GPT GROUP — Capital/Financing Update 2009

May 10, 2009

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GPT GROUP – ACCELERATED NON-RENOUNCEABLE ENTITLEMENT OFFER

Participating Organisations are advised that GPT Group (the “Group”) has announced a 1 for 1 accelerated non-renounceable pro rata entitlement offer (the “Entitlement Offer”), at an offer price of $0.35 per new stapled security (the “Offer Price”) to raise up to $1.7 billion. The Group has also announced an institutional placement (the “Institutional Placement”) at the Offer Price and has raised $120 million.

The Entitlement Offer has two components:

• An institutional entitlement offer, where offers have been made to qualifying institutional security holders for them to apply for their pro-rata entitlement to raise approximately $1.1 billion (the “Institutional Entitlement Offer”).

• A retail entitlement offer, where an offer will be made to qualifying retail security holders for them to apply for their prorata entitlement to raise approximately $300 million (the “Retail Entitlement Offer”).

The Institutional Entitlement Offer and the Institutional Placement are fully underwritten and together have raised approximately $1.4 billion. The Retail Entitlement Offer is underwritten to $300 million.

The Record Date for the Entitlement Offer is 12 May 2009.

The Retail Entitlement Offer is expected to close on 9 June 2009.

The Group will ignore changes in security holdings which occur after the commencement of the trading halt on 7 May 2009 (other than registrations of transactions which were effected through ITS before the commencement of the trading halt).

New securities issued under the Entitlement Offer and Institutional Placement will rank equally with existing securities on issue however will not be entitled to the first quarter distribution declared by the Group on 30 April 2009.

The indicative timetable in relation to the Entitlement Offer is as follows:

Date	Event
Thursday, 7 May 2009	Trading halt appliedAnnouncement of Institutional Placement and Entitlement OfferCleansing notice released to the ASX - Entitlement OfferInstitutional Entitlement Offer - Open Date
Friday, 8 May 2009	Institutional Entitlement Offer – Close Date
Monday, 11 May 2009	Announce completion of Institutional Placement and Institutional Entitlement OfferTrading halt lifted - Trading recommences
Tuesday, 12 May 2009	Record date for Entitlement Offer
Monday 18 May 2009	Lodge Retail Entitlement Offer materials with the ASX and despatch to retail investorsRetail Entitlement Offer – Open Date
Thursday, 21 May 2000	Retail Entitlement Offer Initial Close Date
Tuesday, 26 May 2009	Settlement Date–Institutional Placement, Institutional Entitlement Offer, and Retail Entitlement Offer

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No responsibility is accepted for any inaccuracies contained in the matter published.

	where valid acceptances received by the Initial Retail Close Date
Wednesday 27 May 2009	Allotment Date - Institutional Placement, Institutional Entitlement Offer, and Retail Entitlement Offer where
	valid acceptances have been received by the Initial Retail Close Date
	Despatch of holding statements
	Normal trading commences - Institutional Placement and Institutional Entitlement Offer, and Retail
	Entitlement Offer where valid acceptances have been received by the Initial Retail Close Date
Tuesday 9, June 2009	Retail Entitlement Offer – Final Close Date
Thursday, 11 June 2009	Retail shortfall notification
Monday, 15 June 2009	Settlement Date – Retail Entitlement Offer
Tuesday, 16 June 2009	Allotment Date – Retail Entitlement Offer
Thursday, 14 May 2009	Normal trading commences – Retail Entitlement Offer
Thursday 18 June 2009	Despatch of holding statements – Retail Entitlement Offer

Settlement issues

Despite the fact that the securities are trading “ex entitlement” on ITS, CHESS will not recognise for settlement purposes the “ex entitlement” or the “cum entitlement” tag on CHESS messages. As a result, CHESS will not maintain cum balances in these securities within the system.

In addition, CHESS will not perform any automatic diary adjustments to “cum entitlement” settlement obligations outstanding as at the record date.

Trading issues

ASX will not price a “cum” market with respect to trading in the Group’s securities. Persons who acquire the Group’s securities after the commencement of the trading halt on Thursday, 7 May 2009 are not entitled to participate in the Entitlement Offer.

Further information

For further details, please refer to the Group’s announcement dated 7 May 2009 or call the Group’s Offer Information Line on 1800 190 082 (within Australia) or +61 2 8280 7196 (outside Australia).

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No responsibility is accepted for any inaccuracies contained in the matter published.