GPT GROUP — Regulatory Filings 2003

Nov 5, 2003

General Property Trust ASX Announcement

GPT SEPTEMBER QUARTERLY UPDATE

6 November 2003

GPT Management Limited provides a guarterly update for the March and September quarters to supplement the Mid-vear and Annual Results disclosures. The following information provides investors with an update on the activities of the Trust for the September 2003 quarter.

SUMMARY

A distribution of 5.3 cents per unit for the September 2003 quarter was announced on 29 October 2003.

GPT remains on track to deliver on the Trust's targeted earnings growth for the 2003 year. Each of the property portfolios is well positioned to ensure growth is maximised over the longer term.

Highlights include:

• $\circ$ GPT, in joint venture with Lend Lease, being confirmed as the developer of the Rouse Hill Regional Centre. The Project Delivery Agreement was executed in early October.
• Acquisition of the Twin Waters Resort in Queensland, in joint venture with Lend Lease. The resort will be redeveloped into 370 dwellings over the next 7 years.
• Acquisition of a 50% interest in the Austrak Business Park in Somerton in Melbourne.
• Acquisition of the Epping Homemaker centre in Melbourne.
• $\circ$ Successful completion of a \$452 million bond issue which extended the Trust's debt maturity profile from 3.7 years to 5.2 years.
• $\circ$ Leasing of over 9,600 sqm within the Office portfolio including the leasing of four levels of the high rise of Australia Square to Origin Energy.
• o The opening, ahead of time, of the third stage of the expansion of Erina Fair. The project has now been completed.

In the Retail Portfolio, productivity remains high, with specialty sales for the 12 months to 30 September of \$8.239 per square metre across the portfolio. Reasonable specialty occupancy costs, at 14.5%, provide a platform for continued rental growth. Leasing on the developments currently underway is progressing well and work continues on the development pipeline, which will enhance earnings growth over the medium term.

The Office Portfolio has retained high occupancy (at 96%) and has extended the average lease term to 5.8 years (up from 5.0 years at the end of June). At Australia Square refurbishment of the public areas is well underway and assisting with the leasing of the space to be vacated over the next six months. To date almost 6,000 sqm of the Lend Lease space has now been leased. At Victoria Harbour in Melbourne the first National building (of 33,500 sqm) is on target to achieve practical completion in November.

The outlook for the Hotel & Tourism Portfolio is positive, with progressive recovery in inbound visitation expected through the remainder of 2003 and into 2004. In the short term, slightly weaker demand at Avers Rock Resort as a result of some displacement of expected visitation due to the Rugby World Cup has been offset by strong performance at Four Points which is expected to continue into next year. Disappointingly, recent bushfires at Avers Rock Resort substantially destroved the highly successful Longitude 131°. Plans are already underway to rebuild the facility. Both replacement costs and loss of profits are covered under GPT's insurance arrangements.

The Industrial & Business Park Portfolio retains its strong fundamentals, with an average lease term of 5.9 years and limited vacancy (3%) across the Portfolio. Following the acquisition of a 50% interest in the Austrak Business Park, the Portfolio has a value of over \$270 million.

The acquisition of a 49% interest in the Twin Waters Resort in Queensland represents GPT's second masterplanned urban community project and takes the Trust's lots under control to just under 2,000.

At the end of September, GPT's gearing was 26% of gross assets, below the sector average of 34.5% and within the Trust's 20-30% policy guideline. The Trust's average duration of borrowings is 4.7 years and the average interest rate is 5.86%.

Retail Portfolio

Sales Performance Update

The GPT Retail Portfolio continues to perform strongly with specialty sales for the 12 months to 30 September at \$8,239 per square metre.

Although sales growth has slowed, the Retail Portfolio's sales performance continues to be positive, with total centre sales per square metre up 0.7% for the 12 months to September 2003. Across GPT's shopping centres, occupancy costs remain reasonable and, importantly, vacancies and arrears are very low.

Total centre sales growth per square metre for the 12 months to 30 September 2003 was up 0.7% on the previous year (up 2.1% for the 12 months to June 2003).

Total specialty sales growth per square metre for the 12 months to 30 September 2003 was up 0.9% on the previous vear (up 1.9% for the 12 months to June 2003).

The specialty occupancy cost for the Retail Portfolio was 14.5% at 30 September 2003. This compares favourably with the JHD regional retail average (2001/2002) of 15.3%.

Note: The above sales figures are exclusive of Floreat Forum, Forestway, Erina Fair and Melbourne Central, which are currently impacted by development.

Within the major retailers, the Discount Department Stores are showing the strongest performance, with MAT per square metre up 2.4%. Department Stores have also shown growth over the last 12 months, up 1.6%.

The strongest performing specialty commodity groups include household equipment, mini-majors and jewellery. The weaker commodity groups include entertainment. discount variety and eating establishments.

Sales Performance Update (cont'd)

	Moving Annual Turnover				Occupancy Costs (%)
GENTRE NAME	Centre (\$) 2 ESM	raar Genhe ទោសរស W	Specialty IG) psm	Specialty Growla IEA)	Centre (%)	Specialty 134)
Carlingford Court	5,775	0.5	7,565	3.3	8.3	14.3
Casuarina Square *	5,232	(0.5)	7,582	1.8	10.3	14.5
Charlestown Square*	5,906	2.9	9,563	1.1	9.7	15.1
Chirnside Park	6,082	0.6	7,586	(2.6)	6.2	13.1
Dandenong Plaza	3,438	(1.9)	6,014	0.4	11.0	15.7
Macarthur Square	5,057	1.8	8,664	1.2	9.2	14.2
Parkmore	5,083	2.8	5,694	2.0	7.0	14.0
Penrith Plaza *	6,239	1.1	10,756	1.6	9.7	14.7
Sunshine Plaza *	6,010	(2.1)	8,644	(1.0)	9.6	14.7
Woden Plaza	6,128	0.1	8,320	(0.4)	8.5	14.3
Wollongong Central	5,082	2.3	7,993	1.3	9.9	13.9
Total Portfolio	5445	07.	8,239	03	PHI	ÆG
Centres Under

Retail Portfolio Moving Annual Turnover per square metre as at 30 September 2003 (GST Inclusive)

Centres Under Development #		5328888888
Forestway	10,187	(6.7)	7.722	(4.0)	6.9	12.2
Floreat Forum	6,350	(12.0)	5,199	(25.6)	7.9	14.8
Melbourne Central	6,078	54.4	6,520	(13.9)	17.5	18.0
Erina Fair	5.746	(3.4)	9.402	(7.9)	8.	14.8

* Casuarina does not include Monterey House; Charlestown does not include Charlestown Convenience Centre or Pacific Highway; Sunshine does not include Maroochydore Superstore, Horton Parade or Plaza Parade; Penrith does not include Red Cow Land, Riley Square, Borec House or High Street.

^ Total Centre Sales do not include Commercial Sales that largely comprise Travel and Mobile Phones.

Centres under development are shown for information only. Until centres have traded for a full 12 month period post development these figures do not accurately reflect underlying performance.

Retail Development Update

Developments

Erina Fair - Construction is now complete on the \$105 million (GPT 50% share) major expansion of Erina Fair with over 99% of the project income committed at 30 September. Three of five precincts opened ahead of schedule and fully leased. including the Corner (Coles and 28 specialties) in February, The Atrium (food court) in June, and the New Fashion Mall (69 specialties) in July. The final Hive and Lifestyle precincts opened at the beginning of November.

Melbourne Central – The \$226.5 million refurbishment and repositioning of Melbourne Central is progressing well with almost 70% of the project committed by income. Stage 1, which comprises 23 tenancies on the lower ground railway concourse opened fully leased in September. Stage 2, which includes the new lower ground level, is 95% committed and scheduled to open late 2003. The remaining stages will open progressively throughout 2004 with the final cinema and entertainment precinct programmed to open in December 2004.

Macarthur Square - A Development Application was lodged in July 2003 for the \$80 million (GPT 50% share) expansion of Macarthur Square. Assuming approvals are obtained, construction on the 28,000 sqm expansion is expected to commence in early 2004 and the project is scheduled for completion late 2005.

Penrith Plaza - A Development Application was lodged in October 2003 for the \$130 million expansion of Penrith Plaza. Construction is expected to commence in late 2004 with expected completion in early 2006.

Floreat Forum - Stage 2 of the \$46 million redevelopment of Floreat Forum, which incorporates the new Town Square precinct comprising 2,000 sqm of eating establishments and associated retail was completed in August 2003. This new precinct is fully leased with the exception of one tenancy of approximately 90 sqm.

Forestway – The \$4.7 million project which involves expanding and refurbishing Woolworths, re-introducing Franklins (opened September 2003), specialty remixing, and a services upgrade is scheduled for completion in November 2003.

Masterplanning

Rouse Hill - In October 2003, GPT/Lend Lease were confirmed as the selected developer to create a regional centre valued at over \$1 billion at Rouse Hill in Sydney's north-west. GPT will develop and own the Town Centre, which is one of the last major greenfield regional retail opportunities within the Sydney metropolitan area. Providing the relevant approvals are obtained and conditions precedent are satisfied. construction is scheduled to commence in the second half of 2004, with the opening of the first stage of the Town Centre targeted for 2006. The Town Centre is expected to cost approximately \$300 million and to achieve a year 1 yield of 8%+.

Retail Centres - Masterplanning is progressing on both Charlestown Square and Wollongong Central where we anticipate formalising schemes and lodging development applications in 2004.

Homemaker Portfolio

GPT's Homemaker City Portfolio has continued to perform well. Occupancy across the 200,000 sqm portfolio remains high at 98% and rents have continued to show strong growth, with an average increase of 10% at review opportunity during the third quarter of 2003.

In August 2003, GPT announced the acquisition of the Epping Homemaker Centre in Melbourne for \$35.6 million. The purchase increases the size of the GPT Homemaker Portfolio to 14 properties, valued at over \$385 million.

Masterplanned Urban Communities Portfolio

Since entering the masterplanned urban communities sector earlier this year, GPT has secured two major projects in conjunction with Lend Lease, giving the Trust close to 2,000 lots to be developed over the next 10 years.

At Rouse Hill, the first stage of the 1,500 dwelling project is anticipated to comprise over 150 lots/dwellings and sales are expected to commence early in 2005.

In October, GPT acquired a 49% interest in a joint venture company established to acquire and redevelop the Twin Waters Resort in Queensland. GPT's share of the initial acquisition is \$20.6 million (excluding acquisition costs). The Resort will be redeveloped over a period of 7 years into a resort and residential community of approximately 370 dwellings, designed along the lines of the successful North Shore residential development undertaken by Lend Lease on adjacent land. The golf course, central facilities and leisure facilities, which form the remainder of the investment, will be on-sold to specialist operators.

GPT is actively working through a significant pipeline of opportunities and expects to expand this portfolio with further projects.

Office Portfolio

GPT's Office Portfolio continues to perform well, with over 9.600 sam of space leased or renewed in buildings across the Portfolio this quarter. The Portfolio has continued to maintain high occupancy (at 96%). Following additional leasing and the completion of the first of the National Buildings at Victoria Harbour, the average lease term to expiry has increased to 5.8 years (up from 5.0 years at 30 June 2003). This is a strong result in an office market which continues to display 'soft' conditions.

The east coast office market fundamentals remain sound, with vacancies, although increasing, still at relatively low levels, limited new supply (except in Melbourne) and forecast white collar employment growth that is expected to flow through to strengthening demand for office space in 2004. There are emerging signs that the office markets in Sydney, and to a lesser extent Brisbane, are firming.

Leasing Update

Whilst the Office Portfolio remains well positioned, a number of expiries over the next 12 months represent key leasing challenges for the Portfolio. These include the remainder of Arthur Andersen's space at Melbourne Central, Lend Lease's space at Australia Square* and 6.200 som at 179 Elizabeth Street, which is currently vacant. Good progress on this space is being made, as detailed below.

^* Lend Lease's tenancy is 25,000 sqm, the majority of which expired in December 2003. 16,700 sqm was extended to March 2004 with rental coverage over this space extending to September 2004. 2,000 sqm expires in September 2004 and August 2006

Tenant enquiry at Australia Square has been pleasing and indicates the early signs of improving demand. A major lease has been signed with Origin Energy for ten years from 1 September 2004. Origin will occupy approximately 4,100 sqm of the ex Lend Lease space in the high rise of Australia Square for a term of 10 years, with starting rent of \$705 psm gross. In addition, terms have been agreed for whole floor leases to both Burns Philp (1.032 sam in the Tower Building) and RGA (784 sam in the Plaza Building).

At Melbourne Central, terms were agreed in October with Wilson Parking for a lease over 1.200 sam on Level 16 which is part of the ex Arthur Andersen space. Combined with the Accenture lease finalised earlier this year, 6,400 sqm of the 11,800 sqm ex Andersen space has now been committed.

At 179 Elizabeth Street in Sydney, a number of suites, representing 1,500 sgm, have been leased. The building's occupancy is now at 56%. Whilst the market is proving challenging, there is strong interest from several potential tenants in a number of floors.

At the MLC Centre, Servcorp have leased a sky rise floor (1,168 sqm) for ten years from January 2004, continuing their long association with this asset. Servcorp's starting rent is over \$700 psm gross.

Telstra's 29,600 sqm at the Transit Centre in Brisbane expires in September 2004. Renewal discussions are continuing and Telstra are, as a minimum, expected to exercise their 5 year option over the space.

Other Activities

At Australia Square, the \$6 million (GPT 50% share) upgrade of the Plaza Building and public areas is progressing well, with the majority of the works to be completed by early 2004. These works have contributed to significant tenant interest and support the leasing of the Lend Lease space which will become available from December 2003.

The \$5.5 million refurbishment of the Melbourne Central Office Tower lobby is also well underway, ensuring this asset retains its status as one of Melbourne's prime office towers. The works will extend and enhance the foyer and create a stronger link with the retail centre.

Stage 1 of the National Building at Victoria Harbour, Melbourne, is on target to achieve practical completion this month. Stage 2 is progressing well with the targeted completion brought forward to May 2004. The retail leasing program has resulted in strong interest from quality operators and the retail space in the first building is fully leased at better than budgeted rents.

Following mediation, settlement has been reached with Harry Seidler in regard to the moral rights action relating to the Pig 'n' Whistle tenancy at the Riverside Centre in Brisbane. Settlement was achieved on terms acceptable to both parties.

Industrial & Business Park Portfolio

GPT's Industrial & Business Park Portfolio continues to maintain strong fundamentals. with a high level of occupancy (of 97%) and a long average lease term of 5.9 years across the Portfolio

Industrial development activity continues to remain strong across all markets with construction mainly dependent upon securing pre-commitments. There has also been an improvement in the take up of existing stock.

Investment demand for quality industrial stock continues to exceed supply, driving vields for well-let industrial premises lower.

Development Update

Settlement of GPT's 50% investment in the Austrak Business Park at Somerton. Victoria for \$57.3 million occurred in October 2003. This investment provides GPT with some 56,000 sqm of improvements leased to strong covenants such as Effem Foods. Visy and IPS Logistics. Further, the site provides an inter-modal freight terminal and 56 hectares of development land.

At 11 Grand Avenue, Camellia in NSW, construction of Stage 2 has now been completed providing a 12,350 sqm warehouse and office facility of which 5,400 sqm has been leased to Cassons for a 6.5 year term. The balance of the space is currently being marketed for lease.

Construction of the new 12,200 sqm Just Jeans facility at Altona is currently on program for completion in December 2003. The \$7.15 million development provides GPT with the ability to grow the portfolio by catering to the growth requirements of one existing tenants of the Portfolio's.

The \$17.5 million development of the Quad 3 office building, at Sydney Olympic Park commenced during the quarter and is on program to be complete in June 2004. Good initial enquiry has been received from prospective tenants.

k

Hotel & Tourism Portfolio

Domestic demand (corporate and leisure) has been positive due to stable economic conditions and increased domestic tourism resulting from reduced overseas travel by Australians, International tourism, however, has experienced declines in visitor numbers in the three months to the end of August as a result of the lingering impact of various geopolitical events that have occurred over the last two vears. We believe these impacts will recede and recovery in demand will occur through the remainder of 2003 and into 2004.

Avers Rock Resort

Despite a declining market for inbound travel. Avers Rock Resort continues to trade relatively well, with revenue down less than 3% on the previous year.

The key performance indicators to September 2003 are shown below.

Ayers Rock Resort	YTD Sept YTD Sept
	2002	2003	Variance
Rooms Available	240,700	254,200	5.6%
Rooms Sold	159,000	148,700	$-6.5%$
Occupancy	66.1%	58.5%*	$-11.4%$
Room Rate	\$198	\$205	3.7%
Total Revenue (000)	\$80,000	\$77,800	$-2.8%$

*Occupancy has also decreased due to increased room supply.

On an unadjusted room supply basis, occupancy is 62% compared to the PCP.

Short-term performance at Avers Rock Resort is anticipated to be impacted by the displacement effect of the Rugby World Cup which has interrupted travel patterns. We remain positive about the outlook for 2004.

On Friday 24 October a bushfire swept through Longitude 131°, the premium wilderness resort adjacent to Avers Rock Resort resulting in twelve of the fifteen tents being destroyed. The Resort's emergency procedures were activated and all quests and staff were safely evacuated.

Both replacement costs and the loss of profit (and therefore income to GPT) are covered under GPT's insurance arrangements. We anticipate being able to re-open Longitude 131° during mid 2004.

Four Points by Sheraton Hotel, Sydney

Four Points has again improved its performance and continues to show solid growth in its key performance indicators against the previous corresponding period. The quest response to the hotel's refurbishment has been very positive and this is expected to contribute to an increase in the hotel's room rate moving into 2004.

The key performance indicators to September 2003 are shown below.

Four Points Sydney	YTD Sept YTD Sept
	2002	2003	Variance
Rooms Available	176,000	173,300*	$-1.5%$
Rooms Sold	130,500	134,400	3.0%
Occupancy	74.1%	77.6%	4.6%
Room Rate	\$138	\$143	3.5%
Total Revenue (000)	\$25,400	\$26,900	5.9%

* The reduction in rooms available is due to the conversion of some level 1 questrooms into the Hotel's new business centre.

Forward bookings indicate a continuation of strong occupancy at the Hotel into 2004.

Holiday Inn Brisbane

The Brisbane market remains strong with no new supply and steady demand growth. As a result, the Holiday Inn continues to demonstrate strong growth across its key performance indicators, as shown below.

Holiday Inn Brisbane	YTD Sept	YTD Sept
	2002	2003	Variance
Rooms Available	52,100	52,100	$0.0\%$
Room Sold	41,000	44,500	8.5%
Occupancy	78.7%	85.4%	8.5%
Room Rate	\$103	\$108	4.7%
Total Revenue (000)	\$7,400	\$8,200	10.8%

Hamilton Island Resort

On 23 October Voyages Hotels & Resorts Pty Limited¹, funded by GPT, made an unconditional cash takeover offer for Hamilton Island Limited (Company) at \$3.13 per share. This takeover offer was followed by competing offers of \$3.20 and then \$3.32² per share from 21^st Century Resorts. In the absence of a higher offer, Voyages intends to sell its stake in HAM of 20.65% into the 21^st Century off market offer and will not be despatching offers in respect of the bid announced on 22 October 2003.

Voyages' profit on the sale of its stake will be approximately \$1.75 million (before costs and tax).

^<sup>1 Voyages Hotels and Resorts Pty Limited is a wholly owned subsidiary of GPT Hotel Management Pty Limited. All the shares in GPT Hotel Management Pty Limited are held beneficially by unitholders in General Property Trust.

^<sup>2 Conditional on 90% acceptance within the offer period.

GPT's Capital Management

During the quarter GPT issued \$452 million in 3, 5 and 10 year Notes under its existing Medium Term Note program. The proceeds of the issue will be used to retire short-term debt and resulted in GPT's average debt duration increasing from 3.7 years at 30 June 2003 to 4.7 years at 30 September.

The issue, which was oversubscribed, included both fixed and floating rate notes. Notes were issued at an average of cost of BBSW plus 59 basis points for a weighted average term of 6.7 years.

GPT continues to have the strongest credit ratings (long term A+, short term A-1) of any entity in the listed property trust sector. Debt as a proportion of gross assets at 30 September 2003 was 26%, within the stated policy quideline of 20-30%.

GPT's floating rate exposure was 19.3% of total outstanding debt (\$1,877 million) at 30 September 2003. The current effective interest rate (after fees and margins) is 5.86%.

Attached is the GPT Portfolio Swap & Debt Issuance Schedule as at 30 September 2003.

For further information please call:

Nic Lyons	Chief Executive	02 9237 5816
Michael O'Brien	Fund Manager	02 9236 6235
Donna Byrne	Investor Relations Manager	02 9237 5844
Kieran Pryke	Chief Financial Officer	02 9236 6024
Mark Fookes	General Manager Retail Investment	02 9237 5664
Tony Cope	Office Portfolio Manager	02 9236 6003
Bruce Morris	Hotel/Tourism Portfolio Manager	02 9237 5641
Victor Georos	Industrial/Business Park Portfolio Manager	02 9237 5875
Martin Janes	Urban Communities Portfolio Manager	02 9277 2450

GPT Portfolio Swap & Debt Issuance Schedule As at 30 September 2003

GPT Debt			Şm
Short Term Notes, due (or rolled) within 3 months			\$345
Medium Term Notes Floating Rate due in 1 year Fixed Rate, due in 1 year		\$80	\$100
Floating rate, due in 2 years Fixed Rate, due in 2 years Fixed Rate, due in 3 years Floating rate, due in 3 years	(1)		\$225 \$100 \$260 \$80
Fixed Rate, due in 5 years Floating rate, due in 5 years	(2)		\$250 \$100
Fixed Rate, due in 10 years Floating rate, due in 10 years	(12)		\$200 \$12
CPI Bonds, due in 2029			\$125
Total Debt			\$1,877
GPT Interest Rate Management

Floating
Current Swaps (details below) \$362 $(1), (2), (12)$ \$930 Fixed
CPI \$460 $$125$ \$1,877

Total

GPT Swap Schedule

Swap Start	Swap Maturity	Swap Amount	Swap Rate (%)
Date	Date	$(\mathsf{Sm})$
March 2001	March 2004	75.0	5.260%
October 2002(3)	April 2006	65.0	6.330%
November 2001	November 2004	50.0	5.120%
May 2001	February 2005	50.0	5.465%
August 2003	August 2006	50.0	4.970%
March 2001	September 2006	60.0	5.580%
April 2001(4)	July 2007	50.0	5.9775%
September 2002(5)	September 2007	100.0	5.760%
November 2002(6)	May 2008	100.0	6.200%/5.450%/6.680%
June 2002(7)	December 2008	80.0	6.240%
August 2003(8)	August 2008	50.0	4.920%
August 2003 (13)	Aug 2008	100.0	4.970%
April 1999	April 2009	100.0	6.610%
Total Current Swaps		930.0
April 2004(3)	April 2006	35.0	6.330%
October 2003	October 2006	50.0	5.075%
September 2004	September 2007	50.0	5.090%
February 2004	February 2011	100.0	5.205%
August 2008(8)	August 2011	50.0	4.920%
October 2004	October 2011	100.0	5.120%

Total Forward Start Swaps		385.0
Fixed to Floating May 02(1)	May 2005	100.0	Margin of 0.440%
Fixed to Floating February 02(2)	October 2007	150.0	Margin of 0.465%
Floating to Floating May 03(9)	November 2003	100.0	Margin of -0.33%
Floating to Floating May 03(10)	May 2004	50.0	Margin of -1.27%
Floating to Floating August 03(11)	February 2004	200.0	Margin of -1.26%
Fixed to Floating August 2003 (12)	August 2013	200.0	Margin of 0.83%

Current effective interest rate after fees & margins is 5.86% on \$1.877m of debt outstanding.

Notes:

• (1) \$100m of fixed rate issue swapped back to floating at 90 day BBSW + 0.440%.
• (2) \$150m of fixed rate issue swapped back to floating at 90 day BBSW + 0.465%.
• (3) Swap acquired with Homemaker Retail Trust. It is an amortising swap at the following rates: Oct 2002 - April 2004 \$65m 6.330% April 2004 - April 2006 \$35m 6.330%
• (4) In May 2003, GPT sold a \$50m receiver swaption for 5 years starting 5 July 2004 at a strike of 5.44%. The swaption premium was utilised to lower the existing swap from 6.66% to 5.9775% from 5 July 03.
• (5) If 90 day BBSW is above 4.4% and below 6.125% for the first 3 years (Sep 2002 to Sep 2005). GPT only pays BBSW. A vanilla swap then runs from 27 Sep 2005 to 27 Sep 2007 at 5.76%. GPT also sold a receiver swaption for 5 years starting 27 Sep 2007 at the same strike of 5.76%.
• (6) In October 2002, GPT sold a payer swaption against its existing May 2008 swap. The sold 6.68% payer swaption has an expiry date of 27 October 2003 and a swap term from 3 November 2003 to 1 May 2008. The swaption premium was utilised to reduce the existing swap from 6.68% to 6.20% from 1 November 2002 to 3 November 2003. In June 2003, GPT sold a receiver swaption against its existing May 2008 swap. The sold 5.3% receiver swaption has an expiry of 3 August 2004 and a swap term from 1 May 2008 to 1 May 2013. The premium was utilised to reduce the existing swap rate from 6.68% to 5.45% from 3 November 2003 to 1 November 2004.
• (7) If 90 day BBSW is above 8,000%, GPT pays BBSW for only that quarter.
• (8) At each roll date after 22 August 2008, the counterparty retains the right to call the 3 year cancellable swap.
• (9) GPT sold a receiver swaption for 3 years starting 4 October 2011 at a strike of 5.12%.
• (10) GPT sold a receiver swaption for 5 years starting 10 May 2004 at a strike of 5%.
• (11) GPT sold a callable swap for 10 years starting 22 August 03 at a strike rate of BBSW 1.26%. On 22 February 2004 the counterparty has the option of resetting the strike rate to 5.25% fixed with a designated maturity of 3 months whereon the counterparty again has the option of resetting the strike rate at 5.25% fixed. The total term of the rolls is 9.5 years. If at any roll the counterparty does not exercise the option the swap lapses.
• (12) \$200m of fixed rate issue swapped back to floating at 90 day BBSW + 0.830%
• (13) If 90 day BBSW is at or above 6.00%, GPT will pay BBSW 0.20% for that quarter only.