WOOLWORTHS GROUP LIMITED — Capital/Financing Update 2009

Dec 22, 2009

LEVEL 10, 379 COLLINS STREET, MELBOURNE, VICTORIA, 3000, AUSTRALIA TEL : +61 3 8681 2900 FAX: +61 3 8681 2910 WEB: WWW.GROWTHPOINT.COM.AU

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23 December 2009

ASX ANNOUNCEMENT GROWTHPOINT PROPERTIES AUSTRALIA (ASX Code: GOZ)

Acquisition of Coles Regional Distribution Centre, 134 Lillkar Road, Goulburn, NSW

Today Growthpoint Properties Australia exchanged a contract of sale, with vendor Australand, for the purchase of the abovementioned property. The purchase price is $64 million, with a $3.175 million deposit paid and the balance payable on settlement[1] .

Details of this significant industrial property are below:

Address:	134 Lillkar Road, Goulburn, NSW, 2580
Property description:	Regional distribution centre and office
Lettable area:	42,826 square metres (26% site coverage)
Potential expansion:	12,458 square metres of lettable area
Site area:	16.25 hectares
Ownership:	Freehold title
Constructed:	Completed 2007
Tenant:	Coles Group Limited
Lease term:	15 year lease expiring 15 February 2022, with two (2) options each of five (5) years
Rental:	$6,506,485 per annum(at next rental adjustment on 16 February 2010)
Annual rent increases	2.75% per annum
Initial purchase yield:	9.93%2

An independent valuation by Colliers International is consistent with the total consideration payable.

The property forms part of the integrated supply chain network for the Coles Group between Sydney, Canberra and Melbourne and is located adjacent to the Hume Highway. Constructed in 2007, the property enjoys an unexpired lease term of approximately 12 years, with fixed annual rent growth and the potential for future expansion. The purchase will provide Growthpoint Properties Australia with a secure long term cash flow, high level of tax allowances, and an initial cash yield of 9.93%. This acquisition also diversifies the tenancy base with the introduction of Coles as a new tenant to the Group and increases the geographic weighting of the portfolio to NSW.

Whilst the Group’s investment mandate allows purchase of office and retail properties, and the Group will seek to diversify the portfolio into these sectors over time, the purchase of well leased industrial property provides Securityholders with attractive income yields.

The purchase will be funded by the drawdown of debt under the Group’s syndicated debt facility.

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1 Under the contract of sale, an additional early completion fee of $1.5 million is payable if Growthpoint elects to bring forward settlement to 1 February 2010. Otherwise, settlement will occur on 15 December 2010.

2 Based upon the rent at next rental adjustment on 16 February 2010 and early settlement occurring (refer to Note 1).

GROWTHPOINT PROPERTIES AUSTRALIA LIMITED (ACN 124 093 901, AFSL NO. 316409) GROWTHPOINT PROPERTIES AUSTRALIA TRUST (ARSN 120 121 002). DIRECTORS : L SHADDOCK (CHAIRMAN), E. DE KLERK, D.HINDE, G.JACKSON, F.MARAIS, N.SASSE, D.SPRUELL. COMPANY SECRETARY : A.HOCKLY FUND MANAGER: T. COLLYER.

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Woolworths Expansion at Perth Airport and Other Projects

A final payment for the expansion of the Woolworths Regional Distribution Centre at 2 Horrie Miller Drive, Perth Airport of $11.0 million has been made. The distribution centre has been expanded from 65,263 square metres to 80,373.9 m2 of lettable area. As a result the rental has been increased by $774,000 per annum and the lease extended 3 years to an expiry date of 3 October 2025.

Minor projects at Woolworths’ Broadmeadows and Wodonga Distribution Centres totalling $2.3 million have resulted in an increase in rental income of $148,000 per annum.

New Lease at 45-55 South Centre Road, Tullamarine

A short term lease of 27 months to existing portfolio tenant Willow Ware Australia has been executed for 1,012 m2 of office and 7,796 m2 of the warehouse space from 1 December 2009.

ENDS

Timothy Collyer, Fund Manager

Growthpoint Properties Australia

Growthpoint Properties Australia is a publicly traded ASX listed A-REIT (ASX Code: GOZ) that specialises in the ownership and management of quality investment property. It currently owns interests in a diversified portfolio of 23 industrial properties throughout Australia valued at approximately $662 million and has an investment mandate to invest in office, industrial and retail properties.

Key features of the Group include:

• a weighted average lease expiry of approximately 11 years (as at 30 June 2009), significantly above the A-REIT sector average;

• a domestic portfolio of quality properties leased and tenanted by well known Australian companies – including major tenant Woolworths Limited (68% of property income); and

• an interest rate hedging profile with an average duration of 3.6 years.

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