SCENTRE GROUP TRUST 1 — Capital/Financing Update 2003

Mar 23, 2003

24 March 2003

Westfield Management Limited

ABN 41 001 670 579 Level 24, Westfield Towers 100 William Street Sydney NSW 2011 GPO Box 4004

Sydney NSW 2001 Australia

Telephone 61 2 9358 7000 Facsimile 61 2 9357 7077 Internet westfield.com

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 ACQUIRES 16.9% OF AMP RETAIL TRUST

Please find attached media release in relation to the above.

Yours faithfully WESTFIELD MANAGEMENT LIMITED Responsible Entity of Westfield Trust

Simon Tuxen Company Secretary

encl

24 March 2003

WESTFIELD TRUST ACQUIRES 16.9% OF AMP RETAIL TRUST

Westfield Trust announced today that it had purchased a 16.9% interest in AMP Retail Fund (ASX: ART) for a total outlay of approximately $247 million, representing a price of $1.80 per unit.

The Trust will finance the acquisition utilising its existing debt facilities. As a result, gearing will be approximately 32%, well within the Trust's borrowing policy limit of 40%. Based on the current broker consensus forecasts for ART, the transaction will be accretive to distributions of Westfield Trust.

The Trust regards its investment in ART as a strategic holding.

Westfield Holdings Limited, the manager of Westfield Trust, has agreed that there will be no Manager's Service Charge on the incremental income (after interest) received by the Trust on its holding of listed units in ART.

ENDS

USC. $\overline{\mathbf{c}}$ OUD