Westfield America to hedge foreign currency income

26 October 1999

Countries: United States

Westfield America Trust has announced that it will hedge its USdollar income for a period of up to five years so as to minimiseforeign currency risk on distributions to Australianunitholders.

Victor Hoog Antink, Director of Funds Management for Westfield,said today that, “Removing the effects of short term currencymovements will enable investors to focus on the fundamentals of theTrust’s US shopping centre business”.

Hedging arrangements will be progressively implemented. Thearrangements will be maintained on a rolling five year basis, withup to 95% of anticipated distributions to be hedged for the first12 months and reducing levels of cover for the following years.