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30 Jun 15

30 Jun 14

$’000

$’000

NOTE 24

AUDITOR’S REMUNERATION

Amount paid or due and payable to the auditors of the Trust:

Auditing the financial report of the Trust

90

84

Accounting and other services including compliance plan audit

3

2

93

86

NOTE 25

RELATED PARTY TRANSACTIONS

Scentre Management Limited, as Responsible Entity of Scentre Group Trust 1, held 35 million units in the Trust (2014: 35 million units).

The constitution of the Trust allows for an annual manager's service fee payable to the Responsible Entity up to a maximum of 2% of the total

tangible assets of the Trust, which amounts to $15,432,700 for the year to 30 June 2015 (2014: $14,705,200), or such lesser amount as the

Responsible Entity may determine. The manager's service fee paid or payable to the Responsible Entity for the year ended to 30 June 2015 was

$4,589,955 (2014: $4,274,093) representing 0.6% (2014: 0.6%) of the total tangible assets of the Trust as of 30 June 2015.

During the year, amounts paid or payable (excluding GST) to associates of the Responsible Entity for capital costs amounted to $4,991,894 (2014:

$1,665,303). As at 30 June 2015, remaining capital costs of $67,729 (2014: $26,000) were payable to associates of the Responsible Entity.

Real estate management fees expensed for the year ended 30 June 2015 due to associates of the Responsible Entity are based on normal

commercial terms and were $2,818,337 (2014: $2,712,500). As at 30 June 2015, real estate management fees of $228,135 (2014: $223,613) were

payable to associates of the Responsible Entity.

Reimbursement of expenses for the year ended 30 June 2015 paid and payable to associates of the Responsible Entity are based on normal

commercial terms and were $2,145,836 (2014: $2,186,500).

As at 30 June 2015, Scentre Management Limited, as Responsible Entity of Scentre Group Trust 1, held 35 million units in the Trust

(2014: 35 million units).

Details of Key Management Personnel

(i) Directors

The Directors of Scentre Management Limited, the Responsible Entity of the Trust are considered to be Key Management Personnel.

Frank Lowy

Chairman / Non–Executive Director

Andrew Harmos

Non–Executive Director

Brian Schwartz

Deputy Chairman / Non–Executive Director

Michael Ihlein

Non–Executive Director

Peter Allen

Chief Executive Officer / Executive Director

Aliza Knox

Non–Executive Director (appointed 7 May 2015)

Laurence Brindle

Non–Executive Director (retired 7 May 2015)

Steven Lowy

Non–Executive Director

Richard Egerton-Warburton

Non–Executive Director

Sandra McPhee

Non–Executive Director (retired 7 May 2015)

On 7 May 2015, at the conclusion of the Annual General Meeting of Scentre Group Limited (the parent entity of Scentre Group of which the

Responsible Entity, Scentre Management Limited is part) Mr Laurence Brindle and Ms Sandra McPhee retired. At that meeting, Ms Aliza Knox was

elected as a Director.

(ii) Other Key Management Personnel

The Responsible Entity does not have any employees. However in addition to the Directors noted above, the following person was a Key

Management Personnel for the financial year with the authority for the strategic direction and management of Carindale Property Trust.

Mark Bloom – Chief Financial Officer, Scentre Group

Compensation of Key Management Personnel

The Directors of the Responsible Entity receive remuneration in their capacity as Directors of the Responsible Entity. These amounts 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 Directors and other Key Management Personnel are paid by Scentre 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 is paid directly by the Trust, or indirectly by a related party of the Trust, to those Key Management Personnel

in respect of their services to the Trust.

NOTE 26

SUBSEQUENT EVENTS

Since 30 June 2015, the Trust has refinanced its $230 million floating interest rate facility with its existing lenders with a maturity of August 2020.

In addition, the Trust has hedged an additional $40 million of its interest rate exposure.

23