capital restrucure, page-10

ACR Press Release - 1 April 2011

The Liquidators of Australian Capital Reserve Limited (in liquidation)("ACR") received a direction from the Federal Court of Australia yesterday to the effect that they have the power to enter into, and to perform ACR's obligations under, an agreement to restructure the debt payable to ACR by Becton.

Under the restructure agreement, ACR will be paid $7.3 million on 6 April 2011. These funds will then be used by the Liquidators to pay a 2.4 cents in the dollar dividend to ACR Noteholders. This will bring the total dividends paid to ACR Noteholders to 49.4 cents in the dollar.

The balance of Becton's debt to ACR will be converted to equity in Becton Property Group Limited and units in the Becton Property Trust. The equity will be held by the Liquidators on behalf of ACR's Noteholders.

The joint Liquidator of ACR and PwC partner, Greg Hall, said "It is disappointing that Becton is unable to fulfil its remaining debt obligations".

"The decision to restructure was not taken lightly. As determined by the Court yesterday, the restructure is a transaction that I, as Liquidator, have power to cause ACR to enter into and perform. The transaction is in the best interests of ACR's Noteholders and is the best option available for recovering further payments for them", said Mr Hall.

ACR Noteholders can expect the 2.4 cent in the dollar dividend and an update from the Liquidators by 15 April 2011.