GPT GROUP — Regulatory Filings 2009

Jul 30, 2009

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Results of Revaluations for Mid Year Reporting

31 July 2009

The GPT Group has undertaken independent or director’s valuations for its real estate portfolio, in preparation for release of the Group’s 30 June 2009 mid year accounts. As a result, GPT expects to record valuation reductions for the period 1 January to 30 June 2009 of approximately $560 million across its core Australian real estate holdings, and approximately $230 million across non core assets. GPT will also record a writedown of approximately $1.16 billion in its investment in the Joint Venture with Babcock & Brown (“Joint Venture”).

This represents a 6.2% reduction in the December 2008 book value of the Group’s core portfolio of direct and equity accounted real estate investments. The non core asset values represent a 15.2% reduction to December 2008 book values. On this basis, gearing at 30 June 2009 is expected to be approximately 23%.

In addition to the property revaluations and writedown of the Group’s investment in the Joint Venture, GPT also anticipates a mark to market gain of approximately $590 million on its currency positions and interest rate derivatives for the six month period.

All of the writedowns, currency and derivative gains, are non cash items. They will not affect the Group’s operating income or forecast distribution of 4.5 cents per security for the 2009 calendar year, as per the Retail Information Booklet issued in May 2009.

As separately announced today, GPT will exit the majority of the Joint Venture by way of an In Specie Dividend of shares in BGP Holdings, distributed to GPT Securityholders on 21 August 2009.

GPT will provide a full update to the market, with its audited results for the six months to 30 June 2009, on 27 August 2009.

Given market conditions and the impact that such conditions have had on the carrying values of investment properties, The GPT Group believes it is appropriate to provide an early indication of these valuations undertaken as part of the preparation of the audited results for the six months to 30 June 2009.

The guidance contained in this update is preliminary in nature and subject to finalisation within The GPT Group as well as to review by external auditors. As such, the actual results for the six months to 30 June 2009 may differ from the guidance given in this update.

ENDS

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