ABACUS GROUP — Capital/Financing Update 2009

Apr 2, 2009

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ASX ANNOUNCEMENT

Abacus completes $187 million capital raising

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Abacus Property Group is pleased to announce it has successfully completed its one for one renounceable rights issue announced on 20 January 2009.

The rights issue raised a total of $187 million via the issue of approximately 748 million new stapled securities at 25c per security. The offer was well supported by Abacus’ institutional and retail investors, with approximately 75% of the available rights subscribed.

Together with the placement of $24.4 million of new stapled securities to Kirsh Group in January, Abacus has raised $211.4 million of new equity this year.

This new equity will enable the group to significantly deleverage its balance sheet, with:

• gearing falling to 22.6% on a pro-forma basis; and

• covenant gearing reducing to 30.0% on a pro-forma basis, as against a covenant limit of 45%.

Kirsh Group’s holding in Abacus following the completion of the rights issue is 27.4%.

Commenting on the rights issue, Dr Frank Wolf, Managing Director, Abacus said ”We are very grateful for the continued support of our existing securityholders and we are pleased to welcome a number of new securityholders to the group”.

“With $211 million of new equity, we now have the balance sheet strength to withstand the challenges of the current environment and are well placed to pursue new opportunities as conditions improve.”

The new stapled securities will be allotted on 3 April 2009 with normal trading on the ASX to commence on 6 April 2009. Holding statements will be despatched on 3 April 2009.

The new stapled securities will rank equally with existing stapled securities and will participate in distributions declared after 1 April 2009.

Macquarie Capital Advisers Limited and Tricom Equities Limited acted as Joint Lead Managers and Underwriters to the issue, with Linwar Securities Pty Limited acting as adviser to the issue.

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

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