GPT GROUP - Interim / Quarterly Report 2007

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Registered Office: Level 52, MLC Centre, 19 Martin Place, Sydney NSW 2000 www.gpt.com.au

QUARTERLY UPDATE 2007 September

ASX Announcement / Media Release

GPT provides a quarterly update for the March and September quarters to supplement the MidYear and Annual Results disclosures. The following information provides investors with an update on the activities of GPT for the September 2007 quarter.

Summary

The September quarter distribution, of 7.3 cents per security, was announced on 24 October 2007, and will be paid on 23 November 2007.

The performance of GPT’s investment portfolio remains solid with operating performance across each of the Group’s property portfolios continuing to demonstrate strong results. The Group’s extensive development pipeline has been progressed, with a number of projects moving closer to completion. Funds management growth has also been achieved with assets under management of over $7 billion at 30 September 2007.

Recent highlights during the quarter include:

Further progress on a range of developments across the Group’s $4.2 billion development pipeline
Continued solid leasing activity across the GPT managed office assets
Growth of the Australian wholesale funds management platform (to $4.8 billion assets under management)

Post quarter end, the Group announced the successful completion of a multi-currency, multi-tranche syndicated bank funding facility. The Facility, which attracted participation from 24 domestic and offshore banks, was oversubscribed, resulting in GPT raising €2.01 billion under the facility, well above the €1.5 billion originally sought.

The successful launch of Hamburg Trust’s first fund
Further investment into the US seniors housing sector with the completion of the second acquisition
The opening of the first stage of the $470 million Rouse Hill Town Centre
A lease over Darling Park Tower 1 to the Commonwealth Bank of Australia.

The Group remains on track to deliver its targeted distribution growth for 2007.

OWNERSHIP

importantly, vacancies and arrears remain very low. The specialty occupancy cost across the regional centres was 16.3% at 30 September 2007.

Australian Retail

GPT’s investment in Australian retail totals $4.9 billion, consisting of $4.1 billion in assets on GPT’s balance sheet and GPT’s $794 million equity in the GPT Wholesale Shopping Centre Fund (GWSCF).

Specialty sales have grown moderately over the quarter as a result of low unemployment and stable consumer confidence. The outlook for sales growth is positive given continued expectations of robust economic growth.

Sales Performance*

Across the GPT managed Shopping Centres, sales continued to improve, with comparable centre MAT up 4.6% and comparable specialty MAT up 4.5% in the year to September 2007 (up 3.7% and 3.9% respectively at June 2007). Occupancy costs remain reasonable and,

The strongest performing specialty commodity groups include Fast Food, Eating Establishments and Jewellery. Weaker commodity groups include Mobile Phones, Discount Variety and Specialty Food.

Sales exclude Parkmore, Macarthur Square and Highpoint Shopping Centre which are impacted by development.

QUARTERLY UPDATE – September 2007

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Retail Overview

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Moving Annual Turnover Occupancy Costs (%)
Centre MAT Comparable Specialty Comparable Centre (%) Specialty (%)
Centre Name $PSM Centre MAT MAT $PSM Specialty
Growth (%) MAT Growth
(%)
Carlingford Court 6,801 4.9% 8,753 4.9% 8.1% 14.6%
Casuarina Square 6,791 4.7% 9,259 6.5% 9.2% 13.6%
Charlestown Square 7,646 7.5% 11,370 7.1% 9.3% 15.3%
Chirnside Park 7,181 4.9% 8,827 0.2% 6.2% 13.7%
Dandenong Plaza 3,766 2.1% 6,364 3.8% 10.5% 15.9%
Erina Fair 5,858 3.4% 6,959 0.5% 9.5% 18.7%
Floreat Forum 7,530 6.7% 5,859 7.6% 7.4% 13.9%
Forestway 11,592 5.0% 8,766 2.9% 6.8% 13.8%
Melbourne Central Retail 6,331 18.4% 8,579 16.2% 12.7% 14.5%
Sunshine Plaza 7,417 0.2% 10,023 (0.9%) 9.5% 16.2%
Westfield Penrith 6,664 5.5% 9,542 3.0% 11.0% 17.9%
Westfield Woden 6,880 1.3% 9,628 3.2% 9.1% 15.7%
Wollongong Central 5,793 (0.7%) 9,159 0.0% 11.6% 15.5%
Total Portfolio 6,479 4.6% 8,751 4.5% 9.7% 15.8%
Centres under Development
Highpoint 6,327 4.6% 8,450 3.6% 10.7% 17.9%
Macarthur Square 5,588 14.2% 7,769 12.8% 10.7% 16.9%
Parkmore 5,519 0.5% 6,410 3.9% 7.7% 14.5%
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Sales exclude Parkmore, Macarthur Square and Highpoint Shopping Centre which are impacted by development.

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Dandenong Plaza Shopping Centre, Melbourne

Page 2 – The GPT Group – Quarterly Update – March 2007

QUARTERLY UPDATE – September 2007

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Australian Office

GPT’s office investment totals $2.8 billion, consisting of $1.8 billion in assets held on the Group’s balance sheet and GPT’s $981 million equity in the GPT Wholesale Office Fund (GWOF) (at June 2007).

Across the $4.6 billion GPT managed Portfolio, 25,100 sqm was leased in the third quarter of 2007 and terms agreed over a significant 33,500 sqm, resulting in 99.4% of space being committed, well above market occupancy of 94.6%.

Subsequent to quarter end the Commonwealth Bank of Australia has leased 51,000sqm, representing the entire Darling Park Tower 1, for a term of 12 years. CBA will progressively occupy the building from July 2008.

Across the GPT managed Portfolio, the average lease term is 5.5 years, with limited short-term expiry, providing long term secure income with growth provided through leasing, fixed increases and market reviews.

Leasing

Over 25,100 sqm was leased or renewed across GPT and GWOF assets to 30 September 2007 and terms were agreed for a further 33,500 sqm reflecting improving demand in all markets, particularly Sydney. Highlights in the GPT owned portfolio include:

At the MLC Centre over 3,700 sqm was leased for over 12 years to Pitcher Partners, and terms were agreed for a further 2,900 sqm making space in the MLC Centre almost 95% committed
At Farrer Place, 1,200 sqm was leased and terms agreed over 4,200 sqm resulting in space at Farrer Place being fully committed
Australia Square is now fully committed, and Melbourne Central remains fully leased
The Citigroup Centre is now fully committed.

In the third quarter of 2007, most of the leasing was in Sydney, demonstrating the positive turnaround of the Sydney

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530 Collins Street, Melbourne

market. With increasing demand and very limited supply, strong growth is forecast for the Sydney market where the majority of the GPT managed assets are located.

Net absorption in all the major CBD markets continues to be positive and with relatively constrained supply in most markets, solid rental growth over the short to medium term is expected.

Page 3 – The GPT Group – Quarterly Update – March 2007

QUARTERLY UPDATE – September 2007

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Australian Hotel/Tourism

The first half of 2007 has experienced improved inbound demand with visitation up 4.3%, driven by strong growth from China, New Zealand and solid European demand. However some key visitor markets were down or flat including USA, Japan and the UK.

Domestic leisure demand has been steady albeit within a highly competitive environment. Strong growth in outbound Australian travel has continued with growth of over 5% to June 2007, in part supported by a strengthening Australian dollar. Corporate and meeting demand has remained strong across the city markets.

Portfolio Performance

Revenue was up 2.1% to September, as a result of strong city hotel performance and increased occupancy and room rate growth within the Lodges resorts. Offsetting this was relatively soft performance at Ayers Rock Resort.

The Portfolio’s key performance indicators to September 2007 are shown below.

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Total Portfolio YTD Sep YTD Sep Variance
2006 2007
Rooms Available 654,821 650,631 -0.6%
Rooms Sold 446,912 464,255 3.9%
Occupancy 68% 71% 3.0%
Room Rate $210 $211 0.5%
Total Revenue (000) $201,079 $205,269 2.1%
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Ayers Rock Resort

Weakness in the resort’s domestic and international markets in the first half resulted in lower room rates and tactical marketing initiatives to stimulate demand. Whilst occupancy to September was stable at 63%, the lower first half room rates have contributed to revenue being down 3.4% on 2006. As the year progresses, room rates are expected to move back in line with 2006.

The key performance indicators to September 2007 are shown below.

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Total Portfolio YTD Sep YTD Sep Variance
(inc Alice Springs) 2006 2007
Rooms Available 253,752 253,890 0.1%
Rooms Sold 158,828 160,126 0.8%
Occupancy 63% 63% 0.0%
Room Rate $229 $213 -6.9%
Total Revenue (000) $91,998 $88,849 -3.4%
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Four Points by Sheraton Hotel, Sydney

Four Points continues to perform well both in occupancy and room rate with total revenue up 13.2%. This performance was a result of solid corporate and leisure group demand across the Sydney city market.

The key performance indicators to September 2007 are shown below.

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Total Portfolio YTD Sep YTD Sep Variance
2006 2007
Rooms Available 171,990 171,990 0.0%
Rooms Sold 135,100 149,532 10.7%
Occupancy 79% 87% 8.0%
Room Rate $181 $186 2.8%
Total Revenue (000) $33,880 $38,341 13.2%
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Voyages Lodges

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Heron Island Conference Centre

Lodges revenue was up 3.4% on a normalised basis (ie after adjustment for the closure of Dunk and Bedarra Islands in the last two weeks of March 2006). Occupancy and room rate were up 2.0% and 6.0% respectively.

The key performance indicators to September 2007 are shown below.

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Total Portfolio YTD Sep YTD Sep Variance
2006 2007
Rooms Available 176,663 172,365 -2.4%
Rooms Sold 105,646 107,432 1.7%
Occupancy 60% 62% 2.0%
Room Rate $248 $263 6.0%
Total Revenue (000) $64,947 $67,185 3.4%
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Note: YTD 2006 has been normalised to reflect the closure of Dunk and Bedarra Island resorts in mid March 2006 due to cyclone damage.Excludes Cape Tribulation resorts which were sold in January 2007.

Page 4 – The GPT Group – Quarterly Update – March 2007

QUARTERLY UPDATE – September 2007

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Australian Industrial/Business Park

GPT’s Industrial and Business Park Portfolio continues to maintain strong fundamentals, with occupancy (including land leases) of 96% and an average lease term of 6.9 years (by income) across the Portfolio at September 2007.

During the third quarter of 2007, over 2,500 sqm of space was leased or renewed.

With the completion of the 74,700 sqm Coles facility at Somerton late in 2006 and the completion of Quad 4 at Sydney Olympic Park in June 2007, the quality and diversity of the Portfolio’s accommodation and tenant base has been further enhanced. Quad 4 has secured leasing commitments for over 90% of the space, with the major tenant, Samsung Electronics, due to start occupancy in November 2007.

During the quarter new facilities for Linfox at Somerton ($19 million) and Steinhoff Group at Kings Park ($10 million) were completed and construction of a 6,000 sqm extension for Mitsubishi Motors at 19 Berry Street, Granville ($8 million) has also commenced. Yields of 7.5% - 8% are anticipated on each of these developments.

The Portfolio now has considerable scale and diversity, with assets in a range of industrial markets and the ability to meet a wide range of tenant accommodation needs. With approximately 600,000 sqm of development land available across the Portfolio, investors will benefit from income growth as new developments commence in the short to medium term.

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Quad 4 – Sydney Olympic Park

US Seniors Housing

In December 2006, GPT entered the US seniors housing market, with the acquisition of a 95% interest in a portfolio of 19 seniors housing assets and an interest in the manager of the Portfolio, Benchmark Assisted Living (BAL). The Portfolio provides access to a growth sector through an established portfolio and a joint venture relationship with a dominant operator in a growing market for this asset class. Since entering the sector GPT has acquired a further 15 senior housing assets.

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US Seniors Housing

The initial assets, located in the New England region of the United States (between Boston and Washington), were acquired for US$428 million, including acquisition costs and are on target to achieve an initial yield of 6.8% (post-costs).

Year to date occupancy across the portfolio at 30 September 2007 was 91%, and margins have been maintained at 28%. Forecast 2007 average rent per unit, of US$4,400 per month, reflected the benefit of rent reviews undertaken in January.

There are, to date, no signs of any impact on the operating performance of the portfolio as a result of the slowdown in the US housing market. The needs–based demand for these facilities and the favourable demographics of the New England region, as evidenced by recent statistics which demonstrate virtually no change in median home values for the Boston MSA, provide ongoing demand.

The Group’s second acquisition settled in October at a cost of US$265 million (including costs) and is anticipated to deliver a 6.8% yield (post-costs). Consisting of 15 communities with 1,179 units providing Independent Living, Assisted Living and Alzheimer’s Assisted Living across 11 freehold and 4 leasehold communities, the assets increase GPT’s exposure to the New England region, introducing the states of Maine, Vermont and New Hampshire to the Portfolio and providing further exposure to the affluent greater Boston area.

The Portfolio, acquired at a total cost of US$694 million, now consists of interests in 34 assets.

Page 5 – The GPT Group – Quarterly Update – March 2007

QUARTERLY UPDATE – September 2007

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Joint Venture Fund

Changes to the Group’s Joint Venture with Babcock & Brown (JV) were announced in June 2007. The JV Fund now has an agreed investment term of five years (from July 2007), with a divestment period of up to three years. GPT will begin to redeem its preferred capital from 1 January 2009. A revised fee structure, which incorporates lower acquisition fees, and introduces base fees and incentive fees linked to the achievement of GPT’s return on equity targets (of 9.7% to 12.6% to 2010) was introduced from 1 July 2007.

The JV is on track to fully commit its capital by early 2008 and to deliver on GPT’s return on equity target of 9.7% for 2007.

The acquisition of a 51% interest in a portfolio of 7 retail assets in the United States was completed in the quarter, and a sale of the German office portfolio was contracted.

At 30 September 2007, the Joint Venture Fund had a book value of $6.7 billion (approximate AUD equivalent).

At 30 September 2007 the JV had gearing of 72%, with 98% of bank debt fixed or hedged for an average of 5.1 years. The weighted average cost of debt was 4.7%.

More information on the Joint Venture Fund can be found at the end of this document.

FUNDS MANAGEMENT

Australian Funds Management

Over the last 15 months GPT has established a vibrant funds management business with significant scale and growth potential.

The establishment of the GPT Wholesale Shopping Centre Fund (GWSCF) in March 2007 built on the success of GWOF. There was strong demand for the Fund, which raised $1.2 billion in equity from domestic and international investors. The Fund’s portfolio, which consists of interests in 8 retail assets, has a value of $1.9 billion.

Since the launch of the GPT Wholesale Office Fund in July 2006, the Group has established a second fund in Australia, the GPT Wholesale Shopping Centre Fund and secured a platform in Europe, creating a business with over $7 billion in assets under management at 30 September 2007, access to real estate product in Australia and Europe and a range of capital partners.

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The GPT Wholesale Office Fund (GWOF) now has assets valued at $2.8 billion, following settlement of a 50% interest in Stage 2 of Freshwater Place, Melbourne. GWOF simultaneously entered into a development agreement with the asset’s co-owner, Australand to deliver a new 33,950 sqm A-Grade campus-style office tower, due to be complete in late 2008.

At 30 September the Fund comprised 12 assets and delivered outperformance for investors against the Fund’s benchmark. GPT benefited from this performance through the Group’s 40% interest in the Fund. With low gearing and an active distribution reinvestment plan, the Fund retains future growth potential and is actively seeking further expansion and diversification.

Highpoint Shopping Centre - GWSCF owned

Page 6 – The GPT Group – Quarterly Update – March 2007

QUARTERLY UPDATE – September 2007

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European Funds Management

GPT’s European Funds Management platform was established in July 2007, with the acquisition of GPT Halverton and an interest in Hamburg Trust.

Assets under management have grown to over $2.8 billion at the end of September (over €1.7 billion), including the launch of Hamburg Trust’s first fund (excluding assets held for future funds). This growth also reflects the launch of a new fund (BIP) by GPT Halverton and the acquisition of assets across already established funds.

GPT Halverton

Since the announcement of GPT’s acquisition of GPT Halverton in July 2007, the business has continued to deliver on its ambitious growth targets, growing its operational platform and assets under management. Through this transaction, GPT has a highly regarded and experienced local team with established networks and excellent growth prospects. The business now employs over 140 people across 10 offices in Europe and the UK.

GPT Halverton currently has four funds, including:

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Fund Focus Assets Under Management
(30 September 2007)
HBI GPT Halverton’s flagship industrial pan-European multi-let €924 million
industrial vehicle
GO A Portfolio of multi-leased office investments in regional German €116.5 million
markets
EB8 A Portfolio of logistic and distribution assets located in €270 million
Germany
BIP A Portfolio of multi-let industrial assets in the Netherlands €125 million
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The launch of GPT Halverton’s fourth fund, BIP, occurred in the second quarter of 2007. BIP, a partnership created for clients of CBRE Investors to invest primarily in multi-let industrial property in the Netherlands and Germany, raised €80 million and will make initial investments totalling approximately €250 million.

The re-brand of the business to “GPT Halverton” was launched at ExpoREAL in Germany, a major European real estate exhibition held each October.

GPT Halverton are currently focussed on three additional funds focused on the office, retail and industrial sectors in the European market.

HBI, which will be converted to a multi–investor wholesale fund, is planned to commence it’s equity raising in the first quarter of 2008.

Hamburg Trust

GPT increased its investment in Hamburg Trust, with the acquisition of Credit Suisse’s 20% in the business. GPT now owns 80% of Hamburg Trust with the remaining 20% being held by management.

The first fund for Hamburg Trust, domicilium, is a €50.9 million German closed end fund which successfully closed early in September 2007. domicilium is a core property fund which comprises 387 residential units in two multi-family housing complexes that form part of ‘Messestadt Riem’, a major urban conversion project initiated by the City of Munich.

Hamburg Trust has already secured future opportunities and expects to launch domicilium 2, a core property fund comprised of rental apartments in Florida and Texas, and Finest Selection, a value added closed–end fund, during 2008.

Page 7 – The GPT Group – Quarterly Update – March 2007

QUARTERLY UPDATE – September 2007

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DEVELOPMENT

Since GPT internalised in June 2005 the Group has been focused on extending the development pipeline available to GPT and its managed funds and has successfully increased resourcing and acquired further exposure to development

across the Group’s owned assets and those which are owned by the GPT Wholesale Office and Shopping Centre Funds. Overall, potential projects have an estimated cost of over $4.2 billion in the medium term.

Retail Development Pipeline*

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2006 2007 2008 2009 2010 2011 2012 2013
Parkmore Shopping Centre Victoria $22m
Carlingford Court, NSW $15m
Rouse Hill Town Centre, NSW $470m
Charlestown Square, NSW $350m
Wollongong Central, NSW $300m
Chirnside Park, Victoria $120m
Highpoint Shopping Centre, Victoria $100m - $200m
Sunshine Plaza, Queensland $125m
Newcastle CBD, NSW $500m
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Materplanning:

Casuarina Square • Forestway Shopping Centre • Rouse Hill Town Centre Future Stages • Melbourne Central Erina Fair • Macarthur Square • Westfield Woden • Westfield Penrith

*All timings and costs are estimates and are subject to change

Key projects underway or planned across the GPT managed retail assets include:

The first stage of the new $470 million retail asset, the Rouse Hill Town Centre, in Sydney’s north-west was opened on 25 September 2007. As one of the last major Greenfield regional retail opportunities within the Sydney metropolitan area this is a unique opportunity for the Group to develop a new retail precinct as part of a planned community. GPT is developing and will own the $470 million Rouse Hill Town Centre and is in joint venture with Lend Lease to develop a number of commercial sites and the residential component of this large-scale project which is located on a 120 hectare site in Sydney’s fastgrowing north-west.
The first stage, comprising a Woolworths and Coles supermarket and approximately 80 specialties opened fully leased. The second stage, which will comprise a Big W, Target, Reading Cinema, and a further 130 specialty stores is on program to open in March 2008.
At Charlestown Square, plans are progressing for a major expansion of the Centre, which will increase the Gross Lettable Area from 49,000 sqm to 89,000 sqm. A Land and Works agreement with Council has been executed, securing the land required to facilitate the development.

The rezoning and road closure process required is now well advanced and is being pursued concurrent with the Development Application. Subject to approvals, construction is anticipated to commence in early 2008.

Land has been secured and a Development Application was lodged in August 2007 for the planned expansion of Wollongong Central (owned by the GPT Wholesale Shopping Centre Fund). Subject to planning and GPT Funds Management Board approval, the development is anticipated to commence in the second half of 2008.
Plans for the recently announced Newcastle CBD retail development are also progressing well. This project is an excellent opportunity to create a major retail destination in the heart of Newcastle’s CBD, strengthening and capitalising on the significant urban regeneration that is occurring in and around the CBD and waterfront areas. GPT has secured control of all of the privately held land required to complete the development and plans to build in the heart of Newcastle’s city centre which will cover the majority of the four city blocks bounded by Hunter Street Mall, Perkins, Newcomen and King Streets. Discussions with Council and authorities have commenced and GPT anticipates lodging a Development Application in 2008.

Page 8 – The GPT Group – Quarterly Update – March 2007

QUARTERLY UPDATE – September 2007

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Office Development Pipeline*

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2006 2007 2008 2009 2010 2011 2012 2013
818 Bourke Street, Melbourne $100m
workplace [6] , Sydney $130m
545 Queen Street, Brisbane $110m
77 Eagle Street, Brisbane $500m
Q Centre (Brisbane Transit Centre)
530 Collins Street, Melbourne
300 Lonsdale Street, Melbourne
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*Indicative cost and timing. 77 Eagle Street cost excludes land.

The development of a new 21,700 sqm campus style office building on the waterfront at 818 Bourke Street Melbourne is due to be complete this year. GPT will spend approximately $100 million developing the six-level office building, 56% of which will be occupied by Ericsson for a term of 10 years on completion. As the development is nearing completion there is strong interest from a number of tenants for the remaining space.
Construction at workplace[6] commenced in April 2007. The six-level office building of approximately 18,000 sqm located on the waterfront at Darling Island in Sydney will be developed at a cost of approximately $130 million and is expected to be complete in the second half of 2008. The location, design, and 6 Green Star rating (world’s best practice for this measure) has attracted considerable tenant interest and subsequent to quarter end, terms have been agreed for all the office space. The waterfront retail space will be marketed next year to maximise its appeal.
At 77 Eagle Street (Indigo House) in Brisbane a Development Application has been lodged for a 60,000 sqm Premium Grade office tower in Brisbane’s prime commercial “Golden Triangle” precinct. The development represents an opportunity to capitalise on the strength

of the Brisbane market (with no prime vacancy) through the provision of premium grade product in an exceptional location.

The development will see the demolition of the existing Indigo House building and the construction of a new 44level tower designed to take advantage of the location and Brisbane River views. Leighton Contractors Pty Ltd has been selected as the preferred builder for this project. The proposed development offers tenants large unrestricted side core campus style floor plates of over 1,400 sqm, premium grade services, external glass lifts, and parking for over 120 cars, and is targeting a 6 Green Star rating.

Also in Brisbane, a Development Application has been submitted to develop a 70,000 sqm campus style office tower on land that forms part of GWOF’s Brisbane Transit Centre. This tower, which is branded as the Q Centre, will offer large floorplates with expansive district views and will be integrated into the services and amenities of the Brisbane Transit Centre.

Page 9 – The GPT Group – Quarterly Update – March 2007

QUARTERLY UPDATE – September 2007

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Industrial/Business Park Development Pipeline*

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2006 2007 2008 2009 2010 2011 2012 2013
Sydney Olympic Park, Quad 4 Homebush $30m
Sydney Olympic Park, Homebush $300m
Austrak Business Park, Somerton $20m $75m
Erskine Park, Sydney $270m
21 Talavera Road, Macquarie Park $80m
Abbott Road, Seven Hills, NSW $50m
Kings Park, Granville, NSW $20m
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*Indicative cost and timing.

Key projects underway or planned across the GPT Industrial/ Business Park assets include:

At Austrak Business Park in Somerton, a 43,300 sqm facility for Linfox was completed in the quarter. The $19 million development is anticipated to produce a yield of over 8%.

Additional opportunities exist at Macquarie Park, and Olympic Park in Sydney and Austrak Business Park in Melbourne. GPT also anticipates settlement of a 376,000 sqm site at Erskine Park in March next year. The site has the ability to be developed into a significant industrial estate with close to 190,000 sqm of gross building area.

A 10,000 sqm expansion for Freedom Furniture at Kings Park was also completed in the quarter and is expected to deliver a 7.5% yield.
At 19 Berry Street Granville, a 6,000 sqm extension for Mitsubishi Motors has also commenced and will be complete by January 2008. Through a long term lease to a quality tenant, this facility will also deliver a yield in excess of 7.5%.

Capital Management

At 30 September 2007, GPT had total debt of $4.5 billion. GPT’s gearing (including cash currently held) was 35.9%.

The margins (above the benchmark rate for the relevant currency and term at the time funds are drawn) were in

line with GPT’s expectations in the current environment of a minimal increase. As a result the average margin across GPT’s debt has increased by 2.4 basis points from 53.5 to 55.9 basis points (accompanied by an increase in the weighted average maturity of debt of 1.4 years). There was no material change to fees under the facility.

GPT has an effective interest rate of 5.02% (after fees and margins), and a weighted average maturity of debt of 3.7 years. A detailed Debt and Hedging Schedule is attached.

Page 10 – The GPT Group – Quarterly Update – March 2007

QUARTERLY UPDATE – September 2007

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One of Australia’s largest diversified listed property groups, with total assets of $12 billion
Focused on property ownership, management and development
A broad diversified business base with sustainable income streams
Management of $7 billion in assets through the Group’s Australian and European funds management platform
Business operations in Australia, the US, UK and Europe
Listed on the Australian Stock Exchange since April 1971
GPT Securities are owned by over 47,000 investors

Page 11 – The GPT Group – Quarterly Update – March 2007

QUARTERLY UPDATE – September 2007

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Debt Hedging (at 30 September 2007)

Overview

Credit Rating BBB+ (S&P) / Baa1 (Moody’s) (long term)
Current gearing is 35.9%
Weighted average cost of Australian debt including fees and margins is 5.91% (excluding Euro & USD facility debt)
A new Euro 2,010 million Syndication facility was put in place in October 07 to refinance existing debt
Weighted average length of debt is 1.7 yrs (post October re-financing 3.7 years)
USD funding hedged at AUD/USD 0.83734 and EUR/USD 1.39176 for settlement on 30 October 2007
Euro income hedged between 0.5360 and 0.5673 (weighted average) over the next 6.1 years
USD income hedged at 0.7346 over the next 3.3 years

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GPT Debt (Face Value) A$ M
Medium Term Notes:
Floating Rate due in June 2008 $140
Floating Rate due in August 2008 $100
Floating Rate due in March 2009 $375
Floating Rate due in November 2010 $125
Floating Rate due in August 2013 $12
Fixed Rate due in October 2007 (see note 1) $300
Fixed Rate due in June 2008 (see note 2) $160
Fixed Rate due in March 2009 $325
Fixed Rate due in November 2010 $100
Fixed Rate due in August 2013 (see note 2) $200
Commercial Bills – due in 6 months $139
Commercial Bills -Euro 301.0m converted to AUD, due in February 2008 $484
Commercial Bills – Euro 253.2m converted to AUD, due in April 2008 $407
Commercial Bills – USD 188.0m converted to AUD, due in February 2008 $212
Commercial Bills – USD 252.4m converted to AUD, due in April 2008 $284
Euro Drawdown – Euro 600m converted to AUD, due in June 2008 $964
CPI Bonds, due in December 2029 $125
Austrak Bill Facility $73
Total Debt $4,525
GPT Interest Rate Management
Floating (see note 3) ($42)
Current Swaps $3,867
Fixed $575
CPI $125
----- End of picture text -----*

(1) $150m has been swapped to floating

(2) Full amount has been swapped to floating

(3) Floating debt after taking into account current swaps

Current effective interest rate after fees and margins is 5.02%* on $4,525m of debt outstanding

*Includes the borrowing costs from AUD, Euro and USD facilities

Page 12 – The GPT Group – Quarterly Update – March 2007

QUARTERLY UPDATE – September 2007

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AUD Current Interest Rate Hedging

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----- Start of picture text -----

Hedging Position As at Average Rate on Total Principal Amount Principal amount of Principal amount of
Balance Sheet Incl derivative financial fixed rate borrowings
Margins & Fees instruments
$ million $ million $ million
31 September 2007 5.91% 2,500 1,800 700
31 December 2007 6.09% 2,375 1,825 550
31 December 2008 6.18% 2,375 1,825 550
31 December 2009 6.32% 1,800 1575 225
31 December 2010 6.47% 1,625 1,500 125
31 December 2011 7.10% 775 650 125
31 December 2012 7.17% 975 850 125
31 December 2013 7.52% 925 891 125
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Average Rate at 31 September 2007 is the current cost of total debt including unhedged balances

AUD Fixed Exposures and Weighted Average Cost (including Margin and Fees) on hedged balance

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----- Start of picture text -----

2,500 7.10% 7.17% 8.00%
6.09% 6.18% 6.32% 6.47% 7.52% 7.00%
2,000
6.00%
5.00%
1,500
4.00%
1,000 3.00%
2.00%
500
1.00%
- 0.00%
Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13
maturity
Knockout Swaps (6.5%, 6.75% & 7% KO) & Swaptions
Swaps
Fixed Exposures
Average Fixed Rate
$millions
Average Interest Rates
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Page 13 – The GPT Group – Quarterly Update – March 2007

QUARTERLY UPDATE – September 2007

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EUR Current Interest Rate Hedging

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----- Start of picture text -----

Hedging Position As at Average Rate Incl Total Principal Amount Principal amount of Principal amount of
Margins & Fees derivative financial fixed rate borrowings
instruments
EUR million EUR million EUR million
31 September 2007 4.07% 950 950 -
31 December 2007 4.11% 850 850 -
31 December 2008 3.67% 390 390 -
31 December 2009 3.51% 290 290 -
31 December 2010 3.38% 240 240 -
31 December 2011 3.53% 140 140 -
31 December 2012 3.53% 140 140 -
31 December 2013 3.53% 140 140 -
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Average Rate at 30 September 2007 is the current cost of total debt including unhedged balances

EUR Fixed Exposures and Weighted Average Cost (including Margin and Fees) on hedged balance

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----- Start of picture text -----

900 4.50%
4.11%
800 4.00%
700 3.67% 3.50%
3.51% 3.53% 3.53% 3.53%
600 3.38% 3.00%
500 2.50%
400 2.00%
300 1.50%
200 1.00%
100 0.50%
0 0.00%
Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13
Maturity
Actual Swaps Average Fixed Rate
$millions
Average Interest Rates
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Page 14 – The GPT Group – Quarterly Update – March 2007

QUARTERLY UPDATE – September 2007

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USD Current Interest Rating Hedging

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----- Start of picture text -----

Hedging Position As Average Rate on Total Principal Principal amount of Principal amount of
at hedged balance Incl Amount derivative financial fixed rate borrowings
Margins & Fees instruments
$USD million $USD million $USD million
30 September 2007 4.63% 480 480 -
31 December 2007 4.94% 270 270 -
31 December 2008 5.22% 420 420 -
31 December 2009 5.65% 220 220 -
31 December 2010 5.65% 200 200 -
31 December 2011 - - - -
31 December 2012 - - - -
31 December 2013 - - - -
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Average Rate at 30 September 2007 is the current cost of total debt including unhedged balances.

USD Fixed Exposures and Weighted Average Cost (including Margin and Fees) on hedged balances.

USD Fixed Exposures & Weighted Average Cost (including Margin & Fees) on hedged balance

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----- Start of picture text -----

450 5.80%
5.65%
5.65%
400
5.60%
350
5.40%
300
250 5.22% 5.20%
200 5.00%
4.94%
150
4.80%
100
4.60%
50
0 4.40%
Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13
maturity
$millions
Average Interest Rate
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Actual Swaps Average Fixed Rate

Page 15 – The GPT Group – Quarterly Update – March 2007

QUARTERLY UPDATE – September 2007

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Forward Exchange Contracts

The net cash inflows are expected to occur at various dates from the balance date to the period outlined below. At 30 September 2007, the details of outstanding forward and option contracts are:

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Sell EUR Weighted average AUD Equivalent
30-Jun-07 30-Jun-07 30-Jun-07
Maturity EUR(€ M) AUD/EUR AUD($M)
Oct 07 to Dec 07 8.2 0.5617 14.6
2008 41.4 0.5531 74.8
2009 37.6 0.5591 67.2
2010 26.7 0.5673 47.1
2011 15.9 0.5604 28.4
2012 7.8 0.5360 14.6
2013 7.8 0.5360 14.6
Sell USD Weighted average AUD Equivalent
30-Sep-07 30-Sep-07 30-Sep-07
Maturity USD($ M) AUD/USD AUD($M)
2008 4.3 0.7346 5.9
2009 4.9 0.7346 6.7
2010 5.3 0.7346 7.2
2011 2.7 0.7346 3.7
FX Forwards were put in place to hedge US funding that was swapped using existing surplus AUD and EURO cash. At 30
September, 2007, the details of outstanding forward contracts are:
30-Sep-07 30-Sep-07 30-Sep-07
Maturity USD($ M) AUD/USD AUD($M)
30 October 2007 20.0 0.8385 23.9
30-Sep-07 30-Sep-07 30-Sep-07
Maturity USD($ M) AUD/USD AUD($M)
30 October 2007 55.0 1.3897 39.6
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Amounts disclosed above represent currency sold measured at the contracted rate.

Page 16 – The GPT Group – Quarterly Update – March 2007

QUARTERLY UPDATE – September 2007

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AUD, EUR & USD Debt Maturity Profile (post Euro 2bn Syndication)

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----- Start of picture text -----

$2,000
$1,560
$1,500
$987
$1,000
$774
$540
$500 $300
$212 $125
$0
2007 2008 2009 2010 2012 2013 2029
Maturity
Debt
AUD, EUR & USD Hedging Portfolio (as at 30 September 2007)(as at 30 September 2007)
Actual Exposures Actual Hedges
6,850.50
6,393.80
5,937.10
5,480.40
5,023.70
4,567.00
4,110.30
3,653.60
3,196.90
2,740.20
2,283.50
1,826.80
1,370.10
913.40
456.70
0.00
(456.70)
(913.40)
(1,370.10)
(1,826.80)
Mar-08 Dec-08 Sep-09 Jun-10 Mar-11 Dec-11 Sep-12 Jun-13 Mar-14
$millions
(AUD Millions)
----- End of picture text -----

AUD, EUR & USD Hedging Portfolio (as at 30 September 2007)(as at 30 September 2007)

For further information please call:

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----- Start of picture text -----

Nic Lyons Chief Executive Officer 02 8239 3565
Michael O’Brien Chief Operating Officer 02 8239 3544
Donna Byrne Head of Investor Relations & Corporate Affairs 02 8239 3515
Kieran Pryke Chief Financial Officer 02 8239 3547
Neil Tobin General Manager, Joint Venture 02 8239 3552
Nicholas Harris Head of Wholesale 02 8239 3780
Mark Fookes Head of Retail 02 8239 3518
Tony Cope Head of Office 02 8239 3535
Bruce Morris Hotel/Tourism Portfolio Manager 02 8239 3541
Victor Georos Industrial/Business Park Portfolio Manager 02 8239 3560
Martin Janes Communities Portfolio Manager 02 8239 3522
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Page 17 – The GPT Group – Quarterly Update – March 2007

GPT Joint Venture September 2007

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Summary (A$)

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----- Start of picture text -----

Book Value ($Am) Sept 2007 %
German Residential Portfolio 2,236 33
HBI European Light Industrial Portfolio 1,488 22
European Retail – Shopping Centres 606 9
European Retail – Other 638 9
US Retail Portfolio 922 14
US Multifamily Portfolio 389 6
US Loan Portfolio 302 4
Other 166 3
Total 6,747 100
----- End of picture text -----

Note

Assumed exchange rate - AUD/Euro 0.622, AUD/USD 0.888, AUD/GBP 0.434 (spot rate at 30 September 2007).
Excludes German office assets which have been contracted for sale.

Capital Management

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----- Start of picture text -----

A$b
Portfolio Book Value $6.7
Bank debt $5.1
JV Equity $2.0
LTV (gearing) 72%
Bank debt fixed or hedged 98%
Weighted average hedge 5.1 years
Weighted average debt cost 4.7%
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Investment by Sector

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----- Start of picture text -----

Other
7%
Light Industrial
22%
Residential
39%
Retail
32%
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Investment by Region

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----- Start of picture text -----

US
24%
Europe
76%
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Page 1

GPT Joint Venture September 2007

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German Residential

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----- Start of picture text -----

Key Metrics Sept 2007
Book Value ($m) [(3)] 2,236
Number of Apartments 28,189
Number of Commercial Units 882
Total GLA (‘000) Sqm 1,898
Occupancy 91%
Rent p/sqm €4.97
Passing Yield [(2)] 5.6%
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Rent by Location

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----- Start of picture text -----

City % Rent [(1)]
Berlin 25%
Bremen 14%
Kiel 8%
Cologne 6%
Hanover 3%
Dusseldorf 2%
Muenster 2%
Munich 2%
Nuremburg 2%
Other 36%
Total 100%
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Note

Includes both Commercial and Residential units.
Passing Yield is current quarter NOI annualised over current quarter Book Value
Assumed exchange rate 0.622

Page 2

GPT Joint Venture September 2007

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HBI European Light Industrial Portfolio (A$)

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----- Start of picture text -----

Key Metrics Sept 2007
Book Value ($m) [(1)] 1,488
Number of Properties 107
Number of Units 2,157
Total GLA (‘000) sqm 1,642
Occupancy 89%
Monthly Rent p/sqm [ (2)] €4.14
Passing Yield [(3)] 6.5%
WALE 2.2 yrs
Leases 1,723
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Note

Assumed exchange rate – Euro 0.622
Rent p/sqm is rented space only.
Passing Yield is current quarter NOI annualised over current quarter Book Value.

Portfolio by Location

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----- Start of picture text -----

Country Assets GLA Occ % WALE
(Sqm)
Netherlands 44 383,880 89% 2.4 yrs
Germany 34 890,206 88% 2.3 yrs
France 21 178,633 93% 1.8 yrs
Denmark 6 163,961 91% 1.8 yrs
Sweden 2 25,756 89% 1.8 yrs
Total 107 1,642,436 89% 2.2 yrs
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Page 3

GPT Joint Venture September 2007

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European Retail Portfolio (Supermarkets and Retail Warehouses)

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----- Start of picture text -----

Key Metrics Sept 2007
Book Value ($m) [(1)] 638
Number of Properties 50
Total GLA (‘000) sqm 322.8
WALE [(2)] 8.8 yrs
Occupancy 99.9%
Rent per sqm €7.69
Passing Yield [(3)] 6.2%
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Note

Assumed exchange rate – Euro 0.622
WALE by rent.
Passing Yield is a current quarter NOI annualised over current quarter Book Value.

Property Information

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----- Start of picture text -----

Assets GLA Anchors Location
(Sqm)
Retail Warehouses 28 122,996 Kaufland, Bauhaus, Kaufhof, Germany
LIDL, REWE
D-I-Y Warehouses [(1)] 11 101,000 Senukai Lithuania
Cash & Carry 1 15,500 Fegro/Selgros Berlin
Retail Logistics 1 40,654 Kaisers Tengelmann Berlin
Other 9 42,601 Edeka, Lidl, Trans-o-Flex Germany
Total 50 322,751
----- End of picture text -----

Note

Represents the JV’s 65% interest in those 11 assets.

Top Ten Tenants

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----- Start of picture text -----

Tenant % by Rent
Senukai 16%
Kaisers Tengelmann 13%
Edeka 12%
Bauhaus 7%
OHG Fegro / Selgros 6%
Kaufland 5%
Kaufhof 4%
REWE 3%
PLUS 2%
AWG 2%
----- End of picture text -----

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Page 4

GPT Joint Venture September 2007

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European Retail (Shopping Centres)

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----- Start of picture text -----

Key Metrics Sept 2007
Book Value ($m) [(3)] 606
Number of Properties 5
Total GLA sqm 150,757
WALE [(1)] 9.9 yrs
Occupancy 93%
Passing Yield [(2)] 5.0%
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WALE by rent
Passing Yield is current quarter NOI annualised over current quarter Book Value.
Assumed exchange rate – Euro 0.622

Property Information

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----- Start of picture text -----

Asset Location GLA (Sqm) Occ % WALE Anchors
Galerie Butovice Prague, Czech 45,816 84% 5.3 yrs Hypernova
Galerie Pomorska Bydgoszcz, 18,093 95% 3.8 yrs Carrefour
Poland
Straubing Germany 34,185 95% 6.6 yrs Kaufland
Kelheim Germany 18,906 98% 6.1 yrs Edeka
Heron Barcelona 33,757 99% 18.5 yrs Cinesa, Cirsa
Total 150,757 93% 9.9 yrs
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Top Ten Tenants

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----- Start of picture text -----

Tenant % by Rent
AHOLD 11%
Cinesa 8%
Virgin Active 5%
Kaufland 4%
Accor Group 3%
Edeka 2%
Hagebaunmarkt 2%
NEX 2%
Adler 1%
Vitadrom 1%
TOTAL 40%
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Page 5

GPT Joint Venture September 2007

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US Retail

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----- Start of picture text -----

Key Metrics Sept 2007
Book Value ($m) [(1)] 922
Number of Properties 16
Total GLA (‘000) sq ft [(2)] 3,786
Occupancy 93%
Sales p/sqft (US$) [(3)] 327
Occupancy Cost [(4)] 11.3%
Average Yield 7.6%
----- End of picture text -----

Note

Assumed exchange rate US 0.88:1 (excludes minority interests)
GLA excludes owned and non owned anchors
Sales p/sqft is for Specialty Shop Sales

Top Ten Tenants

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----- Start of picture text -----

Tenant % by Rent
Sears 20%
J.C. Penney Co., Inc 20%
Dillards 14%
Macys 9%
Belk, Inc. 9%
Steve & Barry’s 3%
Limited Brands 2%
Mervyn’s 2%
Target 2%
GAP 2%
Total 83%
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Occupancy cost excludes anchors and tenants >10,000 sq ft

Property Information

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----- Start of picture text -----

GLA [(1)] Occ Sales per Occ Cost [(3)] JV Interest Anchors [(4)]
sq ft [(2)]
Glynn Place 189,595 91% 244 9.5% 90% Belk, Sears, JC Penney, Steve & Barry’s
Valdosta 296,286 88% 327 9.7& 90% JC Penney, Belk, Sears
Bel Air 442,443 97% 370 11.1% 90% Dillard’s, JC Penney, Target, Sears, Belk
Myrtle Beach 251,555 87% 258 11.9% 90% Carmike Theater, Bass Pro, Belk, Belk Men’s
JC Penney
University Village 178,877 89% 257 10.8% 90% Sears, Dillards, Belk, JC Penney
Greenville 164,224 95% 377 9.6% 90% Belk, JC Penney, Steve & Barry’s, Belk Men’s
Tutwiler Centre 160,819 99% 209 8.7% 100% Target, Home Depot, JC Penney, Best Buys,
Belk, Old Navy, Academy Sports
Killeen 243,330 91.8% 450 11.7% 51% Dillard’s, Dillard’s Men’s & Children’s,
J.C. Penney, Sears, Steve & Barry’s
South Park 227,997 96.2% 403 11.5% 51% Macy’s, Sears, J.C. Penney, Mervyn’s, Beall’s
Central Mall 259,244 94.8% 320 10.0% 51% Dillard’s, Dillard’s Men’s, J.C. Penney, Sears
Westland 225,915 95% 336 13.5% 51% J.C. Penney, Kohl’s, Sears, Macy’s
Westgate Brockton 265,483 96.5% 309 14.6% 51% Macy’s, Sears, former Macy’s (redevelopment
area)
Westgate Amarillo 307,378 91.9% 332 12.0% 51% Dillard’s Men’s, J.C. Penney, Sears, Dillard’s,
Beall’s
Mesilla 294,256 88% 263 10.5% 51% Dillard’s, Dillard’s Men’s, J.C. Penney, Sears
Santa Fe 278,873 80.7% 277 11.3% 51% Dillard’s, J.C. Penney, Mervyn’s, Sears
TOTAL 3,786,275 92.8% 327 11.3%
----- End of picture text -----*

GLA excludes anchors.
Sales p/sq ft is for Specialty Shop Sales.
Occupancy cost excludes anchors and tenants >10,000 sq ft.
Includes non owned anchors.
Includes Promenade and Pinnacle.

Page 6

GPT Joint Venture September 2007

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US Multifamily

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----- Start of picture text -----

Key Metrics Sept 2007
Fund Interest ($m) [(1) (2)] 389
Number of properties 66
Number of units 19,460
Occupancy 90%
Rent per unit per month (US$) 592
Passing Yield 7.7%
----- End of picture text -----

Note

Assumed exchange rate US0.88:1.
Fund Interest includes the JV’s one third share in the Portfolio plus a mezzanine loan of approximately $74m.

Units by Location

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----- Start of picture text -----

Location No of Units %
Texas 11,432 59%
Virginia 2,207 11%
South Carolina 1,972 10%
Georgia 1,148 6%
Nevada 860 4%
Missouri 608 3%
Florida 473 2%
North Carolina 476 2%
Maryland 144 1%
Alabama 140 1%
Total 19,460 100%
----- End of picture text -----

Page 7

GPT Joint Venture September 2007

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US Loan Portfolio

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----- Start of picture text -----

Key Metrics Sept 2007
Book Value ($m) [(1)] 302
Number of loans 23
Number of assets 38
Loan types – Whole Loans 56%
B Notes 34%
Mezzanine 10%
LTV 77%
Weighted average portfolio term 20 mths
Weighted average portfolio yield 7.2%
----- End of picture text -----

Note

Assumed exchange rate – US 0.88:1.
None of the loans are in default and all are current. Given the current volatility in the credit markets, the further acquisition of loans has been placed on hold.

Portfolio Value by Asset Type

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----- Start of picture text -----

Asset Type %
Office 55
Hospitality 20
Retail 9
Multifamily 9
Industrial 4
Other 3
Total 100%
----- End of picture text -----

Page 8

GPT Joint Venture September 2007

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UK Mezzanine Portfolio

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----- Start of picture text -----

Key Metrics Sept 2007
Book Value ($m) [(1)] 53
Yield 16%
Term 6 years
Asset Value ($m) [(1)] 258
LTV [(2)] 91%
----- End of picture text -----

Note

Assumed exchange rate – £0.434
LTV represents bank debt plus mezzanine as a percent of Asset Value

Cologne Technology Park

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----- Start of picture text -----

Key Metrics
Interest 30%
Book Value ($m) [(1)] 113
NLA 97,482
Passing Yield [(2)] 6%
WALE 10 yrs
Occupancy 94%
----- End of picture text -----

Note

Assumed exchange rate – Euro 0.622
Passing yield is current quarter NOI annualised over current quarter Book Value.

Page 9

AI assistant

GPT GROUP — Interim / Quarterly Report 2007

65009_rns_2007-11-25_4b44ceed-c2b9-4a6f-a1f5-42864c4a431c.pdf

QUARTERLY UPDATE 2007 September

ASX Announcement / Media Release

Summary

OWNERSHIP

Australian Retail

Sales Performance*

Retail Overview

Australian Office

Leasing

Australian Hotel/Tourism

Portfolio Performance

Ayers Rock Resort

Four Points by Sheraton Hotel, Sydney

Voyages Lodges

Australian Industrial/Business Park

US Seniors Housing

Joint Venture Fund

FUNDS MANAGEMENT

Australian Funds Management

European Funds Management

GPT Halverton

Hamburg Trust

DEVELOPMENT

Retail Development Pipeline*

Office Development Pipeline*

Industrial/Business Park Development Pipeline*

Capital Management

Debt Hedging (at 30 September 2007)

Overview

Current effective interest rate after fees and margins is 5.02%* on $4,525m of debt outstanding

AUD Current Interest Rate Hedging

EUR Current Interest Rate Hedging

USD Current Interest Rating Hedging

USD Fixed Exposures & Weighted Average Cost (including Margin & Fees) on hedged balance

Forward Exchange Contracts

AUD, EUR & USD Debt Maturity Profile (post Euro 2bn Syndication)

AUD, EUR & USD Hedging Portfolio (as at 30 September 2007)(as at 30 September 2007)

Summary (A$)

Capital Management

Investment by Sector

Investment by Region

German Residential

Rent by Location

HBI European Light Industrial Portfolio (A$)

Note

Portfolio by Location

European Retail Portfolio (Supermarkets and Retail Warehouses)

Property Information

Top Ten Tenants

European Retail (Shopping Centres)

Property Information

Top Ten Tenants

US Retail

Top Ten Tenants

Property Information

US Multifamily

Units by Location

US Loan Portfolio

Portfolio Value by Asset Type

UK Mezzanine Portfolio

Note

Cologne Technology Park

Note

More from GPT GROUP

GPT GROUP Interim / Quarterly Report 2007