GPT GROUP — Board/Management Information 2009

Aug 2, 2009

Management Changes

31 July 2009

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The GPT Group today announced changes to the Group’s Senior Executive team, to be effective 1 September 2009.

Michael O’Brien, currently Chief Operating Officer, will become Chief Financial Officer, replacing Kieran Pryke. The Chief Operating Officer role will not be replaced, with each of the Portfolio Managers now reporting directly to the Chief Executive Officer, Michael Cameron. The new structure, which is shown in the appended chart, reflects a more streamlined business and also reflects recent sales of the Group’s non core investments. Further minor changes will be made as the remaining non core assets and businesses are sold.

Chief Executive Officer, Michael Cameron said the changes followed a review of the Group’s capabilities and the ongoing needs of the business.

“In removing three senior roles I have been mindful of the future needs of a simplified business. We have retained a flat structure and a team with significant depth and experience,” Mr Cameron said.

Mr Cameron said: “Michael O’Brien has significant real estate experience and a deep understanding of GPT’s business. Michael will initially focus on reviewing the capabilities of his team and will play a major role in the execution of GPT’s renewed strategy to be announced to the market on 6 August 2009.”

Michael’s career with GPT and Lend Lease spans 20 years. Michael was appointed to the role of Fund Manager of GPT in May 2002, becoming Chief Operating Officer when GPT internalised in 2005. Prior to this, Michael held a variety of roles with Lend Lease including roles with Lend Lease’s retail business managing GPT’s retail portfolio.

Michael holds a Bachelor of Commerce degree from the University of NSW and is a fellow of the Australian Property Institute and a Director of the Property Council of Australia and GPT Funds Management Limited.

Kieran Pryke, current Chief Financial Officer, will leave the Group on 1 September 2009.

“I would like to thank Kieran for his contribution to GPT over more 13 years, as both CFO and a member of the Senior Executive team. Kieran has been an integral part of GPT over many years and the Board and management appreciates the unstinting commitment he has made to GPT.”

ENDS

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APPENDIX: STRUCTURE CHART – EFFECTIVE 1 SEPTEMBER 2009

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