COLONIAL FIRST STATE INDUSTRIAL PROPERTY TRUST (ASX.CIP)

we understand that on 30 September 2002 unitholders in CFT, Commonwealth Property Office Fund (CPA) and Gandel Retail Trust (GAN) voted in favour of a proposal for CPA and GAN to acquire all of the units in the four underlying trusts that make up CFT - as consideration, CFT unitholders that were on the register on the record date, 10pm 2 October 2002, received a cash component of 28.5 cents for each CFT unit held (paid on 8 October 2002) and either 1.19 CPA units and 0.65 GAN units for each CFT unit held (allotted on 8 October 2002) or a cash alternative (via a bookbuild) paid to participating unitholders on 22 October 2002 (note that CFT Unitholders with a registered address outside Australia (as entered on the CFT register) were treated as if they had elected to receive cash for their CFT units through the bookbuild)

delisted because of acquisition of units by Commonwealth Property Office Fund and Gandel Retail Trust

the Colonial First State Retail Property Trust ("MF"), the Colonial First State Industrial Property Trust ("IP"), the Colonial First State Commercial Property Trust ("OC") and the Colonial First State Development Trust ("FD") merge effective 1 January 2000 and the units in each trust are stapled to form stapled securities trading as CFT - we understand unit holders in each trust received CFT units in the following ratio for each unit held prior to the merger (CMF 0.585, CIP 0.950, COC 0.965, CFD 1.025) - the stapled securities commenced trading on a "deferred deliver" basis on the ASX on 20 December 1999 under the code "FT"

name changed from Colonial Industrial Property Trust