GPT GROUP — Regulatory Filings 2003

Mar 30, 2003

2002 Full Annual Report
General Property Trust
& GPT Split Trust

Listed in 1971, General Property Trust (GPT) is the largest diversified property trust listed on the Australian Stock Exchange today, GPT's portfolio consists of over 45 quality properties across Australia, in the retail, office, hote/tourism and industrial/business park sectors.

GPT Management Limited is the Responsible Entity for General Property Trust and GPT Split Trust.

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• ZE THIS SCALE WAY
• SECENT PRODUCT PORTOIC
• 11 ZEW: Yerne comparison Stimmar
• 12 Reichleichneiter
• 22 Offree Pointoile
• 28 Joiel Tounsm2011016
• CZ AMISIAN ARSIASZT SZTAROK I
• S7 GIZEMETOR TETRITIS

• 39 Environmental Report

• OPERATION

• 416 Investor Relations
• 47 Comodale Governance
• AT ZER IS ANGRE
• 219 Difference Report 51 GPT Smanotal Report
• 79 CPI Soli Trust Firancial Reiger Complete the Complete State of Complete Address (Complete State Inc.)
• Directory

Unitholder Calendar 2003

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Financial Summary

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KARTE REFINITIO	1967.	WS A	S. S. H
Lamngs per unit reents)	ta ne	TANA	$2.6 \%$
Tax advantaged component	92 SS 12	18 12 13
Net asset backing per unit	S. Ma	S2 SS	$0.8\%$
Units in Issue (ONOS)	BOT OSS	t SAS 177	A. M
total assets	36.343.376	SS 696 GM	S SH
Yotal liabilities.	SA SOS ATA	EN STR OWN	T. RIK
Eorrowings as % of icial assets	USS 198	20 3 %
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Nic Lyons, Chief Executive Officer herioni, Insegnant MRI

We are pleased to report an increased level of performance for GPT this year. GPT delivered a distribution of 20.4 cents per unit for the 2002 calendar year, representing a 3.6% increase. in earnings per unit and a 3.5% increase in distributions per unit. This level of earnings growth exceeds the target of 3% set by the Board and management last year.

GPT's total return for the year to December 2002 (12.8%) was also pleasing, exceeding that of the Listed Property Trust Index.

Whilst we look to the long-term performance of the Trust, it is pleasing to see that the initiatives put in place over the last three years are having a positive effect, without significantly increasing the level of risk. These initiatives include:

• entry into the bulky goods retail sector with the acquisition of a portfolio of Homemaker centres in November 2001;
• earnings enhancing acquisitions across each of our portfolios, including a 50% interest in the Citigroup Centre. in December 2001;
• the commencement of significant redevelopments at Erina Pair, Ploreat Porum and Melbourne Central's retail component, and the progression of masterplanning for future development works across the Retail Portfolio; and
• the sale of assets that were not expected to achieve the required level of earnings growth in future years.

GPT has a diverse portfolio of quality assets that are performing well -- they are highly capitalised and well managed, positioning us to optimise the earnings growth potential of the portfolio. We do, however, remain focussed on identifying and pursuing opportunities that will continue the evolution of GPT in line with the changing demands of investors.

Consistent with the continuing focus on performance, Lend Lease has varied the management fee, reducing the base fee (from 0.55% to 0.40% (per annum) of gross assets), and introducing a performance component. This further aligns the interests of unitholders and Lend Lease on long-term out-performance of the Trust. Lend Lease, through GPT Management Limited, remains responsible for the majority of the costs of management of the Trust.

Bill Cairns will be retiring from the Board after the next meeting of unitholders. Bill has been on the Board (and its predecessor, the Supervisory Board) for ten years and has made a significant contribution with his considerable experience in investment property.

The management team was increased in 2002, with the appointment of Michael O'Brien as Fund Manager. Michael was previously a Retail Portfolio Manager for GPT for several years, prior to leading Lend Lease's Retail Group. His retail and fund management experience provides strong supportfor the existing management team. Together, the team has continued to focus on increasing returns and is responsible for the improvement in the results this year.

The focus of the Board and the management team is to continue to improve the returns from GPT for its investors by intensively managing the existing quality assets of the Trust and accessing additional growth-enhancing opportunities.

We look forward to meeting you at the Annual Meeting of Unitholders to be held on 29 April 2003 and to continuing to report on improved performance in the coming year.

The focus of the Board and the management team is to continue to improve the returns from GPT for its investors by intensively managing the existing quality assets of the Trust and accessing additional growth-enhancing opportunities.

"GPT's vision is to be the highest quality diversified trust in the Australian Listed Property Trust sector, providing investors with exposure to a diverse range of quality assets and delivering superior total returns.

GPT will invest in real estate sectors in which we have core skills, providing management with the opportunity to enhance performance for investors."

GPT's vision is one that we believe will add value for investors. and will deliver secure long-term returns with a relatively low. level of risk.

GPT's strategy focuses on delivering this vision through intensive management of all aspects of the Trust. This involves:

• consistently improving the quality of GPT's portfolio of assets:
• providing diversity in earnings through exposure to quality assets across a range of real estate sectors:
• leveraging the core skills within the Lend Lease Group to enhance performance for investors; and
• accessing capital cost-effectively.

As Australia's largest diversified property trust, GPT's returns are derived from a diverse range of properties in each of the major markets and sectors. This provides stable returns for unitholders through economic cycles, and has been particularly apparent in the current environment, with the Trust delivering increased distributions for 2002 despite the impact of a subdued world economy, and retaining a positive outlook for continued growth in 2003.

An increase in earnings per unit of 3.6% was achieved in 2002, continuing a trend in growth in earnings per unit for each of the past five years.

As earnings per unit represent the property portfolio's principal measure of performance and is therefore a driver of value, this is an important achievement.

GPT's total return for 2002 (of 12.8%) was also positively impacted by the increase in GPT's unit price (which rose from \$2.83 at 31 December 2001 to \$2.97 at 31 December 2002).

At the closing price of \$2.97 on 31 December 2002, GPT's distribution vield was 6.9%.

Going forward, our key objective remains to provide investors with secure and growing earnings with a relatively low level of risk. We believe that GPT's current core portfolio of quality assets is well positioned to continue to achieve earnings. growth. At the same time, we have significant capacity to access future growth-enhancing opportunities.

Implementing GPT's Strategy

Major achievements contributing to the performance of GPT and progress in relation to the Trust's strategy in 2002 follows.

Investment Performance

Net Operating Income

GPT's total property income for the year to 2002, of \$636.9. million, represented an increase of almost 12% on the previous corresponding period. Importantly, net operating income also increased, and was up 6% on the previous year. as a result of:

• increased income from each of the Trust's four property portfolios;
• acquisitions made over the past 18 months, including the acquisition of a portfolio of bulky goods (Homemaker) retail assets and a 50% interest in the Citioroup Centre in Sydney; and
• the termination of the ground lease at Penrith Plaza, which provided GPT with entitlement to all income from this shopping centre and facilitates the future expansion. of this asset.

Distribution and Underlying Earnings

The distribution for 2002, of 20.4 cents per unit, represented a 3.5% increase on the distribution for 2001 of 19.7 cents per unit. The increase in earnings per unit represented 3.6% on the previous vear and exceeded the growth target of 3% set in 2001.

	1998.		1999 2000 2001		2002.
Distribution (cents per unit) $\approx$ 19.1 = 19.1 = 19.3				19.7	20 4
Capital component	-6.7	82.	ΛA	66	oο
Earnings (cents per unit)			18.40 18.86 19.30 19.70 20.41
Earnings growth			22% 25% 23% 21%		36%

As the table above shows, earnings per unit improved over each of the last five years. There has been no payment of capital in the last three years, and future distributions are expected to be comprised purely of earnings.

The fundamentals that underpin and drive GPT's earnings remain secure.

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Total Robert

GPT's accumulation return for the 12 months ended 31 December 2002 was 12.8% (compared to the S&P/ASX Property 200 Accumulation Index return of 11.8%). This return compares very favourably with the All Ordinaries Index return for the period, of -8.1%.

Net Tanoible Assets (NTA)

GPT's NTA per unit is currently \$2.60, an increase of 2 cents. on the NTA of \$2.58 at the close of 2001.

Fee Structure

On 30 January 2003, a new fee structure was announced by GPT Management Limited. The decision follows a detailed review of the fee structure undertaken by GPT's management, in conjunction with Lend Lease.

Effective 1 January 2003, the base management fee payable by GPT will be reduced (from 0.55% to 0.40% (per annum). of gross assets) and a performance component will be introduced. Each six months the performance fee component will be 5% of GPT's out-performance compared to the S&P/ASX Property 200 Accumulation Index. The total fee payable each six months is capped at 0.275% of the gross assets of the Trust. GPT Management Limited remains responsible for the costs of managing the Trust.

This new fee structure strengthens the alignment between investors and GPT Management Limited and reflects changes. in the market over the past 12 months.

Improving Portfolio Quality and Earnings Diversity

During 2002, we continued to improve the quality of the Trust's property portfolio, disposing of non-core or low growth properties and acquiring assets that can enhance returns for investors. Overall, GPT's property assets increased during 2002, from \$6.2 billion to \$6.6 billion, largely as a result of earnings positive acquisitions and developments.

Recent acquisitions and developments ephanced the diversity of the Trust's income streams, improved the quality of the portfolio and will contribute to future earnings growth. The portfolio is positioned well to deliver a consistent level of income growth into the future.

During 2002, major activities included:

• The original portfolio of Homemaker centres, acquired in November 2001, delivered their first full year of income. This sector represents a 'higher growth' retail sector and has performed well - exceeding acquisition forecasts and providing a first year yield of 9.5%. Exposure to this sector was increased during 2002 with the acquisition of the Fortitude Valley Homemaker Centre (Brisbane) and the Moorabbin Homemaker Centre (Melbourne). Both assets were acquired whilst still under construction and have traded well since opening in mid 2002.
• The acquisition of a 50% interest in the Citigroup Centre, located at 2 Park Street in Sydney, in December 2001 also contributed to income growth. The asset, acquired at a total cost of \$264 million, represented a rare opportunity to acquire high quality office property in the Sydney CBD. Significant leasing efforts resulted in a decrease in vacancy

from 11% at acquisition, to only 2% at December 2002, securing increased income from the asset ahead of original assumptions.

• In the Hotel/Tourism Portfolio, a group of resort assets at Cape Tribulation, a unique natural environment adiacent to two world heritage listed areas (the Great Barrier Reef Marine Park and Daintree National Park) was acquired for \$11.5 million in March 2002. The Resorts, which were acquired with low occupancy and limited market presence, are currently undergoing a refurbishment and market repositioning program, utilising the experience of Voyages Hotels & Resorts, the lessee of Ayers Rock Resort. The enhancement program will substantially improve the Resorts' market presence and allow them to grow future revenues.
• In May 2002, the Samsung Building and adjacent land was acquired for \$16.1 million. Located at 7 Parkview Drive. Homebush Bay, the building, which is adjacent to GPT's Quad site, is fully leased to Samsung for six years.
• The Joint Venture Investment Arrangement (JVIA) at Penrith Plaza was successfully concluded in October 2002, with the termination of the ground lease to the ANZ. The cost, of \$120 million, is expected to provide a yield of 9.5%, and gives GPT full entitlement to all income from the Centre as well as the opportunity to benefit from the future expansion of one of the most highly productive shopping centres in Australia.
• A number of small, strategic acquisitions were made in the Retail Portfolio. The acquisition of assets adjacent to Penrith Plaza, Charlestown Square, Erina Fair and the Castle Hill Homemaker Centre will all provide opportunities for long-term expansion and an improvement in the growth potential of these assets.

In addition to these acquisitions, GPT sold its 50% interest in Bankstown Square, a shopping centre asset located in NSW. Bankstown Square, which GPT held an interest in for almost 30 years, is testament to the active asset management approach taken by GPT. Throughout the Trust's ownership, the asset was progressively expanded and repositioned which strengthened market share and resulted in continued strong. earnings growth. The market, however, had matured and increased competition was resulting in declining sales and market share. The asset was sold because we did not believe it had the ability to meet the Trust's earnings growth targets. The sale price reflected an internal rate of return of over 17% and was a fantastic result for unitholders.

Leveraging Core Skills

GPT also utilised the asset management and property design. and development expertise available within the Lend Lease Group throughout the year, proceeding with \$620 million in developments at a number of assets and masterplanning for a potential future development program of \$500 million across. the Retail Portfolio.

A key driver of future growth will be the delivery of a number of developments across the portfolio. In a highly securitised market in which assets are increasingly scarce and more competitively sought, the opportunity to increase the quality of, and returns from, existing assets, is an attractive

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investment proposition. Across GPT's portfolios a number of developments and expansions of existing assets will contribute to growth in the short to medium term and will also improve the overall quality of the portfolio and contribute to earnings diversity. Illustrating GPT's active approach to managing assets, a number of developments of existing assets were progressed during 2002. These included:

• In the Hotel/Tourism Portfolio, work was completed on a \$60 million expansion and refurbishment program at Ayers Rock Resort, including the creation of the Resort's new luxury wilderness camping facility (Longitude 131°). The refurbishment of over 80% of the rooms at the Four Points by Sheraton Hotel was also completed during the year. These works have assisted in increasing revenue from both assets this year and position the hotels for future growth.
• At Sunshine Plaza in Queensland, construction of a new supermarket at Plaza Parade and the extension of the existing cinemas and creation of a new restaurant precinct along the Riverwalk. The development was completed in December 2002 and is expected to provide a Year 1 yield. of 9.5% on the \$20 million (GPT's 50% share) spent.
• The construction of two assets in the Industrial/Business Park Portfolio. Quad 2, the second stage of the Quad Business Park at Homebush Bay, was completed in March 2002. Construction on the office and warehouse facility for Australian Pharmaceutical Industries (API) at 11 Grand Avenue. Camellía was completed on time and to budget in October and is now occupied by API. A vield of 9% will be achieved on the cost of \$23.9 million.
• New corporate headquarters for National Australia Bank (The National) are well underway at the Victoria Harbour precinct of Melbourne. The two campus-style buildings will be ready for tenancy by The National in 2003 and 2004 respectively. The total cost of the buildings is expected to be \$242 million and The National will lease the buildings. for 12 years each from completion, providing a yield of 8% on cost and removing any risk of vacancy on completion. of the project.
• At Ploreat Porum in Perth, the Centre is being significantly refurbished and an outdoor restaurant precinct created at a cost of \$46 million. Stage 1 was completed in December 2002 and Stage 2 is due for completion in mid 2003.
• At Erina Fair, on the NSW Central Coast, a major expansion of the Centre is being undertaken. On completion, in-November 2003, the centre will include a new leisure and homewares precinct, community facilities and an ice-skating rink. The forecast cost is \$105 million (GPT's 50% share).

The major redevelopment of Melbourne Central's retail centre is now underway, following the achievement of conditions. precedent that included agreement of terms to acquire land on the railway concourse and leasing to major and key specialty retailers. The project will cost \$226.5 million and has a targeted completion date of November 2004.

The developments above represent opportunities to achieve a higher level of return for unitholders, while taking a measured and prudent approach to risk, through the use of experienced 'in-house' teams and conditions precedent. which set minimum criteria that must be met before a development proceeds.

Opportunities to grow the Trust's earnings will continue to be reviewed in relation to GPT's long-term strategy and the ability to improve long-term risk-adjusted returns for unitholders. As the market continues to be competitive in terms of acquisition opportunities, identifying new opportunities for increased growth and generating growth from the Trust's existing assets will continue to be a focus of GPT's activities.

Accessing Capital Cost-Effectively

As property trusts do not retain income, they are required to regularly raise capital in order to maintain existing assets to meet tenant and customer needs, optimise investment returns and finance new acquisitions. Therefore, the strength of GPT's balance sheet and its strong credit rating are critical to the long-term investment performance of the Trust.

GPT concluded 2002 with slightly increased borrowings of \$1,361 million, or 20.3% of total assets. This level remains below the maximum borrowing limit of 40% approved by unitholders in April 2002, and is at the lower end of the Board's adopted policy range of 20 - 30% of total assets. This level is also significantly below the LPT sector average of over 30%. A low level of gearing gives GPT the ability to increase gearing to access appropriate acquisition. opportunities and to fund the expansion of existing properties and other capital works.

Following the sale of GPT's interest in Bankstown Square, the Distribution Reinvestment Plans (DRPs) of GPT and GPT Spilt Trust were terminated in December 2002. This decision was made with reference to GPT's current level of gearing and the Trust's ongoing capital requirements. The discontinuation of the Plans will be accretive to earnings and will allow GPT to take advantage of the Trust's relatively low cost of debt for ongoing financing requirements.

New plans for GPT and GPT Split Trust, which allow a limited level of participation, will be introduced in the first half of 2003.

During 2002, GPT maintained its A+ long-term and A-1 shortterm local-currency credit rating from Standard & Poor's. These ratings remain the highest of any Australian listed property trust and are reflected in the weighted average interest rate of current borrowings, at 6.16%. A strong credit rating allows GPT to borrow at competitive margins and for longer durations.

GPT Management remains committed to an active financing strategy to maximise the strength of the Trust's balance sheet and manage risk, particularly interest rate exposure. At 31 December 2002 only 8% of the Trust's borrowings were exposed to floating interest rates. Maintaining a prudent level of debt with a spread of maturity dates is important to preserve GPT's funding flexibility. Swap arrangements are in place to protect the Trust against adverse interest rate movements.

Improving Disclosure and Communication

GPT's website, at www.gpt.com.au, was launched in early 1999 and has become a popular means of communicating with investors. A 'new look' site, which retains all the features of the previous site, but with an enhanced design, was launched in January 2003.

Visitors to the site are able to register to receive email notification of Stock Exchange announcements and other undates available in the News section of the website. The site also includes information about each of the Trust's assets, GPT's investment performance, quarterly distributions. and GPT's unit price. Copies of GPT's most recent reports can be downloaded from the site.

GPT is committed to maintaining a high level of disclosure and constantly reviews all methods of communication to ensure unitholders are kept informed of all aspects of their investment.

The LPT Sector and GPT

The LPT sector in Australia continued its remarkable evolution during 2002, demonstrating strong returns in uncertain economic conditions. The sector expanded over the year to control over \$68 billion of assets, representing approximately 7% of the All Ordinaries Index.

The LPT sector in Australia clearly demonstrated its value as a defensive holding in 2002, generally providing solid positive returns. The relative security from investing in LPTs is expected to remain relevant in the short term, given continued uncertainty regarding global political and economic conditions.

As the sector has continued to evolve, so has GPT. The Trustentered the hotel/tourism sector in 1997 and the bulky goods. sector in 2001 - both opportunities to further enhance the diversity and growth profile of GPT. The returns from these acquisitions have been enhanced with the application of intensive management utilising the core skills available within the Lend Lease Group. Over 2003 we will continue to focus on utilising our core skills to identify growth opportunities. GPT's strong balance sheet and low debt level position it well to take advantage of any acquisition or development. opportunities that arise.

GPT is the third largest Australian listed property trust. offering a truly diversified property exposure. The Trust remains in a strong position to continue the growth trendestablished over the last five vears and to improve both. earnings and distributions for investors.

In the remainder of this report you will find information on:

• GPT's property portfolios (pages 8 to 38)
• GPT and the Environment (pages 39 to 41)
• GPT's Corporate Governance (page 47)
• The people who manage GPT (pages 42 to 45)
• Investor relations activities (page 46)
• GPT Split Trust (page 48).

Nic Lyons Chief Executive Officer

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		1998	1999	2000	2001	2002.
Total Assets	m	\$4,060.5	\$4,779.7	\$5,467.6	\$6,343.8	\$6,696.6
Total Liabilities	m	\$551.1	\$923.9	\$944.0	\$1,505.1	\$1,623.0
Net Assets	m	\$3,509.4	\$3,855.8	\$4,523.6	\$4,838.7	\$5,073.6
Net Operating Income	m	\$248.6	\$275.2	\$317.0	\$364.4	\$386.1
Units on issue	('000)	1,396,284	1,537,576	1,754,923	1,867,055	1,949,717
Distribution per unit	cents	19.1	19.1	19.3	19.7	20.4
Earnings per unit	cents	18.40	18.86	19.30	19.70	20.41
Borrowings as % of total assets		10.5%	$16.2\%$	$13.9\%$	20.1%	20.3%
Net asset backing per unit		\$2.51	\$2.51	\$2.53	\$2.58	\$2.60
Closing Market Price at 31 December		\$3.05	\$2.48	\$2.77	\$2.83	\$2.97
GPT one year return		19.6%	$-12.7\%$	$20.1\%$	$9.9\%$	12.8%
LPT ASX one year return		18.0%	$-5.0\%$	17.8%	15.0%	11.8%
All Ordinaries one year return		$11.6\%$	16.1%	$3.6\%$	$10.1\%$	$-8.1%$

Earnings Per Unit (cents)

Net Operating Income (\$m)

Retail Portfolio

The Retail Portfolio's mission is to "Deliver
optimum investment performance through
customised retail experiences"

Retail Portfolio Classification of Retail Assets (by value)

GPT's \$3.3 billion Retail Portfolio consists of 745,000m² of regional, sub-regional and community shopping centres and 180,000m² of Homemaker centres. During 2002, 144.5 million customer visits were recorded at GPT's shopping centres, and sales totalled \$3.6 billion, slightly up on the previous year.

GPT's Retail Portfolio is over 99% occupied, demonstrating the strong demand for space in GPT's centres. The Portfolio of shopping centres benefits from a reasonable level of occupancy costs, providing a sound basis for rental growth.

During 2002 the Retail Portfolio implemented a number of initiatives to position the Portfolio for sustainable long-term. earnings growth. Major works commenced and planning for the next phase of development continued at a number of existing shopping centres across the Portfolio. Significant developments complete at Sunshine Plaza (Qid) and underway at Melbourne Central (Vic), Floreat Forum (WA) and Erina Fair (NSW) will generate additional market share and provide stronger growth potential from these assets.

Comprehensive information about each of GPT's retail and Homemaker assets is contained on pages 16 to 21.

Performance

Income

During 2002 the Portfolio increased income by 12%, up \$26.6 million.

Key contributors to this increased income were:

• increases in rents across GPT's retail and Homemaker centres; the strong income performance of the Homemaker centres which contributed income above acquisition forecasts - the majority of assets were acquired in November 2001 and anadditional two assets were acquired in mid 2002; and
• the unwinding of the Joint Venture Investment Arrangement at Penrith Plaza in October which gave GPT full entitlement to all income from the Centre and significantly increased income from this Centre in the latter part of 2002. The \$120 million capital required to terminate the arrangement is anticipated to provide a year 1 yield of 9.5%.

Retail Sales

Across GPT's shopping centres, total centre sales per square metre were up 3%, and specialty sales per square metre were up 3.3% in the 12 months to December 2002. This represented ongoing growth in sales over the past 18 months. As shown in the graphs on the next page, almost all of GPT's shopping centres have productivity above industry averages and below average occupancy costs (retailers' cost of rent as a percentage of their sales), indicating potential for future rental growth.

Valuations

Valuations across the Retail Portfolio contributed a net \$50.3 million to reserves. Major increases came from Carlingford-Court (up \$14.0 million after a major redevelopment) and Erina Fair (up \$13.4 million).

Key Activities

Significant opportunities exist to improve the growth profile of the Retail Portfolio, through an ongoing focus on the management and development of existing assets and through the acquisition and divestment of assets to ensure that the Portfolio retains high quality assets that can meet the growth objectives of the Portfolio.

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During 2002, GPT acquired two new Homemaker assets and a number of smaller assets adjacent to Penrith Plaza, Erina Pair and Charlestown Square, securing future income growth opportunities for the Portfolio. Also during 2002, GPT sold the Trust's 50% interest in Bankstown Square for \$176.0 million. The Centre was not expected to meet the Portfolio's long-term growth requirements and the sale realised a strong internal rate of return of over 17% over GPT's almost 30 year ownership.

Currently the Portfolio has close to \$400 million in developments underway. These developments, which are forecast to positively impact earnings per unit, include:

• A \$226.5 million redevelopment of Melbourne Central's retail centre. Construction began in December 2002, afteragreements were reached with tenants to lease 27% of the total space. The full leasing campaign will begin in February 2003 and the expected completion date is November 2004.
• At Erina Fair, on the NSW Central Coast, a major expansion is being undertaken. On completion, in November 2003, the centre will include a new specialty food precinct anchored. by a Coles Supermarket, a new leisure and homewares. precinct, community facilities and a Town Square surrounded by an ice-skating rink, cinemas and restaurants. The total cost is \$210 million (GPT's share \$105 million).
• A \$46 million redevelopment of Floreat Forum in Perth. commenced in August 2001. Stage 1 is now complete and Stage 2, which includes the creation of a town centre and restaurant precinct, is due to be complete in mid 2003.

Retail Portfolio

These developments build on previous successful developments in recent years, including:

• A \$40 million (GPT's share \$20 million) development of Plaza Parade and expansion of the Riverwalk at Sunshine Plaza, which was opened in December 2002. The project incorporates additional cinemas and a restaurant precinct. and has enhanced the Centre's reflection of the outdoor lifestyle of the Sunshine Coast.
• A major reformulation of Carlingford Court in NSW, which was completed in December 2000. Since the reformulation the Centre has consistently achieved sales growth, and unitholders have also benefited from a significant increase in the Centre's value.
• A \$4.0 million padsite retail outlet at Woden Plaza in ACT, housing a Dick Smith Powerhouse, completed in May 2002.

GPT has high quality retail assets. The vast majority of the assets are not only trading strongly, they are also the principal retail facilities in strongly growing trade areas. Opportunities to expand assets to take advantage of unserviced demand therefore exist throughout the Portfolio. Research and planning for the future evolution of Penrith Plaza, Macarthur Square, Wollongong Central and Charlestown Square is currently underway. The acquisition of assets strategically located adjacent to Penrith Plaza, Charlestown Square, Erina Fair and the Castle Hill Homemaker Centre in 2002, will assist in realising optimal returns from each of these centres through future development.

Outlook

We expect the current high level of retail turnover growth to slow in 2003, reflecting an expected softening in the housing sector, which should temper demand for household durables. and historically low household saving ratios which limit further spending growth. However, the slowing in turnover growth is not expected to be severe with a strong domestic economy, high level of employment, real wage growth and relatively lowinterest rates all providing a positive influence.

Although rental growth in the short term for the market generally is likely to be subdued, the low level of occupancy costs across GPT's shopping centres compared to industry benchmarks provides opportunity for the Portfolio. The Retail Portfolio will also benefit from the first full year of income from the Moorabbin and Fortítude Valley Homemaker assets, the full income from Penrith Plaza and the recently completed development at Sunshine Plaza. The significant development program underway, planned future developments and opportunities in the Homemaker Portfolio will underpin further earnings growth for the Trust.

GPT Retail Portfolio Specialty MAT/som (\$/sam inc. GST) December 2002

GPT Retail Portfolio Specialty Occupancy Cost line, GST) December 2002

Fig. 3 All Sub Regional Centres (1997) All Sub Regional Centres (1998) Neighbourhood Centres $-- -$ JHD Averages *Total Portfolio excludes Melbourne Central & Floreaz Forum under development

Currently the Retail Portfolio has close to \$400 million in developments underway.

Melbourne Central retail component (artist's impressions) cost \$226.5 million; expected completion November 2004

Erina Fair (artist's impression) –
cost \$105 million (GPT's 50% share); expected completion November 2003

Sunshine Plaza cost \$20 million (GPT's 50% share); completed December 2002

Retail Portfolio

CARLINGFORD COURT

Carlingford Court is located approximately 20 kilometres northwest of the Sydney CBD. This centre has a loyal customer base in a highincome area. The centre has both a department and discount department. store, two supermarkets, health cluband is convenience focussed with a strong social and neighbourhood feel.

CASUARINA SQUARE*

Casuarina Square is the premier shopping destination of Darwin and the Northern Territory. The popularity of the centre is evidenced by the fact that the average number of visits per week is greater than twice the population of Darwin. The centre's seven-screen cinema complex. provides a powerful entertainment. component to complement the centre's extensive offer, which includes two discount department. stores and two supermarkets.

CHARLESTOWN SQUARE

Charlestown Square, focated in the Newcastle region of NSW, is one of the most productive regional centres in Australia. The unique offer of Charlestown Square includes the only Grace Bros. department store in the Hunter region, two discount department stores and two supermarkets.

www.carlingfordcourt.com

www.casuarinasquare.com.au

www.charlestownsquare.com.au

Vou information

кеу нячняанов
Location:	Sydney, NSW	Darwin, NT	Newcastle, NSW
Acquired:	Jel 1996	Oct 1973	Dec 1977
GPT ownership:	100%	100%	100%
Co-ownership:
Gross lettable area:	29,000 scm Retail Office 200 sam Other (health club) 3,600 sqm Total 32,800 scan	Retail 50,600 sqm Office $1,600$ sqm $500$ sqm Other (service station) Total 52,708 sqrn	47,600 scm Retail
Car parking spaces:	1,408	2.400	2,500
Annual sales turnover:	\$168.0m	\$269.2m	\$276.2m
Sales turnover (per sqm):	Specialties \$7,455 \$5,780 Total centre	\$7,451 Specialties \$5,278 Total centre	Specialties \$9,523 \$5,769 Total centre
Occupancy costs:	Specialties 13.9% Total centre 8.1%	14.5% Specialties Total centre 10.1%	Specialties 14.8% Total centre 9.6%
Net income to GPT:	\$11.1m	\$20.5m	*\$21.188
GPT book value:	\$133.6m	\$264.1m	*\$279.9m
Valuation:	\$132.5m	\$264.8m	\$270.0m
Valuation date:	31 Mar 2002	30 Sep 2002	31 Mar 2003
Valuation method:	3. 10 year def at \$1.0% using terminal cap rate of 9.25% 2. Current cap rate of 8.75%	1. 10 year dof at 10.75% using terminal cap rate of 8.75% 2. Current cap rate of 8.25%	1. 10 year dof at 10.25% using terminal cap rate of 7.75% 2. Current cap rate of 7.5%
Occupancy:	Retail 100%	Retail 99% Office 35%	Retail 100%
Number of specialty stores:	301	202	165
Tenant Distribution:	% GLA (Retail) 17% 28% 17% 12% 26% 戀 DEPARTMENT STORE. Ŵ. DISCOUNT DEPT STORE ▩ SUPERMARKET 奏 NATIONAL SPECIALTY 邀 OTHER SPECIALTY	% GLA (Retail) 10% 28% 33% 8% 21% DISCOUNT DEPT STORE 聯 藜 CINEMAS 齾 SUPERMARKET 缪 NATIONAL SPECIALTY 验 OTHER SPECIALTY	% GLA (Retail) 9% 27% 25% 10% 29% ¢. DEPARTMENT STORE. 辯 DISCOUNT DEPT STORE. 纞 SUPERMARKET 嫐 NATIONAL SPECIALTY Ŷ. OTHER SPECIALTY
		* Including Monterey Hause. ** Cassarista Scuare only.	* Includes 158 Pacific Highway.

CHIRNSIDE PARK

Chirnside Park is a subregional shopping centre situated in Chirnside Park, north-east of Melbourne. The centre, which incorporates two discount department stores and three supermarkets, provides the best convenience offer in the northeastern region of Melbourne. The centre is also complemented by an eight-screen cinema complex which opened mid 2001.

DANDENONG PLAZA

Located in south-east Melbourne, Dandenong Plaza was officially opened in July 1995 following its redevelopment which began in 1993. Kmart was added to the centre in 1997, enhancing a broad offering of major retailers which includes a Myer department store and a 10-screen. cinema complex.

ERINA FAIR

Located on the NSW Central Coast near Gosford, Erina Pair is situated in one of the fastest growing regions. in Australia. Erina Pair is one of Australia's most productive large retail centres. The centre's innovative campus style includes a bulk retail precinct and an eight-screen cinemal complex. A major expansion of the centre, scheduled for completion in late 2003, will consolidate the centre's position as the leading retail and leisure. destination on the Central Coast.

ales le lei

www.erinafair.com.au

www.dandenongplaza.com.au

Melbourne, VIC	Melboarne, VIC	Central Coast, NSW
3ul 1996	Dec 1993	3un 1992
100%	100%	50%
		Australian Prime Property Fund
Retail 36,800 sqm Other (service station) 1,000 sqm 37,800 sqm Total	62,780 sqm Retail $430 \text{ sqm}$ Other (car wash) 63,100 sqm Total	Retail 67,500 sqm Cther (car wash) 2,000 sqm Total 69,500 sqm
2,073	3,235	3,000
\$200.3m	\$218.8m	\$403.5m
Specialties \$7.724 Total centre \$6,119	Specialties \$5,976 Total centre \$3,478	Specialties \$10,324 \$5,898 Total centre
Specialties 12.8% 6.1% Total centre	Specialties 15.4% 10.7% Total centre	Specialties 14.1% 7.7% Total centre
\$10.3m	\$17.8m	\$12.8m
\$120.0m	\$203.0m	\$241.7m
\$99.1@	\$203.0m	*\$224.7m
31 Mar 2000	30 Sep 2002	30 Sep 2002
1.10 year def at \$1.5% using terminal capirate of 9.0% 2. Current cap rate of 8.5%	1. 10 year def at 10.5% using terminal cap rate of 8.5% 2. Current cap rate of 8.0%	1. 10 year def at 10.0% using terminal cap rate of 7.75% 2. Current cap rate of 7.25%
Retail 100%	99% Retail	Retail 100%
115	177	172
% GLA (Retail)	% GLA (Retail)	% GLA (Retail)
16% 35% 15% 10% 24%	8% 24% 29% 7% 20% 12%	18% 34% 24% 8% 6% 10%
DISCOUNT DEPT STORE ۲ 瀹 CINEMAS ▩ SUPERMARKET 鑗 NATIONAL SPECIALTY Ŵ. OTHER SPECIALTY	₩ DEPARTMENT STORE ÷. EISCOUNT DEPT STORE ₩ SUPERMARKET 鑗 CINEMAS ŵ NATIONAL SPECIALITY OTHER SPECIALTY	DEPARTMENT STORE 驗 æ DISCOUNT DEPT STORE 貅 SUPERMARKET 鑗 CINEMAS NATIONAL SPECIALTY 聽 OTHER SPECIACTY * lackates adioining land.

Retail Portfolio

FLOREAT FORUM

Floreat Forum is situated in the suburb of Floreat, approximately six kilometres west of the Perth CBD. The centre's focus is on convenience shopping with two supermarkets as major tenants. A major redevelopment of the centre which included the expansion of both supermarkets, specialty remixing, the addition of a health club and extra car parking was completed in December 2002. A new Town Square precinct which incorporates the addition of restaurants is scheduled to open mid 2003.

www.floreatforum.com.au

FORESTWAY SHOPPING CENTRE

Porestway Shopping Centre is a convenience shopping centre situated in the suburb of Frenchs Porest, approximately 15 kilometres north of the Sydney CBD. The centre comprises a Woolworths supermarket and approximately 40 specialty stores. A double supermarket based development scheme and centre upgrade is planned for the centre.

www.forestway.com.au

MACARTHUR SQUARE

Macarthur Square is located in Campbelltown, 50 kilometres from the Sydney CBD. The centre is the only regional centre in its trade area. and enjoys a strong trading position. A major extension of the centre was completed in 1996 and the population growth in the region demonstrates the potential of the centre over the long-term.

www.macarthursquare.com

.
Kay information

кеу нячняанов
Location:	Perth, WA		Sydney, NSW		Sydney, NSW
Acquired:	Jel 1996		Jul 1996		Dec 1999
GPT ownership:	108%		100%		50%
Co-ownership:					Australian Prime Property Fund
Gross lettable area:	Retail 13,500 scm Other (service station) 14,300 scan Total	800 sam	Retail Office Other (service station) Total	8,200 sqm $800$ sqm $600$ sqm mpa 308,9	Retail Office Other (Bowling Afley, Hotel, Petrol Plas? Total	58,000 sqm 700 sqm 4,300 sqm 63,000 sqm
Car parking spaces:	926		380		2,608
Annual sales turnover:	\$62.7m		\$73.1m		\$311.6m
Sales turnover (per som):	Specialties Total centre	\$6,590 \$7,012	Specialties Total centre	\$7,885 \$10,469	Specialties Total centre	\$8,638 \$5,005
Occupancy costs:	Specialties Total centre	10.5% 6.3%	Specialties Total centre	11.5% 6.3%	Specialties Total centre	14.0% 8.9%
Net income to GPT:	\$4.2m		\$4.3m		\$10.6m
GPT book value:	\$83.0m		\$43.2m		\$146.6m
Valuation:	\$72.4m		\$39.0m		\$145.0m
Valuation date:	30 Jun 2082		30 Sep 2001		31 Mar 2002
Valuation method:	1. 10 year def at 10.5% using terminal cap rate of 9.25%. 2. Current cap rate of 8.75%		1. 10 year dof at 11.75% using terminal cap rate of 10.25% 2. Current cap rate of 9.75%		1. 10 year dof at 10.5% using terminal cap rate of 8.0% 2. Current cap rate of 7.6%
Occupancy:	Retail	100%	Retail	99%	Retail Office	100% 73%
Number of specialty stores:	84		43		371
Tenant Distribution:	% GLA (Retail)		% GLA (Retail)		% GLA (Retail)
	21% 49% 30%		40% 27%	33%	30% 11% 14% 9%	21% 15%
	SUPERMARKET NATIONAL SPECIALTY Ø. OTHER SPECIALTY		ŵ SUPERMARKET ŵ NATIONAL SPECIALTY ▩ OTHER SPECIALTY		DEFARTMENT STORE DISCOUNT DEPT STORE SUPERMARKET ▩	CINEMAS OTHER SPECIALTY. NATIONAL SPECIALITY

MELBOURNE CENTRAL

A major redevelopment is scheduled for completion in late 2004. The development will transform an inward facing shopping centre into an outward retail experience and incorporates some of the distinctive characteristics of Melbourne. On completion the centre will include a 12-screen cinema complex, anchoring a feisure and entertainment precinct and leading fashion retailers. For information on the office component of Melbourne Central, refer to p26.

www.melbournecentral.com.au

PARKMORE SHOPPING CENTRE

Parkmore Shopping Centre is located approximately 30 kilometres southeast of the Melbourne CBD, in the suburb of Keysborough, Parkmore is a convenience-based shopping. centre with a particularly strong food component, with two supermarkets and two discount department stores as major tenants.

www.parkmoreshopping.com

PENRITH PLAZA***

In the 31 years that GPT has owned Penrith Plaza, it has been redeveloped twice and is now well. positioned to meet the needs of this dynamic region. The centre includes a Grace Bros department store, two discount department stores, a 10-screen cirema complex and two supermarkets. Borec House and 557 High Street were acquired in 2002, providing further opportunity for future expansion of this successful centre.

www.penrithplaza.com.au

Melbourne, VIC	Melboarne, VIC	Sydney, NSW
May 1999	Jel 1996	Pensith Plaza 3un 1971 Riley Square 3un 1994 Berec House
100%	100%	Jul 2002 100%
Retail *n/ai Office 65,300 sqm Total 65,308 sqmi	Retail 35,980 sqm	Retail 73,000 sqm Office 5,200 sqm Cther (hote) 1,800 sqm ₹otal 89,009 sqm
1,610	2.648	3,000
*\$169.2m	\$177.7m	**** \$416.5m
Specialties *\$7,334	Specialties \$5,588	*\$10,754 Specialties
Total centre *\$3,974	Total centre \$4,991	*\$6,193 Total centre
Specialties *15.5%	Specialties 14.0%	$*14.3%$ Specialties
Total centre $*12.7%$	Total centre 6.9%	Rotal centre *9.6%
**\$18.8m	\$9.5m	***\$25.3m
\$487.8m	\$100.8%	***\$514.7m
\$465.0m	\$95.8m	Persith Piaza **\$340.0m \$15.0m Rifey Square
38 Sep 2801	31 Mar 2001	Persith Piaza 30 Sep 2001 Rifey Square 30 Sep 2001
1.10 year def at 30.0% using terminal cap rate of 8.25% 2. Current cap rate of 10.13%	1. 10 year dof at 11.0% using terminal cap rate of 10% 2. Current cap rate of 9.5%	1. \$0 year dof at 10.0% using terminal cap rate of 7.25% 2. Current cap rate of 7.0%
Retail *n/ai	Retail 180%	Retail 108%
99.6% Office		Office 36%
*n/a	119	216
Melbourne Central is currently andercology a ٠ states redevelopment, which headves the reconfiguration of a large accuunt of the Centre's space and the rebocation of the majority of	% GLA (Retail) 14% 41%	% GLA (Retail) 25% 28%	Includes Pearkh Plaza and Pearith Cinessas. $\mathbf{z}$ $<$ Penvid: Plaza (GPT's interest ander JVIA) aral Penrith Ciremas only. $\mathbf{r}$ $<$ $\bullet$ Includes Pearls Plaza, Peavith Cinesses, Riley
specialty stores. ٠ The retail income is being underpioned by the	26%	10%	Square, Red Cove land, Borec House and 557 High Street.

g).

45

æ.

SUPERMARKET

termination payment received from Deimarc. $\ddot{\alpha}$ Retail condiction to ly

19% DISCOUNT DEPT STORE 43 $\frac{1}{2}$ SUPERMARKET Ġ NATIONAL SPECIALTY

OTHER SPECIALTY

ù.

GINEMAS OSSCOUNT DEPT STORE S OTHER SPECIALITY NATIONAL SPECIALTY

**** Includes Penrith Plaza, Penrith Cinerats, Siley Square and Red Cow laral.

y

Olonual Bolde

Retail Portfolio

SUNSHINE PLAZA***

Sunshine Plaza is located in Maroochydore, Queensland and the centre's unique Riverwalk area reflects the relaxed outdoor lifestyle of Queenstand's Sunshine Coast. A major expansion was completed in 2002. The development included the addition of a Woolworths supermarket, new convenience-based specialties, a new leisure and restaurant precinct and the expansion of the cinemas from six to 12-screens to complement the centre's leisure and afestyle offer.

www.sunshineplaza.com

and Marcochydore Sugerstore Plaza.

WODEN PLAZA**

Woden Plaza, owned by GPT since 1986, is the dominant centre in the Woden Valley of Canberra. An extensive redevelopment was completed in November 1999, and a further expansion including an eight-screen cinema complex was completed in June 2001. In May 2002, Dick Smith Powerhouse was added to the centre adjacent to the cinema complex.

www.wodenplaza.com.au

WOLLONGONG CENTRAL

Wollongong Central is located in the CBD of Woltongong, Australia's ninth largest city, which is approximately 90 kilometres south of Sydney. The centre includes a Grace Bros department store, David Jones homeware store, supermarket and health club.

www.wollongongcentral.com.au

Key information
Location:	Marcochydore, QLD	Canberra, ACT	Wollongong, NSW
Acquired:	*Dec 1992	£eb 1986	Crown Central Jul 1996 Gateway Dct 1998
GPT ownership:	JVIA / 58%*	100%	100%
Co-ownership:	Australian Prime Property Fund
Gross lettable area:	69,300 sqm Retail Difice 2,400 scen Other Ravern) 680 sœn Total 72,300 sqm	Retail 64,800 sqm Gffice 6,300 sqm Total 71,108 sqm	Retail 32,300 scan Office 3,600 sqm 2,600 sqm Other (health club) Total 38,500 scan
Car parking spaces:	3,520	2,780	1,478
Annual sales turnover:	\$345.0m	\$374.1m	\$157.7 $m$
Sales turnover (per sqm):	Specialties \$8,841 \$6,209 Total centre	Specialties \$8,385 \$6,181 Total centre	Specialties \$7,997 Total centre \$5,033
Occupancy costs:	Specialties 14.2% Total centre 8.9%	13.8% Specialties 8.2% Total centre	Specialties 13.5% Total centre 9.7%
Net income to GPT:	\$7.5m	\$28.1m	\$11.9m
GPT book value:	\$169.6m (includes JV/A deposits)	\$353.3m	\$136.5m
Valuation:	**\$153.5m	*\$335.6m	\$130.0m
Valuation date:	30 Sep 2002	31 Mar 2001	31 Mar 2003
Valuation method:	1.10 year def at \$0.25% using terminal cap rate of 7.5% 2. Current capirate of 7.25%	1. 10 year dof at 10.25% using terminal cap rate of 8.25% 2. Carrent cap rate of 7.75%	1. 10 year def at 11.75% using terminal cap rate of 9.5% 2. Current cap rate of 9.0%
Occupancy:	100% Retail Office 100%	Retail 300% Office 100%	Retail 98% D ffice 94%
Number of specialty stores:	246	226	347
Tenant Distribution:	% GLA (Retail) 19% 215 19% 20% 7% 14%	% GLA (Retail) 21% 36% 13% 12% 12% 6%	% GLA (Retail) 12% 44% 38% 6%
	8 DEPARTMENT STORE ₩ OISCOUNT DEPT STORE ▩ SUPERMARKET 慾 CINEMAS NATIONAL SPECIALTY 雛 OTHER SPECIALTY Sonstine Paza only. es Value of SPT's interest in Sonsbine Plaza plas Paza Parade. * * Factuding Horton Pazade, Plaza Parade	鯵 DEPARTMENT STORE 哪 DISCOUNT DEPT STORE 嫐 SUPERMARKET 锪 CINEMAS OTHER SPECIALTY NATIONAL SPECIALTY Woden Plaza paly. ** Including Beauer Flause.	貓 DEPARTMENT STORE 鍌 SUPERMARKET 鱻 NATIONAL SPECIALTY 貉 OTHER SPECIALTY

HOMEMAKER PORTFOLIO

The Homemaker Portfolio consists of 13 Homemaker Centres located in south-east Queensland, Melbourne and Sydney. The assets are valued. at over \$340 million and have high accupancy levels (currently 99%).
Major retail categories represented across the portfolio include Furniture & Homewares (47%), Bedding (13%), and Electrical, Whitegoods & Computers (10%).

Major retailers include Harvey Norman, Freedom Furniture, Dick Smith Powerhouse, Barbeques Galore, KEA and Forty Winks. The top 10 national retailers in the portfolio account for over 47% of GLA. Since acquisition of the original assets in November 2001, GPT has added the Fortitude Valley Homemaker Centre in Brisbane (previously called Citygate) and the Moorabbin Homemaker Centre in Melbourne to the Portfolio.

Centre Name	State	Gross lettable area $*(\text{sgm})$	Number of tenants	Car parking spaces
Bankstown Homemaker Centre	NSW	18,600	23	346
Castle Hill Romemaker Centre	NSW	11,800	41	265
IKEA Building, Prespect	NSW	7.100		200
Maribymong Homemaker Centre	VIC	21,600	38	500
Moorabbin Homemaker Centre**	V i C	14,008	${1$	386
Aspiey Homemaker Centre	ପାତ	22,800	52	480
Cannon Hill Homemaker Centre Mt Gravatt Homemaker Centre	ପାତ	8,600	ै0	300 290
Jindaiee Homemaker Centre	QLD. ପାତ	10,500 21,300	11 49	606
Springwood Homemaker Centre	QLD	10,600	$\ddot{z}$	230
IKEA Homsemaker Centre	ପାତ	10,308	6	246
Windsor Homemaker Centre	QL D	9,580	${30}$	142
Fortitade Valley Homemaker Centre*** QLD		13,200	$\frac{4}{3}$	318
TOTAL		179.700	. 268	4,309
Acquired:				Nov 2001
GPT ownership:				100%
Net income to GPT:				\$27.4m
GPT book value:				\$340.7m
Occupancy:				99%
Rouation to nearest 100 sem. $\mathbf{e}_\mathbf{k}$ Acquired in July 2002. FRE Previously called Citypate.
Portfolio value by state		Major retail categories
19% 60% 21%		30% 10% 13%	47%
QUEENSLAND s 雛 VICTORIA NSW ▩	-88 辯	BEDDING & COMPUTERS	FURNITURE & HOMEWARES ELECTRICAL, WHITEGOODS

OTHER ŵ.

Petall Portfolio

Office Portfollo

Office Portfollo Value by state

Office Portfolio Lease Expiry by Area

GPT's Office Portfolio is spread across four capital cities and comprises over 420,000m² of office space and over 20,000m² of associated retail space. With a value of over \$2.5 billion, GPT's office property portfolio is the largest of any listed property trust in Australia.

Comprehensive information about each of the office assets is contained on pages 24 to 27.

Performance

Income

During 2002 the Portfolio increased income by 13.7%, up-\$22.7 million. Key contributors to this increased income were:

• significant leasing across the Portfolio, with 12.3% of the Portfolío leased or renewed over 2002;
• an increase in income from the Citigroup Centre at 2 Park. Street in Sydney, which was acquired with a vacancy of 11% in December 2001 and progressively leased over 2002, to close the year 98% leased;
• leasing successes at the Riverside Centre (Brisbane), resulting in a reduction in vacancy over 2002 - from 7% to only 2%; and
• increases in rents across a number of assets. Major increases were achieved at 530 Collins Street (Melbourne), the Riverside Centre (Brisbane) and the MLC Centre (Sydney).

Valuations

Australia Square, the Riverside Centre, Black Ink House and Brisbane Transit Centre were revalued during 2002. Whilst Australia Square's valuation increased by \$10.4 million. reduced valuations for the Riverside Centre, Black Ink House and Brisbane Transit Centre, due to increased incentive levels across the Brisbane office market, resulted in a net reduction in reserves (of \$21.5 million).

Rent Reviews

During 2002, GPT achieved reviews generally in line with forecasts, despite the softening in the office markets. This softening is likely to moderate rental growth in the short term, however GPT's Portfolio retains good opportunities for growth, with 23% of the Portfolio subject to predetermined. rental increases.

Leasing

Leasing was active in 2002, with 75,000m² leased or renewed in the 12 months to December 2002. This is an impressive result, given the relatively flat leasing market for most of the year. GPT's Office Portfolio ended the year with only 13,000m². representing 3% of the office space, vacant. The majority of this space is in the Trust's preferred market of Sydney, which has a stronger growth outlook.

Key Activities

During 2002, GPT continued its focus on intensive management of the Portfolio to maintain high levels of occupancy, a balanced expiry profile and diversity and security of income.

Significant leasing successes were achieved across the Portfolio. In particular, major leases were signed with Freehills. at the MLC Centre, securing their 17,300m² tenure until 2013. and Fairfax at Darling Park, securing income over 17,200m² until 2017. The resulting average period to expiry of 5.3 years, high occupancy (of 97%) and limited expiry over the medium term, positions the Portfolio for stable and secure income.

Construction began on the new corporate headquarters for Global Wealth Management, a division of the National Australia Bank (The National) at Victoria Harbour in Melbourne. The construction of two high-technology campus-style buildings. is scheduled for completion in 2003 and 2004 respectively and is anticipated to cost \$242 million. The National will take a 12-year lease over each building on completion, ensuring there is no vacancy risk and providing an initial yield of 8%.

Opportunities have been progressed to maintain the attractiveness to tenants of the Office Portfolio's assets, including:

• Planning for approximately \$5.5 million (GPT's 50% share) of upgrading at Australia Square (Sydney), including the exterior of the Plaza Building, the finishes of the Plaza and surrounding areas and the Tower lobby in preparation for a major leasing campaign for Lend Lease's current space, the majority of which will become vacant at the end of 2003.
• Works have also been approved at Melbourne Central -where, in conjunction with a major redevelopment of the retail complex, \$5.5 million will be spent enhancing the lobby and street presence of the office building and improving the connection to the retail component of the building.
• Longer term, GPT retains the ability to develop a new office tower above the Lonsdale Street retail at Melbourne-Central. The development, which would only be undertaken with an appropriate pre-commitment, provides an attractive opportunity to develop a high quality asset at a very competitive cost.

GPT's Office Portfolio has occupancy of 97% and is let to a wide range of blue chip tenants. The Portfolio has a weighted average unexpired lease term of 5.3 years and weighted average age of building services of 7.6 years. The long unexpired lease term indicates the security of the income stream from this Portfolio, while a low average age of building services means a limited. requirement for capital expenditure across the Portfolio.

Outkode

The outlook for office markets remains subdued in the short term with tenant demand for office space expected to gather momentum towards the end of 2003. Improving business confidence domestically and an expected recovery in the international economic climate will assist office market fundamentals in the medium term.

The current development phase across each market will determine the extent to which investors benefit from a recovery in demand, with markets such as the Melbourne-CBD at greater risk of excess supply, whilst new supply inthe Sydney CBD is likely to be more restrained. Further downward pressure on market rents could be evident in the form of rising lease incentives in markets that experience supply in excess of demand.

GPT's Office Portfolio however, remains well positioned. with the opportunity to capture rental growth through predetermined increases under structured leases acrossapproximately 23% of the Portfolio and limited vacancy and short-term expiry (largely located in the Sydney market).

AUSTRALIA SQUARE

One of Sydney's most enduring prime CBD office properties. Australia Square is situated in the heart of Sydney's financial district. The complex comprises a 48-level circular Tower and the smaller 13-fevel Plaza Building. The external Plaza courtyard is a feature of this landmark building.

BRISBANE TRANSIT CENTRE

The Brisbane Transit Centre is located adiacent to the Brisbane Roma Street railway station and interstate coach terminal. It is a mixed use facility comprising two office towers, a 191-room Holiday inn Hotel, a car park and several. retail areas.

CITIGROUP CENTRE

The Citigroup Centre at 2 Park Street, is a landmark premium grade office building focated on the corner of George and Park Streets, Sydney. Completed in 2000, the 47-level. building has upper levels that command expansive city and harbour views.

Key information
Location:	Sydney, NSW	Brisbane, QED	Sydney, NSW
Acquired:	Sep 1981	Nov 1997	Dec 2001
GPT ownership:	50%	58%	50%
Co-ownership:	Deatsche Office Trust	Australian Prime Property Fund	Macquarie Office Trust
Net lettable area:	Tower Building 40,600 sqm 10,200 scm Plaza Building 1,400 sqm Retail Total 52,280 som	30,000 sqrn Office 2,900 sqm Retail Total 32,908 sqm	Office 73,400 sqm Retail 500 som Total 73,900 sam
Site area:	5,545 sqm	1.784 hectares	8,087 sqm
Typical floor plate:	*1,032 sqm	East Tower 1,030 sqm West Tower 2,095 sqm	3,778 sqm
Hotel rooms:		191
Car parking spaces:	403	770	256
Net income to GPT:	\$13.6m	\$4.3m	\$18.2m
GPT book value:	\$176.7m	\$42.3m	\$268.4 $m$
Valuation:	\$176.25m	\$51.0m	\$267.5m
Valuation date:	30 Jun 2002	31 Sec 2002	30 Sep 2001
Valuation method:	1.10 year def at \$0.0% using terminal cap rate of 7.75% 2. Current cap rate of 7.50% (based on est, effective market rents)	1. 10 year dof at 11.50% using terminal cap rate of 10.0% 2. Corrent cap rate of 9.75%	1. 10 year dof at 10.0% using terminal cap rate of 7.25% 2. Current cap rate of 6.75% (based on est, effective market rents)
Occupancy:	Office 96% Retail 100%	Office 99%	Office 98%
Lease expiries:	% NLA (Office) 56% 16% $7\%$ 6% 5% 6% ess. X Beyond 38Z ě š	100% $\%$ NLA (Office) 0% 0% 0% 0% 0% SKXX 3002 à ę ž Beside	% NLA (Office) 85% 11% 8% 1% 1% 8% Beyond SORS. $\approx$ 88 2008 $\approx$
74	Year Ending December * Tower only.	Year Ending December * Tewers only.	Year Ending December

530 COLLINS & 120 KING STREETS

530 Collins Street is an imposing 38-level premium grade Melbourne CBD office tower incorporating a large internal atrium and the ASX Investor Centre, 120 King Street is a classic bluestone and brick construction which was built in 1914 and has been upgraded to modern standards.

DARLING PARK

Darling Park is a landmark commercial and retail complex located on Darling Harbour, fronting Cockle Bay. The asset is comprised of two premium-grade office buildings and a retail and entertainment. complex, known as Cockie Bay Wharf. The two towers and Cockle Bay Wharf are connected by plazas, galleries, business lounges and conference facilities.

179 ELIZABETH STREET (TATTERSALLS)

179 Elizabeth Street is a modern 16-level A-grade property in Sydney which commands harbour views. over Hyde Park and is home to the Tattersalls Club of Sydney. The upper floors are stepped back from Elizabeth Street, creating expansive balconies which are an attractive feature of the property.

Melbourne, VIC	Sydney, NSW	Sydney, NSW
3ul 1996	ปแก 2000	Sep 1998
100%	50%	100%
	AMP Office Trast AMP Australian Core Property Unit
530 Cellins Street 68,000 sqm 120 King Street Office $2,800$ sqm. 120 King Street Retail 900 sam Total 71,700 sqm i	Tower 1 Office 51,200 sqm Tower 2 Office 51,000 sqm Tower 1&2 Retail 1,660 sqm Cockle Bay Wharf 8,200 sqm 112,000 sqm Total	Office 14,200 sqm 800 sqm Retail 15,000 sqm Total
530 Ceilins Street 5,395 sqm 120 King Street 1,573 sqm	34,520 sqm	1,814 sqm
530 Collins Street 1,311 sqm 120 King Street 860 sqm	*1,890 sqm	1,572 sqm
358	717	187
\$26.68	**\$34.0m	\$6.6m
\$322.0m	\$470.2m	\$69.7m
\$315.6m 30 Sep 2000	\$470.0a	\$68.8m 1 Dct 2000
1. 10 year dof at 10.0% asing.	1 Apr 2001 *1. 10 year dof at 10.0% using	1. 10 year def at 11.25% using
terminal capirate of 7.25%	terminal cap rate of 6.75%	terminal cap rate of 9.25%
2. Current cap rate of 5.75%.	*2. Current capirate of 6.58%/6.25%	2. Current cap rate of 8.72%
(based on est, effective market rents) 97%.	(based on est, effective market rents). Office	(based on est, effective market rents) Office
Cffice	180% 99% Retail Retail (Cockie Bay Wharf) 180%	58%
% NLA (Office) 85% $5\%$ $3\%$ $2\%$ 0% 2% Beyoya š š XXX ğ g Year Ending December	% NLA (Office) 89% 7% 4% 8% 0% 8% e. Beyond 38 Boot en este Ver 388 Year Ending December	% NLA (Office) 33% 8% 7% 5% 5% 6% Baycad 1932 2884 Š X ž Year Ending December
	* Tower 1 / Toves 2.
	** Income includes top up facility of \$8.7m.

Office Portfolio

HSBC CENTRE

Located on the corner of George and Bathurst Streets in Sydney, the HSBC Centre at 580 George Street is a striking Art Deco-style tower. The complex includes 33 levels and a retail precinct which is linked by a pedestrian underpass to Town. Hall railway station. The retail precinct includes a Coles Express. supermarket and a medical centre.

MELBOURNE CENTRAL

Melbourne Central is a landmark office and retail property, located
in the Melbourne CBD. The Tower is a 51-level office tower located adjacent to Melbourne Central's retail component. Opened in 1991, it is occupied by blue chip tenants and is serviced by a 1,610 space carpark.

For information on the retail component of Melbourne Central, refer to p19.

MLC CENTRE

The MLC Centre is well positioned on Martin Place in the Sydney CBD. adiacent to the major city shopping precinct. The Centre comprises a 67-level tower, an extensive retail. complex and also incorporates the Theatre Royal. The retail precinct comprises a foodcourt and a strong representation in the international brand label fashion market.

.
Key information

noy moo
Location:	Sydney, NSW	Melbourne, VIC	Sydney, NSW
Acquired:	Jel 1996	May 1999	Apr 1987
GPT ownership:	108%	180%	50%
Co-ownership:			Queensland Investment Corporation
Net lettable area:	Tower building 37,200 sqm 4,200 scan Retail Total 41,400 scan	Office 65,300 sqrn $**$ n/a Retail Total 65,308 sqm	Office 68,900 sqm Retail $5,600$ scm Total 74,500 sqm
Site area:	3,567 sqm	26,063 sqm	$8,346$ sqm
Typical floor plate:	1,233 sqm	*1,529 sqm	3,228 sqm
Car parking spaces:	341	1,610	309
Net income to GPT:	\$15.3m	*\$22.7m	\$22.8m
GPT book value:	\$220.9m	\$487.8m	\$305.2m
Valuation:	\$214.0m	\$465.8m	\$298.5m
Valuation date:	31 Mar 2001	30 Sep 2001	31 Mar 2003
Valuation method:	1. 10 year def at 10.50/10.25% using terminal cap rate of 8.25% 2. Current cap rate of 7.50/7.75%. (based on est, effective market rents)	1. 10 year dof at 10.25% using terminal cap rate of 8.25% 2. Current cap rate of 7.9% (based on est, effective market rents)	1. 10 year def at 10.25/10.75% using terminal cap rates of 7.6/8.5% 2. Current cap rates of 7.0/8.0% (based on est, effective market rents)
Occupancy:	Office 95% Retail 99%	Office 99.5% Retail $*_{R/A}$	Office 99% Retail 100%
Lease expiries:	% NLA (Office) 37% 21% 18% 15% 0% Parker L. 2004 SS 33 1322 ě	% NLA (Office) 37% 25% 21.5% 13% 3% 0% 888 Britished $\frac{32}{32}$ B š SOME 3882	% NLA (Office) 38% 18% 17% 12% 8% 6% Beycerd 2008 E Socia \$88 $13\%$
	Year Ending December	Year Ending December Office ealy. * Refer to retail composent on page 19.	Year Ending December

10 & 12 MORT STREET

10 & 12 Mort Street consists of two adjoining modern A-grade office
buildings located in Canberra's CBD. Both properties comprise six upper Dem projected demperad and opportunities and projected
basement car parking.

RIVERSIDE CENTRE*

The Riverside Centre is one of Brisbane's premium office buildings. Situated on the Brisbane River, the centre comprises a 41-level office Cower, retail shops, waterfront
restaurants and the adjacent 16-level
Black Ink House.

Canberra, ACT	Brisbane, QLD
3al 1996	Apr 1984
100%	100%
Office 15,400 sqm	Tower (Office) 50,900 sqm
Retail $100 \text{ sqm}$	Black Ink House 5,900 sqm
Total 15,500 sqm	4,200 sqm Retail
	Tetai 61,000 sqm
3,065 sqm	Riverside Centre Freehold 9,805 sqm Leasehold 4,718 sqm
	Black ink Hoase 895 sqm
10 Most Street $1,247$ sqm	Riverside Centre 1,508 sqm
12 Most Street 1,117 sqm	Black Ink House 337 sqm
160	558
\$5.6m	\$20.0m
\$51.0m	\$260.2m
\$60.7m	Riverside Centre \$245.0m
	Black ink House \$14.4%
31 Mar 2001	Riverside Centre 30 Sep 2002
	Black ink House 30 Sep 2002
1. 10 year def at 10.8% using terminal capirate of 9.75%	** 1. 10 year dcf at 10.0% using terminal capirate of 7.25%
2. Current cap rate of 9.0%	**2. Current cap rate of 6.8%
lbased on est, effective market rents).
Office 108%	Office 98%
	Retail 94%
100%
$\%$ NLA (Office)	% NLA (Office)
	27%
	20% 18% 16%
	12% 5%
0% 0% 0% 0% 6%	鼺
percyce ä $30\%$ $\widetilde{\mathbb{S}}$ X Zaya ä	ine. Beyov ś 5882 ROS 3
Year Endirig December	Year Ending December
	* Including Brack his House. ** Riverside Centre only.

Hotel/Tourism Portfolio

The Hotel/Tourism Portfolio's mission is to "Enhance investor returns through the ownership of quality hotel assets located in growth markets
and which have a distinct competitive advantage."

穖

Rest of World

貔

ueder Other Asia

International Visitor Arrivals to Australia

GPT's Hotel/Tourism Portfolio is fundamentally a very sound one. The major assets have now been significantly refurbished and are positioned well within their individual markets. Whilst international tourism has continued to be subdued over 2002, signs of recovery are beginning to be evident and we remain confident that markets will ultimately recover and provide solid growth prospects.

We continue to look for investment opportunities in the hotel sector, which will add value for investors and complement the existing Portfolio. Our main investment focus is on core investments that represent quality hotels in major business. or tourism destinations and smaller scale eco-tourism investments that demonstrate 'unique' environmental attributes and can leverage off the scale and success of GPT's major eco-tourism asset, Ayers Rock Resort.

Performance

Income

During 2002 the Portfolio increased income by 10.5%, up-\$4.4 million. Key contributors to this increased income were:

• an increase in income from Avers Rock Resort up 8%. reflecting increased revenues from the asset (up \$7.5 millíon) and an increase in base rent;
• improved income from the Pour Points by Sheraton Hotel $\overline{a}$ Svanev, which increased income by 17%, due mainly to enhanced revenue (up almost \$3.3 million); and
• the addition of the Cape Tribulation Resorts in March 2002.

Valuations

The Four Points by Sheraton Hotel and Holiday Inn Brisbane were valued during the year. A small reduction in value of both assets resulted in a net reduction in reserves (\$0.9 million).

Occupancy and Room Rates

Despite the disruption to world travel over the last 15 months, Ayers Rock Resort continued to trade well in 2002. This illustrates the strong appeal of both the Resort and Central Australia as unique tourist destinations. Overall room nights sold fell slightly during 2002 (down 2%), and occupancy also decreased slightly, adjusting for the increased room stock. Room rates, however, increased compared to 2001 (up 9%).

The Four Points by Sheraton increased its room nights sold. and its occupancy level rose to 76% (up 11%). The average room rate, due to competitive pressures, fell marginally from 2001, to \$139.

At the Holiday Inn, Brisbane occupancy was slightly downon last year due to the absence of previous one-off events, but room rate increased.

The Cape Tribulation Resorts, acquired in March 2002, are yet to be refurbished and both occupancy and room rates remain steady, at 39% and \$145 respectively.

Kev Activities

Key activities across the Portfolio included:

• A \$60 million refurbishment and expansion at Ayers Rock. Resort was completed in August 2002. The works have revitalised the Resort's accommodation, allowing it to cater to growing demand and positioning it for further incomegrowth. A highlight of the expansion was the creation of Longitude 131", a high quality wildemess camp. This is a new experiential tourist product in Australia modelled on similar successful products in southern Africa. The campcomprises 15 stand-alone 'tents', each with unobstructed views of Uluru. The camp is an exciting new addition and enhances what is already a unique tourism experience.
• The Four Points by Sheraton Hotel has continued its room. refurbishment and 80% of the rooms are now complete. The Hotel is progressively building its reputation (due to refurbishment and rebranding) and is in a position to fully. capitalise on the market's recovery.
• GPT acquired Coconut Beach Rainforest Resort, Ferntree Rainforest Resort, the Jungle Lodge (backpackers and campground) and associated facilities at Cape Tribulation in March 2002. The assets are located on almost 100 hectares of scarce freehold and perpetual leasehold land at Cape Tribulation, 140 kilometres north of Caims. The acquisition seeks to leverage the benefits of also owning Avers Rock Resort by utilising the marketing synergies available through Voyages Hotels & Resorts, the operator of both Avers Rock Resort and the Cape Tribulation Resorts. The assets, which were trading at low levels of occupancy when acquired, provide an excellent opportunity to significantly. improve performance and income. An upgrade of the accommodation (at a cost of approximately \$6 million) is underway and due to be complete in April 2003.

Outlook

The tourism sector faces a challenging environment in the near term. Political and economic conditions internationally have seen inbound tourism numbers to Australia reduce in 2002 and continued uncertainty regarding conflict with fraqand the perceived security risks in the region may delay further recovery in the short term.

The Tourism Porecasting Council reduced its long-term. forecasts for inbound tourism growth in December 2002, from 7% to 5% a year over the next ten years (as shown in the graph on page 28). Despite the recent market dynamics. Australia has a unique tourist product in the world market; it has an incredible number of attractive destinations and is well. priced, safe and effectively promoted. These factors should underpin a return to growth in inbound tourism over the medium term.

In the longer term, the fundamentals of the tourism markets in which GPT's hotel/tourism assets are located and the quality of GPT's assets, as well as future investment opportunities, should underpin strong long-term prospects for the Portfolio.

AYERS ROCK RESORT

Ayers Rock Resort was the Trust's first major investment in the tourism property sector. The Resort is unique due to its extraordinary location adiacent to the world heritage listed Uluru-Kata Tista National Park and some 18 kilometres north-west of Ultim. It is the only resort within several hundred kilometres of this tourism icon.

The Resort, located on 94 square kitometres of freehold land, provides a complete range of tourist accommodation from deluxe hotels through to campground facilities. A major refurbishment and expansion program, which included the construction of 15 Laxury Wilderness Camp Tents was completed in July 2002, further enhancing and diversifying the accommodation product on offer. The Resort also includes a visitors centre, a shopping square and the Uluru Meeting Place, a wellequipped conference centre with a 300-seat capacity.

Alice Springs Resort, the leasehold interest in Ayers Rock Airport and a loan to Voyages Hotels and Resorts Pty Limited also form part of this asset.

www.ayersrockresort.com.au

Key information
Location:	Central Australia, NT
Acquired:	Dec 1997
GPT ownership:	108%
Tenure:	Freehold & Leasehold Title
Facilities:	- Ayers Rock Airport - Conference centre for up to 300 people - Visiters Centre - Town Square Retail
Net income to GPT:	\$33.6m
GPT book value:	\$350.2m
Valuation:	\$290.0m
Valuation date:	15 Sep 2001
Valuation method:	10 year discounted cashflow
Average daily rate:	\$204.00
Occupancy:	67%
Lessee/Operator:	Voyages Hotels and Resorts Pty Limited
Hotel features:	Accommodation No. ef roems Style $-$ Lengitede 131" 15 Luxury tented facility - Sails in the Desert 232 Luxury 218 - Desert Gardens Hotel Deiuxe - Gutback Pioneer Hotel 137 Mid market 60 - Emu Walk Apartments Serviced Apts - The Lost Camel 99 Mid market - Gatback Pioneer Lodge 332 beds Backpacker - Campgrounds Carnping - Alice Springs Resort 144 Mid market Total (excluding beds) 905

CAPE TRIBULATION RESORTS

The Cape Tribulation Resorts are located in Cape Tribulation, 140 kilometres north of Cairns in Far North Queensiand. The Resorts are closely surrounded by the World Heritage-asted Daintree National Park and the Great Barrier Reef Marine Park. The immediate area has a wide range of environmental/nature based touring options (reef, rainforest, rivers and aboriginal culture)

The properties comprise of a collection of small scale eco-tourism resorts. and facilities: Coconut Beach Rainforest Resort and Ferntree Rainforest Resort as well as The Bungle Lodge (campground and backpacker accommodation) and a takeaway cafe.

The Cape Tribulation properties are leased and operated by Voyages Hotels. and Resorts Pty Limited, the lessee of Avers Rock Resort.

www.ferntreeresort.com.au

www.coconutbeach.com.au

FOUR POINTS BY SHERATON HOTEL, SYDNEY

The Four Points by Sheraton Hotel, Sydney is situated in the western precinct of Sydney's CBD overlooking Darling Harbour and is close. to a number of key Sydney attractions and the offices of many large corporations. The Hotel is well serviced by most forms of transport, including ferries and the monorail.

The Hotel provides a four star standard of accommodation over 14 levels. Facilities include a restaurant and lobby bar, banquet and meeting facilities, gymnasium, coach parking and separate group check-in facility. The Hotelalso incorporates the heritage listed Dundee Arms Pub and 2,843m° of retail space within three heritage listed buildings. The Hotel is undergoing a major refurbishment which is approximately 80% complete.

The Hotel is operated by a joint venture Company in which GPT has a 40% interest, that also forms part of this asset. The property is operated as a Four Points by Sheraton Hotel under a licence agreement with Starwood Hotels & Resorts.

Far North Queensland			Sydney, NSW
Mar 2002			May 2008
100%			100%
Freehold & Perpetual Leasehold & Permit to Occupy			Leasehold Title
- 2 Restaurants - Board Walk Takeaway			- 643 rooms of foar star rating - Restaurant and Lobby Bar - Banquet and Meeting Facilities - Gymnasium - Coach Parking
*\$0.4m			\$31.9m
\$31.8m			\$135.8m
\$1.0m			\$136.0m
17 Dec 2001			15 Mar 2002
11 year discounted cashflow			10 year discounted cashflow
\$145.00			\$139.00
39%			76%
Voyages Hotels and Resorts Pty Limited			161 Sussex Street Pty Ltd (wading as a Four Points by Sherauss Houst)
Accommodation	Ne, ef rooms	Style	Accommodation	Net of recess
Coconut Beach Besort			Standard reoms	588
Rainforest Rooms	39 27	4-star	Suites	54
Daintree Rooms Ferntree Rainforest Resort	84	4-star Varying quality	Presidential Suite Total	643
The Jungle Lodge		Camping
Total (excluding beds)	120		Other features Foar heritage listed buildings: - Dundee Arms Pub - Corn Exchange Bailding (retail) - Central Warehouse (retail) - Northern Warehouse ketail)
16 Part year -- from 27 March to 33 December 2002.

HOLLAND IN SACTION AND LANDING

Industrial/Business Park Portfolio Value by State

Industrial/Business Park Portfolio Lease Expiry by Area

GPT again expanded its Industrial/Business Park Portfolio during 2002, increasing the value of the Portfolio to \$204 million. The Portfolio now consists of: the Citiwest Industrial Estate in Melbourne; and in Sydney, a warehouse and distribution facility at Kings Park; 11 Grand Avenue, Camellia; two warehouse and office facilities at Berry Street, Granville; and the Quad and Samsung Buildings at Homebush Bay.

GPT is focussed on owning and developing industrial and business park assets that are:

• modern and focated near major transport nodes;
• adaptable, with good technical services; $\ddot{\phantom{0}}$
• leased to good quality tenants; and $\overline{a}$
• have a multitude of uses (and hence possible tenants).

This strategy increases the Portfolio's income security, as the assets are not specialised and are suitable for a large number of tenant types.

Performance

Despite a slowing economy, the Industrial/Business Park Portfolio achieved earnings growth in 2002. Portfolio income increased by over 22% over the past 12 months (to \$13.3 million).

Key contributors included:

• the Australian Pharmaceutical Industries Ltd's warehouse and office facility at 11 Grand Avenue, Camellía, completed in October 2002:
• Quad 2 at Homebush Bay, completed in March 2002 and now 93% leased: and
• the Samsung Building at 7 Parkview Drive, acquired in May 2002 on a first year yield of 9% (after acquisition costs).

Rent Reviews

During 2002, GPT achieved rents generally in line with forecasts. Although moderate rental growth is anticipated in the short term, GPT's Portfolio retains good opportunities for growth, with 90% of the Portfolio subject to predetermined. rental increases.

Leasino

No major lease expiries occurred during 2002, and 4,800m² was leased at Quad 2 in the 12 months to December 2002.

The Portfolio retains high occupancy (of 95%) and a long average lease term of 5.6 years.

Key Activities

During 2002 the Portfolio was expanded with:

• The completion of Australian Pharmaceutical Industries Ltd's 29,500m² warehouse and office facility at 11 Grand Avenue, Camellía, Construction, which began in October 2001, was completed in October 2002, and API are nowoccupying the facility.
• The acquisition of Quad 2 at Homebush Bay, the second stage of a four-stage integrated Business Park development. The building consists of 5,000m² of office space over three levels and was completed in March 2002. The building is now 93% occupied.

The acquisition of 7 Parkview Drive at Homebush Bay in Svdney. The asset, which adioins GPT's Quad site in the Olympic Park precinct, is a modern high-tech office and warehouse facility, which is fully leased to Samsung Electronics Australia Pty Ltd, GPT acquired the asset, which includes approximately one hectare of surplus land, for \$16.1 million (including acquisition costs) on an initial vield of 9% (excluding the value of the surplus (and). The acquisition, together with the development potential of the Quad sites, gives GPT the ability to create a \$100 million business park in the growing Homebush Bay precinct.

Stage 2 of 11 Grand Avenue, Camellía was commenced in December 2002. The building, which is already 43% leased, is due to be complete in September 2003.

Outlook

Strong investor demand for industrial property is expected to see yields remain tight across most markets in the short to medium term despite recent weakness in tenant demand. Rental growth is likely to remain subdued in the short term prior. to an expected pick up in demand towards the end of 2003. Sydney remains the most attractive market within the Industrial and Business Park sector due to its size and diversity of tenants.

Although demand for industrial space has eased in line with a slowing economy, the Portfolio has a long average lease term to expiry of 5.6 years and strong tenant covenants. Structured rent reviews across 90% of the Portfolio and the first full year. of income from Australian Pharmaceuticals' facility at Camellia and Quad 2 and the Samsung Building at Homebush Bay will contribute to future performance.

Industrial/Bulshess Park Pomiono

15 BERRY STREET, GRANVILLE

15 Berry Street comprises 2.06 hectares of general industrial land in the established industrial area of Granville in Sydney's inner west. The property, constructed in 1994, has a total building area of 9,900m² and comprises a modern distribution. warehouse and associated offices over two levels.

19 BERRY STREET, GRANVILLE

19 Berry Street comprises 3.8 hectares of general industrial land in the established industrial area of Granville in Sydney's inner west. The property was constructed in 1992 for Mitsubishi Motors Australia Limited and has a total building area. of 13,500m^s comprising a modern. distribution warehouse and associated offices. The site also includes approximately 6,750m^s of surplus land.

11 GRAND AVENUE, CAMELLIA

11 Grand Avenue, Camellia is a well located site in an established industrial area, well serviced by major road networks. Stage 1 of the site has been leased to Australian Pharmaceutical Industries Ltd (API) and comprises a new office and warehouse facility, which was completed in October 2002. Stage 2 of the development will create approximately 17,000m^s of additional space.

Kay information

веу начинация
Location:	Granville, NSW	Granville, NSW	Camellia, NSW
Acquired:	Nov 2000	Dec 2008	May 1998
GPT ownership:	108%	100%	108%
Net lettable area:	9,900 sqm	13,500 sqm	*29,500 sqm
Site area:	20,680 sqm	38,000 sqm	86,100 sqm
Net income to GPT:	\$0.9m	\$1.6m	\$0.7m
GPT book value:	\$10.0m	\$18.8m	\$45.8m
Valuation:	\$9.5m	\$17.5m	\$15.5m
Valuation date:	24 May 2008	22 Nov 2000	31 Dec 2000
Valuation method:	3. 10 year def at 31.75% using terminal cap rate of 10.0%. 2. Current cap rate of 9.40%.	1. 10 year dof at 11.5% using terminal cap rate of 10.0% 2. Current cap rate of 9.3%	10 year dof at 11.5% using terminal capirate of 9.75% and direct comparison methods.
Occupancy:	100%	180%	*100%
Lease expiries:	100%	100%	100%
	BERTH AND STATE MAR $0\%$ 0% 0% 0% 0% peovest XXX 33065 $5332$ \$8. ž Year Ending December	ALLA ፀ% D% 8% 0% -8% Executed $\widetilde{\mathbb{R}}$ 1900 8 BER 38. $\approx$ Year Ending December	$\%$ NLA 6% 0% 0% 0% -0% wark Beyond 588 esse XX 1882 ž Year Ending December * Stage 1 of the development.

2 - 4 HARVEY RD, KINGS PARK

The Kings Park facility comprises 6.5 hectares of industrial land on which a modern warehouse and distribution facility, with associated offices and amenities, has been constructed. The property is located in an established industrial zone in Sydney's north-west, well serviced by road systems and public transport. This asset also includes 1.5 hectares of surplus land, purchased on a deferred settlement basis.

MELBOURNE INDUSTRIAL PORTFOLIO

The Melbourne Industrial Portfolio consists of a portfolio of large office/warehouse buildings on the Citiwest Industrial Estate at Altona North. These properties are strategically located near major traffic routes and have been constructed to high quality standards with flexibility for future uses.

7 PARKVIEW DRIVE, HOMEBUSH BAY

7 Parkview Drive forms part of the Sydney Olympic commercial precinct and is located on the eastern side of the Olympic Park railway station, with frontages to Parkview Drive and Bennelong Road. The asset adjoins the Quad Business Park, and comprises 2.45 hectares of commercial land with a modern office and warehouse facility, which is fully leased to Samsung. Electronics Australia Limited.

Kings Park, NSW	Melboarne, VIC	Homebush Bay, NSW
May 1999	Aug 1994	May 2002
100%	100%	100%
30,200 sqm	92,100 sqm	7,000 sqm
64,780 sqm	185,070 sqm	2.45 ha
\$2.8m	\$5.6m	\$3.8m
\$24.988	\$57.2m	\$16.1m
\$24.9 $m$	\$57.0m	\$15.1%
10 Mar 2082	31 Mar 2008	5 Oct 2001
1. 10 year def at 10.75% using terminal cap rate of 9.75% 2. Current cap rate of 9.25%	The properties within the industrial portfolio are valued individually using: 1. 10 year defs at 10.5 - 12.5% using terminal cap rates of 10.0 - 13.0% 2. Current cap rates of 9.0 - 13.0%	1. 10 year dcf at 10.75% using terminal capitate of 9.25% 2. Current cap rate of 8.75%
100%	$90\%$	100%
100% $\%$ NLA 0% ne. Becker ğ ä š e die 19 900Z Year Ending December	% NEA 45% 30% 7% 5% 3% 8% n M Backeg ine. ž ž essa: Si ă Year Ending December	100% WHA 0% 0% 0% 0% 0% Beyovs e C esses est. i. š 38X Year Ending December

Hatels (Billian Colorado de La

QUAD BUSINESS PARK

Quad Business Park is a four stage integrated Business Park development, located at the Australia Centre in Homebush Bay, adjacent to the Sydney. Olympic Park and Olympic Park railway station. The area supports a number of high profile users, including Eveready Australia, Samsung, Agfa and the Orlando Wyndham Group. Currently the first two stages of the development, Quad 1 and Quad 2, have been completed.

Quad 1

Quad 1 was completed in September 2000 and comprises office space over three levels, with large efficient floor plates, A-grade building services, excellent parking and city views.

Quad 2

Quad 2 was completed in June 2002. and comprises office space over three levels, with large efficient floor plates, A-grade building services, excellent parking and city views.

Key information

Location:	Remebush Bay, NSW		Homebash Bay, NSW
Acquired:	Jul 2001		Mar 2002
GPT ownership:	100%		108%
Net lettable area:	Office Retail Total	4,800 sqm 206 sqm 5,000 sqm	Office 6,147 som
Site area:	9,449 scgm		7,788 sqm
Net income to GPT:	\$1.2m		\$0.5m
GPT book value:	\$15.5m		\$15.8m
Valuation:	\$14.6m		\$15,65%
Valuation date:	1 Jun 2001		31 May 2002
Valuation method:	1. 10 year dof at 10.82% using terminal cap rate of 9.0% 2. Current cap rate of 8.75%		1. 10 year def at 10.75% using terminal cap rate of 9.25% 2. Current cap rate of 8.75%
Occupancy:	180%		93%
Lease expiries:	A.N.A š FOOT 3003 $\tilde{\mathcal{S}}$ ટૂ B Year Ending December	100% anoveg	ARIA 77% 8% 8% 0% 6% peyons: Sec Š F SOF SSE 2 Year Ending December

			,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,
MAJOR TENANTS	SQM ---------------------------------------	EXPIRY	MAJOR TENANTS	SQM	EXPIRY	MAJOR TENANTS	SOM	EXPIRY
Retail Portfolio						Industrial/Business Park Portfolio
Carlingford Court Grace Bros Weolworths	8,100 3,869	Nov 12 Nov 18	Melbourne Central Melbourne Central is currently undergoing a major redevelopment, which involves the			15 Berry Street, Granville Mayne Nickless Limited	9,884	Aug 04
Target Coles	3,589 3,508	Jul 04 Nov 16	reconfiguration of a large amount of the Centre's space. and the relocation of the majority of specialty stores. There were no major tenants at 31 December 2002.			19 Berry Street, Granville Mitsubishi Motors Australia Eimited	13,492	Dec 07
Casuarina Square		Mar 09				11 Grand Avenue, Camellia
Keeart 8ia W	7,448 6,861	Oct 10	Parkmore Shopping Centre Krnart	8,385	Sep 17	Australian Pharmaceutical
Coles	5,718	May 03	Big W	6,241	Nav 15	Industries Ltd	29,499	Oct 14
Weolworths	5,020	ปแก 18	Coles	4.042	Aug 84	2 – 4 Harvey Road, Kings Park
BCC Cinemas Best & Less	4,326 997	Dec 18 Nov 07	Safeway	2,719	Sep 14	Freedom Furniture Ltd	30,188	May 09
			Best & Less	1,128	Get 89
Charlestown Square			Penrith Plaza			Melbourne Industrial Portfolio Westgate Transport	41,625	Aug 09
Grace Bros Kæart	12,840 8,267	Apr 13 Mar 04	Grace Bros	20,114	3al 13	Westgate Transport	20,249	Aug 04
Target	5,585	Jul 16	Big W Target	8,738 7,097	Mar 12 Jal 19	Bridgestone	6,877	Oct 03
Coles	2,442	Mar 04	Hoyts Cinemas	4,785	Apr 18	Just Jeans	6,300	Oct 04
Weolworths	2,349	Jun 11	Woekworths	3,795	Mar 12	Australian Wire Industries Heavy Duty Transport	4,746 2,657	Mar 06 Apr 05
Best & Less	906	Jan 08	Supre	2,992	Mar 63
Chirnside Park			Franklins Best & Less	2,030 1,195	Ball 86 Mar 10	7 Parkview Drive, Homebush Bay
Kmart	8,249	Sep 14				Sarnsung Electronics Australia Pty Ltd	6,979	May 08
Target	4,774	Jul 18	Sunshine Plaza
Safeway Coles	4,381 3,292	Sep 04 Sep 14	Myer Target	12,893 6.900	Aug 89 Jal 18	Quad Business Park
Reading Cinemas	3,508	May 16	Kmart	6,585	Jun 10	Quad 1 Dairy Farreers Australian
			Coles	5,631	Feb 18	Co-operative	4.808	Oct 08
Dandenong Plaza Myer	15,077	Jul 16	BCC Cinemas	4,685	Nev 22
Target	6,658	Jul 15	Woekwerths World 4 Kids	3,881 2,525	Nav 22 Nov 67	Quad 2
Kmart	5,794	Juli 12	Difice Works	2,163	Nov 05	Universities Admissions Centre Swift & Moore	1,754	Mar 12
Village Cinemas	4,599	Dec 04	Best & Less	896	Nov 84		1.727	Jan 12
Safeway Coles	3,894 3,297	Dec 09 Aug 10	Woden Plaza
Rebel Sport	1,485	Nov 08	David Jones	13,634	Mar 30
Sest & Less	1,208	Nov 08	Big W	8,492	Aug 19
Erina Fair			Woekworths	4,078	Mar 19
Grace Bros	12,132	Aug 07	Harvey Norman Hoyts Cinemas	3,987 3,778	Apr 12 Jun 20
Big W	7,995	Aug 07	Coles	3,400	Mar 14
Target	7,839	Jul 13	Dick Smith Powerhouse	1,910	Mav 12
Weolworths Hoyts Cinemas	4,038 3,800	Aug 07 Nov 16	Rebel Sport	1,732	Jun 89.
Franklins	2,865	Nov 09	Bayswiss	1,000	Nev 12
₹oys 'R' Us	2,805	Det 09	Wollongong Central
Werldwide Appliances	2,323	Nov 07	Grace Bros	12,150	Get 86
Freedom Furniture. Linoraft.	1,775 1,490	Sep06 Det 04	Franklins	1,882	Get 84.
Rebel Sport	1,486	Det 03	David Jones Rebel Sport	1,844 1,500	Cct 15 Sep 86
Best & Less	1,228	Aug 07	Best & Less	1,080	Jun 84
Floreat Forum			Uncle Pete's	1,006	Get 85
Weolworths	3,702	Jun 22	Homemaker Portfolio
Newmart	2,241	$\rightarrow +$	Freedom Group	24,461	$\frac{N}{2}$ $\frac{N}{N}$
** Texant on holdcaer gending execution of lease			ikea	16,114	$\star \star$
Forestway Shopping Centre			Harvey Nerman/Somayne	12,315	÷÷ **
Weetworths	2,702	$\rightarrow +$	Forty Wirks Spotlight	7,404 5,851	**
Roni's Discount Variety	1,250	ÿ	BBQ's Galore	4,880	**
** Texant on historical pending execution of fease			Muir Electrical	3,975	$\star \star$
# Tenant ca monthly fease			BBC Hardware	3,865	$ $ **
Macarthur Square			Bing Lee Berkowitz	3,744 3,739	**
Bavid Jones	12,243	Арг 17	** Various expiries as tenser occupies space in a number of centres
Big W Greater Union Cinemas	8,792 4,891	Sep 19 Apr 05
Weolworths	4,185	Nov 15
8i-Lo	4,114	Jun 16
Baby Target	2,481	May 06
Rebel Sport Sest & Less	1,620 1,155	Nov 05 Nov 04
								3.

CAPA VEIGHTS

MAJOR TENANTS	SOM	EXPIRY	MAJOR TENANTS	SOM	EXPIRY	MAJOR TENANTS	SQM	EXPIRY
Office Portfolio			Darling Park			MLC Centre
			PricewaterhouseCoopers	35,516	Dec 12	Freehills	17.345	Dec 13
Australia Square			IBM.	24,614	Dec 88	Freehills	1,213	$+$ *
Lend Lease	28,499	Dec 03	John Fairfax Holdings	\$7,300	Mar 17	Freehills	53	May 03
Lend Lease	1,834	Aug 06	Nestle	9.752	Dec 89	Merrill Eynch (Aust)	7.541	May 06
Lend Lease	1,833	Jan 04	Regus Centres Pty Ltd	3.885	Dac 89	Abbott Tout	6.341	Feb 06
Eend Lease	1.833	Feb 04	Sincletons	3.792	Mar 84	Australian Petroleum Pty Ltd	5,767	Jan 07
iend Lease	1.833	Mar 04	Wesfarmers / Landmark	2,650	Jal 83	State Street Australia Limited	5,209	Aug 06
iend Lease	1,030	Sep 04	Australian Breadcasting Authority	2,233	Aug 13	Towers Perrin	3,431	Sep 06
Court & Co	2,061	ปเก 13 Jun 03	Jalpak International	1,242	Sep 83	Serveerp (NSW)	2,835	Dec 03
Securities Institute Securities Institute	1,831 136		179 Elizabeth Street (Tattersalls)			US Government	2.784	Det 08
Chubb Insurance	1,897	May 06 Jan 07	Safe Food Productions	1,572	Feb 03	Accor Asia Pacific Trial Lawyers Pty Limited	1.933 1,299	Jul 03 Jul 08
Sammit Restaurant	1,080	Feb 03	TCNZ (Australia) Pty Ltd	1.375	Aug 83	Dai-Ichi Kangyo Australia	1,168	Feb 04
Summit Restaurant	87	Mar 03				Level 60 Pty Limited	1,314	Apr 15
CRI Project Management	1,832	Mar 03	HSBC Centre			62nd Level Ptv Limited	1,314	Dec 17
Financial Services Pertners	1,831	Dec 04	HS 80	11,587	Dec 85	Edmund Barton Chambers	1,262	Apr 21
Minet Burn & Boche	1,831	Jua 06	HS BC	483	May 06	William Deane Chambers	1,262	Apr 21
Australian institute of			HS BC	1.233	Aug 87	Pitcher Partners NSW Pty Ltd	1,304	Feb 04
Company Directors	1,829	Oct 04	NRMA	5,186		** Tenant be monthly lastbover paraling execution of lease.
			ASX Perpetual Registrars
Brisbane Transit Centre Telstra Corporation Limited	29,621	Sep 04	Limited ASX Perpetual Registrars	2,466	Jun 86	10 & 12 Mort Street
			Limited	1,233	Apr 03	Commonwealth of Australia Commonwealth of Australia	7,880 7.480	Sep 06 Jan 06
Citigroup Centre			NSW Gmbudsman's Office	1.837	Cct 09
Citibank	34,210	$Ju$ $34$	NSW Gmbudsman's Office	1.296	Sep 89	Riverside Centre
G & T Premises Pty Ltd	9,280	Nov 12	United Medical Protection	2.574	May 86	(including Black Ink House)
Spamil Pty Limited	4.950	Auo 08	Meter Accident Authority	2,004	Get 89	Aliens Arthur Rebinson	4,788	Sep 11
Regus Centres Pty Etd	3,703	Aug 06	Starcom Worldwide (Aust)	1,300	Cct 65	BHP	4,856	Nov 07
Reach Services	3,480	May 09	ICT Australia	1,216	Mar 85	BHP	411	$\rightarrow +$
Zarich Capital Markets	2,970	Jun 11	** Tenanx on expetidy freldover pending execution of fease			Blake Dawson Waldron	3.652	Dec 04
Colin Biggers & Paistey	2.678	Jun 12				Blake Dawson Waldron	1,554	Det 05
Parage Pty Ltd	1,903	Apr 33	Melbourne Central			Deleitte Teuche Tohmatsa	3.008	Apr 06
HLH Services Pty Ltd	1,865	Aug 08	BP Australia Ltd	16,774	Get 13	Ebswerth & Ebsworth	2,914	May 06
Ansett Worldwide Aviation	1.793	Jul 06	Ernst & Young / Accenture Telstra Corporation Limited	11,835 9.054	Cct 33 Gct 85	Marsh	2,521	Aug 08
Borland Inprise Corporation	1.116	Dec 06	Ericsson Australia Ptv Ltd	8.495	Mar 87	ABN Amro Morgans Limited	2,285	Apr 06
530 Collins & 120 King Streets			Ericsson Australia Pty Ltd	4,668	Nev 88	Australian Stock Exchange Ltd	1,808	Jel 06
530 Collins Street:			Ericsson Australia Pty Ltd	682	Dec 83	Australian Taxation Office	1,616	Jan 04
ANZ Banking Groap	30,058	Nov 09	Ericsson Australia Pty Ltd	266	Jan 05	Australian Taxation Office Tonto Heme Loans	1,503 1,564	Jan 06 Jan 18
ANZ Banking Groap	1,461	Aug 06	ACCC	3,041	Dec 05	Percetual Trastees Old	1,487	Jan 04
Arthur Robinson & Hedderwicks	12,828	ปเยา 12	Insolvency & Trustee Service	2,400	Jun 85	CB Richard Ellis Old	1,486	Feb 04
Australian Stock Exchange Ltd	9,112	Mar 12	Urban & Regional Land			Central Pacific Minerals	1,473	Dec 07
SBC Warburg	6,396	Dec 08	Corporation	1,452	Dec 04	Wilson HTM Limited	1,459	Jan 05
120 King Street:			Ove Arup & Partners	1,426	Aug 83	Wilson HTM Limited	701	Det 05
Melbourne IT	1,765	Sep 04	Coasul General of Japan	1,300	May 85	Deutsche Morgan Grenfell	3,007	Jan 06
						Banque National de Paris	937	Jan 04
						** Tenent on monthly leddover pending execution of basse

Top 10 Tenants by Gross Property Income
(represents 23% of GPT's Total Gross Property Income)

GPT aims to keep unitholders informed about environmental initiatives in each of its portfolios and is committed to ensuring that its assets are managed in a responsible manner that is sensitive to the environment. Within each property portfolio, property managers are required to have a program
for managing environmental risk. The programs are tailored to each sector and require defined objectives and targets, reports on current initiatives and planned initiatives and monitoring via regular external audits.

This Report provides examples of some of the initiatives being undertaken across each of GPT's property portfolios.

Retail Portfolio Initiatives

The Lend Lease Retail Group manages the GPT portfolio of shopping centres, in the Retail Portfolio each centre has contínued to focus on waste recycling programs, however this year a major focus has been on Ecologically Sustainable Development (ESD) initiatives in developments underway at Floreat Forum in Perth and Erina Fair on the NSW Central Coast.

The redevelopment of Floreat Forum incorporates the use of a simple ventilation method. Perth has a hot dry summer, with low humidity, so there was an opportunity to provide cooling in the common areas of the shopping centre with the introduction of 'Shower Towers'. Shower Towers use simple evaporative cooling principles, and provide:

• increased fresh air movement and thermal comfort for customers;
• increased energy efficiency; and
• cost-efficiency. j,

We believe this method, which was developed in the US a number of years ago, has been used in Australia only once before and this is the first time it has been applied to a retail environment.

At Erina Fair, the higher level of humidity meant that 'Shower Towers' were not an optimal solution, however displacement ventilation, another environmentally friendly cooling method, has been applied in the design of the Eatery. The method involves introducing fresh air at floor level and as the air gets warmer, it rises. Whilst this simple solution provides a comfortable temperature most of the time, on the hottest days it is supplemented by a cooling coil under the floor. This conventional element was achieved with a relatively small capital cost and is expected to be required only on a dozen days in any typical year. Like the 'Shower Tower' concept, this form of ventilation will generate significant reductions in energy use.

Another simple concept that has been refined for use in the Eatery at Erina Fair, is a shading system that maximises the use of natural light. This system complements and optimises the use of natural ventifation. The concept allows for natural light, but to avoid too much light and heat, a carefully designed fixed shading system allows more sun to enter the roof structure at different times of the day. This optimises the sunlight in the morning and afternoon, whilst limiting sunlight in the hottest part of the day.

Office Portfolio Initiatives

GPT's office assets are managed by Jones Lang LaSalle (JLL). JLL has participated in an internally managed Greenhouse Gas reduction program with some of GPT's major office buildings. since 1999 and have delivered significant and measurable results. The bar graph below indicates the reduction in the level of Greenhouse Gas Emission against the target for each period. For 2002 the buildings achieved a 16.3% reduction in greenhouse gas emissions against a reduction target of 10% (by July 2002). Since our last report. GPT and JLL have submitted a final report to the Greenhouse Office to develop an ongoing greenhouse gas reduction program across GPT's office properties.

Office Greenhouse Gas Emissions

As indicated in last year's Environmental Report, most buildings are recycling paper and cardboard, and Australia Square in particular has a very active program. JLL are currently developing a program to rollout the initiatives from Australia Square to other properties in the Portfolio.

The Australia Square Waste Minimisation Project has resulted in tenants now recycling 94% of the total paper they discard and the building has achieved BEST PRACTICE IN THE SYDNEY CBD (Waste Audit Consultancy Services (NSW) Pty Ltd - June 2002). Since Australia Square's last waste audit in December 2000 the amount of paper recycled has increased by 89.35 kilograms per day. As it takes approximately one tree to manufacture 84 kilograms of paper, one extra tree a day survives. At Australia Square non-recyclable waste has also been reduced by 10.3% in 2002 compared to an 8% reduction in 2001. As new systems and contractors are introduced to increase recycling, the downward trend should accelerate. JLL recently finalised a contract with Visy Industries for the removal of all recyclable product from Australia Square; le Visy will take glass, plastic milk cartons, cans as well as paper, at no charge, which will reduce the waste to landfill even more.

Another environmental initiative for the Office Portfolio has been the continued work with SEDA, the Sustainable Energy Development Authority, SEDA has developed a Building Greenhouse Rating Scheme to rate the energy efficiency of office buildings. GPT, through JLL, had the Sydney office. assets assessed and rated when the scheme was first introduced. Since then, SEDA has extended the program to other capital cities and the relevant GPT office assets in these cities have now been assessed and rated.

Building Greenhouse Ratings are on a star basis as follows:

1 star		Poor: Poor energy management or outdated systems
2 stars	**	Good: Average building performance
	3 stars $\star \star \star$	Very Good: Current market best practice
	4 stars $\star \star \star \star$	Excellent: Strong performance
	5 stars . ★★★★★	Exceptional: Best building performance

The assessment of the office space component of each asset is very detailed and involves analysis of all forms of energy used, the structure and services of the asset, and the patterns of use of the asset by the tenants. GPT's office assets are rated as follows:

Office Asset	SEDA Rating
Australia Square Tower	***
Australia Square Plaza	****
HSBC Centre	***
Darling Park Tower 1	****
Dading Park Tower 2	***
Melbourne Central Tower	**
530 Collins Street	**
Riverside Centre	***
10 Mort Street	***
12 Mort Street	****

The MLC Centre, Brisbane Transit Centre and 179 Elizabeth Street could not be rated under the SEDA scheme as they are either mixed-use assets or have shared services. In many cases the patterns of use by tenants, such as extended hours. of operation and supply of chilled water after hours materially impacted on the rating.

The findings from the processes involved in determining the ratings has been used to identify issues which need to be further investigated and resolved so that the ratings for several properties can be improved over the next 12 to 24 months.

The construction of the National at Victoria Harbour is targeting a SEDA rating of 4 stars as part of the design specification.

Industrial/Business Park Portfolio Initiatives

Broad based environmental programs are difficult to implement across the Industrial/Business Park Portfolio, as daily operations such as cleaning, waste removal and electricity consumption. are controlled by tenants, not JLL or GPT.

During 2002, construction of the first stage of 11 Grand Avenue Camellia was completed. Environmental initiatives adopted included:

• during construction, a total of some 15,000 cubic metres of demolition material was reused in the earthworks and roadworks components of the development and a further 1,500 cubic metres of general building waste was separated for recycling (represents a recycling rate of approximately 80% of all waste materials).
• sedimentation controls, runoff collection ponds and remediation procedures were initiated to protect the adjoining Parramatta River and mangroves from any adverse impacts. All runoff water collected in the special containment ponds was subsequently reused in onsite dust suppression operations.

Hotel/Tourism Portfolio Initiatives

In the GPT Hotel/Tourism Portfolio, the major asset, Ayers Rock Resort, plays an integral part in environmental initiatives.

Avers Rock Resort is located adjacent to the unique World Heritage listed Uluru-Kata Tiuta National Park. The Resort is managed by Voyages Hotels and Resorts, which has a detailed and expanding Environmental Management Plan in place to minimise environmental impacts.

In 2002, construction of the luxury wilderness camp tents, known as Longitude 131", was completed in accordance with the approval conditions set by Environment Australia under the

Environment Protection and Biodiversity Conservation Act 1999. This was the first Resort development to be approved under this Act. To achieve the conditions of the approval the construction site, roads and paths were completely fenced off and all work was contained to this area. Construction workers were inducted on the strict requirements to stay within the restricted area in order to minimise disturbance to land and vegetation. The overall design is sympathetic to the environmentally sensitive design of Avers Rock Resort and includes:

• solar water heating;
• pre-fabricated construction techniques;
• thermal insulation:
• minimal landscaping (with native species);
• tent positioning to reduced thermal loads; and
• cold storage of refuse and recycling of some waste streams.

Other initiatives across the Resort include:

• A study being conducted on the Dune Plains Aquifer, which provides all water to the Resort, to determine the capacity, recharge and sustainability of this water supply. Supported by Ultriu-Kata Tiuta National Park, Power and Water Corporation and Avers Rock Resort, the independent study will be completed in early 2003.
• Recycling programs are continually expanding at the Resort and the volume of glass recycled increased by 18% in 2002. (to 102 tonnes), with cardboard recycling increasing by 8% (to 71 tonnes). A further 10% increase is targeted for 2003.
• Eleven square kilometres of Resort land been set aside as a Mulgara Conservation Zone. This area provides a protected environment for rare and endangered species.

This section provides an overview of some of the organisations and people involved with the management of GPT, its properties and services.

BAOLOBAR

Richard Longes

(Chairman) Richard is a director of a mimber of public companies and administrative and charitable. bodies, including Davids Umited, the National Institute of Dramatic Art and IIF Investments Pty Limited: He is also Deputy Chairman of Lend Lease Corporation

Richard is currently an Executive Director of Invested Australia Limited and was fornerly a partner of a national law firm

William Cairns

(Director) Most of Bill's working life was with AMP employed in a range of investment activities, He retired. from the position of General Manager Investments at AMP. in which he was responsible for the group's global investments, In December 1990

Since that time, Bill worked as a non-executive director and a financial adviser to a number of listed public companies within Australia and overseas. His directorships include Avatar industries Limited and Burmings Property Management Limited, He is a fellow of the Australian Procerty institute and a Life Fellow of the Property Council of Australia.

Evan Cameron (Director)

Evan retired from the Board of GPT Management Zimited on 23 April 2002

Formerly a practicing Chartered Accountant, he was Chairman of KMG Hungerfords and, subsequently, Deputy Charman of Peat Marwick Hunderfords (now known as KPMG)

Malcolm Latham AM

(Director) Malcolm has international experience in urban development. He is currently Chairman of a Joint Veriture in Auckland to plan the redevelopment of the Auckland Waterfront, Chairman of the South Sydney Development Corporation, a NSW State authority, and a Director of the Homery tretitute, a non-profit foundation hivelyed in skilling. people for employment and inhelping communities improve the environments in which to live and work. The Institute is undertaking. several development projects in Queensland, NSW and Victoria

During 2002 five scheduled full agenda Board Meetings and nine restricted agenda Board Meetings were held. The Audit & Risk Management Committee met live times. The attendance record of each director is shown below

Board Meetings:

		Full Agenda	Restricted Agenda		A&RM Committee
Director	iste total	Attended	Netti	Attended	Hadi	Attended
Bibriard Longes	51				NA.	NA.
Bill Calins	务	$\mathbf{b}$	Ч.	T.	್ರ	$\mathbf{F}_{\mathbf{r}}$
Evan Cameron"			$\infty$	Ю.	2	2.
Matolin Lation	聯		$\epsilon_{\rm A}$		N/A.	NA
Ken Muss yn	by the		S.			2.
Brian Norris	'S		Ń.		S.	A.
Eizabeth Mosworthy	51	Æ.	SI.		為	51
David Rose	L.		$\sim$ $\alpha$ $\sim$	Иë	NIA	MAA
Mic Lyons ****	图像。	NA.	NWA.	NIA.		2.

Mentings held while that director was in other
Even Carlierin retired on 23 April 2002
Ken Mexs was appointed to the ABAM Committee on 23 April 2002
Nic Lyons (CEO) resigned from the ABAM Committee on 20 July 2002

Richard Longes, Costoneo (William Caires, Seadon ( Evan Cameron, Cercules ( Matcolm Latham ss, Oseden)
( Kep Moss, Coseder / Brian Nomis, Cercules / Elizabeth Nosworthy, Deactive / Cavid Ross, "Nemic $170R$

Ken Moss (Daector)

Ken was prought up and educated in Newcastle where he worked for BHP and Howard Smith: He graduated from
Newcastle University with a Bachelor of Engineering degree and a PhD in engineering. He joined the Board following his retirement as Managing Director of Howard Smith in August 2000.

Ken is a non-executive director of a number of public companies, including Adsteam Marine Limited, Hunter Area Health Service and National Australia Bank Limited Ken is also Charmac of Boral Limited Centennial Coal Company Limited and Australian Maritime Safety Authority

Brian Norris (Director)

Brian is a chartered accountant and has specialised in revenue law throughout his professional career, qualifying in law in 1972. He has a long association with the Lend Lease Group, including assisting in the establishment and development of Australian US and Asian based property myestment funds

Brian is also a director of Lend Lease USOT Management Limited: Lend Lease Global: Propenties SICAF, Lend Lease
Asia Propenties SICAF and Asia Pacific Investment Company

Elizabeth Nosworthy

(Director) Elizabeth was a solicitor in commercial práctice for 25 years. as a member of a national law firm, For many years, Elizabeth specialised in financing work including infrastructure financing

Since leaving legal practice some vears ago. Elizabeth has worked. as an independent company director and holds positions on a number of public company and government boards, including Stanwell Corporation Limited, Prime Infrastructure Management Limited and Ventracor Limited

David Ross (Director)

David idined Lend Lease in 1993 as Fund Manager of GPT and was appointed CEO in 1996. David was appointed CEO for Lend Lease in the Asia Pacific Region in 2000 and appointed Global CEO for the Real Estate Investment Management ann of Lend Lease in 2001 and i relocated to the US in July 2002 With the recent re-organisation of Lend Lease into regional businesses, he has been appointed as CEO of US Real Estate Investments

David is a member of the Lend Lease Executive Management Team and is a director of a number of Lend Lease subsidiary companies.

Directors of GPT Management Limited are paid by Lend Lease Corporation, and not by GPT unitholders. Non-executive directors receive a fee of \$50,000 per annum. Members of the Audit & Risk Management Committee are paid an additional \$10,000 per annum

Directors' Interests

Subsequent to the Directors' and Financial Report being released to the market on 30 January 2003, several directors have acquired further units in General Property Trust. The table below shows the relevant interests of each director in General Property Trust as at 21 February 2003.

	le foi de la metal digi
Richard Longes	14 774
William Carns	44.919
Malcom Latham	13 195
Ken Mussil	25.000
Rrian Norra	4.09.
Elizabeth Nosworthy	k oni
David Hoss

GPT's management team is responsible for all aspects of the management of the Trust.

GPT's management team is responsible for all aspects of the management of the Trust. This includes determining the strategic direction, managing the assets, acquiring and selling properties, accessing funding for the Trust and providing appropriate services to unitholders.

The management team includes a dedicated specialist portfolio manager for each of the Retail, Office, Industrial/Business Park and Hotel/Tourism Pertfolios who is responsible for the properties within that sector's portfolio.

The following people comprise GPT's senior management team

Chief Executive Officer

(Nio Lyons)

As Chief Executive Officer, Nic is responsible for the overall manadement and performance of GPT. Setting and implementing the overall Trust strateoy, identifying and implementing new opportunities for GPT and reporting to GPT Management Limited's Board are a major focus of Nic's role.

Nic oversees the Senior Management Team in the implementation of Trust strategy and achieving appropriate returns to investors.

Eand Manager

Michael O'Breny

As Fund Manager, Michael is responsible for the day to day management and performance of GPT. Setting and implementing the overall Trust strategy and identifying and implementing new opportunities for GPT in conjunction with the CEO are a focus of Michael's role.

Legal Counsel and Company Secretary Michael Neilson)

Michael is responsible for legal and compliance issues, as well as communications to the Board and the coordination. of regular Board and Audit & Risk Management Committee meetings. Other responsibilities include compliance with the Corporations Law and GPT's Trust Deed (Constitution)

Portfolio Managers (Mark Fookes, Bruce Morris, Tony Cope and Victor Georos)

Each portfolio manager and his respective team are responsible for the overall performance of each of the assets in their portfolio. This involves the development of comprehensive asset plans setting the strategic direction for the portfolio and each property in the portfolio to ensure they continue to meet the investment objectives in the long term. They also liaise with asset managers and property managers on capital expenditure, leasing, and tenancy issues. Assessing and recommending new investment opportunities is also a major part of the portfolio manager's role

Chief Financial Officer

(Kieran Pryke)

Kieran and GPT's accounts team are responsible for the Trust's accounting and financial reporting functions. The team is also responsible for GPT's budgeting, equity and debt raising and distribution payments.

Investor Relations and Marketing Manager (Donna Byrne)

Donna and the Investor Relations team are responsible for all communication to investors. This includes production of the annual and mid-year reports for the Trust, quarterly communications to investors, unitholder meetings, the payment of distributions, and the management of GPT's website, as well as its call centre and registry services.

Z ya

$170R$

Nic Łyors, Chief Successo Chicard Michael O'Snes, Hond Menager / Michael Neilson, Canal Chomed and Chicagoy Secretary / ikieran Pyrke, Cost Fraansa Chork / Domne Byrne Hardcon Palacera and Norkaans Markopa Merk Fockes, Poetam Norbysk r
Tony Cope, Poetam Markgar / Bruce Morris, Poetam Marbgar / Victor Georgs, Poetam Markgare, Poetam Norbysk

Land Lease Connection

GPT Management Limited, the responsible entity of GPT, is a wholly owned subsidiary of Lend Lease Corporation Limited. Lend Lease is a leading global real estate company with assets under management of ASB6 billion and loans under servicing of A\$122 billion. Lend Lease comprises two businesses: Real Estate Investment Management, serving clients who invest in real estate equity or debt, and Real Estate Solutions, which offers clients creating physical assets a full range of project management, construction, development, capital structuring and censulting services.

The Lend Lease Group operates in 43 countries on six continents, with a significant presence in Australia, Asia. Europe and the United States. GPT is well positioned to take advantage of Lend Lease's global experiences and has access to Lend Lease confacts around the world.

The Lend Lease Group provides the following services to GPT

• Retail development and property management Lend Lease's Retail Group is one of the largest managers of retail space in Australia, with 18 shopping centres under management (15 owned by GPT). The team has experienced specialists in the areas of retail design, development and management
• Research the Research team is an important resource for GPT Management. The principal activities of this group. include: modelling the Australian property markets to provide forecasts which are used in decision making for GPT's portfolios; and sourcing and evaluating information for use by GPT Management, and Research into consumer and demographic trends which contribute to planning for each retail centre's continued performance.
• Capital Transactions In conjunction with the GPT Management team, the Capital Transactions team identifies acquisition opportunities for GPT and negotiates property acquisitions and sales. With skills in valuation and negotiation, this team leverages the relationships of the Lend Lease Group to provide new real estate opportunities for GPT.

Project management and construction lend Lease's Real Estate Solutions business, Bovis Lend Lease, is a world leader in the project management and construction services industry and is recognised worldwide as a partner of choice. for many eading global organisations. Boyis Leng Lease provides construction and project management services to GPT on a range of projects across the Retail. Office, Industrial/Business Park and Hotel/Tourism Portfolios.

External Service Providers

Jones Lang LaSalle

Jones Lang LaSalle is a global provider of comprehensive real estate and investment management services operating on five continents. Jones Lang LaSalle has over 65 million square metres under management, including the majority of GPT's office and industrial assets.

ASX Perpetual Registrars Limited

ASX Perpetual Recustrars Limited operate GPT's unitriolder realstry and unitholder service centre.

PricewaterhouseCoopers

PricewaterhouseCoopers are the statutory auditors for GPT. In this role they report to unitholders on the financial statements. PricewaterhouseCoopers also porform the audit function for GPT's Compliance Plan.

MARIO AZENDAR

Distributions are paid to unitholders each quarter, and an update on recent activities is enclosed with each distribution.

GPT's website is also a useful source of information for unitholders. In 2000 and 2001 GPT received an honourable mention for 'Best Investor Relations Use of the Internet' from Investor Relations Magazine. The site was 'refreshed' with a new look in January 2003.

The website includes detailed information about GPT's assets, investment performance and distributions. Stock exchange and other announcements are available in the News section of the site, which also includes an email alert service. Copies of the most recent reports may also be downloaded from the site.

You can access GPT's website at www.gpt.com.au

Meeting of Unitholders

The Trust's annual Meeting of Unitholders was held on 23 April 2002. Unitholders approved an increase in the maximum level of gearing (to 40% total assets) and endorsed the re-appointment of Elizabeth Nosworthy to the Board of GPT Management Limited, then were given an overview of the performance of the Trust and each property portfolio. The next Annual Meeting of Unitholders will be held on 29 April 2003.

Distribution Reinvestment Plans

The Distribution Reinvestment Plans (DRPs) for both General Property Trust and GPT Split Trust were terminated in

December 2002 and did not apply to the December 2002. quarter distribution. The termination of the Plans will be accretive to earnings. Given the capital commitments of the Trust and the current geasing level, which is at the lower end of the GPT Board's adopted policy range of 20-30% of debt to total assets, it is not considered necessary, at this time, to continue to raise capital through the Plans.

New plans for GPT and GPT Split Trust, which allow a limited level of participation, will be introduced early in 2003.

During 2002, \$206.8 million of unitholder distributions were reinvested in GPT at a weighted average price of \$2.70 per GPT Unit.

Enquiries

Enquiries about your investment in GPT or GPT Spilt Trust can be directed to the Unitholder Service Centre on Freecall 1800 025 095. This service is available from 8.30am to 5.30pm (Sydney time) on all business days. Enquiries may also be emailed via GPT's website (at www.gpt.com.au) or ASX Perpetual Registrars' website (at www.asxperpetual.com.au).

Requests for changes to your holding details, distribution payment details, or general enquires can all be directed to the Unitholder Service Centre, The Unitholder Service Centre can also provide information on current offers at each of GPT's hotel/tourism assets.

General Property Trust and GPT Split Trust are registered managed investment schemes. GPT Management Limited is the Responsible Entity for GPT and GPT Split Trust. GPT Management Limited also acts as custodian of the Trusts' assets.

GPT Management Limited is licensed to act as a responsible entity by the Australian Securities & Investments Commission ('ASIC'). Under GPT Management Limited's licence it is required to have a minimum amount of tangible assets and surplus liquid funds. Also, GPT Management Limited is required to comply with a compliance plan which is registered. with ASIC. GPT Management Limited's compliance with the licence and compliance plan is audited by an independent auditor annually. The results of the compliance audit are reported to ASIC.

GPT Management Limited is required to act at all times in the best interests of unitholders. As custodian of the Trusts' assets it is required to keep those assets separate from GPT Management Limited's own assets.

GPT Management Limited Board

GPT Management Limited's Board consists of seven directors. four of whom are external to GPT Management Limited. Further details of the Directors are found on pages 42 and 43. The Board has significant experience in various fields, including funds management, property investment, financial markets, taxation and law. During 2002, the Board met fourteen times.

Audit & Risk Management Committee

The Audit & Risk Management Committee of the Board functions as an audit committee by giving assurance regarding the quality and reliability of financial information used by the Board and reviewing and reporting on financial statements issued by GPT Management Limited.

In addition, the Audit & Risk Management Committee. performs a range of advisory functions including but not limited to:

• compliance with statutory responsibilities relating to financial disclosure and with various policies and risk management practices; and
• review of ongoing compliance with the Trust Deed and Compliance Plan.

The Audit & Risk Management Committee also reviews and approves any transactions involving the Lend Lease Group. This includes the review of all service contracts, which are subject to an independent expert's verification as to their appropriateness and competitiveness.

During 2002 the Audit and Risk Management Committee met five times.

The Audit and Risk Management Committee is made up of four directors. Three of the directors are external.

Unitholder Meetings

Although GPT is not required by law to hold an Annual General Meeting, it is GPT Management Limited's policy to hold an annual meeting of unitholders. GPT was a pioneer amonglisted property trusts in holding annual unitholder meetings.

The annual meeting is held in April each year whether or not there is any formal business to consider. The annual meeting is an opportunity for unitholders to be briefed on GPT's activities and to ask questions of the Board and management.

Reaistry

ASX Perpetual Registrars Limited is GPT's unit register. manager and holds all unitholder records electronically. ASX Perpetual are also responsible for the maintenance. of unitholder records, GPT's call centre, and the preparation of distribution payments.

Auditors

GPT's auditors are PricewaterhouseCoopers, During 2002. the GPT Management Limited Board adopted guidelines for the engagement of and dealing with auditors for GPT. Under the guidelines the auditor's appointment will be reviewed every five years and the lead audit partner must be rotated every five years. Any major non audit work to be undertaken by PricewaterhouseCoopers must be approved by the Audit & Risk Management Committee. In addition, the Audit & Risk Management Committee regularly monitor the type of nonaudit work undertaken by PricewaterhouseCoopers and amount of fees paid for such work. Many of these guidelines now form part of the CLERP 9 reforms to the Corporations Act.

The GPT Split Trust was established in 1984 for the benefit of unitholders who wanted to invest in units with either an incomeor growth orientation. The underlying investment of the Split-Trust is GPT Units and thus the investment in a broad portfolio. of significant Australian retail, office, industrial/business park and hotel/tourism properties. For each GPT Unit held by the Split Trust there is one Income Unit and one Growth Unit. The distributions for the Split Trust units are based on those of GPT Units. The Income Units and Growth Units of the Split Trust are listed on the Australian Stock Exchange.

Distributions

The Income Unit receives the first nine cents of the GPT unit's distribution for each six monthly distribution, plus 25% of the excess. For 2002, Income Units received a distribution of 18.60 cents per unit, an increase on the previous year's distribution of 18,425 cents. The price of an Income Unit increased, from \$2.45 at the end of December 2001 to \$2.52. at the close of 2002.

The Growth Unit receives 75% of the amount of the GPT Unit's six-monthly distribution above nine cents. It can be seen from the table below that when the income for GPT Units is greater, Growth Units receive a greater percentage of the distribution, ie, they benefit from growth in distributions. Conversely, when the distribution from GPT Units is lower, the Growth Units receive a smaller percentage.

For 2002. Growth Units received a distribution of 1.80 cents. per unit, an increase on the previous vear's distribution of 1.275 cents and their price increased from 36.5 cents at 31 December 2001 to 37.5 cents at 31 December 2002.

Performance

The GPT Split Trust was created at a time when there was demand to split income from growth during the period of higher inflation in the 1980's. There was a desire on the part of a number of unitholders to defer tax in favour of accumulation in capital values. However, since that time, there has been a dramatic change in economic and market conditions. The decline in rental growth and the significant reduction in the value of office property in the early 1990's reduced distributions. to Growth Units by a greater proportion than it did to Income-Units. The changes in the economy and market, particularly the advent of a low inflation environment, also dampened the expectations of future distribution growth for Growth Units.

Ordinary GPT Unit			Growth Unit		Income Unit
	Six months to	Cents per unit	Cents per unit	GPT Unit	% of ordinary Cents per unit	% of ordinary GPT Unit
	!บกค. 2001	9.8	$(9.8-9.0)x75\% = 0.60$	-6.1	$(9.8-9.0) \times 25\%1+9.0 = 9.20$	93.9
	December 2001	9.9	$(9.9 - 9.0) \times 75\% = 0.675$	6.8	$[(9.9-9.0)x25\%]+9.0=9.225$	93.2
	.June 2002.	10.1	$(10.1 - 9.0)x75\% = 0.825$	8.2	$(10.1 - 9.0)x25\%$ + 9.0 = 9.275	91.8
	December 2002	10.3 1	$(10.3-9.0)\times75\% = 0.975$	9.5	$1(10.3-9.0)x25\%1+9.0=9.325$	90.5

Distributions received for 2001 and 2002

BASIC BARBA

.
The directors of GPT Management Limited, the Responsible Entity of the General Property Trust and GPT Split Trust, present their report together with the financial reports of General Property Trust and GPT Split Trust for the financial year ended 31 December 2002 and the Audit Reports thereon.

Mariji ya Marejeo ya Marejeo ya Marejeo ya Marejeo ya Marejeo ya Marejeo ya Marejeo ya Marejeo ya Marejeo ya

Directors Communication

The following persons were directors of GPT Management Limited during the financial year:

Richard Longes (Chairman) William Cairns
Evan Cameron (retired on 23 April 2002). "Malcolm Latham
∴Brian Norris∴ :Ken Moss
Elizabeth Nosworthy David, Rossi

Trust 1 General Property Trust (GPT) -

GPT comprises General Property Trust (Parent Entity), its controlled entities and joint ownership vehicles as disclosed in Note 19 to the consolidated financial statements,

GPT SplitTrust Web Services The Trust comprises GPT Split Trust,

Principal Activity

The principal activity of GPT is to invest in investment properties

The principal activity of GPT Split Trust is to invest in GPT units.

Review of Operations and Changes in the State of Affairs

Financial Results

GPT ... tille for

The operating result of GPT for the financial year ended 31 December 2002 is a profit of \$386.1 million

(Dec 2001: \$364.4 million).

GPT.SplitTrust ....

The operating result of GPT Split Trust for the financial year ended 31 December 2002 is a profit of \$5,215 thousand (Dec 2001: \$5,772 thousand).

Earnings per Unit

The earnings per unit (before (losses)/gains on disposal of properties) for the financial year ended 31 December 2002 was 20.4 cents (Dec 2001: 19.7 cents).

During the financial year, GPT acquired the Docklands NAB Campus site at Melbourne, the Moorabbin Homemaker Centre at Moorabbin, Victoria, a group of resorts at Cape Tribulation, Queensland, the Samsung Building at Homebush Bay, NSW and the Joint Venture Investment Agreement with ANZ Bank re Penrith Plaza was unwound. In addition, Bankstown Square was divested. ka sa sa sing 1970

In April 2002, unitholders approved an amendment to the GPT Constitution whereby the borrowing limit of the Trust increased from 25% of total tangible assets to 40% of total tangible assets. In the opinion of the directors, there were no other significant changes to the state of affairs of GPT and GPT Split Trust ('Trusts') that occurred during the financial year under review.

Distributions

$GPT$

The Responsible Entity has determined the payment of a distribution for the financial year ended 31 December 2002 of (20.4 cents per unit (Dec 2001:~19.7 cents),

GPT Solit Trust

The Responsible Entity has determined the payment of a distribution for the financial year ended 31 December 2002 of 18,600 cents per Income unit (Dec 2001; 18.425 cents) and 1.800 cents per Growth unit (Dec 2001: 1.275 cents).

Events Subsequent to Balance Date

. The directors are not aware of any matter or circumstance occurring since the end of the financial year not otherwise dealt with in this report or accounts that has significantly or may significantly affect the operations of the Trusts, the results of their operations or the state of affairs of the Trusts in subsequent financial years.

Directors' Benefits

Mo director of the Responsible Entity has received or become entitled to receive any benefit from the Trusts during the financial year by reason of a contract made by the Responsible Entity or a related corporation with the director or with a firm of which the director is a member, or with an entity in which the director has a substantial financial interest.

Indemnification and Insurance of Officers

No insurance premiums are paid out of the assets of the Trusts for insurance cover provided to the Responsible Entity or the auditors of the Trusts. So long as the officers of the Responsible Entity act in accordance with the Trust Deeds and the Law, the Responsible Entity remains fully indemnified out of the assets of the Trusts against any losses incurred while acting on behalf of Trusts. The auditors are in no way indemnified out of the assets of the Trusts....

AMA ANG ANG ANG ANG ANG ANG ANG ANG ANG AN

Rounding of Amounts

GPT.

The amounts disclosed in the Directors' Report have been prepared in accordance with Class Order 98/0100 issued by the Australian Securities & Investments Commission, pursuant to which, unless otherwise indicated, the amounts in the Directors' Report have been rounded to the nearest tenth of a million dollars.

GPT.SolltTrust Serre

The amounts disclosed in the Directors' Report have been prepared in accordance with Class Order 98/0100 issued by the Australian Securities & Investments Commission, pursuant to which, unless otherwise indicated, the amounts in the Directors' Report have been rounded to the nearest thousand dollars.

Environmental Regulation

The directors are satisfied that there are no significant issues that currently have an impact on the Trusts. A report on environmental initiatives in each of GPT's property portfolios is found elsewhere in the Annual Report.

Value of Assets

GPT-

The value of the GPT's assets as at 31 December 2002 is \$6,696.6 million (Dec 2001: \$6,343.8 million), derived on the basis set out in Note 1 to the financial statements.

GPT Split Trust

The value of GPT Split Trust's assets as at 31 December 2002 is \$59,970 thousand (Dec 2001: \$76,589 thousand), derived on the basis set out in Note 1 to the financial statements.

Fees Paid to and Interests Held in the Trusts by the Responsible Entity

GPT

Fees paid to the Responsible Entity and its associates out of GPT property during the financial year are disclosed in Note 3 to the financial statements. No fees were paid out of GPT to the directors of the Responsible Entity during the financial year.

GPT Split Trust

No Responsible Entity fees have been charged against GPT Split Trust during the financial year as disclosed in Note 7 to the 1 financial statements. No fees were paid out of GPT Split Trust to the directors of the Responsible Entity during the financial year.

Likely Developments and Expected Results of Operations

Further information on likely developments in the operation of the Trusts and the expected results of those operations have not been included in this report because the Responsible Entity believes it would be likely to result in unreasonable prejudice to the Trusts. a ter Taleag agus an.
Talean talamann

Directors' Interests

The table below, shows the relevant interests of each director in GPT and GPT Split Trust

クリアル・インター アーティー きんしん しょうきょう しょうせいせい	∽GP3	GPT Split Trust	GPT Split Trust
	Units held	Income Units held	Growth Units held
: Richard Longes -	4.724 -
David Ross -
William Cairns	44,919
Evan Cameron (retired on 23 April 2002) -	10,790-
Ken Moss	15,000
Malcolm Latham	-13,195
:Brian Norris ~-	4.097
Elizabeth Nosworthy -
Dated at SYDNEY this 29th day of January, 2003.
Signed in accordance with a resolution of the directors.

AAAA Richard Longes

Director

William Cairns Director

	Note	31 Dec 2002 31 Dec 2001 31 Dec 2002 31 Dec 2001 Sm	Sm.	Sm	Sm.
Statements of Financial Performance
Revenue
:Rents		568.5	515.2	266.2	246.9
Interest - Joint venture investment arrangements		-9.4	:12.8	9.4	12.8
Interest - Cash and short term money market securities		3.H	3.8	17	$-1.4$
dinterest -- Debentures :					15.4.
Proceeds on disposal of properties		1873	123.2	176.0	3.2
Distributions from controlled entities and associates				279.0	220.5
.Divídends Share of net profits of associates	19	59.0	$-0.6$ 40.4
Revenue		827.7	696.0	732.3	500.2
Expenses :
Rates, taxes and other property outgoings		128.9	118.6	61.9	54.6
Repairs and maintenance		9.4	-79	. 4.8	4,4.
Provision for doubtful debts		0.6	Ï0.3	0.2
Audit and accounting fees		0.6	'0.8	-0.6	$-0.8$
Borrowing costs -Responsible Entity's fee-		70.1 33.9	48.6 29.3	:69.1 $^{23.2}\,$	48.4 20.4
Book value of property investments sold.		192.9	121.3	181.6	-3.1 -
Other expenses		52	4.8	4.8	4.1
Expenses		441.6	331.6	346.2	135.8
Net Operating Income		386.1	364.4	386.1	364.4
Increase in asset revaluation reserve		33.5	89.5	33.5	89.5
Total revenues, expenses and valuation adjustments attributable
to members of the parent entity recognised directly in equity		33.5	89.5	33.5	89.5
Total changes in equity other than those resulting from
transactions with unitholders as owners		419.6	453.9	419.6	453.9
		Cents	Cents
Basic earnings per unit after (losses)/gains on disposal of properties	18.	20.1.	19.8
Basic earnings per unit before (losses)/gains on
disposal of properties
The above Statements of Financial Performance should be read in conjunction with the accompanying notes.
		Sm	Sm	Sm	Sm
Distribution
Net Operating Income.		386.1	364.4	386.1	364.4
Undistributed income at the beginning of the financial year		0.5	-0.3	0.5	·0.3
Transfer.from/(to) reservel		5.6	(1.9)	5.6	(1.9)
Total available for distribution Distribution paid and payable.		392.2 (391.5)	362.8 (362.3)	392.2 (391.5)	362.8 (362.3)
Undistributed income at the end of the financial year		0.7	0.5	0.7	0.5

Staten Castelland and Castelland

			Consolidated		GPT
					31 Dec 2002 31 Dec 2001 31 Dec 2002 31 Dec 2001 -
	Note	當你	ிர	Sm	$\$m$
Current Assets
Cash --		45.G	69.0	$-40.6$	27.4
Receivables	Δ	39.7	53.5	13.2	31.8
Other.	5	13.2	11.2	11.0	7.0
		98.5	133.7	64.8	66.2
Non-current Assets
Investment properties	6	6,528.1	5,904.2	6,491.6	5,882.4
Other financial assets	8	70.0	305.9	70.0	305.9
		6,598.1	6,210.1	6,561.6	6,188.3
Total Assets		6,696.6	6,343.8	6,626.4	6,254.5
Current Liabilities
Payables	9	160.6	138.7	.90.4	129.4
Interest bearing liabilities	10.	356.0	818.0	356.0	738.0
Provisions.	11	101.4	93.4	101.4	93.4
		618.0	1,050.1	547.8	960.8
Non-current Liabilities
Interest bearing liabilities	2	1,005.0	455.0	1,005.0	455.0
		1,005.0	455.0	1,005.0	455.0
Total Liabilities		1,623.0	1,505.1	1,552.8	1,415.8
Net Assets		5,073.6	4,838.7	5,073.6	4,838.7
Equity
Contributed equity	13	4,400.8	4.194.0	4,400.8	4,194.0
Asset revaluation reserve Undistributed income	15	672.1 0.7	644.2 0.5	672.1 0.7	644.2 0.5
Total Equity	16	5,073.6	4,838.7	5,073.6	4,838.7

The above Statements of Financial Position should be read in conjunction with the accompanying notes.

STERSER SOUTH

		Consolidated		GPT
			31 Dec 2002 131 Dec 2001 131 Dec 2002 131 Dec 2001
	Note	Sm.	$\$m$	Sm	Sm.
Cash flows from operating activities
Cash receipts in the course of operations		579.3	578.7	284.0	-248.0 -
Cash payments in the course of operations		(186.1)	(187.7)	(105.0)	(93.9)
Interest received :		14.5	38.4	$-13.3$	29.2
Distributions received from controlled entities,				220.0	.180.1
Distributions received from associates		62.5	-43.4	-62.5	-43.4
Dividends received			1.6
		470.2	454.4	474.8	406.8
Borrowing costs - in Co		(75.9)	(54.4)	(74.8)	(54.0)
Net cash inflow from operating activities		394.3	400.0	400.0	352.8
Cash flows from investing activities
Payments for property investments -		(752.2)	(798.2)	(446.5)	(5.7)
Proceeds on disposal of property investments		187.3	123.2	176.0	3.2
Decrease/(increase) in property deposits		235.9	(21.3)	235.9	(21.3)
Investments in controlled entities and associates				(291.8)	(703.5)
Loan (to)/from controlled entities --				(51.7)	136.0
Net cash outflow from investing activities		(329.0)	(696.3)	(378.1)	(591.3)
Cash flows from financing activities
Net Short Term Notes (repaid)/issued		(389.0)	218.0	(375.0)	218.0
Commercial Bill Facilities (repaid)/issued		(173.0)	173.0	93.0	$-93.0$
Net Medium Term Notes issued.		450.0	120.0	450.0	120.0 $\cdot$
Distributions paid		(176.7)	(179.6)	(176.7)	(179.6)
Net cash inflow/(outflow) from financing activities.		(88.7)	331.4	(8.7)	251.4
Net (decrease)/increase in cash		(23.4)	35.1	13.2	12.9
Cash at the beginning of the financial year.		69.0	33.9	27.4	14.5
Cash at the end of the financial year		45.6	69.0	40.6	27.4
Non-cash financing and investing activities	17	206.8	223.5	206.8	223.5

1. Summary of accounting policies

(a) Basis of preparation This general purpose financial report for the financial year ended 31. December 2002 has been prepared in accordance with the Trust Constitution, Accounting Standards, other mandatory professional reporting requirements (Urgent Issues Group Consensus Views), other authoritative pronouncements of the Australian Accounting Standards Board, and the Corporations Act 2001 in Australia. It is prepared on the basis of the going concern and historical cost conventions and has not been adjusted to take account of either changes in the general purchasing power of the dollar or changes in the values of specific assets, except to the extent that General Property Trust property investments have been revalued. The accounting policies adopted are consistent with those of the previous year unless otherwise specified. Comparative information has been reclassified where appropriate to enhance comparability.

(b) Principles of consolidation

The consolidated Financial Statements incorporate all the assets, liabilities and net operating results of the controlled entities. General Property Trust ('GPT') and its controlled entities together are referred to in this Financial Report as, the Trust. The effects of all transactions between controlled entities in the Trust have been eliminated in full.

Certain property investments are held via joint ownership arrangements (refer Note 23). These joint ownership arrangements include the ownership of units in single purpose unlisted trusts over which GPT exercises significant influence but does not control ('Associates').

The Trust has adopted the equity method of accounting for its property investments held via Associates in accordance with Accounting Standard AASB 1016: Accounting for Investments in Associates. The Responsible Entity believes that including this information in the Trust Investment Properties note (Note 6) appropriately reflects the nature and substance of the Trust's operations.

(c) Accounting for acquisitions

On the acquisition of property trusts, the fair value of the consideration is compared with the fair value of the assets acquired. Any discount or goodwill arising on acquisition is accounted for in accordance with AASB 1013; Accounting for Goodwill.

(d) Investment properties

The Trust Compliance Plan requires that all Trust property investments be valued at intervals of not more than three years and that such valuations be reflected in the Financial Report of the Trust. It is the policy of the Responsible Entity to review the carrying value of each property every six months. Independent valuations of the individual investments are carried out each three years in accordance with the Corporations Act 2001 and the Trust Constitution, or earlier where the Responsible Entity believes there may be a material change in the carrying value of the property.

A revaluation increment is credited directly to the asset revaluation reserve, unless it is reversing a previous decrement charged as an expense in the Statements of Financial Performance in respect of that same class of assets, in which case the increment is credited to the Statements of Financial Performance.

A revaluation decrement is recognised as an expense in the Statements of Financial Performance, unless it is reversing a revaluation increment previously credited to, and still included in the balance of, the asset revaluation reserve in respect of that same class of assets, in which case it is debited directly to the asset revaluation reserve.

Some property investments are held through the ownership of units in single purpose unlisted trusts where GPT exerts significant influence but does not have a controlling interest. The Trust has adopted the equity method for these Associates (refer Note 1(b)). The property and other property related net assets of the Associates have been disclosed separately in Note 6.

Interests held by GPT in controlled trusts and associated trusts are brought to account at valuation based on the net tangible asset backing at the end of each quarter.

Land and buildings have the function of an investment and are regarded as a composite asset. The applicable Accounting Standards do not require that investment properties be depreciated. Accordingly, the buildings and any component thereof (including plant and equipment) are not depreciated.

Expenses capitalised to properties may include the cost of acquisition, additions, refurbishments, redevelopments, borrowing costs and fees incurred.

	$\Box$ Summary of accounting policies (Continued) $\Box$
	(e) Financial instruments Bank bill and money market investments are reported at historic cost. As it is the intention to hold these instruments to maturity they are not revalued to market. Interest accrued at balance date is included in the accounts as a receivable. Interest rate swaps may be entered into to protect the Trust from variable interest rates. These transactions are accounted for on an accruals basis over the life of the facility that they are hedging. The Trust has classified as current liabilities short term note borrowings and medium term notes expiring within one year, notwithstanding that the Trust may hedge the interest rate exposure beyond one year and the fact that the Trust maintains stand-by facilities to provide liquidity backup -for the short term/medium term note programme as described in Note 20.
	وأيهود وأربعه وأريب ومحا (f) Revenue secondary and the second Revenue from rents and interest is brought to account on an accruals basis. Revenue not received at balance date is included in the accounts as a receivable. The Trust's proportionate share of net operating results of Associates is included in the net income available for distribution when earned. Such income has been separately disclosed in the Statements -of Financial Performance
	(g) Expenditure Expenditure, including rates, taxes, interest and other outgoings is brought to account on an accruais basis.
	{h} Income tax … Under current tax legislation the Trust is not liable for income tax, provided its taxable income and taxable realised gains are fully distributed to Unitholders each year.
	$\langle$ 4) Cash flows $\cdots$ salah tersebut -For the purposes of the Statements of Cash Flows, cash includes cash at bank, deposits at call and short term money imarket securities which are readily converted into cash.
	{{} Rounding a tangi kacamatan $\label{eq:1} \mathcal{L}{\mathcal{M}{\mathcal{M}}(\mathcal{M})}(\mathcal{M}{\mathcal{M}}(\mathcal{M}{\mathcal{M}}(\mathcal{M}(\mathcal{M}(\mathcal{M}(\mathcal{M}(\mathcal{M}(\mathcal{M}(\mathcal{M}(\mathcal{M}(\mathcal{M}(\mathcal{M}(\mathcal{M}(\mathcal{M}(\mathcal{M}(\mathcal{M}(\mathcal{M}(\mathcal{M}(\mathcal{M}(\mathcal{M}(\mathcal{M}(\mathcal{M}(\mathcal{M}(\mathcal{M}(\mathcal{M}(\mathcal{M}(\mathcal{M}(\mathcal{M}(\mathcal{M}(\math$ The Financial Report of the Trust has been prepared in accordance with Class Order 98/0100 issued by the Australian Securities & Investments Commission, relating to the 'rounding off' of amounts in the Financial Report to the nearest itenth of a million dollars, unless otherwise stated. Amounts have been rounded off in the Financial Report in accordance with that Class Order.

	Consolidated			GPT
	31 Dec 2002 31 Dec 2001 31 Dec 2002 31 Dec 2001 Sm	\$m	Sm	Sm
Distributions 2.
In respect of the six months ended 30 June 2002
Distribution of 5.0 cents per unit paid on 22 May 2002 (24 May 2001: 4.9 cents) [14]	94.5	88.2	94.5	88.2
Distribution of 5.1 cents per unit paid on 21 Aug 2002 (21 Aug 2001: 4.9 cents)	973	90.0	97.3	90.0
Distribution for the six months ended 30 June 2002. 10.1 cents per unit (30 Jun 2001; 9.8 cents)	191.8	178.2	191.8	178.2
In respect of the six months ended 31 December 2002 Distribution of 5.1 cents per unit paid on 20 Nov 2002 (22 Nov.2001: 4.9 cents):	98.3	90.7	98.3	.90.7
Distribution of 5.2 cents per unit payable on 24 Feb 2003. (25 Feb 2002: 5.0 cents).	101.4	93.4	101.4	93.4
Distribution for the six months ended 31 December 2002 10.3 cents per unit (31 Dec 2001: 9.9 cents).	199.7	184.1	199.7	184.1
Distribution for the year ended 31 December 2002 20.4 cents per unit (31 Dec 2001: 19.7 cents).	391.5	362.3	391.5	362.3
Undistributed income at 31 December representing the surplus after rounding off the distribution entitlement to the lower. one-tenth of a cent per unit.	$_{0.7}$	0.5	0.7	$0.5\,$
	\$'000	\$'000	\$'000	\$'000
3. Expenses
Expenses have been arrived at after charging the following items: :Auditors' remuneration: -
Auditing the financial report	-474.6	448.6	455.2	436.0
Other audit related work -- Total audit and audit related work	157.2 631.8	97.5 546.1	146.7 601.9	93.4 529.4
Other assurance services.		260.0		260.0
Total auditors' remuneration,	631.8	806.1	601.9	789.4
Other assurance services in 2001 includes due diligence reviews on acquisitions completed and considered.
Responsible Entity's fee	33,928.4	29,336.1	23,247.8	20,359.1
The GPT Responsible Entity's fee arrangements were approved by Unitholders at a meeting in June 2000. Effective from 1 July 2000, the Responsible Entity is entitled to receive a six-monthly fee equal to 0.275% of the gross assets of GPT at the beginning of each six month period, payable in arrears in quarterly instalments.

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	31 Dec 2002 [31 Dec 2001 ] 31 Dec 2002 [31 Dec 2001 ]
	Sm.	ோ	Sm	Sm.
4. Receivables
Trade debtors	24.3	31.6	-2.0	10.6
Provision for doubtful debts	(1.2)	(1.2)	(0.7)	(0.7)
	23.1	30.4	13	9.9
Distributions receivable from unlisted controlled trusts			0.3	-8.1
Distributions receivable from associates Other debtors with a	3.1 13.5	16.6 16.5	3.1 14	6.6 0.9
Loans to controlled entities			7. J	6.3
	39.7	53.5	13.2	31.8
5. Other current assets
Prepayments	13.2	11.2	11.0	7.0
6. Investment properties
:Retail	3,265.9	2,855.9	1,862.7	1,576.7 .
Office Hotel and Tourism	2,550.8 507.3	2,439.7 449.0	742.9	756.0 -
Industrial	204.1	159.6	204.1	159.6
	6,528.1	5,904.2	2,809.7	2,492.3
The mixed class of assets has been allocated in the table above as follows:
ourrent value has been reviewed. Brisbane Transit Centre: 83% Office and 17% Hotel and Tourism		Due to the departure of Daimaru and anticipated redevelopment of Melbourne Central, the allocation of the
Unlisted units in controlled trusts
GEM Retail Property Trust 1			4,405.7	956.9
GEM Commercial Property Trust			1,258.4	,210.8
GPT Hotel Trust << F			479.3	429.0
Melbourne Central Unit Trust.			429.5 3,272.9	410.0 3,006.7
Unlisted shares in corporations
"GPT"Pty Limited - Service Corp Melbourne Central Holdings Pty Limited			- 0.1 47.7	-0.1 47.7
			47.8	47.8
Investments in associates
Erina Property Trust			,80.3	60.7
Horton Trust			-13.3	-11.3
2 Park Street Trust			267.6	263.6
			361.2	335.6
	6,528.1	5,904.2	6,491.6	5,882.4
Reconciliation
Reconciliations of the carrying amounts of investment
properties at the beginning and end of the current and previous
financial year are set out below. 1
Carrying amount at start of the financial year	5,904.2	5.076.4	5,882.4	5,029.3
Additions Disposals	783.4 (193.0)	859.6 (121.3)	757.3 (181.6)	766.7 : (3.1)
Net increase in revaluation of investment	33.5	89.5	33.5	89.5
Carrying amount at end of the financial year	6,528.1	5,904.2	6,491.6	5,882.4

gnuu sining
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6. Investment properties (Continued) Total Cost - Latest : Additions Book Value ∼Date of L $>$ Latest $\frac{1}{2}$ . Independent Independent $\mathbb{Z}$ Since $\frac{1}{2}$ 31 Dec Acquisition (1) including (1) [[Valuation][[[[[[[[[[[[[[]]]]]]][[[[[[[]]][[[[]][[[]][[[]][[[]][[[]][[][[][[][[]][[][[][] Alliant Price A. Additions Ownership Acquisition $500^{\circ}$ Name Dete Sm. Sm. San $\sim$ $\sim$ RETAIL And Alexander . 100 Ces 2001 . The Tip 3.1 The Tip 3.3 . The The Time Product of Bonner.House ACT. Leasehold 2001 - Ludosland - Ludosland - Jan (1905) Borec House - Martin - Martin - Jan (1906) - July 2002 - Martin 19.6 - Martin 19.6 - Martin - Martin - Martin . NSW . NT KL Goddard, fAPF ———————————————————————————————————— NSW KL Goddard, FA招 nswy Pacific Highway, Charlestows NSW кы» Dendenong Plaza , ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; BF Sweeney, AAPE VIC. Dec 1999 - 60.3 60.3 10000000000000000000000000000000000000 55.1.1.1.186.8 Sep 2002 - William ULL Advisory ( 361.4 Erine Fair шина ган. . JE Burdekin, PAPI $80.3^{(3)}$ 224.7 17.0 241.7 100Jun 1971 16.7 Sep.2001 Peruith Plaza 464.9 002 002 002 002 002 002 002 002 002 002 KL Goddard, FAPI NSW Prigh Street, Penrith NSW Riley Square KL Goddard, FAPI NSW -------------------------------------- TEPDSavilla (NSW) - 1111173.8 9 1111112.2 - 76.0 Sunshine Plaza (1999) Sunshine A Johnston, AAPH OLD. Freehold, JVIA Plaza Parade FPDSaville (NSW) 4.1.1.1.19.8.1.1.1.10.5.1.1.10.3 A Johnston, AAPE GLD. $\frac{1}{2} \left( \frac{1}{2} \right)^{2} \left( \frac{1}{2} \right)^{2} \left( \frac{1}{2} \right)^{2} \left( \frac{1}{2} \right)^{2} \left( \frac{1}{2} \right)^{2} \left( \frac{1}{2} \right)^{2} \left( \frac{1}{2} \right)^{2} \left( \frac{1}{2} \right)^{2} \left( \frac{1}{2} \right)^{2} \left( \frac{1}{2} \right)^{2} \left( \frac{1}{2} \right)^{2} \left( \frac{1}{2} \right)^{2} \left( \frac{1}{2} \right)^{2} \left( \frac$ 18.18.2 3 3 3 3 4 5 4 5 4 5 4 5 4 5 4 5 4 5 4 5 Sep 2002 Horton Parade Service Co. THE TEPDSaville (NSW) $\label{eq:reduced} \begin{split} \mathcal{L}^{(1)}(t) & \leq \mathcal{L}^{(1)}(t) \mathcal{L}{\text{in}}(t) \mathcal{L}{\text{in}}(t) + \mathcal{L}{\text{out}}(t) \ & \leq \mathcal{L}{\text{in}}(t) \mathcal{L}{\text{in}}(t) \mathcal{L}{\text{out}}(t) + \mathcal{L}{\text{out}}(t) \mathcal{L}{\text{out}}(t) \end{split}$ $\sim$ Units in Trust $\sim$ QLD - A Johnston, AA招 - ULLER SURFACE SURFACE SURFACE SURFACE SURFACE SURFACE SURFACE SURFACE SURFACE SURFACE SURFACE SURFACE SURFACE S Marocohydore Superstore ……………………………………………………………………………………………… $6.6^{\scriptscriptstyle{(3)}}$ 13.3 Piaza QLD . 食父ク A Johnston, AA科 83.3 ACT. Leasehold JE Berdekin, FAPI- 1,956.3 General Property Trust Carlingtond Court [11] 200 NSW KL Goddard, fAPL 100. Chirnside Park DG Kinnear, AAPF VIC. Wollangong Central, 1, 1999 1996 1996 1996 1996 1996 1997 1998 1998 1998 1999 1999 1999 1999 NF Proudlove, AAPE Oct 1988 34.8 nsw Floreat Forum AD Johnston, AAPY WA Forestway Shopping Centre KL Goddard, FAPE AD Johnston, AAPL nsw VIC. B Sweeney, AAPE ______ QLD. WR Wiemara, AAPI NSW -0.3 AD Johnstort, AAPL NSW W Wotton, FAPI
Macerthur Square wave and stropping Centre 43.5 ULD vyn vvemare, AAP1 Bankstown Homemaker Centre …………100……Nov 2001 N………38.2 N………38.5………Jun 2002 …………YFPDSaviss …………39.0……………………39.0… — моновых мет Саллол Hill Homemaker Centre - ………100 — №x 2001 — — — 13.9 ………13.9 ………Jun 2002 ……… * ```Клight Frank — - ………14.0 ………………………14.0 … ال هو من المسلم المسلم المسلم المسلم المسلم المسلم المسلم المسلم المسلم المسلم المسلم المسلم المسلم المسلم الم - ^ Castle Hill Homemaker Centre www.con, married with the contract of the Capital Contract (2001). The capital contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the
	GLD.

[1) Freehold, unless otherwise stated. The matter of the $\psi_{\alpha}$ , , , , ,

[2] Present vakie of termination right and land at latest valuation. [111111111111111111111111111111

(3) Share of Associate's property assets. The value of the Trust's interest in the Associate's property assets is included in the valuation. $\langle\hat{a}\rangle$ -Acquisition costs.

.
(5) Properties that have been independently valued in the last twelve months are carried at that valuation, except where capital expenditure has been incurred subsequent to valuation. Properties on which such capital expenditure has been incurred and properties which have

The Thot been independently valued in the last twelve months are carried at Directors' valuation, This will also the last twelve months are carried at Directors' valuation, This e na alim فتقطي Listen.

The basis of valuation of investment properties is fair value being the amounts for which the assets could be exchanged between willing parties in an arm's fength transaction.

				ru III (Total Cost IIII)	∿Date of Hills J	Contract Contract Contract Contract Additions (Book Value )
Name	og, 07	Date:	Sm.	Ownership Acquisition [111] Price Additions [11] \$23.		Acquasition Chineteding Computers Latest Summit Research Independent Summit Valuation Chine Price Additions Valuation Valuation Values Values (Valuation Valuation Sm 8	$\$$ ra	Sm.	$\sin^{\boxtimes}$
RETAIL (Continued)						and the second company of the control of the company of the control of the company of the control of the company of the control of the company of the control of the company of the control of the control of the control of t
Vindalee Homemaker Centre
. OLD IL Gregory, AAPI - Магібутолд Нотетаке: Centre …………100 ….Nov.2001 …………35.5…………35.5…………………xan 2002 …………… PPDSavilla …………38.5………………38.5…………38.5
MC. Moorabbin Homemaker Centre						CD Mason, AAPE uli wason AAM Sidoo dhadan waxaa laga dhadka waxaa laga dhadka waxaa laga waxaa laga waxaa laga waxaa laga waxaa laga waxaa			33.3.
МC Mt Gravatt Homemaker Centre 100. Nov.2001
QLD.						WR Wiemaret, AAPE
الله عليه المسلم المسلم المسلم المسلم المسلم المسلم المسلم المسلم المسلم المسلم المسلم المسلم المسلم المسلم ال - IKEA Building, Prospect - المسلم المسلم المسلم المسلم المسلم المسلم المسلم المسلم المسلم المسلم المسلم المسل NSW						W Woston, FA附
Springwood Homemaker Centre Nov 2001 QLD.						WR Wiemann, AAPE
IKEA Homemaker Centre									$\overline{12.6}$ .
Underwood, QLD Windsor Homemaker.Centre 100. N.Nov.2001. N.N.N.120.0. N.N.N.20.0. N.N.N.den 2002. N.J.R.L Capital Markets N.N.N. 20.5 N.N.N.N.A. N.N.N.						WR Wiemaon, AAPE			20.5
QLD. GEM Retail Property Trust						CJ Chatwood, AAPE			1.104.4
Total Retail									3.060.7
OFFICE 2 Park Street		…………………………………………………………………………………………………	$\sim$ 612 $\%$	268.4
.NSW.		$\sim$ Units in Trusts $\sim$ Dec 2001 $\sim$ .		$\sim 212.4\pm 100\,\rm{km}\,\rm{km}\,\rm{s}^{-1}$
			$-0.8$			.	الموالي الموالي الموالي الموالي الموالي الموالي الموالي الموالي الموالي الموالي الموالي الموالي الموالي الموال الموالي الموالي الموالي الموالي الموالي الموالي الموالي الموالي الموالي الموالي الموالي الموالي الموالي الموال		$268.0^{21}$
Australia Square									$0.4^{(3)}$
NSW. MLC Centre						W Doherty, AAPE
NSW						S Pairfax, AAPE
Riverside Centre QLD.						J Porter FAPI -
ـــــــــــــــــــــــــــــــــــــ
QLD. General Property Trust						J Porter, FAPE			1,010.5
—————————————————————————————————————
. 100 - المساب المسلم 1980، 12 Mar 2001 - 100 - المسلم 1998 - المسابقة 1998 - 100 - 100 - 100 - 100 - 100 - 100 10 Mar 2001 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 -
	Leasehold					P Dempsey, FAPI 100 100 1096 1096 100 100 100 100 100 100 100 100 100 10
ACT -530 Collins Street & Collins Creek & Collins Creek & Collins Creek & Collins Creek & Collins Creek & Collins - The Collins Creek & Collins Creek & Collins Creek & Collins Creek & Collins Creek & Collins Creek & Collin MC						[1] [1] [1] [1] [1] [1] [1] [1] [1] [1]
. но вестре Street (2000) (1980) (1980) (1986) (1986) (1980) (1980) (1982) (1982) (1982) (2001) (1981) (1980) (1980) (1980) (1980) (1980) (1980) (1980) (1980) (1980) (1980) (1980) (1980) (1980) (1980) (1980) (1980) (1980
RSW Darling Park Complex - 1990 (1990) 1990 - Jun 2000 (1991-289.1 - 1990.8 (1990)						P Dempsey, FAPE ti se na Japon,	The Server Charles of The	70
NSW $\cdots$ Units in Trusts.		Mar 2001	100.0 $-12.0$
						460.8			.470.0
. The National, Building 1						HW Roth, AAPE			${1.7}^{3}$ 59.8
Victoria Harbour, VIC
The National, Building 2 Victoria Harbour, VIC				100 Fred 2002 111 6.3 . 11 1218					1.11.21.8
GEM Commercial Property Trust Total Office									1,216.4
									2,226.9
(1) [Freehold, unless otherwise stated. (2) Share of Associate's property assets. The value of the Trust's interest in the Associate's property assets is included in the valuation.
(3) Share of Associate's other property related net assets/(liabilities) which have been included as property (refer Note 1(b)).
(4) Acquisition costs.
(5) Properties that have been independently valued in the last twelve months are carried at that valuation, except where capital expenditure has been incurred subsequent to valuation. Properties on which such capital expenditure has been incurred and properties which have
not been independently valued in the last twelve months are carried at Directors' valuation.						المتهم والمتحال والمحالة والمتوارث المتلاح والمحالة
. The basis of valuation of investment properties is fair value being the amounts for which the assets could be exchanged between willing $\sim$ . $\sim$ , $\sim$ parties in an ann's length transaction.						a kota ka ka ka ka ka ka ka ka ka ka ka ka ka

签签

		6. Investment properties (Continued)		ffotel Cost	∵Date of ⊞		Latest -	"Additions - Book Value
			Acquisition miking acquired			Filatest Common Independent Independent For Since (1)			Si Dec
Name		Date	Oweership Acquisition Price Additions \$m	弥补		Valuation [1111111] Natuer Valuation Valuation 2002	\$m	\$m	Sm°
MIXED
Brisbane Transit Centre [ New York]	-50
QLD.	$\sim$ 1000 Units in Trust 1, Nov 1997.		42.6 -	46.5	Dec 2002	in Knight Frank			\$0.3 12
	[15heres in Company 111 Nov.1997]		0.7	0.7 472		…PR Willington, fAPI			0.7 51.0
Melbourne Central (1996) - Melbourne	100.
WC.		∵Mav 1999 - COMar 2001	410.2 - 121
			3.5
			430.8			U. 1111461.1 . 11111 Sep 2001. 1111 1111 Koight Frank U. 465.0 22.8. . 1			487.8
Total Mixed						JA Perillo, AAPE			538.8
INDUSTRIAL
Harvey Road									$24.9 -$
Kings Park NSW						BJ Ewing, AAPI
Part Citi-West Industrial Park in Grieve Pde & Dobertys Road [111.1.1.1111.11.111.11.11.11.11.11.11.1						1999 Aug 1994 1999 1990 1990 1990 1990 1990 1990 1990 1990 1990 1990 1990 1990 1 ----------------------------------			-57.2
Altona North VIC
днова мого ун. Quad 1, Parkview Drive - , , , , , , , , , , , , , , , , , ,
Homebush Bay NSW нотерцая вау NSW Quad 2, Parkview Drive - ,	Leasehold
Homebush Bay NSW	Leasehold
Samsung (1997)						новным ****100
Homebush Bay NSW 11 Grand Ave (1999) 1999 1998 1998 1998 1999 1998 1998	Lessehold
Camellia NSW WR Retailick, FAP1 15 Berry Street ∴∑…………………………100……Nov.2000 - ………10.0…………10.0………………………………………………………………
Granville NSW 19 Beny Street : 2000
Granville NSW
General Property Trust									204.3
Total Industrial									204.3
HOTEL & TOURISM Ayers Rock Resort	$100^{-1}$		Dec 1997 $\sim$ $\sim$ 231.9 $\frac{1}{2}$ (1, 335.7 $\frac{1}{2}$ )		Sep 2001 $\cdots$	COMPUTER Hotels			331.3
	Part leasehold					Cooper, AAPI
									$7.0^{31}$
									338.3 $11.9^{(4)}$
Cape Tribulation.						1999. . Mar. 2002			- 11.8
CLD.	Part lessehold
Wikiman River					100 - Jun 2001 0.5 0.8
NT Four Points Hotel, Sydney (4) [18] 1991 1111 100 [19] May 2000 [19] [146.1 [14] [14]	Part leasehold					[160.7] [111] Mar 2002, [1] Coffiers International [11] [11] [136.0] [1]		7.36	139.8
NSW.	The Leasehold					(6) Mologosh, FAPI
	Security Deposit								$(7.0)^{15}$
									:32.6
161 Sussex St Pty Limited	Loss								$2.8^{(7)}$
	$-40$								$0.4^{8}$
	Refer Note 6								498.6
Total Hotel & Tourism									6,628.1
Total Investment Properties Northern Contract Contract
(1) Freehold, unless otherwise stated.
(2) Share of Associate's property assets. The value of the Trust's interest in the Associate's property assets is included in the valuation.
[3] TRepresents foan to Voyages Hotels & Resorts Pty Limited for the purchase of plant and equipment.
. (4) Thepresents loan to Voyages Hotels & Resorts Pty Limited of \$6.9 million for the purchase of a 48% interest in Kings Canyon Resort and \$5.0 million
for working capital. [1]					August 2022 e del
(5) Acquisition costs. (6) Security deposit held by GPT.						de de la facta de la del de la facta de la facta de la facta de la facta de la facta de la facta de la facta d Al la facta de la facta de la facta de la facta de la facta de la facta de la facta de la facta de la facta de
(7) Loan to 161 Sussex Street for porchase of business assets. Undrawn finance facilities of 161 Sussex Street at belance date total \$1.2 million (GPT-share). (8) Share of 161 Sussex Street property related net assets which have been included as property (refer Note 1(b)). The
(9) Properties that have been independently valued in the last twelve months are carried at that valuation, except where capital expenditure has been incurred
subsequent to valuation. Properties on which such capital expenditure has been incurred and properties which have not been independently valued "server section in the last twelve months are carried at Directors' valuation.					rka sa sala
The basis of valuation of investment properties is fair value being the amounts for which the assets could be exchanged between willing parties. [[[[[[[[[[
in an arm's length transaction.

		31 Dec 2002 31 Dec 2001.
	Sm	Sm.
6. Investment properties (Continued)
Additions to existing investments
During the year ended 31 December 2002 the following additions were made to existing property investments: Retail:	130.9	.72.5
Office	93.8	.14.5
Mixed	.19.5	-7.7
Industrial Hotel & Tourism	28.4 47.5	-15.5 56.9
	320.1	167.1
Additions to property include capitalised interest on redevelopment of \$12.6 million using an interest rate of 6.80% (Dec 2001: \$4.2 million using 6.77%).
Dandenong Plaza Reformulation works were completed in April 2001. The final project outlay is \$21.0 million.
Chirnside Park The cinema and retail pad site development was completed in July 2001. The final project outlay was \$16.8 million.
Construction commenced in July 2002 on the \$3.5 million foodhall remix which involves replacing Franklins with Aldi and associated specialty remixing. The project is programmed for completion in April 2003.
Fortitude Valley (formerly Citygate Homemaker Centre). فالمحدثي والحاجة In December 2001, GPT acquired Stage 1 of the Citygate Homemaker Centre located in Fortitude Valley, Brisbane. The 13,000 sqm centre opened for trade in August 2002. The final development cost is \$30.9 million.
:Erina: Construction commenced in January 2002 on the expansion of Erina Fair. The total development cost is \$210.0 million (GPT's share \$105.0 million) with forecast completion in late 2003.
Floreat Forum - Construction commenced in August 2001 on the \$46.0 million redevelopment. Stage 1, which includes the expansion of two supermarkets, specialty remixing and centre refurbishment, and additional carparking was completed in December 2002. Stage 2, which incorporates the Town Square precinct is scheduled to open in June 2003.
Forestway A development approval was received in 2002 for a major redevelopment of Forestway Shopping Centre. This development scheme will no longer proceed. An alternative smaller double supermarket based development scheme is being assessed.
Melbourne Central Address Adventure Market Market Adventure Market Adventure Development (2001-1992) Daimaru vacated the centre in July 2002. Under the terms of the early lease cessation, the Trust received a cash sum equivalent to five years gross rent. Rental top up of \$2.9 million has been recognised during the period to December 2002, Construction commenced in November 2002 on the redevelopment of Melbourne Central. The total development cost is finite in \$226.5 million with forecast completion late 2004. https://
Service Company a de la destinación de la contrada de la contrada de la contrada de la contrada de la contrada de la contrada Parkmore de la contrada de la contrada de la contrada de la contrada de la contrada de la contrada de la contr	Service and services of the	فالمتعاقبا والمتمر والمحافظ
The \$4.7 million specialty remix was completed in December 2001. A further \$0.3 million was expended in 2002 on shopfront
works associated with a new lease to Kmaticus (1999) and the second product of the second with a new lease to Sunshine Plaza The \$40.0 million (GPT's share \$20.0 million) Plaza Parade and Riverwalk development which incorporates a new supermarket, [1]
additional cinemas and a restaurant precinct was completed in December 2002. The state of the control of the control of the control of the control of the control of the control of the control of the control of the control ال وجود الماري منتشر به والدولة المواطنة المواطنة المواطن المواطن المواطنة المواطنة المواطنة المواطنة المواطنة من وجدت من يتسمين بوجيون بوجوستا معتقد المواطنة المواطنة المواطنة بالمواطنة المواطنة المواطنة المواطنية Woden. The \$4.0 million development of a padsite retail outlet to accommodate Dick Smith Powerhouse was completed in May 2002.
Wollongong Central the Commission of the Commission of the Commission of the Commission of the Commission of the Commission of the Commission of the Commission of the Commission of the Commission of the Commission of the C The Fitness First remix was completed in February 2001. The final project outlay was \$2.2 million. $\sim$ $\sim$	a tanggunak di tanggunak di tanggunak di kalimatan di kalimatan di kalimatan di kalimatan di kalimatan di kali Kabupatèn Pangangan di Kabupatèn Pangangan di Kabupatèn Pangangan di Kabupatèn Pangangan Pangangan Pangangan P
. Paul nu na na na na na na na na na na na na na and an angular ang ang ang angang ang angang ang angang ang . De la caractería de la caractería de la caractería de la caractería de la caractería de la caractería de la

6. Investment properties (Continued)

11 Grand Avenue, Carnellia

An Agreement to Lease was signed with Australian Pharmaceutical Industries ('API') in February 2001 for Stage 1 of the development. GPT completed construction of a 29,500 sq m warehouse and office facility for API on the rear portion of the site, fronting the Parramatta River. Construction commenced in October 2001 and reached practical completion and lease commencement in October 2002. During the year, \$23.9 million was expended on fees and development costs related to the preparation of the Development Application, and design and construction of the new facility.

The Quad, Parkview Drive, Homebush Bay

The construction of Quad 2 was completed in March 2002. Approximately 93% of the building has been leased to tenants including The Universities Admission Centre, Swift and Moore and Mobil Oil.

Avers Rock Resort

A number of major projects were completed at the Resort in 2002. These included: the Stage 1 expansion and upgrade of the Resort's facilities at a cost of \$52 million, the Longitude 131 Juxury tent development at a cost of \$76 million (representing GPT's proportion of the \$8.7 million development cost), the refurbishment of Emu Walk Apartments at a cost of \$3.8 million and the refurbishment of the Alice Springs Resort kitchen at a cost of \$0.8 million. In addition, the upgrade and expansion of the Resort's commercial laundry is underway at a cost of \$6.7 million with completion planned for March 2003. Projects, committed to occur in 2003 include an uporade of the water and sewerage infrastructure at a cost of \$2.4 million. Sails in the Desert kitchen refurbishment at a cost of \$1.4 million and Winkiku Restaurant refurbishment at a cost of \$0.6 million.

Four Points Hotel, Sydney

The \$15.9 million refurbishment programme of the quest rooms and public spaces is now approximately 80% completed, with the final stage of the refurbishment to be completed during the first half of 2003. This programme is being undertaken in stages to minimise the effect on Hotel guests. Outstanding works total \$2.5 million in respect to this project. A number of guest rooms will be converted to additional business suites in April 2003 at a cost of \$0.7 million.

The re-configuration of the Central Warehouse retail centre at a cost of \$0.4 million is now complete and is in the process of being leased.

Purchase of Investments

Cape Tribulation

On 27 March 2002, GPT acquired the freehold and perpetual leasehold interest associated with a small portfolio of ecotourism properties at Cape Tribulation in Far North Queensland for \$11.5 million including acquisition costs. The properties include Coconut Beach Resort, Ferntree Rainforest Resort, the Jungle Lodge (backpackers and campground) and associated facilities.

In line with the acquisition strategy for this asset, refurbishment of the resort and infrastructure upgrades began in December .
2002 and are expected to be completed by April 2003. Total cost of these works is approximately \$6.0 million.

Docklands NAB Campus, Melbourne

In February 2002, GPT acquired the site upon which the new National Australia Bank ('NAB') 56,000 sq m office development in Docklands. Melbourne is being constructed. This development will be delivered in two stages with completion in 2003. and 2004 respectively. GPT paid \$13.7 million for the site including acquisition costs. The end cost of the development after enhancements agreed with the NAB is expected to be approximately \$242 million. GPT has executed an Agreement for Lease with NAB and executed a Development Agreement with Lend Lease Development.

Samsung, 7 Parkview Drive, Homebush Bay

GPT acquired the Samsung Office and Warehouse facility for \$16.1 million including acquisition costs on 3 May 2002 from Samsung Electronics Australia Limited on a sale and leaseback basis for six years and a four year option. The acquisition included approximately 1 hectare of surplus land that can be developed on expiry of the initial lease in 2008.

Moorabbin Homemaker Centre

In July 2002, GPT acquired the Moorabbin Homemaker Centre in Victoria for \$33.3 million including acquisition costs. The centre opened for trade in July 2002.

6. Investment properties (Continued)

Borec House, Penrith GPT acquired Borec House, on the site adjoining Penrith Plaza, for \$10.6 million including acquisition costs in July 2002.

High Street, Penrith

GPT acquired 557 High Street, Penrith (shops 1 - 3), opposite Penrith Plaza, for \$5.2 million including acquisition costs in November 2002.

Pacific Highway, Charlestown

GPT acquired 158 Pacific Highway, opposite Charlestown Square, for \$7.1 million including acquisition costs in October 2002.

Telstra land. Erina f

GPT acquired a site adjoining Erina Fair for \$2.9 million (GPT's 50% interest) including acquisition costs in July 2002.

Disposal of investments

Teneriffe Woolstores

The Woolstores building at Teneriffe in Brisbane was under contract for sale when GPT acquired the Homemaker Retail Property Trust in November 2001, In July 2002, GPT completed the sale of the Woolstores for \$11.35 million.

Bankstown Square.

In November 2002, GPT divested its 50% interest in Bankstown Square for \$176.0 million. GPT granted a 300 year lease to the purchaser and has no ongoing liability in respect of the property. The purchaser has been granted a call option and GPT has a put option, both exercisable after 12 months from completion for the transfer of the residual freehold for a nominal sum.

Joint venture investment arrangements

se la maj linguisme.

Penrith Plaza

GPT entered into a Joint Venture Investment Arrangement (JVIA) with the ANZ Banking Group ('ANZ') in 1990. Under the terms of the JVIA:

(a) A ground lease was granted to the ANZ for the total land owned by GPT.

(b) GPT made deposits with the ANZ and received a return on those deposits based on the income of the Centre. These deposits were repayable in 2005 or on termination of the ground lease or at its expiry.

(c) GPT had a unilateral right to terminate the ground lease commencing July 2002.

The right was exercised in October 2002. A payment was made to ANZ under a formula based on the valuation of the Centre at development completion (\$395 million) and termination date, and the ANZ refunded the deposits made by GPT.The total cost to unwind the JVIA was \$122.1 million (net of annual deposits) including incidental costs. The termination of an equipment lease arrangement with Oxley Finance Pty Limited is yet to be finalised.

Sunshine Plaza

GPT and Australian Prime Property Fund Retail (APPFR) entered into a JVIA with the Commonwealth Bank of Australia ('CBA'). in 1994. Under the terms of the JVIA:

(a) A ground lease has been granted to the CBA for land owned by GPT and APPFR.

(b) GPT and APPFR make deposits with the CBA and receive a return on those deposits based on the income of the Centre. These deposits are repayable in 2006 or on termination of the ground lease or at its expiry.

(c). GPT has a right to terminate the ground lease each year over a five year period commencing June 2002. However, each garty must agree to the termination if exercised in 2002 or 2003. When the right is exercised a payment is made to CBA under a formula based on the valuation of the Centre at development completion (\$284 million) and termination date and the CBA will refund the deposits made by GPT GPT's obligations in the JVIA are limited to its 50 percent share.

6. Investment properties (Continued)

Other information

Avers Rock Resort

The property is owned by GPT. The hotel businesses are owned and operated by Voyages Hotels & Resorts Pty Limited, which is wholly owned by GPT Hotel Management Pty Limited. GPT has leased the resort to Voyages Hotels & Resorts Pty Limited, GPT .
Hotel Management Pty Limited is a company with A and B Class shares. The A Class shares of GPT Hotel Management Pty Limited carry only voting rights and they are owned by GPT Operating Company Trust on behalf of the unitholders of GPT. The B Class shares of GPT. Hotel Management Pty Limited are owned by GPT and carry the income entitiement.

Cape Tribulation

These properties are owned by GPT and leased to Voyages Hotel & Besorts Pty Limited. I

Four Points Hotel

The property is owned by GPT GPT also has a 40% interest in an associated company, 161 Sussex Street Pty Limited ('the Company') which leases and operates the hotel. Starwood Pacific Hotels Pty Limited ('Starwood'), a wholly owned subsidiary of Starwood Hotels and Resorts Worldwide Inc. owns the remaining 60% interest.

In May 2000, the Company leased the hotel from GPT for ten years, with the Company having an option to extend the lease for a further term of five years. After May 2005 the lease may be terminated by GPT if the hotel is sold. The Company has provided a security deposit of \$7.0 million.

At the time of acquisition, GPT provided \$4.0 million by way of loan to the Company to fund its purchase of business assets, the payment of the security deposit and initial working capital requirements. In December 2001, GPT invested an additional \$1.6 million in the Company. The Company also repaid \$1.2 million of GPT's loan, hence the loan balance at December 2002 is \$2.8 million. During the year GPT invested an additional \$1.0 million in the Company.

Melbourne Central

On 19 March 2001 GPT acquired Kumagai's residual interest in the Melbourne Central complex for \$17.0 million plus acquisition costs. As a consequence, GPT now holds a 100% interest in Melbourne Central.

In September 2001, the trustee of Melbourne Central Unit Trust entered into an agreement with Daimaru Australia pursuant to which Daimaru vacated its tenancy and surrendered its lease in July 2002. The valuer was appraised of the commercial terms of this agreement in the course of undertaking this valuation.

	Consolidated		GPT.
	31 Dec 2002 31 Dec 2001 31 Dec 2002 31 Dec 2001
	Ser.	\$m	Sm	Sm
7. Commitments
(a) Capital expenditure
At balance date capital expenditure approved but
not provided for in the Financial Report:
Directly held investment properties
Bankstown Square		0.9		$-0.9$
Casuarina Square	$\mathbf{3}$ .		4.4
Erina (Austr	36.3	65.2	36.3	65.2
MLC Centre	6.1	. 1.0	6.1	-1.0
Plaza Parade	0.4	8.5	0.4	8.5
Quad 2	0.2	3.5	0.2	3.5
Riverside Centre	3.7	$\triangleleft .3$	3.7	:13
Sunshine Plaza	O.4	8.6	0.4	8.6
-11 Grand Avenue, Camellia		26.3		26.3
Woden. No	2.6	5.5	2.6	:5.5
Other properties	3.8	1.7	3.8	17.
Unlisted controlled entities
580 George St		1.0
530 Collins St	12
Ayers Rock Resort.	32.1	23.6
Cape Tribulation	5.8
Chimside:	13	-0.5 18.1
Fortitude Valley Homemaker Centre Docklands NAB Campus	160.8	208.0
Floreat Forum [11]	-15.1	35.4
Melbourne Central	219.4	6.4
Parkmore PR	-1.2	12
Wolfongong Central	0.1	2.1
Four Points Hotel	3.2	6.4
Other properties	15	0.3
investments in associates
Darling Park	24	0.2
Erina Property Trust	18.1	32.6
Horton Trust		3.1
Roma Street Trust		0.1
	497.1	461.5	54.9	122.5
Due within 1 year Due between 1 and 5 years	379.7 117.4	300.8 160.7	54.9	75.8 46.7
	497.1	461.5	54.9	122.5

(b) investments $\mathbb{R}^n$ , $\mathbb{R}^n$ , $\mathbb{R}^n$ , $\mathbb{R}^n$ , $\mathbb{R}^n$ , $\mathbb{R}^n$ , $\mathbb{R}^n$ , $\mathbb{R}^n$ , $\mathbb{R}^n$

At balance date deposit commitments existed in respect of interests in Joint Venture Investment Arrangements contracted but. not provided for in the Figuridal Report Irefer Notes 6 and 8):

المتعاونة والمستقبل والمتعاد والمتعاد والمنازل والمتحرك والمتحرك والمستقبل والمستقبل

-Pennith Plaza			.
vear — Due within
Due between i	Land 5 vears.
.		the form and the property of the property of the con-

The Joint venture investment arrangement ('JVIA') with ANZ Banking Group was terminated on 1 October 2002. .
The termination of an equipment lease arrangement with Oxley Finance Pty Limited is yet to be finalised. I na este est.
Status est.

E. Y

	Consolidated		GPI
	31 Dec 2002 31 Dec 2001 31 Dec 2002 31 Dec 2001
	Sm	ோ	Ser	Sm
Commitments (Continued) 7.
(b) Investments (Continued)
Sunshine Plaza
Due within 1 year.	-4.7	$-4.9$	$\mathcal{L}$	-4.9
Due between 1 and 5 years	13.8	18.5	13.8	18.5
	18.5	23.4	18.5	23.4
(c) Operating leases.
Estimated aggregate amount of operating lease expenditure agreed or contracted but not provided for in the Financial Report.
Due within 1 year -	0.2	0.2	0.1	0.1
Due between 1 and 5 years.	0.9	0.9	0.5	0.5
Due between 5 years and expiry date of leases	2.6	2.7	$0.8\,$	1.0
	3.7	3.8	1.4	1.6
Other financial assets 8.
Deposits
Deposits at cost - Penrith Plaza		240.8		240.8
Deposits at cost - Sunshine Plaza	70.0 70.0	65.1 305.9	70.0 70.0	65.1 305.9
Reconciliation
Reconciliations of the carrying amounts of other financial assets at the beginning and end of the current and previous financial. year are set out below.
Carrying amount at start of the financial year.	305.9	284.6	305.9	284.6
Additions	-4.9	21.3	4.9	21.3.
Refunds i	(240.8) 70.0	305.9	(240.8)	305.9
Carrying amount at end of the financial year.			70.0
9. Payables - Current
Trade creditors	146.1	126.8	53.7	44.1
Creditors - other	3.8	3.9	-17	1.6 0.5
- related party - Loans from controlled entities,	2.0	0.5	2.0 27.1	78.1
Responsible Entity's fee :	87	75	5.9	5.1
	160.6	138.7	90.4	129.4
10. Interest bearing liabilities - Current Short and Medium Term Notes (refer Note 1(e) and Note 20)	356.0	645.0	356.0	645.0
Commercial Bills		173.0		93.0
	356.0	818.0	356.0	738.0
11. Provisions Distributions payable	101.4	93.4	IO 1.4	93.4
12. Interest bearing liabilities - Non-current
Medium Term Notes (refer Note 1(e) and Note 20)	880.0	330.0	880.0	330.0
CPI Coupon Indexed Bonds	125.0 1,005.0	125.0 455.0	125.0 1,005.0	125.0 455.0

	Consolidated
		31 Dec 2002 31 Dec 2001
	Sm	Sm
13. Contributed equity :
3,949,716,610 (Dec 2001: 1,867,054,631) units-	4,400.8	4.179.5
Deferred unit issues: Nil (Dec 2001: 6,100,000) new units		14.5
	4.400.8	4.194.0
Movements in units at issue price
	Consolidated:
	31 Dec 2002
	Number of :	Amount at
	-Units-	`issue Price
	millions	Sm
Balance at the beginning of the financial year	1,867.1	$-4,179.5$
New issues: I
Units issued under Darling Park June 2000 arrangement	翁."	14.5
-Units issued under Distribution Reinvestment Plan-	76.6	206.8
Balance at the end of the financial year	1.949.8	4.400.8

On 1 January 2002, 6.1 million units were issued pursuant to the Darling Park transaction arrangement as approved by the Trust's unitholders at an extraordinary general meeting held on 5 June 2000. The units issued were entitled to the full March 2002 quarter distribution and subsequent distributions. $\sim$ $\sim$ $\sim$ $\sim$ $\sim$ $\sim$ $\sim$ $\sim$ ra de la llandre de la component
Les components de la component

(a) Distribution reinvestment plan were also with the contract of the second contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the c

The Trust operated a distribution reinvestment plan ('DRP') under which holders of ordinary units elected to have all or part of their distribution entitlements satisfied by the issue of new ordinary units rather than being paid in cash. Units were issued under the plan at a 2% discount to the market price. The DRP has been terminated and will not apply to the distribution for the December 2002 quarter. New Michael Chicken, Helling Nelling Michael Michael Chicken, Michael A. Duble Michael Be

a na matangan
Kabupatèn Propinsi Jaw

$\epsilon_{\rm k}$ , and a state $\epsilon_{\rm k}$

	$-31$ Dec 2002 $-31$ Dec 2001.
	Sm	Sm
14. Equity securities issued
Distributions satisfied by the issue of ordinary units under the distribution reinvestment plan	206.8	I75 5.
15. Asset revaluation reserve
Nature and purpose of reserve.
The asset revaluation reserve is used to record increments and decrements on the revaluation of non-current assets, as-
described in accounting policy note 4(d). The reserve is predominantly comprised of unrealised gains resulting from the
Wrevaluation of the Trust's property investments. The balance, or any part of the balance, standing to the credit of the reserve may
The transferred to the Trust's distributions. During the financial year, \$5.6m (Dec 2001: (\$1.9m)) of the net (oss/(gain) -

남보, 여자, 호텔 등 사고 있어

ton sale of investment properties was transferred to/(from) distributions. Function $\mathbb{R}^n$

W.

in 1982.
Ngjarje

	31 Dec 2002 31 Dec 2001 31 Dec 2002 31 Dec 2001
	Sm	Sm.	Sm	Sm:
15. Asset revaluation reserve (Continued) Balance at the beginning of the financial year	644.2	552.8	644.2	552.8
{ncreases/(decreases):
Directly held investment properties
Australia Square	10.4		10.4
Bankstown Square		(0.3)		(0,3)
Casuarina Square	4.6		4.6	14.3.
Charlestown Square Dandenong Plaza	0.5	$-14.3$	0.5
Erina Fair	8.9	-0.7	8.9	$-0.7$
MLC Centre		-17.9		-17.9
Penrith Cinemas		(1.0)		(1.0)
Penrith Plaza		(1.3)		(1.3)
Plaza Parade	(1.6)		(1.6)
Riley Square -		(2.0)		(2.0)
Riverside Centre	(32.1)		(32.1)
Black Ink House	0.3		0.1
Sunshine Plaza	11.4	$2.0$	11.4	2.0
Woden Plaza		11.9		11.9
Reserves attributable to controlled entities
Ayers Rock Resort		(1.2)
Carlingford Court	16.5
Crown Central.		25.9
Floreat Forum	0.5
Forestway Shopping Centre		1.6
Four Points :	(0.6)	(20.5)
Macarthur Square	32	18.Q
Melbourne Central		26.7
Parkmore Shopping Centre		$-(2.4)$ 2.5
Warwick Grove < Aspley Homemaker Centre	0.2
Bankstown Homemaker Centre	0.5
Cannon Hill Homemaker Centre,	0.1
Castle Hill Homemaker Centre,	3.7
Jindalee Homemaker Centre	13
Maribymong Homemaker Centre.	3.0
Mt Gravatt Hornemaker Centre,	15
IKEA Building, Prospect [38]	(0.9)
Springwood Homemaker Centre	0.3
IKEA Homemaker Centre, Underwood	23
Windsor Homemaker Centre	0.5
Woolstore, Teneriffe-	11
10 and 12 Mort Street Neville's Corner -	(2.5)	U.Z)
580 George Street		2.4)
GEM Trusts			28.5	59.7
GPT Hotel Trust			(0.6)	(21.7)

a kalendari
Managementan
Managementan

	Consolidated		GPT
	31 Dec 2002 31 Dec 2001 31 Dec 2002 31 Dec 2001
	Sm	Sm	Sm	Sm
15. Asset revaluation reserve (Continued)
Reserves attributable to associates
Brisbane Transit Centre	(1.3)	(0.8)	(1.3)	(0.8)
Darling Park	-1.1	10.0	1.1	10.0
– Erinal	4.5	-0.3	4.5	-0.3
Horton Parade/Maroochydore Superstore	(0.9)	(0.2)	(0.9)	(0.2)
Net increase in valuations	33.5	89.5	33.5	89.5
Transfer (to)/from Distribution;
Net book (loss)/gains on sale Net transfer (to)/from Distribution	(5.6) (5.6)	1.9 1.9	(5.6) (5.6)	1.9 1.9
Balance at the end of the financial year	672.1	644.2	672.1	644.2
16. Total equity
This represents amounts subscribed for units and options together
with total reserves resulting in a net tangible asset backing of \$2.60
(Dec 2001:\$2.58) per unit based on the number of GPT current units
plus the units issued under the terms of the DPT acquisition.	5,073.6	4,838.7	5,073.6	4,838
17. Notes to the statement of cash flows
(a) Reconciliation of net operating income to net cash
provided by operating activities. Net operating income	386.1	364.4	386.1	364.4
Loss/(gain) on disposal of properties	5.6	(1.9)	5.6	$(1.9)$ .
Net decrease in provisions:
Provision for doubtful debts				(0.1)
Responsible Entity's fee	12	.0.3	$-0.8$	-0.3-
Interest capitalised	(12.6)	(4.2)	(12.6)	(4.2)
Net cash provided by operating activities before
changes in assets and liabilities	380.3	358.6	379.9	358.5
(Increase)/decrease in receivables	11.7	:16.5	15.3	(9.7)
Increase in payables.	$2.3\,$	24.9	4.8	4.0
Net cash provided by operating activities	394.3	400.0	400.0	352.8
(b) Reconciliation of Cash
Disclosed in Statements of Financial Position as:
Cash	45.6	69.0	40.6	27.4
(c) Non-cash financing and investing activities Units issued under the distribution reinvestment plan-	206.8	175.5	$\begin{array}{c} 206.8 \end{array}$	175.5
Units issued to fund the acquisition of Darling Park		48.0		48.0
	206.8	223.5	206.8	223.5
	Consolidated
	31 Dec 2002	31 Dec 2001
18. Earnings per unit
Basic earnings per unit - (cents) - (Net operating income including book losses and gains	20.1	19.8
divided by weighted average number of units).
Basic earnings per unit -- (cents) >
(Net operating income excluding book losses and gains.
divided by weighted average number of units)
"Weighted average number of ordinary units on issue during
the year used in the calculation of basic earnings per unit - (millions)"	.919.0

Linn, Conne
Linn, Connell
Stand, Stand

		Consolidated
		31 Dec 2002 31 Dec 2001
		Sm	Sm
19. Investments in controlled entities and associates
Name of Entity	interest	Contribution to
	$\frac{\partial f}{\partial s}$	net operating
		income
Parent entity
General Property Trust		107.1	-128.5
Controlled entities
GPT Hotel Trust Ayers Rock Resort Trust	100	32.8	≅0.7°
"GPT Hotel (Darling Harbour) Trust	100 100	13.0	30.1 11.5
GPT Office Trust	100	43	.4. I
GPT Pty Limited	100
GPT Subsidiary Holding Trust	100
GEM Retail Property Trust [1999]	-100	56.3	62.5
Homemaker Retail Property Trust	100	26.2	$-2.2$
Whitnall Pty Ltd [still]	100
GEM Commercial Property Trust	700	2.6	2,0
Growth Equities 530 Collins Street Trust	.100	26.6	23.1
Growth Equities 580 George Street Trust	-100	15.3	15.3
New Property Investment Trust No. 1	100	5.6	-5.5
GEM Allendale Trust	-100		.0.7
GPT Victoria Harbour No 1B Trust GPT Victoria Harbour No 1A Trust	100 100
GPT Victoria Harbour No 2B Trust	-100
·GPT Victoria Harbour No 2A Trust	-100
Melbourne Central Holdings Pty Ltd	.100		-3.3
Melbourne Central Unit Trust [[[[[[[[[[[[[[	100	37.3	34.5
Melbourne Central Custodian Pty Ltd	100
Wales House Trust	-100		$\overline{\mathbf{a}}$
		220.0	195.5
Associates -
Érina Property Trustl	50	A.3	4.2
Darling Park Trust	50	18.8	18.2.
Darling Park Property Trust	50	13.5	12.9
-Horton Trust	50	08	0.8
Roma Street Trust	50	4.7	:4.6
2 Park Street Trust	50	18.1	11
161 Sussex St Pty Limited	40	(1.2)	(1.4)
		59.0 386.1	40.4 364.4

All equity interests, as described in Note 6, issued by General Property Trust and its controlled entities are ordinary interests.

All associates have a reporting period of 30 June, except for Horton Trust and 161 Sussex St Pty Limited which have a reporting period of 31 December.

	Consolidated 31 Dec 2002 [31 Dec 2001 ]
	Sm	Sm
19. Investments in controlled entities and associates (Continued)
Reserves attributable to associates
Asset revaluation reserve -
Balance at the beginning of the financial year	29.9	20.6
Revaluations during the financial year Balance at the end of the financial year	3.6 33.5	9.3 29.9
Movements in carrying amount of investments in associates
Carrying amount of investments at the beginning of the financial year	854.9	479.4
Net operating income attributable to associates	59.0	40.4
Less: Distributions received/receivable Incidental costs on acquisition	(59.0) -0.5	$\langle 40.4 \rangle$ $^{\sim}1.9$
Issue of equity	23.9	364.3
Redemption of equity - Share of movements in asset revaluation reserve		9.3
Carrying amount of investments at the end of the financial year	3.6 882.9	854.9
Summary of the financial position of associates
The recognised amounts of aggregate assets and liabilities of associates are:
Assets - Liabilities	896.2 (14.3)	871.5 (16.9)
Share of net assets of associates	881.9	854.6 .
Incidental costs on acquisition prior to latest revaluation of associate's asset	1.0	0.3
Carrying amount of investments at the end of the financial year	882.9	854.9
Share of associates' capital expenditure commitments - refer Note 7
Share of associates' financing facilities - refer Note 6 Acquisition of controlled entity. On 27 November 2001 the Trust acquired 100% of the issued units of Homemaker Retail Property Trust for \$191.8m.
The operating results of this newly controlled entity have been included in the consolidated statement of financial performance since the date of acquisition.
Details of the acquisition are as follows: Fair value of identifiable net assets of controlled entity acquired
Cash - Receivables		-1.2 2.5
Other assets		U.Z
-investment properties.		·275.1 - .
:Payables materials		(1.4)
Interest bearing liabilities Provisions		(80.0) (6.3)
		$-191.8$ .
Pre acquisition income credited against cost of investment Cash consideration		6.3 198.1
Outflow of cash to acquire controlled entity. Cash consideration .		198.1

		-Consolidated
		31 Dec 2002 31 Dec 2001
	Sm	Sm
20. Finance facilities Bank stand-by facilities	400.0	580.0
The Trust has stand-by facilities of \$400 million (Dec 2001: \$580 million) to provide liquidity backup for the Short Term/Medium Term Note Programme which were not utilised at balance date. \$200 million matures on 30 April 2003 and a further \$200 million matures on 22 May 2003. It is anticipated that it will be possible to extend all facilities. \$180 million of stand-by facilities : matured on 28 February 2002.
- Short Term Note / Medium Term Note Programme	2.000.0	1.000.0
Maximum amount of Short Term Notes on issue during the year	548.0	545.0
Amount of Short Term Notes outstanding at the end of the year.	356.0	545.0
Maximum amount of Medium Term Notes on issue during the year 1.040.0	430.0
Amount of Medium Term Notes outstanding at the end of the year	880.C	430.0

The Short Term/Medium Term Note Programme ('the Programme') is a revolving, non-underwritten, floating rate programme. The Programme provides flexible short term and medium term funding to enable the Trust to fund commitments and to act promptly on investment opportunities. The Programme can be terminated at the discretion of the Trust and is unsecured. The Trust issued \$60 million 2 year callable Medium Term Notes in February 2002 which the Trust called and cancelled in August 2002. Commercial Bills sections for the section of the section of the section of the section of the section of the section of the section of the section of the section of the section of the section of the section of the sectio

During the year, the Trust did not renew the Commercial Bill facilities.

italian ing Palitina.
Peristiwa

CPI Coupon Indexed Bonds

On 10 December 1999, the Trust issued CPI Coupon Indexed Bonds totalling \$125 million. The securities will expire on 10 December 2029 and have a current coupon of 6.62%. The coupon compounds quarterly at the rate of CPL.

Finance Facilities as at 31 December 2002.

					Fixed interest maturing in
Notes						Total Non-Interest [ - - Floating [ - - - [ 1 year . Over 1 year . [ More than -
			S bearing interest rate of the rice less of to 5 years. This years is
	Sm.	Sm.	Sm.	Sm	Sm.	Sm
·Financial assets
Cash and deposits.	-45.6		45.6.
-Receivables -	39.7	39.7
	85.3	39.7	45.6
Weighted average interest rate.			4.4%
Financial liabilities
Interest bearing liabilities.	$10, 12 \div 1, 361.0$		961.0		- 400.0
Trade and other payables	- 160.6	-160.6.
interest rate swaps mi			(730.0)		.450.0	280.0
Forward start interest rate swaps	(50.0)			(50.0)
Forward start interest rate swap maturities.	-50.0				50.0
	1.521.6.	160.6	231.0	450 AI	900.0	280.0

Weighted average interest rate

Net financial (liabilities)/assets $(1.436.3)$ $(120.9)$ $(185.4)$ 50.0 $(900.0)$ $(280.0)$

5.4%

5.9%

6.5%

.
Unrealised losses on interest rate swaps totalling \$10.3 million (Dec 2001: \$17.2 million unrealised losses) have not been. recognised in the financial statements as it is intended the Trust will retain these swaps to maturity. New Reserve

The net fair value of all other financial assets and liabilities approximates their carrying value.

20. Finance facilities (Continued)

Elnance Facilities as at 31 December 2001
					Fixed interest maturing in
					-Notes [1] "Total Non-Interest [1] - Floating [1] J. [1] year (Oyer 1 year 1 Wore than 1
					$\sim$ bearing interest rate $\sim$ $\sim$ 10 kess $\sim$ to 5 years $\sim$ 10 S years $\sim$
	$\$m$	Sm	Sm	Sm.	Sm	-Sm
Financial assets
Cash and deposits.	-69.0		69.0.
Receivables -	53.5	53.5
	122.5	53.5	69.0
Weighted average interest rate.			4.9%
Financial liabilities
Interest bearing fiabilities.	10, 12, 11, 273.0		1,073.0		200.Q
Trade and other payables.	9 < 138.7	138.7
$\frac{1}{2}$ interest rate swaps $\frac{1}{2}$ .			(630.0)		300.0	- 330.0 .
Forward start interest rate swaps.	(100.0)			(100.0)
Forward start interest rate swap maturities.	100.0					100.0
	1.411.7	138.7	443.0	(100.0)	500.0	430.0
Weighted average interest rate			-5.7%-		6.0%	.6.6%
Net financial (Habilities)/assets.	(1,289.2)	$\setminus$ (85,2) $\ge$	$\sim$ (374.0).	100.0 -		$(500.0)$ (430.0)

	Retail Sm	Office Sm	Industrial Sm	_Hotel and Tourism $\$m$	Consolidated Sm
21. Segment information
Primary reporting - business segments
Year Ended 31 December 2002. Total segment revenue · Share of net profit of associates Unallocated revenue [1940] Revenue from ordinary activities	524.1 - 5.1	179.1 54.7	.36.1	47.4 (0.8)	766.7 59.0 2.0 827.7
Segment result Responsible Entity's fee and other 'Borrowing costs : Net operating income	247.5	188,8	13.3	46.3.	495.9 (39.7) (70.1) 386.1
Segment assets Unallocated assets Total assets	3,349.7.	2,563.3	$-206.6$	526.0	6,645.6 51.0 6,696.6
Segment liabilities Unallocated liabilities Total liabilities.	73.4	50.2	2.7	14.8	$-141.1$ 1,481.9 1,623.0
Investments in associates	93.6	:780,3,		9.0	882.9
Additions to investment properties	571,6	308.2	44.5.	59.1	783.4
Year Ended 31 December 2001 Total segment revenue Share of net profit of associates Unallocated revenue Revenue from ordinary activities	375.1 5.0	219.1 36.5	$-15.8$	43.9 (1.1)	653.9 40.4 1.7 696.0
Segment result Responsible Entity's fee and other Borrowing costs Net operating income	230.0.	164.4	11.0	42.5	447.9 (34.9) (48.6) 364.4
:Segment assets: Unallocated assets Total assets.	$-3,183,3$	2,457.6	162.6	465.3	6,268.6 75.2 6,343.8
Segment liabilities Unallocated liabilities Total liabilities	70.7	33.4	5.9.	$-10.8$	$-120.8$ 1,384.3 1,505.1
Investments in associates	-72.0	773.6		-9.3	854.9
Additions to investment properties	375.0.	393.8	33.3	575	859.6

1. Transactions with Land Lease Group The Responsible Entity of the Trust is GPT Management Limited, a wholly owned subsidiary of Lend Lease Corporation Limited. Details of the Responsible Entity's fee are disclosed in Note 3. The Responsible Entity's immediate and ultimate holding company is Lend Lease Corporation Limited. [11]

All dealings between the Trust and Lend Lease Corporation Limited and its controlled entities and related parties ('Lend Lease') are on normal commercial terms and conditions and material dealings are reviewed by the Audit and Risk Management -Committee. All contracts are subject to commercial appraisal, on a basis acceptable to the Responsible Entity, by an external valuer or a qualified external party approved by the Responsible Entity.

The following transactions have taken place with the Lend Lease Group during the year:

		and a contract state of the Consolidated Street Street GPT	the first change of the con-
		$31$ Dec 2002 $\pm$ 31 Dec 2001 $\pm$ 31 Dec 2002 $\pm$ 31 Dec 2001 $\pm$
	Sm	Sm.	Sm	Sm
Capital expenditure in relation to contracts for development, -
refurbishment and upgrades.	225.3	102.4	74.7	$20.4 -$
Purchase of property -		14.6.		14.6 -
Property management including property maintenance
and insurance.	25.6	23.0	14.3	12.2
Rental income from Lend Lease Group -	77	7.4	77	74
income guaranteed by Lend Lease under development and.
sale agreements.	0.4
Lend Lease Group companies or trusts managed by a Lend Lease
Group company held units in the Trust at 31 December, 2002 as follows:
		31 Dec 2002 - 31 Dec 2001
	Units	Units
GPT Management Ltd as Trustee and Responsible
Entity for the GPT Split Trust.		22,613,175 29,121,341

23. Other information

Commencement date of the Trust

The Trust was constituted on 27 November 1970.

Life of the Trust

The life of the Trust is not limited by a term of years. The Trust shall continue whilst the units are listed on the Australian Stock Exchange Limited.

The principal activities of the Trust $^\top$

General Property Trust was established to provide a vehicle for investors to own a share in a diversified portfolio of Australian property. During the period the Trust principally invested in property investments.

Policies for investments and borrowings by the Trust

The Trust invests in investment grade property to achieve income combined with the opportunity for capital growth for investors over a period of years. Investments in land and buildings are purchased at independent valuation plus acquisition costs. Investments in refurbishments and upgrades are at cost.

a na matangan
Mga katalog na mga kalalang

Deposits made under development agreements are at normal commercial money market terms.

Under the terms of the Trust Constitution, the Trust may borrow money unsecured or secured by the investments of the Trust. Trust borrowings at 31 December 2002 totalled \$1,361.0 million which is approximately 20.3% (Dec 2001: 20.1%) of total assets.

23. Other Information (Continued)

Property jointly owned

Retail Erina Fair is owned 50% by the Trust, through its interest in the property and its 50% interest in Erina Property Trust. The other 50% is owned by Lend Lease Real Estate Investments Limited ('LLREI'), on behalf of the Unitholders in the Australian Prime Property Fund Retail ('APPFB').

Macarthur Square is owned 50% by the Trust. The remaining 50% of Macarthur Square is held by LLREI on behalf of the Unitholders in the APPFR.

The Trust and LLREI have an equal interest in the Sunshine Plaza Joint Venture Investment Arrangement. LLREI holds the interest on behalf of the Unitholders in the APPFR.

Horton Parade and the Maroochydore Superstore Plaza are owned 50% by the Trust through its 50% interest in Horton Trust. The remaining 50% of Horton Trust is held by LEREL on behalf of the Unitholders in the APPFR.

Plaza Parade in Maroochydore is owned 50% by the Trust. The remaining 50% of Plaza Parade is held by LLBEI on behalf of the Unitholders in the APPFR.

Office

Australia Square is owned 50% by the Trust. The remaining 50% is owned by Paladin Australia Limited on behalf of the Unitholders in the Deutsche Office Trust.

The Trust has a 50% interest in the Darling Park complex. This interest comprises a 50% interest in the Darling Park Trust which holds a 60% interest in the complex and a 50% interest in Darling Park Property Trust which holds a 40% interest in the complex. An additional 50% interest in the complex is held by AMP funds comprising the remaining 50% interest in the Darling Park Trust owned by AMP-Henderson Global Investors Limited on behalf of the Unitholders in the AMP-Office Trust, and the remaining 50% interest in Darling Park Property Trust owned by AMP Life Limited on behalf of the AMP Statutory Fund Number 2.

The MLC Centre is owned 50% by the Trust. The remaining 50% is owned by Queensland Investment Corporation.

2 Park Street is owned 50% by the Trust. The remaining 50% is owned by Macquarie Office Management Limited on behalf of the Unitholders in the Macquarie Office Trust.

Mixed

The Brisbane Transit Centre is owned by the Roma Street Trust. Roma Street Trust and the B class shares of Roma Street Operations Pty Limited are owned 50% by the Trust. The remaining 50% interest in Roma Street Trust is held by Lend Lease Real Estate Investments Limited on behalf of the Unitholders of Australian Prime Property Fund Commercial.

Hotel & Tourism.

The Trust owns a 40% interest in the assets of 161 Sussex Street Ptv Limited. The remaining 60% interest is held by Starwood Pacific Hotels Pty Limited.

Buyback arrangement

As the Trust is listed buy-back arrangements are not regaired.

Bonus issues

No bonus issues were made during the year.

Matters subsequent to the end of the financial year

The Responsible Entity is not aware of any circumstances that materially affect the Unitholders of General Property Trust as at 31 December 2002 except as detailed elsewhere in this Financial Report.1

Difference Data Barroa

The directors of the Responsible Entity declare that the financial statements and notes of the Trust set out on pages 51 to 76: (a) comply with Accounting Standards, the Corporations Regulations 2001 and other mandatory professional reporting

reguirements; and

(b) give a true and fair view of the Trust's financial position as at 31 December 2002, and of its performance as represented by the results of its operations and its cash flows, for the financial year ended on that date.

In the directors opinion:

(a) the financial statements and notes are in accordance with the Corporations Act 2001, and

(b) there are reasonable grounds to believe that the Trust will be able to pay its debts as and when they become due and payable. This declaration is made in accordance with a resolution of the directors.

Renard Long Richard Longes

Director GPT Management Limited

Sydney ~~. 29 January 2003

William Cairns Director

PRICEWATERHOUSE COPERS

Independent audit report to the unitholders of General Property Trust

Matters relating to the electronic presentation of the audited financial report

This audit report relates to the financial report of General Property Trust ("the Trust") for the financial year ended 31 December 2002 included on General Property Trust's web site. The directors of GPT Management Limited (the :Responsible Entity') are responsible for the integrity of the General Property Trust web site. We have not been engaged to report on the integrity of this web site. The audit report refers only to the financial report identified below. It does not provide an opinion on any other information which may have been hyperlinked

to/from the financial report. If users of this report are concerned with the inherent risks arising from electronic data communications they are advised to refer to the hard copy of the audited financial report to confirm the information included in the audited financial report presented on this web site.

Audit opinion

In our opinion, the financial report, set out on pages $51$ to $77$ :

• presents a true and fair view, as required by the Corporations Act 2001 in Australia, of the financial position of General Property Trust and the General Property Trust Group (defined below) as at 31 December 2002 and of their performance for the year ended on that date
• is presented in accordance with the Corporations Act 2001, Accounting Standards and other mandatory
• professional reporting requirements in Australia, and the Corporations Regulations 2001.

This opinion must be read in conjunction with the following explanation of the scope and summary of our role as auditor.

Scope and summary of our role

The financial report - responsibility and content The preparation of the financial report for the year ended 31 December 2002 is the responsibility of the directors of GPT Management Limited (the 'Responsible Entity'). It includes the financial statements for General Property Trust ('the Trust') and for the General Property Trust Group ('the Group'), which incorporates General Property Trust and the entities it controlled during the year ended 31 December 2002.

The auditor's role and work

We conducted an independent audit of the financial report in order to express an opinion on it to the Unitholders of the Trust. Our role was to conduct the audit in accordance with Australian Auditing Standards to provide reasonable assurance as to whether the financial report is free of material misstatement. Our audit did not involve an analysis of the prudence of business decisions made by the directors or management.

In conducting the audit, we carried out a number of procedures to assess whether in all material respects the financial report presents fairly a view in accordance with the Corporations Act 2001, Accounting Standards and other mandatory professional reporting requirements in Australia, and the Corporations Regulations 2001, which is consistent with our understanding of the Trust's and the Group's financial position, and their performance as represented by the results of their operations and eash flows. The procedures included:

• selecting and examining evidence, on a test basis, to support amounts and disclosures in the financial report. This included testing, as required by auditing standards, certain internal controls, transactions and individual items. We did not examine every item of available evidence (signal)
• evaluating the accounting policies applied and significant accounting estimates made by the directors in their preparation of the financial report
• obtaining written confirmation regarding material representations made to us in connection with the audit
• reviewing the overall presentation of information in the financial report.

Our audit opinion was formed on the basis of these procedures.

Independence

As auditor, we are required to be independent of the Group and free of interests which could be incompatible with integrity and objectivity. In respect of this engagement, we followed the independence requirements set out by The Institute of Chartered Accountants in Australia, the Corporations Act 2001 and the Auditing and Assurance Standards Board. In addition to our statutory audit work, we were engaged to undertake other services for the Group. These services are disclosed in note 3 to the financial statements. In our opinion the provision of these services has not impaired our independence.

PricewaterhouseCoopers

ewatchedcom

RD Deutsch, Partner

Sydney

29 Јариагу 2003

Liability is limited by the Accountant's Scheme under the Professional Standards Act 1994 (NSW)

ู้
************************************ ABN 52 780 433 757

Darling Park Tower 2 201 Sussex Street GPO BOX 2650 SYDNEY NSW 3171 DX 77 Sydney Arvenatia www.pwcglobal.com/au Telephone +61 2 8266 0000 Facsimile +61 2 8266 9999

Norske firste i Statistike

	$-31$ Dec 02 $-$	131 Dec 01 1
the community of	\$'000	The Care is \$'000
-4. Investments -
Fig. Units in General Property Trust set	58,794	Charles And Committee 75,133.
	.	200000

During the vear a total of 432,374 GPT Growth Units and a corresponding number of GPT Income Units were issued pursuant to the Distribution Reinvestment Programme (Dec 2001: 505,768) 94 in the cone
China chi

Decreases

During the year unitholders in GPT Split Trust redeemed 6,940,540 (Dec 2001: 1,568,866) GPT Growth Units and a corresponding number of GPT Income Units on the basis laid down in the Trust Constitution, whereby one GPT Growth Unit and one GPT Income Unit shall together entitle the unitfiolder to one unit in General Property Trust. Investments cannot be sold by the Trustee except upon the winding up of the Trust. The probability is the probability of the probability in the material

The market value of the investment held based upon the official guotation of the closing price as at 31 December 2002 was \$67,161,130 (Dec 2001; \$82,413,395). Compared

		$-31$ Dec 02 $-$	$+31$ Dec 01 $\cdots$
			Income Units Growth Units Income Units Growth Units
	'000	1000	'000	'000
5. Contributed equity -
. Units on issue at the beginning of the financial year.	$-29.121$	$-29.121$	$\sim$ 30.184.	$30.184 -$
in∗Units issued during the year ~	- 432	432	506	- 506
Numits redeemed during the year-	(6.940)	(6.940)	(1.569)	(1,569).
Units on issue at the end of the financial year.	22.613	22.613.	29.121	29.121

6. Auditors' remuneration

No amount for Auditors' remuneration has been charged against the GPT Split Trust since the cost totalling \$12,320 (Dec 2001: \$11,000) is payable by General Property Trust.

galan Santo
Santo Aleman

7. Transactions with Lend Lease Group

of San Robert Constant
State and San London State

a Tanzania
Alianza Responsible Entity The Responsible Entity of the Trust is GPT Management Limited, a wholly owned subsidiary of Lend Lease Corporation Limited. No Responsible Entity fees have been charged against the Trust as this is borne by General Property Trust. g 1119 - Albert My
Geografia e i populari de la población.
La provincia de la provincia de la

Units held -

Lend Lease Group companies or trusts managed by Lend Lease group companies held units in the Trust at 31 December 2002 as follows: in this is a

		31 Dec 02. ಿರ್≏
		No. of Units' . of Units svrs.
GPT Mansnamant Himitad

лдах в вагловахом нол-хаходсво-ттархостолого
– income Units PPP	1,838,887
– Growth Units – A : 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100 - 100
the activities of the carrier and the carrier and the

Biscos Bacteredo

The directors of the Responsible Entity declare that the financial statements and notes of the Trust set out on pages 79 to 81: (a) comply with Accounting Standards, the Corporations Regulations 2001 and other mandatory professional reporting reculrements; and

(b) give a true and fair view of the Trust's financial position as at 31 December 2002, and of its performance as represented by the results of its operations and its cash flows, for the financial year ended on that date.

In the directors' opinion:

(a) the financial statements and notes are in accordance with the Corporations Act 2001, and

(b) there are reasonable grounds to believe that the Trust will be able to pay its debts as and when they become due and payable. .
This declaration is made in accordance with a resolution of the directors.

Kinais.

Richard Longes Director GPT Management Limited

William Cairns Director

Sydney 29 January 2003

PRICEWATERHOUSE COPERS

Independent audit report to the unitholders of GPT Split Trust

Matters relating to the electronic presentation of the audited financial report

This audit report relates to the financial report of GPT Split Trust ('the Trust') for the financial vear ended 31 December 2002 included on GPT Split Trust's web site. The directors of GPT Management Limited (the 'Responsible Entity') are responsible for the integrity of the GPT Split Trust web site. We have not been engaged to report on the integrity of this web site. The audit report refers only to the financial report identified below. It does not provide an opinion on any

other information which may have been hyperlinked to/from the financial report. If users of this report are concerned with the inherent risks arising from electronic data communications they are advised to refer to the hard copy of the audited financial report to confirm the information included in the audited financial report presented on this web site.

Audit opinion

In our opinion, the financial report, set out on pages 79 to 84:

• presents a true and fair view, as required by the Corporations Act 2001 in Australia, of the financial position of GPT Split Trust as at 31 December 2002 and of its performance for the year ended on that date
• is presented in accordance with the Corporations Act 2001, Accounting Standards and other mandatory professional reporting requirements in Australia, and the Corporations Regulations 2001,

This opinion must be read in conjunction with the following explanation of the scope and summary of our role as auditor.

Scope and summary of our role

The financial report - responsibility and content

The preparation of the financial report for the vear ended 31 December 2002 is the responsibility of the directors of GPT Management Limited (the Responsible Entity'). It includes the financial statements for GPT Split Trust ('the Trust').

The auditor's role and work

We conducted an independent audit of the financial report in order to express an opinion on it to the Unitholders of the Trust. Our role was to conduct the audit in accordance with Australian Auditing Standards to provide reasonable assurance as to whether the financial report is five of material misstatement. Our audit did not involve an analysis of the prudence of business decisions made by the directors or management.

In conducting the andit, we carried ont a number of procedures to assess whether in all material respects the financial report presents fairly a view in accordance with the Corporations Act 2001, Accounting Standards and other mandatory professional reporting requirements in Australia, and the Corporations Regulations 2001, which is consistent with our understanding of the Trust's financial position, and its performance as represented by the results of its operations and eash flows.

The procedures included:

• selecting and examining evidence, on a test basis, to support amounts and disclosures in the financial report. This included testing, as required by auditing standards, certain internal controls, transactions and individual, items. We did not examine every item of available evidence -
• evaluating the accounting policies applied and significant accounting estimates made by the directors in their preparation of the financial report
• obtaining written confirmation regarding material representations made to us in connection with the audit.
• reviewing the overall presentation of information in the financial report.
• Our audit opinion was formed on the basis of these procedures,

Independence

As auditor, we are required to be independent of the Trust and free of interests which could be incompatible with integrity and objectivity. In respect of this engagement, we followed the independence requirements set out by The Institute of Chartered Accountants in Australia, the Corporations Act 2001 and the Auditing and Assurance Standards Board.

evatebracos

PricewaterhouseCoopers

RD Deutsch, Partnei

Sydney 29. January 2003

Pricewaterhouse(looper) ABN 52 780 433 757.

Darling Park Tower 2 201 Sussex Street GPO BOX 2650 SYDNEY NSW 1171 DX 77 Sydney Australia www.pwcglobal.com/au Telephone +61 2 8266 0000 Facsimile +61 2 8266 9999

Liability is limited by the Accountant's Scheme under the Professional Standards Act 1994 (NSW).

Supplementery Intointention

GPT issue of Units The following table lists all issues of GPT-units since 1995. A complete list of all units issued since GPT's inception in 1971 can be obtained from the Trust's website lat www.gpt.com.au) or by calling the Unitholder Service Centre on Freecall 1800 025 095.

Date	Ratio	Number of Units	Price \$	Amount \$
31 December 1994		621,498,332		1,233,686,671~
Various 1995	Distribution Reinvestment Plan	27,427,055	Various	59,647,433
Various 1995:	Manager's Fee Units	4,639,130	Various	-10,554,675
-05.07.95	Exercise of Options (1996).	12,422,018	-2.03	4,922,200
$-03.10.95$	Exercise of Options (1996).	158.104.904	3.84	107,061,800
19.01.96	Exercise of Options (1996)	$-2,614,035$	3.89	4,930,800
:19.04.96	Exercise of Options (1996)	$-627,294$	-1.93	1,209,400
27.06.96	Exercise of Options (1996-1998)	.83,693,011	1.84	166,022,274
-12.07.96	Exercise of Options (1996).	678,834	1.77	1,203,900
15.08.96	GEM Acquisition	312,978,299	2.25	7,04,201,173
03.09.96	GEM Acquisition	30,636,989	$-2.24$	68,626,855
Various 1996	Manager's Fee Units	3,993,662	Various	9,271,399
:01.07.97	Exercise of Options (1996-1998)	76,521,770	-2.01	166,053,931
27.11.97	Private Placement	60.000.000	12.50	148,875,000
03.12.97	- Ayers Rock Purchase -	$-2,850,196$	$^{\circ}2.55$	7,268,000
Various 1997	Manager's Fee Units	3,151,747	Various	7,847,684
:Various 1998	Distribution Reinvestment Plan	38,874,312	Various	:107,426,512
Various 1998	Manager's Fee Units	-1,763,679	Various-	-4,913,184
06.07.98	Exercise of Options (1996-1998)	63,808,671	2.41	166,231,132
Various 1999	Distribution Reinvestment Plan-	52,208,394	Various	138,119,897
28.04.99	Manager's Fee Units	373,816	2.78	1,039,208
21.05.99	Private Placement	88,709,678	2.48	218,762,401
Various 20.00	Distribution Reinvestment Plan	61,230,010	Various	154,088,103
$-15.06.00$	Darling Park Purchase:	80,071,710	12.51	200,979,992
30.08.00	Prívate Placement :	76,045,627	$-2.63$	197,500,000
Various 2001	Distribution Reinvestment Plan	66,871,458	Narious	175,265,269
02.01.01	Darling Park Purchase	27.600.000	2.38	65,688,000
27.03.01	Darling Park Purchase	17,660,000	2.72	:47,998,114
101.01.02	Darling Park Purchase	$-6,100,000$	$-2.38$	14,518,000
Various 2002	Distribution Reinvestment Plan	76,561,979	Various	206,757,361
Total		1,949,716,610		4,400,670,368

GPT Split Trust Unit Cancellations

GPT Split Trust operates a facility where Unitholders can cancel an equal number of Income Units and Growth Units which are held in the same name, and in return, the Responsible Entity will transfer to the Unitholder an equal number of GPT Ordinary Units.

During the year ended 31 December 2002, 6,498,266 Income Units and 6,498,266 Growth Units were cancelled.

Distribution to GPT Unitholders ~

The starting period for the table below includes payments made for the 2002 calendar year. Details of all payments made after 19 September 1985 are available from GPT's website (at www.gpt.com.au) or from the Unitholder Service Centre.on Freecall 1800 025 095.

13 Months Ended - Distribution Date Paid/	Dividend -Tax Deferred -
DRP Units	(cents per unit) when (cents per unit) [NETFI] Dep'n & Other
Acouired**	(cents per unit)
$131$ Mar 02 $\pm$ $-22$ May 02 $-$ 5.000
$\pm30$ Jun 02 $\pm$ $-21$ Aug 02 $-$ .5.100.	ାଝଠା ଲଭା $\sim$ 2.659 $-$ - ദമ
$\pm 30$ Sep 02 $^{\circ}$ -- 20 Nov 02 I 5-100.	ツ ウロキ - 600 -
$-31$ Dec 02 24 Feb 03. 5 2AA	, ദവല

The 'Tax Deferred' component, comprising the Depreciation Allowance and distribution of pre-20 September 1985 realised and unrealised capital gain is non-assessable for income tax. However, in determining the capital gain for CGT purposes, it will reduce the cost base or indexed cost base of units acquired after 19 September 1985. In determining a capital loss, the Tax Deferred' component will reduce the cost base of units acquired after 19 September 1985.

an di Kabupatén Kabupatén Kabupatén Kabupatén Kabupatén Kabupatén Kalénder Karoli Karoli Kabupatén Karoli Kabu
Kabupatén Kalénder Karoli Kabupatén Kabupatén Kabupatén Karoli Kabupatén Karoli Karoli Karoli Karoli Karoli Ka The DRP-was terminated on 13 December 2002.

li mala seria keretakan bili limal iku SAMAGES

Distribution to GPT Split Trust Income Unitholders

The starting period for the table below includes payments made for the 2002 calendar year. Details of all payments made after 19 September 1985 are available from GPT's website (at www.gpt.com.au) or from the Unitholder Service Centre on Freecall 1800.025.095. New School Dell

Date Paid/ : 13 Months Ended	Distribution	Dividend	™Tax Deferred	าดอ
DRP Units		(cents per unit) $\Box$ $\Box$ (cents per unit) $\Box$ $\Box$ $\Box$ $\Box$ $\Box$ $\Diamond$ $\Diamond$ then
Acquired**			(cents per unit)
131 Mar 02 11 22 May 02 -	$4.625 -$	1.0.0001	2 858.	-49. Q.Q
130 Jun 02 in ∙21 Aug 02 N	-4.650 :	് ദേവ
-30 Sep 02 …… 20 Nov 02
131 Dec 02 74 Fab 83
		the model of the con-

The Tax Deferred' component, comprising the Depreciation Allowance and distribution of pre-20 September 1985 realised and unrealised capital gain is non-assessable for income tax. However, in determining the capital gain for CGT purposes, it will reduce the cost base or indexed cost base of units acquired after 19 September 1985. In determining a capital loss, the Tax Deferred' component will reduce the cost base of units acquired after 19 September 1985. ka, katungan mengangkan ka

The DRP was terminated on 13 December 2002

ا المستقبل المستقبل المستقبل المستقبل المستقبل المستقبل المستقبل المستقبل المستقبل المستقبل المستقبل المستقبل
المستقبل المستقبل المستقبل المستقبل المستقبل المستقبل المستقبل المستقبل المستقبل المستقبل المستقبل المستقبل ال a Tarriba (1999) a chuid ann an 1970.
Tachartasan

Distribution to GPT Split Trust Growth Unitholders

The starting period for the table below includes payments made for the 2002 calendar year. Details of all payments made after 19 September 1985 are available from GPT's website (at www.gpt.com.au) or from the Unitholder Service Centre on Freecall $1800.025.095.11111.$

13 Months Ended I	∵Date Paid/	Distribution	- Dividend	Tax Deferred
	DRP Units (cents per unit).		-{cents per unit}-	-Depin & Other
	Accured**			(cents per unit)
:31 Mar 02 -	122 May 02	$-0.375$	- 110 000 - 111 - 111	≅Ω 167.
130 Jun 02.	121 Aug 02 I	0 450 U -	mm-0.000 Cm	8 182
$30$ Sep 02	$\approx$ 20 Nov 02 $\,$	∿.β 450 ÷	- ממפ	רחכי ר
131 Dec 02	24 Feb 03	)らり灰	3 AAC

The 'Tax Deferred' component, comprising the Depreciation Allowance and distribution of pre-20 September 1985 realised and unrealised capital gain is non-assessable for income tax. However, in determining the capital gain for CGT purposes, it will reduce the cost base or indexed cost base of units acquired after 19.September 1985. In determining a capital loss, the 'Tax Deferred' component will reduce the cost base of units acquired after 19 September 1985.

** "The DRP was terminated on 13 December 2002.

Spread of Unitholders as at 14 February 2003

rsoldsne		GPT-Split Income	Commic GPT Split Growth -
	No. of Unitholders	No. of Unitholders	-No. of Unitholders
			De la segunda de la comunicación de la comunicación de la comunicación de la comunicación de la comunicación d
-1,001-5,000-
-5,001-10,000-
:10.001-100.000 77 - 1 - 1 - 1 - 1 - 1 - 1
100,001 and over	256
Total number of unitholders	63 587
and the stage and controllers.

. 1,288 GPT unitholders (representing 86,668 GPT Units) held less than a marketable parcel.

• 216 GPT Split Income unitholders (representing 10,976 Income Units) held less than a marketable parcel.

. 418 GPT Split Growth unitholders (representing 218,748 Growth Units) held less than a marketable parcel.

Substantial Holders in General Property Trust as at 14 February 2003

the contract the property of the contract of a di kacamatan sa kasa ya katika mata ya katika mata 1990. Waliozaliwa mata wa sana ya kasa wa 1990, a katika in the experiment extending in papel and a concerted proposed to the transport of the extending the three products and a construction of the transport of the construction of the construction of the construction of the cons
Unitholder	Number of units
∐end Lease Corporation ⊺	$\sim$ =128,785,332 $\sim$
Westpac Banking Corporation	- 125,434,693 - 1
:National Australia Bank .'
AMP a na katika (abada ng mga nagawagayagayada (biga aga na jalan bayan ng bayan na sa sa sa sa nasang na sa sa sa	- 102.671.908
erra radio estregal tradución de galegal tradución de la calegal de la calegal tego estrego de tetra de la tet -Commonwealth Bank of Australia.

20 Largest GPT Unitholders as at 14 February 2003

aan kalendriitoon on on keelaalaan keelaan oo toto
Tarihii keelaan aan aan aan aan aan aan aan aan aan Unitholder Number of Units Percentage of total issued Units JP Morgan Nominees Australia Limited 239,303,861 12.27% Westpac Custodian Nominees Limited -237,597,858 $.12.19\%$ National Nominees Limited Services on 173,534,550 8.90% Commonwealth Custodial Services Limited 3.50% $-68,294,528$ Citicorp Nominees Pty Limited (CFS WSLE Property Secs A/C) 63,153,982 $3.24%$ Cogent Nominees Pty Limited 57,189,907 2.93% 45,817,989 MLC Limited ~ 2.35% AMP Life Limited 45,037,945 2.31% Codent Nominees Pty Limited (SMP Accounts) 42,381,414 2.17% RBC Global Services Australia Nominees Pty Limited (RA A/C) 37.760.499 $-1.94\%$ HSBC Custody Nominees (Australia) Limited.. 36,126,581 1.85% Citicorp Nominees Pty Limited American 33,667,447 1.73% RBC Global Services Australia Nominees Pty Limited 27,270,198 $-1.40%$ $\phi_{\alpha}$ , $\phi_{\zeta_{\alpha}}$ , ING Life Limited 26,911,603 1.38% Westpac Financial Services Limited him 23,788,549 $-1.22\%$ GPT Management Limited (Responsible Entity for GPT Split Trust A/C) 22,584,536 $-1.16%$ Queensland Investment Corporation [14] 20,814,388 1.07% Tuli Transport Accident Commission 1 20,622,074 1.06% RBC Global Services Australia Nominees Pty Limited (BKCUST A/C) 20,123,993 1.03% RBC Global Services Australia Nominees Pty Limited (AX A/C) 19.931.010 1.02% Total 1,261,912,912 64.72% Total units on Issue 1,949,716,610 100.00%

20 Largest GPT Split Trust Income Unitholders as at 14 February 2003

Unithelder	Number of Units	Percentage of total issued Units
Argo Investments Limited The Process	-539,000	2.39%
JP Morgan Nominees Australia Limited	1291,491	1.29%
RBC Giobal Services Australia Nominees Pty Limited (Flexiplan A/C)	1250.163	1.11%
National Nominees Limited	235,967	4.04%
Permanent Trustee Company Etd (PTCOO90)	-207,880	$0.92\%$
Commonwealth Custodial Services Limited	200.050	0.89%
Brispot Nominees Pty Ltd (House Head Nominee No 1 A/C)	178,819	0.79%
Bower Pty Ltd Services	174,920	$0.77\%$
Mr Roy Waraker Beardmore .	-174,527	0.77%
Boanty Investments Limited	169,600	$0.75\%$
Westpac Custodian Nominees Limited	145,462	$0.64\%$
Ms Jane Felicity Adare ~	132,000	$0.58\%$
The Raymond E Purves Foundation Limited	120,000	$0.53\%$
The Andican Parish of Watsons Bay J	103,000	$0.46\%$
Mr Garry Bertram Richardson -	.96,210	0.43%
Wakefield Investments (Australia) Limited	-90,000	0.40%
Lady Joyce Clarice Wilson	83,280	$0.37\%$
Cafeed Pty Limited	81,000	$-0.36\%$
Hooper Investments Pty Ltd (Property A/C)	80.000	$0.35\%$
Mrs Gioría Marcaret Scott An	180.000	10.35%
The Crippled Children's Association of SA Inc.	63,000	0.28%
Total	3,496,369	15.47%
Total units on issue	22.584.536	100.M%

20 Largest GPT Split Trust Growth Unitholders as at 14 February 2003

Unitholder	Number of Units	Percentage of total issued Units
National Nominees Limited - --	-965.091	4.27%
JP Morgan Nominees Australia	948,491	$-4.20\%$
Mr Andrew Roy Newbery Sisson	727,000	$3.22\%$
Mr Richard Noel Lilly (Lilly Pension Fund Account)	- 567,863	.2.51%
Mr Roger fan Heather	-508,250	$-2.25\%$
Mr Randall Henri Olgers	458,000	:2.03%
Westpac Custodian Nominees Limited.	395,764	1.75%
Brighton Mortgage & Finance Pty Ltd.	375,073	1.66%
Dylad Pty Ltd (1994) - 11	-343,500	1.52%
Aurisch Investments Pty Ltd.	-325,000	1.44%
YSCA Nominees Pty Ltd (YSCA Super Fund A/C)	- 291.608	1.29%
Mr Michael Plows & Mrs Yvonne Plows	270,000	71.20%
Mr Bruce Gordon McBryde -	262,674	1.16%
Hynboa Pty Ltd (Super Fund A/C)	:239,536	1.06%
Mr David Lloyd Seaton	230,000	1.02%
Kaos Investments Pty Limited	.225,000	.1.00%
Mr John Russell Baxter	200,000	0.89%
Mr John Gaches East	.200,000	10.89%
Mrs Jill Delphine Jones .	200,000	0.89%
Brispot Nominees Pty Ltd (House Head Nominee No 1 A/C)	191.794	$0.85\%$
Somoke Pty Limited	190.000	0.84%
Mr Harold Frederick Ball	179,822	0.80%
Total	8,294,466	36.74%
Total units on issue	22,584,536	100.00%

Voting

Unitholders in General Property Trust are entitled to one vote for each dollar of the value of the total units they have in General an di Santan Property Trust. and the proa di Pereng

. . . . .

.
At Meetings of Unitholders in General Property Trust, the Responsible Entity for GPT Split Trust is entitled to vote in respect of the units held on behalf of GPT Split Trust. The state a provincia
Provincia Popular Salaman
Tanah Salaman $\sim$ $\sim$ $\sim$ ang taobang na pang s i salt

Unitholders in GPT Split Trust are entitled to one vote for each dollar of the value of the total units they have in GPT Split Trust.

Directory

General Property Trust ARSN 090 110 357 ABN 58 071 755 609

GPT Split Trust ARSN 090 110 213 ABN 85 511 466 045

Responsible Entity GPT Management Limited ABN 94 000 335 473

Solicitors to the Responsible Entity

Freehills Level 38 MLC Centre 19-29 Martin Place SYDNEY NSW 2000

Registered Office

Level 14 Australia Square 264 - 278 George Street SYDNEY NSW 2000

Directors of the

Responsible Entity Richard Longes, Chairman William Cairns Malcolm Latham AM Ken Moss Brian Norris Elizabeth Nosworthy David Ross

Secretary Michael Neilson

Principal Registry

ASX Perpetual Registrars Limited Level 8, HSBC Centre 580 George Street SYDNEY NSW 2000

Mail to: GPT Unit Registrar Locked Bag A14 SYDNEY SOUTH NSW 1232

Audit & Risk

Management Committee Brian Norris, Chairman William Caims Ken Moss Elizabeth Nosworthy

Auditors of the Trust

PricewaterhouseCoopers 201 Sussex Street SYDNEY NSW 2000

Stock Exchange Quotation

GPT and GPT Split Trust are listed on the Australian Stock Exchange under the following ASX Listing Codes:

GPT Ordinary Units: GPT GPT Split Trust Income Units: GSTIN GPT Split Trust Growth Units: GSTCP

For further information, contact our Unitholder Service Centre or visit our website at: www.gpt.com.au

To arrange changes of address, changes in registration of units, please call our Unitholder Service Centre on 1800 025 095.

Please quote your Securityholder Reference Number (SRN) in all correspondence. The SRN is found at the top right hand corner of your holding statement.

All unitholders must sign any written enquiries or amendments to unitholdings.

Written notification is required for changes of name or address.

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