VICINITY CENTRES TRUST - Interim / Quarterly Report 2018

DIRECT PORTFOLIO

December 2017

03 About Vicinity Centres

Direct Portfolio

04 Overview
09 New South Wales (NSW)
24 Queensland (QLD)
41 South Australia (SA)
48 Victoria (VIC) and Tasmania (TAS)
77 Western Australia (WA)

Disclaimer

This document includes information regarding the past performance of Vicinity Centres’ property portfolio. Past performance of the property portfolio should not be relied upon as being indicative of future performance. Any forward-looking statements included in this document are based on information available to Vicinity Centres as at the date of this document and are not representations, assurances, predictions or guarantees of future results, performance or achievements expressed or implied by the forward-looking statements. Such statements involve known and unknown risks, uncertainties, assumptions and other factors, many of which are beyond the control of Vicinity Centres. The actual results of Vicinity Centres may differ materially from the anticipated results, performance or achievements expressed, projected or implied by these forward-looking statements and you should not place undue reliance on such forward-looking statements. Except as required by law or regulation (including the ASX Listing Rules), Vicinity Centres undertakes no obligation to update these forward-looking statements.

This document is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any particular investor.

The information and figures contained in this document are current as at 31 December 2017 unless otherwise specified. In addition, the information presented is in summary form only and does not purport to be complete. It is to be read in conjunction with the financial report for the half year ended 31 December 2017, lodged with the Australian Securities Exchange (ASX) on 14 February 2018.

Effect of rounding

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

Copyright

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

2 Vicinity Centres Direct Portfolio December 2017

About Vicinit Centres y

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

A top-40 entity on the Australian Securities Exchange, Vicinity has 82 retail assets[1,2] under management valued at $26.1 billion, 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 74 shopping centres[1,2] across Australia, valued at $16.1 billion. The Direct Portfolio is invested across the spectrum of Australian retail sub-sectors and is well diversified geographically.

Vicinity is the joint owner of Chadstone in Victoria, which has generated the highest annual sales of any Australian shopping centre for the past 16 consecutive years[3] . Vicinity’s intensive asset management approach, together with the progression of its $2.1 billion development pipeline (Vicinity's share is $0.9 billion), and selective asset acquisitions and disposals, are key to its ongoing portfolio enhancement strategy.

Includes Toormina Gardens that was divested on 31 January 2018.
Includes DFO Brisbane business which is referred to as 'DFO Brisbane' within this document and DFO Perth (under construction).
Reported in the Big Guns survey. Last survey included data up to 31 December 2016.

Mandurah Forum, WA Cover image: Chadstone, VIC

Vicinity Centres Direct Portfolio December 2017

Overview

Vicinity’s Direct Portfolio of 74 shopping centres across Australia, either wholly or jointly owned, is valued at $16.1 billion. Well diversified by geographic and retail sub-sector exposure, the Direct Portfolio generated annual retail sales of $16.4 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 18.6% 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, together with an additional Outlet Centre currently under construction, which represent 9% of the Direct Portfolio’s value.

Key statistics by centre type

	Total portfolio	Regional1	Sub Regional	Neighbourhood	Outlet Centre2
Number of retail centres3	74	22	32	14	6
Gross lettable area (m) (sqm)	2.6	1.5	0.7	0.1	0.2
Total value3($m)	16,099	10,409	3,488	703	1,499
Portfolio weighting by value3(%)	100	65	22	4	9
Capitalisation rate (weighted average)3(%)	5.45	5.01	6.32	6.44	6.03
Comparable Net Property Income (NPI) growth4(%)	1.0	(1.8)	2.8	0.5	8.1
Occupancy rate (%)	99.5	99.5	99.6	98.7	99.5
Total Moving Annual Turnover (MAT) growth5(%)	0.5	(0.5)	1.1	0.5	3.2
Specialty MAT growth5(%)	(0.7)	(1.8)	0.6	(3.3)	1.3
Specialtysalesproductivity5 ($/sqm)	9,374	9,849	8,484	7,592	9,917
Specialtyoccupancycost5 (%)	14.8	17.1	13.5	12.5	10.8

Note: Totals may not sum due to rounding.

Includes Super Regional, Major Regional, City Centre and Regional centres.
Includes DFO Brisbane business.
Includes DFO Perth (under construction).
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 accordance with Shopping Centre Council of Australia (SCCA) guidelines.

Composition by centre type[a]

Store type exposure[b]

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Super Regional 19%
Major Regional 21%
City Centre 11%
Regional 14%
Sub Regional 22%
Neighbourhood 4%
Outlet Centre 9%
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Majors [c] 20%
Mini majors 11%
Specialties 55%
Other retail 4%
Non retail 9%
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Note: Totals may not sum due to rounding. a Expressed by ownership value. b Expressed by ownership rent. c Classified in accordance with SCCA guidelines, typically includes department stores, discount department stores and supermarkets.

4 Vicinity Centres Direct Portfolio December 2017

74[^*] shopping centres

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$16.1 billion[^*] total value

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$16.4 billion
annual retail sales
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WHITSUNDAY PLAZA ● BURANDA VILLAGE
KARRATHA CITY ● DFO BRISBANE
GRAND PLAZA
● MILTON VILLAGE
12% MT OMMANEY CENTRE
● QUEENSPLAZA
● TAIGUM SQUARE
QLD THE MYER CENTRE BRISBANE
14% 14
GOLDFIELDS PLAZA
GYMPIE CENTRAL
WA 17 [^] NORTH SHORE VILLAGE
BRISBANE
OXENFORD VILLAGE
5% RUNAWAY BAY CENTRE
STIRLINGS CENTRAL SA
4 19% TOORMINA GARDENS
ARMIDALE CENTRAL
NSW 13
PERTH
LAKE HAVEN CENTRE
ADELAIDE SYDNEY
● CASTLE PLAZA
COLONNADES
● CURRAMBINE CENTRAL ●● ELIZABETH CITY CENTREKURRALTA CENTRAL LAVINGTON SQUARE WEST END PLAZA
● DIANELLA PLAZA
DFO PERTH^ BANKSTOWN CENTRAL
● ELLENBROOK CENTRAL CARLINGFORD COURT
● FLINDERS SQUARE CORIO CENTRAL MELBOURNE ● CHATSWOOD CHASE SYDNEY
GALLERIA BELMONT VILLAGE ● DFO HOMEBUSH
HALLS HEAD CENTRAL LENNOX VILLAGE
● KALAMUNDA CENTRAL 50% ● NEPEAN VILLAGE
● LIVINGSTON MARKETPLACE ● ALTONA GATE ● DFO SOUTH WHARF ROSELANDS
● MADDINGTON CENTRAL ● BAYSIDE EMPORIUM MELBOURNE WARRIEWOOD SQUARE
MANDURAH FORUM ● BENTONS SQUARE MORNINGTON CENTRAL VIC/TAS
ROCKINGHAM CENTRE ● BOX HILL CENTRAL (NORTH PRECINCT) MYER BOURKE STREET 26
● VICTORIA PARK CENTRAL ● BOX HILL CENTRAL (SOUTH PRECINCT) NORTHLAND
● WARNBRO CENTRE BRANDON PARK ● OAKLEIGH CENTRAL
● WARWICK GROVE ● BROADMEADOWS CENTRAL ● ROXBURGH VILLAGE
CHADSTONE SUNSHINE MARKETPLACE
CRANBOURNE PARK ● THE GATEWAY HOBART
● DFO ESSENDON THE GLEN
● DFO MOORABBIN VICTORIA GARDENS SHOPPING CENTRE
l Wholly owned ● EASTLANDS
● NORTHGATE
¢ Jointly owned
£ [Number of shopping centres]
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% Portfolio value (%)
^ Includes DFO Perth (under construction).
Toormina Gardens was divested on 31 January 2018.

Vicinity Centres Direct Portfolio December 2017

Property statistics

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Gross Moving annual Specialty
Centre Ownership Capitalisation Discount lettable Occupancy turnover MAT/sqm MAT/sqm occupancy Page
type interest Value [1] rate rate area (GLA) rate by GLA (MAT) Total Specialty costs [2] number
(%) ($m) (%) (%) (sqm) (%) ($m) ($) ($) (%)
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New South Wales
Armidale Central	Sub Regional	100	46.0	7.00	8.00	14,746	99.4	90.1	6,288	6,474	10.6	12
Bankstown Central	Major Regional	50	355.0	6.00	7.50	85,628	99.6	455.3	6,102	8,220	18.8	13
Carlingford Court	Sub Regional	50	117.4	6.00	7.50	33,394	100.0	184.4	7,031	10,167	16.2	14
Chatswood Chase Sydney	Major Regional	100	1,121.2	4.75	7.00	63,815	99.6	556.8	9,939	14,012	15.5	15
DFO Homebush	Outlet Centres	100	466.0	5.50	7.25	29,701	100.0	320.7	10,861	15,017	9.6	16
Lake Haven Centre	Sub Regional	100	306.0	6.50	7.50	43,103	100.0	298.1	8,805	10,347	13.1	17
Lavington Square3	Sub Regional	100	58.0	7.50	7.50	20,474	99.0	n.a.	n.a.	n.a.	n.a.	18
Lennox Village	Neighbourhood	50	37.0	6.00	7.25	9,997	100.0	122.2	12,597	6,719	17.4	19
Nepean Village	Sub Regional	100	190.0	5.75	7.75	23,230	100.0	246.7	11,212	12,615	12.0	20
Roselands3	Major Regional	50	161.7	6.25	7.25	62,028	99.9	n.a.	n.a.	n.a.	n.a.	21
Toormina Gardens4	Sub Regional	50	41.7	6.75	7.75	21,297	99.6	160.2	8,204	10,127	7.8
Warriewood Square3	Sub Regional	50	143.5	5.75	7.75	29,909	100.0	n.a.	n.a.	n.a.	n.a.	22
West End Plaza	Sub Regional	100	71.5	6.75	8.25	15,941	100.0	93.4	5,980	6,789	13.5	23
Queensland
Buranda Village	Sub Regional	100	42.5	6.50	7.50	11,561	100.0	67.2	6,691	8,840	13.4	27
DFO Brisbane	Outlet Centres	100	61.0	7.50	8.00	26,243	100.0	215.1	8,539	8,698	11.0	28
Goldfelds Plaza	Neighbourhood	100	27.2	7.50	8.00	7,609	94.8	61.4	9,119	8,989	9.7	29
Grand Plaza	Regional	50	215.0	5.50	7.25	53,393	99.7	355.8	7,100	10,021	16.2	30
Gympie Central	Sub Regional	100	80.0	6.50	7.75	14,148	99.7	127.7	9,437	11,048	10.1	31
Milton Village	Neighbourhood	100	29.0	6.50	8.00	2,873	100.0	27.2	18,581	16,173	9.8	32
Mt Ommaney Centre	Regional	25	105.2	6.00	7.50	56,611	98.7	311.4	6,640	7,791	15.6	33
North Shore Village	Neighbourhood	100	26.5	6.00	7.50	4,077	100.0	52.5	15,600	8,021	10.8	34
Oxenford Village	Neighbourhood	100	35.0	6.00	7.25	5,815	96.6	77.1	18,709	15,556	8.4	35
QueensPlaza	City Centre	100	770.5	5.00	7.25	39,066	100.0	295.9	8,226	21,152	16.0	36
Runaway Bay Centre	Regional	50	157.5	5.75	7.50	42,997	99.2	292.1	8,340	10,499	12.1	37
Taigum Square	Sub Regional	100	101.0	6.25	7.75	23,079	99.5	108.0	6,018	6,574	12.6	38
The Myer Centre Brisbane	City Centre	25	195.0	5.50	7.25	63,707	99.1	315.2	5,150	11,190	20.2	39
Whitsunday Plaza	Sub Regional	100	69.0	6.50	7.50	22,394	100.0	126.2	6,606	13,756	6.2	40

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 Toormina Gardens was divested on 31 January 2018.

Vicinity Centres Direct Portfolio December 2017 6

Property statistics

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Gross Moving annual Specialty
Centre Ownership Capitalisation Discount lettable Occupancy turnover MAT/sqm MAT/sqm occupancy Page
type interest Value [1] rate rate area (GLA) rate by GLA [2] (MAT) Total [2] Specialty [2] costs [2,3] number
(%) ($m) (%) (%) (sqm) (%) ($m) ($) ($) (%)
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South Australia
Castle Plaza	Sub Regional	100	175.0	6.75	8.00	22,841	99.3	148.6	7,069	8,570	14.6	44
Colonnades	Regional	50	153.0	6.75	7.75	83,599	99.0	313.2	5,621	6,395	15.6	45
Elizabeth City Centre	Regional	100	384.1	7.00	8.25	80,305	99.3	350.9	5,693	7,672	15.9	46
Kurralta Central	Sub Regional	100	42.3	6.00	6.75	10,676	100.0	85.9	8,257	9,516	11.8	47
Victoria
Altona Gate	Sub Regional	100	104.5	6.25	7.50	26,280	98.8	147.9	6,400	7,381	15.3	51
Bayside	Major Regional	100	630.0	5.75	7.50	88,965	98.3	422.3	5,179	8,097	16.0	52
Belmont Village	Sub Regional	100	50.0	6.00	7.25	14,034	98.5	97.2	7,158	11,031	10.6	53
Bentons Square	Neighbourhood	100	82.0	6.25	7.50	10,081	100.0	146.3	16,459	7,920	12.9	54
Box Hill Central (North Precinct)	Sub Regional	100	107.0	6.25	7.75	14,585	100.0	75.5	6,488	6,366	18.4	55
Box Hill Central (South Precinct)	Sub Regional	100	209.0	6.00	7.25	23,821	100.0	185.3	8,639	10,162	15.0	56
Brandon Park	Sub Regional	50	65.0	6.50	7.25	23,112	98.5	137.9	7,114	5,574	18.9	57
Broadmeadows Central4	Regional	100	330.5	6.50	7.50	61,697	100.0	n.a.	n.a.	n.a.	n.a.	58
Chadstone4	Super Regional	50	3,000.0	3.75	6.25	212,899	99.9	n.a.	n.a.	n.a.	n.a.	59
Corio Central	Sub Regional	100	130.0	7.25	7.50	31,533	99.2	156.5	6,456	5,569	14.8	60
Cranbourne Park	Regional	50	155.4	5.75	7.25	46,981	99.3	242.2	5,953	7,651	16.5	61
DFO Essendon	Outlet Centres	100	175.0	6.75	8.25	52,324	100.0	234.3	9,593	9,193	12.5	62
DFO Moorabbin	Outlet Centres	100	125.0	7.50	8.25	24,678	98.6	150.8	6,576	6,986	11.9	63
DFO South Wharf	Outlet Centres	100	639.4	5.75	8.00	56,461	100.0	401.1	10,153	9,968	10.4	64
Emporium Melbourne	City Centre	50	615.0	4.75	7.50	45,224	98.9	449.4	10,268	13,215	18.3	65
Mornington Central	Sub Regional	50	36.9	6.00	7.50	11,773	100.0	99.3	8,594	9,869	15.5	66
Myer Bourke Street	City Centre	33	160.0	4.75	6.75	39,924	100.0	n.a.	n.a.	n.a.	n.a.	67
Northland	Major Regional	50	490.0	5.50	7.50	97,770	99.7	549.1	6,235	8,998	18.9	68
Oakleigh Central	Neighbourhood	100	72.0	6.25	7.50	13,944	100.0	123.7	9,430	5,803	13.6	69
Roxburgh Village	Sub Regional	100	122.1	6.25	7.25	24,743	99.8	148.3	6,760	6,104	14.7	70
Sunshine Marketplace	Sub Regional	50	60.3	6.50	7.00	34,056	100.0	144.4	5,030	6,840	14.8	71
The Gateway	Neighbourhood	100	48.0	6.50	7.50	10,874	98.9	86.9	9,644	8,549	8.7	72
The Glen4	Major Regional	50	260.7	5.75	7.75	46,090	100.0	n.a.	n.a.	n.a.	n.a.	73
Victoria Gardens Shopping Centre	Sub Regional	50	140.0	5.75	7.50	35,174	99.6	192.5	6,451	9,197	15.7	74

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

7 Vicinity Centres Direct Portfolio December 2017

Property statistics

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Tasmania
Eastlands	Regional	100	170.0	6.50	7.25	33,315	98.8	242.4	7,598	7,760	13.7	75
Northgate	Sub Regional	100	109.0	6.75	7.75	19,459	99.1	137.5	8,026	9,806	12.2	76
Western Australia
Currambine Central3	Neighbourhood	100	105.0	6.50	8.00	16,559	99.2	n.a.	n.a.	n.a.	n.a.	80
Dianella Plaza	Neighbourhood	100	89.8	6.50	7.75	17,118	99.5	102.3	7,435	6,848	13.7	81
Ellenbrook Central	Sub Regional	100	240.3	5.50	7.50	36,672	99.6	235.4	7,877	8,602	11.1	82
Flinders Square	Neighbourhood	100	32.5	6.50	8.25	6,007	98.8	61.3	11,658	7,764	11.3	83
Galleria	Major Regional	50	380.0	5.50	7.25	82,321	100.0	492.4	6,831	10,702	19.3	84
Halls Head Central3	Sub Regional	50	55.0	6.00	7.75	19,315	98.3	n.a.	n.a.	n.a.	n.a.	85
Kalamunda Central	Neighbourhood	100	39.0	6.50	7.75	8,364	99.3	74.1	9,862	6,386	13.2	86
Karratha City	Sub Regional	50	52.5	7.00	7.50	23,983	99.3	207.4	9,429	9,671	10.4	87
Livingston Marketplace	Sub Regional	100	87.5	6.00	7.50	15,565	100.0	120.7	8,513	9,395	11.3	88
Maddington Central	Sub Regional	100	120.0	7.00	8.00	27,807	99.2	184.2	7,338	7,347	14.8	89
Mandurah Forum3	Regional	50	294.0	5.75	7.50	52,072	100.0	n.a.	n.a.	n.a.	n.a.	90
Rockingham Centre	Regional	50	305.0	5.50	7.50	62,339	99.0	418.9	7,410	8,166	18.3	91
Stirlings Central	Neighbourhood	100	49.0	7.00	8.00	8,532	95.3	81.9	10,460	7,273	12.6	92
Victoria Park Central	Neighbourhood	100	31.5	6.25	7.25	5,476	96.9	50.6	10,332	5,669	16.1	93
Warnbro Centre	Sub Regional	100	115.0	6.50	8.50	21,418	99.4	147.1	7,255	6,904	18.3	94
Warwick Grove	Sub Regional	100	200.0	6.50	8.00	31,920	100.0	210.0	8,637	7,795	15.2	95

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

Vicinity Centres Direct Portfolio December 2017 8

New South Wales

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WARRIEWOOD SQUARE
LENNOX VILLAGE
NEPEAN VILLAGE
CARLINGFORD COURT
CHATSWOOD CHASE SYDNEY
DFO HOMEBUSH
TOORMINA GARDENS BANKSTOWN CENTRAL
ARMIDALE CENTRAL ROSELANDS
LAKE HAVEN CENTRE
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SYDNEY

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WEST END PLAZA LAVINGTON SQUARE
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l Wholly owned

¢ Jointly owned
Toormina Gardens was divested on 31 January 2018.

Vicinity Centres Direct Portfolio December 2017 9

New South Wales

12 Armidale Central 13 Bankstown Central

14 Carlingford Court
15 Chatswood Chase Sydney

16 DFO Homebush

17 Lake Haven Centre
18 Lavington Square

19 Lennox Village

20 Nepean Village

21 Roselands

22 Warriewood Square
23 West End Plaza

10 Vicinity Centres Direct Portfolio December 2017

Bankstown Central, NSW

Nepean Village

New South Wales

$12,000+ specialty MAT/sqm

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45+ specialty stores

$94,000+ average annual household income

Vicinity Centres Direct Portfolio December 2017

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Armidale Central

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

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

Property overview

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

Tenant mix by gross lettable area (GLA)

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

GLA(sqm)	14,746
Number of tenants	35
Major tenants2	BigW, Woolworths
Car spaces	617
Movingannual turnover(MAT) ($m)	90.1
MAT/sqm – Total($)	6,288
MAT/sqm – Specialty ($)	6,474
Specialtyoccupancycost(%)3	10.6
Occupancyrate byGLA(%)	99.4
Weighted average lease expirybyGLA(years)	7.6
Green Star – Performance	2 Stars

Specialty store lease expiry profile by income

FY184 FY19 FY20 FY21 FY22+	35%
	17%
	5%
	13%
	30%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

12 Vicinity Centres Direct Portfolio December 2017

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Bankstown Central

North Terrace, Bankstown NSW 2200 bankstowncentral.com.au

Bankstown Central is a three level Major Regional shopping centre located approximately 20 kilometres south-west of the Sydney CBD. It is anchored by Myer, Big W, Kmart, Target, Woolworths and Supa IGA and includes more than 240 specialty stores. The centre has recently undergone a transformation of the food court, increasing its seating capacity to 600 as well as a reconfiguration of its amenities.

Property overview

State	NSW
Centre type	Major Regional
OwnershipInterest(%)	50
Date acquired	2003
Centre frst opened	1966
Latest redevelopment	2008
Valuation External/Internal	Internal
Valuation($m)1	710.0
Valuation date	Dec-17
Capitalisation rate(%)	6.00
Discount rate(%)	7.50

Tenant mix by gross lettable area (GLA)

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Department stores	12%
Discount department stores	27%
Supermarkets	7%
Mini majors	13%
Specialties	28%
Other retail	2%
Non retail	10%

Property metrics

GLA(sqm)	85,628
Number of tenants	298
Major tenants2	Big W, Kmart, Myer,
	Supa IGA, Target, Woolworths,
Car spaces	3,174
Movingannual turnover(MAT) ($m)	455.3
MAT/sqm – Total($)	6,102
MAT/sqm – Specialty ($)	8,220
Specialtyoccupancycost(%)3	18.8
Occupancyrate byGLA(%)	99.6
Weighted average lease expirybyGLA(years)	4.2
Green Star – Performance	2 Stars
NABERS Energyrating	3.5 Stars
NABERS Water rating	1.5 Stars

Specialty store lease expiry profile by income

FY184 FY19 FY20 FY21 FY22+	22%
	22%
	12%
	17%
	27%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

Vicinity Centres Direct Portfolio December 2017

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Carlingford Court

Corner Pennant Hills and Carlingford Roads, Carlingford NSW 2118

carlingfordcourt.com.au

Carlingford Court is a four level Sub Regional shopping centre located approximately 17 kilometres north-west of the Sydney CBD. It is anchored by Target, Coles and Woolworths and includes more than 70 specialty stores. The retail offering is supported by a strong selection of restaurants, cafes and takeway food.

Property overview

Property overview
State	NSW
Centre type	Sub Regional
OwnershipInterest(%)	50
Date acquired	2013
Centre frst opened	1965
Latest redevelopment	2007
Valuation External/Internal	External
Valuation($m)1	234.8
Valuation date	Dec-17
Capitalisation rate(%)	6.00
Discount rate(%)	7.50

Tenant mix by gross lettable area (GLA)

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Discount department stores	24%
Supermarkets	22%
Mini majors	15%
Specialties	18%
Other retail	2%
Non retail	19%

Property metrics

GLA(sqm)	33,394
Number of tenants	106
Major tenants2	Coles, Target, Woolworths
Car spaces	1,443
Movingannual turnover(MAT) ($m)	184.4
MAT/sqm – Total($)	7,031
MAT/sqm – Specialty ($)	10,167
Specialtyoccupancycost(%)3	16.2
Occupancyrate byGLA(%)	100.0
Weighted average lease expirybyGLA(years)	6.5
Green Star – Performance	2 Stars
NABERS Energyrating	1.5 Stars
NABERS Water rating	2.5 Stars

Specialty store lease expiry profile by income

FY184 FY19 FY20 FY21 FY22+	13%
	18%
	18%
	17%
	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.

14 Vicinity Centres Direct Portfolio December 2017

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Chatswood Chase Sydney

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

Chatswood Chase Sydney is a four level Major Regional shopping centre located approximately 10 kilometres north of the Sydney CBD. It is anchored by David Jones, Kmart and Coles and includes more than 165 specialty stores. Chatswood Chase Sydney features iconic international and Australian designer brands such as Apple, Hugo Boss, Ralph Lauren, Max and Co, Furla, Coach, Zimmerman, Mecca Cosmetica, Nespresso, Williams-Sonoma, West Elm and Pottery Barn.

Property overview

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

Tenant mix by gross lettable area (GLA)

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

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

Department stores 32%
Discount department stores 11%
Supermarkets 6%
Mini majors 14%
Specialties 32%
Non retail 6%
----- End of picture text -----

Property metrics

GLA(sqm)	63,815
Number of tenants	204
Major tenants2	Coles, David Jones, Kmart
Car spaces	2,441
Movingannual turnover(MAT) ($m)	556.8
MAT/sqm – Total($)	9,939
MAT/sqm – Specialty ($)	14,012
Specialtyoccupancycost(%)3	15.5
Occupancyrate byGLA(%)	99.6
Weighted average lease expirybyGLA(years)	5.6
Green Star – Performance	3 Stars
NABERS Energyrating	3.5 Stars
NABERS Water rating	1.0 Star

Specialty store lease expiry profile by income

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

FY18 [4] 27%
FY19 17%
FY20 15%
FY21 16%
FY22+ 25%
----- End of picture text -----

50% acquired in 2003 and remaining 50% acquired in 2007.

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

Vicinity Centres Direct Portfolio December 2017

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DFO Homebush

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

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

Property overview

Property overview
State	NSW
Centre type	Outlet Centres
OwnershipInterest(%)	100
Date acquired	2010
Centre frst opened	2002
Latest redevelopment	2014
Valuation External/Internal	External
Valuation($m)1	466.0
Valuation date	Dec-17
Capitalisation rate(%)	5.50
Discount rate(%)	7.25

Tenant mix by gross lettable area (GLA)

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

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

Mini majors 44%
Specialties 56%
----- End of picture text -----

Property metrics

GLA(sqm)	29,701
Number of tenants	127
Major tenants2	–
Car spaces	2,020
Movingannual turnover(MAT) ($m)	320.7
MAT/sqm – Total($)	10,861
MAT/sqm – Specialty ($)	15,017
Specialtyoccupancycost(%)3	9.6
Occupancyrate byGLA(%)	100.0
Weighted average lease expirybyGLA(years)	1.9
Green Star – Performance	3 Stars
NABERS Energyrating	4.0 Stars
NABERS Water rating	2.5 Stars

Specialty store lease expiry profile by income

FY184 FY19 FY20 FY21 FY22+	11%
	46%
	17%
	8%
	17%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

16 Vicinity Centres Direct Portfolio December 2017

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Lake Haven Centre

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

lakehavencentre.com.au

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

Property overview

Property overview
State	NSW
Centre type	Sub Regional
OwnershipInterest(%)	100
Date acquired	1997
Centre frst opened	1986
Latest redevelopment	2009
Valuation External/Internal	External
Valuation($m)1	306.0
Valuation date	Dec-17
Capitalisation rate(%)	6.50
Discount rate(%)	7.50

Tenant mix by gross lettable area (GLA)

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Discount department stores	19%
Supermarkets	24%
Mini majors	13%
Specialties	17%
Other retail	13%
Non retail	15%

Property metrics

GLA(sqm)	43,103
Number of tenants	131
Major tenants2	Aldi, Coles, Kmart, Woolworths
Car spaces	1,524
Movingannual turnover(MAT) ($m)	298.1
MAT/sqm – Total($)	8,805
MAT/sqm – Specialty ($)	10,347
Specialtyoccupancycost(%)3	13.1
Occupancyrate byGLA(%)	100.0
Weighted average lease expirybyGLA(years)	4.2
Green Star – Performance	3 Stars
NABERS Energyrating	3.5 Stars
NABERS Water rating	4.5 Stars

Specialty store lease expiry profile by income

FY184 FY19 FY20 FY21 FY22+	14%
	22%
	35%
	11%
	18%

1 Expressed on 100% basis.

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

Vicinity Centres Direct Portfolio December 2017

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Lavington Square

351 Griffith Road, Lavington NSW 2641

lavingtonsquare.com.au

Lavington Square is a single level Sub Regional shopping centre located approximately 4 kilometres north of Albury CBD. It is anchored by Big W and Woolworths and includes more than 40 specialty stores, offering a mix of fashion, services and a 350-seat food court.

Property overview

State	NSW
Centre type	Sub Regional
OwnershipInterest(%)	100
Date acquired	1994
Centre frst opened	1979
Latest redevelopment	2005
Valuation External/Internal	External
Valuation($m)1	58.0
Valuation date	Dec-17
Capitalisation rate(%)	7.50
Discount rate(%)	7.50

Tenant mix by gross lettable area (GLA)

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

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

Discount department stores 38%
Supermarkets 19%
Mini majors 13%
Specialties 20%
Non retail 9%
----- End of picture text -----

Property metrics

Specialty store lease expiry profile by income

GLA(sqm) 20,474 Number of tenants 57 Major tenants2 BigW, Woolworths Car spaces 1,036 Movingannual turnover(MAT) ($m)3 n.a. MAT/sqm – Total($)3 n.a. MAT/sqm – Specialty ($)3 n.a. Specialtyoccupancycost(%)3, 4 n.a. Occupancyrate byGLA(%) 99.0 Weighted average lease expirybyGLA(years) 5.5 Green Star – Performance 2 Stars 18% 20% 15% 26% 21% FY185 FY19 FY20 FY21 FY22+	18%
	26%
	20%
	15%
	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.

18 Vicinity Centres Direct Portfolio December 2017

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Lennox Village

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

lennoxvillage.com.au

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

Property overview

State	NSW
Centre type	Neighbourhood
OwnershipInterest(%)	50
Date acquired	2003
Centre frst opened	1982
Latest redevelopment	2005
Valuation External/Internal	External
Valuation($m)1	74.0
Valuation date	Dec-17
Capitalisation rate(%)	6.00
Discount rate(%)	7.25

Tenant mix by gross lettable area (GLA)

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

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

Supermarkets 51%
Specialties 22%
Other retail 25%
Non retail 2%
----- End of picture text -----

Property metrics

GLA(sqm)	9,997
Number of tenants	39
Major tenants2	Aldi, Woolworths
Car spaces	403
Movingannual turnover(MAT) ($m)	122.2
MAT/sqm – Total($)	12,597
MAT/sqm – Specialty ($)	6,719
Specialtyoccupancycost(%)3	17.4
Occupancyrate byGLA(%)	100.0
Weighted average lease expirybyGLA(years)	5.1
Green Star – Performance	3 Stars

Specialty store lease expiry profile by income

FY184 FY19 FY20 FY21 FY22+	13%
	25%
	~~3~~%
	23%
	37%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

Vicinity Centres Direct Portfolio December 2017

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Nepean Village

Corner Station and Woodriff Streets, Penrith NSW 2750

nepeanvillage.com.au

Nepean Village is a single level Sub Regional shopping centre located in Penrith, at the foothills of the Blue Mountains, approximately 50 kilometres west of the Sydney CBD. It is anchored by Coles, a 24 hour seven days of the week Kmart, 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/Internal	External
Valuation($m)1	190.0
Valuation date	Dec-17
Capitalisation rate(%)	5.75
Discount rate(%)	7.75

Tenant mix by gross lettable area (GLA)

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

Discount department stores	36%
Supermarkets	19%
Mini majors	6%
Specialties	18%
Other retail	17%
Non retail	4%

Property metrics

GLA(sqm)	23,230
Number of tenants	70
Major tenants2	Coles, Kmart
Car spaces	861
Movingannual turnover(MAT) ($m)	246.7
MAT/sqm – Total($)	11,212
MAT/sqm – Specialty ($)	12,615
Specialtyoccupancycost(%)3	12.0
Occupancyrate byGLA(%)	100.0
Weighted average lease expirybyGLA(years)	2.5
Green Star – Performance	3 Stars

Specialty store lease expiry profile by income

FY184 FY19 FY20 FY21 FY22+	11%
	18%
	10%
	12%
	49%

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 2017

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Roselands

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

Roselands is a three level Major Regional shopping centre located approximately 20 kilometres south-west of the Sydney CBD. It is anchored by Myer, Target, Coles and Food for Less and includes more than 105 specialty stores. A planned refurbishment of the centre will include a significant reconfiguration of the ground floor food offer, creating a strong and modern fresh food precinct, with new amenities and services and a select specialty remix. Refurbishment is expected to commence in the first half of 2018.

Property overview

Property overview
State	NSW
Centre type	Major Regional
OwnershipInterest(%)	50
Date acquired	2003
Centre frst opened	1965
Latest redevelopment	2000
Valuation External/Internal	External
Valuation($m)1	323.4
Valuation date	Dec-17
Capitalisation rate(%)	6.25
Discount rate(%)	7.25

Tenant mix by gross lettable area (GLA)

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==> picture [117 x 80] intentionally omitted <==

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

Department stores 42%
Discount department stores 14%
Supermarkets 12%
Mini majors 9%
Specialties 18%
Other retail 1%
Non retail 4%
----- End of picture text -----

Property metrics

GLA(sqm)	62,028
Number of tenants	133
Major tenants2	Coles, Food For Less, Myer, Target
Car spaces	3,187
Movingannual turnover(MAT) ($m)3	n.a.
MAT/sqm – Total($)3	n.a.
MAT/sqm – Specialty ($)3	n.a.
Specialtyoccupancycost(%)3, 4	n.a.
Occupancyrate byGLA(%)	99.9
Weighted average lease expirybyGLA(years)	4.7
Green Star – Performance	3 Stars
NABERS Energyrating	4.0 Stars
NABERS Water rating	1.5 Stars

Specialty store lease expiry profile by income

FY185 FY19 FY20 FY21 FY22+	45%
	31%
	10%
	10%
	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.

Vicinity Centres Direct Portfolio December 2017

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Warriewood Square

Jacksons Road, Warriewood NSW 2102

warriewoodsquare.com.au

Warriewood Square is a single level Sub Regional shopping centre located in Sydney's northern beaches, approximately 26 kilometres north-east of the Sydney CBD. It is anchored by Kmart, Aldi, Coles and Woolworths and includes more than 85 specialty stores. Redeveloped in 2016, the centre includes fashion and lifestyle precincts and additional car parking.

Property overview

State	NSW
Centre type	Sub Regional
OwnershipInterest(%)	50
Date acquired	1996
Centre frst opened	1980
Latest redevelopment	2016
Valuation External/Internal	Internal
Valuation($m)1	287.0
Valuation date	Dec-17
Capitalisation rate(%)	5.75
Discount rate(%)	7.75

Tenant mix by gross lettable area (GLA)

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

Discount department stores	26%
Supermarkets	28%
Mini majors	11%
Specialties	28%
Other retail	1%
Non retail	5%

Property metrics

GLA(sqm)	29,909
Number of tenants	110
Major tenants2	Aldi, Coles, Kmart, Woolworths
Car spaces	1,450
Movingannual turnover(MAT) ($m)3	n.a.
MAT/sqm – Total($)3	n.a.
MAT/sqm – Specialty ($)3	n.a.
Specialtyoccupancycost(%)3	n.a.
Occupancyrate byGLA(%)3, 4	100.0
Weighted average lease expirybyGLA(years)	10.4
Green Star – Performance	3 Stars

Specialty store lease expiry profile by income

FY185 FY19 FY20 FY21 FY22+	4%
	9%
	17%
	25%
	45%

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.

22 Vicinity Centres Direct Portfolio December 2017

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West End Plaza

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

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

Property overview

State	NSW
Centre type	Sub Regional
OwnershipInterest(%)	100
Date acquired	2005
Centre frst opened	1980
Latest redevelopment	2000
Valuation External/Internal	Internal
Valuation($m)1	71.5
Valuation date	Dec-17
Capitalisation rate(%)	6.75
Discount rate(%)	8.25

Tenant mix by gross lettable area (GLA)

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

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

Discount department stores 41%
Supermarkets 24%
Mini majors 5%
Specialties 29%
----- End of picture text -----

Property metrics

GLA(sqm)	15,941
Number of tenants	47
Major tenants2	Coles, Kmart
Car spaces	596
Movingannual turnover(MAT) ($m)	93.4
MAT/sqm – Total($)	5,980
MAT/sqm – Specialty ($)	6,789
Specialtyoccupancycost(%)3	13.5
Occupancyrate byGLA(%)	100.0
Weighted average lease expirybyGLA(years)	3.1
Green Star – Performance	2 Stars

Specialty store lease expiry profile by income

FY184 FY19 FY20 FY21 FY22+	8%
	21%
	9%
	18%
	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.

Vicinity Centres Direct Portfolio December 2017 23

==> picture [596 x 842] intentionally omitted <==

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

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

Queensland

27 Buranda Village 28 DFO Brisbane
29 Goldfields Plaza
30 Grand Plaza
31 Gympie Central
32 Milton Village
33 Mt Ommaney Centre
34 North Shore Village
35 Oxenford Village
36 QueensPlaza
37 Runaway Bay Centre
38 Taigum Square
39 The Myer Centre Brisbane
40 Whitsunday Plaza

==> picture [596 x 248] intentionally omitted <==

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

DFO Brisbane, QLD
Vicinity Centres Direct Portfolio December 2017 25
----- End of picture text -----

Grand Plaza

Queensland

53,000+ sqm gross lettable area Three supermarkets

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$10,000+ specialty MAT/sqm

26 Vicinity Centres Direct Portfolio December 2017

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Buranda Village

Corner Ipswich Road and Cornwall Street, Buranda QLD 4102

burandavillage.com.au

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

Property overview

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

Tenant mix by gross lettable area (GLA)

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

Discount department stores	36%
Supermarkets	26%
Specialties	16%
Other retail	9%
Non retail	12%

Property metrics

GLA(sqm)	11,561
Number of tenants	35
Major tenants2	Target, Woolworths
Car spaces	520
Movingannual turnover(MAT) ($m)	67.2
MAT/sqm – Total($)	6,691
MAT/sqm – Specialty ($)	8,840
Specialtyoccupancycost(%)3	13.4
Occupancyrate byGLA(%)	100.0
Weighted average lease expirybyGLA(years)	4.6
Green Star – Performance	3 Stars

Specialty store lease expiry profile by income

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

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

FY18 [4] 13%
FY19 22%
FY20 8%
FY21 25%
FY22+ 32%
----- 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 2017

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DFO Brisbane

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

DFO Brisbane is a single level Outlet Centre located approximately 13 kilometres north-east of the Brisbane CBD and 10 minutes from Brisbane Airport. Following a recent major expansion, the centre comprises over 130 outlet retailers, including Calvin Klein, Fossil, Nike and Tommy Hilfiger.

Property overview

State	QLD
Centre type	Outlet Centres
OwnershipInterest(%)	100
Date acquired	2016
Centre frst opened	2005
Latest redevelopment	2015
Valuation External/Internal	Internal
Valuation($m)1	61.0
Valuation date	Dec-17
Capitalisation rate(%)	7.50
Discount rate(%)	8.00

Tenant mix by gross lettable area (GLA)

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

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

Mini majors 15%
Specialties 84%
----- End of picture text -----

Property metrics

GLA(sqm)	26,243
Number of tenants	145
Major tenants2	–
Car spaces	2,600
Movingannual turnover(MAT) ($m)	215.1
MAT/sqm – Total($)	8,539
MAT/sqm – Specialty ($)	8,698
Specialtyoccupancycost(%)3	11.0
Occupancyrate byGLA(%)	100.0
Weighted average lease expirybyGLA(years)	2.9
Green Star – Performance	1 Star

Specialty store lease expiry profile by income

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

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

FY18 [4] 8%
FY19 11%
FY20 4%
FY21 48%
FY22+ 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.

28 Vicinity Centres Direct Portfolio December 2017

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Goldfields Plaza

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

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

Property overview

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

Tenant mix by gross lettable area (GLA)

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

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

Supermarkets 58%
Mini majors 20%
Specialties 16%
Non retail 5%
----- End of picture text -----

Property metrics

Specialty store lease expiry profile by income

Specialty store lease expiry profle by income Property metrics	lty store lease expiry profle by income
GLA(sqm) 7,609 Number of tenants 16 Major tenants2 Coles Car spaces 437 Movingannual turnover(MAT) ($m) 61.4 MAT/sqm – Total($) 9,119 MAT/sqm – Specialty ($) 8,989 Specialtyoccupancycost(%)3 9.7 Occupancyrate byGLA(%) 94.8 Weighted average lease expirybyGLA(years) 6.9 Green Star – Performance 2 Stars 0% 44% 14% 10% 31% FY184 FY19 FY20 FY21 FY22+	0% 10%
	10%
	44%
	14%
	31%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

Vicinity Centres Direct Portfolio December 2017 29

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Grand Plaza

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

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

Property overview

State	QLD
Centre type	Regional
OwnershipInterest(%)	50
Date acquired	2002
Centre frst opened	1994
Latest redevelopment	2006
Valuation External/Internal	External
Valuation($m)1	430.0
Valuation date	Dec-17
Capitalisation rate(%)	5.50
Discount rate(%)	7.25

Tenant mix by gross lettable area (GLA)

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

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

Discount department stores 37%
Supermarkets 19%
Mini majors 5%
Specialties 23%
Other retail 13%
Non retail 3%
----- End of picture text -----

Property metrics

GLA(sqm)	53,393
Number of tenants	160
Major tenants2	Aldi, Big W, Coles, Event Cinemas,
	Kmart, Target, Woolworths,
Car spaces	2,580
Movingannual turnover(MAT) ($m)	355.8
MAT/sqm – Total($)	7,100
MAT/sqm – Specialty ($)	10,021
Specialtyoccupancycost(%)3	16.2
Occupancyrate byGLA(%)	99.7
Weighted average lease expirybyGLA(years)	3.2
Green Star – Performance	3 Stars
NABERS Energyrating	3.5 Stars
NABERS Water rating	4.0 Stars

Specialty store lease expiry profile by income

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

FY18 [4] 26%
FY19 16%
FY20 13%
FY21 19%
FY22+ 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 Includes marketing levy and based on GST inclusive turnover.
4 Includes holdovers.

30 Vicinity Centres Direct Portfolio December 2017

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Gympie Central

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

Gympie Central is a single level Sub Regional shopping centre located in Gympie, approximately 80 kilometres northwest of Maroochydore. It is anchored by Big W and Woolworths and includes more than 40 specialty stores.

Property overview

State	QLD
Centre type	Sub Regional
OwnershipInterest(%)	100
Date acquired	2003
Centre frst opened	1973
Latest redevelopment	2007
Valuation External/Internal	Internal
Valuation($m)1	80.0
Valuation date	Dec-17
Capitalisation rate(%)	6.50
Discount rate(%)	7.75

Tenant mix by gross lettable area (GLA)

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

Discount department stores	40%
Supermarkets	25%
Specialties	31%
Non retail	4%

Property metrics

GLA(sqm)	14,148
Number of tenants	51
Major tenants2	BigW, Woolworths
Car spaces	752
Movingannual turnover(MAT) ($m)	127.7
MAT/sqm – Total($)	9,437
MAT/sqm – Specialty ($)	11,048
Specialtyoccupancycost(%)3	10.1
Occupancyrate byGLA(%)	99.7
Weighted average lease expirybyGLA(years)	6.8
Green Star – Performance	2 Stars

Specialty store lease expiry profile by income

FY184 FY19 FY20 FY21 FY22+	18%
	20%
	18%
	9%
	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 2017

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Milton Village

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

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

Property overview

State	QLD
Centre type	Neighbourhood
OwnershipInterest(%)	100
Date acquired	2000
Centre frst opened	1973
Latest redevelopment	n.a.
Valuation External/Internal	External
Valuation($m)1	29.0
Valuation date	Dec-17
Capitalisation rate(%)	6.50
Discount rate(%)	8.00

Tenant mix by gross lettable area (GLA)

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Supermarkets	17%
Specialties	37%
Other retail	2%
Non retail	44%

Property metrics

GLA(sqm)	2,873
Number of tenants	25
Major tenants2	IGA
Car spaces	138
Movingannual turnover(MAT) ($m)	27.2
MAT/sqm – Total($)	18,581
MAT/sqm – Specialty ($)	16,173
Specialtyoccupancycost(%)3	9.8
Occupancyrate byGLA(%)	100.0
Weighted average lease expirybyGLA(years)	3.0
Green Star – Performance	2 Stars

Specialty store lease expiry profile by income

FY184 FY19 FY20 FY21 FY22+
	9%
	8%
	79%

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 2017

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Mt Ommaney Centre

171 Dandenong Road, Mt Ommaney QLD 4074

mtommaneycentre.com.au

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

Property overview

State	QLD
Centre type	Regional
OwnershipInterest(%)	25
Date acquired	2014
Centre frst opened	1979
Latest redevelopment	2010
Valuation External/Internal	External
Valuation($m)1	420.8
Valuation date	Dec-17
Capitalisation rate(%)	6.00
Discount rate(%)	7.50

Tenant mix by gross lettable area (GLA)

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Discount department stores	37%
Supermarkets	19%
Mini majors	6%
Specialties	25%
Other retail	2%
Non retail	11%

Property metrics

GLA(sqm)	56,611
Number of tenants	179
Major tenants2	Aldi, Big W, Coles, Kmart,
	Target, Woolworths
Car spaces	2,619
Movingannual turnover(MAT) ($m)	311.4
MAT/sqm – Total($)	6,640
MAT/sqm – Specialty ($)	7,791
Specialtyoccupancycost(%)3	15.6
Occupancyrate byGLA(%)	98.7
Weighted average lease expirybyGLA(years)	5.2
Green Star – Performance	2 Stars

Specialty store lease expiry profile by income

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

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

FY18 [4] 28%
FY19 14%
FY20 17%
FY21 11%
FY22+ 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 2017 33

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North Shore Village

722-728 David Low Way, Pacific Paradise QLD 4564 northshorevillagesc.com.au

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

Property overview

State	QLD
Centre type	Neighbourhood
OwnershipInterest(%)	100
Date acquired	2005
Centre frst opened	2003
Latest redevelopment	n.a.
Valuation External/Internal	External
Valuation($m)1	26.5
Valuation date	Dec-17
Capitalisation rate(%)	6.00
Discount rate(%)	7.50

Tenant mix by gross lettable area (GLA)

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

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

Property metrics

GLA(sqm)	4,077
Number of tenants	15
Major tenants2	Coles
Car spaces	274
Movingannual turnover(MAT) ($m)	52.5
MAT/sqm – Total($)	15,600
MAT/sqm – Specialty ($)	8,021
Specialtyoccupancycost(%)3	10.8
Occupancyrate byGLA(%)	100.0
Weighted average lease expirybyGLA(years)	7.9
Green Star – Performance	3 Stars

Specialty store lease expiry profile by income

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

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

34 Vicinity Centres Direct Portfolio December 2017

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Oxenford Village

2 Cottonwood Place, Oxenford QLD 4210

oxenfordvillage.com.au

Oxenford Village is a single level Neighbourhood shopping centre located approximately 20 kilometres north-west of Surfers Paradise on the Gold Coast. It is anchored by Woolworths and includes 11 specialty stores.

Property overview

State	QLD
Centre type	Neighbourhood
OwnershipInterest(%)	100
Date acquired	2003
Centre frst opened	2001
Latest redevelopment	n.a.
Valuation External/Internal	Internal
Valuation($m)1	35.0
Valuation date	Dec-17
Capitalisation rate(%)	6.00
Discount rate(%)	7.25

Tenant mix by gross lettable area (GLA)

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

Supermarkets	59%
Specialties	15%
Other retail	1%
Non retail	25%

Property metrics

GLA(sqm)	5,815
Number of tenants	17
Major tenants2	Woolworths
Car spaces	255
Movingannual turnover(MAT) ($m)	77.1
MAT/sqm – Total($)	18,709
MAT/sqm – Specialty ($)	15,556
Specialtyoccupancycost(%)3	8.4
Occupancyrate byGLA(%)	96.6
Weighted average lease expirybyGLA(years)	8.0
Green Star – Performance	3 Stars

Specialty store lease expiry profile by income

FY184 FY19 FY20 FY21 FY22+	0% 0% 12% 14%
	12%
	73%

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 2017

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QueensPlaza

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

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

Property overview

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

Tenant mix by gross lettable area (GLA)

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

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

Department stores 48%
Supermarkets 3%
Mini majors 1%
Specialties 11%
Non retail 36%
----- End of picture text -----

Property metrics

GLA(sqm)	39,066
Number of tenants	70
Major tenants2	Coles, David Jones
Car spaces	600
Movingannual turnover(MAT) ($m)	295.9
MAT/sqm – Total($)	8,226
MAT/sqm – Specialty ($)	21,152
Specialtyoccupancycost(%)3	16.0
Occupancyrate byGLA(%)	100.0
Weighted average lease expirybyGLA(years)	10.9
Green Star – Performance	3 Stars
NABERS Energyrating	2.5 Stars
NABERS Water rating	2.0 Stars

Specialty store lease expiry profile by income

FY184 FY19 FY20 FY21 FY22+	23%
	24%
	16%
	13%
	24%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

36 Vicinity Centres Direct Portfolio December 2017

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Runaway Bay Centre

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

Runaway Bay Centre is a single level Regional shopping centre located approximately 10 kilometres north of Surfers Paradise. It is anchored by Big W, Target, Aldi, Coles and Woolworths and includes more than 75 specialty stores and an alfresco dining precinct on the waterfront.

Property overview

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

Tenant mix by gross lettable area (GLA)

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

Discount department stores	33%
Supermarkets	24%
Mini majors	5%
Specialties	16%
Other retail	7%
Non retail	15%

Property metrics

GLA(sqm)	42,997
Number of tenants	118
Major tenants2	Aldi, Big W, Coles, Target, Woolworths
Car spaces	2,160
Movingannual turnover(MAT) ($m)	292.1
MAT/sqm – Total($)	8,340
MAT/sqm – Specialty ($)	10,499
Specialtyoccupancycost(%)3	12.1
Occupancyrate byGLA(%)	99.2
Weighted average lease expirybyGLA(years)	4.9
Green Star – Performance	3 Stars
NABERS Energyrating	3.5 Stars
NABERS Water rating	3.0 Stars

Specialty store lease expiry profile by income

FY184 FY19 FY20 FY21 FY22+	18%
	20%
	10%
	16%
	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 2017

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Taigum Square

Corner Church and Beams Roads, Taigum QLD 4018 taigumsquare.com.au

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

Property overview

State	QLD
Centre type	Sub Regional
OwnershipInterest(%)	100
Date acquired	1998
Centre frst opened	1982
Latest redevelopment	2001
Valuation External/Internal	Internal
Valuation($m)1	101.0
Valuation date	Dec-17
Capitalisation rate(%)	6.25
Discount rate(%)	7.75

Tenant mix by gross lettable area (GLA)

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

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

Discount department stores 29%
Supermarkets 16%
Mini majors 9%
Specialties 24%
Non retail 22%
----- End of picture text -----

Property metrics

GLA(sqm)	23,079
Number of tenants	77
Major tenants2	BigW, Woolworths
Car spaces	1,054
Movingannual turnover(MAT) ($m)	108.0
MAT/sqm – Total($)	6,018
MAT/sqm – Specialty ($)	6,574
Specialtyoccupancycost(%)3	12.6
Occupancyrate byGLA(%)	99.5
Weighted average lease expirybyGLA(years)	3.2
Green Star – Performance	3 Stars

Specialty store lease expiry profile by income

FY184 FY19 FY20 FY21 FY22+	7%
	18%
	15%
	27%
	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.

38 Vicinity Centres Direct Portfolio December 2017

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The Myer Centre Brisbane

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

The Myer Centre Brisbane is a six level City Centre located in the heart of Brisbane's CBD on Queen Street Mall. The Myer Centre Brisbane is an iconic CBD retail destination, 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/Internal	External
Valuation($m)1	780.0
Valuation date	Dec-17
Capitalisation rate(%)	5.50
Discount rate(%)	7.25

Tenant mix by gross lettable area (GLA)

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

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

Property metrics

GLA(sqm)	63,707
Number of tenants	179
Major tenants2	Coles Central, Event Cinemas,
	Myer, Target,
Car spaces	1,450
Movingannual turnover(MAT) ($m)	315.2
MAT/sqm – Total($)	5,150
MAT/sqm – Specialty ($)	11,190
Specialtyoccupancycost(%)3	20.2
Occupancyrate byGLA(%)	99.1
Weighted average lease expirybyGLA(years)	7.6
Green Star – Performance	2 Stars
NABERS Energyrating	3.0 Stars
NABERS Water rating	2.5 Stars

Specialty store lease expiry profile by income

FY184 FY19 FY20 FY21 FY22+	31%
	31%
	11%
	12%
	15%

100% acquired in 1998, 50% divested in 2012 and a further 25% divested in 2016.
1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

Vicinity Centres Direct Portfolio December 2017

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Whitsunday Plaza

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

Whitsunday Plaza is a single level Sub Regional shopping centre located in the Whitsunday and Bowen regions of North Queensland, approximately 5 kilometres south-west of Airlie Beach. It is anchored by Big W, Harvey Norman and Woolworths 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/Internal	External
Valuation($m)1	69.0
Valuation date	Dec-17
Capitalisation rate(%)	6.50
Discount rate(%)	7.50

Tenant mix by gross lettable area (GLA)

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

Department stores	8%
Discount department stores	24%
Supermarkets	15%
Mini majors	10%
Specialties	10%
Other retail	16%
Non retail	18%

Property metrics

GLA(sqm)	22,394
Number of tenants	47
Major tenants2	BigW, HarveyNorman, Woolworths
Car spaces	1,149
Movingannual turnover(MAT) ($m)	126.2
MAT/sqm – Total($)	6,606
MAT/sqm – Specialty ($)	13,756
Specialtyoccupancycost(%)3	6.2
Occupancyrate byGLA(%)	100.0
Weighted average lease expirybyGLA(years)	4.5
Green Star – Performance	3 Stars

Specialty store lease expiry profile by income

==> picture [263 x 69] intentionally omitted <==

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

FY18 [4] 22%
FY19 10%
FY20 25%
FY21 25%
FY22+ 18%
----- End of picture text -----

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

40 Vicinity Centres Direct Portfolio December 2017

==> picture [148 x 15] intentionally omitted <==

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

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

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

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

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

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

Vicinity Centres Direct Portfolio December 2017 41

South Australia

44 Castle Plaza 45 Colonnades 46 Elizabeth City Centre 47 Kurralta Central

42 Vicinity Centres Direct Portfolio December 2017

Castle Plaza, SA

Elizabeth Cit Centre y South Australia

80,000+ sqm gross lettable area

==> picture [47 x 33] intentionally omitted <==

140+ specialty stores

220,000+ people in total trade area

Vicinity Centres Direct Portfolio December 2017

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Castle Plaza

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

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

Property overview

State	SA
Centre type	Sub Regional
OwnershipInterest(%)	100
Date acquired	2002
Centre frst opened	1987
Latest redevelopment	2000
Valuation External/Internal	External
Valuation($m)1	175.0
Valuation date	Dec-17
Capitalisation rate(%)	6.75
Discount rate(%)	8.00

Tenant mix by gross lettable area (GLA)

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

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

Discount department stores 35%
Supermarkets 29%
Specialties 23%
Other retail 7%
Non retail 7%
----- End of picture text -----

Property metrics

GLA(sqm)	22,841
Number of tenants	71
Major tenants2	Coles, Foodland, Target
Car spaces	1,315
Movingannual turnover(MAT) ($m)	148.6
MAT/sqm – Total($)	7,069
MAT/sqm – Specialty ($)	8,570
Specialtyoccupancycost(%)3	14.6
Occupancyrate byGLA(%)	99.3
Weighted average lease expirybyGLA(years)	3.8
Green Star – Performance	2 Stars
NABERS Energyrating	3.0 Stars
NABERS Water rating	2.5 Stars

Specialty store lease expiry profile by income

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

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

FY18 [4] 26%
FY19 15%
FY20 20%
FY21 29%
FY22+ 11%
----- 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.

44 Vicinity Centres Direct Portfolio December 2017

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Colonnades

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

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

Property overview

State	SA
Centre type	Regional
OwnershipInterest(%)	50
Date acquired	2003
Centre frst opened	1979
Latest redevelopment	2016
Valuation External/Internal	Internal
Valuation($m)1	306.0
Valuation date	Dec-17
Capitalisation rate(%)	6.75
Discount rate(%)	7.75

Tenant mix by gross lettable area (GLA)

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

Department stores	8%
Discount department stores	21%
Supermarkets	12%
Mini majors	8%
Specialties	18%
Other retail	7%
Non retail	25%

Property metrics

GLA(sqm)	83,599
Number of tenants	177
Major tenants2	Aldi, Coles, Big W, Harris Scarfe,
	Kmart, Masters, Myer, Woolworths
Car spaces	4,188
Movingannual turnover(MAT) ($m)	313.2
MAT/sqm – Total($)	5,621
MAT/sqm – Specialty ($)	6,395
Specialtyoccupancycost(%)3	15.6
Occupancyrate byGLA(%)	99.0
Weighted average lease expirybyGLA(years)	7.7
Green Star – Performance	2 Stars

Specialty store lease expiry profile by income

FY184 FY19 FY20 FY21 FY22+	27%
	19%
	9%
	12%
	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 2017 45

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Elizabeth City Centre

50 Elizabeth Way, Elizabeth SA 5112

elizabethcitycentre.com.au

Elizabeth City Centre is a two level Regional shopping centre located approximately 28 kilometres north-east of the Adelaide CBD. It is anchored by Big W, Target, Coles, Harris Scarfe, Woolworths 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	2015
Valuation External/Internal	Internal
Valuation($m)1	384.1
Valuation date	Dec-17
Capitalisation rate(%)	7.00
Discount rate(%)	8.25

Tenant mix by gross lettable area (GLA)

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

Department stores	7%
Discount department stores	23%
Supermarkets	11%
Mini majors	11%
Specialties	23%
Other retail	9%
Non retail	16%

Property metrics

GLA(sqm)	80,305
Number of tenants	206
Major tenants2	Big W, Coles, Harris Scarfe,
	ReadingCinemas, Target, Woolworths
Car spaces	3,228
Movingannual turnover(MAT) ($m)	350.9
MAT/sqm – Total($)	5,693
MAT/sqm – Specialty ($)	7,672
Specialtyoccupancycost(%)3	15.9
Occupancyrate byGLA(%)	99.3
Weighted average lease expirybyGLA(years)	4.9
Green Star – Performance	3 Stars
NABERS Energyrating	3.5 Stars
NABERS Water rating	3.0 Stars

Specialty store lease expiry profile by income

FY184 FY19 FY20 FY21 FY22+	27%
	18%
	11%
	12%
	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.

46 Vicinity Centres Direct Portfolio December 2017

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Kurralta Central

153 Anzac Highway, Kurralta Park SA 5037

kurraltacentral.com.au

Kurralta Central is a single level Sub Regional shopping centre located approximately 6 kilometres south-west of the Adelaide CBD. It is anchored by Kmart and Coles and includes 9 specialty stores.

Property overview

Tenant mix by gross lettable area (GLA)

Property overview	Tenant mix by	gross lettable area (GLA)
State	SA
Centre type	Sub Regional	Discount department stores	66%
OwnershipInterest(%) Date acquired	100 2003	Supermarkets Specialties	22% 8%
Centre frst opened Latest redevelopment	1969 2000	Non retail	3%
Valuation External/Internal	External
Valuation($m)1	42.3
Valuation date	Dec-17
Capitalisation rate(%)	6.00
Discount rate(%)	6.75

Property metrics

GLA(sqm)	10,676
Number of tenants	14
Major tenants2	Coles, Kmart,
Car spaces	548
Movingannual turnover(MAT) ($m)	85.9
MAT/sqm – Total($)	8,257
MAT/sqm – Specialty ($)	9,516
Specialtyoccupancycost(%)3	11.8
Occupancyrate byGLA(%)	100.0
Weighted average lease expirybyGLA(years)	3.4
Green Star – Performance	3 Stars

Specialty store lease expiry profile by income

FY184 FY19 FY20 FY21 FY22+	0% 23% 16% 9%
	9%
	23%
	16%
	53%

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 2017

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

Victoria and Tasmania
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----- Start of picture text -----

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

Victoria

51 Altona Gate

52 Bayside

53 Belmont Village 54 Bentons Square 55 Box Hill Central (North Precinct) 56 Box Hill Central (South Precinct) 57 Brandon Park 58 Broadmeadows Central 59 Chadstone 60 Corio Central 61 Cranbourne Park 62 DFO Essendon 63 DFO Moorabbin 64 DFO South Wharf 65 Emporium Melbourne 66 Mornington Central 67 Myer Bourke Street

68 Northland

69 Oakleigh Central 70 Roxburgh Village 71 Sunshine Marketplace 72 The Gateway 73 The Glen

74 Victoria Gardens Shopping Centre

Tasmania

75 Eastlands

76 Northgate

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Eastlands, TAS
Vicinity Centres Direct Portfolio December 2017 49
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DFO Essendon Victoria

$9,000+ specialty MAT/sqm

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1.66 million people in total trade area

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52,000+ sqm gross lettable area

50 Vicinity Centres Direct Portfolio December 2017

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Altona Gate

124-134 Millers Road, Altona North VIC 3025

altonagate.com.au

Altona Gate is a four level Sub Regional shopping centre located approximately 13 kilometres west of the Melbourne CBD. The centre is anchored by Kmart, Aldi and Coles as part of a revitalised fresh food precinct and includes more than 60 specialty stores.

Property overview

State	VIC
Centre type	Sub Regional
OwnershipInterest(%)	100
Date acquired	1994
Centre frst opened	1977
Latest redevelopment	2014
Valuation External/Internal	External
Valuation($m)1	104.5
Valuation date	Dec-17
Capitalisation rate(%)	6.25
Discount rate(%)	7.50

Tenant mix by gross lettable area (GLA)

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Discount department stores 30%
Supermarkets 20%
Mini majors 17%
Specialties 23%
Other retail 3%
Non retail 7%
----- End of picture text -----

Property metrics

GLA(sqm)	26,280
Number of tenants	78
Major tenants2	Aldi, Coles, Kmart
Car spaces	1,622
Movingannual turnover(MAT) ($m)	147.9
MAT/sqm – Total($)	6,400
MAT/sqm – Specialty ($)	7,381
Specialtyoccupancycost(%)3	15.3
Occupancyrate byGLA(%)	98.8
Weighted average lease expirybyGLA(years)	5.6
Green Star – Performance	3 Stars
NABERS Energyrating	3.5 Stars
NABERS Water rating	4.0 Stars

Specialty store lease expiry profile by income

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

FY18 [4] 29%
FY19 24%
FY20 16%
FY21 12%
FY22+ 19%
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1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

Vicinity Centres Direct Portfolio December 2017

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Bayside

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

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

Property overview

State	VIC
Centre type	Major Regional
OwnershipInterest(%)	100
Date acquired	1994
Centre frst opened	1971
Latest redevelopment	2011
Valuation External/Internal	Internal
Valuation($m)1	630.0
Valuation date	Dec-17
Capitalisation rate(%)	5.75
Discount rate(%)	7.50

Tenant mix by gross lettable area (GLA)

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Department stores	19%
Discount department stores	16%
Supermarkets	11%
Mini majors	13%
Specialties	26%
Other retail	10%
Non retail	5%

Property metrics

GLA(sqm)	88,965
Number of tenants	241
Major tenants2	Aldi, Coles, HOYTS Cinema,
	Kmart, Myer, Target, Woolworths
Car spaces	3,452
Movingannual turnover(MAT) ($m)	422.3
MAT/sqm – Total($)	5,179
MAT/sqm – Specialty ($)	8,097
Specialtyoccupancycost(%)3	16.0
Occupancyrate byGLA(%)	98.3
Weighted average lease expirybyGLA(years)	4.7
Green Star – Performance	3 Stars

Specialty store lease expiry profile by income

FY184 FY19 FY20 FY21 FY22+	29%
	12%
	12%
	14%
	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.

52 Vicinity Centres Direct Portfolio December 2017

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Belmont Village

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

Belmont Village is a single level Sub Regional shopping centre located approximately 3 kilometres south-west of the Geelong CBD. It is anchored by a 24-hour Kmart seven days a week, Coles opening 6.00am through to midnight daily and 12 specialty stores.

Property overview

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

Tenant mix by gross lettable area (GLA)

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

Property metrics

GLA(sqm)	14,034
Number of tenants	17
Major tenants2	Coles, Kmart
Car spaces	570
Movingannual turnover(MAT) ($m)	97.2
MAT/sqm – Total($)	7,158
MAT/sqm – Specialty ($)	11,031
Specialtyoccupancycost(%)3	10.6
Occupancyrate byGLA(%)	98.5
Weighted average lease expirybyGLA(years)	3.7
Green Star – Performance	4 Stars

Specialty store lease expiry profile by income

FY184 FY19 FY20 FY21 FY22+	12%
	6%
	22%
	24%
	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 2017

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Bentons Square

Corner Bentons and Dunns Roads, Mornington VIC 3931

bentonssquare.com.au

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

Property overview

State	VIC
Centre type	Neighbourhood
OwnershipInterest(%)	100
Date acquired*	2014
Centre frst opened	2002
Latest redevelopment	2009
Valuation External/Internal	External
Valuation($m)1	82.0
Valuation date	Dec-17
Capitalisation rate(%)	6.25
Discount rate(%)	7.50

Tenant mix by gross lettable area (GLA)

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Supermarkets 44%
Mini majors 13%
Specialties 32%
Other retail 4%
Non retail 6%
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Property metrics

GLA(sqm)	10,081
Number of tenants	44
Major tenants2	Woolworths
Car spaces	534
Movingannual turnover(MAT) ($m)	146.3
MAT/sqm – Total($)	16,459
MAT/sqm – Specialty ($)	7,920
Specialtyoccupancycost(%)3	12.9
Occupancyrate byGLA(%)	100.0
Weighted average lease expirybyGLA(years)	7.2
Green Star – Performance	2 Stars

Specialty store lease expiry profile by income

FY184 FY19 FY20 FY21 FY22+	8%
	11%
	15%
	10%
	55%

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

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

54 Vicinity Centres Direct Portfolio December 2017

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Box Hill Central (North Precinct)

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

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

Property overview

State	VIC
Centre type	Sub Regional
OwnershipInterest(%)	100
Date acquired	2001
Centre frst opened	1975
Latest redevelopment	2007
Valuation External/Internal	Internal
Valuation($m)1	107.0
Valuation date	Dec-17
Capitalisation rate(%)	6.25
Discount rate(%)	7.75

Tenant mix by gross lettable area (GLA)

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

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Discount department stores 17%
Supermarkets 22%
Mini majors 6%
Specialties 32%
Other retail 3%
Non retail 19%
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Property metrics

GLA(sqm)	14,585
Number of tenants	85
Major tenants2	Coles, Harris Scarfe
Car spaces	897
Movingannual turnover(MAT) ($m)	75.5
MAT/sqm – Total($)	6,488
MAT/sqm – Specialty ($)	6,366
Specialtyoccupancycost(%)3	18.4
Occupancyrate byGLA(%)	100.0
Weighted average lease expirybyGLA(years)	2.7
Green Star – Performance	1 Star

Specialty store lease expiry profile by income

FY184 FY19 FY20 FY21 FY22+	10%
	24%
	14%
	22%
	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 2017

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Box Hill Central (South Precinct)

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

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

Property overview

State	VIC
Centre type	Sub Regional
OwnershipInterest(%)	100
Date acquired	2000
Centre frst opened	1987
Latest redevelopment	2010
Valuation External/Internal	External
Valuation($m)1	209.0
Valuation date	Dec-17
Capitalisation rate(%)	6.00
Discount rate(%)	7.25

Tenant mix by gross lettable area (GLA)

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Discount department stores	34%
Supermarkets	16%
Mini majors	4%
Specialties	37%
Non retail	9%

Property metrics

GLA(sqm)	23,821
Number of tenants	114
Major tenants2	BigW, Woolworths
Car spaces	1,514
Movingannual turnover(MAT) ($m)	185.3
MAT/sqm – Total($)	8,639
MAT/sqm – Specialty ($)	10,162
Specialtyoccupancycost(%)3	15.0
Occupancyrate byGLA(%)	100.0
Weighted average lease expirybyGLA(years)	6.2
Green Star – Performance	1 Star

Specialty store lease expiry profile by income

FY184 FY19 FY20 FY21 FY22+	11%
	13%
	16%
	13%
	47%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

56 Vicinity Centres Direct Portfolio December 2017

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Brandon Park

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

Brandon Park is a two level Sub Regional shopping centre located approximately 23 kilometres south-east of the Melbourne CBD. The centre has a recently refurbished dining and fresh food precinct, anchored by Kmart, Aldi and Coles and includes more than 65 specialty stores.

Property overview

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

Tenant mix by gross lettable area (GLA)

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Discount department stores	30%
Supermarkets	22%
Mini majors	11%
Specialties	25%
Other retail	2%
Non retail	11%

Property metrics

GLA(sqm)	23,112
Number of tenants	94
Major tenants2	Aldi, Coles, Kmart
Car spaces	1,345
Movingannual turnover(MAT) ($m)	137.9
MAT/sqm – Total($)	7,114
MAT/sqm – Specialty ($)	5,574
Specialtyoccupancycost(%)3	18.9
Occupancyrate byGLA(%)	98.5
Weighted average lease expirybyGLA(years)	3.2
Green Star – Performance	2 Stars

Specialty store lease expiry profile by income

FY184 FY19 FY20 FY21 FY22+	13%
	14%
	15%
	10%
	48%

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 2017

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Broadmeadows Central

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

Broadmeadows Central is a single level Regional shopping centre with an adjacent Homemaker Centre located approximately 15 kilometres north-west of the Melbourne CBD. It is anchored by Big W, Kmart, Aldi, Coles, Woolworths 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 External/Internal	Internal
Valuation($m)1	330.5
Valuation date	Dec-17
Capitalisation rate(%)	6.50
Discount rate(%)	7.50

Tenant mix by gross lettable area (GLA)

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

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

Discount department stores 25%
Supermarkets 14%
Mini majors 16%
Specialties 24%
Other retail 13%
Non retail 8%
----- End of picture text -----

Property metrics

GLA(sqm)	61,697
Number of tenants	184
Major tenants2	Aldi, Big W, Coles, Kmart,
	HOYTS Cinema, Woolworths
Car spaces	3,051
Movingannual turnover(MAT) ($m)3	n.a.
MAT/sqm – Total($)3	n.a.
MAT/sqm – Specialty ($)3	n.a.
Specialtyoccupancycost(%)3, 4	n.a.
Occupancyrate byGLA(%)	100.0
Weighted average lease expirybyGLA(years)	4.8
Green Star – Performance	3 Stars
NABERS Energyrating	2.5 Stars
NABERS Water rating	4.0 Stars

1 Expressed on 100% basis.

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

3 Non-comparable for sales reporting purposes.

4 Includes marketing levy and based on GST inclusive turnover.

5 Includes holdovers.

Specialty store lease expiry profile by income


FY185				26%
FY19			23%
FY20		18%
FY21	9%
FY22+			23%

58 Vicinity Centres Direct Portfolio December 2017

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Chadstone

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

Chadstone is a two level Super Regional shopping centre located approximately 17 kilometres south-east of the Melbourne CBD. It is anchored by David Jones, Myer, Kmart, Target, Aldi, Coles, Woolworths, HOYTS Cinema and includes more than 425 specialty stores. In October 2016, Chadstone completed a successful major development incorporating international flagship stores, an expanded luxury offer and a world-class food and entertainment precinct. In 2018, the luxury precinct will expand and the lower ground food court will be updated with new casual dining options. A favourite with Melbourne residents, Chadstone also provides tourists to Melbourne with a free shuttle bus from Melbourne's CBD and access to exclusive offers across luxury brands. A 250-room hotel will commence construction in 2018 and will open in late 2019.

Property overview

Property overview
State	VIC
Centre type	Super Regional
OwnershipInterest(%)	50
Date acquired	1994
Centre frst opened	1960
Latest redevelopment	2017
Valuation External/Internal	External
Valuation($m)1	6,000.0
Valuation date	Dec-17
Capitalisation rate(%)	3.75
Discount rate(%)	6.25
Property metrics

GLA(sqm)	212,899
Number of tenants	531
Major tenants2	Aldi, Coles, David Jones, HOYTS Cinema, Kmart, Myer, Target, Woolworths,
Car spaces	10,050
Movingannual turnover(MAT) ($m)3	n.a.
MAT/sqm – Total($)3	n.a.
MAT/sqm – Specialty ($)3	n.a.
Specialtyoccupancycost(%)3, 4	n.a.
Occupancyrate byGLA(%)	99.9
Weighted average lease expirybyGLA(years)	6.0
Green Star – Performance	3 Stars
NABERS Energyrating	3.5 Stars
NABERS Water rating	3.0 Stars

Tenant mix by gross lettable area (GLA)

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==> picture [117 x 80] intentionally omitted <==

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

Department stores 18%
Discount department stores 6%
Supermarkets 5%
Mini majors 20%
Specialties 27%
Other retail 7%
Non retail 17%
----- End of picture text -----

Specialty store lease expiry profile by income

FY185 FY19 FY20 FY21 FY22+	8%
	8%
	7%
	9%
	69%

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 2017

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Corio Central

Corner Bacchus Marsh and Purnell Roads, Corio VIC 3214

coriocentral.com.au

Corio Central is a two level Sub Regional shopping centre located 8 kilometres north of the Geelong CBD. It is anchored by Kmart, Coles and Woolworths and includes more than 60 specialty stores.

Property overview

State	VIC
Centre type	Sub Regional
OwnershipInterest(%)	100
Date acquired	2002
Centre frst opened	1973
Latest redevelopment	2005
Valuation External/Internal	External
Valuation($m)1	130.0
Valuation date	Dec-17
Capitalisation rate(%)	7.25
Discount rate(%)	7.50

Tenant mix by gross lettable area (GLA)

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

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

Discount department stores 19%
Supermarkets 26%
Mini majors 11%
Specialties 23%
Other retail 4%
Non retail 17%
----- End of picture text -----

Property metrics

GLA(sqm)	31,533
Number of tenants	103
Major tenants2	Coles, Kmart, Woolworths
Car spaces	1,530
Movingannual turnover(MAT) ($m)	156.5
MAT/sqm – Total($)	6,456
MAT/sqm – Specialty ($)	5,569
Specialtyoccupancycost(%)3	14.8
Occupancyrate byGLA(%)	99.2
Weighted average lease expirybyGLA(years)	3.8
Green Star – Performance	3 Stars
NABERS Energyrating	3.5 Stars
NABERS Water rating	3.5 Stars

Specialty store lease expiry profile by income

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

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

FY18 [4] 29%
FY19 17%
FY20 14%
FY21 18%
FY22+ 22%
----- 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.

60 Vicinity Centres Direct Portfolio December 2017

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Cranbourne Park

High Street, Cranbourne VIC 3977 cranbournepark.com.au

Cranbourne Park is a single level Regional shopping centre located approximately 42 kilometres south-east of the Melbourne CBD. It is anchored by Kmart, Target, Coles, Harris Scarfe and Woolworths and includes more than 105 specialty stores. A major redevelopment was completed in 2015, incorporating a total mall upgrade and a new casual dining precinct.

Property overview

Tenant mix by gross lettable area (GLA)

Property overview	Tenant mix by	gross lettable area (GLA)
State	VIC
Centre type	Regional	Department stores	6%
OwnershipInterest(%)	50	Discount department stores	27%
Date acquired	2000	Supermarkets	17%
Centre frst opened	1979	Mini majors	12%
Latest redevelopment	2015	Specialties	25%
Valuation External/Internal	External	Other retail	2%
Valuation($m)1	310.7
Valuation date	Dec-17	Non retail	12%
Capitalisation rate(%)	5.75
Discount rate(%)	7.25

Property metrics

GLA(sqm)	46,981
Number of tenants	141
Major tenants2	Coles, Harris Scarfe,
	Kmart, Target, Woolworths
Car spaces	1,700
Movingannual turnover(MAT) ($m)	242.2
MAT/sqm – Total($)	5,953
MAT/sqm – Specialty ($)	7,651
Specialtyoccupancycost(%)3	16.5
Occupancyrate byGLA(%)	99.3
Weighted average lease expirybyGLA(years)	7.7
Green Star – Performance	3 Stars

Specialty store lease expiry profile by income

FY184 FY19 FY20 FY21 FY22+	9%
	5%
	26%
	21%
	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.

Vicinity Centres Direct Portfolio December 2017

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DFO Essendon

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

DFO Essendon is a single level Outlet Centre located approximately 11 kilometres north of the Melbourne CBD. The centre comprises more than 110 outlet retailers including Polo Ralph Lauren, Hugo Boss, Furla and Coach. The adjacent Homemaker Hub comprises over 20 large format stores.

Property overview

State	VIC
Centre type	Outlet Centres
OwnershipInterest(%)	100
Date acquired	2010
Centre frst opened	2005
Latest redevelopment	2006
Valuation External/Internal	External
Valuation($m)1	175.0
Valuation date	Dec-17
Capitalisation rate(%)	6.75
Discount rate(%)	8.25

Tenant mix by gross lettable area (GLA)

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

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

Mini majors 38%
Specialties 35%
Non retail 27%
----- End of picture text -----

Property metrics

GLA(sqm)	52,324
Number of tenants	140
Major tenants2	–
Car spaces	2,137
Movingannual turnover(MAT) ($m)	234.3
MAT/sqm – Total($)3	9,593
MAT/sqm – Specialty ($)3	9,193
Specialtyoccupancycost(%)3,4	12.5
Occupancyrate byGLA(%)3	100.0
Weighted average lease expirybyGLA(years)	2.8
Green Star – Performance	3 Stars
NABERS Energyrating	4.5 Stars
NABERS Water rating	5.0 Stars

Specialty store lease expiry profile by income

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FY18 [5] 13%
FY19 16%
FY20 8%
FY21 27%
FY22+ 36%
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1 Expressed on 100% basis.

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

3 Excludes Homemaker retailers.

4 Includes marketing levy and based on GST inclusive turnover.

5 Includes holdovers.

62 Vicinity Centres Direct Portfolio December 2017

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DFO Moorabbin

250 Centre Dandenong Road, Moorabbin Airport VIC 3194

dfo.com.au/moorabbin

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

Property overview

State	VIC
Centre type	Outlet Centres
OwnershipInterest(%)	100
Date acquired	2010
Centre frst opened	1994
Latest redevelopment	2007
Valuation External/Internal	Internal
Valuation($m)1	125.0
Valuation date	Dec-17
Capitalisation rate(%)	7.50
Discount rate(%)	8.25

Tenant mix by gross lettable area (GLA)

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Mini majors 20%
Specialties 79%
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Property metrics

GLA(sqm)	24,678
Number of tenants	133
Major tenants2	–
Car spaces	1,362
Movingannual turnover(MAT) ($m)	150.8
MAT/sqm – Total($)	6,576
MAT/sqm – Specialty ($)	6,986
Specialtyoccupancycost(%)3	11.9
Occupancyrate byGLA(%)	98.6
Weighted average lease expirybyGLA(years)	2.5
Green Star – Performance	3 Stars
NABERS Energyrating	4.5 Stars
NABERS Water rating	4.5 Stars

Specialty store lease expiry profile by income

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

FY18 [4] 13%
FY19 20%
FY20 13%
FY21 15%
FY22+ 38%
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1 Expressed on 100% basis.

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

Vicinity Centres Direct Portfolio December 2017

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DFO South Wharf

20 Convention Centre Place, South Wharf VIC 3006

dfo.com.au/south-wharf

DFO South Wharf is a two level Outlet Centre located on the Yarra River close to Docklands and Melbourne's CBD. The centre comprises more than 165 outlet retailers including Armani Outlet, Michael Kors, Coach and Kate Spade and an exclusive collection of sporting and active apparel outlets. The adjoining Homemaker Hub comprises over 10 large format stores. With restaurants, bars and cafes just out the door, DFO South Wharf is a retail and dining destination for Melbourne residents and tourists.

Property overview

State	VIC
Centre type	Outlet Centres
OwnershipInterest(%)	100
Date acquired*	2010
Centre frst opened	2009
Latest redevelopment	2016
Valuation External/Internal	External
Valuation($m)1	639.4
Valuation date	Dec-17
Capitalisation rate(%)	5.75
Discount rate(%)	8.00

Tenant mix by gross lettable area (GLA)

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Mini majors 45%
Specialties 50%
Non retail 2%
Other retail 2%
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Property metrics

GLA(sqm)	56,461
Number of tenants	205
Major tenants2	–
Car spaces	3,173
Movingannual turnover(MAT) ($m)	401.1
MAT/sqm – Total($)3	10,153
MAT/sqm – Specialty ($)3	9,968
Specialtyoccupancycost(%)3,4	10.4
Occupancyrate byGLA(%)3	100.0
Weighted average lease expirybyGLA(years)	2.9
Green Star – Performance	2 Stars

Specialty store lease expiry profile by income

FY185 FY19 FY20 FY21 FY22+	10%
	7%
	24%
	28%
	31%

50% acquired in 2010, 25% acquired in 2014 and final 25% acquired in 2017.

1 Expressed on 100% basis.

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

3 Excludes Homemaker retailers.

4 Includes marketing levy and based on GST inclusive turnover.

5 Includes holdovers.

64 Vicinity Centres Direct Portfolio December 2017

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Emporium Melbourne

287 Lonsdale Street, Melbourne VIC 3000

emporiummelbourne.com.au

Emporium Melbourne is an eight level City Centre located in the Melbourne CBD. Opened in April 2014, Emporium Melbourne is an iconic heritage building, anchored by Uniqlo flagship store and Myer and includes more than 200 international and specialty stores. The centre is an experience integrating fashion, culture and food.

Property overview

State	VIC
Centre type	CityCentre
OwnershipInterest(%)	50
Date acquired	2007
Centre frst opened	2014
Latest redevelopment	n.a.
Valuation External/Internal	Internal
Valuation($m)1	1,230.0
Valuation date	Dec-17
Capitalisation rate(%)	4.75
Discount rate(%)	7.50

Tenant mix by gross lettable area (GLA)

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

GLA(sqm)	45,224
Number of tenants	216
Major tenants2	Myer
Car spaces	–
Movingannual turnover(MAT) ($m)	449.4
MAT/sqm – Total($)	10,268
MAT/sqm – Specialty ($)	13,215
Specialtyoccupancycost(%)3	18.3
Occupancyrate byGLA(%)	98.9
Weighted average lease expirybyGLA(years)	3.4
Green Star – Performance	2 Stars

Specialty store lease expiry profile by income

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

FY18 [4] 1%
FY19 31%
FY20 28%
FY21 21%
FY22+ 19%
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1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

Vicinity Centres Direct Portfolio December 2017

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Mornington Central

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

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

Property overview

State	VIC
Centre type	Sub Regional
OwnershipInterest(%)	50
Date acquired*	1999
Centre frst opened	2000
Latest redevelopment	n.a.
Valuation External/Internal	External
Valuation($m)1	73.9
Valuation date	Dec-17
Capitalisation rate(%)	6.00
Discount rate(%)	7.50

Tenant mix by gross lettable area (GLA)

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

GLA(sqm)	11,773
Number of tenants	38
Major tenants2	Coles, Target
Car spaces	505
Movingannual turnover(MAT) ($m)	99.3
MAT/sqm – Total($)	8,594
MAT/sqm – Specialty ($)	9,869
Specialtyoccupancycost(%)3	15.5
Occupancyrate byGLA(%)	100.0
Weighted average lease expirybyGLA(years)	2.4
Green Star – Performance	3 Stars

Specialty store lease expiry profile by income

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

FY18 [4] 22%
FY19 24%
FY20 27%
FY21 11%
FY22+ 16%
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100% acquired in 1999 and 50% divested in 2016.

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

66 Vicinity Centres Direct Portfolio December 2017

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Myer Bourke Street

Bourke Street Mall, 314-336 Bourke Street, Melbourne VIC 3000

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

Property overview

State	VIC
Centre type	CityCentre
OwnershipInterest(%)	33
Date acquired	2007
Centre frst opened	1914
Latest redevelopment	2011
Valuation External/Internal	External
Valuation($m)1	480.0
Valuation date	Dec-17
Capitalisation rate(%)	4.75
Discount rate(%)	6.75

Tenant mix by gross lettable area (GLA)

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Department stores 100%
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Property metrics

GLA(sqm)	39,924
Number of tenants	1
Major tenants2	Myer
Car spaces	–
Movingannual turnover(MAT) ($m)	n.a.
MAT/sqm – Total($)	n.a.
MAT/sqm – Specialty ($)	n.a.
Specialtyoccupancycost(%)	n.a.
Occupancyrate byGLA(%)	100.0
Weighted average lease expirybyGLA(years)	14.0

1 Expressed on 100% basis.

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

Vicinity Centres Direct Portfolio December 2017

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Northland

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

Northland is a two level Major Regional shopping centre located approximately 9 kilometres north of the Melbourne CBD. It is anchored by Myer, Kmart, Target, Aldi, Coles, Woolworths, HOYTS Cinema and Toys "R" Us and includes more than 235 specialty stores. The centre is complimented by a popular outdoor entertainment and dining precinct.

Property overview

State	VIC
Centre type	Major Regional
OwnershipInterest(%)	50
Date acquired	1994
Centre frst opened	1966
Latest redevelopment	2014
Valuation External/Internal	Internal
Valuation($m)1	980.0
Valuation date	Dec-17
Capitalisation rate(%)	5.50
Discount rate(%)	7.50

Tenant mix by gross lettable area (GLA)

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

Department stores 20%
Discount department stores 14%
Supermarkets 11%
Mini majors 9%
Specialties 29%
Other retail 10%
Non retail 8%
----- End of picture text -----

Property metrics

GLA(sqm)	97,770
Number of tenants	286
Major tenants2	Aldi, Coles, HOYTS Cinema,
	Kmart, Myer, Target, Woolworths
Car spaces	4,640
Movingannual turnover(MAT) ($m)	549.1
MAT/sqm – Total($)	6,235
MAT/sqm – Specialty ($)	8,998
Specialtyoccupancycost(%)3	18.9
Occupancyrate byGLA(%)	99.7
Weighted average lease expirybyGLA(years)	6.3
Green Star – Performance	3 Stars
NABERS Energyrating	3.5 Stars
NABERS Water rating	3.5 Stars

Specialty store lease expiry profile by income

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

FY18 [4] 23%
FY19 14%
FY20 15%
FY21 22%
FY22+ 26%
----- 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 2017

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Oakleigh Central

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

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

Property overview

State	VIC
Centre type	Neighbourhood
OwnershipInterest(%)	100
Date acquired	2003
Centre frst opened	1987
Latest redevelopment	2008
Valuation External/Internal	Internal
Valuation($m)1	72.0
Valuation date	Dec-17
Capitalisation rate(%)	6.25
Discount rate(%)	7.50

Tenant mix by gross lettable area (GLA)

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

Property metrics

GLA(sqm)	13,944
Number of tenants	44
Major tenants2	Coles, Woolworths
Car spaces	643
Movingannual turnover(MAT) ($m)	123.7
MAT/sqm – Total($)	9,430
MAT/sqm – Specialty ($)	5,803
Specialtyoccupancycost(%)3	13.6
Occupancyrate byGLA(%)	100.0
Weighted average lease expirybyGLA(years)	7.6
Green Star – Performance	2 Stars

Specialty store lease expiry profile by income

FY184 FY19 FY20 FY21 FY22+	7%
	12%
	25%
	12%
	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.

Vicinity Centres Direct Portfolio December 2017

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Roxburgh Village

250 Somerton Road, Roxburgh Park VIC 3064

roxburghvillage.com.au

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

Property overview

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

Tenant mix by gross lettable area (GLA)

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

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

Property metrics

GLA(sqm)	24,743
Number of tenants	69
Major tenants2	Aldi, Coles, Woolworths
Car spaces	1,357
Movingannual turnover(MAT) ($m)	148.3
MAT/sqm – Total($)	6,760
MAT/sqm – Specialty ($)	6,104
Specialtyoccupancycost(%)3	14.7
Occupancyrate byGLA(%)	99.8
Weighted average lease expirybyGLA(years)	4.6
Green Star – Performance	3 Stars
NABERS Energyrating	3.5 Stars

Specialty store lease expiry profile by income

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

FY18 [4] 9%
FY19 13%
FY20 39%
FY21 7%
FY22+ 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.

70 Vicinity Centres Direct Portfolio December 2017

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Sunshine Marketplace

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

Sunshine Marketplace is a single level Sub Regional shopping centre located approximately 12 kilometres west of the Melbourne CBD. It is anchored by 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 External/Internal	Internal
Valuation($m)1	120.5
Valuation date	Dec-17
Capitalisation rate(%)	6.50
Discount rate(%)	7.00

Tenant mix by gross lettable area (GLA)

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Discount department stores	21%
Supermarkets	13%
Mini majors	6%
Specialties	15%
Other retail	37%
Non retail	7%

Property metrics

GLA(sqm)	34,056
Number of tenants	74
Major tenants2	BigW, Village Cinemas, Woolworths
Car spaces	1,743
Movingannual turnover(MAT) ($m)	144.4
MAT/sqm – Total($)	5,030
MAT/sqm – Specialty ($)	6,840
Specialtyoccupancycost(%)3	14.8
Occupancyrate byGLA(%)	100.0
Weighted average lease expirybyGLA(years)	4.3
Green Star – Performance	3 Stars

Specialty store lease expiry profile by income

FY184 FY19 FY20 FY21 FY22+	18%	18%
	21%
	27%
	7%
	27%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

Vicinity Centres Direct Portfolio December 2017

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The Gateway

230 Cranbourne-Frankston Road, Langwarrin VIC 3910

thegatewaysc.com.au

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

Property overview

State	VIC
Centre type	Neighbourhood
OwnershipInterest(%)	100
Date acquired	2003
Centre frst opened	1987
Latest redevelopment	2012
Valuation External/Internal	External
Valuation($m)1	48.0
Valuation date	Dec-17
Capitalisation rate(%)	6.50
Discount rate(%)	7.50

Tenant mix by gross lettable area (GLA)

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Supermarkets 34%
Mini majors 18%
Specialties 21%
Other retail 11%
Non retail 17%
----- End of picture text -----

Property metrics

GLA(sqm)	10,874
Number of tenants	42
Major tenants2	Coles
Car spaces	504
Movingannual turnover(MAT) ($m)	86.9
MAT/sqm – Total($)	9,644
MAT/sqm – Specialty ($)	8,549
Specialtyoccupancycost(%)3	8.7
Occupancyrate byGLA(%)	98.9
Weighted average lease expirybyGLA(years)	5.4
Green Star – Performance	3 Stars

Specialty store lease expiry profile by income

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

FY18 [4] 4%
FY19 23%
FY20 8%
FY21 35%
FY22+ 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.

72 Vicinity Centres Direct Portfolio December 2017

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The Glen

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

The Glen is a two level Major Regional shopping centre located in Glen Waverley, approximately 20 kilometres southeast of the Melbourne CBD. It is anchored by David Jones, Target, Coles, the latest format Woolworths and a new Aldi and includes more than 90 specialty stores. The first stage of the major redevelopment opened in October 2017 with a fresh food hall and new casual dining options. The second stage opening in March 2018 includes a contemporary food gallery. The remainder of The Glen will open in stages through to 2020 and will include specialty retailers and a new format David Jones.

Property overview

Property overview
State	VIC
Centre type	Major Regional
OwnershipInterest(%)	50
Date acquired	1994
Centre frst opened	1991
Latest redevelopment	2017
Valuation External/Internal	External
Valuation($m)1	521.4
Valuation date	Dec-17
Capitalisation rate(%)	5.75
Discount rate(%)	7.75

Tenant mix by gross lettable area (GLA)

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

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

Department stores 18%
Discount department stores 16%
Supermarkets 23%
Mini majors 10%
Specialties 16%
Other retail 1%
Non retail 16%
----- End of picture text -----

Property metrics

GLA(sqm)	46,090
Number of tenants	103
Major tenants2	Aldi, Coles, David Jones,
	Target, Woolworths
Car spaces	2,129
Movingannual turnover(MAT) ($m)3	n.a.
MAT/sqm – Total($)3	n.a.
MAT/sqm – Specialty ($)3	n.a.
Specialtyoccupancycost(%)3,4	n.a.
Occupancyrate byGLA(%)	100.0
Weighted average lease expirybyGLA(years)	5.1
Green Star – Performance	2 Stars

Specialty store lease expiry profile by income

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

FY18 [5] 35%
FY19 8%
FY20 4%
FY21 2%
FY22+ 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 Non-comparable for sales reporting purposes.

4 Includes marketing levy and based on GST inclusive turnover.

5 Includes holdovers.

Vicinity Centres Direct Portfolio December 2017

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Victoria Gardens Shopping Centre

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

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

Property overview

State	VIC
Centre type	Sub Regional
OwnershipInterest(%)	50
Date acquired	2003
Centre frst opened	2003
Latest redevelopment	n.a.
Valuation External/Internal	Internal
Valuation($m)1	280.0
Valuation date	Dec-17
Capitalisation rate(%)	5.75
Discount rate(%)	7.50

Tenant mix by gross lettable area (GLA)

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

Discount department stores 20%
Supermarkets 13%
Mini majors 16%
Specialties 19%
Other retail 24%
Non retail 8%
----- End of picture text -----

Property metrics

GLA(sqm)	35,174
Number of tenants	84
Major tenants2	Coles, HOYTS Cinema, Kmart
Car spaces	2,154
Movingannual turnover(MAT) ($m)	192.5
MAT/sqm – Total($)	6,451
MAT/sqm – Specialty ($)	9,197
Specialtyoccupancycost(%)3	15.7
Occupancyrate byGLA(%)	99.6
Weighted average lease expirybyGLA(years)	4.0
Green Star – Performance	2 Stars

Specialty store lease expiry profile by income

FY184 FY19 FY20 FY21 FY22+	24%
	14%
	16%
	22%
	24%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

74 Vicinity Centres Direct Portfolio December 2017

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Eastlands

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

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

Property overview

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

Tenant mix by gross lettable area (GLA)

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

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

Property metrics

GLA(sqm)	33,315
Number of tenants	92
Major tenants2	Big W, Coles, Kmart,
	Village Cinemas, Woolworths
Car spaces	1,446
Movingannual turnover(MAT) ($m)	242.4
MAT/sqm – Total($)	7,598
MAT/sqm – Specialty ($)	7,760
Specialtyoccupancycost(%)3	13.7
Occupancyrate byGLA(%)	98.8
Weighted average lease expirybyGLA(years)	5.1
Green Star – Performance	3 Stars
NABERS Energyrating	5.0 Stars
NABERS Water rating	3.0 Stars

Specialty store lease expiry profile by income

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

FY18 [4] 19%
FY19 21%
FY20 14%
FY21 22%
FY22+ 25%
----- End of picture text -----

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

Vicinity Centres Direct Portfolio December 2017

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Northgate

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

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

Property overview

State	TAS
Centre type	Sub Regional
OwnershipInterest(%)	100
Date acquired	2009
Centre frst opened	1986
Latest redevelopment	1996
Valuation External/Internal	Internal
Valuation($m)1	109.0
Valuation date	Dec-17
Capitalisation rate(%)	6.75
Discount rate(%)	7.75

Tenant mix by gross lettable area (GLA)

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Discount department stores	31%
Supermarkets	25%
Mini majors	6%
Specialties	29%
Other retail	2%
Non retail	6%

Property metrics

GLA(sqm)	19,459
Number of tenants	66
Major tenants2	Coles, Target
Car spaces	855
Movingannual turnover(MAT) ($m)	137.5
MAT/sqm – Total($)	8,026
MAT/sqm – Specialty ($)	9,806
Specialtyoccupancycost(%)3	12.2
Occupancyrate byGLA(%)	99.1
Weighted average lease expirybyGLA(years)	4.1
Green Star – Performance	3 Stars
NABERS Energyrating	4.5 Stars
NABERS Water rating	3.5 Stars

Specialty store lease expiry profile by income

FY184 FY19 FY20 FY21 FY22+	26%
	18%
	16%
	7%
	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.

76 Vicinity Centres Direct Portfolio December 2017

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Western Australia

CURRAMBINE CENTRAL ELLENBROOK CENTRAL WARWICK GROVE DIANELLA PLAZA GALLERIA FLINDERS SQUARE DFO PERTH^ VICTORIA PARK CENTRAL KALAMUNDA CENTRAL MADDINGTON CENTRAL

LIVINGSTON MARKETPLACE

KARRATHA CITY

ROCKINGHAM CENTRE WARNBRO CENTRE MANDURAH FORUM HALLS HEAD CENTRAL

STIRLINGS CENTRAL

PERTH

l Wholly owned

¢ Jointly owned

^ Includes DFO Perth (under construction).

Vicinity Centres Direct Portfolio December 2017 77

Western Australia

80 Currambine Central
81 Dianella Plaza 82 Ellenbrook Central
83 Flinders Square
84 Galleria
85 Halls Head Central
86 Kalamunda Central
87 Karratha City
88 Livingston Marketplace
89 Maddington Central
90 Mandurah Forum 91 Rockingham Centre
92 Stirlings Central
93 Victoria Park Central
94 Warnbro Centre
95 Warwick Grove

Mandurah Forum, WA

78 Vicinity Centres Direct Portfolio December 2017

Rockinghman Centre Western Australia

62,000+ sqm gross lettable area

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150+ specialty stores

227,000+ people in total trade area

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Vicinity Centres Direct Portfolio December 2017

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Currambine Central

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

Currambine Central is a single level Neighbourhood shopping centre located approximately 26 kilometres north of the Perth CBD. It is anchored by Farmer Jack's, Woolworths and a nine-screen Grand Cinema and includes more than 20 specialty stores.

Property overview

State	WA
Centre type	Neighbourhood
OwnershipInterest(%)	100
Date acquired	2014
Centre frst opened	1997
Latest redevelopment	2016
Valuation External/Internal	External
Valuation($m)1	105.0
Valuation date	Dec-17
Capitalisation rate(%)	6.50
Discount rate(%)	8.00

Tenant mix by gross lettable area (GLA)

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Supermarkets 37%
Specialties 15%
Other retail 43%
Non retail 5%
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Property metrics

GLA(sqm)	16,559
Number of tenants	43
Major tenants2	Farmer Jack's, Grand Cinemas,
	Woolworths
Car spaces	900
Movingannual turnover(MAT) ($m)3	n.a.
MAT/sqm – Total($)3	n.a.
MAT/sqm – Specialty ($)3	n.a.
Specialtyoccupancycost(%)3, 4	n.a.
Occupancyrate byGLA(%)	99.2
Weighted average lease expirybyGLA(years)	6.8
Green Star – Performance	2 Stars

Specialty store lease expiry profile by income

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

FY18 [5] 3%
FY19 23%
FY20 10%
FY21 25%
FY22+ 40%
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1 Expressed on 100% basis.

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

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

5 Includes holdovers.

80 Vicinity Centres Direct Portfolio December 2017

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Dianella Plaza

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

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

Property overview

State	WA
Centre type	Neighbourhood
OwnershipInterest(%)	100
Date acquired	2003
Centre frst opened	1968
Latest redevelopment	2002
Valuation External/Internal	External
Valuation($m)1	89.8
Valuation date	Dec-17
Capitalisation rate(%)	6.50
Discount rate(%)	7.75

Tenant mix by gross lettable area (GLA)

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Supermarkets 49%
Mini majors 6%
Specialties 21%
Other retail 9%
Non retail 15%
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Property metrics

GLA(sqm)	17,118
Number of tenants	59
Major tenants2	Coles, Woolworths
Car spaces	1,071
Movingannual turnover(MAT) ($m)	102.3
MAT/sqm – Total($)	7,435
MAT/sqm – Specialty ($)	6,848
Specialtyoccupancycost(%)3	13.7
Occupancyrate byGLA(%)	99.5
Weighted average lease expirybyGLA(years)	2.9
Green Star – Performance	3 Stars

Specialty store lease expiry profile by income

FY184 FY19 FY20 FY21 FY22+	25%
	18%
	25%
	6%
	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 2017

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Ellenbrook Central

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

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

Property overview

Tenant mix by gross lettable area (GLA)

Property overview	Tenant mix by	gross lettable area (GLA)
State	WA
Centre type	Sub Regional	Discount department stores	23%
OwnershipInterest(%)	100	Supermarkets	29%
Date acquired	2015	Mini majors	6%
Centre frst opened Latest redevelopment	2004 2016	Specialties Other retail	21% 16%
Valuation External/Internal Valuation($m)1	External 240.3	Non retail	5%
Valuation date	Dec-17
Capitalisation rate(%)	5.50
Discount rate(%)	7.50

Property metrics

GLA(sqm)	36,672
Number of tenants	101
Major tenants2	Aldi, BigW, Coles, Woolworths
Car spaces	2,222
Movingannual turnover(MAT) ($m)	235.4
MAT/sqm – Total($)	7,877
MAT/sqm – Specialty ($)	8,602
Specialtyoccupancycost(%)3	11.1
Occupancyrate byGLA(%)	99.6
Weighted average lease expirybyGLA(years)	7.9
Green Star – Performance	1 Star

Specialty store lease expiry profile by income

FY184 FY19 FY20 FY21 FY22+	32%
	8%
	5%
	20%
	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.

82 Vicinity Centres Direct Portfolio December 2017

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Flinders Square

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

Flinders Square is a single level Neighbourhood shopping centre located approximately 7 kilometres north of the Perth CBD. It is anchored by Coles and includes 13 specialty stores.

Property overview

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

Tenant mix by gross lettable area (GLA)

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Supermarkets 60%
Mini majors 10%
Specialties 17%
Other retail 2%
Non retail 11%
----- End of picture text -----

Property metrics

GLA(sqm)	6,007
Number of tenants	20
Major tenants2	Coles
Car spaces	389
Movingannual turnover(MAT) ($m)	61.3
MAT/sqm – Total($)	11,658
MAT/sqm – Specialty ($)	7,764
Specialtyoccupancycost(%)3	11.3
Occupancyrate byGLA(%)	98.8
Weighted average lease expirybyGLA(years)	6.0
Green Star – Performance	3 Stars

Specialty store lease expiry profile by income

FY184 FY19 FY20 FY21 FY22+	34%
	18%
	15%
	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 2017 83

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Galleria

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

Galleria is a two level Major Regional shopping centre located approximately 8 kilometres north-east of the Perth CBD. It is anchored by Myer, Kmart, Target, Aldi, Coles, Greater Union and Woolworths and includes more than 165 specialty stores. A major redevelopment is expected to commence late in 2018.

Property overview

State	WA
Centre type	Major Regional
OwnershipInterest(%)	50
Date acquired	2003
Centre frst opened	1994
Latest redevelopment	2008
Valuation External/Internal	External
Valuation($m)1	760.0
Valuation date	Dec-17
Capitalisation rate(%)	5.50
Discount rate(%)	7.25

Tenant mix by gross lettable area (GLA)

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

Property metrics

GLA(sqm)	82,321
Number of tenants	207
Major tenants2	Aldi, Coles, Greater Union, Kmart,
	Myer, Target, Woolworths
Car spaces	4,086
Movingannual turnover(MAT) ($m)	492.4
MAT/sqm – Total($)	6,831
MAT/sqm – Specialty ($)	10,702
Specialtyoccupancycost(%)3	19.3
Occupancyrate byGLA(%)	100.0
Weighted average lease expirybyGLA(years)	3.2
Green Star – Performance	3 Stars

Specialty store lease expiry profile by income

FY184 FY19 FY20 FY21 FY22+	35%
	29%
	16%
	14%
	7%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

84 Vicinity Centres Direct Portfolio December 2017

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Halls Head Central

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

Halls Head Central is a single level Sub Regional shopping centre located approximately 75 kilometres south of Perth CBD. A substantial expansion of the centre in 2016 saw the introduction of a new format Kmart and Aldi, as well as a transformed Coles. The expanded centre boasts an enhanced fashion offer, family-friendly alfresco dining precinct and playground, and more than 45 specialty stores.

Property overview

State	WA
Centre type	Sub Regional
OwnershipInterest(%)	50
Date acquired	2001
Centre frst opened	2001
Latest redevelopment	2016
Valuation External/Internal	Internal
Valuation($m)1	110.0
Valuation date	Dec-17
Capitalisation rate(%)	6.00
Discount rate(%)	7.75

Tenant mix by gross lettable area (GLA)

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Discount department stores	34%
Supermarkets	28%
Mini majors	4%
Specialties	30%
Other retail	1%
Non retail	3%

Property metrics

Specialty store lease expiry profile by income

GLA(sqm)	19,315	FY185
Number of tenants	59	FY19		2%
Major tenants2 Car spaces Movingannual turnover(MAT) ($m)3	Aldi, Coles, Kmart 916 n.a.	FY20 FY21	0%			63%
MAT/sqm – Total($)3	n.a.	FY22+			31%
MAT/sqm – Specialty ($)3	n.a.
Specialtyoccupancycost(%)3,4	n.a.
Occupancyrate byGLA(%)	98.3
Weighted average lease expirybyGLA(years)	6.5
Green Star – Performance	3 Stars

1 Expressed on 100% basis.

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

3 Non-comparable for sales reporting purposes.

4 Includes marketing levy and based on GST inclusive turnover.

5 Includes holdovers.

Vicinity Centres Direct Portfolio December 2017

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Kalamunda Central

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

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

Property overview

State	WA
Centre type	Neighbourhood
OwnershipInterest(%)	100
Date acquired	2003
Centre frst opened	1989
Latest redevelopment	2002
Valuation External/Internal	External
Valuation($m)1	39.0
Valuation date	Dec-17
Capitalisation rate(%)	6.50
Discount rate(%)	7.75

Tenant mix by gross lettable area (GLA)

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Supermarkets 52%
Mini majors 7%
Specialties 33%
Other retail 3%
Non retail 5%
----- End of picture text -----

Property metrics

GLA(sqm)	8,364
Number of tenants	38
Major tenants2	Coles
Car spaces	386
Movingannual turnover(MAT) ($m)	74.1
MAT/sqm – Total($)	9,862
MAT/sqm – Specialty ($)	6,386
Specialtyoccupancycost(%)3	13.2
Occupancyrate byGLA(%)	99.3
Weighted average lease expirybyGLA(years)	2.2
Green Star – Performance	3 Stars

Specialty store lease expiry profile by income

FY184 FY19 FY20 FY21 FY22+	15%
	24%
	13%
	19%
	30%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

86 Vicinity Centres Direct Portfolio December 2017

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Karratha City

16 Sharpe Avenue, Karratha WA 6714

karrathacitysc.com.au

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

Property overview

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

Tenant mix by gross lettable area (GLA)

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

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

Property metrics

GLA(sqm)	23,983
Number of tenants	58
Major tenants2	Coles, Kmart, Woolworths
Car spaces	1,275
Movingannual turnover(MAT) ($m)	207.4
MAT/sqm – Total($)	9,429
MAT/sqm – Specialty ($)	9,671
Specialtyoccupancycost(%)3	10.4
Occupancyrate byGLA(%)	99.3
Weighted average lease expirybyGLA(years)	2.8
Green Star – Performance	3 Stars

Specialty store lease expiry profile by income

FY184 FY19 FY20 FY21 FY22+	27%
	26%
	18%
	11%
	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.

Vicinity Centres Direct Portfolio December 2017

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Livingston Marketplace

Corner Ranford and Nicholson Roads, Canning Vale WA 6155

livingstonmarketplace.com.au

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

Property overview

State	WA
Centre type	Sub Regional
OwnershipInterest(%)	100
Date acquired	2015
Centre frst opened	1998
Latest redevelopment	2004
Valuation External/Internal	External
Valuation($m)1	87.5
Valuation date	Dec-17
Capitalisation rate(%)	6.00
Discount rate(%)	7.50

Tenant mix by gross lettable area (GLA)

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

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

Property metrics

Specialty store lease expiry profile by income

GLA(sqm)	15,565	FY184
Number of tenants	48	FY19	16%
Major tenants2 Car spaces Movingannual turnover(MAT) ($m) MAT/sqm – Total($)	BigW, Woolworths 1,018 120.7 8,513	FY20 FY21 FY22+		18%	29%	32%
MAT/sqm – Specialty ($)	9,395
Specialtyoccupancycost(%)3	11.3
Occupancyrate byGLA(%)	100.0
Weighted average lease expirybyGLA(years)	5.7
Green Star – Performance	1 Star

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 2017

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Maddington Central

Corner Burslem Drive and Attfield Street, Maddington WA 6109

maddingtoncentral.com.au

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

Property overview

State	WA
Centre type	Sub Regional
OwnershipInterest(%)	100
Date acquired	2002
Centre frst opened	1980
Latest redevelopment	2004
Valuation External/Internal	External
Valuation($m)1	120.0
Valuation date	Dec-17
Capitalisation rate(%)	7.00
Discount rate(%)	8.00

Tenant mix by gross lettable area (GLA)

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Discount department stores	28%
Supermarkets	33%
Mini majors	8%
Specialties	22%
Other retail	2%
Non retail	6%

Property metrics

GLA(sqm)	27,807
Number of tenants	87
Major tenants2	Coles, Kmart, Woolworths
Car spaces	2,136
Movingannual turnover(MAT) ($m)	184.2
MAT/sqm – Total($)	7,338
MAT/sqm – Specialty ($)	7,347
Specialtyoccupancycost(%)3	14.8
Occupancyrate byGLA(%)	99.2
Weighted average lease expirybyGLA(years)	3.3
Green Star – Performance	2 Stars

Specialty store lease expiry profile by income

FY184 FY19 FY20 FY21 FY22+	37%
	19%
	12%
	14%
	18%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

Vicinity Centres Direct Portfolio December 2017

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Mandurah Forum

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

Mandurah Forum is a single level Regional shopping centre located approximately 65 kilometres south of Perth CBD. It is anchored by Big W, Woolworths and a recently upgraded Kmart and Coles and includes more than 90 specialty stores. The first retail stage of the development successfully opened in July 2017 and overall project completion is targeted for mid–2018. A new food court, outdoor dining and expanded fashion mall, including David Jones and H&M, will complete this development.

Property overview

State	WA
Centre type	Regional
OwnershipInterest(%)	50
Date acquired	1985
Centre frst opened	1983
Latest redevelopment	2017
Valuation External/Internal	Internal
Valuation($m)1	588.0
Valuation date	Dec-17
Capitalisation rate(%)	5.75
Discount rate(%)	7.50

Tenant mix by gross lettable area (GLA)

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Discount department stores	38%
Supermarkets	18%
Mini majors	6%
Specialties	22%
Other retail	9%
Non retail	7%

Property metrics

GLA(sqm)	52,072
Number of tenants	120
Major tenants2	Big W, Coles, Kmart,
	Target, Woolworths
Car spaces	2,022
Movingannual turnover(MAT) ($m)3	n.a.
MAT/sqm – Total($)3	n.a.
MAT/sqm – Specialty ($)3	n.a.
Specialtyoccupancycost(%)3, 4	n.a.
Occupancyrate byGLA(%)	100.0
Weighted average lease expirybyGLA(years)	8.2

Specialty store lease expiry profile by income

FY184 FY19 FY20 FY21 FY22+	10%
	6%


	77%

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.

90 Vicinity Centres Direct Portfolio December 2017

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Rockingham Centre

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

Rockingham Centre is a single level Regional shopping centre located approximately 40 kilometres south-west of Perth CBD, in the gateway to WA's growing south-west corridor. It is anchored by Kmart, Target, Coles, Woolworths and Ace Cinemas and includes more than 155 specialty stores. Rockingham Centre opens out to Syren Street, the premier alfresco dining and leisure precinct for the area.

Property overview

State	WA
Centre type	Regional
OwnershipInterest(%)	50
Date acquired	2002
Centre frst opened	1971
Latest redevelopment	2009
Valuation External/Internal	Internal
Valuation($m)1	610.0
Valuation date	Dec-17
Capitalisation rate(%)	5.50
Discount rate(%)	7.50

Tenant mix by gross lettable area (GLA)

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

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

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

Property metrics

GLA(sqm)	62,339
Number of tenants	204
Major tenants2	Ace Cinemas, Coles, Kmart,
	Target, Woolworths,
Car spaces	3,229
Movingannual turnover(MAT) ($m)	418.9
MAT/sqm – Total($)	7,410
MAT/sqm – Specialty ($)	8,166
Specialtyoccupancycost(%)3	18.3
Occupancyrate byGLA(%)	99.0
Weighted average lease expirybyGLA(years)	3.1
Green Star – Performance	3 Stars
NABERS Energyrating	4.5 Stars
NABERS Water rating	3.5 Stars

Specialty store lease expiry profile by income

FY184 FY19 FY20 FY21 FY22+	23%
	17%
	20%
	17%
	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 2017

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Stirlings Central

54 Sanford Street, Geraldton WA 6530

stirlingscentral.com.au

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

Property overview

State	WA
Centre type	Neighbourhood
OwnershipInterest(%)	100
Date acquired	2003
Centre frst opened	1978
Latest redevelopment	2013
Valuation External/Internal	External
Valuation($m)1	49.0
Valuation date	Dec-17
Capitalisation rate(%)	7.00
Discount rate(%)	8.00

Tenant mix by gross lettable area (GLA)

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

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

Supermarkets 42%
Mini majors 25%
Specialties 29%
Other retail 3%
Non retail 1%
----- End of picture text -----

Property metrics

GLA(sqm)	8,532
Number of tenants	34
Major tenants2	Woolworths
Car spaces	145
Movingannual turnover(MAT) ($m)	81.9
MAT/sqm – Total($)	10,460
MAT/sqm – Specialty ($)	7,273
Specialtyoccupancycost(%)3	12.6
Occupancyrate byGLA(%)	95.3
Weighted average lease expirybyGLA(years)	8.3
Green Star – Performance	3 Stars

Specialty store lease expiry profile by income

FY184 FY19 FY20 FY21 FY22+	30%
	21%
	31%
	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.

92 Vicinity Centres Direct Portfolio December 2017

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Victoria Park Central

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

Victoria Park Central is a single level Neighbourhood shopping centre located approximately 5 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 External/Internal	Internal
Valuation($m)1	31.5
Valuation date	Dec-17
Capitalisation rate(%)	6.25
Discount rate(%)	7.25

Tenant mix by gross lettable area (GLA)

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==> picture [117 x 30] intentionally omitted <==

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

Supermarkets 55%
Specialties 42%
Non retail 3%
----- End of picture text -----

Property metrics

GLA(sqm)	5,476
Number of tenants	25
Major tenants2	Woolworths
Car spaces	223
Movingannual turnover(MAT) ($m)	50.6
MAT/sqm – Total($)	10,332
MAT/sqm – Specialty ($)	5,669
Specialtyoccupancycost(%)3	16.1
Occupancyrate byGLA(%)	96.9
Weighted average lease expirybyGLA(years)	4.8
Green Star – Performance	2 Stars

Specialty store lease expiry profile by income

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FY18 [4] 13%
FY19 21%
FY20 27%
FY21 24%
FY22+ 15%
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1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

Vicinity Centres Direct Portfolio December 2017

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Warnbro Centre

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

Warnbro Centre is a single level Sub Regional shopping centre located in Warnbro, approximately 54 kilometres south of the Perth CBD. It is anchored by Big W, 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/Internal	External
Valuation($m)1	115.0
Valuation date	Dec-17
Capitalisation rate(%)	6.50
Discount rate(%)	8.50

Tenant mix by gross lettable area (GLA)

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

GLA(sqm)	21,418
Number of tenants	64
Major tenants2	BigW, Coles, Woolworths
Car spaces	1,014
Movingannual turnover(MAT) ($m)	147.1
MAT/sqm – Total($)	7,255
MAT/sqm – Specialty ($)	6,904
Specialtyoccupancycost(%)3	18.3
Occupancyrate byGLA(%)	99.4
Weighted average lease expirybyGLA(years)	9.4
Green Star – Performance	3 Stars

Specialty store lease expiry profile by income

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FY18 [4] 4%
FY19 13%
FY20 31%
FY21 22%
FY22+ 30%
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1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

94 Vicinity Centres Direct Portfolio December 2017

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Warwick Grove

Corner Beach and Erindale Roads, Warwick WA 6024

warwickgrove.com.au

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

Property overview

State	WA
Centre type	Sub Regional
OwnershipInterest(%)	100
Date acquired	2001
Centre frst opened	1974
Latest redevelopment	2003
Valuation External/Internal	External
Valuation($m)1	200.0
Valuation date	Dec-17
Capitalisation rate(%)	6.50
Discount rate(%)	8.00

Tenant mix by gross lettable area (GLA)

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Discount department stores 23%
Supermarkets 24%
Mini majors 2%
Specialties 24%
Other retail 20%
Non retail 7%
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Property metrics

GLA(sqm)	31,920
Number of tenants	96
Major tenants2	Coles, Grand Cinemas,
	Kmart, Woolworths
Car spaces	1,604
Movingannual turnover(MAT) ($m)	210.0
MAT/sqm – Total($)	8,637
MAT/sqm – Specialty ($)	7,795
Specialtyoccupancycost(%)3	15.2
Occupancyrate byGLA(%)	100.0
Weighted average lease expirybyGLA(years)	4.7
Green Star – Performance	2 Stars

Specialty store lease expiry profile by income

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FY18 [4] 27%
FY19 32%
FY20 8%
FY21 18%
FY22+ 16%
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1 Expressed on 100% basis.

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

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

Vicinity Centres Direct Portfolio December 2017

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vicinity.com.au

AI assistant

VICINITY CENTRES TRUST — Interim / Quarterly Report 2018

65995_rns_2018-02-13_6956aac0-4684-4723-9b5a-a505b7eda228.pdf

Contents

Direct Portfolio

Disclaimer

Effect of rounding

Copyright

About Vicinit Centres y

Overview

Key statistics by centre type

Composition by centre type[a]

Property statistics

Property statistics

Property statistics

New South Wales

SYDNEY

New South Wales

Nepean Village

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

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

Property overview

Tenant mix by gross lettable area (GLA)

Property metrics

Specialty store lease expiry profile by income

DFO Homebush

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

Property overview

Tenant mix by gross lettable area (GLA)

Property metrics

Specialty store lease expiry profile by income

Lake Haven Centre

lakehavencentre.com.au

Property overview

Tenant mix by gross lettable area (GLA)

Property metrics

Specialty store lease expiry profile by income

Lavington Square

lavingtonsquare.com.au

Property overview

Tenant mix by gross lettable area (GLA)

Property metrics

Specialty store lease expiry profile by income

Lennox Village

lennoxvillage.com.au

Property overview

Tenant mix by gross lettable area (GLA)

Property metrics

Specialty store lease expiry profile by income

Nepean Village

nepeanvillage.com.au

Property overview

Tenant mix by gross lettable area (GLA)

Property metrics

Specialty store lease expiry profile by income

Roselands

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

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 Interim / Quarterly Report 2018