Direct Portfolio December 2015 Disclaimer This Document Includes Information Regarding the Past Performance of Vicinity Centres’ Property Portfolio

Direct Portfolio December 2015 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. This document 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 Financial Report for the half-year ended 31 December 2015, lodged with the Australian Stock Exchange (ASX) on 17 February 2016, has been reviewed by Ernst & Young. Certain financial information contained within this document has been derived from the reviewed Financial Report. Ernst & Young has not reviewed this document. The information and figures in this document are current as at 31 December 2015. Please note the commercial property at 15 Bowes Street, Woden, is excluded from this document. 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 2015 Contents

Page

About Vicinity Centres 04

Direct Portfolio

Overview 05

New South Wales (NSW) and Australian Capital Territory (ACT) 10

Queensland (QLD) 30

South Australia (SA) 50

Victoria (VIC) and Tasmania (TAS) 58

Western Australia (WA) 90

Emporium Melbourne, VIC Cover image: Emporium Melbourne, VIC

Vicinity Centres Direct Portfolio December 2015 | 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 sustainable growth by owning, managing and developing quality Australian assets across the retail spectrum.

A top-30 entity on the Australian Securities Exchange, Vicinity is the second largest listed manager of Australian retail assets. Vicinity is also Australia's largest owner and manager of Sub Regional centres and Outlet Centres, and second largest owner and manager of Regional centres1. Vicinity has 95 retail assets under management, which are valued at over $23 billion and generated annual retail sales of $18.5 billion across 3 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 85 shopping centres across Australia valued at $15 billion. The Direct Portfolio is invested across the spectrum of Australian retail sub-sectors and is well diversified geographically and with its tenant exposure. Vicinity is the joint owner of Chadstone Shopping Centre in Victoria, which has generated the most annual sales of any Australian shopping centre for the past 14 consecutive years2. Vicinity’s intensive asset management approach, together with the progression of its $3.1 billion development pipeline (Direct Portfolio share is $1.5 billion), and selective asset disposals and acquisitions, are key to its ongoing portfolio enhancement strategy.

1 Includes Super Regional, Major Regional, City Centre and Regional centres. 2 Reported in the Big Guns survey. Last survey included data up to 31 December 2014. Chadstone Shopping Centre, VIC

04 | Vicinity Centres Direct Portfolio December 2015 Overview

Vicinity’s Direct Portfolio of 85 shopping centres across Australia, either wholly or jointly owned, is valued at over $15 billion. Well diversified by geographic and retail sub-sector exposure, the Direct Portfolio generated annual retail sales of $16.9 billion across 2.8 million square metres of gross lettable area. Vicinity’s exposure to Super Regional, Major Regional, City Centre and Regional centres represents 64% of the Direct Portfolio’s value. Vicinity’s largest exposure to any single asset is its 50% interest in Chadstone Shopping Centre located in south-east Melbourne in Victoria, valued at 14% of the Direct Portfolio.

Key statistics by centre type

Outlet Centre/ Total portfolio Regional1 Sub Regional Neighbourhood Bulky Goods Number of shopping centres 85 25 36 19 5 Gross lettable area (m) (sqm) 2.8 1.6 0.8 0.2 0.2 Total value ($b) 15.0 9.6 3.6 0.7 1.0 Portfolio weighting by value (%) 100.0 64.1 24.2 4.8 6.9 Capitalisation rate (weighted average) (%) 6.10 5.72 6.84 6.87 6.58 Comparable NPI growth2 (%) 3.7 2.9 1.2 0.2 17 Occupancy rate (%) 99.2 99.3 99.0 98.4 99.6 Total MAT growth3 (%) 1.6 1.5 0.4 1.9 11.6 Specialty MAT growth3 (%) 3.4 2.4 2.6 2.3 10.7 Specialty sales productivity3 ($/sqm) 8,459 9,078 7,656 6,707 7,868 Specialty occupancy cost3 (%) 15.2 17.0 13.3 11.4 11.0 1 Includes Super Regional, Major Regional, City Centre and Regional centres. 2 Excludes acquisitions, divestments and development-impacted centres and is calculated based on ownership share at the end of the period. 3 Excludes acquisitions, divestments and development-impacted centres in line with SCCA guidelines.

Composition by centre typea Store type exposureb

Super Regional 14% Majorsc 21% Major Regional 20% Specialties 54% City Centre 12% Mini majors 11% Regional 18% Other retail 3% Sub Regional 24% Non retail 11% Neighbourhood 5% Outlet Centre/Bulky Goods 7%

a Expressed by ownership value. b Expressed by ownership income. c Classified in accordance with SCCA guidelines, typically includes supermarkets, department stores and discount department stores.

Vicinity Centres Direct Portfolio December 2015 | 05 85 shopping centres

$15.0 billion total value

$16.9 billion annual retail sales

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

WHITSUNDAY PLAZA ● BURANDA VILLAGE KARRATHA CITY ● INDOOROOPILLY CENTRAL ● MILTON VILLAGE ● MONIER VILLAGE 16% MT OMMANEY CENTRE THE MYER CENTRE BRISBANE ● QUEENSPLAZ A QLD ● TAIGUM SQUARE ● TOOMBUL 13% 17 GYMPIE CENTRAL GOLDFIELDS PLAZA NORTH SHORE VILLAGE WA 17 CLIFFORD GARDENS BRISBANE GRAND PLAZA OXENFORD VILLAGE 5% RUNAWAY BAY SHOPPING VILLAGE

TWEED MALL STIRLINGS CENTRAL SA 5 20% TOORMINA GARDENS ARMIDALE CENTRAL NSW/ACT 17 PERTH TERRACE CENTRAL MAITLAND HUNTER MALL LAKE HAVEN ADELAIDE SYDNEY ● CASTLE PLAZA ALBANY BROOKS GARDEN COLONNADES ● ELIZABETH LAVINGTON SQUARE TUGGERANONG HYPERDOME (ACT) ● HILTON PLAZA ● CURRAMBINE CENTRAL WEST END PLAZA ● KURRALTA CENTRAL WODONGA PLAZA ● DIANELLA PLAZA ● FLINDERS SQUARE BANKSTOWN CENTRAL GALLERIA CARLINGFORD COURT HALLS HEAD CENTRAL CORIO MELBOURNE ● CHATSWOOD CHASE SYDNEY ● KALAMUNDA CENTRAL BELMONT VILLAGE ● DFO HOMEBUSH ● LIVINGSTON MARKETPLACE LENNOX VILLAGE ● MADDINGTON CENTRAL 46% ● NEPEAN VILLAGE MANDURAH FORUM ● ALTONA GATE EMPORIUM MELBOURNE ROSELANDS ROCKINGHAM ● BAYSIDE ● FOREST HILL CHASE WARRIEWOOD SQUARE ● THE SHOPS AT ELLENBROOK BENTONS SQUARE ● MORNINGTON CENTRAL VIC/TAS ● VICTORIA PARK CENTRAL ● BOX HILL CENTRAL (NORTH) MYER BOURKE STREET ● WARNBRO CENTRE ● BOX HILL CENTRAL (SOUTH) NORTHLAND 29 ● WARWICK GROVE BRANDON PARK ● OAKLEIGH CENTRAL ● BRIMBANK ● ROXBURGH PARK ● BROADMEADOWS SUNSHINE MARKETPLACE CHADSTONE ● THE GATEWAY HOBART CRANBOURNE PARK THE GLEN ● DFO ESSENDON VICTORIA GARDENS ● DFO MOORABBIN ● EASTLANDS DFO SOUTH WHARF ● NORTHGATE

06 | Vicinity Centres Direct Portfolio December 2015 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) ($) ($) (%)

New South Wales 10 Armidale Central Sub Regional 100 45.5 7.00 8.50 14,688 99.5 94.3 6,482 5,950 10.7 13 Bankstown Central Major Regional 50 325.0 6.50 8.50 85,158 99.1 466.0 6,159 8,227 18.4 14 Carlingford Court Sub Regional 50 104.4 6.50 8.50 32,963 99.4 189.7 6,995 9,342 16.3 15 Chatswood Chase Sydney Major Regional 100 960.0 5.25 8.00 63,715 99.8 566.8 9,823 13,334 15.5 16 DFO Homebush Outlet Centre 100 365.8 6.00 8.25 29,938 100.0 306.5 10,317 14,148 8.8 17 Lake Haven Shopping Centre Sub Regional 100 272.1 7.00 8.50 43,038 99.1 280.8 8,121 9,745 11.9 18 Lavington Square Sub Regional 100 58.0 7.75 8.00 20,239 99.0 116.8 6,827 7,875 11.2 19 Lennox Village Neighbourhood 50 31.8 6.50 8.00 9,995 99.4 115.2 11,809 6,666 15.9 20 Maitland Hunter Mall Sub Regional 100 20.0 8.00 8.50 12,944 99.6 43.9 4,081 7,001 10.2 21 Nepean Village Sub Regional 100 160.0 6.25 8.50 23,625 97.3 226.3 10,189 11,290 11.4 22 Roselands Major Regional 50 185.0 6.50 8.50 61,692 98.5 312.1 5,334 8,541 18.0 23 Terrace Central Neighbourhood 100 32.5 7.25 8.50 7,241 91.8 59.3 9,642 8,082 10.3 24 Toormina Gardens Sub Regional 50 40.0 7.00 8.00 21,329 96.8 148.5 7,581 9,074 8.3 25 Tweed Mall Sub Regional 100 74.5 8.25 9.25 23,040 93.7 128.6 6,352 6,093 12.9 26 Warriewood Square Sub Regional 50 110.0 6.00 8.00 20,810 99.9 156.6 7,807 9,133 16.8 27 West End Plaza Sub Regional 100 62.0 7.50 8.50 15,790 100.0 90.4 5,888 6,362 13.9 28

Australian Capital Territory 29 Tuggeranong Hyperdome Regional 50 140.0 7.75 8.50 76,120 98.0 294.3 4,497 6,685 13.5 29

Queensland 30 Buranda Village Sub Regional 100 41.5 6.75 8.00 11,466 98.7 62.7 7,051 8,320 12.8 33 Clifford Gardens Shopping Centre Sub Regional 100 188.0 6.75 8.25 27,877 99.4 196.0 7,643 9,493 13.0 34 Goldfields Plaza Neighbourhood 100 27.0 7.50 8.50 7,511 97.1 60.4 8,848 9,029 8.3 35 Grand Plaza Shopping Centre Regional 50 197.5 6.00 8.00 53,453 100.0 356.0 6,991 9,435 16.0 36 Gympie Central Sub Regional 100 78.0 6.50 8.25 14,050 97.7 118.5 8,694 10,132 10.1 37 Indooroopilly Central Bulky Goods 100 65.0 7.25 8.50 19,567 100.0 28.7 3,963 6,668 10.2 38 Milton Village Neighbourhood 100 25.0 7.00 8.75 2,825 96.2 23.8 16,758 12,257 11.7 39 Monier Village Neighbourhood 100 20.3 7.00 8.00 5,595 100.0 48.1 9,300 5,801 11.3 40 Mt Ommaney Centre Regional 25 105.0 6.00 8.00 56,352 99.1 321.8 6,644 7,826 15.6 41 North Shore Village Neighbourhood 100 23.0 6.50 8.25 4,082 95.0 46.5 14,926 5,157 16.9 42 Oxenford Village Neighbourhood 100 28.0 6.75 8.00 5,808 100.0 73.2 16,758 11,437 8.8 43 QueensPlaza City Centre 100 705.0 5.25 7.75 39,062 99.5 307.1 8,579 22,379 14.5 44

1 Value expressed by Vicinity Centres' ownership interest. 2 Excludes DFO South Wharf and DFO Essendon Homemaker retailers. 3 Inclusive of marketing levy and based on GST inclusive sales. Vicinity Centres Direct Portfolio December 2015 | 07 Property statistics

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

Queensland (continued) 30 Runaway Bay Shopping Village Regional 50 135.0 6.25 8.25 42,953 98.6 294.9 8,381 9,544 12.8 45 Taigum Square Sub Regional 100 89.2 7.00 8.75 22,891 98.3 105.8 6,062 6,187 13.4 46 The Myer Centre Brisbane City Centre 50 395.0 5.75 8.00 63,744 99.4 343.3 5,613 11,023 21.5 47 Toombul Regional 100 228.3 6.75 8.50 43,893 97.2 235.3 6,802 8,047 15.0 48 Whitsunday Plaza Sub Regional 100 62.5 7.00 8.50 22,198 98.9 105.2 5,699 9,989 7.7 49

South Australia 50 Castle Plaza Shopping Centre Sub Regional 100 168.9 7.00 8.50 22,838 98.9 145.3 6,930 8,360 15.1 53 Colonnades Regional 50 147.8 7.00 8.25 66,639 97.2 272.3 4,861 6,255 16.8 54 Elizabeth Shopping Centre Regional 100 370.0 7.00 8.50 80,417 99.6 348.3 5,647 7,226 16.9 55 Hilton Plaza Neighbourhood 100 17.8 7.00 8.00 4,453 96.4 40.8 10,649 7,599 10.0 56 Kurralta Central Sub Regional 100 36.8 6.75 7.75 10,675 100.0 75.0 7,270 7,654 13.7 57

Victoria 58 Altona Gate Shopping Centre Sub Regional 100 91.0 7.50 9.00 26,284 99.4 144.4 6,003 7,071 14.8 61 Bayside Shopping Centre Major Regional 100 560.0 6.25 8.50 88,899 100.0 407.8 4,904 7,057 17.6 62 Belmont Village Sub Regional 100 46.3 6.75 8.00 14,029 100.0 93.1 6,694 6,433 14.5 63 Bentons Square Neighbourhood 50 38.7 6.25 8.25 10,029 94.6 133.3 15,097 7,140 12.7 64 Box Hill Central (North Precinct) Sub Regional 100 76.0 7.25 8.25 14,586 100.0 82.1 6,866 5,856 16.8 65 Box Hill Central (South Precinct) Sub Regional 100 155.0 7.00 8.25 23,390 98.3 145.5 6,946 8,876 15.3 66 Brandon Park Sub Regional 50 58.2 7.50 9.00 22,944 99.4 130.1 6,769 5,807 17.8 67 Brimbank Shopping Centre Sub Regional 100 165.2 7.25 8.50 37,906 99.5 180.7 5,377 5,501 16.7 68 Broadmeadows Shopping Centre Regional 100 333.3 6.75 8.25 61,513 100.0 267.5 4,874 5,882 19.0 69 Chadstone Shopping Centre Super Regional 50 2,100.0 4.75 7.50 154,218 99.8 1,451.1 11,039 18,035 16.0 70 Corio Shopping Centre Sub Regional 100 126.0 7.50 8.50 31,330 99.4 159.4 6,356 5,500 15.9 71 Cranbourne Park4 Regional 50 140.0 6.25 8.00 46,981 99.5 N/A N/A N/A N/A 72 DFO Essendon Outlet Centre 100 161.5 7.00 9.00 52,512 96.7 219.8 8,612 8,845 11.2 73 DFO Moorabbin Outlet Centre 100 110.5 7.75 9.25 24,509 100.0 139.7 5,754 6,205 11.8 74 DFO South Wharf Outlet Centre 75 325.0 6.50 9.00 54,559 100.0 347.2 9,069 8,811 10.5 75 Emporium Melbourne City Centre 50 520.0 5.00 7.75 45,315 100.0 436.2 9,766 12,831 17.0 76 Forest Hill Chase Regional 100 269.8 7.25 8.25 63,081 99.3 304.2 5,498 6,651 17.1 77 Mornington Central Sub Regional 100 65.0 6.50 8.75 11,686 99.2 101.1 8,723 9,832 13.4 78

1 Value expressed by Vicinity Centres' ownership interest. 2 Excludes DFO South Wharf and DFO Essendon Homemaker retailers. 3 Inclusive of marketing levy and based on GST inclusive sales. 4 Redeveloped during 2015. Vicinity Centres Direct Portfolio December 2015 | 08 Property statistics

Victoria (continued) 58 Myer Bourke Street City Centre 33.3 132.0 5.50 7.75 38,730 100.0 N/A N/A N/A N/A 79 Northland Shopping Centre Major Regional 50 482.5 5.75 8.00 97,241 100.0 527.4 5,850 8,364 20.2 80 Oakleigh Central Neighbourhood 100 59.0 6.75 8.25 13,904 99.5 121.0 9,059 5,303 13.8 81 Roxburgh Park Shopping Centre Sub Regional 100 110.0 7.00 8.00 24,743 100.0 139.4 6,514 5,473 14.7 82 Sunshine Marketplace Sub Regional 50 56.8 6.75 8.25 33,882 99.5 133.6 4,472 6,173 14.4 83 The Gateway Neighbourhood 100 41.0 7.00 8.00 10,848 99.0 84.8 9,422 7,026 8.8 84 The Glen Major Regional 50 170.0 6.50 8.25 59,077 100.0 345.9 6,556 8,190 17.2 85 Victoria Gardens Shopping Centre Sub Regional 50 122.8 6.25 8.00 32,034 99.6 187.1 6,357 9,384 13.7 86 Wodonga Plaza Sub Regional 100 46.0 8.50 8.50 17,502 98.5 90.1 5,316 6,367 12.3 87

Tasmania 88 Eastlands Shopping Centre Regional 100 162.8 6.75 8.00 33,313 95.9 226.6 7,197 7,702 13.6 88 Northgate Shopping Centre Sub Regional 100 99.0 7.50 8.50 19,443 98.7 135.7 7,709 9,213 12.2 89

Western Australia 90 Albany Brooks Garden Neighbourhood 100 25.0 7.75 8.75 13,508 99.0 47.4 9,472 4,738 9.0 93 Currambine Central Neighbourhood 100 96.0 6.75 8.50 12,630 100.0 138.6 11,528 5,777 15.7 94 Dianella Plaza Neighbourhood 100 78.8 7.00 8.50 16,866 98.6 95.0 6,556 5,443 13.8 95 Flinders Square Neighbourhood 100 30.3 7.00 9.00 5,990 100.0 68.0 12,944 6,793 11.8 96 Galleria Major Regional 50 377.5 5.50 8.00 73,069 99.6 504.6 7,080 11,501 17.7 97 Halls Head Central Neighbourhood 50 35.5 6.25 8.25 5,680 100.0 34.5 7,002 7,659 11.4 98 Kalamunda Central Neighbourhood 100 37.1 7.00 8.50 8,347 99.5 76.7 9,650 5,489 13.0 99 Karratha City Sub Regional 50 58.4 7.00 8.25 23,912 98.5 232.4 10,130 9,915 11.0 100 Livingston Marketplace Sub Regional 100 83.0 6.00 8.00 15,500 99.9 136.1 8,755 9,900 9.7 101 Maddington Central Sub Regional 100 117.5 7.00 8.50 27,594 99.2 185.1 7,263 7,342 14.1 102 Mandurah Forum Regional 50 156.3 6.25 8.50 40,334 100.0 376.5 10,038 11,092 14.1 103 Rockingham Shopping Centre Regional 50 290.0 5.75 8.00 61,395 99.1 443.1 7,865 8,541 16.7 104 Stirlings Central Neighbourhood 100 50.0 7.00 8.50 8,441 98.4 102.4 12,445 11,315 8.1 105 The Shops at Ellenbrook Sub Regional 100 220.0 5.75 8.00 32,400 98.3 232.3 7,177 8,500 10.7 106 Victoria Park Central Neighbourhood 100 27.5 6.75 8.25 5,472 100.0 51.4 9,872 5,720 14.6 107 Warnbro Centre Sub Regional 100 122.5 6.25 8.50 21,382 99.7 170.1 8,401 7,474 15.2 108 Warwick Grove Sub Regional 100 196.5 6.50 8.50 31,976 99.6 208.1 7,049 7,461 14.7 109

1 Value expressed by Vicinity Centres' ownership interest. 2 Excludes DFO South Wharf and DFO Essendon Homemaker retailers. 3 Inclusive of marketing levy and based on GST inclusive sales.

Vicinity Centres Direct Portfolio December 2015 | 09 ● Wholly owned Jointly owned ▲ Managed only

New South Wales and Australian Capital Territory

l Wholly owned ¢ Jointly owned

TWEED MALL

TOORMINA GARDENS

ARMIDALE CENTRAL

TERRACE CENTRAL LAKE HAVEN MAITLAND HUNTER MALL

SYDNEY

WARRIEWOOD SQUARE TUGGERANONG HYPERDOME (ACT) LAVINGTON SQUARE WEST END PLAZA

LENNOX VILLAGE

NEPEAN VILLAGE CARLINGFORD COURT

CHATSWOOD CHASE SYDNEY

DFO HOMEBUSH

BANKSTOWN CENTRAL

ROSELANDS

10 | Vicinity Centres Direct Portfolio December 2015 NSW Page Armidale Central 13 Bankstown Central 14 Carlingford Court 15 Chatswood Chase Sydney 16 DFO Homebush 17 Lake Haven Shopping Centre 18 Lavington Square 19 Lennox Village 20 Maitland Hunter Mall 21 Nepean Village 22 Roselands 23 Terrace Central 24 Toormina Gardens 25 Tweed Mall 26 Warriewood Square 27 West End Plaza 28

ACT Tuggeranong Hyperdome 29

Chatswood Chase Sydney, NSW

Vicinity Centres Direct Portfolio December 2015 | 11 DFO Homebush New South Wales

Largest Australian outlet luxury precinct

100+ international and local retailers

475 seat new food court

12 | Vicinity Centres Direct Portfolio December 2015

13 13 | 2015 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

and discount department stores. department discount and

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

Expressed on 100% basis. 100% on Expressed 1

9.2 (years) GLA by expiry lease average Weighted

99.5 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 10.7

5,950 ($) Specialty – MAT/sqm

6,482 ($) Total – MAT/sqm

FY20+ 24%

94.3 ($m) (MAT) turnover annual Moving

FY19 12%

617 spaces Car

FY18 23%

Big W, Woolworths W, Big Major tenants Major

18% FY17 35 tenants of Number

GLA (sqm) GLA 14,688 14,688 23% 6 FY1

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

Discount rate (%) rate Discount 8.50

Capitalisation rate (%) rate Capitalisation 7.00

Dec-15 date Valuation

Valuation (Internal) ($m) (Internal) Valuation 45.5

1% retail Non

N/A redevelopment Latest

21% Specialties

Centre first opened first Centre 2007

7% majors Mini

Date acquired Date 2007

icutdprmn trs 45% stores department Discount Ownership interest (%) interest Ownership 100

26% Supermarkets Centre type Centre Sub Regional Sub

State NSW

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

500 kilometres north of the Sydney CBD. It is anchored by Woolworths and Big W and includes more than 25 specialty stores. specialty 25 than more includes and W Big and Woolworths by anchored is It CBD. Sydney the of north kilometres 500

approximately Armidale, of town the 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 2015 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

and discount department stores. department discount and

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

Expressed on 100% basis. 100% on Expressed 1

NABERS Energy rating (stars) rating Energy NABERS 3.5

5.2 (years) GLA by expiry lease average Weighted

99.1 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 18.4

8,227 ($) Specialty – MAT/sqm

6,159 ($) Total – MAT/sqm

466.0 ($m) (MAT) turnover annual Moving FY20+ 26%

3,332 spaces Car

FY19 15%

Target, Woolworths Target,

FY18 19%

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

15% FY17 283 tenants of Number

GLA (sqm) GLA 85,158 85,158 25% 6 FY1

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

Discount rate (%) rate Discount 8.50

Capitalisation rate (%) rate Capitalisation 6.50

9% retail Non

Dec-15 date Valuation

1% retail Other

Valuation (Internal) ($m) (Internal) Valuation 650.0

28% Specialties

2008 redevelopment Latest

15% majors Mini

Centre first opened first Centre 1966

12% stores Department

Date acquired Date 2003

icutdprmn trs 28% stores department Discount Ownership interest (%) interest Ownership 50

8% Supermarkets Centre type Centre Major Regional Major

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 210 specialty stores. specialty 210 than more includes and IGA Supa and

approximately 20 kilometres south-west of the Sydney CBD. It is anchored by Myer, Target, Big W, Kmart, Woolworths Woolworths Kmart, W, Big Target, 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 1885 NSW Bankstown Terrace, North Bankstown Central Bankstown

15 15 | 2015 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

and discount department stores. department discount and

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

Expressed on 100% basis. 100% on Expressed 1

5.0 (years) GLA by expiry lease average Weighted

99.4 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 16.3

9,342 ($) Specialty – MAT/sqm

6,995 ($) Total – MAT/sqm

FY20+ 29%

189.7 ($m) (MAT) turnover annual Moving

FY19 13%

1,443 spaces Car

FY18 11%

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

13% FY17 102 tenants of Number

GLA (sqm) GLA 32,963 32,963 34% 6 FY1

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

Discount rate (%) rate Discount 8.50

Capitalisation rate (%) rate Capitalisation 6.50

Dec-15 date Valuation

18% retail Non

Valuation (External) ($m) (External) Valuation 208.7

2% retail Other

2007 redevelopment Latest

17% Specialties

Centre first opened first Centre 1965

15% majors Mini

Date acquired Date 2013

icutdprmn trs 24% stores department Discount Ownership interest (%) interest Ownership 50

23% Supermarkets Centre type Centre Sub Regional Sub

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, Woolworths and Coles and includes more than 55 specialty stores. specialty 55 than more includes and Coles and Woolworths 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 2015 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

and discount department stores. department discount and

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

Expressed on 100% basis. 100% on Expressed 1

NABERS Water rating (stars) rating Water NABERS 2.0

NABERS Energy rating (stars) rating Energy NABERS 3.0

6.9 (years) GLA by expiry lease average Weighted

99.8 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 15.5

13,334 ($) Specialty – MAT/sqm

9,823 ($) Total – MAT/sqm

FY20+ 35%

566.8 ($m) (MAT) turnover annual Moving

FY19 13%

2,441 spaces Car

FY18 13%

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

30% FY17 230 tenants of Number

GLA (sqm) GLA 63,715 63,715 9% 6 FY1

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

Discount rate (%) rate Discount 8.00

Capitalisation rate (%) rate Capitalisation 5.25

Dec-15 date Valuation

9% retail Non

Valuation (Internal) ($m) (Internal) Valuation 960.0

32% Specialties

2009 redevelopment Latest

13% majors Mini

Centre first opened first Centre 1980

30% stores Department

Date acquired Date 2003

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

6% Supermarkets Centre type Centre Major Regional Major

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 160 specialty stores. specialty 160 than more includes and Coles and Kmart Jones, David by anchored is It CBD. Sydney the of

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

chatswoodchaseshopping.com.au

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

17 17 | 2015 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

and discount department stores. department discount and

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

Expressed on 100% basis. 100% on Expressed 1

NABERS Water rating (stars) rating Water NABERS 2.0

NABERS Energy rating (stars) rating Energy NABERS 4.0

3.4 (years) GLA by expiry lease average Weighted

100.0 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 8.8

14,148 ($) Specialty – MAT/sqm

10,317 ($) Total – MAT/sqm

FY20+ 29%

306.5 ($m) (MAT) turnover annual Moving

FY19 50%

2,020 spaces Car

FY18 14%

– Major tenants Major

7% FY17 134 tenants of Number

GLA (sqm) GLA 29,938 29,938 0% 6 FY1

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

Discount rate (%) rate Discount 8.25

Capitalisation rate (%) rate Capitalisation 6.00

Dec-15 date Valuation

Valuation (External) ($m) (External) Valuation 365.8

2014 redevelopment Latest

Centre first opened first Centre 2002

1% retail Non

Date acquired Date 2010

56% Specialties Ownership interest (%) interest Ownership 100

44% majors Mini Centre type Centre Outlet Centre Outlet

State NSW

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

comprises over 100 luxury, international and local outlet stores and Bulky Goods retailers. Goods Bulky and stores outlet local and international luxury, 100 over comprises

DFO Homebush is a two level Outlet Centre located approximately 12 kilometres west of the Sydney CBD. The centre centre The 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 2015 December Portfolio Direct Centres Vicinity | 18

Includes holdovers. Includes 4

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

and discount department stores. department discount and

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

Expressed on 100% basis. 100% on Expressed 1

NABERS Water rating (stars) rating Water NABERS 4.5

NABERS Energy rating (stars) rating Energy NABERS 3.0

5.6 (years) GLA by expiry lease average Weighted

99.1 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 11.9

9,745 ($) Specialty – MAT/sqm

8,121 ($) Total – MAT/sqm

FY20+ 42%

280.8 ($m) (MAT) turnover annual Moving

FY19 18%

1,524 spaces Car

FY18 12%

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

14% FY17 147 tenants of Number

GLA (sqm) GLA 43,038 43,038 15% 6 FY1

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

Discount rate (%) rate Discount 8.50

Capitalisation rate (%) rate Capitalisation 7.00

Dec-15 date Valuation

17% retail Non

Valuation (External) ($m) (External) Valuation 272.1

8% retail Other

2009 redevelopment Latest

20% Specialties

Centre first opened first Centre 1986

13% majors Mini

Date acquired Date 1997

icutdprmn trs 19% stores department Discount Ownership interest (%) interest Ownership 100

23% Supermarkets Centre type Centre Sub Regional Sub

State NSW

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

than 85 specialty stores. specialty 85 than

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

Lake Haven Shopping 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 Shopping 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 Shopping Centre Shopping Haven Lake

19 19 | 2015 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

and discount department stores. department discount and

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

Expressed on 100% basis. 100% on Expressed 1

7.0 (years) GLA by expiry lease average Weighted

99.0 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 11.2

7,875 ($) Specialty – MAT/sqm

6,827 ($) Total – MAT/sqm

FY20+ 27%

116.8 ($m) (MAT) turnover annual Moving

FY19 21%

1,036 spaces Car

FY18 12%

Big W, Woolworths W, Big Major tenants Major

9% FY17 52 tenants of Number

GLA (sqm) GLA 20,239 20,239 31% 6 FY1

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

Discount rate (%) rate Discount 8.00

Capitalisation rate (%) rate Capitalisation 7.75

Dec-15 date Valuation

Valuation (External) ($m) (External) Valuation 58.0

8% retail Non

2005 redevelopment Latest

21% Specialties

Centre first opened first Centre 1979

9% majors Mini

Date acquired Date 1994

icutdprmn trs 41% stores department Discount Ownership interest (%) interest Ownership 100

21% Supermarkets Centre type Centre Sub Regional Sub

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 35 specialty stores. specialty 35 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 the Albury CBD. CBD. Albury the 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 2015 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

and discount department stores. department discount and

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

Expressed on 100% basis. 100% on Expressed 1

5.7 (years) GLA by expiry lease average Weighted

99.4 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 15.9

6,666 ($) Specialty – MAT/sqm

11,809 ($) Total – MAT/sqm

FY20+ 21%

115.2 ($m) (MAT) turnover annual Moving

FY19 21%

403 spaces Car

FY18 17%

Aldi, Woolworths Aldi, Major tenants Major

12% FY17 38 tenants of Number

GLA (sqm) GLA 9,995 9,995 29% 6 FY1

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

Discount rate (%) rate Discount 8.00

Capitalisation rate (%) rate Capitalisation 6.50

Dec-15 date Valuation

Valuation (External) ($m) (External) Valuation 63.5

17% retail Non

2005 redevelopment Latest

7% retail Other

Centre first opened first Centre 1982

24% Specialties

Date acquired Date 2003

16% majors Mini Ownership interest (%) interest Ownership 50

36% Supermarkets Centre type Centre Neighbourhood

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 | 2015 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

and discount department stores. department discount and

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

Expressed on 100% basis. 100% on Expressed 1

12.0 (years) GLA by expiry lease average Weighted

99.6 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 10.2

7,001 ($) Specialty – MAT/sqm

4,081 ($) Total – MAT/sqm

FY20+ 54%

43.9 ($m) (MAT) turnover annual Moving

FY19 11%

655 spaces Car

FY18 19%

Kmart Major tenants Major

7% FY17 15 tenants of Number

GLA (sqm) GLA 12,944 12,944 9% 6 FY1

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

Discount rate (%) rate Discount 8.50

Capitalisation rate (%) rate Capitalisation 8.00

Dec-15 date Valuation

Valuation (External) ($m) (External) Valuation 20.0

2002 redevelopment Latest

7% retail Other

Centre first opened first Centre 1985

9% Specialties

Date acquired Date 2003

8% majors Mini Ownership interest (%) interest Ownership 100

icutdprmn trs 76% stores department Discount Centre type Centre Sub Regional Sub

State NSW

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

is underway, including the introduction of two new mini majors. mini new two of introduction the including underway, is

centre the of Refurbishment stores. specialty 10 than more includes and Kmart by anchored is It Newcastle. of

Maitland Hunter Mall is a single level Sub Regional shopping centre approximately 34 kilometres north-west north-west kilometres 34 approximately centre shopping Regional Sub level single a is Mall Hunter Maitland

maitlandhuntermall.com.au

405 High Street, Maitland NSW 2320 NSW Maitland Street, High 405 Maitland Hunter Mall Hunter Maitland

Direct Portfolio December 2015 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

and discount department stores. department discount and

Classified in accordance with SCCA guidelines, typically includes supermarkets, department stores stores department supermarkets, 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

97.3 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 11.4

11,290 ($) Specialty – MAT/sqm

10,189 ($) Total – MAT/sqm

FY20+ 21%

226.3 ($m) (MAT) turnover annual Moving

FY19 11%

861 spaces Car

FY18 16%

Coles, Kmart Coles, Major tenants Major

27% FY17 65 tenants of Number

GLA (sqm) GLA 23,625 23,625 25% 6 FY1

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

Discount rate (%) rate Discount 8.50

Capitalisation rate (%) rate Capitalisation 6.25

Dec-15 date Valuation

3% retail Non

Valuation (External) ($m) (External) Valuation 160.0

6% retail Other

1999 redevelopment Latest

21% Specialties

Centre first opened first Centre 1984

14% majors Mini

Date acquired Date 2003

icutdprmn trs 37% stores department Discount Ownership interest (%) interest Ownership 100

19% Supermarkets Centre type Centre Sub Regional Sub

State NSW

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

40 specialty stores. specialty 40

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

23 23 | 2015 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

and discount department stores. department discount and

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

Expressed on 100% basis. 100% on Expressed 1

5.4 (years) GLA by expiry lease average Weighted

98.5 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 18.0

8,541 ($) Specialty – MAT/sqm

5,334 ($) Total – MAT/sqm

FY20+ 13%

312.1 ($m) (MAT) turnover annual Moving

FY19 13%

3,200 spaces Car

FY18 12%

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

29% FY17 159 tenants of Number

GLA (sqm) GLA 61,692 61,692 34% 6 FY1

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

Discount rate (%) rate Discount 8.50

Capitalisation rate (%) rate Capitalisation 6.50

3% retail Non

Dec-15 date Valuation

1% retail Other

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

21% Specialties

2000 redevelopment Latest

10% majors Mini

Centre first opened first Centre 1965

40% stores Department

Date acquired Date 2003

icutdprmn trs 13% stores department Discount Ownership interest (%) interest Ownership 50

11% Supermarkets Centre type Centre Major Regional Major

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 110 specialty stores. specialty 110 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 Roselands Avenue, Roselands NSW 2196 NSW Roselands Avenue, Roselands 24 Roselands

Direct Portfolio December 2015 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

and discount department stores. department discount and

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

Expressed on 100% basis. 100% on Expressed 1

2.1 (years) GLA by expiry lease average Weighted

91.8 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 10.3

8,082 ($) Specialty – MAT/sqm

9,642 ($) Total – MAT/sqm

FY20+ 21%

59.3 ($m) (MAT) turnover annual Moving

FY19 25%

277 spaces Car

FY18 18%

Woolworths Major tenants Major

29% FY17 19 tenants of Number

GLA (sqm) GLA 7,241 7,241 7% 6 FY1

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

Discount rate (%) rate Discount 8.50

Capitalisation rate (%) rate Capitalisation 7.25

Dec-15 date Valuation

Valuation (Internal) ($m) (Internal) Valuation 32.5

2000 redevelopment Latest

6% retail Non

Centre first opened first Centre 1982

22% Specialties

Date acquired Date 2003

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

62% Supermarkets Centre type Centre Neighbourhood

State NSW

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

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

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

25 25 | 2015 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

and discount department stores. department discount and

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

Expressed on 100% basis. 100% on Expressed 1

7.8 (years) GLA by expiry lease average Weighted

96.8 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 8.3

9,074 ($) Specialty – MAT/sqm

7,581 ($) Total – MAT/sqm

FY20+ 50%

148.5 ($m) (MAT) turnover annual Moving

FY19 14%

918 spaces Car

FY18 4%

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

10% FY17 50 tenants of Number

GLA (sqm) GLA 21,329 21,329 22% 6 FY1

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

Discount rate (%) rate Discount 8.00

Capitalisation rate (%) rate Capitalisation 7.00

Dec-15 date Valuation

5% retail Non

Valuation (External) ($m) (External) Valuation 80.0

1% retail Other

2008 redevelopment Latest

20% Specialties

Centre first opened first Centre 1987

9% majors Mini

Date acquired Date 2003

icutdprmn trs 23% stores department Discount Ownership interest (%) interest Ownership 50

43% Supermarkets Centre type Centre Sub Regional Sub

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

the 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

Direct Portfolio December 2015 December Portfolio Direct Centres Vicinity | 26

Includes holdovers. Includes 4

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

and discount department stores. department discount and

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

Expressed on 100% basis. 100% on Expressed 1

4.7 (years) GLA by expiry lease average Weighted

93.7 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 12.9

6,093 ($) Specialty – MAT/sqm

6,352 ($) Total – MAT/sqm

FY20+ 40%

128.6 ($m) (MAT) turnover annual Moving

FY19 14%

980 spaces Car

FY18 6%

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

15% FY17 56 tenants of Number

GLA (sqm) GLA 23,040 23,040 25% 6 FY1

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

Discount rate (%) rate Discount 9.25

Capitalisation rate (%) rate Capitalisation 8.25

Dec-15 date Valuation

6% retail Non

Valuation (External) ($m) (External) Valuation 74.5

1% retail Other

2011 redevelopment Latest

21% Specialties

Centre first opened first Centre 1973

10% majors Mini

Date acquired Date 1998

icutdprmn trs 26% stores department Discount Ownership interest (%) interest Ownership 100

36% Supermarkets Centre type Centre Sub Regional Sub

State NSW

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

more than 45 specialty stores. specialty 45 than more

approximately 100 kilometres south of the Brisbane CBD. It is anchored by Target, Woolworths and Coles and includes includes and Coles and Woolworths Target, by anchored is It CBD. Brisbane the of south kilometres 100 approximately

Tweed Mall is a single level Sub Regional shopping centre located near the border of New South Wales and Queensland, Queensland, and Wales South New of border the near located centre shopping Regional Sub level single a is Mall Tweed

tweedmall.com.au

Corner Wharf and Bay Streets, Tweed Heads NSW 2485 NSW Heads Tweed Streets, Bay and Wharf Corner Tweed Mall Tweed

27 27 | 2015 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

and discount department stores. department discount and

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

Expressed on 100% basis. 100% on Expressed 1

12.1 (years) GLA by expiry lease average Weighted

99.9 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 16.8

9,133 ($) Specialty – MAT/sqm

7,807 ($) Total – MAT/sqm

FY20+ 37%

156.6 ($m) (MAT) turnover annual Moving

FY19 15%

860 spaces Car

FY18 9%

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

21% FY17 72 tenants of Number

GLA (sqm) GLA 20,810 20,810 19% 6 FY1

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

Discount rate (%) rate Discount 8.00

Capitalisation rate (%) rate Capitalisation 6.00

Dec-15 date Valuation

Valuation (External) ($m) (External) Valuation 220.0

2015 redevelopment Latest

4% retail Non

Centre first opened first Centre 1980

27% Specialties

Date acquired Date 1996

icutdprmn trs 39% stores department Discount Ownership interest (%) interest Ownership 50

29% Supermarkets Centre type Centre Sub Regional Sub

State NSW

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

three mini majors, the expansion of Woolworths, and 26 more specialty stores. Completion is expected in mid-2016. in expected is Completion stores. specialty more 26 and Woolworths, of expansion the majors, mini three

includes more than 55 specialty stores. Expansion of the centre commenced in 2015 and will include the addition of of addition the include will and 2015 in commenced centre the of Expansion stores. specialty 55 than more includes

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

Warriewood Square is a single level Sub Regional shopping centre located along Sydney's northern beaches, beaches, northern Sydney's along 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 Artist’s impression Artist’s

Direct Portfolio December 2015 December Portfolio Direct Centres Vicinity | 28

Includes holdovers. Includes 4

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

and discount department stores. department discount and

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

Expressed on 100% basis. 100% on Expressed 1

3.9 (years) GLA by expiry lease average Weighted

100.0 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 13.9

6,362 ($) Specialty – MAT/sqm

5,888 ($) Total – MAT/sqm

FY20+ 21%

90.4 ($m) (MAT) turnover annual Moving

FY19 20%

596 spaces Car

FY18 6%

Coles, Kmart Coles, Major tenants Major

30% FY17 45 tenants of Number

GLA (sqm) GLA 15,790 15,790 22% 6 FY1

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

Discount rate (%) rate Discount 8.50

Capitalisation rate (%) rate Capitalisation 7.50

Dec-15 date Valuation

Valuation (Internal) ($m) (Internal) Valuation 62.0

2% retail Non

2000 redevelopment Latest

26% Specialties

Centre first opened first Centre 1980

5% majors Mini

Date acquired Date 2005

icutdprmn trs 42% stores department Discount Ownership interest (%) interest Ownership 100

25% Supermarkets Centre type Centre Sub Regional Sub

State NSW

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

30 specialty stores. specialty 30

than more includes and Kmart and Coles by anchored is It Wales. South New and Victoria of border the near

Albury, of district commercial main the in located centre shopping Regional Sub level single a is Plaza End West

westendplaza.com.au

487 Kiewa Street, Albury NSW 2640 NSW Albury Street, Kiewa 487 West End Plaza End West

29 29 | 2015 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

and discount department stores. department discount and

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

Expressed on 100% basis. 100% on Expressed 1

2.5 (stars) rating Water NABERS

NABERS Energy rating (stars) rating Energy NABERS 3.5

7.8 (years) GLA by expiry lease average Weighted

98.0 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 13.5

6,685 ($) Specialty – MAT/sqm

4,497 ($) Total – MAT/sqm

294.3 ($m) (MAT) turnover annual Moving FY20+ 38%

2,366 spaces Car

FY19 11%

Kmart, Target, Woolworths Target, Kmart,

FY18 15%

Major tenants Major Scarfe, Harris Coles, W, Big

20% FY17 178 tenants of Number

GLA (sqm) GLA 76,120 76,120 15% 6 FY1

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

Discount rate (%) rate Discount 8.50

Capitalisation rate (%) rate Capitalisation 7.75

Dec-15 date Valuation

8% retail Non

Valuation (External) ($m) (External) Valuation 280.0

9% retail Other

2012 redevelopment Latest

21% Specialties

Centre first opened first Centre 1987

14% majors Mini

Date acquired Date 2005

icutdprmn trs 35% stores department Discount Ownership interest (%) interest Ownership 50

13% Supermarkets Centre type Centre Regional

State ACT

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

includes more than 120 specialty stores. specialty 120 than more includes

Canberra CBD. It is anchored by Target, Kmart, Coles, Woolworths, Big W, Harris Scarfe and Limelight Cinema and and Cinema Limelight and Scarfe Harris W, Big Woolworths, Coles, Kmart, Target, by anchored is It CBD. Canberra

Tuggeranong Hyperdome is a two level Regional shopping centre located approximately 23 kilometres south of the the of south kilometres 23 approximately located centre shopping Regional level two a is Hyperdome Tuggeranong

hyperdome.com.au

Corner Anketell and Reed Streets, Greenway NSW 2900 NSW Greenway Streets, Reed and Anketell Corner Tuggeranong Hyperdome Tuggeranong ● Wholly owned Jointly owned ▲ Managed only

Queensland

l Wholly owned ¢ Jointly owned

TAIGUM SQUARE

TOOMBUL

QUEENSPLAZA THE MYER CENTRE BRISBANE MILTON VILLAGE INDOOROOPILLY CENTRAL BURANDA VILLAGE

WHITSUNDAY PLAZA MT OMMANEY CENTRE MONIER VILLAGE

GOLDFIELDS PLAZA GYMPIE CENTRAL NORTH SHORE VILLAGE

BRISBANE CLIFFORD GARDENS GRAND PLAZA OXENFORD VILLAGE RUNAWAY BAY SHOPPING VILLAGE

30 | Vicinity Centres Direct Portfolio December 2015 QLD Page Buranda Village 33 Clifford Gardens Shopping Centre 34 Goldfields Plaza 35 Grand Plaza Shopping Centre 36 Gympie Central 37 Indooroopilly Central 38 Milton Village 39 Monier Village 40 Mt Ommaney Centre 41 North Shore Village 42 Oxenford Village 43 QueensPlaza 44 Runaway Bay Shopping Village 45 Taigum Square 46 The Myer Centre Brisbane 47 Toombul 48 Whitsunday Plaza 49

Mt Ommaney Centre, QLD

Vicinity Centres Direct Portfolio December 2015 | 31 QueensPlaza Queensland

Luxury retail destination

$22,000+ per sqm specialty store productivity

12.5 million customer visits annually

32 | Vicinity Centres Direct Portfolio December 2015

33 33 | 2015 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

and discount department stores. department discount and

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

Expressed on 100% basis. 100% on Expressed 1

6.0 (years) GLA by expiry lease average Weighted

98.7 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 12.8

8,320 ($) Specialty – MAT/sqm

7,051 ($) Total – MAT/sqm

FY20+ 31%

62.7 ($m) (MAT) turnover annual Moving

FY19 23%

504 spaces Car

FY18 12%

Target, Woolworths Target, Major tenants Major

4% FY17 35 tenants of Number

GLA (sqm) GLA 11,466 11,466 31% 6 FY1

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

Discount rate (%) rate Discount 8.00

Capitalisation rate (%) rate Capitalisation 6.75

Dec-15 date Valuation

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

2005 redevelopment Latest

22% retail Non

Centre first opened first Centre 1978

16% Specialties

Date acquired Date 2000

icutdprmn trs 36% stores department Discount Ownership interest (%) interest Ownership 100

26% Supermarkets Centre type Centre Sub Regional Sub

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 Target and includes more than 20 specialty stores. specialty 20 than more includes and Target and Woolworths 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

Direct Portfolio December 2015 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

and discount department stores. department discount and

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

Expressed on 100% basis. 100% on Expressed 1

NABERS Water rating (stars) rating Water NABERS 5.0

NABERS Energy rating (stars) rating Energy NABERS 3.5

9.0 (years) GLA by expiry lease average Weighted

99.4 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 13.0

9,493 ($) Specialty – MAT/sqm

7,643 ($) Total – MAT/sqm

FY20+ 21%

196.0 ($m) (MAT) turnover annual Moving

FY19 18%

1,600 spaces Car

FY18 15%

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

18% FY17 96 tenants of Number

GLA (sqm) GLA 27,877 27,877 29% 6 FY1

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

Discount rate (%) rate Discount 8.25

Capitalisation rate (%) rate Capitalisation 6.75

Dec-15 date Valuation

Valuation (External) ($m) (External) Valuation 188.0

8% retail Non

2009 redevelopment Latest

26% Specialties

Centre first opened first Centre 1983

6% majors Mini

Date acquired Date 2002

icutdprmn trs 29% stores department Discount Ownership interest (%) interest Ownership 100

31% Supermarkets Centre type Centre Sub Regional Sub

State QLD

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

west of the Brisbane CBD. It is anchored by Big W, Woolworths and Coles and includes more than 75 specialty stores. specialty 75 than more includes and Coles and Woolworths W, Big by anchored is It CBD. Brisbane the of west

Clifford Gardens Shopping Centre is a single level Sub Regional shopping centre located approximately 125 kilometres kilometres 125 approximately located centre shopping Regional Sub level single a is Centre Shopping Gardens Clifford

cliffordgardens.com.au

Corner James Street and Anzac Avenue, Toowoomba QLD 4350 QLD Toowoomba Avenue, Anzac and Street James Corner Clifford Gardens Shopping Centre Shopping Gardens Clifford

35 35 | 2015 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

and discount department stores. department discount and

Classified in accordance with SCCA guidelines, typically includes supermarkets, department stores stores department supermarkets, 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

97.1 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 8.3

9,029 ($) Specialty – MAT/sqm

8,848 ($) Total – MAT/sqm

FY20+ 46%

60.4 ($m) (MAT) turnover annual Moving

FY19 18%

437 spaces Car

FY18 3%

Coles Major tenants Major

26% FY17 19 tenants of Number

GLA (sqm) GLA 7,511 7,511 8% 6 FY1

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

Discount rate (%) rate Discount 8.50

Capitalisation rate (%) rate Capitalisation 7.50

Dec-15 date Valuation

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

2001 redevelopment Latest

9% retail Non

Centre first opened first Centre 1985

16% Specialties

Date acquired Date 2006

20% majors Mini Ownership interest (%) interest Ownership 100

56% Supermarkets Centre type Centre Neighbourhood

State QLD

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

Target and includes more than 15 specialty stores. specialty 15 than more includes and Target

Maroochydore CBD and approximately 167 kilometres north-west of the Brisbane CBD. It is anchored by Coles and and Coles by anchored is It CBD. Brisbane the of north-west kilometres 167 approximately and CBD Maroochydore

Goldfields Plaza is a single level Neighbourhood shopping centre located in Gympie, 83 kilometres north of the the of north kilometres 83 Gympie, in located centre shopping Neighbourhood level single a is Plaza Goldfields

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

Direct Portfolio December 2015 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

and discount department stores. department discount and

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

Expressed on 100% basis. 100% on Expressed 1

4.0 (stars) rating Water NABERS

NABERS Energy rating (stars) rating Energy NABERS 3.5

4.3 (years) GLA by expiry lease average Weighted

100.0 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 16.0

9,435 ($) Specialty – MAT/sqm

6,991 ($) Total – MAT/sqm

356.0 ($m) (MAT) turnover annual Moving FY20+ 27%

2,501 spaces Car

FY19 10%

Target, Woolworths Target,

FY18 23%

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

25% FY17 169 tenants of Number

GLA (sqm) GLA 53,453 53,453 15% 6 FY1

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

Discount rate (%) rate Discount 8.00

Capitalisation rate (%) rate Capitalisation 6.00

Dec-15 date Valuation

3% retail Non

Valuation (External) ($m) (External) Valuation 395.0

13% retail Other

2006 redevelopment Latest

23% Specialties

Centre first opened first Centre 1994

5% majors Mini

Date acquired Date 2002

icutdprmn trs 37% stores department Discount Ownership interest (%) interest Ownership 50

19% Supermarkets Centre type Centre Regional

State QLD

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

more than 110 specialty stores. specialty 110 than more

of the Brisbane CBD. It is anchored by Target, Big W, Woolworths, Coles, Kmart, Aldi and Event Cinemas and includes includes and Cinemas Event and Aldi Kmart, Coles, Woolworths, W, Big Target, by anchored is It CBD. Brisbane the of

Grand Plaza Shopping Centre is a single level Regional shopping centre located approximately 22 kilometres south south kilometres 22 approximately located centre shopping Regional level single a is Centre Shopping Plaza Grand

grandplaza.com.au

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

37 37 | 2015 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

and discount department stores. department discount and

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

Expressed on 100% basis. 100% on Expressed 1

6.3 (years) GLA by expiry lease average Weighted

97.7 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 10.1

10,132 ($) Specialty – MAT/sqm

8,694 ($) Total – MAT/sqm

FY20+ 30%

118.5 ($m) (MAT) turnover annual Moving

FY19 15%

752 spaces Car

FY18 7%

Big W, Woolworths W, Big Major tenants Major

36% FY17 47 tenants of Number

GLA (sqm) GLA 14,050 14,050 12% 6 FY1

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

Discount rate (%) rate Discount 8.25

Capitalisation rate (%) rate Capitalisation 6.50

Dec-15 date Valuation

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

2007 redevelopment Latest

2% retail Non

Centre first opened first Centre 1973

31% Specialties

Date acquired Date 2003

icutdprmn trs 41% stores department Discount Ownership interest (%) interest Ownership 100

26% Supermarkets Centre type Centre Sub Regional Sub

State QLD

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

and Big W and includes more than 35 specialty stores. specialty 35 than more includes and W Big and

Maroochydore CBD and approximately 166 kilometres north-west of the Brisbane CBD. It is anchored by Woolworths Woolworths by anchored is It CBD. Brisbane the of north-west kilometres 166 approximately and CBD Maroochydore

Gympie Central is a single level Sub Regional shopping centre located in Gympie, 82 kilometres north of the the of north kilometres 82 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

Direct Portfolio December 2015 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

and discount department stores. department discount and

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

Expressed on 100% basis. 100% on Expressed 1

10.7 (years) GLA by expiry lease average Weighted

100.0 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 10.2

6,668 ($) Specialty – MAT/sqm

3,963 ($) Total – MAT/sqm

FY20+ 40%

28.7 ($m) (MAT) turnover annual Moving

FY19 20%

253 spaces Car

FY18 28%

– Major tenants Major

0% FY17 25 tenants of Number

GLA (sqm) GLA 19,567 19,567 11% 6 FY1

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

Discount rate (%) rate Discount 8.50

Capitalisation rate (%) rate Capitalisation 7.25

Dec-15 date Valuation

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

N/A redevelopment Latest

56% retail Non

Centre first opened first Centre 1991

2% retail Other

Date acquired Date 2003

12% Specialties Ownership interest (%) interest Ownership 100

29% majors Mini Centre type Centre Bulky Goods Bulky

State QLD

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

The centre features home goods, automotive and convenience usages. convenience and automotive goods, home features centre The

Indooroopilly Central is a single level Bulky Goods centre located approximately 6 kilometres south-west of the Brisbane CBD. CBD. Brisbane the of south-west kilometres 6 approximately located centre Goods Bulky level single a is Central Indooroopilly

34 Coonan Street, Indooroopilly QLD 4068 QLD Indooroopilly Street, Coonan 34 Indooroopilly Central Indooroopilly

39 39 | 2015 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

and discount department stores. department discount and

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

Expressed on 100% basis. 100% on Expressed 1

3.3 (years) GLA by expiry lease average Weighted

96.2 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 11.7

12,257 ($) Specialty – MAT/sqm

16,758 ($) Total – MAT/sqm

FY20+ 62%

23.8 ($m) (MAT) turnover annual Moving

FY19 8%

138 spaces Car

FY18 13%

IGA Major tenants Major

0% FY17 23 tenants of Number

GLA (sqm) GLA 2,825 2,825 16% 6 FY1

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

Discount rate (%) rate Discount 8.75

Capitalisation rate (%) rate Capitalisation 7.00

Dec-15 date Valuation

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

N/A redevelopment Latest

48% retail Non

Centre first opened first Centre 1973

2% retail Other Date acquired Date 2000

33% Specialties Ownership interest (%) interest Ownership 100

18% Supermarkets Centre type Centre Neighbourhood

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 more than 15 specialty stores. specialty 15 than more includes and supermarket IGA an by anchored is It CBD. Brisbane the of west kilometres 3

approximately Milton, of suburb inner the in located centre shopping Neighbourhood level multi 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 2015 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

and discount department stores. department discount and

Classified in accordance with SCCA guidelines, typically includes supermarkets, department stores stores department supermarkets, 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

100.0 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 11.3

5,801 ($) Specialty – MAT/sqm

9,300 ($) Total – MAT/sqm

FY20+ 64%

48.1 ($m) (MAT) turnover annual Moving

FY19 25%

286 spaces Car

FY18 0%

Aldi, Woolworths Aldi, Major tenants Major

12% FY17 16 tenants of Number

GLA (sqm) GLA 5,595 5,595 0% 6 FY1

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

Discount rate (%) rate Discount 8.00

Capitalisation rate (%) rate Capitalisation 7.00

Dec-15 date Valuation

Valuation (External) ($m) (External) Valuation 20.3

2013 redevelopment Latest

Centre first opened first Centre 2004

34% retail Non Date acquired Date 2005

15% Specialties Ownership interest (%) interest Ownership 100

50% Supermarkets Centre type Centre Neighbourhood

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 Aldi and includes more than 10 specialty stores. specialty 10 than more includes and Aldi and Woolworths by anchored is It CBD. Brisbane

Monier Village is an open air Neighbourhood shopping centre located approximately 17 kilometres south-west of the the of south-west kilometres 17 approximately located centre shopping Neighbourhood air open an is Village Monier

166 Monier Road, Darra QLD 4076 QLD Darra Road, Monier 166 Monier Village Monier

41 41 | 2015 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

and discount department stores. department discount and

Classified in accordance with SCCA guidelines, typically includes supermarkets, department stores stores department supermarkets, 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

99.1 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 15.6

7,826 ($) Specialty – MAT/sqm

6,644 ($) Total – MAT/sqm

321.8 ($m) (MAT) turnover annual Moving FY20+ 26%

2,543 spaces Car

FY19 10%

Target, Woolworths Target,

FY18 14%

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

21% FY17 182 tenants of Number

GLA (sqm) GLA 56,352 56,352 30% 6 FY1

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

Discount rate (%) rate Discount 8.00

Capitalisation rate (%) rate Capitalisation 6.00

Dec-15 date Valuation

10% retail Non

Valuation (External) ($m) (External) Valuation 420.0

1% retail Other

2010 redevelopment Latest

28% Specialties

Centre first opened first Centre 1979

5% majors Mini

Date acquired Date 2014

icutdprmn trs 37% stores department Discount Ownership interest (%) interest Ownership 25

19% Supermarkets Centre type Centre Regional

State QLD

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

Brisbane CBD. It is anchored by Kmart, Big W, Target, Woolworths, Coles and Aldi and includes more than 120 specialty stores. specialty 120 than more includes and Aldi and Coles Woolworths, Target, W, Big Kmart, by anchored is It CBD. Brisbane

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

Direct Portfolio December 2015 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

and discount department stores. department discount and

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

Expressed on 100% basis. 100% on Expressed 1

3.3 (years) GLA by expiry lease average Weighted

95.0 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 16.9

5,157 ($) Specialty – MAT/sqm

14,926 ($) Total – MAT/sqm

FY20+ 82%

46.5 ($m) (MAT) turnover annual Moving

FY19 10%

274 spaces Car

FY18 7%

Coles Major tenants Major

0% FY17 14 tenants of Number

GLA (sqm) GLA 4,082 4,082 0% 6 FY1

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

Discount rate (%) rate Discount 8.25

Capitalisation rate (%) rate Capitalisation 6.50

Dec-15 date Valuation

Valuation (External) ($m) (External) Valuation 23.0

N/A redevelopment Latest

Centre first opened first Centre 2003

18% retail Non Date acquired Date 2005

17% Specialties Ownership interest (%) interest Ownership 100

66% Supermarkets Centre type Centre Neighbourhood

State QLD

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

111 kilometres north of the Brisbane CBD. It is anchored by Coles and includes more than 10 specialty stores. specialty 10 than more includes and Coles by anchored is It CBD. Brisbane the of north kilometres 111

approximately 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

43 43 | 2015 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

and discount department stores. department discount and

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

Expressed on 100% basis. 100% on Expressed 1

1.2 (years) GLA by expiry lease average Weighted

100.0 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 8.8

11,437 ($) Specialty – MAT/sqm

16,758 ($) Total – MAT/sqm

FY20+ 17%

73.2 ($m) (MAT) turnover annual Moving

FY19 22%

274 spaces Car

FY18 0%

Woolworths Major tenants Major

52% FY17 17 tenants of Number

GLA (sqm) GLA 5,808 5,808 9% 6 FY1

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

Discount rate (%) rate Discount 8.00

Capitalisation rate (%) rate Capitalisation 6.75

Dec-15 date Valuation

Valuation (Internal) ($m) (Internal) Valuation 28.0

N/A redevelopment Latest

25% retail Non

Centre first opened first Centre 2001

1% retail Other Date acquired Date 2003

17% Specialties Ownership interest (%) interest Ownership 100

57% Supermarkets Centre type Centre Neighbourhood

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 more than 10 specialty stores. specialty 10 than more 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

Direct Portfolio December 2015 December Portfolio Direct Centres Vicinity | 44

Includes holdovers. Includes 4

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

and discount department stores. department discount and

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

Expressed on 100% basis. 100% on Expressed 1

NABERS Water rating (stars) rating Water NABERS 1.5

NABERS Energy rating (stars) rating Energy NABERS 2.5

12.1 (years) GLA by expiry lease average Weighted

99.5 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 14.5

22,379 ($) Specialty – MAT/sqm

8,579 ($) Total – MAT/sqm

FY20+ 26%

307.1 ($m) (MAT) turnover annual Moving

FY19 20%

600 spaces Car

FY18 21%

Coles, David Jones David Coles, Major tenants Major

26% FY17 82 tenants of Number

GLA (sqm) GLA 39,062 39,062 7% 6 FY1

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

Discount rate (%) rate Discount 7.75

Capitalisation rate (%) rate Capitalisation 5.25

Dec-15 date Valuation

Valuation (Internal) ($m) (Internal) Valuation 705.0

8% retail Non

2008 redevelopment Latest

18% Specialties

Centre first opened first Centre 2005

1% majors Mini Date acquired Date 2001

69% stores Department Ownership interest (%) interest Ownership 100

4% Supermarkets Centre type Centre City Centre City

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 60 specialty stores. The centre features luxury retailers, including Chanel, Chanel, including retailers, luxury features centre The stores. specialty 60 than more includes and Central Coles and

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

queensplazashopping.com.au

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

45 45 | 2015 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

and discount department stores. department discount and

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

Expressed on 100% basis. 100% on Expressed 1

NABERS Water rating (stars) rating Water NABERS 3.0

NABERS Energy rating (stars) rating Energy NABERS 3.5

4.2 (years) GLA by expiry lease average Weighted

98.6 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 12.8

9,544 ($) Specialty – MAT/sqm

8,381 ($) Total – MAT/sqm

FY20+ 25%

294.9 ($m) (MAT) turnover annual Moving

FY19 16%

2,160 spaces Car

FY18 9%

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

23% FY17 133 tenants of Number

GLA (sqm) GLA 42,953 42,953 28% 6 FY1

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

Discount rate (%) rate Discount 8.25

Capitalisation rate (%) rate Capitalisation 6.25

Dec-15 date Valuation

16% retail Non

Valuation (External) ($m) (External) Valuation 270.0

2% retail Other

1995 redevelopment Latest

19% Specialties

Centre first opened first Centre 1974

7% majors Mini

Date acquired Date 2002

icutdprmn trs 33% stores department Discount Ownership interest (%) interest Ownership 50

24% Supermarkets 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 Woolworths, Coles, Aldi, Target and Big W and includes more than 80 specialty stores. specialty 80 than more includes and W Big and Target Aldi, Coles, Woolworths, by anchored is It Paradise. Surfers of

Runaway Bay Shopping Village is a single level Regional shopping centre located approximately 10 kilometres northwest kilometres 10 approximately located centre shopping Regional level single a is Village Shopping Bay Runaway

runawaybaycentre.com.au

10-12 Lae Drive, Runaway Bay QLD 4216 QLD Bay Runaway Drive, Lae 10-12 Runaway Bay Shopping Village Shopping Bay Runaway

Direct Portfolio December 2015 December Portfolio Direct Centres Vicinity | 46

Includes holdovers. Includes 4

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

and discount department stores. department discount and

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

Expressed on 100% basis. 100% on Expressed 1

4.7 (years) GLA by expiry lease average Weighted

98.3 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 13.4

6,187 ($) Specialty – MAT/sqm

6,062 ($) Total – MAT/sqm

FY20+ 48%

105.8 ($m) (MAT) turnover annual Moving

FY19 14%

1,048 spaces Car

FY18 10%

Best & Less, Big W, Woolworths W, Big Less, & Best Major tenants Major

17% FY17 72 tenants of Number

GLA (sqm) GLA 22,891 22,891 11% 6 FY1

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

Discount rate (%) rate Discount 8.75

Capitalisation rate (%) rate Capitalisation 7.00

Dec-15 date Valuation

21% retail Non

Valuation (Internal) ($m) (Internal) Valuation 89.2

0.2% retail Other

2001 redevelopment Latest

21% Specialties

Centre first opened first Centre 1982

12% majors Mini

Date acquired Date 1998

icutdprmn trs 30% stores department Discount Ownership interest (%) interest Ownership 100

17% Supermarkets Centre type Centre Sub Regional Sub

State QLD

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

19 kilometres north of the Brisbane CBD. It is anchored by Woolworths and Big W and includes more than 45 specialty stores. specialty 45 than more includes and W Big and Woolworths by anchored is It CBD. Brisbane the of north kilometres 19

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

47 47 | 2015 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

and discount department stores. department discount and

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

Expressed on 100% basis. 100% on Expressed 1

NABERS Energy rating (stars) rating Energy NABERS 2.0

9.8 (years) GLA by expiry lease average Weighted

99.4 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 21.5

11,023 ($) Specialty – MAT/sqm

5,613 ($) Total – MAT/sqm

FY20+ 15%

343.3 ($m) (MAT) turnover annual Moving

FY19 20%

1,450 spaces Car

FY18 25%

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

21% FY17 197 tenants of Number

GLA (sqm) GLA 63,744 63,744 19% 6 FY1

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

Discount rate (%) rate Discount 8.00

Capitalisation rate (%) rate Capitalisation 5.75

6% retail Non

Dec-15 date Valuation

5% retail Other

Valuation (External) ($m) (External) Valuation 790.0

20% Specialties

2006 redevelopment Latest

7% majors Mini

Centre first opened first Centre 1988

48% stores Department

Date acquired Date 1998

icutdprmn trs 11% stores department Discount Ownership interest (%) interest Ownership 50

3% Supermarkets Centre type Centre City Centre City

State QLD

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

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

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

Direct Portfolio December 2015 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

and discount department stores. department discount and

Classified in accordance with SCCA guidelines, typically includes supermarkets, department stores stores department supermarkets, 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

97.2 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 15.0

8,047 ($) Specialty – MAT/sqm

6,802 ($) Total – MAT/sqm

FY20+ 35%

235.3 ($m) (MAT) turnover annual Moving

FY19 13%

1,582 spaces Car

FY18 14%

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

21% FY17 129 tenants of Number

GLA (sqm) GLA 43,893 43,893 17% 6 FY1

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

Discount rate (%) rate Discount 8.50

Capitalisation rate (%) rate Capitalisation 6.75

Dec-15 date Valuation

12% retail Non

Valuation (External) ($m) (External) Valuation 228.3

8% retail Other

2011 redevelopment Latest

21% Specialties

Centre first opened first Centre 1967

14% majors Mini

Date acquired Date 2003

icutdprmn trs 35% stores department Discount Ownership interest (%) interest Ownership 100

10% Supermarkets Centre type Centre Regional

State QLD

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

It is anchored by Target, Kmart, Aldi, Coles and BCC Cinema complex and includes more than 95 specialty stores. specialty 95 than more includes and complex Cinema BCC and Coles Aldi, Kmart, Target, by anchored is It

Toombul is a two level Regional shopping centre located approximately 10 kilometres north-east of the Brisbane CBD. CBD. Brisbane the of north-east kilometres 10 approximately located centre shopping Regional level two a is Toombul

toombulcentre.com.au

1015 Sandgate Road, Nundah QLD 4012 QLD Nundah Road, Sandgate 1015 Toombul

49 49 | 2015 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

and discount department stores. department discount and

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

Expressed on 100% basis. 100% on Expressed 1

NABERS Energy rating (stars) rating Energy NABERS 4.5

5.9 (years) GLA by expiry lease average Weighted

98.9 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 7.7

9,989 ($) Specialty – MAT/sqm

5,699 ($) Total – MAT/sqm

FY20+ 38%

105.2 ($m) (MAT) turnover annual Moving

FY19 2%

1,149 spaces Car

FY18 16%

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

11% FY17 43 tenants of Number

GLA (sqm) GLA 22,198 22,198 34% 6 FY1

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

Discount rate (%) rate Discount 8.50

Capitalisation rate (%) rate Capitalisation 7.00

Dec-15 date Valuation

14% retail Non

Valuation (External) ($m) (External) Valuation 62.5

12% Specialties

N/A redevelopment Latest

26% majors Mini

Centre first opened first Centre 2006

8% stores Department

Date acquired Date 2005

icutdprmn trs 25% stores department Discount Ownership interest (%) interest Ownership 100

16% Supermarkets Centre type Centre Sub Regional Sub

State QLD

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

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

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

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 HILTON PLAZA KURRALTA CENTRAL

CASTLE PLAZA ADELAIDE

COLONNADES

50 | Vicinity Centres Direct Portfolio December 2015 SA Page Castle Plaza Shopping Centre 53 Colonnades 54 Elizabeth Shopping Centre 55 Hilton Plaza 56 Kurralta Central 57

Colonnades, SA

Vicinity Centres Direct Portfolio December 2015 | 51 Elizabeth Shopping Centre South Australia

$370 million valuation

80,000+ sqm gross lettable area

150+ specialty stores

52 | Vicinity Centres Direct Portfolio December 2015

53 | 2015 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

and discount department stores. department discount and

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

Expressed on 100% basis. 100% on Expressed 1

NABERS Water rating (stars) rating Water NABERS 3.5

NABERS Energy rating (stars) rating Energy NABERS 2.0

4.5 (years) GLA by expiry lease average Weighted

98.9 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 15.1

8,360 ($) Specialty – MAT/sqm

6,930 ($) Total – MAT/sqm

FY20+ 34%

145.3 ($m) (MAT) turnover annual Moving

FY19 14%

1,315 spaces Car

FY18 13%

Coles, Foodland, Target Foodland, Coles, Major tenants Major

17% FY17 75 tenants of Number

GLA (sqm) GLA 22,838 22,838 22% 6 FY1

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

Discount rate (%) rate Discount 8.50

Capitalisation rate (%) rate Capitalisation 7.00

Dec-15 date Valuation

7% retail Non

Valuation (External) ($m) (External) Valuation 168.9

7% retail Other

2000 redevelopment Latest

22% Specialties

Centre first opened first Centre 1987

11% majors Mini

Date acquired Date 2002

icutdprmn trs 35% stores department Discount Ownership interest (%) interest Ownership 100

18% Supermarkets Centre type Centre Sub Regional Sub

State SA

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

south-west of the Adelaide CBD. It is anchored by Target, Coles and Foodland and includes more than 55 specialty stores. specialty 55 than more includes and Foodland and Coles Target, by anchored is It CBD. Adelaide the of south-west

kilometres 6 approximately located centre shopping Regional Sub level single a is Centre Shopping Plaza Castle

castleplaza.com.au

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

Direct Portfolio December 2015 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

and discount department stores. department discount and

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

Expressed on 100% basis. 100% on Expressed 1

6.4 (years) GLA by expiry lease average Weighted

97.2 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 16.8

6,255 ($) Specialty – MAT/sqm

4,861 ($) Total – MAT/sqm

272.3 ($m) (MAT) turnover annual Moving FY20+ 23%

3,550 spaces Car

FY19 17%

Kmart, Myer, Woolworths Myer, Kmart,

FY18 15%

Major tenants Major Scarfe, Harris Coles, W, Big

28% FY17 165 tenants of Number

GLA (sqm) GLA 66,639 66,639 17% 6 FY1

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

Discount rate (%) rate Discount 8.25

Capitalisation rate (%) rate Capitalisation 7.00

12% retail Non

Dec-15 date Valuation

2% retail Other

Valuation (External) ($m) (External) Valuation 295.5

20% Specialties

2015 redevelopment Latest

16% majors Mini

Centre first opened first Centre 1979

7% stores Department

Date acquired Date 2003

icutdprmn trs 29% stores department Discount Ownership interest (%) interest Ownership 50

12% Supermarkets Centre type Centre Regional

State SA

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

addition of Aldi. of addition

more than 110 specialty stores. Scheduled for completion in March 2016, the upcoming redevelopment will see the the see will redevelopment upcoming the 2016, March in completion for Scheduled stores. specialty 110 than more

south of the Adelaide CBD. It is anchored by Myer, Big W, Kmart, Woolworths, Coles and Harris Scarfe and includes includes and Scarfe Harris and Coles Woolworths, 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

Lot 54 Beach Road, Noarlunga Centre SA 5168 SA Centre Noarlunga Road, Beach 54 Lot Colonnades

55 | 2015 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

and discount department stores. department discount and

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

Expressed on 100% basis. 100% on Expressed 1

5.0 (stars) rating Water NABERS

NABERS Energy rating (stars) rating Energy NABERS 3.5

5.8 (years) GLA by expiry lease average Weighted

99.6 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 16.9

7,226 ($) Specialty – MAT/sqm

5,647 ($) Total – MAT/sqm

348.3 ($m) (MAT) turnover annual Moving FY20+ 19%

3,228 spaces Car

FY19 8%

Target, Woolworths Target,

FY18 19%

Major tenants Major Scarfe, Harris Coles, W, Big

23% FY17 228 tenants of Number

GLA (sqm) GLA 80,417 80,417 31% 6 FY1

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

Discount rate (%) rate Discount 8.50

Capitalisation rate (%) rate Capitalisation 7.00

Dec-15 date Valuation

17% retail Non

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

7% retail Other

2005 redevelopment Latest

24% Specialties

Centre first opened first Centre 1960

12% majors Mini

Date acquired Date 1998

icutdprmn trs 29% stores department Discount Ownership interest (%) interest Ownership 100

11% Supermarkets Centre type Centre Regional

State SA

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

more than 150 specialty stores. specialty 150 than more

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

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

elizabethsc.com.au

50 Elizabeth Way, Elizabeth SA 5112 SA Elizabeth Way, Elizabeth 50 Elizabeth Shopping Centre Shopping Elizabeth

Direct Portfolio December 2015 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

and discount department stores. department discount and

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

Expressed on 100% basis. 100% on Expressed 1

2.5 (years) GLA by expiry lease average Weighted

96.4 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 10.0

7,599 ($) Specialty – MAT/sqm

10,649 ($) Total – MAT/sqm

FY20+ 13%

40.8 ($m) (MAT) turnover annual Moving

FY19 31%

228 spaces Car

FY18 20%

Woolworths Major tenants Major

19% FY17 12 tenants of Number

GLA (sqm) GLA 4,453 4,453 17% 6 FY1

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

Discount rate (%) rate Discount 8.00

Capitalisation rate (%) rate Capitalisation 7.00

Dec-15 date Valuation

Valuation (External) ($m) (External) Valuation 17.8

1998 redevelopment Latest

Centre first opened first Centre 1998

6% retail Non Date acquired Date 2003

18% Specialties Ownership interest (%) interest Ownership 100

76% Supermarkets Centre type Centre Neighbourhood

State SA

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

It is anchored by Woolworths and includes more than 10 specialty stores. specialty 10 than more includes and Woolworths by anchored is It

Hilton Plaza is a two level Neighbourhood shopping centre located approximately 3 kilometres west of the Adelaide CBD. CBD. Adelaide the of west kilometres 3 approximately located centre shopping Neighbourhood level two a is Plaza Hilton

Corner Sir Donald Bradman Drive and Bagot Avenue, Hilton SA 5033 SA Hilton Avenue, Bagot and Drive Bradman Donald Sir Corner Hilton Plaza Hilton

57 | 2015 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

and discount department stores. department discount and

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

Expressed on 100% basis. 100% on Expressed 1

5.2 (years) GLA by expiry lease average Weighted

100.0 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 13.7

7,654 ($) Specialty – MAT/sqm

7,270 ($) Total – MAT/sqm

FY20+ 30%

75.0 ($m) (MAT) turnover annual Moving

FY19 7%

548 spaces Car

FY18 19%

Coles, Kmart Coles, Major tenants Major

20% FY17 14 tenants of Number

GLA (sqm) GLA 10,675 10,675 24% 6 FY1

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

Discount rate (%) rate Discount 7.75

Capitalisation rate (%) rate Capitalisation 6.75

Dec-15 date Valuation

Valuation (External) ($m) (External) Valuation 36.8

2000 redevelopment Latest

3% retail Non

Centre first opened first Centre 1969

8% Specialties

Date acquired Date 2003

icutdprmn trs 66% stores department Discount Ownership interest (%) interest Ownership 100

22% Supermarkets Centre type Centre Sub Regional Sub

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 more than 10 specialty stores. specialty 10 than more 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 PARK BROADMEADOWS

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

DFO MOORABBIN

CRANBOURNE PARK BAYSIDE THE GATEWAY

MORNINGTON CENTRAL NORTHGATE EASTLANDS BENTONS SQUARE

HOBART

58 | Vicinity Centres Direct Portfolio December 2015 VIC Page Altona Gate Shopping Centre 61 Bayside Shopping Centre 62 Belmont Village 63 Bentons Square 64 Box Hill Central (North Precinct) 65 Box Hill Central (South Precinct) 66 Brandon Park 67 Brimbank Shopping Centre 68 Broadmeadows Shopping Centre 69 Chadstone Shopping Centre 70 Corio Shopping Centre 71 Cranbourne Park 72 DFO Essendon 73 DFO Moorabbin 74 DFO South Wharf 75 Emporium Melbourne 76 Forest Hill Chase 77 Mornington Central 78 Myer Bourke Street 79 Northland Shopping Centre 80 Oakleigh Central 81 Roxburgh Park Shopping Centre 82 Sunshine Marketplace 83 The Gateway 84 The Glen 85 Victoria Gardens Shopping Centre 86 Wodonga Plaza 87

TAS Eastlands Shopping Centre 88 Northgate Shopping Centre 89

Chadstone Shopping Centre, VIC

Vicinity Centres Direct Portfolio December 2015 | 59 Emporium Melbourne Victoria

8 level world-class retail experience

200+ premium retailers

1,100 seat café court

60 | Vicinity Centres Direct Portfolio December 2015

61 61 | 2015 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

and discount department stores. department discount and

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

Expressed on 100% basis. 100% on Expressed 1

NABERS Water rating (stars) rating Water NABERS 4.5

NABERS Energy rating (stars) rating Energy NABERS 3.0

3.8 (years) GLA by expiry lease average Weighted

99.4 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 14.8

7,071 ($) Specialty – MAT/sqm

6,003 ($) Total – MAT/sqm

FY20+ 21%

144.4 ($m) (MAT) turnover annual Moving

FY19 13%

1,622 spaces Car

FY18 25%

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

24% FY17 90 tenants of Number

GLA (sqm) GLA 26,284 26,284 17% 6 FY1

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

Discount rate (%) rate Discount 9.00

Capitalisation rate (%) rate Capitalisation 7.50

Dec-15 date Valuation

7% retail Non

Valuation (External) ($m) (External) Valuation 91.0

3% retail Other

2014 redevelopment Latest

24% Specialties

Centre first opened first Centre 1977

16% majors Mini

Date acquired Date 1994

icutdprmn trs 30% stores department Discount Ownership interest (%) interest Ownership 100

20% Supermarkets Centre type Centre Sub Regional Sub

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

Direct Portfolio December 2015 December Portfolio Direct Centres Vicinity | 62

Includes holdovers. Includes 4

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

and discount department stores. department discount and

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

Expressed on 100% basis. 100% on Expressed 1

5.0 (stars) rating Water NABERS

NABERS Energy rating (stars) rating Energy NABERS 3.5

5.6 (years) GLA by expiry lease average Weighted

100.0 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 17.6

7,057 ($) Specialty – MAT/sqm

4,904 ($) Total – MAT/sqm

407.8 ($m) (MAT) turnover annual Moving FY20+ 25%

3,448 spaces Car

FY19 9%

Toys "R" Us, Woolworths Us, "R" Toys

FY18 20%

Major tenants Major Target, Myer, Kmart, Coles, Aldi,

24% FY17 266 tenants of Number

GLA (sqm) GLA 88,899 88,899 22% 6 FY1

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

Discount rate (%) rate Discount 8.50

Capitalisation rate (%) rate Capitalisation 6.25

4% retail Non

Dec-15 date Valuation

10% retail Other

Valuation (Internal) ($m) (Internal) Valuation 560.0

27% Specialties

2011 redevelopment Latest

13% majors Mini

Centre first opened first Centre 1971

19% stores Department

Date acquired Date 1994

icutdprmn trs 16% stores department Discount Ownership interest (%) interest Ownership 100

11% Supermarkets Centre type Centre Major Regional Major

State VIC

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

provide a new dining experience with child friendly facilities. friendly child with experience dining new a provide

Aldi and Hoyts and includes more than 190 specialty stores. The ground level food court was recently upgraded to to upgraded recently was court food level ground The stores. specialty 190 than more includes and Hoyts and Aldi

approximately 50 kilometres south of the Melbourne CBD. It is anchored by Myer, Target, Kmart, Coles, Woolworths, Woolworths, Coles, Kmart, Target, Myer, by anchored is It CBD. Melbourne the of south kilometres 50 approximately

Bayside Shopping Centre is a three level Major Regional shopping centre located in the heart of Frankston, Frankston, of heart the in located centre shopping Regional Major level three a is Centre Shopping Bayside

baysidesc.com.au

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

63 63 | 2015 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

and discount department stores. department discount and

Classified in accordance with SCCA guidelines, typically includes supermarkets, department stores stores department supermarkets, 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

Specialty occupancy cost (%) cost occupancy Specialty 14.5

6,433 ($) Specialty – MAT/sqm

6,694 ($) Total – MAT/sqm

FY20+ 51%

93.1 ($m) (MAT) turnover annual Moving

FY19 17%

570 spaces Car

FY18 17%

Coles, Kmart Coles, Major tenants Major

15% FY17 18 tenants of Number

GLA (sqm) GLA 14,029 14,029 0% 6 FY1

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

Discount rate (%) rate Discount 8.00

Capitalisation rate (%) rate Capitalisation 6.75

Dec-15 date Valuation

Valuation (External) ($m) (External) Valuation 46.3

1% retail Non

1970 redevelopment Latest

6% retail Other

Centre first opened first Centre 1970

10% Specialties

Date acquired Date 2003

icutdprmn trs 60% stores department Discount Ownership interest (%) interest Ownership 100

24% Supermarkets Centre type Centre Sub Regional Sub

State VIC

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

of the Melbourne CBD. It is anchored by Kmart and Coles and includes more than 10 specialty stores. specialty 10 than more includes and Coles and Kmart by anchored is It CBD. Melbourne 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

Direct Portfolio December 2015 December Portfolio Direct Centres Vicinity | 64

Includes holdovers. Includes 4

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

and discount department stores. department discount and

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

Expressed on 100% basis. 100% on Expressed 1

8.8 (years) GLA by expiry lease average Weighted

94.6 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 12.7

7,140 ($) Specialty – MAT/sqm

15,097 ($) Total – MAT/sqm

FY20+ 49%

133.3 ($m) (MAT) turnover annual Moving

FY19 13%

534 spaces Car

FY18 20%

Woolworths Major tenants Major

3% FY17 40 tenants of Number

GLA (sqm) GLA 10,029 10,029 15% 6 FY1

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

Discount rate (%) rate Discount 8.25

Capitalisation rate (%) rate Capitalisation 6.25

Dec-15 date Valuation

Valuation (External) ($m) (External) Valuation 77.3

8% retail Non

2009 redevelopment Latest

1% retail Other

Centre first opened first Centre 2002

34% Specialties

Date acquired Date 2014

13% majors Mini Ownership interest (%) interest Ownership 50

45% Supermarkets Centre type Centre Neighbourhood

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

65 65 | 2015 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

and discount department stores. department discount and

Classified in accordance with SCCA guidelines, typically includes supermarkets, department stores stores department supermarkets, 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

100.0 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 16.8

5,856 ($) Specialty – MAT/sqm

6,866 ($) Total – MAT/sqm

FY20+ 33%

82.1 ($m) (MAT) turnover annual Moving

FY19 26%

901 spaces Car

FY18 12%

Coles, Harris Scarfe Scarfe Harris Coles, Major tenants Major

12% FY17 82 tenants of Number

GLA (sqm) GLA 14,586 14,586 16% 6 FY1

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

Discount rate (%) rate Discount 8.25

Capitalisation rate (%) rate Capitalisation 7.25

Dec-15 date Valuation

17% retail Non

Valuation (Internal) ($m) (Internal) Valuation 76.0

4% retail Other

2007 redevelopment Latest

33% Specialties

Centre first opened first Centre 1975

6% majors Mini

Date acquired Date 2001

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

23% Supermarkets Centre type Centre Sub Regional Sub

State VIC

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

and includes more than 40 specialty stores. specialty 40 than more includes and

(South Precinct), approximately 15 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 15 approximately Precinct), (South

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

Direct Portfolio December 2015 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

and discount department stores. department discount and

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

Expressed on 100% basis. 100% on Expressed 1

7.3 (years) GLA by expiry lease average Weighted

98.3 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 15.3

8,876 ($) Specialty – MAT/sqm

6,946 ($) Total – MAT/sqm

FY20+ 41%

145.5 ($m) (MAT) turnover annual Moving

FY19 15%

1,516 spaces Car

FY18 17%

Big W, Woolworths W, Big Major tenants Major

14% FY17 114 tenants of Number

GLA (sqm) GLA 23,390 23,390 13% 6 FY1

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

Discount rate (%) rate Discount 8.25

Capitalisation rate (%) rate Capitalisation 7.00

Dec-15 date Valuation

Valuation (External) ($m) (External) Valuation 155.0

11% retail Non

2010 redevelopment Latest

34% Specialties

Centre first opened first Centre 1987

4% majors Mini

Date acquired Date 2000

icutdprmn trs 35% stores department Discount Ownership interest (%) interest Ownership 100

17% Supermarkets Centre type Centre Sub Regional Sub

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

adjacent to Box Hill Central (North Precinct), approximately 14 kilometres east of the Melbourne CBD. It is anchored anchored is It CBD. Melbourne the of east kilometres 14 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

67 67 | 2015 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

and discount department stores. department discount and

Classified in accordance with SCCA guidelines, typically includes supermarkets, department stores stores department supermarkets, 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

99.4 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 17.8

5,807 ($) Specialty – MAT/sqm

6,769 ($) Total – MAT/sqm

FY20+ 32%

130.1 ($m) (MAT) turnover annual Moving

FY19 25%

1,400 spaces Car

FY18 9%

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

13% FY17 89 tenants of Number

GLA (sqm) GLA 22,944 22,944 21% 6 FY1

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

Discount rate (%) rate Discount 9.00

Capitalisation rate (%) rate Capitalisation 7.50

Dec-15 date Valuation

18% retail Non

Valuation (External) ($m) (External) Valuation 116.4

2% retail Other

2003 redevelopment Latest

24% Specialties

Centre first opened first Centre 1970

9% majors Mini

Date acquired Date 2003

icutdprmn trs 31% stores department Discount Ownership interest (%) interest Ownership 50

16% Supermarkets Centre type Centre Sub Regional Sub

State VIC

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

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

Direct Portfolio December 2015 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

and discount department stores. department discount and

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

Expressed on 100% basis. 100% on Expressed 1

NABERS Energy rating (stars) rating Energy NABERS 2.5

4.8 (years) GLA by expiry lease average Weighted

99.5 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 16.7

5,501 ($) Specialty – MAT/sqm

5,377 ($) Total – MAT/sqm

FY20+ 38%

180.7 ($m) (MAT) turnover annual Moving

FY19 15%

1,650 spaces Car

FY18 18%

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

8% FY17 125 tenants of Number

GLA (sqm) GLA 37,906 37,906 20% 6 FY1

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

Discount rate (%) rate Discount 8.50

Capitalisation rate (%) rate Capitalisation 7.25

Dec-15 date Valuation

7% retail Non

Valuation (External) ($m) (External) Valuation 165.2

5% retail Other

2012 redevelopment Latest

23% Specialties

Centre first opened first Centre 1979

10% majors Mini

Date acquired Date 2002

icutdprmn trs 19% stores department Discount Ownership interest (%) interest Ownership 100

35% Supermarkets Centre type Centre Sub Regional Sub

State VIC

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

80 specialty stores. specialty 80

than more includes and Aldi and Target Coles, Woolworths, by anchored is It CBD. Melbourne the of north-west

kilometres 17 approximately located centre shopping Regional Sub level single a is Centre Shopping Brimbank

brimbankcentral.com.au

Corner Neale and Station Roads, Deer Park VIC 3023 VIC Park Deer Roads, Station and Neale Corner Brimbank Shopping Centre Shopping Brimbank

69 69 | 2015 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

and discount department stores. department discount and

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

Expressed on 100% basis. 100% on Expressed 1

NABERS Water rating (stars) rating Water NABERS 3.0

NABERS Energy rating (stars) rating Energy NABERS 2.0

4.7 (years) GLA by expiry lease average Weighted

100.0 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 19.0

5,882 ($) Specialty – MAT/sqm

4,874 ($) Total – MAT/sqm

FY20+ 35%

267.5 ($m) (MAT) turnover annual Moving

FY19 22%

3,051 spaces Car

FY18 18%

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

16% FY17 196 tenants of Number

GLA (sqm) GLA 61,513 61,513 9% 6 FY1

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

Discount rate (%) rate Discount 8.25

Capitalisation rate (%) rate Capitalisation 6.75

Dec-15 date Valuation

6% retail Non

Valuation (Internal) ($m) (Internal) Valuation 333.3

10% retail Other

2011 redevelopment Latest

26% Specialties

Centre first opened first Centre 1974

18% majors Mini

Date acquired Date 1994

icutdprmn trs 25% stores department Discount Ownership interest (%) interest Ownership 100

15% Supermarkets Centre type Centre Regional

State VIC

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

'Quiet Room', Victoria's first digital interactive playground, and Wi-Fi for shopping convenience. shopping for Wi-Fi and playground, interactive digital first Victoria's Room', 'Quiet

Hoyts Cinema and includes more than 140 specialty stores. The centre features family friendly amenities such as the the as such amenities friendly family features centre The stores. specialty 140 than more includes and Cinema Hoyts

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

Broadmeadows Shopping Centre is a single level Regional shopping centre with a Homemaker Centre located located Centre Homemaker a 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 2015 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

and discount department stores. department discount and

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

Expressed on 100% basis. 100% on Expressed 1

NABERS Energy rating (stars) rating Energy NABERS 4.0

5.6 (years) GLA by expiry lease average Weighted

99.8 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 16.0

18,035 ($) Specialty – MAT/sqm

11,039 ($) Total – MAT/sqm

1,451.1 ($m) (MAT) turnover annual Moving FY20+ 30%

9,330 spaces Car

FY19 10%

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

FY18 10%

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

22% FY17 432 tenants of Number

GLA (sqm) GLA 154,218 154,218 29% 6 FY1

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

Discount rate (%) rate Discount 7.50

Capitalisation rate (%) rate Capitalisation 4.75

12% retail Non

Dec-15 date Valuation

1% retail Other

Valuation (External) ($m) (External) Valuation 4,200.0

28% Specialties

2015 redevelopment Latest

18% majors Mini

Centre first opened first Centre 1960

25% stores Department

Date acquired Date 1994

icutdprmn trs 8% stores department Discount Ownership interest (%) interest Ownership 50

7% Supermarkets Centre type Centre Super Regional Super

State VIC

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

and entertainment precinct. entertainment and

$622 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 $622

a undergoing is Chadstone stores. specialty 400 than more includes and GAP and Group William-Sonoma Zara,

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

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

chadstone.com.au

1341 Dandenong Road, Chadstone VIC 3148 VIC Chadstone Road, Dandenong 1341 Chadstone Shopping Centre Shopping Chadstone

71 71 | 2015 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

and discount department stores. department discount and

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

Expressed on 100% basis. 100% on Expressed 1

NABERS Water rating (stars) rating Water NABERS 3.0

NABERS Energy rating (stars) rating Energy NABERS 4.0

4.7 (years) GLA by expiry lease average Weighted

99.4 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 15.9

5,500 ($) Specialty – MAT/sqm

6,356 ($) Total – MAT/sqm

FY20+ 30%

159.4 ($m) (MAT) turnover annual Moving

FY19 16%

1,530 spaces Car

FY18 14%

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

22% FY17 120 tenants of Number

GLA (sqm) GLA 31,330 31,330 19% 6 FY1

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

Discount rate (%) rate Discount 8.50

Capitalisation rate (%) rate Capitalisation 7.50

Dec-15 date Valuation

18% retail Non

Valuation (External) ($m) (External) Valuation 126.0

1% retail Other

2005 redevelopment Latest

27% Specialties

Centre first opened first Centre 1973

9% majors Mini

Date acquired Date 2002

icutdprmn trs 19% stores department Discount Ownership interest (%) interest Ownership 100

26% Supermarkets Centre type Centre Sub Regional Sub

State VIC

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

includes more than 75 specialty stores. specialty 75 than more includes

approximately 60 kilometres south-west of the Melbourne CBD. It is anchored by Kmart, Coles and Woolworths and and Woolworths and Coles Kmart, by anchored is It CBD. Melbourne the of south-west kilometres 60 approximately

Corio Shopping Centre is a two level Sub Regional shopping centre located 8 kilometres north of Geelong's CBD or, or, CBD Geelong's of north kilometres 8 located centre shopping Regional Sub level two a is Centre Shopping Corio

coriocentral.com.au

Corner Bacchus Marsh and Purnell Roads, Corio VIC 3214 VIC Corio Roads, Purnell and Marsh Bacchus Corner Corio Shopping Centre Shopping Corio

Direct Portfolio December 2015 December Portfolio Direct Centres Vicinity | 72

Redeveloped during 2015. during Redeveloped 5

Includes holdovers. Includes 4

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

and discount department stores. department discount and

Classified in accordance with SCCA guidelines, typically includes supermarkets, department stores stores department supermarkets, 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

99.5 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty N/A

5 3

N/A ($) Specialty – MAT/sqm

N/A ($) Total – MAT/sqm

N/A ($m) (MAT) turnover annual Moving

FY20+ 74% 5

1,700 spaces Car

FY19 3%

Kmart, Target, Woolworths Target, Kmart,

FY18 10%

Major tenants Major Scarfe, Harris Coles,

7% FY17 141 tenants of Number

GLA (sqm) GLA 46,981 46,981 6% 6 FY1

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

Discount rate (%) rate Discount 8.00

Capitalisation rate (%) rate Capitalisation 6.25

Dec-15 date Valuation

11% retail Non

Valuation (External) ($m) (External) Valuation 280.0

1% retail Other

2015 redevelopment Latest

25% Specialties

Centre first opened first Centre 1979

19% majors Mini

Date acquired Date 2000

icutdprmn trs 28% stores department Discount Ownership interest (%) interest Ownership 50

17% Supermarkets Centre type Centre Regional

State VIC

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

90 specialty stores. Expansion of the centre was completed in late 2015 to include a new casual dining precinct. dining casual new a include to 2015 late in completed was centre the of Expansion stores. specialty 90

than more includes and Scarfe Harris and Woolworths Kmart, Target, Coles, by anchored is It CBD. Melbourne 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

73 73 | 2015 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

and discount department stores. department discount and

Classified in accordance with SCCA guidelines, typically includes supermarkets, department stores stores department supermarkets, 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

Weighted average lease expiry by GLA (years) GLA by expiry lease average Weighted 2.6

Occupancy rate by GLA (%) GLA by rate Occupancy 96.7

Specialty occupancy cost (%) cost occupancy Specialty 11.2

3,5

MAT/sqm – Specialty ($) Specialty – MAT/sqm 8,845

MAT/sqm – Total ($) Total – MAT/sqm 8,612

5 FY20+ 35%

219.8 ($m) (MAT) turnover annual Moving

FY19 16%

2,137 spaces Car

FY18 15%

– Major tenants Major

16% FY17 122 tenants of Number

GLA (sqm) GLA 52,512 18% 6 FY1

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

Discount rate (%) rate Discount 9.00

Capitalisation rate (%) rate Capitalisation 7.00

Dec-15 date Valuation

Valuation (External) ($m) (External) Valuation 161.5

2006 redevelopment Latest

Centre first opened first Centre 2005

1% retail Non

Date acquired Date 2010

90% Specialties Ownership interest (%) interest Ownership 100

10% majors Mini Centre type Centre Outlet Centre Outlet

State VIC

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

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

The centre comprises more than 100 outlet stores, including Polo Ralph Lauren, Hugo Boss, Oroton Factory and Coach. Coach. and Factory Oroton Boss, Hugo Lauren, Ralph Polo including stores, outlet 100 than more comprises centre The

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 2015 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

and discount department stores. department discount and

Classified in accordance with SCCA guidelines, typically includes supermarkets, department stores stores department supermarkets, 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

Specialty occupancy cost (%) cost occupancy Specialty 11.8

6,205 ($) Specialty – MAT/sqm

5,754 ($) Total – MAT/sqm

FY20+ 23%

139.7 ($m) (MAT) turnover annual Moving

FY19 17%

1,373 spaces Car

FY18 17%

– Major tenants Major

28% FY17 141 tenants of Number

GLA (sqm) GLA 24,509 24,509 16% 6 FY1

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

Discount rate (%) rate Discount 9.25

Capitalisation rate (%) rate Capitalisation 7.75

Dec-15 date Valuation

Valuation (Internal) ($m) (Internal) Valuation 110.5

2007 redevelopment Latest

Centre first opened first Centre 1994

Date acquired Date 2010

81% Specialties Ownership interest (%) interest Ownership 100

19% majors Mini Centre type Centre Outlet Centre Outlet

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 stores including Adidas, Lindt Outlet, Puma, Fila, Marcs and Oroton Factory. Oroton and Marcs Fila, Puma, Outlet, Lindt Adidas, including stores 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

75 75 | 2015 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

and discount department stores. department discount and

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

Expressed on 100% basis. 100% on Expressed 1

2.0 (stars) rating Energy NABERS

Weighted average lease expiry by GLA (years) GLA by expiry lease average Weighted 3.4

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

Specialty occupancy cost (%) cost occupancy Specialty 10.5

3,5

MAT/sqm – Specialty ($) Specialty – MAT/sqm 8,811

MAT/sqm – Total ($) Total – MAT/sqm 9,069

5 FY20+ 48%

347.2 ($m) (MAT) turnover annual Moving

FY19 7%

3,002 spaces Car

FY18 18%

– Major tenants Major

16% FY17 171 tenants of Number

GLA (sqm) GLA 54,559 10% 6 FY1

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

Discount rate (%) rate Discount 9.00

Capitalisation rate (%) rate Capitalisation 6.50

Dec-15 date Valuation

Valuation (External) ($m) (External) Valuation 433.3

2013 redevelopment Latest

Centre first opened first Centre 2009

1% retail Non

Date acquired Date 2010

66% Specialties Ownership interest (%) interest Ownership 75

34% majors Mini Centre type Centre Outlet Centre Outlet

State VIC

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

20 large format stores. format large 20

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

Docklands. The centre comprises more than 140 outlet stores including Armani Outlet, Michael Kors and Kate Spade Spade Kate and Kors Michael Outlet, Armani including stores outlet 140 than more comprises centre The Docklands.

DFO South Wharf is a two level Outlet Centre located in the south-western fringe of Melbourne's CBD, adjacent to to adjacent CBD, Melbourne's of fringe south-western the in 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 2015 December Portfolio Direct Centres Vicinity | 76

Includes holdovers. Includes 4

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

and discount department stores. department discount and

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

Expressed on 100% basis. 100% on Expressed 1

5.2 (years) GLA by expiry lease average Weighted

100.0 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 17.0

12,831 ($) Specialty – MAT/sqm

9,766 ($) Total – MAT/sqm

FY20+ 66%

436.2 ($m) (MAT) turnover annual Moving

FY19 31%

– spaces Car

FY18 1%

Myer Major tenants Major

2% FY17 233 tenants of Number

GLA (sqm) GLA 45,315 45,315 0% 6 FY1

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

Discount rate (%) rate Discount 7.75

Capitalisation rate (%) rate Capitalisation 5.00

Dec-15 date Valuation

Valuation (Internal) ($m) (Internal) Valuation 1,040.0

1% retail Non

2014 redevelopment Latest

3% retail Other

Centre first opened first Centre 2014

56% Specialties

Date acquired Date 2007

24% majors Mini Ownership interest (%) interest Ownership 50

15% stores Department Centre type Centre City Centre City

State VIC

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

fashion, culture, food and art. and food culture, fashion,

flagship stores and includes more than 200 international and specialty stores. The centre is an experience integrating integrating experience an is centre The stores. specialty and international 200 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

77 77 | 2015 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

and discount department stores. department discount and

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

Expressed on 100% basis. 100% on Expressed 1

2.5 (stars) rating Water NABERS

NABERS Energy rating (stars) rating Energy NABERS 4.0

4.9 (years) GLA by expiry lease average Weighted

99.3 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 17.1

6,651 ($) Specialty – MAT/sqm

5,498 ($) Total – MAT/sqm

304.2 ($m) (MAT) turnover annual Moving FY20+ 27%

3,290 spaces Car

FY19 17%

Target, Woolworths Target,

FY18 19%

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

23% FY17 192 tenants of Number

GLA (sqm) GLA 63,081 63,081 14% 6 FY1

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

Discount rate (%) rate Discount 8.25

Capitalisation rate (%) rate Capitalisation 7.25

Dec-15 date Valuation

10% retail Non

Valuation (External) ($m) (External) Valuation 269.8

11% retail Other

2013 redevelopment Latest

22% Specialties

Centre first opened first Centre 1964

14% majors Mini

Date acquired Date 2005

icutdprmn trs 27% stores department Discount Ownership interest (%) interest Ownership 100

15% Supermarkets Centre type Centre Regional

State VIC

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

more than 130 specialty stores. specialty 130 than more

of the Melbourne CBD. It is anchored by Coles, Woolworths, Big W, Target, Aldi, Hoyts and AMF Bowling and includes includes and Bowling AMF and Hoyts Aldi, Target, W, Big Woolworths, Coles, by anchored is It CBD. Melbourne the of

Forest Hill Chase Shopping Centre is a three level Regional shopping centre located approximately 20 kilometres east east kilometres 20 approximately located centre shopping Regional level three a is Centre Shopping Chase Hill Forest

foresthillchase.com.au

270 Canterbury Road, Forest Hill VIC 3131 VIC Hill Forest Road, Canterbury 270 Forest Hill Chase Hill Forest

Direct Portfolio December 2015 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

and discount department stores. department discount and

Classified in accordance with SCCA guidelines, typically includes supermarkets, department stores stores department supermarkets, 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

99.2 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 13.4

9,832 ($) Specialty – MAT/sqm

8,723 ($) Total – MAT/sqm

FY20+ 29%

101.1 ($m) (MAT) turnover annual Moving

FY19 25%

505 spaces Car

FY18 23%

Coles, Target Coles, Major tenants Major

17% FY17 36 tenants of Number

GLA (sqm) GLA 11,686 11,686 6% 6 FY1

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

Discount rate (%) rate Discount 8.75

Capitalisation rate (%) rate Capitalisation 6.50

Dec-15 date Valuation

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

N/A redevelopment Latest

Centre first opened first Centre 2000

24% Specialties

Date acquired Date 1999

icutdprmn trs 47% stores department Discount Ownership interest (%) interest Ownership 100

28% Supermarkets Centre type Centre Sub Regional Sub

State VIC

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

25 specialty stores. specialty 25

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

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

79 79 | 2015 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

and discount department stores. department discount and

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

Expressed on 100% basis. 100% on Expressed 1

– (years) GLA by expiry lease average Weighted

100.0 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty –

– ($) Specialty – MAT/sqm

– ($) Total – MAT/sqm

– ($m) (MAT) turnover annual Moving

– spaces Car

Myer Major tenants Major

1 tenants of Number GLA (sqm) GLA

38,730

Property metrics Property

Discount rate (%) rate Discount 7.75

Capitalisation rate (%) rate Capitalisation 5.50

Dec-15 date Valuation

Valuation (External) ($m) (External) Valuation 396.0

2011 redevelopment Latest

Centre first opened first Centre 1914

Date acquired Date 2007

Ownership interest (%) interest Ownership 33.3

100% stores Department Centre type Centre City Centre City

State VIC

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

in March 2011. Multi level walkways connect this store to Emporium Melbourne. Emporium to store this connect walkways level Multi 2011. March in

revitalisation of this nine level building in the heart of Melbourne's CBD was completed in 2010 and officially launched launched officially and 2010 in completed was CBD Melbourne's of heart the in building level nine this of revitalisation

Myer Bourke Street has been operated by Myer as a department store since at least 1914. Reconstruction and and Reconstruction 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

Direct Portfolio December 2015 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

and discount department stores. department discount and

Classified in accordance with SCCA guidelines, typically includes supermarkets, department stores stores department supermarkets, 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

100.0 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 20.2

8,364 ($) Specialty – MAT/sqm

5,850 ($) Total – MAT/sqm

527.4 ($m) (MAT) turnover annual Moving FY20+ 32%

4,640 spaces Car

FY19 10%

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

FY18 10%

Major tenants Major Myer, Kmart, Coles, Aldi,

23% FY17 327 tenants of Number

GLA (sqm) GLA 97,241 97,241 25% 6 FY1

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

Discount rate (%) rate Discount 8.00

Capitalisation rate (%) rate Capitalisation 5.75

7% retail Non

Dec-15 date Valuation

8% retail Other

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

30% Specialties

2014 redevelopment Latest

13% majors Mini

Centre first opened first Centre 1966

19% stores Department

Date acquired Date 1994

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

10% Supermarkets Centre type Centre Major Regional Major

State VIC

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

includes more than 240 specialty stores. specialty 240 than more includes

north of the Melbourne CBD. It is anchored by Myer, Kmart, Target, Coles, Woolworths, Aldi and Hoyts Cinema and and Cinema Hoyts and Aldi Woolworths, Coles, Target, Kmart, Myer, by anchored is It CBD. Melbourne the of north

kilometres 9 approximately located centre shopping Regional Major level two a is Centre Shopping Northland

northlandsc.com.au

2-50 Murray Road, East Preston VIC 3072 VIC Preston East Road, Murray 2-50 Northland Shopping Centre Shopping Northland

81 81 | 2015 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

and discount department stores. department discount and

Classified in accordance with SCCA guidelines, typically includes supermarkets, department stores stores department supermarkets, 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

99.5 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 13.8

5,303 ($) Specialty – MAT/sqm

9,059 ($) Total – MAT/sqm

FY20+ 42%

121.0 ($m) (MAT) turnover annual Moving

FY19 8%

669 spaces Car

FY18 14%

Coles, Woolworths Coles, Major tenants Major

12% FY17 43 tenants of Number

GLA (sqm) GLA 13,904 13,904 24% 6 FY1

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

Discount rate (%) rate Discount 8.25

Capitalisation rate (%) rate Capitalisation 6.75

Dec-15 date Valuation

Valuation (Internal) ($m) (Internal) Valuation 59.0

2008 redevelopment Latest

3% retail Non

Centre first opened first Centre 1987

3% retail Other Date acquired Date 2003

28% Specialties Ownership interest (%) interest Ownership 100

66% Supermarkets Centre type Centre Neighbourhood

State VIC

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

more than 20 specialty stores. specialty 20 than more

approximately 19 kilometres south-east of the Melbourne CBD. It is anchored by Woolworths and Coles and includes includes and Coles and Woolworths by anchored is It CBD. Melbourne the of south-east kilometres 19 approximately

Oakleigh Central is a single level Neighbourhood shopping centre located in the south-eastern suburbs of Melbourne, Melbourne, of suburbs south-eastern the in 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

Direct Portfolio December 2015 December Portfolio Direct Centres Vicinity | 82

Includes holdovers. Includes 4

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

and discount department stores. department discount and

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

Expressed on 100% basis. 100% on Expressed 1

6.3 (years) GLA by expiry lease average Weighted

100.0 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 14.7

5,473 ($) Specialty – MAT/sqm

6,514 ($) Total – MAT/sqm

FY20+ 50%

139.4 ($m) (MAT) turnover annual Moving

FY19 11%

1,201 spaces Car

FY18 28%

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

12% FY17 73 tenants of Number

GLA (sqm) GLA 24,743 24,743 0% 6 FY1

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

Discount rate (%) rate Discount 8.00

Capitalisation rate (%) rate Capitalisation 7.00

Dec-15 date Valuation

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

10% retail Non

2012 redevelopment Latest

10% retail Other

Centre first opened first Centre 1999

24% Specialties

Date acquired Date 1997

7% majors Mini Ownership interest (%) interest Ownership 100

49% Supermarkets Centre type Centre Sub Regional Sub

State VIC

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

north of the Melbourne CBD. It is anchored by Woolworths, Coles and Aldi and includes more than 50 specialty stores. specialty 50 than more includes and Aldi and Coles Woolworths, by anchored is It CBD. Melbourne the of north

Roxburgh Park Shopping Centre is a single level Sub Regional shopping centre located approximately 21 kilometres kilometres 21 approximately located centre shopping Regional Sub level single a is Centre Shopping Park Roxburgh

roxburghvillage.com.au

250 Somerton Road, Roxburgh Park VIC 3064 VIC Park Roxburgh Road, Somerton 250 Roxburgh Park Shopping Centre Shopping Park Roxburgh

83 83 | 2015 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

and discount department stores. department discount and

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

Expressed on 100% basis. 100% on Expressed 1

2.5 (years) GLA by expiry lease average Weighted

99.5 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 14.4

6,173 ($) Specialty – MAT/sqm

4,472 ($) Total – MAT/sqm

FY20+ 37%

133.6 ($m) (MAT) turnover annual Moving

FY19 17%

1,743 spaces Car

FY18 13%

Big W, Woolworths W, Big Major tenants Major

15% FY17 76 tenants of Number

GLA (sqm) GLA 33,882 33,882 17% 6 FY1

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

Discount rate (%) rate Discount 8.25

Capitalisation rate (%) rate Capitalisation 6.75

Dec-15 date Valuation

12% retail Non

Valuation (Internal) ($m) (Internal) Valuation 113.5

32% retail Other

2004 redevelopment Latest

14% Specialties

Centre first opened first Centre 1997

9% majors Mini

Date acquired Date 2003

icutdprmn trs 21% stores department Discount Ownership interest (%) interest Ownership 50

13% Supermarkets Centre type Centre Sub Regional Sub

State VIC

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

includes more than 45 specialty stores. specialty 45 than more includes

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

Direct Portfolio December 2015 December Portfolio Direct Centres Vicinity | 84

Includes holdovers. Includes 4

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

and discount department stores. department discount and

Classified in accordance with SCCA guidelines, typically includes supermarkets, department stores stores department supermarkets, 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

99.0 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 8.8

7,026 ($) Specialty – MAT/sqm

9,422 ($) Total – MAT/sqm

FY20+ 39%

84.8 ($m) (MAT) turnover annual Moving

FY19 27%

504 spaces Car

FY18 10%

Coles Major tenants Major

0% FY17 40 tenants of Number

GLA (sqm) GLA 10,848 10,848 23% 6 FY1

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

Discount rate (%) rate Discount 8.00

Capitalisation rate (%) rate Capitalisation 7.00

Dec-15 date Valuation

Valuation (External) ($m) (External) Valuation 41.0

15% retail Non

2012 redevelopment Latest

12% retail Other

Centre first opened first Centre 1987

21% Specialties

Date acquired Date 2003

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

34% Supermarkets Supermarkets Centre type Centre Neighbourhood

State VIC

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

south-east of the Melbourne CBD. It is anchored by Coles and Target Country and includes more than 30 specialty stores. specialty 30 than more includes and Country Target and Coles by anchored is It CBD. Melbourne the of south-east

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

85 85 | 2015 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

and discount department stores. department discount and

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

Expressed on 100% basis. 100% on Expressed 1

2.4 (years) GLA by expiry lease average Weighted

100.0 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 17.2

8,190 ($) Specialty – MAT/sqm

6,556 ($) Total – MAT/sqm

345.9 ($m) (MAT) turnover annual Moving FY20+ 13%

3,100 spaces Car

FY19 12%

Target, Woolworths Target,

FY18 21%

Major tenants Major Jones, David Coles,

30% FY17 188 tenants of Number

GLA (sqm) GLA 59,077 59,077 25% 6 FY1

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

Discount rate (%) rate Discount 8.25

Capitalisation rate (%) rate Capitalisation 6.50

11% retail Non

Dec-15 date Valuation

1% retail Other

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

26% Specialties

2006 redevelopment Latest

13% majors Mini

Centre first opened first Centre 1991

26% stores Department

Date acquired Date 1994

icutdprmn trs 11% stores department Discount Ownership interest (%) interest Ownership 50

13% Supermarkets Centre type Centre Major Regional Major

State VIC

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

130 specialty stores. specialty 130

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

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

Direct Portfolio December 2015 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

and discount department stores. department discount and

Classified in accordance with SCCA guidelines, typically includes supermarkets, department stores stores department supermarkets, 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

99.6 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 13.7

9,384 ($) Specialty – MAT/sqm

6,357 ($) Total – MAT/sqm

FY20+ 36%

187.1 ($m) (MAT) turnover annual Moving

FY19 12%

2,154 spaces Car

FY18 14%

Coles, Kmart Coles, Major tenants Major

17% FY17 82 tenants of Number

GLA (sqm) GLA 32,034 32,034 22% 6 FY1

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

Discount rate (%) rate Discount 8.00

Capitalisation rate (%) rate Capitalisation 6.25

Dec-15 date Valuation

3% retail Non

Valuation (Internal) ($m) (Internal) Valuation 245.6

26% retail Other

N/A redevelopment Latest

22% Specialties

Centre first opened first Centre 2003

13% majors Mini

Date acquired Date 2003

icutdprmn trs 22% stores department Discount Ownership interest (%) interest Ownership 50

14% Supermarkets Centre type Centre Sub Regional Sub

State VIC

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

through the centre. the through

55 specialty stores. The centre is located adjacent to an Ikea store (not owned) with access to the store provided store the to access with owned) (not store Ikea an to adjacent located is centre The stores. specialty 55

4 kilometres east of the Melbourne CBD. It is anchored by Coles, Kmart and Hoyts Cinema and includes more than more includes and Cinema Hoyts and Kmart Coles, by anchored is It CBD. Melbourne the of east kilometres 4

Victoria Gardens Shopping Centre is a multilevel Sub Regional shopping centre located in Richmond, approximately Richmond, in located centre shopping Regional Sub multilevel a is Centre Shopping Gardens Victoria

vicgardenssc.com.au

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

87 87 | 2015 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

and discount department stores. department discount and

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

Expressed on 100% basis. 100% on Expressed 1

3.9 (years) GLA by expiry lease average Weighted

98.5 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 12.3

6,367 ($) Specialty – MAT/sqm

5,316 ($) Total – MAT/sqm

FY20+ 21%

90.1 ($m) (MAT) turnover annual Moving

FY19 7%

636 spaces Car

FY18 10%

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

31% FY17 44 tenants of Number

GLA (sqm) GLA 17,502 17,502 31% 6 FY1

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

Discount rate (%) rate Discount 8.50

Capitalisation rate (%) rate Capitalisation 8.50

Dec-15 date Valuation

1% retail Non

Valuation (External) ($m) (External) Valuation 46.0

1% retail Other

1996 redevelopment Latest

21% Specialties

Centre first opened first Centre 1982

6% majors Mini

Date acquired Date 2000

icutdprmn trs 39% stores department Discount Ownership interest (%) interest Ownership 100

32% Supermarkets Centre type Centre Sub Regional Sub

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 Target and includes more than 35 specialty stores. specialty 35 than more includes and Target and Woolworths Coles, by anchored is It CBD. Melbourne

Wodonga Plaza is a single level Sub Regional shopping centre located approximately 320 kilometres north-east of the the of north-east kilometres 320 approximately located centre shopping Regional Sub level single a is Plaza Wodonga

wodongaplaza.com.au

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

Direct Portfolio December 2015 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

and discount department stores. department discount and

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

Expressed on 100% basis. 100% on Expressed 1

NABERS Water rating (stars) rating Water NABERS 1.5

NABERS Energy rating (stars) rating Energy NABERS 5.0

5.3 (years) GLA by expiry lease average Weighted

95.9 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 13.6

7,702 ($) Specialty – MAT/sqm

7,197 ($) Total – MAT/sqm

FY20+ 34%

226.6 ($m) (MAT) turnover annual Moving

FY19 19%

1,446 spaces Car

FY18 18%

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

15% FY17 98 tenants of Number

GLA (sqm) GLA 33,313 33,313 15% 6 FY1

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

Discount rate (%) rate Discount 8.00

Capitalisation rate (%) rate Capitalisation 6.75

Dec-15 date Valuation

1% retail Non

Valuation (External) ($m) (External) Valuation 162.8

7% retail Other

2007 redevelopment Latest

26% Specialties

Centre first opened first Centre 1965

10% majors Mini

Date acquired Date 1994

icutdprmn trs 33% stores department Discount Ownership interest (%) interest Ownership 100

23% Supermarkets Centre type Centre Regional

State TAS

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

than 65 specialty stores. specialty 65 than

more includes and Cinemas Village and W Big Woolworths, Kmart, Coles, by anchored is It CBD. Hobart the of

south-east kilometres 6 approximately located centre shopping Regional level two a is Centre Shopping Eastlands

eastlandssc.com.au

Bligh Street, Rosny Park TAS 7018 TAS Park Rosny Street, Bligh Eastlands Shopping Centre Shopping Eastlands

89 89 | 2015 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

and discount department stores. department discount and

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

Expressed on 100% basis. 100% on Expressed 1

NABERS Water rating (stars) rating Water NABERS 2.5

NABERS Energy rating (stars) rating Energy NABERS 3.5

5.1 (years) GLA by expiry lease average Weighted

98.7 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 12.2

9,213 ($) Specialty – MAT/sqm

7,709 ($) Total – MAT/sqm

FY20+ 14%

135.7 ($m) (MAT) turnover annual Moving

FY19 12%

855 spaces Car

FY18 25%

Coles, Target Coles, Major tenants Major

24% FY17 74 tenants of Number

GLA (sqm) GLA 19,443 19,443 24% 6 FY1

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

Discount rate (%) rate Discount 8.50

Capitalisation rate (%) rate Capitalisation 7.50

Dec-15 date Valuation

Valuation (Internal) ($m) (Internal) Valuation 99.0

8% retail Non

1996 redevelopment Latest

31% Specialties

Centre first opened first Centre 1986

6% majors Mini

Date acquired Date 2009

icutdprmn trs 30% stores department Discount Ownership interest (%) interest Ownership 100

25% Supermarkets Centre type Centre Sub Regional Sub

State TAS

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

north of the Hobart CBD. It is anchored by Target and Coles and includes more than 55 specialty stores. specialty 55 than more includes and Coles and Target by anchored is It CBD. Hobart the of north

kilometres 10 approximately located centre shopping Regional Sub level single a is Centre Shopping Northgate

northgatesc.com.au

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

l Wholly owned ¢ Jointly owned KARRATHA CITY

STIRLINGS CENTRAL

CURRAMBINE CENTRAL THE SHOPS AT ELLENBROOK WARWICK GROVE PERTH DIANELLA PLAZA GALLERIA FLINDERS SQUARE

VICTORIA PARK CENTRAL KALAMUNDA CENTRAL ALBANY BROOKS GARDEN MADDINGTON CENTRAL

LIVINGSTON MARKETPLACE

ROCKINGHAM

WARNBRO CENTRE

MANDURAH FORUM HALLS HEAD CENTRAL

90 | Vicinity Centres Direct Portfolio December 2015 WA Page Albany Brooks Garden 93 Currambine Central 94 Dianella Plaza 95 Flinders Square 96 Galleria 97 Halls Head Central 98 Kalamunda Central 99 Karratha City 100 Livingston Marketplace 101 Maddington Central 102 Mandurah Forum 103 Rockingham Shopping Centre 104 Stirlings Central 105 The Shops at Ellenbrook 106 Victoria Park Central 107 Warnbro Centre 108 Warwick Grove 109

Warnbro Centre, WA

Vicinity Centres Direct Portfolio December 2015 | 91 Galleria Western Australia

$500+ million annual retail sales

73,000+ sqm gross lettable area

145+ specialty stores

92 | Vicinity Centres Direct Portfolio December 2015

93 | 2015 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

and discount department stores. department discount and

Classified in accordance with SCCA guidelines, typically includes supermarkets, department stores stores department supermarkets, 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

99.0 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 9.0

4,738 ($) Specialty – MAT/sqm

9,472 ($) Total – MAT/sqm

FY20+ 47%

47.4 ($m) (MAT) turnover annual Moving

FY19 6%

615 spaces Car

FY18 15%

Woolworths Major tenants Major

32% FY17 16 tenants of Number

GLA (sqm) GLA 13,508 13,508 0% 6 FY1

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

Discount rate (%) rate Discount 8.75

Capitalisation rate (%) rate Capitalisation 7.75

Dec-15 date Valuation

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

2007 redevelopment Latest

Centre first opened first Centre 2006

47% retail Non Date acquired Date 2007

16% Specialties Ownership interest (%) interest Ownership 100

37% Supermarkets Centre type Centre Neighbourhood

State WA

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

10 specialty stores and a separate Bulky Goods building. Goods Bulky separate a and stores specialty 10

Australia, approximately 414 kilometres south east of the Perth CBD. It is anchored by Woolworths and has more than than more has and Woolworths by anchored is It CBD. Perth the of east south kilometres 414 approximately Australia,

Albany Brooks Garden is a single level Neighbourhood shopping centre located in the Great Southern region of Western Western of region Southern Great the in located centre shopping Neighbourhood level single a is Garden Brooks Albany

albanybrooksgarden.com.au

Corner Chester Pass and Catalina Roads, Albany WA 6330 WA Albany Roads, Catalina and Pass Chester Corner Albany Brooks Garden Brooks Albany

Direct Portfolio December 2015 December Portfolio Direct Centres Vicinity | 94

Includes holdovers. Includes 4

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

and discount department stores. department discount and

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

Expressed on 100% basis. 100% on Expressed 1

8.1 (years) GLA by expiry lease average Weighted

100.0 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 15.7

5,777 ($) Specialty – MAT/sqm

11,528 ($) Total – MAT/sqm

FY20+ 65%

138.6 ($m) (MAT) turnover annual Moving

FY19 14%

830 spaces Car

FY18 7%

Woolworths Major tenants Major

13% FY17 42 tenants of Number

GLA (sqm) GLA 12,630 12,630 1% 6 FY1

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

Discount rate (%) rate Discount 8.50

Capitalisation rate (%) rate Capitalisation 6.75

Dec-15 date Valuation

Valuation (External) ($m) (External) Valuation 96.0

7% retail Non

2011 redevelopment Latest

26% retail Other

Centre first opened first Centre 1997

24% Specialties

Date acquired Date 2014

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

32% Supermarkets Centre type Centre Neighbourhood

State WA

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

from six to nine screens and additional parking. Completion is expected in the first half of 2016. of half first the in expected is Completion parking. additional and screens nine to six from

expansion includes the addition of a Farmer Jack’s supermarket, six new specialty stores, expansion of Grand Cinemas Cinemas Grand of expansion stores, specialty new six supermarket, Jack’s Farmer a of addition the includes expansion

Perth CBD. It is anchored by Woolworths, Grand Cinemas and includes more than 30 specialty stores. The current current The stores. specialty 30 than more includes and Cinemas Grand Woolworths, by anchored is It CBD. Perth

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

95 | 2015 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

and discount department stores. department discount and

Classified in accordance with SCCA guidelines, typically includes supermarkets, department stores stores department supermarkets, 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

98.6 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 13.8

5,443 ($) Specialty – MAT/sqm

6,556 ($) Total – MAT/sqm

FY20+ 36%

95.0 ($m) (MAT) turnover annual Moving

FY19 8%

1,071 spaces Car

FY18 17%

Coles, Woolworths Coles, Major tenants Major

23% FY17 58 tenants of Number

GLA (sqm) GLA 16,866 16,866 17% 6 FY1

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

Discount rate (%) rate Discount 8.50

Capitalisation rate (%) rate Capitalisation 7.00

Dec-15 date Valuation

Valuation (External) ($m) (External) Valuation 78.8

15% retail Non

2002 redevelopment Latest

1% retail Other

Centre first opened first Centre 1968

29% Specialties

Date acquired Date 2003

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

49% Supermarkets Centre type Centre Neighbourhood

State WA

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

It is anchored by Woolworths and Coles and includes more than 45 specialty stores. specialty 45 than more includes and Coles and Woolworths 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 2015 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

and discount department stores. department discount and

Classified in accordance with SCCA guidelines, typically includes supermarkets, department stores stores department supermarkets, 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

Specialty occupancy cost (%) cost occupancy Specialty 11.8

6,793 ($) Specialty – MAT/sqm

12,944 ($) Total – MAT/sqm

FY20+ 25%

68.0 ($m) (MAT) turnover annual Moving

FY19 4%

389 spaces Car

FY18 24%

Coles Major tenants Major

35% FY17 20 tenants of Number

GLA (sqm) GLA 5,990 5,990 13% 6 FY1

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

Discount rate (%) rate Discount 9.00

Capitalisation rate (%) rate Capitalisation 7.00

Dec-15 date Valuation

Valuation (External) ($m) (External) Valuation 30.3

2007 redevelopment Latest

11% retail Non

Centre first opened first Centre 1982

19% Specialties

Date acquired Date 2004

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

60% Supermarkets Centre type Centre Neighbourhood

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 15 specialty stores. specialty 15 than more includes and Coles by anchored is It CBD. Perth

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

97 | 2015 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

and discount department stores. department discount and

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

Expressed on 100% basis. 100% on Expressed 1

4.7 (years) GLA by expiry lease average Weighted

99.6 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 17.7

11,501 ($) Specialty – MAT/sqm

7,080 ($) Total – MAT/sqm

504.6 ($m) (MAT) turnover annual Moving FY20+ 29%

4,105 spaces Car

FY19 20%

Target, Woolworths Target,

FY18 19%

Major tenants Major Myer, Kmart, Coles,

17% FY17 213 tenants of Number

GLA (sqm) GLA 73,069 73,069 16% 6 FY1

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

Discount rate (%) rate Discount 8.00

Capitalisation rate (%) rate Capitalisation 5.50

3% retail Non

Dec-15 date Valuation

8% retail Other

Valuation (External) ($m) (External) Valuation 755.0

23% Specialties

2008 redevelopment Latest

9% majors Mini

Centre first opened first Centre 1994

26% stores Department

Date acquired Date 2003

icutdprmn trs 22% stores department Discount Ownership interest (%) interest Ownership 50

10% Supermarkets Centre type Centre Major Regional Major

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 145 specialty stores. specialty 145 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

Direct Portfolio December 2015 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

and discount department stores. department discount and

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

Expressed on 100% basis. 100% on Expressed 1

5.2 (years) GLA by expiry lease average Weighted

100.0 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 11.4

7,659 ($) Specialty – MAT/sqm

7,002 ($) Total – MAT/sqm

FY20+ 51%

34.5 ($m) (MAT) turnover annual Moving

FY19 9%

400 spaces Car

FY18 9%

Coles Major tenants Major

9% FY17 9 tenants of Number

GLA (sqm) GLA 5,680 5,680 23% 6 FY1

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

Discount rate (%) rate Discount 8.25

Capitalisation rate (%) rate Capitalisation 6.25

Dec-15 date Valuation

Valuation (External) ($m) (External) Valuation 71.0

2015 redevelopment Latest

Centre first opened first Centre 2001

Date acquired Date 2001

22% Specialties Ownership interest (%) interest Ownership 50

78% Supermarkets Centre type Centre Neighbourhood

State WA

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

in March 2016. March in

expected is Completion stores. specialty 35 additional an and Aldi and Kmart include to expansion substantial a

Perth CBD. It is anchored by Coles and includes 7 specialty stores as at 31 December 2015. The centre is undergoing undergoing is centre The 2015. December 31 at as stores specialty 7 includes and Coles by anchored is It CBD. Perth

Halls Head Central is a single level Neighbourhood shopping centre located approximately 75 kilometres south of the the of south kilometres 75 approximately located centre shopping Neighbourhood 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 Artist’s impression Artist’s

99 | 2015 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

and discount department stores. department discount and

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

Expressed on 100% basis. 100% on Expressed 1

3.4 (years) GLA by expiry lease average Weighted

99.5 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 13.0

5,489 ($) Specialty – MAT/sqm

9,650 ($) Total – MAT/sqm

FY20+ 34%

76.7 ($m) (MAT) turnover annual Moving

FY19 21%

343 spaces Car

FY18 16%

Coles Major tenants Major

12% FY17 38 tenants of Number

GLA (sqm) GLA 8,347 8,347 17% 6 FY1

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

Discount rate (%) rate Discount 8.50

Capitalisation rate (%) rate Capitalisation 7.00

Dec-15 date Valuation

Valuation (External) ($m) (External) Valuation 37.1

4% retail Non

2002 redevelopment Latest

3% retail Other

Centre first opened first Centre 1989

37% Specialties

Date acquired Date 2003

7% majors Mini Ownership interest (%) interest Ownership 100

Supermarkets Supermarkets 49% Centre type Centre Neighbourhood

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 30 specialty stores. specialty 30 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

Direct Portfolio December 2015 December Portfolio Direct Centres Vicinity | 100

Includes holdovers. Includes 4

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

and discount department stores. department discount and

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

Expressed on 100% basis. 100% on Expressed 1

3.4 (years) GLA by expiry lease average Weighted

98.5 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 11.0

9,915 ($) Specialty – MAT/sqm

10,130 ($) Total – MAT/sqm

FY20+ 14%

232.4 ($m) (MAT) turnover annual Moving

FY19 16%

1,414 spaces Car

FY18 12%

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

33% FY17 61 tenants of Number

GLA (sqm) GLA 23,912 23,912 25% 6 FY1

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

Discount rate (%) rate Discount 8.25

Capitalisation rate (%) rate Capitalisation 7.00

Dec-15 date Valuation

2% retail Non

Valuation (Internal) ($m) (Internal) Valuation 116.8

1% retail Other

2005 redevelopment Latest

22% Specialties

Centre first opened first Centre 1986

14% majors Mini

Date acquired Date 2003

icutdprmn trs 26% stores department Discount Ownership interest (%) interest Ownership 50

36% Supermarkets Centre type Centre Sub Regional Sub

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, Kmart, Woolworths and Target Country and includes more than 45 specialty stores. specialty 45 than more includes and Country Target and Woolworths Kmart, Coles, by anchored is It CBD. Perth

Karratha City is a single level Sub Regional shopping centre located approximately 1,535 kilometres north-west of the the of north-west kilometres 1,535 approximately located centre shopping Regional Sub level single a is City Karratha

karrathacitysc.com.au

Welcome Road, Karratha WA 6714 WA Karratha Road, Welcome Karratha City Karratha

101 | 2015 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

and discount department stores. department discount and

Classified in accordance with SCCA guidelines, typically includes supermarkets, department stores stores department supermarkets, 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

99.9 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 9.7

9,900 ($) Specialty – MAT/sqm

8,755 ($) Total – MAT/sqm

FY20+ 42%

136.1 ($m) (MAT) turnover annual Moving

FY19 25%

1,000 spaces Car

FY18 6%

Big W, Woolworths W, Big Major tenants Major

5% FY17 50 tenants of Number

GLA (sqm) GLA 15,500 15,500 21% 6 FY1

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

Discount rate (%) rate Discount 8.00

Capitalisation rate (%) rate Capitalisation 6.00

Dec-15 date Valuation

Valuation (External) ($m) (External) Valuation 83.0

2004 redevelopment Latest

7% retail Non

Centre first opened first Centre 1998

23% Specialties

Date acquired Date 2015

icutdprmn trs 42% stores department Discount Ownership interest (%) interest Ownership 100

28% Supermarkets Centre type Centre Sub Regional Sub

State WA

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

35 specialty stores. specialty 35

than more includes and W Big Woolworths, by anchored is It CBD. Perth the of south kilometres 15 approximately

Livingston Marketplace is a single level Sub Regional shopping centre located in the southern Perth suburb of Canning Vale, Vale, 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

Direct Portfolio December 2015 December Portfolio Direct Centres Vicinity | 102

Includes holdovers. Includes 4

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

and discount department stores. department discount and

Classified in accordance with SCCA guidelines, typically includes supermarkets, department stores stores department supermarkets, 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

99.2 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 14.1

7,342 ($) Specialty – MAT/sqm

7,263 ($) Total – MAT/sqm

FY20+ 21%

185.1 ($m) (MAT) turnover annual Moving

FY19 10%

2,136 spaces Car

FY18 21%

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

22% FY17 87 tenants of Number

GLA (sqm) GLA 27,594 27,594 26% 6 FY1

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

Discount rate (%) rate Discount 8.50

Capitalisation rate (%) rate Capitalisation 7.00

Dec-15 date Valuation

5% retail Non

Valuation (External) ($m) (External) Valuation 117.5

2% retail Other

2004 redevelopment Latest

23% Specialties

Centre first opened first Centre 1980

8% majors Mini

Date acquired Date 2002

icutdprmn trs 28% stores department Discount Ownership interest (%) interest Ownership 100

34% Supermarkets Centre type Centre Sub Regional Sub

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

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

103 | 2015 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

and discount department stores. department discount and

Classified in accordance with SCCA guidelines, typically includes supermarkets, department stores stores department supermarkets, 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

Specialty occupancy cost (%) cost occupancy Specialty 14.1

11,092 ($) Specialty – MAT/sqm

10,038 ($) Total – MAT/sqm

FY20+ 7%

376.5 ($m) (MAT) turnover annual Moving

FY19 11%

2,313 spaces Car

FY18 21%

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

26% FY17 138 tenants of Number

GLA (sqm) GLA 40,334 40,334 36% 6 FY1

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

Discount rate (%) rate Discount 8.50

Capitalisation rate (%) rate Capitalisation 6.25

Dec-15 date Valuation

6% retail Non

Valuation (Internal) ($m) (Internal) Valuation 312.5

10% retail Other

1995 redevelopment Latest

27% Specialties

Centre first opened first Centre 1983

5% majors Mini

Date acquired Date 1985

icutdprmn trs 34% stores department Discount Ownership interest (%) interest Ownership 50

18% Supermarkets Centre type Centre Regional

State WA

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

has been proposed to introduce David Jones and Target, new specialties, a new food court and alfresco dining area. dining alfresco and court food new a specialties, new Target, and Jones David introduce to proposed been has

It is anchored by Coles, Woolworths, Kmart and Big W and includes more than 100 specialty stores. A development development A stores. specialty 100 than more includes and W Big and Kmart Woolworths, Coles, by anchored is It

Mandurah Forum is a single level Regional shopping centre located approximately 65 kilometres south of the Perth CBD. CBD. Perth the of south kilometres 65 approximately located centre shopping Regional level single a is Forum Mandurah

mandurahforum.com.au

330 Pinjarra Road, Mandurah WA 6210 WA Mandurah Road, Pinjarra 330 Mandurah Forum Mandurah

Direct Portfolio December 2015 December Portfolio Direct Centres Vicinity | 104

Includes holdovers. Includes 4

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

and discount department stores. department discount and

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

Expressed on 100% basis. 100% on Expressed 1

NABERS Water rating (stars) rating Water NABERS 3.5

NABERS Energy rating (stars) rating Energy NABERS 4.5

4.0 (years) GLA by expiry lease average Weighted

99.1 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 16.7

8,541 ($) Specialty – MAT/sqm

7,865 ($) Total – MAT/sqm

FY20+ 40%

443.1 ($m) (MAT) turnover annual Moving

FY19 14%

3,229 spaces Car

FY18 11%

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

14% FY17 215 tenants of Number

GLA (sqm) GLA 61,395 61,395 21% 6 FY1

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

Discount rate (%) rate Discount 8.00

Capitalisation rate (%) rate Capitalisation 5.75

Dec-15 date Valuation

7% retail Non

Valuation (External) ($m) (External) Valuation 580.0

8% retail Other

2009 redevelopment Latest

30% Specialties

Centre first opened first Centre 1971

16% majors Mini

Date acquired Date 2002

icutdprmn trs 25% stores department Discount Ownership interest (%) interest Ownership 50

15% Supermarkets Centre type Centre Regional

State WA

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

more than 160 specialty stores. specialty 160 than more

includes and Cinemas Ace and Coles Woolworths, Target, Kmart, by anchored is It CBD. Perth the of south-west

kilometres 40 approximately located centre shopping Regional level single a is Centre Shopping Rockingham

rockinghamcentre.com.au

1 Council Avenue, Rockingham WA 6168 WA Rockingham Avenue, Council 1 Rockingham Shopping Centre Shopping Rockingham

105 | 2015 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

and discount department stores. department discount and

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

Expressed on 100% basis. 100% on Expressed 1

9.9 (years) GLA by expiry lease average Weighted

98.4 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 8.1

11,315 ($) Specialty – MAT/sqm

12,445 ($) Total – MAT/sqm

FY20+ 40%

102.4 ($m) (MAT) turnover annual Moving

FY19 13%

149 spaces Car

FY18 25%

Woolworths Major tenants Major

13% FY17 37 tenants of Number

GLA (sqm) GLA 8,441 8,441 8% 6 FY1

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

Discount rate (%) rate Discount 8.50

Capitalisation rate (%) rate Capitalisation 7.00

Dec-15 date Valuation

Valuation (External) ($m) (External) Valuation 50.0

1% retail Non

2013 redevelopment Latest

1% retail Other

Centre first opened first Centre 1978

33% Specialties

Date acquired Date 2003

25% majors Mini Ownership interest (%) interest Ownership 100

41% Supermarkets Centre type Centre Neighbourhood

State WA

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

north 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 north

Stirlings Central is a single level Neighbourhood shopping centre located in Geraldton, approximately 417 kilometres kilometres 417 approximately 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

Direct Portfolio December 2015 December Portfolio Direct Centres Vicinity | 106

Includes holdovers. Includes 4

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

and discount department stores. department discount and

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

Expressed on 100% basis. 100% on Expressed 1

9.2 (years) GLA by expiry lease average Weighted

98.3 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 10.7

8,500 ($) Specialty – MAT/sqm

7,177 ($) Total – MAT/sqm

FY20+ 24%

232.3 ($m) (MAT) turnover annual Moving

FY19 7%

2,018 spaces Car

FY18 25%

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

18% FY17 92 tenants of Number

GLA (sqm) GLA 32,400 32,400 26% 6 FY1

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

Discount rate (%) rate Discount 8.00

Capitalisation rate (%) rate Capitalisation 5.75

Dec-15 date Valuation

4% retail Non

Valuation (External) ($m) (External) Valuation 220.0

4% retail Other

2011 redevelopment Latest

25% Specialties

Centre first opened first Centre 2004

12% majors Mini

Date acquired Date 2015

icutdprmn trs 26% stores department Discount Ownership interest (%) interest Ownership 100

28% Supermarkets Centre type Centre Sub Regional Sub

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

The Shops at Ellenbrook is a single level Sub Regional shopping centre located approximately 30 kilometres north-east north-east kilometres 30 approximately located centre shopping Regional Sub level single a is Ellenbrook at Shops The

theshopsatellenbrook.com.au

11 Main Street, Ellenbrook WA 6069 WA Ellenbrook Street, Main 11 The Shops at Ellenbrook at Shops The

107 | 2015 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

and discount department stores. department discount and

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

Expressed on 100% basis. 100% on Expressed 1

5.6 (years) GLA by expiry lease average Weighted

100.0 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 14.6

5,720 ($) Specialty – MAT/sqm

9,872 ($) Total – MAT/sqm

FY20+ 40%

51.4 ($m) (MAT) turnover annual Moving

FY19 11%

223 spaces Car

FY18 12%

Woolworths Major tenants Major

19% FY17 31 tenants of Number

GLA (sqm) GLA 5,472 5,472 19% 6 FY1

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

Discount rate (%) rate Discount 8.25

Capitalisation rate (%) rate Capitalisation 6.75

Dec-15 date Valuation

Valuation (Internal) ($m) (Internal) Valuation 27.5

N/A redevelopment Latest

Centre first opened first Centre 2004

3% retail Non Date acquired Date 2004

46% Specialties Ownership interest (%) interest Ownership 100

52% Supermarkets Centre type Centre Neighbourhood

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

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 2015 December Portfolio Direct Centres Vicinity | 108

Includes holdovers. Includes 4

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

and discount department stores. department discount and

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

Expressed on 100% basis. 100% on Expressed 1

9.1 (years) GLA by expiry lease average Weighted

99.7 (%) GLA by rate Occupancy

Specialty occupancy cost (%) cost occupancy Specialty 15.2

7,474 ($) Specialty – MAT/sqm

8,401 ($) Total – MAT/sqm

FY20+ 60%

170.1 ($m) (MAT) turnover annual Moving

FY19 12%

740 spaces Car

FY18 17%

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

8% FY17 67 tenants of Number

GLA (sqm) GLA 21,382 21,382 3% 6 FY1

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

Discount rate (%) rate Discount 8.50

Capitalisation rate (%) rate Capitalisation 6.25

Dec-15 date Valuation

Valuation (External) ($m) (External) Valuation 122.5

5% retail Non

2014 redevelopment Latest

1% retail Other

Centre first opened first Centre 1998

25% Specialties

Date acquired Date 2007

icutdprmn trs 33% stores department Discount Ownership interest (%) interest Ownership 100

36% Supermarkets Centre type Centre Sub Regional Sub

State WA

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

south of the Perth CBD. It is anchored by Coles, Woolworths and Big W and includes more than 50 specialty stores. specialty 50 than more includes and W Big and Woolworths Coles, by anchored is It CBD. Perth the of south

Warnbro Centre is a single level Sub Regional shopping centre located in Rockingham, approximately 54 kilometres kilometres 54 approximately Rockingham, 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

109 | 2015 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

and discount department stores. department discount and

Classified in accordance with SCCA guidelines, typically includes supermarkets, department stores stores department supermarkets, 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

Specialty occupancy cost (%) cost occupancy Specialty 14.7

7,461 ($) Specialty – MAT/sqm

7,049 ($) Total – MAT/sqm

FY20+ 16%

208.1 ($m) (MAT) turnover annual Moving

FY19 27%

1,596 spaces Car

FY18 12%

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

27% FY17 98 tenants of Number

GLA (sqm) GLA 31,976 31,976 19% 6 FY1

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

Discount rate (%) rate Discount 8.50

Capitalisation rate (%) rate Capitalisation 6.50

Dec-15 date Valuation

7% retail Non

Valuation (External) ($m) (External) Valuation 196.5

16% retail Other

2003 redevelopment Latest

25% Specialties

Centre first opened first Centre 1974

5% majors Mini

Date acquired Date 2001

icutdprmn trs 22% stores department Discount Ownership interest (%) interest Ownership 100

24% Supermarkets Centre type Centre Sub Regional Sub

State WA

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

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

Warwick Grove is a single level Sub Regional shopping centre located approximately 14 kilometres north of thePerth CBD. CBD. thePerth 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