GPT GROUP — Interim / Quarterly Report 2008

Aug 26, 2008

Mid Year Results

27 August 2008

Agenda

� Performance

• Strategy

• Capital Management

• Operational Overview

• Investment Portfolio

• Development

• Funds Management

• Joint Venture

• Outlook

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Performance

Results Summary

Results Summary
	1H08	1H07
A-IFRS netprofit/loss	($67.7m)	$737.1m
Realised operatingincome	$234.0m	$296.7m
Distributionper security	11.4 cents	14.3 cents
Earningsper security	10.9 cents	14.5 cents
	1H08	FY07
Total assets	$13.9b	$14.0b
Headlinegearing	37.3%	36.3%
Look throughgearing	46.7%	46.8%
Interest cover	2.7x	3.9x

� Total borrowings $5.2 billion

� Significant headroom against covenants

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Results in line with Guidance

Segment	30 June 08 Actual ($m)	Dec 08 Guidance ($m)*
Retail, Office and Industrial	$259	$516
Hotel/Tourism	$23	$48
US Seniors Housing	$8	$15
Australian Funds Management	$10	$21
European Funds Management	($12)	($15)
Joint Venture Fund	$60	$125
Development	$0	$29
Corporate - Financing - Other income - Corporate overheads	($116) $18 ($16)	($275)
Total Operating Income	$234	$464

� On track to deliver December 2008 guidance

*Revised full year guidance announced 7 July 2008. Restated based on segment cost and tax allocations. All figures rounded.

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Core Portfolio Performing very strongly

	% of investments**	Cap rate**	Occupancy**	WALE**	Comparable income growth*
Retail	41%	5.9%	99%	-	6.2%
Office	26%	6.1%	99%	5.6 yrs	7.4%
Industrial	6%	7.5%	100%	7.3 yrs	5.3%
TOTAL	73%	6.0%	99%	-	6.4%

*GPT assets only.

**Including equity investments in GWOF/GWSCF.

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Key points

• Full year guidance $464 million confirmed

• Gearing remains within policy range

• Liquidity remains comfortable

• Core portfolio performing well

• Significant headroom over debt covenants

• Detail and prudent response to challenging market – Revised distribution policy

• Underwritten DRP

• Simplified strategy

• Non-core asset sales

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Reconciliation Realised Operating Income

	1H08 ($m)	1H07 ($m)	Notes
Realised Operating Income	234.0	296.7	Reduction in operating income of approximately 21%, consistent with 2008 guidance
Changes in Fair Value of Assets (non cash)
1. Valuation increases (decreases)
Core domestic portfolio	84.2	326.0	Very strong valuation increases 2007 vs. modest valuation increases in 2008
Hotels/Tourism	(82.6)	1.7	Reduction in value 2008 as a result of operating performance and cap rate expansion (xx%)
European goodwill and warehouse assets	(191.8)	0	1H08 reflects writedown of goodwill ($122 m) related to GPT Halverton business and reduction in value of warehoused assets
US Seniors Housing	(23.7)	0	3% valuation reduction 1H08. 1H07 assets held at cost
Joint Venture Fund	(130.1)	(19.8)	Reduced carrying value of Joint Venture as a result of 3.7% valuation decrease 1H08
2. Financial instruments mark to market to 30 June market value	61.9	167.6	Mark to market of all derivatives, reflecting valuation for accounting purposes at 30 June (values not realised)
Other Items	(19.6)	(35.1)	Includes tax, non cash revenue adjustments, external minority interests
Net profit/loss after tax	(67.7)	737.1	Difference (1H07 vs 1H08) reflects the impact of variance in non cash adjustments noted above

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Property Revaluations[(1)]

	$m	Change	Comment
Retail	(29.0)	(0.5%)	• Cap rates softened ~20bp to 5.9%
Office	127.6	4.1%	• Cap rates softened by ~20bp to 6.1%, offset by strong income growth
Industrial	(14.4)	(2.0%)	• Cap rates softened by ~10bp to 7.5%
Hotel/Tourism	(82.6)	(9.2%)	• Difficult operating conditions continue
US Seniors	(23.7)	(2.9%)	• Weaker trading conditions and softening in discount rates
Joint Venture Fund	(130.1)	(3.7%)	• GPT share of 3.7% fall in asset values within the JV
Other	(70.0)	(16.0%)	• Assets currently being warehoused for European Funds Management
Total	(222.2)	(1.5%)

(1) For six month period from 31 December 2007 to 30 June 2008.

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Diversified Investments and Income

Total Investments[*]

Total Income[]**

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• Based on realised operating income.

**US Seniors Housing and Joint Venture equals contributed equity. Office and Retail include GPT’s equity interest in the GPT Wholesale Office and Shopping Centre Funds.

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Strategy

Global Operating Environment

• Credit crunch created extremely challenging economic conditions globally

• Cost of capital increased dramatically (debt and equity)

• Increased volatility in global financial markets

• Reduced liquidity in global real estate markets

• Australia performing better than most, but not immune

• GPT believes that current operating conditions will continue for some time, and are likely to result in fundamental structural changes for the A-REIT sector

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Key sector themes and GPT response

Issue	Themes / General Observations	GPT Response
Strategy / business model	• Simplicity preferred over complexity • Strong preference for domestic focus over offshore expansion (particularly from global investor base, who prefer to directly allocate capital geographically)	• Focus on core domestic operations (ownership, management, development model) • Exit non-core investments and platforms (e.g. Hotel & Tourism, US Seniors)
Leverage	• Capital is scarce and expensive • Balance sheet strength is primary concern for investors	• Non-core asset sales • Target look through gearing of <40%
Capital management	• Strong preference from institutional investors for reduced payouts to support sustainable business model	• Revised distribution policy already announced (portion of earnings to be retained) • Capital allocation reflective of focus on core domestic operations
Quality/transparency of earnings	• Simplicity preferred over complexity • Volatile/financially engineered earnings streams not valued	• Focus on high quality domestic ownership portfolio, enhanced by development and funds management earnings streams not available to GPT pre-internalisation • Exit margin-oriented operational businesses (Hotel & Tourism, US Seniors) and Joint Venture
Changing investor base	• Loss of confidence of traditional investors • Increasing influence of global REIT investors	• Simplified model (domestic focus) • Conservative approach to risk / leverage

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Resulting Business Model

Operationally focused	• Simple, easy-to-understand business model • Focused on core business (ownership, management, development of high quality Australian real estate)
Diversified by asset class, earnings stream and capital source	• By asset class (retail, office, industrial) • By earnings stream (ownership, management, development) – Development and funds management provide GPT with revenue streams not available to GPT pre-internalisation • By capital source (listed equity, wholesale equity, debt) – Wholesale funds management platform provides access to capital source with much lower cost/volatility • Diversification provides resilience through economic cycles
Conservative financial model	• Conservative approach to risk/leverage • Capital allocation reflective of core skill set • Capital management policies consistent with long-term sustainability
Differentiated by quality of underlying assets and income streams	• High quality real estate (irreplaceable Australian portfolio) • High quality earnings streams consistent with underlying cashflow

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Strategic Focus

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Strategic Focus

� Ownership

High quality Australian retail, office and industrial real estate providing high quality rental income streams

� Management

High quality open-ended wholesale funds and institutional capital partners, providing GPT with a significant competitive advantage given lower cost/volatility of this source of capital

� Development

Development expertise providing high quality product for GPT’s own balance sheet, capital partners and third parties

“GPT is committed to a business model focused on adding value through the ownership, management and development of a portfolio of high quality Australian real estate”

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Other Platforms/Investments

� Hotel/Tourism

• Sale process commenced (Jones Lang LaSalle)

� Homemaker portfolio

• Marketing underway

� US Seniors Housing

• Strong long-term prospects but inconsistent with revised strategic focus

• GPT exploring options with Benchmark to reduce exposure/exit over time

� European Funds Management

• Targeting breakeven position in 2009

• Reducing capital allocation via selldown of fund stakes and warehoused assets

• Relatively low capital requirements/allocation moving forward

� Joint Venture

• Targeting to redeem $163 million preferred capital by January 2009

• Formal three-year realisation period expected to commence December 2009

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Non-Core Asset Sales[(1)]

Asset/Portfolio	Jun-08 book value
Four Points	$0.3bn
Resort Portfolio	$0.5bn
Total Hotel/Tourism	$0.8bn
Homemaker Portfolio	$0.4bn
Floreat Forum	$0.1bn
Total Non-Core Retail	$0.5bn
H2O Portfolio	$0.3bn
Hamburg Trust Alliance Fund	$0.1bn
Total Warehoused Assets	$0.4bn
Total Non-Core Assets	$1.7bn

(1) Does not include US Seniors or the anticipated return of $163 million of preferred equity from the Joint Venture in January 2009.

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Earnings/Asset Mix[(1)]

• GPT’s high quality domestic operations already comprise the majority of operating income and asset base

• Contribution of core domestic operations will increase over time as a result of non-core asset sales and anticipated exit from US Seniors and the Joint Venture

Realised Operating Income

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Assets

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• (1) Operating income mix is based on realised operating income guidance for the 12 months to 31 December 2008. Asset mix is based on balance sheet assets as at 30 June 2008, adjusted for assets allocated to Corporate. “Core Domestic” refers to Australian ownership, management, development earnings/assets (retail, office, industrial). “Other” includes Hotel & Tourism, US Seniors and European Funds Management.

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Capital Management

Overview

• Gearing within policy ranges

• Headline gearing 37.3% (policy range 30-40%)

• Look through gearing 46.7% (policy maximum 50%)

• Well placed to reduce gearing (primarily via non-core asset sales)

• Target look through gearing over the medium-term of <40%

• Return of JV capital will improve even further

• Liquidity position remains comfortable

• $1.1 billion of funding required over next 12 months

• $1.4 billion of committed funding available (excl. non-core asset sales)

• Revised distribution policy (portion of earnings to be retained)

• DRP to be underwritten from September 2008 until non-core asset sales are progressed

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Balance Sheet Overview

		Jun 08	Dec 07
Total assets		$13.9b	$14.0b	↓0.7%
Gearing	Headline	37.3%	36.3%	↑1.0%
	Look through	46.7%	46.8%	↓0.1%
Interest cover(1)	Headline	2.7x	3.9x	↓1.2x

� Total borrowings $5.2 billion

• Weighted average term 3.5 years (4.5 years look through)

• Current effective interest rate 5.30%[*]

� Corporate credit ratings;

– S&P: BBB[(2)]

– Moody’s: Baa1[(2)]

• (1) Based on realised operating income.

• (2) Negative outlook.

• *Includes the borrowing costs from AUD, €, USD, DKK and SEK facilities.

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Debt Facilities/Covenants

• GPT remains within all loan covenants

• Key loan covenants

• 50% look through gearing (Jun 08 46.7%)

• 40% balance sheet gearing (Jun 08 37.3%)

• 2x interest cover (Jun 08 2.7x)

• No covenants related to market capitalisation

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Liquidity Position

12 months to Jun 09		$ bn
Estimated capital expenditure		0.2
Maturing facilities		0.9
Funding required		1.1

• Approx. $1.1 billion of funding required over next 12 months

Committed funding sources(1)		1.0
Underwritten DRP(2)		0.4
Total committed funding available		1.4
Excess liquidity		0.3

• Total committed funding available of $1.4 billion

Return of JV preferred capital (Jan 09)		0.2
Non-core asset sales		1.7
Additional potential sources		1.9
Excess liquidity (adjusted)		2.2

• Additional potential funding sources of $1.9 billion

• (1) Includes completion proceeds from sale of workplace[6] , cash, capacity under existing facilities and new credit-approved facilities.

• (2) Assumes DRP is underwritten for 12 months (underwriting is at GPT’s option and will be dependent upon progress of asset sales).

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Indicative Impact of Asset Sales

� Successful completion of even a portion of targeted asset sales would have significant impact on GPT’s look through gearing and asset value headroom under 50% look through LVR covenant

	Jun-08 (unadjusted)	Jun-08 (adjusted)(1)	$500m asset sales	$750m asset sales	$1bn asset sales
Debt (look through)	$7.9bn	$7.7bn	$7.2bn	$6.9bn	$6.7bn
Assets (look through)	$16.9bn	$16.9bn	$16.4bn	$16.1bn	$15.9bn
Gearing (look through)	46.7%	45.4%	43.8%	42.9%	42.0%
Headroom (50% LVR)	$1.1bn	$1.5bn	$2.0bn	$2.3bn	$2.5bn
Headroom (50% LVR)	6.6%	9.1%	12.4%	14.2%	16.0%

• (1) June 2008, adjusted for 2008 capital expenditure, proceeds from workplace[6] , underwritten DRP for September and December 2008. Figures do not include the anticipated return of $163 million of preferred capital from the Joint Venture in January 2009.

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Distribution Policy

• Revised distribution policy announced July 2008

• Will enhance financial flexibility and long-term growth prospects

• Portion of earnings reinvested on ongoing basis

• Development profits retained

• 90-100% of other operating income distributed (depending upon capital management requirements, to be assessed as required)

• Prudent policy consistent with sustainable business model

• GPT expects to retain $54 million of underlying cashflow in 2008, compared with estimated maintenance capex of approximately $50 million per annum

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Operational Review

Investment Portfolio

Australian Retail Portfolio

� Performance strong

– Comparable income up 6.2%[*]

� Portfolio positioned for continued growth

Key Operating Metrics – Jun 08**
Comparable total centre sales growth		5.1%
Comparable specialty sales growth		4.4%
Specialty sales psm		$8,706
Specialty occupancy costs		16.3%
Occupancy		99.3%
Reviews/renewals 2008		21%

GPT’s Portfolio[]**

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• *GPT owned assets only.

• **Includes GPT owned and GWSCF owned assets.

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Australian Retail Portfolio

Valuations[*]

• Portfolio value $5.4 billion

• • GPT $4.6 billion

• Investment in GWSCF $809 million

• Valuations resulted in $29 million reduction over the half (0.5%)

• Portfolio weighted average cap rate 5.9% (5.7% Dec 07)[**]

• Cap rate softening largely mitigated by strong rental growth

Outlook

• Higher interest rates, higher fuel prices, slower economic outlook - softer sales environment

• Expect sales growth to moderate over next half

• Portfolio well positioned for slower sales growth environment

• *GPT owned assets and GPT interest in GWSCF.

• **Includes GPT owned and GWSCF owned assets.

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Australian Office Portfolio

� Performance strong

• Comparable income up 7.4%[*]

• Positioned for continued growth[**]

• Portfolio occupancy 99%

• Portfolio underrented by 6.3%

• Access to reviews over 19% of portfolio in 2nd half

• Stepped rental increases average 4-5%

• Average lease term 5.6 years

Geographic Spread[]**

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Long Weighted Average Lease Expiry*

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• *GPT owned assets only.

• **Includes GPT owned and GWOF owned assets.

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Australian Office Portfolio

Asset Quality[]**

� Valuations[*]

• Portfolio value $3.3 billion; GPT $2.2 billion and Investment in GWOF $1.1 billion

• Valuations resulted in $128 million increase over the half (4.1%)

• Portfolio weighted average cap rate 6.1% (5.9% Dec 07)[**]

• Cap rate softening mitigated by strong rental growth

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Prime Vacancy

� Outlook

• Demand softening but vacancy expected to remain low

• Additional supply constrained by higher cost and availability of capital

• Rental growth to continue but at more moderate levels

• *GPT owned assets and GPT interest in GWOF.

• **Includes GPT owned and GWOF owned assets.

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Australian Industrial/Business Park Portfolio

� Performance strong

• Comparable income up 5.3%

� Positioned for continued growth

• Portfolio occupancy 100%

• Stepped rental increases average 3.5%

• Average lease term 7.3 years

Geographic spread

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Long Weighted Average Lease Expiry[*]

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*By income.

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Australian Industrial/Business Park Portfolio

� Valuations

• Portfolio value $829 million

• Valuations resulted in $14 million reduction over the half (1.8%)

• Portfolio weighted average cap rate 7.5% (7.4% Dec 07)

• Cap rate softening mitigated by rental growth

� Outlook

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

• Additional supply constrained by higher cost and availability of capital

• Rental growth to continue but at more moderate levels as demand slows

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Hotel/Tourism Portfolio

Performance

� Four Points Sydney

• Comparable income up 10.8%

• Occupancy 83%

• Average daily room rate $199 (up 8.2% vs Jun 07)

� Resort Portfolio

• Comparable income down 54.5%

• Occupancy 58%

• Average daily room rate $218 (up 1.4% vs Jun 07)

� Portfolio tracking in line with revised guidance

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Hotel/Tourism Portfolio

� Valuations

• Valuations resulted in $85 million (9.6%) reduction over the half

• Four Points up $24 million – increased room rate

• Resorts down $109 million – weaker trading conditions, increased discount rates

� Outlook

• Sydney hotel market expected to remain strong – very little supply growth

• Inbound tourism outlook brighter given oil price well off historic highs and $A softer against major source markets

• Portfolio very well positioned to take advantage of stronger inbound demand

� Sale process

• Four Points – Expressions of Interest due early September

• Resort Portfolio – Expressions of Interest due October

• Strong interest shown to date across the portfolio

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US Seniors Housing

� Performance

• Comparable income down 9.8%

• Occupancy 89%

• Average monthly rent US$5,100 (up 6.2% vs Dec 07)

• Portfolio tracking in line with revised guidance

� Valuations

• Review resulted in $24 million reduction (3%)

• Reflects weaker trading conditions and softening in discount rates

� Outlook

• US economic conditions continue to deteriorate

• Weakness in housing sector resulting in longer lead times to re-lease vacant units

• Underlying demand remains (and building)

• Portfolio well positioned to take advantage of build up in demand

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Development

Development Overview

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

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

• But - shorter term challenges

• Capital availability and cost is prohibitive

• Softening yields are reducing development margins

• Land and construction costs have risen although outlook is improving as construction demand weakens

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Development Overview

� Current commitments

• One One One Eagle Street - $630 million (GPT interest[1] /3 $210 million)

• Charlestown Square expansion $450 million (GPT 100% interest)

• Medium and longer term projects subject to return profile and funding capability

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Charlestown Square
Artist’s impression
41
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Retail Developments

• Rouse Hill Town Centre opened

• successfully March 2008

• Trading well over first five months

• On track to meet sales and investment return targets

• Charlestown Square commenced Jan 2008

• Construction on programme

• Forecast completion 2010

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43

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workplace [6]
Artist’s impression
44
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Office Developments

• 818 Bourke Street

• Completed and office fully leased

• – 7.8% yield on cost will be achieved

• workplace[6] on track for completion in November

• Sale completed to GWOF Dec 07

• Final payment due on completion

• Office (16,930sqm) fully leased, Retail (1,840sqm) now being marketed

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Office Developments

One One One Eagle Street

• Best development site in Brisbane

• Only premium grade office development to be delivered this cycle

• On programme for late 2011 completion

• Strong enquiry from range of prospective tenants

• Sell down of two-thirds to GWOF and existing capital partner

• Demand remains strong for quality space in Brisbane although expected to moderate

• One One One Eagle Street targeting $750sqm gross (average), circa 15% incentives

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Quad 3
Sydney Olympic Park
46
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Industrial/Business Park Developments

� Strategic focus

• Large, high quality industrial and business park development sites in strategically important locations which have a key point of difference

� Sydney Olympic Park

• All four Quad assets now complete and fully leased

• Average yield on cost 8.8% (Quad 1-4)

• – Pipeline of 85,000 sqm

� Erskine Park

• Construction commenced on 15,000 sqm Goodman Fielder facility

• Strong enquiry

• Pipeline of 160,000 sqm

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Funds Management

Australian Funds Management

• Australian Wholesale platform

• Funds under Management $5.4 billion

• GWOF $3.2 billion

• GWSCF $2.2 billion

� GPT co-investment

• GWOF $1,065 million – 38.2%

• GWSCF $809 million – 39.8%

• Both Funds performing at or better than expectations

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Australian Funds Management

� Demand for equity weak due to pricing uncertainty

• Despite this, platform continuing to attract capital – close to $100 million raised through DRP and other means

� Balance sheets of both funds strong

• GWOF gearing 12%

• GWSCF gearing 7%

• Successfully raised or re-financed new debt facilities in excess of $1 billion – for development pipeline and compelling acquisition opportunities

� Platform is a 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

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European Funds Management GPT Halverton

• Integrated fund and asset management platform across Europe

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

• A range of investors including large institutions and retail investors

• Assets under management €2.3 billion

• Platform appropriately scaled

• Headcount reduced from 181 to 129

• Focus on stabilising platform and achieving profitability

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Joint Venture

Joint Venture Book Values

• All asset values reviewed at June

• 48% of assets valued externally in 1H08

• Book value 2.6% below book cost

• Minimal transaction evidence, minimal forced selling

Portfolio		Book Cost		Book Value		Movement
		(AUD m)		(AUD m)
German residential		2,391		2,295		(95)
Euro multi let industrial		1,466		1,427		(39)
Euro retail		1,092		1,066		(26)
US retail		903		909		7
US multifamily		351		332		(19)
US loans		297		297		-
ANZ loans		121		121		-
Other		104		104		-
TOTAL		6,725		6,553		(172)

Assumed exchange rate AUD/EUR 0.6086, AUD/USD 0.9586 (Spot Rate at 30 June 2008 ).

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Joint Venture Debt

• $4.7 billion in debt at June (LVR 71%)

• Minimal near term debt maturities

• No loan covenant breaches other than Galerie Butovice

• 90% fixed or hedged for weighted average 5.8 years

• Interest cover 1.6 times

• All JV debt is non recourse to GPT

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Debt Maturity (at June 2008)
40%
30%
20%
10%
0%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
%
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Joint Venture Income

� Income is stable

� Debt is secure

� GPT’s preferred income weighted to 2H08

• On track to deliver full year 2008 income of $125 million

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Income 6 months to Full Year
June 08 Target [(2)]
JV Net Profit 64.2
GPT Income [(1)]
Preferred 57.5
Ordinary 3.3
60.8 125.0
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Assumed exchange rate AUD/EUR 0.60, AUD/USD 0.75

• (1) Pre GPT taxes, exchange rate difference, head office costs

• (2) Full Year Target assumes no asset sales and excludes trading profits and losses

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Outlook

Outlook/Summary

• Interim result in line with revised guidance and underlying cashflow

• Core domestic portfolio continues to perform strongly

• Minimal movement in value of core domestic portfolio

• Sound financial position to be improved further via non-core asset sales, targeting look through gearing of <40%

• Simplified strategy/business model focusing on core domestic ownership, management, development of high quality domestic real estate

• Operating conditions expected to remain challenging but GPT well positioned

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Questions

Appendices

Current Debt Facilities GPT Bonds

					Fixed		Floating
Tranche	ccy	Outstanding $A equiv m	Mat date	Yrs to maturity	/indexed rate	Swapped to float	margin over benchmark*
Floating MTN	AUD	100.0	22-Aug-08	0.15			0.480
Fixed MTN	AUD	325.0	30-Mar-09	0.75	6.00		(1.840)
							0.400
Floating MTN	AUD	375.0	30-Mar-09	0.75
Fixed MTN	AUD	100.0	07-Nov-10	2.36	6.25		(1.59)
Floating MTN	AUD	125.0	07-Nov-10	2.36			0.480
Fixed MTN	AUD	200.0	22-Aug-13	5.15		0.83	0.830
Floating MTN	AUD	12.0	22-Aug-13	5.15			0.780
CPI indexed	AUD	125.0	10-Dec-29	21.46	7.87		0.03
Total borrowings		1,362.0		3.56			(0.235)

*Note: fixed rates converted to margin over 3M BBSW rate of 7.84.

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Current Debt Facilities Bank Facilities

							Floating
Tranche	ccy	Outstanding A$ m	Mat date	Yrs to maturity	Limit A$ equiv M	available A$ equiv M	margin over benchmark
Standby	AUD	0.0	22-Nov-08	0.40	200.0	200.0
Multi-option Syndicated	EUR	1,519.4	26-Oct-10	2.32	1,651.3	132.0	0.650
Bank Loan	AUD	200.0	23-Jun-11	2.98	200.0	0.0	1.600
Underwriting Deed	AUD	0.0	30-Jun-11	3.00	300.0	300.0
Multi-option Facility	AUD	0.0	30-Jun -11	3.00	350.0	350.0	1.500
Bank Facility – Eagle St	AUD	0.0	30-Nov-11	3.42	164.0	164.0	0.950
Multi-option Syndicated	AUD	520.0	26-Oct-12	4.33	520.0	0.0	0.750
Multi-Option Syndicated	EUR	419.5	26-Oct-12	4.33	419.5	0.0	0.750
Multi-Option Syndicated	USD	664.9	26-Oct-12	4.33	664.9	0.0	0.750
Multi-Option Syndicated	NZD	46.9	26-Oct-12	4.33	46.9	0.0	0.750
Total borrowings		3,370.7		3.35	4,516.7	1,146.0	0.755

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Current Debt Facilities Controlled Entities – Bank Facilities

								Floating
			Outstanding		Yrs to	Limit A$	Available	margin over
	Entity	ccy	A$ equiv m	Mat date	maturity	equiv M	A$ equiv M	benchmark
Hamburg Bridge Facility		USD	94.4	30-Dec-08	0.50	96.5	2.1	0.960
Somerton		AUD	75.1	31-Mar-11	2.75	77.5	2.4	0.950
GPT Halverton – H2O		Euro	163.2	20-Jul-14	6.06	163.2	0.0	1.000
GPT Halverton – H2O		DKK	27.4	20-Jul-14	6.06	27.4	0.0	1.000
GPT Halverton – SAF		SEK	6.1	28-Feb-15	6.67	6.1	0.0	0.950
Hamburg - Alliance		USD	75.1	11-Jul-17	9.04	75.1	0.0	1.050
Total borrowings			441.3		4.82	445.8	4.5	0.991

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61

Balance Sheet Interest Rate Hedging

HEDGING PROFILE OVER	HEDGING PROFILE OVER	HEDGING PROFILE OVER	**TIME ***
		Jun	Dec	Jun	Dec	Jun	Dec	Jun	Dec	Jun	Dec	Jun
		08	08	09	09	10	10	11	11	12	12	13
AUD	bal M	1,940	1,747	1,332	1,142	1,164	846	667	575	575	525	525
	Rate	5.45	5.55	5.69	5.89	6.04	6.45	6.94	7.14	7.42	7.90	8.24
	% hedged	90%	80%	60%	51%	50%	36%	28%	24%	24%	22%	22%
EUR	bal M	1,239	790	540	390	340	340	340	240	240	140	140
	rate	3.64	3.53	3.35	3.11	3.04	3.04	3.04	3.22	3.22	2.98	2.98
	% hedged	97%	66%	52%	38%	38%	38%	45%	32%	41%	24%	33%
USD	bal M	632	760	660	560	130	50	50	-	-	-	-
	Rate	4.20	3.85	3.90	4.00	4.20	3.45	3.45	-	-	-	-
	% hedged	79%	118%	103%	87%	20%	8%	8%	-	-	-	-
AUD*
equiv	bal M	4,669	3,838	2,908	2,367	1,858	1,456	1,277	969	969	755	755
	rate	3.96	4.01	4.12	4.30	4.64	4.57	4.57	5.03	5.20	6.05	6.28
	% hedged	90%	79%	63%	51%	41%	32%	29%	22%	24%	19%	20%

*Percent hedged against current outstanding debt adjusted for debt on warehoused assets post December 2008. Total includes Danish kroner and Swedish kroner (not shown).

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62

Development Pipeline Retail: GPT owned

	Est. Cost	Forecast Yield	Forecast Timing	Status
Charlestown Square, NSW	$450m	7-7.5%	2008-2010	Under construction
Melbourne Central	$75m	7-8%	2009-2010	Masterplanning
Sunshine Plaza, Qld	$125m	7-8%	2010-2011	Masterplanning
Newcastle CBD, NSW	$500m			Preliminary planning
TOTAL PIPELINE	$1.17b

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Development Pipeline Office: GPT owned

	Est. Cost	Forecast Yield	Forecast Timing	Status
Eagle Street, Brisbane	$630m	7-7.5%	End 2011	2/3 sold to GWOF and Third Party Under construction
300 Lonsdale	$110m	7%+	End 2011*	DA approved Seeking pre-commitment
TOTAL PIPELINE	$740m

• Subject to pre-commitment

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64

Development Pipeline Industrial: GPT owned

	Est. Cost	Forecas t Yield	Forecast Timing	Status
Sydney Olympic Park, Samsung	$170m	7.5%	2009-2013	Pending new SOP masterplan
Sydney Olympic Park, other sites	$220m	7.5%	2013-2016	Pending new SOP masterplan
Austrak Business Park, Somerton, VIC	$75m	7.5-8%	2008-2013	Future stages in line with demand
Abbott Road, Seven Hills	$50m	7.5%	2013-2014	Future redevelopment
Talavera Rd, Macquarie Park, NSW	$80m	7.5%	2009-2010	DA approved Seeking precommittment
connect@erskine park, NSW	$255m	7.5-8%	2008-2013	DA approved Seeking precommittment
TOTAL PIPELINE	$850m

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65

Development Pipeline Funds

	Est. Cost	Forecast Timing	Status
Retail
Wollongong Central, NSW	$350m	2009-2010	DA approved subject to conditions precedent
Chirnside Park,Vic	$120m		Preliminary planning
Highpoint ShoppingCentre,Vic(50%)	$175m	2010-2011	Masterplanning
Office
workplace6, Sydney	$140m	Nov 2008	Sold to GWOF Fullyleased
545 Queen Street,Brisbane	$110m	Nov 2008	Under construction
28 Freshwater Place,Melbourne	$115m	Dec 2008	Under construction
530 Collins Street,Melbourne	$20m	Mar 2009	Under construction
Q Centre (Transit Centre), Brisbane*	$580m	End 2011	DA approved Seeking pre-commitment
TOTAL PIPELINE	$1.61b

• Subject to pre-commitment

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66

Fair Value Retail

Property	Dec 07 Fair Value ($m)	Cap Rate (%)	Jun 08 Fair Value ($m)	Cap Rate (%)
Casuarina Square, NT	$415.0	6.00	$419.2	6.25
Charlestown Square, NSW	$459.7	6.00	$493.1	6.00
Dandenong Plaza, VIC	$225.0	7.25	$226.1	7.25
Erina Fair, NSW (50%)	$409.8	5.50	$400.0	5.75
Floreat Forum, WA	$135.0	6.00	$127.0	6.25
Melbourne Central, VIC (Retail)	$720.2	5.00	$723.6	5.13
Westfield Penrith, NSW (50%)	$512.2	5.25	$512.9	5.50
Sunshine Plaza, QLD (50%)	$368.9	5.25	$369.5	5.50
Westfield Woden, ACT (50%)	$271.1	6.00	$271.1	6.25
Rouse Hill Town Centre, NSW	-	-	$518.7	6.25
Interest in GWSCF	$817.4	5.6*	$809.4	5.75*
Total	$4,334.3		$4,870.6
Weighted average cap rate		5.63%		5.84%

*Represents weighted average cap rate for Fund’s assets. Table excludes Newcastle CBD land holdings

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67

Fair Value Retail - Homemaker

Property	Dec 07 Fair Value ($m)	Cap Rate (%)	Jun 08 Fair Value ($m)	Cap Rate (%)
Homemaker City, Aspley, QLD	$70.0	7.50	$70.0	7.25
Homemaker City, Bankstown, NSW	$50.0	8.00	$45.0	9.00
Homemaker City, Cannon Hill, QLD	$22.0	7.25	$21.5	7.00
Homemaker City, Fortitude Valley, QLD	$140.0	7.00	$140.6	Stg 1&2: 7.00 Stg 3: 7.50
Homemaker City, Jindalee, QLD	$69.1	7.00	$69.2	7.50
Homemaker City, Mt Gravatt, QLD	$25.3	8.00	$26.3	7.75
Homemaker City, Windsor, QLD	$22.7	8.00	$26.0	7.00
Total	$399.1		$398.6
Weighted average cap rate		7.4%		7.5%

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Fair Value Office

Property	Dec 07 Fair Value ($m)	Cap Rate (%)	Jun 08 Fair Value ($m)	Cap Rate (%)
Australia Square, Sydney, NSW	$300.0	5.50/5.75	$312.8	6.00
MLC Centre, Sydney, NSW	$397.5	6.00	$433.7	6.00
One One One Eagle Street, Brisbane, QLD*	$36.4	6.75	$35.8	n/a
Melbourne Central, VIC	$394.4	6.13	$394.4	6.25
818 Bourke Street, VIC	$106.8	7.80	$133.0	6.25
Citigroup Centre, NSW	$421.4	5.63	$421.2	6.00
1 Farrer Place, NSW	$371.1	5.13/5.50	$372.6	5.75
Interest in GWOF	$1,060.5	6.00	$1,064.6	6.21
One One One Eagle Street, Brisbane, QLD**	-	-	$69.2
workplace6, Sydney, NSW**	-	-	$82.8
Total	$3,088.1		$3,320.1
Weighted average cap rate		5.9%		6.1%

• Represents weighted average cap rate for Fund’s assets and fair value based on one third interest

** Development inventories

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Fair Value Industrial

Property	Dec 07 Fair Value ($m)	Cap Rate (%)	Jun 08 Fair Value ($m)	Cap Rate (%)
2-4 Harvey Road, Kings Park, NSW	$47.0	7.25	$47.5	7.50
Citi-West Industrial Estate, Altona North, VIC	$76.3	7.50	$71.0	7.75
Quad 1, Sydney Olympic Park, NSW	$19.3	7.25	$20.8	7.25
Quad 2, Sydney Olympic Park, NSW	$21.7	7.25	$21.7	7.25
Quad 3, Sydney Olympic Park, NSW	$22.7	7.00	$22.8	7.25
Quad 4, Sydney Olympic Park, NSW	$34.1	7.00	$34.1	7.00
8 Herb Elliott, Sydney Olympic Park, NSW	$9.0	8.00	$9.0	8.00
5 Figtree Drive, Sydney Olympic Park, NSW	$20.4	7.50	$20.0	7.75
7 Figtree Drive, Sydney Olympic Park, NSW	$10.8	7.50	$10.9	7.50
7 Parkview Drive, Sydney Olympic Park, NSW*	$19.1	-	$20.1	-
Rosehill Business Park, Camellia, NSW	$73.0	7.50	$73.2	7.50
15 Berry Street, Granville, NSW	$14.6	7.25	$14.6	7.25
19 Berry Street, Granville, NSW	$26.7	7.25	$27.8	7.25
973 Fairfield Road, Yeerongpilly. QLD	$13.3	7.50	$13.1	8.00

*Under development.

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70

Fair Value Industrial

Property	Dec 07 Fair Value ($m)	Cap Rate (%)	Jun 08 Fair Value ($m)	Cap Rate (%)
Austrak Business Park, Somerton, VIC	$144.7	7.25	$139.6	7.45
Austrak land, Somerton, VIC*	$16.4	-	$16.4	-
134-140 Fairbairn Road, Sunshine West, VIC	$14.0	7.25	$14.1	7.25
116 Holt Street, Pinkenba, QLD	$15.0	7.50	$15.1	7.50
Block 1 & 4 Section 15, Sandford St, Mitchell, ACT	$9.9	7.75	$10.0	8.75
31 Vision Drive, Burwood East, VIC	$10.5	9.00	$10.6	8.75
4 Holker Street, Silverwater, NSW	$34.3	7.00	$32.8	7.50
120 Miller Road, Villawood, NSW	$20.0	7.50	$20.0	7.75
372-374 Victoria Street, Wetherill Park, NSW	$22.1	7.00	$21.5	7.50
18-24 Abbott Road, Seven Hills, NSW	$15.5	7.75	$15.5	8.25
Lots 42 & 44 Ocean Steamers Dr, Port Adelaide, SA	$8.2	8.00	$8.2	8.25
21 Talavera Road, Macquarie Park, NSW*	19.2	-	$17.5	-
connect@erskinepark, Erskine Park, NSW*	-	-	$101.0	-
Total	$737.8		$828.9
Weighted average cap rate		7.4%		7.5%

*Under development.

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Fair Value Hotel/Tourism

Property*	Dec 07 Fair Value ($m)	Cap Rate (%)	Jun 08 Fair Value ($m)	Cap Rate (%)
Four Points, NSW	$232.4	8.5	$256.6	7.9
Voyages Hotels & Resort	$662.9	7.7	$554.6	7.3
Total	$895.3		$811.2
Weighted average cap rate		7.9%		7.5%

• Includes interests in associates.

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72

Retail: Sales Summary

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73

Office Portfolio

� Weighted average lease term 5.6 years (by area)

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74

Industrial/Business Park Portfolio

� Weighted average lease term 7.3 years (by income)

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Hotels Performance

Voyages Ayers Rock and Alice Springs Resort	Jun 2008	Change %*
Occupancy	59%	-2.0%
Average Daily Rate	$201	5.2%
Total Revenue (‘000)	$52,780	-3.2%
Voyages Lodges*
Occupancy	56%	-5.0%
Average Daily Rate	$246	-2.3%
Total Revenue (‘000)	$36,574	-11.4%
Total Voyages Hotels and Resorts*
Occupancy	58%	-3.0%
Average Daily Rate	$218	1.4%
Total Revenue (‘000)**	$93,383	-6.5%
Four Points
Occupancy	83%	3.0%
Average Daily Rate	$199	8.2%
Total Revenue (‘000)	$25,969	4.7%

• *Prior comparable period

• **Includes Voyages head office revenue.

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76

Fund Summary

Fund	Fund Established	AUM	GPT co-investment	Fund Profile (terms exclude extension options)	30 June 08 Gearing
Australian Wholesale Funds
GWOF	Q3 2006	AUD $3.2 billion	AUD $1,065m	Core Australian office assets. No defined term.	12%
GWSCF	Q1 2007	AUD $2.2 billion	AUD $809.4m	Core Australian retail assets. No defined term.	7%
GPT Halverton Funds
HBI	Q3 2005	EUR 893 million	Through Joint Venture	European multi-let industrial.	68%
GO	Q4 2006	EUR 118 million	Nil	German multi-let offices (outside main CBD areas). 7 year term.	78%
EB8	Q12007	EUR 284 million	Nil	European warehouses. 5 year term.	76%
BIP	Q2 2007	EUR 176 million	Nil	Multi-let industrial (Dutch and German). 6 year term.	57%
GRP	Q4 2007	EUR 136 million	EUR 10 million	German retail assets. 6 year term.	49%
DAF	Q4 2007	EUR 277 million	EUR 49 million	Dutch industrial and office assets. 7 year term.	58%
Hamburg Trust Fund
Domicilium	Q3 2007	EUR 50 million	Nil	German residential assets. 10 year term.	86.8%

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77

Joint Venture Fund Overview

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78

Joint Venture Fund Income

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79

Joint Venture Fund Debt

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80