CROMWELL PROPERTY GROUP — Capital/Financing Update 2009

Feb 24, 2009

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ASX AND MEDIA RELEASE

25 February 2009

33 Breakfast Creek Rd Newstead

FKP Property Group has entered into conditional agreement for the sale and development of the Energex building at 33 Breakfast Creek Road, Newstead in Brisbane with the Cromwell Riverpark Trust (‘The Cromwell Trust’).

The Cromwell Trust will acquire the site on which FKP is constructing the 30,904 sqm A grade commercial and retail building. Construction is expected to be completed in mid 2010.

The building, which has been pre-leased to Energex Limited as its corporate headquarters for 15 years, is Queensland’s first and Australia’s largest 6 Star Green Star by design building, representing what the Green Building Council of Australia describes as “World Leadership” in environmentally sustainable commercial building development.

The Cromwell Trust will pay approximately $173m progressively over 18 months for the site and the construction of the building. The agreements are conditional on the Trust obtaining finance to enable the completion of the development and on receipt of consents from relevant parties.

The Energex Building is being developed by FKP within Gasworks, a master planned mixed-use precinct which forms part of Newstead Riverpark a 17 hectare urban community on the Brisbane River.

For further information :

Katherine O’Regan, General Manager, Corporate Communications (m) 0419 411 801

Shalome Mielewska, Investor Relations Manager (m) 0404 811 847

FKP

With more than 30 years experience in the Australian property industry, FKP is one of Australia’s leading diversified property and investment companies. FKP successfully operates an integrated business model which includes retirement, property investment and funds management, land development, property development (incorporating residential, retail, industrial and commercial) and construction across Australia and New Zealand. FKP is an ASX top 200 company. Issued by FKP Limited ABN 28010729950 www.fkp.com.au