Establishment of SCA Property Group

(1) Overview of the Offer Offer to raise between $425 - 506 million, comprising: Final Price Sensitivities - A Woolworths Retail Shareholder Offer; Final Price ($) 1.26 1.34 1.42 1.50 - - - - A Broker Firm Offer; A General Public Offer; and An Institutional Offer Provides Woolworths Shareholders an opportunity to increase exposure to SCA Property Group - Offer Price Range of $1.26 - 1.50 per Stapled Unit (inclusive) Final Price will be determined by Woolworths, in consultation with SCPRE and the Lead Manager, after the close of the Institutional Offer Forecast FY14 Distributable Earnings yield of between 7.9% and 9.4% (1) Forecast FY14 distribution yield of between 6.9% and 8.3% (1) - 5-20% discount to NTA Sources ($m) Capital distribution Debt funding Equity funding Total Discount to NTA 20% 15% 10% 5% Forecast FY14 Distributable 9.4% 8.8% 8.3% 7.9% Earnings Yield Forecast FY14 8.3% 7.8% 7.3% 6.9% Distribution Yield Offer Discount to NTA 20.0% 5.0% 557 476 358 358 425 506 1,340 1,340 Uses ($m) Completed Portfolio 1,074 1,074 Land and WIP of Development Portfolio 198 198 Transaction costs 63 63 Cash and working capital 5 5 Total 1,340 1,340 Based on an Offer Price Range of $1.26 - 1.50 (inclusive) and NTA of $1.58 at Allotment 35 35

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