ASX Announcement

Melbourne, 26 September 2003

Foster's Group Limited (Foster's) announced on 12 August 2003 its plans to sell its leisure and hospitality division, comprising the group's hotel, gaming and retail liquor operations. At that time, Foster's also outlined plans to separate the division into two entities, with each offering distinct investment attributes:

• Australian Leisure and Hospitality Group Limited (ALH) - which will conduct the business of operating pubs and related businesses. Foster's announced on 19 September 2003 that a Prospectus had been lodged with the Australian Securities and Investment Commission (ASIC) relating to shares in ALH. Under that Prospectus ordinary shares will be sold to institutional and retail investors and it is intended that ALH will seek a listing on the Australian Stock Exchange Limited (ASX); and
• Australain Leisure and Entertainment Property Group (ALE) - a separate property trust which will acquire from Foster's the land and buildings on which ALH conducts a substantial part of its business.

Foster's has been informed that ALE has today lodged two prospectuses with ASIC relating to offers intended to finance the trust.

The first prospectus relates to an offer of unsecured subordinated loan notes to raise $150 million and the second prospectus relates to ALE Property Group Stapled Securities which comprise of units in the trust and shares in the trust's responsible entity.

For further details on these offers, please contact ALE on +612 9552 8930. The offer documents can be accessed online at the internet site of the Lead Manager in respect of the offers, Macquarie Equity Capital Markets, at www.macquarie.com.au/ale.

Further information:

Media
Nicole Devlin
Tel: +613 9633 2261
Mob: 61 418 202 375

Investor Relations:
Robert Porter
Tel: +613 9633 2773