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SCENTRE GROUP TRUST 1 Capital/Financing Update 2003

Nov 16, 2003

65757_rns_2003-11-16_05ad5c94-4db8-487a-aa9c-691f0dcaa9e7.pdf

Capital/Financing Update

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17 November 2003

Company Announcements Office Australian Stock Exchange Limited Level 4 Exchange Centre 20 Bridge Street Sydney NSW 2000

The Manager Companies New Zealand Stock Exchange Limited Level 9 ASB Bank Tower 2 Hunter Street Wellington New Zealand

Westfield Management Limited

Leviet 24. Westfield Towers 100 William Street Sydney NSW 2011 GPO Box 4004 Sydney NSW 2001 Australia

Telephone 61 2 9358 7000 Facsimile 61 2 9358 7077 Internet westfield.com

Dear Sirs

WESTFIELD TRUST (ASX:WFT/NZX:WFT) ISSUE OF UNSECURED NOTES AND CALL OPTIONS TO DEUTSCHE BANK, AG

As announced on 7 November 2003, WFT raised A$750 million through the sale of unsecured notes and call options over units in WFT.

The terms of the subscription by Deutsche Bank AG allows for oversubscriptions up to an additional A$100 million of notes and 100,000 call options.

Deutsche Bank, AG has today notified WFT that it intends to subscribe for a total of $850 million of notes and 850,000 call options.

The proceeds of the subscription are expected to be received in early December 2003.

Yours faithfully Westfield Management Limited Responsible Entity of Westfield Trust

Simon Tuxen Company Secretary

G:Vegal/sec/compsec/2003/wml/asxw/MM2097.DOC