ABACUS GROUP — Capital/Financing Update 2009

Apr 2, 2009

==> picture [132 x 72] intentionally omitted <==

ASX ANNOUNCEMENT

Abacus receives approval to expand Ashfield Mall

==> picture [142 x 198] intentionally omitted <==

Abacus Property Group is pleased to announce it has received a development approval from the NSW Land and Environment Court to expand its Ashfield Mall property, a sub-regional shopping centre located 10 km from the Sydney CBD in the inner south-western suburb of Ashfield.

The approval provides for:

• the expansion of the current shopping centre, with a new entrance to be created from Liverpool Rd and the addition of 2800sqm of new retail space, 860sqm of commercial office space, 16 serviced apartments and a childcare centre; and

• three residential apartment blocks comprising 116 new apartments and 12 townhouses.

Mr Len Lloyd, Executive Director, Abacus Property Group commented “Abacus is extremely pleased to have obtained development approval for the expansion of Ashfield Mall. The proposed expansion will further enhance Ashfield Mall’s utility as a valuable shopping precinct for the residents of Ashfield and the adjoining suburbs.”

“We are very pleased that the Land and Environment Court has recognised the positive contribution that the re-development of Ashfield Mall will have to the local area.”

Abacus purchased Ashfield Mall in 1997 and since that time has actively managed and improved the mall, which accommodates anchor tenants Woolworths, Coles, K-Mart and Franklins. Upon completion of the approved development, the NLA of the centre will increase by nearly 15%, from approximately 25,000sqm today to approximately 28,650sqm.

Abacus will now assess the likely timetable for the redevelopment in light of current market conditions.

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

3 April 2009 Vivienne Bower Investor Relations Abacus Property Group (02) 9253 8600