GPT GROUP — Capital/Financing Update 2009

Dec 20, 2009

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GPT Announces Change in Credit Rating Applied by Ratings Agency

21 December 2009

Moody’s Investors Service has advised that it has improved GPT’s long-term issuer and senior unsecured ratings to Baa1 from Baa2. At the same time, the short-term rating has been affirmed at P-2.

Chief Financial Officer, Michael O’Brien, said the upgrade reflected the significant progress the Group had made in relation to its stated strategy, the establishment of revised gearing and distribution policies and the return to an Australian based business focused on high quality retail, office and industrial real estate.

“We have made significant progress on non core asset sales and the exit of non core operations and have also revised our gearing and distribution policies. These changes create a more sustainable capital structure, a strengthened balance sheet and a simplified business.

“This improvement in our rating reflects this progress and the improved strength of the balance sheet and reduced volatility in earnings,” Mr O’Brien said.

ENDS

Contact:

Michael O’Brien Chief Financial Officer 02 8239 3544

Donna Byrne Head of Investor Relations & Corporate Affairs 02 8239 3515 0401 711 542

Samantha Taranto Group Media Manager 02 8239 3515 0432 384 696

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