Background

Westfield announced a stapling transaction in May 2004. Westfield Holdings shareholders could either:

• elect to participate in a sale arrangement, under which they exchanged their shares for either
• • cash, or
  • Westfield Group stapled securities.
     
   
• have their shares stapled to Westfield Trust and Westfield America Trust units.

The stapling transaction was completed on 16 July 2004.