VICINITY CENTRES TRUST - Fund Information / Factsheet 2017

DIRECT PORTFOLIO

June 2017

03 About Vicinity Centres

Direct Portfolio

04 Overview
09 New South Wales (NSW)
26 Queensland (QLD)
43 South Australia (SA)
50 Victoria (VIC) and Tasmania (TAS)
79 Western Australia (WA)

Disclaimer

This document includes information regarding the past performance of Vicinity Centres’ property portfolio. Past performance of the property portfolio should not be relied upon as being indicative of future performance. Any forward-looking statements included in this document are based on information available to Vicinity Centres as at the date of this document and are not representations, assurances, predictions or guarantees of future results, performance or achievements expressed or implied by the forward-looking statements. Such statements involve known and unknown risks, uncertainties, assumptions and other factors, many of which are beyond the control of Vicinity Centres. The actual results of Vicinity Centres may differ materially from the anticipated results, performance or achievements expressed, projected or implied by these forward-looking statements and you should not place undue reliance on such forward-looking statements. Except as required by law or regulation (including the ASX Listing Rules), Vicinity Centres undertakes no obligation to update these forward-looking statements. This document is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any particular investor. The information and figures contained in this document are current as at 30 June 2017 unless otherwise specified. In addition, the information presented is in summary form only and does not purport to be complete. It is to be read in conjunction with the 2017 Annual Report lodged with the Australian Securities Exchange (ASX) on 16 August 2017.

Effect of rounding

A number of figures, amounts, percentages, estimates, calculations of value and fractions in this document are subject to the effect of rounding. Accordingly, the actual calculation of these figures, amounts, percentages, estimates, calculations of value and fractions may differ from the figures, amounts, percentages, estimates, calculations of value and fractions set out in this document. Also due to rounding, some totals in tables and charts may not sum.

Copyright

The copyright of this document and the information contained therein is vested in the Vicinity Centres group of companies. This document should not be copied, reproduced or redistributed without prior consent.

2 Vicinity Centres Direct Portfolio June 2017

About Vicinit Centres y

Vicinity Centres (Vicinity, ASX:VCX) is one of Australia’s leading retail property groups with a fully integrated asset management platform. Vicinity’s strategic focus is to create unique and relevant consumer experiences, deliver compelling value for our retail partners and strive for excellence in everything we do.

A top-35 entity on the Australian Securities Exchange, Vicinity has 84 retail assets[1,2] under management valued at $25.3 billion, generating annual retail sales of $17.9 billion across approximately 2.8 million square metres of gross lettable area. The scale and diversity of Vicinity’s managed portfolio enables it to strengthen and grow its partnerships with key domestic, international and luxury retailers.

Vicinity has a directly-owned portfolio (Direct Portfolio) with interests in 74 shopping centres[2] across Australia, valued at $15.5 billion. The Direct Portfolio is invested across the spectrum of Australian retail sub-sectors and is well diversified geographically.

Vicinity is the joint owner of Chadstone in Victoria, which has generated the highest annual sales of any Australian shopping centre for the past 16 consecutive years[3] . Vicinity’s intensive asset management approach, together with the progression of its $2.0 billion development pipeline (Vicinity's share is $0.9 billion), and selective asset acquisitions and disposals, are key to its ongoing portfolio enhancement strategy.

Includes a centre managed for a Vicinity wholesale fund that was divested on 14 July 2017.
Includes DFO Brisbane business which is referred to as 'DFO Brisbane' within this document and excludes DFO Perth (under construction).
Reported in the Big Guns survey. Last survey included data up to 31 December 2016.

DFO South Wharf, VIC Cover image: Chadstone, VIC

Vicinity Centres Direct Portfolio June 2017

Overview

Vicinity’s Direct Portfolio of 74 shopping centres across Australia, either wholly or jointly owned, is valued at $15.5 billion. Well diversified by geographic and retail sub-sector exposure, the Direct Portfolio generated annual retail sales of $16.2 billion across 2.6 million square metres of gross lettable area. Vicinity’s largest exposure to any single asset is its 50% interest in Chadstone, located in south-east Melbourne in Victoria and valued at 17.2% of the Direct Portfolio. Vicinity’s exposure to Super Regional, Major Regional, City Centre and Regional centres represents 64% of the Direct Portfolio’s value. Vicinity also has a portfolio of five DFO Outlet Centres which represent 8.8% of the Direct Portfolio’s value, with an additional Outlet Centre currently under construction.

Key statistics by centre type

	Total portfolio	Regional1	Sub Regional	Neighbourhood	Outlet Centre
Number of retail centres	74	22	32	15	5
Gross lettable area (m) (sqm)	2.6	1.5	0.7	0.1	0.2
Total value ($m)	15,549	10,000	3,447	728	1,374
Portfolio weighting by value (%)	100.0	64	22	5	9
Capitalisation rate (weighted average) (%)	5.61	5.19	6.35	6.51	6.29
Comparable Net Property Income (NPI) growth2(%)	2.5	0.6	2.9	3.1	8.5
Occupancy rate (%)	99.5	99.5	99.5	99.3	100.0
Total Moving Annual Turnover (MAT) growth3(%)	0.4	(0.9)	0.1	0.5	7.6
Specialty MAT growth3(%)	0.5	(1.3)	0.2	(1.4)	6.1
Specialtysalesproductivity3 ($/sqm)	9,429	10,164	8,448	7,351	9,697
Specialtyoccupancycost3 (%)	14.6	17.2	13.3	12.4	10.5

Note: Totals may not sum due to rounding.

Includes Super Regional, Major Regional, City Centre and Regional centres.
Excludes acquisitions, divestments and development-impacted centres and is calculated on a like-for-like basis versus the prior corresponding period.
Excludes divestments and development-impacted centres in line with Shopping Centre Council of Australia (SCCA) guidelines.

Composition by centre type[a]

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Store type exposure[b]

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Super Regional 17% Majors [C] 20%
Major Regional 22% Mini majors 11%
City Centre 11% Specialties 55%
Regional 14% Other retail 4%
Sub Regional 22% Non retail 10%
Neighbourhood 5%
Outlet Centre 9%
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Note: Totals may not sum due to rounding. a Expressed by ownership value. b Expressed by ownership rent. c Classified in accordance with SCCA guidelines, typically includes department stores, discount department stores and supermarkets.

4 Vicinity Centres Direct Portfolio June 2017

74 shopping centres

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$15.5 billion total value

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$16.2 billion
annual retail sales
WHITSUNDAY PLAZA ● BURANDA VILLAGE
KARRATHA CITY ● DFO BRISBANE
GRAND PLAZA
● MILTON VILLAGE
12% MT OMMANEY CENTRE
● QUEENSPLAZA
● TAIGUM SQUARE
QLD THE MYER CENTRE BRISBANE
14% 14
GOLDFIELDS PLAZA
GYMPIE CENTRAL
WA 16 NORTH SHORE VILLAGE
BRISBANE
OXENFORD VILLAGE
5% RUNAWAY BAY CENTRE
STIRLINGS CENTRAL SA 4 20% TOORMINA GARDENS
ARMIDALE CENTRAL
NSW 14
PERTH
TERRACE CENTRAL
LAKE HAVEN CENTRE
ADELAIDE SYDNEY
● CASTLE PLAZA
COLONNADES
● CURRAMBINE CENTRAL ●● ELIZABETH CITY CENTREKURRALTA CENTRAL LAVINGTON SQUARE WEST END PLAZA
● DIANELLA PLAZA
● ELLENBROOK CENTRAL BANKSTOWN CENTRAL
● FLINDERS SQUARE CARLINGFORD COURT
GALLERIA CORIO CENTRAL MELBOURNE ● CHATSWOOD CHASE SYDNEY
HALLS HEAD CENTRAL BELMONT VILLAGE ● DFO HOMEBUSH
● KALAMUNDA CENTRAL LENNOX VILLAGE
● LIVINGSTON MARKETPLACE 49% ● NEPEAN VILLAGE
● MADDINGTON CENTRAL ● ALTONA GATE ● DFO SOUTH WHARF ROSELANDS
MANDURAH FORUM ● BAYSIDE EMPORIUM MELBOURNE WARRIEWOOD SQUARE
ROCKINGHAM CENTRE ● BENTONS SQUARE MORNINGTON CENTRAL VIC/TAS
● VICTORIA PARK CENTRAL ● BOX HILL CENTRAL (NORTH PRECINCT) MYER BOURKE STREET 26
● WARNBRO CENTRE ● BOX HILL CENTRAL (SOUTH PRECINCT) NORTHLAND
● WARWICK GROVE BRANDON PARK ● OAKLEIGH CENTRAL
● BROADMEADOWS CENTRAL ● ROXBURGH VILLAGE
CHADSTONE SUNSHINE MARKETPLACE
CRANBOURNE PARK ● THE GATEWAY HOBART
● DFO ESSENDON THE GLEN
● DFO MOORABBIN VICTORIA GARDENS SHOPPING CENTRE
● EASTLANDS
● NORTHGATE
l Wholly owned
¢ Jointly owned
£ [Number of shopping centres]
% Portfolio value (%)
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Vicinity Centres Direct Portfolio June 2017

Property statistics

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Gross Moving annual Specialty
Centre Ownership Capitalisation Discount lettable Occupancy turnover MAT/sqm MAT/sqm occupancy Page
type interest Value [1] rate rate area (GLA) rate by GLA (MAT) Total Specialty costs [2] number
(%) ($m) (%) (%) (sqm) (%) ($m) ($) ($) (%)
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New South Wales
Armidale Central	Sub Regional	100	46.0	7.00	8.00	14,747	100.0	88.7	6,162	6,226	10.5	12
Bankstown Central	Major Regional	50	350.0	6.00	7.50	85,584	99.8	462.7	6,152	8,332	18.5	13
Carlingford Court	Sub Regional	50	114.0	6.00	7.75	33,404	99.8	187.2	7,044	9,890	16.1	14
Chatswood Chase Sydney	Major Regional	100	1,121.2	4.75	7.00	63,715	98.1	557.1	9,866	13,938	15.5	15
DFO Homebush	Outlet Centres	100	425.0	6.00	8.00	29,860	100.0	320.9	10,778	15,015	9.1	16
Lake Haven Centre3	Sub Regional	100	298.0	6.50	7.75	43,110	99.4	n.a.	n.a.	n.a.	n.a.	17
Lavington Square3	Sub Regional	100	62.3	7.25	7.50	20,473	98.2	n.a.	n.a.	n.a.	n.a.	18
Lennox Village	Neighbourhood	50	36.5	6.00	7.50	9,994	100.0	120.7	12,447	6,767	16.7	19
Nepean Village	Sub Regional	100	181.0	5.75	7.75	23,240	99.2	244.2	11,194	12,822	11.4	20
Roselands3	Major Regional	50	179.7	6.25	7.25	62,020	100.0	n.a.	n.a.	n.a.	n.a.	21
Terrace Central	Neighbourhood	100	33.5	6.75	8.00	7,263	97.2	59.1	9,442	6,612	11.0	22
Toormina Gardens	Sub Regional	50	40.5	6.75	8.00	21,379	99.2	157.8	8,186	10,200	7.9	23
Warriewood Square3	Sub Regional	50	142.5	5.75	7.75	29,917	100.0	n.a.	n.a.	n.a.	n.a.	24
West End Plaza	Sub Regional	100	70.0	6.75	8.25	15,931	100.0	96.4	6,282	7,058	12.7	25
Queensland
Buranda Village	Sub Regional	100	42.5	6.50	7.50	11,560	100.0	64.9	6,491	8,681	13.3	29
DFO Brisbane	Outlet Centres	100	59.0	7.50	8.00	26,256	100.0	212.5	8,269	8,449	10.6	30
Goldfelds Plaza	Neighbourhood	100	27.2	7.50	8.00	7,672	94.5	62.2	9,353	9,734	8.6	31
Grand Plaza	Regional	50	215.0	5.50	7.50	53,381	100.0	352.4	7,079	10,048	16.1	32
Gympie Central	Sub Regional	100	79.0	6.50	7.75	14,153	99.3	124.7	9,395	11,459	9.6	33
Milton Village	Neighbourhood	100	27.5	6.50	8.00	2,870	100.0	26.8	18,458	15,576	9.7	34
Mt Ommaney Centre	Regional	25	105.2	6.00	7.75	56,600	98.7	313.0	6,590	7,790	16.3	35
North Shore Village	Neighbourhood	100	25.0	6.25	8.00	4,077	100.0	50.1	15,350	6,813	13.2	36
Oxenford Village	Neighbourhood	100	33.1	6.25	7.50	5,811	100.0	77.3	17,587	10,106	10.5	37
QueensPlaza	City Centre	100	770.5	5.00	7.25	39,066	97.9	296.1	8,425	21,944	16.0	38
Runaway Bay Centre	Regional	50	157.5	5.75	7.50	43,004	99.1	291.2	8,293	9,865	12.4	39
Taigum Square	Sub Regional	100	100.0	6.25	7.75	23,081	100.0	106.7	6,040	6,382	12.6	40
The Myer Centre Brisbane	City Centre	25	195.0	5.75	7.75	63,782	100.0	326.3	5,301	11,399	20.4	41
Whitsunday Plaza	Sub Regional	100	68.0	6.50	7.75	22,394	100.0	117.8	6,544	13,358	6.2	42

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

Vicinity Centres Direct Portfolio June 2017 6

Property statistics

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Gross Moving annual Specialty
Centre Ownership Capitalisation Discount lettable Occupancy turnover MAT/sqm MAT/sqm occupancy Page
type interest Value [1] rate rate area (GLA) rate by GLA [2] (MAT) Total [2] Specialty [2] costs [2,3] number
(%) ($m) (%) (%) (sqm) (%) ($m) ($) ($) (%)
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South Australia
Castle Plaza	Sub Regional	100	174.0	6.75	8.50	22,840	99.3	148.2	7,083	8,662	14.5	46
Colonnades	Regional	50	155.6	6.75	7.75	83,493	99.4	306.3	5,480	6,270	16.1	47
Elizabeth City Centre4	Regional	100	384.1	7.00	8.25	80,497	99.8	n.a.	n.a.	n.a.	n.a.	48
Kurralta Central	Sub Regional	100	42.0	6.00	7.00	10,678	100.0	82.7	8,019	9,517	11.6	49
Victoria
Altona Gate	Sub Regional	100	102.5	6.50	7.75	26,277	98.1	145.8	6,313	6,958	15.8	53
Bayside	Major Regional	100	622.5	5.75	7.50	88,843	99.2	421.7	5,124	8,127	16.1	54
Belmont Village	Sub Regional	100	50.0	6.00	7.25	14,034	100.0	99.6	7,320	10,663	10.4	55
Bentons Square	Neighbourhood	100	82.0	6.25	8.25	10,085	100.0	143.4	15,946	7,998	13.4	56
Box Hill Central (North Precinct)	Sub Regional	100	103.0	6.50	8.00	14,584	100.0	77.4	6,533	6,009	18.3	57
Box Hill Central (South Precinct)	Sub Regional	100	192.0	6.25	7.50	23,726	100.0	183.5	8,792	10,236	14.7	58
Brandon Park	Sub Regional	50	65.0	6.50	7.25	23,122	98.6	133.0	6,915	5,807	18.5	59
Broadmeadows Central4	Regional	100	330.5	6.50	7.50	61,359	99.9	n.a.	n.a.	n.a.	n.a.	60
Chadstone4	Super Regional	50	2,675.0	4.25	7.00	211,929	99.8	n.a.	n.a.	n.a.	n.a.	61
Corio Central	Sub Regional	100	131.0	7.25	8.00	31,523	98.7	157.9	6,531	5,977	14.1	62
Cranbourne Park4	Regional	50	153.0	6.00	7.75	46,979	99.3	n.a.	n.a.	n.a.	n.a.	63
DFO Essendon	Outlet Centres	100	170.0	6.75	8.25	52,321	100.0	229.8	9,283	8,941	12.5	64
DFO Moorabbin	Outlet Centres	100	122.0	7.50	8.25	24,670	100.0	146.9	6,440	6,834	11.8	65
DFO South Wharf	Outlet Centres	100	598.0	6.00	8.25	56,262	100.0	396.4	9,838	9,727	10.2	66
Emporium Melbourne	City Centre	50	605.0	4.75	7.50	45,225	99.6	452.7	10,345	13,353	17.9	67
Mornington Central	Sub Regional	50	36.0	6.00	7.75	11,773	100.0	99.7	8,673	9,726	15.8	68
Myer Bourke Street	City Centre	33	156.2	4.75	6.75	39,924	100.0	n.a.	n.a.	n.a.	n.a.	69
Northland	Major Regional	50	487.5	5.50	7.50	97,432	99.8	547.6	6,089	8,985	18.9	70
Oakleigh Central	Neighbourhood	100	71.6	6.50	7.75	13,919	99.6	120.7	9,327	5,846	13.4	71
Roxburgh Village	Sub Regional	100	122.1	6.25	7.25	24,743	100.0	147.1	6,684	5,939	14.6	72
Sunshine Marketplace	Sub Regional	50	58.5	6.50	7.00	34,055	99.8	136.5	4,749	7,275	14.0	73
The Gateway	Neighbourhood	100	46.0	6.50	7.50	10,872	100.0	86.2	9,753	9,505	7.5	74
The Glen4	Major Regional	50	202.1	5.75	8.00	51,390	100.0	n.a.	n.a.	n.a.	n.a.	75
Victoria Gardens Shopping Centre	Sub Regional	50	138.2	5.75	7.50	35,153	99.6	188.0	6,586	10,495	13.4	76

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

7 Vicinity Centres Direct Portfolio June 2017

Property statistics

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Tasmania
Eastlands	Regional	100	170.0	6.50	7.25	33,440	99.2	235.8	7,271	7,139	14.6	77
Northgate	Sub Regional	100	108.0	6.75	7.75	19,373	99.3	135.4	7,917	9,842	12.1	78
Western Australia
Currambine Central3	Neighbourhood	100	105.0	6.50	8.25	16,562	100.0	n.a.	n.a.	n.a.	n.a.	82
Dianella Plaza	Neighbourhood	100	89.0	6.50	8.00	16,871	100.0	100.9	7,182	6,395	13.7	83
Ellenbrook Central	Sub Regional	100	240.0	5.75	8.00	36,473	99.8	241.3	8,294	8,794	10.4	84
Flinders Square	Neighbourhood	100	32.5	6.50	8.25	5,994	100.0	62.5	11,778	7,451	11.6	85
Galleria	Major Regional	50	395.0	5.50	7.75	82,384	100.0	490.4	6,855	10,993	19.1	86
Halls Head Central3	Sub Regional	50	54.6	6.00	7.75	21,012	98.9	n.a.	n.a.	n.a.	n.a.	87
Kalamunda Central	Neighbourhood	100	38.5	6.75	8.00	8,388	100.0	75.7	9,638	6,056	12.9	88
Karratha City	Sub Regional	50	52.5	7.00	7.50	24,045	99.2	207.8	9,221	9,513	10.9	89
Livingston Marketplace	Sub Regional	100	86.0	6.00	8.00	15,555	100.0	120.2	8,484	9,379	11.1	90
Maddington Central	Sub Regional	100	122.0	6.75	8.25	27,793	98.9	179.4	7,164	7,255	15.2	91
Mandurah Forum4	Regional	50	256.5	5.75	7.50	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	92
Rockingham Centre	Regional	50	313.0	5.50	7.50	62,313	98.8	430.1	7,574	8,499	17.7	93
Stirlings Central	Neighbourhood	100	50.0	7.00	8.00	8,533	98.4	89.0	10,829	7,681	12.2	94
Victoria Park Central	Neighbourhood	100	31.0	6.25	7.25	5,476	98.7	48.9	9,499	5,305	16.5	95
Warnbro Centre	Sub Regional	100	125.0	6.25	8.25	21,416	99.2	154.6	7,529	7,143	17.5	96
Warwick Grove	Sub Regional	100	200.0	6.50	8.25	31,922	99.8	208.3	8,229	7,886	15.0	97

1 Value expressed by Vicinity Centres' ownership interest.
2 Inclusive of marketing levy and based on GST inclusive sales.
3 Non-comparable for sales reporting purposes.
4 Property metrics not available as centre is under development.

Vicinity Centres Direct Portfolio June 2017 8

New South Wales

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WARRIEWOOD SQUARE
LENNOX VILLAGE
NEPEAN VILLAGE
CARLINGFORD COURT
CHATSWOOD CHASE SYDNEY
DFO HOMEBUSH
BANKSTOWN CENTRAL
TOORMINA GARDENS
ARMIDALE CENTRAL ROSELANDS
TERRACE CENTRAL
LAKE HAVEN CENTRE
SYDNEY
WEST END PLAZA LAVINGTON SQUARE
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l Wholly owned ¢ Jointly owned

Vicinity Centres Direct Portfolio June 2017 9

New South Wales

12 Armidale Central
13 Bankstown Central
14 Carlingford Court
15 Chatswood Chase Sydney
16 DFO Homebush

17 Lake Haven Centre

18 Lavington Square 19 Lennox Village 20 Nepean Village 21 Roselands

22 Terrace Central

23 Toormina Gardens

24 Warriewood Square

25 West End Plaza

10 Vicinity Centres Direct Portfolio June 2017

DFO Homebush, NSW

Chatswood Chase S dne y y

New South Wales

11 million

customer visits annually

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165+

specialty stores

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63,000+ sqm gross lettable area

Vicinity Centres Direct Portfolio June 2017

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Armidale Central

225 Beardy Street, Armidale NSW 2350 armidalecentral.com.au

Armidale Central is a two level Sub Regional shopping centre located in Armidale. It is anchored by Big W and Woolworths and includes more than 25 specialty stores.

Property overview

State	NSW
Centre type	Sub Regional
OwnershipInterest(%)	100
Date acquired	2007
Centre frst opened	2007
Latest redevelopment	n.a.
Valuation External/Internal	External
Valuation($m)1	46.0
Valuation date	Jun-17
Capitalisation rate(%)	7.00
Discount rate(%)	8.00

Tenant mix by gross lettable area (GLA)

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Discount department stores 45%
Supermarkets 26%
Mini majors 7%
Specialties 20%
Non retail 1%
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Property metrics

GLA(sqm)	14,747
Number of tenants	34
Major tenants2	BigW, Woolworths
Car spaces	617
Movingannual turnover(MAT) ($m)	88.7
MAT/sqm – Total($)	6,162
MAT/sqm – Specialty ($)	6,226
Specialtyoccupancycost(%)3	10.5
Occupancyrate byGLA(%)	100.0
Weighted average lease expirybyGLA(years)	8.0
Green Star – Performance	2 Stars

Specialty store lease expiry profile by income

FY184 FY19 FY20 FY21 FY22+	42%
	17%
	6%
	13%
	22%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

12 Vicinity Centres Direct Portfolio June 2017

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Bankstown Central

North Terrace, Bankstown NSW 2200 bankstowncentral.com.au

Bankstown Central is a three level Major Regional shopping centre located approximately 20 kilometres south-west of the Sydney CBD. It is anchored by Myer, Big W, Kmart, Target, Woolworths and Supa IGA and includes more than 240 specialty stores.

Property overview

State	NSW
Centre type	Major Regional
OwnershipInterest(%)	50
Date acquired	2003
Centre frst opened	1966
Latest redevelopment	2008
Valuation External/Internal	External
Valuation($m)1	700.0
Valuation date	Jun-17
Capitalisation rate(%)	6.00
Discount rate(%)	7.50

Tenant mix by gross lettable area (GLA)

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Department stores	12%
Discount department stores	27%
Supermarkets	7%
Mini majors	13%
Specialties	28%
Other retail	2%
Non retail	9%

Property metrics

GLA(sqm)	85,584
Number of tenants	297
Major tenants2	Big W, Kmart, Myer,
	Supa IGA, Target, Woolworths,
Car spaces	3,174
Movingannual turnover(MAT) ($m)	462.7
MAT/sqm – Total($)	6,152
MAT/sqm – Specialty ($)	8,332
Specialtyoccupancycost(%)3	18.5
Occupancyrate byGLA(%)	99.8
Weighted average lease expirybyGLA(years)	4.3
Green Star – Performance	2 Stars
NABERS Energyrating	3.5 Stars
NABERS Water rating	1.5 Stars

Specialty store lease expiry profile by income

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----- Start of picture text -----

FY18 [4] 36%
FY19 18%
FY20 11%
FY21 16%
FY22+ 20%
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1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

Vicinity Centres Direct Portfolio June 2017

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Carlingford Court

Corner Pennant Hills and Carlingford Roads, Carlingford NSW 2118

carlingfordcourt.com.au

Carlingford Court is a four level Sub Regional shopping centre located approximately 17 kilometres north-west of the Sydney CBD. It is anchored by Target, Coles and Woolworths and includes more than 70 specialty stores.

Property overview

Property overview
State	NSW
Centre type	Sub Regional
OwnershipInterest(%)	50
Date acquired	2013
Centre frst opened	1965
Latest redevelopment	2007
Valuation External/Internal	Internal
Valuation($m)1	228.0
Valuation date	Jun-17
Capitalisation rate(%)	6.00
Discount rate(%)	7.75

Tenant mix by gross lettable area (GLA)

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Discount department stores	24%
Supermarkets	22%
Mini majors	15%
Specialties	17%
Other retail	2%
Non retail	19%

Property metrics

GLA(sqm)	33,404
Number of tenants	104
Major tenants2	Coles, Target, Woolworths
Car spaces	1,443
Movingannual turnover(MAT) ($m)	187.2
MAT/sqm – Total($)	7,044
MAT/sqm – Specialty ($)	9,890
Specialtyoccupancycost(%)3	16.1
Occupancyrate byGLA(%)	99.8
Weighted average lease expirybyGLA(years)	5.6
Green Star – Performance	2 Stars
NABERS Energyrating	1.5 Stars
NABERS Water rating	2.5 Stars

Specialty store lease expiry profile by income

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----- Start of picture text -----

FY18 [4] 21%
FY19 18%
FY20 19%
FY21 15%
FY22+ 28%
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1 Expressed on 100% basis.

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

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

14 Vicinity Centres Direct Portfolio June 2017

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Chatswood Chase Sydney

345 Victoria Avenue, Chatswood NSW 2067 chatswoodchasesydney.com.au

Chatswood Chase Sydney is a four level Major Regional shopping centre located approximately 8 kilometres north of the Sydney CBD. It is anchored by David Jones, Coles and a recently refurbished Kmart and includes more than 165 specialty stores.

Property overview

State	NSW
Centre type	Major Regional
OwnershipInterest(%)	100
Date acquired*	2003
Centre frst opened	1980
Latest redevelopment	2009
Valuation External/Internal	External
Valuation($m)1	1,121.2
Valuation date	Jun-17
Capitalisation rate(%)	4.75
Discount rate(%)	7.00

Tenant mix by gross lettable area (GLA)

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==> picture [117 x 67] intentionally omitted <==

----- Start of picture text -----

Department stores 32%
Discount department stores 11%
Supermarkets 6%
Mini majors 13%
Specialties 32%
Non retail 6%
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Property metrics

GLA(sqm)	63,715
Number of tenants	201
Major tenants2	Coles, David Jones, Kmart
Car spaces	2,441
Movingannual turnover(MAT) ($m)	557.1
MAT/sqm – Total($)	9,866
MAT/sqm – Specialty ($)	13,938
Specialtyoccupancycost(%)3	15.5
Occupancyrate byGLA(%)	98.1
Weighted average lease expirybyGLA(years)	6.0
Green Star – Performance	3 Stars
NABERS Energyrating	3.5 Stars
NABERS Water rating	1.0 Stars

Specialty store lease expiry profile by income

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----- Start of picture text -----

FY18 [4] 31%
FY19 15%
FY20 16%
FY21 16%
FY22+ 23%
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50% acquired in 2003 and remaining 50% acquired in 2007.

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

Vicinity Centres Direct Portfolio June 2017

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DFO Homebush

3-5 Underwood Road, Homebush NSW 2140 dfo.com.au/homebush

DFO Homebush is a two level Outlet Centre located approximately 12 kilometres west of the Sydney CBD. The centre comprises more than 110 luxury, international and local outlet retailers including Armani Outlet, Escada, Furla, Max Mara, Michael Kors, Oroton Factory, Salvatore Ferragamo and sass & bide. The centre also comprises a Homemaker Hub with more than 15 large format stores.

Property overview

Property overview
State	NSW
Centre type	Outlet Centres
OwnershipInterest(%)	100
Date acquired	2010
Centre frst opened	2002
Latest redevelopment	2014
Valuation External/Internal	Internal
Valuation($m)1	425.0
Valuation date	Jun-17
Capitalisation rate(%)	6.00
Discount rate(%)	8.00

Tenant mix by gross lettable area (GLA)

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Mini majors 44%
Specialties 56%
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Property metrics

GLA(sqm)	29,860
Number of tenants	127
Major tenants2	–
Car spaces	2,020
Movingannual turnover(MAT) ($m)	320.9
MAT/sqm – Total($)	10,778
MAT/sqm – Specialty ($)	15,015
Specialtyoccupancycost(%)3	9.1
Occupancyrate byGLA(%)	100.0
Weighted average lease expirybyGLA(years)	2.2
Green Star – Performance	3 Stars
NABERS Energyrating	4.0 Stars
NABERS Water rating	2.5 Stars

Specialty store lease expiry profile by income

FY184 FY19 FY20 FY21 FY22+	15%
	47%
	17%
	8%
	13%

1 Expressed on 100% basis.

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

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

16 Vicinity Centres Direct Portfolio June 2017

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Lake Haven Centre

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

lakehavencentre.com.au

Lake Haven Centre is a single level Sub Regional shopping centre and business park located approximately 10 kilometres north-east of the Wyong CBD. It is anchored by Kmart, Woolworths, Coles and Aldi and includes more than 80 specialty stores.

Property overview

Property overview
State	NSW
Centre type	Sub Regional
OwnershipInterest(%)	100
Date acquired	1997
Centre frst opened	1986
Latest redevelopment	2009
Valuation External/Internal	Internal
Valuation($m)1	298.0
Valuation date	Jun-17
Capitalisation rate(%)	6.50
Discount rate(%)	7.75

Tenant mix by gross lettable area (GLA)

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Discount department stores	19%
Supermarkets	24%
Mini majors	12%
Specialties	18%
Other retail	12%
Non retail	15%

Property metrics

Specialty store lease expiry profile by income

GLA(sqm)	43,110	FY185
Number of tenants	132	FY19			19%
Major tenants2	Aldi, Coles, Kmart, Woolworths	FY20				34%
Car spaces Movingannual turnover(MAT) ($m)3	1,524 n.a.	FY21	10%
MAT/sqm – Total($)3	n.a.	FY22+		15%
MAT/sqm – Specialty ($)3	n.a.
Specialtyoccupancycost(%)3, 4	n.a.
Occupancyrate byGLA(%)	99.4
Weighted average lease expirybyGLA(years)	4.4
Green Star – Performance	3 Stars
NABERS Energyrating	3.5 Stars
NABERS Water rating	4.5 Stars

1 Expressed on 100% basis.

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

3 Non-comparable for sales reporting purposes.

4 Includes marketing levy and based on GST inclusive turnover.

5 Includes holdovers.

Vicinity Centres Direct Portfolio June 2017

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Lavington Square

351 Griffith Road, Lavington NSW 2641

lavingtonsquare.com.au

Lavington Square is a single level Sub Regional shopping centre located approximately 3 kilometres north of Albury CBD. It is anchored by Big W and Woolworths and includes more than 40 specialty stores.

Property overview

State	NSW
Centre type	Sub Regional
OwnershipInterest(%)	100
Date acquired	1994
Centre frst opened	1979
Latest redevelopment	2005
Valuation External/Internal	Internal
Valuation($m)1	62.3
Valuation date	Jun-17
Capitalisation rate(%)	7.25
Discount rate(%)	7.50

Tenant mix by gross lettable area (GLA)

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----- Start of picture text -----

Discount department stores 39%
Supermarkets 19%
Mini majors 13%
Specialties 20%
Non retail 9%
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Property metrics

Specialty store lease expiry profile by income

Specialty store lease expiry profle by income Property metrics	lty store lease expiry profle by income
GLA(sqm) 20,473 Number of tenants 55 Major tenants2 BigW, Woolworths Car spaces 1,036 Movingannual turnover(MAT) ($m)3 n.a. MAT/sqm – Total($)3 n.a. MAT/sqm – Specialty ($)3 n.a. Specialtyoccupancycost(%)3, 4 n.a. Occupancyrate byGLA(%) 98.2 Weighted average lease expirybyGLA(years) 5.9 Green Star – Performance 2 Stars 29% 20% 16% 22% 14% FY185 FY19 FY20 FY21 FY22+	29%
	22%
	20%
	16%
	14%

1 Expressed on 100% basis.

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

3 Non-comparable for sales reporting purposes.

4 Includes marketing levy and based on GST inclusive turnover.

5 Includes holdovers.

18 Vicinity Centres Direct Portfolio June 2017

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Lennox Village

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

lennoxvillage.com.au

Lennox Village is a single level Neighbourhood shopping centre located in Emu Plains, approximately 58 kilometres west of the Sydney CBD. It is anchored by Woolworths and Aldi and includes more than 25 specialty stores.

Property overview

State	NSW
Centre type	Neighbourhood
OwnershipInterest(%)	50
Date acquired	2003
Centre frst opened	1982
Latest redevelopment	2005
Valuation External/Internal	Internal
Valuation($m)1	73.0
Valuation date	Jun-17
Capitalisation rate(%)	6.00
Discount rate(%)	7.50

Tenant mix by gross lettable area (GLA)

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==> picture [117 x 55] intentionally omitted <==

----- Start of picture text -----

Supermarkets 51%
Mini majors 16%
Specialties 22%
Other retail 9%
Non retail 2%
----- End of picture text -----

Property metrics

GLA(sqm)	9,994
Number of tenants	39
Major tenants2	Aldi, Woolworths
Car spaces	403
Movingannual turnover(MAT) ($m)	120.7
MAT/sqm – Total($)	12,447
MAT/sqm – Specialty ($)	6,767
Specialtyoccupancycost(%)3	16.7
Occupancyrate byGLA(%)	100.0
Weighted average lease expirybyGLA(years)	5.5
Green Star – Performance	3 Stars

Specialty store lease expiry profile by income

FY184 FY19 FY20 FY21 FY22+	19%
	25%
	3%
	23%
	31%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

Vicinity Centres Direct Portfolio June 2017

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Nepean Village

Corner Station and Woodriff Streets, Penrith NSW 2750

nepeanvillage.com.au

Nepean Village is a single level Sub Regional shopping centre located in Penrith, at the foothills of the Blue Mountains, approximately 50 kilometres west of the Sydney CBD. It is anchored by Kmart and Coles and includes more than 45 specialty stores.

Tenant mix by gross lettable area (GLA)

Property overview

State	NSW
Centre type	Sub Regional
OwnershipInterest(%)	100
Date acquired	2003
Centre frst opened	1984
Latest redevelopment	1999
Valuation External/Internal	Internal
Valuation($m)1	181.0
Valuation date	Jun-17
Capitalisation rate(%)	5.75
Discount rate(%)	7.75

==> picture [112 x 112] intentionally omitted <==

Discount department stores	37%
Supermarkets	19%
Mini majors	11%
Specialties	18%
Other retail	12%
Non retail	4%

Specialty store lease expiry profile by income

Property metrics

Property metrics
GLA(sqm)	23,240
Number of tenants	69
Major tenants2	Coles, Kmart
Car spaces	861
Movingannual turnover(MAT) ($m)	244.2
MAT/sqm – Total($)	11,194
MAT/sqm – Specialty ($)	12,822
Specialtyoccupancycost(%)3	11.4
Occupancyrate byGLA(%)	99.2
Weighted average lease expirybyGLA(years)	2.7
Green Star – Performance	3 Stars

FY184 FY19 FY20 FY21 FY22+	20%
	17%
	10%
	14%
	40%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

20 Vicinity Centres Direct Portfolio June 2017

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Roselands

24 Roseland Avenue, Roselands NSW 2196 roselands.com.au

Roselands is a three level Major Regional shopping centre located approximately 20 kilometres south-west of the Sydney CBD. It is anchored by Myer, Target, Coles and Food for Less and includes more than 110 specialty stores.

Tenant mix by gross lettable area (GLA)

Property overview

State	NSW
Centre type	Major Regional
OwnershipInterest(%)	50
Date acquired	2003
Centre frst opened	1965
Latest redevelopment	2000
Valuation External/Internal	External
Valuation($m)1	359.4
Valuation date	Jun-17
Capitalisation rate(%)	6.25
Discount rate(%)	7.25

==> picture [112 x 113] intentionally omitted <==

Department stores	42%
Discount department stores	14%
Supermarkets	11%
Mini majors	9%
Specialties	19%
Other retail	1%
Non retail	4%

Specialty store lease expiry profile by income

Property metrics

Property metrics
GLA(sqm)	62,020
Number of tenants	137
Major tenants2	Coles, Food For Less, Myer, Target
Car spaces	3,187
Movingannual turnover(MAT) ($m)3	n.a.
MAT/sqm – Total($)3	n.a.
MAT/sqm – Specialty ($)3	n.a.
Specialtyoccupancycost(%)3, 4	n.a.
Occupancyrate byGLA(%)	100.0
Weighted average lease expirybyGLA(years)	5.1
Green Star – Performance	3 Stars
NABERS Energyrating	4.0 Stars
NABERS Water rating	1.5 Stars

FY185 FY19 FY20 FY21 FY22+	57%
	21%
	10%
	9%

1 Expressed on 100% basis.

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

3 Non-comparable for sales reporting purposes.

4 Includes marketing levy and based on GST inclusive turnover.

5 Includes holdovers.

Vicinity Centres Direct Portfolio June 2017

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Terrace Central[*]

Corner Sturgeon and Glenelg Streets, Raymond Terrace NSW 2324

terracecentralsc.com.au

Terrace Central is a single level Neighbourhood shopping centre located in Raymond Terrace, approximately 29 kilometres north of Newcastle CBD. It is anchored by Woolworths and includes 15 specialty stores.

Tenant mix by gross lettable area (GLA)

Property overview

State	NSW
Centre type	Neighbourhood
OwnershipInterest(%)	100
Date acquired	2003
Centre frst opened	1982
Latest redevelopment	2000
Valuation External/Internal	Internal
Valuation($m)1	33.5
Valuation date	Jun-17
Capitalisation rate(%)	6.75
Discount rate(%)	8.00

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==> picture [118 x 43] intentionally omitted <==

----- Start of picture text -----

Supermarkets 59%
Mini majors 9%
Specialties 26%
Non retail 6%
----- End of picture text -----

Specialty store lease expiry profile by income

Property metrics

Property metrics
GLA(sqm)	7,263
Number of tenants	21
Major tenants2	Woolworths
Car spaces	277
Movingannual turnover(MAT) ($m)	59.1
MAT/sqm – Total($)	9,442
MAT/sqm – Specialty ($)	6,612
Specialtyoccupancycost(%)3	11.0
Occupancyrate byGLA(%)	97.2
Weighted average lease expirybyGLA(years)	6.8
Green Star – Performance	3 Stars

FY184 FY19 FY20 FY21 FY22+	35%
	36%
	25%
	3%

Contracts exchanged for the sale of Terrace Central, which is expected to settle in November 2017.

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

22 Vicinity Centres Direct Portfolio June 2017

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Toormina Gardens

5 Toormina Road, Toormina NSW 2452 toorminagardens.com.au

Toormina Gardens is a single level Sub Regional shopping centre located approximately 9 kilometres south of Coffs Harbour CBD. It is anchored by Kmart, Coles and Woolworths and includes more than 35 specialty stores.

Tenant mix by gross lettable area (GLA)

Property overview

State	NSW
Centre type	Sub Regional
OwnershipInterest(%)	50
Date acquired	2003
Centre frst opened	1987
Latest redevelopment	2008
Valuation External/Internal	Internal
Valuation($m)1	81.0
Valuation date	Jun-17
Capitalisation rate(%)	6.75
Discount rate(%)	8.00

==> picture [114 x 112] intentionally omitted <==

Discount department stores	24%
Supermarkets	44%
Mini majors	9%
Specialties	19%
Non retail	4%

Specialty store lease expiry profile by income

Property metrics

Property metrics
GLA(sqm)	21,379
Number of tenants	49
Major tenants2	Coles, Kmart, Woolworths
Car spaces	918
Movingannual turnover(MAT) ($m)	157.8
MAT/sqm – Total($)	8,186
MAT/sqm – Specialty ($)	10,200
Specialtyoccupancycost(%)3	7.9
Occupancyrate byGLA(%)	99.2
Weighted average lease expirybyGLA(years)	6.7
Green Star – Performance	3 Stars

FY184 FY19 FY20 FY21 FY22+	16%
	20%
	11%
	11%
	41%

1 Expressed on 100% basis.

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

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

Vicinity Centres Direct Portfolio June 2017

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Warriewood Square

Jacksons Road, Warriewood NSW 2102

warriewoodsquare.com.au

Warriewood Square is a single level Sub Regional shopping centre located in Sydney's northern beaches, approximately 26 kilometres north-east of the Sydney CBD. It is anchored by Kmart, Coles, a recently expanded Woolworths, a newly opened Aldi and includes more than 85 specialty stores. Part of the recent redevelopment completed in June 2016 was a new fashion and lifestyle precinct, and additional car parking.

Property overview

State	NSW
Centre type	Sub Regional
OwnershipInterest(%)	50
Date acquired	1996
Centre frst opened	1980
Latest redevelopment	2016
Valuation External/Internal	External
Valuation($m)1	285.0
Valuation date	Jun-17
Capitalisation rate(%)	5.75
Discount rate(%)	7.75

Tenant mix by gross lettable area (GLA)

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==> picture [118 x 68] intentionally omitted <==

----- Start of picture text -----

Discount department stores 26%
Supermarkets 28%
Mini majors 10%
Specialties 29%
Other retail 1%
Non retail 5%
----- End of picture text -----

Property metrics

GLA(sqm)	29,917
Number of tenants	109
Major tenants2	Aldi, Coles, Kmart, Woolworths
Car spaces	1,450
Movingannual turnover(MAT) ($m)3	n.a.
MAT/sqm – Total($)3	n.a.
MAT/sqm – Specialty ($)3	n.a.
Specialtyoccupancycost(%)3	n.a.
Occupancyrate byGLA(%)3, 4	100.0
Weighted average lease expirybyGLA(years)	10.8
Green Star – Performance	3 Stars

Specialty store lease expiry profile by income

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----- Start of picture text -----

FY18 [5] 8%
FY19 10%
FY20 16%
FY21 28%
FY22+ 38%
----- End of picture text -----

1 Expressed on 100% basis.

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

3 Non-comparable for sales reporting purposes.

4 Includes marketing levy and based on GST inclusive turnover.

5 Includes holdovers.

24 Vicinity Centres Direct Portfolio June 2017

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West End Plaza

487 Kiewa Street, Albury NSW 2640 westendplaza.com.au

West End Plaza is a single level Sub Regional shopping centre located in the main commercial district of Albury, near the border of Victoria and New South Wales. It is anchored by Kmart and Coles and includes more than 35 specialty stores.

Property overview

State	NSW
Centre type	Sub Regional
OwnershipInterest(%)	100
Date acquired	2005
Centre frst opened	1980
Latest redevelopment	2000
Valuation External/Internal	External
Valuation($m)1	70.0
Valuation date	Jun-17
Capitalisation rate(%)	6.75
Discount rate(%)	8.25

Tenant mix by gross lettable area (GLA)

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==> picture [117 x 45] intentionally omitted <==

----- Start of picture text -----

Discount department stores 42%
Supermarkets 25%
Mini majors 5%
Specialties 28%
----- End of picture text -----

Property metrics

GLA(sqm)	15,931
Number of tenants	45
Major tenants2	Coles, Kmart
Car spaces	596
Movingannual turnover(MAT) ($m)	96.4
MAT/sqm – Total($)	6,282
MAT/sqm – Specialty ($)	7,058
Specialtyoccupancycost(%)3	12.7
Occupancyrate byGLA(%)	100.0
Weighted average lease expirybyGLA(years)	3.2
Green Star – Performance	2 Stars

Specialty store lease expiry profile by income

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----- Start of picture text -----

FY18 [4] 23%
FY19 21%
FY20 9%
FY21 19%
FY22+ 28%
----- End of picture text -----

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

Vicinity Centres Direct Portfolio June 2017

==> picture [596 x 810] intentionally omitted <==

----- Start of picture text -----

Queensland
MT OMMANEY CENTRE
GRAND PLAZA
TAIGUM SQUARE
DFO BRISBANE
QUEENSPLAZA THE MYER CENTRE BRISBANE
MILTON VILLAGE
BURANDA VILLAGE
MT OMMANEY CENTRE
GRAND PLAZA
WHITSUNDAY PLAZA
GOLDFIELDS PLAZA
GYMPIE CENTRAL
NORTH SHORE VILLAGE
BRISBANE
OXENFORD VILLAGE
RUNAWAY BAY CENTRE
l Wholly owned
¢ Jointly owned
26 Vicinity Centres Direct Portfolio June 2017
----- End of picture text -----

Queensland 29 Buranda Village 30 DFO Brisbane 31 Goldfields Plaza 32 Grand Plaza 33 Gympie Central 34 Milton Village 35 Mt Ommaney Centre 36 North Shore Village 37 Oxenford Village 38 QueensPlaza 39 Runaway Bay Centre 40 Taigum Square 41 The Myer Centre Brisbane 42 Whitsunday Plaza

QueensPlaza, QLD Vicinity Centres Direct Portfolio June 2017 27

Gympie Central Queensland

Big W only full line DDS in 65km radius $

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----- Start of picture text -----

$
----- End of picture text -----

9.6% occupancy cost

$11,459/sqm specialty productivity

28 Vicinity Centres Direct Portfolio June 2017

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Buranda Village

Corner Ipswich Road and Cornwall Street, Buranda QLD 4102

burandavillage.com.au

Buranda Village is a single level Sub Regional shopping centre located approximately 4 kilometres south of the Brisbane CBD. It is anchored by Target and Woolworths and includes more than 20 specialty stores.

Property overview

State	QLD
Centre type	Sub Regional
OwnershipInterest(%)	100
Date acquired Centre frst opened	2000 1978
Latest redevelopment	2005
Valuation External/Internal	Internal
Valuation($m)1	42.5
Valuation date	Jun-17
Capitalisation rate(%)	6.50
Discount rate(%)	7.50

Tenant mix by gross lettable area (GLA)

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==> picture [118 x 55] intentionally omitted <==

----- Start of picture text -----

Discount department stores 35%
Supermarkets 26%
Specialties 17%
Other retail 9%
Non retail 12%
----- End of picture text -----

Property metrics

GLA(sqm)	11,560
Number of tenants	36
Major tenants2	Target, Woolworths
Car spaces	520
Movingannual turnover(MAT) ($m)	64.9
MAT/sqm – Total($)	6,491
MAT/sqm – Specialty ($)	8,681
Specialtyoccupancycost(%)3	13.3
Occupancyrate byGLA(%)	100.0
Weighted average lease expirybyGLA(years)	5.1
Green Star – Performance	3 Stars

Specialty store lease expiry profile by income

FY184 FY19 FY20 FY21 FY22+	17%
	22%
	8%
	24%
	29%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

Vicinity Centres Direct Portfolio June 2017 29

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DFO Brisbane

18th Avenue, Brisbane Airport QLD 4008 dfo.com.au/brisbane

DFO Brisbane is a single level Outlet Centre located approximately 8 kilometres north-east of the Brisbane CBD. The centre comprises over 130 outlet retailers, including Calvin Klein, Country Road, Crumpler and Esprit.

Property overview

State	QLD
Centre type	Outlet Centres
OwnershipInterest(%)	100
Date acquired	2016
Centre frst opened	2005
Latest redevelopment	2015
Valuation External/Internal	External
Valuation($m)1	59.0
Valuation date	Jun-17
Capitalisation rate(%)	7.50
Discount rate(%)	8.00

Tenant mix by gross lettable area (GLA)

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Mini majors 16%
Specialties 84%
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Property metrics

GLA(sqm)	26,256
Number of tenants	142
Major tenants2	–
Car spaces	1,600
Movingannual turnover(MAT) ($m)	212.5
MAT/sqm – Total($)	8,269
MAT/sqm – Specialty ($)	8,449
Specialtyoccupancycost(%)3	10.6
Occupancyrate byGLA(%)	100.0
Weighted average lease expirybyGLA(years)	2.9
Green Star – Performance	1 Star

Specialty store lease expiry profile by income

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----- Start of picture text -----

FY18 [4] 18%
FY19 10%
FY20 4%
FY21 50%
FY22+ 18%
----- End of picture text -----

1 Expressed on 100% basis.

2 Classified in accordance with SCCA guidelines, typically includes department stores, discount department stores and supermarkets.
3 Includes marketing levy and based on GST inclusive turnover.
4 Includes holdovers.

30 Vicinity Centres Direct Portfolio June 2017

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Goldfields Plaza

Corner Nash and Monkland Streets, Gympie QLD 4570 goldfieldsplaza.com.au

Goldfields Plaza is a single level Neighbourhood shopping centre located in Gympie, 85 kilometres north of Maroochydore. It is anchored by Coles and includes more than 10 specialty stores.

Property overview

State	QLD
Centre type	Neighbourhood
OwnershipInterest(%)	100
Date acquired	2006
Centre frst opened	1985
Latest redevelopment	2001
Valuation External/Internal	External
Valuation($m)1	27.2
Valuation date	Jun-17
Capitalisation rate(%)	7.50
Discount rate(%)	8.00

Tenant mix by gross lettable area (GLA)

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Supermarkets 58%
Mini majors 21%
Specialties 17%
Non retail 5%
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Property metrics

GLA(sqm)	7,672
Number of tenants	18
Major tenants2	Coles
Car spaces	437
Movingannual turnover(MAT) ($m)	62.2
MAT/sqm – Total($)	9,353
MAT/sqm – Specialty ($)	9,734
Specialtyoccupancycost(%)3	8.6
Occupancyrate byGLA(%)	94.5
Weighted average lease expirybyGLA(years)	7.3
Green Star – Performance	2 Stars

Specialty store lease expiry profile by income

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----- Start of picture text -----

FY18 [4] 4%
FY19 10%
FY20 44%
FY21 14%
FY22+ 28%
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1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

Vicinity Centres Direct Portfolio June 2017

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Grand Plaza

27-49 Browns Plains Road, Browns Plains QLD 4118 grandplaza.com.au

Grand Plaza is a single level Regional shopping centre located approximately 22 kilometres south of the Brisbane CBD. It is anchored by Target, Big W, Kmart, Woolworths, Coles, Event Cinemas and Aldi and includes more than 125 specialty stores.

Property overview

State	QLD
Centre type	Regional
OwnershipInterest(%)	50
Date acquired	2002
Centre frst opened	1994
Latest redevelopment	2006
Valuation External/Internal	External
Valuation($m)1	430.0
Valuation date	Jun-17
Capitalisation rate(%)	5.50
Discount rate(%)	7.50

Tenant mix by gross lettable area (GLA)

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----- Start of picture text -----

Discount department stores 38%
Supermarkets 19%
Mini majors 4%
Specialties 23%
Other retail 13%
Non retail 3%
----- End of picture text -----

Property metrics

GLA(sqm)	53,381
Number of tenants	162
Major tenants2	Aldi, Big W, Coles, Event Cinemas,
	Kmart, Target, Woolworths,
Car spaces	2,580
Movingannual turnover(MAT) ($m)	352.4
MAT/sqm – Total($)	7,079
MAT/sqm – Specialty ($)	10,048
Specialtyoccupancycost(%)3	16.1
Occupancyrate byGLA(%)	100.0
Weighted average lease expirybyGLA(years)	3.5
Green Star – Performance	3 Stars
NABERS Energyrating	3.5 Stars
NABERS Water rating	4.0 Stars

Specialty store lease expiry profile by income

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----- Start of picture text -----

FY18 [4] 38%
FY19 11%
FY20 13%
FY21 17%
FY22+ 21%
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1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

32 Vicinity Centres Direct Portfolio June 2017

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Gympie Central

Corner Bruce Highway and Excelsior Road, Gympie QLD 4570 gympiecentral.com.au

Gympie Central is a single level Sub Regional shopping centre located in Gympie, 84 kilometres north of Maroochydore. It is anchored by Big W and Woolworths and includes more than 40 specialty stores.

Property overview

State	QLD
Centre type	Sub Regional
OwnershipInterest(%)	100
Date acquired	2003
Centre frst opened	1973
Latest redevelopment	2007
Valuation External/Internal	External
Valuation($m)1	79.0
Valuation date	Jun-17
Capitalisation rate(%)	6.50
Discount rate(%)	7.75

Tenant mix by gross lettable area (GLA)

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==> picture [117 x 43] intentionally omitted <==

----- Start of picture text -----

Discount department stores 40%
Supermarkets 26%
Specialties 30%
Non retail 4%
----- End of picture text -----

Property metrics

GLA(sqm)	14,153
Number of tenants	51
Major tenants2	BigW, Woolworths
Car spaces	752
Movingannual turnover(MAT) ($m)	124.7
MAT/sqm – Total($)	9,395
MAT/sqm – Specialty ($)	11,459
Specialtyoccupancycost(%)3	9.6
Occupancyrate byGLA(%)	99.3
Weighted average lease expirybyGLA(years)	7.3
Green Star – Performance	2 Stars

Specialty store lease expiry profile by income

FY184 FY19 FY20 FY21 FY22+	20%
	20%
	18%
	9%
	34%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

Vicinity Centres Direct Portfolio June 2017 33

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Milton Village

12-36 Baroona Road, Milton QLD 4064 miltonvillagesc.com.au

Milton Village is a multilevel Neighbourhood shopping centre located in the inner suburb of Milton, approximately 3 kilometres west of the Brisbane CBD. It is anchored by an IGA supermarket and includes more than 15 specialty stores.

Property overview

State	QLD
Centre type	Neighbourhood
OwnershipInterest(%)	100
Date acquired	2000
Centre frst opened	1973
Latest redevelopment	–
Valuation External/Internal	Internal
Valuation($m)1	27.5
Valuation date	Jun-17
Capitalisation rate(%)	6.50
Discount rate(%)	8.00

Tenant mix by gross lettable area (GLA)

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Supermarkets	18%
Specialties	37%
Other retail	2%
Non retail	44%

Property metrics

GLA(sqm)	2,870
Number of tenants	24
Major tenants2	IGA
Car spaces	138
Movingannual turnover(MAT) ($m)	26.8
MAT/sqm – Total($)	18,458
MAT/sqm – Specialty ($)	15,576
Specialtyoccupancycost(%)3	9.7
Occupancyrate byGLA(%)	100.0
Weighted average lease expirybyGLA(years)	2.4
Green Star – Performance	2 Stars

Specialty store lease expiry profile by income

FY184 FY19 FY20 FY21 FY22+	15%
	9%
	9%
	67%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

34 Vicinity Centres Direct Portfolio June 2017

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Mt Ommaney Centre

171 Dandenong Road, Mt Ommaney QLD 4074

mtommaneycentre.com.au

Mt Ommaney Centre is a single level Regional shopping centre located approximately 15 kilometres south-west of the Brisbane CBD. It is anchored by Kmart, Target, Big W, Woolworths, Coles and Aldi and includes more than 125 specialty stores.

Property overview

State	QLD
Centre type	Regional
OwnershipInterest(%)	25
Date acquired	2014
Centre frst opened	1979
Latest redevelopment	2010
Valuation External/Internal	Internal
Valuation($m)1	420.8
Valuation date	Jun-17
Capitalisation rate(%)	6.00
Discount rate(%)	7.75

Tenant mix by gross lettable area (GLA)

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----- Start of picture text -----

Discount department stores 38%
Supermarkets 19%
Mini majors 5%
Specialties 24%
Other retail 2%
Non retail 11%
----- End of picture text -----

Property metrics

GLA(sqm)	56,600
Number of tenants	175
Major tenants2	Aldi, Big W, Coles, Kmart,
	Target, Woolworths
Car spaces	2,543
Movingannual turnover(MAT) ($m)	313.0
MAT/sqm – Total($)	6,590
MAT/sqm – Specialty ($)	7,790
Specialtyoccupancycost(%)3	16.3
Occupancyrate byGLA(%)	98.7
Weighted average lease expirybyGLA(years)	5.5
Green Star – Performance	2 Stars
NABERS Energyrating	2.5 Stars
NABERS Water rating	4.0 Stars

Specialty store lease expiry profile by income

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----- Start of picture text -----

FY18 [4] 35%
FY19 10%
FY20 18%
FY21 11%
FY22+ 25%
----- End of picture text -----

1 Expressed on 100% basis.
2 Classified in accordance with SCCA guidelines, typically includes department stores, discount department stores and supermarkets.
3 Includes marketing levy and based on GST inclusive turnover.
4 Includes holdovers.

Vicinity Centres Direct Portfolio June 2017 35

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North Shore Village

722-728 David Low Way, Pacific Paradise QLD 4564

North Shore Village is an open air Neighbourhood shopping centre located on the Sunshine Coast, anchored by Coles and includes 8 specialty stores.

Property overview

State	QLD
Centre type	Neighbourhood
OwnershipInterest(%)	100
Date acquired	2005
Centre frst opened	2003
Latest redevelopment	–
Valuation External/Internal	Internal
Valuation($m)1	25.0
Valuation date	Jun-17
Capitalisation rate(%)	6.25
Discount rate(%)	8.00

Tenant mix by gross lettable area (GLA)

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Supermarkets	63%
Specialties	16%
Other retail	5%
Non retail	17%

Property metrics

GLA(sqm)	4,077
Number of tenants	15
Major tenants2	Coles
Car spaces	274
Movingannual turnover(MAT) ($m)	50.1
MAT/sqm – Total($)	15,350
MAT/sqm – Specialty ($)	6,813
Specialtyoccupancycost(%)3	13.2
Occupancyrate byGLA(%)	100.0
Weighted average lease expirybyGLA(years)	2.2
Green Star – Performance	3 Stars

Specialty store lease expiry profile by income

FY184 FY19 FY20 FY21 FY22+	0% 7% 29% 17%
	17%
	7%
	29%
	47%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

36 Vicinity Centres Direct Portfolio June 2017

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Oxenford Village

2 Cottonwood Place, Oxenford QLD 4210

oxenfordvillage.com.au

Oxenford Village is a single level Neighbourhood shopping centre located approximately 62 kilometres south of the Brisbane CBD. It is anchored by Woolworths and includes 11 specialty stores.

Property overview

State	QLD
Centre type	Neighbourhood
OwnershipInterest(%)	100
Date acquired	2003
Centre frst opened	2001
Latest redevelopment	–
Valuation External/Internal	External
Valuation($m)1	33.1
Valuation date	Jun-17
Capitalisation rate(%)	6.25
Discount rate(%)	7.50

Tenant mix by gross lettable area (GLA)

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Supermarkets	58%
Specialties	16%
Other retail	1%
Non retail	25%

Property metrics

GLA(sqm)	5,811
Number of tenants	17
Major tenants2	Woolworths
Car spaces	255
Movingannual turnover(MAT) ($m)	77.3
MAT/sqm – Total($)	17,587
MAT/sqm – Specialty ($)	10,106
Specialtyoccupancycost(%)3	10.5
Occupancyrate byGLA(%)	100.0
Weighted average lease expirybyGLA(years)	8.3
Green Star – Performance	3 Stars

Specialty store lease expiry profile by income

FY184 FY19 FY20 FY21 FY22+	8%
	14%
	12%
	65%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

Vicinity Centres Direct Portfolio June 2017 37

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QueensPlaza

226 Queen Street, Brisbane QLD 4000 queensplaza.com.au

QueensPlaza is a three level City Centre located in the heart of Brisbane CBD. It is anchored by David Jones and Coles and includes more than 60 specialty stores. The centre features luxury retailers, including Chanel, Louis Vuitton, Salvatore Ferragamo, Burberry, Bvlgari, Paspaley Pearls and Tiffany & Co.

Property overview

State	QLD
Centre type	CityCentre
OwnershipInterest(%)	100
Date acquired	2001
Centre frst opened	2005
Latest redevelopment	2008
Valuation External/Internal	External
Valuation($m)1	770.5
Valuation date	Jun-17
Capitalisation rate(%)	5.00
Discount rate(%)	7.25

Tenant mix by gross lettable area (GLA)

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----- Start of picture text -----

Department stores 70%
Supermarkets 4%
Mini majors 1%
Specialties 17%
Non retail 8%
----- End of picture text -----

Property metrics

GLA(sqm)	39,066
Number of tenants	71
Major tenants2	Coles, David Jones
Car spaces	600
Movingannual turnover(MAT) ($m)	296.1
MAT/sqm – Total($)	8,425
MAT/sqm – Specialty ($)	21,944
Specialtyoccupancycost(%)3	16.0
Occupancyrate byGLA(%)	97.9
Weighted average lease expirybyGLA(years)	10.8
Green Star – Performance	3 Stars
NABERS Energyrating	2.5 Stars
NABERS Water rating	2.0 Stars

Specialty store lease expiry profile by income

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----- Start of picture text -----

FY18 [4] 32%
FY19 22%
FY20 15%
FY21 12%
FY22+ 20%
----- End of picture text -----

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

38 Vicinity Centres Direct Portfolio June 2017

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Runaway Bay Centre

10-12 Lae Drive, Runaway Bay QLD 4216 runawaybaycentre.com.au

Runaway Bay Centre is a single level Regional shopping centre located approximately 10 kilometres north-west of Surfers Paradise. It is anchored by Target, Big W, Woolworths, Coles and Aldi and includes more than 80 specialty stores.

Property overview

State	QLD
Centre type	Regional
OwnershipInterest(%)	50
Date acquired	2002
Centre frst opened	1974
Latest redevelopment	1995
Valuation External/Internal	External
Valuation($m)1	315.0
Valuation date	Jun-17
Capitalisation rate(%)	5.75
Discount rate(%)	7.50

Tenant mix by gross lettable area (GLA)

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Discount department stores	33%
Supermarkets	24%
Mini majors	5%
Specialties	17%
Other retail	7%
Non retail	15%

Property metrics

GLA(sqm)	43,004
Number of tenants	121
Major tenants2	Aldi, Big W, Coles, Target, Woolworths
Car spaces	2,160
Movingannual turnover(MAT) ($m)	291.2
MAT/sqm – Total($)	8,293
MAT/sqm – Specialty ($)	9,865
Specialtyoccupancycost(%)3	12.4
Occupancyrate byGLA(%)	99.1
Weighted average lease expirybyGLA(years)	5.2
Green Star – Performance	3 Stars
NABERS Energyrating	3.5 Stars
NABERS Water rating	3.0 Stars

Specialty store lease expiry profile by income

FY184 FY19 FY20 FY21 FY22+	30%
	19%
	8%
	13%
	30%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

Vicinity Centres Direct Portfolio June 2017

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Taigum Square

Corner Church and Beams Roads, Taigum QLD 4018

taigumsquare.com.au

Taigum Square is a single level Sub Regional shopping centre located in the northern suburbs of Brisbane, approximately 19 kilometres north of the Brisbane CBD. It is anchored by Big W and Woolworths and includes more than 50 specialty stores.

Property overview

State	QLD
Centre type	Sub Regional
OwnershipInterest(%)	100
Date acquired	1998
Centre frst opened	1982
Latest redevelopment	2001
Valuation External/Internal	External
Valuation($m)1	100.0
Valuation date	Jun-17
Capitalisation rate(%)	6.25
Discount rate(%)	7.75

Tenant mix by gross lettable area (GLA)

==> picture [112 x 112] intentionally omitted <==

Discount department stores	29%
Supermarkets	16%
Mini majors	9%
Specialties	24%
Non retail	21%

Property metrics

GLA(sqm)	23,081
Number of tenants	78
Major tenants2	BigW, Woolworths
Car spaces	1,054
Movingannual turnover(MAT) ($m)	106.7
MAT/sqm – Total($)	6,040
MAT/sqm – Specialty ($)	6,382
Specialtyoccupancycost(%)3	12.6
Occupancyrate byGLA(%)	100.0
Weighted average lease expirybyGLA(years)	3.5
Green Star – Performance	3 Stars

Specialty store lease expiry profile by income

FY184 FY19 FY20 FY21 FY22+	13%
	17%
	13%
	26%
	30%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

40 Vicinity Centres Direct Portfolio June 2017

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The Myer Centre Brisbane

91 Queen Street, Brisbane QLD 4000 themyercentre.com.au

The Myer Centre Brisbane is a six level City Centre located in the heart of Brisbane. It is anchored by Myer, Target, Event Cinemas and Coles Central and includes more than 150 specialty stores.

Property overview

State	QLD
Centre type	CityCentre
OwnershipInterest(%)	25
Date acquired*	1998
Centre frst opened	1988
Latest redevelopment	2006
Valuation External/Internal	Internal
Valuation($m)1	780.0
Valuation date	Jun-17
Capitalisation rate(%)	5.75
Discount rate(%)	7.75

Tenant mix by gross lettable area (GLA)

==> picture [112 x 112] intentionally omitted <==

Department stores	50%
Discount department stores	12%
Supermarkets	3%
Mini majors	8%
Specialties	20%
Other retail	6%
Non retail	1%

Property metrics

GLA(sqm)	63,782
Number of tenants	180
Major tenants2	Coles Central, Event Cinemas,
	Myer, Target,
Car spaces	1,450
Movingannual turnover(MAT) ($m)	326.3
MAT/sqm – Total($)	5,301
MAT/sqm – Specialty ($)	11,399
Specialtyoccupancycost(%)3	20.4
Occupancyrate byGLA(%)	100.0
Weighted average lease expirybyGLA(years)	9.6
Green Star – Performance	2 Stars
NABERS Energyrating	3.0 Stars
NABERS Water rating	2.5 Stars

Specialty store lease expiry profile by income

FY184 FY19 FY20 FY21 FY22+	48%
	24%
	7%
	10%
	11%

100% acquired in 1998, 50% divested in 2012 and a further 50% divested in 2016.
1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

Vicinity Centres Direct Portfolio June 2017

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Whitsunday Plaza

8 Galbraith Park Drive, Cannonvale QLD 4802 whitsundayplaza.com.au

Whitsunday Plaza is a single level Sub Regional shopping centre located in the Whitsunday and Bowen region of North Queensland, approximately 5 kilometres south-west of Airlie Beach. It is anchored by Big W, Woolworths and Harvey Norman and includes more than 20 specialty stores.

Property overview

State	QLD
Centre type	Sub Regional
OwnershipInterest(%)	100
Date acquired	2005
Centre frst opened	2006
Latest redevelopment	–
Valuation External/Internal	Internal
Valuation($m)1	68.0
Valuation date	Jun-17
Capitalisation rate(%)	6.50
Discount rate(%)	7.75

Tenant mix by gross lettable area (GLA)

==> picture [119 x 113] intentionally omitted <==

Department stores	8%
Discount department stores	24%
Supermarkets	15%
Mini majors	10%
Specialties	10%
Other retail	16%
Non retail	17%

Property metrics

GLA(sqm)	22,394
Number of tenants	47
Major tenants2	BigW, HarveyNorman, Woolworths
Car spaces	1,149
Movingannual turnover(MAT) ($m)	117.8
MAT/sqm – Total($)	6,544
MAT/sqm – Specialty ($)	13,358
Specialtyoccupancycost(%)3	6.2
Occupancyrate byGLA(%)	100.0
Weighted average lease expirybyGLA(years)	5.0
Green Star – Performance	3 Stars
NABERS Energyrating	4.0 Stars
NABERS Water rating	4.5 Stars

Specialty store lease expiry profile by income

FY184 FY19 FY20 FY21 FY22+	29%
	10%
	25%
	26%
	10%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

42 Vicinity Centres Direct Portfolio June 2017

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----- Start of picture text -----

South Australia
----- End of picture text -----

==> picture [83 x 78] intentionally omitted <==

==> picture [554 x 566] intentionally omitted <==

----- Start of picture text -----

WARRIEWOOD SQUARE
ELIZABETH CITY CENTRE
LENNOX VILLAGE
NEPEAN VILLAGE KURRALTA CENTRAL
CARLINGFORD COURT
CASTLE PLAZA
CHATSWOOD CHASE SYDNEY
DFO HOMEBUSH
COLONNADES
BANKSTOWN CENTRAL
ROSELANDS
ADELAIDE
l Wholly owned
¢ Jointly owned
----- End of picture text -----

Vicinity Centres Direct Portfolio June 2017 43

South Australia

46 Castle Plaza 47 Colonnades

48 Elizabeth City Centre 49 Kurralta Central

Colonnades, SA

44 Vicinity Centres Direct Portfolio June 2017

Kurralta Central

South Australia

Community hub for convenient everyday shopping

==> picture [59 x 33] intentionally omitted <==

$9,517/sqm specialty productivity

==> picture [39 x 38] intentionally omitted <==

10,000[+] sqm gross lettable area

Vicinity Centres Direct Portfolio June 2017

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Castle Plaza

992 South Road, Edwardstown SA 5039 castleplaza.com.au

Castle Plaza is a single level Sub Regional shopping centre located approximately 6 kilometres south-west of the Adelaide CBD. It is anchored by Target, Coles and Foodland and includes more than 50 specialty stores.

Property overview

State	SA
Centre type	Sub Regional
OwnershipInterest(%)	100
Date acquired	2002
Centre frst opened	1987
Latest redevelopment	2000
Valuation External/Internal	Internal
Valuation($m)1	174.0
Valuation date	Jun-17
Capitalisation rate(%)	6.75
Discount rate(%)	8.50

Tenant mix by gross lettable area (GLA)

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==> picture [118 x 55] intentionally omitted <==

----- Start of picture text -----

Discount department stores 35%
Supermarkets 30%
Specialties 22%
Other retail 7%
Non retail 7%
----- End of picture text -----

Property metrics

GLA(sqm)	22,840
Number of tenants	70
Major tenants2	Coles, Foodland, Target
Car spaces	1,315
Movingannual turnover(MAT) ($m)	148.2
MAT/sqm – Total($)	7,083
MAT/sqm – Specialty ($)	8,662
Specialtyoccupancycost(%)3	14.5
Occupancyrate byGLA(%)	99.3
Weighted average lease expirybyGLA(years)	3.3
Green Star – Performance	2 Stars
NABERS Energyrating	3.0 Stars
NABERS Water rating	2.5 Stars

Specialty store lease expiry profile by income

==> picture [261 x 68] intentionally omitted <==

----- Start of picture text -----

FY18 [4] 35%
FY19 11%
FY20 20%
FY21 29%
FY22+ 6%
----- End of picture text -----

1 Expressed on 100% basis.

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

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

46 Vicinity Centres Direct Portfolio June 2017

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Colonnades

Beach Road, Noarlunga Centre SA 5168 colonnades.com.au

Colonnades is a two level Regional shopping centre located in the Noarlunga Town Square, approximately 30 kilometres south of the Adelaide CBD. It is anchored by Big W, Kmart, Myer and Coles as well as an expanded Woolworths and Harris Scarfe and an introduced Aldi. The centre also includes more than 130 specialty stores. Part of the redevelopment completed in March 2016 also included a new market style mall and additional car parking.

Property overview

State	SA
Centre type	Regional
OwnershipInterest(%)	50
Date acquired	2003
Centre frst opened	1979
Latest redevelopment	2016
Valuation External/Internal	External
Valuation($m)1	311.2
Valuation date	Jun-17
Capitalisation rate(%)	6.75
Discount rate(%)	7.75

Tenant mix by gross lettable area (GLA)

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Department stores 6%
Discount department stores 24%
Supermarkets 13%
Mini majors 9%
Specialties 18%
Other retail 4%
Non retail 27%
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Property metrics

GLA(sqm)	83,493
Number of tenants	174
Major tenants2	Aldi, Coles, Big W, Harris Scarfe,
	Kmart, Myer, Woolworths
Car spaces	3,748
Movingannual turnover(MAT) ($m)	306.3
MAT/sqm – Total($)	5,480
MAT/sqm – Specialty ($)	6,270
Specialtyoccupancycost(%)3	16.1
Occupancyrate byGLA(%)	99.4
Weighted average lease expirybyGLA(years)	7.8
Green Star – Performance	2 Stars
NABERS Energyrating	4.5 Stars
NABERS Water rating	3.5 Stars

Specialty store lease expiry profile by income

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FY18 [4] 33%
FY19 18%
FY20 9%
FY21 12%
FY22+ 28%
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1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

Vicinity Centres Direct Portfolio June 2017

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Elizabeth City Centre

50 Elizabeth Way, Elizabeth SA 5112 elizabethcitycentre.com.au

Elizabeth City Centre is a two level Regional shopping centre located approximately 28 kilometres north-east of the Adelaide CBD. It is anchored by Target, Big W, Harris Scarfe, Woolworths, Reading Cinemas and Coles and includes more than 145 specialty stores.

Property overview

State	SA
Centre type	Regional
OwnershipInterest(%)	100
Date acquired	1998
Centre frst opened	1960
Latest redevelopment	2015
Valuation External/Internal	External
Valuation($m)1	384.1
Valuation date	Jun-17
Capitalisation rate(%)	7.00
Discount rate(%)	8.25

Tenant mix by gross lettable area (GLA)

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Discount department stores	29%
Supermarkets	11%
Mini majors	11%
Specialties	23%
Other retail	8%
Non retail	17%

Property metrics

GLA(sqm)	80,497
Number of tenants	210
Major tenants2	Big W, Coles, Harris Scarfe,
	ReadingCinemas, Target, Woolworths
Car spaces	3,228
Movingannual turnover(MAT) ($m)3	n.a.
MAT/sqm – Total($)3	n.a.
MAT/sqm – Specialty ($)3	n.a.
Specialtyoccupancycost(%)3, 4	n.a.
Occupancyrate byGLA(%)	99.8
Weighted average lease expirybyGLA(years)	5.0
Green Star – Performance	3 Stars
NABERS Energyrating	3.5 Stars
NABERS Water rating	3.0 Stars

Specialty store lease expiry profile by income

FY185 FY19 FY20 FY21 FY22+	43%
	13%
	10%
	11%
	23%

1 Expressed on 100% basis.

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

3 Non-comparable for sales reporting purposes.
4 Includes marketing levy and based on GST inclusive turnover.

5 Includes holdovers.

48 Vicinity Centres Direct Portfolio June 2017

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Kurralta Central

153 Anzac Highway, Kurralta Park SA 5037

kurraltacentral.com.au

Kurralta Central is a single level Sub Regional shopping centre located approximately 6 kilometres south-west of the Adelaide CBD. It is anchored by Kmart and Coles and includes 8 specialty stores.

Property overview

State	SA
Centre type	Sub Regional
OwnershipInterest(%)	100
Date acquired	2003
Centre frst opened	1969
Latest redevelopment	2000
Valuation External/Internal	Internal
Valuation($m)1	42.0
Valuation date	Jun-17
Capitalisation rate(%)	6.00
Discount rate(%)	7.00

Tenant mix by gross lettable area (GLA)

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Discount department stores	66%
Supermarkets	22%
Specialties	8%
Other retail	1%
Non retail	3%

Property metrics

GLA(sqm)	10,678
Number of tenants	14
Major tenants2	Coles, Kmart,
Car spaces	548
Movingannual turnover(MAT) ($m)	82.7
MAT/sqm – Total($)	8,019
MAT/sqm – Specialty ($)	9,517
Specialtyoccupancycost(%)3	11.6
Occupancyrate byGLA(%)	100.0
Weighted average lease expirybyGLA(years)	3.8
Green Star – Performance	3 Stars

Specialty store lease expiry profile by income

FY184 FY19 FY20 FY21 FY22+	46%
	10%
	18%
	27%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

Vicinity Centres Direct Portfolio June 2017

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Victoria and Tasmania
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ROXBURGH VILLAGE
BROADMEADOWS CENTRAL
DFO ESSENDON
NORTHLAND
VICTORIA GARDENS SHOPPING CENTRE
SUNSHINE
MARKETPLACE EMPORIUM MELBOURNE
DFO SOUTH WHARF MYER BOURKE BOX HILL CENTRAL (NORTH PRECINCT)
ALTONA GATE STREET BOX HILL CENTRAL (SOUTH PRECINCT)
CHADSTONE
BENTONS S THE GLEN
BRANDON PARK
OAKLEIGH CENTRAL
DFO MOORABBIN
CRANBOURNE PARK
BAYSIDE
MELBOURNE THE GATEWAY
CORIO CENTRAL
BELMONT VILLAGE
MORNINGTON CENTRAL
BENTONS SQUARE
NORTHGATE
EASTLANDS
HOBART
l Wholly owned
¢ Jointly owned
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50 Vicinity Centres Direct Portfolio June 2017

Victoria

53 Altona Gate

54 Bayside

55 Belmont Village 56 Bentons Square 57 Box Hill Central (North Precinct) 58 Box Hill Central (South Precinct) 59 Brandon Park 60 Broadmeadows Central 61 Chadstone 62 Corio Central 63 Cranbourne Park 64 DFO Essendon 65 DFO Moorabbin 66 DFO South Wharf

67 Emporium Melbourne 68 Mornington Central 69 Myer Bourke Street 70 Northland

71 Oakleigh Central 72 Roxburgh Village 73 Sunshine Marketplace 74 The Gateway 75 The Glen

76 Victoria Gardens Shopping Centre

Tasmania

77 Eastlands

78 Northgate

Emporium Melbourne, VIC Vicinity Centres Direct Portfolio June 2017 51

Chadstone

Victoria

$666 million[1] development completed June 2017

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$1.7+ billion

annual sales

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30+

international flagship and luxury stores

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1st

LEGOLAND[®] Discovery Centre in Australia

Vicinity's share is 50%.

52 Vicinity Centres Direct Portfolio June 2017

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Altona Gate

124-134 Millers Road, Altona North VIC 3025 altonagate.com.au

Altona Gate is a four level Sub Regional shopping centre located in the northern suburbs of Melbourne, approximately 10 kilometres west of the Melbourne CBD. It is anchored by Kmart, Coles and Aldi and includes more than 60 specialty stores.

Property overview

State	VIC
Centre type	Sub Regional
OwnershipInterest(%)	100
Date acquired	1994
Centre frst opened	1977
Latest redevelopment	2014
Valuation External/Internal	Internal
Valuation($m)1	102.5
Valuation date	Jun-17
Capitalisation rate(%)	6.50
Discount rate(%)	7.75

Tenant mix by gross lettable area (GLA)

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Discount department stores	30%
Supermarkets	20%
Mini majors	17%
Specialties	23%
Other retail	3%
Non retail	6%

Property metrics

GLA(sqm)	26,277
Number of tenants	81
Major tenants2	Aldi, Coles, Kmart
Car spaces	1,622
Movingannual turnover(MAT) ($m)	145.8
MAT/sqm – Total($)	6,313
MAT/sqm – Specialty ($)	6,958
Specialtyoccupancycost(%)3	15.8
Occupancyrate byGLA(%)	98.1
Weighted average lease expirybyGLA(years)	5.8
Green Star – Performance	3 Stars
NABERS Energyrating	3.5 Stars
NABERS Water rating	4.0 Stars

Specialty store lease expiry profile by income

FY184 FY19 FY20 FY21 FY22+	47%
	19%
	13%
	12%
	9%

1 Expressed on 100% basis.

2 Classified in accordance with SCCA guidelines, typically includes department stores, discount department stores and supermarkets.
3 Includes marketing levy and based on GST inclusive turnover.
4 Includes holdovers.

Vicinity Centres Direct Portfolio June 2017 53

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Bayside

28 Beach Street, Frankston VIC 3199 baysidesc.com.au

Bayside is a three level Major Regional shopping centre located in the heart of Frankston, approximately 50 kilometres south of the Melbourne CBD. It is anchored by Myer, Target, Kmart, HOYTS Cinema, Coles, Woolworths, Toys "R" Us and Aldi and includes more than 195 specialty stores.

Property overview

State	VIC
Centre type	Major Regional
OwnershipInterest(%)	100
Date acquired	1994
Centre frst opened	1971
Latest redevelopment	2011
Valuation External/Internal	External
Valuation($m)1	622.5
Valuation date	Jun-17
Capitalisation rate(%)	5.75
Discount rate(%)	7.50

Tenant mix by gross lettable area (GLA)

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Department stores	19%
Discount department stores	16%
Supermarkets	11%
Mini majors	14%
Specialties	26%
Other retail	9%
Non retail	5%

Property metrics

GLA(sqm)	88,843
Number of tenants	241
Major tenants2	Aldi, Coles, HOYTS Cinema, Kmart,
	Myer, Target, Toys "R" Us, Woolworths
Car spaces	3,452
Movingannual turnover(MAT) ($m)	421.7
MAT/sqm – Total($)	5,124
MAT/sqm – Specialty ($)	8,127
Specialtyoccupancycost(%)3	16.1
Occupancyrate byGLA(%)	99.2
Weighted average lease expirybyGLA(years)	5.0
Green Star – Performance	3 Stars

Specialty store lease expiry profile by income

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FY18 [4] 41%
FY19 9%
FY20 12%
FY21 15%
FY22+ 24%
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1 Expressed on 100% basis.

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

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

54 Vicinity Centres Direct Portfolio June 2017

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Belmont Village

65 High Street, Belmont VIC 3216 belmontvillage.com.au

Belmont Village is a single level Sub Regional shopping centre located approximately 75 kilometres south-west of the Melbourne CBD. It is anchored by Kmart and Coles and includes 12 specialty stores.

Property overview

State	VIC
Centre type	Sub Regional
OwnershipInterest(%)	100
Date acquired	2003
Centre frst opened	1970
Latest redevelopment	–
Valuation External/Internal	Internal
Valuation($m)1	50.0
Valuation date	Jun-17
Capitalisation rate(%)	6.00
Discount rate(%)	7.25

Tenant mix by gross lettable area (GLA)

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Discount department stores 60%
Supermarkets 24%
Specialties 9%
Other retail 7%
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Property metrics

GLA(sqm)	14,034
Number of tenants	17
Major tenants2	Coles, Kmart
Car spaces	570
Movingannual turnover(MAT) ($m)	99.6
MAT/sqm – Total($)	7,320
MAT/sqm – Specialty ($)	10,663
Specialtyoccupancycost(%)3	10.4
Occupancyrate byGLA(%)	100.0
Weighted average lease expirybyGLA(years)	4.1
Green Star – Performance	4 Stars

Specialty store lease expiry profile by income

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FY18 [4] 27%
FY19 6%
FY20 23%
FY21 24%
FY22+ 20%
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1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

Vicinity Centres Direct Portfolio June 2017

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Bentons Square

Corner Bentons and Dunns Roads, Mornington VIC 3931 bentonssquare.com.au

Bentons Square is a single level Neighbourhood shopping centre located approximately 66 kilometres south-east of the Melbourne CBD. It is anchored by Woolworths and includes more than 25 specialty stores.

Property overview

State	VIC
Centre type	Neighbourhood
OwnershipInterest(%)	100
Date acquired*	2014
Centre frst opened	2002
Latest redevelopment	2009
Valuation External/Internal	Internal
Valuation($m)1	82.0
Valuation date	Jun-17
Capitalisation rate(%)	6.25
Discount rate(%)	8.25

Tenant mix by gross lettable area (GLA)

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Supermarkets 43%
Mini majors 12%
Specialties 32%
Other retail 4%
Non retail 8%
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Property metrics

GLA(sqm)	10,085
Number of tenants	44
Major tenants2	Woolworths
Car spaces	534
Movingannual turnover(MAT) ($m)	143.4
MAT/sqm – Total($)	15,946
MAT/sqm – Specialty ($)	7,998
Specialtyoccupancycost(%)3	13.4
Occupancyrate byGLA(%)	100.0
Weighted average lease expirybyGLA(years)	7.5
Green Star – Performance	2 Stars

Specialty store lease expiry profile by income

FY184 FY19 FY20 FY21 FY22+	11%
	9%
	16%
	16%
	47%

50% acquired in 2014 and remaining 50% acquired in 2016.

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

56 Vicinity Centres Direct Portfolio June 2017

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Box Hill Central (North Precinct)

17-21 Market Street, Box Hill VIC 3128 boxhillcentral.com.au

Box Hill Central (North Precinct) is a two level Sub Regional shopping centre adjacent to Box Hill Central (South Precinct), approximately 20 kilometres east of the Melbourne CBD. It is anchored by Coles and Harris Scarfe and includes more than 55 specialty stores.

Property overview

State	VIC
Centre type	Sub Regional
OwnershipInterest(%)	100
Date acquired	2001
Centre frst opened	1975
Latest redevelopment	2007
Valuation External/Internal	External
Valuation($m)1	103.0
Valuation date	Jun-17
Capitalisation rate(%)	6.50
Discount rate(%)	8.00

Tenant mix by gross lettable area (GLA)

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Discount department stores 17%
Supermarkets 23%
Mini majors 6%
Specialties 33%
Other retail 3%
Non retail 17%
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Property metrics

GLA(sqm)	14,584
Number of tenants	85
Major tenants2	Coles, Harris Scarfe
Car spaces	897
Movingannual turnover(MAT) ($m)	77.4
MAT/sqm – Total($)	6,533
MAT/sqm – Specialty ($)	6,009
Specialtyoccupancycost(%)3	18.3
Occupancyrate byGLA(%)	100.0
Weighted average lease expirybyGLA(years)	2.2
Green Star – Performance	1 Star

Specialty store lease expiry profile by income

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FY18 [4] 16%
FY19 24%
FY20 18%
FY21 19%
FY22+ 23%
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1 Expressed on 100% basis.

2 Classified in accordance with SCCA guidelines, typically includes department stores, discount department stores and supermarkets.
3 Includes marketing levy and based on GST inclusive turnover.
4 Includes holdovers.

Vicinity Centres Direct Portfolio June 2017

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Box Hill Central (South Precinct)

1 Main Street, Box Hill VIC 3128 boxhillcentral.com.au

Box Hill Central (South Precinct) is a single level Sub Regional shopping centre located above Box Hill train station, adjacent to Box Hill Central (North Precinct), approximately 20 kilometres east of the Melbourne CBD. It is anchored by Big W and Woolworths and includes more than 95 specialty stores.

Property overview

State	VIC
Centre type	Sub Regional
OwnershipInterest(%)	100
Date acquired	2000
Centre frst opened	1987
Latest redevelopment	2010
Valuation External/Internal	Internal
Valuation($m)1	192.0
Valuation date	Jun-17
Capitalisation rate(%)	6.25
Discount rate(%)	7.50

Tenant mix by gross lettable area (GLA)

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Discount department stores 34%
Supermarkets 16%
Mini majors 4%
Specialties 36%
Non retail 10%
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Property metrics

GLA(sqm)	23,726
Number of tenants	117
Major tenants2	BigW, Woolworths
Car spaces	1,514
Movingannual turnover(MAT) ($m)	183.5
MAT/sqm – Total($)	8,792
MAT/sqm – Specialty ($)	10,236
Specialtyoccupancycost(%)3	14.7
Occupancyrate byGLA(%)	100.0
Weighted average lease expirybyGLA(years)	6.4
Green Star – Performance	1 Star

Specialty store lease expiry profile by income

FY184 FY19 FY20 FY21 FY22+	16%
	14%
	18%
	16%
	37%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

58 Vicinity Centres Direct Portfolio June 2017

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Brandon Park

Springvale Road, Wheelers Hill VIC 3150 brandonparkcentre.com.au

Brandon Park is a two level Sub Regional shopping centre located approximately 23 kilometres south-east of the Melbourne CBD. It is anchored by Kmart, Coles and Aldi and includes more than 65 specialty stores.

Property overview

State	VIC
Centre type	Sub Regional
OwnershipInterest(%)	50
Date acquired	2003
Centre frst opened	1970
Latest redevelopment	2003
Valuation External/Internal	External
Valuation($m)1	130.0
Valuation date	Jun-17
Capitalisation rate(%)	6.50
Discount rate(%)	7.25

Tenant mix by gross lettable area (GLA)

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Discount department stores	30%
Supermarkets	22%
Mini majors	9%
Specialties	24%
Other retail	2%
Non retail	14%

Property metrics

GLA(sqm)	23,122
Number of tenants	93
Major tenants2	Aldi, Coles, Kmart
Car spaces	1,432
Movingannual turnover(MAT) ($m)	133.0
MAT/sqm – Total($)	6,915
MAT/sqm – Specialty ($)	5,807
Specialtyoccupancycost(%)3	18.5
Occupancyrate byGLA(%)	98.6
Weighted average lease expirybyGLA(years)	3.3
Green Star – Performance	2 Stars

Specialty store lease expiry profile by income

FY184 FY19 FY20 FY21 FY22+	20%
	15%
	14%
	11%
	40%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

Vicinity Centres Direct Portfolio June 2017

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Broadmeadows Central

1099-1169 Pascoe Vale Road, Broadmeadows VIC 3047 broadmeadowscentral.com.au

Broadmeadows Central is a single level Regional shopping centre with an adjacent Homemaker Centre located approximately 15 kilometres north-west of the Melbourne CBD. It is anchored by Kmart, Big W, Woolworths, HOYTS Cinema, Coles and Aldi and includes more than 135 specialty stores. The centre features family friendly amenities such as the 'Quiet Room' and Victoria's first digital interactive playground.

Property overview

State	VIC
Centre type	Regional
OwnershipInterest(%)	100
Date acquired	1994
Centre frst opened	1974
Latest redevelopment	2011
Valuation External/Internal	External
Valuation($m)1	330.5
Valuation date	Jun-17
Capitalisation rate(%)	6.50
Discount rate(%)	7.50

Tenant mix by gross lettable area (GLA)

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Discount department stores	25%
Supermarkets	15%
Mini majors	17%
Specialties	24%
Other retail	13%
Non retail	6%

Property metrics

GLA(sqm)	61,359
Number of tenants	185
Major tenants2	Aldi, Big W, Coles, Kmart,
	HOYTS Cinema, Woolworths
Car spaces	3,051
Movingannual turnover(MAT) ($m)3	n.a.
MAT/sqm – Total($)3	n.a.
MAT/sqm – Specialty ($)3	n.a.
Specialtyoccupancycost(%)3, 4	n.a.
Occupancyrate byGLA(%)	99.9
Weighted average lease expirybyGLA(years)	3.5
Green Star – Performance	3 Stars
NABERS Energyrating	2.5 Stars
NABERS Water rating	4.0 Stars

1 Expressed on 100% basis.

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

3 Non-comparable for sales reporting purposes.

4 Includes marketing levy and based on GST inclusive turnover.

5 Includes holdovers.

Specialty store lease expiry profile by income


FY185				33%
FY19			21%
FY20		18%
FY21	9%
FY22+		19%

60 Vicinity Centres Direct Portfolio June 2017

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Chadstone

1341 Dandenong Road, Chadstone VIC 3148 chadstone.com.au

Chadstone is a two level Super Regional shopping centre located approximately 17 kilometres south-east of the Melbourne CBD. It is anchored by Myer, David Jones, HOYTS Cinema, Target, Kmart, Coles, Woolworths, Toys "R" Us and Aldi and includes more than 425 specialty stores. Chadstone has recently completed a successful $666 million development (Vicinity's share: $333 million), incorporating international flagship stores, an expanded luxury offer and a world-class food and entertainment precinct. A high quality hotel is the next project planned at Chadstone, with construction expected to commence in FY18.

Property overview

State	VIC
Centre type	Super Regional
OwnershipInterest(%)	50
Date acquired	1994
Centre frst opened	1960
Latest redevelopment	2017
Valuation External/Internal	Internal
Valuation($m)1	5350.0
Valuation date	Jun-17
Capitalisation rate(%)	4.25
Discount rate(%)	7.00

Tenant mix by gross lettable area (GLA)

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==> picture [117 x 94] intentionally omitted <==

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Department stores 19%
Discount department stores 6%
Supermarkets 5%
Mini majors 18%
Specialties 27%
Other retail 9%
Non retail 6%
Office 8%
----- End of picture text -----

Property metrics

GLA(sqm)	211,929
Number of tenants	527
Major tenants2	Aldi, Coles, David Jones, Hoyts, Kmart,
	Myer, Target, Toys "R" Us, Woolworths,
Car spaces	10,050
Movingannual turnover(MAT) ($m)3	n.a.
MAT/sqm – Total($)3	n.a.
MAT/sqm – Specialty ($)3	n.a.
Specialtyoccupancycost(%)3, 4	n.a.
Occupancyrate byGLA(%)	99.8
Weighted average lease expirybyGLA(years)	6.4
Green Star – Performance	3 Stars
NABERS Energyrating	3.5 Stars
NABERS Water rating	3.0 Stars

Specialty store lease expiry profile by income

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----- Start of picture text -----

FY18 [5] 13%
FY19 8%
FY20 8%
FY21 9%
FY22+ 63%
----- End of picture text -----

1 Expressed on 100% basis.

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

3 Non-comparable for sales reporting purposes.

4 Includes marketing levy and based on GST inclusive turnover.

5 Includes holdovers.

Vicinity Centres Direct Portfolio June 2017

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Corio Central

Corner Bacchus Marsh and Purnell Roads, Corio VIC 3214

coriocentral.com.au

Corio Central is a two level Sub Regional shopping centre located 8 kilometres north of Geelong's CBD. It is anchored by Kmart, Coles and Woolworths and includes more than 65 specialty stores.

Property overview

State	VIC
Centre type	Sub Regional
OwnershipInterest(%)	100
Date acquired	2002
Centre frst opened	1973
Latest redevelopment	2005
Valuation External/Internal	Internal
Valuation($m)1	131.0
Valuation date	Jun-17
Capitalisation rate(%)	7.25
Discount rate(%)	8.00

Tenant mix by gross lettable area (GLA)

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----- Start of picture text -----

Discount department stores 20%
Supermarkets 27%
Mini majors 11%
Specialties 24%
Other retail 1%
Non retail 17%
----- End of picture text -----

Property metrics

GLA(sqm)	31,523
Number of tenants	101
Major tenants2	Coles, Kmart, Woolworths
Car spaces	1,530
Movingannual turnover(MAT) ($m)	157.9
MAT/sqm – Total($)	6,531
MAT/sqm – Specialty ($)	5,977
Specialtyoccupancycost(%)3	14.1
Occupancyrate byGLA(%)	98.7
Weighted average lease expirybyGLA(years)	4.0
Green Star – Performance	3 Stars
NABERS Energyrating	3.5 Stars
NABERS Water rating	3.5 Stars

Specialty store lease expiry profile by income

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FY18 [4] 38%
FY19 14%
FY20 14%
FY21 17%
FY22+ 18%
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1 Expressed on 100% basis.

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

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

62 Vicinity Centres Direct Portfolio June 2017

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Cranbourne Park

High Street, Cranbourne VIC 3977 cranbournepark.com.au

Cranbourne Park is a single level Regional shopping centre located approximately 42 kilometres south-east of the Melbourne CBD. It is anchored by Kmart, Target, Coles, Harris Scarfe and Woolworths and includes more than 105 specialty stores.

Property overview

State	VIC
Centre type	Regional
OwnershipInterest(%)	50
Date acquired	2000
Centre frst opened	1979
Latest redevelopment	2015
Valuation External/Internal	Internal
Valuation($m)1	306.0
Valuation date	Jun-17
Capitalisation rate(%)	6.00
Discount rate(%)	7.75

Tenant mix by gross lettable area (GLA)

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Discount department stores	33%
Supermarkets	17%
Mini majors	12%
Specialties	25%
Other retail	2%
Non retail	12%

Property metrics

GLA(sqm)	46,979
Number of tenants	142
Major tenants2	Coles, Harris Scarfe,
	Kmart, Target, Woolworths
Car spaces	1,700
Movingannual turnover(MAT) ($m)3	n.a.
MAT/sqm – Total($)3	n.a.
MAT/sqm – Specialty ($)3	n.a.
Specialtyoccupancycost(%)3,4	n.a.
Occupancyrate byGLA(%)	99.3
Weighted average lease expirybyGLA(years)	8.0
Green Star – Performance	3 Stars

Specialty store lease expiry profile by income

FY185 FY19 FY20 FY21 FY22+	17%
	3%
	26%
	20%
	34%

1 Expressed on 100% basis.

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

3 Non-comparable for sales reporting purposes.
4 Includes marketing levy and based on GST inclusive turnover.

5 Includes holdovers.

Vicinity Centres Direct Portfolio June 2017

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DFO Essendon

100 Bulla Road, Essendon Fields VIC 3041 dfo.com.au/essendon

DFO Essendon is a single level Outlet Centre located approximately 11 kilometres north of the Melbourne CBD. The centre comprises more than 105 outlet retailers including Polo Ralph Lauren, Hugo Boss, Oroton Factory and Coach. The adjacent Homemaker Hub comprises over 20 large format stores.

Property overview

State	VIC
Centre type	Outlet Centres
OwnershipInterest(%)	100
Date acquired	2010
Centre frst opened	2005
Latest redevelopment	2006
Valuation External/Internal	Internal
Valuation($m)1	170.0
Valuation date	Jun-17
Capitalisation rate(%)	6.75
Discount rate(%)	8.25

Tenant mix by gross lettable area (GLA)

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Mini majors 66%
Specialties 34%
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Property metrics

GLA(sqm)	52,321
Number of tenants	137
Major tenants2	–
Car spaces	2,137
Movingannual turnover(MAT) ($m)	229.8
MAT/sqm – Total($)3	9,283
MAT/sqm – Specialty ($)3	8,941
Specialtyoccupancycost(%)3,4	12.5
Occupancyrate byGLA(%)3	100.0
Weighted average lease expirybyGLA(years)	3.2
Green Star – Performance	3 Stars
NABERS Energyrating	4.5 Stars
NABERS Water rating	5.0 Stars

Specialty store lease expiry profile by income

FY185 FY19 FY20 FY21 FY22+	20%	20%
	15%
	8%
	29%
	28%

1 Expressed on 100% basis.

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

3 Excludes Homemaker retailers.

4 Includes marketing levy and based on GST inclusive turnover.

5 Includes holdovers.

64 Vicinity Centres Direct Portfolio June 2017

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DFO Moorabbin

250 Centre Dandenong Road, Moorabbin Airport VIC 3194 dfo.com.au/moorabbin

DFO Moorabbin is a single level Outlet Centre located approximately 20 kilometres south-east of the Melbourne CBD. The centre comprises more than 120 outlet retailers including Adidas, Lindt Outlet, Puma, Fila and Oroton Factory.

Property overview

State	VIC
Centre type	Outlet Centres
OwnershipInterest(%)	100
Date acquired	2010
Centre frst opened	1994
Latest redevelopment	2007
Valuation External/Internal	External
Valuation($m)1	122.0
Valuation date	Jun-17
Capitalisation rate(%)	7.50
Discount rate(%)	8.25

Tenant mix by gross lettable area (GLA)

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----- Start of picture text -----

Mini majors 21%
Specialties 79%
Non retail 1%
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Property metrics

GLA(sqm)	24,670
Number of tenants	132
Major tenants2	–
Car spaces	1,362
Movingannual turnover(MAT) ($m)	146.9
MAT/sqm – Total($)	6,440
MAT/sqm – Specialty ($)	6,834
Specialtyoccupancycost(%)3	11.8
Occupancyrate byGLA(%)	100.0
Weighted average lease expirybyGLA(years)	2.4
Green Star – Performance	3 Stars
NABERS Energyrating	4.5 Stars
NABERS Water rating	4.5 Stars

Specialty store lease expiry profile by income

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----- Start of picture text -----

FY18 [4] 25%
FY19 21%
FY20 15%
FY21 15%
FY22+ 24%
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1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

Vicinity Centres Direct Portfolio June 2017

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DFO South Wharf

20 Convention Centre Place, South Wharf VIC 3006

dfo.com.au/south-wharf

DFO South Wharf is a two level Outlet Centre located on the south-western fringe of Melbourne's CBD, adjacent to Docklands. The centre comprises more than 175 outlet retailers including Armani Outlet, Michael Kors, Coach and Kate Spade and an exclusive collection of sporting and active apparel outlets. The adjoining Homemaker Hub comprises over 10 large format stores. A reconfiguration and food court upgrade was completed in March 2016.

Property overview

State	VIC
Centre type	Outlet Centres
OwnershipInterest(%)	100
Date acquired*	2010
Centre frst opened	2009
Latest redevelopment	2016
Valuation External/Internal	External
Valuation($m)1	598.0
Valuation date	Jun-17
Capitalisation rate(%)	6.00
Discount rate(%)	8.25

Tenant mix by gross lettable area (GLA)

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Mini majors 48%
Specialties 48%
Non retail 2%
Other retail 2%
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Property metrics

GLA(sqm)	56,262
Number of tenants	220
Major tenants2	–
Car spaces	3,173
Movingannual turnover(MAT) ($m)	396.4
MAT/sqm – Total($)3	9,838
MAT/sqm – Specialty ($)3	9,727
Specialtyoccupancycost(%)3,4	10.2
Occupancyrate byGLA(%)3	100.0
Weighted average lease expirybyGLA(years)	3.2
Green Star – Performance	2 Stars

Specialty store lease expiry profile by income

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----- Start of picture text -----

FY18 [5] 17%
FY19 7%
FY20 23%
FY21 26%
FY22+ 27%
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50% acquired in 2010, 25% acquired in 2014 and final 25% acquired in 2017.

1 Expressed on 100% basis.

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

3 Excludes Homemaker retailers.

4 Includes marketing levy and based on GST inclusive turnover.

5 Includes holdovers.

66 Vicinity Centres Direct Portfolio June 2017

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Emporium Melbourne

287 Lonsdale Street, Melbourne VIC 3000

emporiummelbourne.com.au

Emporium Melbourne is an eight level City Centre located in the Melbourne CBD. It is anchored by Uniqlo flagship store and Myer and includes more than 200 international and specialty stores. The centre is an experience integrating fashion, culture and food.

Property overview

State	VIC
Centre type	CityCentre
OwnershipInterest(%)	50
Date acquired	2007
Centre frst opened	2014
Latest redevelopment	–
Valuation External/Internal	External
Valuation($m)1	1,210.0
Valuation date	Jun-17
Capitalisation rate(%)	4.75
Discount rate(%)	7.50

Tenant mix by gross lettable area (GLA)

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----- Start of picture text -----

Department stores 15%
Mini majors 25%
Specialties 55%
Other retail 3%
Non retail 1%
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Property metrics

GLA(sqm)	45,225
Number of tenants	218
Major tenants2	Myer
Car spaces	n.a.
Movingannual turnover(MAT) ($m)	452.7
MAT/sqm – Total($)	10,345
MAT/sqm – Specialty ($)	13,353
Specialtyoccupancycost(%)3	17.9
Occupancyrate byGLA(%)	99.6
Weighted average lease expirybyGLA(years)	3.9
Green Star – Performance	2 Stars

Specialty store lease expiry profile by income

FY184 FY19 FY20 FY21 FY22+	2%
	30%
	28%
	23%
	18%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

Vicinity Centres Direct Portfolio June 2017

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Mornington Central

78 Barkly Street, Mornington VIC 3931 morningtoncentral.com.au

Mornington Central is a single level Sub Regional shopping centre located on the Mornington Peninsula, approximately 45 kilometres south-east of the Melbourne CBD. It is anchored by Target and Coles and includes more than 30 specialty stores.

Property overview

State	VIC
Centre type	Sub Regional
OwnershipInterest(%)	50
Date acquired*	1999
Centre frst opened	2000
Latest redevelopment	–
Valuation External/Internal	Internal
Valuation($m)1	72.0
Valuation date	Jun-17
Capitalisation rate(%)	6.00
Discount rate(%)	7.75

Tenant mix by gross lettable area (GLA)

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Discount department stores 47%
Supermarkets 28%
Specialties 24%
Non retail 1%
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Property metrics

GLA(sqm)	11,773
Number of tenants	39
Major tenants2	Coles, Target
Car spaces	505
Movingannual turnover(MAT) ($m)	99.7
MAT/sqm – Total($)	8,673
MAT/sqm – Specialty ($)	9,726
Specialtyoccupancycost(%)3	15.8
Occupancyrate byGLA(%)	100.0
Weighted average lease expirybyGLA(years)	2.8
Green Star – Performance	3 Stars

Specialty store lease expiry profile by income

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----- Start of picture text -----

FY18 [4] 27%
FY19 24%
FY20 30%
FY21 11%
FY22+ 9%
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100% acquired in 1999 and 50% divested in 2016.

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

68 Vicinity Centres Direct Portfolio June 2017

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Myer Bourke Street

Bourke Street Mall, Melbourne VIC 3000

Myer Bourke Street has been operated by Myer as a department store since at least 1914. This nine-level City Centre in the retail heart of Melbourne's CBD has multilevel walkways connecting to Emporium Melbourne.

Property overview

State	VIC
Centre type	CityCentre
OwnershipInterest(%)	33
Date acquired	2007
Centre frst opened	1914
Latest redevelopment	2011
Valuation External/Internal	Internal
Valuation($m)1	468.5
Valuation date	Jun-17
Capitalisation rate(%)	4.75
Discount rate(%)	6.75

Tenant mix by gross lettable area (GLA)

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==> picture [118 x 7] intentionally omitted <==

----- Start of picture text -----

Department stores 100%
----- End of picture text -----

Property metrics

GLA(sqm)	39,924
Number of tenants	1
Major tenants2	Myer
Car spaces	–
Movingannual turnover(MAT) ($m)	n.a.
MAT/sqm – Total($)	n.a.
MAT/sqm – Specialty ($)	n.a.
Specialtyoccupancycost(%)	n.a.
Occupancyrate byGLA(%)	100.0
Weighted average lease expirybyGLA(years)	n.a.

1 Expressed on 100% basis.

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

Vicinity Centres Direct Portfolio June 2017

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Northland

2-50 Murray Road, Preston VIC 3072 northlandsc.com.au

Northland is a two level Major Regional shopping centre located approximately 9 kilometres north of the Melbourne CBD. It is anchored by Myer, Target, Kmart, HOYTS Cinema, Coles, Woolworths, Toys "R" Us and Aldi and includes more than 245 specialty stores.

Property overview

State	VIC
Centre type	Major Regional
OwnershipInterest(%)	50
Date acquired	1994
Centre frst opened	1966
Latest redevelopment	2014
Valuation External/Internal	External
Valuation($m)1	975.0
Valuation date	Jun-17
Capitalisation rate(%)	5.50
Discount rate(%)	7.50

Tenant mix by gross lettable area (GLA)

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==> picture [118 x 79] intentionally omitted <==

----- Start of picture text -----

Department stores 20%
Discount department stores 14%
Supermarkets 10%
Mini majors 13%
Specialties 29%
Other retail 8%
Non retail 6%
----- End of picture text -----

Property metrics

GLA(sqm)	97,432
Number of tenants	293
Major tenants2	Aldi, Coles, HOYTS Cinema, Kmart,
	Myer, Target, Toys "R" Us, Woolworths
Car spaces	4,640
Movingannual turnover(MAT) ($m)	547.6
MAT/sqm – Total($)	6,089
MAT/sqm – Specialty ($)	8,985
Specialtyoccupancycost(%)3	18.9
Occupancyrate byGLA(%)	99.8
Weighted average lease expirybyGLA(years)	5.3
Green Star – Performance	3 Stars
NABERS Energyrating	3.5 Stars
NABERS Water rating	3.5 Stars

Specialty store lease expiry profile by income

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----- Start of picture text -----

FY18 [4] 32%
FY19 12%
FY20 13%
FY21 22%
FY22+ 21%
----- End of picture text -----

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

70 Vicinity Centres Direct Portfolio June 2017

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Oakleigh Central

39 Hanover Street, Oakleigh VIC 3166 oakleighcentral.com.au

Oakleigh Central is a single level Neighbourhood shopping centre located approximately 19 kilometres south-east of the Melbourne CBD. It is anchored by Coles and Woolworths and includes more than 30 specialty stores.

Property overview

State	VIC
Centre type	Neighbourhood
OwnershipInterest(%)	100
Date acquired	2003
Centre frst opened	1987
Latest redevelopment	2008
Valuation External/Internal	External
Valuation($m)1	71.6
Valuation date	Jun-17
Capitalisation rate(%)	6.50
Discount rate(%)	7.75

Tenant mix by gross lettable area (GLA)

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==> picture [118 x 43] intentionally omitted <==

----- Start of picture text -----

Supermarkets 66%
Specialties 27%
Other retail 3%
Non retail 4%
----- End of picture text -----

Property metrics

GLA(sqm)	13,919
Number of tenants	44
Major tenants2	Coles, Woolworths
Car spaces	670
Movingannual turnover(MAT) ($m)	120.7
MAT/sqm – Total($)	9,327
MAT/sqm – Specialty ($)	5,846
Specialtyoccupancycost(%)3	13.4
Occupancyrate byGLA(%)	99.6
Weighted average lease expirybyGLA(years)	4.6
Green Star – Performance	2 Stars

Specialty store lease expiry profile by income

FY184 FY19 FY20 FY21 FY22+	9%
	12%
	26%
	12%
	41%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

Vicinity Centres Direct Portfolio June 2017

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Roxburgh Village

250 Somerton Road, Roxburgh Park VIC 3064

roxburghvillage.com.au

Roxburgh Village is a single level Sub Regional shopping centre located approximately 21 kilometres north of the Melbourne CBD. It is anchored by Coles, Woolworths and Aldi and includes more than 45 specialty stores.

Property overview

State	VIC
Centre type	Sub Regional
OwnershipInterest(%)	100
Date acquired	1997
Centre frst opened	1999
Latest redevelopment	2012
Valuation External/Internal	External
Valuation($m)1	122.1
Valuation date	Jun-17
Capitalisation rate(%)	6.25
Discount rate(%)	7.25

Tenant mix by gross lettable area (GLA)

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==> picture [118 x 55] intentionally omitted <==

----- Start of picture text -----

Supermarkets 47%
Mini majors 11%
Specialties 23%
Other retail 10%
Non retail 10%
----- End of picture text -----

Property metrics

GLA(sqm)	24,743
Number of tenants	72
Major tenants2	Aldi, Coles, Woolworths
Car spaces	1,201
Movingannual turnover(MAT) ($m)	147.1
MAT/sqm – Total($)	6,684
MAT/sqm – Specialty ($)	5,939
Specialtyoccupancycost(%)3	14.6
Occupancyrate byGLA(%)	100.0
Weighted average lease expirybyGLA(years)	5.0
Green Star – Performance	3 Stars
NABERS Energyrating	3.5 Stars

Specialty store lease expiry profile by income

FY184 FY19 FY20 FY21 FY22+	22%
	13%
	41%
	7%
	18%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

72 Vicinity Centres Direct Portfolio June 2017

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Sunshine Marketplace

80 Harvester Road, Sunshine VIC 3020 sunshinemarketplace.com.au

Sunshine Marketplace is a single level Sub Regional shopping centre located approximately 12 kilometres west of the Melbourne CBD. It is anchored by Village Cinemas, Big W and Woolworths and includes more than 50 specialty stores.

Property overview

State	VIC
Centre type	Sub Regional
OwnershipInterest(%)	50
Date acquired	2003
Centre frst opened	1997
Latest redevelopment	2004
Valuation External/Internal	External
Valuation($m)1	117.0
Valuation date	Jun-17
Capitalisation rate(%)	6.50
Discount rate(%)	7.00

Tenant mix by gross lettable area (GLA)

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Discount department stores	21%
Supermarkets	13%
Mini majors	9%
Specialties	14%
Other retail	37%
Non retail	6%

Property metrics

GLA(sqm)	34,055
Number of tenants	75
Major tenants2	BigW, Village Cinemas, Woolworths
Car spaces	1,717
Movingannual turnover(MAT) ($m)	136.5
MAT/sqm – Total($)	4,749
MAT/sqm – Specialty ($)	7,275
Specialtyoccupancycost(%)3	14.0
Occupancyrate byGLA(%)	99.8
Weighted average lease expirybyGLA(years)	4.5
Green Star – Performance	3 Stars

Specialty store lease expiry profile by income

FY184 FY19 FY20 FY21 FY22+	20%
	21%
	26%
	7%
	25%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

Vicinity Centres Direct Portfolio June 2017

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The Gateway

230 Cranbourne-Frankston Road, Langwarrin VIC 3910

thegatewaysc.com.au

The Gateway is a single level Neighbourhood shopping centre located in Langwarrin, approximately 55 kilometres southeast of the Melbourne CBD. It is anchored by Coles and Target Country and includes more than 20 specialty stores.

Property overview

State	VIC
Centre type	Neighbourhood
OwnershipInterest(%)	100
Date acquired	2003
Centre frst opened	1987
Latest redevelopment	2012
Valuation External/Internal	Internal
Valuation($m)1	46.0
Valuation date	Jun-17
Capitalisation rate(%)	6.50
Discount rate(%)	7.50

Tenant mix by gross lettable area (GLA)

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==> picture [118 x 55] intentionally omitted <==

----- Start of picture text -----

Supermarkets 34%
Mini majors 18%
Specialties 20%
Other retail 11%
Non retail 17%
----- End of picture text -----

Property metrics

GLA(sqm)	10,872
Number of tenants	41
Major tenants2	Coles
Car spaces	504
Movingannual turnover(MAT) ($m)	86.2
MAT/sqm – Total($)	9,753
MAT/sqm – Specialty ($)	9,505
Specialtyoccupancycost(%)3	7.5
Occupancyrate byGLA(%)	100.0
Weighted average lease expirybyGLA(years)	5.6
Green Star – Performance	3 Stars

Specialty store lease expiry profile by income

FY184 FY19 FY20 FY21 FY22+	10%	10%
	24%
	8%
	37%
	21%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

74 Vicinity Centres Direct Portfolio June 2017

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The Glen

235 Springvale Road, Glen Waverley VIC 3150 theglen.com.au

The Glen is a two level Major Regional shopping centre located in Glen Waverley, approximately 20 kilometres south-east of the Melbourne CBD. It is anchored by David Jones, Target, Woolworths and Coles and includes more than 90 specialty stores. A major redevelopment at The Glen is currently underway, which will introduce Aldi and over 60 new speciality stores, as well as a latest format David Jones, and a new contemporary food gallery with casual dining hub and an outdoor dining precinct. The first stage of the development is due to open in late 2017, with full project completion targeted for 2020.

Property overview

Property overview
State	VIC
Centre type	Major Regional
OwnershipInterest(%)	50
Date acquired	1994
Centre frst opened	1991
Latest redevelopment Valuation External/Internal Valuation($m)1	2017 Internal 404.2
Valuation date	Jun-17
Capitalisation rate(%)	5.75
Discount rate(%)	8.00

Tenant mix by gross lettable area (GLA)

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==> picture [118 x 79] intentionally omitted <==

----- Start of picture text -----

Department stores 19%
Discount department stores 16%
Supermarkets 18%
Mini majors 10%
Specialties 21%
Other retail 1%
Non retail 15%
----- End of picture text -----

Property metrics

GLA(sqm)	51,390
Number of tenants	117
Major tenants2	Coles, David Jones,
	Target, Woolworths
Car spaces	3,100
Movingannual turnover(MAT) ($m)3	n.a.
MAT/sqm – Total($)3	n.a.
MAT/sqm – Specialty ($)3	n.a.
Specialtyoccupancycost(%)3,4	n.a.
Occupancyrate byGLA(%)	100.0
Weighted average lease expirybyGLA(years)	2.1
Green Star – Performance	2 Stars

Specialty store lease expiry profile by income

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----- Start of picture text -----

FY18 [5] 60%
FY19 20%
FY20 11%
FY21 2%
FY22+ 7%
----- End of picture text -----

1 Expressed on 100% basis.

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

3 Non-comparable for sales reporting purposes.

4 Includes marketing levy and based on GST inclusive turnover.

5 Includes holdovers.

Vicinity Centres Direct Portfolio June 2017

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Victoria Gardens Shopping Centre

620 Victoria Street, Richmond VIC 3121 vicgardenssc.com.au

Victoria Gardens Shopping Centre is a multilevel Sub Regional shopping centre located in Richmond, approximately 4 kilometres eastof the Melbourne CBD. It is anchored by Kmart, HOYTS Cinema and Coles and includes more than 60 specialty stores. The centre is located adjacent to an Ikea store (not owned) with access to the store provided through the centre.

Property overview

State	VIC
Centre type	Sub Regional
OwnershipInterest(%)	50
Date acquired	2003
Centre frst opened	2003
Latest redevelopment	–
Valuation External/Internal	External
Valuation($m)1	276.4
Valuation date	Jun-17
Capitalisation rate(%)	5.75
Discount rate(%)	7.50

Tenant mix by gross lettable area (GLA)

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==> picture [117 x 68] intentionally omitted <==

----- Start of picture text -----

Discount department stores 20%
Supermarkets 12%
Mini majors 14%
Specialties 19%
Other retail 23%
Non retail 12%
----- End of picture text -----

Property metrics

GLA(sqm)	35,153
Number of tenants	85
Major tenants2	Coles, HOYTS Cinema, Kmart
Car spaces	2,154
Movingannual turnover(MAT) ($m)	188.0
MAT/sqm – Total($)	6,586
MAT/sqm – Specialty ($)	10,495
Specialtyoccupancycost(%)3	13.4
Occupancyrate byGLA(%)	99.6
Weighted average lease expirybyGLA(years)	4.1
Green Star – Performance	2 Stars

Specialty store lease expiry profile by income

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----- Start of picture text -----

FY18 [4] 33%
FY19 14%
FY20 13%
FY21 22%
FY22+ 18%
----- End of picture text -----

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

76 Vicinity Centres Direct Portfolio June 2017

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Eastlands

26 Bligh Street, Rosny Park TAS 7018 eastlandssc.com.au

Eastlands is a two level Regional shopping centre located approximately 6 kilometres south-east of the Hobart CBD. It is anchored by Big W, Kmart, Coles, Woolworths and Village Cinemas and includes more than 70 specialty stores.

Property overview

State	TAS
Centre type	Regional
OwnershipInterest(%)	100
Date acquired	1994
Centre frst opened	1965
Latest redevelopment	2007
Valuation External/Internal	Internal
Valuation($m)1	170.0
Valuation date	Jun-17
Capitalisation rate(%)	6.50
Discount rate(%)	7.25

Tenant mix by gross lettable area (GLA)

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Discount department stores 32%
Supermarkets 22%
Mini majors 10%
Specialties 28%
Other retail 7%
Non retail 2%
----- End of picture text -----

Property metrics

GLA(sqm)	33,440
Number of tenants	92
Major tenants2	Big W, Coles, Kmart,
	Village Cinemas, Woolworths
Car spaces	1,446
Movingannual turnover(MAT) ($m)	235.8
MAT/sqm – Total($)	7,271
MAT/sqm – Specialty ($)	7,139
Specialtyoccupancycost(%)3	14.6
Occupancyrate byGLA(%)	99.2
Weighted average lease expirybyGLA(years)	4.1
Green Star – Performance	3 Stars
NABERS Energyrating	5.0 Stars
NABERS Water rating	3.0 Stars

Specialty store lease expiry profile by income

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----- Start of picture text -----

FY18 [4] 29%
FY19 17%
FY20 14%
FY21 19%
FY22+ 21%
----- End of picture text -----

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

Vicinity Centres Direct Portfolio June 2017

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Northgate

387-393 Main Road, Glenorchy TAS 7010 northgatesc.com.au

Northgate is a single level Sub Regional shopping centre located approximately 10 kilometres north of the Hobart CBD. It is anchored by Target and Coles and includes more than 50 specialty stores.

Property overview

State	TAS
Centre type	Sub Regional
OwnershipInterest(%)	100
Date acquired	2009
Centre frst opened	1986
Latest redevelopment	1996
Valuation External/Internal	External
Valuation($m)1	108.0
Valuation date	Jun-17
Capitalisation rate(%)	6.75
Discount rate(%)	7.75

Tenant mix by gross lettable area (GLA)

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----- Start of picture text -----

Discount department stores 31%
Supermarkets 26%
Mini majors 6%
Specialties 30%
Non retail 7%
----- End of picture text -----

Property metrics

GLA(sqm)	19,373
Number of tenants	66
Major tenants2	Coles, Target
Car spaces	855
Movingannual turnover(MAT) ($m)	135.4
MAT/sqm – Total($)	7,917
MAT/sqm – Specialty ($)	9,842
Specialtyoccupancycost(%)3	12.1
Occupancyrate byGLA(%)	99.3
Weighted average lease expirybyGLA(years)	4.3
Green Star – Performance	3 Stars
NABERS Energyrating	4.5 Stars
NABERS Water rating	3.5 Stars

Specialty store lease expiry profile by income

FY184 FY19 FY20 FY21 FY22+	42%
	14%
	14%
	6%
	24%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

78 Vicinity Centres Direct Portfolio June 2017

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----- Start of picture text -----

Western Australia
CURRAMBINE CENTRAL
ELLENBROOK CENTRAL
WARWICK GROVE
DIANELLA PLAZA
GALLERIA
FLINDERS SQUARE
VICTORIA PARK CENTRAL
KALAMUNDA CENTRAL
MADDINGTON CENTRAL
LIVINGSTON MARKETPLACE
ROCKINGHAM CENTRE
KARRATHA CITY
WARNBRO CENTRE
MANDURAH FORUM
HALLS HEAD CENTRAL
STIRLINGS CENTRAL
PERTH
l Wholly owned
¢ Jointly owned
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Vicinity Centres Direct Portfolio June 2017 79

Western Australia

82 Currambine Central

83 Dianella Plaza 84 Ellenbrook Central

85 Flinders Square 86 Galleria

87 Halls Head Central

88 Kalamunda Central

89 Karratha City

90 Livingston Marketplace

91 Maddington Central
92 Mandurah Forum
93 Rockingham Centre

94 Stirlings Central 95 Victoria Park Central

96 Warnbro Centre
97 Warwick Grove

Halls Head Central, WA

80 Vicinity Centres Direct Portfolio June 2017

Mandurah Forum

Western Australia

850

space multi-deck car park opened December 2016

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1st

retail stage of development opened July 2017

==> picture [46 x 38] intentionally omitted <==

220+

stores on development completion targeted for mid–2018

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Vicinity Centres Direct Portfolio June 2017

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Currambine Central

1244 Marmion Avenue, Currambine WA 6028 currambinecentral.com.au

Currambine Central is a single level Neighbourhood shopping centre located approximately 26 kilometres north of the Perth CBD. It is anchored by Woolworths, Farmer Jack's, a nine screen Grand Cinema and includes more than 25 specialty stores.

Property overview

State	WA
Centre type	Neighbourhood
OwnershipInterest(%)	100
Date acquired	2014
Centre frst opened	1997
Latest redevelopment	2016
Valuation External/Internal	Internal
Valuation($m)1	105.0
Valuation date	Jun-17
Capitalisation rate(%)	6.50
Discount rate(%)	8.25

Tenant mix by gross lettable area (GLA)

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Supermarkets 36%
Mini majors 8%
Specialties 16%
Other retail 35%
Non retail 5%
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Property metrics

GLA(sqm)	16,562
Number of tenants	46
Major tenants2	Farmer Jack's, Grand Cinemas,
	Woolworths
Car spaces	900
Movingannual turnover(MAT) ($m)3	n.a.
MAT/sqm – Total($)3	n.a.
MAT/sqm – Specialty ($)3	n.a.
Specialtyoccupancycost(%)3, 4	n.a.
Occupancyrate byGLA(%)	100.0
Weighted average lease expirybyGLA(years)	7.1
Green Star – Performance	2 Stars

Specialty store lease expiry profile by income

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----- Start of picture text -----

FY18 [5] 7%
FY19 21%
FY20 9%
FY21 25%
FY22+ 39%
----- End of picture text -----

1 Expressed on 100% basis.

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

3 Non-comparable for sales reporting purposes.
4 Includes marketing levy and based on GST inclusive turnover.
5 Includes holdovers.

82 Vicinity Centres Direct Portfolio June 2017

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Dianella Plaza

366 Grand Promenade, Dianella WA 6059 dianellaplaza.com.au

Dianella Plaza is a single level Neighbourhood shopping centre located approximately 6 kilometres north of the Perth CBD. It is anchored by Coles and Woolworths and includes more than 40 specialty stores.

Property overview

State	WA
Centre type	Neighbourhood
OwnershipInterest(%)	100
Date acquired	2003
Centre frst opened	1968
Latest redevelopment	2002
Valuation External/Internal	Internal
Valuation($m)1	89.0
Valuation date	Jun-17
Capitalisation rate(%)	6.50
Discount rate(%)	8.00

Tenant mix by gross lettable area (GLA)

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----- Start of picture text -----

Supermarkets 49%
Mini majors 6%
Specialties 23%
Other retail 6%
Non retail 15%
----- End of picture text -----

Property metrics

GLA(sqm)	16,871
Number of tenants	59
Major tenants2	Coles, Woolworths
Car spaces	1,071
Movingannual turnover(MAT) ($m)	100.9
MAT/sqm – Total($)	7,182
MAT/sqm – Specialty ($)	6,395
Specialtyoccupancycost(%)3	13.7
Occupancyrate byGLA(%)	100.0
Weighted average lease expirybyGLA(years)	2.9
Green Star – Performance	3 Stars

Specialty store lease expiry profile by income

FY184 FY19 FY20 FY21 FY22+	40%
	14%
	24%
	5%
	17%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

Vicinity Centres Direct Portfolio June 2017

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Ellenbrook Central

11 Main Street, Ellenbrook WA 6069 ellenbrookcentral.com.au

Ellenbrook Central is a single level Sub Regional shopping centre located approximately 30 kilometres north-east of the Perth CBD. It is anchored by Big W, Woolworths, Coles and Aldi and includes more than 70 specialty stores.

Property overview

Tenant mix by gross lettable area (GLA)

Property overview	Tenant mix by	gross lettable area (GLA)
State	WA
Centre type	Sub Regional	Discount department stores	23%
OwnershipInterest(%)	100	Supermarkets	29%
Date acquired	2015	Mini majors	6%
Centre frst opened Latest redevelopment	2004 2016	Specialties Other retail	21% 16%
Valuation External/Internal Valuation($m)1	Internal 240.0	Non retail	5%
Valuation date	Jun-17
Capitalisation rate(%)	5.75
Discount rate(%)	8.00

Property metrics

GLA(sqm)	36,473
Number of tenants	100
Major tenants2	Aldi, BigW, Coles, Woolworths
Car spaces	2,222
Movingannual turnover(MAT) ($m)	241.3
MAT/sqm – Total($)	8,294
MAT/sqm – Specialty ($)	8,794
Specialtyoccupancycost(%)3	10.4
Occupancyrate byGLA(%)	99.8
Weighted average lease expirybyGLA(years)	8.3
Green Star – Performance	1 Star

Specialty store lease expiry profile by income

FY184 FY19 FY20 FY21 FY22+	41%
	7%
	5%
	22%
	25%

1 Expressed on 100% basis.

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

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

84 Vicinity Centres Direct Portfolio June 2017

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Flinders Square

30 Wiluna Street, Yokine WA 6060 flinderssquare.com.au

Flinders Square is a single level Neighbourhood shopping centre located approximately 7 kilometres north of the Perth CBD. It is anchored by Coles and includes 14 specialty stores.

Property overview

State	WA
Centre type	Neighbourhood
OwnershipInterest(%)	100
Date acquired	2004
Centre frst opened	1982
Latest redevelopment	2007
Valuation External/Internal	Internal
Valuation($m)1	32.5
Valuation date	Jun-17
Capitalisation rate(%)	6.50
Discount rate(%)	8.25

Tenant mix by gross lettable area (GLA)

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Supermarkets 59%
Mini majors 10%
Specialties 18%
Other retail 2%
Non retail 11%
----- End of picture text -----

Property metrics

GLA(sqm)	5,994
Number of tenants	21
Major tenants2	Coles
Car spaces	389
Movingannual turnover(MAT) ($m)	62.5
MAT/sqm – Total($)	11,778
MAT/sqm – Specialty ($)	7,451
Specialtyoccupancycost(%)3	11.6
Occupancyrate byGLA(%)	100.0
Weighted average lease expirybyGLA(years)	6.3
Green Star – Performance	3 Stars

Specialty store lease expiry profile by income

FY184 FY19 FY20 FY21 FY22+	47%
	17%
	14%
	22%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

Vicinity Centres Direct Portfolio June 2017

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Galleria

Corner Collier and Walter Roads, Morley WA 6062 galleriashoppingcentre.com.au

Galleria is a two level Major Regional shopping centre located approximately 8 kilometres north-east of the Perth CBD. It is anchored by Myer, Target, Kmart, Greater Union, Woolworths, Coles and Aldi and includes more than 165 specialty stores.

Property overview

State	WA
Centre type	Major Regional
OwnershipInterest(%)	50
Date acquired	2003
Centre frst opened	1994
Latest redevelopment	2008
Valuation External/Internal	Internal
Valuation($m)1	790.0
Valuation date	Jun-17
Capitalisation rate(%)	5.50
Discount rate(%)	7.75

Tenant mix by gross lettable area (GLA)

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Department stores	25%
Discount department stores	22%
Supermarkets	12%
Mini majors	6%
Specialties	22%
Other retail	11%
Non retail	3%

Property metrics

GLA(sqm)	82,384
Number of tenants	208
Major tenants2	Aldi, Coles, Greater Union, Kmart,
	Myer, Target, Woolworths
Car spaces	4,086
Movingannual turnover(MAT) ($m)	490.4
MAT/sqm – Total($)	6,855
MAT/sqm – Specialty ($)	10,993
Specialtyoccupancycost(%)3	19.1
Occupancyrate byGLA(%)	100.0
Weighted average lease expirybyGLA(years)	3.6
Green Star – Performance	3 Stars

Specialty store lease expiry profile by income

FY184 FY19 FY20 FY21 FY22+	42%
	23%
	15%
	13%
	7%

1 Expressed on 100% basis.

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

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

86 Vicinity Centres Direct Portfolio June 2017

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Halls Head Central

14 Guava Way, Halls Head WA 6210 hallsheadcentral.com.au

Halls Head Central is a single level Sub Regional shopping centre located approximately 75 kilometres south of the Perth CBD. It is anchored by a new Kmart, a transformed Coles, Western Australia's first Aldi supermarket and includes more than 45 specialty stores. The centre underwent a substantial expansion which was completed in March 2016.

Property overview

State	WA
Centre type	Sub Regional
OwnershipInterest(%)	50
Date acquired	2001
Centre frst opened	2001
Latest redevelopment	2016
Valuation External/Internal	External
Valuation($m)1	109.2
Valuation date	Jun-17
Capitalisation rate(%)	6.00
Discount rate(%)	7.75

Tenant mix by gross lettable area (GLA)

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Discount department stores	32%
Supermarkets	26%
Mini majors	3%
Specialties	27%
Other retail	1%
Non retail	11%

Property metrics

Specialty store lease expiry profile by income

GLA(sqm)	21,012	FY185		5%
Number of tenants	59	FY19		2%
Major tenants2 Car spaces	Aldi, Coles, Kmart 916	FY20 FY21	0%			65%
Movingannual turnover(MAT) ($m)3	n.a.
MAT/sqm – Total($)3	n.a.	FY22+			29%
MAT/sqm – Specialty ($)3	n.a.
Specialtyoccupancycost(%)3,4	n.a.
Occupancyrate byGLA(%)	98.9
Weighted average lease expirybyGLA(years)	7.1
Green Star – Performance	3 Stars

1 Expressed on 100% basis.

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

3 Non-comparable for sales reporting purposes.

4 Includes marketing levy and based on GST inclusive turnover.

5 Includes holdovers.

Vicinity Centres Direct Portfolio June 2017

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Kalamunda Central

39 Railway Road, Kalamunda WA 6076 kalamundacentral.com.au

Kalamunda Central is a single level Neighbourhood shopping centre located approximately 19 kilometres east of the Perth CBD. It is anchored by Coles and includes more than 25 specialty stores.

Property overview

State	WA
Centre type	Neighbourhood
OwnershipInterest(%)	100
Date acquired	2003
Centre frst opened	1989
Latest redevelopment	2002
Valuation External/Internal	Internal
Valuation($m)1	38.5
Valuation date	Jun-17
Capitalisation rate(%)	6.75
Discount rate(%)	8.00

Tenant mix by gross lettable area (GLA)

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==> picture [118 x 55] intentionally omitted <==

----- Start of picture text -----

Supermarkets 49%
Mini majors 7%
Specialties 37%
Other retail 3%
Non retail 4%
----- End of picture text -----

Property metrics

GLA(sqm)	8,388
Number of tenants	39
Major tenants2	Coles
Car spaces	386
Movingannual turnover(MAT) ($m)	75.7
MAT/sqm – Total($)	9,638
MAT/sqm – Specialty ($)	6,056
Specialtyoccupancycost(%)3	12.9
Occupancyrate byGLA(%)	100.0
Weighted average lease expirybyGLA(years)	2.5
Green Star – Performance	3 Stars

Specialty store lease expiry profile by income

FY184 FY19 FY20 FY21 FY22+	32%
	23%
	11%
	11%
	23%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

88 Vicinity Centres Direct Portfolio June 2017

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Karratha City

16 Sharpe Avenue, Karratha WA 6714

karrathacitysc.com.au

Karratha City is a single level Sub Regional shopping centre located in northern Western Australia. It is anchored by Kmart, Coles, Woolworths and Target Country and includes more than 40 specialty stores.

Property overview

State	WA
Centre type	Sub Regional
OwnershipInterest(%)	50
Date acquired	2003
Centre frst opened	1986
Latest redevelopment	2005
Valuation External/Internal	External
Valuation($m)1	105.0
Valuation date	Jun-17
Capitalisation rate(%)	7.00
Discount rate(%)	7.50

Tenant mix by gross lettable area (GLA)

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==> picture [118 x 68] intentionally omitted <==

----- Start of picture text -----

Discount department stores 26%
Supermarkets 36%
Mini majors 14%
Specialties 18%
Other retail 4%
Non retail 2%
----- End of picture text -----

Property metrics

GLA(sqm)	24,045
Number of tenants	56
Major tenants2	Coles, Kmart, Woolworths
Car spaces	1,275
Movingannual turnover(MAT) ($m)	207.8
MAT/sqm – Total($)	9,221
MAT/sqm – Specialty ($)	9,513
Specialtyoccupancycost(%)3	10.9
Occupancyrate byGLA(%)	99.2
Weighted average lease expirybyGLA(years)	2.7
Green Star – Performance	3 Stars

Specialty store lease expiry profile by income

FY184 FY19 FY20 FY21 FY22+	41%
	17%
	17%
	10%
	15%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

Vicinity Centres Direct Portfolio June 2017 89

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Livingston Marketplace

Corner Ranford and Nicholson Roads, Canning Vale WA 6155

livingstonmarketplace.com.au

Livingston Marketplace is a single level Sub Regional shopping centre located in the southern Perth suburb of Canning Vale, approximately 15 kilometres south of the Perth CBD. It is anchored by Big W and Woolworths and includes more than 30 specialty stores.

Property overview

State	WA
Centre type	Sub Regional
OwnershipInterest(%)	100
Date acquired	2015
Centre frst opened	1998
Latest redevelopment	2004
Valuation External/Internal	Internal
Valuation($m)1	86.0
Valuation date	Jun-17
Capitalisation rate(%)	6.00
Discount rate(%)	8.00

Tenant mix by gross lettable area (GLA)

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==> picture [118 x 55] intentionally omitted <==

----- Start of picture text -----

Discount department stores 42%
Supermarkets 28%
Specialties 19%
Other retail 5%
Non retail 5%
----- End of picture text -----

Property metrics

GLA(sqm)	15,555
Number of tenants	47
Major tenants2	BigW, Woolworths
Car spaces	1,018
Movingannual turnover(MAT) ($m)	120.2
MAT/sqm – Total($)	8,484
MAT/sqm – Specialty ($)	9,379
Specialtyoccupancycost(%)3	11.1
Occupancyrate byGLA(%)	100.0
Weighted average lease expirybyGLA(years)	6.2
Green Star – Performance	1 Star

Specialty store lease expiry profile by income

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----- Start of picture text -----

FY18 [4] 8%
FY19 16%
FY20 30%
FY21 29%
FY22+ 18%
----- End of picture text -----

1 Expressed on 100% basis.

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

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

90 Vicinity Centres Direct Portfolio June 2017

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Maddington Central

Corner Burslem Drive and Attfield Street, Maddington WA 6109

maddingtoncentral.com.au

Maddington Central is a single level Sub Regional shopping centre located approximately 17 kilometres south-east of the Perth CBD. It is anchored by Kmart, Coles and Woolworths and includes more than 60 specialty stores.

Property overview

State	WA
Centre type	Sub Regional
OwnershipInterest(%)	100
Date acquired	2002
Centre frst opened	1980
Latest redevelopment	2004
Valuation External/Internal	Internal
Valuation($m)1	122.0
Valuation date	Jun-17
Capitalisation rate(%)	6.75
Discount rate(%)	8.25

Tenant mix by gross lettable area (GLA)

==> picture [112 x 112] intentionally omitted <==

Discount department stores	28%
Supermarkets	33%
Mini majors	8%
Specialties	23%
Other retail	2%
Non retail	5%

Property metrics

GLA(sqm)	27,793
Number of tenants	86
Major tenants2	Coles, Kmart, Woolworths
Car spaces	2,136
Movingannual turnover(MAT) ($m)	179.4
MAT/sqm – Total($)	7,164
MAT/sqm – Specialty ($)	7,255
Specialtyoccupancycost(%)3	15.2
Occupancyrate byGLA(%)	98.9
Weighted average lease expirybyGLA(years)	3.7
Green Star – Performance	2 Stars

Specialty store lease expiry profile by income

FY184 FY19 FY20 FY21 FY22+	50%
	11%
	10%
	14%
	15%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

Vicinity Centres Direct Portfolio June 2017

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Mandurah Forum[*]

330 Pinjarra Road, Mandurah WA 6210

mandurahforum.com.au

Mandurah Forum is a single level Regional shopping centre located approximately 65 kilometres south of the Perth CBD. It is anchored by Big W, Woolworths and a recently upgraded Kmart and Coles and includes more than 25 specialty stores. A major redevelopment is currently underway which will expand the centre from a Sub Regional to Regional shopping centre, introduce David Jones and Target, new specialty stores and a new food court and alfresco dining area. The first retail stage of the development opened in July 2017 and overall project completion is targeted for mid–2018.

Property overview

State	WA
Centre type	Regional
OwnershipInterest(%)	50
Date acquired	1985
Centre frst opened	1983
Latest redevelopment	2017
Valuation External/Internal	External
Valuation($m)1	513.0
Valuation date	Jun-17
Capitalisation rate(%)	5.75
Discount rate(%)	7.50
Green Star – Performance	3 Stars

Property metrics not available as Centre is under development.

1 Expressed on 100% basis.

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92 Vicinity Centres Direct Portfolio June 2017

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Rockingham Centre

1 Council Avenue, Rockingham WA 6168 rockinghamcentre.com.au

Rockingham Centre is a single level Regional shopping centre located approximately 40 kilometres south-west of the Perth CBD. It is anchored by Target, Kmart, Woolworths, Ace Cinemas and Coles and includes more than 155 specialty stores. The centre has recently undergone a minor upgrade to extend its casual dining offer.

Property overview

State	WA
Centre type	Regional
OwnershipInterest(%)	50
Date acquired	2002
Centre frst opened	1971
Latest redevelopment	2009
Valuation External/Internal	External
Valuation($m)1	626.0
Valuation date	Jun-17
Capitalisation rate(%)	5.50
Discount rate(%)	7.50

Tenant mix by gross lettable area (GLA)

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==> picture [117 x 68] intentionally omitted <==

----- Start of picture text -----

Discount department stores 25%
Supermarkets 15%
Mini majors 18%
Specialties 29%
Other retail 8%
Non retail 5%
----- End of picture text -----

Property metrics

GLA(sqm)	62,313
Number of tenants	208
Major tenants2	Ace Cinemas, Coles, Kmart,
	Target, Woolworths,
Car spaces	3,229
Movingannual turnover(MAT) ($m)	430.1
MAT/sqm – Total($)	7,574
MAT/sqm – Specialty ($)	8,499
Specialtyoccupancycost(%)3	17.7
Occupancyrate byGLA(%)	98.8
Weighted average lease expirybyGLA(years)	3.4
Green Star – Performance	3 Stars
NABERS Energyrating	4.5 Stars
NABERS Water rating	3.5 Stars

Specialty store lease expiry profile by income

==> picture [258 x 68] intentionally omitted <==

----- Start of picture text -----

FY18 [4] 29%
FY19 16%
FY20 19%
FY21 17%
FY22+ 20%
----- End of picture text -----

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

Vicinity Centres Direct Portfolio June 2017

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Stirlings Central

54 Sanford Street, Geraldton WA 6530

stirlingscentral.com.au

Stirlings Central is a single level Neighbourhood shopping centre located in Geraldton. It is anchored by Woolworths and includes more than 25 specialty stores.

Property overview

State	WA
Centre type	Neighbourhood
OwnershipInterest(%)	100
Date acquired	2003
Centre frst opened	1978
Latest redevelopment	2013
Valuation External/Internal	Internal
Valuation($m)1	50.0
Valuation date	Jun-17
Capitalisation rate(%)	7.00
Discount rate(%)	8.00

Tenant mix by gross lettable area (GLA)

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Supermarkets 41%
Mini majors 25%
Specialties 31%
Other retail 3%
Non retail 1%
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Property metrics

GLA(sqm)	8,533
Number of tenants	36
Major tenants2	Woolworths
Car spaces	147
Movingannual turnover(MAT) ($m)	89.0
MAT/sqm – Total($)	10,829
MAT/sqm – Specialty ($)	7,681
Specialtyoccupancycost(%)3	12.2
Occupancyrate byGLA(%)	98.4
Weighted average lease expirybyGLA(years)	8.5
Green Star – Performance	3 Stars

Specialty store lease expiry profile by income

Specialty store lease expiry profle by income	lty store lease expiry profle by income
41% 27% 16% 16% 0% FY184 FY19 FY20 FY21 FY22+	41%
	16%
	27%
	16%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

94 Vicinity Centres Direct Portfolio June 2017

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Victoria Park Central

366 Albany Highway, Victoria Park WA 6101 vicparkcentral.com.au

Victoria Park Central is a single level Neighbourhood shopping centre located approximately 3 kilometres south-east of the Perth CBD. It is anchored by Woolworths and includes more than 25 specialty stores.

Property overview

State	WA
Centre type	Neighbourhood
OwnershipInterest(%)	100
Date acquired	2004
Centre frst opened	2004
Latest redevelopment	–
Valuation External/Internal	External
Valuation($m)1	31.0
Valuation date	Jun-17
Capitalisation rate(%)	6.25
Discount rate(%)	7.25

Tenant mix by gross lettable area (GLA)

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Supermarkets 52%
Specialties 45%
Non retail 3%
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Property metrics

GLA(sqm)	5,476
Number of tenants	28
Major tenants2	Woolworths
Car spaces	223
Movingannual turnover(MAT) ($m)	48.9
MAT/sqm – Total($)	9,499
MAT/sqm – Specialty ($)	5,305
Specialtyoccupancycost(%)3	16.5
Occupancyrate byGLA(%)	98.7
Weighted average lease expirybyGLA(years)	5.1
Green Star – Performance	2 Stars

Specialty store lease expiry profile by income

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FY18 [4] 20%
FY19 19%
FY20 22%
FY21 25%
FY22+ 14%
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1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

Vicinity Centres Direct Portfolio June 2017

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Warnbro Centre

206 Warnbro Sound Avenue, Warnbro WA 6169 warnbrocentre.com.au

Warnbro Centre is a single level Sub Regional shopping centre located in Warnbro, approximately 54 kilometres south of the Perth CBD. It is anchored by Big W, Woolworths and Coles and includes more than 50 specialty stores.

Property overview

State	WA
Centre type	Sub Regional
OwnershipInterest(%)	100
Date acquired	2007
Centre frst opened	1998
Latest redevelopment	2014
Valuation External/Internal	Internal
Valuation($m)1	125.0
Valuation date	Jun-17
Capitalisation rate(%)	6.25
Discount rate(%)	8.25

Tenant mix by gross lettable area (GLA)

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Discount department stores 34%
Supermarkets 36%
Specialties 24%
Other retail 1%
Non retail 5%
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Property metrics

GLA(sqm)	21,416
Number of tenants	64
Major tenants2	BigW, Coles, Woolworths
Car spaces	1,014
Movingannual turnover(MAT) ($m)	154.6
MAT/sqm – Total($)	7,529
MAT/sqm – Specialty ($)	7,143
Specialtyoccupancycost(%)3	17.5
Occupancyrate byGLA(%)	99.2
Weighted average lease expirybyGLA(years)	7.8
Green Star – Performance	3 Stars

Specialty store lease expiry profile by income

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FY18 [4] 9%
FY19 14%
FY20 30%
FY21 20%
FY22+ 27%
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1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

96 Vicinity Centres Direct Portfolio June 2017

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Warwick Grove

Corner Beach and Erindale Roads, Warwick WA 6024

warwickgrove.com.au

Warwick Grove is a single level Sub Regional shopping centre located approximately 14 kilometres north of the Perth CBD. It is anchored by Kmart, Coles, Grand Cinemas and Woolworths and includes more than 65 specialty stores.

Property overview

State	WA
Centre type	Sub Regional
OwnershipInterest(%)	100
Date acquired	2001
Centre frst opened	1974
Latest redevelopment	2003
Valuation External/Internal	Internal
Valuation($m)1	200.0
Valuation date	Jun-17
Capitalisation rate(%)	6.50
Discount rate(%)	8.25

Tenant mix by gross lettable area (GLA)

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Discount department stores 22%
Supermarkets 23%
Mini majors 5%
Specialties 23%
Other retail 19%
Non retail 7%
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Property metrics

GLA(sqm)	31,922
Number of tenants	97
Major tenants2	Coles, Grand Cinemas,
	Kmart, Woolworths
Car spaces	1,604
Movingannual turnover(MAT) ($m)	208.3
MAT/sqm – Total($)	8,229
MAT/sqm – Specialty ($)	7,886
Specialtyoccupancycost(%)3	15.0
Occupancyrate byGLA(%)	99.8
Weighted average lease expirybyGLA(years)	4.9
Green Star – Performance	2 Stars

Specialty store lease expiry profile by income

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FY18 [4] 31%
FY19 31%
FY20 7%
FY21 17%
FY22+ 13%
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1 Expressed on 100% basis.

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

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

Vicinity Centres Direct Portfolio June 2017

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vicinity.com.au

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VICINITY CENTRES TRUST — Fund Information / Factsheet 2017

65995_rns_2017-08-15_5bae4a8e-c2a1-49d9-a970-f83edcbefbdc.pdf

Contents

Direct Portfolio

Disclaimer

Effect of rounding

Copyright

About Vicinit Centres y

Overview

Key statistics by centre type

Composition by centre type[a]

Property statistics

Property statistics

New South Wales

New South Wales

11 million

165+

Armidale Central

Property overview

Tenant mix by gross lettable area (GLA)

Property metrics

Specialty store lease expiry profile by income

Bankstown Central

Property overview

Tenant mix by gross lettable area (GLA)

Property metrics

Specialty store lease expiry profile by income

Carlingford Court

carlingfordcourt.com.au

Property overview

Tenant mix by gross lettable area (GLA)

Property metrics

Specialty store lease expiry profile by income

Chatswood Chase Sydney

Property overview

Tenant mix by gross lettable area (GLA)

Property metrics

Specialty store lease expiry profile by income

DFO Homebush

3-5 Underwood Road, Homebush NSW 2140 dfo.com.au/homebush

Property overview

Tenant mix by gross lettable area (GLA)

Property metrics

Specialty store lease expiry profile by income

Lake Haven Centre

lakehavencentre.com.au

Property overview

Tenant mix by gross lettable area (GLA)

Property metrics

Specialty store lease expiry profile by income

Lavington Square

lavingtonsquare.com.au

Property overview

Tenant mix by gross lettable area (GLA)

Property metrics

Specialty store lease expiry profile by income

Lennox Village

lennoxvillage.com.au

Property overview

Tenant mix by gross lettable area (GLA)

Property metrics

Specialty store lease expiry profile by income

Nepean Village

nepeanvillage.com.au

Tenant mix by gross lettable area (GLA)

Property overview

Specialty store lease expiry profile by income

Property metrics

Roselands

Property overview

Property metrics

Terrace Central[*]

terracecentralsc.com.au

Property overview

Specialty store lease expiry profile by income

Property metrics

Toormina Gardens

Tenant mix by gross lettable area (GLA)

Property overview

VICINITY CENTRES TRUST Fund Information / Factsheet 2017