GPT GROUP — Capital/Financing Update 2009

Jun 3, 2009

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Sale of Alliance Portfolio

4 June 2009

The GPT Group (GPT) today announced further progress in relation to the Group’s non core asset sales program, with an agreement to sell the Group’s interest in the Alliance portfolio (previously warehoused within the Hamburg Trust platform) to a syndicate of private investors. The portfolio was originally acquired to seed a closed end fund.

On completion of the sale, GPT will have sold approximately $650 million of non core assets since December 2008. This is in line with the Group’s strategy to exit non core portfolios and markets. GPT’s balance sheet gearing, post the completion of the sale, will be less than 20% (on a pro forma basis).

The Alliance portfolio comprises 1,208 residential apartments located in Texas and Florida, USA with a carrying value of US$81.5 million as at 31 December 2008. The sale price, of US$72 million, is equivalent to the value of the debt secured against the portfolio at 31 December 2008, and represents a 12% discount to December book value.

Michael Cameron, Chief Executive Officer said: “This is a further step in achieving good progress on our sale of non core assets.”

Ends

For further information contact:

Michael O’Brien

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

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