VICINITY CENTRES TRUST — Investor Presentation 2021

May 3, 2021

==> picture [492 x 113] intentionally omitted <==

ASX Announcement

4 May 2021

Macquarie Australia Conference presentation

Enclosed is the Vicinity Centres presentation for the Macquarie Australia Conference to be held today.

ENDS

For further information please contact:

Jane Kenny

Head of Investor Relations

T +61 3 7001 4291 E jane.kenny@vicinity.com.au

Mark Flintoft

Corporate Communications Manager T +61 3 7001 4306 E mark.flintoft@vicinity.com.au

About Vicinity Centres

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

Vicinity Centres (Vicinity) is one of Australia’s leading retail property groups. With a fully integrated asset management platform and $23 billion in retail assets under management across 62 shopping centres, it is the second largest listed manager of Australian retail property. Vicinity has a Direct Portfolio with interests in 60 shopping centres (including the DFO Brisbane business) and manages 30 assets on behalf of Strategic Partners, 28 of which are co-owned by Vicinity. Vicinity is listed on the Australian Securities Exchange (ASX) under the code ‘VCX’ and has over 29,000 securityholders. Vicinity also has European medium term notes listed on the ASX under the code ‘VCD’. For more information visit vicinity.com.au, or use your smartphone to scan this QR code.

Vicinity Centres

National Office Level 4, Chadstone Tower One 1341 Dandenong Road T +61 3 7001 4000 PO Box 104 F +61 3 7001 4001 Chadstone VIC 3148 vicinity.com.au

Vicinity Limited ABN 90 114 757 783 and Vicinity Centres RE Ltd ABN 88 149 781 322 As responsible entity for: Vicinity Centres Trust ARSN 104 931 928

==> picture [61 x 54] intentionally omitted <==

==> picture [1059 x 249] intentionally omitted <==

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

Macquarie Australia Conference
presentation
4 May 2021
----- End of picture text -----

Vicinity Centres | Macquarie Australia Conference presentation | 4 May 2021

16 Appendices

Welcome

Agenda

3 Economic environment 5 COVID-19: our insights

==> picture [162 x 148] intentionally omitted <==

Grant Kelley CEO AND MANAGING DIRECTOR

==> picture [162 x 144] intentionally omitted <==

Peter Huddle

CHIEF OPERATING OFFICER

==> picture [61 x 54] intentionally omitted <==

==> picture [159 x 144] intentionally omitted <==

Nicholas Schiffer CHIEF FINANCIAL OFFICER

==> picture [159 x 143] intentionally omitted <==

Justin Mills

CHIEF INNOVATION & INFORMATION OFFICER

Vicinity Centres | Macquarie Australia Conference presentation | 4 May 2021

2

==> picture [249 x 596] intentionally omitted <==

Economic environment

Grant Kelley CEO AND MANAGING DIRECTOR

==> picture [166 x 67] intentionally omitted <==

Chadstone, VIC

Economic environment

Despite market uncertainty, several positive macroeconomic indicators

==> picture [61 x 54] intentionally omitted <==

==> picture [1005 x 451] intentionally omitted <==

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

Consumer sentiment [1]
Residential dwelling values [2]
Index = 100
(Index = 100)
119
120 ADE 110.7
110
BNE 109.9
SYD 107.4
110
PER 106.7
105
100
MEL 101.8
90 100
80
95
70
Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 May-20 Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 Apr-21
Unemployment rate [3] Job advertisements [3] Household saving ratio [4]
Seasonally adjusted (%) Monthly (‘000) December 2018 to December 2020
8 300 25
22.0
239
18.7
20
6 200
15
12.0
5.60
10
4 100
5yr avg
Unemployment (lhs) Job ads (rhs) 5
2 0 0
Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20
1. Westpac-MI Consumer Sentiment. 3. Australian Government Labour Market Information Portal.
2. CoreLogic. 4. Australian Bureau of Statistics.
----- End of picture text -----

==> picture [1002 x 6] intentionally omitted <==

Vicinity Centres | Macquarie Australia Conference presentation | 4 May 2021

4

==> picture [249 x 596] intentionally omitted <==

COVID-19: our insights

Grant Kelley CEO AND MANAGING DIRECTOR

==> picture [166 x 67] intentionally omitted <==

QueensPlaza, QLD

COVID-19: our insights – asset portfolio

CBD assets

==> picture [61 x 54] intentionally omitted <==

CBD assets most impacted during COVID-19 Sophisticated retailers taking the opportunity to ensure a CBD presence Extended recovery profile

==> picture [199 x 158] intentionally omitted <==

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

Queen Victoria Building, NSW
----- End of picture text -----

==> picture [285 x 157] intentionally omitted <==

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

QueensPlaza, QLD
----- End of picture text -----

Weekly centre visitation compared to same week pre-COVID[1] Weekly data to 28 March 2021

==> picture [507 x 268] intentionally omitted <==

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

120%
Percentage Percentage
of 2020 of 2019
Total portfolio (ex-Victoria and CBDs)
100%
80%
Total portfolio
60%
40%
CBDs
20%
0%
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
2020 2021
----- End of picture text -----

==> picture [491 x 174] intentionally omitted <==

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

Emporium Melbourne, VIC The Strand Arcade, NSW
----- End of picture text -----

1. Excludes divestments and development-impacted centres in accordance with SCCA guidelines.

==> picture [1002 x 6] intentionally omitted <==

Vicinity Centres | Macquarie Australia Conference presentation | 4 May 2021

6

COVID-19: our insights – asset portfolio

DFOs: temporary significant impacts to visitation and sales during periods of ‘essential-only’ shopping

==> picture [61 x 54] intentionally omitted <==

DFOs are key to retailers achieving an optimal channel mix Positive leasing spreads maintained from July 2020 to March 2021, at 2.9% Continued demand by value-conscious shoppers

==> picture [265 x 16] intentionally omitted <==

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

DFO MAT retail sales vs leasing spreads [2]
----- End of picture text -----

Weekly centre visitation compared to same week pre-COVID[1]

==> picture [1002 x 298] intentionally omitted <==

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

Weekly data to 28 March 2021
140%
20%
Percentage Percentage 15.8%
120% of 2020 of 2019 11.8% 12.1%
Total portfolio (ex-Victoria and CBDs) 10% 4.6% 5.2%
100% 2.9%
0%
80%
Total portfolio
-10% -13.7%
60%
-20%
40%
Leasing spreads
DFOs
20% -30% -33.4%
MAT growth
0%
-40%
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
Jun-18 Jun-19 Jun-20 Mar-21
2020 2021
----- End of picture text -----

1. Excludes divestments and development-impacted centres in accordance with SCCA guidelines.

==> picture [251 x 9] intentionally omitted <==

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

2. March 2021 leasing spread for the nine months to 31 March 2021.
----- End of picture text -----

==> picture [1002 x 6] intentionally omitted <==

Vicinity Centres | Macquarie Australia Conference presentation | 4 May 2021

7

COVID-19: our insights – asset portfolio

Convenience-based centres[1] showed resilience during COVID-19

==> picture [61 x 54] intentionally omitted <==

Convenience-based centre MAT retail sales have outperformed total portfolio

Total portfolio benefits from asset diversification Weak SME leasing spreads

Convenience sales growth versus total portfolio retail sales

MAT for the period ended

==> picture [473 x 271] intentionally omitted <==

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

10%
2.1%
0.4%
2.7% -0.8%
0%
1.2%
-3.8%
-7.0%
-10%
Convenience Portfolio
-20% -18.3%
Jun-18 Jun-19 Jun-20 Mar-21
1. Convenience-based centres comprises centres where at least 50% of retailers are considered essential.
----- End of picture text -----

==> picture [475 x 415] intentionally omitted <==

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

Nepean Village, NSW
----- End of picture text -----

==> picture [1002 x 6] intentionally omitted <==

Vicinity Centres | Macquarie Australia Conference presentation | 4 May 2021

8

COVID-19: our insights – asset portfolio

Mixed-use increasingly important to future development of shopping centre real estate

==> picture [61 x 54] intentionally omitted <==

COVID-19 may have increased flexible working and the attractiveness of office locations outside the CBD Vicinity has accelerated the planning of a number of projects during COVID-19 Mixed-use additions strengthen the performance of retail assets

==> picture [488 x 262] intentionally omitted <==

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

Bankstown Central, NSW – Artist’s impression of proposed office tower
----- End of picture text -----

==> picture [490 x 261] intentionally omitted <==

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

Victoria Gardens, VIC – Artist’s impression of proposed Doonside Street project
----- End of picture text -----

==> picture [1002 x 6] intentionally omitted <==

Vicinity Centres | Macquarie Australia Conference presentation | 4 May 2021

9

COVID-19: our insights – operating model

No changes to lease structure: Vicinity invests in attractive destinations in return for fixed rents with annual increases

==> picture [61 x 54] intentionally omitted <==

Vicinity and the industry met the challenge of COVID-19; supporting retailers with short-term adjustments to rent Speculation on shift to turnover-based rents

No fundamental change in lease deal structures of fixed rent with annual increases

==> picture [506 x 416] intentionally omitted <==

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

Emporium Melbourne, VIC
----- End of picture text -----

==> picture [1002 x 6] intentionally omitted <==

Vicinity Centres | Macquarie Australia Conference presentation | 4 May 2021

10

COVID-19: our insights – operating model

Mandated store closures accelerated the adoption of omni-channel retailing which Vicinity continues to support

==> picture [61 x 54] intentionally omitted <==

Retailers accelerated investment in omni-channel in 2020

Online sales growth spiked in periods of COVID-19 lockdowns; consumers returned to centres when allowed

Physical stores remain key to retailer success by driving sales and enabling product advice, efficient online returns, showrooming and creating brand presence

National online sales growth

==> picture [436 x 274] intentionally omitted <==

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

% change month on month
20%
National lockdown Melbourne
15% Mar-Apr 2020 lockdown
Aug-Oct 2020
10%
5%
0%
-5%
-10%
Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21
----- End of picture text -----

Source: NAB Online Retail Sales Index.

==> picture [1002 x 6] intentionally omitted <==

Vicinity Centres | Macquarie Australia Conference presentation | 4 May 2021

11

COVID-19: our insights – operating model

Leveraging physical and digital assets to create value for Vicinity and our retailers

==> picture [61 x 54] intentionally omitted <==

Vicinity’s proprietary inhouse leasing optimisation tool – current trial

==> picture [476 x 200] intentionally omitted <==

Vicinity’s insights platform – for retailers

==> picture [496 x 283] intentionally omitted <==

==> picture [1002 x 6] intentionally omitted <==

Vicinity Centres | Macquarie Australia Conference presentation | 4 May 2021

12

COVID-19: our insights – operating model COVID-19 has required adaptive leadership

==> picture [61 x 54] intentionally omitted <==

Leadership

COVID-19 necessitated leaders to lead in an environment of ambiguity, complexity and volatility

Diversity

Diverse working groups formed to uncover abstract ideas in complex situations without precedent

Change

To adapt, change was embraced Agility in mindsets and discovery of new ways of thinking

Flexible working

==> picture [1002 x 6] intentionally omitted <==

Vicinity Centres | Macquarie Australia Conference presentation | 4 May 2021

13

COVID-19: our insights – capital structure

Resilience augmented by proactive capital management actions

==> picture [61 x 54] intentionally omitted <==

Fortified balance sheet with equity raising and additional bank facilities

Investment grade credit ratings[1] maintained

Reduced and/or deferred non-essential expenditure

Restructured interest rate swaps reduced interest costs for nine months to Dec-20

• Weighted average cost of debt for 1HFY21 was 2.9%[2] (or 4.3% excluding swap reset)[3]

Debt maturity profile ($m)[3,4] – no material debt maturity until FY23

==> picture [561 x 178] intentionally omitted <==

==> picture [549 x 107] intentionally omitted <==

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

Liquidity [3] Gearing [3]
24.5%
$2.4 billion
----- End of picture text -----

1. A/stable (Standard and Poor’s) and A2/negative (Moody’s Investment Services).

2. The average over the six months ending 31 December 2020 and inclusive of margin, drawn line fees and drawn establishment fees.

3. As reported in Vicinity’s FY21 interim results on 17 February 2021.

4. Based on facility limits.

==> picture [1002 x 6] intentionally omitted <==

Vicinity Centres | Macquarie Australia Conference presentation | 4 May 2021

14

Summary: our insights

==> picture [61 x 54] intentionally omitted <==

COVID-19 presented significant challenges

Aspects of the macroeconomic environment are favourable but uncertainty and risks remain

CBD and DFO assets were significantly impacted

Mixed-use strategy increasingly compelling

Leveraging data and technology platform to drive insights and create value for Vicinity and our retail partners

The impact on our people has been profound, but we are focused on developing skills to deal with ambiguity, complexity, volatility and uncertainty

Vicinity supported by a robust capital structure

==> picture [504 x 409] intentionally omitted <==

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

Chatswood Chase Sydney, NSW
----- End of picture text -----

==> picture [506 x 7] intentionally omitted <==

1. Based on internal Management views.

==> picture [1002 x 6] intentionally omitted <==

Vicinity Centres | Macquarie Australia Conference presentation | 4 May 2021

15

==> picture [1059 x 88] intentionally omitted <==

Appendices

17 3QFY21 quarterly update 20 Contact details and disclaimer 19 Leadership in sustainability

DFO South Wharf, VIC

3QFY21 quarterly update

Customer visitation and cash collection

==> picture [61 x 54] intentionally omitted <==

Centre visitation compared to pre-COVID levels[1]

Average visitation for the quarter as a percentage of same quarter in 2019

==> picture [424 x 189] intentionally omitted <==

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

100% 94% 93% 91%
82% 83%
77% 77%
80%
66%
58%
60%
40%
20%
0%
Sep-20 Dec-20 Mar-21
Portfolio Portfolio (ex-CBDs) Portfolio (ex-CBDs and VIC)
----- End of picture text -----

Proportion of gross rental billings collected (%)

==> picture [27 x 9] intentionally omitted <==

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

100%
----- End of picture text -----

==> picture [458 x 178] intentionally omitted <==

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

80% 79% 82%
80% 72% 73%
56%
60%
40%
20%
0%
Sep-20 quarter Dec-20 quarter Mar-21 quarter
As at quarter end As at 19-Apr-21
----- End of picture text -----

Average visitation broadly in line with prior quarter

Total portfolio visitation improved to 82% for the week ending 2 May 2021 (87% ex-CBDs)

Cash collection rate improved during the March 2021 quarter

To date, cash collections net of waivers were 94% for 2Q21 and 85% for 3Q21

Outlook for overall centre visitation is cautiously optimistic

Easing of social restrictions, fewer COVID-19 outbreaks and high consumer confidence

Cautionary outlook due to ongoing risks of snap lockdowns and uncertainty around state and international borders as well as timing of office workers returning to CBD locations

CBD recovery occurring but expected to be prolonged

Governments and businesses encouraging return to CBD offices, resumption of cultural activities, music, sport and theatre, greater domestic tourism and travel bubble with New Zealand from 19 April 2021

Cash collection rates likely to improve but COVID-19 risks remain

Positives: retail sales remain subdued but moving in favourable direction, SME code has ended and landlords can follow normal debt collection processes for debt incurred post end of SME code

Negatives: Confidence of some SME retailers remains fragile, government support measures have been removed; potential for future snap lockdowns

1. Excludes divestments and development-impacted centres in accordance with SCCA guidelines. Average visitation for the period, compared to the corresponding period pre-COVID (2019).

==> picture [1002 x 6] intentionally omitted <==

Vicinity Centres | Macquarie Australia Conference presentation | 4 May 2021

17

3QFY21 quarterly update

Portfolio retail sales performance

==> picture [61 x 54] intentionally omitted <==

March 2021 quarterly sales[1] showing favourable momentum

Mar-21 quarter sales growth of -7.0%, up from Dec-20: -12.3% and Sep-20: -32.0%

March 2021 month sales[1] declined 2.3% compared to March 2019 Spend per visit up 23%

Comparable sales reporting impacted

Mar-20: COVID-19 shutdowns commenced nationally

Mar-21 quarter: snap lockdowns in Brisbane (Jan, Mar), Perth (Jan, Feb) and Victoria (Feb), and social restrictions in Sydney (Jan)

1. With COVID-19 outbreaks in Australia in March 2020, sales for March 2021 month and quarter are compared to 2019.

2. Excludes divestments and development-impacted centres in accordance with SCCA guidelines.

Portfolio sales[2] growth by store type and state

		Monthly growth	Monthly growth		Quarter growth	Quarter growth	MAT growth
		Mar-21 v Mar-19 Mar-21 v Mar-20			Mar-21 v Mar-19	Mar-21 v Mar-20 Dec-20 v Dec-19	Mar-21 v Mar-20 Dec-20 v Dec-19
		(%) (%)			(%)	(%) (%)	(%) (%)
Specialty stores Mini majors		(5.5)	32.1		(10.4)	(1.0) (19.0) 8.7 (3.7)	(26.7) (27.9) (13.2) (15.6)
		12.2	29.1		8.2
Specialties and mini majors		(1.1)	31.3		(5.7)	1.6 (15.0)	(23.2) (24.8)
Supermarkets Discount department stores Other retail3 Department stores		1.3	(16.8)		1.5	(7.5) 2.0 9.9 8.5 (39.8) (52.6) (8.2) (36.4)	(0.1) 3.9 5.4 4.1 (57.8) (51.6) (40.9) (41.4)
		27.5	20.4		11.7
		(42.5)	(0.4)		(50.0)
		(13.9)	39.4		(22.4)
Total portfolio		(2.3)	12.7		(7.0)	(3.6) (12.3)	(18.3) (18.0)
Total portfolio (ex-CBDs) Total portfolio (ex-VIC and CBDs)		(0.4)	12.5		(5.0)	(2.3) (10.0) (0.4) 0.7	(16.1) (16.0) (2.8) (2.6)
		4.5	7.0		0.2
Victoria New South Wales - NSW (ex-CBDs) Queensland Western Australia South Australia Tasmania		(6.5)	20.0		(12.0)	(5.4) (22.7) (9.8) (15.2) (3.8) (4.8) (1.6) 0.5 (0.7) 2.2 5.2 3.0 3.5 6.7	(32.1) (31.9) (20.4) (18.0) (8.8) (7.2) (4.2) (3.9) (1.7) (1.6) 2.1 1.2 3.9 3.6
		(9.6)	6.1		(14.6)
		(0.2)	4.3		(5.9)
		2.2	7.6		(1.5)
		4.8	7.2		0.4
		11.1	10.1		7.9
		10.0	5.8		7.2

1. Other retail includes cinemas, travel agents, auto accessories, lotteries and other entertainment.

==> picture [1002 x 6] intentionally omitted <==

Vicinity Centres | Macquarie Australia Conference presentation | 4 May 2021

18

Leadership in sustainability

Creating sustainable destinations within our communities and providing long-term value for securityholders

==> picture [61 x 54] intentionally omitted <==

Strong 2020 sustainability survey results

One of only two Australian property companies in CDP’s[1] Climate A-list Ranked #3 Australian retail company by GRESB[2]

Ranked #7 real estate company globally in DJSI[3] survey

Addressing Modern Slavery

Published Vicinity’s first Modern Slavery Statement

Created and working through Responsible Procurement Action Plan Active engagement with Vicinity’s suppliers

Dec-19: 3.9 stars Portfolio NABERS Energy Rating of 4.6 Stars

Progressing against Net Zero Carbon Emissions 2030 target[4]

Solar installations now completed at 20 centres

COVIDSafe plans in place across all assets

1. Formerly Carbon Disclosure Project.

2. Global Real Estate Sustainability Benchmark which includes listed and unlisted funds.

3. Dow Jones Sustainability Index.

4. For our wholly-owned retail assets. Consistent with global carbon measurement standards, this applies to common mall areas.

==> picture [507 x 453] intentionally omitted <==

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

NABERS Energy rating
increased to 4.6 Stars
(Dec-19: 3.9 Stars)
#3 #7
Australian retail Net Zero real estate
company company globally
carbon target
by 2030 [4]
Australia’s Committed to
largest respecting Human Rights
shopping centre and
solar program
addressing Modern Slavery
----- End of picture text -----

==> picture [1002 x 6] intentionally omitted <==

Vicinity Centres | Macquarie Australia Conference presentation | 4 May 2021

19

Contact details and disclaimer

==> picture [61 x 54] intentionally omitted <==

For further information please contact:

Jane Kenny Head of Investor Relations T +61 3 7001 4291 E jane.kenny@vicinity.com.au

Troy Dahms Senior Investor Relations Manager T +61 2 8229 7763 E troy.dahms@vicinity.com.au

Authorisation

The Chief Executive Officer & Managing Director, Mr Grant Kelley, has authorised that this document be given to the ASX.

Disclaimer

This document is a presentation of general background information about the activities of Vicinity Centres (ASX:VCX) current at the date of lodgement of the presentation (4 May 2021). It is information in a summary form and does not purport to be complete. It is to be read in conjunction with other releases lodged with the Australian Securities Exchange by Vicinity Centres. It 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. These should be considered, with or without professional advice, when deciding if an investment objective is appropriate.

This presentation contains certain forecast financial information along with forward-looking statements in relation to the financial performance and strategy of Vicinity Centres. The words ‘anticipate’, ‘believe’, ‘expect’, ‘project’, ‘forecast’, ‘estimate’, ‘outlook’, ‘upside’, ‘likely’, ‘intend’, ‘should’, ‘could’, ‘may’, ‘target’, ‘plan’ and other similar expressions are intended to identify forward-looking statements. Indications of, and guidance on, future earnings, financial position, performance and distributions are also forward-looking statements. The forward-looking statements included in this presentation are based on information available to Vicinity Centres as at the date of this presentation. Such forward-looking statements are not representations, assurances, predictions or guarantees of future results, performance or achievements expressed or implied by the forward-looking statements and involve known and unknown risks, uncertainties, assumptions and other factors, many of which are beyond the control of Vicinity Centres. The actual results of Vicinity Centres may differ materially from the anticipated results, performance or achievements expressed, projected or implied by these forward-looking statements and you should not place undue reliance on such forward-looking statements.

Except as required by law or regulation (including the ASX Listing Rules), Vicinity Centres disclaims any obligation to update these forward-looking statements.

==> picture [1002 x 6] intentionally omitted <==

Vicinity Centres | Macquarie Australia Conference presentation | 4 May 2021

20

==> picture [61 x 54] intentionally omitted <==

==> picture [1059 x 249] intentionally omitted <==

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

Thank you
----- End of picture text -----

Vicinity Centres | Macquarie Australia Conference presentation | 4 May 2021