GDI PROPERTY GROUP — Capital/Financing Update 2014

May 22, 2014

==> picture [136 x 81] intentionally omitted <==

ASX ANNOUNCEMENT

23 May 2014

GDI Property Group confirms that GDI No. 38 Asset Pty Ltd, as trustee for GDI No. 38 Asset Trust, has now exchanged contracts for the acquisition of six industrial and one office property (the Portfolio) from UGL Limited on a sale and lease‐back basis, as contemplated in the ASX release dated 19 May 2014.

As previously disclosed, the Portfolio is being acquired for a new unlisted and unregistered property trust to be launched within the next week for wholesale and sophisticated investors.

ENDS.

Media Enquiries:

Steve Gillard Managing Director +61 2 9223 4222

David Williams Chief Financial Officer +61 2 9223 4222

steve@gdi.com.au

david@gdi.com.au

==> picture [596 x 86] intentionally omitted <==