Annual report
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Results for Announcement to the Market: 30 Jun 26 30 Jun 25 Revenue ($'000) up 4.8% 64,554 61,585 up 9.5% 30,964 28,289 up 50.7% 59,015 39,154 up 6.2% 46,121 43,440 up 8.8% 32,301 29,684 Distributions for Carindale Property Trust Cents per unit 29.8830 14.9415 14.9415 (i) The number of units entitled to distributions on the record date, 30 June 2026 was 82,737,213. Additional information Net profit (excluding unrealised fair value movements and modification gain or loss) attributable to members of the Trust ($'000) Distributions for the year ended 30 June 2026 Final distribution to be paid on 31 August 2026 (i) Interim distribution paid on 27 February 2026 The distribution per unit has been determined by reference to the number of units on issue at the record date. The record date for determining entitlements to the distribution for the six-month period to 30 June 2026 was 30 June 2026. The distribution will be paid on 31 August 2026 (August 2026 Distribution). Details of the full year components of distributions will be provided in the Annual Tax Statements which will be sent to members in September 2026. Commentary on the results is contained in the announcement released to the ASX. The additional information requiring disclosure to comply with listing rule 4.3A is contained in the attached Annual Report which includes the audited financial report. Net profit (including unrealised fair value movements and modification gain or loss) attributable to members of the Trust ($'000) Funds from operations (FFO) attributable to members of the Trust ($'000) CARINDALE PROPERTY TRUST: Appendix 4E (ASX Code: CDP) ARSN 093 261 744 Preliminary Final Report under ASX listing rule 4.3A For the year ended 30 June 2026 (previous corresponding period being the year ended 30 June 2025) Net property income ($'000)
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2026 Annual Report Scentre Management Limited ABN 41 001 670 579 AFSL No. 230329 as responsible entity of Carindale Property Trust ARSN 093 261 744
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Carindale Property Trust 2026 Annual Report
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Contents Statement of Comprehensive Income 2 Balance Sheet 3 Statement of Changes in Equity 4 Cash Flow Statement 5 Notes to the Financial Statements 6 Directors’ Declaration 26 Independent Auditor’s Report 27 Directors’ Report 31 Corporate Governance Statement 45 Investor Relations 53 Members’ Information 55 Directory 57 1Contents Financial Statements Independent Auditor’s Report Directors’ Report Members’ Information Corporate Governance Statement Directors’ Declaration
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For the year ended 30 June 2026 Statement of Comprehensive Income Note 30 Jun 26 $'000 30 Jun 25 $'000 Revenue Property revenue 2 64,554 61,585 Expenses Property expenses and outgoings (18,433) (18,145) Net property income 46,121 43,440 Other expenses Manager's service charge (4,913) (4,757) Other costs (206) (244) (5,119) (5,001) Interest income 151 179 Financing costs 9 (9,717) (9,861) Net fair value gain/(loss) on interest rate derivatives 12 2,015 (5,289) Property revaluation 3 25,564 15,686 Net profit attributable to members of the Trust 59,015 39,154 Total comprehensive income attributable to members of the Trust 59,015 39,154 cents cents Basic earnings per unit 8 71.33 48.19 Diluted earnings per unit 8 71.33 48.19 2 | CARINDALE PROPERTY TRUST 2026 Annual Report
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As at 30 June 2026 Balance Sheet Note 30 Jun 26 $'000 30 Jun 25 $'000 Current assets Cash and cash equivalents 10(a) 3,127 2,699 Trade debtors and receivables 4 1,605 1,627 Prepayments and deferred costs 310 42 Interest receivable 87 109 Derivative assets 12 1,049 687 Total current assets 6,178 5,164 Non-current assets Investment properties 3 814,084 787,839 Prepayments and deferred costs 1,181 27 Derivative assets 12 929 10 Other non-current assets – 287 Total non-current assets 816,194 788,163 Total assets 822,372 793,327 Current liabilities Trade and other payables 5 20,475 20,673 Interest payable 591 499 Lease liabilities 3 3 Derivative liabilities 12 29 334 Total current liabilities 21,098 21,509 Non-current liabilities Interest bearing liabilities 11 205,600 210,000 Lease liabilities 81 86 Derivative liabilities 12 279 709 Total non-current liabilities 205,960 210,795 Total liabilities 227,058 232,304 Net assets 595,314 561,023 Equity attributable to members of the Trust Contributed equity 13 243,500 243,500 Reserves 50,535 42,958 Retained profits 14 301,279 274,565 Total equity attributable to members of the Trust 595,314 561,023 Contents Independent Auditor’s Report Directors’ Report Members’ Information 3 Corporate Governance Statement Directors’ Declaration Financial Statements
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For the year ended 30 June 2026 Statement of Changes in Equity Contributed Equity $'000 Reserves $'000 Retained Profits $'000 30 Jun 26 Total $'000 Contributed Equity $'000 Reserves $'000 Retained Profits $'000 30 Jun 25 Total $'000 Changes in equity attributable to members of the Trust Balance at the beginning of the year 243,500 42,958 274,565 561,023 228,016 36,569 265,095 529,680 – Net profit for the year – – 59,015 59,015 – – 39,154 39,154 – Amount transferred to other reserves (i) – 7,577 (7,577) – – 6,389 (6,389) – Transactions with owners in their capacity as owners – Movement in contributed equity (ii) – – – – 15,484 – – 15,484 – Distributions paid or provided for – – (24,724) (24,724) – – (23,295) (23,295) Closing balance of equity attributable to members of the Trust 243,500 50,535 301,279 595,314 243,500 42,958 274,565 561,023 (i) Amount transferred to other reserves comprises funds from operations less distribution paid. (ii) There was no movement in contributed equity for the year ended 30 June 2026 as the Distribution Reinvestment Plan (DRP) was not in operation for the August 2025 Distribution and February 2026 Distribution. The movement in contributed equity for the year ended 30 June 2025 comprised 1,705,696 units issued under the DRP at $4.274 per unit on 30 August 2024 and 1,769,078 units issued under the DRP at $4.656 per unit on 28 February 2025, offset by costs of $43,260 incurred in issuing the units. 4 | CARINDALE PROPERTY TRUST 2026 Annual Report
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For the year ended 30 June 2026 Cash Flow Statement Note 30 Jun 26 $'000 30 Jun 25 $'000 Cash flows from operating activities Receipts in the course of operations (including Goods and Services Tax (GST)) 73,168 69,295 Payments in the course of operations (including GST) (26,493) (25,015) GST paid (4,445) (4,163) Payments of financing costs (excluding financing costs capitalised) (11,029) (9,815) Interest received 151 179 Net cash inflow from operating activities 10(b) 31,352 30,481 Cash flows from investing activities Capital expenditure on property investments (2,675) (7,953) Net cash outflow from investing activities (2,675) (7,953) Cash flows from financing activities Repayment of borrowings 11(c) (215,000) (15,100) Proceeds from borrowings 11(c) 210,600 – Security deposit 287 – Distribution paid to members (i) (24,136) (6,779) Net cash outflow from financing activities (28,249) (21,879) Net increase in cash and cash equivalents held 428 649 Add opening cash and cash equivalents brought forward 2,699 2,050 Cash and cash equivalents at the end of the year 10(a) 3,127 2,699 (i) Prior year includes costs of $43,260 incurred in issuing units under the DRP. Contents Independent Auditor’s Report Directors’ Report Members’ Information 5 Corporate Governance Statement Directors’ Declaration Financial Statements
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Note Description Page 1 Basis of preparation of the Financial Report 7 Operational results, assets and liabilities 2 Segment reporting 9 3 Investment properties 10 4 Trade debtors and receivables 12 5 Trade and other payables 13 6 Distributions 13 7 Net tangible asset backing 13 8 Earnings per unit 14 Financing and capital management 9 Financing costs 14 10 Cash and cash equivalents 15 11 Interest bearing liabilities 15 12 Derivative assets and liabilities 17 13 Contributed equity 18 14 Retained profits 18 15 Capital risk management 18 16 Financial risk management 19 17 Interest rate risk management 19 18 Credit and liquidity risk management 21 19 Financial covenants 22 20 Fair value of financial assets and liabilities 22 Other disclosures 21 Other material accounting policies 23 22 Lease commitments 23 23 Auditor's remuneration 24 24 Related party disclosures 24 25 Details and remuneration of Key Management Personnel (KMP) 25 Index of Notes to the Financial Statements For the year ended 30 June 2026 6 | CARINDALE PROPERTY TRUST 2026 Annual Report
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For the year ended 30 June 2026 Notes to the Financial Statements Note 1 – Basis of preparation of the Financial Report (a) Corporate information This financial report of Carindale Property Trust (Trust) for the year ended 30 June 2026 (Financial Year) was approved in accordance with a resolution of the Board of Directors of Scentre Management Limited, as responsible entity of the Trust (Responsible Entity). The Trust is domiciled in Australia. The nature of the operations and principal activities of Carindale Property Trust are described in the Directors’ Report. (b) Going concern This financial report has been prepared on a going concern basis. In making this assessment, the Directors have considered the Trust’s ability to meet its financial obligations over the next 12 months, using cash flow sensitivity analysis and having regard to maturities of interest bearing liabilities, funding requirements, operating cash earnings and available financing facilities. At 30 June 2026, $27.2 million (30 June 2025: $22.7 million) of financing resources were available to the Trust which are sufficient to cover short term liabilities. (c) Statement of compliance This financial report complies with Australian Accounting Standards and International Financial Reporting Standards issued by the International Accounting Standards Board. The accounting policies adopted are consistent with those of the previous financial year. Certain Australian Accounting Standards and Interpretations have recently been issued or amended but were not effective for the Financial Year and were not adopted by the Trust for the Financial Year. The impact of these new standards and interpretations (to the extent relevant to the Trust) is as follows: • AASB 2024-2 Amendments to Australian Accounting Standards – Classification and Measurement of Financial Instruments (effective from 1 July 2026) This amends AASB 7 Financial Instruments: Disclosures and AASB 9 Financial Instruments to: (i) clarify the date of recognition and derecognition of some financial assets and liabilities; (ii) clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal and interest criterion; (iii) add new disclosures for certain instruments with contractual terms that can change cash flows (such as some financial instruments with features linked to the achievement of environment, social and governance targets); and (iv) update the disclosures for equity instruments designated at fair value through other comprehensive income. These amendments are not expected to have a material impact on the financial statements on application. • AASB 2024-3 Amendments to Australian Accounting Standards – Annual Improvements Volume 11 (effective from 1 July 2026) This makes minor improvements to address inconsistencies or to clarify requirements in: (i) AASB 1 First-time Adoption of Australian Accounting Standards – to improve consistency between AASB 1 and AASB 9 in relation to the requirements for hedge accounting, and improve the understandability of AASB 1; (ii) AASB 7 Financial Instruments: Disclosures – to improve consistency in the language used in AASB 7 with the language used in AASB 13 Fair Value Measurement ; (iii) AASB 9 Financial Instruments – to clarify how a lessee accounts for the derecognition of a lease liability when it is extinguished and address an inconsistency between AASB 9 and AASB 15 Revenue from Contracts with Customers in relation to the term ‘transaction price’; (iv) AASB 10 Consolidated Financial Statements – to clarify the requirements in relation to determining de facto agents of an entity; and (v) AASB 107 Statement of Cash Flows – to replace the term ‘cost method’ with ‘at cost’ as the term is no longer defined in Australian Accounting Standards. These amendments are not expected to have a material impact on the financial statements on application. Contents Independent Auditor’s Report Directors’ Report Members’ Information 7 Corporate Governance Statement Directors’ Declaration Financial Statements
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Note 1 – Basis of preparation of the Financial Report (continued) (c) Statement of compliance (continued) • AASB 18 Presentation and Disclosure in Financial Statements (effective from 1 July 2027) This replaces AASB 101 Presentation of Financial Statements with a focus on updates to the income statement. The key presentation and disclosure requirements established under the new standard relate to: (i) the structure of the income statement with defined subtotals; (ii) the requirement to determine the most useful structure summary for presenting expenses in the income statement; (iii) the disclosure of management-defined performance measures in a single note within the financial statements; and (iv) enhanced principles on aggregation and disaggregation which apply to the primary financial statements and notes in general. The presentation and disclosure requirements under the new standard are expected to have a material impact on the financial statements of the Trust on application. The Trust will apply the new standard from its effective date of 1 July 2027 and the comparative information for the financial year ending 30 June 2027 will be restated in accordance with AASB 18. • AASB 2014-10 Amendments to Australian Accounting Standards – Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (effective from 1 July 2028) This amends AASB 10 Consolidated Financial Statements and AASB 128 Investments in Associates and Joint Ventures to address an inconsistency between the requirements of AASB 10 and AASB 128 in dealing with the sale or contribution of assets between an investor and its associate or joint venture. This amendment is not expected to have a material impact on the financial statements on application. (d) Basis of accounting This financial report is a general purpose financial report which has been prepared in accordance with the requirements of the Corporations Act and Australian Accounting Standards. This financial report has also been prepared on a historical cost basis, except for investment properties and derivative financial instruments that have been measured at fair value. Investment property is held jointly as tenants in common. The proportionate share of the income and expenditure, and of the assets and liabilities of property interests, are held as tenants in common and have been included in their respective classifications in this financial report. This financial report is presented in Australian dollars. (e) Significant accounting judgements, estimates and assumptions The preparation of this financial report requires management (i) to make judgements, estimates and assumptions. Management continually evaluates its judgements and estimates in relation to assets, liabilities, contingent liabilities, revenue and expenses. Management bases its judgements and estimates on historical experience and other various factors it believes to be reasonable under the circumstances, the results of which form the basis of the carrying values of assets and liabilities that are not readily apparent from other sources. Further details of the nature of these assumptions and conditions may be found in the relevant notes to the financial statements, in particular, Note 3: Investment properties, Note 4: Trade debtors and receivables and Note 20: Fair value of financial assets and liabilities. Actual results may differ from these estimates under different assumptions and conditions, and may materially affect the Trust’s financial results or the financial position in future periods. (f) Rounding In accordance with ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument 2026/183, the amounts shown in this financial report have been rounded to the nearest thousand dollars, unless otherwise indicated. Amounts shown as 0.0 represent amounts less than $500 that have been rounded down. (g) Comparative information Where applicable, certain comparative figures are restated in order to comply with the current presentation of the financial statements. (i) References to management is a reference to executives and employees of Scentre Group responsible for managing the Trust and Westfield Carindale. Notes to the Financial Statements For the year ended 30 June 2026 8 | CARINDALE PROPERTY TRUST 2026 Annual Report
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Note 2 – Segment reporting 30 Jun 26 $'000 30 Jun 25 $'000 The Trust operates in one reportable segment, being the ownership of an interest in a shopping centre in Australia. Property revenue Shopping centre base rent and other property income (i) 66,146 63,127 Amortisation of tenant allowances (1,592) (1,542) 64,554 61,585 (i) Includes recoveries of outgoings from tenants of $7.7 million (2025: $7.5 million). Accounting Policies Revenue recognition The Trust derives property revenue from leasing its investment properties. This includes minimum base rents, recoveries of outgoings and percentage rent that may be earned under certain lease agreements. Anchor retail business partners generally have lease terms of 10 to 30 years with stepped increases throughout the term that can be fixed, linked to the consumer price index (CPI) or sales turnover based. Specialty retail business partners generally have lease terms of 5 to 7 years, and for larger stores 5 to 10 years. Specialty retail business partners generally have leases with annual contracted increases of CPI plus 2.5%. Rental income from investment properties is accounted for on a straight-line basis, taking into account fixed rent payments and fixed rent increases over the term of the lease. Under certain lease agreements, a portion of property expenses and outgoings may be recovered by the Trust from tenants. Recoveries of outgoings are recognised as income as services are provided. Monthly billings are issued to tenants three weeks in advance and are payable on the first day of the month the service is provided. Under certain lease agreements, percentage rent may be payable by the tenant to the Trust based on turnover in excess of stipulated minimums. Contingent rental income is recognised as income in the period in which it is earned. Tenant allowances that are classified as lease incentives are recorded as part of investment properties and amortised over the term of the lease. The amortisation is recorded against property revenue. Contents Independent Auditor’s Report Directors’ Report Members’ Information 9 Corporate Governance Statement Directors’ Declaration Financial Statements
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Notes to the Financial Statements For the year ended 30 June 2026 Note 3 – Investment properties 30 Jun 26 $'000 30 Jun 25 $'000 Shopping centre investment 814,084 787,839 814,084 787,839 Movement in investment properties Balance at the beginning of the year 787,839 765,592 Capital expenditure 2,018 7,956 Amortisation of tenant allowances (1,592) (1,542) Straight-lining of rent 255 147 Net revaluation increment 25,564 15,686 Balance at the end of the year (i) 814,084 787,839 (i) The fair value of investment properties at the end of the period includes ground lease assets of $0.084 million (30 June 2025: $0.089 million). The Trust’s shopping centre investment comprising Westfield Carindale and Millennium Boulevard Office and Retail Centre has been independently valued as at 30 June 2026. The valuation of the Trust’s 50% interest is $814.1 million (2025: $787.8 million) with a capitalisation rate of 5.52% (2025: 5.52%) and a discount rate of 6.99% (2025: 6.99%). This valuation was conducted by Knight Frank NSW Valuations & Advisory Pty Limited in accordance with guidelines set by the International Valuation Standards Council. Valuation inputs The Income Capitalisation approach and the Discounted Cash Flow approach are used to arrive at a range of valuation outcomes, from which a best estimate of fair value is derived at a point in time. The key assumptions and estimates used in these valuation approaches include: • forecast future income, based on the location, type and quality of the property, which are supported by the terms of any existing leases, other contracts or external evidence such as current market rents for similar properties; • lease assumptions based on current and expected future market conditions after expiry of any current lease; and • the capitalisation rate and discount rate derived from recent comparable market transactions. Changes to key inputs would result in changes to the fair value of investment properties. An increase in capitalisation rate and/or discount rate would result in lower fair value, while a decrease in capitalisation rate and/or discount rate will result in higher fair value (with all other factors held constant). The capitalisation rate sensitivity analysis is detailed below. 30 Jun 26 $'000 30 Jun 25 $'000 The sensitivity of shopping centre valuations to changes in capitalisation rates is as follows: Capitalisation rate movement Increase/(decrease) in fair value -50 bps 81,076 78,461 -25 bps 38,615 37,370 +25 bps (35,269) (34,131) +50 bps (67,608) (65,428) 10 | CARINDALE PROPERTY TRUST 2026 Annual Report
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Accounting Policies Investment properties The Trust’s investment properties include shopping centre investments, development projects and construction in progress. Shopping centre investment The Trust’s shopping centre investment comprises of freehold and leasehold land, buildings and leasehold improvements. Land and buildings are considered as having the function of an investment and therefore are regarded as a composite asset, the overall value of which is influenced by many factors, the most prominent being income yield, rather than by the diminution in value of the building content due to effluxion of time. Accordingly, the buildings and all components thereof, including integral plant and equipment, are not depreciated. Initially, the shopping centre investment is measured at cost including transaction costs. Subsequent to initial recognition, the Trust’s shopping centre investment is stated at fair value, which reflect market conditions at the reporting date. Gains and losses arising from changes in the fair value of the Trust’s shopping centre investment properties are included in the statement of comprehensive income in the year in which they arise. At each reporting date, the carrying value of the shopping centre investment properties is assessed by the Directors and where the carrying value differs materially from the Directors’ assessment of fair value, an adjustment to the carrying value is recorded as appropriate. The Directors’ assessment of fair value takes into account the latest independent valuation generally prepared annually, with updates taking into account any changes in capitalisation rate, underlying income and valuations of comparable centres. In determining the fair value, the capitalisation of net income method and the discounting of future cash flows to their present value have been used which are based upon assumptions and judgements in relation to future rental income, capitalisation rate and make reference to market evidence of transaction prices for similar properties. Development projects and construction in progress The Trust’s development projects and construction in progress include costs incurred for the redevelopment and expansion of existing shopping centre investments. Development projects and construction in progress include capitalised construction and development costs, payments and advances to contractors and where applicable, borrowing costs incurred on qualifying developments. The Directors’ assessment of fair value of each development project and construction in progress that meets the definition of an investment property, takes into account the expected costs to complete, the stage of completion, expected underlying income and yield of the development. From time to time, during a development, the Directors may commission an independent valuation of the development project. On completion, the development project is reclassified to shopping centre investment and an independent valuation is obtained. Independent valuations are conducted in accordance with guidelines and valuation principles as set by the International Valuation Standards Council. Contents Independent Auditor’s Report Directors’ Report Members’ Information 11 Corporate Governance Statement Directors’ Declaration Financial Statements
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Note 4 – Trade debtors and receivables 30 Jun 26 $’000 30 Jun 25 $’000 Trade debtors 434 614 Receivables 1,171 1,013 Total trade debtors and receivables 1,605 1,627 (a) Components of trade debtors and receivables Trade debtors 1,002 1,911 Receivables 1,292 1,499 2,294 3,410 Expected credit loss allowance – trade debtors (568) (1,297) Expected credit loss allowance – receivables (121) (486) (689) (1,783) Total trade debtors and receivables 1,605 1,627 (b) Movement in expected credit loss allowance Balance at the beginning of the year (1,783) (1,730) Decrease/(increase) in expected credit loss allowance recognised in the statement of comprehensive income 449 (69) Amounts written-off 645 16 Balance at the end of the year (689) (1,783) Expected credit loss allowance In determining the expected credit loss allowance, management has considered security deposits received from tenants generally in the form of bank guarantees, which can be called upon if the tenant is in default under the terms of the lease contract. Trade debtors also include GST which is fully recoverable from the relevant tax authorities where the debt is not collected and therefore the GST amount is excluded from the loss allowance. The decrease in expected credit loss allowance reflects abatements and write-offs applied against outstanding receivables, and the reversal of the prior year’s allowance following collection of related debts and a reassessment of credit risk. At 30 June 2026, approximately 59% of trade debtors were aged greater than 90 days and the expected credit loss allowance was 57% of trade debtors. An increase or decrease of 5% in the expected credit loss rate (after adjusting for GST and bank guarantees) would result in an increase or decrease in expected credit loss allowance of $34,500 respectively. At 30 June 2025, approximately 64% of trade debtors were aged greater than 90 days and the expected credit loss allowance was 68% of trade debtors. An increase or decrease of 5% in the expected credit loss rate (after adjusting for GST and bank guarantees) would result in an increase or decrease in expected credit loss allowance of $81,200 respectively. Accounting Policies Trade debtors and receivables Trade debtors and receivables are held to collect contractual cash flows and these contractual cash flows are solely payments of principal and interest. At initial recognition, these are measured at fair value. Trade debtors and receivables are subsequently measured at amortised cost using the effective interest rate method, reduced by impairment losses. Interest income and impairment losses are recognised in the income statement. The receivable is written off when there is no reasonable expectation of recovering the contractual cash flows such as when all legal avenues for debt recovery have been exhausted. Any gain or loss on derecognition is also recognised in the statement of comprehensive income. Notes to the Financial Statements For the year ended 30 June 2026 12 | CARINDALE PROPERTY TRUST 2026 Annual Report
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In assessing for impairment, the Responsible Entity assesses on a forward-looking basis the expected credit losses associated with its financial assets carried at amortised cost. For trade debtors and receivables, the Responsible Entity applies the simplified approach, which requires lifetime expected losses to be recognised from initial recognition of the receivables. In measuring the expected credit loss, trade debtors and receivables have been grouped based on shared credit risk characteristics (eg size and industry) and the days past due. The expected loss rates are determined based on days past the due date and the historical credit losses experienced. Historical loss rates are adjusted to reflect current and forward looking information on macroeconomic factors affecting the ability of customers to settle their debts. Note 5 – Trade and other payables 30 Jun 26 $’000 30 Jun 25 $’000 Trade creditors 211 96 Other creditors and accruals 7,902 8,804 Distribution payable 12,362 11,773 20,475 20,673 Accounting Policies Trade and other payables Trade and other payables are carried at amortised cost and due to their short term nature they are not discounted. They represent liabilities for goods and services provided to the Trust prior to the end of the Financial Year that are unpaid and arise when the Trust becomes obliged to make future payments in respect of the purchase of these goods and services. The amounts are unsecured and are paid within 30 days. Note 6 – Distributions 30 Jun 26 $’000 30 Jun 25 $’000 Current/prior period distribution payable/paid to members Distribution payable in respect of the six months to 30 June 2026 – Ordinary units: 14.9415 cents per unit 12,362 – Distribution paid in respect of the six months to 30 June 2025 – Ordinary units: 14.230 cents per unit – 11,773 Distribution paid to members Distribution paid in respect of the six months to 31 December 2025 – Ordinary units: 14.9415 cents per unit 12,362 – Distribution paid in respect of the six months to 31 December 2024 – Ordinary units: 14.230 cents per unit – 11,522 24,724 23,295 Note 7 – Net tangible asset backing 30 Jun 26 $ 30 Jun 25 $ Net tangible asset backing per unit 7.20 6.78 Net tangible asset backing per unit is calculated by dividing total equity attributable to members of the Trust by the number of units on issue at year end. The number of units used in the calculation of the net tangible asset backing is 82,737,213 (2025: 82,737,213). Contents Independent Auditor’s Report Directors’ Report Members’ Information 13 Corporate Governance Statement Directors’ Declaration Financial Statements
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Notes to the Financial Statements For the year ended 30 June 2026 Note 8 – Earnings per unit 30 Jun 26 cents 30 Jun 25 cents Basic earnings per unit 71.33 48.19 Diluted earnings per unit 71.33 48.19 Basic and diluted earnings per unit are calculated by dividing the net profit attributable to members of the Trust of $59,015,000 (2025: $39,154,000) by the weighted average number of units on issue during the Financial Year. The weighted average number of units used in the calculation of basic and diluted earnings per unit is 82,737,213 (2025: 81,255,342). The Trust did not have any dilutive instruments on issue for the Financial Year or prior year. Accordingly, the basic and diluted earnings per unit calculations are the same. Accounting Policies Earnings per unit Basic earnings per unit is calculated as net profit attributable to members of the Trust divided by the weighted average number of units. Diluted earnings per unit is calculated as net profit attributable to members of the Trust divided by the weighted average number of units and dilutive potential units. Note 9 – Financing costs 30 Jun 26 $'000 30 Jun 25 $'000 Gross financing costs (i) (9,897) (10,324) Lease liabilities interest expense (5) (5) (9,902) (10,329) Amortisation of debt modification 248 468 Loss on extinguishment of borrowing facility (ii) (63) – Total financing costs (9,717) (9,861) (i) Gross financing costs comprise $11,134,902 (2025: $13,223,756) interest expense on borrowings and $1,238,125 (2025: $2,899,658) net interest income from derivatives. (ii) Comprises $286,756 (2025: nil) extinguishment of prepaid facility fees offset by $223,970 (2025: nil) extinguishment of the debt modification balance. Accounting Policies Financing costs Financing costs include interest, amortisation of discounts or premiums relating to borrowings and other costs incurred in connection with the arrangement of borrowings (including realised interest derivative cash flows). Financing costs are expensed as incurred unless they relate to a qualifying asset. A qualifying asset is an asset which generally takes more than 12 months to be readied for its intended use or sale. In these circumstances, the financing costs are capitalised to the cost of the asset. Where funds are borrowed by the Trust for the acquisition or construction of a qualifying asset, the associated financing costs are capitalised. Refer to Note 12 for other items included in financing costs. Any accrued financing costs at year end have been classified as either interest receivable or interest payable on the balance sheet. Interest receivable comprises interest accrued on derivative instruments and short term deposits. Interest payable comprises interest accrued on interest bearing liabilities and derivative instruments. 14 | CARINDALE PROPERTY TRUST 2026 Annual Report
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Note 10 – Cash and cash equivalents 30 Jun 26 $'000 30 Jun 25 $'000 (a) Components of cash and cash equivalents Cash 3,127 2,699 Total cash and cash equivalents 3,127 2,699 (b) Reconciliation of profit for the period to net cash flows from operating activities Profit for the year 59,015 39,154 Property revaluation (25,564) (15,686) Net fair value (gain)/loss on interest rate derivatives (2,015) 5,289 (Increase)/decrease in other working capital attributable to operating activities (84) 1,724 Net cash flows from operating activities 31,352 30,481 Accounting Policies Cash and cash equivalents Cash and cash equivalents on the balance sheet comprise cash at bank and on hand and short term deposits with an original maturity of 90 days or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Cash and cash equivalents are measured at amortised cost using the effective interest rate method, reduced by impairment losses. Interest income and impairment losses (if any) are recognised in the statement of comprehensive income. For the purposes of the cash flow statement, cash and cash equivalents include cash on hand and at bank, short term deposits and bank accepted bills of exchange readily converted to cash net of bank overdrafts. Bank overdrafts are carried at the principal amount. Note 11 – Interest bearing liabilities 30 Jun 26 $'000 30 Jun 25 $'000 Non-current Secured bank loans 205,600 210,000 205,600 210,000 The maturity profile in respect of the interest bearing liabilities is set out below: Due within one year – – Due between one and five years – 210,000 Due after five years 205,600 – 205,600 210,000 During the Financial Year, the Trust refinanced its existing $230 million syndicated facility with a new bank facility. Drawings under the facility are secured by a registered mortgage over the Trust’s interest in Westfield Carindale and Millennium Boulevard Office and Retail Centre and a fixed and floating charge over all assets and undertakings of the Trust. The facility is subject to negative pledge arrangements and matures in May 2032. Refer to Note 19 for details of the financial covenants applicable to this facility. The refinancing of the previous facility resulted in an accounting derecognition of the interest bearing liability. Contents Independent Auditor’s Report Directors’ Report Members’ Information 15 Corporate Governance Statement Directors’ Declaration Financial Statements
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Notes to the Financial Statements For the year ended 30 June 2026 Note 11 – Interest bearing liabilities (continued) 30 Jun 26 $'000 30 Jun 25 $'000 (a) Summary of financing facilities Committed financing facilities available to the Trust: Financing facilities 230,000 230,000 Secured bank loans (205,600) (210,000) Bank guarantees (287) – Available financing facilities 24,113 20,000 Cash 3,127 2,699 Financing resources available 27,240 22,699 (b) Maturity profile of financing facilities The maturity profile in respect of the above financing facilities: Due within one year – – Due between one and five years – 230,000 Due after five years 230,000 – 230,000 230,000 (c) Movements in interest bearing liabilities arising from financing activities Balance at the beginning of the year 210,000 225,100 Repayment of borrowings (215,000) (15,100) Proceeds from borrowings 210,600 – Balance at the end of the year 205,600 210,000 Accounting Policies Interest bearing liabilities Interest bearing liabilities are recognised initially at the fair value of the consideration received less any directly attributable transaction costs. Subsequent to initial recognition, interest bearing liabilities are recorded at amortised cost using the effective interest rate method. Interest bearing liabilities are classified as current liabilities where the liability has been drawn under a financing facility which expires within one year. Amounts drawn under financing facilities expiring after one year and where the Trust has an unconditional right to defer the settlement of liability for at least 12 months after the reporting period are classified as non-current. Financing costs for interest bearing liabilities are recognised on an accruals basis. The fair value of the Trust’s interest bearing liabilities as disclosed in Note 20 are estimated by discounting future cash flows using rates that approximate the borrowing rate at the balance date, for debt with similar maturity, credit risk and terms. 16 | CARINDALE PROPERTY TRUST 2026 Annual Report
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Note 12 – Derivative assets and liabilities 30 Jun 26 $'000 30 Jun 25 $'000 Derivative assets Current Receivables on interest rate derivatives 1,049 687 1,049 687 Non-current Receivables on interest rate derivatives 929 10 929 10 Derivative liabilities Current Payables on interest rate derivatives 29 334 29 334 Non-current Payables on interest rate derivatives 279 709 279 709 The Trust’s interest rate swaps do not meet the accounting requirements to qualify for hedge accounting treatment. Changes in fair value have been reflected in the statement of comprehensive income. As at 30 June 2026, the aggregate fair value was a net receivable of $1,669,709 (2025: net payable of $345,521). The change in fair value for the Financial Year was a net unrealised gain of $2,015,230 (2025: net unrealised loss of $5,289,040). The Trust presents the fair value mark to market of its derivative assets and derivative liabilities, and related interest receivables, on a gross basis. These positions are subject to legally enforceable master netting arrangements, however do not meet the criteria for offsetting in the balance sheet. As at 30 June 2026, if these netting arrangements were applied, derivative assets and interest receivables of $2,064,966 would be reduced by $307,715 to the net amount of $1,757,251 and derivative liabilities of $307,715 would be reduced by $307,715 to the net amount of nil. As at 30 June 2025, if these netting arrangements were applied, derivative assets and interest receivables of $805,986 would be reduced by $234,565 to the net amount of $571,421 and derivative liabilities of $1,042,457 would be reduced by $234,565 to the net amount of $807,892. Accounting Policies Derivative assets and liabilities The Responsible Entity utilises interest rate swaps to manage the risks associated with interest rate fluctuations. Such derivative financial instruments are recognised at fair value. The Responsible Entity has set defined policies and implemented a comprehensive hedging program to manage interest rate risks of the Trust. Derivative instruments are transacted to achieve the economic outcomes in line with the Trust’s treasury policy and hedging program and are not transacted for speculative purposes. Accounting standards require detailed compliance with documentation, designation and effectiveness parameters before a derivative instrument is deemed to qualify for hedge accounting treatment. Where these requirements are not met, derivative instruments are deemed not to qualify for hedge accounting and changes in fair value are recorded in the statement of comprehensive income. The fair value of derivatives has been determined with reference to market observable inputs for contracts with similar maturity profiles. The valuation is a present value calculation which incorporates interest rate curves and the credit quality of counterparties. Contents Independent Auditor’s Report Directors’ Report Members’ Information 17 Corporate Governance Statement Directors’ Declaration Financial Statements
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Notes to the Financial Statements For the year ended 30 June 2026 Note 13 – Contributed equity 30 Jun 26 Units 30 Jun 25 Units Number of fully paid up units on issue Balance at the beginning of the year 82,737,213 79,262,439 Units issued under the DRP – 3,474,774 Balance at the end of the year 82,737,213 82,737,213 Accounting Policies Contributed equity Issued and paid up capital is recognised at the fair value of the consideration received by the Trust. Any transaction costs arising on the issue of units are recognised directly in equity as a reduction of the proceeds received. Note 14 – Retained profits 30 Jun 26 $'000 30 Jun 25 $'000 Balance at the beginning of the year 274,565 265,095 Net profit attributable to members of the Trust 59,015 39,154 Amount transferred to other reserves (7,577) (6,389) Distributions paid or provided for (24,724) (23,295) Balance at the end of the year 301,279 274,565 Note 15 – Capital risk management The Responsible Entity seeks to manage the capital requirements to maximise value to members through the mix of debt and equity funding, while ensuring that the Trust: • complies with capital and distribution requirements of the Trust’s constitution; • complies with capital requirements in relation to the Trust’s borrowing covenants; and • continues to operate as a going concern. The Responsible Entity assesses the adequacy of the Trust’s capital requirements, cost of capital and gearing (ie debt/equity mix) as part of its capital management plan. The Responsible Entity continuously reviews the Trust’s capital structure in order to: • have sufficient funds and financing facilities, on a cost effective basis, are available to implement operating strategies; • ensure financing facilities for unforeseen contingencies are maintained; and • provide distributions to members. 18 | CARINDALE PROPERTY TRUST 2026 Annual Report
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Note 16 – Financial risk management The Trust’s principal financial instruments comprise cash, receivables, payables, interest bearing liabilities and derivative financial instruments. The Responsible Entity manages the Trust’s exposure to key financial risks in accordance with the Trust’s treasury risk management policies. These policies have been established to manage the key financial risks such as interest rate, counterparty credit and liquidity. The Trust’s treasury risk management policies are established to identify and analyse the risks faced by the Trust, to set appropriate risk limits and controls to monitor risks and adherence to limits including permitted types of derivative instruments. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Trust’s activities. The Responsible Entity, as part of Scentre Group, is supported by the Group’s governance framework including a control environment in which relevant treasury and finance personnel understand their roles and obligations in respect of the Trust’s treasury management objectives. The Trust has an Audit and Finance Committee and a Risk and Sustainability Committee. The Board of the Responsible Entity and the Trust’s committees are supported by Scentre Group’s Executive Risk Management Committee, the executive leadership team and a dedicated risk function, to promote understanding and management of risk across all teams. The Responsible Entity uses different methods to measure and manage different types of risks to which the Trust is exposed. These include monitoring levels of exposure to interest rates, liquidity and credit risk. The Trust enters into interest rate swaps to manage the interest rate risks arising from the Trust’s operations, cash flows and its interest bearing liabilities. The Responsible Entity seeks to deal only with creditworthy counterparties and these assessments are regularly reviewed. Liquidity risk is monitored through the use of rolling cash flow forecasts. Note 17 – Interest rate risk management The Trust is exposed to interest rate risk on its interest bearing liabilities and derivative financial instruments. The risk is managed by the Responsible Entity by maintaining an appropriate mix between fixed and floating rate interest bearing liabilities. Fixed rate debt is achieved through the use of derivative financial instruments in accordance with a Board approved policy. These activities are evaluated regularly to determine that the Trust is not exposed to interest rate movements that could adversely impact its ability to meet its financial obligations and to comply with its borrowing covenants. (i) Summary of floating interest rate positions at balance date The Trust’s interest rate risk exposures at 30 June 2026 including the relevant financial instruments used to manage these exposures are as follows: Interest payable exposure Note 30 Jun 26 $'000 30 Jun 25 $'000 Principal amounts of all interest bearing liabilities: Secured bank loans 11 205,600 210,000 205,600 210,000 Principal amounts of fixed interest rate liabilities: Fixed rate derivatives – A$ 170,000 180,000 170,000 180,000 At 30 June 2026, the Trust had hedged 83% of its interest payable exposure by way of interest rate derivatives of varying durations. The remaining 17% is exposed to floating rates on a principal payable of $35,600,000 at an interest rate based on an interbank benchmark rate and an applicable margin (2025: 86% hedged with floating exposure on principal payable of $30,000,000). Contents Independent Auditor’s Report Directors’ Report Members’ Information 19 Corporate Governance Statement Directors’ Declaration Financial Statements
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Notes to the Financial Statements For the year ended 30 June 2026 Note 17 – Interest rate risk management (continued) Interest rate sensitivity The sensitivity of interest expense to changes in the floating exposure interest rate is proportional. Assuming the floating interest payable exposure remains unchanged, an increase or decrease in interest rates of 100 basis points would increase or decrease interest expense by $356,000 (2025: $300,000) respectively for the next 12 months. The fair values of derivatives used by the Trust are also sensitive to changes in interest rates and are as follows: 30 Jun 26 $’000 30 Jun 25 $’000 Interest rate movement Gain/(loss) to Statement of Comprehensive Income -2.0% (7,801) (7,876) -1.0% (3,851) (3,866) -0.5% (1,916) (1,915) 0.5% 1,896 1,911 1.0% 3,770 3,818 2.0% 7,418 7,539 The assumed movement in basis points for the interest rate sensitivity analysis is based on the current observable market environment. (ii) Summary of fixed interest rate positions at balance date Notional principal amounts and contracted rates of the Trust’s interest rate swaps: Swaps contracted as at the reporting date and outstanding at 30 Jun 26 30 Jun 25 Notional principal amount $'000 Average rate (i) Notional principal amount $'000 Average rate (i) A$ payable 30 June 2025 – – A$180,000 2.67% 30 June 2026 A$170,000 3.32% A$140,000 3.07% 30 June 2027 A$135,000 3.69% A$105,000 3.46% 30 June 2028 A$105,000 3.86% A$75,000 3.61% 30 June 2029 A$75,000 3.91% A$45,000 3.52% 30 June 2030 A$45,000 4.11% A$15,000 3.36% 30 June 2031 A$30,000 4.49% – – (i) Excludes borrowing margins. 20 | CARINDALE PROPERTY TRUST 2026 Annual Report
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Note 18 – Credit and liquidity risk management The Trust’s credit risk arises from financial assets such as cash and cash equivalents, trade debtors and receivables and favourable derivative financial instruments. Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in a financial loss to the Trust. The Responsible Entity generally considers a financial asset to be in default when contractual payments are 90 days past due. However, in certain cases, the Responsible Entity may also consider a financial asset to be in default when internal or external information indicates that the Trust is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Trust. For cash and derivative instruments with banks and other financial institutions, credit limits have been established to ensure that the Responsible Entity deals only with approved counterparties and that counterparty concentration risk is addressed and the risk of loss is mitigated. Counterparty exposure is measured as the aggregate of all obligations of any single legal entity or economic entity to the Trust, after allowing for appropriate set offs which are legally enforceable. A maximum credit limit is allocated to each counterparty based on its credit rating. The counterparty credit risk associated with investment instruments is assessed based on its outstanding face value. For trade debtors and receivables, there are no significant concentrations of credit risk. The Responsible Entity also obtains security deposits from tenants in the form of cash or bank guarantees which can be called upon if the tenant is in default under the terms of the lease contract. The maximum exposure to credit risk at balance date is the aggregate of the carrying amounts of financial assets as disclosed in Note 20. The Responsible Entity undertakes active liquidity and funding risk management to enable the Trust to have sufficient funds available to meet its financial obligations as and when they fall due, working capital and expected committed capital expenditure requirements. The Responsible Entity prepares and monitors rolling forecasts of liquidity requirements on the basis of expected cash flow. Refer to Note 11 for details of interest bearing liabilities and financing facilities. The maturity profiles of the principal amounts of interest bearing liabilities including aggregate future estimated nominal interest and the estimated future nominal cashflows of derivative financial instruments are set out below: 30 Jun 26 $'000 30 Jun 25 $'000 Interest bearing liabilities and interest Due within one year (11,123) (10,311) Due between one and five years (44,522) (219,294) Due after five years (215,230) – (270,875) (229,605) Derivatives inflows/(outflows) Due within one year 1,676 1,688 Due between one and five years 1,704 947 Due after five years (29) 1 3,351 2,636 Contents Independent Auditor’s Report Directors’ Report Members’ Information 21 Corporate Governance Statement Directors’ Declaration Financial Statements
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Note 19 – Financial covenants The Trust is required to comply with certain financial covenants in respect of its borrowing facility. The major financial covenants are summarised as follows: a) Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) and before property revaluations to net interest expense excluding gains or losses from mark to market and amounts attributable to ground lease payments; • not less than 1.75 times (2025: 1.75 times) b) Loan to Value Ratio (LVR) (loan to latest independent valuation of the property); • not exceed 50% (2025: 50%) As at and during the financial years ended 30 June 2026 and 2025, the Trust was in compliance with the above financial covenants. The covenants are tested semi-annually at 30 June and 31 December and the Responsible Entity expects the Trust to comply with these covenants over the next 12 months. Note 20 – Fair value of financial assets and liabilities Set out below is a comparison by category of carrying amounts and fair values of all the Trust’s financial instruments. Fair value hierarchy Fair value Carrying amount 30 Jun 26 $'000 30 Jun 25 $'000 30 Jun 26 $'000 30 Jun 25 $'000 Assets Cash and cash equivalents 3,127 2,699 3,127 2,699 Trade debtors and receivables (i) 1,605 1,627 1,605 1,627 Interest receivable (i) 87 109 87 109 Other non-current assets (i) – 287 – 287 Derivative assets (ii) Level 2 1,978 697 1,978 697 Liabilities Trade and other payables (i) 20,475 20,673 20,475 20,673 Interest payable (i) 591 499 591 499 Interest bearing liabilities (ii) – Floating rate borrowings Level 2 205,600 210,000 205,600 210,000 Derivative liabilities (ii) Level 2 308 1,043 308 1,043 (i) These financial assets and liabilities are not subject to interest rate risk and the fair value approximates carrying amount. (ii) These financial assets and liabilities are subjected to interest rate and market risks, the basis of determining the fair value is set out in the fair value hierarchy below. Determination of fair value The Responsible Entity uses the following hierarchy for determining and disclosing the fair value of a financial instrument. The valuation techniques comprise: Level 1: the fair value is calculated using quoted (unadjusted) prices in active markets for identical assets or liabilities. Level 2: the fair value is estimated using inputs other than quoted prices that are observable, either directly (as prices) or indirectly (derived from prices). Level 3: the fair value is estimated using inputs that are not based on observable market data. In assessing the fair value of the Trust’s financial instruments, consideration is given to the available market data and if the market for a financial instrument changes then the valuation technique applied will change accordingly. During the Financial Year, there were no transfers between Level 1, Level 2 and Level 3 fair value measurements. Investment properties are considered Level 3. Notes to the Financial Statements For the year ended 30 June 2026 22 | CARINDALE PROPERTY TRUST 2026 Annual Report
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Note 21 – Other material accounting policies (a) Expenses Expenses are brought to account on an accruals basis. (b) Taxation The Trust has elected into the Attribution Managed Investment Trust Regime. Accordingly, the Trust is not liable for Australian income tax provided that the taxable income is attributed to members. The members of the Trust are taxable on the share of the taxable income of the Trust attributed to them. (c) Goods and Services Tax (GST) Revenues, expenses and assets are recognised net of the amount of GST except where the GST incurred on purchase of goods and services is not recoverable from the tax authority, in which case the GST is recognised as part of the cost of acquisition of the asset or as part of the expense item as applicable. Receivables and payables are stated with the amounts of GST included. The net amount of GST payable or receivable to government authorities is included as part of receivables or payables in the balance sheet. Cash flows are included in the cash flow statement on a gross basis and the GST component of cash flows arising from investing and financing activities, which is recoverable from, or payable to, the taxation authority are classified as operating cash flows. Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the taxation authority. Note 22 – Lease commitments 30 Jun 26 $'000 30 Jun 25 $'000 Operating lease receivables The property owned by the Trust is leased to third party retailers under operating leases at 30 June 2026. Lease terms vary between retailers and some leases include percentage rental payments based on sales revenue. Future minimum rental revenue under non-cancellable operating retail property leases: Due within one year 49,600 44,726 Due between one and two years 40,884 39,498 Due between two and three years 32,045 32,032 Due between three and four years 24,711 24,712 Due between four and five years 15,912 15,151 Due after five years 26,783 23,323 189,935 179,442 These amounts do not include percentage rental revenue which may become receivable under certain leases on the basis of retailer sales in excess of stipulated minimums and do not include recovery of outgoings. Contents Independent Auditor’s Report Directors’ Report Members’ Information 23 Corporate Governance Statement Directors’ Declaration Financial Statements
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Note 23 – Auditor’s remuneration 30 Jun 26 $ 30 Jun 25 $ Amount paid or due and payable to the auditor of the Trust: – Auditing the statutory financial report of the Trust 79,400 87,250 – Fees for assurance services that are required by legislation to be provided by the auditor 11,880 11,880 – Fees for other assurance services 24,371 23,654 115,651 122,784 As at 30 June 2026, remaining fees of $54,694 (2025: nil) were payable to the auditor. Note 24 – Related party disclosures Scentre Management Limited, the Responsible Entity of the Trust, is considered to be a related party of the Trust. The constitution of the Trust allows for an annual service fee payable to the Responsible Entity up to a maximum of 2% of the total tangible assets of the Trust, which amounts to $16,378,060 for the year to 30 June 2026 (2025: $15,845,480), or such lesser amount as the Responsible Entity may determine. The service fee paid or payable to the Responsible Entity for the year ended 30 June 2026 was $4,913,418 (2025: $4,756,776) representing 0.6% (2025: 0.6%) of the total tangible assets of the Trust as of 30 June 2026. During the Financial Year, amounts paid or payable (excluding GST) to associates of the Responsible Entity for development and construction billings amounted to $1,211,867 (2025: $6,438,282). As at 30 June 2026, remaining development and construction billings of nil (2025: nil) were payable to associates of the Responsible Entity. Real estate management fees within property expenses and outgoings expensed for the Financial Year due to associates of the Responsible Entity are based on normal commercial terms and were $3,275,582 (2025: $3,126,562). As at 30 June 2026, real estate management fees of $286,327 (2025: $261,880) were payable to associates of the Responsible Entity. Reimbursement of expenses within property expenses and outgoings for the year ended 30 June 2026 paid and payable to associates of the Responsible Entity are based on normal commercial terms and were $2,963,955 (2025: $2,807,997). As at 30 June 2026, remaining reimbursement of expenses of nil (2025: nil) were payable to associates of the Responsible Entity. During the Financial Year, the Trust recorded dividend income of $387,003 (2025: $540,003) from an associate of the Responsible Entity. As at 30 June 2026, dividend income of $162,001 (2025: $216,001) was receivable from the associate of the Responsible Entity. As at 30 June 2026, Scentre Management Limited, as Responsible Entity of Scentre Group Trust 1, held 56,581,540 units in the Trust (2025: 55,386,192 units). Notes to the Financial Statements For the year ended 30 June 2026 24 | CARINDALE PROPERTY TRUST 2026 Annual Report
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Note 25 – Details and remuneration of Key Management Personnel (KMP) KMP are those individuals having the authority and responsibility for planning, directing and controlling the activities of the Trust, either directly or indirectly. They include non-executive Directors and senior executives who fall within those criteria. (i) KMP For the year ended 30 June 2026, KMP were: Non-executive Directors Position Ilana Atlas Non-executive Chair Catherine Brenner Non-executive Director Julie Coates (i) Non-executive Director Carolyn Kay Non-executive Director Craig Mitchell Non-executive Director Guy Russo Non-executive Director Margaret Seale Non-executive Director Michael Wilkins Non-executive Director Former non-executive Director Michael Ihlein (i) Non-executive Director Executive KMP Position Elliott Rusanow Managing Director and Chief Executive Officer Andrew Clarke Chief Financial Officer (i) Julie Coates was appointed to the Board effective 1 October 2025 and Michael Ihlein retired from the Board effective 22 April 2026. All other Directors and all executive KMP held office for the full year. The Board of the Responsible Entity is identical to the Board of Scentre Group Limited, the parent company of Scentre Group. If a Director ceases to be a Director of Scentre Group Limited for any reason, they must also resign as a Director of the Responsible Entity. (ii) Remuneration of KMP The non-executive Directors of the Responsible Entity receive remuneration in their capacity as Directors of Scentre Group. They do not receive separate remuneration as Directors of the Responsible Entity. These fees are paid directly by Scentre Group Limited. Scentre Group Limited is the parent entity of Scentre Group, of which the Responsible Entity, Scentre Management Limited is part. Executive KMP are paid by Scentre Pty Limited, a wholly owned subsidiary of Scentre Group Limited. Management fees payable by the Trust to the Responsible Entity are calculated as a percentage of the Trust’s total tangible assets and are not determined by reference to specific costs incurred by the Responsible Entity. Consequently, no compensation as defined in AASB 124 Related Parties, in respect of such management fees is paid directly by the Trust, or indirectly by a related party of the Trust, to those KMP in respect of their services to the Trust. Contents Independent Auditor’s Report Directors’ Report Members’ Information 25 Corporate Governance Statement Directors’ Declaration Financial Statements
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The Directors of Scentre Management Limited, the Responsible Entity of Carindale Property Trust (Trust) declare that: (a) in the Directors’ opinion, there are reasonable grounds to believe that the Trust will be able to pay its debts as and when they become due and payable; (b) in the Directors’ opinion, the Financial Statements and notes thereto are in accordance with the Corporations Act 2001 , including: (i) complying with accounting standards and regulations in accordance with section 296 of the Corporations Act 2001 ; (ii) giving a true and fair view of the financial position as at 30 June 2026 and the performance for the year ended on that date in accordance with section 297 of the Corporations Act 2001 ; (iii) the International Financial Reporting Standards issued by the International Accounting Standards Board; and (c) they have been provided with the declarations required by section 295A of the Corporations Act 2001 . Made on 25 August 2026 in accordance with a resolution of the Board of Directors. Ilana Atlas AO Craig Mitchell Chair Director 25 August 2026 Directors’ Declaration 26 | CARINDALE PROPERTY TRUST 2026 Annual Report
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A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation Ernst & Young 200 George Street Sydney NSW 2000 Australia GPO Box 2646 Sydney NSW 2001 Tel: +61 2 9248 5555 Fax: +61 2 9248 5959 ey.com/au AAuuddiittoorr’’ss iinnddeeppeennddeennccee ddeeccllaarraattiioonn ttoo tthhee ddiirreeccttoorrss ooff SScceennttrree GGrroouupp LLiimmiitteedd As lead auditor for the audit of the financial report of Scentre Group Limited for the financial year ended 31 December 2024, I declare to the best of my knowledge and belief, there have been: a. No contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the audit; b. No contraventions of any applicable code of professional conduct in relation to the audit; and c. No non-audit services provided that contravene any applicable code of professional conduct in relation to the audit. This declaration is in respect of Scentre Group Limited and the entities it controlled during the financial year. Ernst & Young Mike Wright Partner 26 February 2025 Report on the audit of the financial report Opinion We have audited the financial report of Carindale Property Trust (the Trust), which comprises the balance sheet as at 30 June 2026, the statement of comprehensive income, the statement of changes in equity and the cash flow statement for the year then ended, notes to the financial statements, including material accounting policy information, and the directors’ declaration. In our opinion, the accompanying financial report of the Trust is in accordance with the Corporations Act 2001 , including: a. Giving a true and fair view of the Trust’s financial position as at 30 June 2026 and of its financial performance for the year ended on that date; and b. Complying with Australian Accounting Standards and the Corporations Regulations 2001 . Basis for opinion We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial report section of our report. We are independent of the Trust in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to our audits of the financial report of public interest entities in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Key audit matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial report of the current year. These matters were addressed in the context of our audit of the financial report as a whole, and in forming our opinion thereon, but we do not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context. We have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit of the financial report section of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the financial report. The results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying financial report. Independent Auditor’s Report To the members of Carindale Property Trust Contents Financial Statements Directors’ Report Members’ Information 27 Corporate Governance Statement Directors’ Declaration Independent Auditor’s Report
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1. Shopping centre investment properties – carrying values and revaluations Why significant How our audit addressed the key audit matter As disclosed in Note 3 of the financial report, the Trust has investment properties carried at fair value totalling $814.1 billion at 30 June 2026. The investment properties represent 99% of total assets. Fair values were determined by the Trust at the end of the reporting period with reference to an external independent property valuation and market conditions existing at the reporting date. Changes in fair value were recognised in the statement of comprehensive income. We considered this to be a key audit matter as property valuations are based on certain assumptions, such as capitalisation rates, market rent, occupancy levels, re-leasing and capital expenditure, which are judgmental in nature. Minor changes in certain assumptions can lead to significant changes in the valuation. We draw attention to Note 3 of the financial report which discloses the accounting policy for these assets and sensitivities to changes in the key assumptions that may impact these valuations. Our audit procedures included the following: • We inquired with management regarding the following: – Movements in the Trust’s investment property portfolio; – Changes in the condition of each property, including an understanding of key developments and changes to development activities; and – Changes in the Trust’s investment property portfolio including understanding leasing activity and tenant occupancy risk. • We assessed the effectiveness of the Trust’s controls over the leasing process and associated schedule of tenancy reports, which are used as source data in the property valuation. • We performed the following procedures on the key assumptions adopted in the valuation: – We assessed net income, lease expiry and vacancy assumptions adopted in the valuation against the schedule of tenancy reports, lease expiry profile and vacancy levels of the underlying assets; – We assessed the re-leasing and capital expenditure requirement assumptions in light of the current leasing status of the properties; – Where available, we corroborated these assumptions to supporting lease documentation or external market data; and – We tested the mathematical accuracy of the valuation. • We involved our real estate valuation specialists to assist with: – the assessment of capitalisation rates adopted; and – the assessment of the property valuation. • We evaluated the suitability of the valuation methodology used. We considered the independent valuer report to gain an understanding of the assumptions and estimates used and the valuation methodology applied. • Where relevant, we assessed the reasonableness of comparable transactions utilised by the Trust in the valuation process. • We assessed the qualifications, competence and objectivity of the external valuer used by the Trust. • We assessed the adequacy and appropriateness of disclosures included in Note 3 of the financial report. Independent Auditor’s Report continued 28 | CARINDALE PROPERTY TRUST 2026 Annual Report
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Information other than the financial report and auditor’s report thereon The directors of Scentre Management Limited, the Responsible Entity of the Trust, are responsible for the other information. The other information comprises the information included in the Trust’s Annual Report for the year ended 30 June 2026 but does not include the financial report and our auditor’s report thereon. Our opinion on the financial report does not cover the other information and accordingly we do not express any form of assurance conclusion thereon. In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based upon the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of the directors for the financial report The directors of the Responsible Entity are responsible for the preparation of the financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error. In preparing the financial report, the directors are responsible for assessing the Trust’s ability to continue as a going concern, disclosing, as applicable, matters relating to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Trust or to cease operations, or have no realistic alternative but to do so. Auditor’s responsibilities for the audit of the financial report Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this financial report. As part of an audit in accordance with Australian Auditing Standards, we exercise professional judgment and maintain professional scepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the financial report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Responsible Entity’s internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. • Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the entity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial report or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause an entity to cease to continue as a going concern. • Evaluate the overall presentation, structure and content of the financial report, including the disclosures, and whether the financial report represents the underlying transactions and events in a manner that achieves fair presentation. Contents Financial Statements Directors’ Report Members’ Information 29 Corporate Governance Statement Directors’ Declaration Independent Auditor’s Report
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We communicate with the directors of the Responsible Entity, regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide the directors of the Responsible Entity, with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied. From the matters communicated to the directors of the Responsible Entity, we determine those matters that were of most significance in the audit of the financial report of the current year and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. Ernst & Young Vida Virgo Partner Sydney 25 August 2026 Independent Auditor’s Report continued 30 | CARINDALE PROPERTY TRUST 2026 Annual Report
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Directors’ Report For the year ended 30 June 2026 This Directors’ Report provides information on the structure of the Trust’s business, the Trust’s fi nancial performance for the period 1 July 2025 to 30 June 2026 (Financial Year), the strategies and prospects of the Trust as well as the key risks that face the Trust. The Trust is an externally managed entity. The responsible entity of the Trust, Scentre Management Limited (Company or Responsible Entity), is a member of Scentre Group (or the Group). The operations of the Trust are carried out by Scentre Group executives and employees, and the management of West field Carindale is also conducted by subsidiaries of Scentre Group. 1. Review and results of operations 1.1 Operating environment The Trust owns a 50% interest in West field Carindale, located in the suburb of Carindale in Brisbane, approximately 12 kilometres south-east of the Brisbane CBD. One of the city’s leading retail and lifestyle destinations, West field Carindale is home to many of Australia’s well-known retailers, including Myer, Big W, Target, David Jones, Kmart, Coles, Woolworths, ALDI and Apple, as well as a host of premium fashion brands. An Event Cinemas complex and a range of other retailers including approximately 370 specialty stores, complete the retail offer while the adjoining Carindale Home and Leisure Centre offers bulky goods retail. As at 30 June 2026, West field Carindale was 99.9% leased, with 72 deals completed in the Financial Year including 30 new merchants. Business partners achieved annual retail sales of $1,137.8 million, an increase of 2.9% compared to 2025. As at 30 June 2026, West field Carindale was independently valued at $1,628 million (CDP share: $814 million), up 3.3%. Financial results The Trust’s funds from operations (FFO) for the Financial Year was $32.3 million, up 8.8%. Statutory pro fit was $59.0 million, including an unrealised property valuation increase of $25.6 million. As at 30 June 2026, the net tangible assets of the Trust was $7.20 per unit. The Trust’s gearing was 25.3% and interest rate hedging is 83% with an average base rate of 3.3%. The distribution for the Financial Year is $24.7 million or 29.883 cents per unit, representing growth of 5.0% and in line with guidance. Details of the Trust’s distributions are set out in section 3 of this report. The final distribution of 14.9415 cents per unit is payable to unitholders on 31 August 2026. The Trust’s distribution reinvestment plan (DRP) was suspended from operation on 29 May 2025 and did not operate during the Financial Year. Contents Financial Statements Independent Auditor’s Report Members’ Information 31 Corporate Governance Statement Directors’ Declaration Directors’ Report
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Profit after tax, FFO and distribution for the year (i) Note 30 Jun 26 $’000 30 Jun 25 $’000 Net property income 46,121 43,440 Manager’s service charge (4,913) (4,757) Overheads (206) (244) Net financing costs (9,566) (9,682) Net fair value gain/(loss) on interest rate derivatives 2,015 (5,289) Property revaluation 25,564 15,686 Profit attributable to members of the Trust 59,015 39,154 Adjustments: – Property revaluation (25,564) (15,686) – Tenant allowances amortised 2 1,592 1,542 – Straight-lining of rent (255) (147) – Net fair value (gain)/loss on interest rate derivatives 12 (2,015) 5,289 – Amortisation of debt modi fication 9 (248) (468) – Debt modification gain on extinguishment of borrowing facility (ii) 9 (224) – FFO 32,301 29,684 Amount transferred to other reserves (7,577) (6,389) Distributable Amount 24,724 23,295 FFO per unit (cents) 39.04 36.53 Distributable Amount per unit (cents) 29.883 28.460 (i) The Trust’s measure of FFO is based upon the National Association of Real Estate Investment Trusts’ (NAREIT, a US industry body) de finition, adjusted to reflect the Trust’s profi t/(loss) reported in accordance with the Australian Accounting Standards and International Financial Reporting Standards. FFO is a non-statutory reporting measure and has not been audited. (ii) Represents the derecognition of the debt modification position on the balance sheet following the extinguishment of the facility during the period. 1.2 Community Westfield Carindale has a Community Plan which outlines the unique characteristics of West field Carindale, including what West field Carindale customers value. It features a schedule of brand activations, community engagement activities including cultural days of significance and local community partnerships. During the Financial Year, community initiatives included Move It For Mental Health fitness sessions for Lifeline, Wakerley Christmas Carols event sponsorship for Carindale Rotary Club and Brisbane City Council, an International Women’s Day interactive display, NAIDOC Week signage installation and First Nations performers, Art for your Heart annual community art exhibition, Chanukah Menorah lighting ceremony and event, community Mother’s Group with Keeping Mum, Quiet Hour, Mall Walkers Walk for Your Heart event and Coffee with a Cop. The Westfield Local Heroes program continued to highlight local individuals and organisations who work hard to make a positive impact on their communities and environment. West field Local Heroes are nominated by their community. For the 2026 program, Westfield Carindale received 76 nominations from the community. The successful hero for each of the Group’s 42 destinations (including West field Carindale) is awarded a $20,000 grant for the organisation or group they represent, and the two other fi nalists receive a $5,000 grant for their organisation or group. During the Financial Year, West field Carindale worked with their West field Local Hero alumni in the following activities: • Christmas Gift Wrapping raised over $33,000 for Beyond DV and $7,800 for Challenge DV. • Mother’s Day Gift Wrapping raised over $7,800 for Care Kits for Kids. Directors’ Report continued 32 | CARINDALE PROPERTY TRUST 2026 Annual Report
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1.3 People Scentre Group recognises that its success comes from its people. The Group is committed to delivering an employee experience aligned to the Group’s people vision to be the place where talent thrives. While neither the Trust nor the Responsible Entity have any employees, Scentre Group’s aspiration for its people extends to all employees including those undertaking work for the Trust and working at West field Carindale. 1.4 Environmental impact Scentre Group is committed to maintaining resilient assets, including West field Carindale. Westfield Carindale has a strategic asset plan that outlines the long-term objectives for the asset, with a key component being the Destination Environmental Action Plan. This plan details short and long-term strategies and projects to optimise energy and water use whilst maximising waste recovery from land fill. Highlights for West field Carindale for the Financial Year include: • Reducing energy use by approximately 4.2%. This reduction was largely due to proactive maintenance and management of plant and equipment, including conducting regular night audits of heating, ventilation, and air conditioning (HVAC) operations, continually monitoring building management systems and using ‘economy mode’ throughout the cooler months to maximise fresh air intake. • The completion of front of house LED installations aligned to recent ambiance upgrades in the food court, carpark emergency lighting upgrades and the continued roll out of LED upgrades progressively. • Maintaining a NABERS energy rating of 5 stars and increased NABERS water rating of 4.5 stars. • Maintaining the commitment to waste management and landfill diversion by embedding cleaner-led organics collections from food retailers and a targeted waste strategy to encourage more food retailers to contribute to organics recovery. While reducing water consumption remained a key focus, overall usage increased by 17.9%, primarily due to a warmer-than-average summer and higher HVAC cooling demand. To mitigate this increase, the centre team worked with major tenants to improve plant and operational efficiency, closely monitor baseflow to identify and rectify leaks, and increased inspections of amenities to detect leaks. These initiatives helped partially offset the additional water consumption associated with HVAC operations. Environmental regulations Environmental laws and regulations in force in the jurisdictions in which Scentre Group operates are applicable to areas of its operations, including the Trust, and in particular to the Group’s development, construction, and shopping centre management activities. Scentre Group has processes and procedures to identify and comply with such requirements, including where applicable, obtaining and complying with the conditions of relevant authority consents and approvals, and obtaining any necessary licences. These compliance processes and procedures are regularly reviewed and audited, and their application closely monitored. 1.5 Principal activity The principal activity of the Trust during the Financial Year was the long-term ownership of a 50% interest in West field Carindale. There were no signi ficant changes to the principal activity or the state of affairs of the Trust during the Financial Year. 1.6 Strategy and outlook Subject to no material change in the operating environment, the Trust expects to distribute 31.38 cents per unit for the year ending 30 June 2027, representing growth of 5.0%. 1.7 Matters subsequent to the year end No event has occurred since the end of the Financial Year which would signi ficantly affect the operations of the Trust. Contents Financial Statements Independent Auditor’s Report Members’ Information 33 Corporate Governance Statement Directors’ Declaration Directors’ Report
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Directors’ Report continued 2. Risk 2.1 Risk management framework The Board of the Responsible Entity sets the overall risk appetite for the Trust. As the Trust’s Responsible Entity is a member of Scentre Group, the Trust is supported by Scentre Group’s governance framework, including its Enterprise Risk Management (ERM) Policy and Framework and dedicated risk functions, which underpin the development and maintenance of the Trust’s Risk Appetite Statement and broader risk management activities. The Board of the Responsible Entity and the Trust’s committees are supported by Scentre Group’s Executive Risk Management Committee, executive leadership team and the risk functions, which promote the effective identification, assessment, monitoring and management of risks relating to the Trust and Westfield Carindale. Scentre Group’s ERM Policy and Framework are integrated into day-to-day business processes, including those relating to the operations of the Trust and Westfield Carindale. Risk management accountability is embedded throughout the organisation and is a key responsibility of Scentre Group’s business managers and leaders. The ERM Policy and Framework are reviewed annually by the enterprise risk function and approved by Scentre Group’s Risk and Sustainability Committee and Board. The ERM Policy and Framework reflect the three lines model and establish clear accountability for risk management. First-line managers are responsible for identifying, assessing and managing material risks. Second-line functions provide risk and compliance frameworks, as well as oversight and monitoring of material risks. Third-line independent assurance is provided by Business Review and Audit, Scentre Group’s internal audit function, through independent reviews of the effectiveness of governance, risk management and internal control processes. The Trust’s Risk Appetite Statement provides guidance on risk appetite and tolerance levels for material risks. Key controls for each material risk are documented, and their effectiveness is monitored by the relevant risk owner, the risk functions, the Executive Risk Management Committee and the Trust’s Risk and Sustainability Committee. Additional risk oversight is provided through executive working groups and committees responsible for areas including life safety and security, cyber security, privacy and data governance, and treasury risk. Risks and controls associated with Scentre Group’s responsible business strategy are overseen by the executive leadership team. Refer to Section 7.2 of the Corporate Governance Statement for more information about the Trust’s Risk Appetite Statement. 2.2 Key risks The Trust’s sole investment is a 50% interest in West field Carindale, and as such the Trust is exposed to the risks inherent in the ownership of a single asset. The performance of the Trust may be affected by the local economic and retail conditions in southeast Queensland speci fically and Australia more generally. The Trust is an externally managed entity and the Responsible Entity is a member of Scentre Group. As such the Trust is exposed to the risks associated with potential con flicts of interests and the need to appropriately manage related party transactions between the Trust, the Responsible Entity and other members of Scentre Group. 34 | CARINDALE PROPERTY TRUST 2026 Annual Report
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As the Responsible Entity is a member of Scentre Group and the management of Westfield Carindale is conducted by subsidiaries of Scentre Group, the Trust and Westfield Carindale have the benefit of the Group’s risk management policies, processes and controls as they relate to the Trust. Key risks for the Trust and how they are managed and mitigated are outlined below: Financial risk Management and mitigation of risk Maintaining a strong financial position and ongoing access to funding or capital • The Trust’s financial risk exposures, including funding and liquidity risk and interest rate risk, are managed through established treasury risk management policies that govern the minimum amount of committed and undrawn funding that must be held and the minimum amount of interest rate hedging that must be in place at any given time. Further information relating to fi nancial risk management is detailed in Note 15 to Note 18 to the fi nancial statements. • Independent valuations are generally prepared annually to assess the fair value of the Trust’s shopping centre assets. These valuations are conducted in accordance with the guidelines and valuation principles as set by the International Valuation Standards Council. Managing financial risks associated with the operation of Westfield Carindale • The Trust’s financial performance depends on rental income generated from West field Carindale. Processes are in place to manage tenancy mix and the risk of non-payment of rent, which include security deposits from tenants. • Insurance policies are in place for the physical assets at Westfield Carindale and the operation of the Trust. • Scentre Group has established procurement and expense authorisation requirements to manage the risk of misapplication of Trust assets. Strategic risk Management and mitigation of risk Managing changes to operating conditions • The Trust’s strategy is to focus on West field Carindale as a leading retail destination and to manage exposure to changes in consumer sentiment or shopping preferences, including through complementing the in-centre experience with digital engagement platforms. • Westfield Carindale has a strategic asset plan focused on the growth of the destination and the potential West field Carindale audience. • Scentre Group: • Uses data analytics and research to better understand consumer sentiment, customer preferences, industry trends and business performance. • Manages the operations of the Trust to maximise short and long-term returns including fostering new business partners and optimising the mix of products, services and experiences. • Proactively engages with industry and government on policy areas and reform. Operational risk Management and mitigation of risk Work health and safety • Scentre Group focuses on high standards of health and safety for its people, customers, business partners and communities. • Scentre Group has: • Life safety programs overseen by dedicated risk and security personnel. • A continuous cycle of upgrading and maintaining physical assets, including West field Carindale. • Hazard and risk identi fication programs designed to mitigate or eliminate the risk of injuries. • Programs and processes to address risks to the psychosocial health and wellbeing of its people, including to prevent unlawful conduct occurring in the workplace and provide psychologically safe, respectful and inclusive workplaces. • Physical, emotional, social, fi nancial and career support services for its people, including a range of benefits that include psychosocial health and wellbeing offers. • Scentre Group has a Safety Management System, including policies and procedures, and West field Carindale has a Centre Safety Management Plan. Security and emergency management • Scentre Group engages with government agencies and specialists to address known security and operational concerns, including those security risks relevant to West field Carindale and the Trust. • Westfield Carindale is supported by Scentre Group’s risk and corporate security teams and Scentre Group has a Design Management Plan which includes a Safety in Design Procedure. • Westfield Carindale has dedicated risk and security personnel and emergency response plans that include business continuity plans. • Front-line team members are trained to be prepared for major security events and to respond to unexpected events through regular crisis and emergency management exercises. Contents Financial Statements Independent Auditor’s Report Members’ Information 35 Corporate Governance Statement Directors’ Declaration Directors’ Report
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Directors’ Report continued IT systems, data, cyber, privacy and disaster recovery • Scentre Group has standards, policies and systems to address cyber, privacy and data governance risks, which are subject to regular review. Disaster recovery plans are also reviewed and tested annually. • Scentre Group’s Privacy Framework, Plan and Privacy Policy align with recognised industry standards and regulatory guidance. Supply chain Management and mitigation of risk Essential services • Scentre Group aims for a stable and responsible supply chain, which includes assessing modern slavery risks within its direct operations and supply chains. The Group does this through its ERM Framework, Supplier Code of Conduct and Human Rights Policy which extend to cover the operations of the Trust. • To the extent possible, Scentre Group and the Trust seek to mitigate the risk of disruptions to essential services through contractual arrangements and business continuity plans. Sustainability risk Management and mitigation of risk Community engagement • The Scentre Group community engagement strategy provides the framework, tools and programs for teams to engage with their communities to create places that are inclusive, safe and welcoming, and which the communities consider to be an integral part of their lives. • Westfield Carindale has a Community Plan which outlines the unique characteristics of West field Carindale, including what West field Carindale customers value. It features brand activations, community partnerships and community engagement activities. Climate change risk Management and mitigation of risk Managing the impacts of climate change • Westfield Carindale has an Environmental Action Plan to manage the impacts of climate change and the delivery of net zero emissions strategies. • Climate-related risks are managed and monitored through Scentre Group’s governance and review processes that are integrated into the business practices of the Trust and West field Carindale. This includes through the Board of the Responsible Entity, the Trust’s Risk and Sustainability Committee, and Scentre Group’s executive leadership team, senior leaders and facilities management teams. Governance risk Management and mitigation of risk Managing regulatory, corporate governance and compliance obligations • The Group’s corporate governance structure adopted by the Board reflects its role as an external responsible entity of the Trust. The Group’s governance framework, which aligns with the ASX Principles and Recommendations, supports the way in which the Trust and Westfield Carindale are managed. • Scentre Group has a Code of Conduct and associated training programs to establish behavioural and ethical standards of working and fostering a positive culture. • The Responsible Entity, as a member of Scentre Group, has adopted various charters and policies implemented by Scentre Group and has an ongoing compliance program. Managing related party risks and conflicts of interest • Scentre Management Limited, the Responsible Entity of the Trust, is a related party of the Trust. • The Responsible Entity has a con flicts of interest and related party transaction policy and associated processes in place to manage actual or potential con flicts of interest that may arise in connection with the Trust. 36 | CARINDALE PROPERTY TRUST 2026 Annual Report
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3. Distributions Full year distributions The total amount to be distributed to members for the Financial Year is $24.7 million representing a full year distribution of 29.883 cents per unit. The following distribution for the six-month period ended 31 December 2025 was paid to members of the Trust during the Financial Year: $'000 14.9415 cents per unit for the six months ended 31 December 2025, paid 27 February 2026 12,362 The following distribution was recommended or determined for payment to members, but not paid, during the Financial Year: $'000 14.9415 cents per unit for the six months ended 30 June 2026, to be paid on 31 August 2026 12,362 Prior year distributions A distribution of $11,773,000 (14.230 cents per unit) in respect of the six-month period ended 30 June 2025 was paid to members of the Trust on 29 August 2025. Distribution Reinvestment Plan The Trust’s distribution reinvestment plan (DRP) was not in operation for the Financial Year. The DRP was suspended from operation on 29 May 2025. Accordingly, the DRP is not in operation for the six-month distribution for the period to 30 June 2026, which will be paid on 31 August 2026. 4. Directors and Secretaries 4.1 Board membership The Board of the Responsible Entity comprises eight non-executive Directors and the Managing Director. The period of office held by each Director, their quali fications, skills and experience, and their attendance at Board and Committee meetings are set out below. Name Position Date of appointment Ilana Atlas AO Non-executive Chair 28 May 2021 (appointed Chair effective 1 October 2023) Elliott Rusanow Managing Director 1 October 2022 Catherine Brenner Non-executive Director 1 March 2022 Julie Coates Non-executive Director 1 October 2025 Carolyn Kay Non-executive Director 24 February 2016 Craig Mitchell Non-executive Director 14 October 2024 Guy Russo Non-executive Director 1 September 2020 Margaret Seale Non-executive Director 24 February 2016 Michael Wilkins AO Non-executive Director 8 April 2020 Prior directors Michael Ihlein Non-executive Director 30 June 2014 (retired 22 April 2026) On 25 August 2026, the Group announced that Karim Temsamani would be appointed as a non-executive Director, effective 1 September 2026. The Board of the Responsible Entity, Scentre Management Limited, is identical to the Board of Scentre Group Limited, the parent company of Scentre Group. If a Director ceases to be a Director of Scentre Group Limited for any reason, they must also retire as a Director of Scentre Management Limited. Contents Financial Statements Independent Auditor’s Report Members’ Information 37 Corporate Governance Statement Directors’ Declaration Directors’ Report
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Denotes Chair of Committee AF Audit and Finance Committee RS Risk and Sustainability Committee Directors’ Report continued Ilana Atlas AO Independent Non-Executive Chair BJuris (Hons), LLB (Hons), LLM Appointed: 28 May 2021 (Director) 1 October 2023 (Chair) Last elected: 9 April 2025 Experience Ilana has extensive experience as a public company director and in executive and management roles. Ilana is a former director of ANZ Group Holdings Limited and former Chair of Coca-Cola Amatil Limited and Jawun. Ilana’s last executive role was Group Executive, People, at Westpac, where she was responsible for human resources, corporate affairs and sustainability. Prior to that role, Ilana was Group Secretary and General Counsel at Westpac. Before her career at Westpac, Ilana was a partner at the law firm Mallesons Stephen Jaques (now known as Mallesons) where she practised corporate law as well as holding a number of management roles including Executive Partner, People and Information, and Managing Partner. Current external appointments Non-executive director, Origin Energy. Board member, Paul Ramsay Foundation. Board member, Garvan Institute of Medical Research. Deputy Chair, Council of the National Gallery of Australia. Panel member, Adara Partners. Elliott Rusanow Managing Director LLB, BCom Appointed: 1 October 2022 Experience Elliott first joined Scentre Group in April 2019 when he was appointed Chief Financial Officer leading the Group’s finance, treasury, investor relations and capital transaction functions. Prior to Scentre Group, Elliott was the Chief Financial Officer at Westfield Corporation, based in the United States. Elliott joined Westfield in 1999 and held a number of senior executive leadership roles in Sydney, London and Los Angeles including Deputy Chief Financial Officer, Head of Corporate Finance, Director Finance United Kingdom & Europe and Director of Investor Relations & Equity Markets. Prior to Westfield, Elliott worked at Bankers Trust Australia Limited. Fellowships: Financial Services Institute of Australasia, Chartered Institute for Securities and Investment, and Governance Institute of Australia. Current external appointments Chair of the Shopping Centre Council of Australia. Member of The Champions of Change Coalition. Catherine Brenner Independent Non-Executive Director BEc, LLB, MBA Appointed: 1 March 2022 Last elected: 9 April 2025 RS Experience Catherine has extensive business experience across a number of sectors and as an executive was a senior investment banker. Catherine was previously non-executive Chair of AMP Limited and a non-executive director of ASX companies including Boral Limited and Coca-Cola Amatil Limited. She was also a Trustee of the Sydney Opera House Trust, the Art Gallery of NSW and other public and private organisations in the mining, financial services, property, biotech, logistics, visual and performing arts, education and government sectors. Catherine also served as a member of the Takeovers Panel. Current external appointments Chair of Australian Payments Plus (BPAY, eftpos, NPP, ConnectID). Non-executive director, Djerriwarrh Investments Limited. Non-executive director, The George Institute for Global Health. 38 | CARINDALE PROPERTY TRUST 2026 Annual Report
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Denotes Chair of Committee AF Audit and Finance Committee RS Risk and Sustainability Committee Julie Coates Independent Non-Executive Director BBus (Acc), AMP, Grad. Dip (Edu) Appointed: 1 October 2025 Last elected: 22 April 2026 RS AF Experience Julie is an experienced chief executive and non-executive director with a background across a broad range of businesses in retailing, manufacturing, building materials, logistics and consumer goods. Her last executive role was as Managing Director and Chief Executive Officer of CSR Limited. Prior to that she was Managing Director (Australia and New Zealand) of Goodman Fielder Limited. Julie also held senior executive positions at the Woolworths Group, including as Managing Director of Big W, Chief Logistics Officer and Human Resources Director. Julie’s career in retail before Woolworths included senior executive roles at Officeworks, Target Australia and David Jones. She has worked in operations, human resources, digital transformation, supply chain and change management positions. Julie previously served as a Director of Coca-Cola Amatil Limited, Spotless Group Holdings Limited, the Australian Food and Grocery Council and the Green Building Council of Australia. Julie will be appointed to the board of Commonwealth Bank of Australia on or around 1 September 2026, subject to regulatory approvals. Memberships: Member of the Australian Institute of Company Directors. Current external appointments Non-executive Director, Wesfarmers Limited. Carolyn Kay Independent Non-Executive Director LLB, BA, GradDip Mgmt Appointed: 24 February 2016 Last elected: 4 April 2024 AF Experience Carolyn has had more than 30 years’ experience in the finance sector as an executive and non-executive director. As an executive Carolyn worked as a banker and lawyer at Morgan Stanley, JP Morgan and Linklaters & Paines in London, New York and Australia. Carolyn was formerly a Guardian of the Future Fund and a non-executive director of the General Sir John Monash Foundation. Carolyn has been and remains a non-executive director of enterprises across a broad range of industries. She was awarded a Centenary Medal for services to Australian society in business leadership. Current external appointments Member, Foreign Investment Review Board. Chair, Rothschild & Co (Australia). Non-executive director, National Australia Bank Limited. Non-executive director, Myer Family Investments. Trustee, Sydney Grammar School. Craig Mitchell Independent Non-Executive Director BCom, FCPA, MBA (Exec) – AGSM, AMP – Harvard Business School Appointed: 14 October 2024 Last elected: 9 April 2025 AF RS Experience Craig has more than 25 years’ experience in the property industry spanning retail, construction, development and funds management. He has previously held executive leadership roles as Global Chief Executive Officer of Northwest Healthcare Properties REIT, Chief Executive Officer at Grocon and as Executive Director and Chief Operating Officer at Dexus. Craig has also held a number of non-profit director positions including Frensham School, where he spent five years as Deputy Chair of the Board and Chair of the Audit and Property Committees. Current external appointments None, as at the date of this report. Contents Financial Statements Independent Auditor’s Report Members’ Information 39 Corporate Governance Statement Directors’ Declaration Directors’ Report
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Denotes Chair of Committee AF Audit and Finance Committee RS Risk and Sustainability Committee Directors’ Report continued Guy Russo Independent Non-Executive Director MGSM Appointed: 1 September 2020 Last elected: 4 April 2024 Experience Guy is an accomplished business leader with a strong commercial and customer-focused background working in Australia and internationally. Guy has served as CEO, Wesfarmers Department Store Division (Kmart & Target); Managing Director, Kmart Australia & NZ; President, McDonald’s Greater China; CEO, McDonald’s Australia Ltd and Chair of Ronald McDonald House Children’s Charities. Guy is most well-known for leading the corporate turn-around of Kmart Australia, creating the largest and most profitable retail department store in the country. A member of YPO since 2006, now with Lestari, the fi rst Impact Chapter of YPO, he has consulted to business in China and Asia, served as a member on the Business Council of Australia, and won industry awards for leadership in diversity in employment. Current external appointments Chair, Guzman y Gomez. Chair, SomnoMed. Chair, OneSky. Margaret Seale Independent Non-Executive Director BA Appointed: 24 February 2016 Last elected: 4 April 2024 RS Experience Margie is a company director and executive mentor. Prior to her non- executive career she held senior executive roles in Australia and overseas in consumer goods, global publishing, sales and marketing, and the successful transition of traditional business models to digital environments. Her last executive roles were as CEO of Random House ANZ and President, Asia Development for Random House Inc. She was then a Director and ultimately Chair of Penguin Random House Australia Pty Ltd. Her previous non-executive board roles include Telstra Group Limited, Ramsay Health Care Limited, Bank of Queensland Limited, the Australian Publishers Association, Chief Executive Women (chairing its Scholarship Committee), Seaborn, Broughton & Walford Pty. Limited, the Powerhouse Museum and the Sydney Writers’ Festival. Current external appointments Non-executive director, Westpac Banking Corporation. Non-executive director Pinchgut Opera Limited, Jana Investment Advisers Pty Ltd and Westpac Scholars Limited, trustee of the Westpac Scholars Trust. Mentor, CMi Merryck. Michael Wilkins AO Independent Non-Executive Director BCom, MBA Appointed: 8 April 2020 Last elected: 22 April 2026 AF Experience Mike is an experienced non-executive director with more than 30 years’ executive experience in fi nancial services in Australia and Asia, including insurance and investment management. He is the former Chair of QBE Insurance Group Limited, former Managing Director and CEO of Insurance Australia Group Limited (IAG), former Managing Director and CEO of Promina Group and former Managing Director of Tyndall Australia Limited. Mike has also served as a director of Alinta Limited, AMP Limited, Maple-Brown Abbott Limited, The Geneva Association, and the Australian Business and Community Network. Fellowships: Fellow, Australian Institute of Company Directors. Fellow, Chartered Accountants Australia and New Zealand. Current external appointments Chair, Medibank Private Limited. 40 | CARINDALE PROPERTY TRUST 2026 Annual Report
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4.2 Attendance at meetings Details of attendance at Board of the Responsible Entity meetings and Committee meetings are set out below. As an externally managed entity, the Trust does not have a nomination and governance committee, or a remuneration or human resources committee. However information about Scentre Group’s corporate governance framework and practices is set out in the Corporate Governance Statement. Director Board meetings 1 Audit and Finance Committee 1, 2 Risk and Sustainability Committee 1, 3 Held Attended Held Attended Held Attended Ilana Atlas AO 6 6 Catherine Brenner 6 6 4 4 Julie Coates 4 5 4 3 3 3 2 Carolyn Kay 6 6 4 4 Craig Mitchell 6 6 4 4 4 4 Elliott Rusanow 6 6 Guy Russo 6 6 Margaret Seale 6 6 4 4 Michael Wilkins AO 6 6 4 4 Former Director 6 6 Michael Ihlein 5 5 5 3 3 3 3 1. Meetings held during period of appointment. The number of meetings re flects the number of Board or Committee meetings for which a Director was eligible to attend in their capacity as a member of the Board or Committee member. 2. Membership of the Audit and Finance Committee as at the date of this report is Craig Mitchell (Chair), Julie Coates, Carolyn Kay, and Michael Wilkins. 3. Membership of the Risk and Sustainability Committee as at the date of this report is Margaret Seale (Chair), Catherine Brenner, Julie Coates, and Craig Mitchell. 4. Appointed to the Board 1 October 2025. Appointed to the Audit and Finance Committee, 16 December 2025. Appointed to the Risk and Sustainability Committee, 1 October 2025. 5. Retired 22 April 2026. 4.3 Relevant interests No Director holds a relevant interest in units in the Trust. None of the Directors are party to or are entitled to a bene fit under a contract which confers a right to call for, or be delivered, interests in the Trust. 4.4 Secretaries As at the date of this report, the Responsible Entity had the following Secretaries: Maureen McGrath Maureen McGrath is General Counsel and Company Secretary of Scentre Group. She holds a Bachelor of Laws and Bachelor of Jurisprudence from the University of New South Wales. Maureen is a Fellow and Life Member of the Governance Institute of Australia and a Member of the Australian Institute of Company Directors. Paul Giugni Paul Giugni is Group General Counsel of Scentre Group. He holds a Bachelor of Economics and a Bachelor of Laws (Honours) from the University of Sydney. Paul is a Fellow of the Governance Institute of Australia and a Member of the Australian Institute of Company Directors. Contents Financial Statements Independent Auditor’s Report Members’ Information 41 Corporate Governance Statement Directors’ Declaration Directors’ Report
Page 45
5. Options No options were granted over unissued interests in the Trust during or since the end of the Financial Year to any of the Directors or officers of the Responsible Entity. There are no unissued interests in the Trust under option. No interests in the Trust were issued during or since the end of the Financial Year as a result of the exercise of an option over unissued interests in the Trust. No Director holds debentures in the Trust. 6. Indemnities and insurance premiums No insurance premiums were paid during or since the end of the Financial Year out of the assets of the Trust regarding insurance cover provided to either officers of the Responsible Entity or the auditors of the Trust. If the Company, as Responsible Entity of the Trust, acts in accordance with the constitution of the Trust and the Corporations Act 2001 , it remains indemni fied out of the assets of the Trust against any losses incurred while acting as the Responsible Entity. The Company’s Constitution provides that a person who is or has been a Director or Secretary of the Company is entitled to be indemnified by the Company against any liabilities incurred by the person in that capacity and for all legal costs incurred in defending or resisting (or otherwise in connection with) proceedings in which the person becomes involved because of that capacity. The indemnity does not apply to the extent that the Company is forbidden by statute to indemnify the person or the indemnity would, if given, be made void by statute. A related corporation of the Company has paid premiums for directors’ and officers’ liability insurance in respect of Directors, secretaries, and officers of the Company as permitted by the Corporations Act 2001 . The terms of the insurance policy prohibit disclosure of details of the nature of the liabilities covered by, and the amounts of the premiums payable under that insurance policy. In addition, each Director has entered into a Deed of Indemnity and Access with Scentre Group Limited which provides for indemnity against liability as a Director except to the extent of indemnity under an insurance policy or where prohibited by statute. The Deed also entitles the Director to access certain documents and records, subject to undertakings as to con fidentiality. To the extent permitted by law, the Company, as responsible entity of the Trust, has agreed to indemnify its auditors, Ernst & Young, as part of the standard terms of its audit engagement against claims by third parties arising from the audit (for an unspeci fied amount). No payment has been made to Ernst & Young during or since the end of the Financial Year. 7. Information for registered schemes $8,189,000 in fees and $1,211,867 in construction progress billings were paid or payable to the Company, as Responsible Entity of the Trust, and its associates out of the assets of the Trust during the Financial Year. Details of the fees are set out in Note 24 to the financial statements. Scentre Management Limited (as responsible entity of Scentre Group Trust 1) held 56,581,540 units in the Trust as at 30 June 2026. The Trust’s DRP was suspended on 29 May 2025 and was not in operation during the Financial Year. No withdrawals were made from the Trust during the Financial Year. Details of the value of the Trust’s assets as at the end of the Financial Year are set out in Note 3 and Note 20 to the fi nancial statements. The basis of valuation of the centre is set out in Note 3. At 30 June 2026, 82,737,213 units were on issue in the Trust. Directors’ Report continued 42 | CARINDALE PROPERTY TRUST 2026 Annual Report
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8. Audit 8.1 Audit and Finance Committee At the date of this report, the Trust has an Audit and Finance Committee. 8.2 Audit fees and non-audit services The amounts paid to the auditors are set out in Note 23 to the fi nancial statements. No non-audit services were undertaken by the auditor during the Financial Year. 8.3 Auditor’s Independence Declaration A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation Ernst & Young 200 George Street Sydney NSW 2000 Australia GPO Box 2646 Sydney NSW 2001 Tel: +61 2 9248 5555 Fax: +61 2 9248 5959 ey.com/au AAuuddiittoorr’’ss iinnddeeppeennddeennccee ddeeccllaarraattiioonn ttoo tthhee ddiirreeccttoorrss ooff SScceennttrree GGrroouupp LLiimmiitteedd As lead auditor for the audit of the financial report of Scentre Group Limited for the financial year ended 31 December 2024, I declare to the best of my knowledge and belief, there have been: a. No contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the audit; b. No contraventions of any applicable code of professional conduct in relation to the audit; and c. No non-audit services provided that contravene any applicable code of professional conduct in relation to the audit. This declaration is in respect of Scentre Group Limited and the entities it controlled during the financial year. Ernst & Young Mike Wright Partner 26 February 2025 Auditor’s Independence Declaration to the Directors of Scentre Management Limited, the Responsible Entity of Carindale Property Trust As lead auditor for the audit of the fi nancial report of Carindale Property Trust for the fi nancial year ended 30 June 2026, I declare to the best of my knowledge and belief, there have been: a. No contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the audit; b. No contraventions of any applicable code of professional conduct in relation to the audit; and c. No non-audit services provided that contravene any applicable code of professional conduct in relation to the audit. Ernst & Young Vida Virgo Partner Sydney 25 August 2026 A member of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation Contents Financial Statements Independent Auditor’s Report Members’ Information 43 Corporate Governance Statement Directors’ Declaration Directors’ Report
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Directors’ Report continued 9. ASIC disclosures 9.1 Rounding Pursuant to ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument 2026/183, the amounts shown in the fi nancial statements have been rounded to the nearest thousand dollars, unless otherwise indicated. Amounts shown as 0.0 represent amounts less than $500 that have been rounded down. 9.2 Synchronisation of financial year The Trust is a consolidated entity of each of Scentre Group Trust 1 and Scentre Group Limited. By orders dated 21 November 2001 and 27 June 2005 respectively made by the Australian Securities and Investment Commission, the directors of the Company, as responsible entity of Scentre Group Trust 1 and Scentre Group Limited have been relieved of compliance with the requirement to ensure that the fi nancial year of the Trust coincides with the fi nancial year of Scentre Group Trust 1 and Scentre Group Limited. This report is made in accordance with a resolution of the Board of Directors of the Responsible Entity and is signed for and on behalf of the Directors. Ilana Atlas AO Craig Mitchell Chair Director 25 August 2026 44 | CARINDALE PROPERTY TRUST 2026 Annual Report
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The 2026 Corporate Governance Statement, which reports against the Corporate Governance Principles and Recommendations, 4th edition (Principles and Recommendations), sets out the Responsible Entity’s approach to corporate governance and Scentre Group’s governance framework and practices. This statement was approved by the Board of the Responsible Entity, Scentre Management Limited (Responsible Entity), and is current as at 25 August 2026. The corporate governance practices of the Responsible Entity should be considered having regard to the following: • The Trust is an externally managed entity. • As an externally managed entity, several of the Principles and Recommendations do not apply to the Trust. • As the Responsible Entity is a member of Scentre Group, Scentre Group’s governance framework supports the way in which Scentre Group manages the Trust and Westfield Carindale, one of the Group’s 42 Westfield destinations. • The operations of the Trust are carried out by Scentre Group executives and employees, and the management of Westfield Carindale is also conducted by subsidiaries of Scentre Group. The Trust has no employees. • The Responsible Entity is wholly owned by Scentre Group Limited, the parent entity of Scentre Group. As the holding company, Scentre Group Limited appoints the directors of Scentre Management Limited. The Board of the Responsible Entity is responsible for overseeing the effective management, governance and operation of the Trust and setting the overall risk appetite for the Trust. The Trust’s governance framework is outlined below. As an externally managed entity the Trust does not have a remuneration (or human resources) committee or a nomination committee. The Trust’s corporate governance documentation, including applicable Scentre Group documentation, can be found in the corporate governance section on the Trust’s website – carindalepropertytrust.com.au. Governance framework Corporate Governance Statement For the year ended 30 June 2026 Managing Director Board of the Responsible Entity Oversees management of the Trust. Audit and Finance Committee Oversees financial reporting of the Trust and the external audit function. Risk and Sustainability Committee Oversees the Trust’s risk management and sustainability objectives, specifically in relation to community and environmental impacts. Key Scentre Group Management Committees Executive Risk Management Committee Executive Leadership Team Treasury Finance Committee Contents Financial Statements Independent Auditor’s Report Directors’ Report Members’ Information 45 Directors’ Declaration Corporate Governance Statement
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Scentre Group is a stapled entity comprising a company and three managed investment schemes. The boards of Scentre Group Limited, Scentre Management Limited (responsible entity of Scentre Group Trust 1 and the Trust), RE1 Limited (responsible entity of Scentre Group Trust 2) and RE2 Limited (responsible entity of Scentre Group Trust 3) have common membership. The Board of the Responsible Entity, Scentre Management Limited, is identical to the boards of Scentre Group Limited, RE1 Limited and RE2 Limited. Directors (other than Managing Director) are subject to election or re-election by securityholders of Scentre Group at the Annual General Meeting (AGM) of Scentre Group Limited. If a Director ceases to be a Director of Scentre Group Limited for any reason, they must also resign as a Director of the Scentre Management Limited, RE1 Limited and RE2 Limited. Notwithstanding that recommendations 1.1 to 1.7, 2.1, 2.2, 2.4 to 2.6, 8.1 to 8.3, 9.1 and 9.2 are not applicable to the Trust as an externally managed entity, this statement describes the corporate governance practices of the Responsible Entity as part of Scentre Group including in relation to alternative recommendation 1.1, how the Responsible Entity manages the affairs of the Trust, and the role and responsibilities of the Board of the Responsible Entity. Details of the fees payable to the Responsible Entity (alternative recommendations 8.1 to 8.3) are set out in Note 24 and Note 25 to the financial statements. In this statement, the board of Scentre Management Limited is referred to as the Board of the Responsible Entity. The board of Scentre Group is referred to as the Scentre Group or Group Board. References to management, employees and executives are to the management, employees and executives of Scentre Group responsible for managing the Trust and Westfield Carindale. Principle 1 – Lay solid foundations for management and oversight 1.1 Responsibilities of Board and management The Board of the Responsible Entity is responsible for overseeing the effective management of the Trust. Board Charter The Board Charter sets out the primary functions of the Board of the Responsible Entity and the practices the Board of the Responsible Entity has adopted to discharge its responsibilities. This framework supports accountability and a balance of authority by clearly defining the respective roles and responsibilities of the Board of the Responsible Entity and management. In turn, this enables the Board of the Responsible Entity to maintain its focus on strategic guidance while exercising effective oversight of the Trust. Under the Board Charter, the key responsibilities of the Board of the Responsible Entity include: • Strategy, purpose and culture • Financial controls, risk management and compliance • Capital management, funding and liquidity • Governance. Delegation to management The Managing Director of the Responsible Entity is Elliott Rusanow. Day-to-day management of the Trust’s business and operations is delegated by the Board of the Responsible Entity to management through the Managing Director. The Managing Director together with the Scentre Group executive leadership team is responsible to the Board of the Responsible Entity for the development and implementation of strategy and the overall management and performance of the Trust. The Managing Director reports regularly to the Board of the Responsible Entity on the progress being made by the Trust in all aspects of its business including shopping centre operations, developments, capital markets, climate and sustainability. The Managing Director is responsible for management providing the Board of the Responsible Entity with accurate, timely and clear information on the Trust’s operations and other matters affecting the Trust to enable the Board of the Responsible Entity to perform its responsibilities. The Chief Financial Officer (CFO) also provides reports on the Trust’s financial performance and other relevant matters such as the Trust’s gearing and liquidity. 1.2 New appointments/re-election of Directors The Group’s Board has an ongoing succession planning and renewal program. The membership of the Group’s Board is reviewed having regard to the ongoing and evolving needs of Scentre Group’s business. Appropriate checks are undertaken before a new candidate is recommended for appointment. These include checks as to the candidate’s experience, educational qualifications, character, professional qualifications and memberships, criminal record and bankruptcy history. The Group Board undertakes an annual review of its performance and considers the results of this review in determining its endorsement of the Directors standing for election or re-election at the Group’s Annual General Meeting (AGM). Corporate Governance Statement continued 46 | CARINDALE PROPERTY TRUST 2026 Annual Report
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1.3 Written agreements with Directors and senior executives Directors New Directors receive a letter of appointment. The letter of appointment clearly defines the role of Directors, including expectations in terms of independence, participation, time commitment and continuous development. The letter provides that if a Director ceases to be a Director of Scentre Group Limited for any reason, they must also resign as a Director of the Responsible Entity, RE1 Limited and RE2 Limited. Directors have unrestricted access to executive management, relevant Trust records and to legal and other professional advisers. Procedures are in place for Directors, with the prior approval of the Chair, to obtain outside legal or other independent professional advice. Senior executives All employees, including senior executives, are employed under a written service contract which sets out the terms of their employment. Appropriate checks are undertaken in respect of all new employees, including senior executives. Checks are also undertaken in respect of employees who are being considered for a transfer or promotion into roles where checks are considered necessary. Checks include employment history, educational qualifications, character, professional qualifications and memberships, criminal record and bankruptcy history. 1.4 Company Secretary role The Company Secretary is directly accountable to the Board of the Responsible Entity, through the Chair, on all matters relating to the proper functioning of the Board of the Responsible Entity and its committees. All Directors have access to the Company Secretary. 1.5 Diversity, equity and inclusion Neither the Trust nor the Responsible Entity have any employees or had any employees during the Financial Year. During the Financial Year, the operations of the Trust were undertaken by subsidiaries of Scentre Group Limited and Scentre Group executives and employees. While, as an externally managed entity, the Trust is not required to report on diversity, Scentre Group’s approach to diversity is outlined in Scentre Group’s 2025 Corporate Governance Statement which is included in Scentre Group’s 2025 Annual Report which is available at scentregroup.com/investors/annual-reporting-suite. 1.6 Board assessment and performance This recommendation does not apply to the Trust. 1.7 Process for evaluating the performance of senior executives This recommendation does not apply to the Trust. Principle 2 – Structure the board to be effective and add value 2.1 Structure of the Board and role of the Nomination and Governance Committee As the Responsible Entity is a wholly-owned subsidiary of Scentre Group Limited, recommendations relating to the composition of the Board of the Responsible Entity are made by Scentre Group’s Nomination and Governance Committee. The Responsible Entity does not have its own Nomination and Governance Committee. The role of Scentre Group’s Nomination and Governance Committee is outlined in Scentre Group’s 2025 Annual Report available at scentregroup.com/investors/annual-reporting-suite. 2.2 Board skills matrix Recommendation 2.2 of the Principles and Recommendations that listed entities should disclose a board skills matrix does not apply to externally managed entities. A board skills matrix, as at 24 February 2026, is published in Scentre Group’s 2025 Annual Report available at scentregroup.com/investors/annual-reporting-suite. 2.3 Directors’ independence Guidelines based on the Principles and Recommendations have been adopted to assist the Board of the Responsible Entity in determining the independence of Directors. In assessing independence, regard is had to the interests, positions and relationships potentially affecting the independent status of a Director as described in Box 2.3 of the Principles and Recommendations. In making this determination the Board of the Responsible Entity assesses if, on a case-by-case basis, a Director is: • independent of management, and • free of any interest, position or association that might influence or reasonably be perceived to influence, in a material respect, their capacity to bring an independent judgement to bear on issues before the Board of the Responsible Entity. Details of the length of service of each Director are set out in the Directors’ Report. Contents Financial Statements Independent Auditor’s Report Directors’ Report Members’ Information 47 Directors’ Declaration Corporate Governance Statement
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2.4 Independent Directors All non-executive Directors are considered independent. 2.5 Chair and independence The Chair, Ilana Atlas, AO is an independent non-executive Director. The Chair is responsible for providing leadership to the Board of the Responsible Entity, promoting and facilitating the effective contribution of all Directors and encouraging a culture of openness and debate to foster a high performing and collegiate board. The Chair acts as the main interface between the Board of the Responsible Entity and the Managing Director. 2.6 Induction and ongoing education New Directors participate in a Scentre Group induction program which addresses the operations of the Trust. This includes briefings with the Managing Director, members of the executive leadership team and other executives to provide new Directors with a deeper understanding of the Group’s DNA and culture, strategic direction, business operations (including those of the Trust and Westfield Carindale), key risks and controls, and regulatory and legal framework. The Group recognises that developing industry and corporate knowledge is an ongoing process. Regular briefing sessions are conducted on several topics including: • the Group’s core operations including trends in international and domestic retail • legal and regulatory developments including health and safety laws, competition laws, corporate governance principles, tax and accounting changes • new and emerging risks, business models and technologies. In addition, the Board of the Responsible Entity visits and holds board and committee meetings at Westfield destinations to maintain a current understanding of the business and to meet and interact with team members. Principle 3 – Instil a culture of acting lawfully, ethically and responsibly The Trust, through the Responsible Entity, has the benefit of Scentre Group’s approach to instilling a culture of acting lawfully, ethically and responsibly. 3.1 Primary governance documents Scentre Group’s key primary governance documents are: • Code of Conduct – Acting with Integrity • Diversity, Equity and Inclusion Statement • Anti-Bullying Policy and Procedure • Anti-Discrimination Policy • Domestic and Family Violence Policy • Flexibility Statement • Gender Affirmation Guidelines • Human Rights Policy • Life Leave Policy • Parental Leave Policy • Sexual Harassment Policy • Workplace Adjustment Guidelines. 3.2 Scentre Group values Scentre Group’s values are described as the Group’s “DNA” and underpin the way the Group builds relationships within its teams, with its business partners, its communities and other stakeholders. Scentre Group’s DNA is expressed as: • We put our customers first • We act with integrity • We strive for excellence • We succeed together • We are constantly curious • We create a positive legacy. 3.3 Code of Conduct The Code of Conduct sets the standards required for everyone who works for the Group, including Directors. The code covers a range of areas including: the Group’s Purpose and DNA, what is expected of its people, conflicts of interest, business practices, dealing with others, communicating externally, and asking for guidance and speaking up. Employees are required to affirm the Code of Conduct on an annual basis. The Code of Conduct and the Group’s expectations of its people is communicated through several channels including Group wide listening and engagement forums led by the Managing Director, the Group’s intranet and seminars and online learning modules. Material breaches of the Code of Conduct are reported to the Group Board or the Board of the Responsible Entity (as applicable). Corporate Governance Statement continued 48 | CARINDALE PROPERTY TRUST 2026 Annual Report
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3.4 Supporting policies Scentre Group’s Code of Conduct is supported by several other policies and statements, which are available in the Corporate Governance section of Scentre Group’s website, including the: • Anti-Discrimination Policy • Anti-Fraud, Bribery and Corruption Policy • Continuous Disclosure and Communications Policy • Diversity, Equity and Inclusion Statement • Environmental Policy • Hedging of Executive Awards and Performance Rights Policy • Security Trading Policy • Supplier Code of Conduct • Whistleblower Protection Policy. Material matters relating to the Trust reported under the supporting policies, including the Anti-Fraud, Bribery and Corruption Policy and the Whistleblower Protection Policy are reported to the Board of Responsible Entity via the relevant board committee. 3.5 Other policies In addition to the above policies, the Group has a range of other policies and procedures that define its commitment to good corporate governance and responsible and sustainable business practices. Principle 4 – Safeguard the integrity of Corporate Reports 4.1 Audit and Finance Committee The Trust’s Audit and Finance Committee assists the Board of the Responsible Entity in oversight of: • the integrity of financial reporting of the Trust, and • the external audit function of the Trust. All members of the Trust’s Audit and Finance Committee must be financially literate and at least one member must have significant relevant financial and/or accounting experience. The Board of the Responsible Entity and the Trust’s Audit and Finance Committee are supported by Scentre Group’s Executive Risk Management Committee, executive leadership team and a dedicated risk function, to promote understanding and management of risk across all teams. Independent assurance is provided by Scentre Group’s internal audit function (Business Review and Audit). The approach to risk management is outlined under Principle 7: Recognise and Manage Risk. Internal audit function The Group’s internal audit function (Business Review and Audit) is overseen by the Group’s Audit and Finance Committee. The Group’s internal audit team provides a third line of support through independent assurance focused on mitigating key risks and supporting the delivery of key objectives. Reports from Scentre Group’s internal auditors as they relate to the Trust are reviewed by the Trust’s Audit and Finance Committee. External audit function The external auditor is EY. The lead audit partner is required to rotate after five years. The Trust’s Audit and Finance Committee has unrestricted access to the external auditor. The Trust’s Audit and Finance Committee meets privately with the external auditor at least twice a year to discuss any matters that the auditor may wish to raise directly with the Trust’s Audit and Finance Committee. The Chair of the Trust’s Audit and Finance Committee also meets with the external auditors periodically during the year. Charter of Audit Independence The Charter of Audit Independence is designed to require that the external auditor carries out the statutory audit function in a manner that, at all times, demonstrably independent of the Trust. The Charter sets out key requirements in the relationship with the external auditor and defines the scope and value of the non-audit services which could be provided by the external auditor, without impacting on the actual or perceived independence of the external auditor. 4.2 Assurances from the Managing Director and CFO The executives performing the functions of chief executive officer (being the Managing Director) and chief financial officer (being the CFO of Scentre Group) of the Trust provide written declarations to the Board of the Responsible Entity in accordance with section 295A of the Corporations Act 2001, and recommendation 4.2 of the Principles and Recommendations. The declarations include assurance regarding the maintenance and integrity of the financial statements and compliance with accounting standards. The declarations are founded on a sound system of financial risk management and internal compliance and control which implement the policies adopted by the Group, and that the Group’s financial risk management and internal compliance and control systems are operating efficiently and effectively in all material respects in relation to financial reporting risks, as they relate to the Trust. Contents Financial Statements Independent Auditor’s Report Directors’ Report Members’ Information 49 Directors’ Declaration Corporate Governance Statement
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The Managing Director and CFO declarations are supported by confirmations by senior executives as to the effectiveness of the Group’s internal control and risk management systems and management of material risks, as they relate to the Trust. 4.3 Verification of periodic corporate reports The Trust’s external auditor audits, or in the case of the half-year, reviews the Trust’s financial reports in accordance with the accounting standards. Scentre Group management verifies other periodic corporate reports. The verification processes involve a management and operational review and include cross checking statements, information and data to original source documents. All documents released to the market are subject to final sign-off and approval by relevant senior executives and, as required, the Board of the Responsible Entity (or a delegated committee of the Board of the Responsible Entity) prior to release. Principle 5 – Make timely and balanced disclosure 5.1 Continuous Disclosure and Communications Policy The Responsible Entity is committed to providing members with high quality, relevant, timely and equal access to information about the Trust’s activities to enable them to make informed investment decisions. The Group’s Continuous Disclosure and Communications Policy underpins the commitment to ensuring that members of the Trust and the market are provided with high quality, relevant and accurate information regarding its activities in a timely manner, and that investors can trade in units in the Trust in a market that is efficient, competitive and informed. The policy includes a vetting and authorisation process to verify that all disclosures are factual, do not omit material matters and are expressed in a clear and objective manner. The policy also outlines how the Responsible Entity identifies and disseminates information to members and the market generally. The Security Trading Policy imposes “black-out” periods during the year, sets out restrictions on dealing in Trust units and Scentre Group securities by Directors and certain employees, and sets out clearance requirements and procedures to reduce the risk of insider trading. 5.2 Material market announcements The Board of the Responsible Entity (or a delegated committee of the Board of the Responsible Entity) approves all material ASX announcements prior to release to the market. These announcements are sent to the Board of the Responsible Entity promptly after they have been made. 5.3 New and substantive investor or analyst presentations As part of the commitment to facilitate an efficient and informed market in Trust units, all new and substantive investor and analyst presentations will be released to the market before the presentation. Principle 6 – Respect the rights of securityholders 6.1 Corporate website The Trust’s website is part of its communication platform to members and the broader investment community. Current and past ASX releases, and interim and full year financial reports, and corporate governance documentation, including charters and relevant corporate policies, are available on the website. These announcements, presentations and reports continue to be posted on the Trust’s website at carindalepropertytrust.com.au immediately after they have been released to the market. 6.2 Investor relations The Trust has an investor relations program for engaging with members and the broader investment community including responding to enquiries from members from time to time and meeting with investors on request. 6.3 Annual General Meeting As a registered managed investment scheme, the Trust is not required to hold an Annual General Meeting. 6.4 Resolutions by poll As a registered managed investment scheme, the Trust is not required to hold an Annual General Meeting. However, if a meeting was held all substantive resolutions would be determined by way of poll. 6.5 Electronic communications Members may elect to receive all or some of the Trust’s communications, including annual reports and notices of meeting, electronically. The Trust’s website provides details of how members can update their communication preferences, including in respect of annual reports and notices of meeting. Corporate Governance Statement continued 50 | CARINDALE PROPERTY TRUST 2026 Annual Report
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Principle 7 – Recognise and manage risk 7.1 Risk and Sustainability Committee The Trust’s Risk and Sustainability Committee assists the Board of the Responsible Entity fulfilling its governance and oversight responsibilities relating to: • identification, monitoring, management and reporting of material risks relating to the Trust, and • the Trust’s sustainability strategy and objectives, specifically in relation to community and environmental impacts. 7.2 Risk management oversight and framework The Trust, as an externally managed entity, is supported by the governance and risk management frameworks of Scentre Group. Refer to Section 2 Risk in the Directors’ Report for more details. 7.3 Risk appetite The Trust has a Board approved Risk Appetite Statement which includes guidance for management on appetite and tolerance for material risks. Key controls for each material risk are documented and the effectiveness of the controls monitored by the risk owner (a member of the executive leadership team), the risk function, the Executive Risk Management Committee and the Trust’s Risk and Sustainability Committee. The oversight role of the Trust’s Risk and Sustainability Committee in relation to risk appetite includes: • reviewing and assessing the adequacy of Scentre Group’s internal control systems, ERM Policy and Framework for identifying, monitoring and managing material business risks as they relate to the Trust and the Trust’s risk profile and Risk Appetite Statement • monitoring that the operations of the Trust are being conducted within the risk appetite set by the Board • making recommendations to the Board in relation to changes to be made to the risk profile or risk appetite statement for the Trust. Key risks for the Trust and how they are managed and mitigated are outlined in Section 2.2 in the Directors’ Report. Executive Risk Management Committee The purpose of the Executive Risk Management Committee is to assist and support in oversight of the Group’s systems of risk management and internal controls. Membership of the Executive Risk Management Committee comprises Scentre Group’s senior leadership team. 7.4 Internal audit function As noted under Principle 4, the Group has an internal audit function, which is overseen by the Group’s Audit and Finance Committee. 7.5 Environmental and social risks Assessment of material economic, operational, environmental and social sustainability risks forms part of the Group’s ERM Framework. As noted, the Group’s Risk and Sustainability Committee has oversight of the Group’s ERM Policy and Framework. Both Scentre Group’s and the Trust’s Risk and Sustainability Committees review the continuing processes for assessing material exposure to environmental risks, including risks associated with climate change and social risks, and the processes in place to manage those risks. Principle 8 – Remunerate fairly and responsibly Neither the Trust nor the Responsible Entity have any employees. During the Financial Year, the operations of the Trust were carried out by Scentre Group executives and employees. The role of Scentre Group’s Human Resources Committee is outlined in Scentre Group’s 2025 Corporate Governance Statement that is included in the 2025 Annual Report that is available at scentregroup.com/investors/annual-reporting-suite. Reference should also be made to Scentre Group’s remuneration report in the 2025 Annual Report for details of the Group’s remuneration strategy and framework, which is available at scentregroup.com/investors/annual-reporting-suite. The Group’s Hedging of Executive Performance Rights Policy is available on the Group’s website. As the Board of the Responsible Entity and Scentre Group Limited are identical, no additional fees were paid to the non-executive Directors by the Responsible Entity or the Trust. Details of the fees payable to the Responsible Entity are set out in Note 24 and Note 25 to the financial statements. Contents Financial Statements Independent Auditor’s Report Directors’ Report Members’ Information 51 Directors’ Declaration Corporate Governance Statement
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Principle 9 – Additional recommendations that apply only in certain cases 9.1 Spoken and written language This recommendation does not apply to the Trust. 9.2 An entity established outside Australia This recommendation does not apply to the Trust. 9.3 Annual General Meetings, attendance by external auditors As noted at Recommendation 6.3, as a registered managed investment scheme, the Trust is not required to hold an Annual General Meeting. Corporate Governance Statement continued 52 | CARINDALE PROPERTY TRUST 2026 Annual Report
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Investor Relations For the year ended 30 June 2026 Carindale Property Trust distribution details An interim distribution of 14.9415 cents per unit was paid on 27 February 2026. The final distribution of 14.9415 cents per unit will be paid to members on 31 August 2026. Carindale Property Trust website The following information can be obtained from the Trust’s website: • Unit price and graph • News and announcements • Unitholding details • Annual Reports • Current and historical tax information • Downloadable unitholder forms • Calendar • Corporate Governance charters and policies. Electronic information You can elect to receive documents relating to your unitholding electronically or in paper copy. These documents include distribution and tax statements, the Trust’s annual report, notices of meeting (together with documents relating to unitholder meetings and resolutions to be considered) and this report. You can make this election for a specified class of documents or for all of these documents. To do this, simply go to http://www.investorcentre.com/au and follow the prompts, or contact the Registry using the details set out below. To contact the Registry you will need your Security Reference Number (SRN) or your Holder Identification Number (HIN) and your postcode. Both numbers are on your Issuer Sponsored/CHESS statements. Even if you have already made an election, you can still change your election and request to receive particular documents relating to your unitholding electronically or in paper copy. Secure access to your unitholding details 24 hours a day Online – You can go to carindalepropertytrust.com.au to access your unitholding information including distribution and taxation statements, as well as forms in relation to change of address, direct credit and tax file number. To view your unitholding, you will need your SRN/HIN and you will be asked to verify your postcode (inside Australia) or your country of residence (outside Australia). Phone – You can confirm your holding balance, request forms and access dividend and trading information by phoning 1300 730 458. You may be asked to enter your SRN/HIN. Distribution To ensure timely receipt of your distribution, please consider the following: Direct credit Direct credit is a more secure and convenient way for you to receive your distribution payments. Distributions will be credited to the nominated account on the payment date as cleared funds, with less risk of loss, fraud or theft of cheques. From 1 January 2025 payments made to members with a registered address of Australia will only be made via direct credit to either an Australian or financial institution account nominated by a member. You can update your details through www.investorcentre.com/au (Have your Holder Number (SRN/HIN available to quote). Alternatively a direct credit instruction form is available at https://www. carindalepropertytrust.com.au/downloadable-forms/ or by phoning the Registry on 1300 730 458 (please have your Holder Number (SRN/HIN) available to quote). Tax File Number You are not required by law to provide your Tax File Number (TFN), Australian Business Number (ABN) or Exemption. However, if you do not provide your TFN, ABN or Exemption, withholding tax at the highest marginal rate, currently 47%, for Australian resident members may be deducted from distributions paid to you. If you have not supplied this information and wish to do so, please advise the Registry or your sponsoring broker. Annual Tax Statement and Tax Guide The Annual Tax Statement is dispatched to members every year in September and the Tax Guide is available online at carindalepropertytrust.com.au. Contents Financial Statements Independent Auditor’s Report Directors’ Report 53 Corporate Governance Statement Directors’ Declaration Members’ Information
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Share Registry All changes of name, tax file number, address, payment instructions and document requests should be passed to the Registry or submitted online. Computershare Investor Services Pty Limited Level 4, 44 Martin Place Sydney NSW 2000 GPO Box 2975 Melbourne VIC 3001 Telephone: +61 3 9946 4471 Freecall: 1300 730 458 (Australia only) Facsimile: +61 3 9473 2500 E-mail: www.investorcentre.com/contact Website: www.computershare.com All other queries can be directed to Investor Relations. Investor Information Carindale Property Trust Level 30 85 Castlereagh Street Sydney NSW 2000 Australia Telephone: +61 2 9358 7877 Free Call: 1800 116 661 (Australia only) E-mail: investor@scentregroup.com Website: carindalepropertytrust.com.au Listing ASX Code: CDP Investor Relations continued 54 | CARINDALE PROPERTY TRUST 2026 Annual Report
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Members’ Information Twenty largest unitholders as at 4 August 2026 Number of units % of issued units Scentre Management Limited 56,581,540 68.39 BNP Paribas Noms Pty Ltd 2,712,678 3.28 HSBC Custody Nominees (Australia) Limited 2,413,862 2.92 Citicorp Nominees Pty Limited 2,342,485 2.83 Mirrabooka Investments Limited 1,477,599 1.79 J P Morgan Nominees Australia Pty Limited 1,061,945 1.28 BNP Paribas Noms (Nz) Ltd 1,000,006 1.21 Friday Investments Pty Limited <Goldburg Family Account> 910,014 1.10 Willimbury Pty Ltd 761,127 0.92 Charles & Cornelia Goode Foundation Pty Ltd <CCG Foundation A/C> 515,281 0.62 Ravenscourt Proprietary Limited 455,008 0.55 Certane Ct Pty Ltd <Newmark Prop Income Fund Ac> 374,733 0.45 Certane Ct Pty Ltd <A-Reit Fund A/C> 318,577 0.39 Maleela Holdings Pty Ltd 254,825 0.31 Going Hiking Pty Ltd <Somerset S/F A/C> 211,705 0.26 Grahame Mapp Family Foundation Pty Ltd <Grahame Mapp Foundation A/C> 194,846 0.24 Thomas Brown & Sons Pty Limited 188,993 0.23 Mrs Mary Margaret Josephson <Josephson Super Fund A/C> 170,000 0.21 Invia Custodian Pty Limited <Wirrinourt Pty Ltd A/C> 166,655 0.20 Panavos Pty Ltd <C & M Sclavos Super A/C> 146,200 0.18 72,258,079 87.36 Contents Financial Statements Independent Auditor’s Report Directors’ Report 55 Corporate Governance Statement Directors’ Declaration Members’ Information
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Members’ Information continued Distribution schedule Category Number of unitholders Number of units 1 – 1,000 483 162,406 1,001 – 5,000 595 1,638,912 5,001 – 10,000 227 1,755,223 10,001 – 100,000 236 5,934,158 100,001 Over 28 73,246,514 Total 1,569 82,737,213 Voting rights for each class At a meeting of members, on a show of hands, every member who is present in person or by proxy (and who is not otherwise disentitled from voting) has one vote. On a poll, every such member has one vote for each dollar of the value of their total holding in the trust. Unmarketable parcel As at 4 August 2026, there were 168 members with less than a marketable parcel of quoted securities. Substantial holders The names of the Trust’s substantial holders and the number of ordinary units in which each has a relevant interest, as disclosed in the substantial holders notices given to the Trust, are as follows: Name of substantial holder Number of units Scentre Management Limited as Responsible Entity of Scentre Group Trust 1 56,581,540 Renaissance Property Securities Pty Ltd 4,400,250 56 | CARINDALE PROPERTY TRUST 2026 Annual Report
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Directory Carindale Property Trust ABN 29 192 934 520 ARSN 093 261 744 Responsible Entity Scentre Management Limited ABN 41 001 670 579 AFS Licence 230329 Registered Office Level 30 85 Castlereagh Street Sydney NSW 2000 Secretaries Maureen McGrath Paul Giugni Auditors Ernst & Young 200 George Street Sydney NSW 2000 Investor Information Carindale Property Trust Level 30 85 Castlereagh Street Sydney NSW 2000 Telephone: +61 2 9358 7877 Free Call: 1800 116 661 (Australia only) E-mail: investor@scentregroup.com Website: carindalepropertytrust.com.au Unit Registry Computershare Investor Services Pty Limited Level 4, 44 Martin Place Sydney NSW 2000 GPO Box 2975 Melbourne VIC 3001 Telephone: +61 3 9946 4471 Free Call: 1300 730 458 (Australia only) Facsimile: +61 3 9473 2500 E-mail: www.investorcentre.com/contact Website: www.computershare.com Listings ASX – CDP Contents Financial Statements Independent Auditor’s Report Directors’ Report 57 Corporate Governance Statement Directors’ Declaration Members’ Information
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carindalepropertytrust.com.au