RE1 Limited, in its capacity as responsible entity and trustee of Scentre Group Trust 2, a trust forming part of the stapled entity Scentre Group, announced the early tender results for its previously announced tender offer for up to USD 300 million aggregate principal amount of its outstanding Subordinated Non-Call 10 Fixed Rate Reset Notes due 2080 and Subordinated Non Call 6 Fixed Rate Reset Notes due 2080. The terms and conditions of the Tender Offer are set forth in the Offer to Purchase dated November 2, 2023. The Tender Offer will expire at 5:00 p.m., New York City time, on December 4, 2023, or any other date and time to which the Offeror extends the Tender Offer, unless earlier terminated.

Early Tender Results and Proration. As of 5:00 p.m., New York City time, on November 16, 2023, according to information provided by Global Bondholder Services Corporation, the tender and information agent for the Tender Offer, the aggregate principal amount of the Notes set forth in the table below under "Principal Amount Tendered as of Early Tender Time" had been validly tendered in the Tender Offer. Withdrawal rights for the Notes expired at 5:00 p.m., New York City Time, on November 16, 2023.

Title of Security: Subordinated Non-Call 10 Fixed Rate Reset Notes due 2080. Principal Amount Outstanding: USD 1.5 billion; Principal Amount Tendered as of Early Tender Time: USD 187,944,000; Principal Amount Expected to be Accepted: USD 187,944,000 and Title of Security: Subordinated Non-Call 6 Fixed Rate Reset Notes due 2080; Principal Amount Outstanding: USD 1.5 billion; Principal Amount Tendered as of Early Tender Time: USD 201,606,000; Principal Amount Expected to be Accepted: USD 112,045,000; Approximate Proration Rate: 51.9 %. The aggregate principal amount of each series of Notes that the Offeror will purchase in the Tender Offer will be determined in accordance with the acceptance priority level for such series as set forth in the table above and the proration procedures described in the Offer to Purchase.

Because the aggregate principal amount of Notes validly tendered as of the Early Tender Time exceeded the Aggregate Maximum Amount, the Offeror expects to accept for purchase: (i) all USD 187,944,000 aggregate principal amount of Non-Call 10 Notes validly tendered as of the Early Tender Time; and (ii) USD 112,045,000 aggregate principal amount of the Non-Call 6 Notes validly tendered as of the Early Tender Time, reflecting a proration rate of approximately 51.9%. No Notes tendered after the Early Tender Time will be accepted for purchase, regardless of Acceptance Priority Level. The applicable consideration offered per USD 1,000 principal amount of Notes of a series validly tendered at or prior to the Early Tender Time and accepted for purchase will be determined in accordance with the formula set forth in the Offer to Purchase by reference to the applicable fixed spread for such series specified in the table above plus the Reference Yield at 9:15 a.m., New York City time, on November 17, 2023.

The Early Tender Time was the last date and time for holders to tender their Notes in order to be eligible to receive the applicable Early Tender Consideration. In addition to the applicable Early Tender Consideration, holders whose Notes are purchased in the Tender Offer will receive accrued and unpaid interest ("Accrued Interest") from the last semi-annual interest payment date up to, but not including, the Early Settlement Date. Settlement: The Offeror expects payment for Notes that were validly tendered as of the Early Tender Time and that are accepted for purchase will be made on a date prior to the Expiration Time (the "Early Settlement Date").

The Offeror anticipates that the Early Settlement Date will be November 21, 2023, subject to all conditions to the Tender Offer having been satisfied or waived by the Offeror. The Offeror's obligation to accept for payment and to pay for the Notes validly tendered in the Tender Offer is subject to the satisfaction or waiver of a number of conditions described in the Offer to Purchase.