TS&T3bTT VT&ArialT VT&ArialT VT&ArialT ZT ZT ZT @ZT BZT `qZT f ZT ZT ZT ZT ZT ZT ZT ZT ZT BZT ZT ZT BZT  ZT wZT pZT qZT qZT qZT pZT qZT qZT pZT  pZT @ZT ZT qZT pZT  ZT 'ZT  ZT B!ZT  ZT  pZT !qZT !pZT @! ZT ! ZT ! ZT !!ZT  ZT `wZT `ZT `!'ZT ` ZT `ZT @qZT @pZT @!pZT @ZT @ ZT B!wZT ZT ZT `ZT B!ZT @ZT  'ZT  'qZT ZT `ZT @ZT ZT @ZT ZT ZT ZT  ZT "ZT "ZT qZT pZT !pZT BqZT B pZT Bp!ZT BpZT BqZT B pZT BqZT BpZT BZT BZT BZT B ZT B ZT B ZT B!qZT B p 5\T       kT kTgkTkTgkTXkT kTkTkTkT kT *kT kT XkT kTkT*fT1]Tp]Tp]Tp]Tp]T ]T ]TP]T$oTPTgTtSq.ASq.Ad#TSq.Ad&% !LPT Analysis for June 2005  Prices at 18 June 2005  Name ASX  NPrice OYear PQAveragePrice -- NTA Price/ KDebt to Volatility Yield % PE 3Tax Free Market HROE %   Code R SHigh TLow UAverage  NTA LEquity  percent   Ratio 4& Def. .Cap $m I   In Top 150              / GWestfield Group ds WDC[T V@[T @[T @!)\0@  ףp= ?  [T @W ~?  [T @' hJ,5@  d [T !@[T (@[T 7;@//$V@[T G`}@Stockland stpld SGP[T V@[T p@[T @!Q@  @\(?  [T x@Hp}?  [T l@' ii7@  d [T  ؄@[T @[T X@/R˝@[T G@ General Property Trust  GPT[T  V`w@[T  x@[T  `u@! ffffff @   p= ף?  [T  r@ B?  [T N@' 6t-@  d [T @[T @[T @ /Rv@[T  G@! CMacq Goodman Group stapled  MGQ[T  Wy@[T  z@[T   w@! X(\@   033333?  [T  h@[T  `h@[T FA@' Sn0-@  d [T !p@[T @ ? @t䚶@ G? Centro Prop Group  CEP[T  VX@[T  Yx@[T  Zx@! Q@   Gz?  [T  v@ z?+^?  [T @' tdH@  d [T @[T @[T D@ /Se@[T  G"@ DB Reef Trust stapled  DRT[T  V@b@[T  @b@[T  ^@! Q?   p= ףp?  [T  ^@ h>%?  [T @' /2@  d [T !@[T P@[T 7F@[T  /XA G? CFS Gandel Retail Units  GAN[T  Vf@[T  f@[T   a@!  ףp= ?   (\?  [T  a@ z2~?  [T d@' [w<@  d [T 8@[T @[T @ /@[T  G@Mirvac Group MGR[T V0w@[T @[T t@!Q@  pGzܿ  [T s@=Q?  [T $@' SrpM@  d [T  "@[T @[T P@/{G!@G?Investa Property Group IPG[T V@[T m@[T g@!@    [T f@rq?  [T O@' F}g7@  d [T  @[T @[T k@/3333R@[T GP@CMultiplex stapled  MXG[T Wq@[T @[T `l@!XQ^@  433333  [T ps@[T  `@[T F@' тi@  d [T !x@[T 3@ B?AK@[T G @Macquarie Countrywide MCW[T Vi@[T  j@[T  d@!?  [T @[T e@<?  [T @' "RL=@  d [T  `@[T Ȕ@[T P@/KQ@[T G @Macquarie Office Trust MOF[T V`@[T `@[T ]@!Gz?  @33333?  [T @Z@DDDDDD?  [T @' {a0@  d [T  ؈@[T 0@[T I@/Ec@[T GP@#Commonwealth Property Office CPA[T V a@[T @a@[T \@!(\(?  @\(?  [T \@b:?  [T n@' P^Cy 5@  d [T  @[T @[T @[T /; A[T G@@ ING Industrial Fund Units IIF[T Vk@[T @[T f@! ףp= @  Q?  [T  e@g\?  [T Ԭ@' ]tE;@  d [T  @[T @[T  @/jt@[T G@"Prime Infracstructure stpld PIF[T V e@[T ?[T Y@!> ףp=?  033333?  [T R@rq@  [T  c@' RyQ@  d [T  Ѓ@[T _@ ?/y&1@[T G @ING Office Trust IOF[T V@a@[T a@[T @]@!p= ף?  ףp= ?  [T @\@81?  [T `@' 4H4H4@  d [T  @[T ؓ@[T A@[T /A[T G"@Australand stpld ALZ[T Vb@[T @h@[T @a@!(\?  (\(̿  [T a@^?  [T @' (3JD@  d [T  '@[T @ ?/F@[T G @>Sub-Total            <zw@ P G "Others # $ [ $ [ $ %)Price/NTA *D/E +Volatility ,Yield % -PE )Tax F & D 0M Cap GAbacus Property Group ABP[T V`@[T ?[T \@!Q?  Q?  [T @[@?  [T 8@' Fy 5?@ d  [T  @@[T $@[T @/!rh{@ G!Ale Property Group stapled LEP[T V`j@[T k@[T _@!Q?  (\?  [T @a@ځv?  [T `w@' \kZS@ d  [T !`@[T B@ ?/X9e@ GAspen group stapled APZ[T V5@[T 8@n?!K7A?  ȡE?  [T ,@?  [T f@' \*R@ d  [T  @[T (@ ?/xZ@ GBunnings Warehouse Tr BWP[T Vh@[T h@[T @c@!Gz?  Q?  [T a@------?  [T @' 4wL ;@ d  [T  @[T 1@[T @1S@ GCarindale Property CDP[T V @[T t@[T o@!ffffff@  ?  [T u@_K?  [T @' jiiiii=@ d  [T  @[T 1@[T G@/y&1l@ GChallenger wine Unit CWT[T VW@[T YZ@[T W@!أp= ?  @\(  [T W@=ĩ?  [T @' 7M0@ d  [T !@[T $@ ?[T /@ G Coonawarra Units  CNR[T  VQ@[T  V@[T  N@! ?   Q뱿  [T  W@ }nS?  [T g@' I@ d  [T `@[T "@ ? /V&@  G!CromwellCorporation !CMW[T !V<@[T !>@[T !&@!!= ףp=?  !633333?  [T !@!gfffff@  [T !`_@' !]tEe@ d   ! ?[T !9@ !?!/ r@@ !G!"FKP Property Group stapled "FKP[T "Vs@[T "`{@[T "Pp@!"(\ @  "ؿ  [T "j@"i|dS?  [T "$@' "C:P@ d   "!5.96p[T "$@ "?"/ +y~@ "G#Flexi Property Tr #FPF[T #V@[T #Y@[T #@!#Q?  #xGzt?  [T #O@#B!?  [T #@' #b@ d  [T # ]@[T #?[T #@[T #/8p@ #G$Galileo Shopping America $GSA[T $V_@[T $`@[T $W@!$ףp= ?  $(\?  [T $V@$ffffff?   $?' $5P^A@ d  [T $ Pq@[T $,@[T $@$/`"ҁ@ $G%Grand Hotel Grp Units %GHG[T %V@T@[T %T@[T %P@!%\(\?  %Gz?  [T %X@%?  [T % ]@' %<@ d  [T % `@[T %@[T %Y@%/-阮e@ %G&James Fielding Meridian &JFM[T &V``@&Zd;?[T &Y@!&jt?  &S㥫?  [T &]@&|a?  [T &@' &"#####G@ d  [T & @[T & @[T &'@&/B`"]@ &G'Maqcquarie DDR Units 'MDT[T 'V?[T '_@[T '@Y@!'> ףp=?  ' \(?  [T '[@'I .Ԝ?  [T '@' '~X9@ d  [T ' @[T ',@ '?'/X9v@ 'G(Macquarie Leisure Tr[T (f@[T (V g@[T (j@[T (Z@!((\?  ((\?  [T (@\@(u81?  [T (0@' (Y@ d  [T ( @[T (@[T (@(/X9vxs@ (G)Macquarie Prologis Units )MPR[T )V^@[T )^@[T )Y@!)?  )033333?  [T )@V@)YJV?   )?' )4@ d  [T ) `@[T )&@[T )@O@[T )/A@ )G*9MFS Diversified units *MFT[T *V@W@[T *@Y@[T *T@!*(\?  *?  [T *X@*B?  [T *F^@' *D?:@ d  [T *@[T * @ *?*:|?5^jG@ *G+9Multiplex Acumen Units +MPF[T +VZ@[T +\@[T +@X@!+Q?  +?  [T +Z@+Bc'vb'v?  [T +FH@' +Doy.@ d  [T +@[T + @ +=?+;ʡE/g@ +G,9Port Bouvard Limited ,PBD[T ,V`@[T ,c@[T ,@\@!,333333?  ,Gzt?  [T ,W@,Bgfffff?  [T ,FH@' ,D24AA@ d   ,18.80f[T , @ ,=?[T ,;@ ,G -9Rabinov Diversified Units -RAB[T -V?[T -a@[T -@Z@!-?  -?  [T -X@-BVUUUU?  [T -FR@' -D@@ d  [T -@[T - "@ -=?-;T㥛 N@ -G.Thakral Holdings Group .THG[T .VT@[T .@T@[T .O@!. ףp= ?  .Gz?  [T .R@.L?  [T .M@' .&I$I<@ d  [T . @[T .,@[T .4@.//$u}@ .G"/Tourism & Leisure ord Units /TLT[T /V?[T /^@[T /O@!/HzG?  /(\µ?  [T /U@/@& d?  [T /F@' /yyV@ d  [T / @[T /$@ /?[T //D@ /G0Valad Property Group 0VPG[T 0Va@[T 0a@[T 0@V@!0(\?  0p= ף?  [T 0T@0PM_?  [T 0h@' 0$+YJVN@ d  [T 0 8@[T 00@[T 0@0/V-Z@ 0G1Westpac Office Trust irs 1WOTCA[T 1VO@[T 1Q@[T 1K@!1Gz?  1Gzt?  [T 1V@1` ` ?   1?' 1.7@ d  [T 1 @[T 1&@ 1?1/Fk@ 1G2Westralia Property units 2WST[T 2VP@[T 2@R@[T 2O@!2(\?  [T 2 [T 2Q@2++?  [T 2<@' 2/@ d  [T 2 @[T 24@ 2?2/9voF@ 2G3?Sub-Total 3& 3\ 3] 3\ 3] 3' 3& 3(  3M  3(  3'  3&  3538Mb@ P 3J