Vicinity Centres : FY24 Sustainability Reporting Criteria

Sustainability Reporting Criteria FY2024

Annual Report

1. Introduction

The Sustainability Reporting Criteria sets out the principles, scope, and methodologies applied in the preparation and reporting of Vicinity Centres' Sustainability Performance Data.

This data is used in our public disclosures in our Annual Report.

2. Reporting principles

1. Materiality - We report data on all sustainability matters deemed material to our organisation. Vicinity's materiality assessment identifies and prioritises matters that are important to our business and our stakeholders. The materiality assessment is undertaken periodically and aligns to Global Reporting Initiative (GRI) requirements - GRI 3: Material Topics 2021.
2. Complete, transparent, meaningful - Sustainability metrics are presented in a complete, transparent, and meaningful manner, any variations to our standard approach are specified.
3. Consistent - Boundaries and methodologies are maintained wherever possible to allow for accurate comparison over time. Where boundaries or methodologies have a material impact on the data, the data is recultivated and restated.
4. Independent assurance - Independent assurance of key metrics and underlying data in undertaken for each reporting period, and included in each relevant disclosure, where applicable.
5. Reporting period - The specific reporting period data is defined and disclosed in every report.

3. Reporting scope

3.1 Asset list

For environmental sustainability data, coverage includes all assets associated with our core retail management business over which we have operational control, Vicinity's head office in Chadstone, Victoria, and the New South Wales State Office in Sydney. Refer to Section 6 for the full asset list.

For social sustainability data, coverage includes all employees and internal contractors working at Vicinity's National Office in Chadstone, state corporate offices and centre management offices.

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3.2 Reported data

Our sustainability data includes the following data sources (note that data treatments are outlined in Section 4):

3.2.1 Energy

Energy sources include electricity imported from the grid, renewable electricity solar system generated and consumed onsite and exported to the grid, and consumed on site, natural gas, and diesel.

Data is sourced from invoices and uploaded into our Environmental Data System (EDS).

Data is apportioned to common mall areas and tenants based on Vicinity's embedded energy network and other tenant billing processes where applicable.

3.2.2 Waste

Waste generated in centre operations (from tenants and front of house) and diversion category e.g. paper or commingled, management method i.e. recycled or landfill, and diversion percentage. The secondary diversion of waste to energy recovery facilities is not defined as recycling and is excluded unless otherwise specified.

Data is sourced from invoices and uploaded into our EDS.

3.2.3 Water

Potable water consumption and wastewater discharges are reported for the whole building.

Data is sourced from invoices and uploaded into our EDS.

3.2.4 Scope 1 emissions

Direct energy use associated with natural gas, diesel (stationary energy), and fugitive emissions from refrigerants as consumed in common mall areas. Transport and certain other immaterial/incidental emission sources are excluded as per the National Greenhouse and Energy Reporting (Measurement) Amendment (2024 Update) Determination (see Section 3.3 Exclusions for details).

Emissions factors are sourced from the National Greenhouse and Energy Reporting (Measurement) Amendment (2024 Update) Determination, effective 1 July 2024.

3.2.5 Scope 2 emissions

Electricity used in common mall areas imported from the grid and renewable electricity generated from onsite solar systems, where RECs (LGCs) are not retired. Scope 2 emissions are calculated using location-based method, utilising state-based emissions factors published in the National Greenhouse and Energy Reporting (Measurement) Amendment (2024 Update) Determination.

3.2.6 Scope 3 emissions

Scope 3 emissions cover selected upstream and downstream emissions associated with: tenant energy use (natural gas and electricity), waste to landfill, water, wastewater, transmission and distribution of energy (i.e. associated with Scope 1 and 2 energy consumed), and business travel.

Tenant data sourced from external sources (i.e. tenants not on Vicinity's embedded networks) makes up approximately 30% of tenant energy use/emissions. At present, this data is collected from tenants annually for calendar year GRESB reporting and is not available for financial year reporting. This data is currently excluded from financial year reporting. Vicinity is assessing our/our tenants' ability to collect this information more frequently to enable this to be included in financial year reporting in the future.

Emissions factors are sourced from the National Greenhouse and Energy Reporting (Measurement) Amendment (2024 Update) Determination.

3.2.7 Renewable energy

Purchased renewable energy and energy produced/consumed/exported from onsite renewable energy sources such as solar, reported separately for base building and tenant energy consumption, where applicable.

3.2.8 Workforce statistics

Our Human Resources Information System (HRIS) Workday tracks and manages our people data to generate statistics such as number of employees and internal contractors, new hires, turnover, return to work and retention rates after parental leave, diversity, remuneration and training and development.

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3.2.9 Employee absenteeism rate

Data is extracted from payroll and HRIS systems (see Section 3.2.8). All fixed-term,part-time and full-time employee hours for FY24 are included. Exclusions include casual employees and employees transitioning from casual to full-time (where casual hours are excluded).

3.2.10 Health, safety, environment, and wellbeing

Our Health, Safety and Environment Management System manages and reports environmental incidents and injury performance statistics such as injury and incident rates and fatalities.

3.2.11 Community investment

Vicinity uses Business 4 Societal Impact (B4SI), formerly the London Benchmark Group (LBG), as a framework for reporting social impact for our corporate offices and retail portfolio. Our community investment data, including metrics such as cash, in-kind, time, management costs, foregone revenue, and leverage, are captured in our community investment platform - Isystain. It is recommended that evidence is provided to verify all initiatives; however, it is a requirement to include evidence for contributions over $5,000 within Isystain.

In FY24, Vicinity is also reporting its 'total community investment contribution' for the first time, including 'direct contributions' which are not incorporated into B4SI's methodology. Direct Contributions are defined as development cash or in-kind contributions made to government agencies/relevant authorities to fund community facilities, services and programs. These items are part of planning conditions or development requirements outlined in Development Agreements. Examples include cash contributions to local council to help fund a new community centre or recreation centre upgrade, provision of key worker or community housing, funding and managing an Employment and Skilling Centre for an agreed term. Through the total community investment contribution, marketing initiatives that generate a community benefit are measured at 100%, instead of the 50% discount as used in B4SI's calculations.

3.2.12 Supply chain

Vicinity tracks the number of new suppliers assessed against environmental, labour practice and human rights criteria and spend with social enterprises and Indigenous businesses. Vicinity tracks total annual spend with Tier 1 suppliers (i.e. how much a supplier has invoiced Vicinity Centres in the financial year) and the total number of Tier 1 suppliers. Data is generated through our corporate accounting system, JDE, and taken from invoice date for the financial year reporting period. Tier 1 suppliers are Vicinity Centre's direct suppliers, whereas Tier 2 suppliers are the direct suppliers of Tier 1. This data is reported publicly in our Annual Report and Modern Slavery Statement.

3.2.13 Social procurement and Indigenous procurement

Vicinity defines social procurement as using purchasing power to achieve social outcomes beyond products and services through buying via a social enterprise. Vicinity considers social enterprises to be organisations that are driven by a public or community cause, be it social, environmental, cultural or economic, derive most of their income from trade, not donations or grants, and use some of their profits to work towards their social mission.

Vicinity uses Supply Nation's definition of an Indigenous enterprise - that is, businesses that are 50% or more Aboriginal or Torres Strait Islander owned, generate revenue from the provision of goods or services, and are either a sole trading business / partnership / incorporated entity or business limited by guarantee (social enterprise) or trading through a trust. Procurement spend data is derived directly from JDE, the corporate accounting system. Spend is based on invoices and is filtered through to the dashboard in relation to the invoice date, including GST.

3.2.14 Women in leadership

Vicinity defines women in leadership as the representation and participation of women in leadership positions, which includes board members, executive members, senior leaders and people leaders. This metric provides insights into gender diversity and inclusion with the company's management structure and is represented as an overall percentage of women in leadership positions in comparison to men. Our women in leadership data are categorised and calculated based on the Workplace Gender Equality Agency (WGEA) reporting guidance and extend to all Vicinity's employees. This metric aligns to GRI 405-1 within the Global Reporting Initiative (GRI), which focuses on diversity and equal opportunity within the workforce.

3.2.15 Gender pay gap

The gender pay gap refers to the difference in average total remuneration between men and women within Vicinity Centres. All employees (excluding non-executive directors and contingent workers) are included in the gender pay gap calculation, and it is expressed as a percentage of average male earnings. To align to WGEA's reporting requirements, a percentage difference in average total remuneration is disclosed. The gender pay gap is a measure of the disparity in remuneration between genders, considering total remuneration which includes all elements of remuneration such as fixed remuneration (base salary plus

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superannuation), short-term and long-term incentives, and other forms of remuneration (e.g., allowances). This metric is aligned to GRI 405-2 within the Global Reporting Initiative (GRI), which focuses on the ratio of basic salary and remuneration of women and men. The gender pay gap is not a of measure 'equal pay for equal work' - Vicinity is an equal pay employer adhering to an equal pay practice and pays employees fairly and equitably relative to their role, skills, experience, and performance.

3.2.16 Gender 40:40:20 target

The Gender 40:40:20 target set by the Board aims for 40% female, 40% male and 20% any gender (40:40:20) across each of the Workplace Gender Equality Agency (WGEA) categories and organisational levels, with a target date of 2025. This metric aligns to GRI 405-1 within the Global Reporting Initiative (GRI), which focuses on diversity and equal opportunity within the workforce.

3.2.17 Indicators

Depending on the disclosures, the most common indicators used by Vicinity include Gross Lettable Area (GLA), Common Mall area, and financial indicators such as valuations.

3.2.18 Resource use allocations

3.2.18.1 Common mall area / base building

Resources such as energy supplied by central buildings services to predominantly common areas. Consumption is metered separately.

3.2.18.2 Tenants

Leased areas where it is determined that the tenant has operational control. Consumption is metered separately.

3.2.18.3 Whole building

Resource use by tenants and base building services to lettable/leasable and common spaces. This includes all energy supplied to the building for the operation of the building and the tenant space but is not available or metered separately. Myer Bourke St is our only tenant controlled/managed asset reported for Whole Building, as tenant use for leasable spaces cannot be separated from common spaces. Refer to Section 6 for reporting scope for our voluntary disclosures.

3.3 Exclusions

Some emission and energy sources are deemed immaterial to our reporting or have been excluded due to inability to collect data efficiently and effectively. Sources are deemed not material where they meet the 'incidental' requirements set out in the National Greenhouse and Energy Reporting Amendment (2024 Measures No. 1) Regulations 2024. Some of the specific sources are minor operational transport fuels, construction and demolition waste, and operational waste and fugitive emissions (refrigerants) managed directly by tenants.

3.4 Historical data

Data includes historical periods for monitoring ongoing performance of each data source. We report historical data where available.

4. Methodology

4.1 Environmental Data System (EDS)

Our environmental sustainability data is managed within our Environmental Data System (EDS). Primary data are collected directly from utilities (e.g. monthly invoice reports) or collected manually and uploaded into our data lake. All visualisation, analysis and validation are undertaken via Tableau.

4.2 Data sources

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4.2.1 Primary sources

Primary environmental data sources include supplier invoices and actual measurement (metering), unless otherwise stated.

4.2.2 Estimations

All efforts are made to capture a complete set of actual (billed) data; however, some gaps are unavoidable. In the event where an estimate has been required, these are calculated on the preceding 12 months of billed data (i.e. same month, previous year). The methodology and level of estimates is validated and verified through our assurance process.

4.2.3 Validation & verification

Primary data undergoes varying levels of systematic checks and validations prior to being reported, including reconciliation of meter and invoice data for electricity.

4.3 Calculations

4.3.1 Coefficients and factors

Any conversions and calculations are based on recognised international and national standards and sources, including:

• National Greenhouse and Energy Reporting (Measurement) Amendment (2024 Update) Determination
• National Greenhouse Accounts (NGA) Factors
• Waste density factors
  We report actual weights for the majority of our waste. Where volume is unavailable density factors are applied based on our own data which is revised on an annual basis to ensure our reported data reflects the current waste composition. Industry standards are used where data are not available.
• Business travel (air travel)
  Emissions are provided by our business travel booking partner FSC Travel, who prepare the data applying emission factors from the UK Government conversion factors for company reporting of greenhouse gas emissions (https://www.gov.uk/government/collections/government-conversion-factors-for-company-reporting).

4.3.2 Avoided costs

The cumulative energy, water and waste savings are calculated on a centre-by-centre basis and are conservatively calculated based on accumulated savings and current tariff rates.

4.3.3 Re-statement methodology

All efforts are made to report on a complete and accurate dataset, however due to reporting timelines, unavailable or revised source data, we will make restatements of historical values from time to time to ensure the most accurate performance information for our organisation is reported.

4.3.4 Sold or divested assets

Instances where assets are sold or divested within the financial year reporting period are subject to the following treatments.

4.3.4.1 Managed portfolio calculations

Assets sold within the financial year reporting period are included in the managed portfolio calculations, whereby up to 6 months of estimated energy data and up to 12 months of estimated water data are included from the sold date and up to the end of financial year reporting period.

Assets divested during the financial year reporting period whereby Vicinity Centres have maintained operational control are included.

4.3.4.2 Wholly owned portfolio calculations

Assets sold or divested within the financial year reporting period are removed from the environmental performance calculations for Vicinity's Net Zero Portfolio, which comprises 100% owned assets.

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4.4 Key performance indicators

4.4.1 Gross Lettable Area (GLA)

GLA is our primary performance normalising denominator, which has been selected as the most relevant to measure the environmental efficiency of our core business and operations.

• The source of GLA data is managed and externally assured as part of our reporting process.
• GLA is measured using Property Council of Australia Methods of Measurement guidelines, and for the purpose of environmental performance reporting includes all retail stores and office tenancies contained within the boundary of the shopping centre. Exclusions are carpark areas, Casual Mall Lease areas and storage, and ATM sites.
• GLA is reported as an average throughout the year to capture the changes within individual assets over the reporting period.
• GLA of each asset aligns with Vicinity's Direct Portfolio Property Book which is released every 6 months and is available on Vicinity's website. In instances where assets are sold or divested, the GLA used will be aligned with the most recent Direct Portfolio Property Book released prior to the divestment date.

4.4.2 Intensity metrics

Intensity metrics are calculated for Scope 1, 2 and 3 greenhouse gas emissions, energy, water and waste by normalising each metric type by the GLA of each asset to give a metric per square metre. Assets divested in the previous reporting period are removed and historical data adjusted for the divestments. Our Net Zero Target relates to our 100% owned assets only. In instances where 100% owned assets are sold during the reporting period, they are excluded from the 100% owned portfolio calculations. Intensity metrics for our managed portfolio will include divested or sold assets as per Section 4.3.5.1 Managed Portfolio Calculations.

4.4.3 National Australian Built Environment Rating Scheme (NABERS)

NABERS energy and water ratings for centres and our portfolio average rating, are calculated in accordance with NABERS guidelines and are reported through the official NABERS Sustainable Portfolios Reporting initiative on NABERS.

4.4.4 Workforce statistics

Reported as employees by gender, age, contract type (permanent, casual, fixed term), employment type (full-time and part- time) and region. This aligns to the Global Reporting Initiative (GRI) Standards indicator GRI 102-7.

4.4.5 Diversity

Breakdown of governance bodies and employees by gender and employment category, calculated based on Workplace Gender Equality (WGEA) reporting guidance and aligned to GRI Standards indicator 405-1.

4.4.6 Health and wellbeing

Health and wellbeing data is reported using the GRI Standards indicator 403-9, and includes the absentee rate, defined as the percentage of days lost due to absenteeism of any kind, not only as a result of work-related injury or disease during the reporting period. This includes individual sick days due to minor illnesses (e.g. the common cold, fevers, and influenza) as well as personal days taken for undisclosed reasons. It does not include scheduled or permitted absenteeism such as holidays, study time, parental leave.

4.4.7 Occupational health and safety

Occupational health and safety data is reported using the indicator Lost-time injuries frequency rate (LTIFR), which refers to any work-related injury that results in the company employee not being able to return to work the next day. The LTIFR is the number of lost-time injuries per million hours worked.

4.4.8 Internal hires, new hires and turnover

Total number and percentage of new hires and turnover are reported using GRI Standards indicator GRI 401-1. Percentage of Internal hires reported as a percentage of open positions filled by internal candidates.

4.4.9 Return to work rate

Calculated based on the number of employees that took parental leave, and the number of employees who returned to work after parental leave ended, using GRI Standards indicator GRI 401-3.

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4.4.10 Training and development

Average hours of training per employee and the percentage of employees receiving regular performance or career development reviews by employee category, using GRI Standards indicators 404-1 and 404-3 respectively.

4.4.11 Remuneration

Ratio of basic salary and remuneration of women to men by employee category, using GRI Standards indicator 405-2.

5. Quality assurance and independent verification

5.1 Limited assurance

The information, processes and methodologies for reported data are assured by a third party across all reporting periods to ensure independent verification and accuracy of data at a limited level of assurance.

5.2 Assurance scope

A selection of our most material sustainability performance metrics has received Limited Assurance from external auditors for the current reporting period. The selection of data included in the scope of external auditors' assurance is noted in their assurance statement.

6. Asset List and Reporting Scope

The table below lists Vicinity's assets, location, equity share, operational control and whether environmental performance data is included in the 2024 Annual Report, 2024 Sustainability Supplement and the FY24 Sustainability Performance Pack.

Operational control is determined in accordance with the National Greenhouse and Energy Reporting Amendment (2024 Measures No. 1) Regulations 2024.

Centre	State	VCX Equity	Comment	Operational	2024 Annual
Control	Report
Altona Gate	VIC	100%			
Armidale Central	NSW	100%			
Bankstown Central	NSW	50%			
Bayside	VIC	100%			
Box Hill Central (North Precinct)	VIC	100%			
Box Hill Central (South Precinct)	VIC	100%			
Broadmeadows	VIC	50%			
Buranda Village	QLD	100%			
Carlingford Court	NSW	50%			
Castle Plaza	SA	100%			
Chadstone	VIC	50%			
Chatswood Chase	NSW	100%	Increased equity share to
			100% in March 2024		
Colonnades	SA	50%			
Cranbourne Park	VIC	50%			
DFO Brisbane	QLD	100%			
DFO Essendon	VIC	100%			

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Centre	State	VCX Equity	Comment	Operational	2024 Annual
Control	Report
DFO Homebush	NSW	100%			
DFO Moorabbin	VIC	100%			
DFO South Wharf	VIC	100%			
DFO Perth	WA	50%			
DFO Uni Hill	VIC	50%			
Dianella Plaza	WA	100%	Divested and no		
operational control from
			March 2024
Eastlands	TAS	100%			
Elizabeth	SA	100%			
Ellenbrook Central	WA	100%			
Emporium Melbourne	VIC	50%			
Galleria	WA	50%			
Grand Plaza	QLD	50%			
Gympie Central	QLD	100%			
Halls Head Central	WA	50%			
Harbour Town Premium Outlets	QLD	50%	Co-owner managed, no		
operational control
Karratha City	WA	50%			
Kurralta Central	SA	100%	Divested and no		
operational control from
			February 2024
Lake Haven	NSW	100%			
Livingston Marketplace	WA	100%			
Midland Gate	WA	0%	Divested and no		
operational control from
			October 2023
Maddington Central	WA	100%			
Mandurah Forum	WA	50%			
Mornington Central	VIC	50%			

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Centre	State	VCX Equity	Comment	Operational	2024 Annual
Control	Report
Nepean Village	NSW	100%			
Northgate	TAS	100%			
Northland	VIC	50%			
Oakleigh Central	VIC	100%			
Queen Victoria Building	NSW	50%			
Queens Plaza	QLD	100%			
Rockingham	WA	50%			
Roselands	NSW	50%			
Roxburgh Village	VIC	100%	Divested 100% equity, VCX		
maintains
			operational control
Sunshine Marketplace	VIC	50%			
Taigum Square	QLD	100%			
The Galeries	NSW	50%			
The Glen	VIC	50%			
The Strand Arcade	NSW	50%			
Uptown	QLD	25%			
Victoria Gardens Shopping Centre	VIC	50%			
Victoria Park Central	WA	100%			
Warriewood Square	NSW	50%			
Warwick Grove	WA	100%			
Whitsunday Plaza	QLD	100%			
Chadstone National Office	VIC	50%			*
Perth State Office - Subiaco	WA	0%			NC
Adelaide State Office - Adelaide	SA	0%			NC
Sydney State Office - QVB	NSW	100%			*

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Centre	State	VCX Equity	Comment	Operational	2024 Annual
Control	Report
Hotel Chadstone	VIC	50%		NC	NC
Myer Bourke Street	VIC	33%	Under tenant management	NC	NC

* Vicinity's National Office, located in Chadstone, Victoria, and the New South Wales State Office, located in Sydney, are included in the Annual Report data set.

NC denotes non-core assets, which have been excluded in some reporting instances. For example, non-core assets are excluded from datasets where core and non-core assets are reported separately (e.g. NGERS). For all other reporting requirements, non-core asset data is included with core assets.

Disclaimer

The information contained herein (the Information) has been supplied by Vicinity Limited and Vicinity Centres RE Limited (in its capacity as responsible entity of Vicinity Centres Trust) (Vicinity).

The Information is intended to provide general advice only and does not take into account your individual objectives, financial situation or needs. You should assess whether the Information is appropriate for you and consider talking to a financial adviser or consultant before making an investment decision. This document contains forward-looking statements, including statements regarding future earnings and distributions. These forward-looking statements are not guarantees or predictions of future performance, and by their very nature, involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of Vicinity Centres, and which may cause actual results to differ materially from those expressed in the statements contained in this document. You should not place undue reliance on these forward-looking statements. These forward-looking statements are based on information available to Vicinity Centres as at the date of this document. Except as required by law or regulation (including the ASX Listing Rules), Vicinity Centres makes no undertaking to update these forward-looking statements, whether as a result of new information or future events.

All reasonable care has been taken in relation to the preparation and collation of the Information. Except for statutory liability which may not be excluded, no person, including Vicinity Centres and any of its subsidiaries (as applicable) accepts responsibility for any loss or damage howsoever occurring resulting from the use of or reliance on the Information by any person. Past performance is not indicative of future performance and no guarantee of future returns is implied or given.

Copyright and confidentiality

The copyright of this document and the Information contained therein is vested in the Vicinity Centres group of companies. This document should not be copied, reproduced or redistributed without prior consent

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