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Definitions

Last updated 26 August 2018

WCL = Westfield Corporation Limited (after June 2014)

WFDT = WFD Trust (after June 2014)

WAT = Westfield America Trust

WHL = Westfield Holdings Limited (prior to June 2014)

WFT = Westfield Trust (prior to June 2014)

Calculations for examples

Table 1 – Virginia (2015 purchase)

Event

WHL/WCL

WFT/WFDT

WAT

Calculation description

Acquisition 1/09/2015 ($10)

1.638

6.022

2.34

Allocate purchase price based on NTA table as at 30 June 2015

-

-

-0.1619

-0.109

Subtract deferred tax amounts between September 2015 and June 2018

Just before 2018 restructure

1.638

5.8601

2.231

Cost base just before 7 June 2018 restructure.
Table 2 – Victoria (2005 purchase)

Event

WHL/WCL

WFT/WFDT

WAT

Calculation Description

Acquisition 1/09/2005 ($6)

0.4266

3.1170

2.4564

Allocate purchase price based on NTA table as at 30 June 2005

-

-

-1.4016

-1.4063

Subtract deferred tax amounts between September 2005 and December 2010

Just prior 2010 restructure

0.4266

1.7154

1.0501

-

2010 restructure event

-

x0.59

-

Make adjustment to WFT

Just after 2010 restructure

0.4266

1.0121

1.0501

-

-

-

-0.2690

-0.1946

Subtract deferred tax amounts between December 2010 and June 2014

Just before 2014 restructure

0.4266

0.7431

0.8555

-

2014 restructure event

x0.737

x0.533

-

Make adjustments to WHL and WFT

Just after 2014 restructure

0.3144

0.3961

0.8555

-

-

-

-0.2574

-0.1207

Subtract deferred tax amounts between June 2014 and June 2018

Just before 2018 restructure

0.3144

0.1387

0.7348

Cost base just before 7 June 2018 restructure.
Table 3 – Vivyu (2012 purchase)

Event

WHL/WCL

WFT/WFDT

WAT

Calculation Description

Acquisition 8/4/2012 ($12)

0.4296

8.2200

3.3504

Allocate purchase price based on NTA table as at 31 December 2011

-

-

-0.0098

-0.0848

Subtract deferred tax amounts between April 2012 and June 2014

Just before 2014 restructure

0.4296

8.2102

3.2656

-

2014 restructure event

x0.737

x0.533

-

Make adjustments to WHL and WFT

Just after 2014 restructure

0.3166

4.3760

3.2656

-

-

-

-0.2574

-0.1207

Subtract deferred tax amounts between June 2014 and June 2018

Just before 2018 restructure

0.3166

4.1186

3.1449

Cost base just before 7 June 2018 restructure.
Table 4 – Summary of cost base adjustments for restructure events (WCL, WFDT, WAT)

Transaction

WCL

WFDT

WAT

June 2014 Scentre/Westfield Group Restructure

WCL after restructure

= WHL before restructure × 0.737

WFDT after restructure

= WFT before restructure × 0.533

No change
Table 4a – Summary of cost base adjustments for restructure events (WCL, WFDT, WAT)

Transaction

WHL

WFT

WAT

December 2010 Westfield Retail Trust Restructure

No Change

WFT after restructure

= WFT before restructure × 0.59

No change

Net Tangible Assets and Deferred Tax Distributions

Table 5 - Net Tangible Assets 31st December 2013 to 7 June 2018

Start Date

End Date

WCL

WFDT

WAT

31-Dec-17

7-Jun-18

21.40%

45.80%

32.80%

30-Jun-17

30-Dec-17

20.25%

47.53%

32.22%

31-Dec-16

29-Jun-17

19.99%

45.96%

34.05%

30-Jun-16

30-Dec-16

19.55%

49.35%

31.10%

31-Dec-15

29-Jun-16

17.98%

50.99%

31.03%

30-Jun-15

30-Dec-15

16.38%

60.22%

23.40%

31-Dec-14

29-Jun-15

13.48%

66.67%

19.85%

30-Jun-14

30-Dec-14

12.63%

75.79%

11.58%

31-Dec-13

29-Jun-14

10.70%

71.88%

17.42%

31-Dec-17

7-Jun-18

21.40%

45.80%

32.80%

30-Jun-17

30-Dec-17

20.25%

47.53%

32.22%

31-Dec-16

29-Jun-17

19.99%

45.96%

34.05%

30-Jun-16

30-Dec-16

19.55%

49.35%

31.10%

31-Dec-15

29-Jun-16

17.98%

50.99%

31.03%

30-Jun-15

30-Dec-15

16.38%

60.22%

23.40%

31-Dec-14

29-Jun-15

13.48%

66.67%

19.85%

30-Jun-14

30-Dec-14

12.63%

75.79%

11.58%

31-Dec-13

29-Jun-14

10.70%

71.88%

17.42%
Table 5a - Net Tangible Assets 1st July 2004 to 30 December 2013

Start Date

End Date

WHL

WFT

WAT

30-Jun-13

30-Dec-13

6.72%

73.82%

19.46%

31-Dec-12

29-Jun-13

5.36%

75.51%

19.13%

30-Jun-12

30-Dec-12

4.71%

75.41%

19.88%

31-Dec-11

29-Jun-12

3.58%

68.50%

27.92%

30-Jun-11

30-Dec-11

3.96%

68.32%

27.72%

31-Dec-10

29-Jun-11

4.04%

67.27%

28.69%

20-Dec-10

30-Dec-10

3.15%

74.54%

22.31%

31-Dec-09

29-Jun-10

4.01%

74.59%

21.40%

30-Jun-09

30-Dec-09

4.63%

71.32%

24.05%

31-Dec-08

29-Jun-09

5.70%

65.72%

28.58%

30-Jun-08

30-Dec-08

6.83%

65.29%

27.88%

31-Dec-07

29-Jun-08

8.07%

62.46%

29.47%

30-Jun-07

30-Dec-07

7.54%

59.22%

33.24%

31-Dec-06

29-Jun-07

7.38%

58.43%

34.19%

30-Jun-06

30-Dec-06

8.02%

54.90%

37.08%

31-Dec-05

29-Jun-06

8.05%

51.66%

40.29%

30-Jun-05

30-Dec-05

7.11%

51.95%

40.94%

31-Dec-04

29-Jun-05

9.24%

49.86%

40.90%

1-July-04

30-Dec-04

9.09%

52.39%

38.52%
Table 6 - Deferred Tax Distributions from July 2014 to June 2018

Start date

End date

WFDT
Single

WFDT
Cum.

WAT
Single

WAT
Cum.

13-Feb-18

8-Jun-18

0.0000

0.0000

0.0000

0.0000

11-Aug-17

12-Feb-18

0.1076

0.1076

0.0120

0.0120

13-Feb-17

10-Aug-17

0.0267

0.1344

0.0477

0.0597

11-Aug-16

12-Feb-17

0.0169

0.1512

0.0166

0.0764

11-Feb-16

10-Aug-16

0.0106

0.1618

0.0176

0.0939

13-Aug-15

10-Feb-16

0.0001

0.1619

0.0150

0.1090

11-Feb-15

12-Aug-15

0.0019

0.1638

0.0105

0.1194

25-Jun-14

10-Feb-15

0.0936

0.2574

0.0012

0.1207

Rollover

24-Jun-14

0.0000

0.2574

0.0000

0.1207
Table 6a – Westfield/Scentre restructure on 27–30 June 2014

Start date

End date

WFDT
Single

WFDT
Cum.

WAT
Single

WAT
Cum.

7-Feb-14

24-Jun-14

0.0075

0.0075

0.0054

0.0054

9-Aug-13

6-Feb-14

0.0016

0.0091

0.0212

0.0266

8-Feb-13

8-Aug-13

0.0007

0.0098

0.0581

0.0847

13-Aug-12

7-Feb-13

0.0000

0.0098

0.0000

0.0847

9-Feb-12

12-Aug-12

0.0000

0.0098

0.0001

0.0848

10-Aug-11

8-Feb-12

0.0590

0.0688

0.0372

0.1220

8-Feb-11

9-Aug-11

0.0514

0.1202

0.0495

0.1715

10-Aug-10

7-Feb-11

0.1488

0.2690

0.0231

0.1946

Rollover

9-Aug-10

0.0000

0.2690

0.0000

0.1946
Table 6b – Westfield Retail Trust demerger on 17–20 December 2010

Start date

End date

WFDT
Single

WFDT
Cum.

WAT
Single

WAT
Cum.

5-Feb-10

9-Aug-10

0.1736

0.1736

0.0297

0.0297

11-Aug-09

4-Feb-10

0.1805

0.3541

0.1890

0.2187

2-Feb-09

10-Aug-09

0.1805

0.5346

0.1890

0.4077

11-Aug-08

1-Feb-09

0.1752

0.7098

0.0935

0.5012

11-Feb-08

10-Aug-08

0.1904

0.9002

0.1354

0.6366

8-Aug-07

10-Feb-08

0.0878

0.9880

0.1756

0.8122

7-Feb-07

7-Aug-07

0.1108

1.0988

0.2103

1.0225

9-Aug-06

6-Feb-07

0.1008

1.1996

0.1347

1.1572

7-Feb-06

8-Aug-06

0.1551

1.3547

0.1161

1.2733

9-Aug-05

6-Feb-06

0.0469

1.4016

0.1330

1.4063

8-Feb-05

8-Aug-05

0.0415

1.4431

0.1140

1.5203

QC56126