Westfield Group Distribution Policy

Investors in the Westfield Group will receive distributions from each component of the Stapled Security comprising dividends from Westfield Holdings Limited as well as distributions from Westfield Trust and Westfield America Trust. These combined distributions will be paid to investors half-yearly no later than two months after the end of each half-year.

The Group's distribution policy, following the establishment of Westfield Retail Trust, is to set a distribution target at the start of the year. The target will have regard to the prior year's distribution and the forecast change in the Group's operational earnings for the target year. It will also have regard to the Group's capital expenditure plans and other general business and financial considerations. It is anticipated that the target distribution will be disclosed at the time of the Group's annual results announcement.

For the financial year ending 31 December 2011, the distribution is forecast to be 48.4 cents per security. This, together with the forecast distribution for Westfield Retail Trust of 16.5 cents per security, is expected to equate to a combined forecast distribution of 64.9 cents.

Payment of Distribution

Your distribution can be received in three ways.

1. Direct Credit

Your distribution payment can be automatically credited to your financial institutions account. It can be paid into an Australian bank account, building society, credit union or cash management account. Direct Credit Instruction forms are available on this website at Securityholder Forms.

A statement setting out details of the distribution payment will be sent to you on the day of payment.

2. Cheque

A cheque will be sent to your registered address if you do not nominate to have your distribution paid to a financial institution.

A statement setting out details of the distribution payment will be sent to you on the day of payment.

3. Distribution Reinvestment Plan (DRP)

The DRP allows Stapled Securityholders to reinvest all or a portion of their distributions for additional Stapled Securities in the Westfield Group.

Distribution Reinvestment Plan

The key features of the Westfield Group DRP are:

• No brokerage is applicable
• Participation is optional and may be varied from time to time
• If you participate in the DRP, reinvestment of distributions is automatic until you terminate your participation

Please note the Westfield Group Board may decide how much of the Group’s distribution will be reinvested under the DRP. Any decision the Board makes will be announced to the market. In order to be fair to all participants in the DRP, acceptances more than the maximum amount will be scaled back on a pro-rata basis. Any part of the distribution not satisfied by the issue of Stapled Securities will be paid in cash.

A discount of 2.0% was applied to the units issued under the August 2009 distribution.

The DRP rules were amended in December 2009 as follows:

• The Group is changing the pricing methodology to calculate the distribution reinvestment price under the Group's distribution reinvestment plan (DRP). The VWAP calculation will now be the volume weighted average of the sale price of the Group's securities over the entire pricing period (being 10 ASX trading days) rather than an arithmetic average of the daily average of the sale price of Group securities over the pricing period.
  
  
• DRP Application Form
• DRP Information Booklet

On 2 February 2010, the Group advised the ASX that the DRP had been suspended until further notice.