Establishment of SCA Property Group

Financial Forecasts Forecast Distribution Statement Statutory 12 months 30 Jun 14 73.3 • ($m) Net income after tax Add: Cash received from Rental Guarantee - vacancy - rent free incentives Deduct: Straight lining of rental income 4.1 5.2 (10.8) 30 50 • Distributable Earnings represents the Directors' view of cash available for distribution in the forecast period Forecast Distributable Earnings in 2014 of $69 million after adjustments - Includes a structural vacancy allowance Payout ratio of 88% of Distributable Earnings - Long term leases provide a secure income stream to support distributions Capital expenditure forecast for FY14 of $1.2 million reflecting modern retail assets First forecast distribution of 5.6 cents per Stapled Unit is expected to be paid in August 2013 Deduct: Other non-cash items (1) (0.9) Deduct: Structural vacancy allowance (1.5) Deduct: Amortisation of rent free incentive under Rental Guarantee (0.6) Distributable Earnings 68.8 • Distribution 60.8 Distributable Earnings per unit (cents) 11.8 • Distribution per unit (cents) 10.4 % of Distributable Earnings Tax deferred component (2) 88% 39% €2 Adjustment for accounting treatment of the Rental Guarantee (2) Percentage of forecast distribution estimated to be tax deferred

View entire presentation