Establishment of SCA Property Group

Summary of Financial Assumptions - Appendix A Forecast assumptions have been done on a property by property basis where appropriate and are consistent with independent valuation reports. Full details of the assumptions are included in PDS section 7.4 Rental income Reletting and vacancy Outgoings and expenses • • Site Access Fee • Based on existing leases and assumptions for future occupancy rates, tenant retention and market rentals for the Completed Portfolio and Development Portfolio • Property income comprises gross rental including casual mall leasing and expense recoveries • Property rental is assumed to commence from the date of completion for properties in the Development Portfolio Rental income has been recognised on a straight line basis in accordance with accounting standards Letting up of 2-12 months • Retention rates of 50 - 90% • Lease incentives of 9 - 12 months Leasing commissions of 12 - 15% of first year rental income depending on the location of each property For specialty tenants, fixed rental increases of 4.0% have been applied, inline with existing lease arrangements In some cases, specialty leases are assumed to increase annually by CPI or CPI plus a fixed percentage of 1.5% typically Forecast to increase in line with known increases to statutory rates and taxes, as agreed in existing service contracts or by CPI Outgoings include forecast maintenance expenditure Operating expenses include estimates of director's fees, management and other salaries, audit fees, legal fees, valuation fees, share registry fees, insurance and other costs which management expect to incur Transaction costs include stamp duty, listing fees, underwriting fees and advisors fees in respect of property due diligence and the issue of the PDS . For Australian Properties in the Development Portfolio, the Woolworths Group will provide SCA Property Group with a Site Access Fee on the land and WIP (Initial Payment) from and including the Allotment Date to the date that the Final Payment is made under the DMA The annual Site Access Fee is equal to the valuer's determined capitalisation rate multiplied by the Initial Payment and paid on a monthly basis 38 38

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