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Report on the financial report

We have audited the accompanying financial report of Carindale Property Trust (the Trust), which comprises the balance sheet as

at 30 June 2015, the statement of comprehensive income, statement of changes in equity and the cash flow statement for the year

then ended, notes comprising a summary of significant accounting policies and other explanatory information, and the directors'

declaration of the consolidated entity comprising the company and the entities it controlled at the year's end or from time to time

during the financial year.

Directors' responsibility for the financial report

The directors of Scentre Management Limited, the responsible entity of the Trust, 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 controls as the directors determine are necessary to enable the preparation of the financial report that is

free from material misstatement, whether due to fraud or error. In Note 1, the directors also state, in accordance with Accounting

Standard AASB 101 Presentation of Financial Statements, that the financial statements comply with International Financial

Reporting Standards.

Auditor's responsibility

Our responsibility is to express an opinion on the financial report based on our audit. We conducted our audit in accordance with

Australian Auditing Standards. Those standards require that we comply with relevant ethical requirements relating to audit

engagements and plan and perform the audit to obtain reasonable assurance about whether the financial report is free from

material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial report. The

procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the

financial report, whether due to fraud or error. In making those risk assessments, the auditor considers internal controls relevant to

the entity's preparation of the financial report that gives a true and fair view 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 entity's internal controls. An audit

also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by

the directors, as well as evaluating the overall presentation of the financial report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Independence

In conducting our audit we have complied with the independence requirements of the Corporations Act 2001. We have given to

the directors of the company a written Auditor’s Independence Declaration, a copy of which is included in the directors’ report.

We confirm that the Auditor’s Independence Declaration would be in the same terms if given to the directors as at the time of this

auditor’s report.

Opinion

In our opinion:

a. the financial report of Carindale Property Trust is in accordance with the Corporations Act 2001, including:

i

giving a true and fair view of the Trust’s financial position as at 30 June 2015 and of its performance for the year ended on that

date; and

ii complying with Australian Accounting Standards and the Corporations Regulations 2001; and

b. the financial report also complies with International Financial Reporting Standards as disclosed in the notes.

Ernst & Young

Graham Ezzy

Partner

Sydney

25 August 2015

Liability Limited by a scheme approved

under Professional Standards Legislation

Independent Audit Report

TO MEMBERS OF CARINDALE PROPERTY TRUST

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