GPT GROUP — Capital/Financing Update 2009

May 12, 2009

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Joint Venture Update 13 May 2009

The GPT Group (GPT) today confirmed that, as announced by GPT in February 2009, the asset management and reporting function for the JV will be transitioned from Babcock & Brown to GPT by 30 June 2009. The terms for this transition have now been agreed. This transition does not impact the accounting treatment of the JV – GPT will not be required to consolidate the JV.

GPT Halverton (GPT’s European funds management business) will asset manage the JV’s European asset base. Greg Greenfield & Associates will continue as the asset manager of the JV’s US Retail Portfolio.

Michael Cameron, Chief Executive Officer said: “This is an important interim step for GPT. As announced on 7 May 2009, we are seeking to accelerate our exit from the JV, to refocus on our high quality, domestic, retail, office and industrial asset base. No further capital will be committed to the JV.”

The assumption of management of the JV is expected to be neutral to GPT’s earnings. No management termination fee is payable by GPT to Babcock & Brown.

Ends

For further information contact:

Michael Cameron Donna Byrne Chief Executive Officer Head of Investor Relations 02 8239 3565 and Corporate Affairs 02 8239 3515 0401 711 542

Media contact details

Mark Gold

Third Person 0411 221 292

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