GPT GROUP — Annual Report 2008

Feb 26, 2009

2008 Annual Results

27 February 2009

Agenda

� Performance

• Strategy

• Capital Management

• Operational Overview

• Core business

• Other investments

• Outlook

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Performance

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Results Overview

• Realised operating income of $468.8 million in line with October PDS forecast

• Quality domestic portfolio (80% of real estate investments) performing well

• $1.6 billion capital raising completed

• Strengthened balance sheet

• Net debt to total assets 33.7%

• Headroom against debt covenant ($1.9 billion)

• No refinancing required until October 2010

� Clear strategy

• Focus on core business

• Non core asset sale programme progressing

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Operating Results in Line with Forecast[(1)]

Segment	FY08	FY 08
	Forecast	Actual
	($m)(1)	($m)
Retail, Office, Industrial and Funds Management Australia(2)	$536	$537.4
Hotel/Tourism	$57	$62.3
Seniors Housing and Funds Management Europe	($12)	($16.2)
Development	$28	$31.4
Financing Costs	($248)	($240.5)
Corporate(3)	($16)	($14.3)
Realised operating income for the financial year
(excluding the Babcock & Brown Joint Venture)	$345	$360.1
Babcock & Brown Joint Venture	$123	$108.7
Realised operating income for the financial year	$468	$468.8
(including Babcock & Brown Joint Venture)

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(1) As stated in October 2008 Prospectus and Product Disclosure Statement.
(2) Includes GWOF and GWSCF co-investment.
(3) Includes realised operating gains on property derivatives and reversal of long term incentive accruals both of which are excluded.
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Australian Investment Portfolio Demonstrating Resilience

	% of investments(2)	Dec 07 Cap rate(2)	Dec 08 Cap rate(2)	Change in Cap Rate (bp)	Occupancy(2)	WALE(2)	Comparable income growth(1)
Retail	47%	5.8%	6.2%	40	99.1%	-	4.5%
Office	26%	5.9%	6.6%	70	99.0%(3)	5.2 yrs	7.8%
Industrial	7%	7.4%	7.9%	50	100%	7.2 yrs	3.8%
TOTAL	80%	6.0%	6.5%		99.2%	-	5.5%

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(1) GPT assets only.
(2) GWOF/GWSCF. Percent of real estate investments.
(3) Committed space including rental guarantees.
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Retail Portfolio Cap Rates and Quality

Cap rate expansion since 31-Dec-07

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Source: Company reports.

Current cap rates

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Source: Company reports.

Relative quality assessment

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Comments

• Second highest weighting to regional shopping centres (86%)

• Cap rate and cap rate expansion reflects relative quality of GPT’s portfolio

• Quality expected to mitigate further cap expansion

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Source: Company reports where relevant company discloses asset type, GPT assessment of asset type
where not publicly disclosed. Split based on asset value where provided, GLA or NOI where individual
asset values are not disclosed. GPT includes GPT owned assets and interest in GWSCF.
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Office Portfolio Cap Rates and Quality

Cap rate expansion since 31-Dec-07

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Current cap rates

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Source: Company reports.

Source: Company reports.

Relative quality assessment

Comments

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• Cap rate expansion consistent with listed peer group

• GPT has highest weighting towards Premium / A-Grade assets (99%)

• Quality expected to mitigate further cap rate expansion

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Source: Company reports where relevant company discloses asset type, GPT assessment of asset
type where not publicly disclosed. GPT includes GPT owned assets and interest in GWOF.
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Balance Sheet Position Improved Post Capital Raising

	30 June 2008	31 December 2008
	($m)	($m)
ASSETS
Cash	426	962
Real estate related assets	13,087	11,721
Other assets	299	298
Intangible assets	58	49
Total assets	13,870	13,030
LIABILITIES
Current borrowings	1,158	547
Non-current borrowings	3,999	4,466
Total borrowings	5,157	5,013
Other liabilities	563	1,204
Total liabilities	5,720	6,217
Net assets	8,150	6,812
Net tangible assets per stapled security	$3.68	$1.43(1)

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Look through gearing (%) [(2)] 45.3 46.6
(1) Includes impact of additional securities on issue.
(2) Net of cash.
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Covenant Position Significant Headroom

• Adjusted Dec-08 gearing provides ~$2.4 billion (~20%) headroom vs balance sheet gearing covenant

• Approximately 120bp of cap rate expansion headroom across entire asset base before balance sheet gearing reaches covenant level

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Estimates only.
(1) Adjusted for post balance data acquisitions and disposals, and the assumed deconsolidation of the H2O and Alliance portfolios.
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Strategy

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Strategic Focus Australian Real Estate

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Capital Management

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Capital Management Overview

• Capital raising proceeds reduced net debt and improved liquidity

• Gearing well within covenants – $1.9 billion headroom[(1)] (40% headline covenant)

• Liquidity position remains comfortable

• Well positioned balance sheet

• Continue to exercise opportunities to reduce leverage

• Preserving capital

• Development pipeline deferred beyond projects already commenced

• Essential maintenance capital expenditure only

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(1) Net of cash.
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Balance Sheet Overview

		Dec 08	Dec 07	Covenant
Total assets		$13b	$14b
Gearing	Headline(1)	33.7%	34.6%	40%
	Look through(1)	46.6%	45.7%	55%
Interest cover(2)	Headline	2.5x	3.9x	2x

� Net debt reduced to $4,051 million[(3)]

� Corporate credit ratings

• S&P: BBB (stable outlook)

• Moody’s: Baa2 (stable outlook)

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(1) Based on net debt.
(2) Based on realised operating income.
(3) Includes the borrowing costs from AUD, €, USD, DKK and SEK facilities.
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Debt Expiry Profile

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Liquidity Position

• Approximately $475 million of funding required over next 12 months

• Available funding of $1.5 billion (Dec 09)

• Potential to roll forward undrawn facilities of $375 million

• Excludes impact of non core asset sales

	12 months to Dec 09	($m)
	Cash and committed funds at	2,319
	31/12/08
	Estimated capital expenditure Maturing facilities (drawn and undrawn)	260 590
	Available liquidity at 31/12/09	1,469
	DRP(1)	64
	Available funding sources	1,533
	Potential extensions(2)	375
	Potential available funds	1,908

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(1) Assumes DRP participation at 20%.
(2) Represents potential extensions of maturing undrawn facilities.
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Hedging

• Policy to provide certainty over cashflows through cycles

• Prudent capital and risk management

• Long dated positions commensurate with asset profile

• Current mark to market net liability of $836.3 million reflects unprecedented market conditions

• Interest rate mark to market liability $720.9 million

• Foreign exchange mark to market liability $115.4 million

• Non cash position

• Impact of rapid and extensive movements

• Ongoing volatility

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Operational Review

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Core Business

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Australian Retail Portfolio

• Operating performance strong

• Comparable income up 4.5%[(1)]

• Sales growth slower; however supported by stimulus package and lower interest rates

• Arrears and vacancies low

Key Operating Metrics – Dec 08(2)
Comparable total centre sales growth	3.5%
Comparable specialty sales growth	2.8%
Specialty sales psm	$8,838
Specialty occupancy costs	16.6%
Occupancy	99.1%
Arrears	0.2%

GPT’s Portfolio[(3)]

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(1) GPT owned assets only.
(2) GPT and GWSCF owned assets.
(3) GPT owned and GPT’s interest in GWSCF owned assets.
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Australian Retail Portfolio

Valuations

• Portfolio value $5.3 billion

• GPT $4.6 billion

• Investment in GWSCF $735 million

• Valuations resulted in $181.3 million reduction over the year (3.3%)[(1)]

• Portfolio weighted average cap rate 6.2% (5.8% Dec 07)[(1)]

• Outlook

• Continued slower sales growth

• Asset quality and high occupancy levels position portfolio well

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(1) GPT owned assets and GPT interest in GWSCF.
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Australian Office Portfolio

� Performance strong

• Comparable income up 7.8%[(1)]

� Well positioned

• Portfolio occupancy 99%[(3)]

• Stepped rental increases average 4%

• Weighted average lease term 5.2 years

• Manageable short term expiry

• ‘Blue chip’ tenant base

• Secure income

• Low debtors

Geographic Spread[(2)]

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(1) GPT owned assets only.
(2) GPT owned and GWOF owned assets.
(3) Committed space including rental guarantees.
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Australian Office Portfolio

� Valuations[(1)]

• Portfolio value $2.9 billion; GPT $2.0 billion and investment in GWOF $953 million

• Valuations resulted in $172.2 million decrease over the year (5.6%)[(1)]

• Portfolio weighted average cap rate 6.63% (5.9% Dec 07)[(1)]

� Outlook

• Demand softening

• Effective rents declining

• Supply constrained, more rapid reversion once market turns

Asset Quality[(2)]

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• Under-renting, quality assets, expiry

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portfolio well
(1) GPT owned assets and GPT interest in GWOF.
(2) GPT owned and GWOF owned assets.
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Australian Industrial/Business Park Portfolio

• Performance strong

• Comparable income up 3.8%

� Solid fundamentals

• Portfolio occupancy 100%

• Stepped rental increases average 3.4%

• Average lease term 7.2 years

• 38,400 sqm leased 2008

• 2009 expiry limited (7%)

Geographic spread

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� Diverse tenant base

• 58 tenants

• Range of sectors

Long Weighted Average Lease Expiry[(1)]

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(1) By income.
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Australian Industrial/Business Park Portfolio

� Sale of non core assets

• Sydney, Melbourne and Canberra Archives Buildings sold for $38.8 million[(1) ] (4.5% below June 08 book values)

� Valuations

• Portfolio value $819 million

• Valuations resulted in $40 million reduction over the year (4.7%)

• Portfolio weighted average cap rate 7.9% (7.4% Dec 07)

� Outlook

• Demand softening but vacancy expected to remain moderate as speculative development declines

• Additional supply constrained by higher cost and availability of capital

• Long weighted average lease term positions portfolio well

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(1) $17.5 million post year end.
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Australian Funds Management

� Key component of GPT’s strategy

• Diversifies capital sources

• Builds capital relationships beyond fund investments

• Enhances return profile for GPT through fee streams and development profit realisation

� AUM now $5.3 billion

• GWOF $3.2 billion

• GWSCF $2.1 billion

� Balance sheets of both funds strong

• GWOF gearing 18%

• GWSCF gearing 9%

• Successfully raised or re-financed new debt facilities in excess of $1 billion, for development pipeline and acquisitions

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–
Pricing uncertainty continues to impact demand
�
Both Funds delivered stable income performance
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Development Overview

• Ability to create new assets and enhance existing assets a critical component of GPT’s strategy and key long term value driver

• Capability across Retail, Office and Industrial/Business Park sectors

• Remaining capital requirement

• One One One Eagle Street - $165 million

• Charlestown Square expansion - $345 million

• No further commitments until market conditions improve

	Capital Expenditure (forecast)	Capital Expenditure (forecast)	Capital Expenditure (forecast)
	2009 ($m)	2010 ($m)	2011 ($m)
Charlestown Square	180	165	-
One One One Eagle Street	40	60	65

Rouse Hill Town Centre

Developments Completed

• Rouse Hill Town Centre opened

• successfully March 2008

• Trading well over first 9 months

• On track to meet sales and investment return targets

• workplace[6]

• Completion of sale to GWOF

• 100% committed

One One One Eagle Street Artist’s impression

Developments Underway

• Charlestown Square commenced January 2008

• Construction on programme

• Forecast completion late 2010

• One One One Eagle Street commenced May 2008

• Sell down of two thirds of project completed

• Realistic rents and incentives

• Three years to complete, good enquiry, expect the market to strengthen by 2011

Other Investments

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Joint Venture Results

• JV contribution to income $108.7 million

• Asset values reduced by 14.9% (2H08)

• 83% of assets valued externally 2H08

• Weighted average cap rate of 7.2%

� $1.16 billion investment

• Ordinary equity written down to nil

� 80% Loan to Value Ratio

• Five loans in breach of covenants

• Pursuing debt restructuring options with lenders

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Joint Venture Strategy

� Asset management transition in progress

• GPT Halverton to asset manage all European assets

• Greg Greenfield & Associates to continue to asset manage US Retail portfolio

• Transition to be complete by 30[th ] June 2009

� Focus on managing to medium term exit

• Stabilise debt

• Rationalise portfolio

• Position for asset sales as real estate and capital markets improve

• No further capital to be contributed

• Capital items to be funded from operating cashflow

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European Funds Management GPT Halverton

� Assets under management €2 billion[(1)]

• Six funds established in the industrial, office and retail sectors

• Large institutions and retail investors

• Management of additional JV assets

� Ongoing focus on operating efficiencies

• Employee numbers reduced

• Management changes

• Office closures

• Continue to seek to stabilise platform and reduce capital

• Exiting/deconsolidating warehoused assets

• No further capital committed

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(1) Excludes assets held on balance sheet.
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Hotel/Tourism Portfolio

� Portfolio income above PDS forecast

• Operating conditions however, remain challenging

� Valuations

• Asset values written down reflecting difficult operating and investment environment

� Sale process progressing slowly

• Continuing discussions with parties on various assets

• Commenced sale campaign for smaller resorts on individual basis

• Timing of sales remains uncertain

� Outlook

• Sydney hotel market expected to remain resilient, no new supply

• Inbound demand soft in short term

• Domestic demand has improved relative prospects

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Summary

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Summary

• Result in line with forecast

• Domestic portfolio exceeded expectations

• Core domestic business performing strongly

• Strength of financial position enhanced via capital raising

• $1.9 billion headroom against covenants

• Good liquidity

• Focus on capital preservation

• Long term strategy focused on ownership, management, development of high quality domestic real estate

• Continue to progress non core asset sales

• Continue to forecast realised operating income of $347 million[(1)]

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(1) As set out in the October 2008 PDS and assuming no material change in market conditions or further unforeseen events. Distribution
per security may differ from the October 2008 PDS forecast of 7.2 cps depending on the number of securities issued under the DRP
and the issue price.
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Questions

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Appendices

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Current Debt Facilities GPT Bonds

		Outstanding $A
Tranche	Currency	equiv M	Mat date	Yrs to maturity
Fixed MTN	AUD	74.7	30-Mar-09	0.24
Floating MTN	AUD	99.1	30-Mar-09	0.24
Fixed MTN	AUD	100.0	07-Nov-10	1.85
Floating MTN	AUD	125.0	07-Nov-10	1.85
Fixed MTN	AUD	200.0	22-Aug-13	4.64
Floating MTN	AUD	12.0	22-Aug-13	4.64
CPI indexed	AUD	85.0	10-Dec-29	20.94
Total borrowings		695.8		4.63

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Current Debt Facilities Bank Facilities

		Outstanding A$		Yrs to	Limit A$	Available A$
Tranche	Currency	equiv M	Mat date	maturity	equiv M	equiv M
Multi-Option Bilat	AUD	0.0	01-Sep-09	0.67	200.0	200.0
Multi-Option Bilat	AUD	0.0	30-Sep-09	0.75	175.0	175.0
Multi-Option Syndicated	EUR	1,877.1	26-Oct-10	1.82	1,998.8	121.7
Multi-Option Bilat	AUD	0.0	22-Aug-11	2.64	175.0	175.0
Bank Loan	AUD	0.0	04-Sep-11	2.67	200.0	200.0
Bank Facility – Eagle St	AUD	0.0	30-Nov-11	2.91	150.5	150.5
Underwriting Deed	Multi	0.0	31-Dec-11	3.00	300.0	300.0
Multi-Option Syndicated	AUD	555.0	26-Oct-12	3.82	555.0	0.0
Multi-Option Syndicated	EUR	469.8	26-Oct-12	3.82	469.8	0.0
Multi-Option Syndicated	USD	921.3	26-Oct-12	3.82	921.3	0.0
Multi-Option Syndicated	NZD	52.7	26-Oct-12	3.82	52.7	0.0
Total borrowings		3,875.9		2.85	5,198.1	1,322.2

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Current Debt Facilities Controlled Entities – Bank Facilities

		Outstanding A$		Yrs to	Limit A$	Available A$
Entity	Currency	equiv m	Mat date	maturity	equiv M	equiv M
Hamburg Bridge Facility	USD	42.7	30-Dec-09	1.00	42.7	0.0
Somerton	AUD	75.9	31-Mar-11	2.25	77.5	1.6
GPT Halverton – H2O	Euro	197.5	20-Jul-14	5.55	197.5	0.0
GPT Halverton – H2O	DKK	33.3	20-Jul-14	5.55	33.3	0.0
GPT Halverton – SAF	SEK	6.4	28-Feb-15	6.16	6.4	0.0
Hamburg – Alliance	USD	102.5	11-Jul-17	8.53	102.5	0.0
Hamburg – HTBO	EUR	-	30-Sep-20	11.75	33.0	33.0
Total borrowings		458.3		5.25	492.8	34.6

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Balance Sheet Interest Rate Hedging

HEDGING PROFILE OVER TIME(1)	HEDGING PROFILE OVER TIME(1)
	Dec 08 Jun 09 Dec 09 Jun 10 Dec 10 Jun 11 Dec 11 Jun 12 Dec 12 Jun 13 Dec 13
AUD	bal M 1,217 1,352 1,462 2,074 2,096 2,117 1,925 1,975 1,925 1,875 1,825 Hedged COF(2) 6.00 6.36 6.51 6.84 7.03 7.10 7.14 7.21 7.73 7.82 8.30 % hedged 91% 101% 110% 156% 157% 159% 144% 148% 144% 141% 137%
EUR	bal M 1,039 840 890 1,040 1,040 990 890 840 690 640 640 Hedged COF(2) 4.86 5.27 4.91 4.94 5.62 5.63 5.66 5.67 5.81 5.83 5.83 % hedged 81% 71% 74% 86% 86% 81% 72% 68% 56% 52% 52%
USD	bal M 682 710 610 610 610 780 780 780 780 780 780 Hedged COF(2) 4.80 5.23 5.32 5.32 5.32 5.48 5.48 5.48 6.13 6.13 6.13 % hedged 91% 110% 94% 94% 94% 120% 120% 120% 120% 120% 120%
AUD equiv*

Fair Value Retail

Property	Dec 08 Fair Value ($m)	Dec 07 Cap Rate (%)	Dec 08 Cap Rate (%)
Casuarina Square, NT	431.6	6.00	6.00
Charlestown Square, NSW	547.0	6.00	6.00
Dandenong Plaza, VIC	236.2	7.25	7.75
Erina Fair, NSW (50%)	422.6	5.50	5.75
Floreat Forum, WA	112.0	6.00	7.50
Melbourne Central, VIC (Retail)	726.1	5.00	5.25
Westfield Penrith, NSW (50%)	513.7	5.25	5.75
Sunshine Plaza, QLD (50%)	372.3	5.25	5.75
Westfield Woden, ACT (50%)	300.0	6.00	6.00
Rouse Hill Town Centre, NSW	519.8	NA	6.25
Interest in GWSCF	735.1	5.61(1)	6.30(1)
Total	4,916.4

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(1) Represents weighted average cap rate for Fund’s assets.
(2) Includes Homemaker City Portfolio.
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Fair Value Retail - Homemaker

Property	Dec 08 Fair Value ($m)	Dec 07 Cap Rate (%)	Dec 08 Cap Rate (%)
Homemaker City, Aspley, QLD	56.0	7.50	8.75
Homemaker City, Bankstown, NSW	30.7	8.00	10.00
Homemaker City, Cannon Hill, QLD	17.5	7.25	9.50
Homemaker City, Fortitude Valley, QLD	110.5	Stg 1: 7.00	Stg 1: 8.25 Stg 2: 8.00 Stg 3: 8.50
Homemaker City, Jindalee, QLD	54.0	7.00	8.75
Homemaker City, Mt Gravatt, QLD	22.6	8.00	9.50
Homemaker City, Windsor, QLD	21.0	8.00	9.00
Total	312.3
Weighted average cap rate		7.35	8.82

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Fair Value Office

Property	Dec 08 Fair Value ($m)	Dec 07 Cap Rate (%)	Dec 08 Cap Rate (%)
Australia Square, Sydney, NSW	$290.1	5.50/5.75	6.50
MLC Centre, Sydney, NSW	$410.1	6.00	6.50
Melbourne Central, VIC	$380.0	6.13	6.63
818 Bourke Street, VIC(2)	$127.5	-	6.75
Citigroup Centre, NSW	$372.6	5.63	6.70
1 Farrer Place, NSW	$339.7	5.13/5.50	6.00
Interest in GWOF(1)	$953.0	6.00	6.71
Total	2,873
Weighted average cap rate		5.90	6.63

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(1) Represents weighted average cap rate for Fund’s assets.
(2) Yield on cost at completion 7.80.
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Fair Value Industrial

Property	Dec 08 Fair Value ($m)	Dec 07 Cap Rate (%)	Dec 08 Cap Rate (%)
2-4 Harvey Road, Kings Park, NSW	46.0	7.25	7.75
Citi-West Industrial Estate, Altona North, VIC	68.9	7.50	8.00
Quad 1, Sydney Olympic Park, NSW	20.5	7.25	7.50
Quad 2, Sydney Olympic Park, NSW	21.7	7.25	7.50
Quad 3, Sydney Olympic Park, NSW	21.9	7.00	7.50
Quad 4, Sydney Olympic Park, NSW	32.7	7.00	7.25
8 Herb Elliott, Sydney Olympic Park, NSW	8.6	8.00	8.25
5 Figtree Drive, Sydney Olympic Park, NSW	19.2	7.50	8.00
7 Figtree Drive, Sydney Olympic Park, NSW	10.5	7.50	7.75
7 Parkview Drive, Sydney Olympic Park, NSW(1)	20.5	-	-
Rosehill Business Park, Camellia, NSW	71.4	7.50	7.75
15 Berry Street, Granville, NSW	14.0	7.25	7.50

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973 Fairfield Road, Yeerongpilly, QLD 9.5 7.50 11.00
(1) Under development.
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Fair Value Industrial

Property	Dec 08 Fair Value ($m)	Dec 07 Cap Rate (%)	Dec 08 Cap Rate (%)
Austrak Business Park, Somerton, VIC	141.4	7.25	7.34
Austrak land, Somerton, VIC(1)	15.6	-	-
407 Pembroke Road, Minto, NSW	15.8	-	7.75
134-140 Fairbairn Road, Sunshine West, VIC	13.6	7.25	8.00
116 Holt Street, Pinkenba, QLD	15.2	7.50	9.00
4 Holker Street, Silverwater, NSW	32.6	7.00	8.25
120 Miller Road, Villawood, NSW	17.7	7.50	9.75
372-374 Victoria Street, Wetherill Park, NSW	21.5	7.00	7.75
18-24 Abbott Road, Seven Hills, NSW	13.5	7.75	10.00
Lots 42 & 44 Ocean Steamers Dr, Port Adelaide, SA	7.9	8.00	8.50
21 Talavera Road, Macquarie Park, NSW(1)	16.0	-	-
connect@erskinepark, Erskine Park, NSW(1)	116.1	-	-
Total	818.9

Industrial and Business Parks Portfolio Cap Rates and Quality

Cap rate expansion since 31-Dec-07

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Current cap rates

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Source: Company reports.

Source: Company reports.

Comments

• 7.9% weighted average cap rate in line with sector average

• ~50bp increase in line with average 60bp movement across the sector

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Retail Sales Summary

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Hotel/Tourism Performance Summary

Voyages Ayers Rock and Alice Springs Resort	Dec 2008	Change %(1)
Occupancy	60%	-4.0%
Average Daily Rate	$225	1.8%
Total Revenue (‘000)	$116,037	-3.8%
Voyages Lodges
Occupancy	62%	-2.0%
Average Daily Rate	$256	-3.4%
Total Revenue (‘000)	$84,412	-7.2%
Total Voyages Hotels and Resorts
Occupancy	61%	-3.0%
Average Daily Rate	$238	-0.4%
Total Revenue (‘000)(2)	$210,614	-4.8%
Four Points
Occupancy	83%	-3.0%
Average Daily Rate	$200	5.8%

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Total Revenue (‘000) $53,522 2.6%
(1) Prior comparable period.
(2) Includes Voyages head office revenue, marine and other income.
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Top 10 Tenants[(1) ] Retail Portfolio

• Coles Group

• Woolworths Limited

• Myer

• Just Group

• Hoyts

• Colorado Group

• Brazin Group

• Sussan Corporation

• Luxottica Group

• Prouds

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(1) As percentage of gross portfolio income (GPT plus interest in
GWSCF). Top ten tenants represent 21% of total base rent.
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Top 10 Tenants[(1) ] Office Portfolio

• Federal Government

• Citibank Limited

• National Australia Bank

• BP Australia

• Freehills

• Telstra

• Ericsson

• State Government

• ANZ Banking Group

• PricewaterhouseCoopers

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(1) As percentage of gross portfolio income (GPT plus interest in GWOF).
Top ten tenants represent 32% of total gross income.
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Top 10 Tenants[(1) ] Industrial/Business Park Portfolio

• Coles Myer

• Australian Pharmaceutical Industries

• Steinhoff Asia Pacific

• Vodafone Australia

• SuperCheap Auto

• Mitsubishi Motors

• EFFEM Foods

• Linfox

• Acer Computer

• Dairy Farmers

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(1) Top ten tenants represent 47.2% of total gross income.
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Fund Summary

Fund	Fund Est.	AUM	GPT co-investment	Fund Profile (terms exclude extension options)	31 Dec 08 Gearing
Australian Wholesale Funds
GWOF	Q3 2006	AUD $3.2 billion	AUD $953m	Core Australian office assets. No defined term.	18%
GWSCF	Q1 2007	AUD $2.1 billion	AUD $735m	Core Australian retail assets. No defined term.	9%
GPT Halverton
HBI	Q3 2005	EUR 823 million	Through JV	European multi-let industrial. 7 year term	See JV disclosures
GO	Q4 2006	EUR 118 million	Nil	German multi-let offices (outside main CBD areas). 7 year term.	82.5%
EB8	Q1 2007	EUR 270 million	Nil	European warehouses. 5 year term.	79.3%
BIP	Q3 2007	EUR 235 million	Nil	Multi-let industrial (Dutch and German). 6 year term.	61.2%
GRP	Q4 2007	EUR 162 million	EUR 8 million	German retail assets. 6 year term.	33.5%
DAF	Q1 2008	EUR 246 million	EUR 30 million	Dutch industrial and office assets. 7 year term.	64.2%
Hamburg Trust

Joint Venture Fund Overview

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Joint Venture Fund Income

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Joint Venture Fund Debt

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