Ann: 2010 Interim Results Presentation , page-9

Most of the shareholders in GPT have held for a longer term [i.e. 3+ years] - and these investors will all still be in a loss making position at the moment.

The stock is back at $3.00 odd... but only after hitting investors for two capital raising pitches - 60c and 35c if I remember correctly... - anyone who was a holder and did not take advantage of the capital raising is in an even worse position..... to put it in to context, between 2000 - 2005 the stock hovered at around the current share price.

From 2005 - 2008 the stock hit the $4 - $5 range.

For those that bought in the last 3-10 years, it is at best a neutral story and likely a loss story.

The dividend yield is relevant to most holders - it is the only reason to hold the stock, along with a modest chance of capital upside - and the risk seen in this stock, where its value has see-sawed by up to 80% swings or so - is quite high. In my view the yield + upside in capital gain is not great enough to hold. THen again, confusing this - is that most of hte bad news is behind this company and it has 2-3 large holders on its registry that haveunashamedly expressed their interest in acquiring the company.

In my view, this is the most likely scenario for significant capital upside.

I fear that should the housing market or banking market turn, GPT will fall victim with it. I am looking for an opportunity to exit my considerably large holdings in this company.

Feens.