Westfield Holding Limited

08 April 1997

The Chairman of Westfield Holdings Limited, Mr Frank Lowy, today announced a significant reorganisation of the Group’s top management structure as well as board changes. “These moves are designed to ensure Westfield maintains its record of strong growth in light of the Group’s current size and geographic diversity”, he said.

Westfield now has two major areas of operations, Australia and the United States. Each has ambitious plans for further growth and development. In addition, Westfield is expanding its shopping centre businesses in Asia and other regions, and examining related business opportunities such as managing retail operations at airports globally.

The Group operates through four public vehicles of which three – Westfield Holdings Limited, Westfield Trust and Westfield America Trust – are listed on the Australian Stock Exchange. Listing of a fourth, Westfield America, Inc. (currently CenterMark) on the New York Stock Exchange is under way. Following the listing of Westfield America, Inc., the total capitalisation of these four entities will be in excess of $A7bn.

The growth of the Westfield Group requires Mr Frank Lowy to spend more time on strategic leadership, development, growth and governance of the four entities currently in the Group. To free up more of the Chairman’s time for these tasks, the Group will adopt a new top management structure that divides Westfield’s businesses into three areas, each headed by a Managing Director as outlined below. The Board has also decided to appoint a Deputy Chairman to work with Mr Frank Lowy on strategy and governance.

The three Managing Directors in the new executive structure are as follows:

– David Lowy will be the Managing Director responsible for corporate and international matters. This will include corporate issues such as Group planning, Westfield Holdings’ overseas operations in Asia and new ventures. In addition, he will co-ordinate the global operations of the Group.

– Peter Lowy will be the Managing Director responsible for the Group’s US interests, including the Westfield America Trust, and will be co-President of Westfield America, Inc. (previously CenterMark) and the US operating subsidiaries of Westfield Holdings Limited with Mr Richard Green.

– Steven Lowy will be the Managing Director responsible for the Australian shopping centre business, the Westfield Trust and associated support services.

In addition, the Board has appointed Professor Fred Hilmer as Deputy Chairman. Professor Hilmer will carry out this role in a non-executive capacity. Professor Hilmer joined the Board in 1991. He currently chairs the audit and compliance committee and serves on the remuneration committee.

While this new structure more clearly assigns responsibilities to the three managing directors, the Westfield tradition of strong teamwork at the top will continue. Mr Lowy noted that between 1960 and 1987 the Group, then a fraction of its current size, was led by two managing directors, himself and John Saunders.

The role of the finance director, Mr Stephen Johns, has also been clarified to emphasise his overall global responsibility for financing and related activities for all the Group’s entities. In this capacity he will work closely with all of the Managing Directors and the Chairman. Consequently, his title will be changed to Group Finance Director to reflect the broader scope of his activities.

Finally, the Board is also pleased to announce that Carla Zampatti has joined the Board of Westfield Holdings Limited as a non-executive director. Ms Zampatti brings both outstanding business experience as well as a deep knowledge of fashion and retailing to the company.

Issued by Westfield Holdings Limited ACN 001 671 496

Further Information: Wendy Guest 61 2 9358 7426 or 61 419 414 753