Full Year Results Presentation

Retail Parks increasingly affordable 100 Retail park ERV decline decelerating Retail park like-for-like ERV decline as a % vs March 2018 Increasing affordability on our portfolio 95 90 85 80 75 70 69 65 FY19 FY20 Sep-20 Mar-21 Pipeline deals now transacting at current ERVS 1Assumes current ERVS and pre pandemic retail sales as at September 2019 11% Occupancy Cost Ratio for our Retail Parks1 • ⚫ Further upside when lower ERVS reflected within rates • Higher cost ratios for shopping centres (15%) Cost ratios will benefit from potential rates reform 23

View entire presentation