Westfield Retail Trust (Asx: Wrt) Half Year Results for Period Ended 30 June 2012

Level 8 77 Castlereagh Street Sydney NSW 2000 GPO Box 4004 Sydney NSW 2001 Australia

Telephone +61 2 9333 4800 Facsimile +61 2 9333 4848 Internet www.westfieldretailtrust.com 15 August 2012

The Manager Company Announcements Office ASX Limited Level 4, Exchange Centre 20 Bridge Street SYDNEY NSW 2000

Dear Sir/Madam

WESTFIELD RETAIL TRUST (ASX: WRT) HALF YEAR RESULTS FOR PERIOD ENDED 30 JUNE 2012

Please find attached:

(a) results announcement; and

(b) investor presentation.

Yours faithfully WESTFIELD RETAIL TRUST

Katherine Grace Company Secretary

Encl.

For personal use only use personal For

RE1 Limited ABN 80 145 743 862 AFS Licence 380202 as responsible entity for Westfield Retail Trust 1 ABN 66 744 282 872 ARSN 146 934 536 RE2 Limited ABN 41 145 744 065 AFS Licence 380203 as responsible entity for Westfield Retail Trust 2 ABN 11 517 229 138 ARSN 146 934 652

15 August 2012

2012 HALF YEAR RESULT IN LINE WITH FORECAST

Westfield Retail Trust (ASX:WRT) today announced its financial results for the six month period to 30 June 2012 reporting A-IFRS profit after tax of $416.9 million or 13.65 cents per stapled security. Distributable earnings were $282.7 million or 9.26 cents per stapled security, up 2.8% on the previous corresponding period.

The distribution for the period is 9.25 cents per stapled security. The distribution will be paid on 31 August 2012 and reflects the change to the Trust’s distribution policy to allow for a payout of up to 100% of distributable earnings.

The Trust reconfirms its 2012 full year forecast distributable earnings and distribution of 18.75 cents per stapled security.

Managing Director Domenic Panaccio said “We are pleased with the performance of the Trust in the past 6 months which was delivered in a challenging retail environment. The quality of, and demand for, retail space within the portfolio was evident with over 1,400 lease transactions completed during the period, the portfolio being 99.5% leased and strong growth in comparable net operating income of 3.3%.”

Operating Performance

The stability of the Trust’s cash flow is underpinned by the diversity of over 13,400 retail outlets across its 52 shopping centres which generate over $22 billion of retail sales annually. The portfolio continued to deliver high productivity generating specialty sales per square metre of $9,881 in Australia and NZ$8,268 in New Zealand.

Comparable specialty sales growth for the 6 months to June 2012 was 0.8% in Australia and 1.1% in New Zealand. Total comparable retail sales growth for the same period was 0.9% in Australia and 2.7% in New Zealand.

Development

The Westfield Sydney development was successfully completed in April 2012. Westfield Sydney is the Trust’s flagship asset and represents a premium retail, office and lifestyle destination that is unique in Australia. The development is stabilising well with specialty retail sales productivity already the highest in the Trust’s portfolio.

Stage 1 of the redevelopment at Westfield Fountain Gate successfully opened in May 2012 and is trading well. The final stage of the development is scheduled to complete in September 2012.

For personal use only use personal For Mr Panaccio said “The Trust’s focus is to continue to enhance the quality of its portfolio and ensure that, where capital is allocated, appropriate risk adjusted long term total returns are achieved. Looking forward, redevelopments will be a key growth driver for the Trust with $1.3 billion of future development opportunities having been identified over the next 5 to 7 years with pre-development work being actively undertaken on this pipeline.”

As at 30 June 2012 the Trust had total assets of over $13.5 billion which includes property revaluation gains of $157 million for the period. Net tangible assets per stapled security was $3.37.

Financing activity during the past 6 months included the repayment of the $1.34 billion Westfield Sydney Facility in April 2012 and a $30 million 10 year medium term note issue which settled in July 2012.

The Trust remains well-positioned to capitalise on growth opportunities with a strong balance sheet, gearing of 21.8% and an interest coverage ratio of 4.6 times.

Disposals

In June 2012, the Trust sold its 50% interest in Westfield Shore City located in Takapuna, Auckland, New Zealand of which the Trust’s share of proceeds was NZ$41.8 million. Proceeds from the sale have been used to repay New Zealand dollar denominated debt.

Outlook

The Trust reconfirms its forecast of distributable earnings and distribution in 2012 of 18.75 cents per stapled security.

Mr Panaccio said “The strength of the portfolio, its underlying cash flows, and a strong balance sheet provide the Trust with the foundation and capacity to drive and achieve long term returns for securityholders. Maximising operating performance, reinvesting in the portfolio through redevelopments and capital management initiatives will drive future growth.”

ENDS

For further information please contact:

Domenic Panaccio Brian Mackrill Managing Director Chief Financial Officer (+61 2) 9333 4800 (+61 2) 9333 4800

About Westfield Retail Trust Westfield Retail Trust (ASX Code: WRT) is Australia's largest listed real estate investment trust solely focused on Australian and New Zealand retail property, with total assets valued in excess of $13.5 billion as at 30 June 2012. The Trust's principal investment is the joint venture ownership, alongside Westfield Group, in a pre-eminent shopping centre portfolio comprising interests in 52 major shopping centres located predominantly in Australia with 8% of the Trust’s shopping centre assets located in New Zealand. This release contains forward-looking statements, including statements regarding future earnings and distributions. These forward-looking statements are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, and which may cause actual results to differ materially from those expressed in the statements contained in this

For personal use only use personal For release. You should not place undue reliance on these forward-looking statements. These forward-looking statements are based on information available to us as of the date of this release. Except as required by law or regulation (including the ASX Listing Rules) we undertake no obligation to update these forward-looking statements.

Page 2

Westfield Retail Trust Half Year Results

For the six months to 30 June 2012 For personal use only use personal For

Disclaimer

>This document is not an invitation, offer or recommendation (express or implied) to apply for or purchase or take any other action in respect of securities and is not a prospectus, product disclosure statement or disclosure document for the purposes of the Corporations Act 2001 (Cth) and has not been lodged with ASIC.

>Distribution of this document outside Australia may be restricted by law. Persons who come into possession of this document who are not in Australia should seek advice on and observe any such restrictions. Any failure to comply with such restrictions may constitute a violation of applicable securities laws. No action has been taken to register securities outside Australia.

>This document contains forward-looking statements and forecasts, including statements regarding future earnings and distributions. These forward- looking statements and forecasts are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, and which may cause actual results or performance to differ materially from those expressed or implied by the forward-looking statements and forecasts contained in this document. No representation is made that any of these statements or forecasts will come to pass or that any forecast result will be achieved. Similarly, no representation is given that the assumptions upon which forward- looking statements and forecasts may be based are reasonable. These forward-looking statements and forecasts are based on information available to us as of the date of this document. Except as required by law or regulation (including the ASX Listing Rules) we undertake no obligation to update or revise these forward-looking statements or forecasts.

For personal use only use personal For

Note: All currency figures within this presentation are presented in Australian dollars unless otherwise stated. Highlights - 6 months ended 30 June 2012

> Distributable earnings and distribution • Distributable earnings of $282.7 million or 9.26 cents per stapled security, up 2.8% • Distribution of $282.5 million or 9.25 cents per stapled security, up 14.2%

> A-IFRS profit after tax of $416.9 million • Property revaluations of $157.0 million (largely due to increases in income)

> Financial position • Strong balance sheet, with low gearing at 21.8% and interest cover of 4.6 times - $1.34 billion Westfield Sydney Facility repaid in April 2012 - Net tangible assets of $3.37 per stapled security

> Outlook

• 2012 distributable earnings and distribution are forecast1 to be 18.75 cents per stapled security For personal use only use personal For

1. Forecast assuming no material change in market conditions and the A$/NZ$ exchange rate. 3 Highlights - 6 months ended 30 June 2012

> Operating performance • Comparable portfolio net operating income growth of 3.3% • Comparable specialty sales growth: - 0.8% in Australia - 1.1% in New Zealand • Specialty sales productivity for the 12 months to 30 June 2012: - $9,881 per square metre in Australia - NZ$8,268 per square metre in New Zealand • Portfolio remains 99.5% leased • 1,429 lease deals completed

> Development activity • Westfield Sydney project completed in April 2012 • Westfield Fountain Gate remains on schedule to complete September 2012, Stage 1 opened in May 2012 • $1.3 billion pipeline of identified development opportunities over the next 5-7 years1

For personal use only use personal For > Disposals • Westfield Shore City, New Zealand sold in June 2012 for NZ$83.5 million (Trust’s share is NZ$41.8 million)

1. Represents WRT share of total cost. 4 Long term growth

> The Trust’s ongoing focus is to: • Maintain a strong financial position, balance sheet and credit rating • Deliver stable and consistent cash flows and growth

> Incremental long term growth driven from three sources: • The operating performance of the portfolio • The redevelopment of existing assets • Capital management initiatives including acquisitions and disposals with capital allocated or recycled to

achieve appropriate risk adjusted long term returns For personal use only use personal For

5 Shopping centre portfolio

AT 30 JUNE 2012 AUSTRALIA NEW ZEALAND TOTAL

Centres 411 11 52 Retail outlets 11,790 1,636 13,426 Gross lettable area (million sqm) 3.5 0.4 3.9 Portfolio leased 99.5% 99.5% 99.5% Total annual sales (billion) A$20.7 NZ$2.23 A$22.4 Asset value (billion)2 A$12.1 NZ$1.44 A$13.2 Weighted average yield 5.9% 7.5% 6.0%

For personal use only use personal For

1. Number of centres in Australia reduced from 42 to 41 due to the combination of Westfield Sydney and Sydney Central Plaza. 2. WRT share of shopping centre assets excluding development projects and construction in progress of $263 million. 3. A$/NZ$ exchange rate average for the six months ended 30 June 2012 was 1.2843. 4. A$/NZ$ exchange rate at 30 June 2012 was 1.2759. 6 Shopping centre operating performance

> Stable net property income and earnings growth profile • Majority of specialty shop leases contain annual contracted rent escalation with either CPI plus fixed percentage increases or fixed percentage increases • Over 98% of total rental income derived from minimum contracted base rent • Portfolio over 99% leased for the last 10 years

> Retail sales of over $22 billion generated in WRT’s centres in the 12 months to 30 June 2012

AVERAGE SPECIALTY STORE RENT PORTFOLIO SPECIALTY SPECIALTY RETAIL SALES LEASE DEALS AMOUNT1 GROWTH4 COMPARABLE LEASED1 OCCUPANCY RETAIL SALES GROWTH2,3 COMPLETED2 NOI GROWTH2 COST1 (12 mths to 30 June) (Number/Area)

1,429 Portfolio 99.5% 18.9% 3.2% 3.3% 181,565 sqm

Australia $9,881 psm AUS:0.8% $1,528 psm For personal use only use personal For New Zealand NZ$8,268 psm NZ: 1.1% NZ$1,079 psm

1. As at 30 June 2012. 2. 6 months to 30 June 2012. 3. Comparable specialty shop sales. 4. 30 June 2012 compared to 30 June 2011. 7 Future development opportunities – platform for growth

> Identified development opportunities of approximately $1.3 billion1 over the next 5-7 years > Target unlevered internal rate of return of between 12% and 15%

AUSTRALIA NEW ZEALAND

Carousel (WA) Plenty Valley (VIC) Albany (Auckland) Chermside (QLD) Tea Tree Plaza (SA) Newmarket (Auckland) Kotara (NSW) Tuggerah (NSW) St Lukes (Auckland) Marion (SA) Warringah (NSW) Miranda (NSW) Westlakes (SA) Mt Gravatt (QLD) Whitford City (WA)

North Lakes (QLD) For personal use only use personal For

1. Represents WRT share. 8 Income Statement1

PRIOR CORRESPONDING CURRENT PERIOD2 PERIOD 6 MONTH 1 JANUARY 2011 - 1 JANUARY 2012 - COMPARABLE $ MILLION 30 JUNE 2011 30 JUNE 2012 % CHANGE

Property revenue 496.7 531.7 7.0%

Expenses (148.7) (161.4) EBIT 348.0 370.3 6.4% Net interest expense (65.0) (78.5)

Mark to market of derivatives 2.6 (23.0)

Property revaluations3 165.2 157.0

Tax expense (8.0) (9.1)

Deferred tax (expense) / benefit (2.4) 0.4

Net loss on capital transactions - (0.2) For personal use only use personal For Profit after tax 440.4 416.9 (5.3)%

1. The income statement has been prepared on a proportionate basis. The net contribution from equity accounted properties has been allocated to income and expenses. 2. The results for 30 June 2011 have been re-stated due to the adoption of AASB 2010-8 Amendments to Australian Accounting Standards – Deferred Tax: Recovery of Underlying Assets. 3. Property revaluations includes equity accounted property revaluations.

9 Distribution Statement1

PRIOR

CORRESPONDING CURRENT

PERIOD2 PERIOD 6 MONTH 1 JANUARY 2011- 1 JANUARY 2012- COMPARABLE $ MILLION 30 JUNE 2011 30 JUNE 2012 % CHANGE

Profit after tax 440.4 416.9 (5.3)% Adjusted for: - Property revaluations (165.2) (157.0) - Mark to market of derivatives (2.6) 23.0 - Deferred tax expense / (benefit) 2.4 (0.4)

- Net loss on capital transactions - 0.2

Distributable earnings 274.9 282.7 2.8% Less: amount retained (27.5) (0.2) Distribution for the period 247.4 282.5 14.2%

Weighted average number of stapled securities (million) 3,054.2 3,054.2 For personal use only use personal For Distributable earnings per stapled security (cents) 9.00 9.26 Distribution per stapled security (cents) 8.10 9.25

1. The distribution statement has been prepared on a proportionate basis. 2. The results for 30 June 2011 have been re-stated due to the adoption of AASB 2010-8 Amendments to Australian Accounting Standards – Deferred Tax: Recovery of Underlying Assets.

10 Balance Sheet1

$ MILLION 31 DECEMBER 20112 30 JUNE 2012 Cash 47.6 64.4 Receivables and trade debtors 43.7 30.9 Property investments - Shopping centres 12,614.8 13,184.0 - Development projects and construction in progress 467.4 263.1 Total Property investments 13,082.2 13,447.1 Other assets 23.0 19.1 Total assets 13,196.5 13,561.5 Payables and trade creditors 243.9 200.7 Non-interest bearing liabilities 442.0 - Interest bearing liabilities 2,251.2 2,905.3 Finance lease liabilities 22.9 23.2 Deferred tax 84.4 84.5 Other liabilities 36.4 55.3

Total liabilities 3,080.8 3,269.0 For personal use only use personal For Net assets 10,115.7 10,292.5

1. The balance sheet has been prepared on a proportionate basis. The net investment in equity accounted entities at 30 June 2012 of $6,890.8 million (at 31 December 2011 of $6,705.4 million) has been allocated to individual assets and liabilities. 2. The financial position at 31 December 2011 has been re-stated due to the adoption of AASB 2010-8 Amendments to Australian Accounting Standards – Deferred Tax: Recovery of Underlying Assets. 11 Property investments

> Change in value of property investments1

$ MILLION

Property investments opening balance – 31 December 2011 13,082.2

Revaluations 157.0

Disposals (32.6)

Capital expenditure 205.4

Exchange rate impact 35.1

Property investments closing balance – 30 June 2012 13,447.1

> Estimated yield for Australia and New Zealand

31 DECEMBER 2011 30 JUNE 2012

WEIGHTED WEIGHTED RANGE RANGE

For personal use only use personal For AVERAGE AVERAGE Australia 5.1 – 8.0% 6.0% 5.1 – 8.0% 5.9%

New Zealand 6.8 – 8.8% 7.6% 6.8 – 8.8% 7.5%

1. The change in property investments has been prepared on a proportionate basis. 12 Financial position at 30 June 2012

> Strong balance sheet and credit profile: • Net tangible assets of $3.37 per stapled security • Low gearing at 21.8% • A+ Standard & Poor’s credit rating - High quality assets - Stable cash flows - Geographic and. tenant diversification

> $ 1.34 billion Westfield Sydney Facility repaid in April 2012

> A$30 million 10 year medium term note issued July 2012

> Common borrowing structure for all unsecured, unsubordinated lenders who rank pari passu irrespective of

jurisdiction of the borrower For personal use only use personal For

13 Facility maturity profile1

FACILITIES AMOUNT AVAILABLE $ MILLION DRAWN LIQUIDITY

Bilateral bank facilities 2,476 1,995 481 Medium term notes1 930 900 30 3,406 2,895 511

• Available liquidity is $511 million1 • Average maturity of facilities is 3.6 years1 • Interest rate exposure 90% hedged at 30 June 2012

For personal use only use personal For

1. At 30 June 2012 and includes A$30 million medium term note issued July 2012. 2. A$30 million medium term note issued July 2012. 14 Summary

> WRT is invested in the pre-eminent portfolio of Australian and New Zealand retail assets • Largest REIT focused exclusively on retail assets in Australia and New Zealand • Interests in 52 major shopping centres • Interests in 15 of Australia’s top 20 performing shopping centres by annual sales1 > Stable net property income and earnings growth profile • Majority of specialty shop leases contain annual contracted rent escalation with either CPI + fixed percentage increase or fixed percentage increases • Over 98% of total rental income derived from minimum contracted base rent • Portfolio over 99% leased for the last 10 years > Incremental long term growth driven from three sources: • The operating performance of the portfolio • The redevelopment of existing assets • Capital management initiatives > Strong credit metrics • Strong financial position with low leverage and stable cash flows supported by long term leases

For personal use only use personal For • High asset quality with geographic and tenant diversification > For 2012, distributable earnings and distribution are forecast2 to be 18.75 cents per stapled security (representing a payout ratio of 100%)

1. Source: Shopping Centre News – Big Guns 2012, Volume 30, Number 1, 2012. 2. Forecast assuming no material change in market conditions and the A$/NZ$ exchange rate. 15

Appendices

Overview 17 Property tables 18-20 Tenant diversification 21 Specialty retailer diversification 22 Portfolio retail sales performance 23 Comparable change in specialty retail sales 24 Comparable change in retail sales – Australia 25 Lease expiry profile 26 Centre annual retail sales and specialty retail sales per square metre 27-30 Westfield Sydney – trading update 31 Westfield Sydney – office 32 Westfield Fountain Gate progress 33 Westfield Fountain Gate development 34 A-IFRS Income Statement 35 Proportionate Income Statement 36 Cash flow reconciliation to Distributable Income 37 Proportionate Balance Sheet 38

For personal use only use personal For Medium term notes - key financial ratios 39 Interest rate hedging profiles 40-42 Exchange rates 43 Governance structure 44

16 Overview at 30 June 2012

> Pre-eminent portfolio of 52 retail assets in Australia and New Zealand > Strategy to improve the portfolio over time through active asset management, redevelopment/expansion opportunities and acquisitions of high quality retail assets > WRT will continue to partner with property managers who can maximise asset returns

For personal use only use personal For

1. WRT share of shopping centre assets excluding development projects and construction in progress of $263 million. 2. More than two joint venture partners. 17 Property table - Australia

WRT FAIR VALUE AT ESTIMATED YIELD CENTRE STATE INTEREST 30 JUNE 2012 AT 30 JUNE 2012

Airport West Victoria 25.0% $84.2m 7.00%

Belconnen ACT 50.0% $400.0m 6.13%

Bondi Junction New South Wales 50.0% $1,071.9m 5.25%

Booragoon Western Australia 12.5% $109.7m 6.00%

Burwood New South Wales 50.0% $400.1m 6.00%

Carousel Western Australia 50.0% $455.0m 5.75%

Chatswood New South Wales 50.0% $452.9m 6.00%

Chermside Queensland 50.0% $762.5m 5.50%

Doncaster Victoria 25.0% $383.8m 5.60%

Figtree New South Wales 50.0% $75.0m 7.50%

Fountain Gate1 Victoria 50.0% $441.3m 6.00%

Geelong Victoria 25.0% $123.0m 6.25%

Helensvale Queensland 25.0% $93.8m 6.50%

Hornsby New South Wales 50.0% $441.7m 6.00%

Hurstville New South Wales 25.0% $147.5m 7.00%

Innaloo Western Australia 50.0% $133.5m 7.00%

Karrinyup Western Australia 16.7% $94.2m 6.50%

Knox Victoria 15.0% $151.3m 6.35% For personal use only use personal For Kotara New South Wales 50.0% $360.0m 6.25%

Liverpool New South Wales 25.0% $220.0m 6.25%

Macquarie New South Wales 27.5% $249.6m 6.00%

Marion South Australia 25.0% $283.8m 5.90%

1. Currently under redevelopment. 18 Property table – Australia (cont.)

WRT FAIR VALUE AT ESTIMATED YIELD AT CENTRE STATE INTEREST 30 JUNE 2012 30 JUNE 2012

Miranda New South Wales 25.0% $345.2m 5.75%

Mt Druitt New South Wales 25.0% $115.0m 7.00%

Mt Gravatt Queensland 37.5% $326.8m 6.00%

North Lakes Queensland 25.0% $107.5m 6.25%

North Rocks New South Wales 50.0% $59.0m 7.50%

Pacific Fair Queensland 22.0% $222.3m 6.25%

Parramatta New South Wales 25.0% $394.3m 5.75%

Penrith New South Wales 25.0% $270.5m 6.00%

Plenty Valley Victoria 25.0% $73.7m 6.50%

Southland Victoria 25.0% $331.2m 5.90%

Strathpine Queensland 50.0% $140.5m 7.25%

Sydney Central Plaza New South Wales 50.0% $313.5m 5.75%

Westfield Sydney New South Wales 50.0% $1,342.8m 5.13%1

Tea Tree Plaza South Australia 18.8% $127.6m 6.13%

Tuggerah New South Wales 50.0% $325.0m 6.25%

Warrawong New South Wales 50.0% $94.5m 8.00%

Warringah Mall New South Wales 12.5% $137.7m 6.00%

West Lakes South Australia 25.0% $103.8m 6.38% For personal use only use personal For Whitford City Western Australia 25.0% $149.5m 6.75%

Woden ACT 25.0% $160.7m 6.25%

Total Australian portfolio $12,075.9m 5.9%

1. The estimated yield on the Sydney City retail and office complex is 5.54%, comprising retail 5.13% and office 6.45%. 19 Property table – New Zealand

WRT FAIR VALUE AT ESTIMATED YIELD CENTRE1 LOCATION INTEREST 30 JUNE 2012 AT 30 JUNE 2012

Albany Auckland 50% $200.0m 6.75%

Chartwell Hamilton 50% $87.0m 8.50%

Downtown Auckland 50% $42.6m 7.75%

Glenfield Auckland 50% $52.5m 8.50%

Manukau Auckland 50% $170.5m 7.63%

Newmarket Auckland 50% $122.0m 7.25%

Pakuranga Auckland 50% $40.9m 8.75%

Queensgate Wellington 50% $157.5m 7.25%

Riccarton Christchurch 50% $214.5m 8.00%

St Lukes Auckland 50% $234.3m 6.88%

WestCity Auckland 50% $92.0m 8.38%

Total New Zealand portfolio in NZ$ $1,413.8m

Exchange rate at 30 June 2012 1.2759

Total New Zealand portfolio in A$ $1,108.1m 7.5% For personal use only use personal For

1. Westfield Shore City sold in June 2012. 20 Tenant diversification by GLA1

> Anchor tenants represent 55.7% of total portfolio GLA > Top 10 anchor tenants represent 46.9% of total portfolio GLA

TOP 10 ANCHOR STORES NO. OF ANCHOR ANCHOR STORES GLA % TOTAL BY TOTAL PORTFOLIO GLA STORES (000’s sqm) PORTFOLIO GLA

Myer 24 464.4 12.3% David Jones 17 238.5 6.3% Target 32 234.2 6.2% Kmart 28 200.5 5.3% Big W 20 162.5 4.3% Woolworths / Safeway 34 138.0 3.7% Coles 36 135.8 3.6% Event Cinemas 12 76.5 2.0% Farmers 10 67.5 1.8% Hoyts 11 52.6 1.4%

For personal use only use personal For Total 224 1,770.5 46.9%

1. Gross lettable area at 31 December 2011. 21 Specialty retailer diversification by GLA1

> Top 10 specialty store tenants represent 7.3% of total portfolio GLA

TOP 10 SPECIALTY RETAILERS NO. OF SPECIALTY SPECIALTY STORE GLA % OF TOTAL BY SPECIALTY STORE GLA STORES (000’s sqm) GLA

Super Retail Group 2 33 47.5 1.3% JB Hi Fi 32 36.0 1.0% Just Group 242 33.5 0.9% DSE Holdings3 42 29.4 0.8% Cotton On 176 25.5 0.7% Best & Less 22 23.5 0.6% James Pascoe Group4 135 21.4 0.6% Specialty Fashion Group 5 140 20.4 0.5% BB Retail Capital 6 179 19.9 0.5% Australian Pharmaceutical Industries 7 47 19.4 0.5%

Total 1,048 276.5 7.3% For personal use only use personal For

1. Gross lettable area at 31 December 2011. 2. Super Retail Group includes Rebel Sport, Ray’s Outdoors and Supa Cheap Auto. 3. DSE Holdings includes Dick Smith Electronics and Dick Smith Powerhouse. 4. James Pascoe Group includes Prouds Jewellers, Angus & Coote, Goldmark, Pascoes The Jewellers, Stevens, Stewart Dawsons, Whitcoulls and Borders (NZ). 5. Specialty Fashion Group includes Millers, Katies, Autograph, City Chic, Crossroads and La Senza. 6. BB Retail Capital includes Diva, Bras N Things, Dusk, Adairs and Lovisa. 7. Australian Pharmaceutical Industries includes Priceline, Priceline Pharmacy and Soul Pattinson. 22 Portfolio retail sales performance

PERIOD TO 30 JUNE 2012 MAT1 MAT1 GROWTH COMPARABLE CHANGE2

BY TENANT TYPE 12 MONTHS 6 MONTHS

Australia Majors (1.5)% (0.3)% Mini Majors 2.8% 2.6% Specialties 0.7% 0.8% Total $20.7 billion 0.8% 0.2% 0.9%

New Zealand Majors 4.5% 4.9% Mini Majors 3.1% 3.1% Specialties 1.9% 1.1%

Total NZ$2.2 billion 4.6% 2.8% 2.7% For personal use only use personal For

1. MAT- moving annual turnover - sales on a rolling 12 month basis. 2. Comparable change is based on $psm on a rolling 12 month basis. 23 Comparable change in specialty retail sales

PERIOD TO 30 JUNE 2012

COMPARABLE CHANGE1

BY REGION 12 MONTHS 6 MONTHS

NSW (0.6)% 0.0%

QLD 2.4% 1.8%

VIC 2.8% 2.4%

SA 0.2% (1.0)%

WA 1.3% 2.5%

ACT (2.0)% (3.2)%

Australia 0.7% 0.8%

New Zealand 1.9% 1.1% For personal use only use personal For

1. Comparable change is based on $psm on a rolling 12 month basis. 24 Comparable change in retail sales – Australia

PERIOD TO 30 JUNE 2012 COMPARABLE CHANGE1 BY CATEGORY 12 MONTHS 6 MONTHS Majors: Department Stores (3.6)% (0.4)% Discount Department Stores (2.3)% (0.4)% Supermarkets 0.4% (0.2)% Cinemas 5.5% 8.6%

Mini Majors 2.8% 2.6%

Specialties: Fashion (1.4)% (0.3)% Food Catering 1.6% 1.1% Food Retail 2.2% 2.6% Footwear (1.8)% (2.3)% General Retail 0.6% (0.5)%

Homewares (1.4)% (0.3)% For personal use only use personal For Jewellery (2.3)% (2.4)% Leisure 2.3% (0.7)% Retail Services 3.7% 5.5%

1. Comparable change is based on $psm. 25 Lease expiry profile1

TOTAL PORTFOLIO UNEXPIRED WEIGHTED AVERAGE LEASE TERM AT 30 JUNE 2012 Anchor tenants 9.9 years Specialty and Mini Major tenants 3.3 years

Weighted total 7.0 years For personal use only use personal For

1. At 30 June 2012. 26

Australian portfolio - annual retail sales

ANNUAL SALES PROPORTION OF TO 30 JUNE 2012 $MILLION AUSTRALIAN PORTFOLIO1

>$600m Bondi Junction $960.6 Parramatta $710.9 Chermside $878.1 Knox $710.8 Doncaster $825.9 Miranda $692.3 44% Southland $790.3 Fountain Gate2 $637.5 Marion $777.1 Hornsby $615.0 Warringah Mall $716.1

$500m - $600m Penrith $592.7 Mt Gravatt $566.5 11% Booragoon $584.8 Carousel $554.8

$400m - $500m Macquarie $497.4 Liverpool $459.4 Chatswood $496.7 Kotara $450.5

Belconnen $496.6 Whitford City $441.0 29% Tea Tree Plaza $472.1 Karrinyup $421.2 Tuggerah $466.3 Woden $412.0 Pacific Fair $462.2 Burwood $402.2

$300m - $400m

Hurstville $399.7 Sydney Central Plaza $352.6 Mt Druitt $383.0 Helensvale $332.7 9% North Lakes $375.5 Plenty Valley $304.0 Westlakes $371.5

< $300m For personal use only use personal For Airport West $287.0 Warrawong $221.8 Innaloo $284.5 Figtree $172.5 7% Geelong $276.6 North Rocks $142.4 Strathpine $264.5

1. Based on 30 June 2012 asset values (WRT share) and excludes Westfield Sydney. 2. Under development. 27 Australian portfolio1 – specialty retail sales $psm

TO 30 JUNE 2012 > $11,000

Sydney Central Plaza $15,669 Bondi Junction $12,430 Booragoon $13,737 Doncaster $11,840 Chermside $13,705 Miranda $11,666

$10,000 - $11,000

Marion $10,880 Fountain Gate2 $10,545 Parramatta $10,098 Carousel $10,697 Penrith $10,387 Mt Gravatt $10,085 Karrinyup $10,653 Tea Tree Plaza $10,181

$9,000 - $10,000 Warringah Mall $9,616 Burwood $9,371 Figtree $9,048 Kotara $9,515 Woden $9,357 Chatswood $9,000 Helensvale $9,438 Hurstville $9,247 Westlakes $9,410 North Lakes $9,158

$8,000 - $9,000

Pacific Fair $8,867 Geelong $8,507 Belconnen $8,067 Southland $8,846 Innaloo $8,384 Whitford City $8,038 Knox $8,754 Macquarie $8,323 Strathpine $8,589 Liverpool $8,229

< $8,000 For personal use only use personal For Tuggerah $7,904 Airport West $7,275 Warrawong $6,256 Mt Druitt $7,841 North Rocks $6,914 Hornsby $7,668 Plenty Valley $6,692

1. Excludes Westfield Sydney. 2. Under development. 28 New Zealand portfolio – annual retail sales

ANNUAL SALES TO 30 JUNE 2012 NZ$MILLION PROPORTION OF NEW ZEALAND PORTFOLIO1

>$300m Riccarton $420.1 Albany $312.9 29%

$200m – $300m St Lukes $270.7 Queensgate $232.3 40% Manukau $223.5

$100m – $200m WestCity $156.7 Chartwell $125.0 Glenfield $142.7 Pakuranga $107.0 28% Newmarket $131.1

< $100m Downtown $67.9

3% For personal use only use personal For

1. Based on 30 June 2012 asset values (WRT share). 29 New Zealand portfolio – specialty retail sales $psm

TO 30 JUNE 2012 NZ$

> $10,000

Riccarton $11,038 Newmarket $10,758 St Lukes $10,367

$8,000 - $10,000

Albany $9,918 Manukau $8,019

$6,000 – $8,000

Downtown $7,780 Queensgate $7,546 West City $6,601

< $6,000

Chartwell $5,929 Glenfield $5,203

Pakuranga $4,681 For personal use only use personal For

30 Westfield Sydney trading update

> Iconic world class retail and office development located in the heart of Sydney’s CBD catering to a main trade area of 1.5 million people with retail spending capacity of over $20 billion > Stabilising well in a challenging retail trading environment with trade building strongly

DEVELOPMENT PROJECT

Completed April 2012

Total cost (office and retail) $1.34 billion1 Estimated retail yield 5.13%2

260 retailers (approx) 39,700sqm (approx)3

3 office buildings 75,000sqm (approx)3

MAIN TRADE AREA Retail expenditure $22.5 billion

Population 1.5 million For personal use only use personal For

1. Represents WRT 50% interest excluding Sydney Central Plaza. 2. The estimated yield on the Westfield Sydney retail and office complex is 5.54%, comprising retail 5.13% and office 6.45%. The minimum annual income yield guaranteed by Westfield Group for three years post completion is 5.60%. 3. Lettable area on completion excluding Sydney Central Plaza. 31 Westfield Sydney - office

> Office component completed in April 2012 > Three office towers covering over 75,000sqm > Estimated yield of 6.45%

85 CASTLEREAGH STREET

New commercial office tower comprising 33,000sqm Premium grade with typical floors of 1,485sqm 32 levels, leased to JP Morgan, Allen & Overy, Westfield Group 6 star Green Star rating 100 MARKET STREET

Complete refurbishment and reconstruction 28,400sqm with large 3,000sqm campus style floor plates 10 levels, 100% leased to ASIC, Westfield Group 6 star Green Star rating 77 CASTLEREAGH STREET (SKYGARDEN OFFICES)

Existing office building

For personal use only use personal For 12 levels, leased to Gadens Lawyers, Westfield Retail Trust 13,200 sqm Sydney Central Plaza

Westfield Sydney 85 Castlereagh Street 77 Castlereagh Street 100 Market Street 32 Westfield Fountain Gate progress

> Stage 1 completed fully leased in May 2012 with initial trading performance meeting expectations • Fresh food market anchored by Coles • Dining precinct including new cafes and restaurants • Free Wi Fi and 3 new play areas to maximise appeal to the young family market

> Construction and leasing of Stage 2 progressing well • Fashion precinct anchored by Myer • Due to open September 2012

> Positioned between three of Melbourne’s major arterial roads

> High growth in trade area population

> Youthful and family focused community

For personal use only use personal For

33 Westfield Fountain Gate development

DEVELOPMENT PROJECT Estimated project cost $170 million1 Estimated yield 7.0 to 7.5% Anticipated completion September 2012

TOTAL TRADE AREA Expenditure $3.9 billion Population 300,000

RETAIL SALES INFORMATION3

Annual sales $637.5 million

Specialty sales $10,545psm

PRE DEVELOPMENT POST DEVELOPMENT

Total stores (approx) 280 400

For personal use only use personal For Specialty stores (approx.) 190 270 Gross lettable area (approx.)2 137,200sqm 171,800sqm Major stores Target, Kmart, Big W, Coles, Existing majors plus Myer, Woolworths, Aldi, Harris Scarfe a new Coles, extended Target 1. Represents WRT 50% interest. 2. Gross lettable area – total centre on completion. Westfield Fountain Gate includes bulky goods, homemaker and pad sites. 3. Retail sales information is for the period 12 months to 30 June 2012. 34 A-IFRS Income Statement

PRIOR PERIOD1 CURRENT PERIOD

2 NOVEMBER 2010 - 1 JANUARY 2011 - 1 JANUARY 2012 - $ MILLION 31 DECEMBER 20102 30 JUNE 2011 30 JUNE 2012 Property revenue 11.6 225.5 251.0

Total revenue 11.6 225.5 251.0 Share of equity accounted entities - Property revenue 16.6 271.2 280.7 - Property revaluations 131.6 41.9 83.0 - Property expenses, outgoings and other costs (4.3) (70.6) (74.3) - Net loss on capital transactions - - (0.2) - Net interest expense - (0.4) (0.8) - Tax expense (0.8) (8.8) (8.1) Share of after tax profit of equity accounted entities 143.1 233.3 280.3

Property expenses, outgoings and other costs (2.7) (61.6) (68.5) Corporate costs (1.2) (16.5) (18.6)

Total expenses (3.9) (78.1) (87.1)

Interest income - 2.0 0.7 Financing costs (4.6) (64.0) (101.4) Capital transaction costs3 (117.2) - -

Property revaluations 95.4 123.3 74.0 For personal use only use personal For Profit before tax 124.4 442.0 417.5 Tax expense - (1.6) (0.6) Profit after tax 124.4 440.4 416.9

1. The results for 30 June 2011 have been re-stated due to the adoption of AASB 2010-8 Amendments to Australian Accounting Standards – Deferred Tax: Recovery of Underlying Assets. 2. WRT was registered as a managed investment scheme on 2 November 2010 and commenced trading on 21 December 2010. 35 3. Charges in respect of the establishment of WRT including transaction and financing costs. Proportionate Income Statement 1 January 2012 to 30 June 2012

1 JANUARY 2012 - 30 JUNE 2012

EQUITY CONSOLIDATED TOTAL $ MILLION ACCOUNTED

Property revenue 251.0 280.7 531.7

Expenses (87.1) (74.3) (161.4)

EBIT 163.9 206.4 370.3

Net interest expense (77.9) (0.6) (78.5)

Mark to market of derivatives (22.8) (0.2) (23.0)

Property revaluations 74.0 83.0 157.0

Tax expense (0.6) (8.5) (9.1)

Deferred tax benefit - 0.4 0.4

Net loss on capital transactions - (0.2) (0.2) For personal use only use personal For Profit after tax 136.6 280.3 416.9

36 Cash flow reconciliation to distributable earnings 1 January 2012 to 30 June 2012

CONSOLIDATED EQUITY ELIMINATIONS PROPORTIONATE1 $ MILLION ACCOUNTED

Receipts in the course of operations (including GST) 284.4 316.6 - 601.0 Payments in the course of operations (including GST) (90.1) (87.5) - (177.6) Distributions received from equity accounted entities 173.5 - (173.5) - Interest received from equity accounted entities 12.5 - (12.5) - Income and withholding taxes paid (2.1) (12.2) - (14.3) Goods and services tax paid (7.7) (23.9) - (31.6)

Net cash flows from operating activities 370.5 193.0 (186.0) 377.5

Net cash flows from operating activities 377.5

Financing costs (excluding mark to market of derivatives) (79.6)

Interest income 1.1

Amortisation of tenant allowances (9.3) For personal use only use personal For Other (7.0) Distributable earnings 282.7

1. The proportionate basis allocates the $193.0 million net operating cash flows in equity accounted entities to individual cash flow items. 37 Proportionate Balance Sheet

AT 31 DECEMBER 20111 AT 30 JUNE 2012

EQUITY EQUITY $ MILLION CONSOLIDATED TOTAL CONSOLIDATED TOTAL ACCOUNTED ACCOUNTED

Cash 18.9 28.7 47.6 12.0 52.4 64.4 Receivables and trade debtors 29.2 14.5 43.7 19.5 11.4 30.9 Property investments - Shopping centres 5,884.2 6,730.6 12,614.8 6,361.4 6,822.6 13,184.0 - Development projects 316.0 151.4 467.4 41.0 222.1 263.1 Total property investments 6,200.2 6,882.0 13,082.2 6,402.4 7,044.7 13,447.1 Other assets 19.5 3.5 23.0 15.6 3.5 19.1 Total assets 6,267.8 6,928.7 13,196.5 6,449.5 7,112.0 13,561.5 Payables and trade creditors 140.1 103.8 243.9 97.9 102.8 200.7 Non-interest bearing liabilities 442.0 - 442.0 - - - Interest bearing liabilities 2,240.8 10.4 2,251.2 2,894.9 10.4 2,905.3 Finance lease liabilities 3.4 19.5 22.9 3.2 20.0 23.2 Deferred tax 0.5 83.9 84.4 - 84.5 84.5

Other liabilities 30.7 5.7 36.4 51.8 3.5 55.3 For personal use only use personal For Total liabilities 2,857.5 223.3 3,080.8 3,047.8 221.2 3,269.0 Net assets 3,410.3 6,705.4 10,115.7 3,401.7 6,890.8 10,292.5

1. The financial position at 31 December 2011 has been re-stated due to the adoption of AASB 2010-8 Amendments to Australian Accounting Standards – Deferred Tax: Recovery of Underlying Assets. 38 Medium term notes - key financial ratios

COVENANT AT 30 JUNE 2012

Leverage (net debt to net assets) Not greater than 65% 21.8%

Secured debt (secured debt to total assets) Not greater than 45% 0%

Interest coverage At least 1.5 times 4.6 times

Unencumbered leverage

(ratio of unencumbered assets to unsecured debt) Not less than 125% 456% For personal use only use personal For

39 Interest rate hedging profile1 – fixed rate debt

A$ INTEREST PAYABLE NZ$ INTEREST PAYABLE AS AT A$M FIXED RATE2 % NZ$M FIXED RATE %

30 June 2012 800.0 6.94% - - 31 December 2012 830.0 6.90% - - 31 December 2013 830.0 6.90% - - 31 December 2014 830.0 6.90% - - 31 December 2015 830.0 6.90% - - 31 December 2016 30.0 5.96% - - 31 December 2017 30.0 5.96% - - 31 December 2018 30.0 5.96% - - 31 December 2019 30.0 5.96% - - 31 December 2020 30.0 5.96% - -

31 December 2021 30.0 5.96% - - For personal use only use personal For

1. For periods beyond 30 June 2012 updated for transactions to 31 July 2012. 2. Average rate including margin. 40 Interest rate hedging profile1 – derivatives

INTEREST RATE SWAPS INTEREST RATE SWAPS INTEREST RATE CAPS A$ INTEREST PAYABLE NZ$ INTEREST PAYABLE NZ$

AS AT A$M FIXED RATE2 % NZ$M FIXED RATE2 % NZ$M FIXED RATE3 %

30 June 2012 1,470.0 4.11% 360.0 4.06% 65.0 4.10% 31 December 2012 1,370.0 4.26% 425.0 3.88% 65.0 4.10%

31 December 2013 1,020.0 4.33% 375.0 3.96% 65.0 4.10%

31 December 2014 870.0 4.52% 260.0 4.05% - - 31 December 2015 580.0 4.75% 160.0 4.27% - - 31 December 2016 530.0 4.92% 65.0 4.66% - - 31 December 2017 240.0 4.94% - - - - 31 December 2018 240.0 4.94% - - - - 31 December 2019 240.0 4.94% - - - -

31 December 2020 240.0 4.94% - - - - For personal use only use personal For

1. For periods beyond 30 June 2012 updated for transactions to 31 July 2012. 2. Average rate excluding margin. 3. Strike rate of interest rate cap excluding margin. 41 Interest rate hedging profile1 – fixed rate debt and derivatives

> Average term of interest rate hedging is 3.6 years2

> Interest rate exposure 90% hedged3 For personal use only use personal For

1. For periods beyond 30 June 2012 updated for transactions to 31 July 2012. 2. At 31 July 2012. 3. At 30 June 2012. 42 Exchange rates

1 JANUARY 2011 - 1 JANUARY 2012 - INCOME STATEMENT % CHANGE 30 JUNE 2011 30 JUNE 2012

AUD/NZD average exchange rate 1.3292 1.2843 (3.4)%

BALANCE SHEET AT 31 DECEMBER 2011 AT 30 JUNE 2012 % CHANGE

AUD/NZD period end exchange rate 1.3151 1.2759 (3.0)% For personal use only use personal For

43 Governance structure

> Board comprised of 8 directors with Mr Richard F Egerton-Warburton AO, LVO as Chairman > Board appointed committees established under individual charters1: • Audit and Risk Committee - Comprising 3 independent directors, chaired by Mr Michael Ihlein - Monitors and reviews compliance with laws and regulations and the accuracy and reliability of financial reporting - Oversees the audit function and internal control procedures - Monitors the adequacy and effectiveness of compliance and risk processes • Conflicts Committee - Comprising 5 independent directors, chaired by Mr Richard F Egerton-Warburton AO, LVO - Reviews transactions with related parties (including Westfield Group) including any property management agreements or redevelopment proposals and makes recommendations to the Board • Remuneration Committee - Comprising 3 independent directors, chaired by Ms Sandra McPhee

For personal use only use personal For - Determines and reviews remuneration policies and contractual obligations > No management fee charged by the Responsible Entities > Management team employed directly by WRT and reporting to the WRT Board

1. See www.westfieldretailtrust.com for copies of all Board and Committee charters. 44 Further information

For further information please contact:

Brian Mackrill Melanie Buffier Chief Financial Officer Investor Relations Phone: +61 2 9333 4803 Phone: +61 2 9333 4810

About Westfield Retail Trust

Westfield Retail Trust (ASX Code: WRT) is Australia's largest listed real estate investment trust solely focused on Australian and New Zealand retail property, with total assets valued in excess of $13.5 billion. The Trust’s principal investment is the joint venture ownership, alongside Westfield Group, in a pre-eminent shopping centre portfolio comprising interests in 52 major shopping centres located

predominantly in Australia with 8% of the Trust’s shopping centre assets located in New Zealand. For personal use only use personal For