SCENTRE GROUP TRUST 1 — Capital/Financing Update 2004

Apr 28, 2004

29 April 2004

Westfield Management Limited

Level 24, Westfield Towers 100 William Street Sydney NSW 2011 GPO Box 4004 Sydney NSW 2001 Australia

Telephone 02 9358 7000 Facsimile 02 9358 7077 Internet westfield.com

The Manager Companies Announcement 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

Dear Sirs

WESTFIELD TRUST (ASX: WFT; NZX: WFT) - STANDARD & POOR'S A/A-1 RATING

A media release in relation to the above is attached.

Yours faithfully WESTFIELD MANAGEMENT LIMITED Responsible Entity of Westfield Trust

Simon Tuxen Company Secretary

encl

29 April 2004

WESTFIELD WELCOMES "A/A-1" RATING BY STANDARD & POOR'S

Westfield chairman, Mr Frank Lowy, today welcomed the announcement by Standard & Poor's (S&P) that it would assign an "A/A-1" credit rating to the proposed new Westfield Group.

At the same time, S&P affirmed Westfield Trust's existing "A/A-1" rating.

The "A/A-1" ratings puts the new Westfield Group in the top-tier of property companies globally and will maximise the group's potential in gaining access to global debt capital markets and achieving an efficient cost of debt capital.

Mr Lowy said S&P had reviewed Westfield's merger proposal, the profile of the new Group and its future strategy.

"The rating reflects the key benefits of combining the existing, separate Westfield entities to give the new Westfield Group the scale it needs to pursue a global growth strategy," he said.

For more information: Matthew Abbott 02 9358 7333

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