GPT GROUP — Annual Report 2008

Apr 23, 2009

2008 summary report

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ownership management development

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• 1 results summary 2 Chairman’s report 3 overview

• 6 ownership

• 8 funds management 9 development

• 10 other investments 12 gpt gift Cards 13 direCtory

march Quarter distribution paid 29 May 2009

annual general meeting 25 May 2009

June Quarter distribution paid 25 September 2009

2008 hewitt best employers – highly commended rating

business strategy focused on the australian market

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strong base of
high Quality
australian assets
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recent developments meet sustainability 12[mlc centre, nsw][dandenong plaza, vic] 3 targets 3[2–4 harvey road, nsw] iv The GPT Group summary report 2008

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2008 summary report

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results
summary
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• realised operating income $468.8 million

• 17.7 cents distributed per security (dps)

• strengthened balance sheet through $1.6 billion capital raising

• $13 billion total assets

• $6 billion total liabilities

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• � 33.7% gearing (headline)

• $1.43 net tangible assets per security (nta)

• 2,368 million new securities issued

• distribution reinvestment plan (drp) to operate from march 2009 quarter distribution

• strategy focused on high quality australian real estate, representing 80% of real estate investments (exiting non core investments)

five year performance summary

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year ended 31 deCember 2004 2005 2006 2007 2008
total assets m $9,097.0 $10,431.7 $12,001.9 $13,966.9 $13,029.8
total liabilities m $3,003.6 $4,058.4 $4,559.8 $5,671.5 $6,217.5
net assets m $6,093.4 $6,373.3 $7,442.1 $8,295.4 $6,812.3
realised operating income m $442.0 $492.3 $558.6 $605.1 $468.8
securities in issue (‘000) 2,016,717 2,016,717 2,041,531 2,099,614 4,467,363
distribution per security cents 22.0 24.4 27.5 28.9 17.7
distribution per security growth 3.8% 10.9% 12.7% 5.1% (38.8%)
†
borrowings as % of total assets 30% 35% 36% 36% 33.7%
net asset backing per security $3.02 $3.16 $3.60 $3.86 $1.43
closing market price at 31 december $3.74 $4.10 $5.60 $4.04 $0.92
gpt one year return 33.6% 16.7% 45.2% (23.4%) (74.9%)
lpt asX one year return 32.0% 12.5% 34.0% (8.4%) (54.0%)
all ordinaries one year return 27.6% 21.1% 25.0% 18.0% (40.4%)
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† Based on net debt

• adjustments made to reflect historic comparables and to remove the impact of a-IFrs reporting.

please note this is a summary of gpt’s 2008 annual report. the group’s full 2008 annual report is available on gpt’s website (at www.gpt.com.au ) or on request from the gpt securityholder centre on 1800 025 095.

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The GPT Group summary report 2008

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Chairman’s report

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the past year has turned out to be an extraordinarily challenging one, for the board, for management and for investors. the property sector in australia and around the world has been hit extremely hard by the global financial crisis.

while there were early signs of concerns as we began 2008, there was little suggestion of the dramatic market and currency collapse which was to occur as the year progressed. the speed of this collapse was unprecedented, and has led to the biggest cyclical economic downturn in decades.

as the changed market conditions became apparent, we formed the view that achieving development profits in australia and raising capital in our funds management businesses would be very difficult. in addition, operating conditions in our hotel/tourism and us seniors housing businesses deteriorated. we concluded that these extremely difficult conditions would continue for some time, and downgraded our forecasts in July.

as we moved into the second half of the year we continued to actively work to respond to a vastly different landscape globally. we raised $1.6 billion in new equity to stengthen the group’s balance sheet, and refocused gpt’s strategy back to our core australian business, which remains the bulk (80%) of our real estate investments.

in being one of the first property groups to raise capital we addressed the market’s concerns about refinancing short term debt expiries and capital expenditure, and restored a buffer between gpt’s gearing covenants and current gearing levels. this covenant “headroom” had rapidly eroded in a matter of weeks as the australian dollar fell in value against the euro and us dollar. while gpt’s debt covenants were a concern, the underlying businesses in australia have done relatively well. cash flow is strong and gpt’s interest cover ratio is 2.5 times.

listing the group’s non core assets for sale, making board and management changes and streamlining gpt’s strategy demonstrate our focus on positioning gpt for the future, and what we see as a very different investor market. balance sheet management in a period of declining values is critical.

i will step down from the board at or by the annual general meeting in may and malcolm latham has indicated his intention to retire at that time. elizabeth nosworthy resigned as a director during the year, and we thank her for a long and generous contribution to gpt over more than 10 years. nic lyons discontinued as ceo in october and a new ceo will be appointed in due course. details of these changes will be provided prior to the annual general meeting.

in focusing our strategy on australia, over time we will exit our Joint venture and the us seniors housing business. we will refocus on the ownership, management and development of australian retail, office and industrial/business park assets, which constitute 80% of our investments and continue to perform well. through this process we believe gpt will attract future demand. our core australian properties represent an irreplaceable portfolio of quality assets which have always been at the heart of gpt, and are expected to provide stable income streams throughout market cycles. we expect the size, high quality and diversity of gpt’s australian assets to appeal to emerging global property investors, and to general equity investors alike.

the core australian business delivered 79% of the group’s realised operating income as announced on 27 february 2009. the results for the 2008 calendar year announced on that date were in line with the forecasts contained in the prospectus and product disclosure statement issued in october 2008.

we enter 2009 with gearing of 33.7% (net of cash) on a headline basis (46.6% on a look through basis) against covenants of 40% and 55% respectively. we continue to forecast realised operating income of $347 million for 2009 (on the basis set out in the 2008 prospectus and product disclosure statement) and remain focused on asset sales as a means to further reduce debt and increase our focus on our core business.

restructuring and repositioning for the benefit of securityholders is a priority for gpt and is well and truly underway. this cannot be achieved without continuing to make tough decisions in an environment of transparency, honesty and common sense as markets remain unpredictable and the investment landscape has changed, perhaps irretrievably. this will continue to be the way the board and management operates as we move into 2009.

in closing, i would like to thank investors for their support and patience over the past year.

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Peter Joseph chairman

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The GPT Group summary report 2008

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overview

during the year to 31 december 2008, gpt delivered on the forecast announced in october 2008 with realised operating income of $468.8 million and a cash distribution of 17.7 cents per security.

the result reflects solid performance from the group’s australian real estate assets, which form the bulk of the group’s investments and gpt’s strategic focus.

gpt’s core business comprises the ownership, management and development of a portfolio of high quality australian retail, office and industrial/business park assets. these portfolios, totalling $9.1 billion, have been acquired and developed over more than 35 years and represent 80% of the group’s real estate investments as at 31 december 2008.

gpt’s capabilities include a full range of property expertise including a significant funds management business in australia with over $5.3 billion in assets under management through the gpt wholesale office fund (gwof) and gpt wholesale shopping centre fund (gwscf).

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Ownership Management Development
GWSCF +
Retail Portfolio Retail Pipeline
Capital Partners
GWOF +
Office Portfolio Office Pipeline
Capital Partners
Industrial Portfolio Capital Partners Industrial Pipeline
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• one of australia’s largest diversified listed property groups, with total assets of $13 billion

• � listed on an australian securities exchange since april 1971

• assets under management of $9.5 billion (australia and europe)

• � gpt securities are owned by approximately 50,000 investors

• focused on ownership, management and development of australian real estate

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The GPT Group summary report 2008

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overview continued

total investments

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realised operating inCome
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Core business 80%
Other investments 20%
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Core business 79%
Other investments 21%
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december Quarter distribution

securityholders received a distribution of 2.1 cents per stapled security for the december 2008 quarter, paid on 27 march 2009. a total of 17.7 cents per security (cps) was distributed for 2008 which is in line with the prospectus and product disclosure statement (pds) forecast issued in october 2008. in addition to the impact of poor market conditions on performance, the distribution per security reflected the issue of 2,368 million additional securities through the year under the underwritten distribution reinvestment plan (drp) and the $1.6 billion capital raising undertaken in october 2008.

as announced in august 2008, gpt will implement a revised distribution policy from 2009, with development profits and earnings from the Joint venture with babcock & brown pty international ltd to be retained and 90–100% of other underlying realised earnings distributed.

financial position

the group reported a loss after tax of $3.25 billion for 2008, compared to realised operating income of $468.8 million.

the difference between the group’s realised operating income of $468.8 million and the $3.2 billion statutory (a-ifrs) loss reflects the impact of non cash items, including asset revaluations and the mark-to-market of derivative positions required to be represented in the profit & loss statement under australian accounting standards. these items do not affect the operating performance of the business, are non cash and do not impact the status of the group’s underlying asset base.

at 31 december 2008, gpt’s headline borrowings included australian, us, euro, new Zealand, swedish and danish denominated debt. in october 2008 gpt raised $1.6 billion through an entitlement offer to all securityholders and a placement of perpetual exchangeable securities to an affiliate of gic real estate. the proceeds were used to reduce gpt’s debt and strengthen the balance sheet, resulting in net debt of $4.1 billion at 31 december 2008 and gearing of 33.7% (net of cash), below the group’s covenant level of 40%. look-through gearing, of 46.6% (net of cash), is below the group’s 55% covenant.

following the capital raising in october 2008, gpt has repaid a number of existing finance facilities and has only $475 million of funding requirements over the next 12 months (maturing drawn debt facilities and capital expenditure requirements). these requirements will be funded via cash on hand and other committed funding sources available to the group.

strategy

in august 2008, gpt announced a number of strategic initiatives to simplify the group’s business model over time, reduce leverage and address the realities of a radically different global economic and investment environment.

these inititatives include exiting a range of non core investments, focusing on gpt’s australian business and adopting a more conservative approach to capital management.

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The GPT Group summary report 2008

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rouse hill town centre, nsw

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Core Business

the group’s strategy is focused on the ownership, management and development of australian real estate in the retail, office and industrial/business park sectors. this business now accounts for 80% of the group’s real estate investments and performed well in 2008, with comparable income growth of 5.5%.

the group’s large, high quality, australian wholesale funds (gpt wholesale office fund and gpt wholesale shopping centre fund) are a key component of gpt’s strategy and business model. gpt’s co-investment philosophy ensures alignment of interests between gpt’s securityholders and its institutional partners.

two major developments were completed in 2008 – rouse hill town centre (a mixed use centre) and workplace[6] (an office building in pyrmont, sydney). gpt realised a profit on the sale of workplace[6] in 2007 and sold two thirds of one one one eagle street, realising a profit, in 2008.

Other Investments

investments outside the core business represent 20% of the group’s real estate investments and include the hotel/ tourism portfolio, gpt’s investment in the us seniors housing sector and a 50% interest in a Joint venture with babcock & brown pty international ltd.

Corporate responsibility

gpt made significant progress on the targets set for 2008, advanced its longer term strategic objectives and framework and continued to report in line with the global reporting initiative (gri).

a new microsite housing the group’s corporate responsibility reporting and initiatives will be launched in line with the release of this report and feature: gri performance and target tables; case studies on the group’s sustainable developments; and a list of the group’s partnerships and stakeholders amongst other useful information on gpt’s activities in this space.

for the full corporate responsibility report, please refer to our website (at www.gpt.com.au).

2009 focus

although an improvement in operating conditions is not anticipated, gpt continues to forecast realised operating income of $347 million for 2009 on the basis set out in the pds, assuming no material change in market conditions or further unforeseen events.

consistent with gpt’s strategy to focus on its core business of ownership, management and development of high quality australian real estate, the group announced in august 2008 its decision to exit the majority of these investments over time.

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The GPT Group summary report 2008

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Core business

ownership of australian investment portfolio

the group’s $9.1 billion investment portfolio, which includes interests in the gpt wholesale funds, has been built over more than 35 years and includes high quality retail, office and industrial/ business park assets. it remains the group’s largest investment, providing 79% of the group’s realised operating income in 2008.

through this portfolio, investors have exposure to quality australian real estate, including some of australia’s most productive shopping centres, premium and a-grade office buildings in major cbd markets, and a diverse portfolio of industrial and business park assets.

australian retail

• comparable income growth 4.5% (gpt owned assets)

• net revaluation decrease of 3.3%

• asset quality and high occupancy levels position the portfolio well

gpt’s retail portfolio consists of assets held on the group’s balance sheet ($4.6 billion) and a $735 million investment in the $2.1 billion gpt wholesale shopping centre fund (gwscf).

consisting of interests in 18 quality australian shopping centres and the homemaker city portfolio, the gpt managed portfolio provides diversity and scale.

the portfolio saw a net devaluation, of 3.3%, over the year, reflecting the deterioration of market conditions, however income grew and the assets continue to maintain high occupancy. whilst sales growth across the retail portfolio was reasonable in 2008, the pace of growth is slowing. this is expected to continue in 2009.

australian office

• comparable income growth 7.8% (gpt owned assets)

• net revaluation decrease of 5.6%

• 92,500 sqm leased over 2008

• 99.0% of space committed (including rental guarantees)

gpt’s office investments include a portfolio of assets held on the group’s balance sheet of $2.0 billion and a $953 million investment in the $3.2 billion gpt wholesale office fund (gwof), giving gpt access to a broad range of office assets.

across the managed portfolio, 92,500 sqm was leased over 2008 and terms agreed over a further 36,400 sqm as at 31 december 2008, resulting in 99.0% of the portfolio’s space being committed, well above market occupancy of 93.6%. although income growth was strong, the portfolio saw a net devaluation of 5.6% over the year, reflecting the deterioration of market conditions.

across the gpt managed portfolio, the weighted average lease term is 5.2 years (by area), with manageable shortterm expiry, providing long-term secure income with growth through further leasing, fixed increases and market reviews.

Key metriCs: gpt retail portfolio* (at 31 december 2008)

total centre moving annual turnover (mat) ($sqm)	$6,626 (up 3.5%)
specialty mat ($sqm)	$8,838 (up 2.8%)
occupancy	99.1%
outstanding debtors	less than 0.25% of annual revenue

• gpt and gwscf owned assets.

offiCe lease expiry by area: gpt managed portfolio* (at 1 January 2009)

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20
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includes leases signed for future occupation and rental guarantees.
% of area
Vacant 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Beyond
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The GPT Group summary report 2008

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818 bourke street, vic

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australian industrial/business park

• comparable income growth 3.8%

• net revaluation decrease of 4.7%

• long average lease term of 7.2 years (by income)

• investment assets 100% leased

gpt’s industrial/business park portfolio consists of traditional industrial and business park assets located in australia’s major industrial and business park markets with a value of $819 million.

during 2008, over 38,400 sqm of space was leased or renewed, contributing to occupancy of 100% by income (investment assets) and an average lease term of 7.2 years. whilst income growth was solid, the portfolio saw a net devaluation of 4.7% over the year, reflecting the deterioration of market conditions.

consistent with the group’s strategy to focus on its core business, gpt disposed of three non core archive facilities totalling $38.75 million, in line with book value.

austrak, vic

industrial/business parK lease expiry by inCome (at 31 december 2008)

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Vacant Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Beyond
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The GPT Group summary report 2008

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Core business funds management

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workplace [6] , nsw
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gpt’s funds management platform is an integral part of the group’s strategy. it provides the ability to enhance returns and the growth profile of the group, while utilising the skills and experience of gpt’s team, and providing the potential for stronger earnings growth and access to a range of capital partners. the group’s funds management activities also provide gpt investors with access to a broader range of property investments through a significant co-investment in the group’s two australian managed funds.

gpt’s australian wholesale funds platform consists of two funds focused on the australian retail and office markets with assets under management of $5.3 billion (at december 2008).

Key activities

the returns for both gwof and gwscf were impacted in 2008 by the volatile investment conditions in australia. whilst the funds’ portfolios have shown income growth throughout the year, decreased valuations have impacted total returns.

across the two funds, $100 million in additional capital was raised over the year. gwof successfully raised $54 million of new capital and both funds raised additional capital through their distribution reinvestment plans (drps).

gpt wholesale office fund (gwof)

at 31 december 2008, the fund had ownership interests in 14 office assets located across australia’s cbd office markets with a value of $3.2 billion.

the book value of individual properties in the gwof portfolio decreased in the year to december 2008 as a result of current market conditions and resulting inactivity in prime office investment markets. however this was offset by the completion of three developments:

• the 50% gwof owned 28 freshwater place in melbourne, providing 34,000 sqm of contemporary office space built to a 4.5 nabers and 4 star green star standard; and

• a 100% interest in gpt’s development of workplace6 in sydney’s pyrmont, an 18,000 sqm waterfront office complex which was completed in december 2008 and was nsw’s first 6 star green star office design v2 development.

the fund has a solid balance sheet with gearing of 18% against a policy range of 30–40%.

gpt wholesale shopping Centre fund (gwsCf)

at 31 december 2008, the fund had ownership interests in nine shopping centre assets with a value of $2.1 billion located across victoria and new south wales.

consistent with the market, property valuations fell at 31 december 2008. despite this, the portfolio continues to experience sales and pedestrian traffic growth and high occupancy of 98.8%.

the fund has a solid balance sheet with gearing of 9%.

• the 100% gwof owned 545 Queen street in brisbane, providing 13,500 sqm of a-grade office and retail space built to a 4.5 star nabers rating;

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The GPT Group summary report 2008

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Core business development

development of high quality australian retail, office and industrial/business park real estate for gpt’s own balance sheet and its wholesale funds is a key component of gpt’s strategy and operating platform.

given current market conditions, including a lack of capital availability, and uncertainty around future values, no further development will be commenced in the near term. gpt has only two significant projects underway – charlestown square and one one one eagle street in brisbane, which will be complete in 2010 and 2011 respectively, however the potential to create quality assets through a significant pipeline is a strong advantage when market conditions are favourable.

successful developments completed in 2008 enhanced the gpt and gwof asset base and are expected to deliver solid long term investment performance for investors, including:

• the award winning rouse hill town centre, which opened fully leased in march 2008, has been well received by the community and is on track to meet its sales and investment targets. the development has also received much attention nationally, winning a number of high profile industry awards for design. it is targeting an ecological footprint that is 25% smaller than a traditional shopping centre of the same size which is equal to world best practice levels;

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• workplace6 reached completion in november 2008, ahead of schedule and the sale to gwof (for $190 million), which realised a profit in 2007, was completed. the six-level office building of approximately 18,000 sqm, located on the waterfront at darling island, sydney, has achieved a 6 star green star office design v2 rating for design, the first office building in nsw to achieve this rating, which represents world leadership for this measure. the office space is 100% leased to google and accenture who moved into the building in march 2009 upon the completion of innovative, sustainable fit-outs.

reflecting current market conditions, gpt has limited its development expenditure to existing commitments. the following projects are underway and will be completed in the next three years:

• at charlestown square a major expansion, which will increase the centre from 47,000 sqm to 88,000 sqm, commenced in January 2008 and is anticipated to be complete at the end of 2010. the development will provide an additional 110 speciality stores, a vibrant fresh food offer, an urban designed streetscape and improved car parking. in addition, a new childcare facility, sporting ovals and a new bowling club have been delivered for the community;

• at one one one eagle street, construction has commenced on a 63,000 sqm premium-grade 54-level office tower in brisbane’s prime commercial “golden triangle” precinct. in may 2008 gpt sold two thirds of the asset to gwof and an existing capital partner. the transaction realised a development profit of over $31 million and significantly reduces gpt’s capital commitment. the development is expected to complete in 2011 and is designed to achieve a 6 star green star rating;

• the industrial/business park portfolio’s erskine park site, connect@erskinepark, settled in may 2008 and the first pre-lease was secured in July with the commitment of goodman fielder to a 14,000 sqm facility on a 20 year lease. the facility will be complete in 2009; and

• in may 2008 the nsw department of planning granted development approval for the gwscf owned wollongong central redevelopment scheme. the project will be delivered in two stages, with the larger expansion component of the project deferred until at least 2010. refurbishment works on the existing wollongong central have commenced to improve the ambience and customer experience of the centre and a new leasing program will improve the retail mix. gpt is managing the development on behalf of the fund.

one one one eagle street, Qld (artist’s impression)

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The GPT Group summary report 2008

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other investments

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ayers rock resort, nt
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in addition to the group’s core business, gpt has a number of other investments which are not core to the group’s strategy. these investments comprise the $687 million hotel/tourism portfolio, a $200 million investment in the us seniors housing portfolio, a 50% interest in a Joint venture with babcock & brown pty international ltd and the european funds management platform.

consistent with gpt’s strategy to focus on its core business of ownership, management and development of high quality australian real estate, the group announced in august 2008 its decision to exit the majority of these assets and businesses over time. currently these investments represent 20% of gpt’s real estate investments.

hotel/tourism portfolio

gpt’s hotel/tourism portfolio includes ayers rock resort, the four points by sheraton hotel in sydney and voyages lodges.

in 2008, portfolio revenue and income were above the forecast contained in the prospectus and product disclosure statement issued in october 2008 but down on 2007, due to difficult tourism conditions including weakness in inbound tourism to australia and poor weather impacting the Queensland resorts in the first quarter of the year.

us seniors housing portfolio

gpt’s investment in the us seniors housing market consists of a 95% interest in 34 assets and a 20% interest in the manager of the portfolio, benchmark assisted living (bal). the assets, which are located in the new england region of the united states, offer a variety of living situations including independent living, assisted living and alzheimer’s assisted living.

at 31 december 2008, year to date occupancy across the portfolio was 88.1% with an average rent per unit per month of us$5,100 (up from us$4,800 at 2007).

over 2009, the focus will be managing the portfolio through difficult market conditions and determining an appropriate timeframe for divestment.

the sale process for the hotel/tourism assets continues to progress with separate sales programs occurring for the four points hotel and voyages resorts. whilst it is difficult to determine a sales timeframe it is expected that progress will be made in 2009.

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The GPT Group summary report 2008

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european retail

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european funds management

gpt’s european funds management platform consists of gpt halverton and an 80% interest in hamburg trust. at 31 december 2008, these businesses had assets under management totalling €2.1 billion ($4.2 billion).

hamburg trust has established two funds and gpt halverton currently has six established funds. over 2008 the platform was downsized significantly, reflecting gpt’s decision to focus on its australian business and the management of existing assets rather than launching new funds.

gpt is in the process of exiting warehoused assets in order to further reduce capital allocated to this platform. since July 2008 significant cost efficiencies were achieved with a reduction in employees for the gpt halverton business of approximately 35%.

Joint venture fund (Jv)

at 31 december 2008, the Joint venture with babcock & brown pty international limited (Jv) comprises a portfolio of assets valued at $6.2 billion. gpt’s investment represents $1.16 billion of preferred capital. the loan to value ratio (ltv) of the Jv as at 31 december 2008 is 80% and the weighted average term to maturity of the Jv debt is 5.2 years.

the current focus for the Jv is completing the transition of the asset management function to gpt, and ensuring the assets are managed through to an appropriate medium term exit.

gpt will not commit any further capital to the Jv and has excluded Jv income from future distributions.

strategically, the group will look at further consolidation of the cost base in the gpt halverton business and expects to continue to downscale the group’s on-the-ground presence in europe as the warehoused positions and Jv assets are exited.

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The GPT Group summary report 2008

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gpt gift cards

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530 collins street, vic
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it’s every gift you can think of in one! the gpt gift card is a fun and convenient electronic purchasing system that can be used to buy items in over 1,500 participating stores in gpt managed shopping centres across australia. it’s a durable and sleek plastic card, and can be used in all participating stores like any savings or debit card. for further information about gpt gift cards, please refer to gpt’s website.

– gpt’s website www.gpt.com.au

you can obtain updates on the activities of gpt, including the webcast of the 2008 annual results presentation, from the news and media section. you can also register to receive notification of items posted to this section through the site’s email alert service. information about your holding in gpt is available online through the investor relations section.

alteration of investor details

to alter your address or electronic direct credit instructions, please provide written notification to the gpt security registrar, locked bag a14, sydney south nsw 1235.

Questions?

if you have any questions relating to your investment in gpt, please call the securityholder service centre on freecall 1800 025 095 (within australia) or +61 2 8280 7176 (outside australia), between 8.30am and 5.30pm sydney time, or email us at gpt@ gpt.com.au.

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The GPT Group summary report 2008

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direCtory

The GPT Group

comprising

GPT Management Holdings Limited acn 113 510 188 and

GPT RE Limited

acn 107 426 504 afsl 286511 as responsible entity for General Property Trust arsn 090 110 357

Registered Office

level 52 mlc centre 19 martin place sydney nsw 2000

Directors

peter Joseph oam (chairman)

eric goodwin malcolm latham am anne mcdonald ian martin ken moss

Auditors

pricewaterhousecoopers 201 sussex street sydney nsw 2000

Lawyers

allens arthur robinson level 28, deutsche bank place cnr hunter & phillip streets sydney nsw 2000

Principal Registry

link market services limited level 12 680 george street sydney nsw 2000

Mail to:

gpt security registrar locked bag a14 sydney south nsw 1235

Stock Exchange Quotation

gpt is listed on australian securities exchange under asX listing code gpt

Secretary

James coyne

Audit and Risk Management Committee

anne mcdonald (chairman) eric goodwin ken moss

Corporate Responsibility Committee

malcolm latham (chairman) eric goodwin

Nomination and Remuneration Committee

ian martin (chairman) peter Joseph oam malcolm latham

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The GPT Group summary report 2008

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www.gpt.com.au