December 9, 2008 - GMP Capital Trust Increases Preferred Security Unit Offering

Toronto, ON (December 9, 2008) – GMP Capital Trust (TSX: GMP.UN) (“GMP”) today announced that in response to excess demand for its preferred security units it has received approval to privately place an additional 1,538,462 preferred security units (the “Units”) at $6.50 per Unit, for gross proceeds of $10 million (the “Offering”). When combined with Units announced on December 8, 2008, GMP and GMP Preferred L.P., a newly-formed indirect subsidiary of GMP, have agreed to issue Units with an aggregate value of $40 million. Each Unit will consist of one $6.50 par value 10% cumulative perpetual non-voting preferred limited partnership unit of GMP Preferred L.P. and one warrant to purchase one fund unit of GMP at an exercise price of $6.50 prior to the fifth anniversary of closing. The additional Units were placed with a number of institutional and other accredited investors.


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