WAYPOINT REIT — Investor Presentation 2021

Aug 26, 2021

1H21 Results Presentation

==> picture [489 x 303] intentionally omitted <==

==> picture [247 x 247] intentionally omitted <==

Important Notice and Disclaimer

Industry data and third party market data

This presentation has been prepared by Waypoint REIT (“WPR” or “Waypoint REIT”) which is a stapled entity comprising shares in Waypoint REIT Limited (ABN 35 612 986 517) (“Company”) stapled with units in the Waypoint REIT Trust (ARSN 613 146 464) (“Trust”). VER Limited (ABN 43 609 868 000 and AFSL 483795) is the Responsible Entity of the Trust. The information provided in this presentation should be read in conjunction with WPR's other periodic and continuous disclosure announcements lodged with the ASX which are available at www.asx.com.au.

This presentation contains statistics, data and other information relating to markets, market sizes, market shares, market positions and other industry data pertaining to WPR’s business and markets. You should note that market data and statistics are inherently predictive and subject to uncertainty and not necessarily reflective of actual market conditions.

Future performance and forward looking statements

This presentation contains forward-looking statements, including statements regarding the plans, strategies and objectives of WPR management, distribution guidance. Forward looking statements can generally be identified by the use of forward looking words such as, 'expect', 'anticipate', 'likely', 'intend', 'should, 'could', 'may', 'predict', 'plan', 'propose', 'will', 'believe', 'forecast', 'estimate', 'target', ‘guidance’ and other similar expressions. Indications of, and guidance or outlook on, future earnings or financial position or performance are also forward looking statements. Such prospective financial information contained within this presentation may be unreliable given the circumstances and the underlying assumptions to this information may materially change in the future. Any forward-looking statements, including projections, guidance on future revenues, earnings and estimates, are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. You are cautioned not to place undue reliance on any forward looking statement. While due care and attention has been used in the preparation of forward looking statements, forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause WPR’s actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements.

Summary information

The information in this presentation is in summary form and does not purport to be complete. This presentation is for information purposes only, is of a general nature, does not constitute financial product advice, nor is it intended to constitute legal, tax or accounting advice or opinion. This information does not purport to include or summarise all information than an investor should consider when making an investment decision nor does it contain all information which would be required in a Product Disclosure Statement, or other disclosure documents prepared in accordance with the requirements of the Corporations Act 2001 (Cth) (“Corporations Act”).

No investment or financial product advice

This presentation has been prepared without taking into account the investment objectives, financial situation or particular needs of any particular person. Before making an investment decision, investors must consider the appropriate of the information (including but not limited to the assumptions, uncertainties and contingencies which may affect future operations of WPR and the values and the impact that different future outcomes may have on WPR) and rely on their own examination of WPR, including the merits and risks involved having regard to their own investment objectives, financial situation and needs. Each person should consult a professional investment adviser and seek legal, accounting and taxation advice appropriate to their jurisdiction before making any decision regarding a financial product.

A number of important factors could cause WPR’s actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward looking statements, and many of these factors are beyond WPR’s control. For example, the factors that are likely to affect the results of WPR include, but are not limited to, general economic conditions in Australia, New Zealand and Asia,

==> picture [111 x 42] intentionally omitted <==

exchange rates, competition in the markets in which WPR operates and the inherent regulatory risks in the business of WPR such forward looking statements, and many of these factors are beyond WPR’s control.

You should rely on your own independent assessment of any information, statements or representations contained in this presentation and any reliance on information in this presentation will be entirely at your own risk. This presentation may not be reproduced or published, in whole or in part, for any purpose without the prior written permission of WPR. WPR disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise.

Effect of rounding

A number of figures, amounts, percentages, estimates, calculations of value and fractions in this presentation are subject to the effect of rounding. Accordingly, the actual calculation of these figures may differ from the figures set out in this presentation.

To the maximum extent permitted by law and subject to any continuing obligations under the ASX listing rules, WPR and VER Limited and each of their respective associates, related entities, officers, directors, employees, agents, consultants and advisers do not accept and expressly disclaim any liability for any loss or damage (including, without limitation, any liability arising out of fault or negligence and whether direct, indirect, consequential or otherwise) arising from the use of, or reliance on, anything contained in or omitted from this presentation. Statements made in this presentation are made only at the date of the presentation. WPR is under no obligation to update this presentation. The information in this presentation remains subject to change by WPR without notice.

2

WPR Investment Proposition

==> picture [111 x 42] intentionally omitted <==

Secure rental income with embedded growth, underpinned by long-term leases to top-tier tenants

ESSENTIAL ECONOMIC INFRASTRUCTURE

WORLD-CLASS OPERATORS

• Roadside retail properties catering for F&C operators focused on everyday needs

• F&C tenants have continued to operate throughout COVID-19 lockdowns

==> picture [44 x 58] intentionally omitted <==

==> picture [37 x 59] intentionally omitted <==

• VEA supplies approximately one-quarter of Australia’s downstream petroleum market, and has sole rights to the Shell brand for the sale of retail fuels in Australia

• Sites operated by one of Australia’s leading retailers, Coles (Coles Express)

IRREPLICABLE NETWORK

==> picture [270 x 167] intentionally omitted <==

• 427 F&C sites acquired/built over 100+ years

• Aligned with population density and concentrated in Metro locations along Australia’s eastern seaboard

• Underpinned by 2.1 million square metres of land

LOW-COST OPERATING STRUCTURE

• $2.9 billion portfolio managed by 8 FTEs

• One of the lowest MERs in the S&P/ASX REIT 200

PREDICTABLE INCOME + GROWTH

• 99.9% occupancy, 10.5-year WALE, predominantly Triple Net leases (91% by income)

• Strong organic rental growth underpinned by 2.9%[1] WARR

• Further growth potential via acquisitions, development fund-throughs and reinvestment in the core portfolio

CONSERVATIVE CAPITAL STRUCTURE

• Target gearing range of 30-40%

• Investment grade credit rating (Moody’s Baa1)[2]

• Diversified debt sources and tenor

1 CPI assumed at 1.6%.

2 Credit rating must not be used, and WPR does not intend to authorise its use, in the support of, or in relation to, the marketing of its securities to retail investors in Australia or internationally.

3

5 8 12 18 20 31

==> picture [960 x 102] intentionally omitted <==

Contents:

1. 1H21 Highlights

2. Financial Results

3. Portfolio Update 4. Key Priorities and Outlook 5. Additional Information 6. Glossary

1H21 Highlights

5

1H21 Highlights

==> picture [111 x 42] intentionally omitted <==

Strong growth in Distributable EPS and NTA per security, gearing remains below revised target range

==> picture [62 x 62] intentionally omitted <==

Financial Performance

==> picture [65 x 65] intentionally omitted <==

Property Portfolio

==> picture [66 x 67] intentionally omitted <==

Capital Management

==> picture [66 x 67] intentionally omitted <==

Business Update

Distributable EPS: 7.81cps[1] $2.94bn portfolio[2] Gearing: 27.3% Five new leases/options finalised +5.4% on 1H20[2] 427 properties 210bp decrease since Dec-20 3.5% uplift in rental income No additional rent relief granted during 1H21 74% Metro / 26% Regional Below target gearing range of 30-40% 99.4% of fuel income secured until May-26 10.5-year WALE No non-fuel expiries until Aug-23 NTA: $2.75 per security $176.1m (6.4%) gross valuation uplift[2] $100m of bank debt refinanced Strong Alliance performance +$0.26 (10.4%) since Dec-20 WACR of 5.37% VEA : 1H21 fuel volumes up 7.9% on 1H20 Weighted average debt maturity of 4.1 years 19bp compression since Dec-20 Coles Express : FY21 c-store revenues up 7.7% on Weighted average hedge maturity of 1.9 years FY20 MER: 26bp 37 non-core assets sold for $132.0m[3] $75m buy-back initiated EV take-up remains low 2bp decrease on 1H20 $150m of total capital management initiatives 1.6% of new car sales in 1H21 Average premium to book of 10.8% One of the lowest in the S&P/ASX 200 REIT Index proposed (including buy-back, $694k of securities 0.1% of Australia’s light vehicle fleet Combined IRR of 11.3% (unlevered) acquired to date)[4]

• 1 Based on weighted average number of securities on issue during the year.

• 2 Portfolio information excludes assets sold or transferred to assets held for sale during the period.

• 3 Refers to assets exchanged and/or settled during the period.

6

4 The final quantum, structure and timing of the capital management initiatives remain subject to satisfactory progress of non-core asset sales (including settlement of the Fawkner transaction) during 2H21.

ESG Update

==> picture [111 x 42] intentionally omitted <==

WPR published Modern Slavery Statement, quantified base year carbon emissions & identified path to net zero

Focus Area /
Key Matter	Key Matters	Stakeholders		UNSDGs	FY21 Actions
Ethical Conduct and	Governance,	Employees/			Modern Slavery:
Transparency	Compliance,	Communities/			- Issued first Modern Slavery Statement.
	Risk Management	Business Partners/			- Implemented enhanced procedures for vetting new suppliers, including provision of WPR’s Supplier
		Securityholders			Code of Conduct and conduct of Modern Slavery risk assessments.
Climate Change	Climate risks and	Tenants/			Net Zero pathway:
and Energy	opportunities	Employees/			- FY20 baseline year carbon emissions quantified.
	Energy efficiency	Securityholders			- WPR will audit and offset FY21 carbon emissions from operations indirectly through donation to an
					accredited provider and continue to investigate direct reduction and offset program opportunities.
					Supporting our tenant operators:
FY20	Baseline CO2 Emissions	(tonnes)*			- Indirect Scope 3 emission sources identified and work underway with VEA to better understand Scope 3 footprint and approach.
	5.3		Scope 1		- Easements granted on three sites leased to VEA in support of their EV charging station pilot program with Evie Networks.
49.8	26.0		Scope 2 Scope 3 (direct)		Acknowledging sustainability commitments of our tenant operators: - Coles Group Limited (parent entity of Coles Express): Net zero greenhouse gas emissions by 2050, 100% renewable electricity by the end of FY25, reduce combined scope 1 and 2 greenhouse gas emissions by more than 75% by the end of FY30.1 Survey participation:
* Unaudited					- Completed S&P’s Corporate Sustainability Assessment and Sustainalytics surveys during this period.

• Scope 1 and 2 emissions reported according to our operational control boundary under the National Greenhouse and Energy Reporting Act 2017. Direct Scope 3 emissions reported include business travel, employee commuting, waste and energy emissions. Indirect Scope 3 emissions not reported include in-shop electricity, development expenditure, electricity at pumps, shop refrigerant use, upstream supply chain and fugitive emissions.

• Emissions calculated in accordance with the GHG Protocol methodology where possible and supplemented with industry best practice estimates. Scope 1 and 2 data calculated using a combination of direct consumption and industry intensity data and corresponding emissions factors from the National Greenhouse Accounts Factors. Direct Scope 3 emissions estimated based on spend based consumption data and publicly available industry data.

• FY20 Baseline represents FY20 Actual adjusted to reflect normalised travel/commuting post COVID-19.

1 Source: Coles Group FY21 Results Presentation.

7

Financial Results

8

Financial Performance

==> picture [111 x 42] intentionally omitted <==

Strong growth in DEPS driven primarily by higher rental income and lower interest expense

1H21 $m 1H20 $m Change $m Change % Rental income 81.7 79.1 2.6 3.3 Interest income 0.1 0.2 (0.1) (50.0) Total income 81.8 79.3 2.5 3.2	1H21 $m 1H20 $m Change $m Change % Rental income 81.7 79.1 2.6 3.3 Interest income 0.1 0.2 (0.1) (50.0) Total income 81.8 79.3 2.5 3.2	1H21 $m 1H20 $m Change $m Change % Rental income 81.7 79.1 2.6 3.3 Interest income 0.1 0.2 (0.1) (50.0) Total income 81.8 79.3 2.5 3.2
M&A expenses 4.4 4.5 (0.1) (2.2)
Interest expense 16.1 17.0 (0.9) (5.3) Total expenses 20.5 21.5 (1.0) (4.7)
Distributable Earnings 61.3 57.8 3.5 6.1 Distributable EPS (cents)1 7.81 7.41 0.40 5.4 Statutory net profit 251.9 137.0 114.9 83.9 2
MER 26bp 28bp (2bp)

$2.2m of like-for-like rental growth (2.9%), $0.9m of income from net acquisitions/developments offset by $0.5m lower development coupon income. Lower average debt balance and base rate interest savings partially offset by higher margin on USPP. Valuation gains represent the key difference between Distributable Earnings and statutory net profit. Refer to page 21 for detailed reconciliation. WPR continues to have one of the lowest MERs in the sector. MER decrease attributed to higher asset base following valuation gains.

1 Based on weighted average number of securities on issue during the reported period. Distributable EPS shown to 2 decimal places. Growth calculated on exact figures. 2 Excludes net property expenses of $0.4m (1H20: $0.6m).

9

Balance Sheet

==> picture [111 x 42] intentionally omitted <==

Strong growth in NTA per security driven by 19bp of WACR compression across WPR’s ongoing portfolio

	Jun-21	Dec-20	Change	Change
	$m	$m	$m	%
Cash and cash equivalents Assets held for sale and other assets	15.0 152.3	15.5 17.8	(0.5) 134.5	(3.2) n.m.	Includes the Fawkner Portfolio ($113.9m) and 12 other assets ($35.3m). Three assets sold during 1H21, with three sold post-balance date (see page 16).
Investment properties Total assets	2,938.9 3,106.2	2,897.3 2,930.6	41.6 175.6	1.4 6.0	Increase due to gross valuation gains ($189.8m) and development spend ($0.5m), net of assets sold / classified to held for sale ($148.7m).
Distribution payable	61.3	60.7	0.6	1.0
Borrowings Derivatives	828.5 44.3	845.8 54.6	(17.3) (10.3)	(2.0) (18.9)	Debt reduced by asset disposal proceeds ($14.3m) and unrealised foreign exchange and fair value hedge movements on USPP ($3.2m), partially offset by lower unamortised borrowing costs ($0.2m).
Other liabilities Total liabilities	15.8 949.9	16.3 977.4	(0.5) (27.5)	(3.1) (2.8)	Largely represents favourable fair value derivative movements on interest rate swaps.
Net assets NTA per security	2,156.3 $2.75	1,953.2 $2.49	203.1 $0.26	10.4 10.4	Increase attributed primarily to gross valuation gains ($0.24) and favourable interest rate swap movements ($0.01).
Gearing1	27.3%	29.4%	(2.1%)

1 Net debt (excluding foreign exchange and fair value hedge adjustments) / total assets less cash. Net debt is $843.0m, being gross borrowings of $858.0m (see page 11) less $15.0m of cash.

10

Debt / Liquidity

==> picture [111 x 42] intentionally omitted <==

$100m of bank debt refinanced during period with no debt expiries until June 2023

Jun-21 Dec-20 Change
Facility limit ($m) 1,050.0 1,050.3 (0.3)
Drawn debt ($m)1 8580 8723 (143)
. . .
Undrawn debt ($m) 192.0 178.0 14.0
2
Available liquidity ($m) 140.2 127.3 12.9
Gearing (%) 27.3 29.4 (2.1)
Weighted average cost of debt (%)3 3.65 3.60 0.05
Interest cover ratio (times)4 5.5 5.3 0.2
Weighted average debt maturity (years) 4.1 4.3 (0.2)
Hedge cover (%) 90 89 1
Weighted average hedge maturity (years) 1.9 2.4 (0.5)

Asset disposal proceeds used to temporarily repay debt. $140.2m of available liquidity to fund selective acquisitions and reinvestment in WPR’s core portfolio as and when identified. Gearing of 27.3% is below the bottom of our target gearing range of 30-40%. If completed, the asset sales and capital management initiatives announced in conjunction with the sale of the Fawkner Portfolio would increase pro forma gearing to 28.7%.

WADM extended through refinancing $100m of bank debt for 4-year term. New A-MTN Programme established in 1H21. Considering A-MTN market issuance in 2H21 to further diversify and extend the tenor of debt platform and reduce exposure to variable interest rates.

1 Reflects AUD equivalent of USPP proceeds on date of funding as cross currency swaps in place.

• 2 Unrestricted cash and undrawn debt net of distribution provision.

• 3 Interest expense (excluding borrowing cost amortisation) divided by average drawn debt balance.

4 Covenant calculation: Distributable Earnings before interest expense plus straight-line rental income divided by Net Interest Expense (excluding borrowing cost amortisation) and calculated on a rolling 12-month basis.

11

Portfolio Update

12

Portfolio Overview[1]

==> picture [111 x 42] intentionally omitted <==

Geographically diversified portfolio with a strong weighting to Metro locations along the eastern seaboard

==> picture [892 x 317] intentionally omitted <==

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

Avg. Site Avg.
No. of Value Value Area Value WACR WALE
Properties ($m) (%) (m [2] ) ($m) (%) (years)
Metro 300 2,166.7 74 3,696 7.2 5.05 10.6
Regional 127 772.4 26 7,553 6.1 6.28 10.3 6.9% NT
Total 427 2,939.1 100 4,843 6.9 5.37 10.5 M - $13.7m (2)
R - $11.9m (3)
M - $408.3m (58)
Geographic split by value Tenant contribution by income M - $187.6m (29) R - $170.8m (27) 6.0% QLD
Other, R - $88.8m (21)
ACT, 2.2%
TAS, 1.6% NT, 0.9% 0.8%
SA, 4.5% Ampol, 1.8%
WA 6.3% M - $668.4m (83)
WA, 9.4% NSW, R - $268.6m (40)
31.9% 7-Eleven, 0.7% M - $89.1m (21)R - $43.5m (9) 4.9% NSW
Viva Energy ACT
19.7%QLD, Australia, 96.7% SA 6.5% 6.1% M - $65.9m (11)
VIC,
29.8% VIC
4.9% M - $687.8m (87)
R - $186.7m (26)
Annual rent review type by income Lease structure type by income
WACR by State.
CPI - 4.1%
Other - 0.7% Double Net Geographic diversification by value (number). M - $45.9m (9)
8.6% R - $2.1m (1) 6.1% TAS
----- End of picture text -----

==> picture [293 x 86] intentionally omitted <==

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

CPI - 4.1%
Other - 0.7% Double Net
8.6%
Fixed 3% or Triple Net
greater - 95.5% 91.4%
----- End of picture text -----

1 All figures as at 30 June 2021. Portfolio information excludes assets sold or transferred to assets held for sale during the period.

13

Lease Expiry Profile

==> picture [111 x 42] intentionally omitted <==

Portfolio WALE of 10.5 years with a staggered expiry profile

• Only two fuel leases expiring prior to FY26 (0.6% of income)

• Two non-fuel tenancies are currently vacant, with a further 10 non-fuel leases expiring prior to FY26 (0.5% of income)

• Staggered lease renewal profile mitigates against renewal concentration risk and the impact of potential sector structural changes

Portfolio lease expiry profile (as at 30 June 2021)[1]

Leases expiring[2]

==> picture [780 x 170] intentionally omitted <==

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

WALE
10.5
years
24.2%
18.5%
14.1%
10.3%
0.1% 0.4% 0.1% 0.6% 3.6% 6.0% 5.8% 7.5% 6.8% 0.6% 0.9% 0.3%
Vacant 3 FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY36 FY37 FY38 FY39
Year of lease expiry
----- End of picture text -----

• 1 Inclusive of lease options renewed but currently subject to documentation. Excludes assets sold or transferred to assets held for sale during the period.

• 2 Four lease expiries shown in FY36-39 represent committed new leases or extensions at development sites, with lease terms contracted to commence upon practical completion of the respective development.

3 Assumed income for vacant tenancies.

14

Valuations

==> picture [111 x 42] intentionally omitted <==

WACR compression of 19bp across WPR’s ongoing portfolio in 1H21

• Gross valuation uplift of $189.8 million (6.6%) recorded in 1H21, including $176.1 million (6.4%) on WPR’s ongoing portfolio

• WACR on WPR’s ongoing portfolio compressed 19bp from 5.56% to 5.37%

• Rents on 71 of 80 properties independently valued were assessed as market; net result for 80 properties was <0.4% over-rented (~$117k on ~$30.4m rent)

# of Properties @ Jun-21 Metro 54	Gross Value ($m)1 Dec-20 Jun-21 Variance 369.7 398.5 28.7	WACR (%)
		Dec-20 Jun-21 Change
		5.39 5.12 (27bp)
Regional 26	148.7 157.7 9.0	6.60 6.41 (19bp)
Independent valuations 80	518.5 556.2 37.7	5.74 5.49 (25bp)
Metro 246	1,663.0 1,768.3 105.3	5.20 5.03 (17bp)
Regional 101	581.6 614.7 33.1	6.44 6.24 (20bp)
Directors’ valuations 347	2,244.6 2,383.0 138.4	5.53 5.35 (18bp)
Total portfolio 427	2,763.12 2,939.1 176.1	5.562 5.37 (19bp)
Metro 300	2,032.7 2,166.7 134.0	5.24 5.05 (19bp)
Regional 127	730.3 772.4 42.1	6.47 6.28 (20bp)

1 Gross Value includes committed development expenditure of $0.2m (31 December 2020: $0.6m). 2 Excludes assets sold or transferred to assets held for sale during the period.

15

Non-Core Disposals

==> picture [111 x 42] intentionally omitted <==

Strong pricing achieved to date via both public auction and off-market transactions

• 37 assets exchanged and/or settled for an average premium to prevailing book value of 10.8%

• The sales have delivered a combined unlevered IRR of 11.3% (35 of the 37 properties were acquired at IPO)

• 9 further assets identified for sale in 2H21 (combined book value of $26.2m); appropriate sale method to be assessed on site-by-site basis

• The 46 properties sold or identified for sale represent ~10% of WPR’s portfolio by number and ~5% by value

					Latest
				Acq.	Book	Yield at		Sale	Yield at	Premium
			Lease	Cap	Value	Book	S/ment	Price	Sale	To Latest	Unlevered
Property	State	Location	Expiry	Rate	($m)	Value	Date	($m)	Price	Book	IRR
Minto1	NSW	Metro	Aug-26	5.75%	2.33	5.75%	Feb-21	2.96	4.52%	27.0%	13.0%
Maitland1	NSW	Metro	Aug-26	7.00%	2.49	6.59%	Feb-21	2.55	6.44%	2.3%	10.4%
Klemzig2	SA	Metro	Aug-26	5.75%	1.78	6.00%	May-21	2.55	4.19%	43.2%	13.8%
Parafield Gardens3	SA	Metro	Aug-27	6.00%	2.90	4.20%	Oct-21	3.00	4.06%	3.4%	15.3%
Sandy Bay3	TAS	Metro	Aug-27	6.00%	3.13	5.74%	Nov-21	3.38	5.32%	7.9%	10.0%
Queenstown3	SA	Metro	Aug-28	6.00%	3.10	4.49%	Oct-21	3.68	3.79%	18.5%	16.7%
Sales via auction				6.10%	15.74	5.38%		18.12	4.67%	15.1%	13.1%
Fawkner Portfolio (31 assets)2	Various	Metro (10) Regional (21)	FY26-36	7.02%	103.37	6.87%	Q3/Q4	113.86	6.42%	10.1%	11.0%
All asset sales				6.91%	119.11	6.67%		131.97	6.18%	10.8%	11.3%

1H21 settlements

1 Book values/premiums as at 30 June 2020. 2 Book values/premiums as at 31 December 2020. 3 Book values/premiums as at 30 June 2021.

16

Business Update: Leasing

==> picture [111 x 42] intentionally omitted <==

Five new leases/options to renew finalised with a 3.5% uplift in rental income

• 99.4% of fuel income now contractually secured until May 2026, with only two fuel leases expiring during this period (Fawkner (2023) and Rouse Hill (2025))

• No non-fuel lease expiries until August 2023

• Following the execution of a new lease with VEA at Caboolture, this property was sold to Fawkner in July 2021

			Lease	Current	New	Agreed	Variance	Variance
Property	State	Tenant	Expiry	Rent	Term	Rent	($)	(%)
Blaxland	Metro NSW	VEA	May-21	$331,028	5 years	$310,000	($21,028)	(6.4%)
Caboolture	Regional QLD	VEA / NightOwl1	Jul-21	$242,240	15 years	$246,408	$4,168	1.7%
Halfway Creek	Regional NSW	VEA	Sep-21	$521,320	5 years	$580,000	$58,680	11.3%
2 x non-fuel tenancies (Blaxland, Halfway Creek)				$154,964	5 years each	$157,189	$2,225	1.4%
				$1,249,552		$1,293,597	$44,045	3.5%

1 New 15-year IPO Lease executed with VEA; subsequently assigned to Night Owl as per the terms of the lease.

17

Key Priorities and Outlook

18

Key Priorities and Outlook

==> picture [111 x 42] intentionally omitted <==

Focused on active portfolio management and optimising capital structure

Portfolio Optimisation

 Actively manage the portfolio to improve overall quality and maximise returns (noting strength of market)

 Selective approach to acquisitions, continue to evaluate opportunities to reinvest in the core portfolio

Capital Management ESG

 Final structure of proposed capital management program to be communicated in Q4

 Considering A-MTN issuance in 2H21 to further diversify and extend the tenor of debt platform

 FY21 carbon emissions from operations to be audited

 “Net zero” carbon emissions from operations to be achieved in FY21

FY21 Guidance[1]

• Target FY21 Distributable EPS reaffirmed at 15.72cps (3.75% growth on FY20)

• Moving from semi-annual to quarterly distributions from the September quarter (payable mid-November)

1 Based on weighted average number of securities on issue (including forecast adjustments as a result of proposed capital management initiatives) and provided there are no material changes in market conditions and no other factors adversely affecting financial performance.

19

Additional Information

20

Reconciliation to Statutory Profit

==> picture [111 x 42] intentionally omitted <==

Statutory profit increased 83.9% largely due to valuation gains recorded during the period

$m	1H21	1H20	Change	Change
	$m	$m	$m	%
Distributable earnings	61.3	57.8	3.5	6.1%
Net gain on sale of investment properties	0.6	-	0.6	100.0%
Net gain on valuation of investment properties	180.9	73.6	107.3	145.8%
Straight-line rental income	8.9	10.6	(1.7)	(16.0%)
Amortisation of borrowing costs	(0.8)	(1.4)	0.6	(42.9%)
Interest rate swap termination	-	(3.5)	3.5	(100.0%)
Net gain from derivatives	1.0	-	1.0	100.0%
Internalisation costs	-	(0.1)	0.1	(100.0%)
Statutory profit	251.9	137.0	114.9	83.9%

Gain on sale of Klemzig, SA net of transaction costs. and 2.9% WARR net of $8.9m straight-line rent adjustment. (Refinanced $100m in 1H21 vs $300m in 1H20). in connection with Review Event triggered by VEA sell down

21

Debt/Liquidity

==> picture [111 x 42] intentionally omitted <==

Weighted average debt maturity of 4.1 years and weighted average hedge maturity of 1.9 years

Debt maturity profile as at 30 June 2021

Swap maturity profile as at 30 June 2021

==> picture [376 x 242] intentionally omitted <==

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

400
350
336
300 50
250 52
200 223
150
140
100
109
90
50
10 40
0
FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY30+
Term RCF RCF (undrawn) Bilateral Bilateral (undrawn) ITL USPP
$m
----- End of picture text -----

==> picture [396 x 242] intentionally omitted <==

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

100% 3.00%
2.72%
90%
90% 2.50%
80%
70%
1.88%
2.00%
1.78%
60%
1.50% 1.50% 1.50%
58%
50% 1.50%
40%
1.00%
30%
28% 28% 28%
20%
0.50%
10%
5%
0% 0.00%
Jun-21 Jun-22 Jun-23 Jun-24 Jun-25 Jun-26
% hedged (LHS) Average hedge rate (RHS)
----- End of picture text -----

22

Viva Energy Australia – 1H21 Results[1]

==> picture [90 x 43] intentionally omitted <==

==> picture [111 x 42] intentionally omitted <==

Strong improvement at Group level driven by return to profitability of Refining

• Group Highlights:

• Underlying EBITDA (RC) up 95% to $256.3m and Underlying NPAT (RC) up 359% to $111.9m, primarily due to turnaround in refining

• Dividend resumed due to strong underlying free cash flow of $144.0m

• Net cash position of $44.7m at 30 June 2021

• $140m of capital management initiatives announced; pro forma net debt of $95.3m represents 0.26x LTM EBITDA (RC)

• Fuel Security Package provides certainty for continued investment at Geelong Refinery whilst minimising downside volatility of refining margins

• Retail Highlights:

• Strong performance despite headwinds from rising oil prices (margin compression) and lockdowns, which were offset by volume improvements and non-fuel income from convenience sales growth at Alliance sites

• Retail sales volumes up 23% on 1H20, with improvement driven by growth in the predominantly regionally-focused Liberty Convenience and Dealer Owned channels

• Alliance fuel volumes averaged 58.4ML/week, up 8% on 54.1ML/week in 1H20 and broadly in line with levels achieved in 1H19

• Continued growth of the Liberty Convenience network

	$m	1H21	1H20	Change
	Sales volumes (litres, billions)	6.7	6.4	0.3
	Underlying EBITDA (RC):
	Retail	116.7	118.4	(1.7)
	Commercial	105.9	90.7	15.2
	Retail, Fuels & Marketing	222.6	209.1	13.5
	Refining	43.8	(66.8)	110.6
	Corporate	(10.1)	(10.6)	0.5
	Underlying EBITDA (RC)	256.3	131.7	124.6
	Underlying NPAT (RC)	111.9	24.4	87.5
		Jun-21	Dec-20
	Net Cash / (Debt)	44.7	(104.2)	148.9

• Over 80 Coles Express store refurbishments completed to support growth in both the convenience and fuel offer

1 Source:VEA’s 1H21 Results Presentation and ASX release, as lodged with the ASX on 24 August 2021. Please note that VEA changed its segment reporting during 1H21.

23

Coles Express – FY21 Results[1]

==> picture [127 x 51] intentionally omitted <==

==> picture [111 x 42] intentionally omitted <==

Strong c-store sales and cost control support a doubling of EBIT

• Sales revenue up 7.7% (6.8% on a comparable basis), driven by food-togo (including coffee) and cold drinks, supported by recent investments in new self-serve coffee machines and fast-lane fridges

• Gross margin decreased by 134bp, largely due to lower fuel margin income and lower fuel volumes (down 4.0%)

• Strong growth in EBITDA (+24%) and EBIT (+103%) as a result of sales growth and focus on cost control

• Strategic investments made in the network, including refurbishment of over 80 sites together with VEA

$m	FY21	FY20	Change
Key P&L items:
C-store sales revenue ($m)	1,192	1,107	7.7%
EBITDA ($m)	207	167	24.0%
EBIT ($m)	67	33	103.0%
Key metrics:
No. of stores	717	713	+4
Comp c-store sales growth	6.8%	4.6%	229bp
Weekly fuel volumes	57.1ML	59.5ML	(4.0%)
Fuel volume growth	(4.0%)	(2.3%)	(165bp)
Comp fuel volume growth	(5.4%)	(2.5%)	(292bp)
Gross margin	52.4%	53.7%	(134bp)
Cost of doing business	(46.7%)	(50.8%)	404bp
EBIT margin	5.7%	3.0%	270bp

1 Source: Coles Group FY21 Results Presentation, as lodged with the ASX on 18 August 2021.

24

F&C Assets: Investment Market Update

==> picture [111 x 42] intentionally omitted <==

Strong market conditions continued for F&C assets in 1H21

• Transaction numbers up ~40% and transaction volumes up ~80% compared with 1H20

• Key markets of NSW/VIC/QLD make up ~90% of transaction volumes, with Metro sites accounting for ~60% of transactions by number

==> picture [522 x 313] intentionally omitted <==

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

$450.0 5.89% 6.00%
$400.0 5.81% $383.2 5.80%
5.60%
$350.0
5.40%
$300.0
$265.3
5.20%
5.24%
$250.0
$214.0 5.00%
$200.0
4.80%
$150.0
4.60%
$100.0
4.40%
$50.0 4.20%
$0.0 4.00%
1H20 (38 transactions) 2H20 (45 transactions) 1H21 (53 transactions)
Transaction volume ($m) Average capitalisation rate (%)
----- End of picture text -----

1 Source: CBRE Valuation & Advisory Services. Data is indicative only and may not capture all transactions.

25

IPO Portfolio vs. Government Bonds and Term Deposit Rates

==> picture [111 x 42] intentionally omitted <==

Spread to bank term deposits remains elevated, spread to 10-year bond in line with long-term average

• As of June 2021:

• The yield spread between WPR’s IPO assets and the 10-year Australian Government Bond was ~375bp (in line with 5-year average)

• The yield spread between WPR’s IPO assets and the average 12-month term deposit rate available from major banks was ~500bp, near its all-time high and ~100bp higher than the 5-year average

==> picture [545 x 297] intentionally omitted <==

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

7.00%
6.00%
5.27%
5.00%
4.00%
3.00%
2.00%
1.52%
1.00%
0.25%
0.00%
12-mth term deposits 10-yr Govt Bond WACR (IPO assets)
Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Oct-17 Dec-17 Feb-18 Apr-18 Jun-18 Aug-18 Oct-18 Dec-18 Feb-19 Apr-19 Jun-19 Aug-19 Oct-19 Dec-19 Feb-20 Apr-20 Jun-20 Aug-20 Oct-20 Dec-20 Feb-21 Apr-21 Jun-21
----- End of picture text -----

• 1 Sources: Reserve Bank of Australia. WACR on IPO assets relates to the 381 IPO assets (283 Metro, 98 Regional) remaining in WPR’s portfolio following announced and planned non-core asset sales.

26

Global EV Sales Market Share (2020)

==> picture [111 x 42] intentionally omitted <==

Australia continues to be a global laggard in terms of EV take-up

• 6,900 EVs sold in Australia in 2020 (0.8% of all light vehicles sales), up from 6,718 (0.7%) in 2019

• 76% of EVs sold in Australia in 2020 were battery electric vehicles, with plug-in hybrid electric vehicles representing just under one-quarter of sales

• EVs currently represent only 0.12% of the Australian light vehicle fleet

==> picture [500 x 299] intentionally omitted <==

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

80%
74.8%
70%
60%
50%
45.0%
40%
32.2%
30%
20%
13.5%
11.3% 10.7% 10.2%
8.3%
10%
6.2%
4.2%
2.3%
0.8%
0%
Norway Iceland Sweden Germany France UK Europe California China Global USA Australia
Average
EVs as % of new vehicle sale (2020)
----- End of picture text -----

• 1 Source: Electric Vehicle Council, State of Electric Vehicles, August 2021.

27

Annual EV Sales - Australia

==> picture [111 x 42] intentionally omitted <==

EV sales have shown strong growth in 1H21, but still represent <2% of total sales

• Approximately 1 million new light vehicles are sold each year in Australia

• EVs comprised 0.8% of sales in 2020 and 1.6% of sales in 1H21

==> picture [512 x 296] intentionally omitted <==

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

10,000 5%
9,000 8,688
8,000 4%
6,900
7,000 6,718
6,000 3%
5,000
4,000 2%
3,000
2,284 2,216
2,000 1,771 1%
1,322 1,369
1,000
253 293
49
0 0%
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 1H21
EV Sales (LHS) % of Light Vehicle Sales (RHS)
----- End of picture text -----

1 Source: Electric Vehicle Council, State of Electric Vehicles, August 2021.

28

Public EV Charging Infrastructure

==> picture [111 x 42] intentionally omitted <==

Low EV take-up remains the biggest barrier to sustained investment in charging infrastructure

• In the last 12 months there has been a significant increase in the rollout of public chargers, with ~3,000 public chargers now installed across Australia at over 1,650 locations, including 470 DC fast or ultra-fast chargers (50kW+) at almost 250 locations

• However, at present there are only 7.2 EVs for every installed public charger, illustrating the commercial realities facing operators without significant EV sales growth

==> picture [500 x 296] intentionally omitted <==

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

1,800
1,600
1,400
1,200
1,000
800
600
400
200
0
ACT NSW NT QLD SA TAS VIC WA National
Standard charge sites Fast charge sites
244
1,409
No. of public charging sites
14
----- End of picture text -----

1 Source: Electric Vehicle Council, State of Electric Vehicles, August 2021.

29

Retail Fuel Prices and Margins

==> picture [111 x 42] intentionally omitted <==

Industry margins remain resilient despite strengthening oil price and softer diesel margins

• Average retail margin of 15.0cpl for the 12 months to June 2021 (FY21) is down slightly on FY20 (16.1cpl) and CY20 (18.2cpl), but still ~13% higher than 10-year average

• Retailers enjoying strong margins despite COVID-impacted fuel volumes and an 8% decline in average fuel prices (FY21 vs FY20)

==> picture [512 x 296] intentionally omitted <==

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

180.0 18.0
160.0 16.1 16.0
15.0
14.5
140.0 13.9 13.8 14.0
13.4
12.7
120.0 12.0
11.5
11.0
10.6
100.0 10.0
80.0 8.0
60.0 6.0
40.0 4.0
20.0 2.0
0.0 0.0
FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21
National average retail price (cpl, LHS) National average retail margin (cpl, RHS)
156.1
147.3 146.7 147.1
139.3 136.2 138.6
123.0 124.7 127.5
----- End of picture text -----

1 Source: AIP. National average retail price and national average retail margin assume a 50/50 split between petrol and diesel. The national average retail margin is the national average retail price less the national average Terminal Gate Price.

30

Glossary

31

Glossary

==> picture [111 x 42] intentionally omitted <==

Glossary
ABS	Australian Bureau of Statistics.
AIP	Australian Institute of Petroleum.
ASX	Australian Securities Exchange.
A-MTN	Australian Medium-Term Notes.
Alliance	A long-term agreement between Coles Express and VEA in respect of the operation of a national network of retail fuel and convenience sites.
bp	Basis points.
Coles Express	Coles Express, a division of Coles Group Limited (ASX: COL).
CO2	Carbon dioxide.
CPI	Consumer Price Index.
cpl	Cents per litre.
cps	Cents per security.
C-store	Convenience store.
Distributable Earnings	This is a non-IFRS measure being statutory net profit adjusted to remove transaction costs and non-cash items, including straight-lining of rental income, amortisation of debt and establishment fees and any fair value adjustments to investment properties or derivatives.
Distributable EPS	Distributable Earnings per security. Calculated as Distributable Earnings divided by the weighted average number of ordinary securities on issue during the period.
Double Net	Agreement where the tenant is responsible for all outgoings except fair wear and tear, capital expenditure, the difference between single and multiple land tax and, in some cases, the landlord’s property management fees (if any).
EBIT	Earnings before interest and tax.
EBITDA	Earnings before interest, tax, depreciation and amortisation.
EV	Electric vehicle (general term used to cover battery electric vehicles, plug-in hybrid electric vehicles and hydrogen fuel cell vehicles).
F&C	Fuel and Convenience.

32

Glossary

==> picture [111 x 42] intentionally omitted <==

Glossary
FTE	Full Time Equivalent (employee).
Fawkner	Fawkner Property Ltd in its capacity as trustee for various trusts.
Fawkner Portfolio	Sale of 31 assets to Fawkner (per ASX announcement dated 30 July 2021).
FY	Financial year.
GHG	Greenhouse gases.
Gearing	Net debt (excluding foreign exchange and fair value hedge adjustments) to total assets (excluding cash).
Internalisation	Agreement with VEA to internalise the management function of WPR (completed on 30 September 2021).
IRR	Internal rate of return.
IPO	Initial Public Offering.
IPO Lease	Standard lease entered into between WPR and VEA for the IPO portfolio.
m2	Square metre
M&A expenses	Management and administration expenses.
ML	Megalitre (metric unit of capacity equal to a million litres).
Metro	Properties that are located within Greater Capital City Statistical Areas (GCCSAs) and/or adjacent Significant Urban Areas (SUAs), as sourced from the Australian Bureau of Statistics (ABS 2016).
MER	Management expense ratio (calculated as the ratio of M&A expenses (excluding net property expenses) over average total assets (excluding derivative financial assets)).
Moody’s	Moody’s Investors Services.
Net Interest Expense	Finance costs less finance income.
NTA	Net tangible assets.
RC	VEA reports its performance on a “replacement cost” (RC) basis. RC is a non-IFRS measure under which the cost of goods sold is calculated on the basis of theoretical new purchases of inventory instead of historical cost of inventory. This removes the effect of timing differences and the impact of movements in the oil price. From 1 January 2021, RC measures also include lease expense,and exclude lease interest and right-of-use amortisation,in effect reportingRC in line with theprevious leasingstandard.

33

Glossary

==> picture [111 x 42] intentionally omitted <==

Glossary
Regional	All other properties not located within Greater Capital City Statistical Areas (GCCSAs) and/or adjacent Significant Urban Areas (SUAs).
Review Event	The review event triggered under WPR’s debt facilities as a result of VEA’s sell down of its securityholding in WPR in February 2020. As a result, existing lenders at the time had a period of 60 days to consult as to the continuation of the existing facilities. In March 2020 WPR received the requisite waivers from lenders in respect of the review event.
Significant Urban Areas	The Significant Urban Area (SUA) structure of the Australian Statistical Geography Standard (ASGS) represents significant towns and cities of 10,000 people or more. They are based on the Urban Centres and Localities (UCLs) but are defined by the larger Statistical Areas Level 2 (SA2s). A single SUA can represent either a single Urban Centre or a cluster of related Urban Centres. Using SA2s to define SUAs ensures a wider range of more regularly updated data is available for these areas (such as Estimated Resident Population), compared to UCLs where only Census data is available. Definition sourced from the Australian Bureau of Statistics.
S&P	Standard & Poor's Financial Services LLC.
Terminal Gate Price	Terminal Gate Price, as per the Australian Institute of Petroleum. Terminal Gate Price represents the national average wholesale price of petrol.
Triple Net	A lease where the tenant is responsible for all outgoings relating to the property being leased in addition to the rent fee applied under the lease. This includes all repairs and maintenance (including structural repairs and maintenance), rates, taxes, insurance and other direct property costs.
Underlying EBITDA (RC)	Profit before interest, tax, depreciation and amortisation adjusted to remove the impact of one-off non-cash items including net inventory gain/loss, share of net profit of associates, gains or losses on the disposal of property, plant and equipment and gains or losses on derivatives and foreign exchange (both realised and unrealised).
Underlying NPAT (RC)	Underlying NPAT (RC) adjusted to remove the impact of significant one-off items net of tax.
UNSDG	United Nations Sustainable Development Goals.
USPP	United States Private Placement.
VEA	Viva Energy Australia (ASX: VEA).
Waypoint REIT or WPR	Stapled entity comprising one share in Waypoint REIT Limited (ABN 35 612 986 517) and one unit in the Waypoint REIT Trust (ARSN 613 146 464).
WACR	Weighted average capitalisation rate, weighted by valuation.
WADM	Weighted average debt maturity.
WALE	Weighted average lease expiry, weighted by rental income.
WARR	Weighted average rent review, weighted by rental income.

34

==> picture [111 x 42] intentionally omitted <==

==> picture [195 x 57] intentionally omitted <==

Focused on maximising long-term income and capital returns

==> picture [227 x 227] intentionally omitted <==

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

Excellence
Doing our best, and
always looking for
ways to do better
----- End of picture text -----

==> picture [226 x 227] intentionally omitted <==

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

Respect
For our people,
community, environment,
customers and investors
----- End of picture text -----

==> picture [226 x 227] intentionally omitted <==

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

Trust
Building and maintaining
long-term relationships
through our actions
----- End of picture text -----

==> picture [227 x 227] intentionally omitted <==

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

Integrity
Operating in an
ethical manner that is
transparent and honest
----- End of picture text -----

35