ASX Announcement

21 February 2018

CARINDALE PROPERTY TRUST REPORTS HALF YEAR RESULT WITH FUNDS

FROM OPERATIONS OF $14.1 MILLION

Carindale Property Trust (ASX: CDP) today announced its half year results to 31 December 2017 with Funds from Operations ("FFO") of $14.1 million at the same level as the prior corresponding period, and profit for the half year of $14.9 million. The centre was valued at $1,627.2 million (CDP share $813.6 million) at the half year end.

The distribution for the period is $14.1 million or 20.10 cents per unit, payable to members on 28 February 2018.

As at 31 December 2017, the centre was 99% leased with specialty retail sales of $11,150 per square metre. With annual retail sales of $896.3 million, Carindale has the second highest sales of all centres in the Brisbane market.

We are well progressed on the next phase of Westfield Carindale's evolution. We have agreed terms with David Jones to introduce their successful new format store into one of the existing two levels they currently occupy. This will provide us with the strategic opportunity to introduce new and exciting retail brands into the centre. These brands will align with the unique demands of the Carindale customer.

As at 31 December 2017, the net tangible assets of the Trust were $8.17 per unit.

Forecast FFO and distribution for the year ending 30 June 2018 are expected to increase by up to 1%.

Contacts:

Company Secretary

Investor Relations

Corporate Affairs / Media

Maureen McGrath

Andrew Clarke

Julia Clarke

+61 2 9358 7439

+61 2 9358 7612

+61 2 9358 7426

The financial information included in this release is based on the Trust's IFRS financial statements. Non IFRS financial information has not been audited or reviewed. This release contains forward looking statements, including statements regarding future earnings that are based on information and assumptions available to us as of the date of this presentation. Actual results, performance or achievements could be significantly different from those expressed in, or implied by, these forward looking statements. These forward looking statements are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, and which may cause actual results to differ materially from those expressed in the statements contained in this release. You should not place undue reliance on these forward looking statements. Except as required by law or regulation (including the ASX Listing Rules) we undertake no obligation to update these forward looking statements.

SCENTRE MANAGEMENT LIMITED ABN 41 001 670 579 AFS Licence No: 230329 as responsible entity of Carindale Property Trust

ABN 29 192 934 520 ARSN 093 261 744

Level 30, 85 Castlereagh Street, Sydney NSW 2000 Australia · GPO Box 4004 Sydney NSW 2001 Australia · T +61 2 9358 7000www.carindalepropertytrust.com.au

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Carindale Property Trust published this content on 21 February 2018 and is solely responsible for the information contained herein.
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