VICINITY CENTRES TRUST - Fund Information / Factsheet 2017

==> picture [53 x 25] intentionally omitted <==

==> picture [25 x 13] intentionally omitted <==

==> picture [18 x 7] intentionally omitted <==

DIRECT PORTFOLIO

DECEMBER 2016

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 31 December 2016 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 Half Year financial report, lodged with the Australian Securities Exchange (ASX) on 15 February 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.

02 | Vicinity Centres Direct Portfolio December 2016

Contents
	Page
About Vicinity Centres	04
Direct Portfolio
Overview	05
New South Wales (NSW)	10
Queensland (QLD)	27
South Australia (SA)	44
Victoria (VIC) and Tasmania (TAS)	51
Western Australia (WA)	81

Emporium Melbourne, VIC Cover image: Chadstone, VIC

Vicinity Centres Direct Portfolio December 2016 | 03

==> picture [596 x 173] intentionally omitted <==

About Vicinity Centres

Vicinity Centres (Vicinity, ASX:VCX) is one of Australia’s leading retail property groups with a fully integrated asset management platform. Vicinity’s strategic focus is to create value and longterm sustainable growth by owning, managing and developing quality Australian assets across the retail spectrum.

A top-30 entity on the Australian Securities Exchange, Vicinity has 85 retail assets[1] under management valued at over $24.5 billion, and generating annual retail sales of $17.8 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 75 shopping centres[1] across Australia, valued at over $14.9 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 15 consecutive years[2] .

Vicinity’s intensive asset management approach, together with the progression of its $3.0 billion development pipeline (Vicinity's share is $1.4 billion), and selective asset acquisitions and disposals, are key to its ongoing portfolio enhancement strategy.

Includes the DFO Brisbane business which is referred to as 'DFO Brisbane' within this document. 2. Reported in the Big Guns survey. Last survey included data up to 31 December 2015.

==> picture [56 x 8] intentionally omitted <==

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

Chadstone, VIC
----- End of picture text -----

04 | Vicinity Centres Direct Portfolio December 2016

==> picture [596 x 177] intentionally omitted <==

Overview

Vicinity’s Direct Portfolio of 75 shopping centres across Australia, either wholly or jointly owned, is valued at over $14.9 billion. Well diversified by geographic and retail sub-sector exposure, the Direct Portfolio generated annual retail sales of $16.1 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 17.6% of the Direct Portfolio. Vicinity’s exposure to Super Regional, Major Regional, City Centre and Regional centres represents 65% of the Direct Portfolio’s value. Vicinity also has a portfolio of five DFO Outlet Centres which represent 7.8% of the Direct Portfolio’s value, with another one currently under construction.

Key statistics by centre type

	Total portfolio Regional1	Sub Regional	Neighbourhood	Outlet Centre
Number of shopping centres	75 22	33	15	5
Gross lettable area (m) (sqm)	2.6 1.5	0.8	0.1	0.2
Total value ($b)	14.9 9.7	3.4	0.7	1.2
Portfolio weighting by value (%)	100.0 64.8	22.7	4.7	7.8
Capitalisation rate (weighted average) (%)	5.75 5.34	6.52	6.60	6.35
Comparable Net Property Income (NPI)	3.0 1.7	2.5	7.1	8.5
growth2 (%)
Occupancy rate (%)	99.4 99.4	99.3	98.9	100.0
Total Moving Annual Turnover (MAT)	1.3 0.2	0.9	0.4	10.5
growth3 (%)
Specialty MAT growth3(%)	2.2 0.3	1.0	1.2	9.5
Specialtysalesproductivity3 ($/sqm)	9,200 9,893	8,134	7,462	9,428
Specialtyoccupancycost3 (%)	14.6 17.0	13.2	12.3	10.4

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,b]

Store type exposure[b,c]

==> picture [118 x 111] intentionally omitted <==

==> picture [365 x 111] intentionally omitted <==

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

Super Regional 18% Majors [d] 20%
Major Regional 21% Mini majors 12%
City Centre 11% Specialties 56%
Regional 15% Other retail 3%
Sub Regional 23% Non retail 8%
Neighbourhood 5%
Outlet Centre 8%
----- End of picture text -----

a Expressed by ownership value. b Note: Totals may not sum due to rounding.
c Expressed by ownership rent.
d Classified in accordance with SCCA guidelines, typically includes department stores, discount department stores and supermarkets.

Vicinity Centres Direct Portfolio December 2016 | 05

75 shopping centres

billion $14.9

total value

==> picture [48 x 33] intentionally omitted <==

billion $16.1

annual retail sales

==> picture [41 x 34] intentionally omitted <==

l Wholly owned

¢ Jointly owned
£[Number of shopping centres]
% Portfolio value (%)

==> picture [545 x 405] intentionally omitted <==

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

WHITSUNDAY PLAZA ● BURANDA VILLAGE
KARRATHA CITY ● DFO BRISBANE
GRAND PLAZA
● MILTON VILLAGE
13% 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 WODONGA 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 48% ● NEPEAN VILLAGE
● MADDINGTON CENTRAL ● ALTONA GATE SHOPPING CENTRE 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 27
● WARNBRO CENTRE ● BOX HILL CENTRAL (SOUTH PRECINCT) NORTHLAND
● WARWICK GROVE BRANDON PARK ● OAKLEIGH CENTRAL
● BROADMEADOWS SHOPPING CENTRE ● ROXBURGH VILLAGE
CHADSTONE SUNSHINE MARKETPLACE
CRANBOURNE PARK ● THE GATEWAY HOBART
● DFO ESSENDON THE GLEN
● DFO MOORABBIN VICTORIA GARDENS
● EASTLANDS
● NORTHGATE
----- End of picture text -----

06 | Vicinity Centres Direct Portfolio December 2016

Property statistics

==> picture [816 x 54] intentionally omitted <==

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

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) ($) ($) (%)
----- End of picture text -----

New South Wales												10
Armidale Central	Sub Regional	100	46.0	7.00	8.25	14,748	99.5	89.0	6,153	6,179	10.5	13
Bankstown Central	Major Regional	50	347.5	6.25	8.00	85,901	99.4	462.7	6,123	8,122	18.5	14
Carlingford Court	Sub Regional	50	109.5	6.25	8.00	33,313	99.6	188.9	7,106	9,559	16.6	15
Chatswood Chase Sydney	Major Regional	100	1,026.2	5.25	7.75	63,732	99.2	563.3	9,833	13,367	15.5	16
DFO Homebush	Outlet Centre	100	408.8	6.00	8.00	29,940	100.0	316.2	10,643	14,771	9.0	17
Lake Haven Centre3	Sub Regional	100	284.2	6.75	8.00	43,049	99.8	282.0	n.a.	n.a.	13.4	18
Lavington Square3	Sub Regional	100	61.0	7.50	7.50	20,476	98.1	117.2	n.a.	n.a.	9.6	19
Lennox Village	Neighbourhood	50	35.0	6.25	7.75	9,971	99.1	119.5	12,355	6,980	15.8	20
Nepean Village	Sub Regional	100	176.5	5.75	7.75	23,325	100.0	242.5	10,834	12,470	11.4	21
Roselands	Major Regional	50	185.0	6.50	8.00	61,982	99.6	301.0	5,271	8,592	17.7	22
Terrace Central	Neighbourhood	100	30.0	7.25	8.50	7,258	95.4	58.3	9,316	6,708	10.4	23
Toormina Gardens	Sub Regional	50	40.5	6.75	8.00	21,379	98.3	157.2	8,130	10,491	7.4	24
Warriewood Square3,4	Sub Regional	50	137.5	6.00	8.00	29,661	100.0	198.8	n.a.	n.a.	17.2	25
West End Plaza	Sub Regional	100	67.0	7.00	8.25	15,927	100.0	94.1	5,981	6,393	12.8	26
Queensland												27
Buranda Village	Sub Regional	100	41.8	6.50	7.50	11,642	100.0	62.2	6,196	8,006	12.8	30
DFO Brisbane	Outlet Centre	100	55.0	7.50	8.50	26,095	99.9	208.8	7,970	8,145	10.6	31
Goldfelds Plaza	Neighbourhood	100	27.0	7.50	8.25	7,670	96.3	62.7	9,277	9,553	8.3	32
Grand Plaza	Regional	50	208.5	5.75	7.75	53,421	99.8	353.5	7,039	9,785	15.9	33
Gympie Central	Sub Regional	100	78.0	6.50	7.75	14,119	98.9	121.2	9,105	11,065	9.8	34
Milton Village	Neighbourhood	100	26.5	6.75	8.25	2,827	100.0	24.9	17,575	13,895	10.7	35
Mt Ommaney Centre	Regional	25	105.2	6.00	7.75	56,610	98.8	315.6	6,653	8,064	15.4	36
North Shore Village	Neighbourhood	100	25.0	6.25	8.00	4,083	100.0	48.1	15,051	4,957	17.7	37
Oxenford Village	Neighbourhood	100	30.8	6.25	7.75	5,808	100.0	76.9	17,928	13,430	9.1	38
QueensPlaza	City Centre	100	760.0	5.00	7.25	39,066	99.0	302.1	8,520	20,831	14.6	39
Runaway Bay Centre	Regional	50	160.0	5.75	7.75	43,002	99.6	293.5	8,275	9,711	12.4	40
Taigum Square	Sub Regional	100	93.0	6.50	8.00	23,151	99.7	105.3	5,982	6,114	12.8	41
The Myer Centre Brisbane	City Centre	25	193.8	5.75	7.75	63,718	99.3	331.3	5,400	10,641	21.0	42
Whitsunday Plaza	Sub Regional	100	65.0	6.75	8.00	22,247	100.0	113.0	6,191	12,478	6.3	43

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 Development impacted.

Vicinity Centres Direct Portfolio December 2016 | 07

Property statistics

==> picture [816 x 54] intentionally omitted <==

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

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) ($) ($) (%)
----- End of picture text -----

South Australia												44
Castle Plaza	Sub Regional	100	172.9	6.75	8.50	22,839	98.8	148.5	7,151	8,598	14.3	47
Colonnades	Regional	50	155.6	7.00	8.25	83,523	98.3	298.5	5,178	6,060	16.4	48
Elizabeth City Centre4	Regional	100	382.1	7.00	8.50	80,365	98.6	345.3	n.a.	n.a.	15.9	49
Kurralta Central	Sub Regional	100	40.1	6.25	7.00	10,678	100.0	79.7	7,733	9,578	11.4	50
Victoria												51
Altona Gate Shopping Centre	Sub Regional	100	100.0	6.50	7.75	26,262	98.0	143.4	6,184	6,787	15.6	54
Bayside	Major Regional	100	575.0	6.25	8.00	88,905	99.2	419.1	5,077	7,810	16.5	55
Belmont Village	Sub Regional	100	48.5	6.25	7.50	14,032	100.0	99.3	7,250	9,693	11.4	56
Bentons Square	Neighbourhood	100	81.5	6.25	8.25	10,085	99.2	138.5	15,289	7,547	13.7	57
Box Hill Central (North Precinct)	Sub Regional	100	94.0	6.75	8.25	14,584	100.0	79.2	6,610	5,846	18.1	58
Box Hill Central (South Precinct)	Sub Regional	100	177.0	6.50	7.75	23,644	100.0	174.6	8,279	9,518	14.6	59
Brandon Park	Sub Regional	50	62.5	7.00	8.00	23,062	98.4	133.1	6,929	5,339	18.0	60
Broadmeadows Shopping Centre4	Regional	100	325.0	6.75	8.00	61,335	99.9	262.9	n.a.	n.a.	19.0	61
Chadstone4,5	Super Regional	50	2,625.0	4.25	7.00	209,116	99.8	1,524.4	n.a.	n.a.	14.8	62
Corio Central	Sub Regional	100	131.0	7.25	8.00	31,325	98.6	159.6	6,553	6,043	14.7	63
Cranbourne Park4,5	Regional	50	151.3	6.00	7.75	47,058	99.8	236.4	n.a.	n.a.	16.5	64
DFO Essendon	Outlet Centre	100	167.5	6.75	8.25	52,325	100.0	235.9	9,165	8,996	11.6	65
DFO Moorabbin	Outlet Centre	100	112.5	7.75	8.50	24,298	100.0	146.4	6,371	6,945	11.5	66
DFO South Wharf	Outlet Centre	75	416.6	6.00	8.25	56,450	100.0	387.6	9,321	9,154	10.2	67
Emporium Melbourne	City Centre	50	582.5	4.75	7.50	45,241	99.4	458.6	10,449	13,418	17.0	68
Mornington Central	Sub Regional	50	34.0	6.25	8.00	11,763	100.0	100.3	8,587	9,042	16.4	69
Myer Bourke Street	City Centre	33	156.2	4.75	6.75	39,924	100.0	n.a.	n.a.	n.a.	n.a.	70
Northland	Major Regional	50	482.5	5.75	7.75	97,412	99.9	538.7	5,991	8,731	19.2	71
Oakleigh Central	Neighbourhood	100	65.5	6.50	8.25	13,953	99.6	121.7	9,145	5,548	13.1	72
Roxburgh Village	Sub Regional	100	113.1	6.75	7.75	24,743	100.0	145.7	6,568	5,794	14.4	73
Sunshine Marketplace	Sub Regional	50	58.5	6.50	8.00	34,062	99.8	133.1	4,537	6,658	14.4	74
The Gateway	Neighbourhood	100	45.0	6.50	7.50	10,871	98.0	85.1	9,641	8,322	8.4	75
The Glen4	Major Regional	50	170.0	6.50	8.00	59,350	98.3	328.2	n.a.	n.a.	17.5	76
Victoria Gardens Shopping Centre	Sub Regional	50	129.0	6.00	7.75	34,744	99.7	189.7	6,592	10,294	13.1	77
Wodonga Plaza	Sub Regional	100	41.5	8.50	8.75	17,565	98.0	89.9	5,334	6,120	13.6	78

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

08 | Vicinity Centres Direct Portfolio December 2016

Property statistics

==> picture [816 x 54] intentionally omitted <==

Tasmania												79
Eastlands	Regional	100	168.0	6.50	7.25	33,309	99.2	233.4	7,293	7,446	13.8	79
Northgate	Sub Regional	100	110.0	7.00	8.25	19,441	94.9	135.5	7,981	10,199	12.0	80
Western Australia												81
Currambine Central3,4	Neighbourhood	100	103.5	6.50	8.25	16,352	100.0	158.9	n.a.	n.a.	14.6	84
Dianella Plaza3	Neighbourhood	100	83.5	6.75	8.25	16,870	99.0	99.3	n.a.	n.a.	13.3	85
Ellenbrook Central	Sub Regional	100	236.0	5.75	8.00	34,845	99.5	246.2	8,660	8,929	9.5	86
Flinders Square	Neighbourhood	100	31.8	6.50	8.25	5,992	99.1	64.1	12,098	7,528	11.5	87
Galleria	Major Regional	50	392.5	5.50	7.75	80,793	99.9	496.4	6,980	10,996	18.5	88
Halls Head Central3,4	Sub Regional	50	51.3	6.00	8.00	21,000	100.0	130.3	n.a.	n.a.	9.2	89
Kalamunda Central	Neighbourhood	100	38.5	6.75	8.00	8,368	99.6	77.5	9,778	5,534	13.0	90
Karratha City	Sub Regional	50	56.0	7.00	8.25	23,931	98.9	211.2	9,249	9,033	11.3	91
Livingston Marketplace	Sub Regional	100	85.0	6.00	8.00	15,556	100.0	127.6	9,046	9,654	10.6	92
Maddington Central	Sub Regional	100	119.0	7.00	8.50	27,669	98.6	180.4	7,118	7,150	14.8	93
Mandurah Forum3,4	Regional	50	216.4	5.75	8.00	34,190	100.0	220.5	n.a.	n.a.	19.7	94
Rockingham Centre	Regional	50	306.0	5.75	7.75	62,331	99.3	434.3	7,612	8,590	16.9	95
Stirlings Central	Neighbourhood	100	50.0	7.00	8.00	8,532	98.4	92.9	11,623	10,332	11.8	96
Victoria Park Central	Neighbourhood	100	31.3	6.50	7.75	5,475	100.0	48.2	9,109	5,143	16.5	97
Warnbro Centre	Sub Regional	100	125.0	6.25	8.25	21,419	99.3	161.3	8,070	7,100	17.1	98
Warwick Grove	Sub Regional	100	198.5	6.50	8.25	31,973	99.9	208.7	8,230	7,690	15.1	99

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 Development impacted.

Vicinity Centres Direct Portfolio December 2016 | 09

==> picture [596 x 173] intentionally omitted <==

New South Wales

==> picture [557 x 482] intentionally omitted <==

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

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

10 | Vicinity Centres Direct Portfolio December 2016

==> picture [596 x 179] intentionally omitted <==

NSW	Page
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	26
		Warriewood Square, NSW
		Vicinity CentresDirect Portfolio December 2016**

==> picture [596 x 156] intentionally omitted <==

Bankstown Central New South Wales

15 million customer visits annually

240+ specialty stores

85,000 sqm gross lettable area

12 | Vicinity Centres Direct Portfolio December 2016

==> picture [596 x 253] intentionally omitted <==

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(Internal) ($m)1	46.0
Valuation date	Dec-16
Capitalisation rate(%)	7.00
Discount rate(%)	8.25

Tenant mix by gross lettable area (GLA)

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

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

Property metrics

Property metrics
GLA(sqm)	14,748
Number of tenants	38
Major tenants2	BigW, Woolworths
Car spaces	617
Movingannual turnover(MAT) ($m)	89.0
MAT/sqm – Total($)	6,153
MAT/sqm – Specialty ($)	6,179
Specialtyoccupancycost(%)3	10.5
Occupancyrate byGLA(%)	99.5
Weighted average lease expirybyGLA(years)	8.4

Specialty store lease expiry profile by income

FY174 FY18 FY19 FY20 FY21+	18%
	24%
	17%
	6%
	36%

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 December 2016 | 13

==> picture [596 x 253] intentionally omitted <==

Bankstown Central

North Terrace, Bankstown NSW 2200 bankstowncentral.com.au

Bankstown Central is a three level Major Regional shopping centre located in the south-west region of Sydney, 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(Internal) ($m)1	695.0
Valuation date	Dec-16
Capitalisation rate(%)	6.25
Discount rate(%)	8.00

Tenant mix by gross lettable area (GLA)

==> picture [118 x 112] intentionally omitted <==

Department stores	12%
Discount department stores	27%
Supermarkets	7%
Mini majors	18%
Specialties	30%
Other retail	1%
Non retail	4%

Property metrics

Property metrics
GLA(sqm)	85,901
Number of tenants	302
Major tenants2	Big W, Kmart, Myer, Supa IGA,
	Target, Woolworths
Car spaces	3,332
Movingannual turnover(MAT) ($m)	462.7
MAT/sqm – Total($)	6,123
MAT/sqm – Specialty ($)	8,122
Specialtyoccupancycost(%)3	18.5
Occupancyrate byGLA(%)	99.4
Weighted average lease expirybyGLA(years)	4.6
NABERS Energyrating (stars)	3.5

Specialty store lease expiry profile by income

FY174 FY18 FY19 FY20 FY21+	21%
	24%
	15%
	10%
	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.

14 | Vicinity Centres Direct Portfolio December 2016

==> picture [596 x 253] intentionally omitted <==

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

State	NSW
Centre type	Sub Regional
Ownershipinterest(%)	50
Date acquired	2013
Centre frst opened	1965
Latest redevelopment	2007
Valuation(External) ($m)1	219.0
Valuation date	Dec-16
Capitalisation rate(%)	6.25
Discount rate(%)	8.00

Tenant mix by gross lettable area (GLA)

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

Discount department stores	24%
Supermarkets	22%
Mini majors	26%
Specialties	18%
Other retail	2%
Non retail	7%

Property metrics

Property metrics
GLA(sqm)	33,313
Number of tenants	109
Major tenants2	Coles, Target, Woolworths
Car spaces	1,443
Movingannual turnover(MAT) ($m)	188.9
MAT/sqm – Total($)	7,106
MAT/sqm – Specialty ($)	9,559
Specialtyoccupancycost(%)3	16.6
Occupancyrate byGLA(%)	99.6
Weighted average lease expirybyGLA(years)	5.8

Specialty store lease expiry profile by income

FY174 FY18 FY19 FY20 FY21+	9%
	14%
	17%
	18%
	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 December 2016 | 15

==> picture [596 x 253] intentionally omitted <==

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, Kmart and Coles and includes more than 180 specialty stores.

Property overview

State	NSW
Centre type	Major Regional
Ownershipinterest(%)	100
Date acquired*	2003
Centre frst opened	1980
Latest redevelopment	2009
Valuation(Internal) ($m)1	1,026.2
Valuation date	Dec-16
Capitalisation rate(%)	5.25
Discount rate(%)	7.75

Tenant mix by gross lettable area (GLA)

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

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

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

Department stores 31%
Discount department stores 10%
Supermarkets 6%
Mini majors 13%
Specialties 33%
Non retail 6%
----- End of picture text -----

Property metrics

Property metrics
GLA(sqm)	63,732
Number of tenants	219
Major tenants2	Coles, David Jones, Kmart
Car spaces Movingannual turnover(MAT) ($m)	2,441 563.3
MAT/sqm – Total($)	9,833
MAT/sqm – Specialty ($)	13,367
Specialtyoccupancycost(%)3	15.5
Occupancyrate byGLA(%)	99.2
Weighted average lease expirybyGLA(years)	6.2
NABERS Energyrating (stars)	3.5
NABERS Water rating (stars)	1.5

Specialty store lease expiry profile by income

FY174 FY18 FY19 FY20 FY21+	16%
	23%
	14%
	15%
	32%

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.

16 | Vicinity Centres Direct Portfolio December 2016

==> picture [596 x 253] intentionally omitted <==

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 over 110 luxury, international and local outlet retailers and a bulky goods precinct.

Property overview

State	NSW
Centre type	Outlet Centre
Ownershipinterest(%)	100
Date acquired	2010
Centre frst opened	2002
Latest redevelopment	2014
Valuation(External) ($m)1	408.8
Valuation date	Dec-16
Capitalisation rate(%)	6.00
Discount rate(%)	8.00

Tenant mix by gross lettable area (GLA)

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

==> picture [118 x 30] intentionally omitted <==

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

Mini majors 44%
Specialties 56%
Non retail 1%
----- End of picture text -----

Property metrics

Property metrics
GLA(sqm)	29,940
Number of tenants	130
Major tenants2	–
Car spaces Movingannual turnover(MAT) ($m)	2,020 316.2
MAT/sqm – Total($)	10,643
MAT/sqm – Specialty ($)	14,771
Specialtyoccupancycost(%)3	9.0
Occupancyrate byGLA(%)	100.0
Weighted average lease expirybyGLA(years)	2.6
NABERS Energyrating (stars)	4.0
NABERS Water rating (stars)	2.0

Specialty store lease expiry profile by income

==> picture [264 x 68] intentionally omitted <==

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

FY17 [4] 3%
FY18 14%
FY19 48%
FY20 19%
FY21+ 17%
----- 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 December 2016 | 17

==> picture [596 x 253] intentionally omitted <==

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, Coles, Woolworths and Aldi and includes more than 80 specialty stores.

Property overview

State	NSW
Centre type	Sub Regional
Ownershipinterest(%)	100
Date acquired	1997
Centre frst opened	1986
Latest redevelopment	2009
Valuation(External) ($m)1	284.2
Valuation date	Dec-16
Capitalisation rate(%)	6.75
Discount rate(%)	8.00

Tenant mix by gross lettable area (GLA)

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

Discount department stores	19%
Supermarkets	24%
Mini majors	14%
Specialties	22%
Other retail	7%
Non retail	14%

Property metrics

Property metrics
GLA(sqm)	43,049
Number of tenants	137
Major tenants2	Aldi, Coles, Kmart, Woolworths
Car spaces Movingannual turnover(MAT) ($m) MAT/sqm – Total($)3	1,524 282.0 n.a.
MAT/sqm – Specialty ($)3	n.a.
Specialtyoccupancycost(%)4	13.4
Occupancyrate byGLA(%)	99.8
Weighted average lease expirybyGLA(years)	4.8
NABERS Energyrating (stars)	3.0
NABERS Water rating (stars)	4.0

Specialty store lease expiry profile by income

FY175 FY18 FY19 FY20 FY21+	19%	19%
	10%
	16%
	30%
	25%

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 December 2016

==> picture [596 x 253] intentionally omitted <==

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) ($m)1	61.0
Valuation date	Dec-16
Capitalisation rate(%)	7.50
Discount rate(%)	7.50

Tenant mix by gross lettable area (GLA)

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

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

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

Discount department stores 39%
Supermarkets 19%
Mini majors 15%
Specialties 20%
Non retail 7%
----- End of picture text -----

Property metrics

Property metrics
GLA(sqm)	20,476
Number of tenants	60
Major tenants2	BigW, Woolworths
Car spaces	1,036
Movingannual turnover(MAT) ($m)	117.2
MAT/sqm – Total($)3	n.a.
MAT/sqm – Specialty ($)3	n.a.
Specialtyoccupancycost(%)4	9.6
Occupancyrate byGLA(%)	98.1
Weighted average lease expirybyGLA(years)	6.2

Specialty store lease expiry profile by income

==> picture [263 x 68] intentionally omitted <==

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

FY17 [5] 20%
FY18 16%
FY19 16%
FY20 18%
FY21+ 31%
----- 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 December 2016 | 19

==> picture [596 x 253] intentionally omitted <==

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) ($m)1	70.0
Valuation date	Dec-16
Capitalisation rate(%)	6.25
Discount rate(%)	7.75

Tenant mix by gross lettable area (GLA)

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

==> picture [118 x 54] intentionally omitted <==

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

Supermarkets 51%
Mini majors 16%
Specialties 24%
Other retail 7%
Non retail 2%
----- End of picture text -----

Property metrics

Property metrics
GLA(sqm)	9,971
Number of tenants	43
Major tenants2	Aldi, Woolworths
Car spaces	403
Movingannual turnover(MAT) ($m)	119.5
MAT/sqm – Total($)	12,355
MAT/sqm – Specialty ($)	6,980
Specialtyoccupancycost(%)3	15.8
Occupancyrate byGLA(%)	99.1
Weighted average lease expirybyGLA(years)	5.1

Specialty store lease expiry profile by income

FY174 FY18 FY19 FY20 FY21+	14%
	15%
	24%
	5%
	43%

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 December 2016

==> picture [596 x 253] intentionally omitted <==

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.

Property overview

State	NSW
Centre type	Sub Regional
Ownershipinterest(%)	100
Date acquired	2003
Centre frst opened	1984
Latest redevelopment	1999
Valuation(External) ($m)1	176.5
Valuation date	Dec-16
Capitalisation rate(%)	5.75
Discount rate(%)	7.75

Tenant mix by gross lettable area (GLA)

==> picture [119 x 112] intentionally omitted <==

Discount department stores	36%
Supermarkets	19%
Mini majors	13%
Specialties	21%
Other retail	7%
Non retail	3%

Property metrics

Property metrics
GLA(sqm)	23,325
Number of tenants	72
Major tenants2	Coles, Kmart
Car spaces	861
Movingannual turnover(MAT) ($m)	242.5
MAT/sqm – Total($)	10,834
MAT/sqm – Specialty ($)	12,470
Specialtyoccupancycost(%)3	11.4
Occupancyrate byGLA(%)	100.0
Weighted average lease expirybyGLA(years)	3.0

Specialty store lease expiry profile by income

FY174 FY18 FY19 FY20 FY21+	21%
	14%
	13%
	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 December 2016 | 21

==> picture [596 x 253] intentionally omitted <==

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 120 specialty stores.

Property overview

State	NSW
Centre type	Major Regional
Ownershipinterest(%)	50
Date acquired	2003
Centre frst opened	1965
Latest redevelopment	2000
Valuation(Internal) ($m)1	370.0
Valuation date	Dec-16
Capitalisation rate(%)	6.50
Discount rate(%)	8.00

Tenant mix by gross lettable area (GLA)

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

Department stores	41%
Discount department stores	14%
Supermarkets	11%
Mini majors	10%
Specialties	20%
Other retail	1%
Non retail	2%

Property metrics

Property metrics
GLA(sqm)	61,982
Number of tenants	155
Major tenants2	Coles, Food For Less, Myer, Target
Car spaces	3,187
Movingannual turnover(MAT) ($m)	301.0
MAT/sqm – Total($)	5,271
MAT/sqm – Specialty ($)	8,592
Specialtyoccupancycost(%)3	17.7
Occupancyrate byGLA(%)	99.6
Weighted average lease expirybyGLA(years)	5.3

Specialty store lease expiry profile by income

FY174 FY18 FY19 FY20 FY21+	44%
	21%
	14%
	9%
	11%

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 December 2016

==> picture [596 x 253] intentionally omitted <==

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.

Property overview

State	NSW
Centre type	Neighbourhood
Ownershipinterest(%)	100
Date acquired	2003
Centre frst opened	1982
Latest redevelopment	2000
Valuation(External) ($m)1	30.0
Valuation date	Dec-16
Capitalisation rate(%)	7.25
Discount rate(%)	8.50

Tenant mix by gross lettable area (GLA)

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

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

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

Supermarkets 61%
Mini majors 9%
Specialties 23%
Non retail 6%
----- End of picture text -----

Property metrics

Property metrics
GLA(sqm)	7,258
Number of tenants	22
Major tenants2	Woolworths
Car spaces	277
Movingannual turnover(MAT) ($m)	58.3
MAT/sqm – Total($)	9,316
MAT/sqm – Specialty ($)	6,708
Specialtyoccupancycost(%)3	10.4
Occupancyrate byGLA(%)	95.4
Weighted average lease expirybyGLA(years)	1.3

Specialty store lease expiry profile by income

FY174 FY18 FY19 FY20 FY21+	19%
	18%
	34%
	26%
	3%

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 December 2016 | 23

==> picture [596 x 253] intentionally omitted <==

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.

Property overview

State	NSW
Centre type	Sub Regional
Ownershipinterest(%)	50
Date acquired	2003
Centre frst opened	1987
Latest redevelopment	2008
Valuation(External) ($m)1	81.0
Valuation date	Dec-16
Capitalisation rate(%)	6.75
Discount rate(%)	8.00

Tenant mix by gross lettable area (GLA)

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

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

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

Discount department stores 24%
Supermarkets 44%
Mini majors 9%
Specialties 19%
Non retail 3%
----- End of picture text -----

Property metrics

Property metrics
GLA(sqm)	21,379
Number of tenants	52
Major tenants2	Coles, Kmart, Woolworths
Car spaces	918
Movingannual turnover(MAT) ($m)	157.2
MAT/sqm – Total($)	8,130
MAT/sqm – Specialty ($)	10,491
Specialtyoccupancycost(%)3	7.4
Occupancyrate byGLA(%)	98.3
Weighted average lease expirybyGLA(years)	7.2

Specialty store lease expiry profile by income

==> picture [265 x 68] intentionally omitted <==

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

FY17 [4] 9%
FY18 12%
FY19 16%
FY20 11%
FY21+ 52%
----- 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.

24 | Vicinity Centres Direct Portfolio December 2016

==> picture [596 x 253] intentionally omitted <==

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 and newly opened Aldi and includes more than 85 specialty stores. The recent redevelopment, which was completed in June 2016, also included 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(Internal) ($m)1	275.0
Valuation date	Dec-16
Capitalisation rate(%)	6.00
Discount rate(%)	8.00

Tenant mix by gross lettable area (GLA)

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

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

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

Discount department stores 27%
Supermarkets 29%
Mini majors 10%
Specialties 29%
Non retail 4%
----- End of picture text -----

Property metrics

Property metrics
GLA(sqm)	29,661
Number of tenants	109
Major tenants2	Aldi, Coles, Kmart, Woolworths
Car spaces	1,450
Movingannual turnover(MAT) ($m)	198.8
MAT/sqm – Total($)3	n.a.
MAT/sqm – Specialty ($)3	n.a.
Specialtyoccupancycost(%)4	17.2
Occupancyrate byGLA(%)	100.0
Weighted average lease expirybyGLA(years)	11.3

Specialty store lease expiry profile by income

==> picture [262 x 68] intentionally omitted <==

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

FY17 [5] 11%
FY18 5%
FY19 9%
FY20 14%
FY21+ 60%
----- 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 December 2016 | 25

==> picture [596 x 253] intentionally omitted <==

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 40 specialty stores.

Property overview

Tenant mix by gross lettable area (GLA)

State	NSW
Centre type	Sub Regional	Discount department stores	41%
Ownershipinterest(%)	100	Supermarkets	24%
Date acquired Centre frst opened Latest redevelopment Valuation(Internal) ($m)1	2005 1980 2000 67.0	Mini majors Specialties Non retail	5% 28% 1%
Valuation date	Dec-16
Capitalisation rate(%)	7.00
Discount rate(%)	8.25

Property metrics

Property metrics
GLA(sqm)	15,927
Number of tenants	52
Major tenants2	Coles, Kmart
Car spaces Movingannual turnover(MAT) ($m)	596 94.1
MAT/sqm – Total($)	5,981
MAT/sqm – Specialty ($)	6,393
Specialtyoccupancycost(%)3	12.8
Occupancyrate byGLA(%)	100.0
Weighted average lease expirybyGLA(years)	3.5

Specialty store lease expiry profile by income

FY174 FY18 FY19 FY20 FY21+	29%
	6%
	20%
	11%
	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.

26 | Vicinity Centres Direct Portfolio December 2016

==> picture [596 x 162] intentionally omitted <==

Queensland

l Wholly owned ¢ Jointly owned

==> picture [552 x 448] intentionally omitted <==

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

TAIGUM SQUARE
DFO BRISBANE
QUEENSPLAZA THE MYER CENTRE BRISBANE
MILTON VILLAGE
BURANDA VILLAGE
WHITSUNDAY PLAZA MT OMMANEY CENTRE
GRAND PLAZA
GOLDFIELDS PLAZA
GYMPIE CENTRAL
NORTH SHORE VILLAGE
BRISBANE
OXENFORD VILLAGE
RUNAWAY BAY CENTRE
----- End of picture text -----

Vicinity Centres Direct Portfolio December 2016 | 27

	QLD	Page
	Buranda Village	30
	DFO Brisbane	31
	Goldfelds 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	43

Runaway Bay Centre, QLD

28 | Vicinity Centres Direct Portfolio December 2016

==> picture [596 x 177] intentionally omitted <==

Whitsunday Plaza Queensland

Only discount department store in the region

$12,478/sqm specialty sales productivity

7.4%

growth in moving annual turnover

Vicinity Centres Direct Portfolio December 2016 | 29

==> picture [596 x 253] intentionally omitted <==

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	2000
Centre frst opened	1978
Latest redevelopment	2005
Valuation(External) ($m)1	41.8
Valuation date	Dec-16
Capitalisation rate(%)	6.50
Discount rate(%)	7.50

Tenant mix by gross lettable area (GLA)

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

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

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

Discount department stores 35%
Supermarkets 26%
Mini majors 9%
Specialties 17%
Non retail 13%
----- End of picture text -----

Property metrics

Property metrics
GLA(sqm)	11,642
Number of tenants	41
Major tenants2	Target, Woolworths
Car spaces	520
Movingannual turnover(MAT) ($m)	62.2
MAT/sqm – Total($)	6,196
MAT/sqm – Specialty ($)	8,006
Specialtyoccupancycost(%)3	12.8
Occupancyrate byGLA(%)	100.0
Weighted average lease expirybyGLA(years)	5.5

Specialty store lease expiry profile by income

==> picture [263 x 67] intentionally omitted <==

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

FY17 [4] 0%
FY18 17%
FY19 21%
FY20 8%
FY21+ 54%
----- 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 December 2016

==> picture [596 x 253] intentionally omitted <==

DFO Brisbane

18th Avenue, Brisbane Airport QLD 4008 dfobrisbane.com.au

DFO Brisbane is a single level Outlet Centre located approximately 8 kilometres north-east of the Brisbane CBD. The centre comprises over 135 outlet retailers, including Calvin Klein, Country Road, Crumpler and Esprit.

Property overview

State	QLD
Centre type	Outlet Centre
Ownershipinterest(%)	100
Date acquired	2016
Centre frst opened	2005
Latest redevelopment	2015
Valuation(Internal) ($m)1	55.0
Valuation date	Dec-16
Capitalisation rate(%)	7.50
Discount rate(%)	8.50

Tenant mix by gross lettable area (GLA)

==> picture [119 x 112] intentionally omitted <==

==> picture [118 x 19] intentionally omitted <==

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

Mini majors 14%
Specialties 86%
----- End of picture text -----

Property metrics

Property metrics
GLA(sqm)	26,095
Number of tenants	147
Major tenants2	–
Car spaces	2,640
Movingannual turnover(MAT) ($m)	208.8
MAT/sqm – Total($)	7,970
MAT/sqm – Specialty ($)	8,145
Specialtyoccupancycost(%)3	10.6
Occupancyrate byGLA(%)	99.9
Weighted average lease expirybyGLA(years)	2.6

Specialty store lease expiry profile by income

FY174 FY18 FY19 FY20 FY21+	22%
	8%
	10%

	57%

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 December 2016 | 31

==> picture [596 x 253] intentionally omitted <==

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 11 specialty stores.

Property overview

State	QLD
Centre type	Neighbourhood
Ownershipinterest(%)	100
Date acquired	2006
Centre frst opened	1985
Latest redevelopment	2001
Valuation(Internal) ($m)1	27.0
Valuation date	Dec-16
Capitalisation rate(%)	7.50
Discount rate(%)	8.25

Tenant mix by gross lettable area (GLA)

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

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

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

Supermarkets 56%
Mini majors 20%
Specialties 17%
Non retail 7%
----- End of picture text -----

Property metrics

Property metrics
GLA(sqm)	7,670
Number of tenants	23
Major tenants2	Coles
Car spaces	437
Movingannual turnover(MAT) ($m)	62.7
MAT/sqm – Total($)	9,277
MAT/sqm – Specialty ($)	9,553
Specialtyoccupancycost(%)3	8.3
Occupancyrate byGLA(%)	96.3
Weighted average lease expirybyGLA(years)	7.4

Specialty store lease expiry profile by income

==> picture [263 x 68] intentionally omitted <==

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

FY17 [4] 0%
FY18 4%
FY19 11%
FY20 49%
FY21+ 36%
----- 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.

32 | Vicinity Centres Direct Portfolio December 2016

==> picture [596 x 253] intentionally omitted <==

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 Big W, Kmart, Target, Coles, Woolworths, Aldi and Event Cinemas and includes more than 120 specialty stores.

Property overview

State	QLD
Centre type	Regional
Ownershipinterest(%)	50
Date acquired	2002
Centre frst opened	1994
Latest redevelopment	2006
Valuation(External) ($m)1	417.0
Valuation date	Dec-16
Capitalisation rate(%)	5.75
Discount rate(%)	7.75

Tenant mix by gross lettable area (GLA)

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

Discount department stores	38%
Supermarkets	19%
Mini majors	5%
Specialties	23%
Other retail	13%
Non retail	3%

Property metrics

Property metrics
GLA(sqm)	53,421
Number of tenants	164
Major tenants2	Aldi, Big W, Coles, Kmart, Target, Woolworths
Car spaces	2,580
Movingannual turnover(MAT) ($m)	353.5
MAT/sqm – Total($)	7,039
MAT/sqm – Specialty ($)	9,785
Specialtyoccupancycost(%)3	15.9
Occupancyrate byGLA(%)	99.8
Weighted average lease expirybyGLA(years)	3.8
NABERS Energyrating (stars)	4.0
NABERS Water rating (stars)	4.0

Specialty store lease expiry profile by income

FY174 FY18 FY19 FY20 FY21+	21%
	25%
	11%
	14%
	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 December 2016 | 33

==> picture [596 x 253] intentionally omitted <==

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(Internal) ($m)1	78.0
Valuation date	Dec-16
Capitalisation rate(%)	6.50
Discount rate(%)	7.75

Tenant mix by gross lettable area (GLA)

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

==> picture [117 x 42] intentionally omitted <==

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

Discount department stores 41%
Supermarkets 26%
Specialties 31%
Non retail 2%
----- End of picture text -----

Property metrics

Property metrics
GLA(sqm)	14,119
Number of tenants	54
Major tenants2	BigW, Woolworths
Car spaces	752
Movingannual turnover(MAT) ($m)	121.2
MAT/sqm – Total($)	9,105
MAT/sqm – Specialty ($)	11,065
Specialtyoccupancycost(%)3	9.8
Occupancyrate byGLA(%)	98.9
Weighted average lease expirybyGLA(years)	7.6

Specialty store lease expiry profile by income

==> picture [264 x 68] intentionally omitted <==

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

FY17 [4] 31%
FY18 10%
FY19 16%
FY20 15%
FY21+ 29%
----- 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.

34 | Vicinity Centres Direct Portfolio December 2016

==> picture [596 x 253] intentionally omitted <==

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 14 specialty stores.

Property overview

State	QLD
Centre type	Neighbourhood
Ownershipinterest(%)	100
Date acquired	2000
Centre frst opened	1973
Latest redevelopment	n.a.
Valuation(External) ($m)1	26.5
Valuation date	Dec-16
Capitalisation rate(%)	6.75
Discount rate(%)	8.25

Tenant mix by gross lettable area (GLA)

==> picture [120 x 113] intentionally omitted <==

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

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

Supermarkets 18%
Specialties 35%
Other retail 2%
Non retail 45%
----- End of picture text -----

Property metrics

Property metrics
GLA(sqm)	2,827
Number of tenants	23
Major tenants2	IGA
Car spaces	138
Movingannual turnover(MAT) ($m)	24.9
MAT/sqm – Total($)	17,575
MAT/sqm – Specialty ($)	13,895
Specialtyoccupancycost(%)3	10.7
Occupancyrate byGLA(%)	100.0
Weighted average lease expirybyGLA(years)	2.7

Specialty store lease expiry profile by income

FY174 FY18 FY19 FY20 FY21+	0% 10% 9% 16%
	16%
	10%
	9%
	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 December 2016 | 35

==> picture [596 x 253] intentionally omitted <==

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 Big W, Kmart, Target, Coles, Woolworths and Aldi and includes more than 130 specialty stores.

Property overview

State	QLD
Centre type	Regional
Ownershipinterest(%)	25
Date acquired	2014
Centre frst opened	1979
Latest redevelopment	2010
Valuation(External) ($m)1	420.8
Valuation date	Dec-16
Capitalisation rate(%)	6.00
Discount rate(%)	7.75

Tenant mix by gross lettable area (GLA)

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

Discount department stores	37%
Supermarkets	19%
Mini majors	5%
Specialties	27%
Other retail	1%
Non retail	11%

Property metrics

Property metrics
GLA(sqm)	56,610
Number of tenants	184
Major tenants2	Aldi, Big W, Coles, Kmart,
	Target, Woolworths
Car spaces	2,543
Movingannual turnover(MAT) ($m)	315.6
MAT/sqm – Total($)	6,653
MAT/sqm – Specialty ($)	8,064
Specialtyoccupancycost(%)3	15.4
Occupancyrate byGLA(%)	98.8
Weighted average lease expirybyGLA(years)	5.8

Specialty store lease expiry profile by income

FY174 FY18 FY19 FY20 FY21+	33%
	14%
	10%
	16%
	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.

36 | Vicinity Centres Direct Portfolio December 2016

==> picture [596 x 253] intentionally omitted <==

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. It is 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	n.a.
Valuation(External) ($m)1	25.0
Valuation date	Dec-16
Capitalisation rate(%)	6.25
Discount rate(%)	8.00

Tenant mix by gross lettable area (GLA)

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

==> picture [118 x 30] intentionally omitted <==

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

Supermarkets 65%
Specialties 18%
Non retail 18%
----- End of picture text -----

Property metrics

Property metrics
GLA(sqm)	4,083
Number of tenants	15
Major tenants2	Coles
Car spaces	274
Movingannual turnover(MAT) ($m)	48.1
MAT/sqm – Total($)	15,051
MAT/sqm – Specialty ($)	4,957
Specialtyoccupancycost(%)3	17.7
Occupancyrate byGLA(%)	100.0
Weighted average lease expirybyGLA(years)	2.3

Specialty store lease expiry profile by income

FY174 FY18 FY19 FY20 FY21+	0% 15% 6% 4%

	15%
	6%
	75%

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 December 2016 | 37

==> picture [596 x 253] intentionally omitted <==

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 12 specialty stores.

Property overview

State	QLD
Centre type	Neighbourhood
Ownershipinterest(%)	100
Date acquired	2003
Centre frst opened	2001
Latest redevelopment	n.a.
Valuation(Internal) ($m)1	30.8
Valuation date	Dec-16
Capitalisation rate(%)	6.25
Discount rate(%)	7.75

Tenant mix by gross lettable area (GLA)

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

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

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

Supermarkets 57%
Specialties 17%
Other retail 1%
Non retail 25%
----- End of picture text -----

Property metrics

Property metrics
GLA(sqm)	5,808
Number of tenants	18
Major tenants2	Woolworths
Car spaces	255
Movingannual turnover(MAT) ($m)	76.9
MAT/sqm – Total($)	17,928
MAT/sqm – Specialty ($)	13,430
Specialtyoccupancycost(%)3	9.1
Occupancyrate byGLA(%)	100.0
Weighted average lease expirybyGLA(years)	8.3

Specialty store lease expiry profile by income

FY174 FY18 FY19 FY20 FY21+	31%
	57%

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 December 2016

==> picture [596 x 253] intentionally omitted <==

QueensPlaza

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

QueensPlaza is a three level City Centre located in the heart of the Brisbane CBD. It is anchored by David Jones and Coles Central and includes more than 65 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(Internal) ($m)1	760.0
Valuation date	Dec-16
Capitalisation rate(%)	5.00
Discount rate(%)	7.25

Tenant mix by gross lettable area (GLA)

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

==> picture [118 x 54] intentionally omitted <==

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

Department stores 46%
Supermarkets 3%
Mini majors 1%
Specialties 12%
Non retail 39%
----- End of picture text -----

Property metrics

Property metrics
GLA(sqm)	39,066
Number of tenants	77
Major tenants2	Coles Central, David Jones
Car spaces Movingannual turnover(MAT) ($m)	600 302.1
MAT/sqm – Total($)	8,520
MAT/sqm – Specialty ($)	20,831
Specialtyoccupancycost(%)3	14.6
Occupancyrate byGLA(%)	99.0
Weighted average lease expirybyGLA(years)	11.1
NABERS Energyrating (stars)	3.0
NABERS Water rating (stars)	1.5

Specialty store lease expiry profile by income

FY174 FY18 FY19 FY20 FY21+	20%
	21%
	19%
	14%
	26%

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 December 2016 | 39

==> picture [596 x 253] intentionally omitted <==

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 Big W, Target, Coles, Woolworths 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(Internal) ($m)1	320.0
Valuation date	Dec-16
Capitalisation rate(%)	5.75
Discount rate(%)	7.75

Tenant mix by gross lettable area (GLA)

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

Discount department stores	33%
Supermarkets	24%
Mini majors	14%
Specialties	19%
Other retail	3%
Non retail	7%

Property metrics

Property metrics
GLA(sqm)	43,002
Number of tenants	129
Major tenants2	Aldi, BigW, Coles, Target, Woolworths
Car spaces Movingannual turnover(MAT) ($m)	2,160 293.5
MAT/sqm – Total($)	8,275
MAT/sqm – Specialty ($)	9,711
Specialtyoccupancycost(%)3	12.4
Occupancyrate byGLA(%)	99.6
Weighted average lease expirybyGLA(years)	5.6
NABERS Energyrating (stars)	4.0
NABERS Water rating (stars)	3.5

Specialty store lease expiry profile by income

FY174 FY18 FY19 FY20 FY21+	28%
	11%
	14%
	8%
	38%

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 December 2016

==> picture [596 x 253] intentionally omitted <==

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(Internal) ($m)1	93.0
Valuation date	Dec-16
Capitalisation rate(%)	6.50
Discount rate(%)	8.00

Tenant mix by gross lettable area (GLA)

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

==> picture [118 x 54] intentionally omitted <==

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

Discount department stores 29%
Supermarkets 16%
Mini majors 9%
Specialties 24%
Non retail 21%
----- End of picture text -----

Property metrics

Property metrics
GLA(sqm)	23,151
Number of tenants	82
Major tenants2	BigW, Woolworths
Car spaces	1,054
Movingannual turnover(MAT) ($m)	105.3
MAT/sqm – Total($)	5,982
MAT/sqm – Specialty ($)	6,114
Specialtyoccupancycost(%)3	12.8
Occupancyrate byGLA(%)	99.7
Weighted average lease expirybyGLA(years)	4.0

Specialty store lease expiry profile by income

==> picture [263 x 68] intentionally omitted <==

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

FY17 [4] 14%
FY18 6%
FY19 15%
FY20 13%
FY21+ 52%
----- 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 December 2016 | 41

==> picture [596 x 253] intentionally omitted <==

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, Coles Central and Event Cinemas 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) ($m)1	775.0
Valuation date	Dec-16
Capitalisation rate(%)	5.75
Discount rate(%)	7.75

Tenant mix by gross lettable area (GLA)

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

Department stores	50%
Discount department stores	12%
Supermarkets	3%
Mini majors	7%
Specialties	21%
Other retail	6%
Non retail	2%

Property metrics

Property metrics
GLA(sqm)	63,718
Number of tenants	186
Major tenants2	Coles Central, Myer, Target
Car spaces Movingannual turnover(MAT) ($m)	1,450 331.3
MAT/sqm – Total($)	5,400
MAT/sqm – Specialty ($)	10,641
Specialtyoccupancycost(%)3	21.0
Occupancyrate byGLA(%)	99.3
Weighted average lease expirybyGLA(years)	8.5
NABERS Energyrating (stars)	2.5
NABERS Water rating (stars)	2.5

Specialty store lease expiry profile by income

FY174 FY18 FY19 FY20 FY21+	23%
	31%
	21%
	6%
	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.

42 | Vicinity Centres Direct Portfolio December 2016

==> picture [596 x 253] intentionally omitted <==

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	n.a.
Valuation(External) ($m)1	65.0
Valuation date	Dec-16
Capitalisation rate(%)	6.75
Discount rate(%)	8.00

Tenant mix by gross lettable area (GLA)

==> picture [120 x 112] intentionally omitted <==

Department stores	8%
Discount department stores	24%
Supermarkets	15%
Mini majors	14%
Specialties	19%
Other retail	3%
Non retail	17%

Property metrics

Property metrics
GLA(sqm)	22,247
Number of tenants	48
Major tenants2	BigW, HarveyNorman, Woolworths
Car spaces	1,149
Movingannual turnover(MAT) ($m)	113.0
MAT/sqm – Total($)	6,191
MAT/sqm – Specialty ($)	12,478
Specialtyoccupancycost(%)3	6.3
Occupancyrate byGLA(%)	100.0
Weighted average lease expirybyGLA(years)	5.3
NABERS Energyrating (stars)	4.5

Specialty store lease expiry profile by income

==> picture [262 x 69] intentionally omitted <==

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

FY17 [4] 13%
FY18 15%
FY19 20%
FY20 21%
FY21+ 31%
----- 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 December 2016 | 43

==> picture [596 x 173] intentionally omitted <==

South Australia

l Wholly owned

¢ Jointly owned

==> picture [560 x 410] intentionally omitted <==

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

ELIZABETH CITY CENTRE
KURRALTA CENTRAL
CASTLE PLAZA ADELAIDE
COLONNADES
----- End of picture text -----

44 | Vicinity Centres Direct Portfolio December 2016

==> picture [596 x 179] intentionally omitted <==

SA	Page
Castle Plaza	47
Colonnades	48
Elizabeth City Centre	49
Kurralta Central	50
		Colonnades, SA
		Vicinity CentresDirect Portfolio December 2016**

==> picture [596 x 156] intentionally omitted <==

Castle Plaza South Australia

$2 million creating a fresh new look

22,800+ sqm gross lettable area

70+

retail stores

46 | Vicinity Centres Direct Portfolio December 2016

==> picture [596 x 253] intentionally omitted <==

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) ($m)1	172.9
Valuation date	Dec-16
Capitalisation rate(%)	6.75
Discount rate(%)	8.50

Tenant mix by gross lettable area (GLA)

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

Discount department stores	35%
Supermarkets	30%
Mini majors	4%
Specialties	22%
Other retail	2%
Non retail	7%

Property metrics

Property metrics
GLA(sqm)	22,839
Number of tenants	73
Major tenants2	Coles, Foodland, Target
Car spaces	1,315
Movingannual turnover(MAT) ($m)	148.5
MAT/sqm – Total($)	7,151
MAT/sqm – Specialty ($)	8,598
Specialtyoccupancycost(%)3	14.3
Occupancyrate byGLA(%)	98.8
Weighted average lease expirybyGLA(years)	3.7
NABERS Energyrating (stars)	2.5
NABERS Water rating (stars)	3.0

Specialty store lease expiry profile by income

==> picture [250 x 64] intentionally omitted <==

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

FY17 [4] 24%
FY18 17%
FY19 10%
FY20 19%
FY21+ 31%
----- 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 December 2016 | 47

==> picture [596 x 253] intentionally omitted <==

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 Myer, Big W, Kmart, Coles, a recently expanded Woolworths, Harris Scarfe and newly opened Aldi and includes more than 130 specialty stores. The recent redevelopment, which was completed in March 2016, also included 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(Internal) ($m)1	311.1
Valuation date	Dec-16
Capitalisation rate(%)	7.00
Discount rate(%)	8.25

Tenant mix by gross lettable area (GLA)

==> picture [118 x 112] intentionally omitted <==

Department stores	6%
Discount department stores	23%
Supermarkets	12%
Mini majors	9%
Specialties	22%
Other retail	1%
Non retail	25%

Property metrics

Property metrics
GLA(sqm)	83,523
Number of tenants	181
Major tenants2	Aldi, Big W, Coles, Harris Scarfe,
	Kmart, Myer, Woolworths
Car spaces	3,748
Movingannual turnover(MAT) ($m)	298.5
MAT/sqm – Total($)	5,178
MAT/sqm – Specialty ($)	6,060
Specialtyoccupancycost(%)3	16.4
Occupancyrate byGLA(%)	98.3
Weighted average lease expirybyGLA(years)	7.9

Specialty store lease expiry profile by income

FY174 FY18 FY19 FY20 FY21+	24%
	19%
	15%
	10%
	33%

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.

48 | Vicinity Centres Direct Portfolio December 2016

==> picture [596 x 253] intentionally omitted <==

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 Big W, Target, Coles, Woolworths, Harris Scarfe and Reading Cinemas 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	2005
Valuation(Internal) ($m)1	382.1
Valuation date	Dec-16
Capitalisation rate(%)	7.00
Discount rate(%)	8.50

Tenant mix by gross lettable area (GLA)

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

Discount department stores	29%
Supermarkets	11%
Mini majors	11%
Specialties	25%
Other retail	6%
Non retail	17%

Property metrics

Property metrics
GLA(sqm)	80,365
Number of tenants	215
Major tenants2	Big W, Coles, Harris Scarfe,
	Target, Woolworths
Car spaces	3,228
Movingannual turnover(MAT) ($m)	345.3
MAT/sqm – Total($)3	n.a.
MAT/sqm – Specialty ($)3	n.a.
Specialtyoccupancycost(%)4	15.9
Occupancyrate byGLA(%)	98.6
Weighted average lease expirybyGLA(years)	5.2
NABERS Energyrating (stars)	3.5
NABERS Water rating (stars)	3.0

Specialty store lease expiry profile by income

FY175 FY18 FY19 FY20 FY21+	36%
	22%
	9%
	12%
	21%

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 December 2016 | 49

==> picture [596 x 253] intentionally omitted <==

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) ($m)1	40.1
Valuation date	Dec-16
Capitalisation rate(%)	6.25
Discount rate(%)	7.00

Tenant mix by gross lettable area (GLA)

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

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

Property metrics

Property metrics
GLA(sqm)	10,678
Number of tenants	16
Major tenants2	Coles, Kmart
Car spaces Movingannual turnover(MAT) ($m)	548 79.7
MAT/sqm – Total($)	7,733
MAT/sqm – Specialty ($)	9,578
Specialtyoccupancycost(%)3	11.4
Occupancyrate byGLA(%)	100.0
Weighted average lease expirybyGLA(years)	4.3

Specialty store lease expiry profile by income

FY174 FY18 FY19 FY20 FY21+	27%
	19%
	10%
	44%

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.

50 | Vicinity Centres Direct Portfolio December 2016

==> picture [596 x 162] intentionally omitted <==

Victoria and Tasmania

l Wholly owned ¢ Jointly owned

==> picture [570 x 526] intentionally omitted <==

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

WODONGA PLAZA
ROXBURGH VILLAGE
BROADMEADOWS SHOPPING CENTRE
DFO ESSENDON
NORTHLAND
SUNSHINE VICTORIA GARDENS
MELBOURNE MARKETPLACE EMPORIUM MELBOURNE
DFO SOUTH WHARF MYER BOURKESTREET BOX HILL CENTRAL (NORTH PRECINCT)
CORIO CENTRAL BOX HILL CENTRAL (SOUTH PRECINCT)
ALTONA GATE
BELMONT VILLAGE SHOPPING CENTRE
CHADSTONE THE GLEN
OAKLEIGH CENTRAL BRANDON PARK
DFO MOORABBIN
CRANBOURNE PARK
BAYSIDE
THE GATEWAY
MORNINGTON CENTRAL
NORTHGATE
EASTLANDS
BENTONS SQUARE
HOBART
Vicinity Centres Direct Portfolio December 2016 | 51
----- End of picture text -----

==> picture [596 x 173] intentionally omitted <==

VIC	Page
Altona Gate Shopping Centre	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 Shopping Centre	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	77
Wodonga Plaza	78
TAS
Eastlands	79
Northgate	80

Emporium Melbourne, VIC

52 | Vicinity Centres Direct Portfolio December 2016

==> picture [596 x 177] intentionally omitted <==

Box Hill Central (South Precinct) Victoria

22 million customer visits annually

40

restaurants, cafes and takeaway retailers

100+ specialty retailers

Vicinity Centres Direct Portfolio December 2016 | 53

==> picture [596 x 253] intentionally omitted <==

Altona Gate Shopping Centre

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

Altona Gate Shopping Centre 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) ($m)1	100.0
Valuation date	Dec-16
Capitalisation rate(%)	6.50
Discount rate(%)	7.75

Tenant mix by gross lettable area (GLA)

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

Discount department stores	31%
Supermarkets	21%
Mini majors	17%
Specialties	24%
Non retail	7%

Property metrics

Property metrics
GLA(sqm)	26,262
Number of tenants	85
Major tenants2	Aldi, Coles, Kmart
Car spaces Movingannual turnover(MAT) ($m)	1,622 143.4
MAT/sqm – Total($)	6,184
MAT/sqm – Specialty ($)	6,787
Specialtyoccupancycost(%)3	15.6
Occupancyrate byGLA(%)	98.0
Weighted average lease expirybyGLA(years)	6.2
NABERS Energyrating (stars)	3.0
NABERS Water rating (stars)	4.5

Specialty store lease expiry profile by income

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

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

FY17 [4] 27%
FY18 25%
FY19 17%
FY20 13%
FY21+ 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.

54 | Vicinity Centres Direct Portfolio December 2016

==> picture [596 x 253] intentionally omitted <==

Bayside

28 Beach Road, 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, Kmart, Target, Coles, Woolworths, Aldi, Toys "R" Us and HOYTS Cinema and includes more than 200 specialty stores.

Property overview

State	VIC
Centre type	Major Regional
Ownershipinterest(%)	100
Date acquired	1994
Centre frst opened	1971
Latest redevelopment	2011
Valuation(Internal) ($m)1	575.0
Valuation date	Dec-16
Capitalisation rate(%)	6.25
Discount rate(%)	8.00

Tenant mix by gross lettable area (GLA)

==> picture [116 x 113] intentionally omitted <==

Department stores	19%
Discount department stores	17%
Supermarkets	11%
Mini majors	17%
Specialties	26%
Other retail	8%
Non retail	2%

Property metrics

Property metrics
GLA(sqm)	88,905
Number of tenants	250
Major tenants2	Aldi, Coles, HOYTS Cinema, Kmart, Myer, Target, Toys "R" Us, Woolworths
Car spaces	3,452
Movingannual turnover(MAT) ($m)	419.1
MAT/sqm – Total($)	5,077
MAT/sqm – Specialty ($)	7,810
Specialtyoccupancycost(%)3	16.5
Occupancyrate byGLA(%)	99.2
Weighted average lease expirybyGLA(years)	5.3
NABERS Energyrating (stars)	4.0
NABERS Water rating (stars)	4.5

Specialty store lease expiry profile by income

FY174 FY18 FY19 FY20 FY21+	29%
	26%
	9%
	13%
	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.

Vicinity Centres Direct Portfolio December 2016 | 55

==> picture [596 x 253] intentionally omitted <==

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	1970
Valuation(External) ($m)1	48.5
Valuation date	Dec-16
Capitalisation rate(%)	6.25
Discount rate(%)	7.50

Tenant mix by gross lettable area (GLA)

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

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

Property metrics

Property metrics
GLA(sqm)	14,032
Number of tenants	19
Major tenants2	Coles, Kmart
Car spaces	570
Movingannual turnover(MAT) ($m)	99.3
MAT/sqm – Total($)	7,250
MAT/sqm – Specialty ($)	9,693
Specialtyoccupancycost(%)3	11.4
Occupancyrate byGLA(%)	100.0
Weighted average lease expirybyGLA(years)	4.6

Specialty store lease expiry profile by income

FY174 FY18 FY19 FY20 FY21+	18%
	7%
	6%
	33%
	36%

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 December 2016

==> picture [596 x 253] intentionally omitted <==

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) ($m)1	81.5
Valuation date	Dec-16
Capitalisation rate(%)	6.25
Discount rate(%)	8.25

Tenant mix by gross lettable area (GLA)

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

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

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

Supermarkets 43%
Mini majors 13%
Specialties 36%
Other retail 1%
Non retail 8%
----- End of picture text -----

Property metrics

Property metrics
GLA(sqm)	10,085
Number of tenants	44
Major tenants2	Woolworths
Car spaces	534
Movingannual turnover(MAT) ($m)	138.5
MAT/sqm – Total($)	15,289
MAT/sqm – Specialty ($)	7,547
Specialtyoccupancycost(%)3	13.7
Occupancyrate byGLA(%)	99.2
Weighted average lease expirybyGLA(years)	7.9

Specialty store lease expiry profile by income

==> picture [262 x 68] intentionally omitted <==

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

FY17 [4] 2%
FY18 18%
FY19 8%
FY20 15%
FY21+ 56%
----- 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 December 2016 | 57

==> picture [596 x 253] intentionally omitted <==

Box Hill Central (North Precinct)

17 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(Internal) ($m)1	94.0
Valuation date	Dec-16
Capitalisation rate(%)	6.75
Discount rate(%)	8.25

Tenant mix by gross lettable area (GLA)

==> picture [120 x 112] intentionally omitted <==

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

Property metrics

Property metrics
GLA(sqm)	14,584
Number of tenants	88
Major tenants2	Coles, Harris Scarfe
Car spaces	901
Movingannual turnover(MAT) ($m)	79.2
MAT/sqm – Total($)	6,610
MAT/sqm – Specialty ($)	5,846
Specialtyoccupancycost(%)3	18.1
Occupancyrate byGLA(%)	100.0
Weighted average lease expirybyGLA(years)	2.3

Specialty store lease expiry profile by income

==> picture [262 x 67] intentionally omitted <==

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

FY17 [4] 10%
FY18 12%
FY19 26%
FY20 19%
FY21+ 33%
----- 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.

58 | Vicinity Centres Direct Portfolio December 2016

==> picture [596 x 253] intentionally omitted <==

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 100 specialty stores.

Property overview

State	VIC
Centre type	Sub Regional
Ownershipinterest(%)	100
Date acquired	2000
Centre frst opened	1987
Latest redevelopment	2010
Valuation(External) ($m)1	177.0
Valuation date	Dec-16
Capitalisation rate(%)	6.50
Discount rate(%)	7.75

Tenant mix by gross lettable area (GLA)

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

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

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

Discount department stores 35%
Supermarkets 16%
Mini majors 3%
Specialties 38%
Non retail 7%
----- End of picture text -----

Property metrics

Property metrics
GLA(sqm)	23,644
Number of tenants	122
Major tenants2	BigW, Woolworths
Car spaces	1,514
Movingannual turnover(MAT) ($m)	174.6
MAT/sqm – Total($)	8,279
MAT/sqm – Specialty ($)	9,518
Specialtyoccupancycost(%)3	14.6
Occupancyrate byGLA(%)	100.0
Weighted average lease expirybyGLA(years)	6.7

Specialty store lease expiry profile by income

FY174 FY18 FY19 FY20 FY21+	11%
	15%
	14%
	14%
	46%

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 December 2016 | 59

==> picture [596 x 253] intentionally omitted <==

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 60 specialty stores.

Property overview

State	VIC
Centre type	Sub Regional
Ownershipinterest(%)	50
Date acquired	2003
Centre frst opened	1970
Latest redevelopment	2003
Valuation(Internal) ($m)1	125.0
Valuation date	Dec-16
Capitalisation rate(%)	7.00
Discount rate(%)	8.00

Tenant mix by gross lettable area (GLA)

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

Discount department stores	30%
Supermarkets	22%
Mini majors	13%
Specialties	24%
Other retail	2%
Non retail	10%

Property metrics

Property metrics
GLA(sqm)	23,062
Number of tenants	96
Major tenants2	Aldi, Coles, Kmart
Car spaces	1,432
Movingannual turnover(MAT) ($m)	133.1
MAT/sqm – Total($)	6,929
MAT/sqm – Specialty ($)	5,339
Specialtyoccupancycost(%)3	18.0
Occupancyrate byGLA(%)	98.4
Weighted average lease expirybyGLA(years)	3.6

Specialty store lease expiry profile by income

FY174 FY18 FY19 FY20 FY21+	10%
	12%
	18%
	14%
	46%

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.

60 | Vicinity Centres Direct Portfolio December 2016

==> picture [596 x 253] intentionally omitted <==

Broadmeadows Shopping Centre

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

Broadmeadows Shopping Centre 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 Big W, Target, Coles, Woolworths, Aldi and HOYTS Cinema 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(Internal) ($m)1	325.0
Valuation date	Dec-16
Capitalisation rate(%)	6.75
Discount rate(%)	8.00

Tenant mix by gross lettable area (GLA)

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

Discount department stores	25%
Supermarkets	14%
Mini majors	20%
Specialties	24%
Other retail	10%
Non retail	6%

Property metrics

Property metrics
GLA(sqm)	61,335
Number of tenants	191
Major tenants2	Aldi, Big W, Coles, HOYTS Cinema,
	Kmart, Woolworths
Car spaces	3,051
Movingannual turnover(MAT) ($m)	262.9
MAT/sqm – Total($)	4,845
MAT/sqm – Specialty ($)	6,197
Specialtyoccupancycost(%)3	19.0
Occupancyrate byGLA(%)	99.9
Weighted average lease expirybyGLA(years)	3.9
NABERS Energyrating (stars)	2.5
NABERS Water rating (stars)	3.5

Specialty store lease expiry profile by income

FY174 FY18 FY19 FY20 FY21+	20%
	19%
	20%
	18%
	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.

Vicinity Centres Direct Portfolio December 2016 | 61

==> picture [596 x 253] intentionally omitted <==

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 David Jones, Myer, Kmart, Target, Coles, Woolworths, Aldi, Zara, Williams-Sonoma Group and GAP and includes more than 420 specialty stores. Chadstone is undergoing a $666 million expansion to incorporate international flagship stores, an expanded luxury offer and a world-class food and entertainment precinct. The key retail stage of this development opened in October 2016.

Property overview

State	VIC
Centre type	Super Regional
Ownershipinterest(%)	50
Date acquired	1994
Centre frst opened	1960
Latest redevelopment	2016
Valuation(External) ($m)1	5250.0
Valuation date	Dec-16
Capitalisation rate(%)	4.25
Discount rate(%)	7.00

Tenant mix by gross lettable area (GLA)

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

Department stores	20%
Discount department stores	7%
Supermarkets	5%
Mini majors	32%
Specialties	28%
Other retail	6%
Non retail	2%

Property metrics

Property metrics
GLA(sqm)	209,116
Number of tenants	518
Major tenants2	Aldi, Coles, David Jones, HOYTS CInema,
	Kmart, Myer, Target, Toys "R" Us
Car spaces	10,020
Movingannual turnover(MAT) ($m)	1,524.4
MAT/sqm – Total($)3	n.a.
MAT/sqm – Specialty ($)3	n.a.
Specialtyoccupancycost(%)4	14.8
Occupancyrate byGLA(%)	99.8
Weighted average lease expirybyGLA(years)	6.5
NABERS Energyrating (stars)	4.0
NABERS Water rating (stars)	4.0

Specialty store lease expiry profile by income

FY175 FY18 FY19 FY20 FY21+	11%
	10%
	7%
	8%
	64%

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.

62 | Vicinity Centres Direct Portfolio December 2016

==> picture [596 x 253] intentionally omitted <==

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) ($m)1	131.0
Valuation date	Dec-16
Capitalisation rate(%)	7.25
Discount rate(%)	8.00

Tenant mix by gross lettable area (GLA)

==> picture [120 x 112] intentionally omitted <==

Discount department stores	19%
Supermarkets	27%
Mini majors	12%
Specialties	26%
Other retail	1%
Non retail	15%

Property metrics

Property metrics
GLA(sqm)	31,325
Number of tenants	109
Major tenants2	Coles, Kmart, Woolworths
Car spaces Movingannual turnover(MAT) ($m)	1,530 159.6
MAT/sqm – Total($)	6,553
MAT/sqm – Specialty ($)	6,043
Specialtyoccupancycost(%)3	14.7
Occupancyrate byGLA(%)	98.6
Weighted average lease expirybyGLA(years)	4.1
NABERS Energyrating (stars)	3.5
NABERS Water rating (stars)	3.0

Specialty store lease expiry profile by income

FY174 FY18 FY19 FY20 FY21+	31%
	10%
	13%
	21%
	26%

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 December 2016 | 63

==> picture [596 x 253] intentionally omitted <==

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 Woolworths, a refurbished Kmart, new Target, Coles and Harris Scarfe and includes more than 105 specialty stores. A development, which was completed in September 2015, expanded the centre to include new mini majors, specialty stores, amenities and a new-concept playground.

Property overview

State	VIC
Centre type	Regional
Ownershipinterest(%)	50
Date acquired	2000
Centre frst opened	1979
Latest redevelopment	2015
Valuation(External) ($m)1	302.5
Valuation date	Dec-16
Capitalisation rate(%)	6.00
Discount rate(%)	7.75

Tenant mix by gross lettable area (GLA)

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

Discount department stores	33%
Supermarkets	17%
Mini majors	12%
Specialties	25%
Other retail	1%
Non retail	11%

Property metrics

Property metrics
GLA(sqm)	47,058
Number of tenants	144
Major tenants2	Coles, Harris Scarfe, Kmart,
	Target, Woolworths
Car spaces	1,700
Movingannual turnover(MAT) ($m)	236.4
MAT/sqm – Total($)3	n.a.
MAT/sqm – Specialty ($)3	n.a.
Specialtyoccupancycost(%)4	16.5
Occupancyrate byGLA(%)	99.8
Weighted average lease expirybyGLA(years)	8.3

Specialty store lease expiry profile by income

FY175 FY18 FY19 FY20 FY21+	7%
	12%
	5%
	28%
	49%

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.

64 | Vicinity Centres Direct Portfolio December 2016

==> picture [596 x 253] intentionally omitted <==

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 110 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 Centre
Ownershipinterest(%)	100
Date acquired	2010
Centre frst opened	2005
Latest redevelopment	2006
Valuation(External) ($m)1	167.5
Valuation date	Dec-16
Capitalisation rate(%)	6.75
Discount rate(%)	8.25

Tenant mix by gross lettable area (GLA)

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

==> picture [117 x 19] intentionally omitted <==

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

Mini majors 65%
Specialties 35%
----- End of picture text -----

Property metrics

Property metrics
GLA(sqm)	52,325
Number of tenants	145
Major tenants2	–
Car spaces Movingannual turnover(MAT) ($m)	2,137 235.9
MAT/sqm – Total($)5	9,165
MAT/sqm – Specialty ($)5	8,996
Specialtyoccupancycost(%)3,5	11.6
Occupancyrate byGLA(%)5	100.0
Weighted average lease expirybyGLA(years)	2.8
NABERS Energyrating (stars)	4.5
NABERS Water rating (stars)	5.0

Specialty store lease expiry profile by income

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

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

FY17 [4] 12%
FY18 13%
FY19 15%
FY20 8%
FY21+ 51%
----- 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.

5 Excludes Homemaker precinct.

Vicinity Centres Direct Portfolio December 2016 | 65

==> picture [596 x 253] intentionally omitted <==

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 Centre
Ownershipinterest(%)	100
Date acquired	2010
Centre frst opened	1994
Latest redevelopment	2007
Valuation(Internal) ($m)1	112.5
Valuation date	Dec-16
Capitalisation rate(%)	7.75
Discount rate(%)	8.50

Tenant mix by gross lettable area (GLA)

==> picture [120 x 112] intentionally omitted <==

==> picture [118 x 31] intentionally omitted <==

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

Mini majors 19%
Specialties 81%
Non retail 1%
----- End of picture text -----

Property metrics

Property metrics
GLA(sqm)	24,298
Number of tenants	136
Major tenants2	–
Car spaces	1,362
Movingannual turnover(MAT) ($m)	146.4
MAT/sqm – Total($)	6,371
MAT/sqm – Specialty ($)	6,945
Specialtyoccupancycost(%)3	11.5
Occupancyrate byGLA(%)	100.0
Weighted average lease expirybyGLA(years)	2.2
NABERS Energyrating (stars)	3.5
NABERS Water rating (stars)	4.0

Specialty store lease expiry profile by income

==> picture [262 x 67] intentionally omitted <==

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

FY17 [4] 21%
FY18 15%
FY19 21%
FY20 14%
FY21+ 29%
----- 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.

66 | Vicinity Centres Direct Portfolio December 2016

==> picture [596 x 253] intentionally omitted <==

DFO South Wharf

20 Convention Centre Place, South Wharf VIC 3006

dfo.com.au/southwharf

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 170 outlet retailers including Armani Outlet, Michael Kors and Kate Spade and an exclusive collection of sporting and active apparel outlets. The adjoining Homemaker Hub comprises over 20 large format stores. A reconfiguration and food court upgrade was completed in March 2016.

Property overview

State	VIC
Centre type	Outlet Centre
Ownershipinterest(%)	75
Date acquired*	2010
Centre frst opened	2009
Latest redevelopment	2016
Valuation(External) ($m)1	553.4
Valuation date	Dec-16
Capitalisation rate(%)	6.00
Discount rate(%)	8.25

Tenant mix by gross lettable area (GLA)

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

==> picture [117 x 31] intentionally omitted <==

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

Mini majors 50%
Specialties 49%
Non retail 1%
----- End of picture text -----

Property metrics

Property metrics
GLA(sqm)	56,450
Number of tenants	207
Major tenants2	–
Car spaces Movingannual turnover(MAT) ($m)	3,002 387.6
MAT/sqm – Total($)5	9,321
MAT/sqm – Specialty ($)5	9,154
Specialtyoccupancycost(%)3,5	10.2
Occupancyrate byGLA(%)5	100.0
Weighted average lease expirybyGLA(years)	3.0
NABERS Energyrating (stars)	1.5

Specialty store lease expiry profile by income

FY174 FY18 FY19 FY20 FY21+	6%
	16%
	7%
	24%
	47%

50% acquired in 2010 and a further 25% acquired in 2014.

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.

5 Excludes Homemaker precinct.

Vicinity Centres Direct Portfolio December 2016 | 67

==> picture [596 x 253] intentionally omitted <==

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 Top Shop and Uniqlo flagship stores and includes more than 205 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	n.a.
Valuation(Internal) ($m)1	1,165.0
Valuation date	Dec-16
Capitalisation rate(%)	4.75
Discount rate(%)	7.50

Tenant mix by gross lettable area (GLA)

==> picture [120 x 112] intentionally omitted <==

==> picture [118 x 42] intentionally omitted <==

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

Department stores 15%
Mini majors 28%
Specialties 55%
Non retail 1%
----- End of picture text -----

Property metrics

Property metrics
GLA(sqm)	45,241
Number of tenants	224
Major tenants2	Myer
Car spaces	–
Movingannual turnover(MAT) ($m)	458.6
MAT/sqm – Total($)	10,449
MAT/sqm – Specialty ($)	13,418
Specialtyoccupancycost(%)3	17.0
Occupancyrate byGLA(%)	99.4
Weighted average lease expirybyGLA(years)	4.3
NABERS Water rating (stars)	1.0

Specialty store lease expiry profile by income

==> picture [262 x 68] intentionally omitted <==

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

FY17 [4] 2%
FY18 1%
FY19 30%
FY20 30%
FY21+ 37%
----- 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.

68 | Vicinity Centres Direct Portfolio December 2016

==> picture [596 x 253] intentionally omitted <==

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	n.a.
Valuation(External) ($m)1	68.0
Valuation date	Dec-16
Capitalisation rate(%)	6.25
Discount rate(%)	8.00

Tenant mix by gross lettable area (GLA)

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

==> picture [118 x 31] intentionally omitted <==

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

Discount department stores 47%
Supermarkets 28%
Specialties 24%
----- End of picture text -----

Property metrics

Property metrics
GLA(sqm)	11,763
Number of tenants	44
Major tenants2	Coles, Target
Car spaces	505
Movingannual turnover(MAT) ($m)	100.3
MAT/sqm – Total($)	8,587
MAT/sqm – Specialty ($)	9,042
Specialtyoccupancycost(%)3	16.4
Occupancyrate byGLA(%)	100.0
Weighted average lease expirybyGLA(years)	3.2

Specialty store lease expiry profile by income

FY174 FY18 FY19 FY20 FY21+	16%
	23%
	26%
	25%
	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 December 2016 | 69

==> picture [596 x 253] intentionally omitted <==

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) ($m)1	468.5
Valuation date	Dec-16
Capitalisation rate(%)	4.75
Discount rate(%)	6.75

Tenant mix by gross lettable area (GLA)

==> picture [111 x 111] intentionally omitted <==

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

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

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

Property metrics

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(%)3	n.a.
Occupancyrate byGLA(%)	100.0
Weighted average lease expirybyGLA(years)	15.0

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 December 2016

==> picture [596 x 253] intentionally omitted <==

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, Kmart, Target, Coles, Woolworths, Aldi, Toys "R" Us and HOYTS Cinema and includes more than 250 specialty stores.

Property overview

State	VIC
Centre type	Major Regional
Ownershipinterest(%)	50
Date acquired	1994
Centre frst opened	1966
Latest redevelopment	2014
Valuation(Internal) ($m)1	965.0
Valuation date	Dec-16
Capitalisation rate(%)	5.75
Discount rate(%)	7.75

Tenant mix by gross lettable area (GLA)

==> picture [115 x 112] intentionally omitted <==

Department stores	19%
Discount department stores	14%
Supermarkets	10%
Mini majors	14%
Specialties	30%
Other retail	7%
Non retail	5%

Property metrics

Property metrics
GLA(sqm)	97,412
Number of tenants	310
Major tenants2	Aldi, Coles, HOYTS Cinema, Kmart,
	Myer, Target, Toys "R" Us, Woolworths
Car spaces	4,640
Movingannual turnover(MAT) ($m)	538.7
MAT/sqm – Total($)	5,991
MAT/sqm – Specialty ($)	8,731
Specialtyoccupancycost(%)3	19.2
Occupancyrate byGLA(%)	99.9
Weighted average lease expirybyGLA(years)	5.5
NABERS Energyrating (stars)	3.5
NABERS Water rating (stars)	3.5

Specialty store lease expiry profile by income

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

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

FY17 [4] 29%
FY18 14%
FY19 11%
FY20 12%
FY21+ 35%
----- 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 December 2016 | 71

==> picture [596 x 253] intentionally omitted <==

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(Internal) ($m)1	65.5
Valuation date	Dec-16
Capitalisation rate(%)	6.50
Discount rate(%)	8.25

Tenant mix by gross lettable area (GLA)

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

==> picture [118 x 42] intentionally omitted <==

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

Supermarkets 66%
Specialties 28%
Other retail 3%
Non retail 3%
----- End of picture text -----

Property metrics

Property metrics
GLA(sqm)	13,953
Number of tenants	48
Major tenants2	Coles, Woolworths
Car spaces	670
Movingannual turnover(MAT) ($m)	121.7
MAT/sqm – Total($)	9,145
MAT/sqm – Specialty ($)	5,548
Specialtyoccupancycost(%)3	13.1
Occupancyrate byGLA(%)	99.6
Weighted average lease expirybyGLA(years)	4.9

Specialty store lease expiry profile by income

FY174 FY18 FY19 FY20 FY21+	17%
	9%
	10%
	22%
	43%

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 December 2016

==> picture [596 x 253] intentionally omitted <==

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(Internal) ($m)1	113.1
Valuation date	Dec-16
Capitalisation rate(%)	6.75
Discount rate(%)	7.75

Tenant mix by gross lettable area (GLA)

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

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

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

Supermarkets 47%
Mini majors 22%
Specialties 23%
Other retail 3%
Non retail 6%
----- End of picture text -----

Property metrics

Property metrics
GLA(sqm)	24,743
Number of tenants	74
Major tenants2	Aldi, Coles, Woolworths
Car spaces Movingannual turnover(MAT) ($m)	1,201 145.7
MAT/sqm – Total($)	6,568
MAT/sqm – Specialty ($)	5,794
Specialtyoccupancycost(%)3	14.4
Occupancyrate byGLA(%)	100.0
Weighted average lease expirybyGLA(years)	5.4
NABERS Energyrating (stars)	2.5
NABERS Water rating (stars)	1.0

Specialty store lease expiry profile by income

==> picture [261 x 67] intentionally omitted <==

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

FY17 [4] 0%
FY18 21%
FY19 13%
FY20 42%
FY21+ 24%
----- 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 December 2016 | 73

==> picture [596 x 253] intentionally omitted <==

Sunshine Marketplace

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

Sunshine Marketplace is a single level Sub Regional shopping centre located in Melbourne's western suburbs, approximately 12 kilometres west of the Melbourne CBD. It is anchored by Big W, Woolworths and Village Cinemas 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(Internal) ($m)1	117.0
Valuation date	Dec-16
Capitalisation rate(%)	6.50
Discount rate(%)	8.00

Tenant mix by gross lettable area (GLA)

==> picture [115 x 112] intentionally omitted <==

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

Property metrics

Property metrics
GLA(sqm)	34,062
Number of tenants	79
Major tenants2	BigW, Woolworths
Car spaces	1,743
Movingannual turnover(MAT) ($m)	133.1
MAT/sqm – Total($)	4,537
MAT/sqm – Specialty ($)	6,658
Specialtyoccupancycost(%)3	14.4
Occupancyrate byGLA(%)	99.8
Weighted average lease expirybyGLA(years)	4.9

Specialty store lease expiry profile by income

==> picture [262 x 68] intentionally omitted <==

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

FY17 [4] 14%
FY18 15%
FY19 20%
FY20 29%
FY21+ 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.

74 | Vicinity Centres Direct Portfolio December 2016

==> picture [596 x 253] intentionally omitted <==

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) ($m)1	45.0
Valuation date	Dec-16
Capitalisation rate(%)	6.50
Discount rate(%)	7.50

Tenant mix by gross lettable area (GLA)

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

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

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

Supermarkets 34%
Mini majors 18%
Specialties 19%
Other retail 12%
Non retail 16%
----- End of picture text -----

Property metrics

Property metrics
GLA(sqm)	10,871
Number of tenants	43
Major tenants2	Coles
Car spaces	504
Movingannual turnover(MAT) ($m)	85.1
MAT/sqm – Total($)	9,641
MAT/sqm – Specialty ($)	8,322
Specialtyoccupancycost(%)3	8.4
Occupancyrate byGLA(%)	98.0
Weighted average lease expirybyGLA(years)	5.9

Specialty store lease expiry profile by income

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

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

FY17 [4] 6%
FY18 11%
FY19 27%
FY20 9%
FY21+ 46%
----- 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 December 2016 | 75

==> picture [596 x 253] intentionally omitted <==

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, Coles and Woolworths and includes more than 135 specialty stores. A major redevelopment at The Glen is on track for commencement in June-quarter 2017.

Property overview

State	VIC
Centre type	Major Regional
Ownershipinterest(%)	50
Date acquired	1994
Centre frst opened	1991
Latest redevelopment	2006
Valuation(External) ($m)1	340.0
Valuation date	Dec-16
Capitalisation rate(%)	6.50
Discount rate(%)	8.00

Tenant mix by gross lettable area (GLA)

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

Department stores	27%
Discount department stores	12%
Supermarkets	13%
Mini majors	12%
Specialties	24%
Non retail	11%

Property metrics

Property metrics
GLA(sqm)	59,350
Number of tenants	178
Major tenants2	Coles, David Jones, Target, Woolworths
Car spaces	3,100
Movingannual turnover(MAT) ($m)	328.2
MAT/sqm – Total($)3	n.a.
MAT/sqm – Specialty ($)3	n.a.
Specialtyoccupancycost(%)4	17.5
Occupancyrate byGLA(%)	98.3
Weighted average lease expirybyGLA(years)	1.6

Specialty store lease expiry profile by income

FY175 FY18 FY19 FY20 FY21+	48%
	25%
	14%
	8%
	4%

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.

76 | Vicinity Centres Direct Portfolio December 2016

==> picture [596 x 253] intentionally omitted <==

Victoria Gardens

620 Victoria Street, Richmond VIC 3121

vicgardenssc.com.au

Victoria Gardens is a multilevel Sub Regional shopping centre located in Richmond, approximately 4 kilometres east of the Melbourne CBD. It is anchored by Kmart, Coles and HOYTS Cinema and includes more than 55 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	n.a.
Valuation(Internal) ($m)1	258.0
Valuation date	Dec-16
Capitalisation rate(%)	6.00
Discount rate(%)	7.75

Tenant mix by gross lettable area (GLA)

==> picture [115 x 112] intentionally omitted <==

Discount department stores	20%
Supermarkets	13%
Mini majors	28%
Specialties	18%
Other retail	17%
Non retail	4%

Property metrics

Property metrics
GLA(sqm)	34,744
Number of tenants	87
Major tenants2	Coles, HOYTS Cinema, Kmart
Car spaces	2,154
Movingannual turnover(MAT) ($m)	189.7
MAT/sqm – Total($)	6,592
MAT/sqm – Specialty ($)	10,294
Specialtyoccupancycost(%)3	13.1
Occupancyrate byGLA(%)	99.7
Weighted average lease expirybyGLA(years)	4.4

Specialty store lease expiry profile by income

==> picture [261 x 67] intentionally omitted <==

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

FY17 [4] 16%
FY18 21%
FY19 13%
FY20 14%
FY21+ 36%
----- 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 December 2016 | 77

==> picture [596 x 253] intentionally omitted <==

Wodonga Plaza

51-57 Elgin Boulevard, Wodonga VIC 3690 wodongaplaza.com.au

Wodonga Plaza is a single level Sub Regional shopping centre located in Wodonga, anchored by Target, Coles and Woolworths and includes more than 30 specialty stores.

Property overview

State	VIC
Centre type	Sub Regional
Ownershipinterest(%)	100
Date acquired	2000
Centre frst opened	1982
Latest redevelopment	1996
Valuation(External) ($m)1	41.5
Valuation date	Dec-16
Capitalisation rate(%)	8.50
Discount rate(%)	8.75

Tenant mix by gross lettable area (GLA)

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

Discount department stores	39%
Supermarkets	32%
Mini majors	6%
Specialties	21%
Other retail	1%
Non retail	1%

Property metrics

Property metrics
GLA(sqm)	17,565
Number of tenants	48
Major tenants2	Coles, Target, Woolworths
Car spaces	636
Movingannual turnover(MAT) ($m)	89.9
MAT/sqm – Total($)	5,334
MAT/sqm – Specialty ($)	6,120
Specialtyoccupancycost(%)3	13.6
Occupancyrate byGLA(%)	98.0
Weighted average lease expirybyGLA(years)	3.7

Specialty store lease expiry profile by income

==> picture [262 x 67] intentionally omitted <==

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

FY17 [4] 36%
FY18 20%
FY19 8%
FY20 20%
FY21+ 15%
----- 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.

78 | Vicinity Centres Direct Portfolio December 2016

==> picture [596 x 253] intentionally omitted <==

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) ($m)1	168.0
Valuation date	Dec-16
Capitalisation rate(%)	6.50
Discount rate(%)	7.25

Tenant mix by gross lettable area (GLA)

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

Discount department stores	33%
Supermarkets	22%
Mini majors	10%
Specialties	28%
Other retail	7%
Non retail	1%

Property metrics

Property metrics
GLA(sqm)	33,309
Number of tenants	95
Major tenants2	BigW, Coles, Kmart, Woolworths
Car spaces Movingannual turnover(MAT) ($m)	1,446 233.4
MAT/sqm – Total($)	7,293
MAT/sqm – Specialty ($)	7,446
Specialtyoccupancycost(%)3	13.8
Occupancyrate byGLA(%)	99.2
Weighted average lease expirybyGLA(years)	4.4
NABERS Energyrating (stars)	5.0
NABERS Water rating (stars)	2.5

Specialty store lease expiry profile by income

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

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

FY17 [4] 21%
FY18 19%
FY19 17%
FY20 14%
FY21+ 30%
----- 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 December 2016 | 79

==> picture [596 x 253] intentionally omitted <==

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 Centre frst opened	2009 1986
Latest redevelopment	1996
Valuation(Internal) ($m)1	110.0
Valuation date	Dec-16
Capitalisation rate(%)	7.00
Discount rate(%)	8.25

Tenant mix by gross lettable area (GLA)

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

Discount department stores	32%
Supermarkets	26%
Mini majors	7%
Specialties	29%
Non retail	6%

Property metrics

Property metrics
GLA(sqm)	19,441
Number of tenants	67
Major tenants2	Coles, Target
Car spaces Movingannual turnover(MAT) ($m)	855 135.5
MAT/sqm – Total($)	7,981
MAT/sqm – Specialty ($)	10,199
Specialtyoccupancycost(%)3	12.0
Occupancyrate byGLA(%)	94.9
Weighted average lease expirybyGLA(years)	4.7
NABERS Energyrating (stars)	4.0
NABERS Water rating (stars)	2.5

Specialty store lease expiry profile by income

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

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

FY17 [4] 29%
FY18 27%
FY19 13%
FY20 12%
FY21+ 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.

80 | Vicinity Centres Direct Portfolio December 2016

==> picture [567 x 696] intentionally omitted <==

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

Western Australia
l Wholly owned
¢ Jointly owned
KARRATHA CITY
STIRLINGS CENTRAL
CURRAMBINE CENTRAL
ELLENBROOK CENTRAL
WARWICK GROVE
PERTH
DIANELLA PLAZA
GALLERIA
FLINDERS SQUARE
VICTORIA PARK CENTRAL
KALAMUNDA CENTRAL
MADDINGTON CENTRAL
LIVINGSTON MARKETPLACE
ROCKINGHAM CENTRE
WARNBRO CENTRE
MANDURAH FORUM
HALLS HEAD CENTRAL
----- End of picture text -----

Vicinity Centres Direct Portfolio December 2016 | 81

==> picture [596 x 173] intentionally omitted <==

WA	Page
Currambine Central	84
Dianella Plaza	85
Ellenbrook Central	86
Flinders Square	87
Galleria	88
Halls Head Central	89
Kalamunda Central	90
Karratha City	91
Livingston Marketplace	92
Maddington Central	93
Mandurah Forum	94
Rockingham Centre	95
Stirlings Central	96
Victoria Park Central	97
Warnbro Centre	98
Warwick Grove	99

Rockingham Centre, WA

82 | Vicinity Centres Direct Portfolio December 2016

==> picture [596 x 177] intentionally omitted <==

Ellenbrook Central Western Australia

$15 million expansion completed

4.7% p.a.[1] population growth forecast

New

Aldi and large format stores

1 Based on an average of forecasts by Dimasi and Urbis.

Vicinity Centres Direct Portfolio December 2016 | 83

==> picture [596 x 253] intentionally omitted <==

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 Jacks, 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	2011
Valuation(External) ($m)1	103.5
Valuation date	Dec-16
Capitalisation rate(%)	6.50
Discount rate(%)	8.25

Tenant mix by gross lettable area (GLA)

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

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

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

Supermarkets 37%
Mini majors 11%
Specialties 20%
Other retail 27%
Non retail 5%
----- End of picture text -----

Property metrics

Specialty store lease expiry profile by income

GLA(sqm)	16,352	FY175
Number of tenants	46	FY18	6%
Major tenants2 Car spaces Movingannual turnover(MAT) ($m)	Farmer Jacks, Woolworths 904 158.9	FY19 FY20	4%	21%
MAT/sqm – Total($)3	n.a.	FY21+			53%
MAT/sqm – Specialty ($)3	n.a.
Specialtyoccupancycost(%)4	14.6
Occupancyrate byGLA(%)	100.0
Weighted average lease expirybyGLA(years)	7.5

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.

84 | Vicinity Centres Direct Portfolio December 2016

==> picture [596 x 253] intentionally omitted <==

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) ($m)1	83.5
Valuation date	Dec-16
Capitalisation rate(%)	6.75
Discount rate(%)	8.25

Tenant mix by gross lettable area (GLA)

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

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

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

Supermarkets 49%
Mini majors 6%
Specialties 27%
Other retail 2%
Non retail 15%
----- End of picture text -----

Property metrics

Property metrics
GLA(sqm)	16,870
Number of tenants	64
Major tenants2	Coles, Woolworths
Car spaces	1,071
Movingannual turnover(MAT) ($m)	99.3
MAT/sqm – Total($)3	n.a.
MAT/sqm – Specialty ($)3	n.a.
Specialtyoccupancycost(%)4	13.3
Occupancyrate byGLA(%)	99.0
Weighted average lease expirybyGLA(years)	3.0

Specialty store lease expiry profile by income

==> picture [262 x 68] intentionally omitted <==

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

FY17 [5] 25%
FY18 21%
FY19 8%
FY20 19%
FY21+ 27%
----- 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 December 2016 | 85

==> picture [596 x 253] intentionally omitted <==

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, Coles and Woolworths and includes more than 70 specialty stores.

Property overview

State	WA
Centre type	Sub Regional
Ownershipinterest(%)	100
Date acquired	2015
Centre frst opened	2004
Latest redevelopment	2011
Valuation(External) ($m)1	236.0
Valuation date	Dec-16
Capitalisation rate(%)	5.75
Discount rate(%)	8.00

Tenant mix by gross lettable area (GLA)

==> picture [117 x 113] intentionally omitted <==

Discount department stores	24%
Supermarkets	25%
Mini majors	8%
Specialties	31%
Other retail	6%
Non retail	5%

Property metrics

Property metrics
GLA(sqm)	34,845
Number of tenants	101
Major tenants2	BigW, Coles, Woolworths
Car spaces	2,222
Movingannual turnover(MAT) ($m)	246.2
MAT/sqm – Total($)	8,660
MAT/sqm – Specialty ($)	8,929
Specialtyoccupancycost(%)3	9.5
Occupancyrate byGLA(%)	99.5
Weighted average lease expirybyGLA(years)	8.5

Specialty store lease expiry profile by income

FY174 FY18 FY19 FY20 FY21+	17%
	23%
	5%
	4%
	51%

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 December 2016

==> picture [596 x 253] intentionally omitted <==

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 13 specialty stores.

Property overview

State	WA
Centre type	Neighbourhood
Ownershipinterest(%)	100
Date acquired	2004
Centre frst opened	1982
Latest redevelopment	2007
Valuation(External) ($m)1	31.8
Valuation date	Dec-16
Capitalisation rate(%)	6.50
Discount rate(%)	8.25

Tenant mix by gross lettable area (GLA)

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

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

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

Supermarkets 60%
Mini majors 10%
Specialties 18%
Other retail 2%
Non retail 11%
----- End of picture text -----

Property metrics

Property metrics
GLA(sqm)	5,992
Number of tenants	22
Major tenants2	Coles
Car spaces	389
Movingannual turnover(MAT) ($m)	64.1
MAT/sqm – Total($)	12,098
MAT/sqm – Specialty ($)	7,528
Specialtyoccupancycost(%)3	11.5
Occupancyrate byGLA(%)	99.1
Weighted average lease expirybyGLA(years)	6.6

Specialty store lease expiry profile by income

==> picture [264 x 68] intentionally omitted <==

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

FY17 [4] 6%
FY18 43%
FY19 18%
FY20 15%
FY21+ 17%
----- 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 December 2016 | 87

==> picture [596 x 253] intentionally omitted <==

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, Kmart, Target, Coles, Woolworths and Greater Union and includes more than 170 specialty stores.

Property overview

State	WA
Centre type	Major Regional
Ownershipinterest(%)	50
Date acquired	2003
Centre frst opened	1994
Latest redevelopment	2008
Valuation(External) ($m)1	785.0
Valuation date	Dec-16
Capitalisation rate(%)	5.50
Discount rate(%)	7.75

Tenant mix by gross lettable area (GLA)

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

Department stores	26%
Discount department stores	22%
Supermarkets	10%
Mini majors	7%
Specialties	25%
Other retail	8%
Non retail	2%

Property metrics

Property metrics
GLA(sqm)	80,793
Number of tenants	220
Major tenants2	Coles, Kmart, Myer,
	Target, Woolworths
Car spaces	4,086
Movingannual turnover(MAT) ($m)	496.4
MAT/sqm – Total($)	6,980
MAT/sqm – Specialty ($)	10,996
Specialtyoccupancycost(%)3	18.5
Occupancyrate byGLA(%)	99.9
Weighted average lease expirybyGLA(years)	3.8

Specialty store lease expiry profile by income

FY174 FY18 FY19 FY20 FY21+	21%
	25%
	20%
	15%
	19%

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 December 2016

==> picture [596 x 253] intentionally omitted <==

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, one of Western Australia's first Aldi supermarkets and includes more than 50 specialty stores. The centre recently 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(Internal) ($m)1	102.6
Valuation date	Dec-16
Capitalisation rate(%)	6.00
Discount rate(%)	8.00

Tenant mix by gross lettable area (GLA)

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

Discount department stores	31%
Supermarkets	26%
Mini majors	3%
Specialties	29%
Other retail	1%
Non retail	10%

Property metrics

Property metrics
GLA(sqm)	21,000
Number of tenants	62
Major tenants2	Aldi, Coles, Kmart
Car spaces	916
Movingannual turnover(MAT) ($m)	130.3
MAT/sqm – Total($)3	n.a.
MAT/sqm – Specialty ($)3	n.a.
Specialtyoccupancycost(%)4	9.2
Occupancyrate byGLA(%)	100.0
Weighted average lease expirybyGLA(years)	7.4

Specialty store lease expiry profile by income

FY175 FY18 FY19 FY20 FY21+	1% 2% 0% 7%
	90%

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 December 2016 | 89

==> picture [596 x 253] intentionally omitted <==

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) ($m)1	38.5
Valuation date	Dec-16
Capitalisation rate(%)	6.75
Discount rate(%)	8.00

Tenant mix by gross lettable area (GLA)

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

==> 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

Property metrics
GLA(sqm)	8,368
Number of tenants	41
Major tenants2	Coles
Car spaces	386
Movingannual turnover(MAT) ($m)	77.5
MAT/sqm – Total($)	9,778
MAT/sqm – Specialty ($)	5,534
Specialtyoccupancycost(%)3	13.0
Occupancyrate byGLA(%)	99.6
Weighted average lease expirybyGLA(years)	2.8

Specialty store lease expiry profile by income

==> picture [262 x 68] intentionally omitted <==

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

FY17 [4] 9%
FY18 27%
FY19 23%
FY20 11%
FY21+ 31%
----- 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 December 2016

==> picture [596 x 253] intentionally omitted <==

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(Internal) ($m)1	112.0
Valuation date	Dec-16
Capitalisation rate(%)	7.00
Discount rate(%)	8.25

Tenant mix by gross lettable area (GLA)

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

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

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

Discount department stores 26%
Supermarkets 36%
Mini majors 14%
Specialties 22%
Non retail 2%
----- End of picture text -----

Property metrics

Property metrics
GLA(sqm)	23,931
Number of tenants	61
Major tenants2	Coles, Kmart, Woolworths
Car spaces	1,275
Movingannual turnover(MAT) ($m)	211.2
MAT/sqm – Total($)	9,249
MAT/sqm – Specialty ($)	9,033
Specialtyoccupancycost(%)3	11.3
Occupancyrate byGLA(%)	98.9
Weighted average lease expirybyGLA(years)	2.8

Specialty store lease expiry profile by income

==> picture [261 x 67] intentionally omitted <==

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

FY17 [4] 35%
FY18 19%
FY19 13%
FY20 14%
FY21+ 19%
----- 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 December 2016 | 91

==> picture [596 x 253] intentionally omitted <==

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) ($m)1	85.0
Valuation date	Dec-16
Capitalisation rate(%)	6.00
Discount rate(%)	8.00

Property metrics

Property metrics
GLA(sqm)	15,556
Number of tenants	48
Major tenants2	BigW, Woolworths
Car spaces	1,018
Movingannual turnover(MAT) ($m)	127.6
MAT/sqm – Total($)	9,046
MAT/sqm – Specialty ($)	9,654
Specialtyoccupancycost(%)3	10.6
Occupancyrate byGLA(%)	100.0
Weighted average lease expirybyGLA(years)	6.5

Tenant mix by gross lettable area (GLA)

==> picture [116 x 120] intentionally omitted <==

Discount department stores	42%
Supermarkets	28%
Specialties	23%
Other retail	2%
Non retail	5%

Specialty store lease expiry profile by income

FY174 FY18 FY19 FY20 FY21+	17%
	6%
	14%
	27%
	36%

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.

92 | Vicinity Centres Direct Portfolio December 2016

==> picture [596 x 253] intentionally omitted <==

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) ($m)1	119.0
Valuation date	Dec-16
Capitalisation rate(%)	7.00
Discount rate(%)	8.50

Tenant mix by gross lettable area (GLA)

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

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

Property metrics

Property metrics
GLA(sqm)	27,669
Number of tenants	91
Major tenants2	Coles, Kmart, Woolworths
Car spaces	2,136
Movingannual turnover(MAT) ($m)	180.4
MAT/sqm – Total($)	7,118
MAT/sqm – Specialty ($)	7,150
Specialtyoccupancycost(%)3	14.8
Occupancyrate byGLA(%)	98.6
Weighted average lease expirybyGLA(years)	4.1

Specialty store lease expiry profile by income

FY174 FY18 FY19 FY20 FY21+	36%
	22%
	11%
	10%
	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 December 2016 | 93

==> picture [596 x 253] intentionally omitted <==

Mandurah Forum

330 Pinjarra Road, Mandurah WA 6210 mandurahforum.com.au

Mandurah Forum is a Regional shopping centre located approximately 65 kilometres south of the Perth CBD. The centre is currently undergoing a major development which will include a complete centre refurbishment and expansion. Post development, the centre’s GLA will go from approximately 40,000 sqm to 64,500 sqm, introducing a brand new David Jones and Target, as well as an upgraded Coles and Kmart. There will be an additional 80 stores, including five mini majors, taking the total to over 220 on completion, as well as creating a new modern food court with adjoining play area, a fresh food market hall and additional car parking. The development is forecast to be completed by mid 2018.

Property overview

State	WA
Centre type	Regional
Ownershipinterest(%)	50
Date acquired	1985
Centre frst opened	1983
Latest redevelopment	2016
Valuation(Internal) ($m)1	432.8
Valuation date	Dec-16
Capitalisation rate(%)	5.75
Discount rate(%)	8.00

Tenant mix by gross lettable area (GLA)

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

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

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

Discount department stores 44%
Supermarkets 22%
Specialties 16%
Other retail 8%
Non retail 8%
----- End of picture text -----

Property metrics

Property metrics
GLA(sqm)	34,190
Number of tenants	69
Major tenants2	BigW, Coles, Kmart, Woolworths
Car spaces	2,022
Movingannual turnover(MAT) ($m)	220.5
MAT/sqm – Total($)3	n.a.
MAT/sqm – Specialty ($)3	n.a.
Specialtyoccupancycost(%)4	19.7
Occupancyrate byGLA(%)	100.0
Weighted average lease expirybyGLA(years)	3.1

Specialty store lease expiry profile by income

==> picture [262 x 68] intentionally omitted <==

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

FY17 [5] 48%
FY18 22%
FY19 15%
FY20 8%
FY21+ 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.

94 | Vicinity Centres Direct Portfolio December 2016

==> picture [596 x 253] intentionally omitted <==

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 Kmart, Target, Coles, Woolworths and Ace Cinemas and includes more than 160 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	2016
Valuation(External) ($m)1	612.0
Valuation date	Dec-16
Capitalisation rate(%)	5.75
Discount rate(%)	7.75

Tenant mix by gross lettable area (GLA)

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

Discount department stores	25%
Supermarkets	14%
Mini majors	17%
Specialties	30%
Other retail	8%
Non retail	5%

Property metrics

Property metrics
GLA(sqm)	62,331
Number of tenants	218
Major tenants2	Coles, Kmart, Target, Woolworths
Car spaces Movingannual turnover(MAT) ($m)	3,229 434.3
MAT/sqm – Total($)	7,612
MAT/sqm – Specialty ($)	8,590
Specialtyoccupancycost(%)3	16.9
Occupancyrate byGLA(%)	99.3
Weighted average lease expirybyGLA(years)	3.5
NABERS Energyrating (stars)	4.5
NABERS Water rating (stars)	3.0

Specialty store lease expiry profile by income

FY174 FY18 FY19 FY20 FY21+	22%
	12%
	14%
	19%
	33%

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 December 2016 | 95

==> picture [596 x 253] intentionally omitted <==

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) ($m)1	50.0
Valuation date	Dec-16
Capitalisation rate(%)	7.00
Discount rate(%)	8.00

Tenant mix by gross lettable area (GLA)

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

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

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

Supermarkets 41%
Mini majors 25%
Specialties 32%
Other retail 1%
Non retail 1%
----- End of picture text -----

Property metrics

Property metrics
GLA(sqm)	8,532
Number of tenants	39
Major tenants2	Woolworths
Car spaces	147
Movingannual turnover(MAT) ($m)	92.9
MAT/sqm – Total($)	11,623
MAT/sqm – Specialty ($)	10,332
Specialtyoccupancycost(%)3	11.8
Occupancyrate byGLA(%)	98.4
Weighted average lease expirybyGLA(years)	9.0

Specialty store lease expiry profile by income

FY174 FY18 FY19 FY20 FY21+	17%
	28%
	15%
	26%
	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.

96 | Vicinity Centres Direct Portfolio December 2016

==> picture [596 x 253] intentionally omitted <==

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	n.a.
Valuation(Internal) ($m)1	31.3
Valuation date	Dec-16
Capitalisation rate(%)	6.50
Discount rate(%)	7.75

Tenant mix by gross lettable area (GLA)

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

==> picture [118 x 30] intentionally omitted <==

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

Supermarkets 52%
Specialties 45%
Non retail 3%
----- End of picture text -----

Property metrics

Property metrics
GLA(sqm)	5,475
Number of tenants	32
Major tenants2	Woolworths
Car spaces	223
Movingannual turnover(MAT) ($m)	48.2
MAT/sqm – Total($)	9,109
MAT/sqm – Specialty ($)	5,143
Specialtyoccupancycost(%)3	16.5
Occupancyrate byGLA(%)	100.0
Weighted average lease expirybyGLA(years)	5.5

Specialty store lease expiry profile by income

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

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

FY17 [4] 5%
FY18 17%
FY19 19%
FY20 22%
FY21+ 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 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

Vicinity Centres Direct Portfolio December 2016 | 97

==> picture [596 x 253] intentionally omitted <==

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, Coles and Woolworths 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) ($m)1	125.0
Valuation date	Dec-16
Capitalisation rate(%)	6.25
Discount rate(%)	8.25

Tenant mix by gross lettable area (GLA)

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

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

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

Discount department stores 33%
Supermarkets 36%
Specialties 25%
Other retail 1%
Non retail 5%
----- End of picture text -----

Property metrics

Property metrics
GLA(sqm)	21,419
Number of tenants	68
Major tenants2	BigW, Coles, Woolworths
Car spaces	1,014
Movingannual turnover(MAT) ($m)	161.3
MAT/sqm – Total($)	8,070
MAT/sqm – Specialty ($)	7,100
Specialtyoccupancycost(%)3	17.1
Occupancyrate byGLA(%)	99.3
Weighted average lease expirybyGLA(years)	8.2

Specialty store lease expiry profile by income

==> picture [261 x 67] intentionally omitted <==

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

FY17 [4] 2%
FY18 8%
FY19 13%
FY20 30%
FY21+ 47%
----- 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.

98 | Vicinity Centres Direct Portfolio December 2016

==> picture [596 x 253] intentionally omitted <==

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, Woolworths and Grand Cinemas, 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) ($m)1	198.5
Valuation date	Dec-16
Capitalisation rate(%)	6.50
Discount rate(%)	8.25

Tenant mix by gross lettable area (GLA)

==> picture [117 x 112] intentionally omitted <==

Discount department stores	22%
Supermarkets	24%
Mini majors	9%
Specialties	25%
Other retail	13%
Non retail	7%

Property metrics

Property metrics
GLA(sqm)	31,973
Number of tenants	102
Major tenants2	Coles, Kmart, Woolworths
Car spaces	1,604
Movingannual turnover(MAT) ($m)	208.7
MAT/sqm – Total($)	8,230
MAT/sqm – Specialty ($)	7,690
Specialtyoccupancycost(%)3	15.1
Occupancyrate byGLA(%)	99.9
Weighted average lease expirybyGLA(years)	5.1

Specialty store lease expiry profile by income

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

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

FY17 [4] 26%
FY18 17%
FY19 29%
FY20 7%
FY21+ 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 December 2016 | 99

==> picture [53 x 25] intentionally omitted <==

==> picture [24 x 13] intentionally omitted <==

==> picture [18 x 7] intentionally omitted <==

vicinity.com.au

AI assistant

VICINITY CENTRES TRUST — Fund Information / Factsheet 2017

65995_rns_2017-02-14_c924fff3-1b12-4dcc-b6d9-55e122eb6963.pdf

DIRECT PORTFOLIO

Disclaimer

Effect of rounding

Copyright

Contents

About Vicinity Centres

Overview

Key statistics by centre type

Composition by centre type[a,b]

billion $14.9

billion $16.1

Property statistics

Property statistics

New South Wales

Bankstown Central New South Wales

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

Property overview

Property metrics

Lake Haven Centre

Property overview

Tenant mix by gross lettable area (GLA)

Property metrics

Specialty store lease expiry profile by income

Lavington Square

Property overview

Tenant mix by gross lettable area (GLA)

Property metrics

Specialty store lease expiry profile by income

Lennox Village

Property overview

Tenant mix by gross lettable area (GLA)

Property metrics

Specialty store lease expiry profile by income

Nepean Village

Property overview

Tenant mix by gross lettable area (GLA)

Property metrics

Specialty store lease expiry profile by income

Roselands

Property overview

Tenant mix by gross lettable area (GLA)

Property metrics

Specialty store lease expiry profile by income

Terrace Central

Property overview

Tenant mix by gross lettable area (GLA)

Property metrics

Specialty store lease expiry profile by income

Toormina Gardens

Property overview

Tenant mix by gross lettable area (GLA)

Property metrics

Specialty store lease expiry profile by income

Warriewood Square

warriewoodsquare.com.au

Property overview

VICINITY CENTRES TRUST Fund Information / Factsheet 2017