GPT GROUP — Capital/Financing Update 2008

May 14, 2008

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The GPT Group Commences Development of One One One Eagle Street, Brisbane 15 May 2008

The GPT Group today announced the commencement of One One One Eagle Street, a premium grade office development in Brisbane’s “Golden Triangle” precinct. The project will start immediately with preparatory works having been undertaken over the last few months. The development is anticipated to be complete in the second half of 2011.

The 44-level tower, comprising approximately 62,000 square metres of office space, is designed to take advantage of the outstanding location and Brisbane River views and will offer tenants large unrestricted side core campus style floor plates of up to 1,500 square metres and premium grade services. In addition, the asset is targeting a 6 star Green Star rating (world’s best practice for this measure). This outstanding outcome from a sustainability perspective will be achieved through the incorporation of a range of innovative initiatives designed to reduce the building’s environmental impact and enhance operating efficiencies.

Michael O’Brien, Chief Operating Officer for GPT, said the development would capitalise on the opportunity represented by strong market conditions.

“The Brisbane CBD office market is currently significantly undersupplied with vacancy at less than 1% and demand expected to remain strong, supported by ongoing robust growth in the Queensland economy,” Mr O’Brien said.

GPT will develop the site jointly with the GPT Wholesale Office Fund (GWOF) and an existing external capital partner, each of which have agreed to acquire a one third interest in the development, demonstrating GPT’s strategy to partner with its managed funds and existing capital partners on projects where appropriate. The three co-owners will jointly fund the development to completion, at an estimated total cost of approximately $630 million (including land).

Participation of GWOF in the development through a one third interest is consistent with the Fund’s strategy to enhance returns from development opportunities and to expand its existing portfolio with high quality office assets in the Fund’s target markets.

GPT will retain one-third of the asset on balance sheet and provide development management services to the joint owners.

“The arrangement we now have in place for the development represents a great outcome for all parties involved and demonstrates the synergies derived through GPT’s Australian business which is focussed on the ownership, management and development of quality real estate,” Mr O’Brien said.

The Group will receive $53.3 million for the sale of two thirds of the land, which is above the Group’s fair value for the land at December 2007 of $17.2 million.

Leighton Contractors has been awarded the design and construction contract.

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ENDS

For further information, please contact GPT:

Michael O’Brien

Chief Operating Officer (02) 8239 3544 0417 691 428

Tony Cope Head of Office (02) 8239 3535 0428 123 040

Donna Byrne Head of Investor Relations and Corporate Affairs (02) 8239 3515 0401 711 542

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