SUNCORP GROUP LIMITED — Capital/Financing Update 2008

Feb 27, 2008

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CONSOLIDATED PROPERTIES FULLY LEASES 501 ANN STREET BUILDING TO SUNCORP

28 February 2008

Consolidated Properties, the wholly owned development subsidiary of listed diversified property group Trinity (ASX: TCQ), has announced that Suncorp has fully leased the 501 Ann Street building in Brisbane.

The three-storey commercial office building’s 2,670 square metres of net lettable area will be tenanted by Suncorp IT personnel on a five-year agreement at a rental of $540 per square metre net.

501 Ann Street was purchased by the Consolidated Development Trust (CDT) from FKP Property Group in July 2007 for $15.4 million. The property was fully leased prior to settlement on 15 February 2008.

The heritage-listed art deco building, located on a 1,733 square metre site, offers a prime position in the Brisbane CBD, in particular the Eagle Street business hub.

Consolidated Properties Project Partner Marty Spinks said the Suncorp lease highlights the record pent-up demand for commercial office space in the Brisbane CBD.

He said the Brisbane CBD leasing market would continue to tighten further over the next 18 months until new supply is available.

“Opportunities of this size are very rare and highly sought-after, evidenced by the fact there were more than half a dozen strong expressions of interest to lease the entire building,” he said.

“We are delighted to have secured Suncorp to a 100 per cent commitment, which will deliver a solid return on the asset in the short-to-medium term.”

The Suncorp lease was negotiated by Adam Barrett of Jones Lang LaSalle.

Mr Barrett said prime vacancies continue to hover dangerously close to zero in Brisbane’s CBD, with healthy rent growth again forecast for 2008.

“Space the size of 501 Ann was always going to be taken up in a large-scale lease and this has occurred with Suncorp taking the entire three floors,” he said.

“Record low vacancy rates in both the CBD and fringe mean that Brisbane tenants still have very limited immediate space options and we are working to ensure that both owners and tenants find the best-fit space over the entire city market.”

Mr Spinks said Consolidated Properties is planning a major refurbishment and expansion of the 501 Ann Street building to fully maximise its prime location in the longer-term.

He said a Development Application (DA) has been lodged with Brisbane City Council to expand the property by an additional 3,000 square metres.

“We are proposing to more than double the size of the building to add long-term value to the asset, while still retaining its iconic character,” he said.

“Our DA has been well received by Council and we are confident our plans for the property will reposition this historic building for an exciting new era.”

The refurbishment will be undertaken by Trinity’s unlisted development fund, the Consolidated Development Trust (CDT).

The 501 Ann Street property is ideally located on Brisbane’s major arterial road, Ann Street, where the CBD, Fortitude Valley and Eagle Street precincts all intersect.

The planed refurbishment of the property is in line with a new wave of development activity rejuvenating the surrounding precinct, including the development of the Skyline and Macrossan residential towers on the Brisbane River and the redevelopment of 545 Queen Street for commercial use.

Consolidated Properties has a strong track record of developing prime buildings in the Brisbane CBD. The company is currently constructing the new $177 million, A-grade office tower, AM-60, in Albert Street and is refurbishing the historic NAB building at 308 Queen Street, which includes the construction of a $50 million adjoining office building fronting Creek Street.

Together, Consolidated Properties and Trinity own nine prime properties in Brisbane’s CBD, making them the largest owner by number of buildings in Australia’s most soughtafter office market.

The Trinity Group currently manages assets to the value of in excess of $1 billion.

After reporting strong FY07 results, Trinity repositioned its growth strategy to target $3 billion of assets under management by 2011 while continuing to generate at least 70 per cent of Group earnings from recurrent income.

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For further information

Marty Spinks, Consolidated Properties 07 3229 8350 0411116 533 Vanessa Wall, Communications Manager, Trinity 07 3221 1221 0417 626 196 Matthew MacDermott, Rowland 07 3229 4499 0431 066 550