Establishment of SCA Property Group

Financial Forecasts 29 29 Forecast Income Statement Pro Forma Statutory . 6 months 12 months ($m) 30 Jun 13 30 Jun 14 Woolworths gross revenue 38.8 86.7 Specialty gross revenue 18.4 45.4 Site Access Fee (2) 5.5 2.7 Straight lining of rental income 3.5 10.8 - Rental income 66.2 145.6 Other (3) 0.1 0.9 Total revenue 66.3 146.5 Property operating expenses (14.0) (32.6) Corporate costs (6.0) (12.8) Amortisation of leasing commissions (0.2) EBIT 46.3 100.9 • Forecast rental income in 2014 of $146 million Underpinned by Woolworths Group leases Rental Guarantee covering the specialty tenancies for 2 years (1) - Provides time to stabilise the Portfolio Corporate costs of $13 million · Covers director and employee costs, registry, legal, tax, accounting and general administration Represents a cost base of 0.9% of total assets Forecast net income after tax in 2014 of $73 million Net interest expense (11.5) (25.3) Net income before tax 34.8 75.6 - Unadjusted for statutory accounting requirements Tax (1.2) (2.3) Net income after tax (4) 33.6 73.3 (1) (3) (4) Woolworths will provide a two year Rental Guarantee from the Allotment Date until first let over vacant specialty tenancies in the Completed Portfolio. All specialty tenancies in the Development Portfolio will be guaranteed for a period of two years from the completion date of each property The Site Access Fee represents the amount forecast to be received from the Woolworths Group pursuant to the DMAS Other income represents the net profit and loss impact of the receipt of cash under the Rental Guarantee and the unwind of the financial asset recorded in the balance sheet in respect of the Rental Guarantee on the Allotment Date The forecast consolidated income statements assume there will be no underlying movement in the fair value of the Investment Properties, any derivative financial instruments or other financial assets during the forecast period

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