GPT GROUP — Capital/Financing Update 2009

Jul 7, 2009

==> picture [457 x 53] intentionally omitted <==

Change in Rating Applied by Ratings Agency

8 July 2009

Moodys has advised that it has improved GPT’s long-term issuer and senior unsecured ratings to Baa2 from Baa3. At the same time, the short-term rating has been improved to P-2 from P-3.

The effect of the increase in GPT’s rating is primarily to decrease the margin on drawn debt under the Group’s syndicated facility by approximately 50 basis points. Overall, the rating change is expected to result in a reduction in the Group’s interest expense of approximately $6.5 million on an annualised basis, based on current drawn debt.

Chief Financial Officer Kieran Pryke said the upgrade reflected the significant improvement in the Group’s capital position since the completion of a $1.7 billion capital raising in June 2009 and recent non core asset sales.

“We continue to focus on the execution of our non core asset sale program and look forward to working with Moody’s to further improve the Group’s credit rating,” Mr Pryke said.

Ends

==> picture [459 x 32] intentionally omitted <==

• 1 -