GPT GROUP — Interim / Quarterly Report 2009

Jun 2, 2009

QUARTERLY UPDATE March 2009

ASX Announcement

The following information provides investors with an update on the activities of the GPT Group for the March 2009 quarter and announcements made post quarter end.

Highpoint Shopping Centre, Victoria

workplace[6] , Sydney

In the first quarter and post quarter end, GPT has made progress on a number of key initiatives that have materially enhanced the Group’s current position and outlook. These initiatives address key concerns, and include Board and management changes, a marked improvement in the Group’s balance sheet and liquidity position and removal of short term refinancing risk. GPT has also made significant progress on non core asset sales. Key events and highlights include:

• The appointment of a new CEO, Michael Cameron, who brings strong financial expertise and a background in both finance and real estate, to the Group;

• Renewal of the Group’s Board with the appointment of three new directors and the retirement of two directors;

• Successful $1.7 billion 1 for 1 Entitlement Offer, which will result in GPT’s balance sheet gearing reducing to approximately 21% on a pro forma basis and the Group having no material refinancing needs until 2012;

• Progress on non core asset sales with the sale of close to $560 million of assets, including the H2O portfolio (representing one of the portfolios on GPT’s balance sheet which had been acquired to seed future funds);

• Agreement with Babcock & Brown in relation to the transition of management of the Joint Venture (JV) from Babcock & Brown to GPT and confirmation that GPT is now in a position to accelerate its exit from the JV;

• Ongoing solid performance from the Group’s high quality Australian Retail, Office and Industrial/ Business Park Portfolios.

Austrak Business Park, Victoria

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

Board and Management Changes

Post quarter end GPT announced the appointment of Mr Michael Cameron to the position of CEO and Managing Director effective 1 May 2009. Mr Cameron, who was the former Chief Financial Officer of St George Bank and Commonwealth Bank of Australia, brings renewed leadership to the business with expertise in operating large financial services businesses – a critical focus in the current market. Mr Cameron will work closely with Michael O’Brien, who will continue as Chief Operating Officer.

The Group also announced a number of changes to the Board, with the addition of Mr Lim Swe Guan (Managing Director of GIC Real Estate Pte Ltd). Mr Lim’s appointment was ratified by investors at the Annual General Meeting (AGM) on 25 May. Michael Cameron and Rob Ferguson were also appointed to the Board. Mr Ferguson, who is Chairman of IMF (Australia) Limited and was a Director of

Westfield for 10 years, has extensive experience in finance, investment management and property as well as corporate governance. Mr Ferguson has also been appointed as Deputy Chairman.

Following the AGM on 25 May, Peter Joseph has retired as Chairman and Malcolm Latham has also retired from the Board. Dr Ken Moss has replaced Peter Joseph as Chairman. As an existing Director, Dr Moss provides an important element of continuity through a period of significant change and Board renewal.

Capital Raising

GPT launched a $1.7 billion 1 for 1 Pro-rata Entitlement Offer at $0.35 per New Security on 7 May 2009. The capital raising will strengthen GPT’s balance sheet, improve its liquidity position and allow GPT to seek to accelerate its exit from the Group’s Joint Venture with Babcock & Brown.

QUARTERLY UPDATE – March 2009

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The completion of a $120 million institutional placement (“Placement”) and the institutional component of the accelerated non-renounceable 1 for 1 pro rata entitlement offer (“Institutional Entitlement Offer”) was announced on 11 May 2009, raising approximately $1.4 billion. In addition, it was announced that the retail component of the Entitlement Offer (“Retail Entitlement Offer”) of approximately $300 million which closes on 9 June 2009 will now be underwritten.

Following completion of the capital raising, GPT has liquidity to fully fund all commitments through to 31 December 2010, including approximately $2.4 billion of debt maturities during this period. Following completion of the raising, the Group has no significant refinancing requirements until October 2012 and, with gearing of 21% on a pro forma basis, has amongst the lowest gearing in the A-REIT sector. Key metrics post completion of the fully underwritten $1.7 billion raising are shown in the following table.

Pro forma balance sheet gearing1	21%
Pro forma look through gearing1	37%
Pro forma NTA	$0.86
FY09 DPS guidance (cents)2	4.5
2009 DPS yield on issue price ($0.35)	12.9%
2H 2009 annualised DPS (cents)2	4.0
2H 2009 annualised DPS yield on issue price ($0.35)	11.4%

Notes:

1) Debt (less cash)/total tangible assets (less cash)

2) Reflects the impact of increased financing margin on syndicated debt facility of 50bps as a result of GPT’s credit rating from Moody’s being downgraded to Baa3 (disclosed to the ASX on 17 April 2009). Moody’s has announced it has placed GPT on review for possible upgrade. If the upgrade is received this increase in margin would be reversed.

CAPITAL MANAGEMENT

GPT’s credit rating was downgraded in April by Moody’s, which advised that it had lowered GPT’s long-term issuer and senior unsecured ratings to Baa3 from Baa2, and the Group’s short term rating to P-3 from P-2. However, in conjunction with the capital raising, the major credit rating agencies have both announced GPT has been placed on positive review. If GPT does receive a ratings upgrade, the previously announced increased cost of debt would be reversed, representing a positive impact on earnings and distributions.

At 31 March 2009, GPT had debt of $4.2 billion and an effective interest rate (after fees and margins) of 5.93%. The weighted average maturity of debt was 3.0 years (excluding controlled entities).

This data is at 31 March 2009 and has not been adjusted for the underwritten $1.7 billion capital raising and recently announced asset sales. Combined, the capital raising and asset sales reduce GPT’s total debt to approximately $2.3 billion and headline gearing to approximately 20% on a pro forma basis. The impact of the raising and recent asset sales will be reflected in the June quarter Debt & Hedging Schedule to be issued with the Group’s mid year results in late August.

GPT’s March 2009 debt maturity was successfully settled with the purchase and cancellation of $173 million of its AUD Medium Term Notes (MTNs) due 30 March 2009. The Group’s next debt expiry is the €1 billion tranche of a €2 billion facility due in October 2010. The Group is well positioned to meet all of its near term refinancing obligations with the $1.7 billion proceeds of the capital raising being used to reduce debt.

Non Core Asset Sales

Over the last six months, GPT has sold close to $560 million of non core assets.

GPT intends to continue to progress the sale of its non core assets which will facilitate the Group’s stated intention of refocusing its business model on the ownership, management and development of high quality retail, office and industrial assets in Australia. However, the capital raising and the resultant significant strengthening of GPT’s balance sheet, enables the non core asset sale program to be completed over a timeframe which ensures the Group maximises the value it achieves from these asset sales.

Individual Asset Sales

Cradle Mountain Lodge in Tasmania; the Cannon Hill Homemaker City Centre in Queensland; and a small industrial asset located at 973 Fairfield Road, Yeerongpilly, Queensland, were sold during the period. The assets achieved prices slightly below December 2008 book values and will settle over the course of the next two months. Sale proceeds (of $47 million) will be used to reduce GPT’s debt and are further to the disposal of three non core industrial assets totalling $39 million as disclosed in GPT’s 2008 Full Year Financial Statements.

Sell down of GPT’s interest in the Group’s two Australian Wholesale Funds

Post quarter end GPT agreed to sell $143 million of its interests across the GPT Wholesale Office Fund (“GWOF”) and the GPT Wholesale Shopping Centre Fund (“GWSCF”). GPT is not currently pursuing sale of any further interests in the Funds.

Further details in relation to the Group’s debt arrangements are contained in the detailed Debt and Hedging Schedule, showing the Group’s debt profile at 31 March 2009.

Page 2 – The GPT Group – Quarterly Update – March 2009

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QUARTERLY UPDATE – March 2009

Sale of H20

GPT has agreed to sell its interest in GPT Halverton’s H20 portfolio to an independent European real estate investment management business, Rynda Capital Partners Europe LLP.

The H20 Portfolio comprises 32 office properties located in Germany, the Netherlands, France, Denmark and Finland which were originally acquired to seed a fund. The Portfolio had a carrying value of $260 million at 31 December 2008 and has been sold for an 11% discount to book value (in line with the carrying value of debt secured against the portfolio of $231 million at 31 December 2008). As a result of the sale (and following completion of the capital raising), GPT’s pro forma net debt and balance sheet gearing will reduce to approximately $2.3 billion and 20%, respectively.

Sale of Floreat Forum shopping centre, Perth

GPT announced the execution of a binding contract to sell the Floreat Forum shopping centre in Perth to Australasian Property Investments (API) for $100 million, reflecting a yield of 8.25%.

The sale is conditional on the GPT Wholesale Shopping Centre Fund waiving its right to acquire the asset and council consent to assign agreements over council owned property within the shopping centre to the purchaser.

Valuations

Valuations at March 2009 reflected an ongoing upward movement in capitalisation rates. The weighted average capitalisation rate of the directly owned properties revalued during the period increased by 22 basis points from 6.30% to 6.52%. The following assets were valued in the quarter:

• Retail Portfolio Charlestown Square, NSW Westfield Woden, ACT

• Office Portfolio Australia Square, Sydney MLC Centre, Sydney

• Industrial/Business Park Portfolio Citiwest Industrial Estate, Victoria

Details of these valuations can be found in the appendices.

OPERATIONAL UPDATE – HIGH QUALITY AUSTRALIAN PORTFOLIO

Australian Retail

The GPT Group is one of the largest owners, managers and developers of retail assets in Australia, through assets held on the Group’s balance sheet ($4.6 billion at December 2008) and an investment in the $2 billion GPT Wholesale Shopping Centre Fund (GWSCF) (at March 2009).

Sales Performance

Comparable centre moving annual turnover (MAT) was +3.0%, and comparable specialty MAT +3.1% in the year to March 2009. These compare with +3.5% and +2.8% respectively at December 2008. Although we expect sales growth to slow over the course of 2009, largely due to the expectation of rising unemployment, sales growth has remained solid

over the first quarter due to the Federal Government’s fiscal stimulus programs, and reductions in interest rates and fuel prices. Specialty occupancy costs across the Portfolio remain stable at 16.6% at 31 March 2009 and vacancies and arrears remain very low.

Within the major retailers, Cinemas are showing the strongest growth (comparable MAT +5.3%). Supermarkets and Large Format Stores comparable MAT showed solid growth, at +5.0% and +4.1% respectively. Department Stores were disappointing with comparable MAT down 5.6%.

The strongest performing specialty commodity groups include Discount Variety, Jewellery and Eating Establishments. Weaker commodity groups include Mobile Phone outlets, Specialty Foods and Newsagency/Books.

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Melbourne Central, Victoria

Page 3 – The GPT Group – Quarterly Update – March 2009

QUARTERLY UPDATE – March 2009

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Australian Office

GPT’s office investments include a portfolio of assets held on the Group’s balance sheet of $2.0 billion (at December 2008) and an investment in the $3.1 billion GPT Wholesale Office Fund (GWOF) (at March 2009).

Leasing

Across the GPT managed Portfolio, 65,600 sqm was leased in the first quarter of 2009 and terms agreed for 3,030 sqm, resulting in occupancy of 98.5% and 98.9% of space being committed (including rental guarantees), well above market occupancy of 92.9%. ^

Across the GPT managed Portfolio, the average lease term improved to 5.7 years (by area), with manageable short term expiry.

Australian Industrial and Business Parks

GPT’s Industrial and Business Park Portfolio consists of high quality industrial and business park assets located in Australia’s major industrial and business park markets with a value of $819 million (at December 2008).

GPT’s Industrial and Business Park Portfolio continues to maintain strong fundamentals, with occupancy (including land leases) at 100% across the investment assets and an average lease term of 6.8 years (by income) across the Portfolio at March 2009. During the first quarter of 2009, no leasing took place as the Portfolio has remained 100% occupied since December 2008.

Leases signed across the GPT managed Portfolio include:

• PricewaterhouseCoopers extended their lease of 35,000 sqm by three years to December 2015 and leased an additional 4,000 sqm at Darling Park 2;

• HSBC extended their lease of 12,000 sqm by 10 years to December 2021 at HSBC Centre; and

• Mills Oakley Lawyers leased 3,500 sqm for 10 years to March 2020 at the newly refurbished 530 Collins Street.

^ JLL REIS/Market Statistics Q1/2009

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530 Collins Street, Melbourne

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7 Figtree Drive, Sydney Olympic Park

Page 4 – The GPT Group – Quarterly Update – March 2009

QUARTERLY UPDATE – March 2009

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FUNDS MANAGEMENT

At 31 March 2009, the Group had total assets under management of $8.8 billion.

Australian Funds Management

The GPT Wholesale Office Fund (GWOF) has 14 assets valued at $3.1 billion. Whilst income returns remain strong and are showing growth above the comparable 2008 period, the Fund’s assets saw a reduction in value following a softening in capitalisation rates and reduced asset valuations in the quarter. GPT has a 34% interest in the Fund following the sale of a portion of its interest in April 2009. The Fund retains low gearing of 19% and an active distribution reinvestment plan.

At 31 March 2009, the GPT Wholesale Shopping Centre Fund (GWSCF) comprised a portfolio of interests in nine retail assets, with a value of $2.0 billion. GPT has a 34% interest in the Fund following the sale of a portion of its interest in April. The Fund also has low gearing of 9% and an active distribution reinvestment plan.

European Funds Management

GPT’s European funds management platform consists of GPT Halverton and an 80% interest in Hamburg Trust. At 31 March, these businesses held assets under management of $3.7 billion (€1.9 billion).

GPT’s current focus, in addition to continuing to provide performance for Fund investors, is on the sale of the Group’s remaining warehoused assets and transferring the management of the JV’s European assets to the GPT Halverton business.

GPT Halverton had $3.5 billion in assets under management at April 2009 (€1.8 billion) through established funds and mandates, reflecting the transfer of the EB8 mandate to its equity investor.

Highpoint Put Option

GPT received a Notice of Intent indicating that Highpoint Property Group may elect to put one third of its 50% interest (equating to 16.67% of the asset) in Highpoint Shopping Centre and the adjacent Homemaker City Maribyrnong to the GPT Wholesale Shopping Centre Fund (GWSCF). Highpoint Property Group may now give formal notice of the exercise of the put option in relation to 16.67% of the properties between 1 and 30 July 2009.

The option, which was put in place at the time of GPT’s acquisition of an interest in Highpoint Shopping Centre in 2006, passed to GWSCF with the creation of the Fund in March 2007. Should the Fund choose not to acquire the interest, GPT stands behind the Fund and has the ability to either acquire, or sell the interest. If the option is exercised, the sale price will be determined by an independent market valuation process.

Highpoint is one of Australia’s leading shopping centres. The asset has one of the largest trade areas for a regional centre in Australia and attractive long term expansion opportunities with significant existing land holdings. Highpoint was ranked fourth in the 2009 Shopping Centre News Big Guns survey with total moving annual turnover of $767 million in 2008.

While the outcome of the put option remains unknown, GPT has the capacity to acquire the interest. Highpoint is considered an excellent fit to GPT’s strategy of ownership, management and development of quality Australian real estate.

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Highpoint Shopping Centre, VIC

Page 5 – The GPT Group – Quarterly Update – March 2009

QUARTERLY UPDATE – March 2009

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DEVELOPMENT

GPT has only two significant projects underway – Charlestown Square and One One One Eagle Street in Brisbane, which will be complete in 2010 and 2011 respectively, with progress on track for both. No further development activity is contemplated until market conditions improve.

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Charlestown Square, NSW (Artist’s impression)

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One One One Eagle Street, Brisbane (Artist’s impression)

OTHER INVESTMENTS

Australian Hotel/Tourism

Portfolio

Challenging trading conditions have continued during the first quarter of 2009 as the global economy continues to slow and inbound tourism experiences weakness. Notwithstanding these conditions, domestic tourism is being supported by airline and hotel promotional offers. Over the medium term, lower oil prices and hence lower airfares should assist to mitigate the impacts of the global slowdown and underpin inbound tourism flows.

While the Four Points by Sheraton Hotel in Sydney continued to have relatively high occupancy (at 83%), metrics across the Portfolio were down as a result of these operating conditions.

The Portfolio’s key performance indicators to March 2009 are shown in the appendices.

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Dunk Island Resort, QLD

US Seniors Housing

GPT’s investment in the US seniors housing market consists of a 95% interest in 34 assets and a 20% interest in the manager of the Portfolio, Benchmark Assisted Living (BAL). Year to date occupancy to 31 March 2009 across the 34 asset Portfolio was 88.7% (slightly higher than the 88.1% occupancy during 2008). Average rent per unit was US$5,300 per month (versus US $5,100 in 2008), reflecting the benefit of the annual rent reviews.

GPT remains focused on retaining value in the Portfolio in the medium term as it works with BAL on a divestment over time.

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US Seniors Housing

Page 6 – The GPT Group – Quarterly Update – March 2009

QUARTERLY UPDATE – March 2009

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Joint Venture Fund

The Joint Venture Fund (JV) comprises a portfolio valued at $6.0 billion (approximate AUD equivalent – for exchange rates see the Appendices), with assets located predominantly in Europe and the United States. GPT’s equity interest in the JV was valued at $1.16 billion at 31 December 2008, however GPT acknowledges the JV is unlikely to have any material value in the future.

The JV Fund’s bank debt was $4.8 billion at 31 March 2009 (approximate AUD equivalent). This debt has a weighted average term to maturity of 4.9 years and is 97% fixed or hedged. Approximately 3.6% of the JV’s debt matures in the next 12 months. The Loan to Value Ratio (LVR) of the JV was 80% at March. As previously disclosed, the JV debt is non recourse to GPT, however GPT, together with Babcock & Brown, has provided limited guarantees with respect of the obligations of certain subsidiary companies within the US retail portfolio. In GPT’s view it is unlikely the guarantees would be called upon and in the event that the guarantees are called upon, the amount payable would not be material.

Approximately 45% of the JV’s debt was in breach or potentially in breach of loan covenants at 31 March. We are in discussions with these debt providers with a view to resolving these breaches. GPT will not commit any further capital to the JV.

Global real estate and capital markets have deteriorated further in the March quarter, including in Germany and the United States, where 80% of the JV assets are located. Not only have investment yields increased, but weakening economic conditions are impacting occupier markets, including tenant solvency and occupancy.

As announced recently, the asset management and reporting function of the JV is being transitioned from Babcock & Brown to GPT. GPT Halverton is managing the JV’s European assets. Greg Greenfield & Associates (formerly owned by Babcock & Brown but now independent) will continue as the asset manager of the JV’s US Retail Portfolio.

A detailed JV overview can be found in the Appendices.

For further information please call:

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Michael Cameron Chief Executive Officer 02 8239 3555
Donna Byrne Head of Investor Relations & 02 8239 3515
Corporate Affairs
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
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Page 7 – The GPT Group – Quarterly Update – March 2009

QUARTERLY UPDATE – March 2009

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APPENDICES

Retail Sales Overview at 31 March 2009

Total Portfolio (Excluding development)

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Moving Annual Turnover (MAT) Occupancy Costs (%)
Centre MAT Comparable Specialty Comparable Centre (%) Specialty (%)
Centre Name $PSM Centre MAT MAT $PSM Specialty
Growth (%) MAT Growth
(%)
GPT Owned
Casuarina Square 7,453 6.3% 9,931 3.9% 8.9% 13.7%
Dandenong Plaza 3,991 2.4% 6,232 1.3% 10.6% 17.0%
Erina Fair 6,122 (1.8%) 7,357 (0.4%) 10.1% 19.5%
Floreat Forum 8,514 8.6% 6,461 4.6% 7.1% 14.1%
Melbourne Central Retail 7,007 7.2% 9,344 5.0% 13.0% 14.7%
Sunshine Plaza 7,924 3.2% 10,705 6.1% 9.7% 16.2%
Westfield Penrith 6,926 3.0% 10,064 3.7% 11.4% 18.3%
Westfield Woden 6,993 0.8% 9,385 (1.6%) 9.5% 16.7%
GWSCF Owned
Carlingford Court 6,732 1.8% 8,628 1.3% 8.3% 15.5%
Chirnside Park 7,564 4.6% 9,076 3.6% 6.3% 13.9%
Forestway 12,373 4.4% 9,483 2.3% 6.6% 13.7%
Highpoint 6,769 3.9% 9,161 5.5% 11.1% 18.8%
Macarthur Square 6,051 3.4% 8,479 2.3% 10.2% 16.7%
Wollongong Central 5,757 (1.3%) 9,322 (0.2%) 11.9% 15.8%
Total Portfolio 6,665 3.0% 8,944 3.1% 10.1% 16.6%
Centres Under Development
GPT Owned
Charlestown Square 5,807 (21.3%) 8,690 (21.2%) 10.4% 17.0%
GWSCF Owned
Parkmore 6,085 8.0% 6,859 7.5% 7.8% 15.0%
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GPT reports in accordance with the Shopping Centre Council of Australia (SCCA) guidelines. Includes GST.

Page 8 – The GPT Group – Quarterly Update – March 2009

QUARTERLY UPDATE – March 2009

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Office Lease Expiry (by Area) at 1 April 2009

(GPT Managed Assets, including Rental Guarantees)

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Industrial/Business Park Lease Expiry (by Income) at 1 April 2009

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70.0%
60.0%
50.0%
40.0%
30.0%
20.0%
10.0%
0.0%
Vacant Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Beyond 13
% of Incone
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Page 9 – The GPT Group – Quarterly Update – March 2009

QUARTERLY UPDATE – March 2009

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Hotel/Tourism Portfolio Overview at 31 March 2009

The Portfolio’s key performance indicators to March 2009 are shown below.

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Total Portfolio YTD YTD Mar Variance
Mar 2009
2008
Rooms Available 194,097 191,712 -1.2%
Rooms Sold 132,377 118,835 -10.2%
Occupancy 68% 62% -6.0%
Room Rate $218 $209 -4.1%
Total Revenue (000) $58,735 $52,352 -10.9%
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Ayers Rock Resort

Ayers Rock Resort has experienced softening in its inbound markets with Japan in particular remaining weak. Tactical specials in the domestic market have, however helped offset lower inbound demand.

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Ayers Rock Resort YTD YTD Mar Variance
(incl. Alice Springs) Mar 2009
2008
Rooms Available 84,630 83,610 -1.2%
Rooms Sold 51,319 43,831 -14.6%
Occupancy 61% 52% -9.0%
Room Rate $208 $206 -1.0%
Total Revenue (000) $27,341 $24,212 -11.4%
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Four Points by Sheraton Hotel, Sydney

Four Points continues to trade at relatively high occupancies, although reduced demand from the conference and corporate segments has impacted room rates. Notwithstanding, the Sydney market has very strong fundamentals with no new room supply planned and, despite current demand weakness, has solid medium term prospects.

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Four Points Sydney YTD YTD Mar Variance
Mar 2009
2008
Rooms Available 57,330 56,700 -1.1%
Rooms Sold 49,819 47,190 -5.3%
Occupancy 87% 83% -4.0%
Room Rate $204 $185 -9.3%
Total Revenue (000) $13,562 $11,967 -11.8%
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Voyages Lodges

Lodges revenue was down 9.3% as a result of generally weaker market conditions and very poor weather conditions across Queensland during the first quarter due to Cyclone Hamish. This poor weather resulted in disrupted access to all island resorts and cancelled bookings. More normalised trading is expected moving forward.

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Voyages Lodges YTD YTD Mar Variance
Mar 2009
2008
Rooms Available 52,137 51,402 -1.4%
Rooms Sold 31,239 27,814 -11.0%
Occupancy 60% 54% -6.0%
Room Rate $256 $253 -1.2%
Total Revenue (000) $17,832 $16,173 -9.3%
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Page 10 – The GPT Group – Quarterly Update – March 2009

QUARTERLY UPDATE – March 2009

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Debt and Hedging Issuance Schedule at March 2009

Data is at 31 March 2009 and has not been adjusted for the underwritten $1.7 billion capital raising and recently announced asset sales. Combined, the capital raising and asset sales reduce GPT’s total debt to approximately $2.3 billion and headline gearing to approximately 20% on a pro forma basis. Following the announcement of the capital raising both Moody’s and Standard & Poor’s have placed GPT’s credit rating on a positive review. Should GPT’s Moody’s rating be upgraded to Baa2 post this review the Group’s cost of debt would be reduced.

Overview at 31 March 2009

• Weighted average headline length of debt is 3.0 yrs (excluding controlled entities)

• Weighted average term of interest rate hedging is 8.2 years

• Debt position as at 31 March 2009 does not reflect cash on hand of A$469m - net debt equals $4,203

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GPT Debt (Face Value) AUD EQUIV M
GPT Bonds:
Floating rate, due in November 2010 125
Floating rate due in August 2013 12
Fixed rate due in November 2010 100
Fixed rate due in August 2013 [(1)] 200
CPI Bonds, due in December 2029 [(2)] 85
GPT Bank Facilities
Syndicated Bank Euro 923.8m converted to AUD, due in October 2010 1,707
Syndicated Bank AUD 620m, due in October 2012 620
Syndicated Bank Euro 256.2m converted to AUD, due in October 2012 491
Syndicated Bank USD 527.4m converted to AUD, due in October 2012 763
Syndicated Bank NZD 64m converted to AUD, due in October 2012 52
Syndicated Construction Facility AUD 2.8m, due in November 2011 3
Controlled Entities:
Somerton Bill Facility – due in March 2011 76
GPT Halverton H2O Euro Facility – Euro 99.3 converted to AUD, due in July 2014 [(3)] 190
GPT Halverton H2O DKK Facility – DKK 124.5m converted to AUD, due in July 2014 [(3)] 32
GPT Halverton SAF Facility – SEK 35m converted to AUD, due in February 2015 6
Hamburg Bridge Facility – USD 30m converted to AUD, due in December 2009 [(3)] 43
Hamburg Alliance Facility – USD 72m converted to AUD, due in July 2017 [(3)] 104
Total Debt 4,672
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Current effective interest rate after fees and margins is 5.93%* on $4,672 million of debt outstanding.

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

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GPT Interest Rate Management
Floating [(4)] 471
Current Swaps 3,912
Fixed 204
CPI 85
Total 4,672
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• (1) Full amount has been swapped to floating

(2) AUD 40m CPI bonds redeemed early on 23 December 2008

(3) Debt shown is total amount in entity

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

Page 11 – The GPT Group – Quarterly Update – March 2009

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QUARTERLY UPDATE – March 2009

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
hedged balance incl derivative financial fixed rate borrowings
Margins instruments
$ millions $ millions $ millions
31 December 2009 6.69% 1,462 1,277 185
31 December 2010 7.25% 2,096 2,011 85
31 December 2011 7.35% 1,925 1,840 85
31 December 2012 8.16% 1,425 1,340 85
31 December 2013 8.68% 1,825 1,740 85
31 December 2014 8.79% 1,825 1,740 85
31 December 2015 9.68% 975 890 85
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Note: Margins make an assumption about future refinancing levels.

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

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2,500 12.00%
9.68%
10.00%
2,000 8.68% 8.79%
8.16%
7.25% 7.35% 8.00%
1,500 6.69%
6.00%
1,000
4.00%
500
2.00%
0 0.00%
Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15
Maturity
Knockout Swaps (6.75% KO) & Swaptions
Swaps
Fixed Exposures
Average Fixed Rate
$millions
Average Interest Rates
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Page 12 – The GPT Group – Quarterly Update – March 2009

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QUARTERLY UPDATE – March 2009

EUR Current Interest Rate Hedging

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Hedging Position as at Average Rate on Total Principal Amount Principal amount of Principal amount of
hedged balance incl derivative financial fixed rate borrowings
Margins instruments
EUR millions EUR millions EUR millions
31 December 2009 5.40% 840 840 -
31 December 2010 6.13% 940 940 -
31 December 2011 6.16% 890 890 -
31 December 2012 6.63% 690 690 -
31 December 2013 6.33% 690 690 -
31 December 2014 6.57% 500 500 -
31 December 2015 6.57% 500 500 -
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Note: Interest rate and currency assumptions are based on market forecasts. Margins make an assumption about future refinancing levels.

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

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1000 7.00%
6.13%
6.16%
900
5.40% 6.33% 6.33% 6.57% 6.57% 6.00%
800
700 5.00%
600
4.00%
500
3.00%
400
300 2.00%
200
1.00%
100
0 0.00%
Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15
Maturity
Swaps Swaptions Average Fixed Rate
$millions
Average InterestRates
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Page 13 – The GPT Group – Quarterly Update – March 2009

QUARTERLY UPDATE – March 2009

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USD Current Interest Rate Hedging

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Hedging Position as at Average Rate on Total Principal Amount Principal amount of Principal amount of
hedged balance incl derivative financial fixed rate borrowings
Margins instruments
USD millions USD millions USD millions
31 December 2009 5.71% 430 430 -
31 December 2010 5.71% 430 430 -
31 December 2011 5.95% 600 600 -
31 December 2012 5.95% 600 600 -
31 December 2013 5.95% 600 600 -
31 December 2014 5.95% 600 600 -
31 December 2015 5.95% 600 600 -
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Note: Margins make an assumption about future refinancing levels.

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

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700 6.00%
5.95% 5.95% 5.95% 5.95% 5.95%
5.95%
600
5.90%
500
5.71% 5.71% 5.85%
400 5.80%
300 5.75%
5.70%
200
5.65%
100
5.60%
0 5.55%
Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15
maturity
$millions
Average Interest Rates
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Also outstanding at 31 March 2009 were the following debt balances: Swaps Swaptions Average Fixed Rate

• DKK 124.5m (A$32.0m) (swapped to fixed, total cost of funds 5.66%)

• SEK 35m (A$6.1m) (swapped to fixed, total cost of funds 5.66%)

Page 14 – The GPT Group – Quarterly Update – March 2009

QUARTERLY UPDATE – March 2009

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AUD, EUR, USD & NZD Debt Maturity Profile*

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$2,500
$1,995
$1,925
$2,000
$1,500
$1,000
$500
$212
$0 $85
$3
$0
2009 2010 2011 2012 2013 2029
Maturity
$millions
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• Excludes debt from controlled entities

AUD, EUR, USD & NZD Hedging Portfolio (as at 31 March 2009)*

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Actual Exposures Actual Hedges
5,732.40
5,254.70
4,777.00
4,299.30
3,821.60
3,343.90
2,866.20
2,388.50
1,910.80
1,433.10
955.40
477.70
0.00
Sep-09 Jun-10 Mar-11 Dec-11 Sep-12 Jun-13 Mar-14 Dec-14 Sep-15
(AUD Millions)
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• Excludes controlled entities

Page 15 – The GPT Group – Quarterly Update – March 2009

QUARTERLY UPDATE – March 2009

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Forward Exchange Contracts

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

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Sell EUR Weighted average AUD Equivalent
FX rate
31-Mar-09 31-Mar-09 31-Mar-09
Maturity EUR(€ M) AUD/EUR AUD($M)
2009 39.3 0.5564 70.6
2010 60.9 0.5447 111.8
2011 80.7 0.5547 145.4
2012 67.7 0.5488 123.3
2013 35.7 0.5434 65.7
2014 31.8 0.5429 58.6
2015 24.0 0.5450 44.0
Sell USD Weighted average AUD Equivalent
FX rate
31-Mar-09 31-Mar-09 31-Mar-09
Maturity USD($M) AUD/USD AUD($M)
2009 2.6 0.7049 3.7
2010 5.3 0.7018 7.6
2011 2.7 0.7346 3.7
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FX Forwards were put in place to hedge EUR funding that was swapped using existing surplus AUD cash. At 31 March 2009, the details of outstanding forward contracts are:

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Buy EUR Weighted average AUD Equivalent
FX rate
31-Mar-09 31-Mar-09 31-Mar-09
Maturity EUR(€ M) AUD/EUR AUD($M)
6-Apr-09 50.0 0.5194 96.3
14-Apr-09 50.0 0.5194 96.3
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Amounts disclosed above represent currency sold measured at the contracted rate.

Page 16 – The GPT Group – Quarterly Update – March 2009

QUARTERLY UPDATE – March 2009

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GPT Valuation Summary March 2009

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Retail Valuer Date Valuation Interest Discount Terminal Cap DCF Cap %
($m) Rate % % Yrs
Casuarina Square, KF 31/08/08 430.0 100% 8.75 6.50 10 6.00
NT
CBRE 31/03/06 380.0 8.75 6.00 10 6.00
Charlestown Square, KF 31/03/09 505.0 100% 8.75 6.25 10 6.00
NSW
KF 31/03/06 420.0 8.50 6.25 10 6.00
Dandenong Plaza, Colliers 30/04/08 225.0 100% 9.00 7.50 10 7.25
VIC
Colliers 30/09/06 215.0 8.75 7.50 10 7.25
Erina Fair, KF 30/09/08 413.0 50% 8.75 6.00 10 5.75
(incl. adj Land), NSW CBRE 31/03/06 426.0 8.30 5.50 10 5.50
Floreat Forum, CBRE 31/12/08 112.0 100% 9.50 7.75 10 7.50
WA
CBRE 30/09/07 135.0 8.00 6.25 10 6.00
Melbourne Central, CBRE 30/09/07 1,110.5 [(a)] 100% Retail: 8.25 5.00 10 5.00
VIC Office: 8.00 6.50 10 6.13
Carpark: 8.50 6.75 10 6.50
CBRE 31/03/06 903.3 [(a)] Retail: 8.75 5.75 10 5.75
Office: 8.50 7.50 10 7.00
Carpark: 9.50 8.25 10 7.00
Westfield Penrith, [(b)] KF 31/03/07 511.0 50% 8.25 5.50 10 5.25
NSW
KF 31/03/06 455.0 8.50 5.75 10 5.50
Sunshine Plaza, [(b)] KF 31/03/07 366.3 50% 8.25 5.50 10 5.25
QLD
KF 31/12/05 329.0 9.00 6.00 10 5.75
Westfield Woden, [(b)] CBRE 31/03/09 285.5 50% 9.00 6.25 10 6.25
ACT
CBRE 31/03/06 268.5 8.75 6.00 10 6.00
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Homemaker Valuer Date Valuation Interest Discount Terminal Cap DCF Current
Portfolio ($m) Rate % % Yrs Cap %
Homemaker City CBRE 31/12/08 56.0 100% 9.75 9.25 10 8.75
Aspley, KF 31/03/08 70.0 8.75 8.25 10 7.25
QLD
Homemaker City CBRE 31/12/08 30.7 100% 10.50 10.50 10 10.00
Bankstown, CBRE 30/09/06 51.4 9.00 7.75 10 7.75
NSW
Homemaker City CBRE 31/03/08 21.5 100% 9.00 7.25 10 7.00
Cannon Hill, CBRE 30/09/06 20.9 9.25 7.50 10 7.25
QLD
Homemaker City KF 31/12/08 110.5 100% 9.50 8.50 - 9.00 10 8.00 -
Fortitude Valley, 8.50
QLD
CBRE 30/09/06 132.2 9.25 7.25 10 7.00
Homemaker City CBRE 31/12/08 54.0 100% 9.75 9.25 10 8.75
Jindalee, CBRE 30/09/07 69.0 8.75 7.25 10 7.00
QLD
Homemaker City Mt KF 31/03/08 26.0 100% 9.00 8.50 10 7.75
Gravatt, KF 31/03/05 22.25 10.25 8.75 10 8.25
QLD
Homemaker City CBRE 31/03/08 26.0 100% 9.00 7.25 10 7.00
Windsor, CBRE 30/06/05 21.0 9.75 8.25 10 8.00
QLD
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• Charlestown Square is currently under development. Valuation reflects valuation as if complete (adjusted for cost to complete).

Page 17 – The GPT Group – Quarterly Update – March 2009

QUARTERLY UPDATE – March 2009

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GPT Valuation Summary March 2009

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Office Valuer Date Valuation Interest Discount Terminal Cap DCF Current
($m) Rate % % Yrs Cap %
Australia Square, CBRE 31/03/09 267.0 50% 9.00/9.25 6.90/7.25 10 6.90/7.25
Sydney (Tower/Plaza) Colliers 31/03/08 312.5 8.00/8.03 6.125/6.375 10 5.75/6.00
1 Farrer Place, Colliers 31/12/08 340.0 25% 8.50 6.25 10 6.00
Sydney Savills 31/12/07 370.8 7.82 5.70 10 5.12/6.00
MLC Centre (Office/ Knight 31/03/09 378.5 50% 8.75/9.00 7.00/6.75 10 6.80/6.40
Retail), Frank
Sydney Knight 31/03/08 431.9 50% 8.10 6.25 10 5.75/6.00
Frank
Citigroup Centre, Knight 31/12/08 377.5 50% 8.50 6.75 10 6.50/6.75
Sydney Frank
Colliers 15/12/07 425.0 8.00 5.88 10 5.63
818 Bourke Street, CBRE 31/03/08 133.0 100% 8.51 6.50 10 6.00
Victoria
Industrial and Valuer Date Valuation Interest Discount Terminal Cap DCF Current
Business Parks ($m) Rate % % Yrs Cap %
Austrak Business JLL 31/10/08 161.7 50% 9.00 – 9.50 7.75 – 8.25 10 7.00 –
Park, 7.50
Somerton KF 30/09/06 140.6 7.50 – 8.50 7.00 – 8.00 10 6.50 –
7.75
2-4 Harvey Road, Colliers 30/06/08 47.5 100% 9.00 8.00 10 7.50
Kings Park Savills 10/03/05 31.0 9.50 8.75 10 8.25-
8.75
Citiwest Industrial JLL 31/03/09 70.0 100% 9.50/9.75 8.75 – 9.50 10 8.25 –
Estate, 9.00
Altona North Savills 31/03/06 69.3 100% 8.75 – 9.25 8.75 – 9.25 10 8.00 –
8.50
Quad 1, CBRE 30/06/07 19.2 100% 8.75 8.25 10 7.75
Sydney Olympic Park CI 30/06/04 16.6 9.75 8.50 10 8.25
Quad 2, CBRE 30/06/07 21.6 100% 8.75 8.00 10 7.75
Sydney Olympic Park CI 30/06/04 18.7 9.50 8.25 10 8.00
Quad 3, Colliers 30/09/08 21.8 100% 9.00 8.25 10 7.75
Sydney Olympic Park Colliers 31/03/06 20.1 9.00 8.00 10 7.75-
8.00
Quad 4, Colliers 30/09/08 35.5 100% 9.00 7.75 10 7.25
Sydney Olympic Park CBRE 30/09/07 34.1 8.75 7.75 10 7.25
Rosehill Business CBRE 30/09/06 70.0 100% 9.25 – 9.50 8.00 – 8.25 10 7.50 –
Park, 7.75
Camellia KF 30/09/03 58.0 10.25 9.25 10 8.25 –
8.75
15 Berry Street, CBRE 30/09/06 14.5 100% 9.00 8.00 10 7.50
Granville
KF 30/09/03 10.75 10.25 9.25 10 8.75 –
9.25
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Page 18 – The GPT Group – Quarterly Update – March 2009

QUARTERLY UPDATE – March 2009

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GPT Valuation Summary March 2009

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Industrial and Business Parks - continued
Valuer Date Valuation Interest Discount Terminal Cap DCF Current
($m) Rate % % Yrs Cap %
19 Berry Street, CBRE 30/09/06 20.6 100% 9.25 8.25 10 7.75
Granville KF 30/09/03 20.5 10.25 9.25 10 8.60
7 Parkview Drive, CBRE 30/06/07 18.5 100% 9.00 8.00 10 7.50
Sydney Olympic Park KF 01/05/05 18.0 9.50 8.50 10 8.0-8.50
8 Herb Elliott Avenue, CBRE 30/06/07 9.0 100% 9.00 8.00 10 7.50
Sydney Olympic Park
7 Figtree Drive, CBRE 30/06/07 10.7 100% 9.00 8.00 10 7.25
Sydney Olympic Park
5 Figtree Drive, Colliers 30/06/08 20.0 100% 8.75 8.00 10 7.75
Sydney Olympic Park
973 Fairfield Road, JLL 31/12/08 9.5 100% 12.00 11.75 10 11.00
Yeerongpilly
134-140 Fairbairn JLL 31/12/08 13.6 100% 9.00 8.50 10 8.00
Road,
Sunshine
92-116 Holt Street, JLL 31/12/08 15.2 100% 10.25 9.75 10 9.00
Pinkenba
4 Holker Street, JLL 31/12/08 32.6 100% 9.75 8.75 10 8.25
Silverwater
120 Miller Street, JLL 31/12/08 17.7 100% 11.00 10.25 10 9.75
Villawood
18-24 Abbott Road, JLL 31/12/08 13.5 100% 10.50 10.25 10 10.00
Seven Hills
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(a) Value includes retail, office and carpark.

(b) Valuations include ancillary assets.

Page 19 – The GPT Group – Quarterly Update – March 2009