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28 March 2008 the Manager Company Announcements Office ASX Limited Level 4, Exchange Centre 20 Bridge Street SYDNEY NSW 2000

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28 March 2008 the Manager Company Announcements Office ASX Limited Level 4, Exchange Centre 20 Bridge Street SYDNEY NSW 2000 28 March 2008 Westfield Group Level 24, Westfield Towers 100 William Street Sydney NSW 2011 The Manager GPO Box 4004 Company Announcements Office Sydney NSW 2001 ASX Limited Australia Level 4, Exchange Centre Telephone 02 9358 7000 20 Bridge Street Facsimile 02 9358 7077 SYDNEY NSW 2000 Internet www.westfield.com Dear Sir/Madam WESTFIELD GROUP (ASX:WDC) ANNUAL FINANCIAL REPORT FOR WESTFIELD GROUP Attached is the Annual Financial Report for the Westfield Group for the financial year ended 31 December 2007. A copy of the report may be accessed on the Westfield website – www.westfield.com. Yours faithfully WESTFIELD GROUP Simon Tuxen Company Secretary Encl. Westfield Holdings Limited ABN 66 001 671 496 Westfield Management Limited ABN 41 001 670 579 AFS Licence 230329 as responsible entity for Westfield Trust ABN 55 191 750 378 ARSN 090 849 746 Westfield America Management Limited ABN 66 072 780 619 AFS Licence 230324 as responsible entity for Westfield America Trust ABN 27 374 714 905 ARSN 092 058 449 Westfield Group Annual Report 2007 Contents Portfolio Overview IFC Chairman’s Report 03 Group Managing Directors’ Report 05 Environment and Community 14 Senior Executive Team 18 Property Portfolio 22 Board of Directors 26 Financial Report 28 Investor Relations 124 Corporate Directory IBC The Westfield Group The Westfield Group is the world’s largest listed retail property group by equity market capitalisation. The Group has interests in and operates a global portfolio of 118 high quality regional shopping centres in Australia, New Zealand, the United States and the United Kingdom valued at more than $63 billion, with almost 23,000 retailers in more than 10 million square metres of retail space. Westfield is a vertically integrated shopping centre group. It manages all aspects of shopping centre development from design and construction through to leasing, management and marketing. The Group creates value through intensive management at an operational level and an extensive development program which continually improves the quality of the portfolio to generate income and capital growth for investors. Portfolio Summary United United New States Australia Kingdom Zealand Total Centres 55 44 7 12 118 Retail Outlets 8,735 11,430 926 1,672 22,763 GLA (million sqm) 5.8 3.5 0.4 0.4 10.1 Westfield Asset Value (billion) US$16.1 $20.0 £0.9 NZ$3.1 $43.2 Assets Under Management (billion) US$19.4 $28.2 £4.4 NZ$3.3 $63.2 Front cover images (left to right): Westfield Century City – Los Angeles, Westfield Sydney City, Westfield London All amounts in Australian dollars unless otherwise specified Westfield Holdings Limited ABN 66 001 671 496 Seattle Chicago New York San Francisco UNITED STATES Washington Los Angeles San Diego Miami Cairns UNITED KINGDOM Brisbane Gold Coast Perth Auckland Adelaide Sydney Canberra Melbourne Wellington Belfast Bradford Christchurch Nottingham Derby Birmingham AUSTRALIA & NEW ZEALAND London Assets Under Management Gross Lettable Area Australia 44% Australia 35% United States 35% United States 57% United Kingdom 16% United Kingdom 4% New Zealand 5% New Zealand 4% Westfield Group Annual Report 2007 01 Chairman’s Review Frank Lowy, AC It gives me great pleasure to We are constantly assessing The strong financial and present to you the Westfield our future capital needs to operational performance of Group Annual Report for 2007. ensure we maintain a strong Westfield over many years is the I am pleased with the Group’s financial position to fund our direct result of the dedication, performance during the year extensive $10 billion development expertise, experience and hard with all areas of the business program, which is one of the key work of the board and staff and I continuing to grow in a challenging drivers of the Group’s growth. In would like to acknowledge their environment. the past year approximately role in the continued success of $7.4 billion has been raised the Group. The strength of the Group is through asset sales, joint ventures, underpinned by the high quality The Group’s high quality global the establishment of a UK of our shopping centre portfolio, portfolio, our strong and stable wholesale fund and the issuance but even the best centres require a cash flows and the value creation of equity. Today the Group has a constant focus on redevelopment flowing from redevelopment strong balance sheet with total to ensure they achieve strong of many of our assets gives me assets of $52.3 billion, $7.7 billion penetration in their market and confidence in the future. It is these of available liquidity and gearing remain relevant to retailers and characteristics which have enabled of 31.7%. This financial strength is shoppers. Westfield, since it was first listed reflected in the Group’s single ‘A’ nearly 50 years ago, to manage its The importance of this objective investment grade credit rating. way through economic cycles and can be seen in the scale of our Our business benefits from being continue to grow at the same time. redevelopment pipeline and in geographically diverse. Westfield’s our willingness to continue Given these characteristics, I portfolio comprises 118 shopping investing in redeveloping assets. expect the Group will continue centres in four countries – In 2007, the returns on capital to deliver income and capital Australia, New Zealand, the United invested in the redevelopment growth in the years ahead and I am States and the United Kingdom. program have again reinforced the pleased to confirm the distribution We have almost 23,000 retailers value created for investors through forecast for 2008 at 106.5 cents per across categories including fashion, this strategy. On developments security. food, entertainment and major completed in 2007, the Group department stores. This diversity, achieved an average development together with the long-term nature yield of 9.3%. of our tenancy agreements, In the years ahead the Group’s helps cushion the Group from focus will include the development short-term economic cycles in any of landmark centres in premier given market. locations such as Stratford City, During 2007 Westfield continued adjacent to the site of the 2012 to make significant improvements London Olympics, the World Trade in the way it manages its Center in New York and the Sydney environmental impact and engages City project in Australia. These with the community. Its approach centres will be beacons for the in both areas has become more Westfield brand around the world, Frank Lowy, AC integrated with the core business promoting high quality design and Chairman of the Group, leading to greater customer service and providing a efficiency and better outcomes business platform for some of the for the environment. More best global retail brands. information on this can be found in the Environment and Community section of this report. Westfield Group Annual Report 2007 02/03 Group Managing Directors’ Review Growth of Westfield Group’s Operational Segment Earnings (actual) 1,850 0.98 1,800 Cents $ Billions 0.96 1,750 1,700 0.94 1,650 1,600 0.9 1,550 0.88 1,500 1,450 0.86 1,400 1,350 0.84 2005 2006 2007 Peter Lowy, Steven Lowy $ Billions Cents Growth of Westfield Group’s Operational Segment Earnings (constant currency) $ Millions Cents 1,850 0.97 1,800 1,750 0.95 1,700 0.63 1,650 0.91 1,600 1,550 0.87 1,500 0.85 1,450 $ Millions 0.83 1,400 Cents per security 1,350 0.81 2005 2006 2007 We are pleased to report on a very The strong performance achieved During the year the Group also satisfying result in what has been by the Group in 2007 was took the opportunity to strengthen a volatile year in the financial and underpinned by a geographically its balance sheet and increase real estate markets. diverse and high quality portfolio, available liquidity to better position a strong balance sheet, an the Group to fund its extensive In the year ended 31 December experienced management team development program. 2007, financial highlights for the and an intensive management Group included: In total, the Group was able to focus on extracting maximum value raise approximately $7.4 billion, • operational segment earnings from the shopping centres. principally through a combination – which is a measure of the The high quality of the portfolio of a $3 billion pro-rata rights operating performance of the was also reflected in the year end issue; the creation of new joint Group – were up 11.6% on a revaluations. On a comparable ventures with leading global real constant currency basis to basis, the value of the existing estate investors; the establishment $1.79 billion. This represents properties not affected by of a £530 million Westfield UK earnings of 96.12 cents per developments increased by Shopping Centre Wholesale Fund security, an increase of 6%. $1 billion. Gains in the value of the and the strategic divestment • recurring development segment Australian portfolio were partially of non-core assets in the earnings resulting from the offset by weaker valuations in the United States. Group’s long-term strategy UK, reflecting the general state of The outlook for the Group is of value creation through that market. Asset values in our strong. Our shopping centre investment in redeveloping our US portfolio increased marginally, portfolio has high occupancy levels portfolio. Segment earnings a result which, taking in account and long term leases, and is well- of $889 million were driven by the difficult market conditions in positioned to deliver sustainable development gains of the US, reflects both the quality of income and capital growth. In $1.1 billion, representing an 87% the US portfolio and the disposal 2008, we expect to deliver a similar return on the Group’s $1.3 billion of assets in markets which did level of growth in operational investment in developments not meet the Group's long-term segment earnings per security, on completed in 2007.
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