REUBEN BROTHERS SELL WHITE CITY STAKE

16 May 2005 - London

As a result of the sale to Westfield of their interest in the White City Development for £285 million, Reuben Brothers received a total of £145 million plus accrued interest for its equity and the guarantee monies held by CGI. Westfield was not party to these guarantees and will now have to put up the £220 million, which earns no interest until the development is completed.