GPT recognise the interests of all stakeholders and is committed to behaving ethically and operating in a sustainable manner that enhances economic, societal and environmental values, which is an essential consideration to ensure our long-term sustainability. We are committed to advancing corporate responsibility practices and performance in a manner that meets the needs of the present without compromising the needs of future generations. As a proud member of the community, we care about the impact our Centre has on the environment, aiming to minimise the extent of natural resources, energy, water and electricity needed to manage our Centre. More specifically, GPT seeks to optimise the environmental, social and economic value of our activities, in a manner that recognises our corporate responsibility to stakeholders. This richer business philosophy relies on five core principles, which we seek to consistently apply in all our decision-making: 1. Understanding our environmental footprint & responding in responsible ways 2. Seeking to inspire and educate stakeholders to act more sustainably 3. Challenging and solving entrenched unsustainable practices 4. Assessing all costs and benefits to enhance value in decision-making 5. Providing transparency in reporting. GPT shopping centres made significant progress during the year on key water saving initiatives. Compared to 2004, retail centres with water and energy management programs in place showed: - an average water consumption reduction of 16% - an average reduction in energy consumption of 4%. Recognition of our approach In 2005, GPT’s community and environmental initiatives achieved international recognition via GPT’s inclusion in the Dow Jones Sustainability Index (DJSI) and through the Banksia Award for Leadership in Sustainable Buildings (for National@Docklands). As a result of our ongoing water conservation program, GPT Shopping Centres have been recognised by the Sydney Water Every Drop Counts Business Program for its commitment to water conservation. Further information, including a complete list of recognitions and awards for GPT’s corporate responsibility initiatives can be viewed at www.gpt.com.au.