CF X X ANNUAL RE SUL T S F o r the ye a r e nde d 30 June - PDF document

CF S Re tail Prope rty T rust Group CF CF X X ANNUAL RE SUL T S F o r the ye a r e nde d 30 June 2014 CE L E BRAT ING 20 YE ARS E mporium Me lbourne , VIC CF X • CF S Re ta il Pro pe rty T rust Gro up • 1H14 re sults pre se nta tio n • 18 F e b rua ry 2014 • 1 CF S, Co lo nia l F irst Sta te a nd Co mmo nwe a lth a re use d b y CF X Co L imite d a nd its sub sidia rie s unde r lic e nc e fro m e a c h o f Co mmo nwe a lth Ba nk o f Austra lia a nd T he Co lo nia l Mutua l L ife Assura nc e So c ie ty L imite d (a s a pplic a b le ). CF X Angus Mc Naughton CF Ma na g ing Dire c to r a nd CE O X DF O Home bush , NSW 2 CF X • CF S Re ta il Pro pe rty T rust Gro up • 1H14 re sults pre se nta tio n • 18 F e b rua ry 2014 •

CF X T he I nte rna lisa tio n o f CF X ha s 5 F Y14 highlights 14 Dir e c t Por tfolio infor mation c re a te d o ne o f 6 Inte r nalisation 23 De ve lopme nt 8 F Y14 sc or e c a r d 37 CF X str a te g y Austra lia ’ s la rg e st 9 R e tail e nvir onme nt 41 F Y15 pr ior itie s fully inte g ra te d 11 Ke y financ ial highlights 42 F Y14 summa r y and F Y15 outlook 12 Ca pita l ma na g e me nt 43 Appe ndic e s re ta il pro pe rty g ro ups Cha dstone Shopping Ce ntre , VIC CF X • CF S Re ta il Pro pe rty T rust Gro up • 1H14 re sults pre se nta tio n • 18 F e b rua ry 2014 • 3 Age nda Angus Mc Naughton • Ma na g ing Dire c to r a nd CE O F Y14 hig hlig hts, I nte rna lisa tio n a nd ma rke t upda te Mic hae l Gor man • De puty CE O a nd Chie f I nve stme nt Offic e r F ina nc ia l a nd po rtfo lio de ta il T ony Gilc hr ist • He a d o f De ve lo pme nt De ve lo pme nt upda te Angus Mc Naughton • Ma na g ing Dire c to r a nd CE O E nha nc e d stra te g y a nd o utlo o k Que e nsPlaza , QL D 4 CF X • CF S Re ta il Pro pe rty T rust Gro up • F Y14 re sults pre se nta tio n • 21 Aug ust 2014 •

F Y14 highlights So lid o utc o me s de live re d Inte rna lisa tio n CF X de live re d Co mple te d the la rg e st struc tura l • Inte r nalisation so lid o utc o me s c ha ng e to the b usine ss in its 20-ye a r histo ry c omple te d in a c ha lle ng ing e nviro nme nt, while Distrib utio n pe r se c urity I n line with g uida nc e • c o mple ting the 13.6 c e nts b ig g e st struc tura l T o ta l Se c urityho ld e r Re turn (T SR) 1 Outpe rfo rme d the inde x 2 re turn • c ha ng e in its histo ry 9.1% o f 8.5% De ve lo pme nt F irst sta g e o f la ndma rk • E mpor ium de ve lo pme nt pro je c t o pe ne d Me lbour ne ope n Pro je c t fully le a se d • De ve lo pme nt Co mple te d fully le a se d in • DF O Home bush Ma rc h 2014 Pro je c t yie ld impro ve d c omple te d • Oc c upa nc y Por tfolio Po rtfo lio o c c upa nc y inc re a se d • to 99.7% (Jun-13: 99.4%) 1. T SR c o mprise s se c urity pric e pe rfo rma nc e a nd distrib utio n inc o me yie ld o ve r the e ffe c tive ly full 12 mo nths to 30 June 2014. 2. UBS Re ta il 200 Pro pe rty Ac c umula tio n Inde x. CF X • CF S Re ta il Pro pe rty T rust Gro up • F Y14 re sults pre se nta tio n • 21 Aug ust 2014 • 5 Inte rnalisation A la ndma rk ye a r fo r CF X F ina nc ia l Inc r e me ntal E BI T I nte rna lisa tio n • b e ne fits Ac c r e tive to se c urityho lde r distrib utio n 1 • de live re d Re pla c e me nt o f ma na g e me nt fe e s • imme dia te (pre vio usly pa id to CBA) with lowe r dir e c t c osts o ve r whic h CF X ha s g re a te r c o ntro l b e ne fits fo r CF X se c urityho lde rs E nha nc e d Se c urityho lde r vo ting o n e le c tio n o f • g o ve rna nc e No n-e xe c utive Dire c to rs a nd re mune ra tio n ma tte rs pro vide s gr alignme nt with e ate r se c urityho lde r inte re sts Sc a le a nd Asse ts unde r ma na g e me nt o f $14.2b • dive rsific a tio n 5,100+ re ta ile rs • b e ne fits 1.7m sq m o f le tta b le a re a • 230m c usto me r visits a nnua lly • 800+ e mplo ye e s • 13 stra te g ic pa rtne rs • Stra te g ic Co nsists o f fund a nd a sse t ma na g e me nt • Pa rtne rships par tne r s Pro vide s a dditio na l re ve nue stre a ms, sc o pe • fo r c a pita l pa rtne rships a nd ha s po te ntia l to e nha nc e inc o me g ro wth o ve r time 1. On a pe r se c urity pro fo rma b a sis fo r F Y14. 6 CF X • CF S Re ta il Pro pe rty T rust Gro up • F Y14 re sults pre se nta tio n • 21 Aug ust 2014 •

Inte rnalisation We ll pro g re sse d o n tra nsitio n wo rk stre a ms T ra nsitio n a rra ng e me nts a re o n tra c k a nd we ll pro g re sse d T ime line o n Continuity o f ma na g e me nt • tra nsitio n ansition o n da y o ne Smooth tr • E xpa nde d a nd e nhanc e d Boar d • CF O a ppo inte d • E xe c utive Co mmitte e 1 c re a te d • T ra nsfe r o f a numb e r o f syste ms • is c o mple te Sydne y o ffic e will re lo c a te b y • la te 2014 ac k to c o mple te se pa ra tio n On tr • b y Ma rc h 2015 Bra nding Ne w c o rpo ra te b ra nd to b e • la unc he d la te in 2014 E mporium Me lbourne , VIC 1. Se e Appe ndix 1. CF X • CF S Re ta il Pro pe rty T rust Gro up • F Y14 re sults pre se nta tio n • 21 Aug ust 2014 • 7 F Y14 sc or e c ar d De live ring o n stra te g y Disc ipline d inve stme nt de c isions Inte nsive asse t manage me nt � � DF O Ho me b ush, NSW c omple te d fully le ase d So ld Ro se b ud Pla za , VIC a t a 1.7% pr e mium to b o o k va lue � E mpo rium Me lbo urne , VIC ope ne d stage 1 , a nd � pr oje c t fully le ase d Re inve ste d dive stme nt pro c e e ds into a n a d d itio na l 25% o f DF O So uth Wha rf, VIC � Appr oval and c omme nc e me nt o f the ne xt � re de ve lo pme nt o f Cha dsto ne Sho pping Ce ntre E xc ha ng e d c o nditio na l c o ntra c ts to se ll T he E nte rta inme nt Qua rte r, NSW a t a � Dire c t Po rtfo lio 1 re ma ins e ffe c tive ly full a t 99.7% 13.6% pr e mium to b o o k va lue o c c upa nc y � 2.2% g ro wth in c o mpa ra b le 2,3 spe c ia lty sto re MAT 4 Pr ude nt c apital manage me nt Inve sting re sponsibly � � Ne g o tia te d $1.6b o f fina nc ing fa c ilitie s, mate r ially Highe st c limate disc losur e sc or e b y CDP impr oving the Gr oup’s de bt position in Austra lia a nd Ne w Ze a la nd � � Se c ure d funding fo r Inte rna lisa tio n thre e mo nths Ra nke d # 2 in Oc e a nia a nd #3 globally fo r liste d prio r to c o mple tio n e ntitie s b y Glo b a l Re a l E sta te Susta ina b ility Be nc hma rk - � Ma inta ine d S&P ‘ A’ lo ng -te rm c re dit ra ting Dire c t Po rtfo lio a ve ra g e NABE RS ra ting o f 3.0 sta rs fo r E ne rg y a nd 3.2 sta rs fo r Wa te r 1. Asse ts dire c tly-o wne d o n CF X b a la nc e she e t. 2. Co mpa ra b le re fe rs to tho se c e ntre s tha t a re no t unde rg o ing , o r ha ve no t unde rg o ne , sub sta ntia l re de ve lo pme nt in e ithe r pe rio d o f c o mpa riso n. 3. Sho pping c e ntre s in the Dire c t Po rtfo lio . 4. T a rg e t spe c ia lty sto re MAT g ro wth fo r F Y14 wa s 3.0%. 8 CF X • CF S Re ta il Pro pe rty T rust Gro up • F Y14 re sults pre se nta tio n • 21 Aug ust 2014 •

Re tail e nvir onme nt E c o no my in slo w re c o ve ry House pr ic e gr owth has be e n str ong Gr owth in online sale s has be e n falling but r e mains high Retail sales and house prices Online spe nding and the AUD/ USD Monthly rests, retail sales to Jun-14, house prices to Jul-14 Monthly r e sts, online da ta to Jun- 14, AUD/ USD to Jul- 14 12% 20% 40% 1.10 10% 15% , c ha ng e Yo Y 30% 1.04 8% 10% Cha ng e Yo Y Cha ng e Yo Y AUD/ USD 6% 5% 20% 0.98 MAT 4% 0% 10% 0.92 2% -5% 0% -10% 0% 0.86 2002 2004 2006 2008 2010 2012 2014 2011 2012 2013 2014 Austra lia n re ta il turno ve r, MAT (L HS) RP da ta ho use pric e (RHS) Online sa le s (L HS) AUD/ USD (two mo nth mo ving a ve ra g e )(RHS) So urc e : Austra lia n Bure a u o f Sta tistic s, Blo o mb e rg a nd CF X Re se a rc h. So urc e : NAB, Re se rve Ba nk o f Austra lia a nd CF X Re se a rc h. GDP outlook impr oving but sub- tr e nd Consume r se ntime nt to ste adily impr ove Australian nominal economic and retail sales growth Consumer sentiment and employment growth Q2 2014 forecasts Monthly rests (two-month moving average) to Jul-14 25% 130 5% Annua l a ve ra g e g ro wth ra te Co nsume r se ntime nt ind e x 120 20% 3% 110 Cha ng e Yo Y 15% 1% 100 90 10% -1% 80 5% -3% 70 60 -5% 0% F Y61 F Y66 F Y71 F Y76 F Y81 F Y86 F Y91 F Y96 F Y01 F Y06 F Y11 F Y16 1983 1986 1989 1992 1995 1998 2001 2004 2007 2010 2013 Co nsume r se ntime nt E mplo yme nt g ro wth E mplo yme nt fo re c a sts Austra lia n no mina l GDP GDP fo re c a sts Re ta il turno ve r So urc e : Austra lia n Bure a u o f Sta tistic s, De lo itte Ac c e ss E c o no mic s a nd CF X Re se a rc h. So urc e : We stpa c -Me lb o urne Institute , De lo itte Ac c e ss E c o no mic s, ABS, CF X Re se a rc h. CF X • CF S Re ta il Pro pe rty T rust Gro up • F Y14 re sults pre se nta tio n • 21 Aug ust 2014 • 9 CF Mic hae l Gorman De puty CE O a nd Chie f Inve stme nt Offic e r X mporium Me lbourne , VIC E 10 CF X • CF S Re ta il Pro pe rty T rust Gro up • F Y14 re sults pre se nta tio n • 21 Aug ust 2014 •