GPT GROUP — Capital/Financing Update 2010

Nov 29, 2010

30 November 2010

GPT’s capital management strategy rewarded with Moody’s upgrade and new, longer term debt lines

Moody’s has advised that it has upgraded The GPT Group’s (GPT) long-term issuer and senior unsecured credit rating to A3 (stable) from Baa1. At the same time, the short-term rating has been affirmed at P-2.

These ratings are now consistent with Standard and Poor’s ratings for the Group.

GPT also announces the securing of new and extended bilateral bank loans totalling $600 million, including an eight year commitment. The facilities are at an average margin, inclusive of line fee, of just over 170 basis points and have an average term to expiry of 7.2 years.

The commitments are:

• $325 million for eight years expiring in October 2018

• $75 million for seven years expiring in October 2017

• $200 million for six years expiring in October 2016

Each facility has been structured as a “forward start” loan with the majority of the facilities available to be drawn in October 2012.

These loans, combined with the new and extended facilities announced in August this year, refinance $875 million of the $1.4 billion facility maturing in October 2012.

The facilities carry relatively low forward start fees averaging 28 basis points per annum up to the forward start dates.

GPT retains the flexibility, at its option, on the forward start dates to draw the loans or allow the facilities to lapse if more favourable market conditions exist.

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Chief Financial Officer, Michael O’Brien said the Moody’s upgrade and the new, long dated loan facilities acknowledge the Group’s progress and reflected the quality and stability of GPT’s high quality assets.

“The facilities announced today extend our average debt maturity to 4.9 years, above our target of 4 years, and flatten our maturity profile. They also significantly de-risk, at minimal cost, our major upcoming loan expiry.

“This enables the Group to carry substantially lower levels of undrawn lines, which is consistent with our efforts to reduce our average cost of debt,” Mr O’Brien said.

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For further information please contact:

Michael O’Brien

Wendy Jenkins

Samantha Taranto

Chief Financial Officer Investor Relations Manager Group Media Manager 02 8239 3544 02 8239 3732 02 8239 3635 0417 691 028 0418 226 889 0432 384 696