Agricultural Land Trust • ARSN 096 588 046 Responsible Entity Agricultural Land Management Ltd ABN 16 072 899 060 AFSL 225064

Level 9, 121 King William Street, Adelaide SA 5000 GPO Box 2716 Adelaide SA 5001

Telephone (08) 8425 5100 • Facsimile (08) 8425 6088

26 September 2008

Company Announcements Platform Australian Securities Exchange

AGRICULTURAL LAND TRUST (AGJ) FORMERLY WESTRALIA PROPERTY TRUST (WST)

AMENDMENT OF CONSTITUTION

The Directors of Agricultural Land Management Ltd, the responsible entity of the Agricultural Land Trust (the “Trust”) advise that yesterday a Deed

of Amendment and Consolidation was executed to amend the Constitution of the Trust pursuant to paragraph 601GC(1)(b) of the Corporations Act

2001. The amendments are being made to achieve the following:

• ensuring that all references to the Corporations Act 2001 in the Constitution are up to date, and that all sections of the Constitution

affected by the Corporations Act 2001 are up to date

• ensuring that the Constitution incorporated recent Class Orders issued by ASIC relevant for property trusts

• ensuring compliance with the ASX Listing Rules

• amending the termination date of the Trust due to the adoption of

International Financial Reporting Standards (IFRS) as currently unit holder’s interests are classified as liabilities rather than equity

• simplifying and generally updating the Constitution to standard

practice for listed property trusts.

A copy of the Deed of Amendment and Consolidation is attached to this announcement.

For further information contact:

Simon Olesen Company Secretary Agricultural Land Management Limited

Telephone (08) 8425 5100