GPT GROUP — Capital/Financing Update 2009

Apr 1, 2009

GPT RE Limited ABN 27 107 426 504 as Responsible Entity of General Property Trust AFSL 286511

GPT Management Holdings Limited ABN 67 113 510 188

Level 52 T: +61 2 8239 3555 MLC Centre F: +61 2 9225 9318 19 Martin Place E: gpt@gpt.com.au Sydney NSW 2000 www.gpt.com.au Australia

2 April 2009

Lux Wigneswaran Adviser, Issuers (Sydney) Australian Securities Exchange Exchange Centre 20 Bridge Street Sydney NSW 2000

By electronic lodgement

Dear Ms Wigneswaran

Change in rating applied by Ratings Agency

Standard & Poor’s announced today it has affirmed The GPT Group’s long-term corporate credit rating at ‘BBB' and lowered its short-term corporate credit rating to ‘A-3’ from ‘A-2’. ’. The rating outlook was revised to negative from stable.

While GPT is disappointed in Standard & Poor’s decision, GPT continues to be actively focused on the issues highlighted by Standard & Poor’s in relation to the sector and on improving the Group’s capital position.

The Group is making progress on non core asset sales, as evidenced by the sale of close to $90 million in assets, including the sale of three non core assets for a total of $47 million announced yesterday; has no further debt expiring this year; and is actively engaged in discussions regarding its next refinancing requirement which is not until October 2010. In addition, GPT has announced the reactivation of the Distribution Reinvestment Plan to be effective for the March 2009 quarter distribution and has the ability to underwrite this Plan, subject to the progress of asset sales.

Yours sincerely

==> picture [187 x 45] intentionally omitted <==

James A Coyne Company Secretary

GPT Securityholder Service Centre

T: 1800 025 095 F: +61 2 9287 0303 E: gpt@gpt.com.au

www.gpt.com.au

Ratings 2.04.09.doc