Discount department stores 41% Ownership interest (%) 100 Supermarkets 24% DFO BRISBANE Date acquired 2005 Mini majors 5% Centre first opened 1980 QUEENSPLAZA Specialties 28% THE MYER CENTRE BRISBANE Latest redevelopment 2000 MILTON VILLAGE Non retail 1% 1 Valuation (Internal) ($m) 67.0 BURANDA VILLAGE Valuation date Dec-16 WHITSUNDAY PLAZA MT OMMANEY CENTRE Capitalisation rate (%) 7.00 Discount rate (%) 8.25

GRAND PLAZA

Property metrics Specialty store lease expiry profile by income GLA (sqm) 15,927 FY174 29% Number of tenants 52 FY18 6% Major tenants2 Coles, Kmart FY19 20% Car spaces 596 FY20 11% Moving annual turnover (MAT) ($m) 94.1 FY21+ 34% GOLDFIELDS PLAZA MAT/sqm – Total ($) 5,981 GYMPIE CENTRAL MAT/sqm – Specialty ($) 6,393 NORTH SHORE VILLAGE

Specialty occupancy cost (%)3 12.8 For personal use only use personal For Occupancy rate by GLA (%) 100.0 BRISBANE Weighted average lease expiry by GLA (years) 3.5 OXENFORD VILLAGE 1 Expressed on 100% basis. RUNAWAY BAY CENTRE 2 Classified in accordance with SCCA guidelines, typically includes department stores, discount department stores and supermarkets. 3 Includes marketing levy and based on GST inclusive turnover. 4 Includes holdovers.

26 | Vicinity Centres Direct Portfolio December 2016 ● Wholly owned Jointly owned ▲ Managed only

Queensland

l Wholly owned ¢ Jointly owned

TAIGUM SQUARE

DFO BRISBANE

QUEENSPLAZA THE MYER CENTRE BRISBANE MILTON VILLAGE

BURANDA VILLAGE

WHITSUNDAY PLAZA MT OMMANEY CENTRE

GRAND PLAZA

GOLDFIELDS PLAZA GYMPIE CENTRAL

NORTH SHORE VILLAGE For personal use only use personal For BRISBANE

OXENFORD VILLAGE RUNAWAY BAY CENTRE

Vicinity Centres Direct Portfolio December 2016 | 27 QLD Page Buranda Village 30 DFO Brisbane 31 Goldfields Plaza 32 Grand Plaza 33 Gympie Central 34 Milton Village 35 Mt Ommaney Centre 36 North Shore Village 37 Oxenford Village 38 QueensPlaza 39 Runaway Bay Centre 40 Taigum Square 41 The Myer Centre Brisbane 42

Whitsunday Plaza 43 For personal use only use personal For

Runaway Bay Centre, QLD

28 | Vicinity Centres Direct Portfolio December 2016 Whitsunday Plaza Queensland

Only discount department store in the region

$12,478/sqm

specialty sales productivity For personal use only use personal For 7.4% growth in moving annual turnover

Vicinity Centres Direct Portfolio December 2016 | 29

Direct Portfolio December 2016 December Portfolio Direct Centres Vicinity | 30

Includes holdovers. Includes 4

Includes marketing levy and based on GST inclusive turnover. inclusive GST on based and levy marketing Includes 3

department stores and supermarkets. and stores department

Classified in accordance with SCCA guidelines, typically includes department stores, discount discount stores, department includes typically guidelines, SCCA with accordance in Classified 2

Expressed on 100% basis. 100% on Expressed 1

5.5 (years) GLA by expiry lease average Weighted

100.0 (%) GLA by rate Occupancy

For personal use only Specialty occupancy cost (%) cost occupancy Specialty 12.8

8,006 ($) Specialty – MAT/sqm

6,196 ($) Total – MAT/sqm

FY21+ 54%

62.2 ($m) (MAT) turnover annual Moving

FY20 8%

520 spaces Car

FY19 21%

Target, Woolworths Target, Major tenants Major

17% FY18 41 tenants of Number

0% 11,642 11,642 (sqm) GLA FY17

Specialty store lease expiry profile by income by profile expiry lease store Specialty metrics Property

7.50 (%) rate Discount

6.50 (%) rate Capitalisation

Dec-16 date Valuation

Valuation (External) ($m) (External) Valuation 41.8

13% retail Non

2005 redevelopment Latest

17% Specialties

1978 opened first Centre

9% majors Mini

Date acquired Date 2000

26% Supermarkets Ownership interest (%) interest Ownership 100

35% stores department Discount Sub Regional Sub type Centre

State QLD

Tenant mix by gross lettable area (GLA) area lettable gross by mix Tenant Property overview Property

Brisbane CBD. It is anchored by Target and Woolworths and includes more than 20 specialty stores. specialty 20 than more includes and Woolworths and Target by anchored is It CBD. Brisbane

Buranda Village is a single level Sub Regional shopping centre located approximately 4 kilometres south of the the of south kilometres 4 approximately located centre shopping Regional Sub level single a is Village Buranda

burandavillage.com.au

Corner Ipswich Road and Cornwall Street, Buranda QLD 4102 QLD Buranda Street, Cornwall and Road Ipswich Corner Buranda Village Buranda

31 31 | 2016 December Portfolio Direct Centres Vicinity

Includes holdovers. Includes 4

Includes marketing levy and based on GST inclusive turnover. inclusive GST on based and levy marketing Includes 3

department stores and supermarkets. and stores department

Classified in accordance with SCCA guidelines, typically includes department stores, discount discount stores, department includes typically guidelines, SCCA with accordance in Classified 2

Expressed on 100% basis. 100% on Expressed 1

2.6 (years) GLA by expiry lease average Weighted

99.9 (%) GLA by rate Occupancy

For personal use only Specialty occupancy cost (%) cost occupancy Specialty 10.6

8,145 ($) Specialty – MAT/sqm

7,970 ($) Total – MAT/sqm

FY21+ 57%

208.8 ($m) (MAT) turnover annual Moving

FY20 3%

2,640 spaces Car

FY19 10%

– Major tenants Major

8% FY18 147 tenants of Number

26,095 26,095 (sqm) GLA 22% FY17

Specialty store lease expiry profile by income by profile expiry lease store Specialty metrics Property

8.50 (%) rate Discount

7.50 (%) rate Capitalisation

Dec-16 date Valuation

Valuation (Internal) ($m) (Internal) Valuation 55.0

2015 redevelopment Latest

2005 opened first Centre

Date acquired Date 2016

86% Specialties

Ownership interest (%) interest Ownership 100

14% majors Mini Outlet Centre Outlet type Centre

State QLD

Tenant mix by gross lettable area (GLA) area lettable gross by mix Tenant Property overview Property

The centre comprises over 135 outlet retailers, including Calvin Klein, Country Road, Crumpler and Esprit. and Crumpler Road, Country Klein, Calvin including retailers, outlet 135 over comprises centre The

DFO Brisbane is a single level Outlet Centre located approximately 8 kilometres north-east of the Brisbane CBD. CBD. Brisbane the of north-east kilometres 8 approximately located Centre Outlet level single a is Brisbane DFO

dfobrisbane.com.au

18th Avenue, Brisbane Airport QLD 4008 QLD Airport Brisbane Avenue, 18th DFO Brisbane DFO

Direct Portfolio December 2016 December Portfolio Direct Centres Vicinity | 32

Includes holdovers. Includes 4

Includes marketing levy and based on GST inclusive turnover. inclusive GST on based and levy marketing Includes 3

department stores and supermarkets. and stores department

Classified in accordance with SCCA guidelines, typically includes department stores, discount discount stores, department includes typically guidelines, SCCA with accordance in Classified 2

Expressed on 100% basis. 100% on Expressed 1

7.4 (years) GLA by expiry lease average Weighted

96.3 (%) GLA by rate Occupancy

For personal use only Specialty occupancy cost (%) cost occupancy Specialty 8.3

9,553 ($) Specialty – MAT/sqm

9,277 ($) Total – MAT/sqm

FY21+ 36%

62.7 ($m) (MAT) turnover annual Moving

FY20 49%

437 spaces Car

FY19 11%

Coles Major tenants Major

4% FY18 23 tenants of Number

7,670 7,670 (sqm) GLA 0% FY17

Specialty store lease expiry profile by income by profile expiry lease store Specialty metrics Property

8.25 (%) rate Discount

7.50 (%) rate Capitalisation

Dec-16 date Valuation

Valuation (Internal) ($m) (Internal) Valuation 27.0

2001 redevelopment Latest

7% retail Non

1985 opened first Centre

17% Specialties

Date acquired Date 2006

20% majors Mini

Ownership interest (%) interest Ownership 100

56% Supermarkets Neighbourhood type Centre

State QLD

Tenant mix by gross lettable area (GLA) area lettable gross by mix Tenant Property overview Property

Maroochydore. It is anchored by Coles and includes 11 specialty stores. specialty 11 includes and Coles by anchored is It Maroochydore.

Goldfields Plaza is a single level Neighbourhood shopping centre located in Gympie, 85 kilometres north of of north kilometres 85 Gympie, in located centre shopping Neighbourhood level single a is Plaza Goldfields

goldfieldsplaza.com.au

Corner Nash and Monkland Streets, Gympie QLD 4570 QLD Gympie Streets, Monkland and Nash Corner Goldfields Plaza Goldfields

33 33 | 2016 December Portfolio Direct Centres Vicinity

Includes holdovers. Includes 4

Includes marketing levy and based on GST inclusive turnover. inclusive GST on based and levy marketing Includes 3

department stores and supermarkets. and stores department

Classified in accordance with SCCA guidelines, typically includes department stores, discount discount stores, department includes typically guidelines, SCCA with accordance in Classified 2

Expressed on 100% basis. 100% on Expressed 1

4.0 (stars) rating Water NABERS

4.0 (stars) rating Energy NABERS

3.8 (years) GLA by expiry lease average Weighted

99.8 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 15.9 3

For personal use only

9,785 ($) Specialty – MAT/sqm

7,039 ($) Total – MAT/sqm

353.5 ($m) (MAT) turnover annual Moving FY21+ 29%

2,580 spaces Car

FY20 14%

Target, Woolworths Target,

FY19 11%

Major tenants Major Kmart, Coles, W, Big Aldi,

25% FY18 164 tenants of Number

53,421 53,421 (sqm) GLA 21% FY17

Specialty store lease expiry profile by income by profile expiry lease store Specialty metrics Property

7.75 (%) rate Discount

5.75 (%) rate Capitalisation

Dec-16 date Valuation

3% retail Non

Valuation (External) ($m) (External) Valuation 417.0

13% retail Other

2006 redevelopment Latest

23% Specialties

Centre first opened first Centre 1994

5% majors Mini

Date acquired Date 2002

19% Supermarkets Ownership interest (%) interest Ownership 50

38% stores department Discount Centre type Centre Regional

State QLD

Tenant mix by gross lettable area (GLA) area lettable gross by mix Tenant Property overview Property

120 specialty stores. specialty 120

CBD. It is anchored by Big W, Kmart, Target, Coles, Woolworths, Aldi and Event Cinemas and includes more than than more includes and Cinemas Event and Aldi Woolworths, Coles, Target, Kmart, W, Big by anchored is It CBD.

Grand Plaza is a single level Regional shopping centre located approximately 22 kilometres south of the Brisbane Brisbane the of south kilometres 22 approximately located centre shopping Regional level single a is Plaza Grand

grandplaza.com.au

27-49 Browns Plains Road, Browns Plains QLD 4118 QLD Plains Browns Road, Plains Browns 27-49 Grand Plaza Grand

Direct Portfolio December 2016 December Portfolio Direct Centres Vicinity | 34

Includes holdovers. Includes 4

Includes marketing levy and based on GST inclusive turnover. inclusive GST on based and levy marketing Includes 3

department stores and supermarkets. and stores department

Classified in accordance with SCCA guidelines, typically includes department stores, discount discount stores, department includes typically guidelines, SCCA with accordance in Classified 2

Expressed on 100% basis. 100% on Expressed 1

7.6 (years) GLA by expiry lease average Weighted

98.9 (%) GLA by rate Occupancy

For personal use only Specialty occupancy cost (%) cost occupancy Specialty 9.8

11,065 ($) Specialty – MAT/sqm

9,105 ($) Total – MAT/sqm

FY21+ 29%

121.2 ($m) (MAT) turnover annual Moving

FY20 15%

752 spaces Car

FY19 16%

Big W, Woolworths W, Big Major tenants Major

10% FY18 54 tenants of Number

14,119 14,119 (sqm) GLA 31% FY17

Specialty store lease expiry profile by income by profile expiry lease store Specialty metrics Property

7.75 (%) rate Discount

6.50 (%) rate Capitalisation

Dec-16 date Valuation

Valuation (Internal) ($m) (Internal) Valuation 78.0

2007 redevelopment Latest

2% retail Non

1973 opened first Centre

31% Specialties

Date acquired Date 2003

26% Supermarkets Ownership interest (%) interest Ownership 100

41% stores department Discount Sub Regional Sub type Centre

State QLD

Tenant mix by gross lettable area (GLA) area lettable gross by mix Tenant Property overview Property

It is anchored by Big W and Woolworths and includes more than 40 specialty stores. specialty 40 than more includes and Woolworths and W Big by anchored is It

Gympie Central is a single level Sub Regional shopping centre located in Gympie, 84 kilometres north of Maroochydore. Maroochydore. of north kilometres 84 Gympie, in located centre shopping Regional Sub level single a is Central Gympie

gympiecentral.com.au

Corner Bruce Highway and Excelsior Road, Gympie QLD 4570 QLD Gympie Road, Excelsior and Highway Bruce Corner Gympie Central Gympie

35 35 | 2016 December Portfolio Direct Centres Vicinity

Includes holdovers. Includes 4

Includes marketing levy and based on GST inclusive turnover. inclusive GST on based and levy marketing Includes 3

department stores and supermarkets. and stores department

Classified in accordance with SCCA guidelines, typically includes department stores, discount discount stores, department includes typically guidelines, SCCA with accordance in Classified 2

Expressed on 100% basis. 100% on Expressed 1

2.7 (years) GLA by expiry lease average Weighted

100.0 (%) GLA by rate Occupancy

For personal use only Specialty occupancy cost (%) cost occupancy Specialty 10.7

13,895 ($) Specialty – MAT/sqm

17,575 ($) Total – MAT/sqm

FY21+ 65%

24.9 ($m) (MAT) turnover annual Moving

FY20 9%

138 spaces Car

FY19 10%

IGA Major tenants Major

16% FY18 23 tenants of Number

2,827 2,827 (sqm) GLA 0% FY17

Specialty store lease expiry profile by income by profile expiry lease store Specialty metrics Property

8.25 (%) rate Discount

6.75 (%) rate Capitalisation

Dec-16 date Valuation

Valuation (External) ($m) (External) Valuation 26.5

n.a. redevelopment Latest

45% retail Non

1973 opened first Centre

2% retail Other

Date acquired Date 2000

35% Specialties Ownership interest (%) interest Ownership 100

18% Supermarkets Neighbourhood type Centre

State QLD

Tenant mix by gross lettable area (GLA) area lettable gross by mix Tenant Property overview Property

3 kilometres west of the Brisbane CBD. It is anchored by an IGA supermarket and includes 14 specialty stores. specialty 14 includes and supermarket IGA an by anchored is It CBD. Brisbane the of west kilometres 3

Milton Village is a multilevel Neighbourhood shopping centre located in the inner suburb of Milton, approximately approximately Milton, of suburb inner the in located centre shopping Neighbourhood multilevel a is Village Milton

miltonvillagesc.com.au

12-36 Baroona Road, Milton QLD 4064 QLD Milton Road, Baroona 12-36 Milton Village Milton

Direct Portfolio December 2016 December Portfolio Direct Centres Vicinity | 36

Includes holdovers. Includes 4

Includes marketing levy and based on GST inclusive turnover. inclusive GST on based and levy marketing Includes 3

department stores and supermarkets. and stores department

Classified in accordance with SCCA guidelines, typically includes department stores, discount discount stores, department includes typically guidelines, SCCA with accordance in Classified 2

Expressed on 100% basis. 100% on Expressed 1

5.8 (years) GLA by expiry lease average Weighted

98.8 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 15.4 3

For personal use only

8,064 ($) Specialty – MAT/sqm

6,653 ($) Total – MAT/sqm

315.6 ($m) (MAT) turnover annual Moving FY21+ 27%

2,543 spaces Car

FY20 16%

Target, Woolworths Target,

10% FY19

Major tenants Major Kmart, Coles, W, Big Aldi,

14% FY18 184 tenants of Number

33% 56,610 56,610 (sqm) GLA FY17

Specialty store lease expiry profile by income by profile expiry lease store Specialty metrics Property

7.75 (%) rate Discount

6.00 (%) rate Capitalisation

Dec-16 date Valuation

11% retail Non

Valuation (External) ($m) (External) Valuation 420.8

1% retail Other

2010 redevelopment Latest

27% Specialties

Centre first opened first Centre 1979

5% majors Mini

Date acquired Date 2014

19% Supermarkets Ownership interest (%) interest Ownership 25

37% stores department Discount Centre type Centre Regional

State QLD

Tenant mix by gross lettable area (GLA) area lettable gross by mix Tenant Property overview Property

130 specialty stores. specialty 130

the Brisbane CBD. It is anchored by Big W, Kmart, Target, Coles, Woolworths and Aldi and includes more than than more includes and Aldi and Woolworths Coles, Target, Kmart, W, Big by anchored is It CBD. Brisbane the

Mt Ommaney Centre is a single level Regional shopping centre located approximately 15 kilometres south-west of of south-west kilometres 15 approximately located centre shopping Regional level single a is Centre Ommaney Mt

mtommaneycentre.com.au

171 Dandenong Road, Mt Ommaney QLD 4074 QLD Ommaney Mt Road, Dandenong 171 Mt Ommaney Centre Ommaney Mt

37 37 | 2016 December Portfolio Direct Centres Vicinity

Includes holdovers. Includes 4

Includes marketing levy and based on GST inclusive turnover. inclusive GST on based and levy marketing Includes 3

department stores and supermarkets. and stores department

Classified in accordance with SCCA guidelines, typically includes department stores, discount discount stores, department includes typically guidelines, SCCA with accordance in Classified 2

Expressed on 100% basis. 100% on Expressed 1

2.3 (years) GLA by expiry lease average Weighted

100.0 (%) GLA by rate Occupancy

For personal use only Specialty occupancy cost (%) cost occupancy Specialty 17.7

4,957 ($) Specialty – MAT/sqm

15,051 ($) Total – MAT/sqm

FY21+ 75%

48.1 ($m) (MAT) turnover annual Moving

FY20 6%

274 spaces Car

FY19 15%

Coles Major tenants Major

4% FY18 15 tenants of Number

4,083 4,083 (sqm) GLA 0% FY17

Specialty store lease expiry profile by income by profile expiry lease store Specialty metrics Property

8.00 (%) rate Discount

6.25 (%) rate Capitalisation

Dec-16 date Valuation

Valuation (External) ($m) (External) Valuation 25.0

n.a. redevelopment Latest

2003 opened first Centre

18% retail Non

Date acquired Date 2005

18% Specialties Ownership interest (%) interest Ownership 100

65% Supermarkets Neighbourhood type Centre

State QLD

Tenant mix by gross lettable area (GLA) area lettable gross by mix Tenant Property overview Property

Coles and includes 8 specialty stores. specialty 8 includes and Coles

North Shore Village is an open air Neighbourhood shopping centre located on the Sunshine Coast. It is anchored by by anchored is It Coast. Sunshine the on located centre shopping Neighbourhood air open an is Village Shore North

722-728 David Low Way, Pacific Paradise QLD 4564 QLD Paradise Pacific Way, Low David 722-728 North Shore Village Shore North

Direct Portfolio December 2016 December Portfolio Direct Centres Vicinity | 38

Includes holdovers. Includes 4

Includes marketing levy and based on GST inclusive turnover. inclusive GST on based and levy marketing Includes 3

department stores and supermarkets. and stores department

Classified in accordance with SCCA guidelines, typically includes department stores, discount discount stores, department includes typically guidelines, SCCA with accordance in Classified 2

Expressed on 100% basis. 100% on Expressed 1

8.3 (years) GLA by expiry lease average Weighted

100.0 (%) GLA by rate Occupancy

For personal use only Specialty occupancy cost (%) cost occupancy Specialty 9.1

13,430 ($) Specialty – MAT/sqm

17,928 ($) Total – MAT/sqm

FY21+ 57%

76.9 ($m) (MAT) turnover annual Moving

FY20 0%

255 spaces Car

FY19 13%

Woolworths Major tenants Major

0% FY18 18 tenants of Number

5,808 5,808 (sqm) GLA 31% FY17

Specialty store lease expiry profile by income by profile expiry lease store Specialty metrics Property

7.75 (%) rate Discount

6.25 (%) rate Capitalisation

Dec-16 date Valuation

Valuation (Internal) ($m) (Internal) Valuation 30.8

n.a. redevelopment Latest

25% retail Non

2001 opened first Centre

1% retail Other

Date acquired Date 2003

17% Specialties Ownership interest (%) interest Ownership 100

57% Supermarkets Neighbourhood type Centre

State QLD

Tenant mix by gross lettable area (GLA) area lettable gross by mix Tenant Property overview Property

Brisbane CBD. It is anchored by Woolworths and includes 12 specialty stores. specialty 12 includes and Woolworths by anchored is It CBD. Brisbane

Oxenford Village is a single level Neighbourhood shopping centre located approximately 62 kilometres south of the the of south kilometres 62 approximately located centre shopping Neighbourhood level single a is Village Oxenford

oxenfordvillage.com.au

2 Cottonwood Place, Oxenford QLD 4210 QLD Oxenford Place, Cottonwood 2 Oxenford Village Oxenford

39 39 | 2016 December Portfolio Direct Centres Vicinity

Includes holdovers. Includes 4

Includes marketing levy and based on GST inclusive turnover. inclusive GST on based and levy marketing Includes 3

department stores and supermarkets. and stores department

Classified in accordance with SCCA guidelines, typically includes department stores, discount discount stores, department includes typically guidelines, SCCA with accordance in Classified 2

Expressed on 100% basis. 100% on Expressed 1

1.5 (stars) rating Water NABERS

3.0 (stars) rating Energy NABERS

11.1 (years) GLA by expiry lease average Weighted

99.0 (%) GLA by rate Occupancy

For personal use only Specialty occupancy cost (%) cost occupancy Specialty 14.6

20,831 ($) Specialty – MAT/sqm

8,520 ($) Total – MAT/sqm

FY21+ 26%

302.1 ($m) (MAT) turnover annual Moving

FY20 14%

600 spaces Car

FY19 19%

Coles Central, David Jones David Central, Coles Major tenants Major

21% FY18 77 tenants of Number

39,066 39,066 (sqm) GLA 20% FY17

Specialty store lease expiry profile by income by profile expiry lease store Specialty metrics Property

7.25 (%) rate Discount

5.00 (%) rate Capitalisation

Dec-16 date Valuation

Valuation (Internal) ($m) (Internal) Valuation 760.0

39% retail Non

2008 redevelopment Latest

12% Specialties

2005 opened first Centre

1% majors Mini

Date acquired Date 2001

3% Supermarkets Ownership interest (%) interest Ownership 100

46% stores Department City Centre City type Centre

State QLD

Tenant mix by gross lettable area (GLA) area lettable gross by mix Tenant Property overview Property

Louis Vuitton, Salvatore Ferragamo, Burberry, Bvlgari, Paspaley Pearls and Tiffany & Co. & Tiffany and Pearls Paspaley Bvlgari, Burberry, Ferragamo, Salvatore Vuitton, Louis

and Coles Central and includes more than 65 specialty stores. The centre features luxury retailers, including Chanel, Chanel, including retailers, luxury features centre The stores. specialty 65 than more includes and Central Coles and

QueensPlaza is a three level City Centre located in the heart of the Brisbane CBD. It is anchored by David Jones Jones David by anchored is It CBD. Brisbane the of heart the in located Centre City level three a is QueensPlaza

queensplaza.com.au

226 Queen Street, Brisbane QLD 4000 QLD Brisbane Street, Queen 226 QueensPlaza

Direct Portfolio December 2016 December Portfolio Direct Centres Vicinity | 40

Includes holdovers. Includes 4

Includes marketing levy and based on GST inclusive turnover. inclusive GST on based and levy marketing Includes 3

department stores and supermarkets. and stores department

Classified in accordance with SCCA guidelines, typically includes department stores, discount discount stores, department includes typically guidelines, SCCA with accordance in Classified 2

Expressed on 100% basis. 100% on Expressed 1

3.5 (stars) rating Water NABERS

4.0 (stars) rating Energy NABERS

5.6 (years) GLA by expiry lease average Weighted

99.6 (%) GLA by rate Occupancy

For personal use only Specialty occupancy cost (%) cost occupancy Specialty 12.4

9,711 ($) Specialty – MAT/sqm

8,275 ($) Total – MAT/sqm

FY21+ 38%

293.5 ($m) (MAT) turnover annual Moving

FY20 8%

2,160 spaces Car

FY19 14%

Aldi, Big W, Coles, Target, Woolworths Target, Coles, W, Big Aldi, Major tenants Major

11% FY18 129 tenants of Number

43,002 43,002 (sqm) GLA 28% FY17

Specialty store lease expiry profile by income by profile expiry lease store Specialty metrics Property

7.75 (%) rate Discount

5.75 (%) rate Capitalisation

Dec-16 date Valuation

7% retail Non

Valuation (Internal) ($m) (Internal) Valuation 320.0

3% retail Other

1995 redevelopment Latest

19% Specialties

Centre first opened first Centre 1974

14% majors Mini

Date acquired Date 2002

24% Supermarkets Ownership interest (%) interest Ownership 50

33% stores department Discount Centre type Centre Regional

State QLD

Tenant mix by gross lettable area (GLA) area lettable gross by mix Tenant Property overview Property

of Surfers Paradise. It is anchored by Big W, Target, Coles, Woolworths and Aldi and includes more than 80 specialty stores. specialty 80 than more includes and Aldi and Woolworths Coles, Target, W, Big by anchored is It Paradise. Surfers of

Runaway Bay Centre is a single level Regional shopping centre located approximately 10 kilometres north-west north-west kilometres 10 approximately located centre shopping Regional level single a is Centre Bay Runaway

runawaybaycentre.com.au

10-12 Lae Drive, Runaway Bay QLD 4216 QLD Bay Runaway Drive, Lae 10-12 Runaway Bay Centre Bay Runaway

41 41 | 2016 December Portfolio Direct Centres Vicinity

Includes holdovers. Includes 4

Includes marketing levy and based on GST inclusive turnover. inclusive GST on based and levy marketing Includes 3

department stores and supermarkets. and stores department

Classified in accordance with SCCA guidelines, typically includes department stores, discount discount stores, department includes typically guidelines, SCCA with accordance in Classified 2

Expressed on 100% basis. 100% on Expressed 1

4.0 (years) GLA by expiry lease average Weighted

99.7 (%) GLA by rate Occupancy

For personal use only Specialty occupancy cost (%) cost occupancy Specialty 12.8

6,114 ($) Specialty – MAT/sqm

5,982 ($) Total – MAT/sqm

FY21+ 52%

105.3 ($m) (MAT) turnover annual Moving

FY20 13%

1,054 spaces Car

FY19 15%

Big W, Woolworths W, Big Major tenants Major

6% FY18 82 tenants of Number

23,151 23,151 (sqm) GLA 14% FY17

Specialty store lease expiry profile by income by profile expiry lease store Specialty metrics Property

8.00 (%) rate Discount

6.50 (%) rate Capitalisation

Dec-16 date Valuation

Valuation (Internal) ($m) (Internal) Valuation 93.0

21% retail Non

2001 redevelopment Latest

24% Specialties

1982 opened first Centre

9% majors Mini

Date acquired Date 1998

16% Supermarkets Ownership interest (%) interest Ownership 100

29% stores department Discount Sub Regional Sub type Centre

State QLD

Tenant mix by gross lettable area (GLA) area lettable gross by mix Tenant Property overview Property

50 specialty stores. specialty 50

approximately 19 kilometres north of the Brisbane CBD. It is anchored by Big W and Woolworths and includes more than than more includes and Woolworths and W Big by anchored is It CBD. Brisbane the of north kilometres 19 approximately

Taigum Square is a single level Sub Regional shopping centre located in the northern suburbs of Brisbane, Brisbane, of suburbs northern the in located centre shopping Regional Sub level single a is Square Taigum

taigumsquare.com.au

Corner Church and Beams Roads, Taigum QLD 4018 QLD Taigum Roads, Beams and Church Corner Taigum Square Taigum

Direct Portfolio December 2016 December Portfolio Direct Centres Vicinity | 42

Includes holdovers. Includes 4

Includes marketing levy and based on GST inclusive turnover. inclusive GST on based and levy marketing Includes 3

department stores and supermarkets. and stores department

Classified in accordance with SCCA guidelines, typically includes department stores, discount discount stores, department includes typically guidelines, SCCA with accordance in Classified 2

Expressed on 100% basis. 100% on Expressed 1

2.5 (stars) rating Water NABERS

2.5 (stars) rating Energy NABERS

8.5 (years) GLA by expiry lease average Weighted

99.3 (%) GLA by rate Occupancy

For personal use only Specialty occupancy cost (%) cost occupancy Specialty 21.0

10,641 ($) Specialty – MAT/sqm

5,400 ($) Total – MAT/sqm

FY21+ 18%

331.3 ($m) (MAT) turnover annual Moving

FY20 6%

1,450 spaces Car

FY19 21%

Coles Central, Myer, Target Myer, Central, Coles Major tenants Major

31% FY18 186 tenants of Number

63,718 63,718 (sqm) GLA 23% FY17

Specialty store lease expiry profile by income by profile expiry lease store Specialty metrics Property

7.75 (%) rate Discount

5.75 (%) rate Capitalisation

2% retail Non

Dec-16 date Valuation

6% retail Other

Valuation (External) ($m) (External) Valuation 775.0

21% Specialties

2006 redevelopment Latest

7% majors Mini

1988 opened first Centre

3% Supermarkets

Date acquired Date 1998

12% stores department Discount

Ownership interest (%) interest Ownership 25

50% stores Department City Centre City type Centre

State QLD

Tenant mix by gross lettable area (GLA) area lettable gross by mix Tenant Property overview Property

Coles Central and Event Cinemas and includes more than 150 specialty stores. specialty 150 than more includes and Cinemas Event and Central Coles

The Myer Centre Brisbane is a six level City Centre located in the heart of Brisbane. It is anchored by Myer, Target, Target, Myer, by anchored is It Brisbane. of heart the in located Centre City level six a is Brisbane Centre Myer The

themyercentre.com.au

91 Queen Street, Brisbane QLD 4000 QLD Brisbane Street, Queen 91 The Myer Centre Brisbane Centre Myer The

43 43 | 2016 December Portfolio Direct Centres Vicinity

Includes holdovers. Includes 4

Includes marketing levy and based on GST inclusive turnover. inclusive GST on based and levy marketing Includes 3

department stores and supermarkets. and stores department

Classified in accordance with SCCA guidelines, typically includes department stores, discount discount stores, department includes typically guidelines, SCCA with accordance in Classified 2

Expressed on 100% basis. 100% on Expressed 1

4.5 (stars) rating Energy NABERS

5.3 (years) GLA by expiry lease average Weighted

100.0 (%) GLA by rate Occupancy

For personal use only Specialty occupancy cost (%) cost occupancy Specialty 6.3

12,478 ($) Specialty – MAT/sqm

6,191 ($) Total – MAT/sqm

FY21+ 31%

113.0 ($m) (MAT) turnover annual Moving

FY20 21%

1,149 spaces Car

FY19 20%

Big W, Harvey Norman, Woolworths Norman, Harvey W, Big Major tenants Major

15% FY18 48 tenants of Number

13% 22,247 22,247 (sqm) GLA FY17

Specialty store lease expiry profile by income by profile expiry lease store Specialty metrics Property

8.00 (%) rate Discount

6.75 (%) rate Capitalisation

17% retail Non

Dec-16 date Valuation

3% retail Other

Valuation (External) ($m) (External) Valuation 65.0

19% Specialties

n.a. redevelopment Latest

14% majors Mini

2006 opened first Centre

15% Supermarkets

Date acquired Date 2005

24% stores department Discount

Ownership interest (%) interest Ownership 100

8% stores Department Sub Regional Sub type Centre

State QLD

Tenant mix by gross lettable area (GLA) area lettable gross by mix Tenant Property overview Property

and Harvey Norman and includes more than 20 specialty stores. specialty 20 than more includes and Norman Harvey and

North Queensland, approximately 5 kilometres south-west of Airlie Beach. It is anchored by Big W, Woolworths Woolworths W, Big by anchored is It Beach. Airlie of south-west kilometres 5 approximately Queensland, North

Whitsunday Plaza is a single level Sub Regional shopping centre located in the Whitsunday and Bowen region of of region Bowen and Whitsunday the in located centre shopping Regional Sub level single a is Plaza Whitsunday

whitsundayplaza.com.au

8 Galbraith Park Drive, Cannonvale QLD 4802 QLD Cannonvale Drive, Park Galbraith 8 Whitsunday Plaza Whitsunday South Australia

l Wholly owned ¢ Jointly owned

ELIZABETH CITY CENTRE

KURRALTA CENTRAL

CASTLE PLAZA ADELAIDE

COLONNADES For personal use only use personal For

44 | Vicinity Centres Direct Portfolio December 2016 SA Page Castle Plaza 47 Colonnades 48 Elizabeth City Centre 49

Kurralta Central 50 For personal use only use personal For

Colonnades, SA

Vicinity Centres Direct Portfolio December 2016 | 45 Castle Plaza South Australia

$2 million creating a fresh new look

22,800+ sqm

gross lettable area For personal use only use personal For 70+ retail stores

46 | Vicinity Centres Direct Portfolio December 2016

47 | 2016 December Portfolio Direct Centres Vicinity

Includes holdovers. Includes 4

Includes marketing levy and based on GST inclusive turnover. inclusive GST on based and levy marketing Includes 3

department stores and supermarkets. and stores department

Classified in accordance with SCCA guidelines, typically includes department stores, discount discount stores, department includes typically guidelines, SCCA with accordance in Classified 2

Expressed on 100% basis. 100% on Expressed 1

3.0 (stars) rating Water NABERS

2.5 (stars) rating Energy NABERS

3.7 (years) GLA by expiry lease average Weighted

98.8 (%) GLA by rate Occupancy

For personal use only Specialty occupancy cost (%) cost occupancy Specialty 14.3

8,598 ($) Specialty – MAT/sqm

7,151 ($) Total – MAT/sqm

FY21+ 31%

148.5 ($m) (MAT) turnover annual Moving

FY20

19%

1,315 spaces Car

FY19 10% Coles, Foodland, Target Foodland, Coles, Major tenants Major

73 tenants of Number 17% FY18

22,839 22,839 (sqm) GLA 24% FY17

Specialty store lease expiry profile by income by profile expiry lease store Specialty metrics Property

8.50 (%) rate Discount

6.75 (%) rate Capitalisation

Dec-16 date Valuation

7% retail Non

Valuation (External) ($m) (External) Valuation 172.9

2% retail Other

2000 redevelopment Latest

22% Specialties

1987 opened first Centre

4% majors Mini

Date acquired Date 2002

30% Supermarkets Ownership interest (%) interest Ownership 100

35% stores department Discount Sub Regional Sub type Centre

State SA

Tenant mix by gross lettable area (GLA) area lettable gross by mix Tenant Property overview Property

Adelaide CBD. It is anchored by Target, Coles and Foodland and includes more than 50 specialty stores. specialty 50 than more includes and Foodland and Coles Target, by anchored is It CBD. Adelaide

Castle Plaza is a single level Sub Regional shopping centre located approximately 6 kilometres south-west of the the of south-west kilometres 6 approximately located centre shopping Regional Sub level single a is Plaza Castle

castleplaza.com.au

992 South Road, Edwardstown SA 5039 SA Edwardstown Road, South 992 Castle Plaza Castle

Direct Portfolio December 2016 December Portfolio Direct Centres Vicinity | 48

Includes holdovers. Includes 4

Includes marketing levy and based on GST inclusive turnover. inclusive GST on based and levy marketing Includes 3

department stores and supermarkets. and stores department

Classified in accordance with SCCA guidelines, typically includes department stores, discount discount stores, department includes typically guidelines, SCCA with accordance in Classified 2

Expressed on 100% basis. 100% on Expressed 1

7.9 (years) GLA by expiry lease average Weighted

98.3 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 16.4 3

For personal use only

6,060 ($) Specialty – MAT/sqm

5,178 ($) Total – MAT/sqm

298.5 ($m) (MAT) turnover annual Moving FY21+ 33%

3,748 spaces Car

FY20 10%

Kmart, Myer, Woolworths Myer, Kmart,

FY19 15%

Major tenants Major Aldi, Big W, Coles, Harris Scarfe, Scarfe, Harris Coles, W, Big Aldi,

19% FY18 181 tenants of Number

83,523 83,523 (sqm) GLA 24% FY17

Specialty store lease expiry profile by income by profile expiry lease store Specialty metrics Property

8.25 (%) rate Discount

7.00 (%) rate Capitalisation

25% retail Non

Dec-16 date Valuation

1% retail Other

Valuation (Internal) ($m) (Internal) Valuation 311.1

22% Specialties

2016 redevelopment Latest

9% majors Mini

Centre first opened first Centre 1979

12% Supermarkets

Date acquired Date 2003

23% stores department Discount

Ownership interest (%) interest Ownership 50

6% stores Department Centre type Centre Regional

State SA

Tenant mix by gross lettable area (GLA) area lettable gross by mix Tenant Property overview Property

in March 2016, also included new market style mall and additional car parking. car additional and mall style market new included also 2016, March in

and newly opened Aldi and includes more than 130 specialty stores. The recent redevelopment, which was completed completed was which redevelopment, recent The stores. specialty 130 than more includes and Aldi opened newly and

south of the Adelaide CBD. It is anchored by Myer, Big W, Kmart, Coles, a recently expanded Woolworths, Harris Scarfe Scarfe Harris Woolworths, expanded recently a Coles, Kmart, W, Big Myer, by anchored is It CBD. Adelaide the of south

Colonnades is a two level Regional shopping centre located in the Noarlunga Town Square, approximately 30 kilometres kilometres 30 approximately Square, Town Noarlunga the in located centre shopping Regional level two a is Colonnades

colonnades.com.au

Beach Road, Noarlunga Centre SA 5168 SA Centre Noarlunga Road, Beach Colonnades

49 | 2016 December Portfolio Direct Centres Vicinity

Includes holdovers. Includes 5

Includes marketing levy and based on GST inclusive turnover. inclusive GST on based and levy marketing Includes 4

Non-comparable for sales reporting purposes. reporting sales for Non-comparable 3

department stores and supermarkets. and stores department

Classified in accordance with SCCA guidelines, typically includes department stores, discount discount stores, department includes typically guidelines, SCCA with accordance in Classified 2

Expressed on 100% basis. 100% on Expressed 1

3.0 (stars) rating Water NABERS

3.5 (stars) rating Energy NABERS

5.2 (years) GLA by expiry lease average Weighted

98.6 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 15.9 4

For personal use only

MAT/sqm – Specialty ($) Specialty – MAT/sqm n.a.

MAT/sqm – Total ($) Total – MAT/sqm n.a.

345.3 ($m) (MAT) turnover annual Moving FY21+ 21%

3,228 spaces Car

FY20 12%

Target, Woolworths Target,

FY19 9%

Major tenants Major Big W, Coles, Harris Scarfe, Scarfe, Harris Coles, W, Big

22% FY18 215 tenants of Number

80,365 80,365 (sqm) GLA 36% FY17

Specialty store lease expiry profile by income by profile expiry lease store Specialty metrics Property

8.50 (%) rate Discount

7.00 (%) rate Capitalisation

Dec-16 date Valuation

17% retail Non

Valuation (Internal) ($m) (Internal) Valuation 382.1

6% retail Other

2005 redevelopment Latest

25% Specialties

Centre first opened first Centre 1960

11% majors Mini

Date acquired Date 1998

11% Supermarkets Ownership interest (%) interest Ownership 100

29% stores department Discount Centre type Centre Regional

State SA

Tenant mix by gross lettable area (GLA) area lettable gross by mix Tenant Property overview Property

more than 145 specialty stores. specialty 145 than more

Adelaide CBD. It is anchored by Big W, Target, Coles, Woolworths, Harris Scarfe and Reading Cinemas and includes includes and Cinemas Reading and Scarfe Harris Woolworths, Coles, Target, W, Big by anchored is It CBD. Adelaide

Elizabeth City Centre is a two level Regional shopping centre located approximately 28 kilometres north-east of the the of north-east kilometres 28 approximately located centre shopping Regional level two a is Centre City Elizabeth

elizabethcitycentre.com.au

50 Elizabeth Way, Elizabeth SA 5112 SA Elizabeth Way, Elizabeth 50 Elizabeth City Centre City Elizabeth

Direct Portfolio December 2016 December Portfolio Direct Centres Vicinity | 50

Includes holdovers. Includes 4

Includes marketing levy and based on GST inclusive turnover. inclusive GST on based and levy marketing Includes 3

department stores and supermarkets. and stores department

Classified in accordance with SCCA guidelines, typically includes department stores, discount discount stores, department includes typically guidelines, SCCA with accordance in Classified 2

Expressed on 100% basis. 100% on Expressed 1

4.3 (years) GLA by expiry lease average Weighted

100.0 (%) GLA by rate Occupancy

For personal use only Specialty occupancy cost (%) cost occupancy Specialty 11.4

9,578 ($) Specialty – MAT/sqm

7,733 ($) Total – MAT/sqm

FY21+ 44%

79.7 ($m) (MAT) turnover annual Moving

FY20 0%

548 spaces Car

FY19 10%

Coles, Kmart Coles, Major tenants Major

19% FY18 16 tenants of Number

10,678 10,678 (sqm) GLA 27% FY17

Specialty store lease expiry profile by income by profile expiry lease store Specialty metrics Property

7.00 (%) rate Discount

6.25 (%) rate Capitalisation

Dec-16 date Valuation

Valuation (External) ($m) (External) Valuation 40.1

2000 redevelopment Latest

3% retail Non

1969 opened first Centre

8% Specialties

Date acquired Date 2003

22% Supermarkets Ownership interest (%) interest Ownership 100

66% stores department Discount Sub Regional Sub type Centre

State SA

Tenant mix by gross lettable area (GLA) area lettable gross by mix Tenant Property overview Property

Adelaide CBD. It is anchored by Kmart and Coles and includes 8 specialty stores. specialty 8 includes and Coles and Kmart by anchored is It CBD. Adelaide

Kurralta Central is a single level Sub Regional shopping centre located approximately 6 kilometres south-west of the the of south-west kilometres 6 approximately located centre shopping Regional Sub level single a is Central Kurralta

kurraltacentral.com.au

153 Anzac Highway, Kurralta Park SA 5037 SA Park Kurralta Highway, Anzac 153 Kurralta Central Kurralta Victoria and Tasmania

l Wholly owned ¢ Jointly owned

WODONGA PLAZA

ROXBURGH VILLAGE BROADMEADOWS SHOPPING CENTRE

DFO ESSENDON NORTHLAND SUNSHINE VICTORIA GARDENS MELBOURNE MARKETPLACE EMPORIUM MELBOURNE MYER BOURKE DFO SOUTH WHARF STREET BOX HILL CENTRAL (NORTH PRECINCT) CORIO CENTRAL BOX HILL CENTRAL (SOUTH PRECINCT) ALTONA GATE BELMONT VILLAGE SHOPPING CENTRE CHADSTONE THE GLEN OAKLEIGH CENTRAL BRANDON PARK

DFO MOORABBIN

CRANBOURNE PARK BAYSIDE

THE GATEWAY For personal use only use personal For

MORNINGTON CENTRAL NORTHGATE EASTLANDS BENTONS SQUARE

HOBART

Vicinity Centres Direct Portfolio December 2016 | 51 VIC Page Altona Gate Shopping Centre 54 Bayside 55 Belmont Village 56 Bentons Square 57 Box Hill Central (North Precinct) 58 Box Hill Central (South Precinct) 59 Brandon Park 60 Broadmeadows Shopping Centre 61 Chadstone 62 Corio Central 63 Cranbourne Park 64 DFO Essendon 65 DFO Moorabbin 66 DFO South Wharf 67 Emporium Melbourne 68 Mornington Central 69 Myer Bourke Street 70 Northland 71 Oakleigh Central 72 Roxburgh Village 73 Sunshine Marketplace 74 The Gateway 75 The Glen 76 Victoria Gardens 77 Wodonga Plaza 78

TAS

For personal use only use personal For Eastlands 79 Northgate 80

Emporium Melbourne, VIC

52 | Vicinity Centres Direct Portfolio December 2016 Box Hill Central (South Precinct) Victoria

22 million customer visits annually

40 restaurants, cafes and

takeaway retailers For personal use only use personal For 100+ specialty retailers

Vicinity Centres Direct Portfolio December 2016 | 53

Direct Portfolio December 2016 December Portfolio Direct Centres Vicinity | 54

Includes holdovers. Includes 4

Includes marketing levy and based on GST inclusive turnover. inclusive GST on based and levy marketing Includes 3

department stores and supermarkets. and stores department

Classified in accordance with SCCA guidelines, typically includes department stores, discount discount stores, department includes typically guidelines, SCCA with accordance in Classified 2

Expressed on 100% basis. 100% on Expressed 1

4.5 (stars) rating Water NABERS

3.0 (stars) rating Energy NABERS

6.2 (years) GLA by expiry lease average Weighted

98.0 (%) GLA by rate Occupancy

For personal use only Specialty occupancy cost (%) cost occupancy Specialty 15.6

6,787 ($) Specialty – MAT/sqm

6,184 ($) Total – MAT/sqm

FY21+ 18%

143.4 ($m) (MAT) turnover annual Moving

FY20 13%

1,622 spaces Car

FY19 17%

Aldi, Coles, Kmart Coles, Aldi, Major tenants Major

25% FY18 85 tenants of Number

26,262 26,262 (sqm) GLA 27% FY17

Specialty store lease expiry profile by income by profile expiry lease store Specialty metrics Property

7.75 (%) rate Discount

6.50 (%) rate Capitalisation

Dec-16 date Valuation

Valuation (External) ($m) (External) Valuation 100.0

7% retail Non

2014 redevelopment Latest

24% Specialties

1977 opened first Centre

17% majors Mini

Date acquired Date 1994

21% Supermarkets Ownership interest (%) interest Ownership 100

31% stores department Discount Sub Regional Sub type Centre

State VIC

Tenant mix by gross lettable area (GLA) area lettable gross by mix Tenant Property overview Property

than 60 specialty stores. specialty 60 than

approximately 10 kilometres west of the Melbourne CBD. It is anchored by Kmart, Coles and Aldi and includes more more includes and Aldi and Coles Kmart, by anchored is It CBD. Melbourne the of west kilometres 10 approximately

Altona Gate Shopping Centre is a four level Sub Regional shopping centre located in the northern suburbs of Melbourne, Melbourne, of suburbs northern the in located centre shopping Regional Sub level four a is Centre Shopping Gate Altona

altonagate.com.au

124-134 Millers Road, Altona North VIC 3025 VIC North Altona Road, Millers 124-134 Altona Gate Shopping Centre Shopping Gate Altona

55 55 | 2016 December Portfolio Direct Centres Vicinity

Includes holdovers. Includes 4

Includes marketing levy and based on GST inclusive turnover. inclusive GST on based and levy marketing Includes 3

department stores and supermarkets. and stores department

Classified in accordance with SCCA guidelines, typically includes department stores, discount discount stores, department includes typically guidelines, SCCA with accordance in Classified 2

Expressed on 100% basis. 100% on Expressed 1

4.5 (stars) rating Water NABERS

4.0 (stars) rating Energy NABERS

5.3 (years) GLA by expiry lease average Weighted

99.2 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 16.5 3

For personal use only

7,810 ($) Specialty – MAT/sqm

5,077 ($) Total – MAT/sqm

419.1 ($m) (MAT) turnover annual Moving FY21+ 23%

3,452 spaces Car

FY20 13%

Myer, Target, Toys "R" Us, Woolworths Us, "R" Toys Target, Myer,

FY19 9%

Major tenants Major Aldi, Coles, HOYTS Cinema, Kmart, Kmart, Cinema, HOYTS Coles, Aldi,

26% FY18 250 tenants of Number

29% 88,905 88,905 (sqm) GLA FY17

Specialty store lease expiry profile by income by profile expiry lease store Specialty metrics Property

8.00 (%) rate Discount

6.25 (%) rate Capitalisation

2% retail Non

Dec-16 date Valuation

8% retail Other

Valuation (Internal) ($m) (Internal) Valuation 575.0

26% Specialties

2011 redevelopment Latest

17% majors Mini

1971 opened first Centre

11% Supermarkets

Date acquired Date 1994

17% stores department Discount Ownership interest (%) interest Ownership 100

19% stores Department Major Regional Major type Centre

State VIC

Tenant mix by gross lettable area (GLA) area lettable gross by mix Tenant Property overview Property

Cinema and includes more than 200 specialty stores. specialty 200 than more includes and Cinema

south of the Melbourne CBD. It is anchored by Myer, Kmart, Target, Coles, Woolworths, Aldi, Toys "R" Us and HOYTS HOYTS and Us "R" Toys Aldi, Woolworths, Coles, Target, Kmart, Myer, by anchored is It CBD. Melbourne the of south

Bayside is a three level Major Regional shopping centre located in the heart of Frankston, approximately 50 kilometres kilometres 50 approximately Frankston, of heart the in located centre shopping Regional Major level three a is Bayside

baysidesc.com.au

28 Beach Road, Frankston VIC 3199 VIC Frankston Road, Beach 28 Bayside

Direct Portfolio December 2016 December Portfolio Direct Centres Vicinity | 56

Includes holdovers. Includes 4

Includes marketing levy and based on GST inclusive turnover. inclusive GST on based and levy marketing Includes 3

department stores and supermarkets. and stores department

Classified in accordance with SCCA guidelines, typically includes department stores, discount discount stores, department includes typically guidelines, SCCA with accordance in Classified 2

Expressed on 100% basis. 100% on Expressed 1

4.6 (years) GLA by expiry lease average Weighted

100.0 (%) GLA by rate Occupancy

For personal use only Specialty occupancy cost (%) cost occupancy Specialty 11.4

9,693 ($) Specialty – MAT/sqm

7,250 ($) Total – MAT/sqm

FY21+ 36%

99.3 ($m) (MAT) turnover annual Moving

FY20 33%

570 spaces Car

FY19 6%

Coles, Kmart Coles, Major tenants Major

7% FY18 19 tenants of Number

14,032 14,032 (sqm) GLA 18% FY17

Specialty store lease expiry profile by income by profile expiry lease store Specialty metrics Property

7.50 (%) rate Discount

6.25 (%) rate Capitalisation

Dec-16 date Valuation

Valuation (External) ($m) (External) Valuation 48.5

1970 redevelopment Latest

7% retail Other

1970 opened first Centre

9% Specialties

Date acquired Date 2003

24% Supermarkets Ownership interest (%) interest Ownership 100

60% stores department Discount Sub Regional Sub type Centre

State VIC

Tenant mix by gross lettable area (GLA) area lettable gross by mix Tenant Property overview Property

Melbourne CBD. It is anchored by Kmart and Coles and includes 12 specialty stores. specialty 12 includes and Coles and Kmart by anchored is It CBD. Melbourne

Belmont Village is a single level Sub Regional shopping centre located approximately 75 kilometres south-west of the the of south-west kilometres 75 approximately located centre shopping Regional Sub level single a is Village Belmont

belmontvillage.com.au

65 High Street, Belmont VIC 3216 VIC Belmont Street, High 65 Belmont Village Belmont

57 57 | 2016 December Portfolio Direct Centres Vicinity

Includes holdovers. Includes 4

Includes marketing levy and based on GST inclusive turnover. inclusive GST on based and levy marketing Includes 3

department stores and supermarkets. and stores department

Classified in accordance with SCCA guidelines, typically includes department stores, discount discount stores, department includes typically guidelines, SCCA with accordance in Classified 2

Expressed on 100% basis. 100% on Expressed 1

7.9 (years) GLA by expiry lease average Weighted

99.2 (%) GLA by rate Occupancy

For personal use only Specialty occupancy cost (%) cost occupancy Specialty 13.7

7,547 ($) Specialty – MAT/sqm

15,289 ($) Total – MAT/sqm

FY21+ 56%

138.5 ($m) (MAT) turnover annual Moving

FY20 15%

534 spaces Car

FY19 8%

Woolworths Major tenants Major

18% FY18 44 tenants of Number

10,085 10,085 (sqm) GLA 2% FY17

Specialty store lease expiry profile by income by profile expiry lease store Specialty metrics Property

8.25 (%) rate Discount

6.25 (%) rate Capitalisation

Dec-16 date Valuation

Valuation (External) ($m) (External) Valuation 81.5

8% retail Non

2009 redevelopment Latest

1% retail Other

2002 opened first Centre

36% Specialties

Date acquired Date 2014

13% majors Mini Ownership interest (%) interest Ownership 100

43% Supermarkets Neighbourhood type Centre

State VIC

Tenant mix by gross lettable area (GLA) area lettable gross by mix Tenant Property overview Property

Melbourne CBD. It is anchored by Woolworths and includes more than 25 specialty stores. specialty 25 than more includes and Woolworths by anchored is It CBD. Melbourne

Bentons Square is a single level Neighbourhood shopping centre located approximately 66 kilometres south-east of the the of south-east kilometres 66 approximately located centre shopping Neighbourhood level single a is Square Bentons

bentonssquare.com.au

Corner Bentons and Dunns Roads, Mornington VIC 3931 VIC Mornington Roads, Dunns and Bentons Corner Bentons Square Bentons

Direct Portfolio December 2016 December Portfolio Direct Centres Vicinity | 58

Includes holdovers. Includes 4

Includes marketing levy and based on GST inclusive turnover. inclusive GST on based and levy marketing Includes 3

department stores and supermarkets. and stores department

Classified in accordance with SCCA guidelines, typically includes department stores, discount discount stores, department includes typically guidelines, SCCA with accordance in Classified 2

Expressed on 100% basis. 100% on Expressed 1

2.3 (years) GLA by expiry lease average Weighted

100.0 (%) GLA by rate Occupancy

For personal use only Specialty occupancy cost (%) cost occupancy Specialty 18.1

5,846 ($) Specialty – MAT/sqm

6,610 ($) Total – MAT/sqm

FY21+ 33%

79.2 ($m) (MAT) turnover annual Moving

FY20 19%

901 spaces Car

FY19 26%

Coles, Harris Scarfe Harris Coles, Major tenants Major

12% FY18 88 tenants of Number

10% 14,584 14,584 (sqm) GLA FY17

Specialty store lease expiry profile by income by profile expiry lease store Specialty metrics Property

8.25 (%) rate Discount

6.75 (%) rate Capitalisation

Dec-16 date Valuation

17% retail Non

Valuation (Internal) ($m) (Internal) Valuation 94.0

3% retail Other

2007 redevelopment Latest

33% Specialties

1975 opened first Centre

6% majors Mini

Date acquired Date 2001

23% Supermarkets Ownership interest (%) interest Ownership 100

17% stores department Discount Sub Regional Sub type Centre

State VIC

Tenant mix by gross lettable area (GLA) area lettable gross by mix Tenant Property overview Property

and includes more than 55 specialty stores. specialty 55 than more includes and

(South Precinct), approximately 20 kilometres east of the Melbourne CBD. It is anchored by Coles and Harris Scarfe Scarfe Harris and Coles by anchored is It CBD. Melbourne the of east kilometres 20 approximately Precinct), (South

Box Hill Central (North Precinct) is a two level Sub Regional shopping centre adjacent to Box Hill Central Central Hill Box to adjacent centre shopping Regional Sub level two a is Precinct) (North Central Hill Box

boxhillcentral.com.au

17 Market Street, Box Hill VIC 3128 VIC Hill Box Street, Market 17 Box Hill Central (North Precinct) (North Central Hill Box

59 59 | 2016 December Portfolio Direct Centres Vicinity

Includes holdovers. Includes 4

Includes marketing levy and based on GST inclusive turnover. inclusive GST on based and levy marketing Includes 3

department stores and supermarkets. and stores department

Classified in accordance with SCCA guidelines, typically includes department stores, discount discount stores, department includes typically guidelines, SCCA with accordance in Classified 2

Expressed on 100% basis. 100% on Expressed 1

6.7 (years) GLA by expiry lease average Weighted

100.0 (%) GLA by rate Occupancy

For personal use only Specialty occupancy cost (%) cost occupancy Specialty 14.6

9,518 ($) Specialty – MAT/sqm

8,279 ($) Total – MAT/sqm

FY21+ 46%

174.6 ($m) (MAT) turnover annual Moving

FY20 14%

1,514 spaces Car

FY19 14%

Big W, Woolworths W, Big Major tenants Major

15% FY18 122 tenants of Number

23,644 23,644 (sqm) GLA 11% FY17

Specialty store lease expiry profile by income by profile expiry lease store Specialty metrics Property

7.75 (%) rate Discount

6.50 (%) rate Capitalisation

Dec-16 date Valuation

Valuation (External) ($m) (External) Valuation 177.0

7% retail Non

2010 redevelopment Latest

38% Specialties

1987 opened first Centre

3% majors Mini

Date acquired Date 2000

16% Supermarkets Ownership interest (%) interest Ownership 100

35% stores department Discount Sub Regional Sub type Centre

State VIC

Tenant mix by gross lettable area (GLA) area lettable gross by mix Tenant Property overview Property

by Big W and Woolworths and includes more than 100 specialty stores. specialty 100 than more includes and Woolworths and W Big by

adjacent to Box Hill Central (North Precinct), approximately 20 kilometres east of the Melbourne CBD. It is anchored anchored is It CBD. Melbourne the of east kilometres 20 approximately Precinct), (North Central Hill Box to adjacent

Box Hill Central (South Precinct) is a single level Sub Regional shopping centre located above Box Hill train station, station, train Hill Box above located centre shopping Regional Sub level single a is Precinct) (South Central Hill Box

boxhillcentral.com.au

1 Main Street, Box Hill VIC 3128 VIC Hill Box Street, Main 1 Box Hill Central (South Precinct) (South Central Hill Box

Direct Portfolio December 2016 December Portfolio Direct Centres Vicinity | 60

Includes holdovers. Includes 4

Includes marketing levy and based on GST inclusive turnover. inclusive GST on based and levy marketing Includes 3

department stores and supermarkets. and stores department

Classified in accordance with SCCA guidelines, typically includes department stores, discount discount stores, department includes typically guidelines, SCCA with accordance in Classified 2

Expressed on 100% basis. 100% on Expressed 1

3.6 (years) GLA by expiry lease average Weighted

98.4 (%) GLA by rate Occupancy

For personal use only Specialty occupancy cost (%) cost occupancy Specialty 18.0

5,339 ($) Specialty – MAT/sqm

6,929 ($) Total – MAT/sqm

FY21+ 46%

133.1 ($m) (MAT) turnover annual Moving

FY20 14%

1,432 spaces Car

FY19 18%

Aldi, Coles, Kmart Coles, Aldi, Major tenants Major

12% FY18 96 tenants of Number

23,062 23,062 (sqm) GLA 10% FY17

Specialty store lease expiry profile by income by profile expiry lease store Specialty metrics Property

8.00 (%) rate Discount

7.00 (%) rate Capitalisation

Dec-16 date Valuation

10% retail Non

Valuation (Internal) ($m) (Internal) Valuation 125.0

2% retail Other

2003 redevelopment Latest

24% Specialties

1970 opened first Centre

13% majors Mini

Date acquired Date 2003

22% Supermarkets Ownership interest (%) interest Ownership 50

30% stores department Discount Sub Regional Sub type Centre

State VIC

Tenant mix by gross lettable area (GLA) area lettable gross by mix Tenant Property overview Property

Melbourne CBD. It is anchored by Kmart, Coles and Aldi and includes more than 60 specialty stores. specialty 60 than more includes and Aldi and Coles Kmart, by anchored is It CBD. Melbourne

Brandon Park is a two level Sub Regional shopping centre located approximately 23 kilometres south-east of the the of south-east kilometres 23 approximately located centre shopping Regional Sub level two a is Park Brandon

brandonparkcentre.com.au

Springvale Road, Wheelers Hill VIC 3150 VIC Hill Wheelers Road, Springvale Brandon Park Brandon

61 61 | 2016 December Portfolio Direct Centres Vicinity

Includes holdovers. Includes 4

Includes marketing levy and based on GST inclusive turnover. inclusive GST on based and levy marketing Includes 3

department stores and supermarkets. and stores department

Classified in accordance with SCCA guidelines, typically includes department stores, discount discount stores, department includes typically guidelines, SCCA with accordance in Classified 2

Expressed on 100% basis. 100% on Expressed 1

3.5 (stars) rating Water NABERS

2.5 (stars) rating Energy NABERS

3.9 (years) GLA by expiry lease average Weighted

99.9 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 19.0 3

For personal use only

6,197 ($) Specialty – MAT/sqm

4,845 ($) Total – MAT/sqm

262.9 ($m) (MAT) turnover annual Moving FY21+ 23%

3,051 spaces Car

FY20 18%

Kmart, Woolworths Kmart,

FY19 20%

Major tenants Major Aldi, Big W, Coles, HOYTS Cinema, Cinema, HOYTS Coles, W, Big Aldi,

19% FY18 191 tenants of Number

61,335 61,335 (sqm) GLA 20% FY17

Specialty store lease expiry profile by income by profile expiry lease store Specialty metrics Property

8.00 (%) rate Discount

6.75 (%) rate Capitalisation

Dec-16 date Valuation

6% retail Non

Valuation (Internal) ($m) (Internal) Valuation 325.0

10% retail Other

2011 redevelopment Latest

24% Specialties

Centre first opened first Centre 1974

20% majors Mini

Date acquired Date 1994

14% Supermarkets Ownership interest (%) interest Ownership 100

25% stores department Discount Centre type Centre Regional

State VIC

Tenant mix by gross lettable area (GLA) area lettable gross by mix Tenant Property overview Property

as the 'Quiet Room' and Victoria's first digital interactive playground. interactive digital first Victoria's and Room' 'Quiet the as

and HOYTS Cinema and includes more than 135 specialty stores. The centre features family friendly amenities such such amenities friendly family features centre The stores. specialty 135 than more includes and Cinema HOYTS and

approximately 15 kilometres north-west of the Melbourne CBD. It is anchored by Big W, Target, Coles, Woolworths, Aldi Aldi Woolworths, Coles, Target, W, Big by anchored is It CBD. Melbourne the of north-west kilometres 15 approximately

Broadmeadows Shopping Centre is a single level Regional shopping centre with an adjacent Homemaker Centre located located Centre Homemaker adjacent an with centre shopping Regional level single a is Centre Shopping Broadmeadows

broadmeadowscentral.com.au

1099-1169 Pascoe Vale Road, Broadmeadows VIC 3047 VIC Broadmeadows Road, Vale Pascoe 1099-1169 Broadmeadows Shopping Centre Shopping Broadmeadows

Direct Portfolio December 2016 December Portfolio Direct Centres Vicinity | 62

Includes holdovers. Includes 5

Includes marketing levy and based on GST inclusive turnover. inclusive GST on based and levy marketing Includes 4

Non-comparable for sales reporting purposes. reporting sales for Non-comparable 3

department stores and supermarkets. and stores department

Classified in accordance with SCCA guidelines, typically includes department stores, discount discount stores, department includes typically guidelines, SCCA with accordance in Classified 2

Expressed on 100% basis. 100% on Expressed 1

4.0 (stars) rating Water NABERS

4.0 (stars) rating Energy NABERS

6.5 (years) GLA by expiry lease average Weighted

99.8 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 14.8 4

For personal use only

MAT/sqm – Specialty ($) Specialty – MAT/sqm n.a.

MAT/sqm – Total ($) Total – MAT/sqm n.a.

1,524.4 ($m) (MAT) turnover annual Moving FY21+ 64%

10,020 spaces Car

FY20 8%

Kmart, Myer, Target, Toys "R" Us "R" Toys Target, Myer, Kmart,

FY19 7%

Major tenants Major Aldi, Coles, David Jones, HOYTS CInema, CInema, HOYTS Jones, David Coles, Aldi,

10% FY18 518 tenants of Number

209,116 (sqm) GLA 11% FY17

Specialty store lease expiry profile by income by profile expiry lease store Specialty metrics Property

7.00 (%) rate Discount

4.25 (%) rate Capitalisation

2% retail Non

Dec-16 date Valuation

6% retail Other

Valuation (External) ($m) (External) Valuation 5250.0

28% Specialties

2016 redevelopment Latest

32% majors Mini

1960 opened first Centre

5% Supermarkets

Date acquired Date 1994

7% stores department Discount

Ownership interest (%) interest Ownership 50

20% stores Department Super Regional Super type Centre

State VIC

Tenant mix by gross lettable area (GLA) area lettable gross by mix Tenant Property overview Property

and entertainment precinct. The key retail stage of this development opened in October 2016. October in opened development this of stage retail key The precinct. entertainment and

$666 million expansion to incorporate international flagship stores, an expanded luxury offer and a world-class food food world-class a and offer luxury expanded an stores, flagship international incorporate to expansion million $666

Williams-Sonoma Group and GAP and includes more than 420 specialty stores. Chadstone is undergoing a a undergoing is Chadstone stores. specialty 420 than more includes and GAP and Group Williams-Sonoma

of the Melbourne CBD. It is anchored by David Jones, Myer, Kmart, Target, Coles, Woolworths, Aldi, Zara, Zara, Aldi, Woolworths, Coles, Target, Kmart, Myer, Jones, David by anchored is It CBD. Melbourne the of

Chadstone is a two level Super Regional shopping centre located approximately 17 kilometres south-east south-east kilometres 17 approximately located centre shopping Regional Super level two a is Chadstone

chadstone.com.au

1341 Dandenong Road, Chadstone VIC 3148 VIC Chadstone Road, Dandenong 1341 Chadstone

63 63 | 2016 December Portfolio Direct Centres Vicinity

Includes holdovers. Includes 4

Includes marketing levy and based on GST inclusive turnover. inclusive GST on based and levy marketing Includes 3

department stores and supermarkets. and stores department

Classified in accordance with SCCA guidelines, typically includes department stores, discount discount stores, department includes typically guidelines, SCCA with accordance in Classified 2

Expressed on 100% basis. 100% on Expressed 1

3.0 (stars) rating Water NABERS

3.5 (stars) rating Energy NABERS

4.1 (years) GLA by expiry lease average Weighted

98.6 (%) GLA by rate Occupancy

For personal use only Specialty occupancy cost (%) cost occupancy Specialty 14.7

6,043 ($) Specialty – MAT/sqm

6,553 ($) Total – MAT/sqm

FY21+ 26%

159.6 ($m) (MAT) turnover annual Moving

FY20 21%

1,530 spaces Car

FY19 13%

Coles, Kmart, Woolworths Kmart, Coles, Major tenants Major

10% FY18 109 tenants of Number

31,325 31,325 (sqm) GLA 31% FY17

Specialty store lease expiry profile by income by profile expiry lease store Specialty metrics Property

8.00 (%) rate Discount

7.25 (%) rate Capitalisation

Dec-16 date Valuation

15% retail Non

Valuation (External) ($m) (External) Valuation 131.0

1% retail Other

2005 redevelopment Latest

26% Specialties

1973 opened first Centre

12% majors Mini

Date acquired Date 2002

27% Supermarkets Ownership interest (%) interest Ownership 100

19% stores department Discount Sub Regional Sub type Centre

State VIC

Tenant mix by gross lettable area (GLA) area lettable gross by mix Tenant Property overview Property

by Kmart, Coles and Woolworths and includes more than 65 specialty stores. specialty 65 than more includes and Woolworths and Coles Kmart, by

Corio Central is a two level Sub Regional shopping centre located 8 kilometres north of Geelong's CBD. It is anchored anchored is It CBD. Geelong's of north kilometres 8 located centre shopping Regional Sub level two a is Central Corio

coriocentral.com.au

Corner Bacchus Marsh and Purnell Roads, Corio VIC 3214 VIC Corio Roads, Purnell and Marsh Bacchus Corner Corio Central Corio

Direct Portfolio December 2016 December Portfolio Direct Centres Vicinity | 64

Includes holdovers. Includes 5

Includes marketing levy and based on GST inclusive turnover. inclusive GST on based and levy marketing Includes 4

Non-comparable for sales reporting purposes. reporting sales for Non-comparable 3

department stores and supermarkets. and stores department

Classified in accordance with SCCA guidelines, typically includes department stores, discount discount stores, department includes typically guidelines, SCCA with accordance in Classified 2

Expressed on 100% basis. 100% on Expressed 1

8.3 (years) GLA by expiry lease average Weighted

99.8 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 16.5 4

For personal use only

MAT/sqm – Specialty ($) Specialty – MAT/sqm n.a.

MAT/sqm – Total ($) Total – MAT/sqm n.a.

236.4 ($m) (MAT) turnover annual Moving FY21+ 49%

1,700 spaces Car

FY20 28%

Target, Woolworths Target,

FY19 5%

Major tenants Major Coles, Harris Scarfe, Kmart, Kmart, Scarfe, Harris Coles,

12% FY18 144 tenants of Number

47,058 47,058 (sqm) GLA 7% FY17

Specialty store lease expiry profile by income by profile expiry lease store Specialty metrics Property

7.75 (%) rate Discount

6.00 (%) rate Capitalisation

Dec-16 date Valuation

11% retail Non

Valuation (External) ($m) (External) Valuation 302.5

1% retail Other

2015 redevelopment Latest

25% Specialties

Centre first opened first Centre 1979

12% majors Mini

Date acquired Date 2000

17% Supermarkets Ownership interest (%) interest Ownership 50

33% stores department Discount Centre type Centre Regional

State VIC

Tenant mix by gross lettable area (GLA) area lettable gross by mix Tenant Property overview Property

include new mini majors, specialty stores, amenities and a new-concept playground. playground. new-concept a and amenities stores, specialty majors, mini new include

more than 105 specialty stores. A development, which was completed in September 2015, expanded the centre to to centre the expanded 2015, September in completed was which development, A stores. specialty 105 than more

Melbourne CBD. It is anchored by Woolworths, a refurbished Kmart, new Target, Coles and Harris Scarfe and includes includes and Scarfe Harris and Coles Target, new Kmart, refurbished a Woolworths, by anchored is It CBD. Melbourne

Cranbourne Park is a single level Regional shopping centre located approximately 42 kilometres south-east of the the of south-east kilometres 42 approximately located centre shopping Regional level single a is Park Cranbourne

cranbournepark.com.au

High Street, Cranbourne VIC 3977 VIC Cranbourne Street, High Cranbourne Park Cranbourne

65 65 | 2016 December Portfolio Direct Centres Vicinity

Excludes Homemaker precinct. Homemaker Excludes 5

Includes holdovers. Includes 4

Includes marketing levy and based on GST inclusive turnover. inclusive GST on based and levy marketing Includes 3

department stores and supermarkets. and stores department

Classified in accordance with SCCA guidelines, typically includes department stores, discount discount stores, department includes typically guidelines, SCCA with accordance in Classified 2

Expressed on 100% basis. 100% on Expressed 1

5.0 (stars) rating Water NABERS

4.5 (stars) rating Energy NABERS

2.8 (years) GLA by expiry lease average Weighted

Occupancy rate by GLA (%) GLA by rate Occupancy 100.0 5

For personal use only Specialty occupancy cost (%) cost occupancy Specialty 11.6

3,5

MAT/sqm – Specialty ($) Specialty – MAT/sqm 8,996

MAT/sqm – Total ($) Total – MAT/sqm 9,165

FY21+ 5 51%

235.9 ($m) (MAT) turnover annual Moving

FY20 8%

2,137 spaces Car

FY19 15%

– Major tenants Major

13% FY18 145 tenants of Number

52,325 (sqm) GLA 12% FY17

Specialty store lease expiry profile by income by profile expiry lease store Specialty metrics Property

8.25 (%) rate Discount

6.75 (%) rate Capitalisation

Dec-16 date Valuation

Valuation (External) ($m) (External) Valuation 167.5

2006 redevelopment Latest

2005 opened first Centre

Date acquired Date 2010

35% Specialties Ownership interest (%) interest Ownership 100

65% majors Mini Outlet Centre Outlet type Centre

State VIC

Tenant mix by gross lettable area (GLA) area lettable gross by mix Tenant Property overview Property

Coach. The adjacent Homemaker Hub comprises over 20 large format stores. format large 20 over comprises Hub Homemaker adjacent The Coach.

The centre comprises more than 110 outlet retailers, including Polo Ralph Lauren, Hugo Boss, Oroton Factory and and Factory Oroton Boss, Hugo Lauren, Ralph Polo including retailers, outlet 110 than more comprises centre The

DFO Essendon is a single level Outlet Centre located approximately 11 kilometres north of the Melbourne CBD. CBD. Melbourne the of north kilometres 11 approximately located Centre Outlet level single a is Essendon DFO

dfo.com.au/essendon

100 Bulla Road, Essendon Fields VIC 3041 VIC Fields Essendon Road, Bulla 100 DFO Essendon DFO

Direct Portfolio December 2016 December Portfolio Direct Centres Vicinity | 66

Includes holdovers. Includes 4

Includes marketing levy and based on GST inclusive turnover. inclusive GST on based and levy marketing Includes 3

department stores and supermarkets. and stores department

Classified in accordance with SCCA guidelines, typically includes department stores, discount discount stores, department includes typically guidelines, SCCA with accordance in Classified 2

Expressed on 100% basis. 100% on Expressed 1

4.0 (stars) rating Water NABERS

3.5 (stars) rating Energy NABERS

2.2 (years) GLA by expiry lease average Weighted

100.0 (%) GLA by rate Occupancy

For personal use only Specialty occupancy cost (%) cost occupancy Specialty 11.5

6,945 ($) Specialty – MAT/sqm

6,371 ($) Total – MAT/sqm

FY21+ 29%

146.4 ($m) (MAT) turnover annual Moving

FY20 14%

1,362 spaces Car

FY19 21%

– Major tenants Major

15% FY18 136 tenants of Number

21% 24,298 24,298 (sqm) GLA FY17

Specialty store lease expiry profile by income by profile expiry lease store Specialty metrics Property

8.50 (%) rate Discount

7.75 (%) rate Capitalisation

Dec-16 date Valuation

Valuation (Internal) ($m) (Internal) Valuation 112.5

2007 redevelopment Latest

1994 opened first Centre

1% retail Non

Date acquired Date 2010

81% Specialties Ownership interest (%) interest Ownership 100

19% majors Mini Outlet Centre Outlet type Centre

State VIC

Tenant mix by gross lettable area (GLA) area lettable gross by mix Tenant Property overview Property

The centre comprises more than 120 outlet retailers including Adidas, Lindt Outlet, Puma, Fila and Oroton Factory. Oroton and Fila Puma, Outlet, Lindt Adidas, including retailers outlet 120 than more comprises centre The

DFO Moorabbin is a single level Outlet Centre located approximately 20 kilometres south-east of the Melbourne CBD. CBD. Melbourne the of south-east kilometres 20 approximately located Centre Outlet level single a is Moorabbin DFO

dfo.com.au/moorabbin

250 Centre Dandenong Road, Moorabbin Airport VIC 3194 VIC Airport Moorabbin Dandenong Road, Centre 250 DFO Moorabbin DFO

67 67 | 2016 December Portfolio Direct Centres Vicinity

Excludes Homemaker precinct. Homemaker Excludes 5

Includes holdovers. Includes 4

Includes marketing levy and based on GST inclusive turnover. inclusive GST on based and levy marketing Includes 3

department stores and supermarkets. and stores department

Classified in accordance with SCCA guidelines, typically includes department stores, discount discount stores, department includes typically guidelines, SCCA with accordance in Classified 2

Expressed on 100% basis. 100% on Expressed 1

2014. in acquired 25% further a and 2010 in acquired 50% *

1.5 (stars) rating Energy NABERS

3.0 (years) GLA by expiry lease average Weighted

Occupancy rate by GLA (%) GLA by rate Occupancy 100.0 5

For personal use only Specialty occupancy cost (%) cost occupancy Specialty 10.2

3,5

MAT/sqm – Specialty ($) Specialty – MAT/sqm 9,154

MAT/sqm – Total ($) Total – MAT/sqm 9,321

FY21+ 5 47%

387.6 ($m) (MAT) turnover annual Moving

FY20 24%

3,002 spaces Car

FY19 7%

– Major tenants Major

16% FY18 207 tenants of Number

56,450 (sqm) GLA 6% FY17

Specialty store lease expiry profile by income by profile expiry lease store Specialty metrics Property

8.25 (%) rate Discount

6.00 (%) rate Capitalisation

Dec-16 date Valuation

Valuation (External) ($m) (External) Valuation 553.4

2016 redevelopment Latest

2009 opened first Centre

1% retail Non

Date acquired* Date 2010

49% Specialties Ownership interest (%) interest Ownership 75

50% majors Mini Outlet Centre Outlet type Centre

State VIC

Tenant mix by gross lettable area (GLA) area lettable gross by mix Tenant Property overview Property

20 large format stores. A reconfiguration and food court upgrade was completed in March 2016. March in completed was upgrade court food and reconfiguration A stores. format large 20

and an exclusive collection of sporting and active apparel outlets. The adjoining Homemaker Hub comprises over over comprises Hub Homemaker adjoining The outlets. apparel active and sporting of collection exclusive an and

Docklands. The centre comprises more than 170 outlet retailers including Armani Outlet, Michael Kors and Kate Spade Spade Kate and Kors Michael Outlet, Armani including retailers outlet 170 than more comprises centre The Docklands.

DFO South Wharf is a two level Outlet Centre located on the south-western fringe of Melbourne's CBD, adjacent to to adjacent CBD, Melbourne's of fringe south-western the on located Centre Outlet level two a is Wharf South DFO

dfo.com.au/southwharf

20 Convention Centre Place, South Wharf VIC 3006 VIC Wharf South Place, Centre Convention 20 DFO South Wharf South DFO

Direct Portfolio December 2016 December Portfolio Direct Centres Vicinity | 68

Includes holdovers. Includes 4

Includes marketing levy and based on GST inclusive turnover. inclusive GST on based and levy marketing Includes 3

department stores and supermarkets. and stores department

Classified in accordance with SCCA guidelines, typically includes department stores, discount discount stores, department includes typically guidelines, SCCA with accordance in Classified 2

Expressed on 100% basis. 100% on Expressed 1

1.0 (stars) rating Water NABERS

4.3 (years) GLA by expiry lease average Weighted

99.4 (%) GLA by rate Occupancy

For personal use only Specialty occupancy cost (%) cost occupancy Specialty 17.0

13,418 ($) Specialty – MAT/sqm

10,449 ($) Total – MAT/sqm

FY21+ 37%

458.6 ($m) (MAT) turnover annual Moving

FY20 30%

– spaces Car

FY19 30%

Myer Major tenants Major

1% FY18 224 tenants of Number

45,241 45,241 (sqm) GLA 2% FY17

Specialty store lease expiry profile by income by profile expiry lease store Specialty metrics Property

7.50 (%) rate Discount

4.75 (%) rate Capitalisation

Dec-16 date Valuation

Valuation (Internal) ($m) (Internal) Valuation 1,165.0

n.a. redevelopment Latest

1% retail Non

2014 opened first Centre

55% Specialties

Date acquired Date 2007

28% majors Mini Ownership interest (%) interest Ownership 50

15% stores Department City Centre City type Centre

State VIC

Tenant mix by gross lettable area (GLA) area lettable gross by mix Tenant Property overview Property

fashion, culture and food. and culture fashion,

flagship stores and includes more than 205 international and specialty stores. The centre is an experience integrating integrating experience an is centre The stores. specialty and international 205 than more includes and stores flagship

Emporium Melbourne is an eight level City Centre located in the Melbourne CBD. It is anchored by Top Shop and Uniqlo Uniqlo and Shop Top by anchored is It CBD. Melbourne the in located Centre City level eight an is Melbourne Emporium

emporiummelbourne.com.au

287 Lonsdale Street, Melbourne VIC 3000 VIC Melbourne Street, Lonsdale 287 Emporium Melbourne Emporium

69 69 | 2016 December Portfolio Direct Centres Vicinity

Includes holdovers. Includes 4

Includes marketing levy and based on GST inclusive turnover. inclusive GST on based and levy marketing Includes 3

department stores and supermarkets. and stores department

Classified in accordance with SCCA guidelines, typically includes department stores, discount discount stores, department includes typically guidelines, SCCA with accordance in Classified 2

Expressed on 100% basis. 100% on Expressed 1

3.2 (years) GLA by expiry lease average Weighted

100.0 (%) GLA by rate Occupancy

For personal use only Specialty occupancy cost (%) cost occupancy Specialty 16.4

9,042 ($) Specialty – MAT/sqm

8,587 ($) Total – MAT/sqm

FY21+ 9%

100.3 ($m) (MAT) turnover annual Moving

FY20 25%

505 spaces Car

FY19 26%

Coles, Target Coles, Major tenants Major

23% FY18 44 tenants of Number

11,763 11,763 (sqm) GLA 16% FY17

Specialty store lease expiry profile by income by profile expiry lease store Specialty metrics Property

8.00 (%) rate Discount

6.25 (%) rate Capitalisation

Dec-16 date Valuation

Valuation (External) ($m) (External) Valuation 68.0

n.a. redevelopment Latest

2000 opened first Centre

24% Specialties

Date acquired Date 1999

28% Supermarkets Ownership interest (%) interest Ownership 50

47% stores department Discount Sub Regional Sub type Centre

State VIC

Tenant mix by gross lettable area (GLA) area lettable gross by mix Tenant Property overview Property

30 specialty stores. specialty 30

45 kilometres south-east of the Melbourne CBD. It is anchored by Target and Coles and includes more than than more includes and Coles and Target by anchored is It CBD. Melbourne the of south-east kilometres 45

Mornington Central is a single level Sub Regional shopping centre located on the Mornington Peninsula, approximately approximately Peninsula, Mornington the on located centre shopping Regional Sub level single a is Central Mornington

morningtoncentral.com.au

78 Barkly Street, Mornington VIC 3931 VIC Mornington Street, Barkly 78 Mornington Central Mornington

Direct Portfolio December 2016 December Portfolio Direct Centres Vicinity | 70

Includes holdovers. Includes 4

Includes marketing levy and based on GST inclusive turnover. inclusive GST on based and levy marketing Includes 3

department stores and supermarkets. and stores department

Classified in accordance with SCCA guidelines, typically includes department stores, discount discount stores, department includes typically guidelines, SCCA with accordance in Classified 2

Expressed on 100% basis. 100% on Expressed 1

15.0 (years) GLA by expiry lease average Weighted

100.0 (%) GLA by rate Occupancy

For personal use only Specialty occupancy cost (%) cost occupancy Specialty n.a.

n.a. ($) Specialty – MAT/sqm

n.a. ($) Total – MAT/sqm

n.a. ($m) (MAT) turnover annual Moving

– spaces Car

Myer Major tenants Major

1 tenants of Number 39,924 39,924

(sqm) GLA

Property metrics Property

6.75 (%) rate Discount

4.75 (%) rate Capitalisation

Dec-16 date Valuation

Valuation (External) ($m) (External) Valuation 468.5

2011 redevelopment Latest

1914 opened first Centre

Date acquired Date 2007

Ownership interest (%) interest Ownership 33

100% stores Department City Centre City type Centre

State VIC

Property overview Property Tenant mix by gross lettable area (GLA) area lettable gross by mix Tenant

in the retail heart of Melbourne's CBD has multilevel walkways connecting to Emporium Melbourne. Emporium to connecting walkways multilevel has CBD Melbourne's of heart retail the in

Myer Bourke Street has been operated by Myer as a department store since at least 1914. This nine-level City Centre Centre City nine-level This 1914. least at since store department a as Myer by operated been has Street Bourke Myer

Bourke Street Mall, Melbourne VIC 3000 VIC Melbourne Mall, Street Bourke Myer Bourke Street Bourke Myer

71 71 | 2016 December Portfolio Direct Centres Vicinity

Includes holdovers. Includes 4

Includes marketing levy and based on GST inclusive turnover. inclusive GST on based and levy marketing Includes 3

department stores and supermarkets. and stores department

Classified in accordance with SCCA guidelines, typically includes department stores, discount discount stores, department includes typically guidelines, SCCA with accordance in Classified 2

Expressed on 100% basis. 100% on Expressed 1

3.5 (stars) rating Water NABERS

3.5 (stars) rating Energy NABERS

5.5 (years) GLA by expiry lease average Weighted

99.9 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 19.2 3

For personal use only

8,731 ($) Specialty – MAT/sqm

5,991 ($) Total – MAT/sqm

538.7 ($m) (MAT) turnover annual Moving FY21+ 35%

4,640 spaces Car

FY20 12%

Myer, Target, Toys "R" Us, Woolworths Us, "R" Toys Target, Myer,

FY19 11%

Major tenants Major Aldi, Coles, HOYTS Cinema, Kmart, Kmart, Cinema, HOYTS Coles, Aldi,

14% FY18 310 tenants of Number

97,412 97,412 (sqm) GLA 29% FY17

Specialty store lease expiry profile by income by profile expiry lease store Specialty metrics Property

7.75 (%) rate Discount

5.75 (%) rate Capitalisation

5% retail Non

Dec-16 date Valuation

7% retail Other

Valuation (Internal) ($m) (Internal) Valuation 965.0

30% Specialties

2014 redevelopment Latest

14% majors Mini

1966 opened first Centre

10% Supermarkets

Date acquired Date 1994

14% stores department Discount

Ownership interest (%) interest Ownership 50

19% stores Department Major Regional Major type Centre

State VIC

Tenant mix by gross lettable area (GLA) area lettable gross by mix Tenant Property overview Property

than 250 specialty stores. specialty 250 than

CBD. It is anchored by Myer, Kmart, Target, Coles, Woolworths, Aldi, Toys "R" Us and HOYTS Cinema and includes more more includes and Cinema HOYTS and Us "R" Toys Aldi, Woolworths, Coles, Target, Kmart, Myer, by anchored is It CBD.

Northland is a two level Major Regional shopping centre located approximately 9 kilometres north of the Melbourne Melbourne the of north kilometres 9 approximately located centre shopping Regional Major level two a is Northland

northlandsc.com.au

2-50 Murray Road, Preston VIC 3072 VIC Preston Road, Murray 2-50 Northland

Direct Portfolio December 2016 December Portfolio Direct Centres Vicinity | 72

Includes holdovers. Includes 4

Includes marketing levy and based on GST inclusive turnover. inclusive GST on based and levy marketing Includes 3

department stores and supermarkets. and stores department

Classified in accordance with SCCA guidelines, typically includes department stores, discount discount stores, department includes typically guidelines, SCCA with accordance in Classified 2

Expressed on 100% basis. 100% on Expressed 1

4.9 (years) GLA by expiry lease average Weighted

99.6 (%) GLA by rate Occupancy

For personal use only Specialty occupancy cost (%) cost occupancy Specialty 13.1

5,548 ($) Specialty – MAT/sqm

9,145 ($) Total – MAT/sqm

FY21+ 43%

121.7 ($m) (MAT) turnover annual Moving

FY20 22%

670 spaces Car

FY19 10%

Coles, Woolworths Coles, Major tenants Major

9% FY18 48 tenants of Number

13,953 13,953 (sqm) GLA 17% FY17

Specialty store lease expiry profile by income by profile expiry lease store Specialty metrics Property

8.25 (%) rate Discount

6.50 (%) rate Capitalisation

Dec-16 date Valuation

Valuation (Internal) ($m) (Internal) Valuation 65.5

2008 redevelopment Latest

3% retail Non

1987 opened first Centre

3% retail Other

Date acquired Date 2003

28% Specialties Ownership interest (%) interest Ownership 100

66% Supermarkets Neighbourhood type Centre

State VIC

Tenant mix by gross lettable area (GLA) area lettable gross by mix Tenant Property overview Property

the Melbourne CBD. It is anchored by Coles and Woolworths and includes more than 30 specialty stores. specialty 30 than more includes and Woolworths and Coles by anchored is It CBD. Melbourne the

Oakleigh Central is a single level Neighbourhood shopping centre located approximately 19 kilometres south-east of of south-east kilometres 19 approximately located centre shopping Neighbourhood level single a is Central Oakleigh

oakleighcentral.com.au

39 Hanover Street, Oakleigh VIC 3166 VIC Oakleigh Street, Hanover 39 Oakleigh Central Oakleigh

73 73 | 2016 December Portfolio Direct Centres Vicinity

Includes holdovers. Includes 4

Includes marketing levy and based on GST inclusive turnover. inclusive GST on based and levy marketing Includes 3

department stores and supermarkets. and stores department

Classified in accordance with SCCA guidelines, typically includes department stores, discount discount stores, department includes typically guidelines, SCCA with accordance in Classified 2

Expressed on 100% basis. 100% on Expressed 1

1.0 (stars) rating Water NABERS

2.5 (stars) rating Energy NABERS

5.4 (years) GLA by expiry lease average Weighted

100.0 (%) GLA by rate Occupancy

For personal use only Specialty occupancy cost (%) cost occupancy Specialty 14.4

5,794 ($) Specialty – MAT/sqm

6,568 ($) Total – MAT/sqm

FY21+ 24%

145.7 ($m) (MAT) turnover annual Moving

FY20 42%

1,201 spaces Car

FY19 13%

Aldi, Coles, Woolworths Coles, Aldi, Major tenants Major

21% FY18 74 tenants of Number

0% 24,743 24,743 (sqm) GLA FY17

Specialty store lease expiry profile by income by profile expiry lease store Specialty metrics Property

7.75 (%) rate Discount

6.75 (%) rate Capitalisation

Dec-16 date Valuation

Valuation (Internal) ($m) (Internal) Valuation 113.1

6% retail Non

2012 redevelopment Latest

3% retail Other

1999 opened first Centre

23% Specialties

Date acquired Date 1997

22% majors Mini Ownership interest (%) interest Ownership 100

47% Supermarkets Sub Regional Sub type Centre

State VIC

Tenant mix by gross lettable area (GLA) area lettable gross by mix Tenant Property overview Property

Melbourne CBD. It is anchored by Coles, Woolworths and Aldi and includes more than 45 specialty stores. specialty 45 than more includes and Aldi and Woolworths Coles, by anchored is It CBD. Melbourne

Roxburgh Village is a single level Sub Regional shopping centre located approximately 21 kilometres north of the the of north kilometres 21 approximately located centre shopping Regional Sub level single a is Village Roxburgh

roxburghvillage.com.au

250 Somerton Road, Roxburgh Park VIC 3064 VIC Park Roxburgh Road, Somerton 250 Roxburgh Village Roxburgh

Direct Portfolio December 2016 December Portfolio Direct Centres Vicinity | 74

Includes holdovers. Includes 4

Includes marketing levy and based on GST inclusive turnover. inclusive GST on based and levy marketing Includes 3

department stores and supermarkets. and stores department

Classified in accordance with SCCA guidelines, typically includes department stores, discount discount stores, department includes typically guidelines, SCCA with accordance in Classified 2

Expressed on 100% basis. 100% on Expressed 1

4.9 (years) GLA by expiry lease average Weighted

99.8 (%) GLA by rate Occupancy

For personal use only Specialty occupancy cost (%) cost occupancy Specialty 14.4

6,658 ($) Specialty – MAT/sqm

4,537 ($) Total – MAT/sqm

FY21+ 21%

133.1 ($m) (MAT) turnover annual Moving

FY20 29%

1,743 spaces Car

FY19 20%

Big W, Woolworths W, Big Major tenants Major

15% FY18 79 tenants of Number

34,062 34,062 (sqm) GLA 14% FY17

Specialty store lease expiry profile by income by profile expiry lease store Specialty metrics Property

8.00 (%) rate Discount

6.50 (%) rate Capitalisation

Dec-16 date Valuation

6% retail Non

Valuation (Internal) ($m) (Internal) Valuation 117.0

37% retail Other

2004 redevelopment Latest

14% Specialties

1997 opened first Centre

9% majors Mini

Date acquired Date 2003

13% Supermarkets Ownership interest (%) interest Ownership 50

21% stores department Discount Sub Regional Sub type Centre

State VIC

Tenant mix by gross lettable area (GLA) area lettable gross by mix Tenant Property overview Property

includes more than 50 specialty stores. specialty 50 than more includes

approximately 12 kilometres west of the Melbourne CBD. It is anchored by Big W, Woolworths and Village Cinemas and and Cinemas Village and Woolworths W, Big by anchored is It CBD. Melbourne the of west kilometres 12 approximately

Sunshine Marketplace is a single level Sub Regional shopping centre located in Melbourne's western suburbs, suburbs, western Melbourne's in located centre shopping Regional Sub level single a is Marketplace Sunshine

sunshinemarketplace.com.au

80 Harvester Road, Sunshine VIC 3020 VIC Sunshine Road, Harvester 80 Sunshine Marketplace Sunshine

75 75 | 2016 December Portfolio Direct Centres Vicinity

Includes holdovers. Includes 4

Includes marketing levy and based on GST inclusive turnover. inclusive GST on based and levy marketing Includes 3

department stores and supermarkets. and stores department

Classified in accordance with SCCA guidelines, typically includes department stores, discount discount stores, department includes typically guidelines, SCCA with accordance in Classified 2

Expressed on 100% basis. 100% on Expressed 1

5.9 (years) GLA by expiry lease average Weighted

98.0 (%) GLA by rate Occupancy

For personal use only Specialty occupancy cost (%) cost occupancy Specialty 8.4

8,322 ($) Specialty – MAT/sqm

9,641 ($) Total – MAT/sqm

FY21+ 46%

85.1 ($m) (MAT) turnover annual Moving

FY20 9%

504 spaces Car

FY19 27%

Coles Major tenants Major

11% FY18 43 tenants of Number

10,871 10,871 (sqm) GLA 6% FY17

Specialty store lease expiry profile by income by profile expiry lease store Specialty metrics Property

7.50 (%) rate Discount

6.50 (%) rate Capitalisation

Dec-16 date Valuation

Valuation (External) ($m) (External) Valuation 45.0

16% retail Non

2012 redevelopment Latest

12% retail Other

1987 opened first Centre

19% Specialties

Date acquired Date 2003

18% majors Mini Ownership interest (%) interest Ownership 100

34% Supermarkets Neighbourhood type Centre

State VIC

Tenant mix by gross lettable area (GLA) area lettable gross by mix Tenant Property overview Property

east of the Melbourne CBD. It is anchored by Coles and Target Country and includes more than 20 specialty stores. specialty 20 than more includes and Country Target and Coles by anchored is It CBD. Melbourne the of east

The Gateway is a single level Neighbourhood shopping centre located in Langwarrin, approximately 55 kilometres south- kilometres 55 approximately Langwarrin, in located centre shopping Neighbourhood level single a is Gateway The

thegatewaysc.com.au

230 Cranbourne-Frankston Road, Langwarrin VIC 3910 VIC Langwarrin Road, Cranbourne-Frankston 230 The Gateway The

Direct Portfolio December 2016 December Portfolio Direct Centres Vicinity | 76

Includes holdovers. Includes 5

Includes marketing levy and based on GST inclusive turnover. inclusive GST on based and levy marketing Includes 4

Non-comparable for sales reporting purposes. reporting sales for Non-comparable 3

department stores and supermarkets. and stores department

Classified in accordance with SCCA guidelines, typically includes department stores, discount discount stores, department includes typically guidelines, SCCA with accordance in Classified 2

Expressed on 100% basis. 100% on Expressed 1

1.6 (years) GLA by expiry lease average Weighted

98.3 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 17.5 4

For personal use only

MAT/sqm – Specialty ($) Specialty – MAT/sqm n.a.

MAT/sqm – Total ($) Total – MAT/sqm n.a.

328.2 ($m) (MAT) turnover annual Moving FY21+ 4%

3,100 spaces Car

FY20 8%

Target, Woolworths Target,

FY19 14%

Major tenants Major Coles, David Jones, Jones, David Coles,

25% FY18 178 tenants of Number

48% 59,350 59,350 (sqm) GLA FY17

Specialty store lease expiry profile by income by profile expiry lease store Specialty metrics Property

8.00 (%) rate Discount

6.50 (%) rate Capitalisation

Dec-16 date Valuation

11% retail Non

Valuation (External) ($m) (External) Valuation 340.0

24% Specialties

2006 redevelopment Latest

12% majors Mini

1991 opened first Centre

13% Supermarkets

Date acquired Date 1994

12% stores department Discount Ownership interest (%) interest Ownership 50

27% stores Department Major Regional Major type Centre

State VIC

Tenant mix by gross lettable area (GLA) area lettable gross by mix Tenant Property overview Property

135 specialty stores. A major redevelopment at The Glen is on track for commencement in June-quarter 2017. June-quarter in commencement for track on is Glen The at redevelopment major A stores. specialty 135

south-east of the Melbourne CBD. It is anchored by David Jones, Target, Coles and Woolworths and includes more than than more includes and Woolworths and Coles Target, Jones, David by anchored is It CBD. Melbourne the of south-east

The Glen is a two level Major Regional shopping centre located in Glen Waverley, approximately 20 kilometres kilometres 20 approximately Waverley, Glen in located centre shopping Regional Major level two a is Glen The

theglen.com.au

235 Springvale Road, Glen Waverley VIC 3150 VIC Waverley Glen Road, Springvale 235 The Glen The

77 77 | 2016 December Portfolio Direct Centres Vicinity

Includes holdovers. Includes 4

Includes marketing levy and based on GST inclusive turnover. inclusive GST on based and levy marketing Includes 3

department stores and supermarkets. and stores department

Classified in accordance with SCCA guidelines, typically includes department stores, discount discount stores, department includes typically guidelines, SCCA with accordance in Classified 2

Expressed on 100% basis. 100% on Expressed 1

4.4 (years) GLA by expiry lease average Weighted

99.7 (%) GLA by rate Occupancy

For personal use only Specialty occupancy cost (%) cost occupancy Specialty 13.1

10,294 ($) Specialty – MAT/sqm

6,592 ($) Total – MAT/sqm

FY21+ 36%

189.7 ($m) (MAT) turnover annual Moving

FY20 14%

2,154 spaces Car

FY19 13%

Coles, HOYTS Cinema, Kmart Cinema, HOYTS Coles, Major tenants Major

21% FY18 87 tenants of Number

16% 34,744 34,744 (sqm) GLA FY17

Specialty store lease expiry profile by income by profile expiry lease store Specialty metrics Property

7.75 (%) rate Discount

6.00 (%) rate Capitalisation

Dec-16 date Valuation

4% retail Non

Valuation (Internal) ($m) (Internal) Valuation 258.0

17% retail Other

n.a. redevelopment Latest

18% Specialties

2003 opened first Centre

28% majors Mini

Date acquired Date 2003

13% Supermarkets Ownership interest (%) interest Ownership 50

20% stores department Discount Sub Regional Sub type Centre

State VIC

Tenant mix by gross lettable area (GLA) area lettable gross by mix Tenant Property overview Property

The centre is located adjacent to an Ikea store (not owned) with access to the store provided through the centre. the through provided store the to access with owned) (not store Ikea an to adjacent located is centre The

of the Melbourne CBD. It is anchored by Kmart, Coles and HOYTS Cinema and includes more than 55 specialty stores. stores. specialty 55 than more includes and Cinema HOYTS and Coles Kmart, by anchored is It CBD. Melbourne the of

Victoria Gardens is a multilevel Sub Regional shopping centre located in Richmond, approximately 4 kilometres east east kilometres 4 approximately Richmond, in located centre shopping Regional Sub multilevel a is Gardens Victoria

vicgardenssc.com.au

620 Victoria Street, Richmond VIC 3121 VIC Richmond Street, Victoria 620 Victoria Gardens Victoria

Direct Portfolio December 2016 December Portfolio Direct Centres Vicinity | 78

Includes holdovers. Includes 4

Includes marketing levy and based on GST inclusive turnover. inclusive GST on based and levy marketing Includes 3

department stores and supermarkets. and stores department

Classified in accordance with SCCA guidelines, typically includes department stores, discount discount stores, department includes typically guidelines, SCCA with accordance in Classified 2

Expressed on 100% basis. 100% on Expressed 1

3.7 (years) GLA by expiry lease average Weighted

98.0 (%) GLA by rate Occupancy

For personal use only Specialty occupancy cost (%) cost occupancy Specialty 13.6

6,120 ($) Specialty – MAT/sqm

5,334 ($) Total – MAT/sqm

FY21+ 15%

89.9 ($m) (MAT) turnover annual Moving

FY20 20%

636 spaces Car

FY19 8%

Coles, Target, Woolworths Target, Coles, Major tenants Major

20% FY18 48 tenants of Number

36% 17,565 17,565 (sqm) GLA FY17

Specialty store lease expiry profile by income by profile expiry lease store Specialty metrics Property

8.75 (%) rate Discount

8.50 (%) rate Capitalisation

Dec-16 date Valuation

1% retail Non

Valuation (External) ($m) (External) Valuation 41.5

1% retail Other

1996 redevelopment Latest

21% Specialties

1982 opened first Centre

6% majors Mini

Date acquired Date 2000

32% Supermarkets Ownership interest (%) interest Ownership 100

39% stores department Discount Sub Regional Sub type Centre

State VIC

Tenant mix by gross lettable area (GLA) area lettable gross by mix Tenant Property overview Property

Woolworths and includes more than 30 specialty stores. specialty 30 than more includes and Woolworths

Wodonga Plaza is a single level Sub Regional shopping centre located in Wodonga, anchored by Target, Coles and and Coles Target, by anchored Wodonga, in located centre shopping Regional Sub level single a is Plaza Wodonga

wodongaplaza.com.au

51-57 Elgin Boulevard, Wodonga VIC 3690 VIC Wodonga Boulevard, Elgin 51-57 Wodonga Plaza Wodonga

79 79 | 2016 December Portfolio Direct Centres Vicinity

Includes holdovers. Includes 4

Includes marketing levy and based on GST inclusive turnover. inclusive GST on based and levy marketing Includes 3

department stores and supermarkets. and stores department

Classified in accordance with SCCA guidelines, typically includes department stores, discount discount stores, department includes typically guidelines, SCCA with accordance in Classified 2

Expressed on 100% basis. 100% on Expressed 1

2.5 (stars) rating Water NABERS

5.0 (stars) rating Energy NABERS

4.4 (years) GLA by expiry lease average Weighted

99.2 (%) GLA by rate Occupancy

For personal use only Specialty occupancy cost (%) cost occupancy Specialty 13.8

7,446 ($) Specialty – MAT/sqm

7,293 ($) Total – MAT/sqm

FY21+ 30%

233.4 ($m) (MAT) turnover annual Moving

FY20 14%

1,446 spaces Car

FY19 17%

Big W, Coles, Kmart, Woolworths Kmart, Coles, W, Big Major tenants Major

19% FY18 95 tenants of Number

33,309 33,309 (sqm) GLA 21% FY17

Specialty store lease expiry profile by income by profile expiry lease store Specialty metrics Property

7.25 (%) rate Discount

6.50 (%) rate Capitalisation

Dec-16 date Valuation

1% retail Non

Valuation (External) ($m) (External) Valuation 168.0

7% retail Other

2007 redevelopment Latest

28% Specialties

Centre first opened first Centre 1965

10% majors Mini

Date acquired Date 1994

22% Supermarkets Ownership interest (%) interest Ownership 100

33% stores department Discount Centre type Centre Regional

State TAS

Tenant mix by gross lettable area (GLA) area lettable gross by mix Tenant Property overview Property

It is anchored by Big W, Kmart, Coles, Woolworths and Village Cinemas and includes more than 70 specialty stores. specialty 70 than more includes and Cinemas Village and Woolworths Coles, Kmart, W, Big by anchored is It

Eastlands is a two level Regional shopping centre located approximately 6 kilometres south-east of the Hobart CBD. CBD. Hobart the of south-east kilometres 6 approximately located centre shopping Regional level two a is Eastlands

eastlandssc.com.au

26 Bligh Street, Rosny Park TAS 7018 TAS Park Rosny Street, Bligh 26 Eastlands

Direct Portfolio December 2016 December Portfolio Direct Centres Vicinity | 80

Includes holdovers. Includes 4

Includes marketing levy and based on GST inclusive turnover. inclusive GST on based and levy marketing Includes 3

department stores and supermarkets. and stores department

Classified in accordance with SCCA guidelines, typically includes department stores, discount discount stores, department includes typically guidelines, SCCA with accordance in Classified 2

Expressed on 100% basis. 100% on Expressed 1

2.5 (stars) rating Water NABERS

4.0 (stars) rating Energy NABERS

4.7 (years) GLA by expiry lease average Weighted

94.9 (%) GLA by rate Occupancy

For personal use only Specialty occupancy cost (%) cost occupancy Specialty 12.0

10,199 ($) Specialty – MAT/sqm

7,981 ($) Total – MAT/sqm

FY21+ 18%

135.5 ($m) (MAT) turnover annual Moving

FY20 12%

855 spaces Car

FY19 13%

Coles, Target Coles, Major tenants Major

27% FY18 67 tenants of Number

19,441 19,441 (sqm) GLA 29% FY17

Specialty store lease expiry profile by income by profile expiry lease store Specialty metrics Property

8.25 (%) rate Discount

7.00 (%) rate Capitalisation

Dec-16 date Valuation

Valuation (Internal) ($m) (Internal) Valuation 110.0

6% retail Non

1996 redevelopment Latest

29% Specialties

1986 opened first Centre

7% majors Mini

Date acquired Date 2009

26% Supermarkets Ownership interest (%) interest Ownership 100

32% stores department Discount Sub Regional Sub type Centre

State TAS

Tenant mix by gross lettable area (GLA) area lettable gross by mix Tenant Property overview Property

It is anchored by Target and Coles and includes more than 50 specialty stores. specialty 50 than more includes and Coles and Target by anchored is It

Northgate is a single level Sub Regional shopping centre located approximately 10 kilometres north of the Hobart CBD. CBD. Hobart the of north kilometres 10 approximately located centre shopping Regional Sub level single a is Northgate

northgatesc.com.au

387-393 Main Road, Glenorchy TAS 7010 TAS Glenorchy Road, Main 387-393 Northgate Western Australia

l Wholly owned ¢ Jointly owned

KARRATHA CITY

STIRLINGS CENTRAL

CURRAMBINE CENTRAL ELLENBROOK CENTRAL WARWICK GROVE PERTH DIANELLA PLAZA GALLERIA FLINDERS SQUARE

VICTORIA PARK CENTRAL KALAMUNDA CENTRAL

MADDINGTON CENTRAL

LIVINGSTON MARKETPLACE

ROCKINGHAM CENTRE

WARNBRO CENTRE For personal use only use personal For

MANDURAH FORUM HALLS HEAD CENTRAL

Vicinity Centres Direct Portfolio December 2016 | 81 WA Page Currambine Central 84 Dianella Plaza 85 Ellenbrook Central 86 Flinders Square 87 Galleria 88 Halls Head Central 89 Kalamunda Central 90 Karratha City 91 Livingston Marketplace 92 Maddington Central 93 Mandurah Forum 94 Rockingham Centre 95 Stirlings Central 96 Victoria Park Central 97 Warnbro Centre 98

Warwick Grove 99 For personal use only use personal For

Rockingham Centre, WA

82 | Vicinity Centres Direct Portfolio December 2016 Ellenbrook Central Western Australia

$15 million expansion completed

4.7% p.a.1

population growth forecast For personal use only use personal For New Aldi and large format stores

1 Based on an average of forecasts by Dimasi and Urbis.

Vicinity Centres Direct Portfolio December 2016 | 83

Direct Portfolio December 2016 December Portfolio Direct Centres Vicinity | 84

Includes holdovers. Includes 5

Includes marketing levy and based on GST inclusive turnover. inclusive GST on based and levy marketing Includes 4

Non-comparable for sales reporting purposes. reporting sales for Non-comparable 3

department stores and supermarkets. and stores department

Classified in accordance with SCCA guidelines, typically includes department stores, discount discount stores, department includes typically guidelines, SCCA with accordance in Classified 2

Expressed on 100% basis. 100% on Expressed 1

7.5 (years) GLA by expiry lease average Weighted

100.0 (%) GLA by rate Occupancy

For personal use only Specialty occupancy cost (%) cost occupancy Specialty 14.6

MAT/sqm – Specialty ($) Specialty – MAT/sqm n.a.

MAT/sqm – Total ($) Total – MAT/sqm n.a.

3 FY21+ 53%

158.9 ($m) (MAT) turnover annual Moving

FY20 4%

904 spaces Car

FY19 21%

Farmer Jacks, Woolworths Jacks, Farmer Major tenants Major

6% FY18 46 tenants of Number

16,352 16,352 (sqm) GLA 17% FY17

Specialty store lease expiry profile by income by profile expiry lease store Specialty metrics Property

8.25 (%) rate Discount

6.50 (%) rate Capitalisation

Dec-16 date Valuation

Valuation (External) ($m) (External) Valuation 103.5

5% retail Non

2011 redevelopment Latest

27% retail Other

1997 opened first Centre

20% Specialties

Date acquired Date 2014

11% majors Mini Ownership interest (%) interest Ownership 100

37% Supermarkets Neighbourhood type Centre

State WA

Tenant mix by gross lettable area (GLA) area lettable gross by mix Tenant Property overview Property

25 specialty stores. specialty 25

of the Perth CBD. It is anchored by Woolworths, Farmer Jacks, a nine screen Grand Cinema and includes more than than more includes and Cinema Grand screen nine a Jacks, Farmer Woolworths, by anchored is It CBD. Perth the of

Currambine Central is a single level Neighbourhood shopping centre located approximately 26 kilometres north north kilometres 26 approximately located centre shopping Neighbourhood level single a is Central Currambine

currambinecentral.com.au

1244 Marmion Avenue, Currambine WA 6028 WA Currambine Avenue, Marmion 1244 Currambine Central Currambine

85 | 2016 December Portfolio Direct Centres Vicinity

Includes holdovers. Includes 5

Includes marketing levy and based on GST inclusive turnover. inclusive GST on based and levy marketing Includes 4

Non-comparable for sales reporting purposes. reporting sales for Non-comparable 3

department stores and supermarkets. and stores department

Classified in accordance with SCCA guidelines, typically includes department stores, discount discount stores, department includes typically guidelines, SCCA with accordance in Classified 2

Expressed on 100% basis. 100% on Expressed 1

3.0 (years) GLA by expiry lease average Weighted

99.0 (%) GLA by rate Occupancy

For personal use only Specialty occupancy cost (%) cost occupancy Specialty 13.3

MAT/sqm – Specialty ($) Specialty – MAT/sqm n.a.

MAT/sqm – Total ($) Total – MAT/sqm n.a.

FY21+ 3 27%

99.3 ($m) (MAT) turnover annual Moving

FY20 19%

1,071 spaces Car

FY19 8%

Coles, Woolworths Coles, Major tenants Major

21% FY18 64 tenants of Number

16,870 16,870 (sqm) GLA 25% FY17

Specialty store lease expiry profile by income by profile expiry lease store Specialty metrics Property

8.25 (%) rate Discount

6.75 (%) rate Capitalisation

Dec-16 date Valuation

Valuation (External) ($m) (External) Valuation 83.5

15% retail Non

2002 redevelopment Latest

2% retail Other

1968 opened first Centre

27% Specialties

Date acquired Date 2003

6% majors Mini Ownership interest (%) interest Ownership 100

49% Supermarkets Neighbourhood type Centre

State WA

Tenant mix by gross lettable area (GLA) area lettable gross by mix Tenant Property overview Property

It is anchored by Coles and Woolworths and includes more than 40 specialty stores. specialty 40 than more includes and Woolworths and Coles by anchored is It

Dianella Plaza is a single level Neighbourhood shopping centre located approximately 6 kilometres north of the Perth CBD. CBD. Perth the of north kilometres 6 approximately located centre shopping Neighbourhood level single a is Plaza Dianella

dianellaplaza.com.au

366 Grand Promenade, Dianella WA 6059 WA Dianella Promenade, Grand 366 Dianella Plaza Dianella

Direct Portfolio December 2016 December Portfolio Direct Centres Vicinity | 86

Includes holdovers. Includes 4

Includes marketing levy and based on GST inclusive turnover. inclusive GST on based and levy marketing Includes 3

department stores and supermarkets. and stores department

Classified in accordance with SCCA guidelines, typically includes department stores, discount discount stores, department includes typically guidelines, SCCA with accordance in Classified 2

Expressed on 100% basis. 100% on Expressed 1

8.5 (years) GLA by expiry lease average Weighted

99.5 (%) GLA by rate Occupancy

For personal use only Specialty occupancy cost (%) cost occupancy Specialty 9.5

8,929 ($) Specialty – MAT/sqm

8,660 ($) Total – MAT/sqm

FY21+ 51%

246.2 ($m) (MAT) turnover annual Moving

FY20 4%

2,222 spaces Car

FY19 5%

Big W, Coles, Woolworths Coles, W, Big Major tenants Major

23% FY18 101 tenants of Number

34,845 34,845 (sqm) GLA 17% FY17

Specialty store lease expiry profile by income by profile expiry lease store Specialty metrics Property

8.00 (%) rate Discount

5.75 (%) rate Capitalisation

Dec-16 date Valuation

5% retail Non

Valuation (External) ($m) (External) Valuation 236.0

6% retail Other

2011 redevelopment Latest

31% Specialties

2004 opened first Centre

8% majors Mini Date acquired Date 2015

25% Supermarkets Ownership interest (%) interest Ownership 100

Sub Regional Sub type Centre 24% stores department Discount

State WA

Tenant mix by gross lettable area (GLA) area lettable gross by mix Tenant Property overview Property

Perth CBD. It is anchored by Big W, Coles and Woolworths and includes more than 70 specialty stores. specialty 70 than more includes and Woolworths and Coles W, Big by anchored is It CBD. Perth

Ellenbrook Central is a single level Sub Regional shopping centre located approximately 30 kilometres north-east of the the of north-east kilometres 30 approximately located centre shopping Regional Sub level single a is Central Ellenbrook

ellenbrookcentral.com.au

11 Main Street, Ellenbrook WA 6069 WA Ellenbrook Street, Main 11 Ellenbrook Central Ellenbrook

87 | 2016 December Portfolio Direct Centres Vicinity

Includes holdovers. Includes 4

Includes marketing levy and based on GST inclusive turnover. inclusive GST on based and levy marketing Includes 3

department stores and supermarkets. and stores department

Classified in accordance with SCCA guidelines, typically includes department stores, discount discount stores, department includes typically guidelines, SCCA with accordance in Classified 2

Expressed on 100% basis. 100% on Expressed 1

6.6 (years) GLA by expiry lease average Weighted

99.1 (%) GLA by rate Occupancy

For personal use only Specialty occupancy cost (%) cost occupancy Specialty 11.5

7,528 ($) Specialty – MAT/sqm

12,098 ($) Total – MAT/sqm

FY21+ 17%

64.1 ($m) (MAT) turnover annual Moving

FY20 15%

389 spaces Car

FY19 18%

Coles Major tenants Major

43% FY18 22 tenants of Number

5,992 5,992 (sqm) GLA 6% FY17

Specialty store lease expiry profile by income by profile expiry lease store Specialty metrics Property

8.25 (%) rate Discount

6.50 (%) rate Capitalisation

Dec-16 date Valuation

Valuation (External) ($m) (External) Valuation 31.8

11% retail Non

2007 redevelopment Latest

2% retail Other

1982 opened first Centre

18% Specialties

Date acquired Date 2004

10% majors Mini Ownership interest (%) interest Ownership 100

60% Supermarkets Neighbourhood type Centre

State WA

Tenant mix by gross lettable area (GLA) area lettable gross by mix Tenant Property overview Property

Perth CBD. It is anchored by Coles and includes 13 specialty stores. specialty 13 includes and Coles by anchored is It CBD. Perth

Flinders Square is a single level Neighbourhood shopping centre located approximately 7 kilometres north of the the of north kilometres 7 approximately located centre shopping Neighbourhood level single a is Square Flinders

flinderssquare.com.au

30 Wiluna Street, Yokine WA 6060 WA Yokine Street, Wiluna 30 Flinders Square Flinders

Direct Portfolio December 2016 December Portfolio Direct Centres Vicinity | 88

Includes holdovers. Includes 4

Includes marketing levy and based on GST inclusive turnover. inclusive GST on based and levy marketing Includes 3

department stores and supermarkets. and stores department

Classified in accordance with SCCA guidelines, typically includes department stores, discount discount stores, department includes typically guidelines, SCCA with accordance in Classified 2

Expressed on 100% basis. 100% on Expressed 1

3.8 (years) GLA by expiry lease average Weighted

99.9 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 18.5 3

For personal use only

10,996 ($) Specialty – MAT/sqm

6,980 ($) Total – MAT/sqm

496.4 ($m) (MAT) turnover annual Moving FY21+ 19%

4,086 spaces Car

FY20 15%

Target, Woolworths Target,

FY19 20%

Major tenants Major Coles, Kmart, Myer, Myer, Kmart, Coles,

25% FY18 220 tenants of Number

80,793 80,793 (sqm) GLA 21% FY17

Specialty store lease expiry profile by income by profile expiry lease store Specialty metrics Property

7.75 (%) rate Discount

5.50 (%) rate Capitalisation

2% retail Non

Dec-16 date Valuation

8% retail Other

Valuation (External) ($m) (External) Valuation 785.0

25% Specialties

2008 redevelopment Latest

7% majors Mini

1994 opened first Centre

10% Supermarkets

Date acquired Date 2003

22% stores department Discount

Ownership interest (%) interest Ownership 50

26% stores Department Major Regional Major type Centre

State WA

Tenant mix by gross lettable area (GLA) area lettable gross by mix Tenant Property overview Property

It is anchored by Myer, Kmart, Target, Coles, Woolworths and Greater Union and includes more than 170 specialty stores. specialty 170 than more includes and Union Greater and Woolworths Coles, Target, Kmart, Myer, by anchored is It

Galleria is a two level Major Regional shopping centre located approximately 8 kilometres north-east of the Perth CBD. CBD. Perth the of north-east kilometres 8 approximately located centre shopping Regional Major level two a is Galleria

galleriashoppingcentre.com.au

Corner Collier and Walter Roads, Morley WA 6062 WA Morley Roads, Walter and Collier Corner Galleria

89 | 2016 December Portfolio Direct Centres Vicinity

Includes holdovers. Includes 5

Includes marketing levy and based on GST inclusive turnover. inclusive GST on based and levy marketing Includes 4

Non-comparable for sales reporting purposes. reporting sales for Non-comparable 3

department stores and supermarkets. and stores department

Classified in accordance with SCCA guidelines, typically includes department stores, discount discount stores, department includes typically guidelines, SCCA with accordance in Classified 2

Expressed on 100% basis. 100% on Expressed 1

7.4 (years) GLA by expiry lease average Weighted

100.0 (%) GLA by rate Occupancy

For personal use only Specialty occupancy cost (%) cost occupancy Specialty 9.2

MAT/sqm – Specialty ($) Specialty – MAT/sqm n.a.

MAT/sqm – Total ($) Total – MAT/sqm n.a.

3 FY21+ 90%

130.3 ($m) (MAT) turnover annual Moving

FY20 0%

916 spaces Car

FY19 2%

Aldi, Coles, Kmart Coles, Aldi, Major tenants Major

7% FY18 62 tenants of Number

21,000 21,000 (sqm) GLA 1% FY17

Specialty store lease expiry profile by income by profile expiry lease store Specialty metrics Property

8.00 (%) rate Discount

6.00 (%) rate Capitalisation

Dec-16 date Valuation

10% retail Non

Valuation (Internal) ($m) (Internal) Valuation 102.6

1% retail Other

2016 redevelopment Latest

29% Specialties

2001 opened first Centre

3% majors Mini

Date acquired Date 2001

26% Supermarkets Ownership interest (%) interest Ownership 50

31% stores department Discount Sub Regional Sub type Centre

State WA

Tenant mix by gross lettable area (GLA) area lettable gross by mix Tenant Property overview Property

in March 2016. March in

includes more than 50 specialty stores. The centre recently underwent a substantial expansion, which was completed completed was which expansion, substantial a underwent recently centre The stores. specialty 50 than more includes

Perth CBD. It is anchored by a new Kmart, a transformed Coles, one of Western Australia's first Aldi supermarkets and and supermarkets Aldi first Australia's Western of one Coles, transformed a Kmart, new a by anchored is It CBD. Perth

Halls Head Central is a single level Sub Regional shopping centre located approximately 75 kilometres south of the the of south kilometres 75 approximately located centre shopping Regional Sub level single a is Central Head Halls

hallsheadcentral.com.au

14 Guava Way, Halls Head WA 6210 WA Head Halls Way, Guava 14 Halls Head Central Head Halls

Direct Portfolio December 2016 December Portfolio Direct Centres Vicinity | 90

Includes holdovers. Includes 4

Includes marketing levy and based on GST inclusive turnover. inclusive GST on based and levy marketing Includes 3

department stores and supermarkets. and stores department

Classified in accordance with SCCA guidelines, typically includes department stores, discount discount stores, department includes typically guidelines, SCCA with accordance in Classified 2

Expressed on 100% basis. 100% on Expressed 1

2.8 (years) GLA by expiry lease average Weighted

99.6 (%) GLA by rate Occupancy

For personal use only Specialty occupancy cost (%) cost occupancy Specialty 13.0

5,534 ($) Specialty – MAT/sqm

9,778 ($) Total – MAT/sqm

FY21+ 31%

77.5 ($m) (MAT) turnover annual Moving

FY20 11%

386 spaces Car

FY19 23%

Coles Major tenants Major

27% FY18 41 tenants of Number

8,368 8,368 (sqm) GLA 9% FY17

Specialty store lease expiry profile by income by profile expiry lease store Specialty metrics Property

8.00 (%) rate Discount

6.75 (%) rate Capitalisation

Dec-16 date Valuation

Valuation (External) ($m) (External) Valuation 38.5

4% retail Non

2002 redevelopment Latest

3% retail Other

1989 opened first Centre

37% Specialties

Date acquired Date 2003

7% majors Mini Ownership interest (%) interest Ownership 100

49% Supermarkets Neighbourhood type Centre

State WA

Tenant mix by gross lettable area (GLA) area lettable gross by mix Tenant Property overview Property

Perth CBD. It is anchored by Coles and includes more than 25 specialty stores. specialty 25 than more includes and Coles by anchored is It CBD. Perth

Kalamunda Central is a single level Neighbourhood shopping centre located approximately 19 kilometres east of the the of east kilometres 19 approximately located centre shopping Neighbourhood level single a is Central Kalamunda

kalamundacentral.com.au

39 Railway Road, Kalamunda WA 6076 WA Kalamunda Road, Railway 39 Kalamunda Central Kalamunda

91 | 2016 December Portfolio Direct Centres Vicinity

Includes holdovers. Includes 4

Includes marketing levy and based on GST inclusive turnover. inclusive GST on based and levy marketing Includes 3

department stores and supermarkets. and stores department

Classified in accordance with SCCA guidelines, typically includes department stores, discount discount stores, department includes typically guidelines, SCCA with accordance in Classified 2

Expressed on 100% basis. 100% on Expressed 1

2.8 (years) GLA by expiry lease average Weighted

98.9 (%) GLA by rate Occupancy

For personal use only Specialty occupancy cost (%) cost occupancy Specialty 11.3

9,033 ($) Specialty – MAT/sqm

9,249 ($) Total – MAT/sqm

FY21+ 19%

211.2 ($m) (MAT) turnover annual Moving

FY20 14%

1,275 spaces Car

FY19 13%

Coles, Kmart, Woolworths Kmart, Coles, Major tenants Major

19% FY18 61 tenants of Number

35% 23,931 23,931 (sqm) GLA FY17

Specialty store lease expiry profile by income by profile expiry lease store Specialty metrics Property

8.25 (%) rate Discount

7.00 (%) rate Capitalisation

Dec-16 date Valuation

Valuation (Internal) ($m) (Internal) Valuation 112.0

2% retail Non

2005 redevelopment Latest

22% Specialties

1986 opened first Centre

14% majors Mini

Date acquired Date 2003

36% Supermarkets Ownership interest (%) interest Ownership 50

26% stores department Discount Sub Regional Sub type Centre

State WA

Tenant mix by gross lettable area (GLA) area lettable gross by mix Tenant Property overview Property

Kmart, Coles, Woolworths and Target Country and includes more than 40 specialty stores. specialty 40 than more includes and Country Target and Woolworths Coles, Kmart,

Karratha City is a single level Sub Regional shopping centre located in northern Western Australia. It is anchored by by anchored is It Australia. Western northern in located centre shopping Regional Sub level single a is City Karratha

karrathacitysc.com.au

16 Sharpe Avenue, Karratha WA 6714 WA Karratha Avenue, Sharpe 16 Karratha City Karratha

Direct Portfolio December 2016 December Portfolio Direct Centres Vicinity | 92

Includes holdovers. Includes 4

Includes marketing levy and based on GST inclusive turnover. inclusive GST on based and levy marketing Includes 3

department stores and supermarkets. and stores department

Classified in accordance with SCCA guidelines, typically includes department stores, discount discount stores, department includes typically guidelines, SCCA with accordance in Classified 2

Expressed on 100% basis. 100% on Expressed 1

6.5 (years) GLA by expiry lease average Weighted

100.0 (%) GLA by rate Occupancy

For personal use only Specialty occupancy cost (%) cost occupancy Specialty 10.6

9,654 ($) Specialty – MAT/sqm

9,046 ($) Total – MAT/sqm

FY21+ 36%

127.6 ($m) (MAT) turnover annual Moving

FY20 27%

1,018 spaces Car

FY19 14%

Big W, Woolworths W, Big Major tenants Major

6% FY18 48 tenants of Number

15,556 15,556 (sqm) GLA 17% FY17

Specialty store lease expiry profile by income by profile expiry lease store Specialty metrics Property

8.00 (%) rate Discount

6.00 (%) rate Capitalisation

Dec-16 date Valuation

Valuation (External) ($m) (External) Valuation 85.0

5% retail Non

2004 redevelopment Latest

2% retail Other

1998 opened first Centre

23% Specialties Date acquired Date 2015

28% Supermarkets Ownership interest (%) interest Ownership 100

42% stores department Discount Sub Regional Sub type Centre

State WA

Tenant mix by gross lettable area (GLA) area lettable gross by mix Tenant Property overview Property

30 specialty stores. specialty 30

Vale, approximately 15 kilometres south of the Perth CBD. It is anchored by Big W and Woolworths and includes more than than more includes and Woolworths and W Big by anchored is It CBD. Perth the of south kilometres 15 approximately Vale,

Livingston Marketplace is a single level Sub Regional shopping centre located in the southern Perth suburb of Canning Canning of suburb Perth southern the in located centre shopping Regional Sub level single a is Marketplace Livingston

livingstonmarketplace.com.au

Corner Ranford and Nicholson Roads, Canning Vale WA 6155 WA Vale Canning Roads, Nicholson and Ranford Corner Livingston Marketplace Livingston

93 | 2016 December Portfolio Direct Centres Vicinity

Includes holdovers. Includes 4

Includes marketing levy and based on GST inclusive turnover. inclusive GST on based and levy marketing Includes 3

department stores and supermarkets. and stores department

Classified in accordance with SCCA guidelines, typically includes department stores, discount discount stores, department includes typically guidelines, SCCA with accordance in Classified 2

Expressed on 100% basis. 100% on Expressed 1

4.1 (years) GLA by expiry lease average Weighted

98.6 (%) GLA by rate Occupancy

For personal use only Specialty occupancy cost (%) cost occupancy Specialty 14.8

7,150 ($) Specialty – MAT/sqm

7,118 ($) Total – MAT/sqm

FY21+ 22%

180.4 ($m) (MAT) turnover annual Moving

FY20 10%

2,136 spaces Car

FY19 11%

Coles, Kmart, Woolworths Kmart, Coles, Major tenants Major

22% FY18 91 tenants of Number

36% 27,669 27,669 (sqm) GLA FY17

Specialty store lease expiry profile by income by profile expiry lease store Specialty metrics Property

8.50 (%) rate Discount

7.00 (%) rate Capitalisation

Dec-16 date Valuation

5% retail Non

Valuation (External) ($m) (External) Valuation 119.0

2% retail Other

2004 redevelopment Latest

23% Specialties

1980 opened first Centre

8% majors Mini

Date acquired Date 2002

33% Supermarkets Ownership interest (%) interest Ownership 100

28% stores department Discount Sub Regional Sub type Centre

State WA

Tenant mix by gross lettable area (GLA) area lettable gross by mix Tenant Property overview Property

of the Perth CBD. It is anchored by Kmart, Coles and Woolworths and includes more than 60 specialty stores. specialty 60 than more includes and Woolworths and Coles Kmart, by anchored is It CBD. Perth the of

Maddington Central is a single level Sub Regional shopping centre located approximately 17 kilometres south-east south-east kilometres 17 approximately located centre shopping Regional Sub level single a is Central Maddington

maddingtoncentral.com.au

Corner Burslem Drive and Attfield Street, Maddington WA 6109 WA Maddington Street, Attfield and Drive Burslem Corner Maddington Central Maddington

Direct Portfolio December 2016 December Portfolio Direct Centres Vicinity | 94

Includes holdovers. Includes 5

Includes marketing levy and based on GST inclusive turnover. inclusive GST on based and levy marketing Includes 4

Non-comparable for sales reporting purposes. reporting sales for Non-comparable 3

department stores and supermarkets. and stores department

Classified in accordance with SCCA guidelines, typically includes department stores, discount discount stores, department includes typically guidelines, SCCA with accordance in Classified 2

Expressed on 100% basis. 100% on Expressed 1

3.1 (years) GLA by expiry lease average Weighted

100.0 (%) GLA by rate Occupancy

For personal use only Specialty occupancy cost (%) cost occupancy Specialty 19.7

MAT/sqm – Specialty ($) Specialty – MAT/sqm n.a.

MAT/sqm – Total ($) Total – MAT/sqm n.a.

3 FY21+ 7%

220.5 ($m) (MAT) turnover annual Moving

FY20 8%

2,022 spaces Car

FY19 15%

Big W, Coles, Kmart, Woolworths Kmart, Coles, W, Big Major tenants Major

22% FY18 69 tenants of Number

34,190 34,190 (sqm) GLA 48% FY17

Specialty store lease expiry profile by income by profile expiry lease store Specialty metrics Property

8.00 (%) rate Discount

5.75 (%) rate Capitalisation

Dec-16 date Valuation

Valuation (Internal) ($m) (Internal) Valuation 432.8

8% retail Non

2016 redevelopment Latest

8% retail Other

Centre first opened first Centre 1983

16% Specialties

Date acquired Date 1985

22% Supermarkets Ownership interest (%) interest Ownership 50

44% stores department Discount Centre type Centre Regional

State WA

Tenant mix by gross lettable area (GLA) area lettable gross by mix Tenant Property overview Property

a fresh food market hall and additional car parking. The development is forecast to be completed by mid 2018. mid by completed be to forecast is development The parking. car additional and hall market food fresh a

majors, taking the total to over 220 on completion, as well as creating a new modern food court with adjoining play area, area, play adjoining with court food modern new a creating as well as completion, on 220 over to total the taking majors,

David Jones and Target, as well as an upgraded Coles and Kmart. There will be an additional 80 stores, including five mini mini five including stores, 80 additional an be will There Kmart. and Coles upgraded an as well as Target, and Jones David

Post development, the centre’s GLA will go from approximately 40,000 sqm to 64,500 sqm, introducing a brand new new brand a introducing sqm, 64,500 to sqm 40,000 approximately from go will GLA centre’s the development, Post

The centre is currently undergoing a major development which will include a complete centre refurbishment and expansion. expansion. and refurbishment centre complete a include will which development major a undergoing currently is centre The

Mandurah Forum is a Regional shopping centre located approximately 65 kilometres south of the Perth CBD. CBD. Perth the of south kilometres 65 approximately located centre shopping Regional a is Forum Mandurah

mandurahforum.com.au

330 Pinjarra Road, Mandurah WA 6210 WA Mandurah Road, Pinjarra 330 Mandurah Forum Mandurah

95 | 2016 December Portfolio Direct Centres Vicinity

Includes holdovers. Includes 4

Includes marketing levy and based on GST inclusive turnover. inclusive GST on based and levy marketing Includes 3

department stores and supermarkets. and stores department

Classified in accordance with SCCA guidelines, typically includes department stores, discount discount stores, department includes typically guidelines, SCCA with accordance in Classified 2

Expressed on 100% basis. 100% on Expressed 1

3.0 (stars) rating Water NABERS

4.5 (stars) rating Energy NABERS

3.5 (years) GLA by expiry lease average Weighted

99.3 (%) GLA by rate Occupancy

For personal use only Specialty occupancy cost (%) cost occupancy Specialty 16.9

8,590 ($) Specialty – MAT/sqm

7,612 ($) Total – MAT/sqm

FY21+ 33%

434.3 ($m) (MAT) turnover annual Moving

FY20 19%

3,229 spaces Car

FY19 14%

Coles, Kmart, Target, Woolworths Target, Kmart, Coles, Major tenants Major

12% FY18 218 tenants of Number

62,331 62,331 (sqm) GLA 22% FY17

Specialty store lease expiry profile by income by profile expiry lease store Specialty metrics Property

7.75 (%) rate Discount

5.75 (%) rate Capitalisation

Dec-16 date Valuation

5% retail Non

Valuation (External) ($m) (External) Valuation 612.0

8% retail Other

2016 redevelopment Latest

30% Specialties

Centre first opened first Centre 1971

17% majors Mini

Date acquired Date 2002

14% Supermarkets Ownership interest (%) interest Ownership 50

25% stores department Discount Centre type Centre Regional

State WA

Tenant mix by gross lettable area (GLA) area lettable gross by mix Tenant Property overview Property

stores. The centre has recently undergone a minor upgrade to extend its casual dining offer. dining casual its extend to upgrade minor a undergone recently has centre The stores.

Perth CBD. It is anchored by Kmart, Target, Coles, Woolworths and Ace Cinemas and includes more than 160 specialty specialty 160 than more includes and Cinemas Ace and Woolworths Coles, Target, Kmart, by anchored is It CBD. Perth

Rockingham Centre is a single level Regional shopping centre located approximately 40 kilometres south-west of the the of south-west kilometres 40 approximately located centre shopping Regional level single a is Centre Rockingham

rockinghamcentre.com.au

1 Council Avenue, Rockingham WA 6168 WA Rockingham Avenue, Council 1 Rockingham Centre Rockingham

Direct Portfolio December 2016 December Portfolio Direct Centres Vicinity | 96

Includes holdovers. Includes 4

Includes marketing levy and based on GST inclusive turnover. inclusive GST on based and levy marketing Includes 3

department stores and supermarkets. and stores department

Classified in accordance with SCCA guidelines, typically includes department stores, discount discount stores, department includes typically guidelines, SCCA with accordance in Classified 2

Expressed on 100% basis. 100% on Expressed 1

9.0 (years) GLA by expiry lease average Weighted

98.4 (%) GLA by rate Occupancy

For personal use only Specialty occupancy cost (%) cost occupancy Specialty 11.8

10,332 ($) Specialty – MAT/sqm

11,623 ($) Total – MAT/sqm

FY21+ 15%

92.9 ($m) (MAT) turnover annual Moving

FY20 26%

147 spaces Car

FY19 15%

Woolworths Major tenants Major

28% FY18 39 tenants of Number

8,532 8,532 (sqm) GLA 17% FY17

Specialty store lease expiry profile by income by profile expiry lease store Specialty metrics Property

8.00 (%) rate Discount

7.00 (%) rate Capitalisation

Dec-16 date Valuation

Valuation (External) ($m) (External) Valuation 50.0

1% retail Non

2013 redevelopment Latest

1% retail Other

1978 opened first Centre

32% Specialties

Date acquired Date 2003

25% majors Mini Ownership interest (%) interest Ownership 100

41% Supermarkets Neighbourhood type Centre

State WA

Tenant mix by gross lettable area (GLA) area lettable gross by mix Tenant Property overview Property

and includes more than 25 specialty stores. specialty 25 than more includes and

Stirlings Central is a single level Neighbourhood shopping centre located in Geraldton. It is anchored by Woolworths Woolworths by anchored is It Geraldton. in located centre shopping Neighbourhood level single a is Central Stirlings

stirlingscentral.com.au

54 Sanford Street, Geraldton WA 6530 WA Geraldton Street, Sanford 54 Stirlings Central Stirlings

97 | 2016 December Portfolio Direct Centres Vicinity

Includes holdovers. Includes 4

Includes marketing levy and based on GST inclusive turnover. inclusive GST on based and levy marketing Includes 3

department stores and supermarkets. and stores department

Classified in accordance with SCCA guidelines, typically includes department stores, discount discount stores, department includes typically guidelines, SCCA with accordance in Classified 2

Expressed on 100% basis. 100% on Expressed 1

5.5 (years) GLA by expiry lease average Weighted

100.0 (%) GLA by rate Occupancy

For personal use only Specialty occupancy cost (%) cost occupancy Specialty 16.5

5,143 ($) Specialty – MAT/sqm

9,109 ($) Total – MAT/sqm

FY21+ 38%

48.2 ($m) (MAT) turnover annual Moving

FY20 22%

223 spaces Car

FY19 19%

Woolworths Major tenants Major

17% FY18 32 tenants of Number

5,475 5,475 (sqm) GLA 5% FY17

Specialty store lease expiry profile by income by profile expiry lease store Specialty metrics Property

7.75 (%) rate Discount

6.50 (%) rate Capitalisation

Dec-16 date Valuation

Valuation (Internal) ($m) (Internal) Valuation 31.3

n.a. redevelopment Latest

2004 opened first Centre

3% retail Non

Date acquired Date 2004

45% Specialties Ownership interest (%) interest Ownership 100

52% Supermarkets Neighbourhood type Centre

State WA

Tenant mix by gross lettable area (GLA) area lettable gross by mix Tenant Property overview Property

of the Perth CBD. It is anchored by Woolworths and includes more than 25 specialty stores. specialty 25 than more includes and Woolworths by anchored is It CBD. Perth the of

Victoria Park Central is a single level Neighbourhood shopping centre located approximately 3 kilometres south-east south-east kilometres 3 approximately located centre shopping Neighbourhood level single a is Central Park Victoria

vicparkcentral.com.au

366 Albany Highway, Victoria Park WA 6101 WA Park Victoria Highway, Albany 366 Victoria Park Central Park Victoria

Direct Portfolio December 2016 December Portfolio Direct Centres Vicinity | 98

Includes holdovers. Includes 4

Includes marketing levy and based on GST inclusive turnover. inclusive GST on based and levy marketing Includes 3

department stores and supermarkets. and stores department

Classified in accordance with SCCA guidelines, typically includes department stores, discount discount stores, department includes typically guidelines, SCCA with accordance in Classified 2

Expressed on 100% basis. 100% on Expressed 1

8.2 (years) GLA by expiry lease average Weighted

99.3 (%) GLA by rate Occupancy

For personal use only Specialty occupancy cost (%) cost occupancy Specialty 17.1

7,100 ($) Specialty – MAT/sqm

8,070 ($) Total – MAT/sqm

FY21+ 47%

161.3 ($m) (MAT) turnover annual Moving

FY20

30%

1,014 spaces Car

FY19 13%

Big W, Coles, Woolworths Coles, W, Big Major tenants Major

8% FY18 68 tenants of Number

21,419 21,419 (sqm) GLA 2% FY17

Specialty store lease expiry profile by income by profile expiry lease store Specialty metrics Property

8.25 (%) rate Discount

6.25 (%) rate Capitalisation

Dec-16 date Valuation

Valuation (External) ($m) (External) Valuation 125.0

5% retail Non

2014 redevelopment Latest

1% retail Other

1998 opened first Centre

25% Specialties

Date acquired Date 2007

36% Supermarkets Ownership interest (%) interest Ownership 100

33% stores department Discount Sub Regional Sub type Centre

State WA

Tenant mix by gross lettable area (GLA) area lettable gross by mix Tenant Property overview Property

of the Perth CBD. It is anchored by Big W, Coles and Woolworths and includes more than 50 specialty stores. specialty 50 than more includes and Woolworths and Coles W, Big by anchored is It CBD. Perth the of

Warnbro Centre is a single level Sub Regional shopping centre located in Warnbro, approximately 54 kilometres south south kilometres 54 approximately Warnbro, in located centre shopping Regional Sub level single a is Centre Warnbro

warnbrocentre.com.au

206 Warnbro Sound Avenue, Warnbro WA 6169 WA Warnbro Avenue, Sound Warnbro 206 Warnbro Centre Warnbro

99 | 2016 December Portfolio Direct Centres Vicinity

Includes holdovers. Includes 4

Includes marketing levy and based on GST inclusive turnover. inclusive GST on based and levy marketing Includes 3

department stores and supermarkets. and stores department

Classified in accordance with SCCA guidelines, typically includes department stores, discount discount stores, department includes typically guidelines, SCCA with accordance in Classified 2

Expressed on 100% basis. 100% on Expressed 1

5.1 (years) GLA by expiry lease average Weighted

99.9 (%) GLA by rate Occupancy

For personal use only Specialty occupancy cost (%) cost occupancy Specialty 15.1

7,690 ($) Specialty – MAT/sqm

8,230 ($) Total – MAT/sqm

FY21+ 20%

208.7 ($m) (MAT) turnover annual Moving

FY20 7%

1,604 spaces Car

FY19 29%

Coles, Kmart, Woolworths Kmart, Coles, Major tenants Major

17% FY18 102 tenants of Number

31,973 31,973 (sqm) GLA 26% FY17

Specialty store lease expiry profile by income by profile expiry lease store Specialty metrics Property

8.25 (%) rate Discount

6.50 (%) rate Capitalisation

Dec-16 date Valuation

7% retail Non

Valuation (External) ($m) (External) Valuation 198.5

13% retail Other

2003 redevelopment Latest

25% Specialties

1974 opened first Centre

9% majors Mini

Date acquired Date 2001

24% Supermarkets Ownership interest (%) interest Ownership 100

22% stores department Discount Sub Regional Sub type Centre

State WA

Tenant mix by gross lettable area (GLA) area lettable gross by mix Tenant Property overview Property

It is anchored by Kmart, Coles, Woolworths and Grand Cinemas, and includes more than 65 specialty stores. specialty 65 than more includes and Cinemas, Grand and Woolworths Coles, Kmart, by anchored is It

Warwick Grove is a single level Sub Regional shopping centre located approximately 14 kilometres north of the Perth CBD. CBD. Perth the of north kilometres 14 approximately located centre shopping Regional Sub level single a is Grove Warwick

warwickgrove.com.au

Corner Beach and Erindale Roads, Warwick WA 6024 WA Warwick Roads, Erindale and Beach Corner Warwick Grove Warwick

vicinity.com.au For personal use only use personal For