Federation Centres Direct Shopping Centre Portfolio JUNE 2015 CONTENTS

Page

Federation Centres Direct Portfolio 03

Proﬁ le of Federation Centres 04

Portfolio overview 05

Shopping centre portfolio 06

NSW/ACT 09

QLD 29

SA/NT 48

VIC/TAS 56

WA 86

Disclaimer This document includes information regarding the past performance of Federation 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 Federation 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, ﬁ nancial situation or needs of any particular investor. The Financial Report for the full year ended 30 June 2015, lodged with the Australian Stock Exchange (ASX) on 19 August 2015, has been reviewed by Ernst & Young. Certain ﬁ nancial information contained within this document has been derived from the reviewed Emporium Melbourne, VIC Financial Report. Ernst & Young has not reviewed this document. 03 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

Federation Centres Direct Portfolio as at 30 June 2015

OVER 88 8,800 $16.9 SHOPPING LEASES ACROSS CENTRES BILLION VALUED AT 3,700 ANNUAL $14.3 BILLION RETAILERS RETAIL SALES

DARWIN

18 15

BRISBANE 6

PERTH 18

ADELAIDE 1 SYDNEY 27 ACT

MELBOURNE National Ofﬁce

2 HOBART Proﬁ le of Federation Centres

Federation Centres (ASX:FDC) (the Group) is one of Australia’s leading retail property groups with a fully integrated funds and asset management platform. Following the implementation of the merger with Novion Property Group in June 2015, the Group has over $22.6 billion of shopping centres under management diversiﬁ ed by retail asset type, geographic location and tenant mix. A top-30 entity on the ASX, the Group is the second largest listed manager of Australian retail assets and a top-10 listed manager of retail assets globally. Focused on the ownership, management and development of Australian retail real estate, the Group manages a portfolio of 99 retail assets around Australia of which 88 are either wholly or co-owned (Direct Portfolio). The managed portfolio generates $18.6 billion in retail sales annually over 9,700 tenants, across 3 million square metres of gross lettable area (GLA). The Group’s Direct Portfolio is well diversiﬁ ed by geography and centre type, spanning across the full retail asset spectrum from Neighbourhood to Super Regional to Outlet Centres. The Group is joint-owner of Chadstone Shopping Centre in Melbourne, Victoria, which has generated the most sales of any centre in Australia for 14 consecutive years.

Chadstone Shopping Centre, VIC 05 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

Portfolio overview

Federation Centres is a signifi cant owner, manager and developer of Australian retail assets, diversifi ed by retail asset type, geographic location and tenant mix. The Group manages a retail asset portfolio of 99 shopping centres around Australia, valued at $22.6 billion, generating $18.6 billion in retail sales annually. The Group is Australia’s largest owner/manager of Sub Regional centres and Outlet Centres, and second largest owner/manager of Super Regional, Major Regional, City Centre and Regional centres under management combined. Federation Centres’ directly owns a portfolio of 88 shopping centres in Australia (Direct Portfolio), either wholly or co-owned, diversifi ed geographically and invested across the full spectrum of retail sub-sectors. The scale of the portfolio enables the Group to continue to grow its partnerships with top national retailers. The Group is the largest landlord to Wesfarmers and Woolworths in Australia.

Direct Portfolio As at 30 June 2015 Wholly owned Co-owned Total No. of Centres 60 28 88 GLA (000’s sqm) 1,384 1,385 2,769 No. of leases 4,489 4,383 8,872 Annual retail sales ($m) 8,338 8,585 16,922 Total value ($m)1 7,652 6,617 14,269

Note: Totals may not sum due to rounding. 1 Value expressed by ownership percentage.

Federation Centres’ Direct Portfolio of 88 centres is valued at Geographic diversifi cation1 $14.3 billion and generates $16.9 billion in retail sales annually. VIC/TAS 46% Enhancing the geographic and centre type diversifi cation of the Direct NSW/ACT 21% Portfolio is its spread of retailers, with over 3,700 retailers, across 2.8 million square metres of GLA. QLD 17% WA 11% The Group’s Direct Portfolio of Super Regional, Major Regional and SA/NT 5% Regional centres represents 53% of the portfolio1. Federation Centres’ largest exposure1 to any single asset is its 50% interest of Chadstone Shopping Centre located in south-east Melbourne, Victoria, valued at Well diversifi ed retail mix2 13% of the Direct Portfolio. This diversifi ed asset exposure reduces Federation Centres’ reliance on any single income stream. Specialties 55% Majors 22% Non Retail 10% Mini Majors 10% Other Retail 3%

Asset type diversiﬁ cation1 Retail mix by total rent3

Sub Regional 23% Apparel & Footwear 32% Major Regional 21% Mini Majors 15% Regional 19% Food Catering 15% Super Regional 13% Retail Services 9% City Centre 12% General Retail 8% Outlet/Bulky Goods 7% Food Retail 6% Neighbourhood 5% Leisure 5% Jewellery 4% Mobile Phones 3% Homewares 3% 1Expressed by ownership value. 2 Expressed by ownership income. 3 Retail mix excluding majors and ofﬁ ces, expressed by ownership income. Shopping centre portfolio – June 2015

Specialty Value as at Capitalisation Discount Occupancy Annual retail Centre Specialty occupancy Page Centre type Interest 30 June 2015 rate rate GLA rate sales sales sales costs number (%) ($m)1 (%) (%) (sqm) (%)2 ($m) ($psm)2 ($psm)2 (%)2,3 New South Wales Chatswood Chase Sydney Major Regional 100 951.5 5.25 8.00 60,064 100.0 550.6 9,527 13,077 15.7 10 Bankstown Central Major Regional 50 320.0 6.50 8.50 85,231 97.0 461.6 6,201 8,417 18.4 11 Roselands Major Regional 50 179.2 6.75 8.50 61,694 98.8 310.9 5,314 8,555 17.7 12 Carlingford Court Sub Regional 50 101.5 6.50 8.50 33,073 99.5 184.5 6,868 9,823 15.4 13 Lake Haven Shopping Centre Sub Regional 100 265.5 7.00 9.00 43,072 99.2 262.7 7,730 9,473 13.2 14 Nepean Village Sub Regional 100 142.0 6.25 8.50 20,875 99.0 215.8 10,796 11,063 11.3 15 Warriewood Square Sub Regional 50 87.7 7.00 9.00 20,957 96.4 170.8 8,977 11,852 13.7 16 Tweed Mall Sub Regional 100 79.0 8.01 9.25 23,135 94.1 129.5 6,384 6,262 12.9 17 Goulburn Plaza Sub Regional 100 67.0 6.75 8.50 13,938 99.0 109.1 8,468 8,699 10.6 18 West End Plaza Sub Regional 100 59.0 7.75 8.75 15,833 97.8 87.9 5,792 6,565 13.3 19 Lavington Square Sub Regional 100 56.0 8.25 9.25 20,239 96.6 118.7 7,043 8,379 10.6 20 Armidale Central Sub Regional 100 44.5 7.25 8.75 14,688 100.0 96.3 6,606 5,766 11.0 21 Toormina Gardens Sub Regional 50 40.0 7.25 8.75 21,329 97.4 143.8 7,522 9,338 8.5 22 Westside Plaza Sub Regional 100 33.5 10.00 9.50 17,498 96.6 91.2 5,731 8,155 8.1 23 Maitland Hunter Mall Sub Regional 100 16.8 9.75 10.25 13,002 97.6 39.4 3,714 7,828 9.9 24 Terrace Central Neighbourhood 100 31.5 7.50 8.75 7,241 92.0 64.0 10,360 10,654 7.7 25 Lennox Village Neighbourhood 50 30.3 7.00 8.75 9,995 99.4 113.7 11,654 6,523 16.0 26 DFO Homebush Outlet/Bulky Goods 100 321.0 6.25 8.75 29,869 100.0 293.1 9,915 13,702 8.8 27 Australian Capital Territory Tuggeranong Hyperdome Regional 50 140.0 7.25 9.25 76,116 97.0 289.4 4,484 6,983 14.6 28 Queensland QueensPlaza City Centre 100 670.0 5.50 8.00 39,060 99.5 281.7 7,897 20,530 15.3 30 The Myer Centre Brisbane City Centre 50 382.5 6.00 8.50 63,745 100.0 342.4 5,609 11,025 21.3 31 Toombul Regional 100 233.0 6.75 8.75 43,849 95.2 236.3 6,143 8,162 14.7 32 Grand Plaza Shopping Centre Regional 50 190.0 6.25 8.25 53,353 99.5 356.4 7,041 9,548 16.8 33 Runaway Bay Shopping Village Regional 50 127.5 6.75 8.75 42,877 99.7 287.9 8,082 8,811 13.9 34 Mt Ommaney Centre Regional 25 104.1 6.25 8.50 56,341 97.1 320.7 6,526 7,548 16.2 35 Clifford Gardens Shopping Centre Sub Regional 100 185.8 6.75 8.75 27,882 99.9 195.0 7,664 9,554 12.9 36 Taigum Square Sub Regional 100 89.2 7.00 9.00 22,875 97.5 108.0 6,233 6,532 12.9 37 Gympie Central Sub Regional 100 75.0 6.75 8.50 14,050 98.4 116.6 8,543 9,552 10.7 38 Whitsunday Plaza Sub Regional 100 59.5 7.25 8.75 22,198 99.4 106.3 5,756 9,089 8.2 39 Buranda Village Sub Regional 100 38.0 7.00 8.50 11,466 100.0 62.3 6,912 7,618 13.8 40

1 Value expressed by Federation Centres ownership percentage. 3 Inclusive of marketing levy and based on GST inclusive sales. 5 Acquired during FY15, full MAT history not available. 2 Excludes DFO South Wharf and DFO Essendon Homemaker retailers. 4 Redeveloped during FY15. Shopping centre portfolio – June 2015

Specialty Value as at Capitalisation Discount Occupancy Annual retail Centre Specialty occupancy Page Centre type Interest 30 June 2015 rate rate GLA rate sales sales sales costs number (%) ($m)1 (%) (%) (sqm) (%)2 ($m) ($psm)2 ($psm)2 (%)2,3 Queensland (continued) Lutwyche City Neighbourhood 100 65.0 7.25 8.25 18,793 93.8 89.6 10,623 7,383 10.6 41 Oxenford Village Neighbourhood 100 26.5 7.00 8.25 5,808 100.0 72.9 16,691 11,373 8.6 42 Goldﬁ elds Plaza Neighbourhood 100 25.0 8.00 8.75 7,938 100.0 58.6 8,087 8,624 8.3 43 Milton Village Neighbourhood 100 22.0 7.00 8.75 2,825 96.2 23.6 15,380 10,705 13.2 44 North Shore Village Neighbourhood 100 20.8 7.00 8.50 4,095 95.0 46.5 13,665 3,930 20.0 45 Monier Village Neighbourhood 100 19.9 7.00 8.50 5,595 100.0 48.0 9,096 5,216 12.3 46 Indooroopilly Central Outlet/Bulky Goods 100 59.0 7.50 8.75 16,209 100.0 30.0 5,281 6,634 10.1 47 South Australia Elizabeth Shopping Centre Regional 100 367.8 7.00 8.75 80,097 99.4 341.8 5,549 7,114 17.2 49 Colonnades Regional 50 150.8 7.00 8.75 66,647 96.6 270.3 4,869 6,182 16.8 50 Castle Plaza Shopping Centre Sub Regional 100 144.9 7.50 9.00 22,836 100.0 148.6 7,042 8,562 14.1 51 Kurralta Central Sub Regional 100 35.5 7.00 8.50 10,675 100.0 73.2 7,096 6,980 14.5 52 Mount Gambier Central Sub Regional 100 24.5 10.00 10.25 12,734 83.2 45.9 4,341 8,267 10.7 53 Hilton Plaza Neighbourhood 100 19.0 7.00 9.00 4,453 100.0 44.4 11,582 8,184 9.1 54 Northern Territory Katherine Oasis Neighbourhood 100 27.9 8.50 9.50 7,162 98.6 82.8 12,203 8,912 10.6 55 Victoria Chadstone Shopping Centre Super Regional 50 1,875.1 5.00 8.00 155,200 99.9 1,423.8 11,352 17,540 17.1 57 Bayside Shopping Centre Major Regional 100 556.3 6.25 8.50 88,871 99.2 404.9 4,886 7,285 18.3 58 Northland Shopping Centre Major Regional 50 482.5 5.75 8.00 97,058 99.8 519.1 5,805 8,533 21.1 59 The Glen Major Regional 50 218.1 6.00 8.50 59,077 99.4 334.9 6,382 8,068 17.7 60 Emporium Melbourne City Centre 50 490.0 5.25 8.25 44,815 99.8 390.1 9,098 11,348 18.5 61 Myer Bourke Street City Centre 33 122.7 5.75 8.00 38,730 100.0 N/A N/A N/A N/A 62 Broadmeadows Shopping Centre Regional 100 333.3 6.75 8.35 61,477 100.0 270.2 4,972 6,062 18.7 63 Forest Hill Chase Regional 100 281.7 7.25 8.75 63,107 99.5 295.4 5,341 6,319 17.7 64 Cranbourne Park Regional 50 130.5 6.25 8.50 39,676 99.4 N/A4 N/A4 N/A4 N/A4 65 Brimbank Shopping Centre Sub Regional 100 165.2 7.50 9.00 37,908 100.0 175.1 5,146 5,582 17.2 66 Box Hill Central (South Precinct) Sub Regional 100 144.0 7.25 9.00 23,390 100.0 140.7 6,535 8,355 15.8 67 Corio Shopping Centre Sub Regional 100 123.3 7.75 9.00 31,142 99.4 160.8 6,581 5,734 15.4 68 Roxburgh Park Shopping Centre Sub Regional 100 105.3 7.25 8.50 24,653 99.6 136.9 6,519 5,526 15.1 69 Victoria Gardens Shopping Centre Sub Regional 50 105.2 6.50 8.75 31,170 97.8 181.7 6,206 9,558 13.3 70 Altona Gate Shopping Centre Sub Regional 100 85.5 8.00 9.00 26,302 99.4 136.9 5,922 7,055 15.4 71

Specialty Value as at Capitalisation Discount Occupancy Annual retail Centre Specialty occupancy Page Centre type Interest 30 June 2015 rate rate GLA rate sales sales sales costs number (%) ($m)1 (%) (%) (sqm) (%)2 ($m) ($psm)2 ($psm)2 (%)2,3 Victoria (continued) Box Hill Central (North Precinct) Sub Regional 100 70.0 7.50 8.50 14,554 100.0 81.3 6,782 5,609 17.4 72 Mornington Central Sub Regional 100 61.8 6.75 8.75 11,686 100.0 100.9 8,659 9,435 13.9 73 Brandon Park Sub Regional 50 58.2 7.75 9.00 22,944 96.0 129.3 7,043 5,864 17.4 74 Sunshine Marketplace Sub Regional 50 55.0 6.75 8.50 33,750 99.5 131.8 4,390 5,876 14.8 75 Wodonga Plaza Sub Regional 100 47.0 8.50 9.00 17,622 97.9 91.6 5,418 6,710 12.0 76 Belmont Village Sub Regional 100 44.5 7.00 9.00 14,029 100.0 92.1 6,681 7,363 12.2 77 Oakleigh Central Neighbourhood 100 58.0 6.75 8.25 13,904 99.6 116.2 8,658 5,105 13.9 78 The Gateway Neighbourhood 100 38.8 7.00 8.75 10,849 97.3 80.3 8,828 6,397 9.5 79 Bentons Square Neighbourhood 50 38.6 6.50 8.75 10,029 93.9 N/A5 N/A5 N/A5 N/A5 80 DFO South Wharf Outlet/Bulky Goods 75 311.2 6.75 9.25 55,837 100.0 313.4 7,673 8,245 11.5 81 DFO Essendon Outlet/Bulky Goods 100 152.5 7.25 9.25 52,518 100.0 212.0 8,095 8,460 11.3 82 DFO Moorabbin Outlet/Bulky Goods 100 108.5 7.75 9.25 24,488 100.0 131.1 5,557 5,965 12.3 83 Tasmania Eastlands Shopping Centre Regional 100 158.8 7.00 9.00 33,314 97.8 225.1 7,213 7,995 14.8 84 Northgate Shopping Centre Sub Regional 100 96.2 7.75 9.25 19,327 98.6 133.6 7,722 9,578 13.4 85 Western Australia Galleria Major Regional 50 360.0 5.75 8.25 73,414 99.5 508.6 7,187 11,312 18.0 87 Rockingham Shopping Centre Regional 50 280.0 6.00 8.25 61,398 99.6 463.4 8,261 9,052 15.1 88 Mandurah Forum Regional 50 156.3 6.25 8.50 40,283 100.0 389.2 10,205 10,758 14.2 89 Warwick Grove Sub Regional 100 184.0 6.50 8.50 31,943 99.8 205.2 6,992 7,642 14.3 90 Warnbro Centre Sub Regional 100 122.0 6.25 8.50 21,382 99.7 N/A4 N/A4 N/A4 N/A4 91 Maddington Central Sub Regional 100 114.0 7.00 8.50 27,655 97.0 185.5 7,375 7,408 13.9 92 Karratha City Sub Regional 50 57.4 7.00 8.25 23,914 98.5 242.6 10,527 10,116 10.5 93 Currambine Central Neighbourhood 100 87.3 7.00 8.75 12,630 100.0 N/A5 N/A5 N/A5 N/A5 94 Dianella Plaza Neighbourhood 100 72.0 7.00 8.50 20,349 98.8 92.0 6,532 5,754 13.2 95 Stirlings Central Neighbourhood 100 48.0 7.25 9.25 8,598 98.5 101.7 12,022 11,112 7.8 96 Kalamunda Central Neighbourhood 100 36.8 7.00 9.00 8,304 100.0 75.3 9,616 5,441 12.1 97 Flinders Square Neighbourhood 100 30.3 7.00 9.00 5,990 100.0 67.0 12,767 6,429 11.8 98 Victoria Park Central Neighbourhood 100 27.0 6.75 8.50 5,472 100.0 52.1 9,797 5,512 14.7 99 Albany Brooks Garden Neighbourhood 100 25.0 8.00 9.00 12,308 100.0 51.2 9,976 4,672 9.6 100 Halls Head Central Neighbourhood 50 22.1 7.75 9.25 5,979 100.0 36.2 6,179 5,224 14.9 101

New South Wales Page Chatswood Chase Sydney 10 Bankstown Central 11 Roselands 12 Carlingford Court 13 Lake Haven Shopping Centre 14 Nepean Village 15 Warriewood Square 16 Tweed Mall 17 Goulburn Plaza 18 West End Plaza 19 Lavington Square 20 Armidale Central 21 Toormina Gardens 22 Westside Plaza 23 Maitland Hunter Mall 24 Terrace Central 25 Lennox Village 26 DFO Homebush 27

Australian Capital Territory Tuggeranong Hyperdome 28

Chatswood Chase Sydney, NSW 10 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

Chatswood Chase Sydney

Chatswood Chase Sydney is a four-level enclosed Major Regional shopping centre anchored by David Jones, Kmart and Coles. The Centre offers a premium retail experience on Sydney’s North Shore including JB Hi-Fi, Dick Smith, Apple, Williams-Sonoma Group, Country Road and more than 180 specialty stores. Recent new retailers to the Centre include Furla, Coach and Brooks Brothers.

Address: 345 Victoria Avenue, Chatswood

Sydney CBD 11km

Proﬁ le Retail mix by GLA Interest (%) 100 Centre type Major Regional Supermarkets 6% State NSW Discount Department Stores 11% Centre ﬁ rst opened 1980 Department Stores 33% Centre redeveloped 2009 Mini Majors 11% GLA (sqm) 60,064 Specialties 36% Major retailers Coles, David Jones, Kmart Non Retail 3% Specialty retailers 185 specialty shops and 2 freestanding shops Carspaces 2,441

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (External)1 951.5 Capitalisation rate (%) 5.25 FY16 19% Discount rate (%) 8.00 FY17 19% Valuation date 30-Jun-15 FY18 9% MAT ($m) 550.6 FY19 12% Centre sales ($psm) 9,527 FY20+ 41% Specialty sales ($psm) 13,077 Specialty occupancy costs (%)2 15.7 Occupancy (% by GLA) 100.0 NABERS energy rating 3.0-star NABERS water rating 2.0-star

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. 11 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

Bankstown Central

Bankstown Central is a Major Regional shopping centre, which features Myer, Target, Big W, Kmart, Woolworths and Supa IGA together with over 260 specialty stores including a food court. The Centre is located in Bankstown, approximately 20 kilometres south-west of Sydney.

Address: North Terrace, Bankstown

Sydney ➤CBD 20km

Proﬁ le Retail mix by GLA Interest (%) 50 Centre type Major Regional Supermarkets 8% State NSW Discount Department Stores 28% Centre ﬁ rst opened 1966 Department Stores 12% Centre redeveloped 2008 Mini Majors 15% GLA (sqm) 85,231 Specialties 27% Major retailers Big W, Kmart, Myer, Supa IGA, Target, Woolworths Non Retail 9% Specialty retailers 263 specialty shops and 4 freestanding shops Other Retail 1% Carspaces 3,332

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (External)1 640.0 Capitalisation rate (%) 6.50 FY16 31% Discount rate (%) 8.50 FY17 12% Valuation date 30-Jun-15 FY18 14% MAT ($m) 461.6 FY19 14% Centre sales ($psm) 6,201 FY20+ 29% Specialty sales ($psm) 8,417 Specialty occupancy costs (%)2 18.4% Occupancy (% by GLA) 97.0

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. 12 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

Roselands

Roselands is a fully enclosed, Major Regional centre anchored by Myer, Target, Coles and Food for Less. The supermarkets at the Centre trade very well with productivity levels exceeding industry benchmarks. The Centre is located in a densely populated inner metropolitan region of Sydney, approximately 18 kilometres south-west of Sydney’s CBD.

Address: Roselands Drive, Roselands

Sydney ➤CBD 18km

Proﬁ le Retail mix by GLA Interest (%) 50 Centre type Major Regional Supermarkets 11% State NSW Discount Department Stores 13% Centre ﬁ rst opened 1965 Department Stores 40% Centre redeveloped 2000 Mini Majors 10% GLA (sqm) 61,694 Specialties 21% Major retailers Coles, Food For Less, Myer, Target Non Retail 4% Specialty retailers 149 specialty shops and 2 freestanding shops Carspaces 3,600 Other Retail 1%

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (External)1 358.4 Capitalisation rate (%) 6.75 FY16 29% Discount rate (%) 8.50 FY17 23% Valuation date 30-Jun-15 FY18 7% MAT ($m) 310.9 FY19 16% Centre sales ($psm) 5,314 FY20+ 25% Specialty sales ($psm) 8,555 Specialty occupancy costs (%)2 17.7 Occupancy (% by GLA) 98.8

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. 13 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

Carlingford Court

Carlingford Court is an enclosed Sub Regional centre anchored by Target, Woolworths and Coles. The Centre’s retail mix of almost 90 specialties is situated over four levels with a strong representation of food and service usages. The Centre is located in the suburb of Carlingford, approximately 22 kilometres north-west of the Sydney CBD.

Address: Corner Pennant Hills and Carlingford Roads, Carlingford

➤ Sydney CBD 22km

Proﬁ le Retail mix by GLA Interest (%) 50 Centre type Sub Regional Supermarkets 23% State NSW Discount Department Stores 25% Centre ﬁ rst opened 1965 Mini Majors 14% Centre redeveloped 2007 Specialties 18% GLA (sqm) 33,073 Non Retail 18% Major retailers Coles, Target, Woolworths Other Retail 2% Specialty retailers 88 specialty shops and 1 freestanding shop Carspaces 1,442

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (Internal)1 203.0 Capitalisation rate (%) 6.50 FY16 34% Discount rate (%) 8.50 FY17 11% Valuation date 30-Jun-15 FY18 10% MAT ($m) 184.5 FY19 16% Centre sales ($psm) 6,868 FY20+ 29% Specialty sales ($psm) 9,823 Specialty occupancy costs (%)2 15.4 Occupancy (% by GLA) 99.5

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. 14 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

Lake Haven Shopping Centre

Lake Haven Shopping Centre is a single-level Sub Regional shopping centre and business park located approximately 10 kilometres north-east of Wyong. The Centre is anchored by Kmart, Woolworths, Coles, Best & Less and Aldi, and includes more than 110 specialty stores.

Address: Lake Haven Drive, Lake Haven

Newcastle CBD 55km

Proﬁ le Retail mix by GLA Interest (%) 100 Centre type Sub Regional Supermarkets 23% State NSW Discount Department Stores 19% Centre ﬁ rst opened 1986 Mini Majors 10% Centre redeveloped 2009 Specialties 20% GLA (sqm) 43,072 Non Retail 17% Major retailers Aldi, Coles, Kmart, Woolworths Other Retail 11% Specialty retailers 110 specialty shops and 9 freestanding shops Carspaces 1,524

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (Last external)1 265.5 Capitalisation rate (%) 7.00 FY16 18% Discount rate (%) 9.00 FY17 22% Valuation date 30-Nov-14 FY18 8% MAT ($m) 262.7 FY19 13% Centre sales ($psm) 7,730 FY20+ 39% Specialty sales ($psm) 9,473 Specialty occupancy costs (%)2 13.2 Occupancy (% by GLA) 99.2 NABERS energy rating 3.0-star NABERS water rating 4.5-star

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. 15 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

Nepean Village

Nepean Village is a single-level fully enclosed Sub Regional shopping centre anchored by Kmart, which trades 24/7 and a Coles supermarket. Both stores consistently rank in the top tier for sales turnover for these retailers. The Centre has a busy food court and is popular for fresh food and services. The Centre is situated in Penrith, a large established suburb at the foothills of the Blue Mountains.

Address: Corner Station and Woodriff Streets, Penrith

➤ Sydney CBD 54km

Proﬁ le Retail mix by GLA Interest (%) 100 Centre type Sub Regional Supermarkets 21% State NSW Discount Department Stores 41% Centre ﬁ rst opened 1984 Mini Majors 5% Centre redeveloped 1999 Specialties 22% GLA (sqm) 20,875 Non Retail 4% Major retailers Coles, Kmart Other Retail 7% Specialty retailers 50 specialty shops and 10 freestanding shops Carspaces 804

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (Internal)1 142.0 Capitalisation rate (%) 6.25 FY16 15% Discount rate (%) 8.50 FY17 15% Valuation date 30-Jun-15 FY18 9% MAT ($m) 215.8 FY19 7% Centre sales ($psm) 10,796 FY20+ 54% Specialty sales ($psm) 11,063 Specialty occupancy costs (%)2 11.3 Occupancy (% by GLA) 99.0

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. 16 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

Warriewood Square

Warriewood Square is a single-level fully enclosed Sub Regional shopping centre anchored by Kmart, Coles and Woolworths and is situated on Sydney's northern beaches. The Centre is set to beneﬁ t from an upcoming expansion, which includes the addition of Mini Major and specialty stores, an expanded Woolworths supermarket and additional carspaces. These works are expected to be completed mid 2016.

Address: Jacksons Road, Warriewood

➤ Sydney CBD 29km

Proﬁ le Retail mix by GLA Interest (%) 50 Centre type Sub Regional Supermarkets 29% State NSW Discount Department Stores 40% Centre ﬁ rst opened 1980 Specialties 26% Centre redeveloped 2015 Non Retail 5% GLA (sqm) 20,957 Major retailers Coles, Kmart, Woolworths Specialty retailers 65 specialty shops Carspaces 1,080

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (Internal – Carrying value)1 175.4 Capitalisation rate (%) 7.00 FY16 25% Discount rate (%) 9.00 FY17 15% Valuation date 30-Jun-15 FY18 7% MAT ($m) 170.8 FY19 12% Centre sales ($psm) 8,977 FY20+ 41% Specialty sales ($psm) 11,852 Specialty occupancy costs (%)2 13.7 Occupancy (% by GLA) 96.4

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. 17 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

Tweed Mall

Tweed Mall is a fully enclosed Sub Regional centre situated in the heart of Tweed Heads. The single-level Centre features Target, Woolworths and Coles supermarket along with two Mini Majors and an extensive specialty mix.

Address: Corner Wharf and Bay Streets, Tweed Heads

Gold Coast

➤ CBD 24km

Proﬁ le Retail mix by GLA Interest (%) 100 Centre type Sub Regional Supermarkets 35% State NSW Discount Department Stores 26% Centre ﬁ rst opened 1973 Mini Majors 10% Centre redeveloped 2011 Specialties 21% GLA (sqm) 23,135 Non Retail 7% Major retailers Coles, Target, Woolworths Other Retail 1% Specialty retailers 53 specialty shops Carspaces 997

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (Internal)1 79.0 Capitalisation rate (%) 8.01 FY16 20% Discount rate (%) 9.25 FY17 28% Valuation date 30-Jun-15 FY18 3% MAT ($m) 129.5 FY19 8% Centre sales ($psm) 6,384 FY20+ 41% Specialty sales ($psm) 6,262 Specialty occupancy costs (%)2 12.9 Occupancy (% by GLA) 94.1

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. 18 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

Goulburn Plaza

Goulburn Plaza is the only Sub Regional shopping centre in Goulburn and features Coles, Kmart and a diverse specialty mix including a popular food court. The Centre is well supported by locals who enjoy easy and convenient shopping.

Address: 217 Auburn Street, Goulburn

Goulburn CBD

Proﬁ le Retail mix by GLA Interest (%) 100 Centre type Sub Regional Supermarkets 25% State NSW Discount Department Stores 31% Centre ﬁ rst opened 1980 Mini Majors 7% Centre redeveloped 2005 Specialties 31% GLA (sqm) 13,938 Non Retail 5% Major retailers Coles, Kmart Other Retail 1% Specialty retailers 45 specialty shops and 1 freestanding shop Carspaces 452

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (Internal)1 67.0 Capitalisation rate (%) 6.75 FY16 21% Discount rate (%) 8.50 FY17 14% Valuation date 30-Jun-15 FY18 14% MAT ($m) 109.1 FY19 11% Centre sales ($psm) 8,468 FY20+ 40% Specialty sales ($psm) 8,699 Specialty occupancy costs (%)2 10.6 Occupancy (% by GLA) 99.0%

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. 19 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

West End Plaza

West End Plaza is a single-level Sub Regional centre featuring a Coles supermarket and Kmart. The Centre is located within the main commercial district of Albury and features an undercover carpark and the only food court in the Albury CBD.

Address: 487 Kiewa Street, Albury

Albury CBD

Proﬁ le Retail mix by GLA Interest (%) 100 Centre type Sub Regional Supermarkets 25% State NSW Discount Department Stores 42% Centre ﬁ rst opened 1980 Mini Majors 5% Centre redeveloped 2000 Specialties 26% GLA (sqm) 15,833 Non Retail 2% Major retailers Coles, Kmart Specialty retailers 41 specialty shops Carspaces 596

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (External)1 59.0 Capitalisation rate (%) 7.75 FY16 34% Discount rate (%) 8.75 FY17 15% Valuation date 30-Jun-15 FY18 8% MAT ($m) 87.9 FY19 10% Centre sales ($psm) 5,792 FY20+ 33% Specialty sales ($psm) 6,565 Specialty occupancy costs (%)2 13.3 Occupancy (% by GLA) 97.8

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. 20 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

Lavington Square

Lavington Square is a Sub Regional centre anchored by the only Big W in the region and includes a dual supermarket offer with Woolworths and Aldi together with an extensive specialty mix. The Centre provides a convenient shopping environment.

Address: 351 Grifﬁ th Road, Lavington

➤ Albury CBD 5km

Proﬁ le Retail mix by GLA Interest (%) 100 Centre type Sub Regional Supermarkets 19% State NSW Discount Department Stores 39% Centre ﬁ rst opened 1979 Mini Majors 9% Centre redeveloped 2005 Specialties 19% GLA (sqm) 20,239 Non Retail 14% Major retailers Aldi, Big W, Woolworths Specialty retailers 46 specialty shops Carspaces 1,036

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (Internal)1 56.0 Capitalisation rate (%) 8.25 FY16 33% Discount rate (%) 9.25 FY17 10% Valuation date 30-Jun-15 FY18 4% MAT ($m) 118.7 FY19 12% Centre sales ($psm) 7,043 FY20+ 41% Specialty sales ($psm) 8,379 Specialty occupancy costs (%)2 10.6 Occupancy (% by GLA) 96.6

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. 21 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

Armidale Central

Armidale Central is a fully enclosed Sub Regional shopping centre anchored by Woolworths and Big W, and includes over 30 specialty stores. Built in 2007, the Centre is located within the heart of Armidale and has over 600 car parking spaces available.

Address: 225 Beardy Street, Armidale

Armidale CBD

Proﬁ le Retail mix by GLA Interest (%) 100 Centre type Sub Regional Supermarkets 26% State NSW Discount Department Stores 45% Centre ﬁ rst opened 2007 Mini Majors 7% Centre redeveloped N/A Specialties 21% GLA (sqm) 14,688 Non Retail 1% Major retailers Big W, Woolworths Specialty retailers 31 specialty shops Carspaces 617

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (External)1 44.5 Capitalisation rate (%) 7.25 FY16 18% Discount rate (%) 8.75 FY17 8% Valuation date 30-Jun-15 FY18 16% MAT ($m) 96.3 FY19 5% Centre sales ($psm) 6,606 FY20+ 53% Specialty sales ($psm) 5,766 Specialty occupancy costs (%)2 11.0 Occupancy (% by GLA) 100.0

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. 22 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

Toormina Gardens

Toormina Gardens is a single-level enclosed Sub Regional shopping centre featuring Kmart, Coles, Woolworths and over 45 specialty stores. The Centre is located in Coffs Harbour on the NSW north coast.

Address: 5 Toormina Road, Toormina

Coffs Harbour CBD 9km

Proﬁ le Retail mix by GLA Interest (%) 50 Centre type Sub Regional Supermarkets 43% State NSW Discount Department Stores 24% Centre ﬁ rst opened 1987 Mini Majors 9% Centre redeveloped 2008 Specialties 19% GLA (sqm) 21,329 Non Retail 5% Major retailers Coles, Kmart, Woolworths Specialty retailers 46 specialty shops and 2 freestanding shops Carspaces 918

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (Internal)1 80.0 Capitalisation rate (%) 7.25 FY16 23% Discount rate (%) 8.75 FY17 4% Valuation date 30-Jun-15 FY18 6% MAT ($m) 143.8 FY19 6% Centre sales ($psm) 7,522 FY20+ 61% Specialty sales ($psm) 9,338 Specialty occupancy costs (%)2 8.5 Occupancy (% by GLA) 97.4

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. 23 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

Westside Plaza

Westside Plaza is the only Sub Regional shopping centre in Broken Hill and offers the only Big W, Woolworths and Dick Smith stores in Broken Hill. Broken Hill is the economic and cultural hub of the local area and is situated in regional NSW.

Address: 5 Galena Street, Broken Hill

Broken Hill CBD

Proﬁ le Retail mix by GLA Interest (%) 100 Centre type Sub Regional Supermarkets 28% State NSW Discount Department Stores 40% Centre ﬁ rst opened 1982 Mini Majors 13% Centre redeveloped 2005 Specialties 11% GLA (sqm) 17,498 Non Retail 6% Major retailers Big W, Woolworths Other Retail 2% Specialty retailers 17 specialty shops and 2 freestanding shops Carspaces 836

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (Internal)1 33.5 Capitalisation rate (%) 10.00 FY16 9% Discount rate (%) 9.50 FY17 4% Valuation date 30-Jun-15 FY18 38% MAT ($m) 91.2 FY19 5% Centre sales ($psm) 5,731 FY20+ 44% Specialty sales ($psm) 8,155 Specialty occupancy costs (%)2 8.1 Occupancy (% by GLA) 96.6

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. 24 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

Maitland Hunter Mall

Maitland Hunter Mall is a single-level Sub Regional centre anchored by Kmart. The Centre is located in the main commercial district of Maitland, approximately 34 kilometres west of Newcastle, and beneﬁ ts from its location adjacent to a pedestrian mall.

Address: 405 High Street, Maitland

➤ Newcastle CBD 34km

Proﬁ le Retail mix by GLA Interest (%) 100 Centre type Sub Regional Discount Department Stores 77% State NSW Mini Majors 8% Centre ﬁ rst opened 1985 Specialties 8% Centre redeveloped 2002 Other Retail 7% GLA (sqm) 13,002 Major retailers Kmart Specialty retailers 13 specialty shops and 1 freestanding shop Carspaces 655

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (Internal – Carrying value)1 16.8 Capitalisation rate (%) 9.75 FY16 20% Discount rate (%) 10.25 FY17 9% Valuation date 30-Jun-15 FY18 4% MAT ($m) 39.4 FY19 1% Centre sales ($psm) 3,714 FY20+ 66% Specialty sales ($psm) 7,828 Specialty occupancy costs (%)2 9.9 Occupancy (% by GLA) 97.6

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. 25 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

Terrace Central

Terrace Central is a Neighbourhood centre anchored by a Woolworths supermarket and provides an extensive fresh food and services offer. The Centre is located north of the Newcastle CBD in NSW.

Address: Corner Sturgeon and Glenelg Streets, Raymond Terrace

➤ Newcastle CBD 26km

Proﬁ le Retail mix by GLA Interest (%) 100 Centre type Neighbourhood Supermarkets 62% State NSW Mini Majors 9% Centre ﬁ rst opened 1982 Specialties 23% Centre redeveloped 2000 Non Retail 6% GLA (sqm) 7,241 Major retailers Woolworths Specialty retailers 18 specialty shops Carspaces 277

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (External)1 31.5 Capitalisation rate (%) 7.50 FY16 11% Discount rate (%) 8.75 FY17 20% Valuation date 30-Jun-15 FY18 48% MAT ($m) 64.0 FY19 12% Centre sales ($psm) 10,360 FY20+ 9% Specialty sales ($psm) 10,654 Specialty occupancy costs (%)2 7.7 Occupancy (% by GLA) 92.0

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. 26 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

Lennox Village

Lennox Village is a single-level Neighbourhood centre with Woolworths and Aldi providing a dual supermarket offer. The Centre is located at the foot of the Blue Mountains and beneﬁ ts from an above average household income in its main trade area.

Address: Corner Great Western Highway and Pyramid Street, Emu Plains

➤ Sydney CBD 58km

Proﬁ le Retail mix by GLA Interest (%) 50 Centre type Neighbourhood Supermarkets 36% State NSW Mini Majors 16% Centre ﬁ rst opened 1982 Specialties 24% Centre redeveloped 2005 Non Retail 17% GLA (sqm) 9,995 Other Retail 7% Major retailers Aldi, Woolworths Specialty retailers 30 specialty shops and 5 freestanding shops Carspaces 403

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (Internal)1 60.5 Capitalisation rate (%) 7.00 FY16 16% Discount rate (%) 8.75 FY17 15% Valuation date 30-Jun-15 FY18 8% MAT ($m) 113.7 FY19 12% Centre sales ($psm) 11,654 FY20+ 49% Specialty sales ($psm) 6,523 Specialty occupancy costs (%)2 16.0 Occupancy (% by GLA) 99.4

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. 27 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

DFO Homebush

DFO Homebush is a two-level retail Outlet Centre approximately 15 kilometres west of Sydney's CBD, comprising over 110 international and local retailers including Bose, Polo Ralph Lauren, Michael Kors, Escada, Max Mara, Oroton Factory, Coach, Salvatore Ferragamo, Burberry and Armani Outlet. DFO Homebush completed a substantially remodelled $100m upgrade in March 2014, introducing luxury and premium apparel, new food court, upgraded parents’ rooms and amenities, reworked parking and bulky goods retailers.

Address: 3-5 Underwood Road, Homebush

Sydney CBD 15km

Proﬁ le Retail mix by GLA Interest (%) 100 Centre type Outlet/Bulky Goods Mini Majors 42% State NSW Specialties 57% Centre ﬁ rst opened 2002 Non Retail 1% Centre redeveloped 2014 GLA (sqm) 29,869 Major retailers N/A Specialty retailers 112 specialty shops Carspaces 2,020

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (Last external)1 321.0 Capitalisation rate (%) 6.25 FY16 1% Discount rate (%) 8.75 FY17 6% Valuation date 31-Dec-14 FY18 12% MAT ($m) 293.1 FY19 59% Centre sales ($psm) 9,915 FY20+ 22% Specialty sales ($psm) 13,702 Specialty occupancy costs (%)2 8.8 Occupancy (% by GLA) 100.0

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. 28 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

Tuggeranong Hyperdome

Tuggeranong Hyperdome is a two-level Regional shopping centre, located approximately 20 kilometres south of Canberra's CBD. The centre is focussed on value and convenience, offering more than 140 specialty stores and is anchored by Target, Kmart, Coles, Woolworths, Best & Less and Limelight Cinemas.

Address: Corner Anketell and Reed Streets, Tuggeranong

Canberra CBD 20km

Proﬁ le Retail mix by GLA Interest (%) 50 Centre type Regional Supermarkets 13% State ACT Discount Department Stores 36% Centre ﬁ rst opened 1987 Mini Majors 17% Centre redeveloped 2012 Specialties 24% GLA (sqm) 76,116 Non Retail 3% Major retailers Big W, Coles, Harris Scarfe, Kmart, Target, Woolworths Other Retail 7% Specialty retailers 148 specialty shops and 1 freestanding shop Carspaces 2,373

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (Internal)1 280.0 Capitalisation rate (%) 7.25 FY16 26% Discount rate (%) 9.25 FY17 10% Valuation date 30-Jun-15 FY18 7% MAT ($m) 289.4 FY19 6% Centre sales ($psm) 4,484 FY20+ 51% Specialty sales ($psm) 6,983 Specialty occupancy costs (%)2 14.6 Occupancy (% by GLA) 97.0

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. QLD

Queensland Page QueensPlaza 30 The Myer Centre Brisbane 31 Toombul 32 Grand Plaza Shopping Centre 33 Runaway Bay Shopping Village 34 Mt Ommaney Centre 35 Clifford Gardens Shopping Centre 36 Taigum Square 37 Gympie Central 38 Whitsunday Plaza 39 Buranda Village 40 Lutwyche City 41 Oxenford Village 42 Goldﬁ elds Plaza 43 Milton Village 44 North Shore Village 45 Monier Village 46 Indooroopilly Central 47

QueensPlaza, QLD 30 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

QueensPlaza

QueensPlaza is a three-level City Centre located in the heart of Brisbane's CBD. The Centre is anchored by David Jones and Coles Central and features luxury retailers including Chanel, Louis Vuitton, Salvatore Ferragamo, Burberry, Bvlgari, Paspaley Pearls and Tiffany & Co., and more than 70 specialty stores.

Address: 226 Queen Street, Brisbane

Brisbane CBD

Proﬁ le Retail mix by GLA Interest (%) 100 Centre type City Centre Supermarkets 4% State QLD Department Stores 69% Centre ﬁ rst opened 2005 Specialties 19% Centre redeveloped 2008 Non Retail 8% GLA (sqm) 39,060 Major retailers Coles Central, David Jones Specialty retailers 72 specialty shops Carspaces 600

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (External)1 670.0 Capitalisation rate (%) 5.50 FY16 10% Discount rate (%) 8.00 FY17 14% Valuation date 31-May-15 FY18 11% MAT ($m) 281.7 FY19 11% Centre sales ($psm) 7,897 FY20+ 54% Specialty sales ($psm) 20,530 Specialty occupancy costs (%)2 15.3 Occupancy (% by GLA) 99.5 NABERS energy rating 2.5-star NABERS water rating 1.5-star

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. 31 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

The Myer Centre Brisbane

The Myer Centre Brisbane is a six-level City Centre located in the heart of Brisbane's CBD. The Centre is anchored by Myer, Target, Event Cinemas, Coles Central and Lincraft, and includes more than 170 specialty stores. The Centre is located above an underground bus interchange, which is Brisbane's busiest transport hub.

Address: 91 Queen Street, Brisbane

Brisbane CBD

Proﬁ le Retail mix by GLA Interest (%) 50 Centre type City Centre Supermarkets 3% State QLD Discount Department Stores 12% Centre ﬁ rst opened 1988 Department Stores 50% Centre redeveloped 2006 Mini Majors 8% GLA (sqm) 63,745 Specialties 20% Major retailers Coles Central, Myer, Target Non Retail 2% Specialty retailers 174 specialty shops and 1 freestanding shop Carspaces 1,450 Other Retail 5%

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (Last external)1 765.0 Capitalisation rate (%) 6.00 FY16 20% Discount rate (%) 8.50 FY17 14% Valuation date 30-Nov-14 FY18 14% MAT ($m) 342.4 FY19 11% Centre sales ($psm) 5,609 FY20+ 41% Specialty sales ($psm) 11,025 Specialty occupancy costs (%)2 21.3 Occupancy (% by GLA) 100.0 NABERS energy rating 2.0-star

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. 32 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

Toombul

Toombul is situated in an established residential locality in Brisbane’s north. This Regional Centre enjoys exposure to a strong anchor mix comprising Target, Kmart, Aldi and two Coles supermarkets. The Centre also features an eight screen cinema complex.

Address: 1015 Sandgate Road, Toombul

➤ Brisbane CBD 10km

Proﬁ le Retail mix by GLA Interest (%) 100 Centre type Regional Supermarkets 16% State QLD Discount Department Stores 32% Centre ﬁ rst opened 1967 Mini Majors 15% Centre redeveloped 2011 Specialties 20% GLA (sqm) 43,849 Non Retail 10% Major retailers Aldi, Coles, Kmart, Target Other Retail 7% Specialty retailers 120 specialty shops Carspaces 1,582

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (Internal)1 233.0 Capitalisation rate (%) 6.75 FY16 20% Discount rate (%) 8.75 FY17 13% Valuation date 30-Jun-15 FY18 12% MAT ($m) 236.3 FY19 9% Centre sales ($psm) 6,143 FY20+ 46% Specialty sales ($psm) 8,162 Specialty occupancy costs (%)2 14.7 Occupancy (% by GLA) 95.2

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. 33 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

Grand Plaza Shopping Centre

Grand Plaza Shopping Centre is a single-level Regional shopping centre located approximately 24 kilometres south of Brisbane's CBD. The Centre is anchored by Target, Big W, Woolworths, Coles, Kmart, Aldi, Best & Less and Event Cinemas, and includes more than 140 specialty stores.

Address: 27-49 Browns Plains Road, Browns Plains

Brisbane CBD 24km

Proﬁ le Retail mix by GLA Interest (%) 50 Centre type Regional Supermarkets 19% State QLD Discount Department Stores 37% Centre ﬁ rst opened 1994 Mini Majors 5% Centre redeveloped 2006 Specialties 22% GLA (sqm) 53,353 Non Retail 4% Major retailers Aldi, Big W, Coles, Kmart, Target, Woolworths Other Retail 13% Specialty retailers 144 specialty shops and 6 freestanding shops Carspaces 2,501

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (External)1 380.0 Capitalisation rate (%) 6.25 FY16 22% Discount rate (%) 8.25 FY17 17% Valuation date 30-Jun-15 FY18 16% MAT ($m) 356.4 FY19 8% Centre sales ($psm) 7,041 FY20+ 37% Specialty sales ($psm) 9,548 Specialty occupancy costs (%)2 16.8 Occupancy (% by GLA) 99.5 NABERS energy rating 3.5-star NABERS water rating 4.0-star

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. 34 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

Runaway Bay Shopping Village

Runaway Bay Shopping Village is a single-level Regional shopping centre located approximately 9 kilometres north of the Gold Coast CBD. The Centre is anchored by Woolworths, Coles, Aldi, Big W, Target, Best & Less, and includes more than 100 specialty stores. Seating in the food court has been extended outdoors for alfresco dining on the waterfront.

Address: 10-12 Lae Drive, Runaway Bay

Gold Coast CBD 9km

Proﬁ le Retail mix by GLA Interest (%) 50 Centre type Regional Supermarkets 23% State QLD Discount Department Stores 32% Centre ﬁ rst opened 1974 Mini Majors 7% Centre redeveloped 1995 Specialties 21% GLA (sqm) 42,877 Non Retail 15% Major retailers Aldi, Big W, Coles, Target, Woolworths Other Retail 2% Specialty retailers 108 specialty shops and 14 freestanding shops Carspaces 2,160

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (External)1 255.0 Capitalisation rate (%) 6.75 FY16 23% Discount rate (%) 8.75 FY17 23% Valuation date 30-Jun-15 FY18 8% MAT ($m) 287.9 FY19 9% Centre sales ($psm) 8,082 FY20+ 37% Specialty sales ($psm) 8,811 Specialty occupancy costs (%)2 13.9 Occupancy (% by GLA) 99.7 NABERS energy rating 3.5-star NABERS water rating 3.0-star

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. 35 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

Mt Ommaney Centre

Mt Ommaney Centre is a signiﬁ cant Regional shopping centre located in the metropolitan suburbs of Brisbane, approximately 15 kilometres south-west of the CBD. The Centre is anchored by Australia’s major retail chains including Kmart, Big W, Target, Woolworths, Coles and Aldi. The extensive specialty mix of over 150 retailers has a high representation of well known national chain retailers and a strong weighting to services with banks, Australia Post and Medicare. The Centre caters to the demands of the local community with the Council Library located on site.

Address: 171 Dandenong Road, Mt Ommaney

Brisbane ➤ CBD 15km

Proﬁ le Retail mix by GLA Interest (%) 25 Centre type Regional Supermarkets 16% State QLD Discount Department Stores 37% Centre ﬁ rst opened 1979 Mini Majors 5% Centre redeveloped 2010 Specialties 28% GLA (sqm) 56,341 Non Retail 12% Major retailers Aldi, Big W, Coles, Kmart, Target, Woolworths Other Retail 2% Specialty retailers 159 specialty shops and 14 freestanding shops Carspaces 2,527

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (Internal)1 416.3 Capitalisation rate (%) 6.25 FY16 32% Discount rate (%) 8.50 FY17 14% Valuation date 30-Jun-15 FY18 11% MAT ($m) 320.7 FY19 6% Centre sales ($psm) 6,526 FY20+ 37% Specialty sales ($psm) 7,548 Specialty occupancy costs (%)2 16.2 Occupancy (% by GLA) 97.1

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. 36 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

Clifford Gardens Shopping Centre

Clifford Gardens Shopping Centre is a single-level Sub Regional shopping centre located in Toowoomba on the Darling Downs. Anchored by Big W, Woolworths and Coles and in excess of 80 specialty stores, Clifford Gardens is recognised as the dominant premium convenience centre in Toowoomba. The Centre's latest amenities upgrade was awarded a Downs & Western Housing & Construction Master Builders Award.

Address: Corner James Street and Anzac Avenue, Toowoomba

Toowoomba CBD 3km

Proﬁ le Retail mix by GLA Interest (%) 100 Centre type Sub Regional Supermarkets 31% State QLD Discount Department Stores 30% Centre ﬁ rst opened 1983 Mini Majors 6% Centre redeveloped 2009 Specialties 26% GLA (sqm) 27,882 Non Retail 7% Major retailers Big W, Coles, Woolworths Specialty retailers 87 specialty shops Carspaces 1,600

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (Last external)1 185.8 Capitalisation rate (%) 6.75 FY16 23% Discount rate (%) 8.75 FY17 16% Valuation date 31-Dec-14 FY18 9% MAT ($m) 195.0 FY19 15% Centre sales ($psm) 7,664 FY20+ 37% Specialty sales ($psm) 9,554 Specialty occupancy costs (%)2 12.9 Occupancy (% by GLA) 99.9 NABERS energy rating 3.5-star NABERS water rating 5.0-star

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. 37 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

Taigum Square

Taigum Square is a fully enclosed Sub Regional shopping centre located in the northern suburbs of Brisbane, comprising Woolworths, Big W, Best & Less and an extensive specialty mix. The Centre beneﬁ ts from a strong catchment area with circa 133,000 residents.

Address: Corner Church and Beams Roads, Taigum

➤ Brisbane CBD 17km

Proﬁ le Retail mix by GLA Interest (%) 100 Centre type Sub Regional Supermarkets 16% State QLD Discount Department Stores 29% Centre ﬁ rst opened 1982 Mini Majors 12% Centre redeveloped 2001 Specialties 20% GLA (sqm) 22,875 Non Retail 22% Major retailers Big W, Woolworths Other Retail 1% Specialty retailers 62 specialty shops and 5 freestanding shops Carspaces 1,048

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (External)1 89.2 Capitalisation rate (%) 7.00 FY16 14% Discount rate (%) 9.00 FY17 10% Valuation date 30-Jun-15 FY18 9% MAT ($m) 108.0 FY19 9% Centre sales ($psm) 6,233 FY20+ 58% Specialty sales ($psm) 6,532 Specialty occupancy costs (%)2 12.9 Occupancy (% by GLA) 97.5

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. 38 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

Gympie Central

Gympie Central is situated approximately two hours north of Brisbane. The Centre is the dominant shopping centre in the region anchored by a Woolworths supermarket and Big W with an extensive specialty mix of over 45 stores.

Address: Corner Bruce Highway and Excelsior Road, Gympie

Noosa CBD 66km

Proﬁ le Retail mix by GLA Interest (%) 100 Centre type Sub Regional Supermarkets 26% State QLD Discount Department Stores 40% Centre ﬁ rst opened 1973 Specialties 31% Centre redeveloped 2007 Non Retail 3% GLA (sqm) 14,050 Major retailers Big W, Woolworths Specialty retailers 47 specialty shops Carspaces 752

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (External)1 75.0 Capitalisation rate (%) 6.75 FY16 9% Discount rate (%) 8.50 FY17 24% Valuation date 30-Jun-15 FY18 5% MAT ($m) 116.6 FY19 11% Centre sales ($psm) 8,543 FY20+ 51% Specialty sales ($psm) 9,552 Specialty occupancy costs (%)2 10.7 Occupancy (% by GLA) 98.4

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. 39 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

Whitsunday Plaza

Whitsunday Plaza is a Sub Regional shopping centre located in Cannonvale in the Whitsunday region of Queensland. The Centre is anchored by Woolworths, Big W and Harvey Norman. The Centre beneﬁ ts from a loyal customer base and exposure to the regional tourism industry.

Address: 8 Galbraith Park Drive, Cannonvale

Airlie Beach CBD 6km

Proﬁ le Retail mix by GLA Interest (%) 100 Centre type Sub Regional Supermarkets 15% State QLD Discount Department Stores 25% Centre ﬁ rst opened 2006 Department Stores 8% Centre redeveloped N/A Mini Majors 26% GLA (sqm) 22,198 Specialties 12% Major retailers Big W, Harvey Norman, Woolworths Non Retail 14% Specialty retailers 26 specialty shops and 11 freestanding shops Carspaces 1,149

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (Internal)1 59.5 Capitalisation rate (%) 7.25 FY16 16% Discount rate (%) 8.75 FY17 8% Valuation date 30-Jun-15 FY18 5% MAT ($m) 106.3 FY19 20% Centre sales ($psm) 5,756 FY20+ 51% Specialty sales ($psm) 9,089 Specialty occupancy costs (%)2 8.2 Occupancy (% by GLA) 99.4

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. 40 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

Buranda Village

Buranda Village is a Sub Regional shopping centre situated on Brisbane’s south side approximately 5 kilometres from the Brisbane CBD. Anchored by Woolworths and Target, the Centre comprises four levels with retail and car parking at ground level, an upper deck car park and two levels of commercial ofﬁ ce suites.

Address: Corner Ipswich Road and Cornwell Street, Buranda ➤ Brisbane CBD 5km

Proﬁ le Retail mix by GLA Interest (%) 100 Centre type Sub Regional Supermarkets 26% State QLD Discount Department Stores 35% Centre ﬁ rst opened 1978 Specialties 17% Centre redeveloped 2005 Non Retail 22% GLA (sqm) 11,466 Major retailers Target, Woolworths Specialty retailers 35 specialty shops Carspaces 504

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (Internal)1 38.0 Capitalisation rate (%) 7.00 FY16 26% Discount rate (%) 8.50 FY17 3% Valuation date 30-Jun-15 FY18 9% MAT ($m) 62.3 FY19 13% Centre sales ($psm) 6,912 FY20+ 49% Specialty sales ($psm) 7,618 Specialty occupancy costs (%)2 13.8 Occupancy (% by GLA) 100.0

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. 41 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

Lutwyche City

Lutwyche City is a Neighbourhood shopping centre located on Brisbane’s north side approximately 6 kilometres from the Brisbane CBD. Anchored by Coles and Aldi, it comprises two levels of convenient undercover parking and a commercial ofﬁ ce suite precinct. The Centre is situated on Lutwyche Road, which is the main route connecting the Brisbane CBD with the northern suburbs of Brisbane.

Address: 543 Lutwyche Road, Lutwyche

Brisbane CBD 6km

Proﬁ le Retail mix by GLA Interest (%) 100 Centre type Neighbourhood Supermarkets 23% State QLD Mini Majors 7% Centre ﬁ rst opened 1974 Specialties 11% Centre redeveloped 2008 Non Retail 58% GLA (sqm) 18,793 Other Retail 1% Major retailers Aldi, Coles Specialty retailers 40 specialty shops and 2 freestanding shops Carspaces 812

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (Internal)1 65.0 Capitalisation rate (%) 7.25 FY16 26% Discount rate (%) 8.25 FY17 18% Valuation date 30-Jun-15 FY18 8% MAT ($m) 89.6 FY19 8% Centre sales ($psm) 10,623 FY20+ 40% Specialty sales ($psm) 7,383 Specialty occupancy costs (%)2 10.6 Occupancy (% by GLA) 93.8

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. 42 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

Oxenford Village

Oxenford Village is a Neighbourhood centre anchored by a Woolworths supermarket and a retail mix focused on food and service usages. The Centre is prominently situated adjacent to the M1 motorway, in the Gold Coast corridor south of Brisbane.

Address: Corner Cottonwood Place and Old Paciﬁ c Highway, Oxenford

Surfers Paradise CBD 20km

Proﬁ le Retail mix by GLA Interest (%) 100 Centre type Neighbourhood Supermarkets 59% State QLD Specialties 15% Centre ﬁ rst opened 2001 Non Retail 25% Centre redeveloped N/A Other Retail 1% GLA (sqm) 5,808 Major retailers Woolworths Specialty retailers 14 specialty shops and 1 freestanding shop Carspaces 255

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (External)1 26.5 Capitalisation rate (%) 7.00 FY16 5% Discount rate (%) 8.25 FY17 79% Valuation date 30-Jun-15 FY18 0% MAT ($m) 72.9 FY19 12% Centre sales ($psm) 16,691 FY20+ 4% Specialty sales ($psm) 11,373 Specialty occupancy costs (%)2 8.6 Occupancy (% by GLA) 100.0

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. 43 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

Goldﬁ elds Plaza

Goldﬁ elds Plaza is located in Gympie, approximately two hours north of Brisbane. The single-level Centre is anchored by Coles and features a Target Country store as well as a convenience-based specialty mix.

Address: Corner Nash and Monkland Streets, Gympie

Noosa CBD 51km

Proﬁ le Retail mix by GLA Interest (%) 100 Centre type Neighbourhood Supermarkets 53% State QLD Mini Majors 25% Centre ﬁ rst opened 1985 Specialties 16% Centre redeveloped 2001 Non Retail 6% GLA (sqm) 7,938 Major retailers Coles Specialty retailers 16 specialty shops Carspaces 437

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (External)1 25.0 Capitalisation rate (%) 8.00 FY16 22% Discount rate (%) 8.75 FY17 10% Valuation date 30-Jun-15 FY18 1% MAT ($m) 58.6 FY19 3% Centre sales ($psm) 8,087 FY20+ 64% Specialty sales ($psm) 8,624 Specialty occupancy costs (%)2 8.3 Occupancy (% by GLA) 100.0

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. 44 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

Milton Village

Milton Village is an enclosed Neighbourhood centre anchored by an IGA supermarket and includes a specialty mix with a strong food and services focus. The Centre is located in close proximity to the Brisbane CBD.

Address: 12-36 Baroona Road, Milton

Brisbane CBD 3km

Proﬁ le Retail mix by GLA Interest (%) 100 Centre type Neighbourhood Specialties 34% State QLD Non Retail 64% Centre ﬁ rst opened 1973 Other Retail 2% Centre redeveloped N/A GLA (sqm) 2,825 Major retailers IGA Specialty retailers 23 specialty shops Carspaces 166

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (Internal)1 22.0 Capitalisation rate (%) 7.00 FY16 19% Discount rate (%) 8.75 FY17 5% Valuation date 30-Jun-15 FY18 28% MAT ($m) 23.6 FY19 18% Centre sales ($psm) 15,380 FY20+ 30% Specialty sales ($psm) 10,705 Specialty occupancy costs (%)2 13.2 Occupancy (% by GLA) 96.2

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. 45 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

North Shore Village

North Shore Village is an open plan Neighbourhood centre anchored by Coles supermarket and a specialty mix focused on food and services. The Centre is located on the Sunshine Coast in Queensland servicing the Paciﬁ c Paradise local and tourism market.

Address: 722-728 David Low Way, Paciﬁ c Paradise

➤ Sunshine Coast CBD 10km

Proﬁ le Retail mix by GLA Interest (%) 100 Centre type Neighbourhood Supermarkets 66% State QLD Specialties 16% Centre ﬁ rst opened 2003 Non Retail 18% Centre redeveloped N/A GLA (sqm) 4,095 Major retailers Coles Specialty retailers 10 specialty shops and 1 freestanding shop Carspaces 274

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (Internal)1 20.8 Capitalisation rate (%) 7.00 FY16 1% Discount rate (%) 8.50 FY17 0% Valuation date 30-Jun-15 FY18 52% MAT ($m) 46.5 FY19 5% Centre sales ($psm) 13,665 FY20+ 42% Specialty sales ($psm) 3,930 Specialty occupancy costs (%)2 20.0 Occupancy (% by GLA) 95.0

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. 46 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

Monier Village

Monier Village is an open-air Neighbourhood shopping centre which provides a dual supermarket offer, Woolworths and Aldi. Monier Village is located approximately 17 kilometres south-west of Brisbane’s CBD.

Address: 166 Monier Road, Darra

Brisbane ➤CBD 17km

Proﬁ le Retail mix by GLA Interest (%) 100 Centre type Neighbourhood Supermarkets 50% State QLD Specialties 16% Centre ﬁ rst opened 2004 Non Retail 34% Centre redeveloped 2013 GLA (sqm) 5,595 Major retailers Aldi, Woolworths Specialty retailers 14 specialty shops Carspaces 286

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (External)1 19.9 Capitalisation rate (%) 7.00 FY16 0% Discount rate (%) 8.50 FY17 6% Valuation date 30-Jun-15 FY18 0% MAT ($m) 48.0 FY19 10% Centre sales ($psm) 9,096 FY20+ 84% Specialty sales ($psm) 5,216 Specialty occupancy costs (%)2 12.3 Occupancy (% by GLA) 100.0

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. 47 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

Indooroopilly Central

Indooroopilly Central is a Bulky Goods centre located approximately 7 kilometres south-west of the Brisbane CBD. The Centre's retail mix features homegoods, automotive and convenience usages including a pharmacy and take-away food.

Address: 34 Coonan Street, Indooroopilly

Brisbane ➤CBD 7km

Proﬁ le Retail mix by GLA Interest (%) 100 Centre type Outlet/Bulky Goods Mini Majors 16% State QLD Specialties 13% Centre ﬁ rst opened 1991 Non Retail 69% Centre redeveloped N/A Other Retail 2% GLA (sqm) 16,209 Major retailers N/A Specialty retailers 20 specialty shops and 1 freestanding shop Carspaces 253

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (Internal)1 59.0 Capitalisation rate (%) 7.50 FY16 25% Discount rate (%) 8.75 FY17 0% Valuation date 30-Jun-15 FY18 16% MAT ($m) 30.0 FY19 13% Centre sales ($psm) 5,281 FY20+ 46% Specialty sales ($psm) 6,634 Specialty occupancy costs (%)2 10.1 Occupancy (% by GLA) 100.0

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. SA/NT

South Australia Page Elizabeth Shopping Centre 49 Colonnades 50 Castle Plaza Shopping Centre 51 Kurralta Central 52 Mount Gambier Central 53 Hilton Plaza 54

Northern Territory Katherine Oasis 55

Elizabeth Shopping Centre, SA 49 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

Elizabeth Shopping Centre

Elizabeth Shopping Centre is a single-level Regional shopping centre located approximately 27 kilometres north of Adelaide's CBD. The Centre is anchored by Big W, Coles, Target, Woolworths, Rebel Sport, Reading Cinemas, JB Hi-Fi and Best & Less, and includes more than 200 specialty stores.

Address: 50 Elizabeth Way, Elizabeth

Adelaide CBD 27km

Proﬁ le Retail mix by GLA Interest (%) 100 Centre type Regional Supermarkets 10% State SA Discount Department Stores 27% Centre ﬁ rst opened 1960 Mini Majors 12% Centre redeveloped 2005 Specialties 22% GLA (sqm) 80,097 Non Retail 22% Major retailers Big W, Coles, Harris Scarfe, Target, Woolworths Other Retail 7% Specialty retailers 203 specialty shops and 5 freestanding shops Carspaces 3,228

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (External)1 367.8 Capitalisation rate (%) 7.00 FY16 37% Discount rate (%) 8.75 FY17 18% Valuation date 31-May-15 FY18 12% MAT ($m) 341.8 FY19 9% Centre sales ($psm) 5,549 FY20+ 24% Specialty sales ($psm) 7,114 Specialty occupancy costs (%)2 17.2 Occupancy (% by GLA) 99.4 NABERS energy rating 3.5-star NABERS water rating 5.0-star

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. 50 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

Colonnades

Colonnades is one of the largest Regional shopping centres in South Australia, conveniently located in the heart of Noarlunga town centre, which includes a TAFE College, City of Onkaparinga Council and Hospital. Colonnades accommodates six major retailers and an extensive specialty mix, offering a convenient, fresh and modern shopping destination. The Centre is located 29 kilometres south of the Adelaide CBD Commencing 2015, Colonnades is set to beneﬁ t from an upcoming redevelopment with the addition of Masters and an Aldi store.

Address: Beach Road, Noarlunga

Adelaide ➤ CBD 29km

Proﬁ le Retail mix by GLA Interest (%) 50 Centre type Regional Supermarkets 12% State SA Discount Department Stores 29% Centre ﬁ rst opened 1979 Department Stores 7% Centre redeveloped 2006 Mini Majors 16% GLA (sqm) 66,647 Specialties 21% Major retailers Big W, Coles, Harris Scarfe, Kmart, Myer, Woolworths Non Retail 13% Specialty retailers 151 specialty shops and 6 freestanding shops Other Retail 2% Carspaces 3,550

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (Internal – Carrying value)1 301.7 Capitalisation rate (%) 7.00 FY16 24% Discount rate (%) 8.75 FY17 18% Valuation date 30-Jun-15 FY18 14% MAT ($m) 270.3 FY19 9% Centre sales ($psm) 4,869 FY20+ 35% Specialty sales ($psm) 6,182 Specialty occupancy costs (%)2 16.8 Occupancy (% by GLA) 96.6

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. 51 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

Castle Plaza Shopping Centre

Castle Plaza is a single-level enclosed Sub Regional shopping centre conveniently located 8 kilometres south-west of the Adelaide CBD. The Centre is anchored by Target, Coles and Foodland, and includes more than 60 specialty stores. Castle Plaza is currently undergoing refurbishment to provide a fresh, improved and convenient shopping experience.

Address: 992 South Road, Edwardstown

Adelaide CBD 8km

Proﬁ le Retail mix by GLA Interest (%) 100 Centre type Sub Regional Supermarkets 18% State SA Discount Department Stores 35% Centre ﬁ rst opened 1987 Mini Majors 11% Centre redeveloped 2000 Specialties 22% GLA (sqm) 22,836 Non Retail 7% Major retailers Coles, Foodland, Target Other Retail 7% Specialty retailers 63 specialty shops and 3 freestanding shops Carspaces 1,345

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (Last external)1 144.9 Capitalisation rate (%) 7.50 FY16 22% Discount rate (%) 9.00 FY17 8% Valuation date 30-Nov-14 FY18 18% MAT ($m) 148.6 FY19 13% Centre sales ($psm) 7,042 FY20+ 39% Specialty sales ($psm) 8,562 Specialty occupancy costs (%)2 14.1 Occupancy (% by GLA) 100.0 NABERS energy rating 2.0-star NABERS water rating 3.5-star

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. 52 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

Kurralta Central

Kurralta Central is a Sub Regional shopping centre located 5 kilometres south-west of the Adelaide CBD. The Centre beneﬁ ts from its location along the main thoroughfare between the CBD and Adelaide’s south western suburbs including the popular beach destination, Glenelg. The Centre is anchored by Kmart and Coles with a small specialty mix.

Address: 153 Anzac Highway, Kurralta Park

Adelaide ➤CBD 5km

Proﬁ le Retail mix by GLA Interest (%) 100 Centre type Sub Regional Supermarkets 22% State SA Discount Department Stores 66% Centre ﬁ rst opened 1969 Specialties 8% Centre redeveloped 2000 Non Retail 3% GLA (sqm) 10,675 Other Retail 1% Major retailers Coles, Kmart Specialty retailers 12 specialty shops Carspaces 548

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (Internal)1 35.5 Capitalisation rate (%) 7.00 FY16 11% Discount rate (%) 8.50 FY17 7% Valuation date 30-Jun-15 FY18 7% MAT ($m) 73.2 FY19 2% Centre sales ($psm) 7,096 FY20+ 73% Specialty sales ($psm) 6,980 Specialty occupancy costs (%)2 14.5 Occupancy (% by GLA) 100.0

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. 53 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

Mount Gambier Central

Mount Gambier Central is anchored by Kmart, and has a specialty mix comprising a signiﬁ cant number of national retailers including Best & Less, Witchery, Lorna Jane, Flight Centre, Just Jeans, Jeans West and EB Games.

Address: 21 Helen Street, Mount Gambier

Mount Gambier CBD

Proﬁ le Retail mix by GLA Interest (%) 100 Centre type Sub Regional Discount Department Stores 56% State SA Mini Majors 14% Centre ﬁ rst opened 1986 Specialties 29% Centre redeveloped N/A Other Retail 1% GLA (sqm) 12,734 Major retailers Kmart Specialty retailers 30 specialty shops and 1 freestanding shop Carspaces 553

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (Internal)1 24.5 Capitalisation rate (%) 10.00 FY16 28% Discount rate (%) 10.25 FY17 10% Valuation date 30-Jun-15 FY18 4% MAT ($m) 45.9 FY19 8% Centre sales ($psm) 4,341 FY20+ 50% Specialty sales ($psm) 8,267 Specialty occupancy costs (%)2 10.7 Occupancy (% by GLA) 83.2

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. 54 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

Hilton Plaza

Hilton Plaza is situated only 3 kilometres west of the Adelaide CBD. Hilton Plaza provides a convenience shopping experience with a Woolworths supermarket and ample car parking.

Address: Corner Sir Donald Bradman Drive and Bagot Avenue, Hilton

➤ Adelaide CBD 3km

Proﬁ le Retail mix by GLA Interest (%) 100 Centre type Neighbourhood Supermarkets 73% State SA Specialties 18% Centre ﬁ rst opened 1998 Non Retail 9% Centre redeveloped N/A GLA (sqm) 4,453 Major retailers Woolworths Specialty retailers 12 specialty shops Carspaces 228

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (Internal)1 19.0 Capitalisation rate (%) 7.00 FY16 16% Discount rate (%) 9.00 FY17 7% Valuation date 30-Jun-15 FY18 58% MAT ($m) 44.4 FY19 14% Centre sales ($psm) 11,582 FY20+ 5% Specialty sales ($psm) 8,184 Specialty occupancy costs (%)2 9.1 Occupancy (% by GLA) 100.0

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. 55 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

Katherine Oasis

Katherine Oasis is a Neighbourhood shopping centre. Servicing the residents of Katherine, the Centre provides the only full-line supermarket in the region, Target Country and 15 specialty retailers. Katherine is the fourth largest township in the Northern Territory, located 316 kilometres south-east of Darwin and is also home to the RAAF base Tindal, around 15 kilometres south of Katherine.

Address: Corner First Street and Katherine Terrace, Katherine

Katherine CBD

Proﬁ le Retail mix by GLA Interest (%) 100 Centre type Neighbourhood Supermarkets 64% State NT Mini Majors 14% Centre ﬁ rst opened 1986 Specialties 18% Centre redeveloped 2002 Non Retail 4% GLA (sqm) 7,162 Major retailers Woolworths Specialty retailers 15 specialty shops Carspaces 154

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (Internal)1 27.9 Capitalisation rate (%) 8.50 FY16 5% Discount rate (%) 9.50 FY17 14% Valuation date 30-Jun-15 FY18 11% MAT ($m) 82.8 FY19 11% Centre sales ($psm) 12,203 FY20+ 59% Specialty sales ($psm) 8,912 Specialty occupancy costs (%)2 10.6 Occupancy (% by GLA) 98.6

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. VIC/TAS

Victoria Page Chadstone Shopping Centre 57 Bayside Shopping Centre 58 Northland Shopping Centre 59 The Glen 60 Emporium Melbourne 61 Myer Bourke Street 62 Broadmeadows Shopping Centre 63 Forest Hill Chase 64 Cranbourne Park 65 Brimbank Shopping Centre 66 Box Hill Central (South Precinct) 67 Corio Shopping Centre 68 Roxburgh Park Shopping Centre 69 Victoria Gardens Shopping Centre 70 Altona Gate Shopping Centre 71 Box Hill Central (North Precinct) 72 Mornington Central 73 Brandon Park 74 Sunshine Marketplace 75 Wodonga Plaza 76 Belmont Village 77 Oakleigh Central 78 The Gateway 79 Bentons Square 80 DFO South Wharf 81 DFO Essendon 82 DFO Moorabbin 83

Tasmania Eastlands Shopping Centre 84 Northgate Shopping Centre 85

DFO Moorabbin, VIC 57 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

Chadstone Shopping Centre

Chadstone Shopping Centre is a two-level Super Regional shopping centre located in south-east Melbourne. Anchored by David Jones, Myer, Kmart, Target, Coles, Woolworths, Aldi, Zara, Williams-Sonoma Group and GAP, Chadstone has approximately 400 specialty stores and features a major international luxury precinct. Generating Australia’s highest sales turnover for 14 consecutive years, Chadstone is undergoing a $622m expansion featuring international ﬂ agship stores, an expanded luxury offer and a world-class food and entertainment precinct.

Address: 1341 Dandenong Road, Chadstone ➤ Melbourne CBD 18km

Proﬁ le Retail mix by GLA Interest (%) 50 Centre type Super Regional Supermarkets 7% State VIC Discount Department Stores 8% Centre ﬁ rst opened 1960 Department Stores 25% Centre redeveloped 2015 Mini Majors 16% GLA (sqm) 155,200 Specialties 31% Major retailers Aldi, Coles, David Jones, Kmart, Myer, Target, Toys "R" Us, Woolworths Non Retail 12% Specialty retailers 397 specialty shops and 9 freestanding shops Other Retail 1% Carspaces 8,283

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (Internal – Carrying value)1 3,750.2 Capitalisation rate (%) 5.00 FY16 29% Discount rate (%) 8.00 FY17 20% Valuation date 30-Jun-15 FY18 8% MAT ($m) 1,423.8 FY19 10% Centre sales ($psm) 11,352 FY20+ 33% Specialty sales ($psm) 17,540 Specialty occupancy costs (%)2 17.1 Occupancy (% by GLA) 99.9 NABERS Energy Rating 4.0-star

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. 58 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

Bayside Shopping Centre

Bayside Shopping Centre is the largest shopping centre on the Mornington Peninsula. Located in the heart of Frankston, the fully enclosed Major Regional shopping centre accommodates Myer, Coles, Target, Woolworths, Aldi, and JB Hi-Fi. Adding to its' extensive specialty mix of approximately 230 retailers and an entertainment zone anchored by HOYTS Cinemas, Bayside is set to beneﬁ t from a recent food court upgrade.

Address: 2 Olsen Street, Frankston

Melbourne CBD 41km

Proﬁ le Retail mix by GLA Interest (%) 100 Centre type Major Regional Supermarkets 11% State VIC Discount Department Stores 16% Centre ﬁ rst opened 1971 Department Stores 19% Centre redeveloped 2011 Mini Majors 13% GLA (sqm) 88,871 Specialties 27% Major retailers Aldi, Coles, Kmart, Myer, Target, Toys "R" Us, Woolworths Non Retail 4% Specialty retailers 226 specialty shops and 3 freestanding shops Carspaces 3,448 Other Retail 10%

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (External)1 556.3 Capitalisation rate (%) 6.25 FY16 18% Discount rate (%) 8.50 FY17 18% Valuation date 31-May-15 FY18 18% MAT ($m) 404.9 FY19 7% Centre sales ($psm) 4,886 FY20+ 39% Specialty sales ($psm) 7,285 Specialty occupancy costs (%)2 18.3 Occupancy (% by GLA) 99.2 NABERS energy rating 3.5-star NABERS water rating 4.5-star

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. 59 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

Northland Shopping Centre

Northland Shopping Centre is a two-level Major Regional shopping centre located approximately 13 kilometres north of Melbourne's CBD. The Centre is anchored by Myer, Kmart, Target, Coles, Woolworths, Aldi, Toys "R" Us, Rebel Sport, Lincraft, JB Hi-Fi and HOYTS Cinema, and includes more than 280 specialty stores. Northland most recently completed the addition of a new entertainment and leisure precinct to complement the cinema and growing needs of the customers, for a more complete shopping experience.

Address: 2-50 Murray Road, East Preston

Melbourne CBD 13km

Proﬁ le Retail mix by GLA Interest (%) 50 Centre type Major Regional Supermarkets 10% State VIC Discount Department Stores 14% Centre ﬁ rst opened 1966 Department Stores 19% Centre redeveloped 2014 Mini Majors 11% GLA (sqm) 97,058 Specialties 29% Major retailers Aldi, Coles, Kmart, Myer, Target, Toys "R" Us, Woolworths Non Retail 7% Specialty retailers 288 specialty shops and 5 freestanding shops Carspaces 4,640 Other Retail 10%

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (External)1 965.0 Capitalisation rate (%) 5.75 FY16 28% Discount rate (%) 8.00 FY17 16% Valuation date 31-May-15 FY18 12% MAT ($m) 519.1 FY19 7% Centre sales ($psm) 5,805 FY20+ 37% Specialty sales ($psm) 8,533 Specialty occupancy costs (%)2 21.1 Occupancy (% by GLA) 99.8 NABERS energy rating 3.5-star NABERS water rating 4.0-star

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. 60 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

The Glen

The Glen is a Major Regional shopping centre located in the suburb of Glen Waverley, 26 kilometres south-east of Melbourne. The Centre is anchored by David Jones, Target, Coles and Woolworths and has an extensive specialty mix featuring a number of food and service usages. The Glen beneﬁ ts from a substantial catchment area, which comprises above average household income levels.

Address: 235 Springvale Road, Glen Waverley ➤ Melbourne CBD 26km

Proﬁ le Retail mix by GLA Interest (%) 50 Centre type Major Regional Supermarkets 13% State VIC Discount Department Stores 11% Centre ﬁ rst opened 1991 Department Stores 26% Centre redeveloped 2006 Mini Majors 13% GLA (sqm) 59,077 Specialties 25% Major retailers Coles, David Jones, Target, Woolworths Non Retail 11% Specialty retailers 173 specialty shops and 2 freestanding shops Other Retail 1% Carspaces 3,100

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (Internal)1 436.2 Capitalisation rate (%) 6.00 FY16 41% Discount rate (%) 8.50 FY17 17% Valuation date 30-Jun-15 FY18 19% MAT ($m) 334.9 FY19 8% Centre sales ($psm) 6,382 FY20+ 15% Specialty sales ($psm) 8,068 Specialty occupancy costs (%)2 17.7 Occupancy (% by GLA) 99.4

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. 61 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

Emporium Melbourne

Emporium Melbourne, an eight-level building boasting world-class architecture, was opened in April 2014 and is located in the heart of the CBD. The Centre features more than 210 specialty retail stores including a mix of Australian and international designers. Australia’s ﬁ rst Uniqlo store is set over four levels, whilst Top Shop is set over three levels. The Centre connects to Melbourne Central, the Myer Melbourne department store and David Jones department store via pedestrian bridges and tunnels.

Address: 287 Lonsdale Street, Melbourne

Melbourne CBD

Proﬁ le Retail mix by GLA Interest (%) 50 Centre type City Centre Department Stores 16% State VIC Mini Majors 22% Centre ﬁ rst opened 2014 Specialties 58% Centre redeveloped N/A Non Retail 1% GLA (sqm) 44,815 Other Retail 3% Major retailers Myer Specialty retailers 214 specialty shops Carspaces N/A

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (External)1 980.0 Capitalisation rate (%) 5.25 FY16 0% Discount rate (%) 8.25 FY17 2% Valuation date 31-May-15 FY18 0% MAT ($m) 390.1 FY19 27% Centre sales ($psm) 9,098 FY20+ 71% Specialty sales ($psm) 11,348 Specialty occupancy costs (%)2 18.5 Occupancy (% by GLA) 99.8

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. 62 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

Myer Bourke Street

Myer Bourke Street has been operated by Myer as a department store since at least 1914. Reconstruction and revitalisation of this nine-level building in the heart of Melbourne's CBD was completed in 2010 and ofﬁ cially launched in March 2011. Multi-level walkways connect this store to Emporium Melbourne.

Address: Bourke Street Mall, Melbourne

Melbourne CBD

Proﬁ le Retail mix by GLA Interest (%) 33 Centre type City Centre Department Stores 100% State VIC Centre ﬁ rst opened 1914 Centre redeveloped 2011 GLA (sqm) 38,730 Major retailers Myer Specialty retailers N/A Carspaces N/A

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (Last external)1 368.0 Capitalisation rate (%) 5.75 FY16 0% Discount rate (%) 8.00 FY17 0% Valuation date 31-Dec-14 FY18 0% MAT ($m) N/A FY19 0% Centre sales ($psm) N/A FY20+ 100% Specialty sales ($psm) N/A Specialty occupancy costs (%)2 N/A Occupancy (% by GLA) 100.0

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. 63 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

Broadmeadows Shopping Centre

Broadmeadows Shopping Centre is a single-level enclosed Regional shopping centre in the northern Melbourne suburb of Broadmeadows. The Centre is anchored by Target, Woolworths, Coles, Big W and Aldi and features a Homemaker Centre as well as a seven screen HOYTS Cinema and over 160 specialty stores. Shopping at Broadmeadows has recently been enhanced with the introduction of family friendly amenities such as the 'Quiet Room', Victoria’s ﬁ rst digital interactive playground, and Wi-Fi for shopping convenience.

Address: 1099-1169 Pascoe Vale Road, Broadmeadows

Melbourne CBD 18km

Proﬁ le Retail mix by GLA Interest (%) 100 Centre type Regional Supermarkets 14% State VIC Discount Department Stores 25% Centre ﬁ rst opened 1974 Mini Majors 18% Centre redeveloped 2011 Specialties 26% GLA (sqm) 61,477 Non Retail 7% Major retailers Aldi, Big W, Coles, Target, Woolworths Other Retail 10% Specialty retailers 164 specialty shops and 7 freestanding shops Carspaces 3,050

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (External)1 333.3 Capitalisation rate (%) 6.75 FY16 18% Discount rate (%) 8.35 FY17 12% Valuation date 31-May-15 FY18 19% MAT ($m) 270.2 FY19 16% Centre sales ($psm) 4,972 FY20+ 35% Specialty sales ($psm) 6,062 Specialty occupancy costs (%)2 18.7 Occupancy (% by GLA) 100.0 NABERS energy rating 2.0-star NABERS water rating 3.0-star

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. 64 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

Forest Hill Chase

Forest Hill Chase Shopping Centre is a three-level Regional shopping centre 19 kilometres east of Melbourne's CBD, anchored by Coles, Woolworths, Big W, Target, Aldi, Harris Scarf, Rebel Sport, JB Hi-Fi, HOYTS Cinema, AMF Bowling and 160 specialty stores. Forest Hill Chase has evolved since ownership in January 2005, including an entertainment and leisure precinct with restaurants, gym, bowling, a tavern and Victoria’s fi rst fully digital cinema. Most recent modifi cations include the introduction of Aldi and a newly-reconfi gured fresh food offering.

Address: 270 Canterbury Road, Forest Hill

Melbourne CBD 19km

Proﬁ le Retail mix by GLA Interest (%) 100 Centre type Regional Supermarkets 16% State VIC Discount Department Stores 27% Centre ﬁ rst opened 1964 Mini Majors 13% Centre redeveloped 2013 Specialties 23% GLA (sqm) 63,107 Non Retail 10% Major retailers Aldi, Big W, Coles, Harris Scarfe, Target, Woolworths Other Retail 11% Specialty retailers 160 specialty shops and 5 freestanding shops Carspaces 3,271

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (External)1 281.7 Capitalisation rate (%) 7.25 FY16 17% Discount rate (%) 8.75 FY17 18% Valuation date 31-May-15 FY18 11% MAT ($m) 295.4 FY19 9% Centre sales ($psm) 5,341 FY20+ 45% Specialty sales ($psm) 6,319 Specialty occupancy costs (%)2 17.7 Occupancy (% by GLA) 99.5 NABERS energy rating 4.0-star NABERS water rating 2.5-star

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. 65 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

Cranbourne Park

Cranbourne Park is a fully enclosed single-level Regional shopping centre located in Cranbourne, south-east of Melbourne. With stage 1 of the Centre's redevelopment completed in March 2015, Cranbourne Park is anchored by Coles, Target, Kmart and Woolworths, as well as over 100 specialty stores and a new casual dining precinct. Stage 2 of the Centre's redevelopment is expected to open in September 2015.

Address: High Street, Cranbourne ➤ Melbourne CBD 51km

Proﬁ le Retail mix by GLA Interest (%) 50 Centre type Regional Supermarkets 20% State VIC Discount Department Stores 33% Centre ﬁ rst opened 1979 Mini Majors 10% Centre redeveloped 2015 Specialties 27% GLA (sqm) 39,676 Non Retail 9% Major retailers Coles, Kmart, Target, Woolworths Other Retail 1% Specialty retailers 109 specialty shops and 5 freestanding shops Carspaces 1,680

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (External)1 261.0 Capitalisation rate (%) 6.25 FY16 11% Discount rate (%) 8.50 FY17 7% Valuation date 30-Jun-15 FY18 9% MAT ($m) N/A3 FY19 2% Centre sales ($psm) N/A3 FY20+ 71% Specialty sales ($psm) N/A3 Specialty occupancy costs (%)2 N/A3 Occupancy (% by GLA) 99.4

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. 3 Redevelopment during FY15, full MAT history not available. 66 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

Brimbank Shopping Centre

Brimbank Shopping Centre is a single-level Sub Regional shopping centre and is home to Woolworths, Coles, Target and Aldi, and features more than 100 specialty stores. Brimbank’s latest extension saw the introduction of 'Super Coles' and an expanded and revitalised fresh food offer.

Address: Corner Neale and Station Roads, Deer Park

Melbourne CBD 27km

Proﬁ le Retail mix by GLA Interest (%) 100 Centre type Sub Regional Supermarkets 34% State VIC Discount Department Stores 19% Centre ﬁ rst opened 1979 Mini Majors 11% Centre redeveloped 2012 Specialties 24% GLA (sqm) 37,908 Non Retail 7% Major retailers Aldi, Coles, Target, Woolworths Other Retail 5% Specialty retailers 102 specialty shops and 7 freestanding shops Carspaces 1,650

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (External)1 165.2 Capitalisation rate (%) 7.50 FY16 21% Discount rate (%) 9.00 FY17 7% Valuation date 31-May-15 FY18 16% MAT ($m) 175.1 FY19 10% Centre sales ($psm) 5,146 FY20+ 46% Specialty sales ($psm) 5,582 Specialty occupancy costs (%)2 17.2 Occupancy (% by GLA) 100.0 NABERS energy rating 2.5-star NABERS water rating 3.5-star

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. 67 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

Box Hill Central (South Precinct)

Box Hill Central is a Sub Regional shopping centre located in Box Hill, above the Box Hill train station, and is anchored by Big W and Woolworths. It has an expansive fresh food market, with a strong focus on Asian produce, which draws customers from outside the trade area. The Centre is located adjacent to Box Hill Central (North Precinct).

Address: 1 Main Street, Box Hill

Melbourne CBD 15km

Proﬁ le Retail mix by GLA Interest (%) 100 Centre type Sub Regional Supermarkets 16% State VIC Discount Department Stores 34% Centre ﬁ rst opened 1987 Mini Majors 5% Centre redeveloped 2010 Specialties 34% GLA (sqm) 23,390 Non Retail 11% Major retailers Big W, Woolworths Specialty retailers 110 specialty shops Carspaces 1,516

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (Internal)1 144.0 Capitalisation rate (%) 7.25 FY16 14% Discount rate (%) 9.00 FY17 11% Valuation date 30-Jun-15 FY18 16% MAT ($m) 140.7 FY19 12% Centre sales ($psm) 6,535 FY20+ 47% Specialty sales ($psm) 8,355 Specialty occupancy costs (%)2 15.8 Occupancy (% by GLA) 100.0

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. 68 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

Corio Shopping Centre

Corio Shopping Centre is a single-level Sub Regional shopping centre located approximately 10 kilometres north of Geelong's CBD. The Centre is anchored by Kmart, Coles, Woolworths and Best & Less, and includes more than 100 specialty stores.

Address: Corner Bacchus Marsh and Purnell Roads, Corio

Geelong CBD 10km

Proﬁ le Retail mix by GLA Interest (%) 100 Centre type Sub Regional Supermarkets 26% State VIC Discount Department Stores 19% Centre ﬁ rst opened 1973 Mini Majors 9% Centre redeveloped 2005 Specialties 26% GLA (sqm) 31,142 Non Retail 19% Major retailers Coles, Kmart, Woolworths Other Retail 1% Specialty retailers 101 specialty shops and 1 freestanding shop Carspaces 1,530

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (Last external)1 123.3 Capitalisation rate (%) 7.75 FY16 25% Discount rate (%) 9.00 FY17 11% Valuation date 30-Nov-14 FY18 13% MAT ($m) 160.8 FY19 12% Centre sales ($psm) 6,581 FY20+ 39% Specialty sales ($psm) 5,734 Specialty occupancy costs (%)2 15.4 Occupancy (% by GLA) 99.4 NABERS energy rating 4.0-star NABERS water rating 3.0-star

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. 69 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

Roxburgh Park Shopping Centre

Roxburgh Park Shopping Centre is a single-level Sub Regional shopping centre located approximately 23 kilometres north of Melbourne's CBD. The Centre is anchored by Woolworths, a large format Coles and Aldi, and includes more than 50 specialty stores.

Address: 250 Somerton Road, Roxburgh Park

Melbourne CBD 23km

Proﬁ le Retail mix by GLA Interest (%) 100 Centre type Sub Regional Supermarkets 48% State VIC Mini Majors 11% Centre ﬁ rst opened 1999 Specialties 22% Centre redeveloped 2012 Non Retail 10% GLA (sqm) 24,653 Other Retail 9% Major retailers Aldi, Coles, Woolworths Specialty retailers 55 specialty shops and 4 freestanding shops Carspaces 1,201

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (External)1 105.3 Capitalisation rate (%) 7.25 FY16 4% Discount rate (%) 8.50 FY17 7% Valuation date 31-May-15 FY18 16% MAT ($m) 136.9 FY19 7% Centre sales ($psm) 6,519 FY20+ 66% Specialty sales ($psm) 5,526 Specialty occupancy costs (%)2 15.1 Occupancy (% by GLA) 99.6

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. 70 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

Victoria Gardens

Victoria Gardens is a Sub Regional shopping centre located four kilometres east of the Melbourne CBD. The Centre is anchored by Coles, Kmart and IKEA (not owned) and has a diverse specialty mix. The Centre also has a strong leisure and entertainment offer anchored by a HOYTS cinema complex.

Address: 620 Victoria Street, Richmond ➤ Melbourne CBD 4km

Proﬁ le Retail mix by GLA Interest (%) 50 Centre type Sub Regional Supermarkets 14% State VIC Discount Department Stores 23% Centre ﬁ rst opened 2003 Mini Majors 13% Centre redeveloped N/A Specialties 23% GLA (sqm) 31,170 Other Retail 27% Major retailers Coles, Kmart Specialty retailers 70 specialty shops and 1 freestanding shop Carspaces 2,173

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (External)1 210.4 Capitalisation rate (%) 6.50 FY16 17% Discount rate (%) 8.75 FY17 19% Valuation date 30-Jun-15 FY18 8% MAT ($m) 181.7 FY19 8% Centre sales ($psm) 6,206 FY20+ 48% Specialty sales ($psm) 9,558 Specialty occupancy costs (%)2 13.3 Occupancy (% by GLA) 97.8

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. 71 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

Altona Gate Shopping Centre

Altona Gate Shopping Centre is a four-level fully enclosed Sub Regional shopping centre anchored by Kmart, Coles and Aldi and has a diverse specialty mix. The Centre recently completed a refurbishment of the lower ground level which included a revitalised fresh food mix and an Aldi supermarket.

Address: 124-134 Millers Road, Altona North

Melbourne CBD 13km

Proﬁ le Retail mix by GLA Interest (%) 100 Centre type Sub Regional Supermarkets 20% State VIC Discount Department Stores 30% Centre ﬁ rst opened 1977 Mini Majors 14% Centre redeveloped 2014 Specialties 25% GLA (sqm) 26,302 Non Retail 8% Major retailers Aldi, Coles, Kmart Other Retail 3% Specialty retailers 73 specialty shops and 2 freestanding shops Carspaces 1,622

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (Last external)1 85.5 Capitalisation rate (%) 8.00 FY16 24% Discount rate (%) 9.00 FY17 13% Valuation date 30-Nov-14 FY18 28% MAT ($m) 136.9 FY19 8% Centre sales ($psm) 5,922 FY20+ 27% Specialty sales ($psm) 7,055 Specialty occupancy costs (%)2 15.4 Occupancy (% by GLA) 99.4 NABERS energy rating 3.0-star NABERS water rating 4.5-star

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. 72 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

Box Hill Central (North Precinct)

Box Hill Central is a fully enclosed Sub Regional shopping centre situated over two levels located in Box Hill. The Centre is adjacent to Box Hill Central (South Precinct) and is anchored by Coles and Harris Scarfe. The Centre services the trade area’s multicultural demographic with a strong fresh food precinct and tailored specialty mix.

Address: 17 Market Street, Box Hill ➤ Melbourne CBD 15km

Proﬁ le Retail mix by GLA Interest (%) 100 Centre type Sub Regional Supermarkets 23% State VIC Discount Department Stores 17% Centre ﬁ rst opened 1975 Mini Majors 7% Centre redeveloped 2007 Specialties 33% GLA (sqm) 14,554 Non Retail 19% Major retailers Coles, Harris Scarfe Other Retail 1% Specialty retailers 79 specialty shops Carspaces 901

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (External)1 70.0 Capitalisation rate (%) 7.50 FY16 22% Discount rate (%) 8.50 FY17 9% Valuation date 30-Jun-15 FY18 34% MAT ($m) 81.3 FY19 18% Centre sales ($psm) 6,782 FY20+ 17% Specialty sales ($psm) 5,609 Specialty occupancy costs (%)2 17.4 Occupancy (% by GLA) 100.00

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. 73 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

Mornington Central

Mornington Central is a Sub Regional, single-level shopping centre located on the Mornington Peninsula, circa 55 kilometres south of Melbourne’s CBD anchored by Coles and Target. The Centre’s specialty mix features a number of non-discretionary retailers including food and services. Mornington’s catchment area is supported by a strong tourist customer base.

Address: 78 Barkly Street, Mornington ➤ Melbourne CBD 55km

Proﬁ le Retail mix by GLA Interest (%) 100 Centre type Sub Regional Supermarkets 28% State VIC Discount Department Stores 47% Centre ﬁ rst opened 2000 Specialties 25% Centre redeveloped N/A GLA (sqm) 11,686 Major retailers Coles, Target Specialty retailers 36 specialty shops Carspaces 550

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (Internal)1 61.8 Capitalisation rate (%) 6.75 FY16 13% Discount rate (%) 8.75 FY17 8% Valuation date 30-Jun-15 FY18 15% MAT ($m) 100.9 FY19 15% Centre sales ($psm) 8,659 FY20+ 49% Specialty sales ($psm) 9,435 Specialty occupancy costs (%)2 13.9 Occupancy (% by GLA) 100.0

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. 74 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

Brandon Park

Brandon Park is a fully enclosed Sub Regional shopping centre situated over two levels. The Centre is anchored by Coles, Kmart and an Aldi store. There is an extensive specialty mix with a strong focus on food, featuring a quality fresh food precinct, services and general merchandise. Brandon Park is prominently located at the intersection of two arterial roads, approximately 23 kilometres south-east of the Melbourne CBD, within a well established trade area.

Address: Corner Ferntree Gully and Springvale Roads, Wheelers Hill ➤ Melbourne CBD 23km

Proﬁ le Retail mix by GLA Interest (%) 50 Centre type Sub Regional Supermarkets 16% State VIC Discount Department Stores 32% Centre ﬁ rst opened 1970 Mini Majors 5% Centre redeveloped 2003 Specialties 27% GLA (sqm) 22,944 Non Retail 18% Major retailers Aldi, Coles, Kmart Other Retail 2% Specialty retailers 84 specialty shops and 1 freestanding shop Carspaces 1,400

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (External)1 116.4 Capitalisation rate (%) 7.75 FY16 28% Discount rate (%) 9.00 FY17 8% Valuation date 30-Jun-15 FY18 7% MAT ($m) 129.3 FY19 16% Centre sales ($psm) 7,043 FY20+ 41% Specialty sales ($psm) 5,864 Specialty occupancy costs (%)2 17.4 Occupancy (% by GLA) 96.0

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. 75 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

Sunshine Marketplace

Sunshine Marketplace is situated 14 kilometres west of the Melbourne CBD in Sunshine. The Centre is a fully enclosed Sub Regional centre anchored by Big W and Woolworths featuring an extensive specialty mix and an entertainment zone anchored by Village Cinemas.

Address: 80 Harvester Road, Sunshine

Melbourne CBD 14km

Proﬁ le Retail mix by GLA Interest (%) 50 Centre type Sub Regional Supermarkets 13% State VIC Discount Department Stores 21% Centre ﬁ rst opened 1997 Mini Majors 9% Centre redeveloped 2004 Specialties 15% GLA (sqm) 33,750 Non Retail 10% Major retailers Big W, Woolworths Other Retail 32% Specialty retailers 67 specialty shops and 3 freestanding shops Carspaces 1,743

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (External)1 110.0 Capitalisation rate (%) 6.75 FY16 17% Discount rate (%) 8.50 FY17 7% Valuation date 30-Jun-15 FY18 33% MAT ($m) 131.8 FY19 27% Centre sales ($psm) 4,390 FY20+ 16% Specialty sales ($psm) 5,876 Specialty occupancy costs (%)2 14.8 Occupancy (% by GLA) 99.5

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. 76 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

Wodonga Plaza

Wodonga Plaza is a single-level Sub Regional shopping centre anchored by Coles, Woolworths and Target. The Centre has one of the most extensive retail mixes within the region.

Address: 51-57 Elgin Street, Wodonga

Wodonga CBD

Proﬁ le Retail mix by GLA Interest (%) 100 Centre type Sub Regional Supermarkets 32% State VIC Discount Department Stores 39% Centre ﬁ rst opened 1982 Mini Majors 6% Centre redeveloped 1996 Specialties 21% GLA (sqm) 17,622 Non Retail 1% Major retailers Coles, Target, Woolworths Other Retail 1% Specialty retailers 38 specialty shops Carspaces 636

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (External)1 47.0 Capitalisation rate (%) 8.50 FY16 41% Discount rate (%) 9.00 FY17 17% Valuation date 30-Jun-15 FY18 5% MAT ($m) 91.6 FY19 5% Centre sales ($psm) 5,418 FY20+ 32% Specialty sales ($psm) 6,710 Specialty occupancy costs (%)2 12.0 Occupancy (% by GLA) 97.9

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. 77 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

Belmont Village

Belmont Village is a small, single-level external facing shopping centre providing a strong convenience offer with Kmart trading 24/7, Coles opening from 6am through to midnight daily and a specialty mix primarily focused on food usages. The Centre is located in Geelong, Victoria’s largest provincial city, and enjoys a high degree of visibility to passing trafﬁ c on the main adjacent highway.

Address: 65 High Street, Belmont

Geelong CBD 3km

Proﬁ le Retail mix by GLA Interest (%) 100 Centre type Sub Regional Supermarkets 24% State VIC Discount Department Stores 60% Centre ﬁ rst opened 1970 Specialties 9% Centre redeveloped N/A Non Retail 1% GLA (sqm) 14,029 Other Retail 6% Major retailers Coles, Kmart Specialty retailers 14 specialty shops and 1 freestanding shop Carspaces 570

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (Internal)1 44.5 Capitalisation rate (%) 7.00 FY16 4% Discount rate (%) 9.00 FY17 32% Valuation date 30-Jun-15 FY18 6% MAT ($m) 92.1 FY19 6% Centre sales ($psm) 6,681 FY20+ 52% Specialty sales ($psm) 7,363 Specialty occupancy costs (%)2 12.2 Occupancy (% by GLA) 100.0

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. 78 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

Oakleigh Central

Oakleigh Central is a Neighbourhood shopping centre featuring a dual supermarket offer. The retail mix has a strong focus on food and services usages. The Centre is located in the south-eastern suburbs of Melbourne, adjacent to a train and bus interchange.

Address: 39 Hanover Street, Oakleigh ➤ Melbourne CBD 18km

Proﬁ le Retail mix by GLA Interest (%) 100 Centre type Neighbourhood Supermarkets 66% State VIC Specialties 29% Centre ﬁ rst opened 1987 Non Retail 2% Centre redeveloped 2008 Other Retail 3% GLA (sqm) 13,904 Major retailers Coles, Woolworths Specialty retailers 40 specialty shops and 1 freestanding shop Carspaces 669

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (External)1 58.0 Capitalisation rate (%) 6.75 FY16 15% Discount rate (%) 8.25 FY17 6% Valuation date 30-Jun-15 FY18 40% MAT ($m) 116.2 FY19 4% Centre sales ($psm) 8,658 FY20+ 35% Specialty sales ($psm) 5,105 Specialty occupancy costs (%)2 13.9 Occupancy (% by GLA) 99.6

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. 79 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

The Gateway

The Gateway is located approximately 48 kilometres south-east of Melbourne in Langwarrin. The Centre is an enclosed Neighbourhood centre anchored by Coles and features a Target Country store and a specialty retail mix focused on food and service usages.

Address: 230 Cranbourne-Frankston Road, Langwarrin ➤ Melbourne CBD 48km

Proﬁ le Retail mix by GLA Interest (%) 100 Centre type Neighbourhood Supermarkets 34% State VIC Mini Majors 18% Centre ﬁ rst opened 1987 Specialties 29% Centre redeveloped 2012 Non Retail 15% GLA (sqm) 10,849 Other Retail 4% Major retailers Coles Specialty retailers 34 specialty shops and 3 freestanding shops Carspaces 510

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (Internal)1 38.8 Capitalisation rate (%) 7.00 FY16 16% Discount rate (%) 8.75 FY17 11% Valuation date 30-Jun-15 FY18 5% MAT ($m) 80.3 FY19 14% Centre sales ($psm) 8,828 FY20+ 54% Specialty sales ($psm) 6,397 Specialty occupancy costs (%)2 9.5 Occupancy (% by GLA) 97.3

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. 80 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

Bentons Square

Bentons Square is an enclosed Neighbourhood centre located on the Mornington Peninsula, approximately 58 kilometres south-east of the Melbourne CBD. The Centre is anchored by a strong performing Woolworths supermarket and features a Dan Murphy’s liquor store and Plus Petrol Station.

Address: Corner Bentons and Dunns Roads, Mornington

Melbourne CBD 58km

Proﬁ le Retail mix by GLA Interest (%) 50 Centre type Neighbourhood Supermarkets 45% State VIC Mini Majors 13% Centre ﬁ rst opened 2002 Specialties 33% Centre redeveloped 2009 Non Retail 8% GLA (sqm) 10,029 Other Retail 1% Major retailers Woolworths Specialty retailers 34 specialty shops and 4 freestanding shops Carspaces 561

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (Internal)1 77.1 Capitalisation rate (%) 6.50 FY16 22% Discount rate (%) 8.75 FY17 2% Valuation date 30-Jun-15 FY18 12% MAT ($m) N/A3 FY19 7% Centre sales ($psm) N/A3 FY20+ 57% Specialty sales ($psm) N/A3 Specialty occupancy costs (%)2 N/A3 Occupancy (% by GLA) 93.9

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. 3 Acquired during FY15, full MAT history not available. 81 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

DFO South Wharf

DFO South Wharf is a two-level retail Outlet Centre located on the south-western fringe of Melbourne's CBD, adjacent to Docklands. The Centre comprises more than 130 tenants including Armani Outlet, Sass and Bide, Lindt Outlet, Michael Kors and Kate Spade. DFO South Wharf has an exclusive collection of sporting and active apparel outlets with an extensive range of apparel brand names.

Address: 20 Convention Centre Place, South Wharf

Melbourne CBD

Proﬁ le Retail mix by GLA Interest (%) 75 Centre type Outlet/Bulky Goods Mini Majors 30% State VIC Specialties 70% Centre ﬁ rst opened 2009 Centre redeveloped 2013 GLA (sqm) 55,837 Major retailers N/A Specialty retailers 133 specialty shops Carspaces 3,002

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (External)1 412.7 Capitalisation rate (%) 6.75 FY16 25% Discount rate (%) 9.25 FY17 9% Valuation date 31-May-15 FY18 16% MAT ($m) 313.4 FY19 7% Centre sales ($psm)3 7,673 FY20+ 43% Specialty sales ($psm)3 8,245 Specialty occupancy costs (%)2,3 11.5 Occupancy (% by GLA)3 100.0

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. 3 Excludes Homemaker. 82 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

DFO Essendon

DFO Essendon is a single-level retail Outlet Centre located approximately 11 kilometres north-west of Melbourne's CBD. The Centre comprises four Mini Majors and more than 110 tenants including Polo Ralph Lauren, Hugo Boss, Oroton Factory and Coach.

Address: 100 Bulla Road, Essendon Fields

Melbourne CBD 11km

Proﬁ le Retail mix by GLA Interest (%) 100 Centre type Outlet/Bulky Goods Mini Majors 10% State VIC Specialties 89% Centre ﬁ rst opened 2005 Non Retail 1% Centre redeveloped 2006 GLA (sqm) 52,518 Major retailers N/A Specialty retailers 116 specialty shops Carspaces 2,137

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (Last external)1 152.5 Capitalisation rate (%) 7.25 FY16 45% Discount rate (%) 9.25 FY17 20% Valuation date 31-Dec-14 FY18 13% MAT ($m) 212.0 FY19 14% Centre sales ($psm)3 8,095 FY20+ 8% Specialty sales ($psm)3 8,460 Specialty occupancy costs (%)2,3 11.3 Occupancy (% by GLA)3 100.0 NABERS energy rating 4.5-star NABERS water rating 5.0-star

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. 3 Excludes Homemaker. 83 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

DFO Moorabbin

DFO Moorabbin is a single-level retail Outlet Centre located approximately 23 kilometres south-east of Melbourne's CBD. The Centre comprises eight Mini Majors and 130 specialty stores including Adidas, Lindt Outlet, Puma, Fila, Marcs and Oroton Factory.

Address: 250 Centre Dandenong Road, Moorabbin Airport

Melbourne CBD 23km

Proﬁ le Retail mix by GLA Interest (%) 100 Centre type Outlet/Bulky Goods Mini Majors 18% State VIC Specialties 81% Centre ﬁ rst opened 1994 Non Retail 1% Centre redeveloped 2007 GLA (sqm) 24,488 Major retailers N/A Specialty retailers 130 specialty shops Carspaces 1,373

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (External)1 108.5 Capitalisation rate (%) 7.75 FY16 24% Discount rate (%) 9.25 FY17 25% Valuation date 31-May-15 FY18 17% MAT ($m) 131.1 FY19 17% Centre sales ($psm) 5,557 FY20+ 17% Specialty sales ($psm) 5,965 Specialty occupancy costs (%)2 12.3 Occupancy (% by GLA) 100.0

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. 84 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

Eastlands Shopping Centre

Eastlands Shopping Centre is a two-level Regional shopping centre located approximately 6 kilometres east of Hobart's CBD and is the largest shopping centre in Tasmania. The Centre is anchored by Coles, Kmart, Woolworths, Big W, Village Cinemas and JB Hi-Fi, and includes more than 80 specialty stores.

Address: Bligh Street, Rosny Park

Hobart CBD 6km

Proﬁ le Retail mix by GLA Interest (%) 100 Centre type Regional Supermarkets 22% State TAS Discount Department Stores 33% Centre ﬁ rst opened 1965 Mini Majors 10% Centre redeveloped 2007 Specialties 27% GLA (sqm) 33,314 Non Retail 1% Major retailers Big W, Coles, Kmart, Woolworths Other Retail 7% Specialty retailers 82 specialty shops and 1 freestanding shop Carspaces 1,446

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (Last external)1 158.8 Capitalisation rate (%) 7.00 FY16 19% Discount rate (%) 9.00 FY17 8% Valuation date 30-Nov-14 FY18 12% MAT ($m) 225.1 FY19 20% Centre sales ($psm) 7,213 FY20+ 41% Specialty sales ($psm) 7,995 Specialty occupancy costs (%)2 14.8 Occupancy (% by GLA) 97.8 NABERS energy rating 5.0-star NABERS water rating 1.5-star

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. 85 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

Northgate Shopping Centre

Northgate Shopping Centre is a single-level Sub Regional shopping centre located approximately 8 kilometres north-west of the Hobart CBD. The Centre is anchored by Target, Coles and Best & Less, and includes more than 60 specialty stores.

Address: 387-393 Main Road, Glenorchy

Hobart CBD 8km

Proﬁ le Retail mix by GLA Interest (%) 100 Centre type Sub Regional Supermarkets 25% State TAS Discount Department Stores 31% Centre ﬁ rst opened 1986 Mini Majors 6% Centre redeveloped 1996 Specialties 30% GLA (sqm) 19,327 Non Retail 8% Major retailers Coles, Target Specialty retailers 61 specialty shops and 1 freestanding shop Carspaces 855

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (External)1 96.2 Capitalisation rate (%) 7.75 FY16 31% Discount rate (%) 9.25 FY17 14% Valuation date 31-May-15 FY18 16% MAT ($m) 133.6 FY19 7% Centre sales ($psm) 7,722 FY20+ 32% Specialty sales ($psm) 9,578 Specialty occupancy costs (%)2 13.4 Occupancy (% by GLA) 98.6 NABERS energy rating 3.5-star NABERS water rating 2.5-star

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. WA

Western Australia Page Galleria 87 Rockingham Shopping Centre 88 Mandurah Forum 89 Warwick Grove 90 Warnbro Centre 91 Maddington Central 92 Karratha City 93 Currambine Central 94 Dianella Plaza 95 Stirlings Central 96 Kalamunda Central 97 Flinders Square 98 Victoria Park Central 99 Albany Brooks Garden 100 Halls Head Central 101

Warnbro Centre, WA 87 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

Galleria

Galleria is one of Perth’s leading Regional shopping centres, located 9 kilometres north-east of the Perth CBD. The Centre is situated over two levels anchored by Myer, Kmart, Target, Coles and Woolworths. The Centre also includes a Greater Union cinema and a diverse specialty mix of approximately 200 retailers.

Address: Corner Collier and Walter Roads, Morley

➤ Perth CBD 9km

Proﬁ le Retail mix by GLA Interest (%) 50 Centre type Major Regional Supermarkets 10% State WA Discount Department Stores 22% Centre ﬁ rst opened 1994 Department Stores 26% Centre redeveloped 2008 Mini Majors 8% GLA (sqm) 73,414 Specialties 25% Major retailers Coles, Kmart, Myer, Target, Woolworths Non Retail 2% Specialty retailers 194 specialty shops and 6 freestanding shops Other Retail 7% Carspaces 4,235

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (Internal)1 720.0 Capitalisation rate (%) 5.75 FY16 23% Discount rate (%) 8.25 FY17 10% Valuation date 30-Jun-15 FY18 11% MAT ($m) 508.6 FY19 17% Centre sales ($psm) 7,187 FY20+ 39% Specialty sales ($psm) 11,312 Specialty occupancy costs (%)2 18.0 Occupancy (% by GLA) 99.5

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. 88 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

Rockingham Shopping Centre

Rockingham Shopping Centre is a single-level Regional shopping centre located approximately 48 kilometres south-west of Perth's CBD. The Centre is anchored by Kmart, Target, Woolworths, Coles, Ace Cinemas, Best & Less, JB Hi-Fi and Rebel Sport, and includes more than 180 specialty stores. Rockingham is located in a major growth corridor, south of Perth.

Address: 1 Council Avenue, Rockingham

Perth CBD 48km

Proﬁ le Retail mix by GLA Interest (%) 50 Centre type Regional Supermarkets 15% State WA Discount Department Stores 25% Centre ﬁ rst opened 1971 Mini Majors 16% Centre redeveloped 2009 Specialties 29% GLA (sqm) 61,398 Non Retail 7% Major retailers Coles, Kmart, Target, Woolworths Other Retail 8% Specialty retailers 189 specialty shops and 2 freestanding shops Carspaces 3,229

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (External)1 560.0 Capitalisation rate (%) 6.00 FY16 33% Discount rate (%) 8.25 FY17 9% Valuation date 30-Jun-15 FY18 8% MAT ($m) 463.4 FY19 13% Centre sales ($psm) 8,261 FY20+ 37% Specialty sales ($psm) 9,052 Specialty occupancy costs (%)2 15.1 Occupancy (% by GLA) 99.6 NABERS energy rating 4.5-star NABERS water rating 3.5-star

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. 89 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

Mandurah Forum

Mandurah Forum is a major Regional shopping centre located within Mandurah, 71 kilometres south of Perth. The Centre’s prominent place within both the local community and wider Peel region is due to the retail mix featuring Coles, Woolworths, Kmart and the only Big W in the region. The Centre also includes a specialty mix with a strong national retailer focus.

Address: 330 Pinjarra Road, Mandurah

Mandurah CBD

Proﬁ le Retail mix by GLA Interest (%) 50 Centre type Regional Supermarkets 18% State WA Discount Department Stores 34% Centre ﬁ rst opened 1983 Mini Majors 5% Centre redeveloped 1995 Specialties 28% GLA (sqm) 40,283 Non Retail 5% Major retailers Big W, Coles, Kmart, Woolworths Other Retail 10% Specialty retailers 128 specialty shops and 7 freestanding shops Carspaces 2,313

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (Internal)1 312.5 Capitalisation rate (%) 6.25 FY16 31% Discount rate (%) 8.50 FY17 20% Valuation date 30-Jun-15 FY18 24% MAT ($m) 389.2 FY19 9% Centre sales ($psm) 10,205 FY20+ 16% Specialty sales ($psm) 10,758 Specialty occupancy costs (%)2 14.2 Occupancy (% by GLA) 100.0

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. 90 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

Warwick Grove

Warwick Grove is a single-level Sub Regional centre located 16 kilometres north of the Perth CBD. The Centre is anchored by Woolworths, Coles and Kmart and features an extensive retail mix with a focus on convenience.

Address: Corner Beach and Erindale Roads, Warwick

➤ Perth CBD 16km

Proﬁ le Retail mix by GLA Interest (%) 100 Centre type Sub Regional Supermarkets 24% State WA Discount Department Stores 23% Centre ﬁ rst opened 1974 Mini Majors 5% Centre redeveloped 2003 Specialties 25% GLA (sqm) 31,943 Non Retail 7% Major retailers Coles, Kmart, Woolworths Other Retail 16% Specialty retailers 85 specialty shops and 7 freestanding shops Carspaces 1,596

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (Internal)1 184.0 Capitalisation rate (%) 6.50 FY16 17% Discount rate (%) 8.50 FY17 18% Valuation date 30-Jun-15 FY18 10% MAT ($m) 205.2 FY19 22% Centre sales ($psm) 6,992 FY20+ 33% Specialty sales ($psm) 7,642 Specialty occupancy costs (%)2 14.3 Occupancy (% by GLA) 99.8

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. 91 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

Warnbro Centre

Warnbro Centre is a Sub Regional centre located in the City of Rockingham approximately 54 kilometres south of the Perth CBD. The Centre is anchored by two supermarkets - Coles and Woolworths, and a Big W. There is a strong national retailer representation amongst the specialty retail mix.

Address: 206 Warnbro Sound Avenue, Warnbro

Perth CBD 54km

Proﬁ le Retail mix by GLA Interest (%) 100 Centre type Sub Regional Supermarkets 36% State WA Discount Department Stores 33% Centre ﬁ rst opened 1998 Specialties 26% Centre redeveloped 2014 Non Retail 4% GLA (sqm) 21,382 Other Retail 1% Major retailers Big W, Coles, Woolworths Specialty retailers 63 specialty shops and 2 freestanding shops Carspaces 740

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (Internal)1 122.0 Capitalisation rate (%) 6.25 FY16 6% Discount rate (%) 8.50 FY17 3% Valuation date 30-Jun-15 FY18 23% MAT ($m) N/A3 FY19 7% Centre sales ($psm) N/A3 FY20+ 61% Specialty sales ($psm) N/A3 Specialty occupancy costs (%)2 N/A3 Occupancy (% by GLA) 99.7

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. 3 Redevelopment during FY15, full MAT history not available. 92 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

Maddington Central

Maddington Central is a signiﬁ cant Sub Regional shopping centre anchored by Kmart and featuring both Coles and Woolworths supermarkets and 80 specialty stores. The Centre is located 18 kilometres south-east of Perth’s CBD and beneﬁ ts from strong population growth in its main trade area resulting from rezoning of surrounding land to residential.

Address: Corner Burslem Drive and Attﬁ eld Street, Maddington ➤ Perth CBD 18km

Proﬁ le Retail mix by GLA Interest (%) 100 Centre type Sub Regional Supermarkets 33% State WA Discount Department Stores 28% Centre ﬁ rst opened 1980 Mini Majors 8% Centre redeveloped 2004 Specialties 24% GLA (sqm) 27,655 Non Retail 5% Major retailers Coles, Kmart, Woolworths Other Retail 2% Specialty retailers 80 specialty shops and 3 freestanding shops Carspaces 2,136

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (Internal)1 114.0 Capitalisation rate (%) 7.00 FY16 33% Discount rate (%) 8.50 FY17 11% Valuation date 30-Jun-15 FY18 25% MAT ($m) 185.5 FY19 6% Centre sales ($psm) 7,375 FY20+ 25% Specialty sales ($psm) 7,408 Specialty occupancy costs (%)2 13.9 Occupancy (% by GLA) 97.0

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. 93 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

Karratha City

Karratha City is a single-level Sub Regional centre anchored by Coles, Kmart and Woolworths with Target Country and a diverse specialty mix. The Centre dominates the main trade area with the closest shopping centre competitors in Port Hedland (over 200 kilometres north). It continues to beneﬁ t signiﬁ cantly from the region’s focus on iron ore, salt and natural gas industries with sales productivity ranking in the Top 10 Little Guns survey by Shopping Centre News.

Address: Welcome Road, Karratha

Karratha CBD

Proﬁ le Retail mix by GLA Interest (%) 50 Centre type Sub Regional Supermarkets 36% State WA Discount Department Stores 25% Centre ﬁ rst opened 1986 Mini Majors 14% Centre redeveloped 2005 Specialties 22% GLA (sqm) 23,914 Non Retail 2% Major retailers Coles, Kmart, Woolworths Other Retail 1% Specialty retailers 52 specialty shops and 3 freestanding shops Carspaces 1,410

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (External)1 114.8 Capitalisation rate (%) 7.00 FY16 19% Discount rate (%) 8.25 FY17 40% Valuation date 30-Jun-15 FY18 8% MAT ($m) 242.6 FY19 9% Centre sales ($psm) 10,527 FY20+ 24% Specialty sales ($psm) 10,116 Specialty occupancy costs (%)2 10.5 Occupancy (% by GLA) 98.5

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. 94 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

Currambine Central

Currambine Central is situated in the suburb of Currambine, approximately 30 kilometres north-west of the Perth CBD. This Neighbourhood centre is anchored by a Woolworths supermarket and features Grand Cinemas, Dan Murphy’s and over 30 specialty shops. The Centre is currently undergoing expansion, which will see the addition of a Farmer Jack’s supermarket, an additional six specialty shops and expansion of the Grand Cinemas from the existing six screens to nine screens. Additional car parking will also be provided. The works are expected to be completed in the second half of 2015.

Address: 1244 Marmion Avenue, Currambine

➤ Perth CBD 30km

Proﬁ le Retail mix by GLA Interest (%) 100 Centre type Neighbourhood Supermarkets 33% State WA Mini Majors 11% Centre ﬁ rst opened 1997 Specialties 22% Centre redeveloped 2011 Non Retail 8% GLA (sqm) 12,630 Other Retail 26% Major retailers Woolworths Specialty retailers 31 specialty shops and 7 freestanding shops Carspaces 734

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (Internal – Carrying value)1 87.3 Capitalisation rate (%) 7.00 FY16 2% Discount rate (%) 8.75 FY17 9% Valuation date 30-Jun-15 FY18 5% MAT ($m) N/A3 FY19 9% Centre sales ($psm) N/A3 FY20+ 75% Specialty sales ($psm) N/A3 Specialty occupancy costs (%)2 N/A3 Occupancy (% by GLA) 100.0

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. 3 Acquired during FY15, full MAT history not available. 95 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

Dianella Plaza

Dianella Plaza is an enclosed Neighbourhood shopping centre featuring a dual supermarket offer with a diverse specialty mix focused on everyday goods and services. The Centre is located approximately 8 kilometres north of Perth’s CBD in an established residential suburb.

Address: Corner Alexander Drive and Grand Promenade, Dianella

➤ Perth CBD 8km

Proﬁ le Retail mix by GLA Interest (%) 100 Centre type Neighbourhood Supermarkets 50% State WA Mini Majors 6% Centre ﬁ rst opened 1968 Specialties 28% Centre redeveloped 2002 Non Retail 15% GLA (sqm) 20,349 Other Retail 1% Major retailers Coles, Woolworths Specialty retailers 49 specialty shops and 4 freestanding shops Carspaces 1,071

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (Internal)1 72.0 Capitalisation rate (%) 7.00 FY16 17% Discount rate (%) 8.50 FY17 12% Valuation date 30-Jun-15 FY18 14% MAT ($m) 92.0 FY19 20% Centre sales ($psm) 6,532 FY20+ 37% Specialty sales ($psm) 5,754 Specialty occupancy costs (%)2 13.2 Occupancy (% by GLA) 98.8

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. 96 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

Stirlings Central

Stirlings Central is an enclosed Neighbourhood shopping centre located 417 kilometres north of Perth in Geraldton. The Centre is anchored by Woolworths and features a specialty mix focused on food and service usages.

Address: 54 Sanford Street, Geraldton

Geraldton CBD

Proﬁ le Retail mix by GLA Interest (%) 100 Centre type Neighbourhood Supermarkets 38% State WA Mini Majors 24% Centre ﬁ rst opened 1978 Specialties 36% Centre redeveloped 2013 Non Retail 1% GLA (sqm) 8,598 Other Retail 1% Major retailers Woolworths Specialty retailers 34 specialty shops Carspaces 149

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (Internal)1 48.0 Capitalisation rate (%) 7.25 FY16 32% Discount rate (%) 9.25 FY17 7% Valuation date 30-Jun-15 FY18 15% MAT ($m) 101.7 FY19 8% Centre sales ($psm) 12,022 FY20+ 38% Specialty sales ($psm) 11,112 Specialty occupancy costs (%)2 7.8 Occupancy (% by GLA) 98.5

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. 97 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

Kalamunda Central

Kalamunda Central is a Neighbourhood shopping centre situated over two levels and forms part of the Kalamunda town centre. Anchored by a Coles supermarket along with a Mini Major and in excess of 30 specialty stores, the Centre provides a convenience-based offer.

Address: 39 Railway Road, Kalamunda ➤ Perth CBD 26km

Proﬁ le Retail mix by GLA Interest (%) 100 Centre type Neighbourhood Supermarkets 50% State WA Mini Majors 7% Centre ﬁ rst opened 1989 Specialties 37% Centre redeveloped 2002 Non Retail 4% GLA (sqm) 8,304 Other Retail 2% Major retailers Coles Specialty retailers 33 specialty shops Carspaces 349

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (Internal)1 36.8 Capitalisation rate (%) 7.00 FY16 16% Discount rate (%) 9.00 FY17 9% Valuation date 30-Jun-15 FY18 13% MAT ($m) 75.3 FY19 15% Centre sales ($psm) 9,616 FY20+ 47% Specialty sales ($psm) 5,441 Specialty occupancy costs (%)2 12.1 Occupancy (% by GLA) 100.0

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. 98 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

Flinders Square

Flinders Square is an enclosed Neighbourhood shopping centre located approximately 7 kilometres north of Perth’s CBD anchored by a Coles supermarket. The Centre’s specialty mix has a strong food and services focus.

Address: 30 Wiluna Street, Yokine

➤ Perth CBD 7km

Proﬁ le Retail mix by GLA Interest (%) 100 Centre type Neighbourhood Supermarkets 60% State WA Mini Majors 10% Centre ﬁ rst opened 1982 Specialties 19% Centre redeveloped 2007 Non Retail 11% GLA (sqm) 5,990 Major retailers Coles Specialty retailers 18 specialty shops Carspaces 389

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (Internal)1 30.3 Capitalisation rate (%) 7.00 FY16 9% Discount rate (%) 9.00 FY17 17% Valuation date 30-Jun-15 FY18 11% MAT ($m) 67.0 FY19 2% Centre sales ($psm) 12,767 FY20+ 61% Specialty sales ($psm) 6,429 Specialty occupancy costs (%)2 11.8 Occupancy (% by GLA) 100.0

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. 99 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

Victoria Park Central

Victoria Park Central is a Neighbourhood centre located 6 kilometres south east of the Perth CBD. The Centre is anchored by a Woolworths supermarket with a specialty mix focused on food and service usages.

Address: 366 Albany Highway, Victoria Park ➤ Perth CBD 6km

Proﬁ le Retail mix by GLA Interest (%) 100 Centre type Neighbourhood Supermarkets 52% State WA Specialties 45% Centre ﬁ rst opened 2004 Non Retail 3% Centre redeveloped N/A GLA (sqm) 5,472 Major retailers Woolworths Specialty retailers 30 specialty shops Carspaces 223

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (External)1 27.0 Capitalisation rate (%) 6.75 FY16 20% Discount rate (%) 8.50 FY17 14% Valuation date 30-Jun-15 FY18 9% MAT ($m) 52.1 FY19 8% Centre sales ($psm) 9,797 FY20+ 49% Specialty sales ($psm) 5,512 Specialty occupancy costs (%)2 14.7 Occupancy (% by GLA) 100.0

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. 100 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

Albany Brooks Garden

Albany Brooks Garden is a Neighbourhood centre anchored by a Woolworths supermarket and features a specialty mix with strong national chain representation. The Centre enjoys a central and easily accessible location within Albany, which is the sixth largest town in WA.

Address: Corner Chester Pass and Catalina Roads, Albany

➤ Albany CBD 5km

Proﬁ le Retail mix by GLA Interest (%) 100 Centre type Neighbourhood Supermarkets 44% State WA Specialties 21% Centre ﬁ rst opened 2006 Non Retail 35% Centre redeveloped 2007 GLA (sqm) 12,308 Major retailers Woolworths Specialty retailers 13 specialty shops and 1 freestanding shop Carspaces 615

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (External)1 25.0 Capitalisation rate (%) 8.00 FY16 9% Discount rate (%) 9.00 FY17 15% Valuation date 30-Jun-15 FY18 6% MAT ($m) 51.2 FY19 51% Centre sales ($psm) 9,976 FY20+ 19% Specialty sales ($psm) 4,672 Specialty occupancy costs (%)2 9.6 Occupancy (% by GLA) 100.0

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. 101 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

Halls Head Central

Halls Head Central is a Neighbourhood centre, currently undergoing transformation to a Sub Regional centre with the works due to be completed in 2017. Upon completion, the Centre will feature Coles and Kmart as anchors, over 30 specialties and an alfresco dining precinct. Halls Head is located 75 kilometres south of Perth within the Peel region, one of the fastest growing regions in Perth.

Address: 14 Guava Way, Halls Head

Mandurah ➤ CBD 5km

Proﬁ le Retail mix by GLA Interest (%) 50 Centre type Neighbourhood Supermarkets 65% State WA Specialties 34% Centre ﬁ rst opened 2001 Other Retail 1% Centre redeveloped 2015 GLA (sqm) 5,979 Major retailers Coles Specialty retailers 15 specialty shops Carspaces 400

Key metrics Lease expiry proﬁ le by income Most recent valuation ($m) (Internal – Carrying value)1 44.1 Capitalisation rate (%) 7.75 FY16 24% Discount rate (%) 9.25 FY17 8% Valuation date 30-Jun-15 FY18 12% MAT ($m) 36.2 FY19 3% Centre sales ($psm) 6,179 FY20+ 53% Specialty sales ($psm) 5,224 Specialty occupancy costs (%)2 14.9 Occupancy (% by GLA) 100.0

1 Expressed on 100% basis. 2 Includes marketing levy and based on GST inclusive turnover. 102 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO JUNE 2015

Important Notice This document includes information regarding the past performance of Federation Centres property portfolio as at 30 June 2015. It is information in a summary form and does not purport to be complete. It is to be read in conjunction with the Federation Centres Appendix 4E lodged with the Australian Securities Exchange on 19 August 2015. It is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, fi nancial situation or needs of any particular investor. These should be considered, with or without professional advice, when deciding if an investment objective is appropriate. This document may contain certain forecast fi nancial information along with forward-looking statements in relation to the fi nancial performance and strategy of Federation Centres. The words “anticipate”, “believe”, “expect”, “project”, “forecast”, “estimate”, “outlook”, “upside”, “likely”, “intend”, “should”, “could”, “may”, “target”, “plan” and other similar expressions are intended to identify forward looking statements. Indications of, and guidance on, future earnings, fi nancial position, performance and distributions are also forward-looking statements. The forward-looking statements included in this document are based on information available to Federation Centres as at 19 August 2015. Such forward-looking statements are not representations, assurances, predictions or guarantees of future results, performance or achievements expressed or implied by the forward-looking statements and involve known and unknown risks, uncertainties, assumptions and other factors, many of which are beyond the control of Federation Centres. The actual results of Federation Centres may differ materially from the anticipated results, performance or achievements expressed, projected or implied by these forward-looking statements and you should not place undue reliance on such forward-looking statements. Except as required by law or regulation (including the ASX Listing Rules), Federation Centres disclaims any obligation to update these forward looking statements.