VICINITY CENTRES TRUST - Investor Presentation 2018

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DIRECT PORTFOLIO PROPERTY BOOK

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June 2018

03 About Vicinity Centres

Direct Portfolio

04 Overview
09 New South Wales (NSW)
26 Queensland (QLD)
41 South Australia (SA)
47 Victoria (VIC) and Tasmania (TAS)
74 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 forwardlooking statements and you should not place undue reliance on such forward-looking statements. Except as required by law or regulation (including the ASX Listing Rules), Vicinity Centres undertakes no obligation to update these forward-looking statements.

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

The information and figures contained in this document are current as at 30 June 2018 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 full year ended 30 June 2018, lodged with the Australian Securities Exchange (ASX) on 15 August 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.

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2 Vicinity Centres Direct Portfolio June 2018

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The Galeries, NSW
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About Vicinity Centres

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.

Vicinity Centres (Vicinity, ASX:VCX) is one of Australia’s leading retail property groups with a fully integrated asset management platform.

A top-50 entity on the Australian Securities Exchange, Vicinity has 82 retail assets[1,2,3] across Australia under management valued at $27.7 billion, generating annual retail sales of $18.2 billion across approximately 2.8 million square metres of gross lettable area.

Vicinity has a directly-owned portfolio (Direct Portfolio) with ownership interests in 74 shopping centres[2,3] across Australia, valued at $16.4 billion.

Vicinity’s flagship asset, Chadstone, is Australia’s leading shopping, dining and entertainment destination. Located in Victoria, Vicinity’s 50% interest in Chadstone represents approximately 19% of the Direct Portfolio’s value. Generating the highest annual sales of any Australian shopping centre for the past 17 consecutive years[4] , Chadstone exceeded $2.0 billion in annual retail sales during 2018.

Vicinity’s intensive asset management approach, together with the progression of its extensive development pipeline and selective asset acquisitions and disposals, are key to its ongoing portfolio enhancement strategy.

Includes Gateway Plaza Leopold that was divested on 17 July 2018.
Includes Flinders Square, WA, which was contracted for sale in July 2018, settlement expected in August 2018.
Includes DFO Perth (under construction).
Reported in the Big Guns survey 2018. Last survey included data up to 31 December 2017.

Commitment to reconciliation

Vicinity launched its Reflect Reconciliation Action Plan (RAP) this year, commencing our reconciliation journey.

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Cover image: Queen Victoria Building, NSW

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Vicinity Centres Direct Portfolio June 2018 3

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Overview

Vicinity’s Direct Portfolio of 74 shopping centres[1,3] across Australia, either wholly or jointly owned, is valued at $16.4 billion. The Direct Portfolio generated annual retail sales of $16.9 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, Australia’s number one shopping centre by retail sales, located in south-east Melbourne in Victoria and valued at approximately 19% of the Direct Portfolio. Following the acquisition of 50% interests in Sydney CBD premium retail assets Queen Victoria Building, The Strand Arcade and The Galeries during the year, City Centre assets represent 15% of the Direct Portfolio’s value. Vicinity also has a portfolio of six DFO Outlet Centres, including DFO Perth opening in October 2018, which represent 10% of the Direct Portfolio’s value.

Key statistics by centre type

	Total portfolio	Regional2	Sub Regional	Neighbourhood	Outlet Centre
Number of retail centres3	74	25	30	13	6
Gross lettable area (m) (sqm)	2.6	1.6	0.7	0.1	0.2
Total value3($m)	16,365	10,690	3,429	684	1,562
Portfolio weighting by value3(%)	100	65	21	4	10
Capitalisation rate (weighted average)3(%)	5.36	4.92	6.27	6.31	6.04
Comparable Net Property Income (NPI) growth4(%)	1.0	(1.4)	2.3	(0.9)	7.4
Occupancy rate (%)	99.7	99.6	99.7	99.4	100
Moving annual turnover (MAT) growth5(%)	1.2	1.5	0.3	(0.2)	4.6
Mini major and specialty MAT growth5(%)	1.6	1.4	0.6	(3.1)	4.6
Specialty sales productivity5($/sqm)	10,133	11,250	8,637	7,363	9,934
Specialty occupancy cost5(%)	14.7	16.5	13.2	13.0	10.9

Note: Totals may not sum due to rounding.

Includes Flinders Square, WA, which was contracted for sale in July 2018, settlement expected in August 2018.
Includes Super Regional, Major Regional, City Centre and Regional centres.
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 and includes Chadstone same-store sales.

Composition by centre type[a]

Store type exposure[b]

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Super Regional 19% Majors [c] 19%
Major Regional 20% Mini majors 11%
City Centre 15% Specialties 56%
Regional 12% Other retail 5%
Sub Regional 21% Non retail 10%
Neighbourhood 4%
Outlet Centre 10%
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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, supermarkets and cinemas.

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4 Vicinity Centres Direct Portfolio June 2018

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74 $16.4b $16.9b
shopping centres [^] total value [^] annual retail sales [^]
WHITSUNDAY PLAZA ● BURANDA VILLAGE
KARRATHA CITY ● DFO BRISBANE
GRAND PLAZA
12% ● MILTON VILLAGEMT OMMANEY CENTRE
● QUEENSPLAZA
● TAIGUM SQUARE
QLD THE MYER CENTRE BRISBANE
14% 13
GYMPIE CENTRAL
WA 17 [^] NORTH SHORE VILLAGE
BRISBANE
OXENFORD VILLAGE
5% RUNAWAY BAY CENTRE
STIRLINGS CENTRAL SA 4 19%
ARMIDALE CENTRAL
NSW 15
PERTH
LAKE HAVEN CENTRE
ADELAIDE SYDNEY
● CASTLE PLAZA
COLONNADES
● CURRAMBINE CENTRAL ●● ELIZABETH CITY CENTREKURRALTA CENTRAL LAVINGTON SQUARE WEST END PLAZA BANKSTOWN CENTRALCARLINGFORD COURT
● DIANELLA PLAZA CHATSWOOD CHASE SYDNEY
DFO PERTH^ ● DFO HOMEBUSH
● ELLENBROOK CENTRAL LENNOX VILLAGE
● FLINDERS SQUAREGALLERIA * BELMONT VILLAGECORIO CENTRAL MELBOURNE ● NEPEAN VILLAGEQUEEN VICTORIA BUILDING
● HALLS HEAD CENTRALKALAMUNDA CENTRAL 50% ROSELANDSTHE GALERIES
● LIVINGSTON MARKETPLACE ● ALTONA GATE EMPORIUM MELBOURNE THE STRAND ARCADE
● MADDINGTON CENTRAL ● BAYSIDE MORNINGTON CENTRAL WARRIEWOOD SQUARE
MANDURAH FORUM ● BENTONS SQUARE MYER BOURKE STREET VIC/TAS
ROCKINGHAM CENTRE ● BOX HILL CENTRAL (NORTH PRECINCT) NORTHLAND 25
● VICTORIA PARK CENTRAL ● BOX HILL CENTRAL (SOUTH PRECINCT) ● OAKLEIGH CENTRAL
● WARNBRO CENTRE ● BROADMEADOWS CENTRAL ● ROXBURGH VILLAGE
● WARWICK GROVE CHADSTONE SUNSHINE MARKETPLACE
CRANBOURNE PARK ● THE GATEWAY
● DFO ESSENDON THE GLEN HOBART
● DFO MOORABBIN VICTORIA GARDENS SHOPPING CENTRE
● DFO SOUTH WHARF
● EASTLANDS
● NORTHGATE
l Wholly owned % Portfolio value (%)
¢ Jointly owned ^ Includes DFO Perth (under construction).
£ [Number of shopping centres] * Includes the divestment of Flinders Square, WA, which was contracted for sale in July 2018, settlement expected in August 2018.
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Vicinity Centres Direct Portfolio June 2018 5

Property statistics

as at 30 June 2018

						Gross					Specialty
	Centre	Ownership		Capitalisation	Discount	lettable	Occupancy	Moving annual	MAT/sqm	MAT/sqm	occupancy	Page
	type	interest	Value1	rate	rate	area (GLA)	rate by GLA2	turnover (MAT)	Total2	Specialty2	costs2,3	number
		(%)	($m)	(%)	(%)	(sqm)	(%)	($m)	($)	($)	(%)
New South Wales
Armidale Central	Sub Regional	100	46.0	7.00	7.50	14,746	99.4	91.4	6,344	6,449	10.7	11
Bankstown Central	Major Regional	50	355.0	5.75	7.00	85,736	99.8	451.1	6,044	7,936	18.9	12
Carlingford Court	Sub Regional	50	121.0	5.75	7.25	33,311	100.0	184.7	7,019	10,412	15.8	13
Chatswood Chase Sydney	Major Regional	51	586.9	4.75	6.75	63,764	100.0	557.0	10,044	14,926	14.8	14
DFO Homebush	Outlet Centre	100	480.0	5.50	7.25	29,882	100.0	318.1	10,547	14,641	10.0	15
Lake Haven Centre	Sub Regional	100	320.0	6.25	7.25	43,102	100.0	307.9	9,195	9,948	13.6	16
Lavington Square	Sub Regional	100	58.0	7.50	7.50	20,471	99.4	121.3	6,824	9,049	9.4	17
Lennox Village	Neighbourhood	50	39.0	5.75	7.25	10,060	100.0	121.1	12,762	6,579	18.6	18
Nepean Village	Sub Regional	100	192.0	5.75	7.75	23,217	100.0	243.6	10,739	12,320	12.3	19
Queen Victoria Building	City Centre	50	320.0	4.75	6.75	13,762	98.5	280.1	23,114	26,361	19.1	20
Roselands4	Major Regional	50	161.7	6.25	7.25	62,027	100.0	n.a.	n.a.	n.a.	n.a.	21
The Galeries	City Centre	50	163.5	4.75	7.00	14,985	100.0	197.0	13,259	20,343	13.9	22
The Strand Arcade	City Centre	50	120.0	4.50	6.75	6,024	99.5	130.9	28,433	26,303	13.7	23
Warriewood Square4	Sub Regional	50	148.0	5.75	7.50	29,909	99.6	n.a.	n.a.	n.a.	n.a.	24
West End Plaza	Sub Regional	100	71.5	6.50	7.75	15,939	100.0	88.0	5,595	6,657	13.5	25
Queensland
Buranda Village	Sub Regional	100	42.5	6.25	7.25	11,565	99.4	66.9	6,563	9,381	12.8	28
DFO Brisbane	Outlet Centre	100	61.0	7.50	8.00	26,318	100.0	221.1	8,661	8,801	11.0	29
Grand Plaza	Regional	50	220.0	5.50	7.25	53,328	99.9	360.7	7,104	10,125	15.5	30
Gympie Central	Sub Regional	100	81.3	6.50	7.75	14,148	100.0	130.0	9,773	12,220	9.3	31
Milton Village	Neighbourhood	100	30.3	6.25	7.75	2,873	100.0	27.6	18,383	16,071	9.7	32
Mt Ommaney Centre	Regional	25	105.2	5.75	7.25	56,613	99.4	314.3	6,645	7,716	15.4	33
North Shore Village	Neighbourhood	100	27.0	6.00	7.50	4,077	100.0	53.9	15,906	8,530	10.2	34
Oxenford Village	Neighbourhood	100	33.2	6.00	7.25	5,815	100.0	77.3	18,604	15,886	8.1	35
QueensPlaza4	City Centre	100	774.0	4.75	7.00	39,066	100.0	n.a.	n.a.	n.a.	n.a.	36
Runaway Bay Centre	Regional	50	157.5	5.75	7.50	42,999	99.7	294.4	8,132	10,338	12.1	37
Taigum Square	Sub Regional	100	101.0	6.25	7.25	23,079	99.7	108.5	6,171	6,612	12.6	38
The Myer Centre Brisbane4	City Centre	25	195.0	5.50	7.25	63,708	98.8	n.a.	n.a.	n.a.	n.a.	39
Whitsunday Plaza	Sub Regional	100	69.0	6.50	7.50	22,392	100.0	126.3	6,557	13,769	6.4	40

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

6 Vicinity Centres Direct Portfolio June 2018

Property statistics

as at 30 June 2018

						Gross					Specialty
	Centre	Ownership		Capitalisation	Discount	lettable	Occupancy	Moving annual	MAT/sqm	MAT/sqm	occupancy	Page
	type	interest	Value1	rate	rate	area (GLA)	rate by GLA2	turnover (MAT)	Total2	Specialty2	costs2,3	number
		(%)	($m)	(%)	(%)	(sqm)	(%)	($m)	($)	($)	(%)
South Australia
Castle Plaza	Sub Regional	100	175.0	6.75	8.00	22,842	99.3	148.0	7,034	8,862	14.8	43
Colonnades	Regional	50	147.5	6.75	7.75	83,952	99.2	314.8	5,941	6,440	15.3	44
Elizabeth City Centre	Regional	100	380.0	6.75	7.75	80,309	99.4	350.7	5,729	7,606	15.8	45
Kurralta Central	Sub Regional	100	43.5	6.00	6.75	10,676	100.0	87.1	8,381	9,880	11.7	46
Victoria
Altona Gate	Sub Regional	100	106.5	6.25	7.50	26,226	99.5	148.5	6,297	7,410	15.0	49
Bayside	Major Regional	100	630.0	5.75	7.50	88,980	98.8	424.0	5,246	8,301	15.9	50
Belmont Village	Sub Regional	100	51.0	6.00	7.25	14,035	100.0	96.8	7,094	10,433	11.1	51
Bentons Square	Neighbourhood	100	82.0	6.25	7.50	10,027	97.7	147.2	16,403	7,727	13.2	52
Box Hill Central (North Precinct)	Sub Regional	100	119.0	6.00	7.00	14,593	100.0	74.2	6,436	6,694	17.5	53
Box Hill Central (South Precinct)	Sub Regional	100	217.0	6.00	7.25	23,723	100.0	186.0	8,715	10,919	14.9	54
Broadmeadows Central4	Regional	100	330.5	6.50	7.25	61,555	99.7	n.a.	n.a.	n.a.	n.a.	55
Chadstone4	Super Regional	50	3,050.0	3.75	6.25	211,451	100.0	n.a.	n.a.	n.a.	n.a.	56
Corio Central	Sub Regional	100	130.0	7.25	7.25	31,497	98.8	157.8	6,534	5,876	14.4	57
Cranbourne Park	Regional	50	161.3	5.50	7.25	46,934	99.6	247.8	6,119	7,805	16.2	58
DFO Essendon	Outlet Centre	100	178.0	6.75	8.25	52,325	100.0	250.4	10,072	9,646	12.0	59
DFO Moorabbin	Outlet Centre	100	126.0	7.50	8.75	24,678	100.0	158.2	6,845	7,114	12.0	60
DFO South Wharf	Outlet Centre	100	655.0	5.75	8.00	56,192	100.0	409.1	10,499	10,184	10.5	61
Emporium Melbourne	City Centre	50	685.0	4.25	7.00	45,219	99.4	445.8	10,166	13,135	18.7	62
Mornington Central	Sub Regional	50	37.0	6.00	7.50	11,774	100.0	99.5	8,405	9,072	15.4	63
Myer Bourke Street	City Centre	33	160.0	4.75	6.75	39,924	100.0	n.a.	n.a.	n.a.	n.a.	64
Northland	Major Regional	50	490.0	5.50	7.25	98,540	99.9	543.9	6,168	9,120	18.3	65
Oakleigh Central	Neighbourhood	100	76.0	6.00	7.00	13,939	100.0	126.3	9,546	5,757	14.1	66
Roxburgh Village	Sub Regional	100	122.1	6.25	7.25	24,744	99.4	151.3	6,475	5,990	14.8	67
Sunshine Marketplace	Sub Regional	50	61.0	6.25	7.00	34,051	100.0	154.1	5,129	6,797	15.1	68
The Gateway	Neighbourhood	100	51.2	6.25	7.25	10,871	98.9	87.8	9,907	9,109	8.2	69
The Glen4	Major Regional	50	306.4	5.75	7.75	44,943	100.0	n.a.	n.a.	n.a.	n.a.	70
Victoria Gardens Shopping Centre	Sub Regional	50	140.3	5.75	7.25	35,161	99.6	201.2	6,806	10,312	14.0	71

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

Vicinity Centres Direct Portfolio June 2018 7

Property statistics

as at 30 June 2018

						Gross					Specialty
	Centre	Ownership		Capitalisation	Discount	lettable	Occupancy	Moving annual	MAT/sqm	MAT/sqm	occupancy	Page
	type	interest	Value1	rate	rate	area (GLA)	rate by GLA2	turnover (MAT)	Total2	Specialty2	costs2,3	number
		(%)	($m)	(%)	(%)	(sqm)	(%)	($m)	($)	($)	(%)
Tasmania
Eastlands	Regional	100	170.0	6.50	7.25	33,316	100.0	249.7	7,776	7,797	13.3	72
Northgate	Sub Regional	100	110.0	6.75	7.50	19,465	99.4	139.3	7,956	9,529	12.3	73
Western Australia
Currambine Central	Neighbourhood	100	96.0	6.75	8.00	17,061	99.3	153.9	9,983	5,510	18.6	76
Dianella Plaza	Neighbourhood	100	89.8	6.50	7.75	17,151	99.7	104.0	7,105	6,583	14.3	77
Ellenbrook Central	Sub Regional	100	244.0	5.50	7.50	36,673	99.8	236.6	7,934	8,945	11.2	78
Flinders Square4	Neighbourhood	100	39.5	6.00	7.50	6,007	100.0	60.6	11,795	8,617	10.8	79
Galleria	Major Regional	50	380.0	5.50	7.25	82,287	100.0	495.7	6,843	10,449	19.5	80
Halls Head Central	Sub Regional	50	57.1	6.00	7.25	19,315	100.0	133.1	7,184	7,674	11.8	81
Kalamunda Central	Neighbourhood	100	42.0	6.25	7.75	8,357	99.3	72.9	9,697	6,414	13.0	82
Karratha City	Sub Regional	50	51.3	7.00	7.50	23,978	99.8	206.9	9,054	9,280	10.4	83
Livingston Marketplace	Sub Regional	100	89.0	6.00	7.50	15,569	100.0	118.8	8,370	9,265	11.5	84
Maddington Central	Sub Regional	100	120.0	7.00	8.00	27,756	99.0	185.8	7,417	7,328	14.6	85
Mandurah Forum5	Major Regional	50	335.9	5.25	7.00	68,922	100.0	n.a.	n.a.	n.a.	n.a.	86
Rockingham Centre	Regional	50	305.0	5.50	7.25	62,364	98.4	405.2	7,146	8,044	18.3	87
Stirlings Central	Neighbourhood	100	48.0	7.00	8.00	8,535	99.0	75.7	9,666	6,678	12.6	88
Victoria Park Central	Neighbourhood	100	30.1	6.25	7.50	5,778	100.0	50.6	9,924	5,718	16.6	89
Warnbro Centre	Sub Regional	100	105.0	7.00	8.50	21,414	100.0	140.4	7,024	6,632	17.7	90
Warwick Grove	Sub Regional	100	200.0	6.50	8.00	32,097	99.4	208.5	8,534	7,822	14.8	91

Value expressed by Vicinity Centres' ownership interest.
Excludes DFO South Wharf and DFO Essendon Homemaker retailers.
Inclusive of marketing levy and based on GST inclusive sales.
Includes the divestment of Flinders Square, WA, which was contracted for sale in July 2018, settlement expected in August 2018.
Non-comparable for sales reporting purposes.

8 Vicinity Centres Direct Portfolio June 2018

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New South Wales

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ARMIDALE CENTRAL
LAKE HAVEN CENTRE
SYDNEY
WEST END PLAZA LAVINGTON SQUARE
WARRIEWOOD SQUARE
LENNOX VILLAGE
NEPEAN VILLAGE
CARLINGFORD COURT
CHATSWOOD CHASE SYDNEY
DFO HOMEBUSH
QUEEN VICTORIA BUILDING THE STRAND ARCADE
THE GALERIES
BANKSTOWN CENTRAL
ROSELANDS
l Wholly owned
¢ Jointly owned
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Vicinity Centres Direct Portfolio June 2018

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New South Wales

11 Armidale Central
12 Bankstown Central
13 Carlingford Court
14 Chatswood Chase Sydney
15 DFO Homebush
16 Lake Haven Centre
17 Lavington Square
18 Lennox Village
19 Nepean Village
20 Queen Victoria Building
21 Roselands
22 The Galeries
23 The Strand Arcade
24 Warriewood Square
25 West End Plaza

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The Strand Arcade, NSW

Vicinity Centres Direct Portfolio June 2018 10

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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

Tenant mix by gross lettable area (GLA)

State	NSW
Centre type	Sub Regional
Ownership Interest (%) Date acquired	100 2007
Centre frst opened	2007
Latest redevelopment	n.a.
Valuation External/Internal	External
Valuation ($m)1	46.0
Valuation date	Jun-18
Capitalisation rate (%)	7.00
Discount rate (%)	7.50

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Supermarkets	26%
Discount department stores	45%
Mini majors	7%
Specialties	21%
Non retail	1%

Property metrics

Gross lettable area (GLA)	14,746
Number of tenants	36
Major tenants2	Big W, Woolworths
Car spaces	617
Moving annual turnover (MAT) ($m)	91.4
MAT/sqm – Total ($)	6,344
MAT/sqm – Specialty ($)	6,449
Specialty occupancy cost (%)3	10.7
Occupancy rate by GLA (%)	99.4
Weighted average lease expiry by GLA (years)	7.2
Green Star – Performance	2 Stars
NABERS Energy rating	1.5 Stars
NABERS Water rating	3.5 Stars

Specialty store lease expiry profile by income

FY194 FY20 FY21 FY22 FY23+	46%
	5%
	17%
	19%
	13%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

11 Vicinity Centres Direct Portfolio June 2018

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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 refurbishment of its amenities.

Property overview

Tenant mix by gross lettable area (GLA)

State	NSW
Centre type	Major Regional
Ownership Interest (%)	50
Date acquired	2003
Centre frst opened	1966
Latest redevelopment	2008
Valuation External/Internal	External
Valuation ($m)1	710.0
Valuation date	Jun-18
Capitalisation rate (%)	5.75
Discount rate (%)	7.00

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

Property metrics

Gross lettable area (GLA)	85,736
Number of tenants	296
Major tenants2	Big W, Kmart, Myer,
	SUPA IGA, Target, Woolworths
Car spaces	3,174
Moving annual turnover (MAT) ($m)	451.1
MAT/sqm – Total ($)	6,044
MAT/sqm – Specialty ($)	7,936
Specialty occupancy cost (%)3	18.9
Occupancy rate by GLA (%)	99.8
Weighted average lease expiry by GLA (years)	3.8
Green Star – Performance	2 Stars
NABERS Energy rating	4.0 Stars
NABERS Water rating	1.5 Stars

Specialty store lease expiry profile by income

FY194 FY20 FY21 FY22 FY23+	39%
	13%
	18%
	14%
	16%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

Vicinity Centres Direct Portfolio June 2018 12

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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 75 specialty stores. The retail offering is supported by a strong selection of restaurants, cafes and takeaway food.

Property overview

Tenant mix by gross lettable area (GLA)

State	NSW
Centre type	Sub Regional
Ownership Interest (%) Date acquired	50 2013
Centre frst opened	1965
Latest redevelopment	2007
Valuation External/Internal	Internal
Valuation ($m)1	242.0
Valuation date	Jun-18
Capitalisation rate (%)	5.75
Discount rate (%)	7.25

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

Property metrics

Gross lettable area (GLA)	33,311
Number of tenants	105
Major tenants2	Coles, Target, Woolworths
Car spaces	1,472
Moving annual turnover (MAT) ($m)	184.7
MAT/sqm – Total ($)	7,019
MAT/sqm – Specialty ($)	10,412
Specialty occupancy cost (%)3	15.8
Occupancy rate by GLA (%)	100.0
Weighted average lease expiry by GLA (years)	6.1
Green Star – Performance	2 Stars
NABERS Energy rating	1.5 Stars
NABERS Water rating	2.5 Stars

Specialty store lease expiry profile by income

FY194 FY20 FY21 FY22 FY23+	27%
	16%
	18%
	11%
	28%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

13 Vicinity Centres Direct Portfolio June 2018

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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 Aje, Alice McCall, Apple, Hugo Boss, Karen Millen, Polo Ralph Lauren, Max and Co, Sandro, Maje, Furla, Coach, Zimmerman, Mecca Cosmetica, Nespresso, Williams-Sonoma, West Elm and Pottery Barn.

Property overview

Tenant mix by gross lettable area (GLA)

State	NSW
Centre type	Major Regional
Ownership Interest (%)	51
Date acquired	2003
Centre frst opened	1980
Latest redevelopment	2009
Valuation External/Internal	External
Valuation ($m)1	1,150.7
Valuation date	Jun-18
Capitalisation rate (%)	4.75
Discount rate (%)	6.75

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Supermarkets	6%
Discount department stores	11%
Department stores	32%
Mini majors	15%
Specialties	31%
Non retail	6%

Property metrics

Specialty store lease expiry profile by income

35% 16% 11% 17% 21% FY194 FY20 FY21 FY22 FY23+ Gross lettable area (GLA) 63,764 Number of tenants 202 Major tenants2 Coles, David Jones, Kmart, Car spaces 2,441 Moving annual turnover (MAT) ($m) 557.0 MAT/sqm – Total ($) 10,044 MAT/sqm – Specialty ($) 14,926 Specialty occupancy cost (%)3 14.8 Occupancy rate by GLA (%) 100.0 Weighted average lease expiry by GLA (years) 5.3 Green Star – Performance 3 Stars NABERS Energy rating 3.5 Stars NABERS Water rating 1.5 Stars	35%
	17%
	16%
	11%
	21%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

Vicinity Centres Direct Portfolio June 2018 14

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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

Tenant mix by gross lettable area (GLA)

State	NSW
Centre type	Outlet Centre	Mini majors	46%
Ownership Interest (%) Date acquired	100 2010	Specialties	54%
Centre frst opened	2002
Latest redevelopment	2014
Valuation External/Internal	Internal
Valuation ($m)1	480.0
Valuation date	Jun-18
Capitalisation rate (%)	5.50
Discount rate (%)	7.25

Property metrics

Gross lettable area (GLA)	29,882
Number of tenants	127
Major tenants2	–
Car spaces	2,020
Moving annual turnover (MAT) ($m)	318.1
MAT/sqm – Total ($)	10,547
MAT/sqm – Specialty ($)	14,641
Specialty occupancy cost (%)3	10.0
Occupancy rate by GLA (%)	100.0
Weighted average lease expiry by GLA (years)	1.7
Green Star – Performance	3 Stars
NABERS Energy rating	4.0 Stars
NABERS Water rating	4.0 Stars

Specialty store lease expiry profile by income

FY194 FY20 FY21 FY22 FY23+	53%
	17%
	8%
	7%
	15%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

15 Vicinity Centres Direct Portfolio June 2018

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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

Tenant mix by gross lettable area (GLA)

State	NSW
Centre type	Sub Regional
Ownership Interest (%)	100
Date acquired	1997
Centre frst opened	1986
Latest redevelopment	2009
Valuation External/Internal	Internal
Valuation ($m)1	320.0
Valuation date	Jun-18
Capitalisation rate (%)	6.25
Discount rate (%)	7.25

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Supermarkets	24%
Discount department stores	19%
Mini majors	13%
Specialties	18%
Other retail	13%
Non retail	14%

Property metrics

Gross lettable area (GLA)	43,102
Number of tenants	133
Major tenants2	Aldi, Coles, Kmart, Woolworths
Car spaces	1,524
Moving annual turnover (MAT) ($m)	307.9
MAT/sqm – Total ($)	9,195
MAT/sqm – Specialty ($)	9,948
Specialty occupancy cost (%)3	13.6
Occupancy rate by GLA (%)	100.0
Weighted average lease expiry by GLA (years)	4.2
Green Star – Performance	3 Stars
NABERS Energy rating	3.5 Stars
NABERS Water rating	4.0 Stars

Specialty store lease expiry profile by income

FY194 FY20 FY21 FY22 FY23+	33%
	33%
	11%
	10%
	13%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

Vicinity Centres Direct Portfolio June 2018 16

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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

Tenant mix by gross lettable area (GLA)

State	NSW
Centre type	Sub Regional
Ownership Interest (%)	100
Date acquired	1994
Centre frst opened	1979
Latest redevelopment	2005
Valuation External/Internal	Internal
Valuation ($m)1	58.0
Valuation date	Jun-18
Capitalisation rate (%)	7.50
Discount rate (%)	7.50

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

Property metrics

Specialty store lease expiry profile by income

40% 19% 4% 19% 18% FY194 FY20 FY21 FY22 FY23+ Gross lettable area (GLA) 20,471 Number of tenants 56 Major tenants2 Big W, Woolworths Car spaces 1,036 Moving annual turnover (MAT) ($m) 121.3 MAT/sqm – Total ($) 6,824 MAT/sqm – Specialty ($) 9,049 Specialty occupancy cost (%)3 9.4 Occupancy rate by GLA (%) 99.4 Weighted average lease expiry by GLA (years) 5.0 Green Star – Performance 2 Stars	40%
	19%
	19%
	4%
	18%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

17 Vicinity Centres Direct Portfolio June 2018

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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 Aldi, Woolworths and Dan Murphy's and includes 25 specialty stores.

Property overview

Tenant mix by gross lettable area (GLA)

State	NSW
Centre type	Neighbourhood
Ownership Interest (%)	50
Date acquired	2003
Centre frst opened	1982
Latest redevelopment	2005
Valuation External/Internal	External
Valuation ($m)1	78.0
Valuation date	Jun-18
Capitalisation rate (%)	5.75
Discount rate (%)	7.25

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Supermarkets 53%
Specialties 20%
Other retail 25%
Non retail 2%
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Property metrics

Specialty store lease expiry profile by income

Gross lettable area (GLA)	10,060	FY194		22%
Number of tenants	35	FY20	3%
Major tenants2 Car spaces	Aldi, Woolworths 423	FY21			26%
Moving annual turnover (MAT) ($m)	121.1	FY22			27%
MAT/sqm – Total ($)	12,762	FY23+		21%
MAT/sqm – Specialty ($)	6,579
Specialty occupancy cost (%)3	18.6
Occupancy rate by GLA (%)	100.0
Weighted average lease expiry by GLA (years)	4.8
Green Star – Performance	3 Stars

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

Vicinity Centres Direct Portfolio June 2018 18

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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 by seven days a week Kmart, and more than 45 specialty stores.

Property overview

Tenant mix by gross lettable area (GLA)

State	NSW
Centre type	Sub Regional
Ownership Interest (%)	100
Date acquired	2003
Centre frst opened	1984
Latest redevelopment	1999
Valuation External/Internal	Internal
Valuation ($m)1	192.0
Valuation date	Jun-18
Capitalisation rate (%)	5.75
Discount rate (%)	7.75

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Supermarkets	19%
Discount department stores	37%
Mini majors	6%
Specialties	18%
Other retail	17%
Non retail	3%

Property metrics

Gross lettable area (GLA)	23,217
Number of tenants	67
Major tenants2	Coles, Kmart
Car spaces	861
Moving annual turnover (MAT) ($m)	243.6
MAT/sqm – Total ($)	10,739
MAT/sqm – Specialty ($)	12,320
Specialty occupancy cost (%)3	12.3
Occupancy rate by GLA (%)	100.0
Weighted average lease expiry by GLA (years)	2.1
Green Star – Performance	3 Stars
NABERS Energy rating	3.5 Stars

Specialty store lease expiry profile by income

FY194 FY20 FY21 FY22 FY23+	30%
	7%
	13%
	24%
	26%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

19 Vicinity Centres Direct Portfolio June 2018

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Queen Victoria Building

455 George Street, Sydney NSW 2000 qvb.com.au

Queen Victoria Building is a five level City Centre located in the heart of Sydney's CBD. Opened in 1898, Queen Victoria Building is an iconic and contemporary shopping destination which features Country Road, Salvatore Ferragamo, Bally, R.M. Williams, Longchamp, The Tea Room, Victoria's Basement and more than 150 specialty stores.

Property overview

Tenant mix by gross lettable area (GLA)

State	NSW
Centre type	Mini majors City Centre	22%
Ownership Interest (%)	Specialties 50	77%
Date acquired	2018
Centre frst opened	1898
Latest redevelopment	2008
Valuation External/Internal	External
Valuation ($m)1	640.0
Valuation date	Jun-18
Capitalisation rate (%)	4.75
Discount rate (%)	6.75

Property metrics

Gross lettable area (GLA)	13,762
Number of tenants	159
Major tenants2	–
Car spaces	669
Moving annual turnover (MAT) ($m)	280.1
MAT/sqm – Total ($)	23,114
MAT/sqm – Specialty ($)	26,361
Specialty occupancy cost (%)3	19.1
Occupancy rate by GLA (%)	98.5
Weighted average lease expiry by GLA (years)	3.0

Specialty store lease expiry profile by income

FY194 FY20 FY21 FY22 FY23+	20%
	15%
	30%
	11%
	25%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

Vicinity Centres Direct Portfolio June 2018 20

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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 95 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 tenant remix. Refurbishment is expected to commence in FY19.

Property overview

Tenant mix by gross lettable area (GLA)

State	NSW
Centre type	Major Regional
Ownership Interest (%)	50
Date acquired	1998
Centre frst opened	1965
Latest redevelopment	2000
Valuation External/Internal	External
Valuation ($m)1	323.4
Valuation date	Jun-18
Capitalisation rate (%)	6.25
Discount rate (%)	7.25

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Supermarkets	12%
Discount department stores	15%
Department stores	44%
Mini majors	7%
Specialties	17%
Other retail	1%
Non retail	3%

Property metrics

Gross lettable area (GLA)	62,027
Number of tenants	119
Major tenants2	Coles, Food For Less, Myer, Target
Car spaces	3,187
Moving annual turnover (MAT) ($m)3	n.a.
MAT/sqm – Total ($)3	n.a.
MAT/sqm – Specialty ($)3	n.a.
Specialty occupancy cost (%)3,4	n.a.
Occupancy rate by GLA (%)	100.0
Weighted average lease expiry by GLA (years)	4.4
Green Star – Performance	3 Stars

Specialty store lease expiry profile by income

FY195 FY20 FY21 FY22 FY23+	75%
	9%
	11%
	4%

1 Expressed on 100% basis.

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

3 Non-comparable for sales reporting purposes.

4 Includes marketing levy and based on GST inclusive turnover.

5 Includes holdovers.

21 Vicinity Centres Direct Portfolio June 2018

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The Galeries

500 George Street, Sydney NSW 2000 thegaleries.com

The Galeries is a four level City Centre located in the heart of Sydney's CBD. The Galeries is a lifestyle and cultural destination for fashion, art and dining and is anchored by Books Kinokuniya, The Grounds of the City, MUJI, Incu, Vans, JB Hi-Fi, the Arthouse Hotel and more than 65 specialty stores.

Property overview

Tenant mix by gross lettable area (GLA)

State	NSW
Centre type	Mini majors City Centre	38%
Ownership Interest (%)	Specialties 50	38%
Date acquired Centre frst opened	Other retail 2018 2000	24%
Latest redevelopment	n.a.
Valuation External/Internal	External
Valuation ($m)1	327.0
Valuation date	Jun-18
Capitalisation rate (%)	4.75
Discount rate (%)	7.00

Property metrics

Gross lettable area (GLA)	14,985
Number of tenants	75
Major tenants2	–
Car spaces	n.a.
Moving annual turnover (MAT) ($m)	197.0
MAT/sqm – Total ($)	13,259
MAT/sqm – Specialty ($)	20,343
Specialty occupancy cost (%)3	13.9
Occupancy rate by GLA (%)	100.0
Weighted average lease expiry by GLA (years)	4.1

Specialty store lease expiry profile by income

FY194 FY20 FY21 FY22 FY23+	10%
	24%
	12%
	21%
	33%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

Vicinity Centres Direct Portfolio June 2018 22

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The Strand Arcade

412-414 George Street, Sydney NSW 2000 strandarcade.com.au

The Strand Arcade is a six level City Centre located in the heart of Sydney's CBD. Established in 1891, The Strand Arcade is an important heritage landmark within Sydney and is the only Victorian shopping arcade remaining in its original form today. The Strand Arcade features Scanlan Theodore, Alex Perry, Mecca Cosmetica, Camilla & Marc, Dion Lee, Haigh's Chocolates, The Restaurant Pendolino, JB Hi-Fi and more than 65 specialty stores.

Property overview

Tenant mix by gross lettable area (GLA)

State	NSW
Centre type	City Centre
Ownership Interest (%)	50
Date acquired	2018
Centre frst opened	1891
Latest redevelopment	1997
Valuation External/Internal	External
Valuation ($m)1	240
Valuation date	Jun-18
Capitalisation rate (%)	4.50
Discount rate (%)	6.75

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

Mini majors 21%
Specialties 59%
Non retail 20%
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Property metrics

Gross lettable area (GLA)	6,024
Number of tenants	80
Major tenants2	–
Car spaces	n.a.
Moving annual turnover (MAT) ($m)	130.9
MAT/sqm – Total ($)	28,433
MAT/sqm – Specialty ($)	26,303
Specialty occupancy cost (%)3	13.7
Occupancy rate by GLA (%)	99.5
Weighted average lease expiry by GLA (years)	3.4

Specialty store lease expiry profile by income

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

FY19 [4] 15%
FY20 13%
FY21 17%
FY22 19%
FY23+ 36%
----- End of picture text -----

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

23 Vicinity Centres Direct Portfolio June 2018

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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

Tenant mix by gross lettable area (GLA)

State	NSW
Centre type	Sub Regional
Ownership Interest (%) Date acquired	50 1996
Centre frst opened	1980
Latest redevelopment	2016
Valuation External/Internal	External
Valuation ($m)1	296.0
Valuation date	Jun-18
Capitalisation rate (%)	5.75
Discount rate (%)	7.50

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Supermarkets	29%
Discount department stores	27%
Mini majors	10%
Specialties	29%
Other retail	1%
Non retail	5%

Property metrics

Specialty store lease expiry profile by income

Gross lettable area (GLA)	29,909	FY195	14%
Number of tenants	107	FY20	15%
Major tenants2	Aldi, Coles, Kmart, Woolworths	FY21			26%
Car spaces	1,450
Moving annual turnover (MAT) ($m)3 MAT/sqm – Total ($)3	n.a. n.a.	FY22 FY23+		17%		28%
MAT/sqm – Specialty ($)3	n.a.
Specialty occupancy cost (%)3,4	n.a.
Occupancy rate by GLA (%)	99.6
Weighted average lease expiry by GLA (years)	10.0
Green Star – Performance	3 Stars

1 Expressed on 100% basis.

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

3 Non-comparable for sales reporting purposes.

4 Includes marketing levy and based on GST inclusive turnover.

5 Includes holdovers.

Vicinity Centres Direct Portfolio June 2018 24

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West End Plaza

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

West End Plaza is a single level Sub Regional shopping centre located in the main commercial district of Albury, near the border of Victoria and New South Wales. It is anchored by Kmart and Coles, includes more than 40 specialty stores and houses the only food court within the Albury CBD.

Property overview

Tenant mix by gross lettable area (GLA)

State	NSW
Centre type	Sub Regional
Ownership Interest (%)	100
Date acquired	2005
Centre frst opened	1980
Latest redevelopment	2000
Valuation External/Internal	External
Valuation ($m)1	71.5
Valuation date	Jun-18
Capitalisation rate (%)	6.50
Discount rate (%)	7.75

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Supermarkets	24%
Discount department stores	41%
Mini majors	5%
Specialties	29%

Property metrics

Gross lettable area (GLA)	15,939
Number of tenants	47
Major tenants2	Coles, Kmart
Car spaces	596
Moving annual turnover (MAT) ($m)	88.0
MAT/sqm – Total ($)	5,595
MAT/sqm – Specialty ($)	6,657
Specialty occupancy cost (%)3	13.5
Occupancy rate by GLA (%)	100.0
Weighted average lease expiry by GLA (years)	2.6
Green Star – Performance	2 Stars

Specialty store lease expiry profile by income

FY194 FY20 FY21 FY22 FY23+	29%
	6%
	19%
	13%
	33%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

25 Vicinity Centres Direct Portfolio June 2018

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Queensland

==> picture [596 x 548] intentionally omitted <==

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

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
GYMPIE CENTRAL
NORTH SHORE VILLAGE
BRISBANE
OXENFORD VILLAGE
RUNAWAY BAY CENTRE
l Wholly owned
¢ Jointly owned
----- End of picture text -----

Vicinity Centres Direct Portfolio June 2018 26

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Queensland

28 Buranda Village
29 DFO Brisbane
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

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QueensPlaza, QLD

27 Vicinity Centres Direct Portfolio June 2018

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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

Tenant mix by gross lettable area (GLA)

State	QLD
Centre type	Sub Regional
Ownership Interest (%)	100
Date acquired	2000
Centre frst opened	1978
Latest redevelopment	2005
Valuation External/Internal	Internal
Valuation ($m)1	42.5
Valuation date	Jun-18
Capitalisation rate (%)	6.25
Discount rate (%)	7.25

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Supermarkets	27%
Discount department stores	36%
Specialties	16%
Other retail	9%
Non retail	12%

Property metrics

Gross lettable area (GLA)	11,565
Number of tenants	33
Major tenants2	Target, Woolworths
Car spaces	520
Moving annual turnover (MAT) ($m)	66.9
MAT/sqm – Total ($)	6,563
MAT/sqm – Specialty ($)	9,381
Specialty occupancy cost (%)3	12.8
Occupancy rate by GLA (%)	99.4
Weighted average lease expiry by GLA (years)	4.4
Green Star – Performance	3 Stars

Specialty store lease expiry profile by income

FY194 FY20 FY21 FY22 FY23+	33%
	8%
	26%
	5%
	28%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

Vicinity Centres Direct Portfolio June 2018 28

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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. The centre comprises more than 135 outlet retailers, including Calvin Klein, Fossil, Nike and Tommy Hilfiger.

Property overview

Tenant mix by gross lettable area (GLA)

State	QLD
Centre type	Outlet Centre
Ownership Interest (%)	100
Date acquired	2016
Centre frst opened	2005
Latest redevelopment	2015
Valuation External/Internal	External
Valuation ($m)1	61.0
Valuation date	Jun-18
Capitalisation rate (%)	7.50
Discount rate (%)	8.00

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Mini majors 16%
Specialties 84%
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Property metrics

Gross lettable area (GLA)	26,318
Number of tenants	144
Major tenants2	–
Car spaces	2,600
Moving annual turnover (MAT) ($m)	221.1
MAT/sqm – Total ($)	8,661
MAT/sqm – Specialty ($)	8,801
Specialty occupancy cost (%)3	11.0
Occupancy rate by GLA (%)	100.0
Weighted average lease expiry by GLA (years)	2.6
Green Star – Performance	1 Star

Specialty store lease expiry profile by income

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FY19 [4] 15%
FY20 5%
FY21 47%
FY22 19%
FY23+ 14%
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1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

29 Vicinity Centres Direct Portfolio June 2018

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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

Tenant mix by gross lettable area (GLA)

State	QLD
Centre type	Supermarkets Regional	19%
Ownership Interest (%)	Discount department stores 50	37%
Date acquired Centre frst opened Latest redevelopment	Mini majors Specialties 2002 1994 2006	5% 23%
Valuation External/Internal	Other retail Internal	13%
Valuation ($m)1	Non retail 440.0	3%
Valuation date	Jun-18
Capitalisation rate (%)	5.50
Discount rate (%)	7.25

Property metrics

Gross lettable area (GLA)	53,328
Number of tenants	158
Major tenants2	Aldi, Big W, Coles, Event Cinemas
	Kmart, Target, Woolworths
Car spaces	2,580
Moving annual turnover (MAT) ($m)	360.7
MAT/sqm – Total ($)	7,104
MAT/sqm – Specialty ($)	10,125
Specialty occupancy cost (%)3	15.5
Occupancy rate by GLA (%)	99.9
Weighted average lease expiry by GLA (years)	2.8
Green Star – Performance	3 Stars
NABERS Energy rating	4.0 Stars
NABERS Water rating	3.5 Stars

Specialty store lease expiry profile by income

FY194 FY20 FY21 FY22 FY23+	35%
	14%
	19%
	15%
	18%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

Vicinity Centres Direct Portfolio June 2018 30

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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 north-west of Maroochydore. It is anchored by Big W and Woolworths and includes more than 40 specialty stores.

Property overview

Tenant mix by gross lettable area (GLA)

State	QLD
Centre type	Sub Regional
Ownership Interest (%)	100
Date acquired	2003
Centre frst opened	1973
Latest redevelopment	2007
Valuation External/Internal	External
Valuation ($m)1	81.3
Valuation date	Jun-18
Capitalisation rate (%)	6.50
Discount rate (%)	7.75

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Supermarkets	26%
Discount department stores	40%
Specialties	30%
Non retail	4%

Property metrics

Gross lettable area (GLA)	14,148
Number of tenants	50
Major tenants2	Big W, Woolworths
Car spaces	752
Moving annual turnover (MAT) ($m)	130.0
MAT/sqm – Total ($)	9,773
MAT/sqm – Specialty ($)	12,220
Specialty occupancy cost (%)3	9.3
Occupancy rate by GLA (%)	100.0
Weighted average lease expiry by GLA (years)	6.5
Green Star – Performance	2 Stars

Specialty store lease expiry profile by income

FY194 FY20 FY21 FY22 FY23+	30%
	21%
	11%
	13%
	25%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

31 Vicinity Centres Direct Portfolio June 2018

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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

Tenant mix by gross lettable area (GLA)

State	QLD
Centre type	Neighbourhood
Ownership Interest (%)	100
Date acquired	2000
Centre frst opened	1973
Latest redevelopment	n.a.
Valuation External/Internal	Internal
Valuation ($m)1	30.3
Valuation date	Jun-18
Capitalisation rate (%)	6.25
Discount rate (%)	7.75

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Supermarkets 20%
Specialties 44%
Other retail 2%
Non retail 34%
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Property metrics

Gross lettable area (GLA)	2,873
Number of tenants	23
Major tenants2	IGA
Car spaces	138
Moving annual turnover (MAT) ($m)	27.6
MAT/sqm – Total ($)	18,383
MAT/sqm – Specialty ($)	16,071
Specialty occupancy cost (%)3	9.7
Occupancy rate by GLA (%)	100.0
Weighted average lease expiry by GLA (years)	3.0
Green Star – Performance	2 Stars

Specialty store lease expiry profile by income

FY194 FY20 FY21 FY22 FY23+	12%
	8%
	18%
	61%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

Vicinity Centres Direct Portfolio June 2018 32

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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

Tenant mix by gross lettable area (GLA)

State	QLD
Centre type	Regional
Ownership Interest (%)	25
Date acquired	2014
Centre frst opened	1979
Latest redevelopment	2010
Valuation External/Internal	Internal
Valuation ($m)1	420.8
Valuation date	Jun-18
Capitalisation rate (%)	5.75
Discount rate (%)	7.25

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

Property metrics

Gross lettable area (GLA)	56,613
Number of tenants	177
Major tenants2	Aldi, Big W, Coles, Kmart,
	Target, Woolworths
Car spaces	2,619
Moving annual turnover (MAT) ($m)	314.3
MAT/sqm – Total ($)	6,645
MAT/sqm – Specialty ($)	7,716
Specialty occupancy cost (%)3	15.4
Occupancy rate by GLA (%)	99.4
Weighted average lease expiry by GLA (years)	4.8
Green Star – Performance	2 Stars
NABERS Energy rating	3.5 Stars
NABERS Water rating	4.0 Stars

Specialty store lease expiry profile by income

FY194 FY20 FY21 FY22 FY23+	37%
	18%
	12%
	14%
	19%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

33 Vicinity Centres Direct Portfolio June 2018

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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

Tenant mix by gross lettable area (GLA)

State	QLD
Centre type	Neighbourhood
Ownership Interest (%)	100
Date acquired	2005
Centre frst opened	2003
Latest redevelopment	n.a.
Valuation External/Internal	Internal
Valuation ($m)1	27.0
Valuation date	Jun-18
Capitalisation rate (%)	6.00
Discount rate (%)	7.50

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

Gross lettable area (GLA)	4,077
Number of tenants	15
Major tenants2	Coles
Car spaces	274
Moving annual turnover (MAT) ($m)	53.9
MAT/sqm – Total ($)	15,906
MAT/sqm – Specialty ($)	8,530
Specialty occupancy cost (%)3	10.2
Occupancy rate by GLA (%)	100.0
Weighted average lease expiry by GLA (years)	7.6
Green Star – Performance	3 Stars

Specialty store lease expiry profile by income

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FY19 [4] 17%
FY20 7%
FY21 29%
FY22 30%
FY23+ 17%
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1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

Vicinity Centres Direct Portfolio June 2018 34

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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

Tenant mix by gross lettable area (GLA)

State	QLD
Centre type	Neighbourhood
Ownership Interest (%)	100
Date acquired	2003
Centre frst opened	2001
Latest redevelopment	n.a.
Valuation External/Internal	External
Valuation ($m)1	33.2
Valuation date	Jun-18
Capitalisation rate (%)	6.00
Discount rate (%)	7.25

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Supermarkets	57%
Specialties	14%
Other retail	1%
Non retail	28%

Property metrics

Specialty store lease expiry profile by income

Gross lettable area (GLA)	5,815	FY194
Number of tenants	18	FY20	0%
Major tenants2 Car spaces	Woolworths 255	FY21		12%
Moving annual turnover (MAT) ($m)	77.3	FY22			21%
MAT/sqm – Total ($)	18,604	FY23+				52%
MAT/sqm – Specialty ($)	15,886
Specialty occupancy cost (%)3	8.1
Occupancy rate by GLA (%)	100.0
Weighted average lease expiry by GLA (years)	7.6
Green Star – Performance	3 Stars

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

35 Vicinity Centres Direct Portfolio June 2018

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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 50 specialty stores. The centre features luxury retailers, including Chanel, Louis Vuitton, Salvatore Ferragamo, Burberry, Bvlgari, Paspaley Pearls and Tiffany & Co. QueensPlaza is currently undergoing a major remix to reinforce the centre as Queensland's leading CBD premium and luxury shopping destination.

Property overview

Tenant mix by gross lettable area (GLA)

State	QLD
Centre type	City Centre
Ownership Interest (%)	100
Date acquired	2001
Centre frst opened	2005
Latest redevelopment	2008
Valuation External/Internal	External
Valuation ($m)1	774.0
Valuation date	Jun-18
Capitalisation rate (%)	4.75
Discount rate (%)	7.00

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Supermarkets 3%
Department stores 47%
Mini majors 1%
Specialties 8%
Non retail 41%
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Property metrics

Specialty store lease expiry profile by income

44% 11% 16% 18% 11% FY195 FY20 FY21 FY22 FY23+ Gross lettable area (GLA) 39,066 Number of tenants 59 Major tenants2 Coles, David Jones Car spaces 600 Moving annual turnover (MAT) ($m)3 n.a. MAT/sqm – Total ($)3 n.a. MAT/sqm – Specialty ($)3 n.a. Specialty occupancy cost (%)3,4 n.a. Occupancy rate by GLA (%) 100.0 Weighted average lease expiry by GLA (years) 10.2 Green Star – Performance 3 Stars NABERS Energy rating 3.0 Stars NABERS Water rating 2.0 Stars	44%
	18%
	11%
	16%
	11%

1 Expressed on 100% basis.

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

3 Non-comparable for sales reporting purposes.

4 Includes marketing levy and based on GST inclusive turnover.

5 Includes holdovers.

Vicinity Centres Direct Portfolio June 2018 36

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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 80 specialty stores and an alfresco dining precinct on the waterfront.

Property overview

Tenant mix by gross lettable area (GLA)

State	QLD
Centre type	Regional
Ownership Interest (%)	50
Date acquired	2002
Centre frst opened	1974
Latest redevelopment	1995
Valuation External/Internal	External
Valuation ($m)1	315.0
Valuation date	Jun-18
Capitalisation rate (%)	5.75
Discount rate (%)	7.50

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Supermarkets	23%
Discount department stores	33%
Mini majors	5%
Specialties	17%
Other retail	7%
Non retail	15%

Property metrics

Specialty store lease expiry profile by income

37% 15% 18% 12% 18% FY194 FY20 FY21 FY22 FY23+ Gross lettable area (GLA) 42,999 Number of tenants 122 Major tenants2 Aldi, Big W, Coles, Target, Woolworths Car spaces 2,160 Moving annual turnover (MAT) ($m) 294.4 MAT/sqm – Total ($) 8,132 MAT/sqm – Specialty ($) 10,338 Specialty occupancy cost (%)3 12.1 Occupancy rate by GLA (%) 99.7 Weighted average lease expiry by GLA (years) 4.4 Green Star – Performance 3 Stars NABERS Energy rating 3.5 Stars NABERS Water rating 3.0 Stars	37%
	12%
	15%
	18%
	18%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

37 Vicinity Centres Direct Portfolio June 2018

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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

Tenant mix by gross lettable area (GLA)

State	QLD
Centre type	Sub Regional
Ownership Interest (%)	100
Date acquired	1998
Centre frst opened	1982
Latest redevelopment	2001
Valuation External/Internal	External
Valuation ($m)1	101.0
Valuation date	Jun-18
Capitalisation rate (%)	6.25
Discount rate (%)	7.25

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Supermarkets	16%
Discount department stores	29%
Mini majors	9%
Specialties	24%
Non retail	22%

Property metrics

Specialty store lease expiry profile by income

27% 26% 18% 9% 19% FY194 FY20 FY21 FY22 FY23+ Gross lettable area (GLA) 23,079 Number of tenants 75 Major tenants2 Big W, Woolworths Car spaces 1,054 Moving annual turnover (MAT) ($m) 108.5 MAT/sqm – Total ($) 6,171 MAT/sqm – Specialty ($) 6,612 Specialty occupancy cost (%)3 12.6 Occupancy rate by GLA (%) 99.7 Weighted average lease expiry by GLA (years) 2.8 Green Star – Performance 3 Stars NABERS Energy rating 4.0 Stars NABERS Water rating 3.0 Stars	27%
	9%
	26%
	18%
	19%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

Vicinity Centres Direct Portfolio June 2018 38

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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 145 specialty stores. A development is expected to commence in FY20.

Property overview

Tenant mix by gross lettable area (GLA)

State	QLD
Centre type	City Centre
Ownership Interest (%)	25
Date acquired	1998
Centre frst opened	1988
Latest redevelopment	2006
Valuation External/Internal	Internal
Valuation ($m)1	780.0
Valuation date	Jun-18
Capitalisation rate (%)	5.50
Discount rate (%)	7.25

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Supermarkets	2%
Discount department stores	7%
Department stores	28%
Mini majors	4%
Specialties	11%
Other retail	3%
Non retail	45%

Property metrics

Specialty store lease expiry profile by income

51% 14% 13% 16% 6% FY195 FY20 FY21 FY22 FY23+ Gross lettable area (GLA) 63,708 Number of tenants 169 Major tenants2 Coles, Event Cinemas, Myer, Target Car spaces 1,450 Moving annual turnover (MAT) ($m)3 n.a. MAT/sqm – Total ($)3 n.a. MAT/sqm – Specialty ($)3 n.a. Specialty occupancy cost (%)3,4 n.a. Occupancy rate by GLA (%) 98.8 Weighted average lease expiry by GLA (years) 7.3 Green Star – Performance 2 Stars NABERS Energy rating 3.0 Stars NABERS Water rating 2.5 Stars	51%
	16%
	14%
	13%
	6%

1 Expressed on 100% basis.

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

3 Non-comparable for sales reporting purposes.

4 Includes marketing levy and based on GST inclusive turnover.

5 Includes holdovers.

39 Vicinity Centres Direct Portfolio June 2018

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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

Tenant mix by gross lettable area (GLA)

State	QLD
Centre type	Sub Regional
Ownership Interest (%)	100
Date acquired	2005
Centre frst opened	2006
Latest redevelopment	n.a.
Valuation External/Internal	Internal
Valuation ($m)1	69.0
Valuation date	Jun-18
Capitalisation rate (%)	6.50
Discount rate (%)	7.50

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

Property metrics

Gross lettable area (GLA)	22,392
Number of tenants	48
Major tenants2	Big W, Harvey Norman, Woolworths
Car spaces	1,148
Moving annual turnover (MAT) ($m)	126.3
MAT/sqm – Total ($)	6,557
MAT/sqm – Specialty ($)	13,769
Specialty occupancy cost (%)3	6.4
Occupancy rate by GLA (%)	100.0
Weighted average lease expiry by GLA (years)	4.3
Green Star – Performance	3 Stars

Specialty store lease expiry profile by income

FY194 FY20 FY21 FY22 FY23+	25%
	17%
	18%
	7%
	33%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

Vicinity Centres Direct Portfolio June 2018 40

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South Australia

==> picture [596 x 430] intentionally omitted <==

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

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

l Wholly owned ¢ Jointly owned

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41 Vicinity Centres Direct Portfolio June 2018

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South Australia

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

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Castle Plaza, SA

Vicinity Centres Direct Portfolio June 2018 42

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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. The centre is home to the largest battery installation at a shopping centre in Australia, part of Vicinity's stage one $28 million solar investment across five retail centres in SA and WA.

Property overview

Tenant mix by gross lettable area (GLA)

State	SA
Centre type	Sub Regional
Ownership Interest (%)	100
Date acquired	2002
Centre frst opened	1987
Latest redevelopment	2000
Valuation External/Internal	Internal
Valuation ($m)1	175.0
Valuation date	Jun-18
Capitalisation rate (%)	6.75
Discount rate (%)	8.00

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Supermarkets	29%
Discount department stores	35%
Specialties	22%
Other retail	7%
Non retail	7%

Property metrics

Gross lettable area (GLA)	22,842
Number of tenants	71
Major tenants2	Coles, Foodland, Target
Car spaces	1,315
Moving annual turnover (MAT) ($m)	148.0
MAT/sqm – Total ($)	7,034
MAT/sqm – Specialty ($)	8,862
Specialty occupancy cost (%)3	14.8
Occupancy rate by GLA (%)	99.3
Weighted average lease expiry by GLA (years)	4.3
Green Star – Performance	2 Stars

Specialty store lease expiry profile by income

FY194 FY20 FY21 FY22 FY23+	34%
	22%
	30%
	8%
	5%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

43 Vicinity Centres Direct Portfolio June 2018

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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, approximately 30 kilometres south of the Adelaide CBD. It is anchored by Big W, Kmart, Aldi, Coles, Harris Scarfe and Woolworths. The centre also includes more than 125 specialty retailers. The centre was last redeveloped in 2016 and includes a a fresh food market hall.

Property overview

Tenant mix by gross lettable area (GLA)

State	SA
Centre type	Regional
Ownership Interest (%)	50
Date acquired	2003
Centre frst opened	1979
Latest redevelopment	2016
Valuation External/Internal	External
Valuation ($m)1	295.0
Valuation date	Jun-18
Capitalisation rate (%)	6.75
Discount rate (%)	7.75

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Supermarkets	13%
Discount department stores	23%
Department stores	6%
Mini majors	9%
Specialties	18%
Other retail	6%
Non retail	26%

Property metrics

Specialty store lease expiry profile by income

38% 10% 22% 9% 20% FY194 FY20 FY21 FY22 FY23+ Gross lettable area (GLA) 83,952 Number of tenants 177 Major tenants2 Aldi, Big W, Coles, Harris Scarfe, Kmart, Woolworths Car spaces 4,188 Moving annual turnover (MAT) ($m) 314.8 MAT/sqm – Total ($) 5,941 MAT/sqm – Specialty ($) 6,440 Specialty occupancy cost (%)3 15.3 Occupancy rate by GLA (%) 99.2 Weighted average lease expiry by GLA (years) 7.3 Green Star – Performance 2 Stars NABERS Energy rating 4.5 Stars NABERS Water rating 4.0 Stars	38%
	9%
	10%
	22%
	20%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

Vicinity Centres Direct Portfolio June 2018 44

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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. The centre is part of Australia's largest investment in solar by a shopping centre portfolio, with Vicinity's $28 million first stage investment. The solar installation at Elizabeth City Centre is Australia's largest single solar installation at a retail centre at 5.8MW.

Property overview

Tenant mix by gross lettable area (GLA)

State	SA
Centre type	Regional
Ownership Interest (%)	100
Date acquired	1998
Centre frst opened	1960
Latest redevelopment	2015
Valuation External/Internal	External
Valuation ($m)1	380.0
Valuation date	Jun-18
Capitalisation rate (%)	6.75
Discount rate (%)	7.75

==> picture [117 x 111] intentionally omitted <==

Supermarkets	11%
Discount department stores	30%
Mini majors	11%
Specialties	24%
Other retail	9%
Non retail	15%

Property metrics

Gross lettable area (GLA)	80,309
Number of tenants	205
Major tenants2	Big W, Coles, Harris Scarfe,
	Reading Cinemas, Target, Woolworths
Car spaces	3,228
Moving annual turnover (MAT) ($m)	350.7
MAT/sqm – Total ($)	5,729
MAT/sqm – Specialty ($)	7,606
Specialty occupancy cost (%)3	15.8
Occupancy rate by GLA (%)	99.4
Weighted average lease expiry by GLA (years)	5.2
Green Star – Performance	3 Stars
NABERS Energy rating	3.5 Stars
NABERS Water rating	3.0 Stars

Specialty store lease expiry profile by income

FY194 FY20 FY21 FY22 FY23+	37%
	12%
	14%
	20%
	18%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

45 Vicinity Centres Direct Portfolio June 2018

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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)

State	SA
Centre type	Sub Regional
Ownership Interest (%) Date acquired	100 2003
Centre frst opened	1969
Latest redevelopment	2000
Valuation External/Internal	Internal
Valuation ($m)1	43.5
Valuation date	Jun-18
Capitalisation rate (%)	6.00
Discount rate (%)	6.75

==> picture [115 x 111] intentionally omitted <==

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

Property metrics

Specialty store lease expiry profile by income

Gross lettable area (GLA)	10,676	FY194
Number of tenants	14	FY20		23%
Major tenants2 Car spaces	Coles, Kmart 548	FY21	16%
Moving annual turnover (MAT) ($m)	87.1	FY22		24%
MAT/sqm – Total ($)	8,381	FY23+			29%
MAT/sqm – Specialty ($)	9,880
Specialty occupancy cost (%)3	11.7
Occupancy rate by GLA (%)	100.0
Weighted average lease expiry by GLA (years)	3.0
Green Star – Performance	3 Stars

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

Vicinity Centres Direct Portfolio June 2018 46

==> picture [83 x 67] intentionally omitted <==

Victoria

==> picture [596 x 548] intentionally omitted <==

----- 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 THE GLEN
OAKLEIGH CENTRAL
DFO MOORABBIN
MELBOURNE
CORIO CENTRAL
BELMONT VILLAGE
CRANBOURNE PARK
BAYSIDE
THE GATEWAY
MORNINGTON CENTRAL
BENTONS SQUARE
NORTHGATE
EASTLANDS
HOBART
l Wholly owned
¢ Jointly owned
----- End of picture text -----

47 Vicinity Centres Direct Portfolio June 2018

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Victoria

49 Altona Gate
50 Bayside
51 Belmont Village
52 Bentons Square
53 Box Hill Central (North Precinct)
54 Box Hill Central (South Precinct)
55 Broadmeadows Central
56 Chadstone
57 Corio Central
58 Cranbourne Park
59 DFO Essendon
60 DFO Moorabbin
61 DFO South Wharf
62 Emporium Melbourne

63 Mornington Central

64 Myer Bourke Street
65 Northland
66 Oakleigh Central
67 Roxburgh Village
68 Sunshine Marketplace
69 The Gateway
70 The Glen
71 Victoria Gardens Shopping Centre

Tasmania

72 Eastlands

73 Northgate

==> picture [596 x 6] intentionally omitted <==

Emporium Melbourne, VIC

Vicinity Centres Direct Portfolio June 2018 48

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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 55 specialty stores.

Property overview

Tenant mix by gross lettable area (GLA)

State	VIC
Centre type	Sub Regional
Ownership Interest (%)	100
Date acquired	1994
Centre frst opened	1977
Latest redevelopment	2014
Valuation External/Internal	Internal
Valuation ($m)1	106.5
Valuation date	Jun-18
Capitalisation rate (%)	6.25
Discount rate (%)	7.50

==> picture [117 x 111] intentionally omitted <==

Supermarkets	20%
Discount department stores	30%
Mini majors	19%
Specialties	21%
Other retail	3%
Non retail	7%

Property metrics

Gross lettable area (GLA)	26,226
Number of tenants	77
Major tenants2	Aldi, Coles, Kmart
Car spaces	1,622
Moving annual turnover (MAT) ($m)	148.5
MAT/sqm – Total ($)	6,297
MAT/sqm – Specialty ($)	7,410
Specialty occupancy cost (%)3	15.0
Occupancy rate by GLA (%)	99.5
Weighted average lease expiry by GLA (years)	5.3
Green Star – Performance	3 Stars
NABERS Energy rating	3.5 Stars
NABERS Water rating	4.0 Stars

Specialty store lease expiry profile by income

FY194 FY20 FY21 FY22 FY23+	46%
	18%
	11%
	7%
	18%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

49 Vicinity Centres Direct Portfolio June 2018

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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 and HOYTS Cinema. The centre includes more than 190 specialty stores and a recently updated food and entertainment precinct.

Property overview

Tenant mix by gross lettable area (GLA)

State	VIC
Centre type	Major Regional
Ownership Interest (%)	100
Date acquired	1994
Centre frst opened	1971
Latest redevelopment	2011
Valuation External/Internal	External
Valuation ($m)1	630.0
Valuation date	Jun-18
Capitalisation rate (%)	5.75
Discount rate (%)	7.50

==> picture [113 x 111] intentionally omitted <==

Supermarkets	11%
Discount department stores	17%
Department stores	19%
Mini majors	13%
Specialties	26%
Other retail	10%
Non retail	5%

Property metrics

Specialty store lease expiry profile by income

32% 15% 19% 13% 21% FY194 FY20 FY21 FY22 FY23+ Gross lettable area (GLA) 88,980 Number of tenants 235 Major tenants2 Aldi, Coles, HOYTS Cinema, Kmart, Myer, Target, Woolworths Car spaces 3,438 Moving annual turnover (MAT) ($m) 424.0 MAT/sqm – Total ($) 5,246 MAT/sqm – Specialty ($) 8,301 Specialty occupancy cost (%)3 15.9 Occupancy rate by GLA (%) 98.8 Weighted average lease expiry by GLA (years) 5.1 Green Star – Performance 3 Stars NABERS Energy rating 4.0 Stars NABERS Water rating 4.0 Stars	32%
	13%
	15%
	19%
	21%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

Vicinity Centres Direct Portfolio June 2018 50

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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 by seven days a week Kmart, Coles which opens 6.00am through to midnight daily and 13 specialty stores.

Property overview

Tenant mix by gross lettable area (GLA)

State	VIC
Centre type	Sub Regional
Ownership Interest (%)	100
Date acquired	2003
Centre frst opened	1970
Latest redevelopment	n.a.
Valuation External/Internal	Internal
Valuation ($m)1	51.0
Valuation date	Jun-18
Capitalisation rate (%)	6.00
Discount rate (%)	7.25

==> picture [113 x 111] intentionally omitted <==

Supermarkets	24%
Discount department stores	60%
Specialties	10%
Other retail	7%

Property metrics

Gross lettable area (GLA)	14,035
Number of tenants	18
Major tenants2	Coles, Kmart
Car spaces	570
Moving annual turnover (MAT) ($m)	96.8
MAT/sqm – Total ($)	7,094
MAT/sqm – Specialty ($)	10,433
Specialty occupancy cost (%)3	11.1
Occupancy rate by GLA (%)	100.0
Weighted average lease expiry by GLA (years)	3.2
Green Star – Performance	4 Stars

Specialty store lease expiry profile by income

FY194 FY20 FY21 FY22 FY23+	17%
	21%
	22%
	13%
	27%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

51 Vicinity Centres Direct Portfolio June 2018

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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 30 specialty stores.

Property overview

Tenant mix by gross lettable area (GLA)

State	VIC
Centre type	Neighbourhood
Ownership Interest (%)	100
Date acquired	2014
Centre frst opened	2002
Latest redevelopment	2009
Valuation External/Internal	Internal
Valuation ($m)1	82.0
Valuation date	Jun-18
Capitalisation rate (%)	6.25
Discount rate (%)	7.50

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

Supermarkets	45%
Mini majors	13%
Specialties	33%
Other retail	4%
Non retail	5%

Property metrics

Gross lettable area (GLA)	10,027
Number of tenants	42
Major tenants2	Woolworths
Car spaces	534
Moving annual turnover (MAT) ($m)	147.2
MAT/sqm – Total ($)	16,403
MAT/sqm – Specialty ($)	7,727
Specialty occupancy cost (%)3	13.2
Occupancy rate by GLA (%)	97.7
Weighted average lease expiry by GLA (years)	7.0
Green Star – Performance	2 Stars

Specialty store lease expiry profile by income

FY194 FY20 FY21 FY22 FY23+	19%
	15%
	11%
	18%
	37%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

Vicinity Centres Direct Portfolio June 2018 52

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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 50 specialty stores.

Property overview

Tenant mix by gross lettable area (GLA)

State	VIC
Centre type	Sub Regional
Ownership Interest (%)	100
Date acquired	2001
Centre frst opened	1975
Latest redevelopment	2007
Valuation External/Internal	External
Valuation ($m)1	119.0
Valuation date	Jun-18
Capitalisation rate (%)	6.00
Discount rate (%)	7.00

==> picture [114 x 111] intentionally omitted <==

Supermarkets	22%
Discount department stores	17%
Mini majors	6%
Specialties	32%
Other retail	4%
Non retail	19%

Property metrics

Gross lettable area (GLA)	14,593
Number of tenants	84
Major tenants2	Coles, Harris Scarfe
Car spaces	882
Moving annual turnover (MAT) ($m)	74.2
MAT/sqm – Total ($)	6,436
MAT/sqm – Specialty ($)	6,694
Specialty occupancy cost (%)3	17.5
Occupancy rate by GLA (%)	100.0
Weighted average lease expiry by GLA (years)	4.5
Green Star – Performance	1 Star

Specialty store lease expiry profile by income

FY194 FY20 FY21 FY22 FY23+	31%
	14%
	23%
	11%
	21%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

53 Vicinity Centres Direct Portfolio June 2018

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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

Tenant mix by gross lettable area (GLA)

State	VIC
Centre type	Sub Regional
Ownership Interest (%)	100
Date acquired	2000
Centre frst opened	1987
Latest redevelopment	2010
Valuation External/Internal	Internal
Valuation ($m)1	217.0
Valuation date	Jun-18
Capitalisation rate (%)	6.00
Discount rate (%)	7.25

==> picture [119 x 111] intentionally omitted <==

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

Property metrics

Gross lettable area (GLA)	23,723
Number of tenants	115
Major tenants2	Big W, Woolworths
Car spaces	1,511
Moving annual turnover (MAT) ($m)	186.0
MAT/sqm – Total ($)	8,715
MAT/sqm – Specialty ($)	10,919
Specialty occupancy cost (%)3	14.9
Occupancy rate by GLA (%)	100.0
Weighted average lease expiry by GLA (years)	5.9
Green Star – Performance	1 Star

Specialty store lease expiry profile by income

FY194 FY20 FY21 FY22 FY23+	16%
	16%
	13%
	23%
	33%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

Vicinity Centres Direct Portfolio June 2018 54

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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 130 specialty stores. The centre features family friendly amenities such as the 'Quiet Room' and Victoria's first digital interactive playground.

Property overview

Tenant mix by gross lettable area (GLA)

State	VIC
Centre type	Regional
Ownership Interest (%) Date acquired	100 1994
Centre frst opened	1974
Latest redevelopment	2011
Valuation External/Internal	External
Valuation ($m)1	330.5
Valuation date	Jun-18
Capitalisation rate (%)	6.50
Discount rate (%)	7.25

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

Supermarkets	15%
Discount department stores	25%
Mini majors	12%
Specialties	23%
Other retail	14%
Non retail	11%

Property metrics

Specialty store lease expiry profile by income

43% 9% 12% 19% 17% FY195 FY20 FY21 FY22 FY23+ Gross lettable area (GLA) 61,555 Number of tenants 178 Major tenants2 Aldi, Big W, Coles, HOYTS Cinema, Kmart, Woolworths Car spaces 3,051 Moving annual turnover (MAT) ($m)3 n.a. MAT/sqm – Total ($)3 n.a. MAT/sqm – Specialty ($)3 n.a. Specialty occupancy cost (%)3,4 n.a. Occupancy rate by GLA (%) 99.7 Weighted average lease expiry by GLA (years) 4.6 Green Star – Performance 3 Stars NABERS Energy rating 2.5 Stars NABERS Water rating 4.5 Stars	43%
	19%
	9%
	12%
	17%

1 Expressed on 100% basis.

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

3 Non-comparable for sales reporting purposes.

4 Includes marketing levy and based on GST inclusive turnover.

5 Includes holdovers.

55 Vicinity Centres Direct Portfolio June 2018

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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 and HOYTS Cinema and includes more than 390 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. Victoria's Secret first Australian full line flagship store, more luxury retailers, and new casual dining options will open in FY19. Construction has commenced on a 250 room, 13-storey hotel adjacent to Chadstone, expected to open in late 2019.

Property overview

Tenant mix by gross lettable area (GLA)

State	VIC
Centre type	Super Regional
Ownership Interest (%)	50
Date acquired	1994
Centre frst opened	1960
Latest redevelopment	2016
Valuation External/Internal	External
Valuation ($m)1	6,100.0
Valuation date	Jun-18
Capitalisation rate (%)	3.75
Discount rate (%)	6.25

==> picture [115 x 111] intentionally omitted <==

Supermarkets	5%
Discount department stores	6%
Department stores	19%
Mini majors	21%
Specialties	26%
Other retail	7%
Non retail	17%

Property metrics

Specialty store lease expiry profile by income

Gross lettable area (GLA) Number of tenants	211,451 495	FY195 FY20	10% 7%	10% 7%
Major tenants2	Aldi, Coles, David Jones, HOYTS Cinema, Kmart, Myer,	FY21	8%
	Target, Woolworths	FY22		12%
Car spaces	10,050	FY23+			64%
Moving annual turnover (MAT) ($m)3	n.a.
MAT/sqm – Total ($)3	n.a.
MAT/sqm – Specialty ($)3	n.a.
Specialty occupancy cost (%)3,4	n.a.
Occupancy rate by GLA (%)	100.0
Weighted average lease expiry by GLA (years)	5.8
Green Star – Performance	3 Stars
NABERS Energy rating	4.0 Stars
NABERS Water rating	2.0 Stars

1 Expressed on 100% basis.

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

3 Non-comparable for sales reporting purposes.

4 Includes marketing levy and based on GST inclusive turnover.

5 Includes holdovers.

Vicinity Centres Direct Portfolio June 2018

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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

Tenant mix by gross lettable area (GLA)

State	VIC
Centre type	Sub Regional
Ownership Interest (%) Date acquired	100 2002
Centre frst opened	1973
Latest redevelopment	2005
Valuation External/Internal	Internal
Valuation ($m)1	130.0
Valuation date	Jun-18
Capitalisation rate (%)	7.25
Discount rate (%)	7.25

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

Supermarkets	26%
Discount department stores	19%
Mini majors	11%
Specialties	22%
Other retail	4%
Non retail	18%

Property metrics

Specialty store lease expiry profile by income

36% 19% 7% 16% 23% FY194 FY20 FY21 FY22 FY23+ Gross lettable area (GLA) 31,497 Number of tenants 101 Major tenants2 Coles, Kmart, Woolworths Car spaces 1,530 Moving annual turnover (MAT) ($m) 157.8 MAT/sqm – Total ($) 6,534 MAT/sqm – Specialty ($) 5,876 Specialty occupancy cost (%)3 14.4 Occupancy rate by GLA (%) 98.8 Weighted average lease expiry by GLA (years) 3.9 Green Star – Performance 3 Stars NABERS Energy rating 4.0 Stars NABERS Water rating 2.0 Stars	36%
	16%
	19%
	7%
	23%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

57 Vicinity Centres Direct Portfolio June 2018

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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)

State	VIC
Centre type	Regional
Ownership Interest (%)	50
Date acquired	2000
Centre frst opened	1979
Latest redevelopment	2015
Valuation External/Internal	External
Valuation ($m)1	322.5
Valuation date	Jun-18
Capitalisation rate (%)	5.50
Discount rate (%)	7.25

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

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

Property metrics

Gross lettable area (GLA)	46,934
Number of tenants	141
Major tenants2	Coles, Harris Scarfe, Kmart,
	Target, Woolworths
Car spaces	1,700
Moving annual turnover (MAT) ($m)	247.8
MAT/sqm – Total ($)	6,119
MAT/sqm – Specialty ($)	7,805
Specialty occupancy cost (%)3	16.2
Occupancy rate by GLA (%)	99.6
Weighted average lease expiry by GLA (years)	7.2
Green Star – Performance	3 Stars

Specialty store lease expiry profile by income

FY194 FY20 FY21 FY22 FY23+	10%
	28%
	20%
	17%
	25%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

Vicinity Centres Direct Portfolio June 2018 58

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DFO Essendon

100 Bulla Road, Essendon Fields VIC 3041

dfo.com.au/essendon

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

Property overview

Tenant mix by gross lettable area (GLA)

State	VIC
Centre type	Mini majors Outlet Centre	13%
Ownership Interest (%) Date acquired Centre frst opened	Specialties Non retail 100 2010 2005	87% 1%
Latest redevelopment	2006
Valuation External/Internal	Internal
Valuation ($m)1	178.0
Valuation date	Jun-18
Capitalisation rate (%)	6.75
Discount rate (%)	8.25

Property metrics

Specialty store lease expiry profile by income

Gross lettable area (GLA) Number of tenants	52,325 116	FY194 FY20		25%
Major tenants2	–
Car spaces Moving annual turnover (MAT) ($m)	2,137 250.4	FY21 FY22		25%	29%
MAT/sqm – Total ($)	10,072	FY23+	12%
MAT/sqm – Specialty ($)	9,646
Specialty occupancy cost (%)3	12.0
Occupancy rate by GLA (%)	100.0
Weighted average lease expiry by GLA (years)	2.4
Green Star – Performance	3 Stars
NABERS Energy rating	4.5 Stars
NABERS Water rating	5.0 Stars

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

59 Vicinity Centres Direct Portfolio June 2018

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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 Polo Ralph Lauren.

Property overview

Tenant mix by gross lettable area (GLA)

State	VIC
Centre type	Mini majors Outlet Centre	20%
Ownership Interest (%) Date acquired	Specialties 100 2010	79%
Centre frst opened	1994
Latest redevelopment	2007
Valuation External/Internal	External
Valuation ($m)1	126.0
Valuation date	Jun-18
Capitalisation rate (%)	7.50
Discount rate (%)	8.75

Property metrics

Specialty store lease expiry profile by income

27% 16% 25% 14% 19% FY194 FY20 FY21 FY22 FY23+ Gross lettable area (GLA) 24,678 Number of tenants 131 Major tenants2 – Car spaces 1,362 Moving annual turnover (MAT) ($m) 158.2 MAT/sqm – Total ($) 6,845 MAT/sqm – Specialty ($) 7,114 Specialty occupancy cost (%)3 12.0 Occupancy rate by GLA (%) 100.0 Weighted average lease expiry by GLA (years) 2.3 Green Star – Performance 3 Stars NABERS Energy rating 4.0 Stars NABERS Water rating 4.5 Stars	27%
	14%
	16%
	25%
	19%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

Vicinity Centres Direct Portfolio June 2018 60

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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 150 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 adjacent to the centre, DFO South Wharf is a retail and dining destination for Melbourne residents and tourists.

Property overview

Tenant mix by gross lettable area (GLA)

State	VIC
Centre type	Outlet Centre
Ownership Interest (%)	100
Date acquired	2010
Centre frst opened	2009
Latest redevelopment	2016
Valuation External/Internal	Internal
Valuation ($m)1	655.0
Valuation date	Jun-18
Capitalisation rate (%)	5.75
Discount rate (%)	8.00

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

Mini majors 22%
Specialties 78%
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Property metrics

Specialty store lease expiry profile by income

Gross lettable area (GLA)	55,899	FY194
Number of tenants	166	FY20			25%
Major tenants2 Car spaces	– 2,936	FY21				30%
Moving annual turnover (MAT) ($m)	409.1	FY22		19%
MAT/sqm – Total ($)	10,499	FY23+	11%
MAT/sqm – Specialty ($)	10,184
Specialty occupancy cost (%)3	10.5
Occupancy rate by GLA (%)	100.0
Weighted average lease expiry by GLA (years)	2.2
Green Star – Performance	2 Stars
NABERS Energy rating	1.0 Star
NABERS Water rating	2.0 Stars

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

61 Vicinity Centres Direct Portfolio June 2018

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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 Myer and Uniqlo flagship store and includes more than 205 international and specialty stores. The centre is an experience integrating fashion, culture and food.

Property overview

Tenant mix by gross lettable area (GLA)

State	VIC
Centre type	City Centre
Ownership Interest (%)	50
Date acquired	2007
Centre frst opened	2014
Latest redevelopment	n.a.
Valuation External/Internal	External
Valuation ($m)1	1,370.0
Valuation date	Jun-18
Capitalisation rate (%)	4.25
Discount rate (%)	7.00

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Department stores	15%
Mini majors	25%
Specialties	56%
Other retail	3%
Non retail	1%

Property metrics

Specialty store lease expiry profile by income

30% 21% 11% 27% 11% FY194 FY20 FY21 FY22 FY23+ Gross lettable area (GLA) 45,219 Number of tenants 220 Major tenants2 Myer Car spaces – Moving annual turnover (MAT) ($m) 445.8 MAT/sqm – Total ($) 10,166 MAT/sqm – Specialty ($) 13,135 Specialty occupancy cost (%)3 18.7 Occupancy rate by GLA (%) 99.4 Weighted average lease expiry by GLA (years) 3.0 Green Star – Performance 2 Stars	30%
	27%
	21%
	11%
	11%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

Vicinity Centres Direct Portfolio June 2018 62

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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

Tenant mix by gross lettable area (GLA)

State	VIC
Centre type	Sub Regional
Ownership Interest (%)	50
Date acquired	1999
Centre frst opened	2000
Latest redevelopment	n.a.
Valuation External/Internal	Internal
Valuation ($m)1	74.0
Valuation date	Jun-18
Capitalisation rate (%)	6.00
Discount rate (%)	7.50

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

Property metrics

Specialty store lease expiry profile by income

38% 10% 6% 31% 15% FY194 FY20 FY21 FY22 FY23+ Gross lettable area (GLA) 11,774 Number of tenants 37 Major tenants2 Coles, Target Car spaces 505 Moving annual turnover (MAT) ($m) 99.5 MAT/sqm – Total ($) 8,405 MAT/sqm – Specialty ($) 9,072 Specialty occupancy cost (%)3 15.4 Occupancy rate by GLA (%) 100.0 Weighted average lease expiry by GLA (years) 2.0 Green Star – Performance 3 Stars	38%
	31%
	10%
	6%
	15%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

63 Vicinity Centres Direct Portfolio June 2018

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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

Tenant mix by gross lettable area (GLA)

State	VIC
Centre type	City Centre
Ownership Interest (%)	33
Date acquired	2007
Centre frst opened	1914
Latest redevelopment	2011
Valuation External/Internal	Internal
Valuation ($m)1	480.0
Valuation date	Jun-18
Capitalisation rate (%)	4.75
Discount rate (%)	6.75

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

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

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

Property metrics

Gross lettable area (GLA)	39,924
Number of tenants	1
Major tenants2	Myer
Car spaces	–
Moving annual turnover (MAT) ($m)	n.a.
MAT/sqm – Total ($)	n.a.
MAT/sqm – Specialty ($)	n.a.
Specialty occupancy cost (%)3	n.a.
Occupancy rate by GLA (%)	100.0
Weighted average lease expiry by GLA (years)	13.5

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

Vicinity Centres Direct Portfolio June 2018 64

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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 and HOYTS Cinema and includes more than 230 specialty stores. The centre is complimented by a popular outdoor entertainment and dining precinct.

Property overview

Tenant mix by gross lettable area (GLA)

State	VIC
Centre type	Major Regional
Ownership Interest (%)	50
Date acquired	1994
Centre frst opened	1966
Latest redevelopment	2014
Valuation External/Internal	External
Valuation ($m)1	980.0
Valuation date	Jun-18
Capitalisation rate (%)	5.50
Discount rate (%)	7.25

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Supermarkets	10%
Discount department stores	14%
Department stores	19%
Mini majors	13%
Specialties	27%
Other retail	9%
Non retail	7%

Property metrics

Gross lettable area (GLA)	98,540
Number of tenants	279
Major tenants2	Aldi, Coles, HOYTS Cinema,
	Kmart, Myer, Target, Woolworths
Car spaces	4,640
Moving annual turnover (MAT) ($m)	543.9
MAT/sqm – Total ($)	6,168
MAT/sqm – Specialty ($)	9,120
Specialty occupancy cost (%)3	18.3
Occupancy rate by GLA (%)	99.9
Weighted average lease expiry by GLA (years)	6.5
Green Star – Performance	3 Stars
NABERS Energy rating	3.0 Stars
NABERS Water rating	3.5 Stars

Specialty store lease expiry profile by income

FY194 FY20 FY21 FY22 FY23+	30%
	17%
	22%
	14%
	18%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

65 Vicinity Centres Direct Portfolio June 2018

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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

Tenant mix by gross lettable area (GLA)

State	VIC
Centre type	Neighbourhood
Ownership Interest (%)	100
Date acquired	2003
Centre frst opened	1987
Latest redevelopment	2008
Valuation External/Internal	External
Valuation ($m)1	76.0
Valuation date	Jun-18
Capitalisation rate (%)	6.00
Discount rate (%)	7.00

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Supermarkets	66%
Specialties	27%
Other retail	3%
Non retail	4%

Property metrics

Gross lettable area (GLA)	13,939
Number of tenants	44
Major tenants2	Coles, Woolworths
Car spaces	643
Moving annual turnover (MAT) ($m)	126.3
MAT/sqm – Total ($)	9,546
MAT/sqm – Specialty ($)	5,757
Specialty occupancy cost (%)3	14.1
Occupancy rate by GLA (%)	100.0
Weighted average lease expiry by GLA (years)	5.8
Green Star – Performance	2 Stars

Specialty store lease expiry profile by income

FY194 FY20 FY21 FY22 FY23+	17%	17%
	25%
	12%
	36%
	10%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

Vicinity Centres Direct Portfolio June 2018 66

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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

Tenant mix by gross lettable area (GLA)

State	VIC
Centre type	Sub Regional
Ownership Interest (%)	100
Date acquired	1997
Centre frst opened	1999
Latest redevelopment	2012
Valuation External/Internal	External
Valuation ($m)1	122.1
Valuation date	Jun-18
Capitalisation rate (%)	6.25
Discount rate (%)	7.25

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Supermarkets	48%
Mini majors	11%
Specialties	22%
Other retail	10%
Non retail	10%

Property metrics

Gross lettable area (GLA)	24,744
Number of tenants	68
Major tenants2	Aldi, Coles, Woolworths
Car spaces	1,357
Moving annual turnover (MAT) ($m)	151.3
MAT/sqm – Total ($)	6,475
MAT/sqm – Specialty ($)	5,990
Specialty occupancy cost (%)3	14.8
Occupancy rate by GLA (%)	99.4
Weighted average lease expiry by GLA (years)	4.4
Green Star – Performance	3 Stars
NABERS Energy rating	3.5 Stars
NABERS Water rating	2.0 Stars

Specialty store lease expiry profile by income

FY194 FY20 FY21 FY22 FY23+	20%
	38%
	8%
	10%
	24%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

67 Vicinity Centres Direct Portfolio June 2018

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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 45 specialty stores.

Property overview

Tenant mix by gross lettable area (GLA)

State	VIC
Centre type	Sub Regional
Ownership Interest (%) Date acquired	50 2003
Centre frst opened	1997
Latest redevelopment	2004
Valuation External/Internal	External
Valuation ($m)1	122.0
Valuation date	Jun-18
Capitalisation rate (%)	6.25
Discount rate (%)	7.00

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

Property metrics

Gross lettable area (GLA)	34,051
Number of tenants	74
Major tenants2	Big W, Village Cinemas, Woolworths
Car spaces	1,743
Moving annual turnover (MAT) ($m)	154.1
MAT/sqm – Total ($)	5,129
MAT/sqm – Specialty ($)	6,797
Specialty occupancy cost (%)3	15.1
Occupancy rate by GLA (%)	100.0
Weighted average lease expiry by GLA (years)	3.9
Green Star – Performance	3 Stars

Specialty store lease expiry profile by income

FY194 FY20 FY21 FY22 FY23+	37%
	26%
	7%
	16%
	14%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

Vicinity Centres Direct Portfolio June 2018 68

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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 south-east of the Melbourne CBD. It is anchored by Coles and Target Country and includes more than 20 specialty stores.

Property overview

Tenant mix by gross lettable area (GLA)

State	VIC
Centre type	Neighbourhood
Ownership Interest (%)	100
Date acquired	2003
Centre frst opened	1987
Latest redevelopment	2012
Valuation External/Internal	Internal
Valuation ($m)1	51.2
Valuation date	Jun-18
Capitalisation rate (%)	6.25
Discount rate (%)	7.25

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Supermarkets	34%
Mini majors	18%
Specialties	21%
Other retail	11%
Non retail	17%

Property metrics

Gross lettable area (GLA)	10,871
Number of tenants	43
Major tenants2	Coles
Car spaces	504
Moving annual turnover (MAT) ($m)	87.8
MAT/sqm – Total ($)	9,907
MAT/sqm – Specialty ($)	9,109
Specialty occupancy cost (%)3	8.2
Occupancy rate by GLA (%)	98.9
Weighted average lease expiry by GLA (years)	5.4
Green Star – Performance	3 Stars

Specialty store lease expiry profile by income

FY194 FY20 FY21 FY22 FY23+	11%
	7%
	35%
	3%
	44%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

69 Vicinity Centres Direct Portfolio June 2018

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The Glen

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

The Glen is a two level Major Regional shopping centre located in Glen Waverley, approximately 20 kilometres south-east of the Melbourne CBD. It is anchored by David Jones, Target, Coles, the latest format Woolworths and a new Aldi and includes more than 65 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 opened in March 2018 and included a contemporary food gallery. The remainder of The Glen redevelopment will open in stages through to 2020 and will include specialty retailers and a new format David Jones.

Property overview

Tenant mix by gross lettable area (GLA)

State	VIC
Centre type	Major Regional
Ownership Interest (%)	50
Date acquired	1994
Centre frst opened	1991
Latest redevelopment	2017
Valuation External/Internal	Internal
Valuation ($m)1	612.7
Valuation date	Jun-18
Capitalisation rate (%)	5.75
Discount rate (%)	7.75

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

Supermarkets	23%
Discount department stores	15%
Department stores	18%
Mini majors	13%
Specialties	14%
Other retail	1%
Non retail	17%

Property metrics

Gross lettable area (GLA)	44,943
Number of tenants	103
Major tenants2	Aldi, Coles, David Jones,
	Target, Woolworths
Car spaces	2,129
Moving annual turnover (MAT) ($m)3	n.a.
MAT/sqm – Total ($)3	n.a.
MAT/sqm – Specialty ($)3	n.a.
Specialty occupancy cost (%)3,4	n.a.
Occupancy rate by GLA (%)	100.0
Weighted average lease expiry by GLA (years)	5.3
Green Star – Performance	2 Stars

Specialty store lease expiry profile by income

10% 0% 1% 3% 87% FY195 FY20 FY21 FY22 FY23+	10% 0% 1% 3% 87% FY195 FY20 FY21 FY22 FY23+

	87%

1 Expressed on 100% basis.

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

3 Non-comparable for sales reporting purposes.

4 Includes marketing levy and based on GST inclusive turnover.

5 Includes holdovers.

Vicinity Centres Direct Portfolio June 2018 70

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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 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

Tenant mix by gross lettable area (GLA)

State	VIC
Centre type	Sub Regional
Ownership Interest (%)	50
Date acquired	2003
Centre frst opened	2003
Latest redevelopment	n.a.
Valuation External/Internal	External
Valuation ($m)1	280.5
Valuation date	Jun-18
Capitalisation rate (%)	5.75
Discount rate (%)	7.25

==> picture [116 x 111] intentionally omitted <==

Supermarkets	13%
Discount department stores	21%
Mini majors	16%
Specialties	19%
Other retail	24%
Non retail	7%

Property metrics

Specialty store lease expiry profile by income

28% 19% 17% 19% 18% FY194 FY20 FY21 FY22 FY23+ Gross lettable area (GLA) 35,161 Number of tenants 82 Major tenants2 Coles, HOYTS Cinema, Kmart Car spaces 2,154 Moving annual turnover (MAT) ($m) 201.2 MAT/sqm – Total ($) 6,806 MAT/sqm – Specialty ($) 10,312 Specialty occupancy cost (%)3 14.0 Occupancy rate by GLA (%) 99.6 Weighted average lease expiry by GLA (years) 3.7 Green Star – Performance 2 Stars NABERS Energy rating 3.0 Stars NABERS Water rating 3.5 Stars	28%
	19%
	19%
	17%
	18%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

71 Vicinity Centres Direct Portfolio June 2018

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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

Tenant mix by gross lettable area (GLA)

State	TAS
Centre type	Regional
Ownership Interest (%)	100
Date acquired	1994
Centre frst opened	1965
Latest redevelopment	2007
Valuation External/Internal	Internal
Valuation ($m)1	170.0
Valuation date	Jun-18
Capitalisation rate (%)	6.50
Discount rate (%)	7.25

==> picture [116 x 111] intentionally omitted <==

Supermarkets	22%
Discount department stores	32%
Mini majors	10%
Specialties	28%
Other retail	7%
Non retail	2%

Property metrics

Gross lettable area (GLA)	33,316
Number of tenants	92
Major tenants2	Big W, Coles, Kmart,
	Village Cinemas, Woolworths,
Car spaces	1,446
Moving annual turnover (MAT) ($m)	249.7
MAT/sqm – Total ($)	7,776
MAT/sqm – Specialty ($)	7,797
Specialty occupancy cost (%)3	13.3
Occupancy rate by GLA (%)	100.0
Weighted average lease expiry by GLA (years)	4.7
Green Star – Performance	3 Stars
NABERS Energy rating	5.0 Stars
NABERS Water rating	3.5 Stars

Specialty store lease expiry profile by income

FY194 FY20 FY21 FY22 FY23+	34%
	15%
	25%
	16%
	10%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

Vicinity Centres Direct Portfolio June 2018 72

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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

Tenant mix by gross lettable area (GLA)

State	TAS
Centre type	Sub Regional
Ownership Interest (%)	100
Date acquired	2009
Centre frst opened	1986
Latest redevelopment	1996
Valuation External/Internal	External
Valuation ($m)1	110.0
Valuation date	Jun-18
Capitalisation rate (%)	6.75
Discount rate (%)	7.50

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

Supermarkets	25%
Discount department stores	30%
Mini majors	6%
Specialties	31%
Other retail	2%
Non retail	6%

Property metrics

Specialty store lease expiry profile by income

36% 7% 16% 16% 25% FY194 FY20 FY21 FY22 FY23+ Gross lettable area (GLA) 19,465 Number of tenants 67 Major tenants2 Coles, Target Car spaces 855 Moving annual turnover (MAT) ($m) 139.3 MAT/sqm – Total ($) 7,956 MAT/sqm – Specialty ($) 9,529 Specialty occupancy cost (%)3 12.3 Occupancy rate by GLA (%) 99.4 Weighted average lease expiry by GLA (years) 3.8 Green Star – Performance 3 Stars NABERS Energy rating 4.5 Stars NABERS Water rating 3.5 Stars	36%
	16%
	7%
	16%
	25%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

73 Vicinity Centres Direct Portfolio June 2018

==> picture [82 x 78] intentionally omitted <==

Western Australia

==> picture [596 x 548] intentionally omitted <==

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

CURRAMBINE CENTRAL
ELLENBROOK CENTRAL
WARWICK GROVE
DIANELLA PLAZA
GALLERIA
FLINDERS SQUARE
DFO PERTH^
KARRATHA CITY
VICTORIA PARK CENTRAL
KALAMUNDA CENTRAL
MADDINGTON CENTRAL
LIVINGSTON MARKETPLACE
ROCKINGHAM CENTRE
WARNBRO CENTRE
MANDURAH FORUM
HALLS HEAD CENTRAL
STIRLINGS CENTRAL
PERTH
l Wholly owned
¢ Jointly owned
^ Includes DFO Perth (under construction).
* Includes the divestment of Flinders Square, WA, which was contracted for sale in July 2018,
settlement expected in August 2018.
----- End of picture text -----*

Vicinity Centres Direct Portfolio June 2018 74

Western Australia	Western Australia
76	Currambine Central
77	Dianella Plaza
78	Ellenbrook Central
79	Flinders Square
80	Galleria
81	Halls Head Central
82	Kalamunda Central
83	Karratha City
84	Livingston Marketplace
85	Maddington Central
86	Mandurah Forum
87	Rockingham Centre
88	Stirlings Central
89	Victoria Park Central
90	Warnbro Centre
91	Warwick Grove

Mandurah Forum, WA

75 Vicinity Centres Direct Portfolio June 2018

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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 Cinemas and includes more than 20 specialty stores.

Property overview

Tenant mix by gross lettable area (GLA)

State	WA
Centre type	Neighbourhood
Ownership Interest (%)	100
Date acquired	2014
Centre frst opened	1997
Latest redevelopment	2016
Valuation External/Internal	External
Valuation ($m)1	96.0
Valuation date	Jun-18
Capitalisation rate (%)	6.75
Discount rate (%)	8.00

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

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

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

Supermarkets 37%
Specialties 14%
Other retail 44%
Non retail 5%
----- End of picture text -----

Property metrics

Specialty store lease expiry profile by income

Gross lettable area (GLA)	17,061	FY194
Number of tenants	41	FY20	10%
Major tenants2	Farmer Jack's, Grand Cinemas, Woolworths	FY21				28%
Car spaces	900	FY22		15%
Moving annual turnover (MAT) ($m)	153.9	FY23+			22%
MAT/sqm – Total ($)	9,983
MAT/sqm – Specialty ($)	5,510
Specialty occupancy cost (%)3	18.6
Occupancy rate by GLA (%)	99.3
Weighted average lease expiry by GLA (years)	6.3
Green Star – Performance	2 Stars

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

Vicinity Centres Direct Portfolio June 2018 76

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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 40 specialty stores.

Property overview

Tenant mix by gross lettable area (GLA)

State	WA
Centre type	Neighbourhood
Ownership Interest (%)	100
Date acquired	2003
Centre frst opened	1968
Latest redevelopment	2002
Valuation External/Internal	Internal
Valuation ($m)1	89.8
Valuation date	Jun-18
Capitalisation rate (%)	6.50
Discount rate (%)	7.75

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

Supermarkets 49%
Mini majors 6%
Specialties 21%
Other retail 9%
Non retail 15%
----- End of picture text -----

Property metrics

Specialty store lease expiry profile by income

40% 7% 8% 26% 19% FY194 FY20 FY21 FY22 FY23+ Gross lettable area (GLA) 17,151 Number of tenants 59 Major tenants2 Coles, Woolworths Car spaces 1,071 Moving annual turnover (MAT) ($m) 104.0 MAT/sqm – Total ($) 7,105 MAT/sqm – Specialty ($) 6,583 Specialty occupancy cost (%)3 14.3 Occupancy rate by GLA (%) 99.7 Weighted average lease expiry by GLA (years) 2.5 Green Star – Performance 3 Stars NABERS Energy rating 4.5 Stars	40%
	26%
	7%
	8%
	19%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

77 Vicinity Centres Direct Portfolio June 2018

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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)

State	WA
Centre type	Sub Regional
Ownership Interest (%) Date acquired	100 2015
Centre frst opened	2004
Latest redevelopment	2016
Valuation External/Internal	Internal
Valuation ($m)1	244.0
Valuation date	Jun-18
Capitalisation rate (%)	5.50
Discount rate (%)	7.50

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Supermarkets	29%
Discount department stores	23%
Mini majors	6%
Specialties	19%
Other retail	7%
Non retail	16%

Property metrics

Gross lettable area (GLA)	36,673
Number of tenants	101
Major tenants2	Aldi, Big W, Coles, Woolworths
Car spaces	2,222
Moving annual turnover (MAT) ($m)	236.6
MAT/sqm – Total ($)	7,934
MAT/sqm – Specialty ($)	8,945
Specialty occupancy cost (%)3	11.2
Occupancy rate by GLA (%)	99.8
Weighted average lease expiry by GLA (years)	7.5
Green Star – Performance	1 Star
NABERS Energy rating	3.0 Stars
NABERS Water rating	1.5 Stars

Specialty store lease expiry profile by income

FY194 FY20 FY21 FY22 FY23+	35%
	4%
	14%
	15%
	32%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

Vicinity Centres Direct Portfolio June 2018 78

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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 15 specialty stores.

Property overview

Tenant mix by gross lettable area (GLA)

State	WA
Centre type	Neighbourhood
Ownership Interest (%)	100
Date acquired	2004
Centre frst opened	1982
Latest redevelopment	2007
Valuation External/Internal	Internal
Valuation ($m)1	39.5
Valuation date	Jun-18
Capitalisation rate (%)	6.00
Discount rate (%)	7.50

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Supermarkets	59%
Mini majors	10%
Specialties	19%
Other retail	2%
Non retail	11%

Property metrics

Gross lettable area (GLA)	6,007
Number of tenants	22
Major tenants2	Coles
Car spaces	389
Moving annual turnover (MAT) ($m)	60.6
MAT/sqm – Total ($)	11,795
MAT/sqm – Specialty ($)	8,617
Specialty occupancy cost (%)3	10.8
Occupancy rate by GLA (%)	100.0
Weighted average lease expiry by GLA (years)	5.7
Green Star – Performance	3 Stars

Specialty store lease expiry profile by income

FY194 FY20 FY21 FY22 FY23+	32%
	14%
	~~3~~%
	6%
	46%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

Contracted for sale in July 2018, settlement expected in August 2018.

79 Vicinity Centres Direct Portfolio June 2018

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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.

Property overview

Tenant mix by gross lettable area (GLA)

State	WA
Centre type	Major Regional
Ownership Interest (%)	50
Date acquired	2003
Centre frst opened	1994
Latest redevelopment	2008
Valuation External/Internal	Internal
Valuation ($m)1	760.0
Valuation date	Jun-18
Capitalisation rate (%)	5.50
Discount rate (%)	7.25

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Supermarkets	12%
Discount department stores	21%
Department stores	25%
Mini majors	6%
Specialties	22%
Other retail	11%
Non retail	2%

Property metrics

Specialty store lease expiry profile by income

60% 14% 6% 17% 3% FY195 FY20 FY21 FY22 FY23+ Gross lettable area (GLA) 82,287 Number of tenants 208 Major tenants2 Aldi, Coles, Greater Union, Kmart, Myer, Target, Woolworths Car spaces 4,086 Moving annual turnover (MAT) ($m)3 495.7 MAT/sqm – Total ($)3 6,843 MAT/sqm – Specialty ($)3 10,449 Specialty occupancy cost (%)3,4 19.5 Occupancy rate by GLA (%) 100.0 Weighted average lease expiry by GLA (years) 3.0 Green Star – Performance 3 Stars NABERS Energy rating 4.0 Stars	60%
	17%
	14%
	6%

1 Expressed on 100% basis.

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

3 Non-comparable for sales reporting purposes.

4 Includes marketing levy and based on GST inclusive turnover.

5 Includes holdovers.

Vicinity Centres Direct Portfolio June 2018 80

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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

Tenant mix by gross lettable area (GLA)

State	WA
Centre type	Sub Regional
Ownership Interest (%)	50
Date acquired	2001
Centre frst opened	2001
Latest redevelopment	2016
Valuation External/Internal	External
Valuation ($m)1	114.1
Valuation date	Jun-18
Capitalisation rate (%)	6.00
Discount rate (%)	7.25

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Supermarkets	28%
Discount department stores	34%
Mini majors	4%
Specialties	31%
Other retail	1%
Non retail	3%

Property metrics

Gross lettable area (GLA)	19,315
Number of tenants	59
Major tenants2	Aldi, Coles, Kmart
Car spaces	916
Moving annual turnover (MAT) ($m)	133.1
MAT/sqm – Total ($)	7,184
MAT/sqm – Specialty ($)	7,674
Specialty occupancy cost (%)3	11.8
Occupancy rate by GLA (%)	100.0
Weighted average lease expiry by GLA (years)	5.9
Green Star – Performance	3 Stars

Specialty store lease expiry profile by income

FY194 FY20 FY21 FY22 FY23+	8%
	58%
	16%
	18%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

81 Vicinity Centres Direct Portfolio June 2018

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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

Tenant mix by gross lettable area (GLA)

State	WA
Centre type	Neighbourhood
Ownership Interest (%)	100
Date acquired	2003
Centre frst opened	1989
Latest redevelopment	2002
Valuation External/Internal	Internal
Valuation ($m)1	42.0
Valuation date	Jun-18
Capitalisation rate (%)	6.25
Discount rate (%)	7.75

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

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

Property metrics

Gross lettable area (GLA)	8,357
Number of tenants	38
Major tenants2	Coles
Car spaces	346
Moving annual turnover (MAT) ($m)	72.9
MAT/sqm – Total ($)	9,697
MAT/sqm – Specialty ($)	6,414
Specialty occupancy cost (%)3	13.0
Occupancy rate by GLA (%)	99.3
Weighted average lease expiry by GLA (years)	1.8
Green Star – Performance	3 Stars

Specialty store lease expiry profile by income

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

FY19 [4] 36%
FY20 13%
FY21 20%
FY22 22%
FY23+ 10%
----- End of picture text -----

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

Vicinity Centres Direct Portfolio June 2018 82

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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 and Woolworths and includes more than 40 specialty stores.

Property overview

Tenant mix by gross lettable area (GLA)

State	WA
Centre type	Sub Regional
Ownership Interest (%)	50
Date acquired	2003
Centre frst opened	1986
Latest redevelopment	2005
Valuation External/Internal	External
Valuation ($m)1	102.5
Valuation date	Jun-18
Capitalisation rate (%)	7.00
Discount rate (%)	7.50

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Supermarkets	35%
Discount department stores	25%
Mini majors	14%
Specialties	19%
Other retail	4%
Non retail	3%

Property metrics

Specialty store lease expiry profile by income

50% 11% 7% 11% 22% FY194 FY20 FY21 FY22 FY23+ Gross lettable area (GLA) 23,978 Number of tenants 60 Major tenants2 Coles, Kmart, Woolworths Car spaces 1,275 Moving annual turnover (MAT) ($m) 206.9 MAT/sqm – Total ($) 9,054 MAT/sqm – Specialty ($) 9,280 Specialty occupancy cost (%)3 10.4 Occupancy rate by GLA (%) 99.8 Weighted average lease expiry by GLA (years) 6.9 Green Star – Performance 3 Stars	50%
	11%
	11%
	7%
	22%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

83 Vicinity Centres Direct Portfolio June 2018

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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

Tenant mix by gross lettable area (GLA)

State	WA
Centre type	Sub Regional
Ownership Interest (%)	100
Date acquired	2015
Centre frst opened	1998
Latest redevelopment	2004
Valuation External/Internal	Internal
Valuation ($m)1	89.0
Valuation date	Jun-18
Capitalisation rate (%)	6.00
Discount rate (%)	7.50

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Supermarkets	29%
Discount department stores	42%
Specialties	19%
Other retail	5%
Non retail	5%

Property metrics

Specialty store lease expiry profile by income

21% 30% 6% 32% 12% FY194 FY20 FY21 FY22 FY23+ Gross lettable area (GLA) 15,569 Number of tenants 46 Major tenants2 Big W, Woolworths Car spaces 1,018 Moving annual turnover (MAT) ($m) 118.8 MAT/sqm – Total ($) 8,370 MAT/sqm – Specialty ($) 9,265 Specialty occupancy cost (%)3 11.5 Occupancy rate by GLA (%) 100.0 Weighted average lease expiry by GLA (years) 5.3 Green Star – Performance 1 Star NABERS Energy rating 4.5 Stars NABERS Water rating 3.5 Stars	21%
	32%
	30%
	6%
	12%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

Vicinity Centres Direct Portfolio June 2018 84

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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

Tenant mix by gross lettable area (GLA)

State	WA
Centre type	Sub Regional
Ownership Interest (%)	100
Date acquired	2002
Centre frst opened	1980
Latest redevelopment	2004
Valuation External/Internal	Internal
Valuation ($m)1	120.0
Valuation date	Jun-18
Capitalisation rate (%)	7.00
Discount rate (%)	8.00

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

Property metrics

Gross lettable area (GLA)	27,756
Number of tenants	88
Major tenants2	Coles, Kmart, Woolworths
Car spaces	2,136
Moving annual turnover (MAT) ($m)	185.8
MAT/sqm – Total ($)	7,417
MAT/sqm – Specialty ($)	7,328
Specialty occupancy cost (%)3	14.6
Occupancy rate by GLA (%)	99.0
Weighted average lease expiry by GLA (years)	3.1
Green Star – Performance	2 Stars
NABERS Energy rating	2.5 Stars
NABERS Water rating	2.0 Stars

Specialty store lease expiry profile by income

FY194 FY20 FY21 FY22 FY23+	42%
	15%
	15%
	16%
	12%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

85 Vicinity Centres Direct Portfolio June 2018

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Mandurah Forum

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

Mandurah Forum is a single level Major Regional shopping centre located approximately 65 kilometres south of Perth CBD. The centre is anchored by Big W, Woolworths, Coles, Target and an upgraded Kmart. There is a new fresh food hall, large indooroutdoor dining and casual alfresco dining precincts, a premium fashion mall including a new-format David Jones store, H&M, Mecca Maxima and over 160 specialty retailers.

Property overview

Tenant mix by gross lettable area (GLA)

State	WA
Centre type	Major Regional
Ownership Interest (%)	50
Date acquired	1985
Centre frst opened	1983
Latest redevelopment	2018
Valuation External/Internal	External
Valuation ($m)1	671.7
Valuation date	Jun-18
Capitalisation rate (%)	5.25
Discount rate (%)	7.00

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Supermarkets	14%
Discount department stores	28%
Department stores	6%
Mini majors	11%
Specialties	30%
Other retail	7%
Non retail	5%

Property metrics

Specialty store lease expiry profile by income

Gross lettable area (GLA) Number of tenants	68,922 199	FY195 FY20		7% 2%
Major tenants2	Big W, Coles, David Jones, Kmart,
	Target, Woolworths	FY21		2%
Car spaces	2,022	FY22	1%
Moving annual turnover (MAT) ($m)3	n.a.	FY23+			88%
MAT/sqm – Total ($)3	n.a.
MAT/sqm – Specialty ($)3	n.a.
Specialty occupancy cost (%)3,4	n.a.
Occupancy rate by GLA (%)	100.0
Weighted average lease expiry by GLA (years)	7.8
Green Star – Performance	3 Stars

1 Expressed on 100% basis.

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

3 Non-comparable for sales reporting purposes.

4 Includes marketing levy and based on GST inclusive turnover.

5 Includes holdovers.

Vicinity Centres Direct Portfolio June 2018 86

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Rockingham Centre

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

Rockingham Centre is a single level Regional shopping centre located approximately 40 kilometres south-west of the Perth CBD 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 145 specialty stores. Rockingham Centre opens out to Syren Street, the premier alfresco dining and leisure precinct for the area.

Property overview

Tenant mix by gross lettable area (GLA)

State	WA
Centre type	Regional
Ownership Interest (%)	50
Date acquired	2002
Centre frst opened	1971
Latest redevelopment	2009
Valuation External/Internal	External
Valuation ($m)1	610.0
Valuation date	Jun-18
Capitalisation rate (%)	5.50
Discount rate (%)	7.25

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Supermarkets	15%
Discount department stores	25%
Mini majors	18%
Specialties	28%
Other retail	8%
Non retail	5%

Property metrics

Gross lettable area (GLA)	62,364
Number of tenants	196
Major tenants2	Ace Cinemas, Coles, Kmart,
	Target, Woolworths,
Car spaces	3,229
Moving annual turnover (MAT) ($m)	405.2
MAT/sqm – Total ($)	7,146
MAT/sqm – Specialty ($)	8,044
Specialty occupancy cost (%)3	18.3
Occupancy rate by GLA (%)	98.4
Weighted average lease expiry by GLA (years)	2.7
Green Star – Performance	3 Stars
NABERS Energy rating	4.5 Stars
NABERS Water rating	3.5 Stars

Specialty store lease expiry profile by income

FY194 FY20 FY21 FY22 FY23+	36%
	19%
	18%
	13%
	13%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

87 Vicinity Centres Direct Portfolio June 2018

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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 20 specialty stores.

Property overview

Tenant mix by gross lettable area (GLA)

State	WA
Centre type	Neighbourhood
Ownership Interest (%)	100
Date acquired	2003
Centre frst opened	1978
Latest redevelopment	2013
Valuation External/Internal	Internal
Valuation ($m)1	48.0
Valuation date	Jun-18
Capitalisation rate (%)	7.00
Discount rate (%)	8.00

==> picture [112 x 111] intentionally omitted <==

Supermarkets	42%
Mini majors	27%
Specialties	28%
Other retail	3%
Non retail	1%

Property metrics

Specialty store lease expiry profile by income

35% 22% 0% 29% 14% FY194 FY20 FY21 FY22 FY23+ Gross lettable area (GLA) 8,535 Number of tenants 31 Major tenants2 Woolworths Car spaces 145 Moving annual turnover (MAT) ($m) 75.7 MAT/sqm – Total ($) 9,666 MAT/sqm – Specialty ($) 6,678 Specialty occupancy cost (%)3 12.6 Occupancy rate by GLA (%) 99.0 Weighted average lease expiry by GLA (years) 8.2 Green Star – Performance 3 Stars	35%
	29%
	22%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

Vicinity Centres Direct Portfolio June 2018 88

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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 23 specialty stores.

Property overview

Tenant mix by gross lettable area (GLA)

State	WA
Centre type	Neighbourhood
Ownership Interest (%)	100
Date acquired	2004
Centre frst opened	2004
Latest redevelopment	n.a.
Valuation External/Internal	External
Valuation ($m)1	30.1
Valuation date	Jun-18
Capitalisation rate (%)	6.25
Discount rate (%)	7.50

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

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

Supermarkets 56%
Specialties 41%
Non retail 3%
----- End of picture text -----

Property metrics

Specialty store lease expiry profile by income

23% 23% 0% 28% 26% FY194 FY20 FY21 FY22 FY23+ Gross lettable area (GLA) 5,778 Number of tenants 27 Major tenants2 Woolworths Car spaces 223 Moving annual turnover (MAT) ($m) 50.6 MAT/sqm – Total ($) 9,924 MAT/sqm – Specialty ($) 5,718 Specialty occupancy cost (%)3 16.6 Occupancy rate by GLA (%) 100.0 Weighted average lease expiry by GLA (years) 4.6 Green Star – Performance 2 Stars	23%
	28%
	23%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

89 Vicinity Centres Direct Portfolio June 2018

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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 and an al fresco dining precinct.

Property overview

Tenant mix by gross lettable area (GLA)

State	WA
Centre type	Sub Regional
Ownership Interest (%)	100
Date acquired	2007
Centre frst opened	1998
Latest redevelopment	2014
Valuation External/Internal	Internal
Valuation ($m)1	105.0
Valuation date	Jun-18
Capitalisation rate (%)	7.00
Discount rate (%)	8.50

==> picture [110 x 111] intentionally omitted <==

Supermarkets	36%
Discount department stores	33%
Specialties	25%
Other retail	1%
Non retail	6%

Property metrics

Gross lettable area (GLA)	21,414
Number of tenants	66
Major tenants2	Big W, Coles, Woolworths
Car spaces	1,014
Moving annual turnover (MAT) ($m)	140.4
MAT/sqm – Total ($)	7,024
MAT/sqm – Specialty ($)	6,632
Specialty occupancy cost (%)3	17.7
Occupancy rate by GLA (%)	100.0
Weighted average lease expiry by GLA (years)	8.9
Green Star – Performance	3 Stars
NABERS Energy rating	5.0 Stars
NABERS Water rating	3.5 Stars

Specialty store lease expiry profile by income

FY194 FY20 FY21 FY22 FY23+	21%
	26%
	19%
	15%
	19%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

Vicinity Centres Direct Portfolio June 2018 90

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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

Tenant mix by gross lettable area (GLA)

State	WA
Centre type	Sub Regional
Ownership Interest (%)	100
Date acquired	2001
Centre frst opened	1974
Latest redevelopment	2003
Valuation External/Internal	Internal
Valuation ($m)1	200.0
Valuation date	Jun-18
Capitalisation rate (%)	6.50
Discount rate (%)	8.00

==> picture [113 x 111] intentionally omitted <==

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

Property metrics

Gross lettable area (GLA)	32,097
Number of tenants	94
Major tenants2	Coles, Grand Cinemas,
	Kmart, Woolworths
Car spaces	1,604
Moving annual turnover (MAT) ($m)	208.5
MAT/sqm – Total ($)	8,534
MAT/sqm – Specialty ($)	7,822
Specialty occupancy cost (%)3	14.8
Occupancy rate by GLA (%)	99.4
Weighted average lease expiry by GLA (years)	4.4
Green Star – Performance	2 Stars
NABERS Energy rating	3.5 Stars
NABERS Water rating	3.0 Stars

Specialty store lease expiry profile by income

FY194 FY20 FY21 FY22 FY23+	49%
	8%
	20%
	8%
	15%

1 Expressed on 100% basis.

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

3 Includes marketing levy and based on GST inclusive turnover.

4 Includes holdovers.

91 Vicinity Centres Direct Portfolio June 2018

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vicinity.com.au

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AI assistant

VICINITY CENTRES TRUST — Investor Presentation 2018

65995_rns_2018-08-14_83af68b7-d477-4151-b89c-be563d941d90.pdf

Contents

Direct Portfolio

Disclaimer

Effect of rounding

Copyright

About Vicinity Centres

Commitment to reconciliation

Overview

Key statistics by centre type

Composition by centre type[a]

Property statistics

Property statistics

Property statistics

New South Wales

New South Wales

Armidale Central

Property overview

Tenant mix by gross lettable area (GLA)

Property metrics

Specialty store lease expiry profile by income

Bankstown Central

Property overview

Tenant mix by gross lettable area (GLA)

Property metrics

Specialty store lease expiry profile by income

Carlingford Court

Property overview

Tenant mix by gross lettable area (GLA)

Property metrics

Specialty store lease expiry profile by income

Chatswood Chase Sydney

Property overview

Tenant mix by gross lettable area (GLA)

Property metrics

Specialty store lease expiry profile by income

DFO Homebush

Property overview

Tenant mix by gross lettable area (GLA)

Property metrics

Specialty store lease expiry profile by income

Lake Haven Centre

Property overview

Tenant mix by gross lettable area (GLA)

Property metrics

Specialty store lease expiry profile by income

Lavington Square

Property overview

Tenant mix by gross lettable area (GLA)

Property metrics

Specialty store lease expiry profile by income

Lennox Village

Property overview

Tenant mix by gross lettable area (GLA)

Property metrics

Specialty store lease expiry profile by income

Nepean Village

Property overview

Tenant mix by gross lettable area (GLA)

Property metrics

Specialty store lease expiry profile by income

Queen Victoria Building

Property overview

Tenant mix by gross lettable area (GLA)

Property metrics

Specialty store lease expiry profile by income

Roselands

Property overview

Tenant mix by gross lettable area (GLA)

Property metrics

Specialty store lease expiry profile by income

The Galeries

Property overview

Tenant mix by gross lettable area (GLA)

Property metrics

Specialty store lease expiry profile by income

The Strand Arcade

412-414 George Street, Sydney NSW 2000 strandarcade.com.au

VICINITY CENTRES TRUST Investor Presentation 2018