GPT GROUP — Capital/Financing Update 2009

Jun 21, 2009

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

Highpoint Put Option Update 22 June 2009

The GPT Group (GPT) advises that the GPT Wholesale Shopping Centre Fund (GWSCF) has indicated that it does not intend to exercise its right to acquire the 16.67% interest in Highpoint Shopping Centre and the adjacent Maribyrnong Homemaker City Centre should it be put by the Highpoint Property Group in the formal notice period (July 2009). If acquired by the Fund, the interest was likely to have resulted in the Fund exceeding its maximum exposure to an individual asset.

In March 2009, Highpoint Property Group issued a Notice of Intent in relation to one third of its 50% interest in Highpoint Shopping Centre and the adjacent Maribyrnong Homemaker City Centre, which allows Highpoint Property Group to give formal notice to exercise the put option in relation to 16.67% of the Centre in July 2009.

The option, which was put in place at the time of GPT’s acquisition of an interest in the Centre in 2006, passed to GWSCF with the creation of the Fund in March 2007. As a result of the Fund’s decision, GPT will acquire the interest should the option be exercised.

If the option is exercised, the sale price will be determined by an independent market valuation process.

GPT has sufficient funding capacity to acquire the interest, and meet its other capital commitments, while remaining well within its gearing covenants. As previously reported, GPT’s December pro forma gearing post recently announced asset sales is approximately 20%. The acquisition of this interest is anticipated to increase gearing by approximately 1.5%.

GPT’s Chief Executive Officer, Michael Cameron said: “This is a great opportunity for GPT as Highpoint is one of Australia’s leading shopping centres. The asset has one of the largest trade areas for a regional centre in Australia and attractive long-term expansion opportunities with significant existing land holdings.”

Highpoint was ranked fourth in the 2009 Shopping Centre News Big Guns survey with total moving annual turnover of $767 million in 2008.

GPT will continue to keep the market informed as this process progresses.

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

• 1 -

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

Ends

For further information contact:

Michael O’Brien

Donna Byrne

Chief Operating Officer Head of Investor Relations 02 8239 3544 and Corporate Affairs 02 8239 3515 0401 711 542

Media contact details

Mark Gold Third Person 0411 221 292

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

• 2 -