ASX announcement ASX code AAZPB / ALZ

1 Homebush Bay Drive

Building C, Level 3

Rhodes NSW 2138

02 9767 2000

PO Box 3307

Rhodes NSW 2138

australand.com.au

3 September 2014

Issuer Realisation Notice - Redemption of Australand Subordinated Step-Up

Exchangeable Trust Securities ("ASSETS") in Australand ASSETS Trust

As per Listing Rule 3.17, the attached notice is being mailed today to ASSETS Unitholders in relation to the Redemption of ASSETS in the Australand ASSETS Trust.

Issued by:

Bev Booker

Group Company Secretary

T +61 9767 2182

E bbooker@australand.com.au

Australand Holdings Limited ABN 12 008 443 696 Australand Property Limited ABN 90 105 462 137 AFSL 231130 as responsible entity of Australand Property Trust ARSN 106 680 424 and Australand ASSETS Trust ARSN 115 338 513

Australand Investments Limited ABN 12 086 673 092 AFSL 228837 as responsible entity of Australand Property Trust

No.4 ARSN 108 254 413 and Australand Property Trust No.5 ARSN 108 254 771

3 September 2014

ISSUER REALISATION NOTICE REDEMPTION OF AUSTRALAND SUBORDINATED STEP-UP EXCHANGEABLE TRUST SECURITIES ("ASSETS") IN AUSTRALAND ASSETS TRUST Background

On 13 August 2014, Australand Property Limited (ABN 90 105 462 137, AFSL No. 231130)
("APL"), as responsible entity of Australand ASSETS Trust (ARSN 115 338 513) ("ASSETS Trust"), announced that a Change of Control Event had occurred under the terms of issue of ASSETS ("ASSETS Terms").
The Change of Control Event occurred as a result of Frasers Amethyst Pte. Ltd. acquiring a relevant interest in more than 50% of all of the stapled securities of Australand Property Group under its off-market takeover offer for Australand Property Group, and that offer becoming unconditional.

Issuer Realisation Notice

Under clause 5.2 of the ASSETS Terms, APL may give an Issuer Realisation Notice within 20 business days after a Change of Control Event occurs.
The purpose of this Issuer Realisation Notice is to advise holders of ASSETS ("ASSETS Holders") that all ASSETS on issue will be redeemed on 12 September 2014 ("Realisation Date") in accordance with clause 5.4(d) of the ASSETS Terms.

Suspension of ASSETS from quotation

Trading in ASSETS on the Australian Securities Exchange ("ASX") is expected to be suspended with effect from the close of trading on Friday 5 September 2014.

Amounts payable on redemption

Under clause 5.3 of the ASSETS Terms, each ASSETS Holder on the ASSETS Trust register at
5.00 pm (Sydney time) on 12 September 2014 will receive the following amount per ASSETS1:
(a) $100; plus
(b) the distribution payable under the ASSETS Terms for the period from 1 July 2014 to 12
September 2014 being $1.5155.

Payment to ASSETS Holders

Payment of the amounts described above will be made in the method that ASSETS Holders have previously elected to receive their distributions. If any ASSETS Holder wishes to amend their payment instructions, they may contact the Registrar, Link Market Services Limited on 1300 554
474.

1 If any Australian tax is required to be withheld by the ASSETS Trust, as a result of a distribution of income to an ASSETS Holder, the amount of Australian tax will be deducted from the distribution.

Further action ASSETS Holders are not required to take any action in respect of the redemption of ASSETS.

Under the ASSETS Terms, each ASSETS Holder has appointed APL as its agent and attorney to do all things necessary to give effect to the redemption of their ASSETS, including completing and executing any required documents.
If you have any questions regarding this Issuer Realisation Notice, please contact Link Market Services Limited on 1800 882 147 (within Australia) or +61 1800 882 147 (outside Australia), or consult your financial, investment, legal or other professional adviser.

Yours sincerely


Bob Johnston Managing Director Australand Property Limited (as the responsible entity of Australand ASSETS Trust)

distributed by