10 May 2016 the Manager Company Announcements Office ASX Limited

10 May 2016

Westfield Corporation Level 29 The Manager 85 Castlereagh Street Company Announcements Office Sydney NSW 2000 ASX Limited GPO Box 4004 Sydney NSW 2001 Level 4, Exchange Centre Australia 20 Bridge Street Telephone 02 9273 2000 SYDNEY NSW 2000 Facsimile 02 9358 7241 Internet www.westfieldcorp.com

Dear Sir/Madam

WESTFIELD CORPORATION (ASX: WFD) SHAREHOLDER REVIEW 2016

Attached is Westfield Corporation’s 2016 Shareholder Review.

An interactive version of the Shareholder Review is also available on the corporate website. Please click on the attached link to view the document - Westfield Corporation – Shareholder Review

Yours faithfully WESTFIELD CORPORATION

Simon Tuxen Company Secretary

Encl.

Westfield Corporation Limited ABN 12 166 995 197 Westfield America Management Limited ABN 66 072 780 619 AFS Licence 230324 as responsible entity of Westfield America Trust ABN 27 374 714 905  ARSN 092 058 449 and as responsible entity of WFD Trust ABN 50 598 857 938  ARSN 168 765 875

SHAREHOLDER REVIEW 2016

CREATING CONNECTIONS

WWW.WESTFIELDCORP.COM Westfield Corporation Shareholder Review 2016 | 1

We create and operate flagship CONTENTS assets in leading markets 2 – 3 HIGHLIGHTS 4 – 5 CHAIRMAN’S LETTER that deliver great experiences 6 – 7 CO-CEO REVIEW 8 – 9 FINANCIAL HIGHLIGHTS 10 – 13 PORTFOLIO OVERVIEW for retailers and consumers. 14 – 15 DEVELOPMENT PROGRAM 16 – 17 CENTURY CITY 18 – 19 LONDON 20 – 27 WORLD TRADE CENTER 28 – 29 MILAN We are focused on creating 30 – 31 UTC 32 – 33 VALLEY FAIR 34 – 37 DIGITAL STRATEGY a digital platform to converge 36 WESTFIELD LABS 37 DATA ANALYTICS with our physical portfolio 38 – 39 PORTFOLIO DETAILS 40 – 45 BOARD & SENIOR MANAGEMENT 40– 43 BOARD OF DIRECTORS to better connect retailers, 44 – 47 SENIOR MANAGEMENT 48 CORPORATE DIRECTORY brands and consumers. 2 Westfield Corporation Shareholder Review 2016 | 3 HIGHLIGHTS All amounts in US dollars unless otherwise specified PSF means per square foot

82% FLAGSHIP 18% REGIONAL

$29BASSETS UNDER MANAGEMENT $726 PSF 6,500 400M >$16B PORTFOLIO ANNUAL RETAIL CUSTOMER ANNUAL SPECIALTY SALES OUTLETS VISITS ACROSS RETAIL SALES 34 ASSETS

FLAGSHIP ASSETS $3.7 BILLION CURRENTLY UNDER CONSTRUCTION $6.8 BILLION $10.5B FUTURE 16 $23.7B $902 PSF DEVELOPMENT DEVELOPMENT PROGRAM FLAGSHIP VALUE OF FLAGSHIP ANNUAL ASSETS FLAGSHIP SPECIALTY SALES ASSETS 4 Westfield Corporation Shareholder Review 2016 | 5

CHAIRMAN’S LETTER

I am proud to present Westfield Corporation’s 2016 Shareholder Review.

This is our second Shareholder Review Over the past decade we have continued following the restructure of Westfield Group to transform our portfolio through landmark in 2014 and I am pleased to report that in our developments, strategic divestments and first full financial year, Westfield Corporation innovation. Our evolution has anticipated has delivered a strong financial and operating the emerging demand by consumers for performance and made significant progress better designed buildings and improved on its development program. In 2015 we customer services and the demand by delivered A-IFRS profit of $2.3 billion, Funds retailers, especially international, luxury and from Operations (FFO) of $783 million (37.7 high street retailers, for space in high profile cents per security) and distributions of and prestigious locations in the world’s 25.1 cents per security – all in line with our leading cities. forecast. It has also anticipated the rapid rise of the Since the restructure Westfield Corporation role digital devices and technology play in our has delivered a total return of 47.1%, lives. We have already seen that the future outperforming the ASX200 Index by 42.5% of retail is not a choice between physical and the ASX200 REIT Index (excluding and digital. Rather, the choice is both – the Westfield Corporation) by 20.3% and has best centres in great locations, combined ranked in the top 10 companies in the ASX50 with a vibrant and totally integrated digital in terms of total return to security holders in experience for retailers, brands and shoppers. that period. That trend will accelerate in the years ahead Our strategy is to create and operate flagship and it is the integration of the best physical assets in leading markets that deliver assets with digital initiatives that will underpin great experiences for retailers, brands and our future success. consumers. We are focused on innovation Our continued success would not be possible and are creating a digital platform to converge without our team around the world and I with our physical portfolio to better connect want to formally acknowledge and thank retailers, brands and consumers. them for their efforts. I would also like to We have continued to evolve our assets into thank my fellow directors for their contribution vibrant, exciting places in densely populated to the success of Westfield Corporation. locations by integrating fashion, food, leisure Their strategic guidance and advice has and entertainment as well as focusing on been invaluable. digital technology and leveraging the data I am proud to be leading Westfield generated across our business. Corporation during this exciting period of Our aim is to connect the retailer with the growth and am confident we will continue to shopper more closely than ever and help improve further what is already the highest retailers and brands build a lasting and FRANK LOWY AC quality retail portfolio in the world. Chairman meaningful relationship with their customers. 6 Westfield Corporation Shareholder Review 2016 | 7

CO-CEO REVIEW We are pleased to report on the significant progress made in implementing our strategy over the past 12 months. This involves delivering destinations with impressive architecture that incorporate embedded digital technologies and integrate the best in fashion, food, leisure and entertainment to create exceptional experiences.

OUR PORTFOLIO & Our $10.5 billion development program For the 2016 financial year, we expect to –– Launching Bespoke, a new dedicated space OUTLOOK DEVELOPMENT PROGRAM excludes residential opportunities on land deliver FFO of between 34.2 and 34.5 cents within our San Francisco centre that retail we currently own, adjacent to our centres, per security, after taking into account the technology businesses can use to develop, We are committed to leading our industry, We have $29 billion in Assets including approvals for 2,500 apartments dilution from our non-core asset divestments test and refine their initiatives within a physically and digitally and to delivering best- under Management and a $10.5 at Westfield London and Westfield Stratford in late 2015 and lost income from our shopping centre environment; and in-class assets, market leading operating and billion development program. City in the United Kingdom and the possibility Century City development. This represents financial metrics as well as making a positive –– Establishing a new Data and Analytics unit During 2015, we: of several thousand apartments on existing pro-forma growth of 3%-4% on the previous contribution to the social, environmental and whose function it is to work with retailers to owned land adjacent to our US centres. corresponding period. Distributions are economic well-being of the communities in better understand the data generated in our –– Completed over $1 billion in projects; We are currently evaluating the best way to forecast to be 25.1 cents per security. which we operate. centres and to utilise it to create relevant and proceed to leverage these opportunities and –– Commenced $2.5 billion of projects compelling end-to-end retail innovations and create the most value for the Group. including Century City in Los Angeles, DIGITAL TECHNOLOGY experiences. UTC in San Diego and Westfield London; & INNOVATION OPERATING PERFORMANCE We are also leveraging our flagship assets and –– Completed the $925 million joint venture The rapid uptake of mobile technology close relationships with global retailers and of three regional assets in the US; and Our portfolio achieved specialty sales of means that innovation and adaptation will brands to deliver new income streams. For $726 per square foot (psf), up 6.4% for the –– Divested six non-core assets for continue to be crucial to our success. example, at the Westfield World Trade Center, STEVEN LOWY AM 12 months to 31 December 2015 and our we have concluded a number of multi-year $1.3 billion. We see the opportunity to create new Co-Chief Executive Officer (Left) flagship assets delivered specialty sales of sponsorships with major brands, including revenue streams and extract greater value Today our portfolio consists of 34 centres, $902 psf, up 8.0%. Chase and Ford, which will open its first from our portfolio by continuing to invest in of which 82% are flagship assets. Upon innovative concept called FordHub. In addition Comparable net operating income for our our digital platform which is focused on better completion of our current development to leasing stores these brands will participate in portfolio for the 12 month period was up connecting retailers and consumers both program we expect this percentage to be in media and event activation at Westfield World 3.9%, and our flagship portfolio was up 4.2%. physically and digitally. the range of 85% - 90%. Trade Center, similar to major sporting and Our portfolio was 95.9% leased as at Our development program comprises During 2015, we made significant progress in entertainment venues. We are actively pursuing PETER LOWY 31 December 2015. Co-Chief Executive Officer (Right) $3.7 billion of projects currently under the roll-out of our digital strategy including: similar opportunities across our portfolio. construction, including Westfield World –– Successfully unifying all of our assets onto All of these activities underscore our view Trade Center in New York, Century City FINANCIAL PERFORMANCE a single digital platform; that the relationship between owners and in Los Angeles, UTC in San Diego and For the 2015 financial year, we reported developers of shopping centres and retailers Westfield London. –– Piloting a digital suite of services at A-IFRS profit of $2.3 billion, Funds from must change. Westfield London, including express Operations (FFO) of $783 million or We have $6.8 billion of future developments, car parking, mobile app, wayfinding, In the past, the most intense phase of that 37.7 cents per security and distributions of including Valley Fair in in San Jose California, offers, food ordering and product search relationship was in the lead up to the opening 25.1 cents per security. Westfield Milan in Italy (which will be our capabilities. We intend rolling out this digital of a store. Now, it must begin with the opening first development in continental Europe) and We have a strong Balance Sheet with $20 suite of services firstly into a US pilot centre of a store, with far greater collaboration and Croydon in South London. billion of balance sheet assets, a gearing ratio and then across our flagship centres. sharing of information to produce a better offer With expected yields of between 7% and 8% of 29.9%, $4.5 billion of available liquidity and for the consumer. on our $10.5 billion development program, interest cover of 4.7 times. The power of that combined knowledge and we believe Westfield Corporation will generate expertise will make already highly successful significant long-term value and earnings shopping centres and retailers even more so accretion for shareholders. in the future. 8 Westfield Corporation Shareholder Review 2016 | 9

FINANCIAL HIGHLIGHTS

FUNDS FROM OPERATIONS 12 MONTHS TO 31 DEC 2015 $MILLION Net Property Income 861

Management Income 44

Project Income 124

FFO 783

FFO per Security 37.7 cents

Distribution per Security 25.1 cents

BALANCE SHEET AS AT 31 DECEMBER 2015 $ BILLION Property Investments 17.5

Cash and Other Assets 2.5

Total Assets 20.0

Interest Bearing Liabilities 7.5

Other Liabilities1 1.2

Total Liabilities 8.7

Net assets1 11.3

Gearing (Enterprise Value) 29.9%

1 Excludes $1.7 billion of deferred tax liabilities and $257 million of convertible preference securities classified as minority interests given their equity characteristics 10 Westfield Corporation Shareholder Review 2016 | 11

PORTFOLIO SUMMARY

ASSETS DECEMBER 2015 FLAGSHIP REGIONAL TOTAL PORTFOLIO UNDER Centres 16 18 34 MANAGEMENT BY GEOGRAPHY Retail Outlets 3,769 2,711 6,480 70% US GLA (m sqf) 23.8 19.8 43.6 OVERVIEW 30% UK Assets under Management ($billion) $23.7 $5.3 $29.0 Westfield Corporation has interests in 34 shopping Westfield Corporation Interests ($billion) $14.5 $3.0 $17.5 centres in the United States and United Kingdom, Joint Venture Partner Interests ($billion) $9.2 $2.3 $11.5 valued at $29 billion. These centres encompass 6,500 retail outlets, 43.6 million square feet of GLA and Westfield Corporation Interests % 61% 57% 60% generate $726 per square foot in annual specialty sales. The Group’s 16 flagship assets constitute 82% of ASSETS HIGH PRODUCTIVITY PORTFOLIO UNDER Assets under Management and generate $902 per MANAGEMENT square foot in annual specialty sales. FLAGSHIP CENTER REGIONAL CENTER 82% FLAGSHIP ANNUAL SPECIALTY ANNUAL SPECIALTY ANNUAL SPECIALTY During 2015, Westfield Corporation divested six 18% REGIONAL RETAIL SALES OF RETAIL SALES OF RETAIL SALES OF non-core assets for $1.3 billion and entered into a $925 million joint venture for three regional $726 PSF $902 PSF $454 PSF shopping centres. HIGH LEVELS OF OCCUPANCY

PORTFOLIO FLAGSHIP REGIONAL LEASED CENTERS LEASED CENTERS LEASED 95.9% 96.6% 94.8% 12 Westfield Corporation Shareholder Review 2016 | 13

ASHINGTON SOUTHCENTER

HIAGO IL OLD ORCHARD LONON LONDON STRATFORD CITY ONNETIT CROYDON MERIDEN TRUMBULL

NE OR NORTHERN ALIFORNIA WORLD TRADE CENTER ROSEVILLE SOUTH SHORE ITAL SAN FRANCISCO SUNRISE VALLEY FAIR MILAN OAKRIDGE

NE ERSE LOS ANGELES A GARDEN STATE PLAZA CENTURY CITY CULVER CITY FASHION SQUARE ARLAN SANTA ANITA ANNAPOLIS TOPANGA MONTGOMERY PALM DESERT WHEATON VALENCIA SAN IEGO A UTC HORTON PLAZA MISSION VALLEY NORTH COUNTY FLORIA PLAZA BONITA BRANDON BROWARD CITRUS PARK COUNTRYSIDE SARASOTA SOUTHGATE WESTFIELD CORPORATION’S PORTFOLIO

FLAGSHIP FUTURE FLAGSHIP REGIONAL CITY/COUNTRY Westfield Century City 14 Westfield Corporation Shareholder Review 2016 | 15

Westfield UTC

Westfield World Trade Center (New York) Westfield London Croydon (London)

In the United Kingdom, Westfield London TOTAL WESTFIELD PROJECT CORPORATION ANTICIPATED and Westfield Stratford City are two of the CURRENT PROJECTS MILLION MILLION COMPLETION highest revenue generating shopping centres. These two centres generate annual sales Westfield World Trade Center (New York) $1,425 $1,425 Aug 2016 of £2.1 billion from over 70 million annual $10.5 BILLION Century City (California) $800 $800 2H2017 customer visits. On completion of the current £600 million expansion, Westfield London UTC (California) $585 $293 2H2017 will become the largest shopping centre DEVELOPMENT in Europe. Westfield London (UK) £600 £300 2H2018 In the United States, the Westfield World Trade Center, which is scheduled to open TOTAL $3.7 billion $3.0 billion in August 2016, will transform shopping in Lower Manhattan with 365,000 square feet of retail and dining space integrated into the PROGRAM TOTAL WESTFIELD spectacular Santiago Calatrava designed PROJECT CORPORATION ANTICIPATED FUTURE PROJECTS BILLION SHARE COMMENCEMENT Westfield Corporation is a global leader in the Oculus. The $800 million redevelopment of Westfield Century City in Los Angeles Valley Fair (California) $0.9 50% 2016 design, development and operation of flagship retail will redefine shopping on the west side of destinations. It is widely acknowledged as creating Los Angeles. Topanga (California) $0.15 55% 2016

and operating some of the top shopping centres in The Group continues to focus on creating Milan (Italy) €1.4 75% 2017-18 the markets in which it operates. the highest quality shopping centre portfolio globally through its $10.5bn Croydon (UK) £1.4 50% 2017-18 development pipeline, comprising Other Future Projects $2.2 $3.7bn of current developments and $6.8bn of future developments. Westfield Corporation’s share of the development TOTAL $6.8 billion program is approximately $6 billion.

This $10.5 billion development program excludes residential opportunities on land which Westfield Corporation currently owns and is located adjacent to its centres. For example the Group has approvals for 2,500 apartments at Westfield London and Westfield Stratford City. With expected yields of between 7% and 8%, Westfield Corporation’s development program is expected to generate significant long-term value and earnings accretion for the Group. 16 Westfield Corporation Shareholder Review 2016 | 17

WESTFIELD CENTURY CITY LOS ANGELES

The $800 million Westfield Century City project will add approximately 400,000 square feet of Gross Lettable Area (GLA). Total GLA will increase to 1.3 million square feet following completion of the current development and will comprise new flagship department stores for Nordstrom and Macy’s, a refurbished Bloomingdales, 230 premium specialty retail shops and world- class restaurants, led by Eataly. Upon completion, Westfield Century City will become the landmark retail destination for the west side of Los Angeles.

COMMENCEMENT: 2015 ESTIMATED COMPLETION: 2H17 GROSS LETTABLE AREA POST COMPLETION: 1.3M SQF PROJECT COST: $800M WESTFIELD INVESTMENT: 100%

SCAN FOR CENTURY CITY FLY-THROUGH OR VISIT: http://www.westfieldcorp. LA com/video/?video=WES_ Century_City_1080p_v03 18 Westfield Corporation Shareholder Review 2016 | 19

WESTFIELD LONDON

Westfield London currently has 1.8 million square feet of Retail Gross Lettable Area (GLA) with 27 million annual customer visits generating annual retail sales of £1 billion and specialty sales of £924 per square foot. Since its launch in 2008, Westfield London has transformed the retailing landscape in London with a unique blend of fashion, beauty, dining, leisure and entertainment, just three miles from the West End. The £600 million expansion of Westfield London will be anchored by a new flagship John Lewis department store increasing total GLA to 2.6 million square feet with around 450 stores. Upon completion, expected to be in the second half of 2018, Westfield London will become the largest shopping centre in Europe.

COMMENCEMENT: 2015 ESTIMATED COMPLETION: 2H18 GROSS LETTABLE AREA POST COMPLETION: 2.6M SQF PROJECT COST: £600M WESTFIELD INVESTMENT: 50% JV PARTNER: COMMERZ REAL INVESTMENTGESELLSCHAFT: 50%

SCAN FOR WESTFIELD LONDON PHASE 2 FLY-THROUGH OR VISIT: http://www.westfieldcorp. com/video/?video=london- LONDONphase-2-fly-through-419 AUGUST 2016 >100 RETAIL OUTLETS WESTFIELD 365,000 SQF FLOOR SPACE 300,000 WORLD TRADE PEOPLE A DAY $I.4 BILLION CENTER TOTAL PROJECT COST

THE OCULUS 26 Westfield Corporation Shareholder Review 2016 | 27

WESTFIELD WORLD TRADE CENTER NEW YORK

Westfield Corporation, in conjunction with the Port Authority of New York and New Jersey, is developing a 365,000 square foot shopping and dining destination in Manhattan’s iconic World Trade Center. Designed by Santiago Calatrava, the $1.4 billion Westfield World Trade Center is fully leased and scheduled to open in August 2016. This landmark project will be a spectacular shopping, dining, event and entertainment destination integrated into the $4 billion World Trade Center Transportation Hub in Lower Manhattan. The project will showcase a diverse mix of more than 100 domestic and international fashion, beauty, entertainment and technology retailers as well as a world class food offering, led by Eataly, a unique global Italian dining experience. As part of Westfield’s broader strategy, a number of multi-year sponsorships have been concluded with major brands such as Ford Motor Company and Chase, which in addition to leasing stores will participate in media and event activation, similar to major sporting and entertainment venues. On completion, more than 300,000 people are expected to pass through the Westfield World Trade Center each day.

ESTIMATED COMPLETION: AUGUST 2016 GROSS LETTABLE AREA POST COMPLETION: 365,000 SQF PROJECT COST: $1.4B WESTFIELD INVESTMENT: 100%

SCAN FOR WESTFIELD WTC FLY-THROUGH OR VISIT: http://www.westfieldcorp. N Y com/video/?video=WTC- Video-2 28 Westfield Corporation Shareholder Review 2016 | 29

WESTFIELD MILAN

Westfield Milan, located on a 60 hectare site in Milan, one of the world’s fashion capitals, and close to Linate Airport, is our first development in continental Europe and is expected to be Italy’s premier retail and leisure destination. The development represents a significant opportunity for Italian and international retailers. It is located within a highly affluent trade area with one of the highest per capita retail spends in Europe and a major under-supply of high quality retail space. Westfield Milan will be anchored by a flagship 194,000 square foot, four-level Galeries Lafayette department store, their first in Italy. It will feature approximately 300 stores, a luxury village, cinemas, leisure, entertainment, restaurants, approximately 10,000 parking spaces as well as the latest in digital technology, signature shopping and tourism services. Significant progress has been made on predevelopment work, including outline planning consent and all environmental approvals. The project is expected to commence between 2017-2018.

COMMENCEMENT: 2017-2018 GROSS LETTABLE AREA POST COMPLETION: 1.8M+ SQF PROJECT COST: €1.4B WESTFIELD INVESTMENT: 75% MILAN JV PARTNER: GRUPPO STILO: 25% 30 Westfield Corporation Shareholder Review 2016 | 31

WESTFIELD UTC SAN DIEGO CALIFORNIA

The $585 million expansion at UTC in San Diego is progressing well and is on track to complete in 2017. It will be anchored by a new relocated Nordstrom department store, 250,000 square feet of additional retail shops as well as world class restaurants and event space.

COMMENCEMENT: 2015 ESTIMATED COMPLETION: 2H17 ADDITIONAL GROSS LETTABLE AREA: 330,000 SQF UTCPROJECT COST: $585M WESTFIELD INVESTMENT: 50% JV PARTNER: JP MORGAN INVESTMENT MANAGEMENT: 50%

SCAN FOR WESTFIELD UTC PHASE 2 FLY-THROUGH OR VISIT: http://www.westfieldcorp. com/video/?video=WF- UTC-71615 32 Westfield Corporation Shareholder Review 2016 | 33

Located in the heart of Silicon Valley, one of the wealthiest and fastest-growing areas in the United WESTFIELD States, Westfield Valley Fair is anchored by a Nordstrom department store and showcases a VALLEY FAIR unique line-up of international luxury retailers and iconic global brands. SILICON VALLEY The $900 million redevelopment will add 500,000 square feet of GLA including a new 150,000 CALIFORNIA square foot flagship Bloomingdale’s department store, a 60,000 square foot high-end cinema as well as luxury brands, a new dining precinct and the latest in technology, entertainment and events. The project is expected to commence in 2016.

COMMENCEMENT: 2016 ADDITIONAL GROSS LETTABLE AREA: 500,000 SQF PROJECT COST: $900M WESTFIELD INVESTMENT: 50% JV PARTNER: JP MORGAN INVESTMENT MANAGEMENT: 50% CA 34 35

DIGITAL STRATEGY Westfield Corporation’s digital strategy is focused on better connecting consumers and retailers, both physically and digitally, by converging the physical portfolio with digital environments. We believe the digital evolution is important to ensuring the ongoing success of the company as more retailers focus on their ‘omni-channel’ strategies and ‘online-only’ retailers explore physical options. 36 Westfield Corporation Shareholder Review 2016 | 37

WESTFIELD DATA LABS ANALYTICS

In 2012, Westfield Labs was established in In early 2016 Westfield Labs launched In late 2015, Westfield Corporation The speech focussed on the convergence of San Francisco, the global hub of technology “The Connected Commerce Accelerator” established a new data analytics capability digital technology with physical retail space innovation and development, to enable program in partnership with R/GA, a leading to enable the Group and its retail partners and stressed the importance of retailers and Westfield Corporation to be at the forefront of digital creative agency, to enable start-up to better capture and understand data centre operators sharing data, collaborating technological developments in retail. businesses to develop new technologies that generated across our business and assets and expanding their partnerships in order to reimagine, reinvent and disrupt the future of and to utilise this data to create relevant and drive competitiveness, transformation and During 2015, Westfield Labs successfully commerce. Major brands sponsors of the compelling end-to-end retail innovations success in a rapidly changing landscape. rolled out a unified digital platform across program include Macy’s, Shopify Plus, Bank and experiences. the Westfield portfolio. It also commenced of America Merchant Services and Verizon. piloting an integrated digital suite of services The importance of this data analytics at Westfield London including express car capability was highlighted in a keynote parking, wayfinding, food ordering, product speech by Co-CEO Steven Lowy at the search capabilities and digital kiosk which we National Retailer Federation’s “Big Show” intend rolling out across our portfolio in the in New York in January 2016. coming years. 38 Westfield Corporation Shareholder Review 2016 | 39

PORTFOLIO DETAILS

FLAGSHIP CENTRES REGIONAL CENTRES 31 DECEMBER 2015 31 DECEMBER 2015

TOTAL ANNUAL TOTAL SPECIALTY NUMBER OF TOTAL ANNUAL TOTAL SPECIALTY NUMBER OF RETAIL SALES 1 LETTABLE LETTABLE RETAIL RETAIL SALES 1 LETTABLE LETTABLE RETAIL SHOPPING CENTRE INTEREST% $MILLION AREA (SQF) AREA (SQF) OUTLETS SHOPPING CENTRE INTEREST % $MILLION AREA (SQF) AREA (SQF) OUTLETS

UNITED KINGDOM UNITED STATES Stratford City 50.0 £1,110.9 1,905,542 1,295,595 342 Brandon 50.0 339.6 1,150,140 535,084 201 Westfield London 50.0 £985.6 1,847,866 1,262,265 368 Broward 50.0 235.3 1,043,961 331,934 125 Citrus Park 50.0 210.7 1,141,494 504,546 147 Countryside 50.0 317.7 1,256,716 461,565 175 UNITED STATES Horton Plaza # 55.0 116.7 738,200 457,714 124 Annapolis 55.0 453.6 1,503,753 769,947 260 Meriden # 100.0 156.7 903,583 441,116 122 Century City # 100.0 529.5 724,862 3 67,8 62 113 Mission Valley 41.7 481.9 1,573,913 794,985 124 Culver City 55.0 417.6 1,042,999 503,460 175 North County 55.0 335.3 1,233,018 495,310 179 Fashion Square 50.0 381.0 863,590 361,055 147 Oakridge 55.0 394.0 1,138,167 611,423 189 Garden State Plaza 50.0 905.9 2,180,702 1,0 47,870 326 Palm Desert 52.6 219.1 982,042 497,539 146 Montgomery 50.0 531.0 1,322,515 610,414 223 Plaza Bonita 55.0 313.5 1,032,621 596,227 188 Old Orchard 100.0 541.7 1,797,0 9 9 763,899 144 Sarasota 50.0 200.0 1,023,218 386,694 106 Roseville 100.0 529.1 1,330,898 678,474 238 South Shore 100.0 191.6 1,085,896 346,836 126 San Francisco 50.0 6 07.9 1,429,415 537,3 32 188 Southgate # 50.0 40.6 379,653 133,779 45 Santa Anita 49.3 459.7 1,462,950 947,126 233 Sunrise # 100.0 163.1 1,206,249 472,751 152 Southcenter 55.0 576.2 1,682,214 810,473 246 Trumbull 52.6 283.6 1,130,853 454,903 169 Topanga 2 # 55.0 796.4 2,118,123 1,076,240 353 Valencia Town Center 50.0 332.7 1,099,201 650,893 212 UTC # 50.0 576.0 1,072,777 611,104 152 Wheaton 52.6 503.5 1,652,174 683,483 181 Valley Fair 50.0 919.9 1,479,573 744,845 261 TOTAL REGIONAL PORTFOLIO 19,771,099 8,856,782 2,711 TOTAL FLAGSHIP PORTFOLIO 23,764,878 12,387,962 3,769 # Under development during period – statistics exclude development impacted retail outlets # Under development during period – statistics exclude development impacted retail outlets 1 Total Annual Sales includes estimates for anchor stores, consisting of major department stores, which are not required to report retail sales. 1 Total Annual Sales includes estimates for anchor stores, consisting of major department stores, which are not required to report retail sales 2 Topanga includes The Village at Topanga 40 Westfield Corporation Shareholder Review 2016 | 41

BOARD & SENIOR MANAGEMENT BOARD OF DIRECTORS

Frank Lowy AC Mr Brian Schwartz AM Ms Ilana Mr Roy Chairman Deputy Chairman R Atlas L Furman

Frank Lowy is the Chairman of Brian Schwartz is a non- Ilana Atlas is a non-executive Roy Furman is a non-executive Westfield Corporation. Mr Lowy executive Director and Director of Westfield Corporation. Director of Westfield Corporation. served as the Westfield Group’s Deputy Chairman of Ms Atlas was previously a He holds a degree in law Chief Executive Officer for over Westfield Corporation. He is partner in Mallesons Stephen from Harvard Law School. 50 years before assuming a a non-executive Director and Jaques (now King & Wood Mr Furman is based in the US non-executive role in the former Chairman-elect of Scentre Mallesons) and held a number and is Vice-Chairman of Jefferies Westfield Group in May 2011. Group. Mr Schwartz is Chairman of managerial roles in the firm, LLC and Chairman of Jefferies Mr Lowy is also a non-executive of the Westfield Corporation’s including Managing Partner and Capital Partners, a group of Director and Chairman of Audit and Risk Committee and Executive Partner, People & private equity funds. In 1973 Scentre Group. He is the a member of the Nomination Information. In 2000 she joined he co-founded Furman Selz founder and Chairman of the Committee and is the lead Westpac as Group Secretary – an international investment Lowy Institute for International independent Director. In a career and General Counsel before banking, institutional brokerage Policy. In November 2015 with Ernst & Young Australia being appointed to the role and money management firm he retired as Chairman of spanning more than 25 years, of Group Executive, People and was its CEO until 1997. Football Federation Australia he rose to the positions of in 2003. In that role, she was Mr Furman is a member of the Limited. Mr Lowy is Chairman Chairman (1996 – 1998) and responsible for human resources Westfield Corporation Human of Westfield Corporation’s then CEO of the firm from 1998 strategy and management as Resources Committee. Nomination Committee. to 2004. From 2005 to 2009, well as Westpac’s approach Mr Schwartz was the CEO of to corporate responsibility and Investec Bank (Australia) Limited. sustainability. Ms Atlas is a He is a fellow of the Australian Director of Australia and New Institute of Company Directors Zealand Banking Group Limited, and the Institute of Chartered Coca‑Cola Amatil Limited, Jawun Accountants. In November 2015 Pty Limited, Human Rights Law he retired as Deputy Chairman Centre, and the Chairman of of Football Federation Australia Bell Shakespeare Company and Limited and in March 2016 he a Fellow of the Senate of the retired as Chairman of Insurance University of Sydney. Ms Atlas Australia Group. is a member of the Westfield Corporation Human Resources Committee and the Audit and Risk Committee. 42 Westfield Corporation Shareholder Review 2016 | 43

The Right Honourable Mr Michael J Gutman OBE Mr Mark Mr Mark Mr Don D Mr Peter S Lowy Mr Steven M Lowy AM Mr John Lord Goldsmith QC PC President & COO G Johnson R Johnson AO Kingsborough Co-CEO Co-CEO McFarlane

Lord (Peter) Goldsmith is a non- Michael Gutman was appointed Mark Johnson is a non- Mark Johnson is a non-executive Don Kingsborough is a non- Peter Lowy is an executive Steven Lowy is an executive John McFarlane is a non- executive Director of Westfield as an Executive Director of executive Director of Westfield Director of Westfield Corporation. executive Director of Westfield Director of Westfield Corporation Director of Westfield Corporation executive Director of Westfield Corporation. He holds a degree Westfield Corporation in August Corporation. He holds a He holds a degree in law from Corporation. He is General and currently serves as Co-Chief and currently serves as Co- Corporation. He holds a MA in law from Cambridge University 2014 and has served as President Bachelor of Commerce from the University of Melbourne Manager and Vice President Executive Officer. He holds a Chief Executive Officer. He from the University of Edinburgh, and a Master of Laws from and Chief Operating Officer of the University of NSW. Mr and a Masters of Business of Payments and Ventures at Bachelor of Commerce from holds a Bachelor of Commerce a MBA and an honorary DSc University College London. Westfield Corporation since June Johnson was Chief Executive Administration from Harvard Capital One (USA) and most the University of NSW. Prior to (Honours) from the University of from Cranfield University. Mr Lord Goldsmith is admitted to 2014. Prior to the establishment Officer and Senior Partner University. Mr Johnson is a senior recently was Global VP Retail, joining Westfield in 1983, Mr NSW. Prior to joining Westfield McFarlane is Chairman of practise in England & Wales and of Westfield Corporation, Mr of PricewaterhouseCoopers advisor for Gresham Partners in Business Development and Lowy worked in investment in 1987, Mr Lowy worked in Barclays plc, a director of other jurisdictions including New Gutman was the Managing (PwC), one of Australia’s leading Sydney and Chairman of Dateline Corporate Development at banking both in London and investment banking in the US. Old Oak Holdings Ltd and is South Wales. He is a partner Director, UK/Europe and New professional services firms, Resources Limited and Alinta PayPal. Prior to joining PayPal New York. Mr. Lowy serves He is Chairman of Football Chairman of The CityUK and a and European and Asian Chair Markets. He joined Westfield from July 2008 to June 2012. Energy. He is also a member of he was founder, President and as Chairman of the Homeland Federation Australia Limited, a member of the UK’s Financial of Litigation in the international as an executive in 1993. Under In his more than 30 year career the Board of Governors of the CEO of Blackhawk Network for Security Advisory Council for non-executive Director of Scentre Services Trade and Investment law firm Debevoise & Plimpton his leadership, Westfield’s UK/ with PwC, Mr Johnson served Institute for International Trade at over a decade and was also Los Angeles county; he also Group and the Lowy Institute Board. He was formerly Chief LLP. In 1987, Lord Goldsmith Europe business successfully a number of that firm’s major the University of Adelaide and a founder and CEO of Worlds serves on the RAND Corporation for International Policy. Mr Executive Officer of Australia & was appointed Queen’s Counsel developed Westfield London and clients in audit, accounting, due Life Governor of the Victor Chang of Wonder. Mr Kingsborough Executive Committee and Lowy’s previous appointments New Zealand Banking Group and a Crown Court Recorder Stratford City, two of the largest diligence, fundraising and risk Cardiac Research Institute. He helped launch Nintendo in Board of Trustees, the Executive include President of the Board of Ltd, Group Executive Director and a Deputy High Court Judge urban shopping centres in UK/ and governance services. Mr has previously held senior roles the United States through his Committee of the Washington Trustees of the Art Gallery of New of Standard Chartered plc, in 1994. For six years until June Europe and acquired flagship Johnson was a senior member in Macquarie Bank before retiring exclusive sales and distribution Institute for Near East Policy and South Wales, Chairman of the and Head of Citibank NA in the 2007, Lord Goldsmith served as development opportunities at of the PwC International Strategy as Deputy Chairman in July 2007 agreement with Nintendo. is a Director of the Lowy Institute Victor Chang Cardiac Research UK and Ireland. Mr McFarlane the United Kingdom’s Attorney Croydon in south London and Council and Deputy Chairman of and his former directorships Additionally, Mr Kingsborough for International Policy. Prior to Institute and Presiding Officer of was also formerly Chairman of General. He was created a Milan in Italy. In 2015 Michael PwC Asia Pacific. include Pioneer International, was President of Atari Consumer the establishment of Westfield the NSW Police Force Associate FirstGroup plc, Aviva plc and a Life Peer in 1999 and a Privy joined the newly formed AGL Energy and the Sydney Products Division. Corporation, Mr Lowy was the Degree in Policing Practice non-executive director of The He is Chairman of G8 Education Counsellor in 2002 and he Westfield Board Digital sub- Futures Exchange. Mr Johnson Joint Managing Director of the Board of Management. Prior to Royal Bank of Scotland Group Limited and MH Premium Farms remains a member of the House committee and was appointed a is Chairman of the Westfield Westfield Group from 1997. the establishment of Westfield plc, Capital Radio plc, the (Holdings) Limited and a Director of Lords. Lord Goldsmith’s other Director of the Europe Australia Corporation Human Resources Corporation, Mr Lowy was the London Stock Exchange, and of HSBC Bank Australia Limited, past positions include Chairman Business Council. Committee and a member of the Joint Managing Director of the was Chairman of the Australian The Hospitals Contribution Fund of the Bar of England and Nomination Committee. Westfield Group from 1997. Bankers Association and of Australia Limited (HCF) and Wales, Chairman of the Financial President of the International The Smith Family. His former Reporting Review Panel, and Monetary Conference. roles include Chairman of the founder of the Bar Pro Bono Unit. PwC Foundation, member of the Auditing and Assurance Board, Deputy Chair of the Finance and Reporting Committee at the Australian Institute of Company Directors and a member of the Executive Council of the UNSW Business School Advisory Board. He is a Fellow of the Institute of Chartered Accountants and the Australian Institute of Company Directors. Mr Johnson is a member of the Westfield Corporation Audit and Risk Committee. 44 Westfield Corporation Shareholder Review 2016 | 45

CORPORATE SENIOR MANAGEMENT The stability and experience of Westfield Corporation’s management team has been Peter S Lowy* Steven M Lowy AM* Michael J Gutman OBE* Elliott Rusanow* a major reason for the success of the Co-CEO Co-CEO President & COO CFO organisation. A core team of senior executives have served the Group over the past two decades, complemented by the introduction of new executives to meet the challenges of expansion to new markets and changes in the retail environment.

Simon Tuxen* Kevin McKenzie* Charley Delana Raghav Lal General Counsel Chief Digital Officer EVP Entertainment & Brand Partnerships EVP, Chief Data & Analytics Officer

Mark Ryan Richard Steets Mark Stefanek Denise Taylor Director, Corporate Affairs Chief Risk Officer Treasurer Chief Information Officer

David Temby Tax Counsel

* Executive Committee Members 46 Westfield Corporation Shareholder Review 2016 | 47

UNITED STATES UK / EUROPE

Leon Shelley* William Hecht* Peter Schwartz* Beth Campbell Lisa Cowell Shams Peter Miller* Director, Corporate & Duncan Bower John Burton OBE COO, US General Counsel, US EVP Design EVP Government Affairs COO, UK/Europe General Counsel - UK / Europe Director, Development Head of Development

Catharine C. Dickey Peter Huddle William Nelson Antony Ritch Paul Buttigieg Jonathan Hodes Keith Mabbett Una O’Reilly EVP Corporate Communications SEVP Development EVP Human Resources COO, Westfield Labs Director, Shopping Centre Management Director, Finance - UK / Europe Director, Leasing Director, Human Resources

Philip Slavin Thomas Tierney Scott Titmas Heather Vandenberghe Myf Ryan Keith Whitmore CFO, Operations EVP Operations & Customer Experience EVP Construction Chief Marketing Officer, US Chief Marketing Officer, UK/ Europe Director, Design & Construction

David Weinert SEVP Leasing

* Executive Committee Members 48 Westfield Corporation Shareholder Review 2016