GPT GROUP — Capital/Financing Update 2011

May 22, 2011

23 May 2011

Ayers Rock Resort Sale Completed

The GPT Group (GPT) has confirmed that the sale of Ayers Rock Resort to the Indigenous Land Corporation (ILC) has completed, with settlement occurring today. Completion of the sale is in line with GPT’s announcement on 15 October 2010 when it confirmed that contracts for the sale had been exchanged.

Total consideration for the sale of $300 million will be received in the following instalments:

• $81 million payment on settlement;

• $81 million 12 months after settlement; and

• $138 million five years after settlement.

Additional terms of the sale include:

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

• GPT will share in 46% of the increase in capital 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 period;

• GPT will accrue increments of the $17 million guaranteed payment over the five year period resulting in an additional 2% return per annum. This, combined with the interest received, will minimise earnings dilution from the transaction; and

• GPT will contribute $25 million towards capital expenditure, over the next 5 years, to assist in the achievement of a higher value in which GPT may share.

The proceeds from the first tranche of the settlement will be used to reduce borrowings.

The GPT Group’s CEO and Managing Director, Michael Cameron said “We are pleased to complete the sale of Ayers Rock Resort in a structure which minimises earnings dilution for securityholders and offers the potential for upside in capital value. With this sale completed GPT has delivered on its commitment to return to the ownership, management and development of high quality Australian retail, office and industrial real estate.”

- Ends -

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