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Update on debt refinancing and debt reduction program

Becton Property Group (“Becton” or the “Group”) is pleased to provide a brief market update of some key debt refinancing that it has recently secured.

Refinancing secured:
ƒ $75.0 million project debt facility maturing in April 2008 - extended to July 2009

ƒ $82.5 million debt in the Becton Office Fund maturing June 2008 - extended to July 2009 and increased to $105.0m to acquire a 50% interest in 369 Ann Street, Brisbane

ƒ $205.0 million credit approval for the restructure of the debt facility relating to the Estate Property acquisition which provides an additional $45.0 million redraw capacity to assist with funding the remaining ACR noteholder payments in July and December 2008

Becton CEO, Hamish Macdonald said, “As stated in our half year announcement our major focus has been and continues to be on settlements, sales, debt reduction and refinancing and fund inflows. Our team has worked very hard over the last 5 months and will continue to work hard to reduce our gearing levels in the short to medium term.”

Mr. Macdonald went on to say that, “It is very pleasing to have the support of our lenders in some of the most turbulent credit markets we have seen in many years. We were able to achieve this refinancing by demonstrating to our lenders the achievement of their core requirements over the past 5 months.” (refer below)

ƒ Settlements – $230 million in settlements of residential and retirement apartments (on track to reach target of approximately $300 million by 30 June 2008). The majority of the settlements have been used to reduce debt.

ƒ Fund inflows - solid funds management inflows of $48m (5% higher than corresponding period in FY07) which are being invested into Becton’s funds and reducing gearing levels in those funds.