***announcement:oversubsriptions $75 mill *******

Australand Property Group is pleased to announce that the Australand Subordinated Step-up
Exchangeable Trust Securities (ASSETS) offer has generated significant demand from both
retail and institutional investors, allowing Australand to increase the level of oversubscriptions
from $50 million to $75 million thereby increasing the total offer size to $275 million.
Australand further announces that following the completion of the bookbuild, the margin has
been set at 2.30%. Based on the prevailing three-month bank bill rate of 5.63%, the ASSETS
distribution rate for the period to 31 December 2005 will be a minimum of 7.93%. This is a
strong pricing result for the offer, with the margin determined at the bottom of the bookbuild
range.
A supplementary offer document, detailing the amendments from the increase in
oversubscriptions and the margin accompanies this announcement, and has been lodged with
ASIC.
Commenting on the offer, Australand Property Group Managing Director, Mr. Brendan Crotty,
said, “We are extremely pleased with the Margin determined by the bookbuild process, which
was at the bottom of the anticipated range and the Board has elected to increase the
oversubscriptions by $25 million to $75 million, as a consequence. The additional funds will give
the Group significant flexibility to pursue its growth ambitions and represents a strong
endorsement of our strategic objective of increasing the level of recurrent investment property
income to 65% of total Group earnings in the medium term. Subject to unitholder, stapled
securityholder and Court approvals, we now propose to complete the merger of Australand
Wholesale Property Trust No.4 (AWPT4) and Australand Wholesale Property Trust No.5
(AWPT5) as a further element of this strategy”, Mr. Crotty said.
ASSETS will be issued by Australand Property Limited as the responsible entity of Australand
ASSETS Trust pursuant to application forms in the offer document. Anyone wishing to acquire
ASSETS will need to complete the application form in the offer document. All investors should
consider the offer document in deciding whether to acquire ASSETS. The offer document and
the supplementary offer document were lodged with ASIC on 2 August 2005 and 10 August
2005 respectively, and copies are available on Australand’s website at www.australand.com.au.
An application has been made for quotation of ASSETS on ASX.
The first instalment of ASSETS totalling $178.75 million is expected to be received by 16
September 2005, and, subject to receipt of all necessary approvals, will be used to fund the
merger of AWPT4 and AWPT5 with Australand Property Group.
The General Offer and Broker Firm Offer will open on 11 August 2005. The General Offer is
scheduled to close on 9 September 2005 and the Broker Firm Offer is scheduled to close on 14
September 2005.
Macquarie Equity Capital Markets Limited and UBS AG, Australia Branch are the joint lead
managers to the offer. The co-managers to the offer are ANZ Securities Limited, Bell Potter
Securities Limited, Goldman Sachs JBWere Pty Limited, Grange Securities Limited, Macquarie
Equities Limited and UBS Private Clients Australia Limited.