Federation Centres Direct Shopping Centre Portfolio DECEMBER 2014 CONTENTS

Page

FDC Portfolio 03

Proﬁ le of Federation Centres 04

Portfolio Overview 05

Shopping Centre Portfolio 06

NSW / ACT 08

QLD 25

SA / NT 39

VIC / TAS 45

WA 63

Disclaimer This document includes information regarding the past performance of the 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 fi nancial report for the half year ended 31 December 2014, lodged with the ASX on 19 February 2015, has been reviewed by EY. Certain fi nancial information contained within this document has been derived from the reviewed fi nancial report. EY has not reviewed this document. 03 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO DECEMBER 2014

FDC Portfolio as at 31 December 2014

CIRCA 65 4,600 $8.6 SHOPPING LEASES ACROSS CENTRES BILLION VALUED AT 2,200 ANNUAL $4.9 BILLION RETAILERS RETAIL SALES

DARWIN

13 14

BRISBANE 4

PERTH 15

ADELAIDE 1 SYDNEY 14 ACT

MELBOURNE National Ofﬁce

3 HOBART Proﬁ le of Federation Centres

Federation Centres was formed in December 2011 and is a leading Australian Retail Property REIT specialising in the ownership and management of Australian shopping centres. With a management platform of 65 shopping centres valued at $7.3 billion, Federation Centres has a national management structure with offi ces in every mainland State. We work with more than 2,200 retailers representing circa 4,600 leases. Our retailers generate annual sales of $8.6 billion. Federation Centres directly owns 65 shopping centres, either wholly or co-owned with quality capital partners, with Federation Centres’ ownership interest valued at $4.9 billion. These shopping centres are located in every state and territory across Australia and span Sub-regional, Regional and Convenience centres with a weighting towards Sub-regional centres. The diversifi cation within Federation Centres’ directly owned portfolio is achieved from a multitude of leases, retailers, shopping centres, shopping centre types and locations. This diversifi ed asset exposure reduces Federation Centres’ reliance on any single income stream, be it retailers or centres and spreads risk across many areas that are actively managed by Federation Centres’ quality management team. 05 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO DECEMBER 2014

Portfolio Overview

Federation Centres is a signiﬁ cant owner and manager of Australian shopping centres with a management platform of 65 shopping centres valued at $7.3 billion, making it Australia’s largest retail property owner/manager (by shopping centre count) and third largest retail property manager (by GLA). Federation Centres directly owns a portfolio of 65 shopping centres (‘FDC’ or the ‘Portfolio’), either wholly or co-owned with quality capital partners, with FDC’s ownership of these Centres valued at $4.9 billion.

FDC Portfolio1 As at 31 December 2014 Wholly Owned Co-owned Total No. of Centres 45 20 65 GLA (000's sq.m) 643.3 803.1 1,446.4 No. of Tenancies 2,053 2,574 4,627 Annual Retail Sales $4.0bn $4.6bn $8.6bn Total Value2 $2.5bn $2.4bn $4.9bn

1 Excludes Woodlands (settled 30 January 2015), Warrnambool (settled 9 February 2015) and Mildura (settled 12 February 2015). 2 Value expressed by ownership percentage.

The Portfolio is well diversifi ed by centre type and location with Geographic Diversifi cation1 representation in the three core shopping centre types of regional, sub-regional and convenience centres and presence in every Australian NSW/ACT 28% state and territory. Enhancing the portfolio diversifi cation is the spread QLD 17% of retailers with circa 4,600 leases across over 2,200 retailers in the VIC/TAS 24% portfolio, with the largest exposure to Australia’s two dominant retailer WA 26% groups; Woolworths Group and Wesfarmers. SA/NT 5% The largest exposure to any single asset is 7.3% (by value) for FDC’s 50% share of Galleria located in Perth, Western Australia. This diversifi ed asset exposure reduces FDC’s reliance on any single income stream. FDC’s portfolio mix is focused on non-discretionary retail with 69% of the Well Diversifi ed Retail Mix2 portfolio (by value) comprising sub-regional and convenience centres, which are focused on everyday shopping needs for goods and services. Majors 28% Retail Specialties 53% Mini Majors 8% Non-Retail Services & Offices 11%

Asset Type Diversiﬁ cation1 Retail Category Mix3

Convenience 16% Mini Majors 13% Regional 30% Apparel, Footwear, Jewellery 25% Sub-regional 53% Food & Services 35% Other 1% Home 8% General Retail 13% Other 6%

1Expressed by Ownership Value. 2 Expressed by Ownership Income. 3 Expressed by Ownership Income, subset of Retail Mix chart above excluding Majors and Ofﬁ ces. Shopping Centre Portfolio – December 2014

FDC Share of Capitalisation Annual Retail Valuation ($m) Rate Occupancy Sales ($m) Centre Sales Specialty Sales Specialty Centre State CentreType FDC Ownership Dec-14 Dec-14 GLA sqm Rate Dec-14 ($psm) ($psm) Occupancy Cost1 Bankstown Central NSW Regional 50% FDC / 50% JV 302.5 6.75% 84,993 99.2% 459.0 6,179 8,213 18.7% Roselands NSW Regional 50% FDC / 50% JV 177.5 6.75% 61,697 100.0% 305.1 5,191 8,220 18.3% Nepean Village NSW Sub-regional FDC 135.0 6.50% 20,875 100.0% 210.3 10,438 10,439 11.9% Carlingford Court NSW Sub-regional 50% FDC / 50% JV 95.0 6.75% 33,084 98.7% 184.5 7,072 9,615 15.3% Warriewood Square NSW Sub-regional 50% FDC / 50% JV 75.0 7.00% 22,136 100.0% 175.8 8,529 9,357 15.6% Tweed Mall NSW Sub-regional FDC 81.0 8.02% 23,138 99.8% 138.0 6,820 6,446 12.6% West End Plaza NSW Sub-regional FDC 57.5 7.75% 15,833 99.7% 86.9 5,647 6,296 13.9% Goulburn Plaza NSW Sub-regional FDC 57.0 8.00% 13,938 100.0% 105.8 8,060 7,851 11.9% Lavington Square NSW Sub-regional FDC 56.0 8.25% 20,239 99.1% 119.6 7,009 7,684 11.3% Armidale Central NSW Sub-regional FDC 43.0 7.50% 14,690 100.0% 97.0 6,702 5,621 11.5% Toormina Gardens NSW Sub-regional 50% FDC / 50% JV 39.0 7.50% 21,328 97.6% 143.4 7,442 8,909 9.2% Westside Plaza NSW Sub-regional FDC 36.0 9.50% 17,498 97.6% 96.6 6,050 7,769 9.2% Maitland Hunter Mall NSW Sub-regional FDC 12.6 9.75% 13,002 99.8% 38.3 3,590 8,620 8.9% Terrace Central NSW Convenience FDC 31.0 8.00% 7,241 100.0% 63.0 9,863 8,043 9.6% Lennox Village NSW Convenience 50% FDC / 50% JV 28.5 7.25% 10,001 99.4% 94.1 11,815 6,604 15.5% Tuggeranong Hyperdome ACT Regional 50% FDC / 50% JV 150.0 7.25% 76,473 94.5% 289.6 4,461 6,856 13.0% Mt Ommaney Centre QLD Regional 25% FDC / 75% JV 104.1 6.25% 56,337 100.0% 309.7 6,416 7,364 16.8% Toombul QLD Sub-regional FDC 230.0 6.75% 43,764 98.9% 217.3 5,699 7,286 15.1% Taigum Square QLD Sub-regional FDC 88.0 7.00% 22,875 99.6% 109.1 6,074 5,618 14.5% Gympie Central QLD Sub-regional FDC 72.0 7.00% 14,072 100.0% 115.5 8,603 9,726 10.6% Whitsunday Plaza QLD Sub-regional FDC 57.0 7.50% 22,230 100.0% 107.4 5,826 8,361 8.8% Buranda Village QLD Sub-regional FDC 35.0 7.50% 11,470 100.0% 61.8 6,862 7,201 14.2% Lutwyche City QLD Convenience FDC 57.3 8.00% 18,794 98.8% 74.4 10,125 6,180 11.7% Oxenford Village QLD Convenience FDC 26.0 7.25% 5,801 100.0% 73.6 17,719 14,641 7.1% Goldﬁ elds Plaza QLD Convenience FDC 25.5 8.00% 7,938 100.0% 56.8 7,888 8,738 8.0% Milton Village QLD Convenience FDC 20.3 7.75% 2,825 96.2% 23.8 16,096 11,927 11.5% North Shore Village QLD Convenience FDC 20.3 7.25% 4,095 98.0% 46.8 14,445 5,747 14.8% Monier Village QLD Convenience FDC 18.0 7.50% 5,594 98.0% 29.6 8,057 4,803 13.0% Indooroopilly Central QLD Bulky Goods FDC 54.0 8.00% 19,767 100.0% 32.3 4,462 6,752 9.7% Colonnades SA Regional 50% FDC / 50% JV 145.0 7.00% 66,634 99.1% 265.3 4,753 6,115 16.8% Kurralta Central SA Sub-regional FDC 34.6 7.25% 10,673 100.0% 73.5 7,210 8,443 12.3% Mount Gambier Central SA Sub-regional FDC 29.0 9.25% 12,731 96.0% 45.7 4,291 8,039 10.7% Hilton Plaza SA Convenience FDC 19.4 7.25% 4,453 100.0% 45.8 11,963 8,326 9.7%

1 Inclusive of marketing levy and based on GST inclusive sales 2 Acquired during FY15, full MAT history not available * Held for development Shopping Centre Portfolio – December 2014

FDC Share of Capitalisation Annual Retail FDC Valuation ($m) Rate Occupancy Sales ($m) Centre Sales Specialty Sales Specialty Centre State CentreType Ownership Dec-14 Dec-14 GLA sqm Rate Dec-14 ($psm) ($psm) Occupancy Cost1 Katherine Oasis NT Convenience FDC 27.5 8.50% 7,162 99.3% 84.2 12,400 8,784 10.3% The Glen VIC Regional 50% FDC / 50% JV 218.1 6.00% 59,077 100.0% 329.8 6,298 7,934 18.4% Cranbourne Park VIC Sub-regional 50% FDC / 50% JV * * 28,430 100.0% 168.2 6,663 8,506 12.9% Box Hill Central (South Precinct) VIC Sub-regional FDC 140.0 7.25% 23,390 100.0% 139.4 6,560 8,351 15.4% Karingal Hub VIC Sub-regional 50% FDC / 50% JV 108.0 6.75% 41,594 100.0% 222.3 5,834 7,089 14.1% Victoria Gardens VIC Sub-regional 50% FDC / 50% JV 96.3 6.50% 31,133 100.0% 176.1 5,962 9,108 13.8% Box Hill Central (North Precinct) VIC Sub-regional FDC 64.0 7.75% 14,554 100.0% 77.4 6,643 5,176 18.6% Mornington Central VIC Sub-regional FDC 61.5 6.75% 11,680 100.0% 100.8 8,673 9,655 13.4% Brandon Park VIC Sub-regional 50% FDC / 50% JV 58.1 7.75% 22,719 97.7% 112.9 6,401 5,185 18.9% Sunshine Marketplace VIC Sub-regional 50% FDC / 50% JV 51.5 7.25% 33,863 100.0% 131.2 4,389 6,066 14.0% Wodonga Plaza VIC Sub-regional FDC 47.0 8.50% 17,624 100.0% 91.3 5,393 6,458 12.0% Belmont Village VIC Sub-regional FDC 41.8 7.25% 14,029 100.0% 95.8 6,889 7,096 12.8% Oakleigh Central VIC Convenience FDC 49.0 7.75% 13,904 99.6% 114.3 8,601 5,154 13.9% Bentons Square VIC Convenience 50% FDC / 50% JV 38.6 6.50% 10,029 98.0% 34.6 N/A2 N/A2 N/A2 The Gateway VIC Convenience FDC 35.3 7.75% 10,889 99.1% 75.3 8,536 4,812 10.0% Burnie Plaza TAS Sub-regional FDC 19.2 8.75% 8,668 100.0% 41.5 4,792 5,932 11.2% Meadow Mews TAS Convenience FDC 44.0 7.50% 7,653 100.0% 91.5 13,279 9,692 9.6% Glenorchy Central TAS Convenience FDC 18.5 8.50% 6,907 94.3% 50.0 8,649 7,103 11.1% Galleria WA Regional 50% FDC / 50% JV 357.5 5.75% 73,315 99.9% 518.2 7,278 11,004 17.6% Warwick Grove WA Sub-regional FDC 163.0 6.75% 30,543 100.0% 201.4 7,872 7,610 14.1% Mandurah Forum WA Sub-regional 50% FDC / 50% JV 152.5 6.25% 40,335 100.0% 395.2 10,392 10,828 14.0% Warnbro Centre WA Sub-regional FDC 122.0 6.25% 21,382 100.0% 146.1 7,187 5,651 19.4% Maddington Central WA Sub-regional FDC 105.0 7.50% 27,627 100.0% 189.4 7,464 7,156 14.4% Karratha City WA Sub-regional 50% FDC / 50% JV 55.0 7.50% 23,914 100.0% 248.5 10,715 10,116 10.4% Currambine Central WA Convenience FDC 74.0 7.00% 12,631 99.1% 16.3 N/A2 N/A2 N/A2 Dianella Plaza WA Convenience FDC 68.0 7.25% 20,380 99.7% 89.2 6,391 5,557 13.3% Stirlings Central WA Convenience FDC 47.0 7.25% 8,584 98.4% 99.1 11,821 11,468 7.6% Kalamunda Central WA Convenience FDC 33.8 7.50% 8,338 100.0% 75.9 9,648 5,328 12.2% Flinders Square WA Convenience FDC 29.8 7.00% 5,990 100.0% 65.1 12,394 6,327 11.7% Albany Brooks Garden WA Convenience FDC 25.0 8.25% 12,363 100.0% 51.6 10,060 4,678 9.3% Victoria Park Central WA Convenience FDC 24.0 7.00% 5,472 100.0% 52.8 9,943 5,525 14.5% Halls Head Central WA Convenience 50% FDC / 50% JV 16.6 7.75% 5,978 100.0% 34.7 5,911 5,353 14.1%

1 Inclusive of marketing levy and based on GST inclusive sales 2 Acquired during FY15, full MAT history not available * Held for development NSW / ACT

New South Wales Bankstown Central Roselands Nepean Village Carlingford Court Warriewood Square Tweed Mall West End Plaza Goulburn Plaza Lavington Square Armidale Central Toormina Gardens Westside Plaza Maitland Hunter Mall Terrace Central Lennox Village

Australian Capital Territory Tuggeranong Hyperdome 09 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO DECEMBER 2014

Bankstown Central

Bankstown Central is a large regional shopping centre, which features six major retailers Myer, Target, Big W, Kmart, Woolworths and Supa IGA together with almost 300 specialty stores including a food court. The Centre is located in the south-western suburbs of Sydney in Bankstown.

Address: North Terrace, Bankstown

Sydney ➤CBD 20km

Proﬁ le Retail Mix by GLA Current Ownership 50% FDC / 50% JV Centre Type Regional Supermarkets 8% State NSW Discount Department Stores 28% Centre First Opened 1966 Department Stores 12% Centre Redeveloped 2008 Mini Majors 15% GLA (sqm) 84,993 Specialties 30% Major Retailers Myer, Target, Kmart, Big W, Supa IGA, Woolworths Non Retail 7% Specialty Retailers 290 specialty shops and 7 freestanding shops Carspaces 3,332

Key Metrics Specialty Lease Expiry Proﬁ le by Income Most Recent Valuation ($m) (Directors)1 605.0 Capitalisation Rate 6.75% FY15 12% Valuation Date 31-Dec-14 FY16 24% MAT ($m) 459.0 FY17 11% Centre Sales ($psm) 6,179 FY18 14% Specialty Sales ($psm) 8,213 FY19+ 38% Specialty Occupancy Costs2 18.7% Occupancy (by GLA) 99.2%

Notes 1 Expressed on 100% basis 2 Includes marketing levy and based on GST inclusive turnover Reference: Google Maps 10 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO DECEMBER 2014

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 15 kilometres south-west of Sydney’s CBD.

Address: Roselands Drive, Roselands

Sydney ➤CBD 15km

Proﬁ le Retail Mix by GLA Current Ownership 50% FDC / 50% JV Centre Type Regional Supermarkets 11% State NSW Discount Department Stores 13% Centre First Opened 1965 Department Stores 39% Centre Redeveloped 2000 Mini Majors 10% GLA (sqm) 61,697 Specialties 22% Major Retailers Myer, Coles, Target, Food For Less Non Retail 4% Specialty Retailers 157 specialty shops and 2 freestanding shop Carspaces 3,600 Other Retail 1%

Key Metrics Specialty Lease Expiry Proﬁ le by Income Most Recent Valuation ($m) (Directors)1 355.0 Capitalisation Rate 6.75% FY15 10% Valuation Date 31-Dec-14 FY16 20% MAT ($m) 305.1 FY17 22% Centre Sales ($psm) 5,191 FY18 7% Specialty Sales ($psm) 8,220 FY19+ 40% Specialty Occupancy Costs2 18.3% Occupancy (by GLA) 100.0%

Notes 1 Expressed on 100% basis 2 Includes marketing levy and based on GST inclusive turnover Reference: Google Maps 11 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO DECEMBER 2014

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: Cnr Station and Woodriff Streets, Penrith

➤ Sydney CBD 54km

Proﬁ le Retail Mix by GLA Current Ownership FDC Centre Type Sub-regional Supermarkets 21% State NSW Discount Department Stores 40% Centre First Opened 1984 Mini Majors 5% Centre Redeveloped 1999 Specialties 24% GLA (sqm) 20,875 Non Retail 3% Major Retailers Kmart, Coles Other Retail 6% Specialty Retailers 53 specialty shops and 11 freestanding shop Carspaces 804

Key Metrics Specialty Lease Expiry Proﬁ le by Income Most Recent Valuation ($m) (Independent)1 135.0 Capitalisation Rate 6.50% FY15 5% Valuation Date 31-Dec-14 FY16 12% MAT ($m) 210.3 FY17 15% Centre Sales ($psm) 10,438 FY18 9% Specialty Sales ($psm) 10,439 FY19+ 58% Specialty Occupancy Costs2 11.9% Occupancy (by GLA) 100.0%

Notes 1 Expressed on 100% basis 2 Includes marketing levy and based on GST inclusive turnover Reference: Google Maps 12 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO DECEMBER 2014

Carlingford Court

Carlingford Court is an enclosed sub-regional centre anchored by Target, Woolworths and Coles. The Centre’s retail mix of almost 100 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 24kms north-west of the Sydney CBD.

Address: Corner Pennant Hills & Carlingford Roads, Carlingford

➤ Sydney CBD 24km

Proﬁ le Retail Mix by GLA Current Ownership 50% FDC / 50% JV Centre Type Sub-regional Supermarkets 23% State NSW Discount Department Stores 25% Centre First Opened 1965 Mini Majors 14% Centre Redeveloped 2007 Specialties 19% GLA (sqm) 33,084 Non Retail 18% Major Retailers Target, Coles, Woolworths Specialty Retailers 96 specialty shops and 1 freestanding shop Carspaces 1,442

Key Metrics Specialty Lease Expiry Proﬁ le by Income Most Recent Valuation ($m) (Independent)1 190.0 Capitalisation Rate 6.75% FY15 11% Valuation Date 31-Dec-14 FY16 26% MAT ($m) 184.5 FY17 11% Centre Sales ($psm) 7,072 FY18 11% Specialty Sales ($psm) 9,615 FY19+ 41% Specialty Occupancy Costs2 15.3% Occupancy (by GLA) 98.7%

Notes 1 Expressed on 100% basis 2 Includes marketing levy and based on GST inclusive turnover Reference: Google Maps 13 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO DECEMBER 2014

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 30km

Proﬁ le Retail Mix by GLA Current Ownership 50% FDC / 50% JV Centre Type Sub-regional Supermarkets 27% State NSW Discount Department Stores 37% Centre First Opened 1980 Specialties 30% Centre Redeveloped 1999 Non Retail 4% GLA (sqm) 22,136 Major Retailers Kmart, Coles, Woolworths Specialty Retailers 85 specialty shops and 1 freestanding shop Carspaces 1,080

Key Metrics Specialty Lease Expiry Proﬁ le by Income Most Recent Valuation ($m) (Directors)1 150.0 Capitalisation Rate 7.00% FY15 25% Valuation Date 31-Dec-14 FY16 9% MAT ($m) 175.8 FY17 14% Centre Sales ($psm) 8,529 FY18 8% Specialty Sales ($psm) 9,357 FY19+ 45% Specialty Occupancy Costs2 15.6% Occupancy (by GLA) 100.0%

Notes 1 Expressed on 100% basis 2 Includes marketing levy and based on GST inclusive turnover Reference: Google Maps 14 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO DECEMBER 2014

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: Cnr Wharf & Bay Streets, Tweed Heads

Gold Coast

➤ CBD 24km

Proﬁ le Retail Mix by GLA Current Ownership FDC Centre Type Sub-regional Supermarkets 35% State NSW Discount Department Stores 26% Centre First Opened 1973 Mini Majors 10% Centre Redeveloped 2011 Specialties 23% GLA (sqm) 23,138 Non Retail 5% Major Retailers Target, Coles, Woolworths Other Retail 1% Specialty Retailers 68 specialty shops Carspaces 997

Key Metrics Specialty Lease Expiry Proﬁ le by Income Most Recent Valuation ($m) (Independent)1 81.0 Capitalisation Rate 8.02% FY15 13% Valuation Date 31-Dec-14 FY16 13% MAT ($m) 138.0 FY17 27% Centre Sales ($psm) 6,820 FY18 2% Specialty Sales ($psm) 6,446 FY19+ 45% Specialty Occupancy Costs2 12.6% Occupancy (by GLA) 99.8%

Notes 1 Expressed on 100% basis 2 Includes marketing levy and based on GST inclusive turnover Reference: Google Maps 15 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO DECEMBER 2014

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 foodcourt in the Albury CBD.

Address: 487 Kiewa St, Albury

Albury CBD

Proﬁ le Retail Mix by GLA Current Ownership FDC Centre Type Sub-regional Supermarkets 25% State NSW Discount Department Stores 42% Centre First Opened 1980 Mini Majors 5% Centre Redeveloped 2000 Specialties 27% GLA (sqm) 15,833 Non Retail 1% Major Retailers Kmart, Coles Specialty Retailers 46 specialty shops Carspaces 596

Key Metrics Specialty Lease Expiry Proﬁ le by Income Most Recent Valuation ($m) (Directors)1 57.5 Capitalisation Rate 7.75% FY15 12% Valuation Date 31-Dec-14 FY16 50% MAT ($m) 86.9 FY17 15% Centre Sales ($psm) 5,647 FY18 8% Specialty Sales ($psm) 6,296 FY19+ 15% Specialty Occupancy Costs2 13.9% Occupancy (by GLA) 99.7%

Notes 1 Expressed on 100% basis 2 Includes marketing levy and based on GST inclusive turnover Reference: Google Maps 16 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO DECEMBER 2014

Goulburn Plaza

Goulburn Plaza is the only sub-regional shopping centre in Goulburn and features Kmart, Coles 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 Current Ownership FDC Centre Type Sub-regional Supermarkets 25% State NSW Discount Department Stores 31% Centre First Opened 1980 Mini Majors 7% Centre Redeveloped 2005 Specialties 32% GLA (sqm) 13,938 Non Retail 5% Major Retailers Kmart, Coles Specialty Retailers 50 specialty shops and 1 freestanding shop Carspaces 452

Key Metrics Specialty Lease Expiry Proﬁ le by Income Most Recent Valuation ($m) (Independent)1 57.0

Capitalisation Rate 8.00% FY15 6% Valuation Date 31-Dec-14 FY16 17% MAT ($m) 105.8 FY17 14% Centre Sales ($psm) 8,060 FY18 14% Specialty Sales ($psm) 7,851 FY19+ 49% Specialty Occupancy Costs2 11.9% Occupancy (by GLA) 100.0%

Notes 1 Expressed on 100% basis 2 Includes marketing levy and based on GST inclusive turnover Reference: Google Maps 17 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO DECEMBER 2014

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 3km

Proﬁ le Retail Mix by GLA Current Ownership FDC Centre Type Sub-regional Supermarkets 26% State NSW Discount Department Stores 38% Centre First Opened 1979 Mini Majors 8% Centre Redeveloped 2005 Specialties 21% GLA (sqm) 20,239 Non Retail 6% Major Retailers Big W, Woolworths, Aldi Specialty Retailers 55 specialty shops Carspaces 1,036

Key Metrics Specialty Lease Expiry Proﬁ le by Income Most Recent Valuation ($m) (Independent)1 56.0 Capitalisation Rate 8.25% FY15 8% Valuation Date 31-Dec-14 FY16 26% MAT ($m) 119.6 FY17 9% Centre Sales ($psm) 7,009 FY18 4% Specialty Sales ($psm) 7,684 FY19+ 53% Specialty Occupancy Costs2 11.3% Occupancy (by GLA) 99.1%

Notes 1 Expressed on 100% basis 2 Includes marketing levy and based on GST inclusive turnover Reference: Google Maps 18 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO DECEMBER 2014

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 Current Ownership FDC Centre Type Sub-regional Supermarkets 26% State NSW Discount Department Stores 45% Centre First Opened 2007 Mini Majors 7% Centre Redeveloped N/A Specialties 20% GLA (sqm) 14,690 Non Retail 1% Major Retailers Big W, Woolworths Specialty Retailers 33 specialty shops Carspaces 617

Key Metrics Specialty Lease Expiry Proﬁ le by Income Most Recent Valuation ($m) (Directors)1 43.0 Capitalisation Rate 7.50% FY15 12% Valuation Date 31-Dec-14 FY16 6% MAT ($m) 97.0 FY17 8% Centre Sales ($psm) 6,702 FY18 16% Specialty Sales ($psm) 5,621 FY19+ 58% Specialty Occupancy Costs2 11.5% Occupancy (by GLA) 100.0%

Notes 1 Expressed on 100% basis 2 Includes marketing levy and based on GST inclusive turnover Reference: Google Maps 19 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO DECEMBER 2014

Toormina Gardens

Toormina Gardens is a single level enclosed sub-regional shopping centre featuring Kmart, Coles, Woolworths and over 50 specialty stores. The Centre is located in Coffs Harbour on the NSW north coast.

Address: 5 Toormina Road, Toormina

Coffs Harbour ➤ CBD 10km

Proﬁ le Retail Mix by GLA Current Ownership 50% FDC / 50% JV Centre Type Sub-regional Supermarkets 43% State NSW Discount Department Stores 24% Centre First Opened 1987 Mini Majors 9% Centre Redeveloped 2008 Specialties 19% GLA (sqm) 21,328 Non Retail 5% Major Retailers Kmart, Woolworths, Coles Specialty Retailers 54 specialty shops and 2 freestanding shops Carspaces 918

Key Metrics Specialty Lease Expiry Proﬁ le by Income Most Recent Valuation ($m) (Independent)1 78.0 Capitalisation Rate 7.50% FY15 13% Valuation Date 31-Dec-14 FY16 19% MAT ($m) 143.4 FY17 4% Centre Sales ($psm) 7,442 FY18 4% Specialty Sales ($psm) 8,909 FY19+ 59% Specialty Occupancy Costs2 9.2% Occupancy (by GLA) 97.6%

Notes 1 Expressed on 100% basis 2 Includes marketing levy and based on GST inclusive turnover Reference: Google Maps 20 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO DECEMBER 2014

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 region and is situated in regional New South Wales.

Address: 5 Galena Street, Broken Hill

Broken Hill ➤ CBD 1km

Proﬁ le Retail Mix by GLA Current Ownership FDC Centre Type Sub-regional Supermarkets 28% State NSW Discount Department Stores 40% Centre First Opened 1982 Mini Majors 13% Centre Redeveloped 2005 Specialties 13% GLA (sqm) 17,498 Non Retail 6% Major Retailers Big W, Woolworths Specialty Retailers 20 specialty shops and 3 freestanding shops Carspaces 836

Key Metrics Specialty Lease Expiry Proﬁ le by Income Most Recent Valuation ($m) (Directors)1 36.0 Capitalisation Rate 9.50% FY15 10% Valuation Date 31-Dec-14 FY16 8% MAT ($m) 96.6 FY17 2% Centre Sales ($psm) 6,050 FY18 37% Specialty Sales ($psm) 7,769 FY19+ 42% Specialty Occupancy Costs2 9.2% Occupancy (by GLA) 97.6%

Notes 1 Expressed on 100% basis 2 Includes marketing levy and based on GST inclusive turnover Reference: Google Maps 21 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO DECEMBER 2014

Maitland Hunter Mall

Maitland Hunter Mall is a single level centre anchored by Kmart. The Centre is located in the main commercial district of Maitland, approximately 35 kilometres west of Newcastle, and beneﬁ ts from its location adjacent to a pedestrian mall.

Address: 405 High Street, Maitland

➤ Newcastle CBD 35km

Proﬁ le Retail Mix by GLA Current Ownership FDC Centre Type Sub-regional Discount Department Stores 76% State NSW Mini Majors 8% Centre First Opened 1985 Specialties 9% Centre Redeveloped 2002 Other Retail 6% GLA (sqm) 13,002 Major Retailers Kmart Specialty Retailers 19 specialty shops and 1 freestanding shop Carspaces 655

Key Metrics Specialty Lease Expiry Proﬁ le by Income Most Recent Valuation ($m) (Directors)1 12.6 Capitalisation Rate 9.75% FY15 22% Valuation Date 31-Dec-14 FY16 0% MAT ($m) 38.3 FY17 9% Centre Sales ($psm) 3,590 FY18 4% Specialty Sales ($psm) 8,620 FY19+ 66% Specialty Occupancy Costs2 8.9% Occupancy (by GLA) 99.8%

Notes 1 Expressed on 100% basis 2 Includes marketing levy and based on GST inclusive turnover Reference: Google Maps 22 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO DECEMBER 2014

Terrace Central

Terrace Central is a convenience based 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: Cnr Sturgeon & Glenelg Streets, Raymond Terrace

➤ Newcastle CBD 25km

Proﬁ le Retail Mix by GLA Current Ownership FDC Centre Type Convenience Supermarkets 60% State NSW Mini Majors 9% Centre First Opened 1982 Specialties 25% Centre Redeveloped 2000 Non Retail 6% GLA (sqm) 7,241 Major Retailers Woolworths Specialty Retailers 23 specialty shops Carspaces 278

Key Metrics Specialty Lease Expiry Proﬁ le by Income Most Recent Valuation ($m) (Directors)1 31.0 Capitalisation Rate 8.00% FY15 5% Valuation Date 31-Dec-14 FY16 7% MAT ($m) 63.0 FY17 20% Centre Sales ($psm) 9,863 FY18 50% Specialty Sales ($psm) 8,043 FY19+ 18% Specialty Occupancy Costs2 9.6% Occupancy (by GLA) 100.0%

Notes 1 Expressed on 100% basis 2 Includes marketing levy and based on GST inclusive turnover Reference: Google Maps 23 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO DECEMBER 2014

Lennox Village

Lennox Village is a single level convenience 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: Cnr Great Western Highway & Pyramid Street, Emu Plains

➤ Sydney CBD 50km

Proﬁ le Retail Mix by GLA Current Ownership 50% FDC / 50% JV Centre Type Convenience Supermarkets 51% State NSW Mini Majors 16% Centre First Opened 1982 Specialties 28% Centre Redeveloped 2005 Non Retail 2% GLA (sqm) 10,001 Other Retail 3% Major Retailers Woolworths, Aldi Specialty Retailers 31 specialty shops and 5 freestanding shops Carspaces 403

Key Metrics Specialty Lease Expiry Proﬁ le by Income Most Recent Valuation ($m) (Independent)1 57.0 Capitalisation Rate 7.25% FY15 6% Valuation Date 31-Dec-14 FY16 11% MAT ($m) 94.1 FY17 15% Centre Sales ($psm) 11,815 FY18 8% Specialty Sales ($psm) 6,604 FY19+ 61% Specialty Occupancy Costs2 15.5% Occupancy (by GLA) 99.4%

Notes 1 Expressed on 100% basis 2 Includes marketing levy and based on GST inclusive turnover Reference: Google Maps 24 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO DECEMBER 2014

Tuggeranong Hyperdome

Tuggeranong Hyperdome is a substantial sub-regional shopping centre anchored by two supermarkets, four discount department stores and a cinema. Tuggeranong Hyperdome is managed by an external property manager.

Address: Cnr Anketell and Reed Streets, Tuggeranong

Canberra ➤CBD 22km

Proﬁ le Retail Mix by GLA Current Ownership 50% FDC / 50% JV Centre Type Regional Supermarkets 13% State ACT Discount Department Stores 36% Centre First Opened 1987 Mini Majors 17% Centre Redeveloped 2012 Specialties 21% GLA (sqm) 76,473 Non Retail 5% Major Retailers Harris Scarfe, Woolworths, Kmart, Coles, Target, Big W Other Retail 7% Specialty Retailers 196 specialty shops and 2 freestanding shops Carspaces 2,373

Key Metrics Specialty Lease Expiry Proﬁ le by Income Most Recent Valuation ($m) (Independent)1 300.0 Capitalisation Rate 7.25% FY15 18% Valuation Date 31-Dec-14 FY16 11% MAT ($m) 289.6 FY17 8% Centre Sales ($psm) 4,461 FY18 8% Specialty Sales ($psm) 6,856 FY19+ 54% Specialty Occupancy Costs2 13.0% Occupancy (by GLA) 94.5%

Notes 1 Expressed on 100% basis 2 Includes marketing levy and based on GST inclusive turnover Reference: Google Maps QLD

Queensland Mt Ommaney Centre Toombul Taigum Square Gympie Central Whitsunday Plaza Buranda Village Lutwyche City Oxenford Village Goldﬁ elds Plaza Milton Village North Shore Village Monier Village Indooroopilly Central 26 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO DECEMBER 2014

Mt Ommaney Centre

Mt Ommaney Centre is a signiﬁ cant sub-regional 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 nearly 200 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 Current Ownership 25% FDC / 75% JV Centre Type Regional Supermarkets 19% State QLD Discount Department Stores 38% Centre First Opened 1979 Mini Majors 5% Centre Redeveloped 2010 Specialties 29% GLA (sqm) 56,337 Non Retail 8% Major Retailers Kmart, Big W, Target, Coles, Woolworths, Aldi Other Retail 1% Specialty Retailers 168 specialty shops and 16 freestanding shops Carspaces 2,527

Key Metrics Specialty Lease Expiry Proﬁ le by Income Most Recent Valuation ($m) (Independent)1 416.3 Capitalisation Rate 6.25% FY15 24% Valuation Date 31-Dec-14 FY16 17% MAT ($m) 309.7 FY17 13% Centre Sales ($psm) 6,416 FY18 11% Specialty Sales ($psm) 7,364 FY19+ 36% Specialty Occupancy Costs2 16.8% Occupancy (by GLA) 100.0%

Notes 1 Expressed on 100% basis 2 Includes marketing levy and based on GST inclusive turnover Reference: Google Maps 27 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO DECEMBER 2014

Toombul

Toombul is situated in an established residential locality in Brisbane’s north. The Centre enjoys exposure to a strong anchor mix comprising Target, Kmart, Aldi and two Coles supermarkets. The Centre also features an 8 screen cinema complex.

Address: 1015 Sandgate Road, Toombul

➤ Brisbane CBD 8km

Proﬁ le Retail Mix by GLA Current Ownership FDC Centre Type Sub-regional Supermarkets 19% State QLD Discount Department Stores 31% Centre First Opened 1967 Mini Majors 14% Centre Redeveloped 2011 Specialties 22% GLA (sqm) 43,764 Non Retail 7% Major Retailers Target, Kmart, Aldi, Coles, Coles Other Retail 7% Specialty Retailers 134 specialty shops Carspaces 1,582

Key Metrics Specialty Lease Expiry Proﬁ le by Income Most Recent Valuation ($m) (Independent)1 230.0 Capitalisation Rate 6.75% FY15 14% Valuation Date 31-Dec-14 FY16 13% MAT ($m) 217.3 FY17 13% Centre Sales ($psm) 5,699 FY18 11% Specialty Sales ($psm) 7,286 FY19+ 49% Specialty Occupancy Costs2 15.1% Occupancy (by GLA) 98.9%

Notes 1 Expressed on 100% basis 2 Includes marketing levy and based on GST inclusive turnover Reference: Google Maps 28 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO DECEMBER 2014

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: Cnr Church and Beams Roads, Taigum

➤ Brisbane CBD 16km

Proﬁ le Retail Mix by GLA Current Ownership FDC Centre Type Sub-regional Supermarkets 16% State QLD Discount Department Stores 29% Centre First Opened 1982 Mini Majors 11% Centre Redeveloped 2001 Specialties 29% GLA (sqm) 22,875 Non Retail 15% Major Retailers Big W, Woolworths Specialty Retailers 67 specialty shops and 5 freestanding shops Carspaces 1,048

Key Metrics Specialty Lease Expiry Proﬁ le by Income Most Recent Valuation ($m) (Directors)1 88.0 Capitalisation Rate 7.00% FY15 18% Valuation Date 31-Dec-14 FY16 10% MAT ($m) 109.1 FY17 11% Centre Sales ($psm) 6,074 FY18 10% Specialty Sales ($psm) 5,618 FY19+ 51% Specialty Occupancy Costs2 14.5% Occupancy (by GLA) 99.6%

Notes 1 Expressed on 100% basis 2 Includes marketing levy and based on GST inclusive turnover Reference: Google Maps 29 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO DECEMBER 2014

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 50 stores.

Address: Cnr Bruce Highway & Excelsior Road, Gympie

➤ Noosa CBD 65km

Proﬁ le Retail Mix by GLA Current Ownership FDC Centre Type Sub-regional Supermarkets 26% State QLD Discount Department Stores 40% Centre First Opened 1973 Specialties 31% Centre Redeveloped 2007 Non Retail 3% GLA (sqm) 14,072 Major Retailers Big W, Woolworths Specialty Retailers 52 specialty shops Carspaces 752

Key Metrics Specialty Lease Expiry Proﬁ le by Income Most Recent Valuation ($m) (Directors)1 72.0 Capitalisation Rate 7.00% FY15 12% Valuation Date 31-Dec-14 FY16 6% MAT ($m) 115.5 FY17 25% Centre Sales ($psm) 8,603 FY18 5% Specialty Sales ($psm) 9,726 FY19+ 52% Specialty Occupancy Costs2 10.6% Occupancy (by GLA) 100.0%

Notes 1 Expressed on 100% basis 2 Includes marketing levy and based on GST inclusive turnover Reference: Google Maps 30 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO DECEMBER 2014

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 5km

Proﬁ le Retail Mix by GLA Current Ownership FDC Centre Type Sub-regional Supermarkets 16% State QLD Discount Department Stores 26% Centre First Opened 2006 Department Stores 3% Centre Redeveloped N/A Mini Majors 31% GLA (sqm) 22,230 Specialties 13% Major Retailers Harvey Norman, Big W, Woolworths Non Retail 10% Specialty Retailers 28 specialty shops and 12 freestanding shops Carspaces 1,149

Key Metrics Specialty Lease Expiry Proﬁ le by Income Most Recent Valuation ($m) (Independent)1 57.0 Capitalisation Rate 7.50% FY15 6% Valuation Date 31-Dec-14 FY16 15% MAT ($m) 107.4 FY17 9% Centre Sales ($psm) 5,826 FY18 5% Specialty Sales ($psm) 8,361 FY19+ 66% Specialty Occupancy Costs2 8.8% Occupancy (by GLA) 100.0%

Notes 1 Expressed on 100% basis 2 Includes marketing levy and based on GST inclusive turnover Reference: Google Maps 31 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO DECEMBER 2014

Buranda Village

Buranda Village is a sub-regional shopping centre situated on Brisbane’s south side approximately ﬁ ve 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: Cnr Ipswich Road & Cornwell Street, Buranda ➤ Brisbane CBD 5km

Proﬁ le Retail Mix by GLA Current Ownership FDC Centre Type Sub-regional Supermarkets 26% State QLD Discount Department Stores 35% Centre First Opened 1978 Mini Majors 9% Centre Redeveloped 2005 Specialties 17% GLA (sqm) 11,470 Non Retail 13% Major Retailers Target, Woolworths Specialty Retailers 35 specialty shops Carspaces 504

Key Metrics Specialty Lease Expiry Proﬁ le by Income Most Recent Valuation ($m) (Independent)1 35.0

Capitalisation Rate 7.50% FY15 3% Valuation Date 31-Dec-14 FY16 40% MAT ($m) 61.8 FY17 3% Centre Sales ($psm) 6,862 FY18 8% Specialty Sales ($psm) 7,201 FY19+ 45% Specialty Occupancy Costs2 14.2% Occupancy (by GLA) 100.0%

Notes 1 Expressed on 100% basis 2 Includes marketing levy and based on GST inclusive turnover Reference: Google Maps 32 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO DECEMBER 2014

Lutwyche City

Lutwyche City is a convenience based shopping centre located on Brisbane’s north side approximately ﬁ ve kilometres from the Brisbane CBD. Anchored by Coles and Aldi, it comprises two levels of convenient undercover parking and a commercial ofﬁ ce suites 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 5km

Proﬁ le Retail Mix by GLA Current Ownership FDC Centre Type Convenience Supermarkets 31% State QLD Mini Majors 7% Centre First Opened 1974 Specialties 15% Centre Redeveloped 2008 Non Retail 47% GLA (sqm) 18,794 Major Retailers Aldi, Coles Specialty Retailers 49 specialty shops and 1 freestanding shops Carspaces 812

Key Metrics Specialty Lease Expiry Proﬁ le by Income Most Recent Valuation ($m) (Independent)1 57.3 Capitalisation Rate 8.00% FY15 19% Valuation Date 31-Dec-14 FY16 8% MAT ($m) 74.4 FY17 17% Centre Sales ($psm) 10,125 FY18 9% Specialty Sales ($psm) 6,180 FY19+ 46% Specialty Occupancy Costs2 11.7% Occupancy (by GLA) 98.8%

Notes 1 Expressed on 100% basis 2 Includes marketing levy and based on GST inclusive turnover Reference: Google Maps 33 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO DECEMBER 2014

Oxenford Village

Oxenford Village is a convenience based 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: Cnr Cottonwood Place & Old Paciﬁ c Highway, Oxenford

➤ Gold Coast CBD 23km

Proﬁ le Retail Mix by GLA Current Ownership FDC Centre Type Convenience Supermarkets 58% State QLD Specialties 17% Centre First Opened 2001 Non Retail 24% Centre Redeveloped N/A Other Retail 1% GLA (sqm) 5,801 Major Retailers Woolworths Specialty Retailers 15 specialty shops and 1 freestanding shop Carspaces 255

Key Metrics Specialty Lease Expiry Proﬁ le by Income Most Recent Valuation ($m) (Directors)1 26.0 Capitalisation Rate 7.25% FY15 0% Valuation Date 31-Dec-14 FY16 5% MAT ($m) 73.6 FY17 82% Centre Sales ($psm) 17,719 FY18 0% Specialty Sales ($psm) 14,641 FY19+ 13% Specialty Occupancy Costs2 7.1% Occupancy (by GLA) 100.0%

Notes 1 Expressed on 100% basis 2 Includes marketing levy and based on GST inclusive turnover Reference: Google Maps 34 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO DECEMBER 2014

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 and a convenience based specialty mix.

Address: Cnr Nash and Monkland Streets, Gympie

Gympie CBD

Proﬁ le Retail Mix by GLA Current Ownership FDC Centre Type Convenience Supermarkets 54% State QLD Mini Majors 25% Centre First Opened 1985 Specialties 17% Centre Redeveloped 2001 Non Retail 4% GLA (sqm) 7,938 Major Retailers Coles Specialty Retailers 19 specialty shops Carspaces 437

Key Metrics Specialty Lease Expiry Proﬁ le by Income Most Recent Valuation ($m) (Directors)1 25.5 Capitalisation Rate 8.00% FY15 25% Valuation Date 31-Dec-14 FY16 2% MAT ($m) 56.8 FY17 6% Centre Sales ($psm) 7,888 FY18 1% Specialty Sales ($psm) 8,738 FY19+ 64% Specialty Occupancy Costs2 8.0% Occupancy (by GLA) 100.0%

Notes 1 Expressed on 100% basis 2 Includes marketing levy and based on GST inclusive turnover Reference: Google Maps 35 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO DECEMBER 2014

Milton Village

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

Address: 12-36 Baroona Road, Milton

➤ Brisbane CBD 2km

Proﬁ le Retail Mix by GLA Current Ownership FDC Centre Type Convenience Supermarkets 17% State QLD Specialties 34% Centre First Opened 1973 Non Retail 47% Centre Redeveloped N/A Other Retail 2% GLA (sqm) 2,825 Major Retailers IGA Milton Specialty Retailers 24 specialty shops Carspaces 166

Key Metrics Specialty Lease Expiry Proﬁ le by Income Most Recent Valuation ($m) (Independent)1 20.3 Capitalisation Rate 7.75% FY15 12% Valuation Date 31-Dec-14 FY16 13% MAT ($m) 23.8 FY17 5% Centre Sales ($psm) 16,096 FY18 28% Specialty Sales ($psm) 11,927 FY19+ 43% Specialty Occupancy Costs2 11.5% Occupancy (by GLA) 96.2%

Notes 1 Expressed on 100% basis 2 Includes marketing levy and based on GST inclusive turnover Reference: Google Maps 36 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO DECEMBER 2014

North Shore Village

North Shore Village is an open plan convenience centre anchored by a 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 Current Ownership FDC Centre Type Convenience Supermarkets 66% State QLD Specialties 28% Centre First Opened 2003 Non Retail 5% Centre Redeveloped N/A GLA (sqm) 4,095 Major Retailers Coles Specialty Retailers 13 specialty shops and 2 freestanding shops Carspaces 274

Key Metrics Specialty Lease Expiry Proﬁ le by Income Most Recent Valuation ($m) (Independent)1 20.3 Capitalisation Rate 7.25% FY15 6% Valuation Date 31-Dec-14 FY16 9% MAT ($m) 46.8 FY17 1% Centre Sales ($psm) 14,445 FY18 59% Specialty Sales ($psm) 5,747 FY19+ 26% Specialty Occupancy Costs2 14.8% Occupancy (by GLA) 98.0%

Notes 1 Expressed on 100% basis 2 Includes marketing levy and based on GST inclusive turnover Reference: Google Maps 37 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO DECEMBER 2014

Monier Village

Monier Village is an open-air convenience based shopping centre. The Centre provides a dual supermarket offer with a Woolworths supermarket and Aldi store. Monier Village is located approximately 15 kilometres south-west of Brisbane’s CBD.

Address: 166 Monier Road, Darra

Brisbane ➤CBD 15km

Proﬁ le Retail Mix by GLA Current Ownership FDC Centre Type Convenience Supermarkets 78% State QLD Specialties 16% Centre First Opened 2004 Non Retail 6% Centre Redeveloped 2013 GLA (sqm) 5,594 Major Retailers Aldi, Woolworths Specialty Retailers 14 specialty shops Carspaces 286

Key Metrics Specialty Lease Expiry Proﬁ le by Income Most Recent Valuation ($m) (Directors)1 18.0 Capitalisation Rate 7.50% FY15 0% Valuation Date 31-Dec-14 FY16 0% MAT ($m) 29.6 FY17 6% Centre Sales ($psm) 8,057 FY18 0% Specialty Sales ($psm) 4,803 FY19+ 94% Specialty Occupancy Costs2 13.0% Occupancy (by GLA) 98.0%

Notes 1 Expressed on 100% basis 2 Includes marketing levy and based on GST inclusive turnover Reference: Google Maps 38 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO DECEMBER 2014

Indooroopilly Central

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

Address: 34 Coonan Street, Indooroopilly

Brisbane ➤CBD 6km

Proﬁ le Retail Mix by GLA Current Ownership FDC Centre Type Bulky Goods Mini Majors 75% State QLD Specialties 17% Centre First Opened 1991 Non Retail 8% Centre Redeveloped N/A GLA (sqm) 19,767 Major Retailers N/A Specialty Retailers 20 specialty shops and 1 freestanding shop Carspaces 253

Key Metrics Specialty Lease Expiry Proﬁ le by Income Most Recent Valuation ($m) (Independent)1 54.0 Capitalisation Rate 8.00% FY15 0% Valuation Date 31-Dec-14 FY16 15% MAT ($m) 32.3 FY17 8% Centre Sales ($psm) 4,462 FY18 22% Specialty Sales ($psm) 6,752 FY19+ 55% Specialty Occupancy Costs2 9.7% Occupancy (by GLA) 100.0%

Notes 1 Expressed on 100% basis 2 Includes marketing levy and based on GST inclusive turnover Reference: Google Maps SA / NT

South Australia Colonnades Kurralta Central Mount Gambier Central Hilton Plaza

Northern Territory Katherine Oasis 40 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO DECEMBER 2014

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 ﬁ ve major retailers and an extensive specialty mix, offering a convenient, fresh and modern shopping destination. The Centre is located 30 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 30km

Proﬁ le Retail Mix by GLA Current Ownership 50% FDC / 50% JV Centre Type Regional Supermarkets 12% State SA Discount Department Stores 29% Centre First Opened 1979 Department Stores 7% Centre Redeveloped 2006 Mini Majors 16% GLA (sqm) 66,634 Specialties 23% Major Retailers Myer, Kmart, Big W, Woolworths, Coles, Harris Scarfe Non Retail 13% Specialty Retailers 182 specialty shops and 6 freestanding shops Carspaces 3,550

Key Metrics Specialty Lease Expiry Proﬁ le by Income Most Recent Valuation ($m) (Directors)1 290.0 Capitalisation Rate 7.00% FY15 16% Valuation Date 31-Dec-14 FY16 11% MAT ($m) 265.3 FY17 19% Centre Sales ($psm) 4,753 FY18 13% Specialty Sales ($psm) 6,115 FY19+ 41% Specialty Occupancy Costs2 16.8% Occupancy (by GLA) 99.1%

Notes 1 Expressed on 100% basis 2 Includes marketing levy and based on GST inclusive turnover Reference: Google Maps 41 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO DECEMBER 2014

Kurralta Central

Kurralta Central is a convenience shopping centre located ﬁ ve 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 Current Ownership FDC Centre Type Sub-regional Supermarkets 23% State SA Discount Department Stores 67% Centre First Opened 1969 Specialties 9% Centre Redeveloped 2000 Non Retail 1% GLA (sqm) 10,673 Major Retailers Kmart, Coles Specialty Retailers 12 specialty shops Carspaces 548

Key Metrics Specialty Lease Expiry Proﬁ le by Income Most Recent Valuation ($m) (Independent)1 34.6 Capitalisation Rate 7.25% FY15 0% Valuation Date 31-Dec-14 FY16 11% MAT ($m) 73.5 FY17 7% Centre Sales ($psm) 7,210 FY18 7% Specialty Sales ($psm) 8,443 FY19+ 75% Specialty Occupancy Costs2 12.3% Occupancy (by GLA) 100.0%

Notes 1 Expressed on 100% basis 2 Includes marketing levy and based on GST inclusive turnover Reference: Google Maps 42 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO DECEMBER 2014

Mount Gambier Central

Mount Gambier Central is anchored by a Kmart discount department store. The Centre’s specialty mix comprises 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 Current Ownership FDC Centre Type Sub-regional Discount Department Stores 56% State SA Mini Majors 14% Centre First Opened 1986 Specialties 30% Centre Redeveloped N/A Other Retail 1% GLA (sqm) 12,731 Major Retailers Kmart Specialty Retailers 38 specialty shops and 1 freestanding shop Carspaces 553

Key Metrics Specialty Lease Expiry Proﬁ le by Income Most Recent Valuation ($m) (Directors)1 29.0 Capitalisation Rate 9.25% FY15 6% Valuation Date 31-Dec-14 FY16 25% MAT ($m) 45.7 FY17 10% Centre Sales ($psm) 4,291 FY18 3% Specialty Sales ($psm) 8,039 FY19+ 57% Specialty Occupancy Costs2 10.7% Occupancy (by GLA) 96.0%

Notes 1 Expressed on 100% basis 2 Includes marketing levy and based on GST inclusive turnover Reference: Google Maps 43 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO DECEMBER 2014

Hilton Plaza

Hilton Plaza is located on the corner of Sir Donald Bradman Drive and Bagot Road, Hilton. Situated only four kilometres west of the Adelaide CBD, Hilton Plaza provides a convenience shopping experience with a Woolworths supermarket and ample car parking.

Address: Cnr Sir Donald Bradman Drive & Bagot Avenue, Hilton

➤ Adelaide CBD 4km

Proﬁ le Retail Mix by GLA Current Ownership FDC Centre Type Convenience Supermarkets 73% State SA Specialties 22% Centre First Opened 1998 Non Retail 5% Centre Redeveloped N/A GLA (sqm) 4,453 Major Retailers Woolworths Specialty Retailers 13 specialty shops Carspaces 228

Key Metrics Specialty Lease Expiry Proﬁ le by Income Most Recent Valuation ($m) (Independent)1 19.4 Capitalisation Rate 7.25% FY15 19% Valuation Date 31-Dec-14 FY16 4% MAT ($m) 45.8 FY17 7% Centre Sales ($psm) 11,963 FY18 57% Specialty Sales ($psm) 8,326 FY19+ 14% Specialty Occupancy Costs2 9.7% Occupancy (by GLA) 100.0%

Notes 1 Expressed on 100% basis 2 Includes marketing levy and based on GST inclusive turnover Reference: Google Maps 44 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO DECEMBER 2014

Katherine Oasis

Katherine Oasis is a convenience based shopping centre servicing the residents of Katherine. The Centre also provides the only full line supermarket in the region. 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 kilometers south of Katherine.

Address: Cnr First Street & Katherine Terrace, Katherine

Katherine CBD

Proﬁ le Retail Mix by GLA Current Ownership FDC Centre Type Convenience Supermarkets 64% State NT Mini Majors 14% Centre First Opened 1986 Specialties 21% Centre Redeveloped 2002 Non Retail 1% GLA (sqm) 7,162 Major Retailers Woolworths Specialty Retailers 17 specialty shops Carspaces 154

Key Metrics Specialty Lease Expiry Proﬁ le by Income Most Recent Valuation ($m) (Directors)1 27.5 Capitalisation Rate 8.50% FY15 6% Valuation Date 31-Dec-14 FY16 7% MAT ($m) 84.2 FY17 14% Centre Sales ($psm) 12,400 FY18 11% Specialty Sales ($psm) 8,784 FY19+ 62% Specialty Occupancy Costs2 10.3% Occupancy (by GLA) 99.3%

Notes 1 Expressed on 100% basis 2 Includes marketing levy and based on GST inclusive turnover Reference: Google Maps VIC / TAS

Victoria The Glen Cranbourne Park Box Hill Central (South precinct) Karingal Hub Victoria Gardens Box Hill Central (North precinct) Mornington Central Brandon Park Sunshine Marketplace Wodonga Plaza Belmont Village Oakleigh Central Bentons Square The Gateway

Tasmania Burnie Plaza Meadow Mews Glenorchy Central 46 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO DECEMBER 2014

The Glen

The Glen is a regional shopping centre located in the suburb of Glen Waverley, approximately 20 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 20km

Proﬁ le Retail Mix by GLA Current Ownership 50% FDC / 50% JV Centre Type Regional Supermarkets 13% State VIC Discount Department Stores 11% Centre First Opened 1991 Department Stores 26% Centre Redeveloped 2006 Mini Majors 13% GLA (sqm) 59,077 Specialties 26% Major Retailers David Jones, Target, Coles, Woolworths, Non Retail 11% Specialty Retailers 179 specialty shops and 2 freestanding shops Other Retail 1% Carspaces 3,100

Key Metrics Specialty Lease Expiry Proﬁ le by Income Most Recent Valuation ($m) (Independent)1 436.2 Capitalisation Rate 6.00% FY15 14% Valuation Date 31-Dec-14 FY16 32% MAT ($m) 329.8 FY17 14% Centre Sales ($psm) 6,298 FY18 19% Specialty Sales ($psm) 7,934 FY19+ 22% Specialty Occupancy Costs2 18.4% Occupancy (by GLA) 100.0%

Notes 1 Expressed on 100% basis 2 Includes marketing levy and based on GST inclusive turnover Reference: Google Maps 47 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO DECEMBER 2014

Cranbourne Park

Cranbourne Park is a fully enclosed single level sub-regional shopping centre located in Cranbourne, south-east of Melbourne. The Centre is undergoing redevelopment with works due to be completed this calender year. Upon completion the Centre will be anchored by Coles, Target, Kmart and Woolworths and will feature over 100 specialty stores.

Address: High Street, Cranbourne ➤ Melbourne CBD 50km

Proﬁ le Retail Mix by GLA Current Ownership 50% FDC / 50% JV Centre Type Sub-regional Supermarkets 26% State VIC Discount Department Stores 29% Centre First Opened 1979 Mini Majors 11% Centre Redeveloped 2015 Specialties 24% GLA (sqm) 28,430 Non Retail 9% Major Retailers Kmart, Woolworths, Coles Other Retail 1% Specialty Retailers 77 specialty shops and 4 freestanding shops Carspaces 743

Key Metrics Specialty Lease Expiry Proﬁ le by Income Most Recent Valuation ($m) (Directors)1 Held for development Capitalisation Rate Held for development FY15 19% Valuation Date 31-Dec-14 FY16 16% MAT ($m) 168.2 FY17 11% Centre Sales ($psm) 6,663 FY18 15% Specialty Sales ($psm) 8,506 FY19+ 39% Specialty Occupancy Costs2 12.9% Occupancy (by GLA) 100.0%

Notes 1 Expressed on 100% basis 2 Includes marketing levy and based on GST inclusive turnover Reference: Google Maps 48 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO DECEMBER 2014

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 12km

Proﬁ le Retail Mix by GLA Current Ownership FDC Centre Type Sub-regional Supermarkets 16% State VIC Discount Department Stores 34% Centre First Opened 1987 Mini Majors 7% Centre Redeveloped 2010 Specialties 34% GLA (sqm) 23,390 Non Retail 8% Major Retailers Big W, Woolworths Specialty Retailers 111 specialty shops Carspaces 1,516

Key Metrics Specialty Lease Expiry Proﬁ le by Income Most Recent Valuation ($m) (Independent)1 140.0 Capitalisation Rate 7.25% FY15 5% Valuation Date 31-Dec-14 FY16 13% MAT ($m) 139.4 FY17 11% Centre Sales ($psm) 6,560 FY18 16% Specialty Sales ($psm) 8,351 FY19+ 55% Specialty Occupancy Costs2 15.4% Occupancy (by GLA) 100.0%

Notes 1 Expressed on 100% basis 2 Includes marketing levy and based on GST inclusive turnover Reference: Google Maps 49 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO DECEMBER 2014

Karingal Hub

Karingal Hub is an enclosed single level sub-regional shopping centre located approximately ﬁ ve kilometres east of Frankston on Melbourne’s Mornington Peninsula. The Centre is anchored by Big W, two Woolworths supermarkets and includes a separate entertainment precinct anchored by Village Cinemas with a strong restaurant offer.

Address: 330 Cranbourne Road, Frankston ➤ Melbourne CBD 48km

Proﬁ le Retail Mix by GLA Current Ownership 50% FDC / 50% JV Centre Type Sub-regional Supermarkets 19% State VIC Discount Department Stores 20% Centre First Opened 1978 Mini Majors 12% Centre Redeveloped 2006 Specialties 26% GLA (sqm) 41,594 Non Retail 5% Major Retailers Big W, Woolworths, Woolworths Other Retail 19% Specialty Retailers 122 specialty shops and 5 freestanding shops Carspaces 2,200

Key Metrics Specialty Lease Expiry Proﬁ le by Income Most Recent Valuation ($m) (Directors)1 216.0 Capitalisation Rate 6.75% FY15 10% Valuation Date 31-Dec-14 FY16 19% MAT ($m) 222.3 FY17 10% Centre Sales ($psm) 5,834 FY18 13% Specialty Sales ($psm) 7,089 FY19+ 47% Specialty Occupancy Costs2 14.1% Occupancy (by GLA) 100.0%

Notes 1 Expressed on 100% basis 2 Includes marketing levy and based on GST inclusive turnover Reference: Google Maps 50 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO DECEMBER 2014

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 Current Ownership 50% FDC / 50% JV Centre Type Sub-regional Supermarkets 14% State VIC Discount Department Stores 22% Centre First Opened 2003 Mini Majors 13% Centre Redeveloped N/A Specialties 32% GLA (sqm) 31,133 Non Retail 1% Major Retailers Kmart, Coles Other Retail 18% Specialty Retailers 75 specialty shops and 2 freestanding shops Carspaces 2,100

Key Metrics Specialty Lease Expiry Proﬁ le by Income Most Recent Valuation ($m) (Directors)1 192.5 Capitalisation Rate 6.50% FY15 11% Valuation Date 31-Dec-14 FY16 9% MAT ($m) 176.1 FY17 19% Centre Sales ($psm) 5,962 FY18 8% Specialty Sales ($psm) 9,108 FY19+ 53% Specialty Occupancy Costs2 13.8% Occupancy (by GLA) 100.0%

Notes 1 Expressed on 100% basis 2 Includes marketing levy and based on GST inclusive turnover Reference: Google Maps 51 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO DECEMBER 2014

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 12km

Proﬁ le Retail Mix by GLA Current Ownership FDC Centre Type Sub-regional Supermarkets 22% State VIC Discount Department Stores 17% Centre First Opened 1975 Mini Majors 6% Centre Redeveloped 2007 Specialties 35% GLA (sqm) 14,554 Non Retail 19% Major Retailers Harris Scarfe, Coles Other Retail 1% Specialty Retailers 81 specialty shops Carspaces 901

Key Metrics Specialty Lease Expiry Proﬁ le by Income Most Recent Valuation ($m) (Directors)1 64.0

Capitalisation Rate 7.75% FY15 10% Valuation Date 31-Dec-14 FY16 15% MAT ($m) 77.4 FY17 9% Centre Sales ($psm) 6,643 FY18 34% Specialty Sales ($psm) 5,176 FY19+ 32% Specialty Occupancy Costs2 18.6% Occupancy (by GLA) 100.0%

Notes 1 Expressed on 100% basis 2 Includes marketing levy and based on GST inclusive turnover Reference: Google Maps 52 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO DECEMBER 2014

Mornington Central

Mornington Central is a sub-regional, single level shopping centre located on the Mornington Peninsula, circa 60 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 60km

Proﬁ le Retail Mix by GLA Current Ownership FDC Centre Type Sub-regional Supermarkets 28% State VIC Discount Department Stores 47% Centre First Opened 2000 Specialties 24% Centre Redeveloped N/A GLA (sqm) 11,680 Major Retailers Target, Coles Specialty Retailers 36 specialty shops Carspaces 550

Key Metrics Specialty Lease Expiry Proﬁ le by Income Most Recent Valuation ($m) (Independent)1 61.5 Capitalisation Rate 6.75% FY15 3% Valuation Date 31-Dec-14 FY16 12% MAT ($m) 100.8 FY17 11% Centre Sales ($psm) 8,673 FY18 15% Specialty Sales ($psm) 9,655 FY19+ 59% Specialty Occupancy Costs2 13.4% Occupancy (by GLA) 100.0%

Notes 1 Expressed on 100% basis 2 Includes marketing levy and based on GST inclusive turnover Reference: Google Maps 53 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO DECEMBER 2014

Brandon Park

Brandon Park is a fully enclosed sub-regional shopping centre situated over two levels. The Centre is anchored by Kmart, Coles and an Aldi store with 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: Cnr Ferntree Gully & Springvale Roads, Wheelers Hill ➤ Melbourne CBD 23km

Proﬁ le Retail Mix by GLA Current Ownership 50% FDC / 50% JV Centre Type Sub-regional Supermarkets 23% State VIC Discount Department Stores 31% Centre First Opened 1970 Mini Majors 5% Centre Redeveloped 2003 Specialties 28% GLA (sqm) 22,719 Non Retail 12% Major Retailers Kmart, Coles, Aldi Other Retail 1% Specialty Retailers 93 specialty shops Carspaces 1,400

Key Metrics Specialty Lease Expiry Proﬁ le by Income Most Recent Valuation ($m) (Directors)1 116.1 Capitalisation Rate 7.75% FY15 23% Valuation Date 31-Dec-14 FY16 12% MAT ($m) 112.9 FY17 8% Centre Sales ($psm) 6,401 FY18 7% Specialty Sales ($psm) 5,185 FY19+ 50% Specialty Occupancy Costs2 18.9% Occupancy (by GLA) 97.7%

Notes 1 Expressed on 100% basis 2 Includes marketing levy and based on GST inclusive turnover Reference: Google Maps 54 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO DECEMBER 2014

Sunshine Marketplace

Sunshine Marketplace is situated 13 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 13km

Proﬁ le Retail Mix by GLA Current Ownership 50% FDC / 50% JV Centre Type Sub-regional Supermarkets 13% State VIC Discount Department Stores 21% Centre First Opened 1997 Mini Majors 9% Centre Redeveloped 2004 Specialties 18% GLA (sqm) 33,863 Non Retail 10% Major Retailers Big W, Woolworths Other Retail 29% Specialty Retailers 69 specialty shops and 4 freestanding shops Carspaces 1,743

Key Metrics Specialty Lease Expiry Proﬁ le by Income Most Recent Valuation ($m) (Directors)1 103.0 Capitalisation Rate 7.25% FY15 16% Valuation Date 31-Dec-14 FY16 5% MAT ($m) 131.2 FY17 6% Centre Sales ($psm) 4,389 FY18 33% Specialty Sales ($psm) 6,066 FY19+ 40% Specialty Occupancy Costs2 14.0% Occupancy (by GLA) 100.0%

Notes 1 Expressed on 100% basis 2 Includes marketing levy and based on GST inclusive turnover Reference: Google Maps 55 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO DECEMBER 2014

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 Current Ownership FDC Centre Type Sub-regional Supermarkets 32% State VIC Discount Department Stores 39% Centre First Opened 1982 Mini Majors 6% Centre Redeveloped 1996 Specialties 21% GLA (sqm) 17,624 Non Retail 1% Major Retailers Target, Coles, Woolworths Other Retail 1% Specialty Retailers 42 specialty shops Carspaces 636

Key Metrics Specialty Lease Expiry Proﬁ le by Income Most Recent Valuation ($m) (Directors)1 47.0 Capitalisation Rate 8.50% FY15 12% Valuation Date 31-Dec-14 FY16 29% MAT ($m) 91.3 FY17 17% Centre Sales ($psm) 5,393 FY18 5% Specialty Sales ($psm) 6,458 FY19+ 37% Specialty Occupancy Costs2 12.0% Occupancy (by GLA) 100.0%

Notes 1 Expressed on 100% basis 2 Includes marketing levy and based on GST inclusive turnover Reference: Google Maps 56 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO DECEMBER 2014

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 at 6am through to midnight daily and 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 Current Ownership FDC Centre Type Sub-regional Supermarkets 24% State VIC Discount Department Stores 60% Centre First Opened 1970 Specialties 16% Centre Redeveloped N/A Non Retail 1% GLA (sqm) 14,029 Major Retailers Kmart, Coles Specialty Retailers 15 specialty shops and 1 freestanding shop Carspaces 570

Key Metrics Specialty Lease Expiry Proﬁ le by Income Most Recent Valuation ($m) (Independent)1 41.8 Capitalisation Rate 7.25% FY15 0% Valuation Date 31-Dec-14 FY16 4% MAT ($m) 95.8 FY17 31% Centre Sales ($psm) 6,889 FY18 9% Specialty Sales ($psm) 7,096 FY19+ 56% Specialty Occupancy Costs2 12.8% Occupancy (by GLA) 100.0%

Notes 1 Expressed on 100% basis 2 Includes marketing levy and based on GST inclusive turnover Reference: Google Maps 57 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO DECEMBER 2014

Oakleigh Central

Oakleigh Central is a convenience based shopping centre featuring a dual supermarket offering. 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 17km

Proﬁ le Retail Mix by GLA Current Ownership FDC Centre Type Convenience Supermarkets 67% State VIC Specialties 31% Centre First Opened 1987 Non Retail 2% Centre Redeveloped 2008 GLA (sqm) 13,904 Major Retailers Woolworths, Coles Specialty Retailers 42 specialty shops Carspaces 669

Key Metrics Specialty Lease Expiry Proﬁ le by Income Most Recent Valuation ($m) (Directors)1 49.0 Capitalisation Rate 7.75% FY15 15% Valuation Date 31-Dec-14 FY16 7% MAT ($m) 114.3 FY17 6% Centre Sales ($psm) 8,601 FY18 37% Specialty Sales ($psm) 5,154 FY19+ 34% Specialty Occupancy Costs2 13.9% Occupancy (by GLA) 99.6%

Notes 1 Expressed on 100% basis 2 Includes marketing levy and based on GST inclusive turnover Reference: Google Maps 58 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO DECEMBER 2014

Bentons Square

Bentons Square is an enclosed convenience centre located on the Mornington Peninsula, approximately 63 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 together with an extensive specialty mix.

Address: Cnr Bentons & Dunns Roads, Mornington

Melbourne ➤ CBD 63km

Proﬁ le Retail Mix by GLA Current Ownership 50% FDC / 50% JV Centre Type Convenience Supermarkets 44% State VIC Mini Majors 13% Centre First Opened 2002 Specialties 38% Centre Redeveloped 2009 Non Retail 5% GLA (sqm) 10,029 Other Retail 1% Major Retailers Woolworths Specialty Retailers 37 specialty shops and 5 freestanding shop Carspaces 319

Key Metrics Specialty Lease Expiry Proﬁ le by Income Most Recent Valuation ($m) (Independent)1 77.1 Capitalisation Rate 6.50% FY15 12% Valuation Date 31-Dec-14 FY16 14% MAT ($m) 34.6 FY17 2% Centre Sales ($psm) N/A3 FY18 9% Specialty Sales ($psm) N/A3 FY19+ 62% Specialty Occupancy Costs2 N/A3 Occupancy (by GLA) 98.0%

Notes 1 Expressed on 100% basis 2 Includes marketing levy and based on GST inclusive turnover 3 Acquired during FY15, full MAT history not available Reference: Google Maps 59 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO DECEMBER 2014

The Gateway

The Gateway is located approximately 49 kilometres south-east of Melbourne in Langwarrin. The Centre is an enclosed convenience 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 49km

Proﬁ le Retail Mix by GLA Current Ownership FDC Centre Type Convenience Supermarkets 34% State VIC Mini Majors 22% Centre First Opened 1987 Specialties 31% Centre Redeveloped 2012 Non Retail 11% GLA (sqm) 10,889 Other Retail 2% Major Retailers Coles Specialty Retailers 37 specialty shops and 3 freestanding shops Carspaces 510

Key Metrics Specialty Lease Expiry Proﬁ le by Income Most Recent Valuation ($m) (Independent)1 35.3 Capitalisation Rate 7.75% FY15 12% Valuation Date 31-Dec-14 FY16 10% MAT ($m) 75.3 FY17 10% Centre Sales ($psm) 8,536 FY18 5% Specialty Sales ($psm) 4,812 FY19+ 62% Specialty Occupancy Costs2 10.0% Occupancy (by GLA) 99.1%

Notes 1 Expressed on 100% basis 2 Includes marketing levy and based on GST inclusive turnover Reference: Google Maps 60 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO DECEMBER 2014

Burnie Plaza

Burnie Plaza is a single level enclosed sub-regional shopping centre anchored by Kmart and Coles. The Centre is situated within the central business district of Burnie and enjoys good trafﬁ c ﬂ ows from the on-site carpark to the adjoining commercial precinct.

Address: 26 Mount Street, Burnie

➤ Devonport CBD 49km

Proﬁ le Retail Mix by GLA Current Ownership FDC Centre Type Sub-regional Supermarkets 29% State TAS Discount Department Stores 58% Centre First Opened 1982 Specialties 13% Centre Redeveloped 2006 GLA (sqm) 8,668 Major Retailers Kmart, Coles Specialty Retailers 9 specialty shops Carspaces 486

Key Metrics Specialty Lease Expiry Proﬁ le by Income Most Recent Valuation ($m) (Independent)1 19.2 Capitalisation Rate 8.75% FY15 17% Valuation Date 31-Dec-14 FY16 0% MAT ($m) 41.5 FY17 6% Centre Sales ($psm) 4,792 FY18 47% Specialty Sales ($psm) 5,932 FY19+ 30% Specialty Occupancy Costs2 11.2% Occupancy (by GLA) 100.0%

Notes 1 Expressed on 100% basis 2 Includes marketing levy and based on GST inclusive turnover Reference: Google Maps 61 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO DECEMBER 2014

Meadow Mews

Meadow Mews is a convenience centre anchored by a Coles supermarket with fresh food and service usages. The Centre is located to the south of Launceston.

Address: 102-106 Hobart Road, Kings Meadows

Launceston

➤ CBD 5km

Proﬁ le Retail Mix by GLA Current Ownership FDC Centre Type Convenience Supermarkets 63% State TAS Specialties 30% Centre First Opened 1987 Non Retai 6% Centre Redeveloped 2003 Other Retail 1% GLA (sqm) 7,653 Major Retailers Coles Specialty Retailers 31 specialty shops Carspaces 376

Key Metrics Specialty Lease Expiry Proﬁ le by Income Most Recent Valuation ($m) (Directors)1 44.0 Capitalisation Rate 7.50% FY15 13% Valuation Date 31-Dec-14 FY16 9% MAT ($m) 91.5 FY17 7% Centre Sales ($psm) 13,279 FY18 12% Specialty Sales ($psm) 9,692 FY19+ 59% Specialty Occupancy Costs2 9.6% Occupancy (by GLA) 100.0%

Notes 1 Expressed on 100% basis 2 Includes marketing levy and based on GST inclusive turnover Reference: Google Maps 62 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO DECEMBER 2014

Glenorchy Central

Glenorchy Central is a convenience based shopping centre anchored by a Woolworths supermarket and is situated north of the Hobart CBD.

Address: 2 Cooper Street, Glenorchy

➤ Hobart CBD 7km

Proﬁ le Retail Mix by GLA Current Ownership FDC Centre Type Convenience Supermarkets 62% State TAS Mini Majors 19% Centre First Opened 1964 Specialties 18% Centre Redeveloped 2007 GLA (sqm) 6,907 Major Retailers Woolworths Specialty Retailers 12 specialty shops Carspaces 350

Key Metrics Specialty Lease Expiry Proﬁ le by Income Most Recent Valuation ($m) (Directors)1 18.5 Capitalisation Rate 8.50% FY15 11% Valuation Date 31-Dec-14 FY16 3% MAT ($m) 50.0 FY17 5% Centre Sales ($psm) 8,649 FY18 4% Specialty Sales ($psm) 7,103 FY19+ 76% Specialty Occupancy Costs2 11.1% Occupancy (by GLA) 94.3%

Notes 1 Expressed on 100% basis 2 Includes marketing levy and based on GST inclusive turnover Reference: Google Maps WA

Western Australia Galleria Warwick Grove Mandurah Forum Warnbro Centre Maddington Central Karratha City Currambine Central Dianella Plaza Stirlings Central Kalamunda Central Flinders Square Albany Brooks Garden Victoria Park Central Halls Head Central 64 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO DECEMBER 2014

Galleria

Galleria is one of Perth’s leading regional shopping centres, located eight kilometres north-east of the Perth CBD. This major regional 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 nearly 200 retailers.

Address: Cnr Collier & Walter Roads, Morley

➤ Perth CBD 8km

Proﬁ le Retail Mix by GLA Current Ownership 50% FDC / 50% JV Centre Type Regional Supermarkets 10% State WA Discount Department Stores 22% Centre First Opened 1994 Department Stores 26% Centre Redeveloped 2008 Mini Majors 8% GLA (sqm) 73,315 Specialties 25% Major Retailers Myer, Kmart, Target, Coles, Woolworths Non Retail 2% Specialty Retailers 199 specialty shops and 8 freestanding shops Other Retail 7% Carspaces 4,235

Key Metrics Specialty Lease Expiry Proﬁ le by Income Most Recent Valuation ($m) (Independent)1 715.0 Capitalisation Rate 5.75% FY15 20% Valuation Date 31-Dec-14 FY16 12% MAT ($m) 518.2 FY17 9% Centre Sales ($psm) 7,278 FY18 10% Specialty Sales ($psm) 11,004 FY19+ 50% Specialty Occupancy Costs2 17.6% Occupancy (by GLA) 99.9%

Notes 1 Expressed on 100% basis 2 Includes marketing levy and based on GST inclusive turnover Reference: Google Maps 65 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO DECEMBER 2014

Warwick Grove

Warwick Grove is a single level, sub-regional centre located 14 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: Cnr Beach & Erindale Roads, Warwick

➤ Perth CBD 14km

Proﬁ le Retail Mix by GLA Current Ownership FDC Centre Type Sub-regional Supermarkets 25% State WA Discount Department Stores 23% Centre First Opened 1974 Mini Majors 6% Centre Redeveloped 2003 Specialties 31% GLA (sqm) 30,543 Non Retail 15% Major Retailers Kmart, Woolworths, Coles Specialty Retailers 85 specialty shops and 9 freestanding shops Carspaces 1,596

Key Metrics Specialty Lease Expiry Proﬁ le by Income Most Recent Valuation ($m) (Independent)1 163.0 Capitalisation Rate 6.75% FY15 7% Valuation Date 31-Dec-14 FY16 14% MAT ($m) 201.4 FY17 19% Centre Sales ($psm) 7,872 FY18 10% Specialty Sales ($psm) 7,610 FY19+ 50% Specialty Occupancy Costs2 14.1% Occupancy (by GLA) 100.0%

Notes 1 Expressed on 100% basis 2 Includes marketing levy and based on GST inclusive turnover Reference: Google Maps 66 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO DECEMBER 2014

Mandurah Forum

Mandurah Forum is a major sub-regional shopping centre located within Mandurah, 72 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 two supermarkets and two DDS' including 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 Current Ownership 50% FDC / 50% JV Centre Type Sub-regional Supermarkets 18% State WA Discount Department Stores 34% Centre First Opened 1983 Mini Majors 5% Centre Redeveloped 1995 Specialties 34% GLA (sqm) 40,335 Non Retail 3% Major Retailers Big W, Kmart, Coles, Woolworths, Other Retail 5% Specialty Retailers 128 specialty shops and 6 freestanding shops Carspaces 2,313

Key Metrics Specialty Lease Expiry Proﬁ le by Income Most Recent Valuation ($m) (Independent)1 305.0 Capitalisation Rate 6.25% FY15 14% Valuation Date 31-Dec-14 FY16 19% MAT ($m) 395.2 FY17 18% Centre Sales ($psm) 10,392 FY18 25% Specialty Sales ($psm) 10,828 FY19+ 23% Specialty Occupancy Costs2 14.0% Occupancy (by GLA) 100.0%

Notes 1 Expressed on 100% basis 2 Includes marketing levy and based on GST inclusive turnover Reference: Google Maps 67 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO DECEMBER 2014

Warnbro Centre

Warnbro Centre is a sub-regional centre located in the City of Rockingham approximately 45 kilometres south of the Perth CBD. The Centre is anchored by two supermarkets; Coles and Woolworths, and a Big W store. There is a strong national retailer representation amongst the specialty retail mix.

Address: 206 Warnbro Sound Avenue, Warnbro

Perth ➤CBD 45km

Proﬁ le Retail Mix by GLA Current Ownership FDC Centre Type Sub-regional Supermarkets 36% State WA Discount Department Stores 33% Centre First Opened 1998 Specialties 26% Centre Redeveloped 2014 Non Retail 5% GLA (sqm) 21,382 Major Retailers Coles, Woolworths, Big W Specialty Retailers 64 specialty shops and 2 freestanding shop Carspaces 740

Key Metrics Specialty Lease Expiry Proﬁ le by Income Most Recent Valuation ($m) (Independent)1 122.0 Capitalisation Rate 6.25% FY15 6% Valuation Date 31-Dec-14 FY16 3% MAT ($m) 146.1 FY17 3% Centre Sales ($psm) 7,187 FY18 24% Specialty Sales ($psm) 5,651 FY19+ 64% Specialty Occupancy Costs2 19.4% Occupancy (by GLA) 100.0%

Notes 1 Expressed on 100% basis 2 Includes marketing levy and based on GST inclusive turnover Reference: Google Maps 68 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO DECEMBER 2014

Maddington Central

Maddington Central is a signiﬁ cant sub-regional shopping centre anchored by Kmart and featuring both Coles and Woolworths supermarkets and more than 80 specialty stores. The Centre is located 15 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: Cnr Burslem Drive & Attﬁ eld Street, Maddington ➤ Perth CBD 15km

Proﬁ le Retail Mix by GLA Current Ownership FDC Centre Type Sub-regional Supermarkets 33% State WA Discount Department Stores 28% Centre First Opened 1980 Mini Majors 8% Centre Redeveloped 2004 Specialties 24% GLA (sqm) 27,627 Non Retail 5% Major Retailers Kmart, Coles, Woolworths Other Retail 2% Specialty Retailers 88 specialty shops and 3 freestanding shops Carspaces 2,136

Key Metrics Specialty Lease Expiry Proﬁ le by Income Most Recent Valuation ($m) (Independent)1 105.0 Capitalisation Rate 7.50% FY15 16% Valuation Date 31-Dec-14 FY16 24% MAT ($m) 189.4 FY17 10% Centre Sales ($psm) 7,464 FY18 22% Specialty Sales ($psm) 7,156 FY19+ 27% Specialty Occupancy Costs2 14.4% Occupancy (by GLA) 100.0%

Notes 1 Expressed on 100% basis 2 Includes marketing levy and based on GST inclusive turnover Reference: Google Maps 69 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO DECEMBER 2014

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 Current Ownership 50% FDC / 50% JV Centre Type Sub-regional Supermarkets 35% State WA Discount Department Stores 25% Centre First Opened 1986 Mini Majors 13% Centre Redeveloped 2005 Specialties 23% GLA (sqm) 23,914 Non Retail 3% Major Retailers Kmart, Woolworths, Coles Other Retail 1% Specialty Retailers 56 specialty shops and 3 freestanding shops Carspaces 1,410

Key Metrics Specialty Lease Expiry Proﬁ le by Income Most Recent Valuation ($m) (Directors)1 110.0 Capitalisation Rate 7.50% FY15 5% Valuation Date 31-Dec-14 FY16 15% MAT ($m) 248.5 FY17 39% Centre Sales ($psm) 10,715 FY18 9% Specialty Sales ($psm) 10,116 FY19+ 32% Specialty Occupancy Costs2 10.4% Occupancy (by GLA) 100.0%

Notes 1 Expressed on 100% basis 2 Includes marketing levy and based on GST inclusive turnover Reference: Google Maps 70 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO DECEMBER 2014

Currambine Central

Currambine Central is situated in the suburb of Currambine, approximately 30 kilometres north-west of the Perth CBD. This convenience 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 carparking 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 Current Ownership FDC Centre Type Convenience Supermarkets 33% State WA Mini Majors 11% Centre First Opened 1997 Specialties 27% Centre Redeveloped 2011 Non Retail 3% GLA (sqm) 12,631 Other Retail 26% Major Retailers Woolworths Specialty Retailers 32 specialty shops and 7 freestanding shop Carspaces 734

Key Metrics Specialty Lease Expiry Proﬁ le by Income Most Recent Valuation ($m) (Directors)1 74.0 Capitalisation Rate 7.00% FY15 1% Valuation Date 31-Dec-14 FY16 1% MAT ($m) 16.3 FY17 9% Centre Sales ($psm) N/A3 FY18 5% Specialty Sales ($psm) N/A3 FY19+ 84% Specialty Occupancy Costs2 N/A3 Occupancy (by GLA) 99.1%

Notes 1 Expressed on 100% basis 2 Includes marketing levy and based on GST inclusive turnover 3 Acquired during FY15, full MAT history not available Reference: Google Maps 71 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO DECEMBER 2014

Dianella Plaza

Dianella Plaza is an enclosed convenience shopping centre anchored by two supermarkets with a diverse specialty mix focused on everyday goods and services. The Centre is located approximately eight kilometres north of Perth’s CBD in an established residential suburb.

Address: Cnr Alexander Drive & Grand Promenade, Dianella

➤ Perth CBD 8km

Proﬁ le Retail Mix by GLA Current Ownership FDC Centre Type Convenience Supermarkets 50% State WA Mini Majors 6% Centre First Opened 1968 Specialties 28% Centre Redeveloped 2002 Non Retail 15% GLA (sqm) 20,380 Other Retail 1% Major Retailers Woolworths, Progressive Supa IGA Specialty Retailers 53 specialty shops and 5 freestanding shops Carspaces 1,071

Key Metrics Specialty Lease Expiry Proﬁ le by Income Most Recent Valuation ($m) (Independent)1 68.0 Capitalisation Rate 7.25% FY15 9% Valuation Date 31-Dec-14 FY16 9% MAT ($m) 89.2 FY17 12% Centre Sales ($psm) 6,391 FY18 14% Specialty Sales ($psm) 5,557 FY19+ 57% Specialty Occupancy Costs2 13.3% Occupancy (by GLA) 99.7%

Notes 1 Expressed on 100% basis 2 Includes marketing levy and based on GST inclusive turnover Reference: Google Maps 72 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO DECEMBER 2014

Stirlings Central

Stirlings Central is an enclosed convenience shopping centre located 423 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

➤ Perth CBD 423km

Proﬁ le Retail Mix by GLA Current Ownership FDC Centre Type Convenience Supermarkets 39% State WA Mini Majors 24% Centre First Opened 1978 Specialties 36% Centre Redeveloped 2013 Other Retail 1% GLA (sqm) 8,584 Major Retailers Woolworths Specialty Retailers 35 specialty shops Carspaces 149

Key Metrics Specialty Lease Expiry Proﬁ le by Income Most Recent Valuation ($m) (Independent)1 47.0 Capitalisation Rate 7.25% FY15 9% Valuation Date 31-Dec-14 FY16 3% MAT ($m) 99.1 FY17 5% Centre Sales ($psm) 11,821 FY18 13% Specialty Sales ($psm) 11,468 FY19+ 70% Specialty Occupancy Costs2 7.6% Occupancy (by GLA) 98.4%

Notes 1 Expressed on 100% basis 2 Includes marketing levy and based on GST inclusive turnover Reference: Google Maps 73 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO DECEMBER 2014

Kalamunda Central

Kalamunda Central is a convenience shopping centre situated over two levels and forms part of the Kalamunda town centre. Anchored by a Coles supermarket along with one 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 Current Ownership FDC Centre Type Convenience Supermarkets 50% State WA Mini Majors 7% Centre First Opened 1989 Specialties 37% Centre Redeveloped 2002 Non Retail 4% GLA (sqm) 8,338 Other Retail 2% Major Retailers Coles Specialty Retailers 35 specialty shops Carspaces 349

Key Metrics Specialty Lease Expiry Proﬁ le by Income Most Recent Valuation ($m) (Independent)1 33.8 Capitalisation Rate 7.50% FY15 3% Valuation Date 31-Dec-14 FY16 13% MAT ($m) 75.9 FY17 9% Centre Sales ($psm) 9,648 FY18 12% Specialty Sales ($psm) 5,328 FY19+ 63% Specialty Occupancy Costs2 12.2% Occupancy (by GLA) 100.0%

Notes 1 Expressed on 100% basis 2 Includes marketing levy and based on GST inclusive turnover Reference: Google Maps 74 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO DECEMBER 2014

Flinders Square

Flinders Square is an enclosed convenience shopping centre located approximately six 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 6km

Proﬁ le Retail Mix by GLA Current Ownership FDC Centre Type Convenience Supermarkets 60% State WA Mini Majors 10% Centre First Opened 1982 Specialties 19% Centre Redeveloped 2007 Non Retail 11% GLA (sqm) 5,990 Major Retailers Coles Specialty Retailers 19 specialty shops Carspaces 389

Key Metrics Specialty Lease Expiry Proﬁ le by Income Most Recent Valuation ($m) (Directors)1 29.8 Capitalisation Rate 7.00% FY15 3% Valuation Date 31-Dec-14 FY16 8% MAT ($m) 65.1 FY17 17% Centre Sales ($psm) 12,394 FY18 11% Specialty Sales ($psm) 6,327 FY19+ 60% Specialty Occupancy Costs2 11.7% Occupancy (by GLA) 100.0%

Notes 1 Expressed on 100% basis 2 Includes marketing levy and based on GST inclusive turnover Reference: Google Maps 75 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO DECEMBER 2014

Albany Brooks Garden

Albany Brooks Garden is a convenience based 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 Western Australia.

Address: Cnr Chester Pass & Catalina Roads, Albany

➤ Albany CBD 5km

Proﬁ le Retail Mix by GLA Current Ownership FDC Centre Type Convenience Supermarkets 44% State WA Specialties 21% Centre First Opened 2006 Non Retail 35% Centre Redeveloped 2007 GLA (sqm) 12,363 Major Retailers Woolworths Specialty Retailers 14 specialty shops and 3 freestanding shops Carspaces 615

Key Metrics Specialty Lease Expiry Proﬁ le by Income Most Recent Valuation ($m) (Directors)1 25.0

Capitalisation Rate 8.25% FY15 6% Valuation Date 31-Dec-14 FY16 11% MAT ($m) 51.6 FY17 11% Centre Sales ($psm) 10,060 FY18 6% Specialty Sales ($psm) 4,678 FY19+ 66% Specialty Occupancy Costs2 9.3% Occupancy (by GLA) 100.0%

Notes 1 Expressed on 100% basis 2 Includes marketing levy and based on GST inclusive turnover Reference: Google Maps 76 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO DECEMBER 2014

Victoria Park Central

Victoria Park Central is a convenience based centre located ﬁ ve 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 5km

Proﬁ le Retail Mix by GLA Current Ownership FDC Centre Type Convenience Supermarkets 52% State WA Specialties 48% Centre First Opened 2004 Centre Redeveloped N/A GLA (sqm) 5,472 Major Retailers Woolworths Specialty Retailers 31 specialty shops Carspaces 223

Key Metrics Specialty Lease Expiry Proﬁ le by Income Most Recent Valuation ($m) (Directors)1 24.0 Capitalisation Rate 7.00% FY15 6% Valuation Date 31-Dec-14 FY16 14% MAT ($m) 52.8 FY17 14% Centre Sales ($psm) 9,943 FY18 8% Specialty Sales ($psm) 5,525 FY19+ 58% Specialty Occupancy Costs2 14.5% Occupancy (by GLA) 100.0%

Notes 1 Expressed on 100% basis 2 Includes marketing levy and based on GST inclusive turnover Reference: Google Maps 77 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO DECEMBER 2014

Halls Head Central

Halls Head Central is a convenience based centre, which is proposed to undergo transformation to a sub-regional centre this calendar year 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

Perth ➤ CBD 75km

Proﬁ le Retail Mix by GLA Current Ownership 50% FDC / 50% JV Centre Type Convenience Supermarkets 65% State WA Specialties 33% Centre First Opened 2001 Other Retail 1% Centre Redeveloped N/A GLA (sqm) 5,978 Major Retailers Progressive Supa IGA Specialty Retailers 16 specialty shops Carspaces 400

Key Metrics Specialty Lease Expiry Proﬁ le by Income Most Recent Valuation ($m) (Directors)1 33.1 Capitalisation Rate 7.75% FY15 14% Valuation Date 31-Dec-14 FY16 11% MAT ($m) 34.7 FY17 8% Centre Sales ($psm) 5,911 FY18 12% Specialty Sales ($psm) 5,353 FY19+ 56% Specialty Occupancy Costs2 14.1% Occupancy (by GLA) 100.0%

Notes 1 Expressed on 100% basis 2 Includes marketing levy and based on GST inclusive turnover Reference: Google Maps 78 FEDERATION CENTRES DIRECT SHOPPING CENTRE PORTFOLIO DECEMBER 2014

Our Ethos

At Federation Centres, we believe in partnering with our stakeholders to provide engaging consumer experiences for our local communities.

At the heart of our success is our team at Federation Centres who are passionate about delivering on our brand promise and helping to drive sustainable returns for our investors.

Important Notice This document includes information regarding the past performance of Federation Centres property portfolio as at 31 December 2014. 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 4D lodged with the Australian Securities Exchange on 19 February 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 February 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.