International property joint venture established

26 July 2004

LONDON, 26 July 2004 - Macquarie Bank Limited today announced that its property division, Macquarie Property, has entered into a joint venture with Ochtar Capital Partners Limited (Ochtar). The joint venture will take the form of Macquarie subscribing for a shareholding in Ochtar, which will be renamed Macquarie Global Property Advisors (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 located in London, Luxembourg, Hong Kong, Tokyo 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 €1.3 billion. To date, GF1 has been advised by Ochtar Capital Partners Ltd, which was formed in February 2004 following a management buy out of Lend Lease Global Real Estate Advisors SA and its associated companies and businesses, from Lend Lease Corporation.

Head of Macquarie Property, Mr Stephen Girdis, said 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 to niche property markets. The skills and capabilities of the Ochtar team in Asia and Europe will significantly enhance our international activities," he said.

Mr Girdis believes the new partnership also complements the existing Macquarie Capital Partners (MCP) business, which raises significant real estate capital in the United States, Europe and the Middle East.

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

"Macquarie Property understands the unique market we operate in and has chosen our European and Asian investment strategy as an appropriate complement to its expanding global property 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.

NOTES TO EDITORS:

The Macquarie Bank Group provides specialist investment, advisory and financial services in select markets around the world, with over 5,700 people in 23 countries. Headquartered in Australia, the Group consists of Macquarie Bank Limited, the leading Australian investment bank, and its worldwide affiliates. Macquarie Bank has a market capitalisation of approx €4.8 billion.

Macquarie's European regional base is London where it has over 250 people, with additional offices in Dublin, Frankfurt, Geneva, Munich, Paris and Vienna.

Macquarie Property is a division of Macquarie Bank Ltd and has more than 250 expert staff located throughout Australia, Asia and the USA. Globally, it has more than A$12 billion (€7 billion) assets under management, through listed property trusts, unlisted property trusts and unlisted development funds. Further information on Macquarie Property can be found at www.macquarie.com.au

For further information please contact:

Alison Jefferis
Corporate Communications
Macquarie Group (London)
Tel: (44) (0)20 7065 2335
Mobile: (44) (0)79 1938 2958

Caroline Hancock
Financial Dynamics
Tel: 44 (0)20 7269 7244
Mobile: 44 (0) 7711 050533