GPT GROUP — Interim / Quarterly Report 2008

May 21, 2008

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

QUARTERLY UPDATE March 2008

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 March 2008 quarter.

Summary

The performance of GPT’s high quality investment portfolio remains solid. The Group’s extensive development pipeline has been progressed, with new developments at Charlestown Square and One One One Eagle Street now underway. Steady growth in the funds management business has been achieved, with assets under management increasing to $8.6 billion at 31 March 2008.

• Continued solid leasing activity across the GPT managed office assets

• Growth of the Australian wholesale funds management platform (to close to $5.2 billion assets under management)

• The successful opening of the $470 million Rouse Hill Town Centre in north-west Sydney

• The commencement of the premium grade office development of One One One Eagle Street and the sale of two-thirds of the development to the GPT Wholesale Office Fund and an existing capital partner

The March quarter distribution, of 7.2 cents per security, was announced on 1 May, and will be paid on 27 May 2008. Highlights include:

• Commencement of a major development at Charlestown Square.

• Further progress on a range of developments across the Group’s $4.6 billion development pipeline

OWNERSHIP

Within the major retailers, Cinemas are showing the strongest growth (comparable MAT up 8.8%). Mini Majors and Large Format Stores comparable MAT showed solid growth up 6.6% and up 4.9% respectively. Department Stores were the weakest major retailer with comparable MAT down 0.1%.

Australian Retail

GPT’s investment in high quality Australian retail assets consists of assets on GPT’s balance sheet and a 40% interest in the GPT Wholesale Shopping Centre Fund (GWSCF).

Sales Performance

Across the Shopping Centre Portfolio owned by GPT and GWSCF sales growth remains in line with expectations, with comparable centre MAT up 5.2% and comparable specialty MAT up 4.4% in the year to March 2008 (up 4.5% and 4.0% respectively at December 2007). Occupancy costs remain reasonable and, importantly, vacancies and arrears remain very low. The specialty occupancy cost across the portfolio was 16.3% at 31 March 2008.

The strongest performing specialty commodity groups include Jewellery, Eating Establishments and Household Equipment. Weaker performing commodity groups include Mobile Phones, Clothing and Shoes / Bags / Accessories.

Retail sales are expected to start to moderate over the course of the year as a result of higher interest rates and lower consumer confidence.

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QUARTERLY UPDATE – March 2008

Retail Overview - March 2008

Total Portfolio (Excluding development)

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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
(%)
GPT Owned
Casuarina Square 6,937 4.3% 9,524 6.1% 9.2% 13.6%
Dandenong Plaza 3,858 1.7% 6,415 1.5% 10.4% 16.0%
Erina Fair 5,943 3.4% 7,063 4.2% 9.4% 18.5%
Floreat Forum 7,709 4.3% 5,959 3.1% 7.4% 14.0%
Melbourne Central Retail 6,619 12.6% 8,947 12.7% 13.0% 14.4%
Sunshine Plaza 7,657 3.8% 10,376 4.7% 9.5% 16.1%
Westfield Penrith 6,789 5.8% 9,762 5.7% 10.9% 17.8%
Westfield Woden 7,054 4.6% 9,720 3.4% 9.0% 15.7%
GWSCF Owned
Carlingford Court 6,738 11.3% 8,411 1.5% 8.2% 15.4%
Chirnside Park 7,392 5.7% 8,691 (1.5%) 6.1% 13.7%
Forestway 11,799 6.3% 9,163 0.4% 10.8% 18.4%
Highpoint 6,446 3.3% 8,519 0.4% 10.8% 18.4%
Macarthur Square 5,810 8.2% 8,025 5.1% 10.4% 16.8%
Wollongong Central 5,776 (0.1%) 9,267 0.8% 11.7% 15.6%
Total Portfolio 6,438 5.2% 8,624 4.4% 9.9% 16.3%
Centres under Development
GPT Owned
Charlestown Square 7,2036 (2.8%) 10,449 (5.4%) 10.1% 17.0%
GWSCF Owned
Parkmore 5,856 7.0% 6,559 11.1% 7.6% 14.5%
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GPT reports in accordance with the Shopping Centre Council of Australia (SCCA) guidelines. Includes GST.

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Forestway Shopping Centre, Sydney

Page 2 – The GPT Group – Quarterly Update – March 2008

QUARTERLY UPDATE – March 2008

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Australian Office

GPT’s high quality office investment consists of assets held on the Group’s balance sheet and GPT’s 39% investment in the GPT Wholesale Office Fund (GWOF).

Leasing

Across the GPT managed Portfolio, 31,700 sqm was leased in the first quarter of 2008 and terms agreed over 13,200 sqm, resulting in 98.8% of space being committed, above market occupancy of 95.3%. Across the GPT managed Portfolio, the average lease term is 5.8 years, with limited short-term expiry, providing long term secure income with growth provided through leasing, fixed increases and market reviews. Over the balance of 2008, 23% of the managed portfolio by area will be reviewed or renewed providing strong opportunities for retail growth.

Highlights in the GPT owned portfolio include:

• At the MLC Centre in Sydney, 3,000 sqm has been leased in the quarter to a range of tenants including Servcorp, Property Australia and GPT. The building now has only 460 sqm (less than 0.5%) of space available to lease.

Across the portfolio of assets owned by GPT and GWOF only 6,600 sqm of space is now available to be leased.

In the first quarter of 2008, the office markets showed resilience due to the strength of the Australian economy. While leasing enquiry softened, Sydney recorded a solid 20,000 sqm and Melbourne 31,400 sqm of positive net absorption with vacancy rates reducing from 6.1% to 5.8% and 4.2% to 3.5% respectively. The tightening in global debt markets has resulted in the likelihood that a number of mooted developments, particularly in Brisbane, may not proceed and the reduction in planned supply will continue to drive rental growth as space available for lease decreases.

• At 818 Bourke Street in Melbourne, Infosys has leased 5,700 sqm and AMP Services has leased 3,800 sqm, both for 10 year terms, taking the building’s office space to full occupancy; and

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Lease Expiry by Area as at 31 March 2008 – GPT Managed Assets

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Foyer 530 Collins Street, Melbourne

Page 3 – The GPT Group – Quarterly Update – March 2008

QUARTERLY UPDATE – March 2008

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Australian Hotel/Tourism

The first quarter of 2008 has seen a continuation of difficult tourism conditions, with poor weather in Queensland impacting the Queensland resorts and slow inbound tourism growth and weakening domestic demand constraining occupancy growth. The Four Points by Sheraton, Sydney continued to demonstrate high occupancy and room rate growth.

The Portfolio’s key performance indicators to March 2008 are shown below.

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Total Portfolio YTD Mar YTD Mar Variance
2007 2008
Rooms Available 191,798 194,097 1.2%
Rooms Sold 137,270 132,377 -3.6%
Occupancy 72% 68% -4.0%
Room Rate $212 $218 2.8%
Total Revenue (000) $61,354 $58,735 -4.3%
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Ayers Rock Resort

Ayers Rock Resort has experienced generally weak inbound and domestic demand in line with wider leisure market trends. Notwithstanding, during the first quarter resort revenue was consistent with 2007 with increased occupancy but marginally lower room rates.

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Total Portfolio YTD Mar YTD Mar Variance
(inc Alice Springs) 2007 2008
Rooms Available 83,700 84,630 1.1%
Rooms Sold 50,044 51,319 2.5%
Occupancy 60% 61% 1.0%
Room Rate $211 $208 -1.4%
Total Revenue (000) $27,484 $27,341 -0.5%
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Four Points by Sheraton Hotel, Sydney

Four Points continues to trade well both in terms of occupancy and room rate. Although occupancy fell against 2007, this was due to an exceptionally strong March quarter in 2007. Sydney’s hotel fundamentals remain strong, resulting in solid room rate growth.

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Total Portfolio YTD Mar YTD Mar Variance
2007 2008
Rooms Available 56,700 57,330 1.1%
Rooms Sold 52,635 49,819 -5.4%
Occupancy 93% 87% -6.0%
Room Rate $192 $204 6.3%
Total Revenue (000) $13,443 $13,562 0.9%
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Voyages Lodges

Lodges revenue was down as a direct result of very poor weather conditions across Queensland during the first quarter. This resulted in the closure of Brampton Island, disrupted access to all resorts and cancelled bookings. More normalised trading is expected moving forward.

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Total Portfolio YTD Mar YTD Mar Variance
2007 2008
Rooms Available 51,398 52,137 1.4%
Rooms Sold 34,591 31,239 -9.7%
Occupancy 67% 60% -7.0%
Room Rate $243 $256 5.3%
Total Revenue (000) $20,427 $17,832 -12.7%
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Ayers Rock Resort

Page 4 – The GPT Group – Quarterly Update – March 2008

QUARTERLY UPDATE – March 2008

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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 95% and an average lease term of 7.5 years (by income) across the Portfolio at March 2008. During the first quarter of 2008, over 27,600 sqm of space was leased or renewed.

Leasing highlights for the quarter include:

• At 19 Berry Street, Granville, 19,600 sqm has been leased to Mitsubishi Motors for a 10 year term, resulting in occupancy of 100%; and

• At Citiwest Industrial Estate, 6,900 sqm has been leased to Protector Alsafe for an eight year term.

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 560,000 sqm of development land available across the Portfolio, investors will benefit from income growth as new developments commence in the short to medium term.

Lease Expiry by Income as at 31 March 2008

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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 a 20% interest in the manager of the Portfolio, Benchmark Assisted Living (BAL). The Portfolio provides access to a long term growth sector through an established portfolio and a joint venture relationship with a dominant operator in a growing market for this asset class.

The Portfolio now consists of interests in 34 assets.

Year to date occupancy across the 34 asset portfolio at 31 March 2008 was 89% (slightly down from the 91% occupancy at December 2007). Average rent per unit to the end of March was US$5,100 per month (versus US$4,800 for 2007), reflecting the benefit of rent reviews undertaken in January.

As the US economy has softened, deteriorating sentiment and general caution is resulting in longer lead times to release vacant apartments through the communities. This has resulted in occupancy declining slightly over the quarter. The needs-based demand for assisted living facilities and the favourable demographics of the New England region, we believe, will continue to underpin demand.

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US Seniors Housing

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Quad 3 – Sydney Olympic Park

Page 5 – The GPT Group – Quarterly Update – March 2008

QUARTERLY UPDATE – March 2008

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Joint Venture Fund

The Joint Venture Fund comprises a portfolio valued at $6.92 billion (approximate AUD equivalent), with assets located predominantly in Europe, and in particular Germany. During the March quarter, divestments were completed in the German office ($186 million) and German retail ($97 million) sectors. Both of these transactions reflected book value.

The JV Fund’s debt position is secure, with minimal maturities in the next 12 months (<3% of total debt). The JV Fund’s bank debt was $4.8 billion at 31 March. This debt has a weighted average term to maturity of 5.8 years and is 93% hedged. The all in debt cost is 5.2%.

With the exception of one asset (Galerie Butovice shopping centre in Prague), the JV Fund debt has no LVR or other covenant breaches. The Loan to Value Ratio (LVR) of the JV is 69.8% (December 69.6%). Only 50% of the JV Fund debt is subject to an LVR covenant. All JV Fund debt is non recourse to GPT.

Within Europe (76% of the JV Fund assets) the occupier markets in the sectors in which the JV is invested are displaying stable occupancies and rents. We expect this trend to continue in the near term. Transaction volumes have substantially slowed, with buyers finding it difficult to secure acceptable debt and equity financing arrangements. We expect this to continue into 2009. Within the current constraints of this market, and recognising we are not

forced sellers, we continue to seek selective opportunities to realise appropriate value through divestments in each of the JV Fund’s European portfolios.

In the USA, (23% of the JV Fund assets) the occupier market for the retail sector in which the JV is invested is expected to be impacted by weakening consumer confidence and consumer spending. The multi family sector is expected to benefit from stronger tenant demand stemming from continued strong immigration flows and home owners in mortgage rate distress. With the exception of the multi family sector, due to the availability of funding through conduits such as Fannie Mae and Freddie Mac, the transaction market has also stalled due to financing constraints.

Currently, the JV Fund has a remaining term of 4 years (subject to termination provisions), with a realisation period thereafter, and with annual preferred capital redemptions of $163m commencing in January 2009. As announced in February, in response to a change in the capital markets’ appetite for risk, we are in discussions with Babcock & Brown with the objective of accelerating the return of capital from the JV, as assets are realised in the ordinary course of the Joint Venture’s operations. Our discussions are proceeding constructively, and we will update the market as soon as we are in a position to do so.

At 31 March 2008, GPT had fully committed its capital to the Joint Venture with a total of $2 billion in capital contributed, including $1.6 billion of preferred capital.

FUNDS MANAGEMENT

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. This has created a business with $8.6 billion in assets under management at 31 March 2008, providing GPT with access to real estate product in Australia and Europe and a range of capital partners.

Australian Funds Management

The GPT Wholesale Office Fund (GWOF) now has assets valued at over $3 billion. At 31 March 2008 the Fund comprised 13 assets and delivered outperformance for investors against the Fund’s benchmark. GPT benefited from this performance through the Group’s 39% interest in the Fund. The Fund retains low gearing of 12% and an active distribution reinvestment plan.

At 31 March 2008, the GPT Wholesale Shopping Centre Fund (GWSCF), which was established in March 2007, comprised a portfolio of interests in 9 retail assets, with a value of $2.15 billion. The Fund also has low gearing, of 6%, and an active distribution reinvestment plan.

European Funds Management

GPT expanded the platform to Europe in 2007 with the acquisition of Halverton Real Estate Investment Management (now GPT Halverton), and an 80% interest in Hamburg Trust. These platforms provide the Group with exposure to a broader range of investors and access to local expertise in these markets. Since acquisition these businesses have continued to grow with assets under management of $3.4 billion at 31 March 2008.

Page 6 – The GPT Group – Quarterly Update – March 2008

QUARTERLY UPDATE – March 2008

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GPT Halverton

In the first quarter of 2008, GPT Halverton continued to focus on the creation of new funds, and the expansion of existing portfolios for established vehicles. Assets were acquired for GRP and BIP and plans for a number of Funds were progressed:

• DAF, a fund focussed on industrial and office assets in the Netherlands raised € 83 million equity in January 2008, with a second close targeted in the second half of 2008

• SAF, a vehicle focussing on higher yielding light industrial properties in Sweden; and

• UKLI, a fund focussed on the UK light industrial market which will seek to capitalise on the changes in pricing occurring in the UK market.

Northern European Light Industrial Fund (NELI)

GPT Halverton has been seeking to securitise the Joint Venture’s equity in its European multi-let industrial portfolio via the establishment of a new Fund, NELI.

Despite positive investor feedback in relation to the Fund’s assets, structure, management platform and debt financing arrangements, investor uncertainty about the future for real estate values in Europe generally has led investors to focus on blind pools with opportunistic investment strategies at this point in the cycle and delay investment decisions for core plus offerings, such as NELI, leading to our decision to defer the launch of the fund.

An independent valuation of the European multi-let industrial portfolio at March demonstrated little movement in values, with the valuation reducing to €895 million (only 1.3% down on the December 2007 valuation), with an average passing yield (passing net operating income over the net market valuation of the portfolio) of 7.1% (before asset management fees).

GPT Halverton had $3.4 billion in assets under management at March 2008 (€2.0 billion) through six established funds and mandates; including:

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Fund Focus Current AUM (€)
HBI European multi-let 895 million
industrial
GO German multi-let 115 million
offices (outside main
CBD areas)
EB8 European warehouses 285 million
BIP Multi-let industrial 175 million
(Dutch and German)
GRP German retail assets 100 million
DAF Dutch industrial and 280 million
office assets
Separate Dutch assets/retail c.165 million
account
mandates/other
TOTAL €2 billion
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The 105 assets that make up NELI will remain owned by the Joint Venture and managed by GPT Halverton. The portfolio continues to perform well. Debt financing remains in place for the portfolio, with 98% of the portfolio’s debt facilities not maturing until February 2015.

Based on the encouraging level of investor interest, we continue to believe that the NELI offering is an attractive investment proposition for investors, and expect that appetite for seeded offerings will return once investors are more confident about the future direction of European real estate values in general. GPT and Babcock & Brown will continue to consider options for the portfolio over time as market conditions become clearer.

Page 7 – The GPT Group – Quarterly Update – March 2008

QUARTERLY UPDATE – March 2008

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DEVELOPMENT

GPT Owned Developments

Subsequent to quarter end, the commencement of the premium grade One One One Eagle Street office development was announced. A sale of two-thirds of the development including the land for the project (to the GPT Wholesale Office Fund and an existing capital partner) was also announced and was a further demonstration of GPT’s strategy to develop assets on balance sheet, provide quality opportunities for its managed funds and partner with existing capital partners where appropriate. The transaction achieved a price above book value for the land ($53.3 million compared to a December book value of $17.2 million), reflecting material value added by GPT through the planning and approval process.

Overall, current and potential GPT owned projects have an estimated cost of approximately $3 billion in the medium term. Major projects include:

Retail

• The $470 million Rouse Hill Town Centre had a very successful opening. Comprising a Woolworths, Coles, Target, Big W, Reading Cinema, and 210 specialty stores, the centre opened fully leased on 6 March 2008. The development is trading well with traffic and sales building steadily and the development is on track to deliver a first year yield of 7%.

• At Charlestown Square, a major expansion which will increase the centre by approximately 40,000 sqm at a cost of approximately $450 million commenced in January 2008. This major expansion is anticipated to be completed in 2010.

• GPT is also progressing plans for a $500 million retail, entertainment and commercial development in the heart of Newcastle’s city centre along with masterplanning for future expansions of a number of centres in the portfolio.

Office

• The development of a new 21,700 sqm campus style office building on the waterfront at 818 Bourke Street, Melbourne, was completed in December 2007. The $110 million, six level office building has attracted Ericsson as the major tenant (leasing over 56% of the building) for a term of ten years and the remaining office space is now fully leased. A first year yield of 7.8% is anticipated on the development.

• Construction at workplace6, which commenced in April 2007, is due for completion in November 2008, ahead of schedule. The six-level office building of approximately 18,000 sqm located on the waterfront at Darling Island, Sydney, has been leased to Google and Accenture and has been sold to the GPT Wholesale Office Fund for $188.7 million.

• At One One One Eagle Street, Brisbane, demolition of the existing Indigo House building commenced in the first quarter of 2008 to make way for the construction of a 62,500 sqm Premium Grade office tower on the site which is located in Brisbane’s prime commercial “Golden Triangle” precinct. Leighton Contractors have been appointed to undertake project management. The project is due to complete in the second half of 2011.

Industrial

• An expansion for Mitsubishi (6,000 sqm), at 19 Berry Street, Granville, completed in the first quarter of 2008 and is expected to deliver a first year yield of 8%.

• Additional opportunities exist at Macquarie Park, Sydney Olympic Park and Austrak Business Park, Somerton, and GPT also anticipates settlement of a 376,000 sqm site at Erskine Park in June 2008. The site has the ability to be developed into a significant industrial estate with close to 160,000 sqm of gross building area.

Fund Owned Developments

Major developments within the Group’s wholesale funds include a range of retail and office opportunities with a potential cost of $1.6 billion, including:

• Office developments underway in Brisbane (545 Queen Street) and Melbourne (28 Freshwater Place).

• At the GWSCF owned Wollongong Central, development approval has been received for the current Development Application. This was an important step in the Fund’s plans for a revitalised offer at the Centre, paving the way for a development proposition to be formalised and put to the GPT Funds Management Limited Board. Currently the new AHM facility is under construction and anticipated to be complete in August this year.

Page 8 – The GPT Group – Quarterly Update – March 2008

QUARTERLY UPDATE – March 2008

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CAPITAL MANAGEMENT

The Group raised $300 million in additional capital through the Distribution Reinvestment Plan (DRP) which was fully underwritten for the December and March quarter distributions.

At 31 March 2008, GPT had debt of $4.7 billion and an effective interest rate (after fees and margins) of 5.15%. The weighted average maturity of debt was 3.4 years and 4.6 years on a look through basis. Both headline and look through gearing remain comfortably within the Group’s policy ranges of 30-40% and up to 50% respectively.

The Group continues to actively manage its capital needs and funding requirements to ensure adequate capacity is maintained.

During 2008 $750 million of debt is due to mature ($350 million in June, $100 million in August and $300 million in October). This debt will be refinanced through existing facilities and the proceeds of the DRP.

GPT has negotiated an extension of $300m for three years over one maturing facility and is continuing to progress extensions on existing unused facilities which have maturities in 2008 in order to position the Group for future funding requirements.

With only $700 million of debt to be refinanced in 2009, the Group remains well positioned to continue to manage its funding requirements within policy ranges.

Hedging remains in place for 97% of the Group’s current debt, for an average term of 5.2 years at a rate of 4.6% (excluding fees and margins).

A detailed Debt and Hedging Schedule is attached showing the position of GPT’s debt and hedging facilities at 31 March 2008.

Note: This analysis excludes offshore debt.

For further information please call:

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Nic Lyons Chief Executive Officer 02 8239 3565
Michael O’Brien Chief Operating Officer 02 8239 3544
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 9 – The GPT Group – Quarterly Update – March 2008

QUARTERLY UPDATE – March 2008

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Debt Hedging (at 31 March 2008)

Overview

• Long term credit ratings BBB+ (outlook negative) (S&P) / Baa1 (outlook negative) (Moody’s)

• Headline gearing is 36.3% as at 31 December 2007

• Weighted average cost of Australian debt including fees and margins is 6.20% (excl Euro, USD, NZD, DKK & SEK facility debt)

• Weighted average headline length of debt is 3.4 yrs (excluding controlled entities)

• Euro income hedged between 0.5360 and 0.5591 (wtd avg) over the next 5.6 years

• USD income hedged at 0.7346 over the next 2.8 years

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GPT Debt (Face Value) AUD EQUIV $M
GPT Bonds:
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 June 2008 (see note 1) 160
Fixed rate, due in March 2009 325
Fixed rate due in November 2010 100
Fixed rate due in August 2013 (see note 1) 200
CPI Bonds, due in December 2029 125
GPT Bank Facilities
Bank Facility – due in June 2008 50
Bank Facility – due in October 2008 300
Syndicated Bank Euro 562.2m converted to AUD, due in October 2010 971
Syndicated Bank Euro 577.8m converted to AUD, due in October 2012 997
Syndicated Bank USD 627.4m converted to AUD, due in October 2012 687
Syndicated Bank NZD 59m converted to AUD, due in October 2012 51
Controlled Entities:
Somerton Bill Facility – due in May 2008 15
Somerton Bill Facility – due in May 2009 60
Halverton Overdraft Facility – Euro 3.2m converted to AUD, due in May 2008 5
Halverton H2O Euro Facility – Euro 100.1 converted to AUD, due in July 2014 (note 2) 173
Halverton H2O DKK Facility – DKK 124.5m converted to AUD, due in July 2014 (note 2) 29
Halverton SAF Facility – SEK 196m converted to AUD, due in February 2015 (note 4) 36
Hamburg Bridge Facility – USD 92.5m converted to AUD, due in December 2009 (notes 3&4) 101
Hamburg Alliance Facility – USD 72m converted to AUD, due in July 2017 (note 3) 79
Total Debt 5,216
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Page 10 – The GPT Group – Quarterly Update – March 2008

QUARTERLY UPDATE – March 2008

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GPT Interest Rate Management

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Floating (see note 5) 260
Current Swaps 4,327
Fixed 504
CPI 125
Total 5,216
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• (1) Full amount has been swapped to floating

• (2) Debt shown is total amount in entity. GPT share of H2O debt is 94.8% = A$ 191M

• (3) Debt shown is total amount in entity. GPT share of Hamburg debt is 80% = A$ 144M

• (4) The debt balances under these facilities have been subsequently repaid down to the balances outstanding as at Dec 2007

• (5) Floating debt after taking into account current swaps

Current effective interest rate after fees & margins is 5.17% (5.15%)* on

• $5,216m ($4,718m)** of debt outstanding

• Includes the borrowing costs from AUD, Euro, USD, NZD, DKK & SEK facilities.

• ** Excludes debt from controlled entities.

AUD Current Interest Rate Hedging

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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 March 2008 6.20% 2,040 1,490 550
31 December 2008 6.15% 1,740 1,190 550
31 December 2009 6.56% 1,315 1,090 225
31 December 2010 7.11% 775 650 125
31 December 2011 7.77% 575 450 125
31 December 2012 8.41% 525 400 125
31 December 2013 8.29% 725 600 125
31 December 2014 8.21% 725 600 125
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• Average Rate at 31 March 2008 is the current cost of total debt (excludes controlled entities) including unhedged balances

AUD Fixed Exposures and Weighted Average Cost

(including Margin and Fees) on hedged balance

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2000 10%
1800 8.41% 8.29% 8.71% 9%
7.77%
1600 8%
7.11% Maturity
6.56%
1400 7%
6.15%
Knockout Swaps
1200 6% (6.5%, 6.75% & 7% KO)
1000 5% & Swaptions
800 4% Swaps
600 3% Fixed Exposures
Average Fixed Rate
400 2%
200 1%
0 0
Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14
$millions
Average Interest Rates
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Page 11 – The GPT Group – Quarterly Update – March 2008

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QUARTERLY UPDATE – March 2008

EUR Current Interest Rate Hedging

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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 March 2008 4.25% 1,250 1,250 –
31 December 2008 3.72% 490 490 –
31 December 2009 3.76% 440 440 –
31 December 2010 4.06% 440 440 –
31 December 2011 4.22% 340 340 –
31 December 2012 4.05% 190 190 –
31 December 2013 3.88% 140 140 –
31 December 2014 – – – –
----- End of picture text -----*

• Average Rate at 31 March 2008 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 -----

600 4.3%
4.22%
4.2%
500
4.06% 4.05%
4.1%
400 4%
3.88%
3.9%
300
3.8%
3.72% 3.76%
200 3.7%
3.6%
100
3.5%
0 3.4%
Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14
maturity
$millions
Average Interest Rates
----- End of picture text -----

Actual Swaps Average Fixed Rate

Page 12 – The GPT Group – Quarterly Update – March 2008

QUARTERLY UPDATE – March 2008

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USD Current Interest Rating Hedging

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

Hedging Position as at Average Rate on Total Principal Principal amount of Principal amount of
hedged balance Incl Amount derivative financial fixed rate borrowings
Margins & Fees instruments
$USD million $USD million $USD million
31 March 2008 4.56% 632 560 72
31 December 2008 4.50% 760 760 -
31 December 2009 4.58% 660 660 -
31 December 2010 4.70% 480 480 -
31 December 2011 5.14% 400 400 -
31 December 2012 5.34% 250 250 -
31 December 2013 5.35% 170 170 -
31 December 2014 5.35% 170 170 -
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• Average Rate at 31 March 2008 is the current cost of total debt including unhedged balances.

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

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

800 5.6%
5.34% 5.35% 5.35%
700 5.4%
5.14%
600 5.2%
500 5%
4.7%
400 4.8%
4.58%
300 4.5% 4.6%
200 4.4%
100 4.2%
0 4%
Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14
maturity
$millions
Average Interest Rates
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Also outstanding at 31 March 2008 were the following debt balances:

• DKK 124.5m (A$28.8m) (swapped to fixed, total cost of funds 5.51%)

• SEK 196.0m (A$36.1m) (swapped to fixed, total cost of funds 5.56%)

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*Excludes controlled entities

Page 13 – The GPT Group – Quarterly Update – March 2008

QUARTERLY UPDATE – March 2008

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AUD, EUR, USD & NZD Hedging Portfolio* (as at 31 March 2008)

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A ctual Exposures A ctual Hedges
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*Excludes controlled entities

Forward Exchange Contracts

Net cash inflows are expected to occur at various dates from the balance date to the period outlined below. At 31 March 2008, the details of outstanding forward and barrier contracts are:

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Sell EUR Weighted average AUD Equivalent
31 Mar 08 FX rate 31 Mar 08 31 Mar 08
Maturity EUR(€ M) AUD/EUR AUD($M)
2008 30.3 0.5550 54.6
2009 46.5 0.5515 84.3
2010 42.2 0.5553 76.0
2011 32.6 0.5591 58.3
2012 7.8 0.5360 14.6
2013 7.8 0.5360 14.6
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Sell USD Weighted average AUD Equivalent
31 Mar 08 FX rate 31 Mar 08 31 Mar 08
Maturity USD($ M) AUD/USD AUD($M)
2008 2.3 0.7346 3.1
2009 4.9 0.7346 6.7
2010 5.3 0.7346 7.2
2011 2.7 0.7346 3.7
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Amounts disclosed above represent currency sold measured at the contracted rate.

Page 14 – The GPT Group – Quarterly Update – March 2008

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JOINT VENTURE FUND AS AT MARCH 2008

JOINT VENTURE FUND OVERVIEW (March 2008)

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Portfolio Book Value Book Value %
Mar 08 (Local Currency) AUD
German Residential 1,416.9 2,437.5 35.2%
Euro Multi-Let Industrial 895.0 1,539.6 22.2%
Euro Retail 644.6 1,109.0 16.0%
US Retail 872.1 950.0 13.7%
US Multifamily 329.0 358.4 5.2%
US Loans 294.4 320.7 4.6%
Aust NZ Mezzanine 105.2 105.2 1.5%
Other 103.6 1.5%
Total 6,924.1 100.0%
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Note:

1 Exchange rate AUD/Euro 0.5813, AUD/USD 0.9180, AUD/GBP 0.4608 (Spot Rate @ 31 March 2008)

2 Euro Multi Let Industrial portfolio was independently revalued in March 2008 at €895m (previously €907m)

Investment by sector

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Investment by region

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2

JOINT VENTURE CAPITAL (March 2008)

Equity Capital	Mar 2008	Dec 2007	Note: 1 Exchange rate AUD/Euro 0.5813, AUD/USD 0.9180, AUD/GBP 0.4608 (Spot Rate @ 31 March 2008)
GPT Preferred	1,629.0	1,636.6
GPT Ordinary	336.6	328.8
	1,965.6	1,965.4
BNB Ordinary	236.6	228.8
Total	2,202.3	2,194.2

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Debt Summary Europe USA Other Total
Portfolio Book Value 5,189.7 1,629.2 105.2 6,924.1
Bank Debt 3,639.0 1,196.3 - 4,835.3
LVR (gearing) 70.1% [(2)] 73.4% [(3)] 0.0% 69.8%
Weighted Average Term to Maturity 5.6 6.4 - 5.8
Bank Debt Fixed or Hedged 97.8% 82.2% - 93.2%
Weighted Average Hedge Duration 5.2 7.4 - 5.8
Weighted Average Bank Margin 90 bps 117 bps - 98 bps
Weighted Average Debt Cost 5.1% 5.3% - 5.2%
----- End of picture text -----

Note:

• 1 Exchange rate AUD/Euro 0.5813, AUD/USD 0.9180, AUD/GBP 0.4608 (Spot Rate @ 31 March 2008)

• 2 67% of the Euro debt is subject to an LVR covenant

With the exception of Galerie Butovice (Loan - €74m), there are no LVR breaches in Europe

• 3 No part of the USA debt is subject to an LVR covenant

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Debt Maturity Profile Mar 31st 2008 Dec 31st 2007
$ % $ %
2008 [(1)] 58.1 1.2 186.2 3.74%
2009 101.1 2.1 86.6 1.74%
2010 224.0 4.6 274.0 5.51%
2011 397.1 8.2 384.7 7.73%
2012 939.3 19.4 939.3 18.89%
2013 487.7 10.1 56.7 1.14%
2014 210.0 4.3 206.5 4.15%
2015 1,508.7 31.2 1,456.7 29.29%
2016 740.6 15.3 1,274.4 25.62%
2017 168.6 3.5 108.4 2.18%
Total 4,835.3 100.0 4,973.5 100.0%
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1 Exchange rate AUD/Euro 0.5813, AUD/USD 0.9180, AUD/GBP 0.4608 (Spot Rate @ 31 March 2008)

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Refinancing Requirements in the next 12 months
Loan A$m Due
US Retail (Myrtle Beach) 54.7 Dec 2008
US Retail (Westgate, Westland) 29.4 Jan-June 2009
German Residential 36.1 Jan 2009
Total 120.2
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1. Exchange rate AUD/Euro 0.5813, AUD/USD 0.9180, AUD/GBP 0.4608 (Spot Rate @ 31 March 2008)

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3

JOINT VENTURE CAPITAL Cont (March 2008)

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LVR By Portfolio Loan Balance LVR LVR [ (2)]
A$m at 31st March Covenant
German Residential
- subject to an LVR covenant (bank debt) 973.9 71% 80% No breaches
- no LVR covenant (securitised debt) 648.5 77% N/A N/A
- no LVR covenant (bank debt) 154.9 74% N/A N/A
1,777.3 73%
Euro Multi-Let Industrial 1,051.1 68% 80% No breaches
Euro Retail
- subject to LVR covenant 264.2 73% 76% No breaches
- no LVR covenant 414.1 64% N/A N/A
- Galerie Butovice 128.8 100% 75% In discussions with bank
807.2
US Retail 730.8 75% N/A N/A
US Multifamily 267.8 74% N/A N/A
US Loans 197.7 61% N/A N/A
Other 3.4 N/A N/A N/A
Total 4,835.2 69.8%
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1 Exchange rate AUD/Euro 0.5813, AUD/USD 0.9180, AUD/GBP 0.4608 (Spot Rate @ 31 March 2008)

2 Weighted average LVR covenant

3 50% of total JV debt is subject to an LVR covenant. With the exception of Galerie Butovice (Loan €74m) there are no LVR breaches

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4

GERMAN RESIDENTIAL (March 2008)

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Key Metrics Mar 2008 Dec 2007
No of Apartments 29,078 28,870
No of Commercial Units 929 913
Total GLA (‘000) SQM 1,965 1,947
Ave Apartment Size SQM 68 67
Occupancy 89% 89%
Rent per sqm per month(€) 4.9 4.9
Book Value (€m) 1,416.9 1,424.2
Value per apartment 48,700 49,300
Value per sqm 721 731
Yield 5.3% 5.4%
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Note:

• 1 Includes both Apartments and Commercial Units

• 2 Yield is an estimate of the passing yield calculated as the March 2008 quarter NOI over Book Value

Portfolio Overview

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Sub Portfolio Apartments Commercial GLA Occ % Rent per Book Ownership
Units SQM SQM Value Interest
AMB II 1,774 8 110,415 84.4% 4.58 65,505 99.6%
Annenhoeffe 219 47 22,360 81.6% 7.80 26,981 99.6%
Bohnke 2,153 85 148,364 86.0% 4.49 108,187 99.6%
Endler 519 34 46,115 81.5% 6.14 44,155 99.6%
Franz Mark 5,497 152 355,415 89.7% 4.44 237,382 99.6%
Gleinecker Spitze 324 35 33,180 94.9% 7.19 40,829 99.6%
Gontiatt 1,429 26 74,692 85.6% 4.95 45,743 99.6%
Heidi 4,059 15 239,252 88.2% 4.35 150,136 32.5%
Idealwert II 825 227 106,609 96.0% 7.30 125,249 99.6%
Immo-West 2,370 39 153,416 85.6% 4.42 94,906 99.6%
Minotaurus 208 16 18,123 85.2% 4.75 13,541 99.6%
Muenster 626 13 51,950 85.7% 4.41 29,641 99.6%
Nau II 52 13 7,473 95.7% 5.64 7,126 99.6%
Otto-Dix 4,797 66 305,646 85.3% 4.66 191,023 99.6%
Residential 2 1,018 105 84,710 97.6% 6.91 103,196 99.6%
Vivacon II 3,208 48 207,391 93.9% 4.68 133,344 99.6%
Total / Weighted Ave. 29,078 929 1,965,111 88.6% 4.93 1,416,943
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5

EUROPEAN MULTI-LET INDUSTRIAL (March 2008)

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Key Metrics Mar 2008 Dec 2007
No of Properties 107 107
No of Units 2,157 2,157
Total GLA (‘000) SQM 1,643 1,643
Occupancy 88% 88%
Book Value (€m) 895.0 907.0
Monthly rent psm (€) 4.1 4.1
Yield 6.5% 6.5%
WALE 2.4 yrs 2.3 yrs
No. of Leases 1,711 1,722
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Note:

• 1 Yield is an estimate of the passing yield calculated as the March 2008 quarter NOI over Book Value

• (after GPTH asset management fee)

• 2 Rent per sqm is rented space only

• 3 Euro Multi-Let Industrial portfolio was independently revalued in March 2008 at €895m (previously €907m)

Portfolio Overview

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Country Assets GLA (SQM) Occ (%) WALE Book Value
€’000
Netherlands 44 383,784 89% 2.6 272,950
Germany 34 886,902 89% 2.5 433,010
France 21 182,329 76% 2.0 104,690
Denmark 6 164,175 94% 1.8 68,530
Sweden 2 25,756 95% 2.3 15,804
Total 107 1,642,946 88% 2.4 894,984
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6

EUROPEAN RETAIL

(March 2008)

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Key Metrics Mar 2008 Dec 2007
Book Value (€m) 644.6 701.1
No of Properties 53 54
Total GLA (‘000) SQM 406 446
Occupancy 97.9% 97.9%
WALE 8.3 8.6
Yield 6.0% 6.1%
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Note:

• 1 Yield is an estimate of the passing yield calculated as the March 2008 quarter NOI over Book Value

• 2 Weighted Average Lease Expiry, by rent

• The retail logistics property in Berlin was sold in January 2008 at Book Value.

Portfolio Overview

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

Asset /Sub-portfolio Location Assets GLA Occ WALE Book Value
SQM % €’000
Galarie Butovice Prague 1 36,568 80.2% 8.1 75,000
Straubing Germany 1 34,185 100.0% 6.1 54,220
Kelheim Germany 1 18,906 97.1% 6.4 31,080
Heron Barcelona 1 33,757 98.0% 14.9 138,002
Cash & Carry Berlin 1 15,500 100.0% 11.8 29,850
Edeka Germany 8 11,479 100.0% 10.0 15,006
Isarkies Germany 10 24,886 100.0% 9.9 41,305
MKV Munich 1 57,354 100.0% 7.6 86,920
St Bau Germany 4 12,324 100.0% 9.1 21,100
Timon Germany 9 42,601 100.0% 7.8 66,800
Zoebisch Germany 5 16,953 100.0% 9.1 28,060
Senukai Lithuania 11 101,000 99.8% 5.8 57,294
Total 53 405,513 97.9% 8.3 644,637
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7

US RETAIL (March 2008)

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

Key Metrics Mar 2008 Dec 2007
Book Value ($USm) [(1,2)] 872.1 830.1
No of Properties 16 16
Total GLA (‘000) SQM [(3)] 3,773 3,786
Occupancy 92% 93%
Sales per sqft ($USm) [(4)] 314 321
Occupancy cost [(5)] 11.8% 11.2%
Yield [(6)] 6.8% 6.8%
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• 1 During the March quarter, the JV acquired Colonial’s 10% interest in the Colonial Portfolio.

• 2 Book Value excludes minority interests

• 3 GLA excludes anchors (owned and non owned)

• 4 Sales per sqft is for speciality retail sales. 12 month trailing average.

• 5 Occupancy cost excludes anchors and tenants > 10,000 sqft

• 6 Yield is an estimate of passing yield calculated as March quarter NOI annualised and normalised for the Colonial acquisition, over March quarter Book Value. December 2007 yield is an estimate only.

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Centre Book GLA Occ % Sales per Occ Location Anchors
Value SQFT sqft cost
€’000
Glynn Place 33,718 189,564 90.3% 236 11.4% Brunswick, Georgia Sears (non owned), Belk (non
owned), JC Penney (non owned),
Steve & Barry’s
Valdosta 69,780 288,867 88.4% 294 11.2% Valdosta, Georgia Belk (non owned), JC Penney,
Sears
Bel Air 179,254 442,373 97.2% 342 12.3% Mobile, Alabama Dillard’s (non owned), JC Penney,
Belk, Sears, Target (non-owned)
Myrtle Beach 46,436 246,839 86.3% 251 13.7% Myrtle Beach, SC Belk, Belk Men’s, JC Penney,
Bass Pro, Carmike Theater
University 30,753 178,877 87.8% 248 11.2% Auburn, Alabama Belk, JC Penney, Sears, Dillard’s
Village (non owned)
Greenville 60,792 164,444 94.5% 358 11.1% Greenville, NC Belk (non owned), Belk Men’s, JC
Penney, Steve & Barry’s
Promenade 94,905 38,287 100.0% 197 10.5% Birmingham, Alabama Target (non owned), Home
Tutwiler Depot, Academy Sports, TJ Maxx,
Michael’s, Old Navy, Bed Bath &
Beyond, Books A Million
Pinnacle 122,532 97.9% Birmingham, Alabama Belk, JC Penney, Best Buy
Tutwiler
Killeen 50,844 243,228 92.1% 478 9.9% Killeen, Texas Dillard’s, Dillard’s Men’s &
Children’s, JC Penney (all non
owned), Sears, Steve & Barry’s
South Park 51,561 227,135 98.2% 393 11.8% San Antonio, Texas Macy’s (non owned), Sears, JC
Penney, Mervyn’s, Beall’s
Central Mall 41,494 259,299 97.1% 323 9.7% Fort Smith, Arkansas Dillard’s (non owned), Dillard’s
Men’s, JC Penney, Sears
Westland 58,938 225,508 95.5% 322 14.0% Westland, Michigan JC Penney, Kohl’s, Sears, Macy’s
(all non owned)
Westgate 38,192 265,508 85.9% 295 15.8% Brockton, Massachusetts Macy’s, Sears (non owned)
Brockton
Westgate 51,386 307,378 91.9% 334 12.5% Amarillo, Texas Dillard’s Men’s, JC Penney, Sears
Amarillo (all non owned), Dillard’s, Beall’s
Mesilla 34,448 294,406 82.3% 270 10.9% Las Cruces, New Mexico Dillard’s, Dillard’s Men’s JC
Penney (all non owned), Sears
Santa Fe 29,624 278,701 82.0% 268 11.4% Santa Fe, New Mexico Dillard’s, JC Penney, Mervyn’s (all
non owned), Sears
Total 872,125 3,772,946 92.2% 314 11.8%
----- End of picture text -----

Note:

• 1 GLA excludes anchors (owned and non owned)

• 2 Sales per sqft is for specialty retail sales. 12 month trailing average.

• 3 Occupancy cost excludes anchors and tenants > 10,000 sqft

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8

US MULTIFAMILY (March 2008)

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Key Metrics Mar 2008 Dec 2007
Book Value ($USm) 329.0 329.0
No of Properties 64 64
No. of units 18,795 18,795
Ave. Economic 90.4% 90.1%
Occupancy
Ave. Revenue per 575 576
Occupied Unit
Yield 6.9% 6.6%
----- End of picture text -----

Note:

1 Book Value includes the mezzanine interest held by the JV

• 2 Yield is an estimate of the passing yield calculated as the March 2008 quarter NOI over Book Value

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Mezzanine Equity Interest Total
Interest
Book Value ($USm) 62.8 266.2 329.0
Yield 10.0% 6.3% 6.9%
Valuation Summary Location Book
Sub Portfolio Value
Number Percent
Texas 11,077 58.9% 455,378
South Carolina 1,972 10.5% 84,271
Virginia 1,897 10.1% 101,237
Georgia 1,148 6.1% 47,761
Nevada 860 4.6% 78,914
Missouri 608 3.2% 30,557
North Carolina 476 2.5% 14,442
Florida 473 2.5% 27,282
Maryland 144 0.8% 16,522
Alabama 140 0.7% 5,092
18,795 100.0% 861,456
JV’s Mezzanine interest 62,830
798,626
JV’s 1/3rd interest 266,209
JV Book Value 329,039
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9

US LOANS (March 2008)

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Key Metrics Mar 2008 Dec 2007
Book Value ($USm) 294.4 272.1
No of Loans 21 22
Gross Asset Backing ($USm) 1,007.0 922.3
No. of Assets 35 37
Loan Types
- Whole Loans 53.6% 63.4%
- B Notes 35.4% 24.8%
- Mezzanine 11.0% 11.8%
LTV 78.2% 77.4%
Weighted average portfolio term (1) 17.0 mths 18.6 mths
Yield 6.6% 8.0%
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Note:

• 1 Subject to term extensions

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Loan Property Loc Value of Loan % of Loan LTV Yield Remaining
Type Property Amount Loan Type Spread Term
Portfolio (months)(1)
US$’000 US$’000
333-337 Turnpike (3) Office MA 19,600 15,654 5.3% Whole Loan 79.9% 2.55% 22
470 West Avenue Office CT 7,800 6,455 2.2% Whole Loan 82.8% 2.30% 23
85 Devonshire Office MA 21,008 16,192 5.5% Whole Loan 77.1% 2.05% 23
Blackpoint Puerto Rico Retail Retail PR 114,900 7,000 2.4% B-Note 79.8% 6.56% 46
Portfolio
Casselberry Plaza (4) Retail FL 7,000 6,730 2.3% Whole Loan 96.1% 2.50% 4
Continental Commerce Center Industrial FL 13,396 8,395 2.9% Whole Loan 62.7% 2.00% 6
Dedham Office MA 24,200 19,240 6.5% Whole Loan 79.5% 2.05% 22
District Apartments Multi Family TX 14,750 10,900 3.7% Whole Loan 73.9% 1.89% 12
Electronics Drive Industrial NJ 6,500 4,800 1.6% Whole Loan 73.8% 2.75% 8
Firestone Self Storage Self-Storage CA 10,200 7,325 2.5% Whole Loan 71.8% 2.75% 9
LaGrange Parking Lot Parking MA 7,700 4,200 1.4% Whole Loan 54.5% 2.50% 10
Garage
Le Meridien Dallas Hospitality TX 42,600 11,300 3.8% B-Note 75.1% 5.46% 18
Leestown Square Office KY 39,000 11,500 3.9% B-Note 79.5% 4.25% 8
Portals III Office DC 192,000 18,732 6.4% B-Note 58.3% 2.35% 3
Scuderi Building Office MD 10,000 7,800 2.6% Whole Loan 78.0% 2.25% 7
The Vinings at West Oak Multi Family TX 17,000 13,600 4.6% Whole Loan 80.0% 2.25% 9
Toluca Lake Multi Family CA 7,450 6,375 2.2% Whole Loan 85.6% 2.00% 11
VHA Place - Irving Office TX 30,000 22,850 7.8% Whole Loan 76.2% 2.40% 5
Wyndham Dallas North by the Hospitality TX 27,100 18,350 6.2% Whole Loan 67.7% 2.10% 15
Galleria
YPI Transwestern Portfolio Office I L / 286,100 36,500 12.4% Mezz 91.2% 4.42% 42
TX
Marriott Fairview Hospitality VA 108,700 40,500 13.8% B-Note 84.2% 2.10% 13
Total / Weighted Average 1,007,004 294,398 100.0% 78.2% 2.81% 17.0
----- End of picture text -----

Note

• 1 Remaining term is subject to extensions

• 2 All loans are performing satisfactorily, with no arrears or defaults

• 3 Since 31 March, US$11.8m of this loan has been repaid

• Since 31 March, borrower has agreed to partially pay down this loan.

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10

AUSTRALIA AND NEW ZEALAND MEZZANINE (March 2008)

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Key Metrics Mar 2008 Dec 2007
Book Value ($m) 105.2 97.8
No of Loans 8 8
Gross Asset Backing 379.0 365.5
No. of Assets 14 14
LTV 79% 80%
Weighted average portfolio term 11 mths 14 mths
Yield 16% 16%
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Property Loan as at Property Location Loan % of Loan LTV [(2)] Remaining
March 2008 Type Amount Portfolio Term
(Months)
Australia
Arndell Park Central Industrial Arndell 4,840,000 4.6% 80% 4.0
development Park,
Western
Sydney
Chatswood Transport Retail, Chatswood, 27,900,000 26.5% 91% 5.0
Interchange Residential NSW
Seven Mile Beach Residential Forster, 5,613,000 5.3% 29% 42.0
development NSW
Total Australia 38,353,000 36.4% 81% 10.3
New Zealand
Kitchener Group Retail, Auckland 26,457,000 21.8% 83% 5.0
Residential
North Holdings (Scott) Industrial Auckland, 14,237,000 11.7% 67% 27.0
North
Icon Apartment Auckland 6,524,000 5.4% 84% 16.0
development
NZRPG (Gunton) Retail Auckland, 28,481,746 23.4% 78% 8.0
Taurunga
Enfield Residential Auckland 1,581,842 1.3% 77% 3.0
Total New Zealand 77,281,588 63.6% 78% 11.0
(NZD)
Total New Zealand 66,869,939 63.6% 78% 11.0
(AUD)
Total Australia & NZ 105,222,939 100.0% 79% 10.8
----- End of picture text -----

Note:

1 Assumed exchange rate AUD/NZD 1.00:1.1557

• 2 LTV is the maximum loan value as a proportion of the estimated completion value of the project

.

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11

OTHER (March 2008)

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Portoflio Value ($m) Mar 2008 Dec 2007
UK Mezzanine 55.1 54.2
German Office (2) 48.5 47.0
Total 103.6 101.2
Note
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• 1 Exchange rate AUD/Euro 0.5813, AUD/USD 0.9180, AUD/GBP 0.4608 (Spot Rate @ 31 March 2008)

• 2 German office comprises a 30% interest in Cologne Technology Park. Since year end, the W Portfolio has been sold at Book Value

UK Mezzanine

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Key Metrics Mar 2008 Dec 2007
Book Value (£m) 25.4 23.9
No of Loans 2 2
Gross Asset Backing (£m) 116.7 109.0
No. of Assets 24 21
LTV 91% 92%
Weighted average portfolio term 6.0 yrs 6.2 yrs
Weighted average portfolio yield 17.0% 17.0%
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Loan Property Loc Value of Loan Bottom End Top End Yield Remaining
Type Property Amount of LTV of LTV Term
Range Range
£m £m
Spacemaker Portfolio Self Storage UK 59.56 13.62 71% 93% 17% 5.5 yrs
Safeland Portfolio Flex Space UK 57.12 11.82 68% 89% 17% 6.5 yrs
Total/Weighted Average 116.68 25.44 70% 91% 17% 6.0 yrs
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