SCENTRE GROUP TRUST 1 — Capital/Financing Update 2003

Apr 23, 2003

24 April 2003

Westfield Management Limited

ABN 41 001 670 579 Level 24 Westfield Towers 100 William Street Sydney NSW 2011 Australia

GPO Box 4004 Sydney NSW 2001

Telephone 61 2 9358 7000 Facsimile 61 2 9358 7077

Company Announcements Office Australian Stock Exchange Limited Exchange Centre Level 4, 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

Dear Sirs

WESTFIELD TRUST (ASX:WFT) - $200 MILLION EQUITY RAISING

Enclosed is a Media Release and an Appendix 3B in relation to the above.

Yours faithfully WESTFIELD MANAGEMENT LIMITED as responsible entity of Westfield Trust

Simon Tuxen Company Secretary

24 April 2003

WESTFIELD TRUST COMPLETES $200 MILLION EQUITY RAISING

Westfield Trust today completed a $200 million issue of ordinary units at a price of $3.30 with distribution entitlements from 1 July 2003.

The issue was underwritten by Deutsche Bank.

The proceeds of the issue will be used to retire existing debt facilities. As a result, the Trust's gearing will decrease from approximately 32% to approximately 30%.

As previously announced, distribution per unit is expected to increase by approximately 3% during 2003.

ENDS

USC $\mathbf{L}$ em

Rule 2.7, 3.10.3, 3.10.4, 3.10.5

Appendix 3B

New issue announcement, application for quotation of additional securities and agreement

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

Introduced 1/7/96. Origin: Appendix 5. Amended 1/7/98, 1/9/99, 1/7/2000, 30/9/2001, 11/3/2002, 1/1/2003.

Name of entity

Westfield Trust

ABN

55 191 750 378

We (the entity) give ASX the following information.

Part 1 - All issues

You must complete the relevant sections (attach sheets if there is not enough space).

$\mathbf{I}$ +Class of +securities issued or to be | issued

Ordinary Units

60,610,000

• Number of +securities issued or to $\overline{2}$ be issued (if known) or maximum number which may be issued
• 3 Principal terms of the +securities (eg, if options, exercise price and expiry date; if partly paid *securities, the amount outstanding and due dates for payment; if *convertible securities, the conversion price and dates for conversion)

Same terms as existing ordinary units, subject

only to the date from which they rank for distribution $-$ see item 4

+ See chapter 19 for defined terms.

4	Do the "securities rank equally in allrespects from the date of allotmentwith an existing "class of quoted*securities?	No
	If the additional securities do notrank equally, please state:the date from which they dowhichtheextent totheyparticipate for the next dividend,case$(in$ theof$a -$trust.distribution) or interest payment• the extent to which they do notrank equally, other than inrelation to the next dividend,distribution or interest payment	ordinary units on issue.	The new units, the subject of this announcement,will rank for distribution from 1 July 2003.Accordingly, each new unit will not participate inthe distribution period ending 30 June 2003. Theywill rank equally with all other units on issue inrespect of any subsequent distribution. In all otherrespects, the units will rank equally with all other
5.	Issue price or consideration	$3.30
6	Purpose of the issue(If issued as consideration for theacquisition of assets, clearly identifythose assets)	capital for Westfield Trust	The purpose of the issue is to provide working
7	Dates of entering "securities intouncertificated holdings or despatchof certificates	Expected date:- 30 April 2003
		Number	+ Class
8	Number*class$_{\mathrm{of}}$andall*securitiesquotedonASX(including the securities in clause	2,095,416,985	Ordinary Units
	2 if applicable)	60,610,000	Units (the subject of thisapplication)

2,156,026,985

Total Ordinary Units

+ See chapter 19 for defined terms.

ġ. Number and *class of all *securities not quoted on ASX (including the securities in clause 2 if applicable)

Number	+ Class
Not applicable

$1010$ Dividend policy (in the case of a trust, distribution policy) on the increased capital (interests)

There will be no change in the distribution policy

Part 2 - Bonus issue or pro rata issue

$11$ Not applicable Ιs security holder approval required? Not applicable $122$ Is the issue renounceable or non- $\lceil$ renounceable? 13 Ratio in which the "securities will $\vert$ Not applicable be offered $14$ *Class of *securities to which the Not applicable offer relates *Record Not applicable 15 date to determine entitlements 16 Will holdings on different registers Not applicable (or subregisters) be aggregated for calculating entitlements? 17 Policy for deciding entitlements in Not applicable relation to fractions 18 Names of countries in which the Not applicable entity has *security holders who will not be sent new issue documents Note: Secarity holders must be told how their entitlements are to be dealt with. Cross reference: rule 7.7. 19 Closing date receipt of Not applicable for acceptances or renunciations

+ See chapter 19 for defined terms.

20.	Names of any underwriters	Not applicable
21	Amount of any underwriting fee orcommission	Not applicable
22	Names of any brokers to the issue	Not applicable
23.	Fee or commission payable to thebroker to the issue	Not applicable
24	Amount of any handlingfeebrokers who lodgepayable toacceptances or renunciationsonbehalf of *security holders	Not applicable
25.	If the issue is contingenton"security holders"approval,thedate of the meeting	Not applicable
26	Date entitlement and acceptanceform and prospectus or ProductDisclosure Statement will be sent topersons entitled	Not applicable
27	If the entity has issued options, andthe terms entitle option holders toparticipate on exercise, the date onwhich notices will be sent to optionholders	Not applicable
28.	Date rights trading will begin (ifapplicable)	Not applicable
29	Date rights trading will end (if Not applicableapplicable)
30.	How do *security holders sell their Not applicableentitlements in full throughаbroker?
31	How do *security holders sell partof their entitlements through abroker and accept for the balance?	Not applicable

+ See chapter 19 for defined terms.

32 How do *security holders dispose of their entitlements (except by sale through a broker)?

33 *Despatch date Not applicable

Not applicable

Part 3 - Quotation of securities

You need only complete this section if you are applying for quotation of securities

• 34 Type of securities (tick one)
• $(a)$ Securities described in Part 1 Γv
• $(b)$

All other securities

Example: restricted securities at the end of the escrowed period, partly paid securities that become fully paid, employee incentive share securities when restriction ends, securities issued on expiry or conversion of convertible securities

Entities that have ticked box 34(a)

Additional securities forming a new class of securities

				Tick to indicate you are providing the information or
documents

• If the *securities are *equity securities, the names of the 20 largest holders of the additional "securities, and the number and percentage of additional "securities held by those holders
• If the *securities are *equity securities, a distribution schedule of the additional 36 *securities setting out the number of holders in the categories $1 - 1,000$ $1,001 - 5,000$ $5,001 - 10,000$ 10,001 - 100,000 100,001 and over

37

35

A copy of any trust deed for the additional "securities

+ See chapter 19 for defined terms.

Entities that have ticked box 34(b)

38	Number of securities for which Not applicable*quotation is sought
39	for whichClass of "securitiesquotation is sought	Not applicable
40.	Do the *securities rank equally in allrespects from the date of allotmentwith an existing "class of quoted*securities?	Not applicable
	If the additional securities do notrank equally, please state:the date from which they do٠extent to whichthethey$\bullet$participate for the next dividend,(in the case of atrust.distribution) or interest paymentthe extent to which they do notrank equally, other than inrelation to the next dividend,distribution or interest payment
41	Reason for request for quotationnowExample: In the case of restricted securities, end ofrestriction period	Not applicable
	(if issued upon conversion ofanother security, clearly identify thatother security)
		Number+ Class
42	Number and + class of all + securitiesquoted on ASX (includingthesecurities in clause 38)	Not applicable

+ See chapter 19 for defined terms.

Quotation agreement

• $\mathbf{1}$ *Quotation of our additional *securities is in ASX's absolute discretion. ASX may quote the *securities on any conditions it decides.
• $\overline{2}$ We warrant the following to ASX.
  • The issue of the *securities to be quoted complies with the law and is not for $\bullet$ an illegal purpose.
  • There is no reason why those 'securities should not be granted 'quotation.
  • An offer of the "securities for sale within 12 months after their issue will not require disclosure under section $707(3)$ or section $1012C(6)$ of the Corporations Act.

Note: An entity may need to obtain appropriate warranties from subscribers for the securities in order to be able to give this warranty

• Section 724 or section 1016E of the Corporations Act does not apply to any applications received by us in relation to any *securities to be quoted and that no-one has any right to return any *securities to be quoted under sections 737, 738 or 1016F of the Corporations Act at the time that we request that the *securities be quoted.
• We warrant that if confirmation is required under section 1017F of the Corporations Act in relation to the *securities to be quoted, it has been provided at the time that we request that the *securities be quoted.
• If we are a trust, we warrant that no person has the right to return the *securities to be quoted under section 1019B of the Corporations Act at the time that we request that the 'securities be quoted.

+ See chapter 19 for defined terms.

• $\overline{3}$ We will indemnify ASX to the fullest extent permitted by law in respect of any claim, action or expense arising from or connected with any breach of the warranties in this agreement.
• $\overline{4}$ We give ASX the information and documents required by this form. If any information or document not available now, will give it to ASX before +quotation of the *securities begins. We acknowledge that ASX is relying on the information and documents. We warrant that they are (will be) true and complete.

Sign here: ...................................... (Company secretary)

Simon Tuxen Print name:

---

+ See chapter 19 for defined terms.