High-quality portfolio of shopping-center assets Favorable competitive position due to town-planning restrictions in Australia Portfolio diversification by geography, asset, tenant, and length of lease Ownership and management links with the AMP Group Conservative financial policies, with a target gearing range of 20%-30% Measured investment and operating strategy Large and lumpy potential capital-expenditure requirements for development projects Earnings exposure to cyclical discretionary consumer spending The rating on AMP Capital Shopping Centre Fund (ASCF), an unlisted Australian-based wholesale property fund, reflects our opinion of the fund's high-quality and well-diversified portfolio of shopping-center assets, and conservative financial policies. Common to other shopping-center owners, ASCF's retail assets require ongoing development activity. Although ASCF carefully manages the design, construction, and pre-leasing risks, we believe these
