Carindale Property Trust : CDP – Revised Security Trading Policy

24 August 2016

In accordance with ASX Listing Rule 12.10, attached is Scentre Group's revised Security Trading Policy effective 22 August 2016.

Contacts:

Maureen McGrath Julia Clarke

+61 2 9358 7439 +61 2 9358 7426

SCENTRE GROUP LIMITED ABN 66 001 671 496

SCENTRE MANAGEMENT LIMITED ABN 41 001 670 579 AFS Licence No: 230329 as responsible entity of Scentre Group Trust 1 ABN 55 191 750 378 ARSN 090 849 746

RE1 LIMITED ABN 80 145 743 862 AFS Licence No: 380202 as responsible entity of Scentre Group Trust 2 ABN 66 744 282 872 ARSN 146 934 536

RE2 LIMITED ABN 41 145 744 065 AFS Licence No: 380203 as responsible entity of Scentre Group Trust 3 ABN 11 517 229 138 ARSN 146 934 652

Level 30, 85 Castlereagh Street, Sydney NSW 2000 Australia · GPO Box 4004 Sydney NSW 2001 Australia · T +61 (02) 9358 7000 · scentregroup.com

Security Trading Policy

SCENTRE GROUP LIMITED ABN 66 001 671 496

SCENTRE MANAGEMENT LIMITED ABN 41 001 670 579 AFS Licence No: 230329 as responsible entity of Scentre Group Trust 1 ABN 55 191 750 378 ARSN 090 849 746

RE1 LIMITED ABN 80 145 743 862 AFS Licence No: 380202 as responsible entity of Scentre Group Trust 2 ABN 66 744 282 872 ARSN 146 934 536

RE2 LIMITED ABN 41 145 744 065 AFS Licence No: 380203 as responsible entity of Scentre Group Trust 3 ABN 11 517 229 138 ARSN 146 934 652

Level 30, 85 Castlereagh Street, Sydney NSW 2000 Australia · GPO Box 4004 Sydney NSW 2001 Australia · T +61 (02) 9358 7000 · scentregroup.com

SECTION 1

Introduction

This policy sets out the obligations of Scentre Group Directors and certain employees within Scentre Group who have been notified that security trading restrictions apply to them (Restricted Persons). Restricted Persons include "Specified Persons" and "Designated Persons". Restricted Persons also include employees who are likely to have access to confidential information of a "market sensitive" nature in the ordinary course of their employment.

The Company Secretary maintains a record of Restricted Persons. If you have any questions on this policy contact the Company Secretary.

SECTION 2

Statement of purpose

SECTION 3

Restrictions on trading

Restricted Persons are prohibited from trading in any Scentre Group Security while in possession of unpublished market sensitive information, including outside a blackout period.

Restricted Persons are not permitted to trade in Scentre Group Securities during a "blackout period" except where the trading is permitted under section 9 or a clearance notice has been provided pursuant to section 6.

Specific clearance requirements for Restricted Persons to trade Scentre Group Securities outside blackout periods are set out in section 5.

SCENTRE GROUP SECURITY TRADING POLICY - AUGUST 2016 Page 1 of 9

Prohibitions also apply to executives entering into hedging arrangements in respect of unvested awards offered under the equity-linked incentive plans operated by Scentre Group. These prohibitions are outlined in the Group's Hedging of Executive Awards and Performance Rights Policy.

SECTION 4

No trading during blackout periods

In addition to complying with the Insider Trading Prohibition, a Restricted Person must not trade in any Scentre Group Securities during a "blackout period" unless permitted to do so under section 9 or an exceptional circumstances notice has been provided under section 6.

A blackout period is:

1. in respect of stapled securities of Scentre Group:

   • the period commencing on 1 July and ending 2 hours after the time at which Scentre Group's half-year results are released; and

   • the period commencing on 1 January and ending 2 hours after the time at which Scentre Group's full year results are released, and

2. in respect of units in the Carindale Property Trust:

   • the period commencing on 1 January and ending 2 hours after the time at which after Carindale Property Trust's half-year results are released; and

   • the period commencing on 1 July and ending 2 hours after the time at which after Carindale Property Trust's full year results are released.

A blackout period also includes an extension to a blackout period, and any additional period, as specified by the Board.

In addition, the Chief Executive Officer has discretion to impose ad hoc restrictions at times when matters subject to ASX Listing Rule 3.1A are being considered (that is, potentially market sensitive matters that are not required to be disclosed immediately to the market under ASX Listing Rule 3.1 because of the exception in ASX Listing Rule 3.1A).

The provisions of section 6 apply to any request to trade in a blackout period.

SECTION 5

Specified Persons and Designated Persons trading outside a blackout period

5.1 Specified Persons

Specified Persons may only trade in Scentre Group Securities outside a blackout period if they have received prior written consent from the Nomination Committee.

A Specified Person must complete a Securities Dealing Request Form to request clearance to trade in Scentre Group Securities outside a blackout period and send the request to the Company Secretary.

The Company Secretary will arrange for the request to be sent to members of the Nomination Committee for their consideration and, if considered appropriate, consent. The consent of at least two members of the Nomination Committee must be obtained before a Specified Person can trade outside a blackout period.

SCENTRE GROUP SECURITY TRADING POLICY - AUGUST 2016 Page 2 of 9