CHAIR’S ADDRESS

SCENTRE GROUP LIMITED

ANNUAL GENERAL MEETING

HELD ON WEDNESDAY, 9 APRIL 2025 AT 10:00AM

Good morning everyone and welcome to the Annual General Meeting of Scentre Group Limited.

My name is Ilana Atlas and it is my honour to be the Chair of Scentre Group.

Our AGM is being held as a hybrid meeting. I am conducting the meeting from the Wesley Conference Centre in Sydney and securityholders can also participate online and ask questions on the telephone line.

The Company Secretary has informed me that a quorum is present, and I declare the meeting open.

I would like to acknowledge the Gadigal people of the Eora Nation as the traditional custodians of the land we are on. I recognise that people viewing the webcast of this AGM may be on different lands of different Traditional Custodians.

I would like to pay my respects to each of their Elders, past and present, and I extend that respect to Torres Strait and Aboriginal peoples here with us today or participating online.

Unfortunately, our Chief Executive Officer Elliott Rusanow is unable to attend the meeting today. He sends his apologies to all securityholders. Elliott had surgery over the weekend to repair a neck injury. I am pleased to report that he is at home and anticipates making a quick and full recovery.

Elliott pre-recorded his address to the meeting on Thursday last week. It will be played shortly.

I would like to welcome on stage with me my fellow non-executive Directors - Mike Ihlein, who is Chair of our Audit and Finance Committee; Catherine Brenner who is Chair of our Human Resources Committee; Craig Mitchell who joined the Board late last year; Margie Seale who is Chair of our Risk and Sustainability Committee; Guy Russo, Carolyn Kay and Mike Wilkins, as well as Maureen McGrath our Company Secretary.

I would also like to introduce you to members of the Scentre Executive Team who are in the front today – Andrew Clarke, Chief Financial Officer; Lillian Fadel – Group Director of Customer, Community and Destinations and John Papagiannis, Group Director of Businesses. I also welcome all the other members of the Executive Team and other Scentre team members who are with us today in person or online.

I look forward to members of the Executive Team assisting me and other non-executive directors in answering your questions today.

Mr Mike Wright, representing the Group’s auditors EY, is here today.

The past year has been challenging for our team and our company.

I would like to acknowledge Elliott and all our team for the compassion, commitment and resilience they have demonstrated throughout this time.

As you know, on the 13th of April last year, Westfield Bondi was the location of a random and devastating attack where six innocent people lost their lives, including one of our security team members.

Another security team member was seriously injured.

On behalf of my Board colleagues and the broader Scentre Group team, we again extend our deepest and most heartfelt condolences to the families and loved ones of the victims, and all those impacted by this attack.

It is impossible to fathom their loss.

We are grateful for the support the community continues to show to each other, our business partners and our team.

This coming Sunday 13th of April 2025 we observe the one year anniversary.

Elliott speaks to this further in his address.

It is a time of immense grief and sorrow for many.

We have been working closely with our Employee Assistance Provider, Assure, on a trauma-informed approach to support our people, business partners, customers and community through this period.

At the end of this month, the NSW Coroner will commence an inquest to investigate the circumstances surrounding the attack at Bondi.

Our team has been assisting the Coroner for some months in preparation for the inquest.

The Board is very proud of the response of the Scentre team in the initial aftermath of the attack
and since.

The impact on the organisation has been deep and remains ongoing in the ways I have mentioned and in many others.

The Board knows the stewardship of Scentre Group in dealing with this terrible event will continue for many years to come.

Despite the challenges confronted by the team in 2024, Scentre has continued to generate long-term growth for our securityholders in a responsible and sustainable way by focusing on attracting more people, more often, for longer to our 42 destinations.

In 2024, the Group delivered strong financial performance with 3.5 per cent growth in Funds From Operations and 3.8 per cent growth in distributions to securityholders.

Our total securityholder return for the year was 20.9 per cent.

This was the fourth consecutive year of growth.

Elliott’s address will provide more details on our financial performance in 2024 and some preliminary remarks on performance in the year to date.

Sustaining an organisational culture where talent thrives is a priority for the Board.

We want to create a workplace where all people who work with Scentre feel safe, respected and engaged.

In 2024, we conducted a pulse check with our workforce which resulted in an overall engagement score of 89 per cent.

An engagement score above 70 per cent means we are considered a best practice organisation, which is something we have maintained since 2021.

We were also pleased with our advocacy score where 91 per cent of our people said they would recommend Scentre Group as a great place to work.

Regular engagement with our teams in our destinations is important to the Board and was a priority in 2024.

We visited many of our Westfield destinations across the portfolio. This included hosting Board and committee meetings on-site. Each time we visit a destination, we meet as many of our team members as possible, spending time in loading docks and waste areas as well as in our retail spaces.

We have also held informal events and roundtable discussions with our team including with the most recent cohort of our Female Leadership Program.

The Group’s Responsible Business Report including our Climate disclosures, and our Modern Slavery Statement was released last month. This provided a comprehensive update on our performance.

We are preparing for the new sustainability reporting requirements – the Australian Sustainability Reporting Standards - which will come into effect this financial year.

Our approach to safety and security is an important topic which is included in our Annual Report and Responsible Business Report.

During the year, management established a Security Working Group as part of our commitment to destinations providing a safe and secure environment for our communities.

Several Board members joined the Working Group to assist the Board in its oversight responsibilities and to provide support and insights to management from other organisations and environments.

Elliott will say more about how we are addressing safety and security in his remarks.

We have engaged with major securityholders and proxy advisers throughout the year in response to the 2023 Remuneration Report vote.

We listened to concerns regarding how we remunerate our key management personnel and our disclosures. We addressed these concerns in our remuneration approach for 2024. Details on the changes that have been made are outlined in the Remuneration Report.

In essence, fixed remuneration and remuneration potential for key management personnel, including our CEO, has not changed year on year.

The targets set for short term and long-term variable remuneration were more stretching in 2024 than in previous years and that will continue in 2025.

We have provided additional disclosure in our Remuneration Report and in our Notice of Meeting as it relates to the proposed grant of long-term variable remuneration to Elliott.

The poll on the Remuneration Report for item 6 has not yet been taken.

However, based on proxy votes already received, we expect to exceed the required threshold of 75 per cent.

Catherine and I would like to thank all of those who engaged with us so willingly and constructively to discuss remuneration after last year’s AGM.

Board renewal and succession planning continues.

Appointing directors with an appropriate mix of skills, knowledge, experience, and diversity is our objective.

The Board’s Nomination Committee is focused on a rigorous analysis of the attributes of our current Board, which of these attributes are required to assist the organisation reach its strategic objectives and the attributes the Board will lose over the next few years as directors retire.

This analysis guides the appointment of new directors and resulted in the appointment of our most recent director Craig Mitchell in October 2024.

Craig brings property and finance skills and experience from his long career in the real estate sector. Craig will stand for election today.

Steve McCann retired from the Board in June 2024. On behalf of the directors, I extend my thanks to him for his contribution to the Group.

Mike Ihlein is standing for re-election today at the request of the Board.

Securityholders will be aware from the Notice of Meeting that as part of our succession planning, the Board’s intention is that Craig Mitchell will succeed Mike as Chair of the Audit and Finance Committee.

Craig will be retiring from his executive role in the next few months. If re-elected today, Mike will work with Craig over the next 12 months or so to transition the Audit and Finance Committee Chair role.

Once an orderly transition has been completed, Mike will retire from the Board. We thank Mike for agreeing to stand for re-election on this basis.

I thank Elliott and all members of the Scentre Group team for their commitment and dedication to each other, their communities and our business throughout 2024.

Our purpose is to create extraordinary places that connect and enrich communities.

We lived that purpose in 2024.

I thank my Board colleagues for their support and wise counsel. Their workload was heavy and demanding, yet there was not a moment when they were not available to steward the organisation.

And finally, and most importantly, thank you to you, my fellow securityholders for your ongoing support of our company.

I would now like to share Elliott’s address.

-ENDS-