nabCapital.com

For the first time, Grocon Property Trust Australia is offering the public the opportunity to indirectly invest in investment-grade commercial property in Melbourne's central business district. The property, located at 750 Collins Street, will house the new headquarters of AXA Asia Pacific Holdings Ltd (AXA).

Key benefits

• Tax-deferred distributions*- during both the construction period and forecast period post construction
• Quality underlying asset- 'A Grade' property, developed by one of Australia's most successful property developers
• Ongoing security- a premium quality anchor tenant, committed to an extendable 12-year lease over 78% of lettable office area, with annual rental escalations and a three-year rental support over any unlet space (see the PDS for further details)
• Attractive distributions- 7.64%^{^} forecast average annualised distribution
• Regular distributions- paid quarterly
• Guarantee- income and capital guaranteed⁺ by National Australia Bank during the construction period
• Open-ended structure- providing the possibility of additional future acquisitions
• Developer's aligned investment- Grocon will align itself with investors, taking a direct interest in the Trust upon completion of the development

The Trust will indirectly acquire a 100% interest in the land and fund construction of an exciting new building to be developed by Grocon, a leading Australian construction and development company. Over the last 20 years, Grocon has completed in excess of AUD$5billion in construction projects.

A solid tenancy

National Mutual, a major operating subsidiary of AXA Asia Pacific Holdings Ltd has committed to a 12-year lease over 78% of the office space, with two options to extend the lease, each for a further three years. AXA is a leading global insurance and financial services company listed on the Australian Stock Exchange, with a market capitalisation of around AUD$8.5billion (as at 19 Sept 2005).

Peace of mind - your guarantee from NAB

To protect the Trust against material development risks, National Australia Bank is providing a Pre-Completion Capital Guarantee and a Pre-Completion Distribution Guarantee⁺.

Eligibility

Investment in the Grocon Property Trust Australia is open to individuals, companies, trusts, mastertrusts, wrap accounts and superannuation funds.

Unit transfers

There are two primary ways to transfer your units to another investor:

• Use the Limited Liquidity Facility offered by APN Funds Management Limited, or
• Sell your units to a party who has agreed to buy them for you.

Obtain the transfer form by clicking on the link below:
fully paid ordinary units

Once completed mail the form, with original signatures, to:

Registry Services,
National Custodian Services,
level 32 , 500 Bourke Street,
Melbourne,
VIC, 3000

How to sell your units into the Limited Liquidity Facility
Limited Liquidity Facility

APN Funds Management Limited (APN), through its APN Property For Income Funds (the Funds), provides GPTA's Limited Liquidity Facility (LLF) which was clearly disclosed in the PDS.

APN has advised Grocon Investment Management Pty Ltd (GIM) that it wishes to suspend the LLF upon competition of the September 2008 Quarter's transfers.

The requirement for a suspension is unfortunate and largely outside the control of GPTA or the Funds. The much publicised issues within the property sector, stemming from the "US subprime loans" and subsequent lack of liquidity within the funding markets have contributed significantly to market uncertainties and the suspension of the facility.

GIM will revisit the suspension in late June next year in conjunction with APN. In the interim, GIM will continue to explore ways of providing liquidity to GPTA Units. GIM till keep Investors informed of progress in this area, as we understand its importance to Unitholders.

The LLF for the quarter ending 30 September 2008 will close on Wednesday 24 September 2008 at 5.00pm (Melbourne time). All investors wishing to avail themselves of this facility during the period will need to ensure their duly completed and signed standard transfer form is received by the Investment Manager by the date noted.

Please note that the total number of Units that may be transferred to APN per quarter is 1.25% of the Units on issue (the Limit). Eligible Applications will be considered in the order of receipt. In the event of oversubscription, Eligible Applications received after the Limit is reached will be returned to Unitholders.

Obtain the transfer form by clicking on the link below:
fully paid ordinary units

Once completed mail the form, with original signatures, to:

GPTA - LLF
Grocon Investment Management P/L
Reply Paid 338
Flinders Lane
Vic 8009

PLEASE NOTE: In order to transfer units, Registry Services require original signed transfer forms.

For assistance:

• Call us on 1800 652 669 (Toll Free within Australia)
• Email us at grocon@national.com.au
• Click here to provide us with your contact details online

^Average of the period from allotment to Dec 2005 - 7.5% (annualised), calendar 2006 - 7.5%, calendar 2007 - 7.5%, calendar 2008 - 7.75%, 6 months to June 2009 - 8.00% (annualised).

⁺Guaranteed only during the Trust's Construction Period against development risks through non-performance of the developer. The Pre-Completion Guarantees are subject to terms outlined in the Product Disclosure Statement (PDS). The Product Disclosure Statement is available either through the issuer or through the National Australia Bank via the Investor Services Group on 1800 652 669. The Responsible Entity and issuer of the PDS is Permanent Investment Management Limited (PIML). PIML is a company associated with Trust Company of Australia . A person interested in the investment should consider all information in the PDS before deciding whether to buy the product.

Disclaimer

There are risks associated with investing in commercial office property and property securities. You should carefully consider the risks of this investment and consult your financial adviser before making any investment decision.

Neither National Australia Bank Limited (ABN 12 004 044 937) nor any other company in the National Australia Bank Group guarantees the performance of any investment or any particular rate of return referred to in this document other than under the Pre-Completion Capital and Distribution Guarantee described in the PDS. The investment described in this document is not a deposit with or other liability of National Australia Bank Limited or other companies in the National Australia Bank Group.

This information has been made available to the recipient for information purposes only and is not intended to be, and does not constitute a product disclosure statement, prospectus, short form prospectus or profile statement as those terms are defined in the Corporations Act. It does not constitute an offer for the issue, sale or purchase of any securities, or any recommendation in relation to investing in the assets. Full details are set out in the PDS available as set out above.

While every care has been taken in the preparation of this document, National Australia Bank Limited makes no representation or warranty as to the accuracy or completeness of any statement in it including, without limitation, any forecasts. Full details are set out in the PDS for the product. To the maximum extent permitted by law, National Australia Bank expressly disclaims all or any liability which may arise out of the provision to or use by any person of the information contained in this document. The National Australia Bank will receive commissions on subscriptions made to the Fund, as detailed in the PDS.

This document has been prepared for the purpose of providing information only without taking account of any particular investor's objectives, financial situation or needs. An investor should, before making any investment decision whether to buy or hold the product, consider the full details set out in the PDS for the product (available as set out above), and seek professional advice, having regard to the investor's objectives, financial situation and needs.