26 July 2004 – Macquarie Property and Ochtar Capital Partners Limited (“Ochtar”) announced today they have entered into a joint venture, Macquarie Global Property Advisors Limited.

The joint venture will take the form of Macquarie subscribing for a shareholding in Ochtar, which will be renamed Macquarie Global Property Advisors Limited (“MGPA”). MGPA is an investment company focused on private equity real estate investment in Europe and Asia.

Headquartered in Bermuda and with a team of more than 30 people based in London, Tokyo, Luxembourg, Hong Kong and Seoul, MGPA will advise Lend Lease Global Properties SICAF (GF1) which is fully invested in a diverse range of properties across Europe and Asia with assets under management of $US1.6 billion. To date, GF1 has been advised by Ochtar Capital Partners Limited which was formed in February 2004 by a management buy out of Lend Lease Global Real Estate Advisors SA and its associated companies and business from Lend Lease Corporation.

Head of Macquarie Property, Stephen Girdis, said that the new business was an excellent strategic fit with Macquarie Property’s increasing global reach.

“We have pursued a strategy of exporting our investment management and investment banking expertise in niche property markets. The skills and capabilities of the Ochtar team in Asia and Europe will significantly enhance our international operations.”

Mr Girdis believes the new partnership also complements the existing Macquarie Capital Partners (MCP) business which raises capital in the US, European and Middle East markets.

Chairman and Chief Executive Officer of Macquarie Global Property Advisors, James Quille, said the joint venture with Macquarie Property was an excellent opportunity for MGPA to grow its business through the support and global infrastructure of a major institution like Macquarie Bank.

“Macquarie Property understands the unique market we operate in and has chosen our European and Asian investment strategy as one that best fits within its expanding global real estate investment platform. Macquarie also shares our view that investment performance is paramount to success and we will together remain very focused on delivering performance for the shareholders of GF1 as we seek to grow the business.”

In addition to advising GF1, MGPA will develop more equity real estate investment products and services for the Asian and European markets.

“Specifically this joint venture will provide Macquarie’s Property Investment Banking business with a broad range of products to offer investors, access to an increased number of major international institutional investors and a quality team providing further access to deal flow in the important global markets of Europe and Asia,” said Mr Banks.

Mr Girdis and Mr Banks will both join the Board of MGPA.

“Once again we have matched the property expertise of a partner, in this case, MGPA, with the financial acumen of Macquarie to form a strong property investment partnership” said Banks.

For further information:

Matthew Banks, Head of Macquarie Property Investment Banking, Ph: +61 2 8232 3333

Robyn Turner, Macquarie Property, Ph:+61 2 8232 6989, Mobile: +61 416 237 358

Elizabeth Fogerty, Rubenstein Associates, Ph: +1 212 843 8071 efogerty@rubenstein.com.

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