Slides
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VICINITY CENTRES 2026 Capability Showcase 16-17 September 2026 Chatswood Chase, NSW Differentiated assets. Enduring value.
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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 continue to be important to the Traditional Custodians living today. ‘Looking Forward’ by Emma Hollingsworth, featured in Vicinity’s Innovate Reconciliation Action Plan. 1 | Vicinity Centres 2026 Capability Showcase | 16 September 2026 ACKNOWLEDGEMENT OF COUNTRY
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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 Centres 2026 Capability Showcase | 16 September 2026 CAPABILITY SHOWCASE
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Chatswood Chase, NSW 3 | Vicinity Centres 2026 Capability Showcase | 16 September 2026 Introduction
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Peter Huddle CEO and Managing Director Adrian Chye Chief Financial Officer Matt Parker Group Director Leasing Ross Siciliano General Manager Premium & Luxury Accounts Amy Wotton General Manager Brand & Marketing Michael Whitehead General Manager Property Management Jeheon Son Group Director Development & Government Relations Trevan Robinson General Manager Residential Development 4 | Vicinity Centres 2026 Capability Showcase | 16 September 2026 Specialist expertise. Collective strength. OUR ORGANISATIONAL CAPABILITY | REPRESENTATIVES TODAY
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– Chadstone – Australia’s #1 retail asset, recognised globally with significant current and future growth potential – Pre-eminent Premium CBD portfolio – destination for domestic and international tourists, office workers and day trippers – Leading Outlet Centre portfolio – broadens retailer distribution channel and trades well through cycles – Focused development pipeline – attractive retail and mixed‑use opportunities Compelling and increasingly premium retail portfolio – Proven co-owner partnership business – trusted co-owner and manager with 17 co‑owner partners across 26 assets1 – Extensive retailer partnerships – ~6,200 tenancies across 49 well-located assets1 – Australia’s luxury landlord of choice – broad relationships in favourable market segment across Chadstone, QueensPlaza, Chatswood Chase and Outlet Centres Retailer and capital partner of choice – Strong investment-grade credit ratings – A/Stable (S&P) and A2/Stable (Moody’s) – Modest gearing – maximises investment flexibility and supports long‑term growth priorities – Well-diversified by debt source and expiry profile – to minimise counterparty and expiry risk – High hedging – to minimise the impact of interest rate shocks Disciplined capital management – Focussed on initiatives – driving efficiency while also supporting regulatory compliance – Resilience of Vicinity’s portfolio and business model to climate‑related risks is indicated by our inaugural AASB S2 Sustainability Report – Net Zero 2030 Target2 – remains on track; 45% emissions intensity reduction vs FY16 already achieved Purposeful ESG program 1. Vicinity’s directly‑owned portfolio as at 30 June 2026 comprises 48 centres, plus Roxburgh Village which is managed but not owned. 2. Vicinity’s Net Zero 2030 Target applies to Scope 1 and Scope 2 GHG emissions from the common mall areas of Vicinity’s wholly‑owned retail assets. 5 | Vicinity Centres 2026 Capability Showcase | 16 September 2026 Quality assets. Platform of scale. Partner of choice. Disciplined capital management. OUR INVESTMENT PROPOSITION
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Note: Totals may not sum due to rounding Wholly-owned Co-owned Managed only Number of shopping centres % Portfolio value HARBOUR TOWN PREMIUM OUTLETS GOLD COAST MANDURAH FORUM DFO PERTH ELLENBROOK CENTRAL GALLERIA LAKESIDE JOONDALUP LIVINGSTON MARKETPLACE ROCKINGHAM CENTRE WARWICK GROVE CASTLE PLAZA COLONNADES ELIZABETH CITY CENTRE ALTONA GATE BAYSIDE BOX HILL CENTRAL NORTH BOX HILL CENTRAL SOUTH BROADMEADOWS CENTRAL CHADSTONE CRANBOURNE PARK DFO ESSENDON DFO MOORABBIN DFO SOUTH WHARF DFO UNI HILL EMPORIUM MELBOURNE MYER BOURKE STREET NORTHLAND OAKLEIGH CENTRAL ROXBURGH VILLAGE1 SUNSHINE MARKETPLACE THE GLEN VICTORIA GARDENS Shopping Centre BANKSTOWN CENTRAL CHATSWOOD CHASE DFO EASTERN CREEK4 DFO HOMEBUSH NEPEAN VILLAGE QUEEN VICTORIA BUILDING THE GALERIES THE STRAND ARCADE WARRIEWOOD SQUARE EASTLANDS NORTHGATE BURANDA VILLAGE DFO BRISBANE GRAND PLAZA QUEENSPLAZA TAIGUM SQUARE2 UPTOWN3 WA QLD SA NSW VIC TAS 10 181 2 3 8 7 10% 3% 11% 25% 48%1 2% BRISBANE SYDNEY ADELAIDE PERTH MELBOURNE HOBART LAKE HAVEN CENTRE 1. Vicinity’s directly‑owned portfolio comprises 48 centres, excluding Roxburgh Village in Victoria, which is managed but not owned. 2. Vicinity entered into binding arrangements in August 2026 to divest Taigum Square in Queensland, with settlement expected in September 2026. 3. Acquired the remaining 75% interest in Uptown in Queensland, which settled on 14 August 2026. 4. Acquisition of DFO Eastern Creek (formerly Eastern Creek Quarter) in New South Wales, settled on 30 June 2026. 6 | Vicinity Centres 2026 Capability Showcase | 16 September 2026 OUR ASSET PORTFOLIO Scaled nationally. Increasingly premium.
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Chadstone City Centre Outlet Centre Other Premium Regional Sub Regional Neighbourhood Retail asset portfolio by centre type Premium assets1 now comprise 67% of Vicinity’s retail asset portfolio Portfolio Jun-22 Portfolio Jun-26 proforma2 Own and operate a premium and differentiated retail asset portfolio capable of delivering superior income and value growth through cycles 1. Vicinity’s premium asset portfolio comprises Chadstone, Outlet Centres, CBDs and Premium shopping centres. 2. Adjusted for the stabilised value of completed Chatswood Chase, Chadstone and Galleria developments and other smaller projects, acquisition of the residual 75% interest in Uptown and announced divestments. 3. Comparable NPI growth excludes transactions, reversal of prior year waivers and provisions and development impacts. 4. Since Jun‑22. 5. Post disposal of Taigum Square, excludes DFO Eastern Creek, which settled on 30 June 2026. 6. Based on 100% ownership. Vicinity’s capital allocation since Jun-22 Cumulative investment in acquisitions and developments and proceeds from divestments Premium +$2.5b Core -$1.5b 1.6 1.3 1.2 Development Acquisitions Development Divestments (2.0) (1.5) (1.0) (0.5) 0.5 1.0 1.5 2.0 2.5 3.0 51% 67%Premium portfolio weighting +5.8% Premium comparable net property income growth per annum3,4 +5.4% Premium cumulative leasing spread4 Total portfolio: 1.8% $17,035 Premium specialty MAT per sqm Total portfolio: $13,5565 +43% Increase in average asset value2,4,6 Superior income and value growth 7 | Vicinity Centres 2026 Capability Showcase | 16 September 2026 OUR INVESTMENT STRATEGY Capital recycled. Portfolio premiumised.
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$420m For 50% interest Acquisition price $307m For 49% interest $351m For 100% interest $212m For 75% interest $12,164 At acquisition Specialty sales per sqm ~$17,000 Post development1 ~$11,000 Upon stabilisation2 To be determined Post development 6.25%Acquisition capitalisation rate 5.75% 6.00% 6.50% – Leverage Vicinity platform to drive enhanced asset performance – Longer‑term retail and mixed‑ use development Opportunity – Full control to deliver complex transformational development in one of Australia’s most affluent catchments – Leverage Vicinity platform to drive enhanced asset performance – Option for ~8,500 sqm Outlet expansion in longer-term – Full control to deliver transformational development in key growth market Lakeside Joondalup, WA Chatswood Chase, NSW DFO Eastern Creek, NSW Uptown, QLD 1. Estimated productivity upon full stabilisation. 2. Estimated stabilised productivity for Outlet Centre. Acquisition activity since June 2022 8 | Vicinity Centres 2026 Capability Showcase | 16 September 2026 Bought selectively. Positioned deliberately. OUR INVESTMENT STRATEGY | ACQUISITIONS
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WA QLD SA NSW VIC TAS 1. Includes all projects completed since Jun‑22, projects in delivery and Uptown development. All spend figures are at 100%. 2. Return figures are based on Vicinity interest. Strategic mix of small, medium and large projects1 Meaningfully accretive investment across the portfolio1 34 Projects 20 Assets $2.5b Development cost (100%) ~12% Unlevered IRR2 ~7% Stabilised yield2 16<$25m 13$25m-$100m 5>$100m 3 projects 2 assets $274m 2 projects 2 assets $49m 5 projects 4 assets $433m 16 projects 6 assets $978m 2 projects 2 assets $30m 6 projects 4 assets $781m Development activity since June 2022 9 | Vicinity Centres 2026 Capability Showcase | 16 September 2026 All scales. National program. Accretive outcomes. OUR INVESTMENT STRATEGY | DEVELOPMENTS
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1. Includes ancillary disposals. 2. Implied asset capitalisation rate based on disposal price. 3. On average, as at time of disposal. 4. Forecast investment IRR of assets as at Jun-23. Investment IRR for disposed assets has been adjusted to reflect sale price achieved. Chart excludes pre-development assets. 16 Interests in assets divested $1.6b Total proceeds1 10.0% Average premium to book value ~6.0% Average disposal yield2 <6.5% Average investment IRR ~$9,600/sqm Specialty MAT of disposed assets3 Indicative investment IRR outlook for divested assets relative to remaining portfolio4 Full interest divested Partial interest divested Full interest retained Divestment activity since June 2022 Recycling of non‑strategic interests to enhance portfolio strength and fund strategic investments 10 | Vicinity Centres 2026 Capability Showcase | 16 September 2026 Exited deliberately. Reinvested strategically. OUR INVESTMENT STRATEGY | DIVESTMENTS
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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 per sqm $12,1595 $13,5564,6 +$1,397 | +11% Specialty occupancy cost 13.9%5 14.4%4 +50 bps Weighted average capitalisation rate 5.30% 5.49%1 +19 bps Portfolio composition 49% 51% 33% 67% +16 ppts Premium Core 1. Based on portfolio as at 30 June 2026, includes DFO Eastern Creek, adjusted for the 75% acquisition of Uptown and disposal of Taigum Square. 2. Based on 100% ownership. 3. Adjusted for the stabilised value of completed Chatswood Chase, Chadstone and Galleria developments and other smaller projects, acquisition of the residual 75% interest in Uptown and announced divestments. 4. Excludes DFO Eastern Creek, which settled on 30 June 2026. 5. Based on 31 December 2022 due to COVID‑19 impacts. 6. Adjusted for disposal of Taigum Square. Chatswood Chase, NSW 11 | Vicinity Centres 2026 Capability Showcase | 16 September 2026 Quality concentrated. Productivity lifted. OUR INVESTMENT STRATEGY | ACCRETIVE OUTCOMES
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1. Australian Bureau of Statistics. 2. MST Marquee. – The labour market remains resilient, with just 2.1 unemployed people per job vacancy, well below the pre‑COVID decade average of 3.9 2 – Australian households have ~$1.7 trillion in savings, or ~$150,000 per household on average2 Unemployment rate 20-year average Labour market strength underpins shopper confidence to spend Unemployment rate and long-term average – seasonally adjusted1 7.4 4.5 4.7 2 3 4 5 6 7 8 Jul 2017 Jan 2018 Jul 2018 Jan 2019 Jul 2019 Jan 2020 Jul 2020 Jan 2021 Jul 2021 Jan 2022 Jul 2022 Jan 2023 Jul 2023 Jan 2024 Jul 2024 Jan 2025 Jul 2025 Jan 2026 Jul 2026 10-year average (pre-COVID) Excess savings of $272b Drawing down $96b of excess by 2026 Household savings ratio Household savings act as initial buffer to rising household costs Household savings ratio – seasonally adjusted1,2 (%) 0 5 10 15 20 25 1.8 23.3 6.5 6.5 Jun-2017 Sep-2017 Dec-2017 Mar-2018 Jun-2018 Sep-2018 Dec-2018 Mar-2019 Jun-2019 Sep-2019 Dec-2019 Mar-2020 Jun-2020 Sep-2020 Dec-2020 Mar-2021 Jun-2021 Sep-2021 Dec-2021 Mar-2022 Jun-2022 Sep-2022 Dec-2022 Mar-2023 Jun-2023 Sep-2023 Dec-2023 Mar-2024 Jun-2024 Sep-2024 Dec-2024 Mar-2025 Jun-2025 Sep-2025 Dec-2025 Mar-2026 Jun-2026 Consumer and retail sales drivers 12 | Vicinity Centres 2026 Capability Showcase | 16 September 2026 Employment tight. Savings robust. RETAIL PROPERTY SECTOR FUNDAMENTALS
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1. CBRE Research and Deloitte Access Economics. Consumer spending Consumer spending ($b) Square metres per capita GLA per capita (Shopping Centres) Population-led retail sales growth outpacing retail supply Retail GLA per capita and historical and forecast consumer spending1 (%) 200 400 600 800 1,000 1,200 1,400 1,600 1,800 0.55 0.58 0.61 0.64 0.67 0.70 0.73 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 Regional Sub Regional Neighbourhood 10 year average Limited investment in new regional retail assets National shopping centre development supply pipeline by new developments and extensions (sqm)1 0 100,000 200,000 300,000 400,000 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026F 2027F 2028F 2029F Structural underpinnings remain favourable 13 | Vicinity Centres 2026 Capability Showcase | 16 September 2026 Structural scarcity. Competitive advantage. RETAIL PROPERTY SECTOR FUNDAMENTALS
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– Acquisition focus on premium malls and outlets that leverage Vicinity’s platform – Development activity to enhance asset performance and drive income growth and total return – Appropriate risk‑adjusted return hurdles for each investment – Maintenance of a prudent and flexible balance sheet · Conservative credit metrics · Strong investment grade credit rating · Diversified debt funding sources · High hedging levels – Distribution reinvestment plan and non‑strategic asset sales as incremental funding sources based on pricing and capital requirements Investment opportunities Capital management Indicative investment target returns Investment type Target yield Target unlevered IRR Acquisitions 5.5%+ 8%+ Developments1 6%+ 10%+ Chatswood Chase, NSW Uses of capital Sources of capital 1. Investment hurdles may be adjusted depending on size and risk of individual projects. Target yield is on a stabilised basis. 14 | Vicinity Centres 2026 Capability Showcase | 16 September 2026 Clear hurdles. Disciplined allocation. OUR CAPITAL ALLOCATION
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Key debt metrics as at 30 June 2026 26. 1% Gearing1 5.0% Weighted average cost of debt3 $0.8b Undrawn limit 16.1% FFO2/net debt 5.1 years Weighted average drawn debt maturity A/Stable S&P Global Ratings 4.1 times Interest cover ratio 87% Of debt hedged in FY27 A2/Stable Moody’s ratings 1. Net drawn debt/Total tangible assets (excluding cash and cash equivalents, intangible assets, right of use assets, investment property leaseholds and derivatives). 2. FFO is based on 12 months ended 30 June 2026. 3. Average over 12 months ended 30 June 2026, inclusive of margin, line fees and establishment fees. Chadstone, VIC – The Market Pavilion 15 | Vicinity Centres 2026 Capability Showcase | 16 September 2026 Strength maintained. Capacity preserved. OUR BALANCE SHEET
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Bonds Bank drawn Bank undrawn Bank drawn Bank undrawn AMTN EMTN USPP HKMTN 17 1516 7 7 38 Debt sources (%) Debt maturity profile ($m) 492 927 169 500 500 578 154 275 10 437 185200 200 40 113 215 0 200 400 600 800 1,000 1,200 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY36 FY37 200 Fixed rate notional (lhs) Hedge rate excludes margin (rhs) % of drawn debt hedged2 Hedge maturity profile and rates (Weighted average, $m) Hedge rate1 (Weighted average, %) 0.0 1.0 2.0 3.0 4.0 5.0 0 1,000 2,000 3,000 4,000 5,000 FY27 FY28 FY29 FY30 FY31 87% 76% 55% 36% 16% Favourable maturity and hedging profile 1. Hedge rate excludes margin and establishment fees on fixed-rate debt, and margin, line and establishment fees on floating debt hedged with interest rate swaps. 2. For FY27 to FY31 the percentage of drawn debt hedged is based on 30 June 2026 drawn debt balance. 16 | Vicinity Centres 2026 Capability Showcase | 16 September 2026 Diversified book. Well hedged. OUR BALANCE SHEET
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11.0% 8.7% 8.0% 9.8% 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. Source: Vicinity Centres, The Property Council of Australia/MSCI All Property Index – Retail Sector, Standing Investments. Vicinity portfolio1 return vs PCA/MSCI retail sector index2 Performance periods ending 30 June 2026 Chadstone, VIC – The Market Pavilion 17 | Vicinity Centres 2026 Capability Showcase | 16 September 2026 Outperformance sustained. OUR INVESTMENT PERFORMANCE
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Chatswood Chase, NSW 18 | Vicinity Centres 2026 Capability Showcase | 16 September 2026 Q&A
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Break Chatswood Chase, NSW
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CREATES OPPORTUNITY INCOME GR O W T H UNLOCKS G R O W T H A SSET PERF O R M A N CE RETAI L E R D E MAND PRODU C T I V I T Y UPLIFT INCOME MIX MOMENTUM GROWTH INVESTMENT VALUE DEMAND INSIGHT STRATEGY WHOLE OF ASSET VALUE CREATION 20 | Vicinity Centres 2026 Capability Showcase | 16 September 2026 VICINITY’S INTEGRATED RETAIL ASSET MANAGEMENT MODEL Organisational capabilities reinforce value creation
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Chadstone, VIC 21 | Vicinity Centres 2026 Capability Showcase | 16 September 2026 Case studies
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Acquisitions Lakeside Joondalup, WA 22 | Vicinity Centres 2026 Capability Showcase | 16 September 2026
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1. Vicinity share; 50%. Enhancing asset performance since acquisition +10% VALUATION GAIN1 Jun‑26: $461.5m Acquisition: $420m +8.0% NPI GROWTH1 Jun‑26: $28.5m Acquisition: $26.4m +21% ANCILLARY INCOME GROWTH +11% SPECIALTY MAT/SQM Jun‑26: $13,460 Acquisition: $12,164 +200 bps OCCUPANCY RATE Jun‑26: 99.5% Acquisition: 97.5% +93% NPS 2025: 43.7 2024: 22.7 +49% Centre SAT 2026: 7.3 2025: 4.9 ~16% IMPROVEMENT IN CONTROLLABLE OPERATING COSTS Through adoption of Vicinity’s asset management and operating platform ~40 NEW RETAILERS INTRODUCED Strengthening the customer proposition and retailer productivityMECCA (artist’s impression) opening November 2026 Betty’s Burgers Lakeside Fresh 23 | Vicinity Centres 2026 Capability Showcase | 16 September 2026 Platform applied. Capability proven. ACQUISITIONS | LAKESIDE JOONDALUP
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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 +64.4% Specialty occupancy cost 8.6%4 12.9%3 +430 bps Weighted average cap rate 8.26% 5.85% ‑241 bps WA QLD SA NT VIC TAS 1. Metrics relate to original outlet acquisition in Sep‑10 unless otherwise stated. 2. VCX share. 3. Excludes DFO Eastern Creek. 4. DFO South Wharf excluded due to centre trading for less than 12 months. 5. As at Dec‑10. 6. 50% ownership. Vicinity responsible for leasing and development. Harbour Town Premium Outlets Gold Coast6 DFO Brisbane DFO Eastern Creek DFO Homebush DFO Essendon DFO Moorabbin DFO South Wharf DFO Uni Hill DFO Perth NSW 24 | Vicinity Centres 2026 Capability Showcase | 16 September 2026 Platform applied. Capability proven. ACQUISITIONS | BUILDING SCALE IN OUTLETS
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1. Since acquisition date of April 2020. 2. Since acquisition date of December 2021. STRENGTHENS VICINITY’S EXISTING OUTLET PLATFORM INCREASED EXPOSURE TO WESTERN SYDNEY’S GROWTH CORRIDOR FUTURE VALUE CREATION OPPORTUNITIES INCLUDING POTENTIAL 8,500 SQM OUTLET EXPANSION $351m Acquisition price 6.0% Capitalisation rate 30,000 sqm Of outlet and traditional GLA +10.2% NPI GROWTH PER ANNUM Since acquiring 50% interest DFO Uni Hill1 +6.5% NPI GROWTH PER ANNUM Since acquiring 50% interest Harbour Town Premium Outlets Gold Coast 2 A TRACK RECORD OF VALUE CREATION POST ACQUISITION 25 | Vicinity Centres 2026 Capability Showcase | 16 September 2026 Platform applied. Performance to strengthen. ACQUISITIONS | DFO EASTERN CREEK
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Developments The operating context Chadstone, VIC – Dining Laneway 26 | Vicinity Centres 2026 Capability Showcase | 16 September 2026
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Leasing – Physical retail proven essential – Online augments physical stores; omnichannel is the norm – Shoppers want experiences, activations, bespoke service – Quality retail floorspace supply is tightening – Tight supply creates positive leasing tension, further strengthened by a differentiated asset portfolio – Net lease structures with fixed annual escalations are standard for Vicinity – Higher operating costs for retail partners is now a structural reality – Right retail partner in the right asset driving sustainable income – Less demand from traditional majors (excluding supermarkets) – Limited significant retail developments across the sector in the past 10 years – Migration of industry capability to offshore markets and/ or early retirement – Limited generational knowledge transfer – Structural dislocation in construction sector shifting execution risk further to developer – Greenfield retail developments not highest and best use; replacement costs tend to exceed asset value – Rising regulations and compliance obligations driving increased cost and complexity – Extended periods of limited investment leading to increased instances of latent conditions – Development, project and design management is increasingly outsourced Development – Seasoned builders of complex retail developments exited market/teams migrated offshore – Public sector infrastructure investment starving private sector of contractors – ‘Fixed price’ contracts are more adjustable – Supply chains disrupted by geopolitics leading to prolongation of projects – Construction costs escalating; materials and labour costs – Legacy of site productivity challenges; improvements are state‑based – Industrial relations disputes rising Construction CHANGES TO VICINITY OPERATING MODEL AND RISK MANAGEMENT APPROACH RECRUITMENT OF GENERATIONAL TALENT WITH GLOBAL DELIVERY EXPERIENCE CONTINUED PORTFOLIO PREMIUMISATION. PASSED PEAK DEVELOPMENTS PHASE, LOWER RISK AND LOWER COST PROJECTS AHEAD 27 | Vicinity Centres 2026 Capability Showcase | 16 September 2026 DEVELOPMENTS | THE OPERATING CONTEXT Conditions shifted. Model adapted.
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Chadstone, VIC – The Market Pavilion THE ASSET Chadstone An evolution of scale, size and global significance Case study: The Market Pavilion and One Middle Road 28 | Vicinity Centres 2026 Capability Showcase | 16 September 2026
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TODAY: Australia’s pre-eminent retail-led mixed-use asset Evolution of Chadstone 1983: A new era of growth for Chadstone – acquired by Mr Gandel AC $37m Acquisition price $100m MAT retail sales $7.26b Total value $2,735m MAT retail sales 29 | Vicinity Centres 2026 Capability Showcase | 16 September 2026 Generational ownership. Aligned interests. CHADSTONE | THE ASSET
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Trade area Customer profiles Chadstone’s catchment and customer profile Trade area residents Tourists On-site workers 2.43m People in trade area $2b Spent by trade area residents p.a. 24% Centre sales from outside trade area $992 Avg. spend for international tourists 411k International tourists visited in last 12 months 11k On-site workers across retail and commercial $12k Projected annual in-centre spend per office worker 30 | Vicinity Centres 2026 Capability Showcase | 16 September 2026 Local depth. Global draw. CHADSTONE | THE ASSET
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A Stage 40 retail Mainstream retail expansion (2016, $586m) B The Social Quarter Entertainment‑leisure precinct (2023, $71m) C Car Park A expansion 850 additional spaces (2022, $59m) D One Middle Road 20,000m² commercial office (2025, $190m) E Hotel Chadstone 250 room five star hotel (2019, $115m) F The Market Pavilion Fresh food market hall (2025, $303m) G Tower One 16,000 sqm office tower (2016, $86m) H Chadstone Place 8,000 sqm office refurbishment (2023, $42m) Last decade of investment in Chadstone 31 | Vicinity Centres 2026 Capability Showcase | 16 September 2026 CHADSTONE | THE ASSET Constant reinvestment. Enduring relevance. A E C G B F D H The Link (2019) Luxury mall (2017) Food atrium (2018)
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Dubai Mall South Melbourne Market, Melbourne La Boqueria Market, Barcelona NorthPark Center, Dallas ICONSIAM, Bangkok Yorkdale Shopping Centre, Toronto An icon of global significance Asia ICONSIAM, Bangkok ION Orchard, Singapore The Shoppes at Marina Bay Sands, Singapore North America Bellevue Square, Washington NorthPark Center, Dallas South Coast Plaza, Costa Mesa Westfield Century City, Los Angeles Westfield Valley Fair, Santa Clara Yorkdale Shopping Centre, Toronto United Kingdom/Middle East Dubai Mall Westfield London Westfield Stratford City International/Australian Fresh Food Borough Market, London Ferry Plaza Farmers Market, San Francisco Grand Central Market, Los Angeles La Boqueria Market, Barcelona Le Bon Marché Food Hall, Paris Marché des Enfants Rouges, Paris Mercato Centrale, Florence South Melbourne Market, Melbourne West Side Market, Cleveland 32 | Vicinity Centres 2026 Capability Showcase | 16 September 2026 Benchmarked globally. CHADSTONE | THE ASSET
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An asset of local and global significance 364 Specialty stores 38 Global luxury boutiques (9 in 2009) 3 Supermarkets 5 Majors (non‑food) 43 Mini majors 4 Office towers 5 Star Luxury hotel $7.26b Total value 4.25% Capitalisation rate $1.5b Major investment over the last decade Chadstone trading metrics (as at 30 June 2026) $28k Specialty sales per sqm 99.6% Avg. occupancy (since Dec‑22) $75k Luxury sales per sqm 22.3m Visitation $2,735m MAT +5.8% Avg. annual leasing spreads (since Dec‑22) Nil Leasing incentives 33 | Vicinity Centres 2026 Capability Showcase | 16 September 2026 Unmatched scale. Unrivalled performance. CHADSTONE | THE ASSET
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Hotel Chadstone Personal styling services Free shuttle bus Food Concierge Best in class guest services Cj Hendry – Lost & Found Hello Kitty RONE – The Making of Home Louis Vuitton – Time Capsule Best in class experiences Gentle Monster Canada Goose Frank Green Arc’teryx Golden Goose First to market brands 34 | Vicinity Centres 2026 Capability Showcase | 16 September 2026 First to market. Best in class. CHADSTONE | THE ASSET
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PROJECT PLANNING The Market Pavilion Chadstone – a globally recognised asset without a food offer to match Chadstone, VIC – The Market Pavilion 35 | Vicinity Centres 2026 Capability Showcase | 16 September 2026
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1. Below comparative Super Regional benchmark. 2. By Primary customer segment Prosperous Families; compared to benchmark centres. 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 Chadstone’s shopper underspent on food retail and food catering Food retail purchasing was incidental, therefore small basket sizes Shoppers were willing to travel further for a better fresh food offering Why The Market Pavilion? Chadstone, VIC – fresh food precinct prior to development 35% Lower spend2 50% Fresh food market share gap1 36 | Vicinity Centres 2026 Capability Showcase | 16 September 2026 Need identified. Opportunity quantified. CHADSTONE | PLANNING
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37 | Vicinity Centres 2026 Capability Showcase | 16 September 2026 Globally inspired. Locally imagined. CHADSTONE | PLANNING
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– Draw inspiration from the world’s leading food halls – Create a grand sense of space, natural light and generous circulation – Integrate seating within retailers and shared customer spaces – Use a curated journey to promote movement and discovery – Deliver exceptional service – Balance artisan operators with everyday essentials – Use destination brands to drive visitation and discovery – Support frequent fresh food shopping through everyday retail – Secure operators spanning food retail and food catering – Extensive global market research – Leading Melbourne artisan food brands – Quality, authenticity and craftsmanship – Distinctive and exceptional customer experiences BEST-IN-CLASS OPERATORS DESTINATION AND CONVENIENCE MARKET ATMOSPHERE A balanced offer across multiple customer occasions A market experience: Globally inspired, authentically Melbourne, unmistakably Chadstone EVERYDAY Frequent fresh food + convenience INSPIRE Discovery + artisan craftsmanship INDULGE Gourmet dining + destination experiences 38 | Vicinity Centres 2026 Capability Showcase | 16 September 2026 Artisan and everyday. Balanced by design. CHADSTONE | PLANNING
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Pavilions Seating Fresh food precinct: pre-development New elevated fresh food offer in a ‘high end’ market style environment Precinct anchored by pavilions 39 | Vicinity Centres 2026 Capability Showcase | 16 September 2026 High street talent. Chadstone stage. CHADSTONE | PLANNING
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Food as theatre: launch and ongoing activations The built environment is brought to life through visible retailer preparation, activation zones and a demonstration kitchen F: Celebrity live cooking E: Food Concierge D: Centre-run campaignsA: Communal seating Activation zone Communal seating Food Concierge Demonstration kitchen Activation zone Communal seating B: Visible food preparation C: Retailer tastings 40 | Vicinity Centres 2026 Capability Showcase | 16 September 2026 Theatre delivered. Offer elevated. CHADSTONE | PROJECT DELIVERY
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PROJECT PLANNING One Middle Road Chadstone – a city-scale destination ready for its next workplace address Chadstone, VIC – One Middle Road 41 | Vicinity Centres 2026 Capability Showcase | 16 September 2026
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The opportunity 1 Reframe perceptions – A consistent weekday customer base supports retail when visitation is structurally lower 2 Leverage unrivalled amenity – Retail, dining, services, childcare, wellness and transport create a compelling proposition 3 Capture incremental value – Office weekday parking converts back to retail use on weekends Why One Middle Road? Average daily visitation Centre visits and office workers on-site Monday Tuesday Wednesday Thursday Friday Saturday Sunday 86% 82% 71% 71% 26% 0% 0% Average daily centre visitation % Office workers on site Elevate Chadstone’s role as a mixed-use destination and an integrated place to work, shop and spend time 42 | Vicinity Centres 2026 Capability Showcase | 16 September 2026 Workers added. Weekdays transformed. CHADSTONE | ONE MIDDLE ROAD | PLANNING
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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 ONE MIDDLE ROAD 20,000 sqm NLA | Directly connected to The Market Pavilion to promote retail activity throughout the week 100% leased despite market headwinds Melbourne CBD vacancy: ~19% 2 anchors Kmart Group and Adairs Long-term leases secured 2023 Chadstone Place refurbishment 8,000 sqm 2019 Hotel Chadstone: ~250 rooms and conference facilities 19,000 sqm 2017 Waterman Business Centre 5,000 sqm 2016 Tower One 16,500 sqm 2026 One Middle Road 20,000 sqm Central Tower refurbishment 3,000 sqm2027 43 | Vicinity Centres 2026 Capability Showcase | 16 September 2026 Scale accumulated. Demand proven. CHADSTONE | ONE MIDDLE ROAD | PLANNING
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~6,500 Office workers ~$12, 150 Annual spend per office worker1 ~$79m Annual spend by office workers1 More workers → more weekday activity → stronger retail productivity → a more valuable mixed-use destination A growing weekday workforce that feeds the retail ecosystem Office workers create frequent visitation and incremental spend across Chadstone’s non-peak periods One workday | multiple retail touchpoints Before work Gym + childcare 1 After work Fresh food + retail 3 Midday Lunch + errands 2 Team time Dining + events 4 Recurring weekday behaviour supports food catering, services, fresh food and discretionary retail 1. Source: Vicinity Centres Office Worker Survey, August 2026. 44 | Vicinity Centres 2026 Capability Showcase | 16 September 2026 Weekday workforce. Weekday spend. CHADSTONE | ONE MIDDLE ROAD | PLANNING
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45 | Vicinity Centres 2026 Capability Showcase | 16 September 2026 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
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PROJECT DELIVERY The Market Pavilion and One Middle Road Chadstone – a development of size, scale and complexity Chadstone, VIC – One Middle Road 46 | Vicinity Centres 2026 Capability Showcase | 16 September 2026
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2 Tailor the leasing approach – Leasing to catalyst retailers – Partnering closely with retailers throughout the journey – An eclectic mix of usages and bespoke brands to create a modern marketplace – Worked with existing food retailers to develop new concepts 1 Reframe perceptions – Demonstrated how the proposition differs from a traditional shopping centre – Created targeted collateral for artisan operators – Presented the opportunity as a community of like‑minded businesses – Built trust through relationship‑led engagement 3 Create the precinct – Designed complementary zones with distinct roles – Reserved the heart of The Market Pavilion for best‑in‑class destinational concepts – Used artisan operators to drive visitation and differentiation – Balanced destination appeal with national retailers and everyday essentials Tailored engagement and thoughtful precinct design delivered a distinctive retail mix First-to-shopping-centre operators A curated collection creates destination impact that individual retailers cannot deliver alone 47 | Vicinity Centres 2026 Capability Showcase | 16 September 2026 Tailored engagement. Curated outcome. CHADSTONE | THE MARKET PAVILION | PROJECT DELIVERY
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Brunetti Oro Flowers Vasette Mörk Chocolate Hank’s Bagelry Green Cup Canteen VIC’S Champagne & Oyster Bar Little Sister Bakery Cannoleria Maita Blakeaway The retailer mix that was delivered 48 | Vicinity Centres 2026 Capability Showcase | 16 September 2026 CHADSTONE | THE MARKET PAVILION | PROJECT DELIVERY Mix delivered. Vision realised.
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Retail-led mixed-use Ground floor retail with a childcare, gym and 9-storey office above, along with Chadstone’s major logistics hub below The Market Pavilion 26,000 sqm fresh food/dining precinct, with 50+ stores, from everyday essentials to artisan-led offerings One Middle Road 20,000 sqm A‑grade commercial office, home to the head offices of Kmart Group and Adairs Logistics hub Subterranean hub with ~30 truck bays to service the precinct and wider centre Car park C New car park level GYM THE MARKET PAVILION What was delivered 49 | Vicinity Centres 2026 Capability Showcase | 16 September 2026 Multiple projects. Single execution. CHADSTONE | PROJECT DELIVERY
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– Initial loading dock excavation – Continued car park usage – Pedestrian link bridge created to service Chadstone’s second busiest entrance – Car park C additional levels and art facade installed, whilst usage continued – Super dock creation (infrastructure future proofing) – One Middle Road core/podium built up – Centre ground floor expanded across to car park – Signage, wayfinding and customer access well managed – Dining laneway is the busiest centre entrance – Impact mitigated – Live centre continued to trade adjacent to, and below, The Market Pavilion construction – Maintained base building services and operational functionality of asset Managing complexity and risk to preserve returns 50 | Vicinity Centres 2026 Capability Showcase | 16 September 2026 Complexity managed. Trading protected. CHADSTONE | PROJECT DELIVERY
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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 dust and air quality – Conducted ongoing community consultation with residents – Implemented an acoustic monitoring system to demonstrate compliance with noise requirements – Minimal abatements granted and overall financial outcomes remained within feasibility assumptions 1. Shopping Centre News Big Guns 2024 and 2025. 2. Four months ended 30 June 2026. MAINTAINED #1 CENTRE IN AUSTRALIA RANKING DESPITE DEVELOPMENT #1 Total centre sales1 #1 Specialty productivity1 1.7m Pre- development 1.4m During development 1.8m First year post development 1.9m Following full occupancy of One Middle Road2 Average monthly foot traffic >99% Static centre occupancy rate maintained ~23,000sqm GLA taken offline (10% of total GLA) 18 reconfigurations Completed in conjunction During development 51 | Vicinity Centres 2026 Capability Showcase | 16 September 2026 Disruption contained. Ranking retained. CHADSTONE | PROJECT DELIVERY
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Development completion Inside – a unique, destinational food precinct befitting of Chadstone – New vaulted ceilings to improve ambience – Improved sightlines to see through the precinct BEFOREDURING AFTER 52 | Vicinity Centres 2026 Capability Showcase | 16 September 2026 Gap closed. Destination created. CHADSTONE | PROJECT DELIVERY
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53 | Vicinity Centres 2026 Capability Showcase | 16 September 2026 CHADSTONE | PROJECT DELIVERY Craft everywhere. Detail throughout.
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Overview – New front door for Chadstone – One Middle Road linked the retail to existing car park BEFOREDURING AFTER 54 | Vicinity Centres 2026 Capability Showcase | 16 September 2026 New main entry at Chadstone. New chapter of integrated mixed-use. CHADSTONE | PROJECT DELIVERY
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55 | Vicinity Centres 2026 Capability Showcase | 16 September 2026 CHADSTONE | PROJECT DELIVERY Challenged environment. Built as promised.
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CUSTOMER WAYFINDINGA DELIBERATE LAUNCH CAMPAIGN – RETAILERS AT HEART OF OPENING CAMPAIGN PREPARING BACK OF HOUSE/FOOD CONCIERGE AND LOADING DOCKIMPLEMENTED CONTROLLED PARKING TO SUPPORT CONVENIENCE CUSTOMER CHURN CAPABILITY AND A CULTURE OF TEAM SPIRIT From development to launch – readying the precinct for opening 56 | Vicinity Centres 2026 Capability Showcase | 16 September 2026 CHADSTONE | PROJECT DELIVERY Opening planned. Opening executed.
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Amplify to stabilise: Launched the precinct and drove visitation – Launched around food, experience, destination dining and social currency, supported by PR, digital, paid media, activations and incentives – Managed parking, traffic, wayfinding and retail logistics tightly to create a seamless opening experience – Converted launch momentum into strong visitation, retailer confidence and broader centre benefits A DELIBERATE LAUNCH CAMPAIGN – RETAILERS AT HEART OF OPENING CAMPAIGN OPENING RETAILER ACTIVATIONS SPEND INCENTIVES TO SUPPORT STABILISATION ~4,500 Carparking spaces with direct proximity to The Market Pavilion $273m Post development MAT1 ~13m The Market Pavilion visitation2 1. MAT as at March 2026, representing the first full year following completion of the development. 2. Approximate annual visitation as at March 2026, representing the first full year following completion of The Market Pavilion 57 | Vicinity Centres 2026 Capability Showcase | 16 September 2026 Momentum created. Performance sustained. CHADSTONE | PROJECT DELIVERY
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Chadstone, VIC – One Middle Road VALUE CREATION The Market Pavilion and One Middle Road stabilisation Chadstone – value created in the precinct, realised across the whole asset 58 | Vicinity Centres 2026 Capability Showcase | 16 September 2026
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1. Percentage of stabilised retail sales realised (specialties and mini majors). 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 Pavilion precinct – Initial trading months post opening in March 2025 exceeded expectations/forecasts – Year 1 retail sales outperformed forecast with 93% of stabilised sales achieved compared to a forecast of 90% of stabilised sales – Project is currently on track to achieve stabilised trading within two to three years 0 20 40 60 80 100 120 Apr-25 110% 90% 99% 90% 94% 90% 93% 90% 95% 95% 100% 100% May-25 Jun-25 Year 1Y ear 2Y ear 3 Initial trade post opening 0 20 40 60 80 100 120 Forecast and underwrite (%) Path to stabilisation1 Actual/forecast Underwrite Retail sales as if stabilised (Y3) % of retail sales 59 | Vicinity Centres 2026 Capability Showcase | 16 September 2026 CHADSTONE | VALUE CREATION Assumptions tested. Outcomes beaten.
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FY26 3.0% Part year contribution from anchor office tenant 5.0% 5.6% FY27 FY28 Yield strengthens to 5.6% upon development stabilisation Stabilisation attributed to the following factors: – Partial year contribution from anchor tenants in One Middle Road office tower in year 1 – Staged opening of food and beverage and non‑retail tenancies at The Market Pavilion – Marketing activities to promote new offer – Fixed annual rent escalations built into tenant leases, consistent with specialty and mini major leases across portfolio Project returns versus original underwrite Underwrite Forecast Stabilised yield ~6% 5.6% Project IRR >11% 9.4% | 10.9% 1 1. IRR assumes capitalisation rate remains consistent at underwriting (retail: 3.88%). Based on latest Jun‑26 metrics (retail: 4.25%), the IRR would be 9.4%. Project stabilisation profile – development yield 60 | Vicinity Centres 2026 Capability Showcase | 16 September 2026 CHADSTONE | VALUE CREATION Income layered. Yield lifted.
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Underlying growth and development contribution outweigh cap rate softening Organic growth – Since Jun‑22, underlying income growth has driven a ~$1 billion increase in valuation, an increase of ~4% per annum Capital invested and value created – Investment of ~$540 million to elevate Chadstone has generated a notional $85 million development profit 2 Current valuation – Reflects 38 bps capitalisation rate softening driven by external market factors 1. Capitalisation rate softened by 38 bps. 2. Development profit is based on the capitalisation rate holding at underwriting (retail: 3.88%). Applying the latest Jun-26 metrics instead (retail: 4.25%) would result in a $9m loss. 3,000 4,000 5,000 6,000 7,000 8,000 Jun-22 (3.88% cap rate) 6,275 ~1,035 ~540 85 7,935 674 38 bps cap rate softening1 7,261 Underlying growth The Market Pavilion and One Middle Road development Development profit Jun-26 (3.88% cap rate) Cap rate (loss) Jun-26 (4.25% cap rate) Valuation ($m) 61 | Vicinity Centres 2026 Capability Showcase | 16 September 2026 Development supports whole of asset value creation CHADSTONE | VALUE CREATION Precinct elevated. Value captured.
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Chadstone, VIC – Dining Laneway Q&A 62 | Vicinity Centres 2026 Capability Showcase | 16 September 2026
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Break Chatswood Chase, NSW
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Chatswood Chase, NSW THE ASSET Chatswood Chase Chatswood Chase – an iconic asset in an unparalleled location 64 | Vicinity Centres 2026 Capability Showcase | 16 September 2026
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Evolution of Chatswood Chase 99.7% Occupancy3 67,541 sqm GLA +15% Foot traffic since base year4 +26% Same-store MAT growth5 +39% six-month same-store sales growth5 ~$1.5b Total value2 5.00% Capitalisation rate ~$930m Recent investment1 140 Specialty stores 15 Mini majors 3 Majors 1. Including 2023 acquisition of GIC’s 49% interest. 2. Based on management’s forecasts and the current capitalisation rate of 5.0% and assuming no unforeseen circumstances or material changes in operating conditions. 3. As at 30 June 2026. 4. For May and June 2026. 5. As at Jun‑26 versus prior corresponding period. 65 | Vicinity Centres 2026 Capability Showcase | 16 September 2026 CHATSWOOD CHASE | THE ASSET Exceptional location. Iconic asset.
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Potential for residential opportunity elevated – favourable public policy, strategic location and retail amenity ~$626m retail development scheme Gained 100% control of asset Post‑COVID, consolidated retail scheme that maintained existing structure Adjacent land purchased for retail expansion (2013‑2015) Secured full control, managed development risk and now recognising full benefit from retail redevelopment. Poised to capture opportunity for exceptional residential value creation. ~$1b strategic investment to realise Chatswood Chase’s potential; first major development beyond Chadstone Retail development profit of ~$250m, stabilised valuation of ~$1.5b1 Meaningful residential value creation opportunity 1. Based on management’s forecasts and the current capitalisation rate of 5.0% and assuming no unforeseen circumstances or material changes in operating conditions. Development scheme contemplated demolition of full asset and large‑scale retail expansion and development 66 | Vicinity Centres 2026 Capability Showcase | 16 September 2026 Decade long assembly. Whole of asset value. CHATSWOOD CHASE | THE ASSET 20262013
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The suburbs proximate to the Metro stations have incomes 32% higher than Greater Sydney Chatswood Chase and Vicinity owned adjacent sites. Chatswood Chase sits within easy walking distance of the Metro station 67 | Vicinity Centres 2026 Capability Showcase | 16 September 2026 Metro – 7 mins to Macquarie Metro – 10 mins to City 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 connected. Catchment expanded. CHATSWOOD CHASE | THE ASSET
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Insights and intelligence that defined the positioning of the development +46% Trade area household income above Sydney average +25% Higher spend per capita than average Sydney resident 50% Luxury market share leaked to Sydney CBD 26% Residents of Asian heritage $2.3b Sydney luxury market spend Opportunity to curate a more productive and higher-quality retail mix Luxury retail underrepresented on the North Shore Asset underinvested for almost >10 years pre-development Chatswood Chase has a history of being a premium retail destination perceived as a ‘grand old dame’ Appetite and demand from luxury, international premium, and Australian designers for a presence on the North Shore remains high ONE OF AUSTRALIA’S MOST AFFLUENT CATCHMENTS 68 | Vicinity Centres 2026 Capability Showcase | 16 September 2026 Affluent catchment. Spend leaking. CHATSWOOD CHASE | THE ASSET
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ION Orchard, Singapore Bal Harbour Shops, Miami Landmark, Hong Kong Shopping Cidade Jardim, São Paulo JK Iguatemi, São Paulo 69 | Vicinity Centres 2026 Capability Showcase | 16 September 2026 The inspiration behind the reimagination Global exemplars. Australian first. CHATSWOOD CHASE | THE ASSET
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Peter Huddle CEO and Managing Director EXPERIENCE: AMERICAS/AUSTRALIA Matt Parker Group Director Leasing EXPERIENCE: ASIA/AUSTRALIA Peter Miller Development and Construction Strategic Advisor EXPERIENCE: UK/EUROPE/AUSTRALIA John Marshall General Manager Retail Development EXPERIENCE: AMERICAS/AUSTRALIA Ross Siciliano General Manager Premium & Luxury Accounts EXPERIENCE: GLOBAL LUXURY Laura McRae Managing Legal Counsel EXPERIENCE: CONSTRUCTION AND DEVELOPMENT Simon Nicholas General Manager Leasing, Design and Delivery EXPERIENCE: AMERICAS/UK/AUSTRALIA Jayne Richardson Construction Delivery Partner EXPERIENCE: CONSTRUCTION AND DEVELOPMENT Ben Mah-Chut Design Director EXPERIENCE: ASIA/AUSTRALIA Jeheon Son Group Director Development & Government Relations EXPERIENCE: UK/EUROPE/AUSTRALIA 70 | Vicinity Centres 2026 Capability Showcase | 16 September 2026 Global experience. Australian execution. CHATSWOOD CHASE | THE ASSET 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, Westfield US, Lendlease UK, Uniqlo Asia, and large-scale construction and development contractors.
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Proven customer demand informed a distinct, premium offer – International premium brands and Australian designers were previously performing strongly at Chatswood Chase – Developed Lower Ground first to retain connection with a highly loyal customer base – Defined a clear role for every level while supporting one connected destination – Curated a premium flagship offer vertically across multiple levels – Combined destination retail with frequent‑visit uses to broaden customer occasions – Strategically located food and beverage to enhance activation and drive visitation across levels – Positioned Chatswood Chase as housing the largest and most compelling luxury offer outside the Sydney CBD – Ensure Chatswood Chase has a unique point of difference from the surrounding area’s retail and dining offering – Curated luxury, international premium, Australian designers, athleisure, dining and wellness – Elevated food, lifestyle and services to align with the premium fashion offer 1 – Building on proven demand 3 – Planning one connected offer2 – Creating a differentiated destination A CLEAR ROLE FOR EVERY LEVEL LG FRESH FOOD, EVERYDAY ESSENTIALS, IMMERSIVE FOOD EXPERIENCE L1 LUXURY DESTINATION G AUSTRALIAN DESIGNERS, INTERNATIONAL PREMIUM AND FLAGSHIPS L2 CONTEMPORARY FASHION L3 HEALTH, WELLNESS + FAMILY EXPERIENCES 71 | Vicinity Centres 2026 Capability Showcase | 16 September 2026 The development vision and leasing strategy Demand proven. Offer curated. CHATSWOOD CHASE | PLANNING
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Vicinity’s proven luxury platform enabled the Chatswood Chase repositioning – Chadstone established Vicinity’s credibility and deep luxury retailer relationships – QueensPlaza extended this capability across another premium destination – This proven platform created confidence in the Chatswood Chase opportunity – Highly selective luxury retailers prioritise premium locations, trusted partners, strong productivity and long‑term alignment – The strategy was conceived before luxury market conditions moderated – Some agreements required further negotiation as conditions changed – Vicinity maintained conviction in the trade area, partner productivity, rents and covenant quality – Leasing, design, development, legal and operations worked as one integrated team – Luxury commitments were interconnected and influenced by co-tenancy requirements – Continued global relationship management supported a complex network of negotiations – Critical luxury commitments were secured before progressing the broader offer fully to market 1 – A proven relationship platform 3 – Responding through the cycle2 – Integrated and interdependent execution The luxury differentiator TRUSTED RETAILER RELATIONSHIPS PREMIUM LOCATIONS CUSTOMER + MARKET INTELLIGENCE INTEGRATED END-TO-END CAPABILITY 72 | Vicinity Centres 2026 Capability Showcase | 16 September 2026 Landlord of choice for luxury retailers. Relationships are anchored by proven outcomes, mutual trust and capability Relationships earned. Commitments secured. CHATSWOOD CHASE | PLANNING
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Simultaneous, multi-brand negotiation Vicinity leasing discussions and co-ordination across all Groups and Brand levels required to secure new sites +12 other brands (Celine, Loewe, Givenchy, Rimowa, TAG, Chaumet, Hublot, Fred, Berlutti, DIOR Cosmetics, Kenzo, Marc Jacobs) Celine Montblanc Fendi Piaget Bulgari Panerai Alexander McQueen Loro Piana IWC Balenciaga Tiffany & Co. Jaeger-LeCoutier Bottega Veneta Dior Van Cleef & Arpels Saint Laurent Louis Vuitton Cartier Gucci >15 OTHER INDIVIDUAL BRANDS Independent discussion between Groups/BrandsDiscussions between Groups/Brands and VicinityInternal Group/Brand discussions GLOBAL MANAGEMENT REGIONAL MANAGEMENT LOCAL MANAGEMENT GROUP REAL ESTATE MANAGER GLOBAL MANAGEMENT REGIONAL MANAGEMENT LOCAL MANAGEMENT GROUP REAL ESTATE MANAGER GLOBAL MANAGEMENT REGIONAL MANAGEMENT LOCAL MANAGEMENT GROUP REAL ESTATE MANAGER GLOBAL MANAGEMENT REGIONAL MANAGEMENT LOCAL MANAGEMENT GLOBAL MANAGEMENT REGIONAL MANAGEMENT LOCAL MANAGEMENT GLOBAL MANAGEMENT REGIONAL MANAGEMENT LOCAL MANAGEMENT GLOBAL MANAGEMENT REGIONAL MANAGEMENT LOCAL MANAGEMENT Structure replicated for each individual luxury BrandStructure replicated for each Brand within a luxury group 73 | Vicinity Centres 2026 Capability Showcase | 16 September 2026 Retailers move in packs. One brand unlocks the next. Alignment creates momentum. Deep relationships turn commitments into deals. Luxury leasing complexity. Each commitment supports the next. CHATSWOOD CHASE | PLANNING
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74 | Vicinity Centres 2026 Capability Showcase | 16 September 2026 Luxury brands who call Chatswood Chase home Global names. One address. CHATSWOOD CHASE | PLANNING
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Strategic sequencing turned retailer demand into a stronger mix – Utilised long‑standing relationships across Vicinity’s premium portfolio – Built on previous tenants’ commitment to the centre and history of strong performance – Worked with luxury groups to validate the market and create confidence in the destination – Maintained flexibility to improve adjacencies and optimise brand distribution – Secured first-to-market food brands and CBD-quality restaurant operators – Created a differentiated health, wellness and family precinct on Level 3 – Established a lower‑ground precinct that combines convenience and dining, encouraging regular customer visits – Secured critical Ground Floor and Level 1 commitments first – Used scarcity in prime locations to encourage brands across other levels – Managed co‑tenancy and interdependent deals as one curated ecosystem – Leveraged demand to reposition Level 2 and Level 3 towards a stronger offering 1 – Building retailer confidence 3 – Curating every level2 – Sequencing to create leverage CHANEL The finishing touch HERMÈS Global luxury offering APPLE Completed a full refurbishment LOUIS VUITTON Catalyst brand and strategic group partnership with LVMH ALO YOGA First to market global icon A RETAIL MIX THAT EXCEEDED INITIAL EXPECTATIONS 75 | Vicinity Centres 2026 Capability Showcase | 16 September 2026 Demand sequenced. Mix strengthened. CHATSWOOD CHASE | PROJECT DELIVERY
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76 | Vicinity Centres 2026 Capability Showcase | 16 September 2026 Flagship quality. Flawless execution. CHATSWOOD CHASE | PROJECT DELIVERY
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Rightsized central void allowing for additional GLA Volumetric entries connecting the centre to the surrounding CBD Large central void limiting shop depth Curved mall and escalator disrupting circulation and sightlines Enclosed main entrance New large form skylight bringing natural light throughout the building Diagonal mall and re-orientated escalators improving circulation and sightlines all the way from car park New escalator switchback connecting multideck to each retail level Pre-development Post-development 77 | Vicinity Centres 2026 Capability Showcase | 16 September 2026 The development brief Brief set. Wholly reimagined. CHATSWOOD CHASE | PROJECT DELIVERY
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+ 78 | Vicinity Centres 2026 Capability Showcase | 16 September 2026 Cost controlled. Program protected. CHATSWOOD CHASE | PROJECT DELIVERY
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79 | Vicinity Centres 2026 Capability Showcase | 16 September 2026 Whole of asset revitalisation to capture a premium offer aligned with the customer Brief executed. Elevated completely. CHATSWOOD CHASE | PROJECT DELIVERY
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Capability and a culture of team spirit Protected continuous trade and managed changing customer Customer wayfinding Preparing back of house and loading dock 80 | Vicinity Centres 2026 Capability Showcase | 16 September 2026 Readiness planned. Opening executed. CHATSWOOD CHASE | PROJECT DELIVERY
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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 launch campaign – retailers at heart of opening campaign 81 | Vicinity Centres 2026 Capability Showcase | 16 September 2026 Retailers championed. Customers engaged. CHATSWOOD CHASE | PROJECT DELIVERY
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Chatswood Chase Total asset transformation – More than 75% of the centre was affected during construction – Centre MAT and visitation reset materially from pre‑development levels – The project introduced a new destination-led luxury and premium offer – Retailer openings, rent commencement and customer rediscovery occur progressively – The stabilisation profile therefore reflects the rebuilding of the total asset Chadstone’s The Market Pavilion Expansion of Australia’s premium retail destination – The project replaced an underperforming precinct within a much larger destination – Most of the centre continued to trade and retain established customer patterns – A substantial office-worker and tourism customer base supported underlying visitation – The new food offer complemented an already established retail destination – The stabilisation task was therefore concentrated within the new precinct rather than across the total asset Both projects create value through stabilisation, but the starting point, construction impact and customer rebuilding task are fundamentally different Chatwood Chase (transformation) Chadstone’s The Market Pavilion (continuous elevation) Sales pre‑development $519m $2,483m Sales during construction/impact $179m (‑65%) $2,479m (‑0.2%) Incremental sales post‑development $423m $117m1 Incremental sales of total asset +82% +5% Foot traffic pre-development 12.9m 19.3m Foot traffic during construction impact 7.5m (‑41%) 16.9m (‑13%) Foot traffic post-development 13.5m 22.3m Period to stabilised sales 3 years 2‑3 years Incremental sales composition ($/% of total asset) +82% $519m $423m +5% $2,483m $117m 1. Excludes underlying centre growth. Stabilisation – same principle but scale of disruption and nature of the new offer determine the path to stabilisation 82 | Vicinity Centres 2026 Capability Showcase | 16 September 2026 Base rebuilt. Growth compounding. CHATSWOOD CHASE | VALUE CREATION
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Pre-development (2023) Construction3 FY27 FY28 FY29 0 250 500 750 1,000 90% of stabilisation 95% of stabilisation Stabilised 1,250 Total asset yield4 5.5% 1.5% 5.4% 5.9% 6.5% Retail sales ($m) Retail sales actual Retail sales at underwrite Stage 11 0 20 40 60 80 100 120 Stage 1 (Nov-2025 to Apr-2026) May-2026 Jun-2026 Jul-2026 % stabilised Initial trade post the opening of luxury precinct (Stage 2)2 Trading performance versus underwrite – Stage 1 opening in line with expectations relative to trading environment during initial phase – Early Stage 2 trading reflects phased openings – Key luxury openings including Hermès, Rolex, Burberry, Tiffany & Co. and Cartier are building momentum into FY27 – Further growth is expected as the luxury precinct establishes its position in the Sydney market – Retail sales and asset income materially impacted during construction, with >75% of the centre under construction – The growth profile reflects the scale of the repositioning, progressive retailer openings and the time required to rebuild customer visitation patterns 1. Stage 1 comprises Ground Level and Level 2. 2. Stage 2 comprises Level 1 (luxury). 3. FY25 represented peak construction period at Chatswood Chase. 4. Total asset yield calculated as annualised net property income (NPI) divided by asset value. Path to stabilisation 83 | Vicinity Centres 2026 Capability Showcase | 16 September 2026 Opened as expected. Building as underwritten. CHATSWOOD CHASE | VALUE CREATION
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Project returns outperforming the original underwrite Forecast stabilised yield lifted to approximately 6.7% reflecting favourable leasing outcomes and improved ancillary income streams Stabilised income driven by the following factors: – Phased openings of luxury retailers and rent commencement across the luxury precinct – Fixed annual rent escalations built into tenant leases, consistent with specialty and mini major leases across portfolio – Reduction in targeted marketing spend as the repositioned centre matures Underwrite Forecast Stabilised yield >6% 6.7% Project IRR >10% ~11% FY26 4.0% 5.6% 6.7% FY27 FY28 84 | Vicinity Centres 2026 Capability Showcase | 16 September 2026 Project stabilisation profile – development yield Common approach. Project-specific path. CHATSWOOD CHASE | VALUE CREATION
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Indicative valuation journey Strategic acquisition Acquisition of remaining 49% interest for $307 million1 announced in October 2023, at a 6.5% discount to book value Capital invested and value created ~$626 million invested in repositioning the asset, delivering a forecast development profit of ~$250 million Future valuation upside Current valuation of ~$1.3 billion is forecast to increase to ~$1.5 billion2 as remaining works complete, profit and risk allowances are released and stabilisation allowances unwind ($m) 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 Valuation Pre Acq. (51%) June 23 Acq. 49% Interest Oct-23 Development Spend Development Profit Ending Valuation (Fully Stabilised Y3) Total investment $933m 342 307 626 ~250 ~1,500 1. Excludes purchase price adjustments for development of approximately $30 million. 2. Based on management's forecasts and the current capitalisation rate of 5.0% and assuming no unforeseen circumstances or material changes in operating conditions. 85 | Vicinity Centres 2026 Capability Showcase | 16 September 2026 Development supports whole of asset value creation Precinct elevated. Asset revalued. CHATSWOOD CHASE | VALUE CREATION
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RESIDENTIAL OPPORTUNITY Chatswood Chase An affluent catchment that wants to live where it already shops Chatswood Chase, NSW 86 | Vicinity Centres 2026 Capability Showcase | 16 September 2026
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Why premium residential? Premium residential can complement and reinforce an established luxury destination Strong Chatswood CBD residential market fundamentals Creates a captive and affluent customer base that supports retail performance Protects the core retail asset through a separate but directly connected design Delivers further value creation alongside the core retail investment 5-7 Havilah Street 12-14 Malvern Avenue Aerial view – artist’s impression 87 | Vicinity Centres 2026 Capability Showcase | 16 September 2026 CHATSWOOD CHASE | RESIDENTIAL OPPORTUNITY Land held for a decade. Now positioned for its highest and best use.
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CBD boundary 800m walking catchment 400m walking catchment Additional areas Chatswood Chase and Vicinity owned adjacent sites. Unlocking the opportunity – Leveraging planning capability, government relationships and disciplined execution – Changing office and housing markets created a stronger residential opportunity – Housing Development Authority (HDA) pathway enables concurrent rezoning and assessment – Alignment with government housing and Chatswood planning priorities – Government relationships support constructive engagement – Design excellence and community engagement have tested and strengthened the proposal – Progressing planning while preserving flexibility over capital and delivery 88 | Vicinity Centres 2026 Capability Showcase | 16 September 2026 CHATSWOOD CHASE | RESIDENTIAL OPPORTUNITY Priorities aligned. Process accelerated.
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HEIGHT FLOORS APARTMENTS 12-14 MALVERN AVENUE5-7 HAVILAH STREET 157m 44 163m 47 ~200 ~280 Established residential setting, away from highway and close to retail, parkland and Metro connectivity Level 40 – South facing Level 40 – East facing 89 | Vicinity Centres 2026 Capability Showcase | 16 September 2026 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 CHATSWOOD CHASE | RESIDENTIAL OPPORTUNITY Acquired early. Optionality created.
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Build the team Planning lodgement Partner/ capital structure Planning approvals Detailed design Marketing and sales Final investment decision Construction start Staged delivery Settlement Note: Indicative timing only. Subject to planning approval, market conditions, construction pricing, partner structure and final investment decision. Rezoning and DA Rezoning and DA Indicative timing Tower One: 2032 Tower Two: 2034 Value crystalised Complete October 2026 Confidential but non-exclusive discussions with a potential partner and capital structure assessed in parallel with planning We are here Progressing approvals now creates flexibility to sequence capital when conditions support delivery Expected 2027 Timing subject to market conditions 90 | Vicinity Centres 2026 Capability Showcase | 16 September 2026 Disciplined pathway to delivery CHATSWOOD CHASE | RESIDENTIAL OPPORTUNITY Approvals first. Optionality preserved.
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– Direct resident connections into Chatswood Chase – Immediate access to retail, dining and everyday amenity – Separate title but direct retail centre connection from both towers – Potential to support visitation, expenditure and NPI over time 91 | Vicinity Centres 2026 Capability Showcase | 16 September 2026 Attractive market fundamentals support significant residential value creation opportunity Meaningful incremental retail value upside Approximately 1,000 additional residents on the centre’s doorstep CHATSWOOD CHASE | RESIDENTIAL OPPORTUNITY Intregrated living. Enduring asset value.
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Bankstown Central Vicinity’s portfolio provides significant mixed-use potential to strengthen its retail-led precincts and unlock additional value. Selected assets with longer-term potential Buranda Village Victoria Gardens Shopping Centre Artist’s impression Artist’s impression Artist’s impression1. Currently subject to a market sales process. – Compelling market fundamentals: Infrastructure investment, population growth and housing undersupply support residential demand – Strategic locations: Well‑connected assets embedded within established town centres and activity precincts – Planning-led value creation: Planning outcomes secured at selected assets, with further opportunities progressing – Established retail amenity: Supports complementary residential, office and other uses – Strategic landholdings: Sizeable parcels, often used for on‑grade car parking, providing long‑term value from underutilised land 92 | Vicinity Centres 2026 Capability Showcase | 16 September 2026 Landbank of opportunities. Full optionality maintained. VICINITY PORTFOLIO | ADDITIONAL MIXED-USE OPPORTUNITIES WA QLD NT SA NSW VIC TAS BRISBANE DARWIN SYDNEY ADELAIDE PERTH MELBOURNE HOBART Buranda Village – Bayside – Box Hill Central North1 – Broadmeadows Central – Chadstone – Oakleigh Central – Sunshine Marketplace – Victoria Gardens Shopping Centre – Bankstown Central – Nepean Village Lakeside Joondalup
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Chadstone, VIC 93 | Vicinity Centres 2026 Capability Showcase | 16 September 2026 Forward pipeline Capability and accumulated learnings applied to current and future development opportunities
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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 experienced teams adapt to changing market conditions while maintaining investment discipline – Prioritisation of risk management to preserve investment returns before, during and after deployment of capital into a development – Regard for construction market capacity constraints by avoiding unnecessary complexity, risks and focusing on the execution of developments sequentially – Asset investigation prior to commencement to minimise risk of unforeseen complexity with potential to impact cost and program – Fostering strong relationships with proven delivery partners supports program certainty and risk management – A development model founded on full accountability for risk and returns strengthens decision‑making and execution discipline – Continuous trade and customer experience link project returns to whole of asset value creation – Operational readiness and opening is a core capability. Chadstone’s experience and best practice continues to be deployed across the portfolio – Insight-led curation and trusted retailer relationships underpin asset productivity, customer relevance and resilient income growth – Deep expertise is retained and transferred across projects, strengthening delivery capability and future value creation while training the next generation of Vicinity capability 94 | Vicinity Centres 2026 Capability Showcase | 16 September 2026 GUIDING PRINCIPLES Aligned to strategy. Garnered from successive developments. Deployed by seasoned experts.
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1. Total project spend based on Vicinity ownership. ~$130m1 Development spend ~6.25% Stabilised yield ~11.5% Unlevered IRR 95 | Vicinity Centres 2026 Capability Showcase | 16 September 2026 Opening November 2026, on time and on budget. GALLERIA | LESSONS APPLIED, DELIVERING TO PLAN
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Artist’s impression Artist’s impression 96 | Vicinity Centres 2026 Capability Showcase | 16 September 2026 Revitalisation of Uptown anticipated to commence in early 2027. UPTOWN | ACCELERATED PLANNING
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Chatswood Chase, NSW Q&A 97 | Vicinity Centres 2026 Capability Showcase | 16 September 2026
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Break Chatswood Chase, NSW
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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 reinforce landlord‑of‑choice positioning – A differentiated portfolio enables retailers to enter, grow and scale Capital is deployed with precision and discipline – Capital is recycled into assets with stronger growth and strategic relevance – Balance sheet strength and investment‑grade credit ratings preserve investment flexibility – Every opportunity is tested against risk‑adjusted return hurdles and alternative uses Strategy is delivering asset, portfolio and investor outcomes – Whole of asset, portfolio and investor outcomes continue to strengthen – Reshaped portfolio is higher quality, more differentiated and of greater scale – Assets are acquired for future potential at a price that reflects current state – Capital is recycled where value has been realised and opportunities are stronger elsewhere – Development creates value across the whole asset, not only the project – Execution capability is retained and redeployed across the portfolio Chadstone, VIC 99 | Vicinity Centres 2026 Capability Showcase | 16 September 2026 Differentiated assets. Enduring value. SUMMARY AND KEY TAKEAWAYS
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Authorisation The Disclosure Committee has authorised that this document be given to ASX. Disclaimer This document is a presentation of general background information about the activities of Vicinity Centres (ASX:VCX) current at the date of lodgement of the presentation. It is information in a summary form and does not purport to be complete. It is to be read in conjunction with the June 2026 Full Year Financial Report lodged with the Australian Securities Exchange on 20 August 2026. This presentation contains forward‑looking statements, including statements, indications and guidance regarding future performance. The forward‑looking statements are based on information available to Vicinity Centres as at the date of this presentation (16 September 2026). These forward‑looking statements are not guarantees or predictions of future results or performance expressed or implied by the forward‑looking statements and involve known and unknown risks, uncertainties, assumptions and other factors, many of which are beyond the control of Vicinity Centres. The actual results of Vicinity Centres may differ materially from those expressed or implied by these forward-looking statements, and you should not place undue reliance on such forward‑looking statements. Except as required by law or regulation (including the ASX Listing Rules), we do not undertake to update these forward‑looking statements. For further information please contact: Jane Kenny General Manager, Investor Relations & Corporate Communications T: +61 3 7001 4291 E: jane.kenny@vicinity.com.au 100 | Vicinity Centres 2026 Capability Showcase | 16 September 2026 DISCLAIMER
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Chatswood Chase, NSW Thank you