GPT GROUP — Annual Report 2012

Feb 13, 2013

1

Agenda

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 Strategy
 Business Performance
 Outlook
Michael Cameron
CEO
 Financial Result
 Capital Management
Mark Fookes
CFO
 Portfolio Performance
Carmel Hourigan
Head of Investment
Management
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Note: All information included in this presentation includes GPT owned assets and GPT’s interest in the Wholesale Funds (GWSCF and GWOF) unless otherwise stated. All retail data excludes the Queensland Homemaker City portfolio.

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2012 Annual Result

Exceeding expectations

Actively enhancing our portfolio

Deliberately investing in the future

3

2012 Annual Result Delivering on the strategic journey

Earnings per Security[(1) ]

Total Return[(2) ]

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24.2c
22.4c
20.7c
+8.0%
+8.1%
2010 2011 2012
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9.1% 9.5%
4.9%(3)
2010 2011 2012
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Total Securityholder Return

• (1) Earnings per security defined as ROI per ordinary security

• (2) Total return is defined as DPS (on NTA) plus change in NTA annualised for full year

• (3) Impacted by derivative movements

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26.9%
10.5%
2.9%
2010 2011 2012
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2012 Annual Result highlights A significant year of achievement

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8.4% 8.0% Significantly exceeded
guidance
DPS growth EPS growth
Sold 50% interest in 111 Eagle St and
$1 billion
Casuarina and Woden 5 Murray Rose
asset transactions
to GWSCF complete
$10 million
20% Reduced debt cost by
earnings benefit from 100 basis points [(1) ]
growth in FUM
‘Fit for Growth’
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All numbers for the year to 31 December 2012 compared with the previous corresponding period. (1) Average cost of debt for 2012 compared with the average cost of debt for 2011

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2012 strategic achievements Optimise and Grow strategy delivers results

• ‘Fit for Growth’

• Capital management

• OPTIMISE 

• To achieve targets

• Successful developments

• Portfolio re-mixing

• Customer engagement

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+
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• 20% growth in Funds Management

GROW To accelerate performance

• Logistics & Business Parks development

• Invested in new profit sources

• Asset acquisitions

• Mergers & acquisitions

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2012 Annual Result summary Distribution per security up 8.4%

GPT Financial Summary

12 months to 31 December ($m)	2012	2011
Total Realised Operating Income (ROI) 456.4		438.8
Changes in fair value of assets 221.3		50.8
Loss on disposals (3.1)		(49.1)
Financial instruments marked to market value movements and net foreign exchange losses (40.4)		(150.3)
Other(1) (39.7)		(44.0)
A-IFRS net profit 594.5		246.2
ROI per ordinary security (cents)(2) 24.2		22.4
Distribution per ordinary security (cents) 19.3		17.8

(1) Other is principally non-cash amortisation of lease incentives, amortisation expense and the relevant tax impact (2) ROI per ordinary security is post distribution on exchangeable securities

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Segment performance Strong contributions from all business units

	12 months to 31 December ($m)	12 months to 31 December ($m)	2012	2011	Comment
		Retail	294.0	295.4	Comparable income growth of 3.0%
		Office	125.9	123.0	Comparable income growth of 3.8%
		Logistics & Business Parks	66.3	55.8	Comparable income growth of 2.7%
		Funds Management	80.1	81.6	GPT sell-down completed Distribution growth of 1.7%
		Non-core	14.5	31.9	Divestment of Ayers Rock Resort and US Seniors completed 1H11
		Corporate: - Net interest expense	(103.5)	(131.8)	Reduced cost of debt
		- Corporate overheads	(22.8)	(25.4)	Cost optimisation benefit
		- Tax benefit	1.9	8.3	Significant reduction in 2012
	Total Realised Operating Income(1)		456.4	438.8
	Weighted average number of securities on issue (million)		1,780.6	1,845.2	$275 million securities bought back
	ROI per ordinary security (cents)		24.2	22.4	Growth of 8.0%
	(1)	Realised Operating Income is pre distribution on exchangeable	securities

8 (1) Realised Operating Income is pre distribution on exchangeable securities

Earnings attribution Earnings underpinned by strong income growth

EPS attribution

0.1c 0.2c 0.1c -0.1c -0.5c 0.4c 24.2c 1.6c +0.5% +0.7% +0.3% -0.3% -2.0% +8.0% +1.8% 22.4c +7.0% EPS 31 Income Interest Buy-back Fit for Acquisitions Disposals Tax Benefit EPS 31 December Growth Rates Growth & Other December 2011 2012

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Management expenses Optimisation delivers significant ‘jaws’ benefit

Expenses

12 months to 31 Dec ($m)	2012	2011
Corporate Overheads	22.8	25.4
Portfolio Expenses	58.9	62.3
Ongoing Management Expenses	81.7	87.7

‘Jaws’ for 12 months to 31 December 2012

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3.2%
‘Jaws’ =
(6.8%)
10.0%
Income Expense
growth [(1) ] reduction [(1)]
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(1) Comparable income growth and expense reduction

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Balance sheet Strong balance sheet with significant capacity

GPT Balance Sheet

	31 Dec 2012	31 Dec 2011
Total assets ($m) 9,343 9,288
Total borrowings ($m) 2,144 2,144
Net tangible assets per security ($) 3.73 3.59
Gearing (%)(1) 21.7 22.9
Look through gearing (%)(1) 23.9 24.4
Interest cover ratio (x) 5.1 4.2

Credit ratings

	31 Dec 2012	31 Dec 2011
Standard & Poor’s A– (stable) A– (stable)
Moody’s A3 (stable) A3 (stable)

11 (1) Based on net debt

Capital management Continued reduction in cost of debt

• 2012 cost of debt reduced by 100bps to 5.6%

• Renegotiation of existing loans

• Lower fixed and floating interest rates

• Forecast 2013 average debt further reduced to 5.5%

Average cost of debt

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7.4%
6.6%
5.6%
5.5%
Fees
Margin
Floating rate
Fixed rate
Actual Actual Actual Forecast
2010 2011 2012 2013
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Capital management Diversification of funding sources

 $330m of bonds issued in 2012 – increased tenor and diversification

 HKD800m (A$100m) 15 year bonds issued at 195bps margin over BBSW

• GPT’s inaugural issue to diversify into foreign debt capital markets

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Sources of debt Debt maturity profile
Foreign CPI Bonds Facility
MTNs 4% A$ million
5%
Domestic
Domestic
bank debt
MTNs
56%
25%
1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H
Secured
2013 2014 2015 2016 2017 2018 2019 2022 2028 2029
bank debt
3%
Foreign
bank debt
7%
317
250
200 216
150 175 160
75 100 100 85
50
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Investment Management Quality underpins strong total return of 9.3%

	Portfolio Size(1)	Comparable Income Growth(2)	WALE	Occupancy	WACR
Retail $4.96 bn 3.0% 4.4years 99.5% 6.07%
Office $2.76 bn 3.8% 5.4years 95.8% 6.86%
Logistics & Business Parks $0.99 bn 2.7% 5.8 years 98.2% 8.30%
Total $8.71 bn 3.2% 4.9years 98.1% 6.54%
32% 56% Portfolio weighting As at 31 December 2012(3) 12% 30% 61% Portfolio weighting As at 31 December 2011 Retail Office Logistics & Business Parks 9%

• (1) Assets as at 31 December 2012. (2) Income for the year to 31 December 2012 compared to the previous corresponding period. (3) Excludes Homemaker assets divested post balance date

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Retail GPT delivering on strategy

Moving towards

target weighting

• Moving towards target weightings and strengthening portfolio quality

• Sale of Casuarina and Woden

• Homemaker divestment

3.0% like for like income growth

• Focus on development and active asset management

• Highpoint completion Stage 2 March 2013

• Income resilience via remixing strategies

99.5% occupancy

• High occupancy maintained

• Positive valuation uplift of $104 million

• Adoption of digital strategy and social media

Digital strategy launched

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Retail Despite headwinds portfolio remains resilient

Key operating metrics

12 months to 31 December	2012	2011
Comparable income growth 3.0% 3.6%
Comparable total centre sales growth(1) 1.3% 0.3%
Comparable specialty sales growth(1) 1.5% 1.2%
Specialty sales psm(1) $8,964 $8,958
Specialty occupancy costs(1) 17.9% 17.6%
Occupancy rate 99.5% 99.4%
Weighted average capitalisation rate 6.07% 6.21%
Valuation movement $103.6m $107.7m

(1) Includes GPT and GWSCF assets and excludes Homemaker assets, Norton Plaza and assets under development. Growth is for the 12 months compared to the prior 12 months

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Retail Active owners will continue to evolve the retail mix

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Comparable change in retail sales by category
8% Specialties
6.1% [7.2% ] 6.1% 5.9%
6%
4%
2.2%
2% 1.1% 0.2%
0%
-0.2%
-0.6%
-2%
-4% -1.8% -1.8% -2.2% -2.7%
-6%
-8%
-7.5%
-10%
Dept Store DDS Supermarket Mini & Other Majors Other Retail Retail Services Mobile Phone Food Catering Apparel General Retail Jewellery Homewares Food Retail Leisure
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Note: excludes development impacted centres

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Retail Leasing strategy focused on certainty of earnings

• Significant leasing activity 585 deals 2012

• Leasing spreads of -5% accounts for $1.9 million

• On average 4.8% structured rental increases achieved on new deals

• Portfolio is well positioned to deliver income growth

12 months to 31 December	2012	2011
Vacancies(1) 26 42
‘Critical’ retailers(2) 42 39
Holdovers 57 n/a(3)
Arrears: % annual billings 0.5% 0.5%
Bad debts $0.3m $0.2m
Centre traffic +0.7% in 2012

• (1) Excludes development impacted centres

• (2) Defined as retailers classified as Category 5 in GPT’s Critical Retail Barometer (3) Not measured in 2011

Note: all analysis includes GPT and GWSCF

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Retail Digital strategy customises shopping experience

• A unique and innovative approach to ongoing engagement of GPT customers

• Functionality includes:

• Customised offers and messaging

• Shopping planner

• Shop finding

• Rewards program

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• Car parking directions (in 2013)

• Check-in via social media (in 2013)

• Mobile applications in place for Highpoint and Melbourne Central

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Retail development Enhancing value through development

Highpoint Update

• Total project cost $300 million

• Yield on cost 10%[(1)]

• Forecast IRR to GPT 15%[(2)]

 Stage 1

• Completed October 2012

• Woolworths and 35 specialty tenants

• Open 100% leased

 Stage 2

• David Jones and 83 new speciality stores including international retailers

• 100% leased ahead of schedule

• On schedule for completion in March 2013

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(1) GPT returns include property management and funds management fees (2) Blended 10 year IRR

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Office

2012 achievements include strong leasing results

Significant leasing

• 152,000 sqm of leases completed in challenging conditions

success

• Portfolio total return above industry benchmarks

Total return of 10.5%

• Strong underlying portfolio metrics

• Reduction of future expiry profile

3.8% like for like income growth

• Completion of One One One Eagle Street, Brisbane

• Highest NABERS Energy rating

One One One Eagle Street completed

• GWOF best performing wholesale office fund over 1, 3 and 5 years

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Office Continued strong performance

Key operating metrics

12 months to 31 December	2012	2011
Comparable income growth 3.8% 4.0%
Occupancy (including terms agreed)(1) 95.8% 96.5%
Weighted average lease expiry 5.4 years 4.7 years
Leases signed(2) 135,646 sqm 93,651 sqm
Terms agreed at year end 36,409 sqm 13,287 sqm
Weighted average capitalisation rate 6.86% 7.07%
Valuation movement $95.0m $0.7m

(1) Excluding development leasing (2) 152,000sqm gross leasing including One One One Eagle Street, Brisbane

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Office Leasing strategy driving outperformance

• Significant achievements in 2012

• Leased 152,000 sqm in major transactions[(1)]

• Reduced 2014 expiry to 14%

 In-house office leasing team now established

• Closer relationship with tenants

• Cost savings through joint agency role

Major leasing transactions

Asset	Tenant	Sqm
800/808 Bourke St NAB 60,000
2 Park St Citi 18,000
530 Collins St Suncorp 15,500
111 Eagle St Arrow Energy 14,808
MLC Centre Tress Cox 4,500
2 Park St Collin Biggers & Paisley 4,500

(1) Including One One One Eagle Street, Brisbane

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Office Portfolio well positioned in each market

• Sydney – peak expiry prior to negative impact of supply in 2015/16

• Melbourne – long WALE and limited short term expiries offers protection in a challenging market

• Brisbane – limited exposure in a subdued market

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sqm (000’s) Expiry (%)
Sydney CBD
200 25%
160 20%
120 15%
80 10%
40 5%
0 0%
-40 -5%
2013 2014 2015 2016 2017 2018
Forecast Net Increase in Supply GPT Sydney Lease Expiry
sqm (000’s) Expiry (%)
160 Melbourne CBD 25%
20%
120
15%
80
10%
40
5%
0 0%
2013 2014 2015 2016 2017 2018
Forecast Net Increase in Supply GPT Melbourne Lease Expiry
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(1) Source of supply data: Jones Lang LaSalle

Logistics & Business Parks Portfolio weighting increased to 12%

Moving towards target weighting

• Delivering on strategy with portfolio weighting increased from 9% to 12%

• Completion of Toll NQX Berrinba will increase acquisitions to $200 million

Total return of 9.4%[(1) ]

• Strong underlying portfolio metrics

• Solid portfolio performance with total return of 9.4%

$143 million

in acquisitions

• Completion of 5 Murray Rose, Sydney Olympic Park

5 Murray Rose completed

• Separate dedicated logistics and business park development division established

25 (1) Total return excluding land and acquisitions

Logistics & Business Parks High occupancy and strong leasing outcomes

Key operating metrics

12 months to 31 December	2012	2011
Comparable income growth 2.7% 2.8%
Occupancy 98.2% 98.4%
Weighted average lease expiry 5.8 years 6.2 years
Leases signed 55,696 sqm 35,028 sqm
Weighted average capitalisation rate 8.30% 8.44%
Valuation movement - Investment Portfolio $1.0m $1.9m
Valuation movement - Landbank ($12.6m) ($4.6m)

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Logistics & Business Park development Enhancing portfolio through development

Toll NQX, Brisbane

• State of the art logistics facility

• Total project cost $84.6 million

• On completion cap rate 7.55%

• Completion date Q1 2014

• 15 year WALE

• Fixed reviews 3.5%

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Sustainability Leading the sector in sustainability

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GPT is the global leader in the real estate sector

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Retail leader in the Global Real Estate Sustainability Benchmark (GRESB) Oceania region

Multi-award winner in 2012 Energy Award, Business Sustainability Award and Built Environment Sustainability Award

Charlestown Square Most Sustainable Design (Gold award) Best Overall Design (Silver award)

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One One One Eagle Street Queensland’s Best Large Commercial Development

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Strategy Strong foundations for growth

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Financial
Effective capital
strength management
High quality Deep
portfolio capability
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Capability Senior team focused on strategy and performance

Mark Fookes CFO

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Judy Barraclough Strategy

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Carmel Hourigan Investment Management

Anthony McNulty Development:

Retail & MP

Nicholas Harris Funds Management

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John Thomas Development: L&BP

Matthew Faddy Asset Management

James Coyne General Counsel

Michael O’Brien Corporate Development

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Phil Taylor People & Performance

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Growth platforms Progress on all four growth platforms in 2012

Funds New profit Asset + Development + sources + Management acquisitions

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Growth platform 1: Funds Management Two pathways: grow existing, create new products

 Total FUM of $6.6 billion, up 20% in 2012

• $1.6 billion in capital raised over past three years

• Additional team members to create new product opportunities

GWOF

• Delivered 12.0% return to investors

• Completed $275 million capital raise

Growth in FUM ($million)

612 (80)[ 6,627 ][ 413 7,040 ] 5,517 578

• Acquired 150 Collins Street

• Sold non core assets

GWSCF

• Delivered 6.2% return to investors

• Acquired 50% interest in Casuarina Square and Westfield Woden

• Raised $161 million in capital

• Inaugural issue of $200 million in MTNs and S&P rating of A- (stable)

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Growth platform 1: Funds Management Compelling returns for GPT

 Enhanced income return of 8%

 Increased scale will result in improved margins for GPT

	6.5% 2.5% (1.0%) 8.0% Distribution Yield Fee Income Segment Costs Total Income Return GPT Income Return	Returns to GPT ($m)
	6.5% 2.5% (1.0%) 8.0% Distribution Yield Fee Income Segment Costs Total Income Return

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Growth platform 2: Development Dual approach, building capability

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Retail & Major Projects
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Logistics and Business Park Development

Objectives

Objectives

• Run as a profit centre

• Build capability

• Accretive development returns

• Convert existing landbank

• Create and enhance value of existing assets

• Supply product for balance sheet

• Deliver profit on sales

• Capital partnering

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Growth platform 2: Development $2.3 billion pipeline to support dual approach

Retail & Major Projects LBP Development ($ million) ($ million) Underway Underway GPT Funds GPT Highpoint 50 150 Toll NQX 56 Wollongong Central 200 150 Collins St 181 Planned 161 Castlereagh St 390 GPT Sydney Olympic Park 140 Erskine Park 100 Planned Austrak Business Park 70 GPT Funds Other 10 Casuarina Square 125 125 GPT Funds Future Pipeline 770 500

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Growth platform 3: New profit sources Initial activities represent exciting opportunities

• Innogen Australia Parcel Locker Trial (GPT Energy)  Online marketplace for  Shared-use, secure

• Internal GPT start-up workspaces lockers for collection of  Developing and  Taps into trend towards online parcels managing embedded flexible working  Initial office sites in Q1, energy networks and  Allows owners to further roll-out after trial generation monetise under-utilised  Leverages under-used

• Initial focus on GPT’s space space from new model retail assets  GPT has strategic stake  Income from space, plus

• Earnings positive for and will establish consumer amenity GPT Group in 2013 marketplace in Australia

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Strategic journey – the next phase Shaping the future

Our goal

Our promise

To be Australia’s best performing property company

• Delivering strong, sustainable value

To provide our securityholders with a secure, reliable investment, delivering superior, risk adjusted returns over time

• Anticipating change and proactively creating opportunities in a changing market environment

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Shaping the future Investing in strategy and innovation

• People

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• Established Corporate Development unit

• • Seven senior external appointments

• Learning

• Input from best practice outside of property

• • ‘Innovation tour’ to Silicon Valley

• Strategy

• Five-year strategic plan underway

• • Megatrends

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2013 Group strategic priorities Four priorities to optimise and grow

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OPTIMISE
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Optimise GPT Equip employees for high performance

Enhance core business growth Build additional sustainable growth

 Streamlining processes and maintaining expense discipline  Minimising cost of funding

• Reinforcing GPT’s culture

• Accelerating development of high potential employees

 Optimising income with strong customer-focus  Actively managing the portfolio

• Shaping the future of GPT

• Building on growth platforms

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Outlook for 2013 Earnings and value drivers

• Portfolio Steady income growth based on structured rental income increases and high occupancy  Strong focus on leasing ahead of major expiries

• Continued move towards target weightings

• Growth Increased fees from growth in wholesale funds  Disciplined asset acquisitions

• Building development capability

• Operating Positive ‘jaws’ maintained, MER about 50 bps expenses 

• Capital Forecast 5.5% average cost of debt for full year 2013 management  Further diversification of debt sources 

• Asset values Further cap rate compression for prime assets

40

Guidance for 2013

 Targeting EPS[(1)] growth of at least 5% for 2013

• Payout ratio of 80% of ROI

(1) EPS defined as Realised Operating Income (ROI) per ordinary security

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2012 Annual Result

Exceeding expectations

Actively enhancing our portfolio

Deliberately investing in the future

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Contact Information

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Michael Cameron Chief Executive Officer and Managing Director Tel: +61 2 8239 3565 Mob: +61 410 437 597 Email: michael.cameron@gpt.com.au

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Mark Fookes Wendy Jenkins Chief Financial Officer Group Investor Relations Manager Tel: +61 2 8239 3518 Tel: +61 2 8239 3732 Mob: +61 412 279 833 Mob: +61 418 226 889 Email: mark.fookes@gpt.com.au Email: wendy.jenkins@gpt.com.au

The GPT Group ABN 27 107 426 504 Level 51 MLC Centre 19 Martin Place Sydney NSW 2000 Tel: +61 2 8239 3555 Fax:+61 2 9225 9318

www.gpt.com.au

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Disclaimer

The information provided in this presentation has been prepared by The GPT Group comprising GPT RE Limited (ACN 107 426 504) AFSL (286511), as responsible entity of the General Property Trust, and GPT Management Holdings Limited (ACN 113 510 188).

The information provided in this presentation is for general information only. It is not intended to be investment, legal or other advice and should not be relied upon as such. You should make your own assessment of, or obtain professional advice about, the information described in this paper to determine whether it is appropriate for you.

You should note that returns from all investments may fluctuate and that past performance is not necessarily a guide to future performance. Furthermore, while every effort is made to provide accurate and complete information, The GPT Group does not represent or warrant that the information in this presentation is free from errors or omissions, is complete or is suitable for your intended use. In particular, no representation or warranty is given as to the accuracy, likelihood of achievement or reasonableness of any forecasts, prospects or returns contained in the information - such material is, by its nature, subject to significant uncertainties and contingencies. To the maximum extent permitted by law, The GPT Group, its related companies, officers, employees and agents will not be liable to you in any way for any loss, damage, cost or expense (whether direct or indirect) howsoever arising in connection with the contents of, or any errors or omissions in, this presentation.

Information is stated as at 31 December 2012 unless otherwise indicated.

All values are expressed in Australian currency unless otherwise indicated.

ROI is reported in the Segment Note disclosures which are included in the audited financial report of The GPT Group for the year ended 31 December 2012.

To provide information that reflects the Directors’ assessment of the net profit attributable to stapled securityholders calculated in accordance with Australian Accounting Standards, certain significant items that are relevant to an understanding of GPT’s result have been identified. The reconciliation ROI to Statutory Profit is useful as ROI is the measure of how GPT’s profitability is assessed.

ROI is a financial measure that is based on the profit under Australian Accounting Standards adjusted for certain unrealised items, non-cash items, gains or losses on investments or other items the Directors determine to be nonrecurring or capital in nature. ROI is not prescribed by any Australian Accounting Standards. The adjustments that reconcile the ROI to the Statutory Profit for the year may change from time to time, depending on changes in accounting standards and/or the Directors’ assessment of items that are non-recurring or capital in nature.

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