Victory Offices Limited provided an update to the Company's portfolio of office locations. As announced to the ASX on 31 May 2022, the Company closed four loss-making office locations in Sydney, NSW. In addition, the Company has closed three loss-making office locations in Melbourne, Victoria.

The Company wishes to confirm a summary of the office locations that have recently closed and locations that are actively operating. Victory Office locations closed:300 Barangaroo Avenue, Sydney (closed May 2022); 85 Castlereagh Street, Sydney (closed May 2022); 100 Mount Street, Sydney (closed April 2022); 20 George Street, Sydney (closed May 2022); Whitehorse Road, Box Hill, Melbourne (closed on 1 June 2022); 180 St Kilda Road, St Kilda, Melbourne (closed on 1 June 2022); and 727 Collins Street, Melbourne CBD (closed on 1 June 2022). The closed locations were likely to continue to operate at a loss for some time into the future and the decision to exit is expected to have a positive impact on the Company's remaining portfolio of office locations.

The Company expects exiting these locations will have a negative impact on revenue for the financial year ending 30 June 2022 but is not expected to have a significant impact on profitability.