Carindale Property Trust · ASX:CDP

Carindale Property Trust — Westfield Group — Investor Presentation (December 2004)

199 slides from Carindale Property Trust's investor presentation, Dec 15, 2004

1. Slide 1: Investor Presentation Australia and New Zealand Operations

   Investor Presentation Australia and New Zealand Operations 15 December 2004 Australia & New Zealand Operations Update – December 2004 1

2. Slide 2: Welcome

   :HOFRPH Domenic Panaccio, Deputy CFO Australia & New Zealand Operations Update – December 2004 2

3. Slide 3: Introduction

   ,QWURGXFWLRQ Steven Lowy, Managing Director Australia & New Zealand Operations Update – December 2004 3

4. Slide 4: Global Structure

   *OREDO6WUXFWXUH Frank Lowy ([HFXWLYH&KDLUPDQ Peter Lowy / Steven Lowy 0DQDJLQJ'LUHFWRUV United States Finance Legal UK Australia & NZ Richard Green Peter Allen Simon Tuxen Michael Gutman 9LFH&KDLUPDQ Robert Jordan *URXS&)2 *URXS*HQHUDO &22 ± 2SHUDWLRQV &22 &RXQVHO &RPSDQ\ Mark Stefanek 6HFUHWDU\ Ken

5. Slide 5: Agenda

   $JHQGD „ Introduction – Robert Jordan „ Bondi Junction Development – Robert Jordan „ Australian Operations y Leasing – Peter Leslie y Management – Ian Cornell and Marketing – Michelle Vanzella y Projects – Greg Miles „ New Zealand Operations – John Widdup „ Close and Questions „ Centre Walk „ Dinner

6. Slide 6: Australia in the Global Business

   $XVWUDOLDLQWKH*OREDO%XVLQHVV Gross Lettable Area Retail Outlets Asset Value 8. 8. 8. $XVWUDOLD $XVWUDOLD $XVWUDOLD 86 1= 86 86 1= 1= * Post Chelsfield portfolio acquisition Gross Lettable Area includes some department store pads in the US not owned by Westfield Group, the value of which is not inclu

7. Slide 7: Structure Chart

   6WUXFWXUH&KDUW Robert Jordan COO – Australia & New Zealand Division Directors Peter Leslie Ian Cornell Greg Miles John Widdup Wayne Marr Bob Merkenhof Bondi Project Leasing Management Development New Zealand Design Construction Information Technology Michelle Vanzella Marketing Human Resources Resea

8. Slide 8: Overview of Portfolio

   2YHUYLHZRI3RUWIROLR 2004 2001 %Change $XV 1RRI&HQWUHV 1= $XV P P $UHD P 1= P P $XV 5HWDLO2XWOHWV 1= $XV EQ EQ 7RWDO6DOHV 1= EQ EQ 6KRSSLQJ&HQWUH EQ EQ 9DOXH 1HW3URSHUW\,QFRPH P P * 12 months to 30 June 2004 Australia & New Zealand Operations Update – December 2004 8

9. Slide 9: Acquisitions and Disposals

   $FTXLVLWLRQVDQG'LVSRVDOV ± /DVW<HDUV Acquisitions ($m): 16 Properties – A$3.4bn „ 1HZPDUNHW $XFNODQG 1= „ :KLWIRUG &LW\± 3HUWK „ 6\GQH\&HQWUDO3OD]D 6\GQH\ „ :HVW/DNHV± $GHODLGH „ %D\&LW\± *HHORQJ „ 3OHQW\9DOOH\± 9LFWRULD „ $036KRSSLQJ&HQWUH7UXVW $57 „ 6N\JDUGHQ 6\GQH\&%' „ %HOFRQQHQ± &DQEHUUD „ ,PSH

10. Slide 10: Developments

    'HYHORSPHQWV ± /DVW<HDUV Completed Developments : 8 Properties – A$1.5 bn „ %RQGL-XQFWLRQ 6\GQH\ „ 1RUWK/DNHV %ULVEDQH „ 5LFFDUWRQ &KULVWFKXUFK 1= „ 6W/XNHV $XFNODQG 1= „ 0W*UDYDWW %ULVEDQH „ )RXQWDLQ*DWH 0HOERXUQH „ 7KH3LQHV 0HOERXUQH „ +RUQVE\ 6\GQH\ Future Developments: y SURSHUWLHVXQGHUFRQVWUXFW

11. Slide 11: Floorspace of Regional Centres

    8UELV -+' 5HJLRQDO&HQWUHV )ORRUVSDFH 6000 4,853 Floorspace ('000 Sq.m) 4500 4,087 3,772 2,800 3000 1500 0 Regional Centres 1995 2000 2004 2010 Source: UrbisJHD Australia & New Zealand Operations Update – December 2004 11

12. Slide 12: Specialty Sales Growth

    6SHFLDOW\6DOHV*URZWK Comparable Specialty Sales Growth 8-+'$YJIRU5HJLRQDO&HQWUHV 8-+'$YJIRU5HJLRQDO&HQWUHV 8-+'$YJIRU5HJLRQDO&HQWUHV SVP9DU-XQ-XQ SVP9DU-XQ-XQ SVP9DU-XQ-XQ 9.1 8.0 7.4 7.3 7.1 6.0 6.2 5.5 5.3 4.5 4.3 4.1 3.1 2.8 02 03 04 02 03 04 02 03 04 02 03 04 Mar Jun Sep Dec Australia & New Zeal

13. Slide 13: Our Operating Platform

    2XU2SHUDWLQJ3ODWIRUP Goals Financial Strategies Operational Strategies and Execution and Execution Excellence of Delivery Asset Team Delivery Ownership/Passion Australia & New Zealand Operations Update – December 2004 13

14. Slide 14: Operating Strategy

    2SHUDWLQJ6WUDWHJ\ „ Intensive management focus y ,QWHQVLYHPDQDJHPHQWVW\OHDQGFXOWXUH y ([SHULHQFHGDQGSURYHQH[HFXWLYHWHDP „ Vertical Integration y 3URSHUW\PDQDJHPHQWPDUNHWLQJDQGOHDVLQJ y 3URSHUW\GHYHORSPHQWGHVLJQDQGFRQVWUXFWLRQ y $VVHWWHDPDSSURDFK „ Leverage economies of scope and scale „ Branded shop

15. Slide 15: The Development of Westfield Bondi Junction

    The Development of Westfield Bondi Junction Australia & New Zealand Operations Update – December 2004 15

16. Slide 16: Australia & New Zealand Operations Update – December 2004

    Australia & New Zealand Operations Update – December 2004 16

17. Slide 17: Outline

    2XWOLQH 1. Westfield Bondi Junction – at a glance 2. The Planning Process – Land and Authorities 3. What We Forecast – What We Delivered 4. Market Research 5. Operations – Product Development 6. Design 7. Tenancy Mix 8. Customer Service 9. Marketing 10. Performance to date Australia & New Zealand Op

18. Slide 18: Bondi Junction at a glance

    %RQGL-XQFWLRQDWDJODQFH« Before Upon Completion „ Lettable Area sqm „ No of retailers „ Major sqm 'DYLG-RQHV *UDFH%URV :RROZRUWKV 7DUJHW &ROHV *UHDWHU8QLRQ „Specialties (sqm) „ Car Park Spaces Australia & New Zealand Operations Update – December 2004 *Last independent valuation December 2000 - retail

19. Slide 19: Bondi Junction Redevelopment

    %RQGL-XQFWLRQ5HGHYHORSPHQW Before Now Australia & New Zealand Operations Update – December 2004 19

20. Slide 20: Land and Authorities

    /DQGDQG$XWKRULWLHV Australia & New Zealand Operations Update – December 2004 20

21. Slide 21: Land and Authorities

    /DQGDQG$XWKRULWLHV ne k La Coo ge B r id Australia & New Zealand Operations Update – December 2004 21

22. Slide 22: Land

    /DQG 2ULJLQDO%XLOW1972 1982 %RQGL-XQFWLRQ3OD]D RZQHGE\ $03 :)7$03-RLQW 1994 9HQWXUH%-3 1996 - *UDFH%URVVLWHVROG E\ $03LQWR:)7$03-9 &DURXVHO&HQWUHDFTXLUHG1998 E\ -9IURP0(3& 1999 - $LUVSDFHVXEVWUDWXP/HDVH 2[IRUG6WVLJQHGE\-9 &RRN/DQHDFTXLUHGE\-9 2000 &RPSOHWLRQRI%URQWH5G DFTXLVLWLRQV 2001 - :)7DFTXLUHV

23. Slide 23: Authorities

    $XWKRULWLHV Dec - 1996 1997 - July '$$SSOLFDWLRQORGJHG $SSOLFDWLRQFDOOHGLQE\0LQLVWHU May - 1998 '$$SSURYHG 1999 - July '$$SSOLFDWLRQ/RGJHG )RU&DURXVHO Dec - 1999 '$$SSURYHGIRU&DURXVHO 2000 - April '$/RGJHGIRU&RPSRVLWH'HYHORSPHQW Dec - 2000 '$&RQGLWLRQDOO\DSSURYHG 2002 - April &RPPHQFHG&RQVWUXFWLRQ A

24. Slide 24: Development Goals and Strategies

    'HYHORSPHQW*RDOVDQG6WUDWHJLHV ƒ Maximise ROI for Investors and Retailers ƒ Best product to suit the catchment Financial Strategies Operational Strategies Provide a centre of excellence to match the Drive short and long term growth high expectation of a wealthy catchment Maximise: Drive: - income - d

25. Slide 25: Financials: What We Delivered

    )LQDQFLDOV :KDW:H'HOLYHUHG FORECAST ACHIEVED „ Total Development Cost $895m $963m „ Retail Development Cost $680m $750m „ Completed Yield 7.50%- 7.75% 7.6% „ Turnover $550m + $650m + „ Total Valuation – approx. $1.0bn $1.2bn Australia & New Zealand Operations Update – December 2004 25

26. Slide 26: Operational Strategy

    2SHUDWLRQDO6WUDWHJ\ 3URGXFW'HYHORSPHQW Westfield Experience Research Product Development Design Tenancy Customer Marketing Mix Services Australia & New Zealand Operations Update – December 2004 26

27. Slide 27: Research

    5HVHDUFK „ 'HWDLOHG(FRQRPLF$VVHVVPHQWRI7UDGH$UHD 8UELV -+' ƒ 3RSXODWLRQ5HWDLO6SHQG3URMHFWHG0DUNHW6KDUH „ ,QGHSWK&RQVXPHU$QDO\VLV 0RVDLF6HJPHQWDWLRQ5R\0RUJDQ ƒ 0DUNHW6HJPHQWDWLRQ)RFXV*URXS6WXGLHV RWKHU4XDOLWDWLYH 6HFRQGDU\'DWD „ 7UDGLWLRQDO7UDIILF 7XUQRYHU)RUHFDVWV „ $GGLWLRQDO:HVWILHOG%UDQG7UDFNLQJ2

28. Slide 28: Research: Competition and Demographics

    5HVHDUFK± &RPSHWLWLRQDQG 'HPRJUDSKLFV Australia & New Zealand Operations Update – December 2004 28

29. Slide 29: Trade Area and Demographics Comparison

    7UDGH$UHDDQG'HPRJUDSKLFV &RPSDULVRQ Bondi Parramatta Miranda Main Trade Area Population 2005 Population Growth Retail Spend $A* E E E MTA Market Share Beyond MTA Market Share Average per Capita Income $A p.a* % above Sydney Average )XWXUHGROODUV %DVHGRQWKHH[LVWLQJFHQWUHFRQILJXUDWLRQ Australia & New

30. Slide 30: Key Findings

    Key Demographic Profile .H\)LQGLQJV „ Quantitative Research (Urbis JHD) ƒ ,QFRPHSHUFDSLWDLQ07$LVDERYH6\GQH\DYHUDJH ƒ 6LQJOHFRXSOHKRXVHKROGVPDNHXSRIWKH07$¶V UHWDLOVSHQGLQJPDUNHWYHUVHV 6\GQH\DYHUDJH ƒ 5HWDLOVSHQGLQJSHUFDSLWDLVDERYH6\GQH\DYHUDJH „ Qualitative – Consumer Analysis Research (Mosaic Resear

31. Slide 31: The Product: Design

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32. Slide 32: Australia & New Zealand Operations Update – December 2004

    Australia & New Zealand Operations Update – December 2004 32

33. Slide 33: Australia & New Zealand Operations Update – December 2004

    Australia & New Zealand Operations Update – December 2004 33

34. Slide 34: Australia & New Zealand Operations Update – December 2004

    Australia & New Zealand Operations Update – December 2004 34

35. Slide 35: Precinct Objectives: Street Frontage

    3UHFLQFW2EMHFWLYHV6WUHHW)URQWDJH level 4 street entry „ 7KHDWULFDO „ '\QDPLF level 3 oxford street „ 6HQVLWLYHWRWKHDUFKLWHFWXUH entry bronte road street level 3 street entry entry Australia & New Zealand Operations Update – December 2004 35

36. Slide 36: Key Retailer: Esprit

    .H\5HWDLOHU(VSULW esprit : concept esprit : realisation Australia & New Zealand Operations Update – December 2004 36

37. Slide 37: Key Retailer: Borders

    .H\5HWDLOHU%RUGHUV Borders Australia & New Zealand Operations Update – December 2004 37

38. Slide 38: Precinct Objectives: Fashion Upper

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39. Slide 39: Precinct Outcomes: Fashion Upper

    3UHFLQFW2XWFRPHV)DVKLRQ8SSHU µWUDQVSDUHQW¶ DQGµVHDPOHVV¶ IXOOKHLJKWJODVVVKRSIURQWV Australia & New Zealand Operations Update – December 2004 39

40. Slide 40: Key Retailer: Fashion Upper

    .H\5HWDLOHU)DVKLRQ8SSHU Spencer and Rutherford: merchandising Australia & New Zealand Operations Update – December 2004 40

41. Slide 41: Key Retailer: Fashion Upper

    .H\5HWDLOHU)DVKLRQ8SSHU point of difference: facade Australia & New Zealand Operations Update – December 2004 41

42. Slide 42: Key Retailer: Harbour Room

    .H\5HWDLOHU+DUERXU5RRP Point of difference: product presentation Australia & New Zealand Operations Update – December 2004 42

43. Slide 43: The Product: Tenancy Mix

    7KH3URGXFW 7HQDQF\0L[ „ 0DWFKLQJGHPRJUDSKLFSURILOHDQGFXVWRPHUDVSLUDWLRQV „ 6WURQJQDWLRQDODQGLQWHUQDWLRQDOWHQDQF\PL[ ƒ QHZUHWDLOHUVWR:HVWILHOG ƒ QHZUHWDLOHUVWR6KRSSLQJ&HQWUHV ƒ QHZWR$XVWUDOLD „ 3URYLGHDXQLTXHRIIHU „ 3URYLGHZHOO±DQFKRUHGPDOOVZLWK0LQL0DMRUV „ /HDVHGWRDGHILQHGµ3UHFLQFW3ODQ¶ Australia &

44. Slide 44: National and International Mix

    1DWLRQDO ,QWHUQDWLRQDO0L[ „ $ODQQDK +LOO „ %DOO\ „ $YHGD „ &RPPH &L&RPPH &D „ $PDUQL ([FKDQJH „ (VFDGD 6SRUW „ %UDFHZHOO „ 9HUVDFH&ROOHFWLRQ „ &DOLEUH „ -RK %DLOH\ „ )&8. „ /HRQD(GPLVWRQ „ 0DUFV „ /¶2FFLWDQH „ 0HFFD&RVPHWLFD „ .DUHQ0LOOHQ „ 2URWRQ „ 3ROR5DOSK/DXUHQ „ :D\QH&RRSHU „ %HWWLQD/LDQR „ =LP

45. Slide 45: Quality Tenants with Quality Fitouts

    4XDOLW\7HQDQWVZLWK4XDOLW\)LWRXWV Australia & New Zealand Operations Update – December 2004 45

46. Slide 46: Leasing Precinct Plans

    /HDVLQJ3UHFLQFW3ODQV „ Level 1 – „ Level 5 – ƒ *HQHUDO5HWDLO ƒ +DUERXU5RRP ƒ )RRGPDUNHW ƒ *HQHUDO5HWDLO „ Level 2 – ƒ .LGV ƒ <RXWK ƒ +RPHZDUHV ƒ *HQHUDO5HWDLO „ Level 6 – „ Level 3 – ƒ (QWHUWDLQPHQW /LIHVW\OH3UHFLQFW ƒ )DVKLRQ± 8SSHU ƒ )DVKLRQ± *HQHUDO „ Level 4 – ƒ )DVKLRQ± 8SSHU ƒ )DVKLRQ± *HQHUDO

47. Slide 47: Precinct Plan: Level 4

    3UHFLQFW3ODQ± /HYHO general retail fashion- general fashion- upper food court „ OHYHOIRXU Australia & New Zealand Operations Update – December 2004 47

48. Slide 48: Australia & New Zealand Operations Update – December 2004

    Australia & New Zealand Operations Update – December 2004 48

49. Slide 49: The Product: Customer Services

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50. Slide 50: Harbour Room: Cuisine on

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51. Slide 51: Customer Service in Action

    &XVWRPHU6HUYLFHLQ$FWLRQ „ 5HFUXLWPHQW 6HOHFWLRQ3URFHVV „ &RQFLHUJH6RIWZDUH „ 9DOHW3DUNLQJ± =RQH$3 „ +DQGVIUHH 6KRSSLQJ „ 9DOXHDGGHGVHUYLFHV „ 8QLIRUPV „ 6HUYLFH'HVNV Australia & New Zealand Operations Update – December 2004 51

52. Slide 52: Handsfree Shopping

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53. Slide 53: Australia & New Zealand Operations Update – December 2004

    Australia & New Zealand Operations Update – December 2004 53

54. Slide 54: Valet Parking: Bondi Junction style

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55. Slide 55: Australia & New Zealand Operations Update – December 2004

    Australia & New Zealand Operations Update – December 2004 55

56. Slide 56: Electronic Directories

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57. Slide 57: Australia & New Zealand Operations Update – December 2004

    Australia & New Zealand Operations Update – December 2004 57

58. Slide 58: Mall Media Arena

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59. Slide 59: Australia & New Zealand Operations Update – December 2004

    Australia & New Zealand Operations Update – December 2004 59

60. Slide 60: The Product: Marketing

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61. Slide 61: Research: MOSAIC

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62. Slide 62: Research: Urbis JHD

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63. Slide 63: Consumer PR Coverage

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64. Slide 64: 'Black Label' Philosophy

    µ%ODFN/DEHO¶ 3KLORVRSK\ Australia & New Zealand Operations Update – December 2004 64

65. Slide 65: Post Opening Research Results

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66. Slide 66: Main Destination by Occasion

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67. Slide 67: Recap: Where we are now

    5HFDS± :KHUHZHDUHQRZ „ 7UDGLQJVWURQJVLQFHRSHQLQJRIHDFKVWDJH „ 3URGXFWLVVHFRQGWRQRQH± :RUOG&ODVV “The international brands crowding the entrances will no doubt pull in the locals but it’s the food court that’s likely to have rival companies boarding Sydney-bound flights to witness what Westfield has

68. Slide 68: Australia & New Zealand Operations Update – December 2004

    Australia & New Zealand Operations Update – December 2004 68

69. Slide 69: Leasing Australia

    /HDVLQJ $XVWUDOLD Peter Leslie Director - Leasing Australia & New Zealand Operations Update – December 2004 69

70. Slide 70: Performance

    3HUIRUPDQFH 12 months Last 2 Years „ Occupancy >99.5% 99.5% „ Lease Deals ‡ Total 1,874 3,615 ‡ Deals per week 36 35 Australia & New Zealand Operations Update – December 2004 70

71. Slide 71: Leasing Goals and Strategies

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72. Slide 72: Strong Leasing Performance: Increased Financial Focus

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73. Slide 73: Vacancy Control

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74. Slide 74: Strategy in Action

    6WUDWHJ\LQ$FWLRQ Leasing Key Performance Indicators 'HF 'HF 'HF 6HSW $FKLHYHG'HDOV*URZWK2YHU([SLU\5HQW 6DOHV*URZWK 9DFDQFLHV Australia & New Zealand Operations Update – December 2004 74

75. Slide 75: Leasing Shop Opening Integration

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76. Slide 76: Leasing Shop Opening Integration

    /HDVLQJ 6KRS2SHQLQJ,QWHJUDWLRQ Australia & New Zealand Operations Update – December 2004 76

77. Slide 77: Strong Leasing Performance: Product Improvement

    6WURQJ/HDVLQJ3HUIRUPDQFH 3URGXFW,PSURYHPHQW PRODUCT „ &ULWLFDOO\DQDO\VHDQGDFWLYHO\PDQDJHGWHQDQF\PL[ y 5HVHDUFK± 0DUNHWDQGUHWDLOWUHQGV y 575/VWUDWHJ\LPSOHPHQWHG y 3UHFLQFWVWUDWHJ\LPSOHPHQWHG „ ,PSURYHGFHQWUHDPELHQFH y 6KRSXSJUDGHV y &HQWUHXSJUDGHV „ $VVLVWQHZUHWDLOHUVLQREWDLQLQJFULWLFDOPDVVDFURVVWKH:

78. Slide 78: Tenancy Mix

    7HQDQF\0L[ Steps to refresh from 2001 - 2004 „ 6WDQGDUGLVHGSUHFLQFWSODQQLQJ „ ,QWHQVHUHPL[LQJQHZPHUFKDQWDFWLYLW\ „ 575/± 5HWDLOHU&XVWRPHUDOLJQHG „ \HDUOHDVLQJEXVLQHVVSODQ Australia & New Zealand Operations Update – December 2004 78

79. Slide 79: Tenancy Mix

    7HQDQF\0L[ Steps to refresh from 2001 - 2004 „ *$3$QDO\VLV ‡ .LWRISDUWVSHUSUHFLQFW ‡ )LQHFDWHJRU\VHJPHQWDWLRQ ‡ 3RLQWVRIGLIIHUHQFH ‡ 6WRSSLQJSRLQWV ‡ %UDQG$OLJQPHQW „ 6WDELOLW\RI/HDVLQJ6WDII „ )RFXVRQVKRSXSJUDGHV Australia & New Zealand Operations Update – December 2004 79

80. Slide 80: Tenancy Mix

    7HQDQF\0L[ Australia & New Zealand Operations Update – December 2004 80

81. Slide 81: Tenancy Mix

    7HQDQF\0L[ Australia & New Zealand Operations Update – December 2004 81

82. Slide 82: Conclusion

    &RQFOXVLRQ „ 2QJRLQJLWHUDWLYHUHILQHPHQWRI6WUDWHJ\3URFHVVDQG$QDO\VLV „ 6\VWHPLVKLJKO\VFDODEOHIRUIXWXUHJURZWKZLWKH[SHULHQFHGVWDIIDEOHWRSURDFWLYHO\ PDQDJHWKHSURFHVV „ ,QWHQVLYHOHDVLQJIRFXVRQHDFKFHQWUHLQWKHSRUWIROLRLQDQDVVHWWHDPDSSURDFK Australia & New Zealand Operations Update – December 2004 82

83. Slide 83: Management and Marketing Australia

    0DQDJHPHQW 0DUNHWLQJ $XVWUDOLD Ian Cornell Director – Management and Marketing Australia & New Zealand Operations Update – December 2004 83

84. Slide 84: Management Goals and Strategies

    0DQDJHPHQW*RDOV 6WUDWHJLHV Management Goals Improve the customer Maximise operating efficiency experience and market our and cash flow competitive advantage Financial Strategies Operational Strategies ‡ 0D[LPLVHQHZLQFRPHRSSRUWXQLWLHV ‡ &XVWRPHUVHUYLFHLQLWLDWLYHV ‡ 0D[LPLVHFDVKIORZ ‡ $PELHQFHXSJUDGHV

85. Slide 85: Increased Financial Focus

    ,QFUHDVHG)LQDQFLDO)RFXV „ &XUUHQW,QFRPH2SSRUWXQLWLHV y 0DOO0HUFKDQGLVLQJ,QFRPH± GULYHQE\TXDOLW\FOLHQWV ‡ %UDQG$OOLDQFH DORQJWHUP0DOO0HGLDSODWIRUP ‡ &RUSRUDWH3DUWQHUV ‡ %UDQGLQJ3ODWIRUP ‡ 0HGLD%LOOERDUGV „ )XWXUH,QFRPH2SSRUWXQLWLHV ‡ 'LJLWDO6FUHHQV „ &RVW,QLWLDWLYHV Australia & New Zealand Operations

86. Slide 86: Mall Merchandising Strategy

    0DOO0HUFKDQGLVLQJ6WUDWHJ\ „ Increase corporate revenue „ Increase average revenue per client „ Increase duration of stay „ Upgrade the quality of retailers Australia & New Zealand Operations Update – December 2004 86

87. Slide 87: Lancome Attraction Launch

    /DQFRPH $WWUDFWLRQ/DXQFK Australia & New Zealand Operations Update – December 2004 87

88. Slide 88: L'Oreal Beauty Tour

    /¶2UHDO± %HDXW\7RXU Australia & New Zealand Operations Update – December 2004 88

89. Slide 89: L'Oreal Beauty Tour

    /¶2UHDO± %HDXW\7RXU Australia & New Zealand Operations Update – December 2004 89

90. Slide 90: Dell Computers

    'HOO&RPSXWHUV Australia & New Zealand Operations Update – December 2004 90

91. Slide 91: Foxtel

    )R[WHO Australia & New Zealand Operations Update – December 2004 91

92. Slide 92: Brand Alliance Vision and Mandate

    %UDQG$OOLDQFH 9LVLRQ 0DQGDWH 7RHVWDEOLVK:HVWILHOGFHQWUHVDVWKHZRUOG¶VOHDGLQJ LQWHJUDWHG0DOO0HGLDSODWIRUPIRUDGYHUWLVLQJVDOHV DQG PDUNHWLQJSURJUDPVWRFRQVXPHUVZLWKLQDSUHPLHUUHWDLO HQYLURQPHQW 7RLGHQWLI\DQGGHYHORSORQJWHUPVXVWDLQDEOHDQG FRPPHUFLDOO\YLDEOH0DOO0HGLDRSSRUWXQLWLHVWKDW JHQHUDWHLQFUHPHQWDOLQFRP

93. Slide 93: Brand Alliance Mall Media

    %UDQG$OOLDQFH 0DOO0HGLD „ 0DOOVGHOLYHU³SXUFKDVHUHDG\´ FRQVXPHUVWRDGYHUWLVHUVLQD UHWDLOHQYLURQPHQW „ 0DVVPHGLDFDQRQO\WDUJHW³VKDUHRIPLQG´ YLDEURDGFDVW PHGLXPV „ :HVWILHOGPDOOVFDQWDUJHWGHPRJUDSKLFVHFWLRQVRIWKH FRPPXQLW\ „ :HVWILHOGPDOOVSURYLGHUHWDLOHUVZLWKFULWLFDOPDVVDQG JHRJUDSKLFGLYHUVLW\IURPDODUJHSR

94. Slide 94: Brand Alliance Current Licensee Programme

    %UDQG$OOLDQFH &XUUHQW/LFHQVHH3URJUDPPH „ Eye Corp : common domain “eyelites” „ Eye Shop : parent rooms “babylites” „ Creatable Media : food court “table tops” „ Claude Group : car park “shop-a-lites” „ Convenience Adv : rest rooms “A4 frames & postcards” „ Branding Platforms Australia & New Zealand

95. Slide 95: Eye Corp 'eyelites'

    (\H&RUSµH\HOLWHV¶ Australia & New Zealand Operations Update – December 2004 95

96. Slide 96: Eye Shop 'babylites'

    (\H6KRSµEDE\OLWHV¶ # of A3 Units = 250 Australia & New Zealand Operations Update – December 2004 96

97. Slide 97: Creatable Media 'tabletops'

    &UHDWDEOH0HGLDµWDEOHWRSV¶ Australia & New Zealand Operations Update – December 2004 97

98. Slide 98: Claude Group 'shopalites'

    &ODXGH*URXSµVKRSDOLWHV¶ Australia & New Zealand Operations Update – December 2004 98

99. Slide 99: Convenience Advertising

    &RQYHQLHQFH$GYHUWLVLQJ Australia & New Zealand Operations Update – December 2004 99

100. Slide 100: Sydney Central Plaza Branding Platforms

     6\GQH\&HQWUDO3OD]D± %UDQGLQJ3ODWIRUPV Australia & New Zealand Operations Update – December 2004 100

101. Slide 101: Media Billboards

     0HGLD%LOOERDUGV Australia & New Zealand Operations Update – December 2004 101

102. Slide 102: Digital Screen Network

     'LJLWDO6FUHHQ1HWZRUN Australia & New Zealand Operations Update – December 2004 102

103. Slide 103: Increased Financial Focus: Cost Initiatives

     ,QFUHDVHG)LQDQFLDO)RFXV± &RVW,QLWLDWLYHV „ Economies of Scale „ Intensive debtors management ‡ June ’04 - 0.1% „ Individual asset focus Australia & New Zealand Operations Update – December 2004 103

104. Slide 104: Strong Management Performance: Product Improvement

     6WURQJ0DQDJHPHQW3HUIRUPDQFH 3URGXFW,PSURYHPHQW PRODUCT „ (QKDQFHGFXVWRPHUVHUYLFHLQLWLDWLYHV „ ,PSURYHGDPELHQFHLQ0DOOV „ 0DUNHWOHDGLQJUHWDLOHUUHODWLRQVSURJUDPPH Australia & New Zealand Operations Update – December 2004 104

105. Slide 105: Product Experience Bondi Junction

     3URGXFW([SHULHQFH %RQGL-XQFWLRQ Australia & New Zealand Operations Update – December 2004 105

106. Slide 106: Product Experience Miranda Design Upgrade

     3URGXFW([SHULHQFH 0LUDQGD'HVLJQ 8SJUDGH Before After Australia & New Zealand Operations Update – December 2004 106

107. Slide 107: Product Experience Miranda Design Upgrade

     3URGXFW([SHULHQFH 0LUDQGD'HVLJQ 8SJUDGH %HIRUH $IWHU Australia & New Zealand Operations Update – December 2004 107

108. Slide 108: Product Experience North Rocks Design Upgrade

     3URGXFW([SHULHQFH 1RUWK5RFNV'HVLJQ 8SJUDGH Before After Australia & New Zealand Operations Update – December 2004 108

109. Slide 109: Product Experience North Rocks Design Upgrade

     3URGXFW([SHULHQFH 1RUWK5RFNV'HVLJQ 8SJUDGH Before After Australia & New Zealand Operations Update – December 2004 109

110. Slide 110: Product Experience Warrawong Fresh Food Market

     3URGXFW([SHULHQFH :DUUDZRQJ)UHVK)RRG0DUNHW Australia & New Zealand Operations Update – December 2004 110

111. Slide 111: Marketing

     0DUNHWLQJ Michelle Vanzella General Manager – Marketing Australia & New Zealand Operations Update – December 2004 111

112. Slide 112: Achievements

     $FKLHYHPHQWV „ ,QFUHDVHGVDOHVJURZWK „ &RQWURORIPDUNHWLQJFRVWV „ ,QWHJUDWHGQDWLRQDODQGORFDOPDUNHWLQJSODQV „ 0D[LPLVHGQDWLRQDO JOREDOEUDQGFRQVLVWHQF\OHYHUDJH FRRUGLQDWLRQ „ 0DUNHWLQJVSHQGWRGULYHVDOHVWRJHWKHUZLWK:HVWILHOG³%UDQG´ „ (QKDQFHGUHVHDUFK PHDVXUHPHQWSURFHVVHVDQGFRPSDULVRQV Australia & New Zeal

113. Slide 113: Integrated Marketing Strategy

     ,QWHJUDWHG0DUNHWLQJ6WUDWHJ\ Marketing Goals Efficiently Manage Costs & Drive Brand Income Drive Sales & Develop Brand Financial Strategies Operational Strategies ,1&20(*(1(5$7,21 &2670$1$*(0(17 ‡ 5HVHDUFK ‡ 6SRQVRUVKLS ‡ 1DWLRQDO(FRQRPLHVRI ‡ 0DUNHWLQJ6WUDWHJ\3URGXFW ‡ 6HQVHV0HUFKDQGLVLQJ 6FDOH $PEL

114. Slide 114: Financial: Manage Costs

     )LQDQFLDO0DQDJH&RVWV „ 1DWLRQDO(FRQRPLHVRI6FDOH y &RQWLQXLQJHQKDQFHPHQWVLQHIILFLHQF\RI%XGJHWZLWK0DUNHWLQJ)XQG FRQWULEXWLRQJURZWKEHORZ&3, „ *OREDO/HYHUDJHRI%UDQG y ,QWHUQDWLRQDO&RQVXPHU &RUSRUDWH:HE6LWH 6HUYLFHV y %UDQG'HVLJQ 'HYHORSPHQW y &RQVLVWHQW0HDVXUHPHQW 5HSRUWLQJ Australia & New Zealand Opera

115. Slide 115: Financial: Drive Brand Income

     )LQDQFLDO'ULYH%UDQG,QFRPH „ 1DWLRQDO&DPSDLJQ6SRQVRUVKLS „ 9LVXDO 6HQVHV0HUFKDQGLVLQJ „ (YHQWV (QWHUWDLQPHQW „ 3URJUDP'HYHORSPHQW Australia & New Zealand Operations Update – December 2004 115

116. Slide 116: National Campaign Sponsorship

     1DWLRQDO&DPSDLJQ6SRQVRUVKLS Australia & New Zealand Operations Update – December 2004 116

117. Slide 117: National Campaign Sponsorship

     1DWLRQDO&DPSDLJQ6SRQVRUVKLS Australia & New Zealand Operations Update – December 2004 117

118. Slide 118: Visual and Senses Merchandising

     9LVXDO 6HQVHV0HUFKDQGLVLQJ Australia & New Zealand Operations Update – December 2004 118

119. Slide 119: Visual and Senses Merchandising

     9LVXDO 6HQVHV0HUFKDQGLVLQJ Australia & New Zealand Operations Update – December 2004 119

120. Slide 120: Visual and Senses Merchandising

     9LVXDO 6HQVHV0HUFKDQGLVLQJ Australia & New Zealand Operations Update – December 2004 120

121. Slide 121: Events and Entertainment

     (YHQWV (QWHUWDLQPHQW Australia & New Zealand Operations Update – December 2004 121

122. Slide 122: Events and Entertainment

     (YHQWV (QWHUWDLQPHQW Australia & New Zealand Operations Update – December 2004 122

123. Slide 123: Program Development

     3URJUDP'HYHORSPHQW „ 'HYHORSPHQWRIVFDODEOHWHFKQRORJ\SODWIRUPVWRGULYHFDPSDLJQV SURJUDPVDFURVVFHQWUHV1DWLRQDOO\HJ*LIW&DUGDQG6KRSIRU<RXU6FKRRO Australia & New Zealand Operations Update – December 2004 123

124. Slide 124: Operational: Drive Retailer Sales, Develop Brand Value

     2SHUDWLRQDO'ULYH5HWDLOHU6DOHV 'HYHORS%UDQG9DOXH „ )RFXV „ 5HVHDUFK „ 0DUNHWLQJ6WUDWHJ\ H[DPSOHV y 3URGXFW y $PELHQFH y &RPPXQLFDWLRQV %UDQG3RVLWLRQLQJ 7DFWLFDO&DPSDLJQV „ 0HDVXUHPHQW)LQDQFLDO5HVXOWV %UDQG9DOXH Australia & New Zealand Operations Update – December 2004 124

125. Slide 125: Focus: Drive Retailer Sales

     )RFXV'ULYH5HWDLOHU6DOHV Retail Sales = No.Shoppers x No.Visits per Shopper x $Spend per Visit 6KRSSHU 6KRSSHU $FTXLVLWLRQ /R\DOW\ Australia & New Zealand Operations Update – December 2004 125

126. Slide 126: Focus: Develop Brand Value

     )RFXV'HYHORS%UDQG9DOXH )RFXVRQ6+233(5(;3(5,(1&(WRHQFRXUDJHVKRSSHUVWR ³6WD\ORQJHUVSHQGPRUHFRPHEDFNPRUHRIWHQ´ Product Product Product Ambience Ambience Communications Australia & New Zealand Operations Update – December 2004 126

127. Slide 127: Research

     5HVHDUFK Brand Tracking 'HVFULEHVVKRSSHUVLQWHUPVRIVSHFLILFEHKDYLRXUDQGHPRWLRQDOFRQQHFWLRQZLWK:HVWILHOG,QRUGHUWR LGHQWLI\WKHWDUJHWVKRSSHUJURXSV VHJPHQWV LQWHUPVRISRSXODWLRQVL]HDQGVSHQG Shopper Segments 'HVFULEHVVKRSSHUVLQHYHQPRUHGHWDLO :KRWKH\DUH GHPRJUDSKLFV +RZWKH\EHKDYH GRHUJUDSKLFV :KDWWKHLUYDOXH

128. Slide 128: Product Kids

     3URGXFW.LGV Australia & New Zealand Operations Update – December 2004 128

129. Slide 129: Product Kids

     3URGXFW.LGV Australia & New Zealand Operations Update – December 2004 129

130. Slide 130: Ambience Events

     $PELHQFH(YHQWV Seasonal Campaigns Australia & New Zealand Operations Update – December 2004 130

131. Slide 131: Ambience Events

     $PELHQFH(YHQWV Live Music Australia & New Zealand Operations Update – December 2004 131

132. Slide 132: Ambience Senses Merchandising

     $PELHQFH6HQVHV0HUFKDQGLVLQJ Australia & New Zealand Operations Update – December 2004 132

133. Slide 133: Ambience Senses Merchandising

     $PELHQFH6HQVHV0HUFKDQGLVLQJ Australia & New Zealand Operations Update – December 2004 133

134. Slide 134: Communications

     &RPPXQLFDWLRQV Australia & New Zealand Operations Update – December 2004 134

135. Slide 135: Communications Brand

     &RPPXQLFDWLRQV%UDQG Australia & New Zealand Operations Update – December 2004 135

136. Slide 136: Communications Brand

     &RPPXQLFDWLRQV%UDQG Australia & New Zealand Operations Update – December 2004 136

137. Slide 137: Communications Tactical

     &RPPXQLFDWLRQV7DFWLFDO Australia & New Zealand Operations Update – December 2004 137

138. Slide 138: Measurement: Financial

     0HDVXUHPHQW)LQDQFLDO „ 7UDGLWLRQDO0HDVXUHV y 7UDIILF 7XUQRYHU „ $GGLWLRQDO)LQDQFLDO0HDVXUHV y $ & %PSM Retail Turnover y Frequency Visit % y Occupancy cost % y Spend per Visit $ y Registered & Incremental turnover y Individual Share of Wallet y Return on investment: total & incremental y Time in Cen

139. Slide 139: Measurement: Brand

     0HDVXUHPHQW%UDQG $ELOLW\WRPHDVXUHDQGWUDFN „ %UDQG$ZDUHQHVV „ %UDQG(PSDWK\ „ %UDQG3UHIHUHQFH „ %UDQG5HFRPPHQGDWLRQ „ %UDQG8VDJH „ %UDQG6SHQG Australia & New Zealand Operations Update – December 2004 139

140. Slide 140: Measurement: Brand Empathy and Spend

     0HDVXUHPHQW%UDQG(PSDWK\ 6SHQG RIVSHQGDW:HVWILHOG 3URSRUWLRQRI*URFHU\6SHQG 3URSRUWLRQRI1RQ*URFHU\6SHQG (PSDWK\ 5HMHFWRU 1HJDWLYH 3RVLWLYH 7UXVWLQJ 'LUHFWOLQNEHWZHHQEUDQGHPSDWK\ VDOHV7KHUHIRUHWKHPRUHVXFFHVVIXOZHDUHDWWXUQLQJ FXVWRPHUVLQWRµ%UDQG7UXVWLQJ¶ WKHKLJKHUWKHUHWXUQWRUHWDLOHUV XOWLPDWHO\:HVWILHOG

141. Slide 141: Projects Australia

     3URMHFWV $XVWUDOLD Greg Miles Director – Development & Asset Management Australia & New Zealand Operations Update – December 2004 141

142. Slide 142: Projects: Goals and Strategies

     3URMHFWV± *RDOV 6WUDWHJLHV Project Goals Maximise product quality value Improve/expand product in line and yield with demand Financial Strategies Operational Strategies ‡ &UHDWHRSSRUWXQLWLHV ‡ &UHDWHRSSRUWXQLWLHV ‡ &RRUGLQDWHGHYHORSPHQWGHVLJQ ‡ $FWLYHO\PDQDJHHDFKDVVHWRQD\USODQ FRQVWUXFWLRQDQGOHDVLQJ

143. Slide 143: Recently Completed and Current Projects Australia

     5HFHQWO\&RPSOHWHG &XUUHQW3URMHFWV $XVWUDOLD Total Cost Completed Projects $ million Actual Yield¹ Completed 7KH3LQHV 0HOERXUQH 2FW 0W*UDYDWW %ULVEDQH ð 1RYµ %RQGL-XQFWLRQ 6\GQH\ )LQDO6WDJH± 'HF¶ Estimated Cost Current Major Projects $ million Target Yield¹ Anticipated Completion +HOHQVYDOH *ROG&RDVW

144. Slide 144: Future Projects

     )XWXUH3URMHFWV ƒ %HOFRQQHQ $&7 ƒ .RWDUD 16: ƒ %D\&LW\3OD]D 9,& ƒ /LYHUSRRO 16: ƒ &DURXVHO :$ ƒ 1RUWK/DNHV± 6WDJH 4/' ƒ &KHUPVLGH 4/' ƒ 3OHQW\9DOOH\ 9,& ƒ 'RQFDVWHU 9,& ƒ 7HD7UHH3OD]D 6$ ƒ )RXQWDLQ*DWH 9,& ƒ 6\GQH\&%' 16: Australia & New Zealand Operations Update – December 2004 144

145. Slide 145: Projects: Competitive Advantage

     3URMHFWV± &RPSHWLWLYH$GYDQWDJH „ ([SHULHQFHGDQGVWDEOHWHDP „ $FWLYHDVVHWWHDPDSSURDFK „ 3URYHQWUDFNUHFRUGLQGHOLYHU\DQGPD[LPLVLQJUHWXUQV „ 6WUDWHJLFDVVHWPDQDJHPHQWRISRUWIROLRWRFRQWLQXRXVO\HQKDQFHDVVHWYDOXHDQGFUHDWH SURMHFWRSSRUWXQLWLHV „ )RFXVRQUHGHYHORSPHQWDQGH[SDQVLRQWRHQVXUHHDFKFHQWUHUHPDLQVUHOHYDQW

146. Slide 146: Project Scope: Creating Value

     3URMHFW6FRSH± &UHDWLQJ9DOXH 3URMHFWVFRSHGHWHUPLQHGRXWRI „ 7UDGLQJSHUIRUPDQFHPDUNHWFDSDFLW\ „ 5HVHDUFK± TXDQWLWDWLYH TXDOLWDWLYH „ 0DMRUDQGPLQLPDMRUVWHQDQWRSSRUWXQLWLHV „ &HQWUHFRPSHWLWLYHWKUHDWV „ 'HVLJQILWWRFXVWRPHUSURILOH± $OZD\VDFKLHYLQJUHTXLUHGUHWXUQV „ %HVWRXWFRPHDWFHQWUHOHYHO QRRWKHUFRQVWUDLQW

147. Slide 147: Major Tenant Relationships

     0DMRU7HQDQW5HODWLRQVKLSV :HVWILHOG0DQDJHG&HQWUHV :HVWILHOG-9&HQWUHV 2WKHU D a v id 5 DQN C e n tre M anager S ta te GLA m 2 M ye r K m a rt B ig W T a rg e t C o le s W 'w o r t h s Jones 1 W e s tfie ld F o u n ta in G a te W e s tfie ld V IC 1 4 3 ,7 4 1 . Q R [ & LW \ $03 9 ,& 3 W e s tfie ld M a

148. Slide 148: Westfield Chermside, Queensland

     Westfield Chermside, Queensland Background: „ 3UHYLRXVRZQHU¶V6FKHPHLQHIILFLHQWUHOLHGRQ SXUFKDVHRIDGGLWLRQDOODQGDQGKDGOLPLWHGIXWXUH GHYHORSPHQW „ :HVWILHOGLGHQWLILHGDPRUHHIILFLHQWDQGLQWHQVLYH VFKHPHWKDWZRUNHGRQWKHH[LVWLQJVLWHDQG IDFLOLWDWHGDIXWXUHVWDJHGHYHORSPHQW Westfield Chermside, Brisbane, QLD Au

149. Slide 149: Westfield Chermside: Original Centre and Land

     Westfield Chermside, Queensland Original Centre and Land Australia & New Zealand Operations Update – December 2004 149

150. Slide 150: Westfield Chermside: Previous Owners Plans

     Westfield Chermside, Queensland Previous Owners Plans Australia & New Zealand Operations Update – December 2004 150

151. Slide 151: Westfield Chermside: Previous Owners Plans

     Westfield Chermside, Queensland Previous Owners Plans Australia & New Zealand Operations Update – December 2004 151

152. Slide 152: Westfield Chermside: Current Centre

     Westfield Chermside, Queensland Current Centre Australia & New Zealand Operations Update – December 2004 152

153. Slide 153: Westfield Chermside: Next Stage

     Westfield Chermside, Queensland Next Stage Australia & New Zealand Operations Update – December 2004 153

154. Slide 154: Westfield Chermside: Next Stage

     Westfield Chermside, Queensland Next Stage Current Centre 0DMRUV 0LQL0DMRUV 6SHFLDOWLHV 7RWDO*/$([LVWLQJ P Expanded Centre 0DMRUV 0LQL0DMRUV 6SHFLDOWLHV 7RWDO*/$([SDQGHG P Australia & New Zealand Operations Update – December 2004 154

155. Slide 155: Westfield Kotara, New South Wales

     Westfield Kotara, New South Wales Background: „ $FTXLUHGE\:HVWILHOG6HSW „ 3UHYLRXVRZQHUKDGDSHQGLQJUHGHYHORSPHQW „ '$$SSURYHGZLWKFRQGLWLRQDO$JUHHPHQWIRU /HDVHZLWK+R\WV Westfield Kotara, NSW Australia Australia & New Zealand Operations Update – December 2004 155

156. Slide 156: Westfield Kotara: Issues and Opportunities

     Westfield Kotara, New South Wales ISSUES/OPPORTUNITIES: „ 2QH'LVFRXQW'HSDUWPHQW6WRUH „ 6WURQJ5HWDLO3HUIRUPDQFHRI([LVWLQJ&HQWUH „ 6WURQJ1DWLRQDO5HWDLOHU'HPDQG „ 2SSRUWXQLW\IRUILUVWLQWHJUDWHG&LQHPD /LIHVW\OHSUHFLQFWLQ 1HZFDVWOH „ 9RFDO5HVLGHQW$FWLRQ*URXS „ &RQVWUDLQHGVLWHIRUH[SDQVLRQ „ 3RRUVWUXFWXUDOF

157. Slide 157: Case Study: Westfield Kotara

     &DVH6WXG\ Westfield Kotara, New South Wales Project Comparison: „ 3UHYLRXV2ZQHU¶V3URMHFW &LQHPDV VSHFLDOWLHV 3RRU<LHOG 3RRU'HYHORSPHQW3URILW DV&LQHPD5HQWDOVDUHORZ „ :HVWILHOG3URMHFW $GGLWLRQDO'LVFRXQW'HSDUWPHQW6WRUH &LQHPDV VSHFLDOWLHV $GGLWLRQDO)RRGFRXUW 6WURQJHU<LHOG *UHDWHU(QKDQFHGYDOXH Australia

158. Slide 158: Westfield Kotara: Previous Owners Development Scheme

     Westfield Kotara, New South Wales Previous Owners Development Scheme 'DYLG -RQHV &ROHV :RROZRUWKV :RROZRUWKV Australia & New Zealand Operations Update – December 2004 158

159. Slide 159: Westfield Kotara: Previous Development Scheme

     Westfield Kotara, New South Wales Previous Development Scheme 'DYLG -RQHV Australia & New Zealand Operations Update – December 2004 159

160. Slide 160: Westfield Kotara: Development Application Approved

     Westfield Kotara, New South Wales Westfield Development Application - Approved DDS David Jones Australia & New Zealand Operations Update – December 2004 160

161. Slide 161: Westfield Kotara, New South Wales

     Westfield Kotara, New South Wales Australia & New Zealand Operations Update – December 2004 161

162. Slide 162: Recently Completed, Current & Future Projects

     Recently Completed, Current & Future Projects Helensvale Parramatta TUGGERAH Australia & New Zealand Operations Update – December 2004 162

163. Slide 163: Westfield Northlakes, Queensland

     Westfield Northlakes, Queensland Australia & New Zealand Operations Update – December 2004 163

164. Slide 164: Westfield Northlakes, Queensland

     Westfield Northlakes, Queensland Australia & New Zealand Operations Update – December 2004 164

165. Slide 165: Westfield Parramatta, NSW

     Westfield Parramatta, NSW Australia & New Zealand Operations Update – December 2004 165

166. Slide 166: Westfield Parramatta, NSW

     Westfield Parramatta, NSW Australia & New Zealand Operations Update – December 2004 166

167. Slide 167: Parramatta Level Plan

     3DUUDPDWWD/HYHO3ODQ Australia & New Zealand Operations Update – December 2004 167

168. Slide 168: Parramatta Ground

     3DUUDPDWWD*URXQG Australia & New Zealand Operations Update – December 2004 168

169. Slide 169: Parramatta Level

     3DUUDPDWWD± /HYHO Australia & New Zealand Operations Update – December 2004 169

170. Slide 170: Westfield Mt Druitt, NSW Existing Plan

     Westfield Mt Druitt, NSW Existing Plan Grace Bros Woolworths Bi Lo KMart Coles Australia & New Zealand Operations Update – December 2004 170

171. Slide 171: Westfield Mt Druitt, NSW

     Westfield Mt Druitt, NSW Coles Woolworths Target KMart Joyce Mayne Australia & New Zealand Operations Update – December 2004 171

172. Slide 172: Westfield Helensvale, Queensland

     Westfield Helensvale, Queensland Australia & New Zealand Operations Update – December 2004 172

173. Slide 173: Westfield Helensvale: Plan showing car park

     Westfield Helensvale, Queensland Plan showing car park Woolworths Coles Target Kmart ALDI Australia & New Zealand Operations Update – December 2004 173

174. Slide 174: Westfield Tuggerah, NSW

     Westfield Tuggerah, NSW Australia & New Zealand Operations Update – December 2004 174

175. Slide 175: Westfield Tuggerah, NSW

     Westfield Tuggerah, NSW Australia & New Zealand Operations Update – December 2004 175

176. Slide 176: Westfield Tuggerah, NSW

     Westfield Tuggerah, NSW Australia & New Zealand Operations Update – December 2004 176

177. Slide 177: Westfield Centrepoint, NSW

     Westfield Centrepoint, NSW Australia & New Zealand Operations Update – December 2004 177

178. Slide 178: Centrepoint

     Centrepoint Australia & New Zealand Operations Update – December 2004 178

179. Slide 179: Centrepoint

     Centrepoint Australia & New Zealand Operations Update – December 2004 179

180. Slide 180: Australia & New Zealand Operations Update – December 2004

     Australia & New Zealand Operations Update – December 2004 180

181. Slide 181: New Zealand

     1HZ=HDODQG John Widdup Director – New Zealand Australia & New Zealand Operations Update – December 2004 181

182. Slide 182: New Zealand

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183. Slide 183: New Zealand Performance

     1HZ=HDODQG3HUIRUPDQFH September September 2004 2003 Sales Growth - Total - Comparable Specialties Occupancy % of lettable area Lease Deals Acquisitions 1=P 1$ Australia & New Zealand Operations Update – December 2004 183

184. Slide 184: Share of Spending Growth

     6KDUHRI6SHQGLQJ*URZWK Remainder North Island 15% Canterbury 14% Remainder South Wellington Island 14% 7% Waikato 14% Auckland 36% Source: Jebb Holland Research Australia & New Zealand Operations Update – December 2004 184

185. Slide 185: Recently Completed and Current Projects New Zealand

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186. Slide 186: Completed Projects: St Lukes, Auckland

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187. Slide 187: St Lukes Redevelopment

     6W/XNHV 5HGHYHORSPHQW Australia & New Zealand Operations Update – December 2004 187

188. Slide 188: Completed Projects: Riccarton, Christchurch

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189. Slide 189: Riccarton Redevelopment

     5LFFDUWRQ 5HGHYHORSPHQW Under construction – Aug 2004 Completed – Nov 2004 Australia & New Zealand Operations Update – December 2004 189

190. Slide 190: Projects Under Construction: Queensgate, Wellington

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191. Slide 191: Queensgate Redevelopment

     4XHHQVJDWH 5HGHYHORSPHQW Australia & New Zealand Operations Update – December 2004 191

192. Slide 192: Queensgate Redevelopment

     4XHHQVJDWH 5HGHYHORSPHQW Currently under construction Impression of completed centre Australia & New Zealand Operations Update – December 2004 192

193. Slide 193: Future Projects

     )XWXUH3URMHFWV Area (m2) Existing Approx. Incremental 3DNXUDQJD &KDUWZHOO 0DQXNDX $OEDQ\ QD 1HZPDUNHW Total 78,358 117,231 * Includes cinemas Australia & New Zealand Operations Update – December 2004 193

194. Slide 194: Future Development: Albany, Auckland

     )XWXUH'HYHORSPHQW± $OEDQ\ $XFNODQG Australia & New Zealand Operations Update – December 2004 194

195. Slide 195: Future Development Albany

     )XWXUH'HYHORSPHQW $OEDQ\ Australia & New Zealand Operations Update – December 2004 195

196. Slide 196: Future Development: Newmarket, Auckland

     )XWXUH'HYHORSPHQW± 1HZPDUNHW $XFNODQG „ Anticipated commencement 2006/07 „ Proposed retail expansion from 12,000 sqm to 64,000 sqm Australia & New Zealand Operations Update – December 2004 196

197. Slide 197: Future Development: Newmarket

     )XWXUH'HYHORSPHQW± 1HZPDUNHW Australia & New Zealand Operations Update – December 2004 197

198. Slide 198: Future Development: Newmarket

     )XWXUH'HYHORSPHQW± 1HZPDUNHW Australia & New Zealand Operations Update – December 2004 198

199. Slide 199: Investor Presentation Australia and New Zealand Operations

     Investor Presentation Australia and New Zealand Operations 15 December 2004 Australia & New Zealand Operations Update – December 2004 199

Westfield Group — Investor Presentation (December 2004) on 6ix