GPT GROUP — Capital/Financing Update 2008

Aug 20, 2008

THE GPT GROUP ANNOUNCES

Joint Venture Valuations 21 August 2008

The GPT Group (GPT) confirms that the value of all assets held within the Joint Venture with Babcock & Brown have been re-assessed as at 30 June 2008. The carrying value of GPT’s interest in the Joint Venture will reflect the asset values as per the attached schedule. These values represent a 3.7% decrease over the corresponding values as at 31 December 2007.

The Loan to Valuation ratio (LTV) of the Joint Venture as at 30 June 2008 is 71% (Dec 07 - 70%). Only 50% of the Joint Venture debt is subject to LTV covenants and all Joint Venture debt is non-recourse to the Joint Venture partners.

GPT confirms there are no debt covenant breaches within the JV, other than the one loan breach previously disclosed and which represents less than 3% of the total JV debt. The weighted average term to maturity is 5.4 years and the weighted average cost of debt is 5.28%.

This same information has been released to the market by Babcock and Brown as part of their results presentation today. GPT will provide further information on 27 August 2008 when the Group announces its half year results.

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----- Start of picture text ----- Book Value vs Book Cost Local Currency AUDPortfolio as at 30 June Book Book Variance Book Book VarianceCost Value Cost Value(m) (m) (m) ($m) ($m) ($m)German Residential 1,455.0 1,397.0 (58.0) 2,390.7 2,295.4 (95.3)Euro Multi Let Industrial 892.1 868.6 (23.6) 1,465.9 1,427.1 (38.7)European Retail 664.6 648.7 (15.8) 1,092.0 1,066.0 (26.0)US Retail 865.4 871.8 6.4 902.8 909.5 6.7US Multifamily 336.5 318.5 (18.0) 351.0 332.3 (18.7)US Mezzanine 285.0 285.0 - 297.3 297.3 -A, NZ Mezzanine 121.2 121.2 - 121.2 121.2 -Other - 104.4 104.4 - 6,725.2 6,553.1 (172.1)----- End of picture text -----

• Exchange rate AUD/Euro 0.6086, AUD/USD 0.9586 (Spot Rate at 30 June 2008)

• 48% of the portfolio was externally valued during the six months to 30 June 2008.

• 15.5% of the German residential portfolio is subject to signed Letters of Intent to purchase at book value.

• 10.3% of the German retail portfolio is subject to a signed Sale and Purchase agreement for two assets at book value. A further 34% is subject to a signed Letter of Intent to purchase, at or slightly above book value.

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