GPT GROUP — Capital/Financing Update 2011

May 10, 2011

THE GPT GROUP ANNOUNCES

11 May 2011 On-Market Security Buy-back

The GPT Group (GPT) today announced an on-market buy-back of up to 5% of the Group’s ordinary securities.

GPT is well positioned to pursue an on-market buy-back due to recent asset sales which have reduced the Group’s borrowings. Gearing was 23.3% (of total tangible assets) as at the end of March 2011. GPT’s investment in its US Seniors Housing portfolio was sold at a 58% premium to the carrying value and the sell down of the Group’s interests in its managed wholesale funds were sold at carrying value.

GPT will only purchase securities where it is accretive to operating earnings and NTA, and if there are no alternative investment opportunities offering higher risk-adjusted returns.

The GPT Group’s CEO and Managing Director, Michael Cameron said “GPT remains focused on increasing operating earnings and reducing the gap to GPT’s NTA. We believe that pursuing a buy-back will help us achieve these goals and enhance returns for our securityholders.”

The earliest a buy-back could commence would be 25th May 2011 based on regulatory requirements. GPT will proceed with buying back securities subject to the prevailing price satisfying the conditions outlined above.

An Appendix 3C in respect of the on-market security buy-back has been lodged with the ASX today.

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For further information 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

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