Establishment of SCA Property Group

Financial Forecasts (cont.) Pro Forma Balance Sheet Allotment on fully . ($m) At Allotment invested basis Assets Cash 5.0 5.0 - Investment property - completed 1,056.3 1,388.6 Investment property under construction 197.8 Rental Guarantee 17.8 17.8 GST Receivable 2.0 2.0 Total assets 1,278.9 1,413.4 Liabilities Long-term debt 355.3 489.8 . Total liabilities 355.3 489.8 Net assets 923.6 923.6 Equity Contributed equity Accumulated losses Total equity 960.9 960.9 (37.3) (37.3) 923.6 923.6 Number of Stapled Units (millions) 584.2 584.2 NTA per unit ($) 1.58 1.58 Gearing (NDTA inc Rental Guarantee) 27% 34% 31 Pro Forma Balance Sheet as at the Allotment Date adjusted for the acquisition of the Development Portfolio • Not a statutory year end balance sheet Initial acquisition of $1.3 billion of property assets at the Allotment Date - $1.1 billion in Completed Portfolio - $198 million in development properties under construction Debt increases on completion of Development Portfolio - - Further $134 million in debt-funded payments under the DMAS - Gearing increases from 27% to 34% on a pro forma basis

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