GPT GROUP — Board/Management Information 2008

Oct 22, 2008

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Board and Management Changes

23 October 2008

GPT has today announced that Nic Lyons will discontinue as the Managing Director and Chief Executive Officer of GPT, effective immediately.

GPT is reviewing the structure of its senior executive team and will undertake a search to appoint a Chief Executive Officer. In the meantime, Michael O'Brien, currently Chief Operating Officer, will also act as Chief Executive Officer of GPT.

Nic has been Chief Executive Officer of GPT since 16 October 2000. Under the agreement reached with Mr Lyons, GPT will accept the securities acquired by him under GPT's long term incentive plan in full satisfaction of any liability on Mr Lyons' part for outstanding loans and accrued interest provided under that plan. Recognising his length of service with GPT, Mr Lyons will receive a payment equivalent to 9 months of his fixed annual salary, excluding any bonus or incentive component, in lieu of any notice under his contract of employment.

The Board warmly thanks Mr Lyons for the enormous commitment he has made to GPT over almost a decade.

As part of its commitment to responsible corporate governance, the Board will review its own membership and intends to make prudent changes once the capital raising is complete and the senior executive team has been stabilized. Peter Joseph (Chairman) has indicated he will not be standing for re-election at the AGM in May 2009. GPT will commence the process of identifying a new Chairman on conclusion of the capital raising.

ENDS

For further information please contact:

Michael O’Brien Acting Chief Executive Officer and Chief Operating Officer (61) 2 8239 3544

Media contact details:

Ross Thornton Third Person 0418 233 062

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