SCENTRE GROUP TRUST 1 — M&A Activity 2004

Jun 30, 2004

1 July 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) - SUPREME COURT APPROVES WESTFIELD HOLDINGS LIMITED SCHEMES OF ARRANGEMENT

An announcement made today by Westfield Holdings Limited (ASX: WSF) to the Australian Stock Exchange is attached.

Yours faithfully WESTFIELD MANAGEMENT LIMITED Responsible Entity of Westfield Trust

Simon Tuxen Company Secretary

encl

1 July 2004

Westfield Holdings Limited

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

Telephone 61.2.9358.7000 61 2 9358 7077 Facsimile Internet westfield com

The Manager Company Announcements Office Australian Stock Exchange Limited Level 4. Exchange Centre 20 Bridge Street SYDNEY NSW 2000

Dear Sir

RE: WESTFIELD HOLDINGS LIMITED (ASX:WSF)

Westfield Holdings Limited ("Westfield") announces that the Supreme Court of New South Wales has today issued orders approving the schemes of arrangement between Westfield and its shareholders. The Westfield Group merger ("Merger") will now be implemented following the securityholder approvals received at meetings held on Friday, 25 June 2004 and Court approval obtained today.

Westfield advises that it will lodge a copy of the Court's orders with the Australian Securities and Investments Commission on Friday, 2 July 2004.

The timetable for the implementation of the Merger will be as follows:

Last trading date for trading in existing Westfield Trust ("WFT") units,existing Westfield America Trust ("WFA") units and Westfield shares	2 July 2004
Commencement of trading in Westfield Group stapled securities("Stapled Securities") on a deferred settlement basis	5 July 2004
Record date for determining entitlements to Stapled Securities	5.00 pm on 12 July 2004
Implementation date on which Stapled Securities are issued	16 July 2004
Date for despatch of holding statements for Stapled Securities	16 July 2004
Commencement of normal trading in Stapled Securities	19 July 2004

Yours faithfully WESTFIELD HOLDINGS LIMITED

Simon Tuxen Company Secretary