Scentre : SCG 1st Quarter Update

5 May 2017

Scentre Group (ASX: SCG) today announced its first quarter update for the three months to 31 March 2017. The Group's operations continue to perform strongly with developments progressing well and comparable specialty sales up 2.4% for the 12 months to 31 March 2017 averaging $11,230 per square metre.

Specialty and Mini-Major sales grew 2.1% for the 3 months to 31 March 2017, with Specialty sales up by 1.8% and Mini-Majors up by 3.5%. Good increases were seen in the fashion, food retail, food catering, retail services and technology categories.

During April 2017, the Group opened the first stage new fashion precinct of the $355 million (SCG share: $355 million) redevelopment at Westfield Chermside, including the introduction of Zara, H&M, Sephora and more than 50 fashion, home and lifestyle retailers broadening the range and depth of the centre's offer.

In June 2017, the final stage of the Westfield Chermside redevelopment will open including the largest lifestyle, dining and entertainment precinct in an Australian shopping centre. The overall redevelopment will add 33,000 square metres of retail space, bringing the total size to more than 156,000 square metres on completion, the largest in Queensland.

The $80 million (SCG share: $40 million) redevelopment at Westfield Whitford City will open in September 2017, comprising an Event cinemas complex, including Gold Class, restaurants, cafes and family entertainment precinct.

During the quarter, the Group commenced two new redevelopments at Westfield Carousel in Perth and Westfield Plenty Valley in Victoria.

The $350 million (SCG share: $350 million) redevelopment at Westfield Carousel will comprise the introduction of a David Jones department store, an expanded fashion range including international mini-majors, the establishment of a new entertainment, dining and leisure precinct, an upgraded Hoyts cinema and additional parking.

The $80 million (SCG share: $40 million) redevelopment at Westfield Plenty Valley adds a new nine screen Village cinema complex and a new dining and entertainment precinct including 11 restaurants.

The Group maintains its guidance for full year growth in funds from operations (FFO) of approximately 4.25%. The distribution guidance of 21.73 cents per security is also maintained.

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

1st QUARTER 2017 UPDATE

Our Portfolio

Australia

34 centres

$31.1 billion1

New Zealand

5 centres NZ$1.2 billion1

1. Includes construction in progress and assets held for development

1. Scentre Group 1st Quarter 2017 Update

   Outlook	31 December 2017
   Funds from Operations Growth	approximately 4.25%
   Distribution per security	21.73 cents (2% growth)
   Comparable NOI Growth	approximately 2.75% to 3%

   Operating Performance & Outlook

   31 March 2017
   Total Sales (MAT)	$22.7bn
   Specialty Store Sales Growth (psm) (MAT)	2.4%
   Average Specialty Store Sales (psm)	$11,230
   Specialty Store Rent (psm)	$1,617
   Portfolio Leased	> 99.5%
   Occupancy Cost	17.6%
   Lease Deals Completed Number	604
   Lease Deals Completed Area (sqm)	87,873

   4.25%

   FFO Growth Guidance

   21.73c

   Distribution Guidance

   2% growth in distribution per security

2. Scentre Group 1st Quarter 2017 Update