Westfield America Trust statement on World Trade Center Court ruling

26 September 2002

Countries: United States

In the litigation regarding the insurance issues arising from the terrorist attacks of September 11, 2001 on the World Trade Center, the Federal District Court in New York today ruled that the obligations of three of the insurance carriers are limited to only one occurrence.

These three insurers’ coverage amounts to a total of $US112 million per occurrence, so that limiting these insurers to a single occurrence does not have a material effect on the overall amount of $US6.7 billion that is potentially available from all the World Trade Center insurers participating in the litigation.

The Trust remains confident that the property insurance policies are adequate to protect its investment and to reimburse it for expected business interruption losses due to the terrorist attacks.