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Not for distribution, directly or indirectly, in or into the United States, Canada, Australia or Japan or to US persons.

This announcement is not an admission document. This document does not constitute or form part of, and should not be construed as, any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any shares in the Company or securities in any other entity nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision in relation thereto. This document does not constitute a recommendation regarding any securities.

Any investment decision must be made exclusively on the basis of the admission document prepared by the Company and any supplement thereto (the 'Admission Document').  Any defined terms used in this announcement shall have the same meaning as defined in the Admission Document, unless defined herein. Copies of the Admission Document are available from the Company's registered office.

Max Property Group Plc

Announcement of Exercise of Over-Allotment Arrangement

Max Property Group Plc (the 'Company'), a newly-formed Jersey-incorporated closed-ended property investment company, today announces that, in connection with the initial public offering of the Company (the 'Offering'), Morgan Stanley Securities Limited, as stabilising manager, has today given notice to exercise the over-allotment arrangement in respect of 20,000,000 Shares in the Company.

Including the exercise of the Over-allotment Arrangement, the total size of the Offering is £220 million (220,000,000 Shares), with £25 million cash committed by the Management Team, its partners and affiliates and £35 million committed by affiliated investment funds of Och-Ziff Capital Management Group LLC.

22 May 2009

ENQUIRIES:

Prestbury Investments	Tel: 020 7647 7647
Nick Leslau
Sandy Gumm
Morgan Stanley (Nominated Adviser)	Tel: 020 7425 8000
Jonathan Lane
Nick White
Mark Brooker
Oriel Securities	Tel: 020 7710 7600
Joe Winkley
Sapna Shah
College Hill	Tel: 020 7457 2020
Alex Sandberg
Gareth David

            

                        

  Important Notices

This document is not an offer of securities for sale in the United States. The securities discussed herein have not been and will not be registered under the US Securities Act of 1933, as amended (the 'US Securities Act') and may not be offered or sold in the United States absent registration or an exemption from registration under the US Securities Act. No public offering of the securities discussed herein is being made in the United States and the information contained herein does not constitute an offering of securities for sale in the United States, Canada, Australia or Japan. This document is not for distribution directly or indirectly in or into the United States, Canada, Australia or Japan or to US persons (as defined in Regulation S under the US Securities Act).

The Company has not and will not be registered under the US Investment Company Act of 1940, as amended (the 'US Investment Company Act') and investors will not be entitled to the benefits of the US Investment Company Act. Accordingly, securities may not be offered or sold in the United States or to, or for the account or benefit of, US persons, absent registration under the US Securities Act or an exemption therefrom and under circumstances which will not require the Company to register under the US Investment Company Act.'

This document and its contents may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published, in whole or in part, for any purpose and in particular to any person or persons in any jurisdiction to whom it is unlawful to make such offer or solicitation. This document and its contents is directed only at persons in member states of the European Economic Area ('EEA') who are 'qualified investors' within the meaning of Article 2(1)(e) of the Prospectus Directive (Directive 2003/71/EC) ('qualified investors').

In the United Kingdom, this announcement is addressed only to, and is directed only at, (i) persons who have professional experience in matters relating to investments who fall within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the 'Order') and high net worth entities falling within Article 49(2)(a) to (d) of the Order, and (ii) persons to whom it may otherwise lawfully be communicated (all such persons together being referred to as 'relevant persons'). This announcement must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this announcement relates is available only to relevant persons and will be engaged in only with relevant persons.

The offer and the distribution of this announcement and other information in connection with the offer in certain jurisdictions may be restricted by law and persons into whose possession any document or other information referred to herein comes should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

This announcement includes information, statements, beliefs and opinions which are forward-looking, and which reflect current estimates, expectations and projections about future events. The information and opinions expressed in this document are provided as of the date of this document. Statements containing the words 'believe,' 'expect,' 'intend,' 'should,' 'seek,' 'anticipate,' 'will,' 'positioned,' 'project,' 'risk,' 'plan,' 'may,' 'estimate' or, in each case, their negative and words of similar meaning are forward-looking statements. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial effects of the plans and events described herein. In addition, even if the outcome and financial effects of the plans and events described herein are consistent with the forward-looking statements contained in this announcement, those results or developments may not be indicative of results or developments in subsequent periods.  

Historical statements contained in this document regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. Prospective investors should not place undue reliance on either forward-looking or historical statements, which are based on the information available as of the date of this document. In this regard, certain financial information contained herein has been extracted from, or based upon, information available in the public domain and/or provided by the Company and/or Prestbury Investments. The Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. No statement in this document is intended to be nor may it be construed to be a profit forecast.

Persons receiving this document should note that Morgan Stanley, MSSL and Oriel are acting for the Company in connection with the offer and no one else and will not be responsible to anyone other than the Company for providing the protections afforded to the respective clients of Morgan Stanley, MSSL and Oriel or for providing advice in relation to the offer or any transaction or arrangement referred to in this document.

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