GPT GROUP — Capital/Financing Update 2010

Oct 14, 2010

15 October 2010

GPT announces the sale of Ayers Rock Resort

The GPT Group (GPT) today exchanged contracts for the sale of Ayers Rock Resort to the Indigenous Land Corporation (ILC).

The sale, which includes the GPT-owned Voyages platform, completes the Group’s exit from the hotel and tourism sector.

The transaction includes the following key commercial terms:

• GPT will receive an $81 million payment on settlement of the transaction, expected to be in early 2011, a second payment of $81 million 12 months after settlement and a third payment of $138 million five years after settlement for a total consideration of $300 million.

• GPT will be provided with security guaranteeing the deferred payments and receive interest on the deferred payments at a rate of 6.5% per annum.

• GPT will also share in 46% of the increase in the value of Ayers Rock Resort over $300 million plus capital expenditure committed over the period with a minimum guaranteed payment to GPT of $17 million at the end of the five year transaction period.

• With the minimum payment of $17 million being guaranteed, GPT will accrue annual increments of this payment over the five year transaction period which, when combined with interest received, will improve the return on the deferred payments by 2% per annum, ensuring that the earnings dilution from the transaction is minimised.

• GPT will contribute $25 million towards capital expenditure at Ayers Rock Resort over the five year transaction period to assist in the achievement of a higher value in which GPT may share.

The GPT Group’s CEO and Managing Director, Michael Cameron said the sale was yet another example of the Group’s delivery of its refined strategy to focus on the active ownership of highquality Australian Retail, Office and Industrial assets.

“Ayers Rock Resort is a unique and high quality asset that continues to deliver solid returns but no longer fits with GPT’s focus on Australian Retail, Office and Industrial asset classes.”

“GPT continued to hold Ayers Rock Resort until we could realise value through the sale for our security holders.”

“In line with our stated objective, the divestment allows us to continue to focus on delivering superior risk-adjusted returns for our investors whilst ensuring the short term dilution from the sale is minimised,” Mr Cameron said.

The sale is subject to certain conditions precedent that are expected to be satisfied to allow completion to occur in early 2011.

The initial proceeds will be used to reduce borrowings.

For further information please contact:

The GPT Group

Michael O’Brien

Chief Financial Officer 02 8239 3544 0417 691 028

Samantha Taranto

Group Media Manager 02 8239 3635 0432 384 696