Westfield Group Distribution Policy

Investors in the Westfield Group will receive distributions from each component of the Stapled Security comprising dividends from Westfield Holdings Limited as well as distributions from Westfield Trust and Westfield America Trust. These combined distributions will be paid to investors half-yearly no later than two months after the end of each half-year.

The Group's current policy is to distribute to securityholders no more than 100% of the operational segment earnings adjusted for realised gains and losses from hedging the Group’s overseas net income. These are the underlying earnings of the Group’s shopping centres.

A key aim of this distribution policy is to provide the Group with the flexibility and financial capacity to continue to invest in opportunities with strong returns.

The Group expects to deliver in 2008 similar growth in operational earnings per security, on a constant currency basis.

Distribution forecast for 2008 is 106.5 cents per security, solely from operational segment earnings and income hedging.

Payment of Distribution

Your distribution can be received in three ways.

1. Direct Credit

Your distribution payment can be automatically credited to your financial institutions account. It can be paid into an Australian bank account, building society, credit union or cash management account. Direct Credit Instruction forms are available on this website at Securityholder Forms.

A statement setting out details of the distribution payment will be sent to you on the day of payment.

2. Cheque

A cheque will be sent to your registered address if you do not nominate to have your distribution paid to a financial institution.

A statement setting out details of the distribution payment will be sent to you on the day of payment.

3. Distribution Reinvestment Plan (DRP)

The DRP allows Stapled Securityholders to reinvest all or a portion of their distributions for additional Stapled Securities in the Westfield Group.

Distribution Reinvestment Plan

The key features of the Westfield Group DRP are:

• No brokerage is applicable
• Participation is optional and may be varied from time to time
• If you participate in the DRP, reinvestment of distributions is automatic until you terminate your participation

Please note the Westfield Group Board may decide how much of the Group’s distribution will be reinvested under the DRP. Any decision the Board makes will be announced to the market. In order to be fair to all participants in the DRP, acceptances more than the maximum amount will be scaled back on a pro-rata basis. Any part of the distribution not satisfied by the issue of Stapled Securities will be paid in cash.

A discount of 2.5% will be applied to the units issued under the February 2009 distribution.

The DRP rules have been amended as follows:

• The pricing period for setting the DRP price has been extended to 10 consecutive trading days (previously 5 trading days) as determined by the Board and the pricing methodology adjusted to a simple srithmetic mean calculation.
• To allow for on-line applications to participate in the DRP.
• To permit future changes to the DRP rules to be notified to members by way of announcement to the ASX.
  

An amount equivalent to 50% of the distribution is underwritten for the period up to, and including, the August 2010 distribution.

• DRP Application Form
• DRP Information Booklet