Australand today announced it has signed an Agreement for Lease with Commonwealth Bank of Australia (CBA) to lease approximately 8,500 square metres at 357 Collins Street in Melbourne. The commitment equates to approximately one third of the total office NLA in the building, which is currently undergoing a strategic repositioning and redevelopment.

CBA will occupy levels 6 to 10 of the building for an initial 10 year term (with further option periods) at a net rental of $385 per square metre. The lease will commence in October 2012.

Australand's Executive General Manager - Commercial and Industrial division, Sean McMahon, said "We are very pleased to have secured a major commitment from a tenant of the exceptional quality and strength of Commonwealth Bank of Australia, and at quite an early stage of the project's repositioning. Construction is well underway, with works due to be complete in the first half of 2012." "The building is ideally located within the heart of the Melbourne CBD and is well positioned to capitalise on the favorable leasing conditions forecast for the market over 2011 and 2012, when A-grade vacancies are anticipated to fall to less than 5%," he added.

Chamoun Malki, Australand General Manager - Commercial Development, said "357 Collins Street is attracting considerable interest from a number of potential tenants, and the CBA covenant is symbiotic with the quality of the end product we are targeting." "Australand is also pleased to confirm that we have executed Heads of Agreement for approximately 50% of the retail space at 357 Collins Street, equating to around 850 square metres, and we continue to field strong enquiry on the remaining office and retail tenancies," Mr Malki said.

Commonwealth Bank Head of Corporate Services, Suzanne Young, said "These state-of-the-art contact and learning facilities reflect our commitment to maintaining and growing our presence in Melbourne and Victoria." On completion, 357 Collins Street will comprise approximately 30,000 square metres of A-grade office space, targeting a 5 star NABERS Energy rating. In addition, the building will comprise around 1,800 square metres of prime retail space and basement carparking, bike facilities and shower amenities.

Commonwealth Bank commits to 357 Collins St, Melbourne April 13 2011 2/2 For further information please contact:

Chamoun Malki General Manager - Commercial Development Australand Telephone: 03 9426 1000 or Trudy Wise Wise McBaron Communication Telephone: 02 9279 4770 or 0418 220028