ABACUS GROUP — Capital/Financing Update 2009

Jul 16, 2009

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ASX ANNOUNCEMENT

Abacus acquires 343 George Street, Sydney

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Abacus Property Group today announced that it has acquired the landmark commercial office building at 343 George Street, Sydney for $55 million.

The property was acquired from DEXUS Property Group, which will continue to lease approximately 36% of the commercial office space over a 5 year term.

The heritage-listed property, located on the corner of George and Barrack Streets, comprises 10,584m[2] of net lettable area including lower ground and ground floor retail space and 10 levels of office accommodation. The building was built in 1925 and was partially refurbished in 2006.

Dr Frank Wolf, Managing Director, Abacus Property Group, said: “Following the successful completion of our capital raising in April, we are pleased to announce our first significant property acquisition which we believe will position Abacus to capture the future rebound in property markets.”

“While credit conditions continue to remain illiquid, there is ample opportunity for well capitalised groups to acquire high quality assets at attractive prices. We remain cognisant of the need to maintain adequate balance sheet liquidity in this constrained environment, but we do intend to take advantage of our balance sheet strength to target selective assets that meet our fundamental investment criteria.”

“We were attracted to 343 George St given its location in the heart of the Sydney CBD, the potential to enhance net rental income and the development consent that enables us to undertake a future strata sub-division of the property.”

17 July 2009

Ellis Varejes Company Secretary Abacus Property Group (02) 9253 8600