GPT GROUP — Capital/Financing Update 2008

Oct 29, 2008

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Capital Raising Update and Board Changes

30 October 2008

Capital Raising

The GPT Group (“GPT”) announced today the despatch of documentation to retail investors as part of its underwritten $1.6 billion equity capital raising.

This follows the announcement on 24 October of the successful completion of the Institutional Entitlement Offer, which forms the majority of the Group’s major recapitalisation. This offer attracted widespread institutional and large shareholder support. The capital raising has received major support from GIC Real Estate which is the real estate investment arm of the Government of Singapore Investment Corporation (GIC). GIC is one of the largest institutional investors in Asia and currently ranks amongst the world’s top 10 global real estate investment firms

The Retail Offer gives eligible securityholders the opportunity to subscribe for one (1) new GPT security for every GPT stapled security owned at 7pm, 27 October 2008, at the Offer Price of $0.60. The fully underwritten Retail Entitlement portion of the capital raising is expected to raise approximately $0.3 billion. GIC Real Estate has sub-underwritten 504 million securities (subject to FIRB approval) to be offered under the Retail Entitlement Offer.

The Retail Entitlement Offer closes on Monday, 17 November 2008 at 5.00pm (Sydney time).

Board and Management

With the capital raising now well advanced following completion of the Institutional Offer and the mailing of the Retail Offer documentation, GPT has determined to make a number of changes to the composition of the Board as foreshadowed in its announcement of 23 October.

GPT is commencing a search for several new Directors, including a new Chairman with relevant experience and expertise.

As previously announced, Chairman Peter Joseph’s term finishes at next year’s AGM and he will not be seeking re-election.

In addition, GPT is looking to fill two other vacancies on the Board. A replacement is being sought for Elizabeth Nosworthy, who resigned from the Board earlier this year. Malcolm Latham, whose term also finishes at next year's AGM, has indicated his intention to retire from the Board at that time.

The new directors will join existing Directors Eric Goodwin, Anne McDonald, Ian Martin and Ken Moss, providing a necessary balance between continuity and new input to the Group’s strategic direction.

As previously indicated, should GIC own more than 10% of the Group post the capital raising GPT will invite GIC to propose a nominee for election to the Board. It is anticipated that the newly comprised Board will be in place for the Group’s May 2009 AGM, giving investors the opportunity to vote on all new appointments including any nominee proposed by GIC.

ENDS

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For further information please contact:

Donna Byrne (61) 2 8239 3515 0401 711 542 Investor Relations and Communications

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