Slide 1: Capability Showcase 2026
VICINITY CENTRES 2026 Capability Showcase Differentiated assets. Enduring value. 16-17 September 2026 Chatswood Chase, NSW
Slide 2: Acknowledgement of Country
ACKNOWLEDGEMENT OF COUNTRY Vicinity Centres acknowledges the Traditional Custodians of the land and pays respect to Elders past and present. As a business that operates in many locations across the nation, we recognise and respect the cultural heritage, beliefs, and relationship with the land, which
Slide 3: Agenda
CAPABILITY SHOWCASE Agenda Day one – Wednesday 16 September 9.00am to 3.15pm Presentations and webcast 3.45 to 5.00pm Tour – Chadstone 5.00 to 8.00pm Refreshments and dinner Day two – Thursday 17 September 10.00 to 11.15am Tour – Chatswood Chase Chadstone, VIC – The Market Pavilion 2 | Vicinity Cent
Slide 4: Introduction
Introduction Chatswood Chase, NSW 3 | Vicinity Centres 2026 Capability Showcase | 16 September 2026
Slide 5: Our Organisational Capability | Representatives Today
OUR ORGANISATIONAL CAPABILITY | REPRESENTATIVES TODAY Specialist expertise. Collective strength. Peter Huddle Adrian Chye Matt Parker Ross Siciliano CEO and Managing Director Chief Financial Officer Group Director Leasing General Manager Premium & Luxury Accounts Michael Whitehead Amy Wotton Jeheon
Slide 6: Our Investment Proposition
OUR INVESTMENT PROPOSITION Quality assets. Platform of scale. Partner of choice. Disciplined capital management. Compelling and increasingly Retailer and capital Disciplined Purposeful premium retail portfolio partner of choice capital management ESG program – Chadstone – Australia’s #1 retail – Pro
Slide 7: Our Asset Portfolio
OUR ASSET PORTFOLIO Scaled nationally. Increasingly premium. BURANDA VILLAGE DFO BRISBANE GRAND PLAZA QUEENSPLAZA TAIGUM SQUARE2 Note: UPTOWN3 Totals may not sum due to rounding Wholly-owned Co-owned Managed only Number of shopping centres BANKSTOWN CENTRAL 10% % Portfolio value CHATSWOOD CHASE DFO
Slide 8: Our Investment Strategy
OUR INVESTMENT STRATEGY Capital recycled. Portfolio premiumised. Own and operate a premium and differentiated retail asset portfolio capable of delivering superior income and value growth through cycles Vicinity’s capital allocation since Jun-22 Retail asset portfolio by centre type Cumulative inves
Slide 9: Our Investment Strategy | Acquisitions
OUR INVESTMENT STRATEGY | ACQUISITIONS Bought selectively. Positioned deliberately. Acquisition activity since June 2022 Lakeside Joondalup, WA Chatswood Chase, NSW DFO Eastern Creek, NSW Uptown, QLD Acquisition price $420m $307m $351m $212m For 50% interest For 49% interest For 100% interest For 75
Slide 10: Our Investment Strategy | Developments
OUR INVESTMENT STRATEGY | DEVELOPMENTS All scales. National program. Accretive outcomes. Development activity since June 2022 Meaningfully accretive investment across the portfolio1 34 20 $2.5b Development ~7% ~12% Projects Assets Stabilised yield2 Unlevered IRR2 cost (100%) 5 projects WA QLD 4 asse
Slide 11: Our Investment Strategy | Divestments
OUR INVESTMENT STRATEGY | DIVESTMENTS Exited deliberately. Reinvested strategically. Divestment activity since June 2022 Recycling of non-strategic interests to enhance portfolio strength and fund strategic investments 16 Interests in $1.6b Total proceeds 1 10.0% Average premium ~6.0% Average <6.5%A
Slide 12: Our Investment Strategy | Accretive Outcomes
OUR INVESTMENT STRATEGY | ACCRETIVE OUTCOMES Quality concentrated. Productivity lifted. Direct portfolio Jun-22 Jun-26 Movement Total value $14,524m $16,585m1 +$2,061m Number of properties 59 471 (12) Average asset size2 $393m $563m3 +$170m | +43% Occupancy rate 98.3% 99.6%4 +130 bps Specialty sales
Slide 13: Retail Property Sector Fundamentals: Employment tight, savings robust
RETAIL PROPERTY SECTOR FUNDAMENTALS Employment tight. Savings robust. Consumer and retail sales drivers Labour market strength underpins shopper confidence to spend Household savings act as initial buffer to rising household costs Unemployment rate and long-term average – seasonally adjusted1 Househo
Slide 14: Retail Property Sector Fundamentals: Structural scarcity
RETAIL PROPERTY SECTOR FUNDAMENTALS Structural scarcity. Competitive advantage. Structural underpinnings remain favourable Limited investment in new regional retail assets Population-led retail sales growth outpacing retail supply National shopping centre development supply pipeline by new developme
Slide 15: Our Capital Allocation
OUR CAPITAL ALLOCATION Clear hurdles. Disciplined allocation. Investment opportunities Indicative investment target returns Target – Acquisition focus on premium malls and outlets that leverage Vicinity’s platform Investment type Target yield unlevered IRR – Development activity to enhance asset per
Slide 16: Our Balance Sheet: Strength maintained
OUR BALANCE SHEET Strength maintained. Capacity preserved. Key debt metrics as at 30 June 2026 26.1%Gearing1 16.1% FFO2 /net debt 4.1 times Interest cover ratio 5.0% Weighted average 5.1 years Weighted average 87% Of debt hedged cost of debt3 drawn debt maturity in FY27 $0.8b Undrawn limit A/Stable
Slide 17: Our Balance Sheet: Diversified book, well hedged
OUR BALANCE SHEET Diversified book. Well hedged. Favourable maturity and hedging profile Debt maturity profile Hedge maturity profile and rates Hedge rate1 ($m) (Weighted average, $m) (Weighted average, %) 7 Bank drawn 7 17 1,200 Bank undrawn 5,000 5.0 Debt 16 AMTN sources 15 EMTN 1,000 (%) 40 USPP 4,
Slide 18: Our Investment Performance
OUR INVESTMENT PERFORMANCE Outperformance sustained. Vicinity portfolio1 return vs PCA/MSCI retail sector index2 Performance periods ending 30 June 2026 11.0% 9.8% 8.7% 8.0% 6.5% 6.0% 1 year 3 years (% p.a.) 5 years (% p.a.) Vicinity MSCI retail sector 1. Asset level ungeared performance returns. 2.
Slide 19: Integrated Retail Asset Management Model
VICINITY’S INTEGRATED RETAIL ASSET MANAGEMENT MODEL Organisational capabilities reinforce value creation W H O L E O F A S S E T VA L U E C R E AT I O N OPP O RT U OWTH GROWTH NI GR ES T E KS M C T Y EA LO CO CR UN IN DEMAND INCOME GROWTH INSIGHT MIX INVESTMENT STRATEGY MOMENTUM VALUE AS FT SE LI P
Slide 20: Case studies
Case studies Chadstone, VIC 19 | Vicinity Centres 2026 Capability Showcase | 16 September 2026
Slide 21: Acquisitions
Acquisitions Lakeside Joondalup, WA 20 | Vicinity Centres 2026 Capability Showcase | 16 September 2026
Slide 22: Acquisitions | Lakeside Joondalup
ACQUISITIONS | LAKESIDE JOONDALUP Platform applied. Capability proven. Enhancing asset performance since acquisition +10% VALUATION GAIN1 +8.0% NPI GROWTH1 +21% ANCILLARY +11% SPECIALTY MAT/SQM +200 bps OCCUPANCY RATE +93%NPS +49% Centre SAT Jun-26: $461.5m Jun-26: $28.5m INCOME GROWTH Jun-26: $13,4
Slide 23: Acquisitions | Building Scale in Outlets
ACQUISITIONS | BUILDING SCALE IN OUTLETS Platform applied. Capability proven. Outlet portfolio Acquisition1 Jun-26 Movement Total value2 $0.5b $3.0b +$2.5b Number of centres 4 9 +5 Retail GLA (sqm) 151,081 314,218 +108% Occupancy rate 96.6% 99.7%3 +310 bps Specialty sales per sqm $7,2924,5 $11,9853
Slide 24: Acquisitions | DFO Eastern Creek
ACQUISITIONS | DFO EASTERN CREEK Platform applied. Performance to strengthen. $351m 6.0% 30,000 sqm STRENGTHENS VICINITY’S EXISTING INCREASED EXPOSURE TO WESTERN SYDNEY’S FUTURE VALUE CREATION OPPORTUNITIES INCLUDING POTENTIAL Acquisition price Capitalisation rate Of outlet and traditional GLA OUTLE
Slide 25: Developments: The operating context
Developments The operating context Chadstone, VIC – Dining Laneway 24 | Vicinity Centres 2026 Capability Showcase | 16 September 2026
Slide 26: Developments | The Operating Context
DEVELOPMENTS | THE OPERATING CONTEXT Conditions shifted. Model adapted. Leasing Development Construction – Physical retail proven essential – Limited significant retail developments across the sector – Seasoned builders of complex retail developments exited – Online augments physical stores; omnicha
Slide 27: Chadstone: The Asset
THE ASSET Chadstone An evolution of scale, size and global significance Case study: The Market Pavilion and One Middle Road Chadstone, VIC – The Market Pavilion 26 | Vicinity Centres 2026 Capability Showcase | 16 September 2026
Slide 28: Chadstone | The Asset: Generational ownership
CHADSTONE | THE ASSET Generational ownership. Aligned interests. Evolution of Chadstone 1983: A new era of growth for Chadstone – acquired by Mr Gandel AC TODAY: Australia’s pre-eminent retail-led mixed-use asset $37m Acquisition price $7.26b Total value $100m MAT retail sales $2,735m MAT retail sal
Slide 29: Chadstone | Local depth, global draw
CHADSTONE | THE ASSET Local depth. Global draw. Chadstone’s catchment and customer profile Trade area Customer profiles 2.43m People in trade area $2b Spent by trade area residents p.a. 24% Centre sales from Trade area residents Tourists On-site workers outside trade area $992 Avg. spend for 411k In
Slide 30: Chadstone | Constant reinvestment
CHADSTONE | THE ASSET Constant reinvestment. Enduring relevance. Last decade of investment in Chadstone A B B Stage 40 retail The Social Quarter Mainstream retail Entertainment-leisure expansion (2016, $586m) precinct (2023, $71m) A C C D Car Park A expansion One Middle Road Luxury mall (2017) 850 a
Slide 31: Chadstone | Benchmarked globally
CHADSTONE | THE ASSET Benchmarked globally. An icon of global significance Asia United Kingdom/Middle East ICONSIAM, Bangkok Dubai Mall ION Orchard, Singapore Westfield London The Shoppes at Marina Bay Yorkdale Shopping Centre, Toronto Westfield Stratford City Sands, Singapore La Boqueria Market, Ba
Slide 32: Chadstone | Unmatched scale
CHADSTONE | THE ASSET Unmatched scale. Unrivalled performance. An asset of local and global significance $1.5b Major investment $7.26b Total value 4.25% Capitalisation rate 364 Specialty stores 43 Mini majors 5 Majors 3 Supermarkets 38 Global luxury 4 Office towers 5 Star Luxury hotel over the last
Slide 33: Chadstone | First to market. Best in class.
CHADSTONE | THE ASSET First to market. Best in class. First to market brands Canada Goose Frank Green Gentle Monster Arc’teryx Golden Goose Best in class experiences Cj Hendry – Lost & Found Hello Kitty RONE – The Making of Home Louis Vuitton – Time Capsule Best in class guest services Hotel Chadsto
Slide 34: The Market Pavilion
PROJECT PLANNING The Market Pavilion Chadstone – a globally recognised asset without a food offer to match Chadstone, VIC – The Market Pavilion 33 | Vicinity Centres 2026 Capability Showcase | 16 September 2026
Slide 35: Chadstone | Need identified. Opportunity quantified.
CHADSTONE | PLANNING Need identified. Opportunity quantified. Why The Market Pavilion? 50% Fresh food 35% Lower spend2 market share gap1 Fresh food precinct out of step with rest of centre Non-destinational food offer Chadstone was leading the market across all categories, except fresh food Chadston
Slide 36: Globally inspired. Locally imagined.
CHADSTONE | PLANNING Globally inspired. Locally imagined. 35 | Vicinity Centres 2026 Capability Showcase | 16 September 2026
Slide 37: Artisan and everyday. Balanced by design.
CHADSTONE | PLANNING Artisan and everyday. Balanced by design. A market experience: Globally inspired, authentically Melbourne, unmistakably Chadstone BEST-IN-CLASS OPERATORS DESTINATION AND CONVENIENCE MARKET ATMOSPHERE – Extensive global market research – Balance artisan operators with everyday es
Slide 38: High street talent. Chadstone stage.
CHADSTONE | PLANNING High street talent. Chadstone stage. Fresh food precinct: pre-development New elevated fresh food offer in Precinct anchored by pavilions a ‘high end’ market style environment Seating Pavilions 37 | Vicinity Centres 2026 Capability Showcase | 16 September 2026
Slide 39: Theatre delivered. Offer elevated.
CHADSTONE | PROJECT DELIVERY Theatre delivered. Offer elevated. Food as theatre: launch and ongoing activations The built environment is brought to life through visible retailer preparation, activation zones and a demonstration kitchen Activation zone A: Communal seating Communal seating D: Centre-r
Slide 40: One Middle Road
PROJECT PLANNING One Middle Road Chadstone – a city-scale destination ready for its next workplace address Chadstone, VIC – One Middle Road 39 | Vicinity Centres 2026 Capability Showcase | 16 September 2026
Slide 41: Workers added. Weekdays transformed.
CHADSTONE | ONE MIDDLE ROAD | PLANNING Workers added. Weekdays transformed. Why One Middle Road? Average daily visitation Centre visits and office workers on-site The opportunity 1 Reframe perceptions 86% 82% – A consistent weekday customer base supports retail 71% 71% when visitation is structurall
Slide 42: Scale accumulated. Demand proven.
CHADSTONE | ONE MIDDLE ROAD | PLANNING Scale accumulated. Demand proven. Scale built progressively, then anchored by One Middle Road A disciplined mixed-use strategy created a resilient office precinct with direct retail connectivity A COMMERCIAL PRECINCT OF SCALE 2016 Tower One 16,500 sqm 2017 Wate
Slide 43: Weekday workforce. Weekday spend.
CHADSTONE | ONE MIDDLE ROAD | PLANNING Weekday workforce. Weekday spend. A growing weekday workforce that feeds the retail ecosystem Office workers create frequent visitation and incremental spend across Chadstone’s non-peak periods ~6,500 ~$12,150 ~$79m Office workers Annual spend per office worker
Slide 44: Retail neighbours. Corporate tenants.
CHADSTONE | PLANNING Retail neighbours. Corporate tenants. The retailers and property groups who have chosen Chadstone as their office location Representing ~85% of office workers at Chadstone 43 | Vicinity Centres 2026 Capability Showcase | 16 September 2026
Slide 45: The Market Pavilion and One Middle Road
PROJECT DELIVERY The Market Pavilion and One Middle Road Chadstone – a development of size, scale and complexity Chadstone, VIC – One Middle Road 44 | Vicinity Centres 2026 Capability Showcase | 16 September 2026
Slide 46: Tailored engagement. Curated outcome.
CHADSTONE | THE MARKET PAVILION | PROJECT DELIVERY Tailored engagement. Curated outcome. Tailored engagement and thoughtful precinct design delivered a distinctive retail mix 1 Reframe perceptions 2 Tailor the leasing approach 3 Create the precinct – Demonstrated how the proposition differs from – L
Slide 47: Mix delivered. Vision realised.
CHADSTONE | THE MARKET PAVILION | PROJECT DELIVERY Mix delivered. Vision realised. The retailer mix that was delivered Brunetti Oro Flowers Vasette Mörk Chocolate Hank’s Bagelry Green Cup Canteen VIC’S Champagne & Oyster Bar Little Sister Bakery Cannoleria Maita Blakeaway 46 | Vicinity Centres 2026
Slide 48: Multiple projects. Single execution.
CHADSTONE | PROJECT DELIVERY Multiple projects. Single execution. What was delivered GYM THE MARKET PAVILION The Market Pavilion One Middle Road Retail-led mixed-use Logistics hub Car park C 26,000 sqm fresh food/dining 20,000 sqm A-grade commercial Ground floor retail with a childcare, Subterranean
Slide 49: Complexity managed. Trading protected.
CHADSTONE | PROJECT DELIVERY Complexity managed. Trading protected. Managing complexity and risk to preserve returns – Initial loading dock excavation – Car park C additional levels and art facade – Dining laneway is the busiest – Live centre continued to trade adjacent to, – Continued car park usag
Slide 50: Disruption contained. Ranking retained.
CHADSTONE | PROJECT DELIVERY Disruption contained. Ranking retained. Managing complexity and risk to preserve returns Preserving the customer and retailer experience Kept Chadstone trading through construction – Managed sensitive operational issues proactively, particularly around MAINTAINED #1 CENT
Slide 51: Gap closed. Destination created.
CHADSTONE | PROJECT DELIVERY Gap closed. Destination created. Development completion Inside – a unique, destinational food precinct befitting of Chadstone – New vaulted ceilings to improve ambience – Improved sightlines to see through the precinct BEFORE AFTER DURING 50 | Vicinity Centres 2026 Capab
Slide 52: Craft everywhere. Detail throughout.
CHADSTONE | PROJECT DELIVERY Craft everywhere. Detail throughout. 51 | Vicinity Centres 2026 Capability Showcase | 16 September 2026
Slide 53: New main entry at Chadstone
CHADSTONE | PROJECT DELIVERY New main entry at Chadstone. New chapter of integrated mixed-use. Overview – New front door for Chadstone – One Middle Road linked the retail to existing car park BEFORE AFTER DURING 52 | Vicinity Centres 2026 Capability Showcase | 16 September 2026
Slide 54: Challenged environment. Built as promised.
CHADSTONE | PROJECT DELIVERY Challenged environment. Built as promised. 53 | Vicinity Centres 2026 Capability Showcase | 16 September 2026
Slide 55: Opening planned. Opening executed.
CHADSTONE | PROJECT DELIVERY Opening planned. Opening executed. From development to launch – readying the precinct for opening CAPABILITY AND A CULTURE OF TEAM SPIRIT A DELIBERATE LAUNCH CAMPAIGN – RETAILERS AT HEART OF OPENING CAMPAIGN CUSTOMER WAYFINDING IMPLEMENTED CONTROLLED PARKING TO SUPPORT P
Slide 56: Momentum created. Performance sustained.
CHADSTONE | PROJECT DELIVERY Momentum created. Performance sustained. Amplify to stabilise: Launched the precinct and drove visitation – Launched around food, experience, destination dining and social currency, supported by PR, digital, ~4,500 Carparking spaces with direct $273m Post development MAT
Slide 57: Value creation: The Market Pavilion and One Middle Road
VALUE CREATION The Market Pavilion and One Middle Road stabilisation Chadstone – value created in the precinct, realised across the whole asset Chadstone, VIC – One Middle Road 56 | Vicinity Centres 2026 Capability Showcase | 16 September 2026
Slide 58: Assumptions tested. Outcomes beaten.
CHADSTONE | VALUE CREATION Assumptions tested. Outcomes beaten. Trading performance versus underwrite Performance and stabilisation Year 1 trade has been achieved – Static centre continued to trade throughout development phase, with majority of disruption confined to Car park C and The Market Pavili
Slide 59: Income layered. Yield lifted.
CHADSTONE | VALUE CREATION Income layered. Yield lifted. Project stabilisation profile – development yield Yield strengthens to 5.6% upon development stabilisation Stabilisation attributed to the following factors: 5.6% – Partial year contribution from anchor tenants in One Middle Road 5.0% office t
Slide 60: Precinct elevated. Value captured.
CHADSTONE | VALUE CREATION Precinct elevated. Value captured. Development supports whole of asset value creation Underlying growth and development contribution outweigh cap rate softening 8,000 85 Organic growth ~540 674 – Since Jun-22, underlying income growth has driven a ~$1 billion increase in v
Slide 61: Chatswood Chase
THE ASSET Chatswood Chase Chatswood Chase – an iconic asset in an unparalleled location Chatswood Chase, NSW 60 | Vicinity Centres 2026 Capability Showcase | 16 September 2026
Slide 62: Exceptional location. Iconic asset.
CHATSWOOD CHASE | THE ASSET Exceptional location. Iconic asset. Evolution of Chatswood Chase ~$930m Recent investment1 ~$1.5b Total value2 5.00% Capitalisation rate 99.7% Occupancy3 67,541 sqm GLA +15% Foot traffic +26% Same-store +39% six-month same‑store since base year4 MAT growth5 sales growth5
Slide 63: Decade long assembly. Whole of asset value.
CHATSWOOD CHASE | THE ASSET Decade long assembly. Whole of asset value. 2013 2026 Adjacent land Development scheme Post-COVID, Gained 100% ~$626m retail Potential for purchased for contemplated consolidated control development residential retail expansion demolition of full asset retail scheme of as
Slide 64: Metro connected. Catchment expanded.
CHATSWOOD CHASE | THE ASSET Metro connected. Catchment expanded. Sydney Metro Chatswood Chase has directly benefited from the Metro’s opening, bringing the Northwest’s affluent customer base directly to the Chatswood CBD Metro – 7 mins to Macquarie The suburbs proximate to the Metro stations have in
Slide 65: Affluent catchment. Spend leaking.
CHATSWOOD CHASE | THE ASSET Affluent catchment. Spend leaking. Insights and intelligence that defined the positioning of the development ONE OF AUSTRALIA’S MOST AFFLUENT CATCHMENTS +46% Trade area household +25% Higher spend per 50% Luxury market 26% Residents of income above capita than average sha
Slide 66: Global exemplars. Australian first.
CHATSWOOD CHASE | THE ASSET Global exemplars. Australian first. The inspiration behind the reimagination ION Orchard, Singapore Landmark, Hong Kong Bal Harbour Shops, Miami JK Iguatemi, São Paulo Shopping Cidade Jardim, São Paulo 65 | Vicinity Centres 2026 Capability Showcase | 16 September 2026
Slide 67: Global experience. Australian execution.
CHATSWOOD CHASE | THE ASSET Global experience. Australian execution. Chatswood Chase – project team To deliver an offer that’s inspired by the world’s best in Australia, we needed a global team. The Chatswood Chase team has Development, Leasing, Design and Delivery experience across: Westfield UK, W
Slide 68: Demand proven. Offer curated.
CHATSWOOD CHASE | PLANNING Demand proven. Offer curated. The development vision and leasing strategy Proven customer demand informed a distinct, premium offer 1 – Building on proven demand 2 – Creating a differentiated destination 3 – Planning one connected offer – International premium brands and A
Slide 69: Relationships earned. Commitments secured.
CHATSWOOD CHASE | PLANNING Relationships earned. Commitments secured. Landlord of choice for luxury retailers. Relationships are anchored by proven outcomes, mutual trust and capability Vicinity’s proven luxury platform enabled the Chatswood Chase repositioning 1 – A proven relationship platform 2 –
Slide 70: Luxury leasing complexity
CHATSWOOD CHASE | PLANNING Luxury leasing complexity. Each commitment supports the next. Retailers move in packs. One brand unlocks the next. Alignment creates momentum. Deep relationships turn commitments into deals. Simultaneous, multi-brand negotiation Vicinity leasing discussions and co-ordinati
Slide 71: Global names. One address.
CHATSWOOD CHASE | PLANNING Global names. One address. Luxury brands who call Chatswood Chase home 70 | Vicinity Centres 2026 Capability Showcase | 16 September 2026
Slide 72: Demand sequenced. Mix strengthened.
CHATSWOOD CHASE | PROJECT DELIVERY Demand sequenced. Mix strengthened. Strategic sequencing turned retailer demand into a stronger mix 1 – Building retailer confidence 2 – Sequencing to create leverage 3 – Curating every level – Utilised long-standing relationships across Vicinity’s – Secured critic
Slide 73: Flagship quality. Flawless execution.
CHATSWOOD CHASE | PROJECT DELIVERY Flagship quality. Flawless execution. 72 | Vicinity Centres 2026 Capability Showcase | 16 September 2026
Slide 74: Brief set. Wholly reimagined.
CHATSWOOD CHASE | PROJECT DELIVERY Brief set. Wholly reimagined. The development brief Pre-development Post-development New escalator switchback connecting multideck to Rightsized central each retail level void allowing for additional GLA Large central void limiting shop depth Diagonal mall and Curv
Slide 75: Cost controlled. Program protected.
CHATSWOOD CHASE | PROJECT DELIVERY Cost controlled. Program protected. + 74 | Vicinity Centres 2026 Capability Showcase | 16 September 2026
Slide 76: Brief executed. Elevated completely.
CHATSWOOD CHASE | PROJECT DELIVERY Brief executed. Elevated completely. Whole of asset revitalisation to capture a premium offer aligned with the customer 75 | Vicinity Centres 2026 Capability Showcase | 16 September 2026
Slide 77: Readiness planned. Opening executed.
CHATSWOOD CHASE | PROJECT DELIVERY Readiness planned. Opening executed. Capability and a culture of team spirit Customer wayfinding Protected continuous trade and managed changing customer Preparing back of house and loading dock 76 | Vicinity Centres 2026 Capability Showcase | 16 September 2026
Slide 78: Retailers championed. Customers engaged.
CHATSWOOD CHASE | PROJECT DELIVERY Retailers championed. Customers engaged. Amplify to stabilise Targeted spend incentives, premium services and curated activations encouraged customers to explore the newly opened levels, supporting visitation, retailer performance and stabilisation A deliberate lau
Slide 79: Base rebuilt. Growth compounding.
CHATSWOOD CHASE | VALUE CREATION Base rebuilt. Growth compounding. Stabilisation – same principle but scale of disruption and nature of the new offer determine the path to stabilisation Chatwood Chase Chadstone’s The Market Chatswood Chase (transformation) Pavilion (continuous elevation) Total asset
Slide 80: Opened as expected. Building as underwritten.
CHATSWOOD CHASE | VALUE CREATION Opened as expected. Building as underwritten. Path to stabilisation 120 Initial trade post the opening of 1,250 90% of 95% of Stage 11 stabilisation stabilisation Stabilised luxury precinct (Stage 2)2 100 1,000 Retail sales ($m) 80 750 % stabilised 60 500 40 250 20 0
Slide 81: Common approach. Project-specific path.
CHATSWOOD CHASE | VALUE CREATION Common approach. Project-specific path. Project stabilisation profile – development yield 6.7% Project returns outperforming the original underwrite Forecast stabilised yield lifted to approximately 6.7% reflecting favourable leasing outcomes and improved ancillary i
Slide 82: Precinct elevated. Asset revalued.
CHATSWOOD CHASE | VALUE CREATION Precinct elevated. Asset revalued. Development supports whole of asset value creation Indicative valuation journey Strategic acquisition 1,800 Acquisition of remaining 49% interest for $307 million1 announced in Total investment $933m October 2023, at a 6.5% discount
Slide 83: Chatswood Chase Residential Opportunity
RESIDENTIAL OPPORTUNITY Chatswood Chase An affluent catchment that wants to live where it already shops Chatswood Chase, NSW 82 | Vicinity Centres 2026 Capability Showcase | 16 September 2026
Slide 84: Land held for a decade. Highest and best use.
CHATSWOOD CHASE | RESIDENTIAL OPPORTUNITY Land held for a decade. Now positioned for its highest and best use. Why premium residential? 12-14 Malvern Avenue 5-7 Havilah Street Premium residential can complement and reinforce an established luxury destination Strong Chatswood CBD residential market f
Slide 85: Priorities aligned. Process accelerated.
CHATSWOOD CHASE | RESIDENTIAL OPPORTUNITY Priorities aligned. Process accelerated. Unlocking the opportunity – Leveraging planning capability, government relationships and disciplined execution – Changing office and housing markets created a stronger residential opportunity – Housing Development Aut
Slide 86: Acquired early. Optionality created.
CHATSWOOD CHASE | RESIDENTIAL OPPORTUNITY Acquired early. Optionality created. Two adjacent residential sites Originally acquired to support the retail expansion of Chatswood Chase, the sites now provide an adjacent residential opportunity connected to the centre 5-7 HAVILAH STREET 12-14 MALVERN AVE
Slide 87: Approvals first. Optionality preserved.
CHATSWOOD CHASE | RESIDENTIAL OPPORTUNITY Approvals first. Optionality preserved. Disciplined pathway to delivery Build the Planning Partner/ Planning Detailed Marketing Final Construction Staged Settlement team lodgement capital approvals design and sales investment start delivery structure decisio
Slide 88: Integrated living. Enduring asset value.
CHATSWOOD CHASE | RESIDENTIAL OPPORTUNITY Intregrated living. Enduring asset value. Attractive market fundamentals support significant residential value creation opportunity Meaningful incremental retail value upside Approximately 1,000 additional residents on the centre’s doorstep – Direct resident
Slide 89: Additional Mixed-Use Opportunities
VICINITY PORTFOLIO | ADDITIONAL MIXED-USE OPPORTUNITIES Landbank of opportunities. Full optionality maintained. Vicinity’s portfolio provides significant mixed-use potential to strengthen its retail-led precincts and unlock additional value. – Compelling market fundamentals: Selected assets with lon
Slide 90: Forward pipeline
Forward pipeline Capability and accumulated learnings applied to current and future development opportunities Chadstone, VIC 89 | Vicinity Centres 2026 Capability Showcase | 16 September 2026
Slide 91: Guiding Principles
GUIDING PRINCIPLES Aligned to strategy. Garnered from successive developments. Deployed by seasoned experts. Key development principles underpinning long-term value creation – Aligned to strategy to ensure any deployment of capital is determined by strategic investment portfolio outcomes – Globally
Slide 92: Galleria | Lessons applied, delivering to plan
GALLERIA | LESSONS APPLIED, DELIVERING TO PLAN Opening November 2026, on time and on budget. ~$130m1 Development spend ~6.25% Stabilised yield ~11.5% Unlevered IRR 1. Total project spend based on Vicinity ownership. 91 | Vicinity Centres 2026 Capability Showcase | 16 September 2026
Slide 93: Uptown | Accelerated planning
UPTOWN | ACCELERATED PLANNING Revitalisation of Uptown anticipated to commence in early 2027. Artist’s impression Artist’s impression 92 | Vicinity Centres 2026 Capability Showcase | 16 September 2026
Slide 94: Summary and Key Takeaways
SUMMARY AND KEY TAKEAWAYS Differentiated assets. Enduring value. Capability and portfolio differentiate Vicinity – Retail assets evolve and capability converts opportunity into enduring value – An owner-operator mindset drives decision-making and performance – Trusted retailer relationships reinforc
Slide 95: Disclaimer
DISCLAIMER For further information please contact: Jane Kenny General Manager, Investor Relations & Corporate Communications T: +61 3 7001 4291 E: jane.kenny@vicinity.com.au Authorisation The Disclosure Committee has authorised that this document be given to ASX. Disclaimer This document is a presen
Slide 96: Thank you
Thank you Chatswood Chase, NSW