Distribution Reinvestment Plan

About the DRP

The Distribution Reinvestment Plan (the "DRP") allows eligible unitholders who elect to participate to reinvest all or a portion of their distribution entitlements in additional units in the Trust. Units are issued free of brokerage and other costs.

Units may be issued at a discount to the market price at a level, if at all, determined by the directors. In the past, the discount applicable to new units issued under the DRP has ranged between 0 and 2.5 per cent.

In addition to providing unitholders with flexibility in receiving their distribution entitlement, the DRP also provides the Trust with a means of raising capital on a regular basis to fund new acquisitions and developments or to pay off existing debt.

The DRP was active as at 31 December 2012.

Eligibility to participate in the DRP

The DRP is optional and is open to all unitholders in the Trust except those who are resident in or subject to laws of any country in which offering or issuing units under the DRP would be unlawful or make it impractical, in the opinion of the Directors, for the DRP to be offered to them. The Directors have resolved that it is impractical to offer the DRP to unitholders other than those whose addresses are in Australia or New Zealand.

Operation of the DRP and rounding provisions

The number of units that a DRP participant will receive is determined by dividing the DRP participant's cash distribution payable by the DRP unit price (as determined under the DRP rules). Where the number of units to be allotted is not a whole number, the number of units will be rounded up or down to the nearest whole number. Where the number of units includes one half, it will be rounded up. Any other fraction shall be reinvested in the Trust for the benefit of all unitholders.

Unit prices of units issued under the DRP

Prices of units issued under the DRP can be found in the Distributions Information table.

Terms and Conditions of the DRP

Click on the following links:

• To view the terms and conditions of the DRP.
• To elect to participate, vary or terminate participation in the DRP, unitholders can apply via the Computershare Investor Centre or by calling Computershare direct on 1300 136 972 within Australia (or +61 3 9415 4323).  NOTE: Only unitholders resident in Australia or New Zealand may apply to participate in the DRP.  Applications to participate become effective for the next distribution subject to receipt of a correctly completed application before the record date.  In the event the DRP is suspended at the time of application, the application to participate becomes effective when the DRP is next reinstated.