REGION GROUP — Investor Presentation 2014

Aug 20, 2014

SCA PROPERTY GROUP FY14 Results Presentation

20 August 2014

Blakes Crossing, SA

AGENDA

OVERVIEW OF FY14 RESULTS

Anthony Mellowes Chief Executive Officer

1

FY14 HIGHLIGHTS

Financial	Capital	Active Portfolio
Performance	Management	Management
$111.6mStatutory net profit after tax 1	32.6%Gearing 3	97.8%8.6%Portfolio occupancy 4Specialty vacancy 4
$80.4m	$1.64	7.83%
Distributable earnings 1	NTA per unit 3	Portfolio weighted average cap rate
11.0 cpu2Distributions paid to unitholders	88.7%ratio 2Payout	$145.7m$75.7mAcquisitions 5Disposals 5

1 For the 12 months ended 30 June 2014

2 Distribution in respect of the six months ended 30-Jun-2014 of 5.6 cpu will be paid on 28-Aug-2014. "cpu" stands for Cents Per Unit.

3 As at 30 June 2014. Gearing is calculated as Finance debt (net of cash), divided by total tangible assets (net of cash and derivatives)

4 As at 30 June 2014, excludes Lismore which is being refurbished. Including Lismore, portfolio occupancy would be 97.7% and specialty vacancy would be 8.8%

5 During the year we agreed to acquire 7 neighbourhood shopping centres in Tasmania, (including Claremont for $27.9m which is due to settle in late 2014), and disposed of 7 smaller centres.

KEY ACHIEVEMENTS – DELIVERING ON STRATEGY

5

•Specialty Leasing•On Track	(1)Specialty vacancy has decreased to 8.6% (from 14.0% in June 2013)On track to achieve target of less than 5% specialty vacancy by December 2014
•StrongUnderlying Sales•Growth	8.4%pa average sales growth for SCP's Australian Supermarkets compares favourably to ourpeers, and to market average comparable store sales growth of around 3-4% pa8 Anchors generating turnover rent as at 30 June 2014 (up from 3 at 30 June 2013)
•Active Portfolio•Management••	Acquired sevenquality neighbourhood shopping centres for $145.7m during the year, anddivested seven smaller non-core assets for $75.7m (4.3% above book value)Completed acquisition of four development properties from Woolworths during the year,making final completion payments of $34.5m and NZ$12.0m (2)Commenced $7.5m refurbishment of Lismore, construction expected to commence in January2015, and completion scheduled for May 2015Entered into a conditional contract to acquire another centre, Prospect Vale in LauncestonTasmania, for $26.8m in August 2014
•CapitalManagement•	Debut US private placementraised A$210m, with funds received on 14 August 2014–Average term to maturity has increased from 3.5 years to over 6.5 years–Weighted average cost of debt forFY15 expected to be 5.1% paOn-market buy back announced. No units boughtback due to unit price trading above NTA
•Earnings•GuidanceExceeded	FY14 Distributable Earnings of 12.4 cpu(5.1% above original PDS forecast of 11.8 cpu)FY14 Distributions of 11.0 cpu(5.8% above the PDS forecast of 10.4 cpu)

1 As a percentage of specialty GLA. Excludes Lismore which is being refurbished. Including Lismore the specialty vacancy would be 8.8%

2 Completed properties and final payments were Lilydale in July 2013 ($18.2m), St James in November 2013 (NZ$12.0m), Kwinana Stage 2 Dan Murphy's in December 2013 ($5.0m) and Katoomba in April 2014 ($16.3m).

FINANCIAL PERFORMANCE

Mark Fleming Chief Financial Officer

STATUTORY PROFIT & LOSS

For the Twelve Months Ended 30 June 2014

• Statutory net profit after tax of $111.6m
• Anchor rental income includes $0.9m in turnover rent from 8 tenancies
• Specialty rental income is increasing as specialty vacancy and rent guarantee declines
• Other income includes $0.9m in casual mall leasing revenue (zero in the prior period), and $2.7m in direct recoveries
• Property operating expenses remain slightly below relevant benchmarks
• Corporate costs include $3.2m of unitholder and registryrelated expenses due to our large unitholder base of around 112,000. We will conduct another "small unitholding sale facility" with the aim of reducing these expenses. The offer will go out to around 29,000 unitholders whose holding is worth $500 or less
• Weighted average cost of debt for FY14 was approximately 4.9%

$m	FY14	FY13 *
Anchor rental income	95.9	41.9
Specialty rental income	48.0	17.6
Other income	3.6	1.0
Straight lining & amortisation of incentives	7.5	4.2
Site access fees	3.4	6.8
Gross property income	158.4	71.5
Property expenses	(41.7)	(17.5)
Net property income	116.7	54.0
Corporate costs	(10.9)	(5.9)
Fair value of investment properties	30.1	(3.6)
Fair value of derivatives and financial instruments	4.6	0.9
Transaction costs	(0.4)	(37.2)
EBIT	140.1	8.2
Net interest expense	(26.1)	(11.3)
Tax expense	(2.4)	(1.3)
Net Profit after tax	111.6	(4.4)

* FY13 is for the period of less than 7 months, from 11 December 2012 to 30 June 2013

DISTRIBUTABLE EARNINGS, FFO, AFFO

For the Twelve Months Ended 30 June 2014

• Our primary measure for cash earnings is Distributable Earnings, which was $80.4m for the full year period
• For the first time, we have also adopted the Property Council of Australia guidelines to calculate FFO and AFFO. Our definition of "Distributable Earnings" differs from FFO in two temporary respects:
  • Woolworths rental guarantee receipts: these will continue to decline as specialty vacancy declines, and as the rental guarantee begins to expire from December 2014; and
  • Structural vacancy allowance: this is a notional management adjustment set at 4% of fully leased specialty income which will be phased out as the Woolworths rental guarantee expires
• Distribution payout ratio is within our 85%-95% target band
• Tax deferred ratio is lower due to capital gains realised on the sale of properties divested during the period
• Leasing costs and fitout incentives have been largely paid by Woolworths to date under the terms of the Woolworths rental guarantee. In FY15, these items will increase as the specialty leasing project is completed, and when the Woolworths rental guarantee obligations end SCP will be bearing all of those costs and incentives itself

$m	FY14	FY13 *
Net profit after tax (statutory)	111.6	(4.4)
Reverse: Straight lining & amortisation of incentives	(7.5)	(4.2)
Reverse: Fair value adjustments	(34.7)	2.5
Reverse: Transaction costs	0.4	37.2
Funds From Operations ("FFO")	69.8	31.1
Add: Rental guarantee received/receivable	13.0	8.2
Less: Structural vacancy allowance	(2.4)	(0.7)
Distributable Earnings	80.4	38.6
Number of stapled units (m)	648.6	642.4
Distributable Earnings per unit (cents)	12.40	6.6
Distribution per unit (cents)	11.0	5.6
Payout ratio (%)	89%	93%
Estimated Taxdeferred ratio (%)	26%	47%
Less: Maintenance capex	(0.7)	-
Less: Leasing costs and fitoutincentives paid	(0.3)	-
Adjusted FFO ("AFFO")	79.4	38.6

* FY13 is for the period of less than 7 months, from 11 December 2012 to 30 June 2013

BALANCE SHEET

As at 30 June 2014

• Reduced cash balance due to focus on cash management
• Value of investment properties increased by $152.9m, predominately due to acquisitions and positive revaluations (see slide 28)
• Investment property revaluations primarily driven by cap rate compression. During the year the weighted average cap rate on our portfolio reduced from 8.05% to 7.83%
• NTA per unit increased by 4.6% to $1.64 primarily due to property revaluations (5 cpu), stronger NZ dollar (1 cpu) and retained earnings (1 cpu)
• Management Expense Ratio ("MER") has reduced due to cost control, and increased asset base

$m	30 June2014	30 June2013	Change
Cash	0.9	15.4	(14.5)
Investment properties	1,640.8	1,487.9	152.9
Other assets	31.2	27.9	3.3
Total assets	1,672.9	1,531.2	141.7
Debt	(535.8)	(450.3)	(85.4)
Accrued distribution	(36.3)	(36.0)	(0.3)
Other liabilities	(35.2)	(35.9)	(0.4)
Total liabilities	(607.3)	(522.2)	(86.1)
Net tangible assets	1,065.6	1,009.0	55.6
Number of stapled units (m)	648.6	642.4	6.2
NTA per unit ($)	$1.64	$1.57	0.07
Corporate costs	10.9	10.7 (1)	0.2
MER (%)	0.65%	0.70%	(0.05%)

(1) This number is calculated as drawn debt of $535.8m, plus unamortised establishment fees of $3.3m, plus bank guarantee of $5.0m, less cash of $0.9m. (2) Gearing calculated as Finance debt (net of cash), divided by total tangible assets (net of cash and derivatives)

CAPITAL MANAGEMENT

As at 30 June 2014

• Gearing of 32.6%(1) is within target range of 30% to 40%. We expect gearing to increase to around 35% by December 2014 following the completion of the Greystanes development ($16.4m), and settlement of the Claremont ($27.9m plus costs) and Prospect Vale ($26.8m plus costs) acquisitions
• We have fixed interest rate hedges in place for 86% of our drawn debt as at 30 June 2014
• On 14 August 2014 we received A$210m from our US Private Placement ("USPP"), with weighted average term to maturity of 14 years, swapped back to A$ floating rates averaging 4.5% pa. The Notes have been rated Baa1 by Moody's
• Following the USPP, the weighted average cost of debt is approximately 5.1% pa, and the weighted average term to maturity has increased to over 6.5 years, with no debt expiry until December 2016
• We are well within debt covenant limits of less than 50% gearing and interest cover ratio greater than 2.0x (currently 4.1x)

$m	30 June2014	30 June2013
Facility limit	600.0	550.0
Drawn debt (net of cash) (1)	543.2	442.2
Gearing (2)	32.6%	28.7%
% debt fixed or hedged	85.6%	78.0%
Weighted average cost of debt	4.9%	5.5%
Average debt facility maturity (yrs)Average fixed / hedged debt	3.5	3.6
maturity (yrs)	2.8	3.4
Interest cover ratio	4.1x	4.2x

Debt Facilities Expiry Profile ($m)

3

OPERATIONAL PERFORMANCE

Anthony Mellowes Chief Executive Officer

PORTFOLIO OVERVIEW

AssetsAs at 30-Jun-2014	Number ofcentres	Number ofspecialties	GLA(sqm)	Occupancy(% GLA)	Value(A$m)	WALE (yrs)	Weighted averagecap rate (%)
Freestanding	15	4	61,922	99.8%	214.8	16.4	7.78
Neighbourhood	52	533	267,171	97.6%	949.8	12.9	7.89
Sub-regional	6	288	131,943	97.2%	431.5	13.5	7.70
Total Completed Assets	73	825	461,036	97.8%	1,596.1	13.6	7.82
Asset under refurbishment	1	20	6,912	92.9%	21.5	13.3	8.75
Development / Other (1)	1	27	5,559		30.9
All Assets	75	872	473,507		1,648.4

Tenants by Category (by gross rent) (2) Geographic Diversification (by value) Specialty Tenants by Category (by gross rent) (3)

(1) Greystanes. Excludes Claremont Plaza which is under deferred settlement, and Prospect Vale which has been acquired under a conditional contract.

• (2) Excluding Vacancy
• (3) Includes franchisees, licencees, and kiosk operators

ACTIVE PORTFOLIO MANAGEMENT

Strengthening our portfolio through acquisitions, developments and divestments

Portfolio Metrics	Acquisitions(1)	WoolworthsDevelopmentsCompleted (2)	Disposals
Completed Properties	7	4	(7)
Book Value ($m)	146	135	(73)
Portfolio Capitalisation Rate	8.0%	7.7%	7.5%
WALE (Years)	8.5	17.1	19.1
Average property age (years)	26.6	-	1.9
GLA (square metres)	43,372	35,963	(23,166)
No of specialties	105	59	(6)
Majors leases as % of GLA	66%	72%	98%
Current Occupancy (by GLA)	98.0%	98.9%	99.2%

• The acquisitions and divestments during the period are consistent with SCP's investment criteria and have strengthened the quality of SCP's portfolio:
  • Introduced a number of more mature assets
  • Improved the portfolio income growth profile
  • Continued to diversify the portfolio by tenant composition, adding an additional three Wesfarmers anchored shopping centres, and
  • Further diversified the portfolio geographically with SCP's first acquisitions in the Tasmanian market
  • Divestments above book value
• In August 2014 we agreed to conditionally acquire another property, Prospect Vale in Launceston TAS:
  • Woolworths anchored neighbourhood shopping centre. Other tenants include Caltex, BWS and 18 other specialties. Fully leased
  • Purchase price $26.8m, implying cap rate of 7.6%
  • Settlement expected in September 2014

SUPERMARKET SALES GROWTH

SCP's Supermarket portfolio continues to grow above market rates

New Zealand (12 month MAT sales growth % )

• Strong growth from SCP's supermarket tenants in both Australia and New Zealand continues
  • Australian supermarkets open for more than 24 months grew by 8.4% for the year to June 2014 (MAT), while Australian supermarkets open for between 12 and 24 months grew by 14.7% (month-on-month)
  • NZ supermarkets open for more than 24 months grew by 5.9% for the year to June 2014 (MAT), while NZ supermarkets open for between 12 and 24 months grew by 8.3% (month-on-month)
• SCP's supermarket sales growth is significantly stronger than our AREIT peers, and stronger than Coles' and Woolworths' average comparable store sales growth, due to the relative youth of our portfolio, larger average supermarket store sizes, and locations in growth corridors
• Supermarket sales growth is a key determinant of centre health, helping to drive foot traffic and specialty sales growth and specialty leasing progress

14 (1) 12 month 'Moving Annual Turnover' for Supermarkets open > 24 months (2) Quarter on prior corresponding Quarter sales growth as reported by Woolworths and Wesfarmers. Countdown is 100% owned by Woolworths Limited.

TURNOVER RENT

• As a result of strong sales growth, some anchor tenants are achieving turnover rent thresholds
• Once turnover rent thresholds are achieved, rental income increases with store sales growth
• As at 30 June 2014, 8 anchors were generating turnover rent:
  • All 8 tenancies are in Australia
  • 6 of these tenancies are Supermarkets
• Approximately half of the Australian supermarkets expected to be generating turnover rent by the fifth anniversary of our listing (31 December 2017)
• For the twelve months to 30 June 2014, turnover rent was $0.9 million and this will increase over time

Number of Anchors Above Turnover Threshold (2)

SPECIALITY LEASING - PROGRESS

We remain committed to achieving normalised occupancy levels prior to the expiry of the Woolworths Rental Guarantee

• Our specialty vacancy stands at 8.6% of specialty GLA (1)
• During the six months to 30 June 2014, we agreed terms on a net 18 leasing deals over 2,703 sqm of space. To get to our target of less than 5% specialty vacancy we need to lease another 4,100 sqm
• Given the progress made to date, and the strong deal pipeline, we remain confident of reaching our target of less than 5% by 31 December 2014
• Our focus remains on ensuring we secure quality tenants in the right locations, for the right rent/sqm, to create a sustainable long-term tenant mix
• Incentives on new lease deals have increased, and are skewing toward fitout contributions. To date, Woolworths has been paying most of these incentives under the rental guarantee agreement, but going forward these contributions will increasingly be the responsibility of SCP

Specialty Vacancy Target (% of Specialty GLA)

(1) Excludes Lismore which is being held for development. Including Lismore, specialty vacancy as at 30 June 2014 would have been 8.8% by GLA

SPECIALTY LEASING STRATEGY

Three centres account for around 37% of our specialty vacancy

Specialty Vacancy Across the Portfolio (% of GLA)

• Solid progress made at Mt Gambier and Lilydale, with several larger tenancies leased during the 6 months to June 2014
• Kwinana remains a key focus. The strong supermarket performance has led to increased enquiry on specialty space. Discussions with Woolworths continue in relation to the potential third anchor, which will assist to lease remaining vacancies
• Margaret River is a seasonal town and attracting quality tenants to this development is challenging
• Leasing strategies are being successfully executed across all assets, aided by strong anchor tenant growth
• Strong deal pipeline across the portfolio

SPECIALTY KEY METRICS

• Specialty sales continue to grow strongly across the portfolio, driven mainly by non-discretionary spend
• The performance reflects the location of our centres in predominantly high growth catchments
• Average occupancy cost (gross rent as a percentage of moving annual turnover) expected to decline as the portfolio continues to mature
• Bias towards high quality national tenants providing secure income. Some national tenants are franchisees, kiosk operators and licencees, and this is typical for convenience-based shopping centres

Specialty sales performance

	September2013	December2013	March2014	June2014
Specialty sales growth(MAT) % (Tenanciesopen for > 24 months)	7.3%	7.9%	8.3%	5.6%
Average specialtyoccupancy cost %	9.2%	9.9%	10.5%	10.4%
Number of SpecialtyTenancies open > 24months)	94	179	247	266

Specialty Lease Composition

INDICATIVE DEVELOPMENT PIPELINE *

We have identified over $100m of development opportunities at 17 of our centres over the next 5 years

KEY PRIORITIES AND OUTLOOK

Anthony Mellowes Chief Executive Officer

CORE STRATEGY Defensive, resilient cashflows to support secure distributions

Focus on convenience	Weighted to non-discretionary	Long leases to quality anchor
based retail centres	retail segment	tenants

Appropriate capitalstructure
----------------------------------

POTENTIAL EARNINGS GROWTH TRENDS

Solid earnings growth expected over time

		Description and Assumptions		Indicative Contributionto DistributableEarnings Growth Rate(% pa)
			Near Term(FY14 - FY17)	LongerTerm(FY18 +)
	Anchor RentalGrowth	• Anchor rental income represents about 60%of overall gross property income• Approximately 50%of Anchor tenancies expected to be in turnover rent by December 2017• Once turnover thresholds are met, rent will grow in line with Anchors' sales growth (say c.4%pa)• Around half of Anchor tenancy leases have a minimum 5%increase in base rent after 5 years	0 - 1%	1 - 2% +
esssinuore BC	Specialty and OtherRental Growth	• Specialty rental income represents about 40%of overall gross property income• Specialty leases generally have contracted growth of 3-4%pa• Positive specialty rent reversions expected on expiry due to relatively low rent / sqm at present• Other opportunities include casual mall leasing revenue and third-line revenue• FY15 and FY16 impacted by the roll-off of Woolworths Rental Guarantee	1 - 2%	1 -2% +
	Expenses	• As we increase in scale, Property Operating Expenses and Corporate Costs expected to grow at a slowerrate than rental income• Interest Expense is continuing to be actively managed	0%	0%
es	PropertyDevelopment	• Greystanes, Claremont, Kwinana and Lismore currently under development• Further selective extensions of our existing centres are intended to be undertaken in the future, and somerefurbishments of our more mature centres	Work inprogress	Work inprogress
wth InitiativroG	Acquisitions	• Selective acquisitions will continue to be made in the fragmented convenience-based shopping centresegment• The market has a strong pipeline of new centre openings linked to population growth	Work inprogress	Work inprogress

1 - 3% 2 - 4% +

22

KEY PRIORITIES AND OUTLOOK

Specialty LeasingRemains Key Priority	•On track to achievespecialty vacancy of below 5% by December 2014
	•Leasing incentives may increase in FY15, and skew toward fitoutcontributions. These willincreasingly become the responsibility of SCP (rather than Woolworths)
	•We remain focused on finding the right tenant for the right location to ensure a sustainable longterm tenancy mix for our centres
Integration of NewlyCompleted and	One remaining Woolworths development property(Greystanes) and one deferred settlement•development property (Claremont) to be completed and integrated over the next 12 months
Development Properties	•Lismore development commenced. Discussions continuing in relation to Kwinanathird anchor
Active PortfolioManagement	Acquisition of another Tasmaniancentre(Prospect Vale Launceston) for $26.8m agreed in August•2014
	Further accretive acquisitionopportunities consistent with our strategy will be considered•
	Divestment of certain non-core assets will be considered to further rebalancethe portfolio•
FY15 Guidance	FY15 Distributable Earnings guidance of 12.5 cpu, assuming leasing progresses as planned•
	•FY15 Distribution guidance of 11.3 cpu, representinga payout ratio of approximately 90%

QUESTIONS 5

APPENDICES 6

SCP HAS DELIVERED SUPERIOR RETURNS TO UNITHOLDERS

• FY14 total return SCP has provided stable and secure distributions that have been supplemented by strong share price performance during FY14 and since IPO
• SCP delivered a total unitholder return of 15.4% for FY14, representing 4.3% and 6.9% outperformance relative to the broader AREIT sector and retail AREIT sub-sector respectively

Cumulative total return since SCP IPO (Dec-2012)

LONG TERM LEASES TO WOOLWORTHS AND WESFARMERS GROUP

• 61% of gross rent generated by Woolworths, and Wesfarmers Group subsidiaries (on a fully leased basis)
• 14 year portfolio WALE combined with investment grade tenants provides a high degree of income certainty
• Woolworths have provided a rental guarantee comprising:
  • Rent for vacant specialty tenancies on the Completed Portfolio until they are first let, or until December 2014, whichever is earlier
  • Total rent for all specialty tenancies for properties in the Development Portfolio for a period of two years from completion of development

Portfolio Lease Expiry Profile

Specialty Lease Expiry (% of gross rent)

INVESTMENT PROPERTIES VALUE

• Acquisitions include the Tasmania acquisition ($117.8m excluding Claremont, plus transaction costs of $7.3m), Kwinana Stage 2 (Dan Murphy's) ($5.0m), St James (NZ) (A$11.2m), and the final payments due on completion of Lilydale and Katoomba of $34.6m (less amount previously accrued in FY 13 of $13.5m)
• "WIP" reflects the cost of works conducted by Woolworths during the period on Greystanes. We expect to make the final payment for Greystanes of $16.4m late in the calendar year 2014
• Fair Value uplift is primarily due to cap rate compression. At a portfolio level the cap rates have tightened from 8.05% to 7.83% during the year

DEBT FACILITIES & HEDGING

Debt Facilities as at 30-Jun-2014

$m	Facility Limit(A$m)	Drawn Debt(A$m)	Maturity
Bank bilateral	150.0	145.0	11-Dec-16
Bank bilateral	75.0	75.0	20-Nov-17
Bank bilateral	75.0	75.0	11-Dec-17
Bank bilateral (1)	75.0	75.0	11-Dec-17
Bank bilateral	150.0	120.6	23-Jul-18
Bank bilateral	25.0	25.0	20-Nov-18
Bank bilateral	25.0	3.5	11-Dec-18
Bank bilateral	25.0	25.0	11-Dec-18
	600.0	544.1

Interest Rate Fixed / Hedging Profile

(1) Includes $5.0m guarantee for the Responsible Entity's compliance with its Australian Financial Services Licence

ACQUISITIONS DURING THE PERIOD

Twelve months to 30 June 2014

	Centre type	Completiondate	AnchorGLA (sqm)	SpecialtyGLA(sqm)	Total GLA(sqm)	%GLAcommited	Total purchaseprice($m)	AcquisitionCap rate
Completed Centres (1)Woolworths
Lilydale, VIC	Neighbourhood	Jul-2013	12,791	9,280	22,071	98.3%	80.5	7.75%
St James,NZ	Neighbourhood	Nov-2013	3,534	971	4,505	100.0%	11.0	7.87%
Kwinana Dan Murphy's, WA (2)	Sub-Regional	Dec-2013				100.0%	5.0	8.25%
KatoombaMarketplace, NSW	Freestanding	Apr-2014	9,387	-	9,387	100.0%	38.5	7.50%
Total			25,712	10,251	35,963	98.9%	135.0	7.71%
Acquired Properties
Riverside,TAS	Neighbourhood	Nov-2013	2,382	726	3,108	95.1%	7.2	8.50%
Newtown, TAS	Neighbourhood	Nov-2013	10,129	1,253	11,382	100.0%	28.8	7.75%
Kingston, TAS	Neighbourhood	Nov-2013	2,998	1,728	4,726	100.0%	21.8	7.75%
Greenpoint, TAS	Neighbourhood	Nov-2013	3,363	2,595	5,958	100.0%	12.5	8.75%
Sorrell, TAS	Neighbourhood	Nov-2013	3,200	2,247	5,447	96.0%	20.5	7.75%
Shoreline, TAS	Neighbourhood	Nov-2013	3,434	2,807	6,241	93.9%	27.0	8.00%
Total			25,506	11,356	36,862	98.0%	117.8	7.96%
PendingAcquisition Properties
Claremont, TAS	Neighbourhood	Late-2014	3,389	3,121	6,510		27.9	8.25%
Total			3,389	3,121	6,510		27.9	8.25%

(1) During the period, final payments were, Lilydale in July 2013 ($18.2m), St James in November 2013 (NZ$12.0m), Kwinana Dan Murphy's in December 2013 ($5.0m) and Katoomba in April 2014 ($16.3m).

(2) Stage 2 development of Dan Murphy's pad site at Kwinana Marketplace

DIVESTMENTS DURING THE PERIOD

Twelve months to 30 June 2014

	Centre type	Completiondate	AnchorGLA (sqm)	SpecialtyGLA(sqm)	Total GLA(sqm)	%GLAcommited	Total saleprice ($m)	DivestmentCap rate
Divested Properties
EmeraldPark, VIC	Freestanding	Nov-2013	2,915	-	2,915	100.0%	12.5	6.50%
Mullumbimby, NSW	Freestanding	Nov-2013	2,373	-	2,373	100.0%	9.6	7.28%
Maffra, VIC	Freestanding	Dec-2013	2,323	-	2,323	100.0%	9.4	7.00%
Warrnambool Dan Murphy's, VIC	Freestanding	Dec-2013	1,440	-	1,440	100.0%	5.7	6.75%
Culburra Beach,NSW	Freestanding	Dec-2013	1,650	48	1,698	97.2%	6.7	7.25%
Mildura, VIC	Freestanding	Feb-2014	9,072	88	9,160	100.0%	22.4	8.00%
Bright,VIC	Neighbourhood	Feb-2014	2,903	354	3,257	95.9%	9.4	7.50%
Total			22,676	490	23,166	99.2%	75.7	7.31%

PORTFOLIO LIST

Property	State	Property Type	CompletionDate	Total GLA(sqm)	Occupancy(% by GLA)	Number ofSpecialties	WALE(Years by GLA)	ValuationCap Rate	ValuationJun-14(A$m)
Completed Portfolio
Australia
Lilydale	VIC	Sub-Regional	Jul-13	22,071	98%	53	14.6	7.50%	81.5
Pakenham	VIC	Sub-Regional	Dec-11	16,862	99%	38	10.3	7.25%	68.0
Central Highlands	QLD	Sub-Regional	Mar-12	18,699	100%	26	14.5	7.50%	62.6
Mt Gambier	SA	Sub-Regional	Aug-12	27,557	98%	33	18.1	7.75%	64.4
Murray Bridge	SA	Sub-Regional	Nov-11	18,678	98%	54	10.3	7.75%	62.0
Kwinana Marketplace	WA	Sub-Regional	Dec-12	28,076	92%	84	11.6	8.25%	93.0
Berala	NSW	Neighbourhood	Aug-12	4,340	100%	5	16.8	7.75%	19.0
Cabarita	NSW	Neighbourhood	May-13	3,396	100%	11	15.4	8.25%	16.5
Cardiff	NSW	Neighbourhood	May-10	5,851	97%	13	16.7	8.00%	18.2
Goonellabah	NSW	Neighbourhood	Aug-12	5,040	95%	8	14.3	8.25%	17.0
Lane Cove	NSW	Neighbourhood	Nov-09	6,721	100%	16	14.6	7.25%	41.5
Leura	NSW	Neighbourhood	Apr-11	2,547	100%	6	15.8	8.00%	13.1
Macksville	NSW	Neighbourhood	Mar-10	3,623	98%	5	18.1	7.75%	10.2
Merimbula	NSW	Neighbourhood	Oct-10	4,962	100%	10	15.4	8.75%	14.0
Mittagong Village	NSW	Neighbourhood	Dec-07	2,235	100%	5	13.7	8.00%	7.5
Moama Marketplace	NSW	Neighbourhood	Aug-07	4,519	97%	5	17.2	8.25%	11.1
Morisset	NSW	Neighbourhood	Nov-10	4,141	91%	9	11.0	8.50%	14.6
North Orange	NSW	Neighbourhood	Dec-11	4,975	99%	14	16.8	7.75%	24.4
Swansea	NSW	Neighbourhood	Oct-09	3,750	98%	4	19.2	8.50%	11.1
Ulladulla	NSW	Neighbourhood	May-12	5,297	96%	10	17.2	8.25%	15.8
West Dubbo	NSW	Neighbourhood	Dec-10	4,206	96%	12	14.2	8.25%	13.2
Albury	VIC	Neighbourhood	Dec-11	4,949	100%	12	15.6	8.00%	18.3
Ballarat	VIC	Neighbourhood	Jan-00	8,964	100%	4	6.1	7.50%	19.0
Cowes	VIC	Neighbourhood	Nov-11	5,039	92%	12	16.5	8.25%	15.8
Drouin	VIC	Neighbourhood	Nov-08	3,798	99%	4	12.9	8.00%	12.4
Epping North	VIC	Neighbourhood	Sep-11	5,377	100%	16	14.9	7.75%	21.0
Highett	VIC	Neighbourhood	May-13	5,767	91%	13	16.2	7.50%	23.2
Langwarrin	VIC	Neighbourhood	Oct-04	5,087	98%	14	7.9	7.75%	17.8
Ocean Grove	VIC	Neighbourhood	Dec-04	6,910	96%	19	8.1	7.50%	30.5
Warrnambool	VIC	Neighbourhood	Sep-11	4,318	99%	5	12.4	8.00%	10.6
Warrnambool Target	VIC	Neighbourhood	Jan-90	6,984	98%	11	8.2	8.00%	19.6
Wyndham Vale	VIC	Neighbourhood	Dec-09	6,915	98%	8	13.9	8.00%	18.5

PORTFOLIO LIST (CONTINUED)

Property	State	Property Type	CompletionDate	Total GLA(sqm)	Occupancy(% by GLA)	Number ofSpecialties	WALE(Years by GLA)	ValuationCap Rate	ValuationJun-14(A$m)
Completed Portfolio
Australia
Ayr	QLD	Neighbourhood	Jan-00	5,513	99%	9	10.1	8.00%	18.9
Brookwater Village	QLD	Neighbourhood	Feb-13	6,761	100%	9	14.2	8.00%	26.6
Carrara	QLD	Neighbourhood	Sep-11	3,719	100%	6	12.6	7.75%	15.0
Chancellor Park Marketplace	QLD	Neighbourhood	Oct-01	5,223	100%	18	15.1	8.25%	28.0
Collingwood Park	QLD	Neighbourhood	Nov-09	4,568	100%	9	16.6	8.25%	10.8
Coorparoo	QLD	Neighbourhood	May-12	4,870	98%	10	16.3	7.50%	20.8
Gladstone	QLD	Neighbourhood	Apr-12	5,218	100%	9	13.8	7.75%	24.0
Mackay	QLD	Neighbourhood	Jun-12	4,126	100%	10	15.6	7.50%	21.5
Mission Beach	QLD	Neighbourhood	Jun-08	4,099	95%	10	11.6	9.00%	9.4
Woodford	QLD	Neighbourhood	Apr-10	3,671	100%	9	11.9	8.75%	8.9
Blakes Crossing	SA	Neighbourhood	Jul-11	5,078	93%	14	11.2	8.00%	20.0
Walkerville	SA	Neighbourhood	Apr-13	5,333	100%	12	16.7	7.50%	19.5
Busselton	WA	Neighbourhood	Sep-12	5,181	97%	6	17.8	7.75%	19.2
Margaret River	WA	Neighbourhood	Jun-13	5,730	82%	18	13.8	7.75%	18.7
Treendale	WA	Neighbourhood	Feb-12	7,388	94%	17	9.2	8.00%	25.7
Sorell	TAS	Neighbourhood	Oct-10	5,447	96%	15	12.4	7.75%	21.4
Kingston	TAS	Neighbourhood	Dec-08	4,726	100%	14	10.0	7.75%	23.0
Greenpoint	TAS	Neighbourhood	Nov-07	5,958	100%	7	5.9	8.75%	13.3
Shoreline	TAS	Neighbourhood	Jun-72	6,241	94%	22	2.9	8.00%	27.0
New Town Plaza	TAS	Neighbourhood	Jun-73	11,382	100%	15	6.6	7.75%	28.8
Riverside	TAS	Neighbourhood	Jun-86	3,108	95%	9	5.7	8.50%	7.2
Burwood DM	NSW	Freestanding	Nov-09	1,400	100%	0	13.4	7.00%	7.4
Fairfield Heights	NSW	Freestanding	Dec-12	3,802	100%	2	17.7	7.50%	16.2
Griffith North	NSW	Freestanding	Apr-11	2,560	100%	0	13.3	7.50%	8.0
Inverell BIG W	NSW	Freestanding	Jun-10	7,689	98%	2	13.4	10.00%	16.0
Katoomba DM	NSW	Freestanding	Dec-11	1,420	100%	0	13.3	7.25%	6.0
Katoomba Marketplace	NSW	Freestanding	Apr-14	9,387	100%	0	21.4	7.50%	38.5

PORTFOLIO LIST (CONTINUED)

Property	State	Property Type	CompletionDate	Total GLA(sqm)	Occupancy(% by GLA)	Number ofSpecialties	WALE(Years by GLA)	ValuationCap Rate	ValuationJun-14(A$m)
Completed Portfolio
New Zealand
Kelvin Grove	NZ	Neighbourhood	Jun-12	3,611	100%	5	16.9	7.75%	10.3
Newtown	NZ	Neighbourhood	Dec-12	4,878	98%	6	17.3	7.25%	19.8
Takanini	NZ	Neighbourhood	Dec-10	7,298	100%	11	11.9	7.63%	30.4
Warkworth	NZ	Neighbourhood	Sep-12	3,831	96%	6	16.9	8.00%	15.7
St James	NZ	Neighbourhood	Jun-06	4,505	100%	6	14.9	7.63%	12.0
Bridge Street	NZ	Freestanding	May-13	4,293	100%	0	13.8	7.50%	14.3
Dunedin South	NZ	Freestanding	Jun-12	4,071	100%	0	13.4	7.75%	14.4
Hornby	NZ	Freestanding	Nov-10	4,317	100%	0	13.4	7.75%	14.5
Kerikeri	NZ	Freestanding	Dec-11	3,887	100%	0	18.4	8.00%	13.7
Nelson South	NZ	Freestanding	Jun-08	2,659	100%	0	18.4	7.75%	9.7
Rangiora East	NZ	Freestanding	Jan-12	3,786	100%	0	18.4	7.75%	12.0
Rolleston	NZ	Freestanding	Nov-11	4,251	100%	0	18.5	8.00%	13.2
Stoddard Road	NZ	Freestanding	Feb-13	4,200	100%	0	12.6	7.50%	17.7
Tawa	NZ	Freestanding	Mar-13	4,200	100%	0	18.6	7.50%	13.1
Other
Lismore	NSW	Neighbourhood	Dec-85	6,912	93%	20	13.3	8.75%	21.5
Greystanes	NSW	Neighbourhood	1960	5,559		27		8.00%	38.2
Claremont	TAS	Neighbourhood	1970	6,510		23		8.25%	27.9
Prospect Vale	TAS	Neighbourhood	1996	5,997		18		7.59%	26.8

MANAGEMENT TEAM

Anthony Mellowes, Chief Executive Officer

• Mr Mellowes is an experienced property executive. Prior to joining SCA Property Group, Mr Mellowes was employed by Woolworths since 2002 and held a number of senior property related roles including Head of Asset Management and Group Property Operations Manager. Prior to Woolworths, Mr Mellowes worked for Lend Lease Group and Westfield Limited
• Mr Mellowes was appointed Chief Executive Officer on 16 May 2013 after previously acting as interim CEO since the group's listing on 26 November 2012. Mr Mellowes was a key member of the Woolworths Limited team which created SCA Property Group

Mark Fleming, Chief Financial Officer

• Mr Fleming worked for 8 years at Woolworths Limited from 2003 to 2011, firstly as General Manager Corporate Finance, and then as General Manager Supermarket Finance. After Woolworths Mark was CFO of Treasury Wine Estates from 2011 to 2013. Prior to Woolworths, Mark worked in investment banking at UBS, Goldman Sachs and Bankers Trust
• Mr Fleming was appointed Chief Financial Officer on 20 August 2013

Mark Lamb, General Counsel and Company Secretary

• Mr Lamb is an experienced transactional lawyer with over 20 years' experience in the private sector as a partner of Corrs Chambers Westgarth and subsequently Herbert Geer and in the listed sector as General Counsel of ING Real Estate. Mr Lamb has extensive experience in retail shopping centre developments, acquisitions, sales and major leasing transactions having acted for various REITs and public companies during his career
• Mr Lamb was appointed General Counsel and Company Secretary on 26 September 2012.

Campbell Aitken, Chief Operating Officer

• Mr Aitken has over 10 years experience working in the Property Funds Management industry in a number of senior positions within the Australian Retail REIT sector, with Charter Hall Group , Macquarie Bank and Westfield. Mr Aitken is an active member of the Property Council of Australia, currently Chairman of the Retail Property Committee and is a committee member of the Property Investment and Finance Committee. Mr Aitken has vast experience in managing acquisitions, leasing, property management, and developments.
• Mr Aitken was appointed Chief Operating Officer on 20 May 2013.

SCA Property Group Level 5, 50 Pitt Street Sydney NSW 2000 Tel: (02) 8243 4900 Fax: (02) 8243 4999

www.scaproperty.com.au

Disclaimer

This presentation has been prepared by Shopping Centres Australasia Property Group RE Limited (ABN 47 158 809 851) (SCPRE) as responsible entity of Shopping Centres Australasia Property Management Trust (ARSN 160 612 626) (SCA Management Trust) and responsible entity of Shopping Centres Australasia Property Retail Trust (ARSN 160 612 788) (SCA Management Trust) (together, SCA Property Group or the Group). This presentation should be read in conjunction with the Financial Report published on the same date.

Information contained in this presentation is current as at 20 August 2014. This presentation is provided for information purposes only and has been prepared without taking account of any particular reader's financial situation, objectives or needs. Nothing contained in this presentation constitutes investment, legal, tax or other advice. Accordingly, readers should, before acting on any information in this presentation, consider its appropriateness, having regard to their objectives, financial situation and needs, and seek the assistance of their financial or other licensed professional adviser before making any investment decision.

This presentation does not constitute an offer, invitation, solicitation or recommendation with respect to the subscription for, purchase or sale of any security, nor does it form the basis of any contract or commitment.

Except as required by law, no representation or warranty, express or implied, is made as to the fairness, accuracy or completeness of the information, opinions and conclusions, or as to the reasonableness of any assumption, contained in this presentation.

The forward looking statements included in this presentation involve subjective judgment and analysis and are subject to significant uncertainties, risks and contingencies, many of which are outside the control of, and are unknown to, the Group. In particular, they speak only as of the date of these materials, they assume the success of the Group's business strategies, and they are subject to significant regulatory, business, competitive and economic uncertainties and risks. Actual future events may vary materially from forward looking statements and the assumptions on which those statements are based. Given these uncertainties, readers are cautioned not to place undue reliance on such forward looking statements.

By reading this presentation and to the extent permitted by law, the reader releases each entity in the Group and its affiliates, and any of their respective directors, officers, employees, representatives or advisers from any liability (including, without limitation, in respect of direct, indirect or consequential loss or damage or loss or damage arising by negligence) arising in relation to any reader relying on anything contained in or omitted from this presentation.

The Group, or persons associated with it, may have an interest in the securities mentioned in this presentation, and may earn fees as a result of transactions described in this presentation or transactions in securities in SCP.

All values are expressed in Australian dollars unless otherwise indicated. All references to "units" are to a stapled SCP security comprising one unit in the SCA Retail Trust and one unit in the SCA Management Trust.